Cosmos Health (COSM) 10-K 20 Apr 16 2015 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2015	Apr. 20, 2016	Jun. 30, 2015
Document And Entity Information
Entity Registrant Name	Cosmos Holdings Inc.
Entity Central Index Key	1,474,167
Document Type	10-K
Document Period End Date	Dec. 31, 2015
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Is Entity a Well-known Seasoned Issuer?	No
Is Entity a Voluntary Filer?	No
Is Entity's Reporting Status Current?	Yes
Entity Filer Category	Smaller Reporting Company
Entity Public Float			$ 11,608,778
Entity Common Stock, Shares Outstanding		125,630,532
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2,015

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($)	Dec. 31, 2015	Dec. 31, 2014
ASSETS
Cash and equivalents	$ 198,049	$ 446,604
Accounts receivable	96,544
Inventory	191,874
Prepaid expenses and other current assets	$ 60,709	$ 32,500
Deposit on pending acquisition		6,733,870
TOTAL CURRENT ASSETS	$ 547,176	7,212,974
Other assets	59,916	9,601
Property and equipment, net	50,529	11,993
TOTAL ASSETS	657,621	7,234,568
CURRENT LIABILITIES
Accounts payable and accrued expenses	196,420	$ 159,453
Accounts payable and accrued expenses - related party	$ 140,513
Salaries payable		$ 6,000
Deferred revenue	$ 62,210
Notes payable	109,060
Notes payable - related party	283,831	$ 504,115
Loans payable	32,718
Loans payable - related party	48,532
Taxes payable	1,032,128	$ 1,091,377
TOTAL CURRENT LIABILITIES	1,905,412	1,760,945
TOTAL LIABILITIES	$ 1,905,412	$ 1,760,945
Commitments and Contingencies
STOCKHOLDERS' DEFICIT:
Preferred stock, $0.001 par value; 10,000,000 shares authorized; 0 shares issued and outstanding as of December 31, 2015 and December 31, 2014, respectively
Common stock, $0.001 par value; 300,000,000 shares authorized; 125,630,532 and 125,585,532 shares issued and outstanding as of December 31, 2015 and December 31, 2014, respectively	$ 125,631	$ 125,586
Subscription receivable
Additional paid-in capital	$ 133,473	$ (257,693)
Accumulated other comprehensive loss	(1,105,678)	(680,965)
Accumulated deficit	(401,217)	6,286,695
TOTAL STOCKHOLDERS' DEFICIT	(1,247,791)	5,473,623
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT	$ 657,621	$ 7,234,568

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 31, 2015	Dec. 31, 2014
SHAREHOLDERS' EQUITY
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares, outstanding	0	0
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized	300,000,000	300,000,000
Common stock, shares issued	125,630,532	125,585,532
Common stock, shares, outstanding	125,630,532	125,585,532

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) (Unaudited) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Revenues
Revenues	$ 533,802	$ 7,639,022
COST OF REVENUE	484,809
GROSS PROFIT	$ 48,993	$ 7,639,022
OPERATING EXPENSES
Direct consulting costs		70,806
General and administrative expenses	$ 486,036	442,961
Depreciation expense	5,416	9,478
TOTAL OPERATING EXPENSES	491,452	523,305
(LOSS) INCOME FROM OPERATIONS	(442,459)	7,115,777
OTHER INCOME (EXPENSE)
Interest income	1,063	433
Other income	814
Interest expense - related party	(3,481)	(10,816)
Interest expense	(86,898)	$ (63,520)
Other expense	(6,000)
Write off on investment of B2H	(6,150,508)
Foreign currency transaction gain (loss)	(240)
TOTAL OTHER INCOME (EXPENSE)	(6,245,250)	$ (73,903)
LOSS BEFORE INCOME TAXES	(6,687,709)	7,041,874
INCOME TAX EXPENSE	(203)	997,183
NET (LOSS) INCOME	(6,687,912)	6,044,691
OTHER COMPREHENSIVE LOSS
Foreign currency translation	(424,713)	(692,284)
TOTAL OTHER COMPREHENSIVE (LOSS) INCOME	$ (7,112,625)	$ 5,352,407
BASIC NET (LOSS) INCOME PER SHARE	$ (0.05)	$ 0.05
DILUTED NET (LOSS) INCOME PER SHARE	$ (0.05)	$ 0.05
BASIC WEIGHTED AVERAGE SHARES OUTSTANDING	125,615,984	125,585,532
DILUTED WEIGHTED AVERAGE SHARES OUTSTANDING	125,615,984	125,803,139

