Quarterly report pursuant to Section 13 or 15(d)

Line of Credit-Bank

Line of Credit-Bank
9 Months Ended
Sep. 30, 2017
Debt Disclosure [Abstract]  
Line of Credit-Bank

8. Line of Credit – Bank


The Company currently maintains an operating line of credit for a maximum amount of EUR 300,000 (approximately U.S. $354,390) for Multigioco and EUR 50,000 (approximately U.S. $59,065) for Rifa from Banca Veneto in Italy. The line of credit is secured by restricted cash on deposit at Banca Veneto and guaranteed by certain shareholders of the Company and bears a fixed rate of interest at 5% per annum on the outstanding balance with no minimum payment, maturity or due date.