Bank Loan Payable
|12 Months Ended|
Dec. 31, 2020
|Bank Loan Payable|
|Bank Loan Payable||
13. Bank Loan Payable
In September 2016, the Company obtained a loan of €500,000 (approximately $545,000) from Intesa Sanpaolo Bank in Italy, which loan is secured by the Company's assets. The loan has an underlying interest rate of 4.5% above the Euro Inter Bank Offered Rate, subject to quarterly review and is amortized over 57 months ending March 31, 2021. Monthly repayments of €9,760 began in January 2017.
In terms of a directive by the Italian Government, in order to provide financial relief due to the Covid-10 pandemic, Multigioco was able to suspend repayments of the loan for a period of six months and the maturity date of the loan was extended to March 31, 2022, the interest rate remains the same at 4.5% above the Euro Inter Bank Offered Rate with monthly repayments revised to $9,971.
The Company made payments of €59,396 (approximately $67,783) which included principal of €54,638 (approximately $62,353) and interest of €4,758 approximately $5,430) for the year ended December 31, 2020.