CONSOLIDATED STATEMENT OF CHANG

CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' DEFICIT - USD ($)	Preferred Stock	Common Stock	Additional Paid-In Capital	Retained Earnings Deficit	Accumulated Other Comprehensive Loss	Total
Beginning Balance, Shares at Dec. 31, 2013		125,585,532
Beginning Balance, Amount at Dec. 31, 2013		$ 125,586	$ (432,593)	$ 242,004	$ 11,319	$ (53,684)
Imputed interest			9,900			9,900
Foreign currency translation effect					(692,284)	(692,284)
Related party forgiveness of debt			165,000			165,000
Net income				6,044,691		6,044,691
Ending Balance, Shares at Dec. 31, 2014		125,585,532
Ending Balance, Amount at Dec. 31, 2014		$ 125,586	(257,693)	6,286,695	(680,965)	$ 5,473,623
Imputed interest
Foreign currency translation effect					(424,713)	$ (424,713)
Related party forgiveness of debt			362,859			362,859
Issuance of common stock for consulting services, Shares		45,000
Issuance of common stock for consulting services, Value		$ 45	28,307			28,352
Net income				(6,687,912)		(6,687,912)
Ending Balance, Shares at Dec. 31, 2015		125,630,532
Ending Balance, Amount at Dec. 31, 2015		$ 125,631	$ 133,473	$ (401,217)	$ (1,105,678)	$ (1,247,791)

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
CASH FLOWS FROM OPERATING ACTIVITIES
Net income (loss)	$ (6,687,912)	$ 6,044,691
Adjustments to Reconcile Net (Income) Loss to Net Cash Used in Operating Activities:
Imputed interest		9,900
Depreciation expense	$ 5,416	$ 9,478
Stock-based compensation	$ 28,352
Forgiveness of salary accrued in prior years		$ (173,092)
Write off of investment in B2H	$ 6,150,508
Changes in Assets and Liabilities:
Accounts receivable	(96,544)
Inventory	(191,874)
Prepaid expenses	(28,209)	$ (32,065)
Other assets	(28,503)	(7,475)
Accounts payable and accrued expenses	53,169	$ (378,232)
Accounts payable and accrued expenses - related party	140,513
Taxes payable	95,785	$ 1,053,091
Deferred revenue	62,210	(671)
NET CASH (USED IN) PROVIDED BY OPERATING ACTIVITIES	$ (497,089)	6,525,625
CASH FLOWS FROM INVESTING ACTIVITIES
Deposits		(6,733,870)
Purchase of fixed assets	$ (43,952)	(21,471)
NET CASH USED IN INVESTING ACTIVITIES	(43,952)	(6,755,341)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from related party note payable	163,624	$ 504,115
Proceeds from note payable	87,248
Proceeds from related party loans	(3,000)
Payment of related party loans	48,532
Procceds from loan	32,718
NET CASH PROVIDED BY FINANCING ACTIVITIES	329,122	$ 504,115
Effect of exchange rate changes on cash	(36,636)	(692,284)
NET DECREASE IN CASH	(248,555)	(417,885)
CASH AT BEGINNING OF YEAR	446,604	864,489
CASH AT END OF YEAR	$ 198,049	$ 446,604
Supplemental Disclosure of Cash Flow Information
Cash paid during the period: Interest
Cash paid during the period: Income Tax
Supplemental Disclosure of Non-Cash Investing and Financing Activities
Related party forgiveness of debt contributed to additional paid in capital - GreenEra Ltd.		$ 165,000
Note payable issued for payment of accounts payable	$ 22,202
Proceeds receivable from issuance of loan agreement	21,812
Forgiveness of debt by related party	$ 362,859

