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Bank Loans
 12 Months Ended
Dec. 31, 2024
Bank Loans [Abstract]  
BANK LOANS

NOTE 13 – BANK LOANS

 

Bank loans as of December 31, 2024 and 2023 are summarized as follows:

 

   December 31,   December 31, 
   2024   2023 
Bank loans  €90,756   €328,236 
Lines of credit   4,279,193    3,661,662 
    4,369,949    3,989,898 
less: current portion   (4,369,949)   (3,895,585)
   €
-
   €94,313 

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

 

      Nominal      December 31, 2024   December 31, 2023 
      interest   Year of   Face   Carrying   Face   Carrying 
Bank Loans  Currency  rate   maturity   Value   Amount   Value   Amount 
Bankia SA  EUR   1.50%   2025    400,000    34,638    400,000    136,378 
Targobank SA  EUR   1.87%   2025    100,000    12,886    100,000    38,322 
Banco de Sabadell SA  EUR   1.50%   2025    250,000    21,411    250,000    85,004 
Liberbank  EUR   1.55%   2025    170,000    21,821    170,000    68,532 
                €920,000   €90,756   €920,000   €328,236 

 

During the years ended December 31, 2024, 2023 and 2022, the Company incurred bank loan interest expense of €5,367, €12,618 and €9,977, 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,    
2025  €90,756 
Total  €90,756 

 

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

 

As of December 31, 2024 

 

            December 31, 
      Nominal     2024 
   Credit   interest     Carrying 
Line of credit  Limit   rate  Maturity  Value 
Caixabank  €2,500,000   0.60% + Euribor  3/25/2025  €2,455,013 
Sabadell   2,400,000   1.20% + Euribor  2/8/2025   196,576 
BBVA   1,570,000   1.90% + Euribor  12/22/2025   992,712 
Santander   4,000,000   0.45% + Euribor  2/28/2025   30,720 
Bankinter   2,690,000   0.90% + Euribor  3/20/2025   494,172 
Bankinter   110,000   0.75% + Euribor  3/20/2025   110,000 
   €13,270,000         €4,279,193 

 

As of December 31, 2023 

 

                  ‘December 31,  
          Nominal       2023  
    Credit     interest       Carrying  
Line of credit   Limit     rate   Maturity   Value  
Caixabank   € 2,500,000     2.00% + Euribor   4/25/2024   € 2,308,058  
Sabadell     2,700,000     2.75% + Euribor   5/28/2024     -  
BBVA     1,500,000     1.65% + Euribor   12/22/2024     270,866  
Santander     4,000,000     1.65% + Euribor   6/28/2024     1,012,738  
Abanca     700,000     2.00% + Euribor   11/30/2024     -  
Bankinter ICO     700,000     1.40% + Euribor   6/21/2024     70,000  
    € 12,100,000             € 3,661,662  

 

The Company has €3.6 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 years ended December 31, 2024, 2023 and 2022, the Company incurred interest expense from line of credit of €147,761, €133,977 and €192,391, respectively.