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Bank Loans

6 Months Ended

Jun. 30, 2023

NOTE 11 – BANK LOANS

Bank loans as of June 30, 2023 and December 31, 2022 are summarized as follows:

	June 30, 2023			December 31, 2022
Bank loans	€	440,170		€	556,386
Lines of credit		3,404,561			7,778,145
		3,844,731			8,334,531
less: current portion		(3,636,961	)		(8,010,239	)
	€	207,770		€	324,292

The terms and conditions of outstanding bank loans are as follows:

		Nominal				June 30, 2023				December 31, 2022
Bank Loans	Currency	interest rate			Year of maturity	Face Value		Carrying Amount		Face Value		Carrying Amount
Bankia SA	EUR		1.50	%	2025		400,000		186,560		400,000		236,243
Targobank SA	EUR		1.87	%	2025		100,000		50,874		100,000		63,317
Banco de Sabadell SA	EUR		1.50	%	2025		250,000		116,446		250,000		149,366
Liberbank	EUR		1.55	%	2025		170,000		86,291		170,000		107,460
						€	920,000	€	440,170	€	920,000	€	556,386

During the six months ended June 30, 2023 and 2022, the Company incurred bank loan interest expense of €4,132 and €5,215, respectively.

The Company’s obligations are secured by substantially all of the assets of the Company.

Principal repayments to maturity by fiscal year are as follows:

Year ended December 31,
2023 (excluding the six months ended June 30, 2023)	€	114,157
2024		233,926
2025		92,087
Thereafter		-
Total	€	440,170

In addition, the Company maintains the following lines of credit:

As of June 30, 2023

					June 30, 2023
Line of credit	Credit Limit		Nominal interest rate	Maturity	Carrying Value
Caixabank	€	2,500,000	2.00% + Euribor	3/25/2024	€	1,307,300
Sabadell		1,700,000	2.75% + Euribor	2/28/2024		332,514
BBVA		1,500,000	1.90% + Euribor	12/22/2023		1,331,874
BBVA		1,500,000	1.90% + Euribor	03/01/2024
Santander		2,000,000	2.25% + Euribor	2/28/2024		432,872
Abanca ICO		150,000	1.40% + Euribor	10/31/2023		-
Abanca		700,000	2.00% + Euribor	11/30/2024		-
Bankinter ICO		500,000	1.40% + Euribor	6/21/2024		-
Bankinter		500,000	1.5% + Euribor	6/6/2024		-
	€	11,050,000			€	3,404,561

As of December 31, 2022

					December 31, 2022
Line of credit	Credit Limit		Nominal interest rate	Maturity	Carrying Value
Caixabank	€	2,500,000	2.00% + Euribor	3/25/2023	€	2,108,807
Sabadell		1,700,000	2.75% + Euribor	2/28/2023		1,623,953
BBVA		650,000	1.90% + Euribor	12/22/2023		381,000
BBVA		650,000	1.90% + Euribor	12/22/2023		628,951
Santander		2,000,000	2.25% + Euribor	2/28/2023		1,928,786
Abanca ICO		150,000	1.40% + Euribor	10/31/2023		150,000
Abanca		700,000	2.00% + Euribor	11/30/2024		319,103
Bankinter ICO		500,000	1.40% + Euribor	6/21/2023		485,830
Bankinter		500,000	1.50% + Euribor	6/6/2023		151,715
	€	9,350,000			€	7,778,145

The Company has €3.4 million facility that is unsecured and can be drawn down to meet short-term financing needs. The facility has a maturity of one to three years for the ICO credit lines that renews automatically at the option of the Company. Interest is payable at an average rate of Euribor plus 2.11 basis points. During the six months ended June 30, 2023 and 2022, the Company incurred interest expense from line of credit of €133,977 and €61,357, respectively.