ORGANIZATION AND NATURE OF BUSI

ORGANIZATION AND NATURE OF BUSINESS	12 Months Ended
	Dec. 31, 2015
Notes to Financial Statements
Note 1 - ORGANIZATION AND NATURE OF BUSINESS	Cosmos Holdings, Inc. ("Cosmos", "The Company", "we", or "us") was incorporated in the State of Nevada under the name Prime Estates and Developments, Inc. on July 21, 2009 for the purpose of acquiring and operating commercial real estate and real estate related assets. On September 27, 2013 (the "Closing"), Cosmos Holdings, Inc. a Nevada corporation ("Cosmos Holdings, Inc." or the "Registrant"), closed a reverse take-over transaction by which it acquired a private company whose principal activities are the trading of products, providing representation, and provision of consulting services to various sectors. Pursuant to a Share Exchange Agreement (the "Exchange Agreement") between the Registrant and Amplerissimo Ltd, a company incorporated in Cyprus ("Amplerissimo"), the Registrant acquired 100% of Amplerissimo's issued and outstanding common stock. On August 1, 2014, we, through our Cypriot subsidiary Amplerissimo, formed SkyPharm S.A. a Greek Corporation ("SkyPharm") whose principal activities and operations are the development, marketing and sales of pharmaceutical and cosmetic products. The Company had $533,802 total revenues and expended approximately $976,261 for the year ended December 31, 2015, in connection with these operations. Going Concern The Company's consolidated financial statements are prepared using U.S. GAAP applicable to a going concern, which contemplates the realization of assets and liquidation of liabilities in the normal course of business. The Company has a net loss of $6,687,912 for the year ended December 31, 2015, and has an accumulated deficit of $401,217 as of December 31, 2015. The Company has not yet established an adequate ongoing source of revenues sufficient to cover its operating costs and to allow it to continue as a going concern. The ability of the Company to continue as a going concern is dependent on the Company obtaining adequate capital to fund operating losses until it becomes profitable. If the Company is unable to obtain adequate capital, it could be forced to cease development of operations. In order to continue as a going concern, develop a reliable source of revenues, and achieve a profitable level of operations the Company will need, among other things, additional capital resources. Management's plans to continue as a going concern include raising additional capital through increased sales of product and by sale of common shares. However, management cannot provide any assurances that the Company will be successful in accomplishing any of its plans. The ability of the Company to continue as a going concern is dependent upon its ability to successfully accomplish the plans described in the preceding paragraph and eventually secure other sources of financing and attain profitable operations. The accompanying consolidated financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern. Summary of Significant Accounting Policies Basis of Financial Statement Presentation The accompanying consolidated financial statements have been prepared in accordance with principles generally accepted in the United States of America. Principles of Consolidation Our consolidated accounts include our accounts and the accounts of our wholly-owned subsidiaries, Amplerissimo Ltd and SkyPharm S.A. All significant intercompany balances and transactions have been eliminated. Use of Estimates The preparation of the consolidated financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Cash and Cash Equivalents For purposes of the statement of cash flows, the Company considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. As of December 31, 2015 and December 31, 2014, there were no cash equivalents. The Company maintains bank accounts in the United States denominated in U.S. Dollars and in the Republic of Cyprus, in Greece and in Bulgaria all of them denominated in Euros. For the year ended December 31, 2015, the amounts in these accounts were $(190) and $7,808 (the Euro equivalent of which was €7,159). At December 31, 2014, the amounts in these accounts were $88,705 and $357,899 (the Euro equivalent of which was €294,446). Account Receivable Accounts receivable are stated at their net realizable value. The allowance for doubtful accounts against gross accounts receivable reflects the best estimate of probable losses inherent in the receivables portfolio determined on the basis of historical experience, specific allowances for known troubled accounts and other currently available information. Inventory Inventory is stated at the lower of cost or market value using the weighted average method. Inventory consists primarily of finished goods and packaging materials, i.e. packaged pharmaceutical products and the wrappers and containers they are sold in. A periodic inventory system is maintained by 100% count. Inventory is replaced periodically to maintain the optimum stock on hand available for immediate shipment. We write-down inventories to net realizable value based on forecasted demand and market conditions, which may differ from actual results. Fixed Assets Fixed assets are stated at cost, less accumulated depreciation. Depreciation is provided on a straight-line basis over the useful lives (except for leasehold improvements which are depreciated over the lesser of the lease term or the useful life) of the assets as follows: Estimated Useful Life Furniture and fixtures 5–7 years Office and computer equipment 3-5 years Depreciation expense was $5,416 and $9,478 for the years ended December 31, 2015 and December 31, 2014, respectively. Fair Value Measurement The Company adopted FASB ASC 820-Fair Value Measurements and Disclosures, or ASC 820, for assets and liabilities measured at fair value on a recurring basis. ASC 820 establishes a common definition for fair value to be applied to existing generally accepted accounting principles that require the use of fair value measurements establishes a framework for measuring fair value and expands disclosure about such fair value measurements. The adoption of ASC 820 did not have an impact on the Company's financial position or operating results, but did expand certain disclosures. ASC 820 defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Additionally, ASC 820 requires the use of valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs. These inputs are prioritized below: Level 1: Observable inputs such as quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2: Inputs other than quoted prices that are observable, either directly or indirectly. These include quoted prices for similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are not active. Level 3: Unobservable inputs in which little or no market data exists, therefore developed using estimates and assumptions developed by us, which reflect those that a market participant would use. The Company did not have any Level 2 or Level 3 assets or liabilities as of December 31, 2015. Cash is considered to be highly liquid and easily tradable as of December 31, 2015 and therefore classified as Level 1 within our fair value hierarchy. In addition, FASB ASC 825-10-25 Fair Value Option, or ASC 825-10-25, was effective for January 1, 2008. ASC 825-10-25 expands opportunities to use fair value measurements in financial reporting and permits entities to choose to measure many financial instruments and certain other items at fair value. The Company did not elect the fair value options for any of its qualifying financial instruments. Revenue Recognition We consider revenue recognizable when persuasive evidence of an arrangement exists, the price is fixed or determinable, goods or services have been delivered, and collectability is reasonably assured. These criteria are assumed to have been met if a customer orders an item, the goods or services have been shipped or delivered to the customer, and we have sufficient evidence of collectability, such a payment history with the customer. Revenue that is billed and received in advance such as recurring weekly or monthly services are initially deferred and recognized as revenue over the period the services are provided. Our records at December 31, 2015 have been sufficient to satisfy all of the four requirements. Revenue has been recognized for all amounts billed prior to December 31, 2015, all of which were in respect of services rendered during December 2015 or prior to January 2016. Stock-based Compensation The Company records stock based compensation in accordance with ASC section 718, "Stock Compensation" and Staff Accounting Bulletin (SAB) No. 107 (SAB 107) issued by the SEC in March 2005 regarding its interpretation of ASC 718. ASC 718 requires the fair value of all stock-based employee compensation awarded to employees to be recorded as an expense over the related requisite service period. The Company values any employee or non-employee stock based compensation at fair value using the Black-Scholes Option Pricing Model. The Company accounts for non-employee share-based awards in accordance with the measurement and recognition criteria of ASC 505-50 "Equity-Based Payments to Non-Employees". Foreign Currency Translations and Transactions Assets and liabilities of all foreign operations are translated at year-end rates of exchange, and the statements of operations are translated at the average rates of exchange for the year. Gains or losses resulting from translating foreign currency financial statements are accumulated in a separate component of stockholders' equity until the entity is sold or substantially liquidated. Gains or losses from foreign currency transactions (transactions denominated in a currency other than the entity's local currency) are included in net earnings. Concentrations of Credit Risk Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash investments and accounts receivable. The following tables show the number of the Company's clients which contributed 10% or more of revenue and accounts receivable, respectively: Year Ended December 31, Year Ended December 31, 2015 2014 Number of 10% clients 2 2 Percentage of total revenue 87.21 % 100 % Income Taxes The Company accounts for income taxes under the asset and liability method, as required by the accounting standard for income taxes ASC 740. Under this method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis, as well as net operating loss carry forwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. The Company is liable for income taxes in the Republic of Cyprus and Greece. The corporate income tax rate in Cyprus is 12.5% and 26% in Greece and tax losses are carried forward for five years effective January 1, 2013 (prior to 2013, losses were carried forward indefinitely). Losses may also be subject to limitation under certain rules regarding change of ownership. We regularly review deferred tax assets to assess their potential realization and establish a valuation allowance for portions of such assets to reduce the carrying value if we do not consider it to be more likely than not that the deferred tax assets will be realized. Our review includes evaluating both positive (e.g., sources of taxable income) and negative (e.g., recent historical losses) evidence that could impact the realizability of our deferred tax assets. At December 31, 2015 the Company has maintained a valuation allowance against all net deferred tax assets in each jurisdiction in which it is subject to income tax. We recognize the impact of an uncertain tax position in our financial statements if, in management's judgment, the position is not more-likely-then-not sustainable upon audit based on the position's technical merits. This involves the identification of potential uncertain tax positions, the evaluation of applicable tax laws and an assessment of whether a liability for an uncertain tax position is necessary. As of December 31, 2015 the Company has no uncertain tax positions recorded in any jurisdiction where it is subject to income tax. Basic and Diluted Net Income (Loss) per Common Share Basic and diluted net loss per share calculations are calculated on the basis of the weighted average number of common shares outstanding during the periods presented. The per share amounts include the dilutive effect of common stock equivalents in years with net income. Basic and diluted loss per share for the year ended December 31, 2015 is the same due to the anti-dilutive nature of potential common stock equivalents. Recent Accounting Pronouncements In August 2015, the FASB issued ASU 2015-14, Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date, which delays the effective date of the revenue standard issued in 2014, ASU 2014-09, Revenue from Contracts with Customers. In response to stakeholders' requests to defer the effective date of the guidance in ASU 2014-09 and in consideration of feedback received through extensive outreach with preparers, practitioners, and users of financial statements, the FASB proposed deferring the effective date of ASU 2014-09. Respondents to the proposal overwhelmingly supported a deferral. Respondents noted that providing sufficient time for implementation of the guidance in ASU 2014-09 is critical to its success. In November 2015, the FASB issued ASU No. 2015-17, Balance Sheet Classification of Deferred Taxes, which requires that an entity classify deferred tax assets and liabilities as noncurrent on the balance sheet. Prior to the issuance of the standard, deferred tax assets and liabilities were required to be separated into current and noncurrent amounts on the basis of the classification of the related asset or liability. This ASU is effective for the Company on April 1, 2017, with early adoption permitted. The adoption of ASU No. 2015-17 is not expected to have a material impact on the Company's condensed consolidated financial statements or related disclosures. Management does not believe that any recently issued, but not effective, accounting standards, if currently adopted, would have a material effect on the Company's financial statements.

CAPITAL STRUCTURE

CAPITAL STRUCTURE	12 Months Ended
	Dec. 31, 2015
Notes to Financial Statements
Note 2 - CAPITAL STRUCTURE	Common Stock The Company is authorized to issue 300 million shares of common stock and had issued 100,000,000 in connection with the merger and had 25,585,532 shares issued prior to the merger. Under the Exchange Agreement, the Registrant completed the acquisition of all of the issued and outstanding shares of Amplerissimo through the issuance of 100,000,000 restricted shares of Common Stock to Dimitrios Goulielmos, the sole shareholder of Amplerissimo. Immediately prior to the Exchange Agreement transaction, the Registrant had 25,585,532 shares of Common Stock issued and outstanding. Immediately after the issuance of the shares the Registrant had 125,585,532 shares of Common Stock issued and outstanding. The consideration provided pursuant to the Exchange Agreement was the issuance of 100,000,000 shares of our common stock. On April 28, 2015, the Company issued 45,000 shares of common stock to Hellenic American Securities for consulting services and has recorded consulting expense of $28,352 for the year ended December 31, 2015 based on the share price on the date of issuance. The terms of the consulting agreement call for payments of $1,000 per month plus 180,000 shares on an annual basis which will be issued quarterly. As of November 19, 2015, this agreement has been terminated due to lack of service. No additional shares will be issued under this agreement. As of December 31, 2015 and 2014, the Company had 125,630,532 and 125,585,532 shares of Common Stock issued and outstanding, respectively. Preferred Stock The Company is authorized to issue 100 million shares of preferred stock, which have liquidation preference over the common stock and are non-voting. As of December 31, 2015 and 2014, no preferred shares have been issued. Potentially Dilutive Securities On January 5, 2013, we granted 240,000 options to Mr. Konstantinos Vassilopoulos, former Secretary and Director, under a four-year agreement to provide 240,000 options per year at $0.10. The options have an exercise period of four years with an exercise price of $0.10. As he no longer serves on the Board of Directors, he is only entitled to the vested 240,000 shares underlying the option. Mr. Konstantinos Vassilopoulos resigned on January 13, 2014. The exercisability of 240,000 shares expires on January 5, 2017. No options, warrants or other potentially dilutive securities other than those disclosed above have been issued as of December 31, 2015 and 2014.

INCOME TAXES

INCOME TAXES	12 Months Ended
	Dec. 31, 2015
Notes to Financial Statements
Note 3 - INCOME TAXES	The reconciliation of income tax expense computed at the U.S. federal statutory rate to the income tax provision for the years ended December 31, 2015 and 2014 is as follows: 12/31/2015 12/31/2014 US Income before income taxes $ (6,687,709 ) $ 7,041,874 Taxes under statutory US tax rates $ (2,273,821 ) $ 2,394,237 Increase (decrease) in taxes resulting from: Increase (decrease) in valuation allowance $ 159,457 $ (8,509 ) Foreign tax rate differential $ 2,126,593 $ (1,392,850 ) Permanent differences $ 183 $ 2,026 State taxes $ (12,412 ) $ 2,279 Income tax expense $ - $ (997,183 ) The increase in the Company's effective tax rate in the previous years was primarily attributable to an increase in revenue in Cyprus, which maintains a corporate income tax rate of 12.5%. The corporate income tax rate in Greece is 26%.The net increase in the valuation allowance was caused by the reversal of certain financial reporting accruals that were not previously deducted for tax. Deferred income taxes reflect the net tax effects of temporary differences between the carrying amount of assets and liabilities for financial reporting purposes and amounts used for income tax purposes. Significant components of the Company's deferred tax assets and liabilities consist of the following: 12/31/2015 12/31/2014 US Net operating loss carry forward $ 247,025 $ 201,457 Greece Net operating loss carry forward 77,319 11,439 Cyprus Net operating loss carry forward 11,018 - Total deferred tax asset 335,362 212,896 Valuation allowance (335,362 ) (212,896 ) Deferred tax asset, net $ - $ - At December 31, 2015, the Company had US net operating loss carry forwards of approximately $631,777 that may be offset against future taxable income, subject to limitation under IRC Section 382, which begin to expire in 2031. At December 31, 2015, the Company had Greece net operating loss carry forwards of approximately $297,382 that may be offset against future taxable income which begin to expire in 2019. During the period ending December 31, 2015, the Company generated Cyprus net operating loss carry forwards of $88,143 which may be carryforward for five (5) years. The Company does not anticipate to generate taxable income in Cyprus in excess of its Cyprus net operating losses No tax benefit has been reported in the December 31, 2015 or 2014 consolidated financial statements due to the uncertainty surrounding the realizability of the benefit, based on a more likely than not criteria and in consideration of available positive and negative evidence. The Company asserts that it will indefinitely reinvest the unremitted earnings and profits generated by Amplerissimo, their Cyprus subsidiary, in 2015. Accordingly, no US deferred tax liability has been established for the unremitted earnings and profits generated in Cyprus. The Company applied the "more-likely-than-not" recognition threshold to all tax positions taken or expected to be taken in a tax return, which resulted in no unrecognized tax benefits as of December 31, 2015 and December 31, 2014, respectively. The Company has elected to classify interest and penalties that would accrue according to the provisions of relevant tax law as interest and other expense, respectively. As of December 31 2015 the Company has accrued approximately $86,702 in other expense. The Company's tax years since inception through 2015 remain open to examination by most taxing authorities. Taxes payable are $1,032,128 and $1,091,377 as of December 31, 2015 and December 31, 2014, respectively.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	12 Months Ended
	Dec. 31, 2015
Notes to Financial Statements
Note 4 - RELATED PARTY TRANSACTIONS	On the date of our inception, we issued 20 million shares of our common stock to our three officers and directors which were recorded at no value (offsetting increases and decreases in Common Stock and Additional Paid in Capital). During the year ended December 31, 2015, the Company borrowed €10,000 ($10,906) from Mr. Grigorios Siokas, Chief Executive Officer and €30,000 ($32,718) from Mr. Panagiotis Drakopoulos, former Director and former Chief Executive Officer, respectively. These loans have no formal agreements and bear no interest. During the year ended December 31, 2015, the Company borrowed €4,500 ($4,908) from Mrs. Ourania Matsouki, wife of Mr. Grigorios Siokas, Chief Executive Officer. This loan has no formal agreement and bears no interest. On December 1, 2015, the Company entered into a Loan Agreement with SkyPharm, a wholly-owned subsidiary of the Company, pursuant to which the Company borrowed $7,700 from SkyPharm S.A. The loan will bear an interest rate of 2% per annum and will be due and payable in full on November 31, 2016. On November 4, 2015, Mr. Dimitrios Goulielmos (the "Seller") and Mr. Grigorios Siokas (the "Buyer") entered into a stock purchase agreement, whereby Mr. Goulielmos sold 95,000,000 shares of common stock to Mr. Siokas for $1.00. As part of the agreement, the Seller forgave and released the Company and the Company's subsidiary from all claims except for the repayment of €200,000 that was loaned by the Seller to SkyPharm. In exchange, the Buyer pledged to pay various obligations of the Company as listed in the Annex of the agreement as follows: $16,357 to Malone Bailey, $3,000 in accounting fees, $2,400 to Terzis, the Amplerissimo tax liability of €817,811 and various other obligations estimated between $5,000 and $10,000 (collectively the "Vendor Bills"). On November 1, 2015, the Company entered into a €12,000 ($13,087) Loan Agreement with DOC Pharma S.A, pursuant to which DOC Pharma S.A., paid existing bills of the Company in the amount of €12,000, excluding the Vendor Bills. The loan will bear an interest rate of 2% per annum and will be due and payable in full on October 31, 2016. On August 17, 2015, the Company entered into a Loan Agreement with Dimitrios Goulielmos, the Chief Executive Officer and a Director of the Company, pursuant to which the Company borrowed $50,000 from Mr. Goulielmos. The loan will bear an interest rate of 2% per annum and is due and payable in full on December 15, 2016. As documented in Form 8-K that was filed on November 09, 2015, the loan amount has been fully forgiven by Mr. Goulielmos and was written off as of December 31, 2015. On March 27, 2015, the Company entered into a Loan Agreement with Dimtrios Goulielmos, the Chief Executive Officer and a Director of the Company, pursuant to which the Company borrowed $70,000 from Mr. Goulielmos. The loan will bear an interest rate of 2% per annum and is due and payable in full on December 15, 2015. As documented in Form 8-K that was filed on November 09, 2015, the loan amount has been fully forgiven by Mr. Goulielmos and was written off as of December 31, 2015. On March 04, 2015, the Company entered into a $9,000 Loan Agreement with Mr. Angelos Drakopoulos, pursuant to which the Mr. Drakopoulos paid a $9,000 outstanding bill on behalf of the Company. The loan will bear an interest rate of 8% per annum and will be due and payable in full on May 5, 2016. On November 16, 2015, the Company entered into a Loan Agreement with Pangagiotis Drakopoulos, shareholder and former Chairman and Principal Executive officer, pursuant to which the Company borrowed €40,000 ($43,624) from Mr. Drakououlos. The loan will bear an interest rate of 6% per annum and is due and payable in full on November 15, 2016. The Company has accrued interest expense of €303 ($330) as of December 31, 2015. On December 29, 2014, the Company entered into a Loan Agreement with Dimitrios Goulielmos, the Chief Executive Officer and a director of the Company, pursuant to which the Company borrowed $100,000 from Mr. Goulielmos. The Loan will bear an interest rate of 2% per annum and will be due and payable in full on June 30, 2015. As documented in Form 8-K that was filed on November 09, 2015, the loan amount has been fully forgiven by Mr. Goulielmos and was written off as of December 31, 2015. On December 29, 2014, the Company borrowed $3,000 from Dimitrios Goulielmos, the Chief Executive Officer and a director of the Company. The loan was non-interest bearing and was repaid in full in January 2015. On November 21, 2014, SkyPharm entered into a Loan Agreement with Dimitrios Goulielmos, the Chief Executive Officer and a director of the Company, pursuant to which the Borrower borrowed €330,000 ($401,115) from Mr. Goulielmos. The Loan will bear an interest rate of 2% per annum and will be due and payable in full on May 11, 2015. On November 4, 2015, €130,000 ($142,860) in principal and the related accrued interest of €733 ($806) was forgiven as part of the stock purchase agreement on November 4, 2015. As of December 31, 2015, a principal balance of €200,000 ($218,120) and €0.00 of accrued interest remains. At December 31, 2013, our former Chairman and Principal Executive Officer, Mr. Panagiotis Drakopoulos, is owed $110,000 in unpaid salaries. At December 31, 2014, $96,500 unpaid salaries were forgiven and the amount was therefore written off. The balance of $6,000 was repaid in full in April of 2015. As of December 31, 2015, the Company has accounts payable of €111,000 ($121,063) to DOC Pharms S.A., this comprises over 10% of the Company's total payable balance. During 2015, the aggregate forgiveness of related party notes of $362,859 was accounted for as a capital transaction. In 2014, the aggregate forgiveness of accrued salaries resulted in a gain of $173,092. We believe that all related party transactions were on terms at least as favorable as we would have secured in arm's-length transactions with third parties. Except as set forth above, we have not entered into any material transactions with any director, executive officer, and promoter, beneficial owner of five percent or more of our common stock, or family members of such persons.

DEBT

DEBT	12 Months Ended
	Dec. 31, 2015
Notes to Financial Statements
Note 5 - DEBT	On May 11, 2015, the Company entered into a Loan Agreement pursuant to which the Company borrowed €20,000 ($21,812), of which proceeds of €10,000 ($10,906) have been received as of December 31, 2015. The loan will bear an interest rate of 1% per annum and is due and payable in full on May 11, 2016. The Company has accrued interest expense of €124 ($135) as of December 31, 2015. On May 11, 2015, the Company entered into a Loan Agreement pursuant to which the Company borrowed €80,000 ($87,248) of which proceeds of €70,000 ($76,342) have been received as of December 31, 2015. The loan will bear an interest rate of 5% per annum and is due and payable in full on May 11, 2016. The Company has accrued interest expense of €2,573 ($2,806) as of December 31, 2015. During the year ended December 31, 2015, the Company borrowed €30,000 ($32,718) from a third party. There was no formal agreement and the loan bears no interest.

LEASES

LEASES	12 Months Ended
	Dec. 31, 2015
Notes to Financial Statements
Note 6 - LEASES	The Company conducts its operations from an office located in Chicago, Illinois for which beginning in February 2014, we paid rent of approximately $710 per month for our office through December 31, 2014. Effective January 1, 2015, the monthly rent expense is $730, which has been paid through December 31, 2015. The lease had an expiration date of November 30, 2015 and a new lease is being negotiated for the period commencing May 1, 2016. Rent expense for the years ended December 31, 2015 and 2014, was $12,053 and $11,292, respectively. The offices of Amplerissimo are located in Cyprus for which we paid approximately $110 per month under a one year lease which expired in July 2013 and was renewed through July 2015, whereupon rent continued to be paid by the Company on a month to month basis. Rent expense for the years ended December 31, 2015 and December 31, 2014 was $1,320 and $1,320, respectively. The offices of SkyPharm are located in Greece, Thessaloniki, for which we paid approximately €4,480 ($4,974) per month under a six year lease that commenced September 2014. In December 2015, the lease was revised to include an additional rental of the first floor at a rate of €829 ($920) per month. Rent expense for the years ended December 31, 2015 and December 31, 2014 was €54,597 ($60,614) and €15,417 ($19,267) respectively.

EARNINGS PER SHARE

EARNINGS PER SHARE	12 Months Ended
	Dec. 31, 2015
Notes to Financial Statements
Note 7 - EARNINGS PER SHARE	Basic net income (loss) per share is computed by dividing net income (loss) attributable to the Company, decreased with respect to net income or increased with respect to net loss by dividends declared on preferred stock by using the weighted-average number of common shares outstanding. The dilutive effect of incremental common shares potentially issuable under outstanding options, warrants and restricted shares is included in diluted earnings per share in 2014 and 2015 utilizing the treasury stock method. The computations of basic and diluted per share data were as follows: 12/31/2015 12/31/2014 Net (loss) income $ (6,687,912 ) $ 6,044,691 Weighted average common shares outstanding – basic 125,615,984 125,585,532 Option awards 206,873 217,607 Weighted average common shares outstanding - dilutive 125,615,984 125,803,139 Basic and Diluted (0.05 ) 0.05

DEPOSIT ON PENDING ACQUISITION

DEPOSIT ON PENDING ACQUISITION	12 Months Ended
	Dec. 31, 2015
Notes to Financial Statements
Note 8 - DEPOSIT ON PENDING ACQUISITION	On August 19, 2014, Amplerissimo Ltd., a company incorporated in Cyprus and a subsidiary of the Company ("Amplerissimo") entered into a Share Purchase Agreement (the "Purchase Agreement") with B2IN S.A., a corporation organized under the laws of Greece ("B2IN"), Unilog Logistics S.A., a corporation organized under the laws of Greece and a wholly owned subsidiary of B2IN ("Unilog"), and Wilot Limited, a corporation organized under the laws of Cyprus ("Seller"). Unilog operates a pharmaceutical logistics business in Greece. Subject to the terms, conditions, and provisions of the Purchase Agreement, at the closing (the "Closing") of the transactions contemplated by the Purchase Agreement, Amplerissimo will acquire from Seller all of the outstanding capital stock of B2IN for a purchase price of seven million euros (€ 7,000,000) or approximately $7,634,000. As of December 31, 2015, €5,540,000 ($6,041,924) of this purchase price was paid to the Seller by Amplerissimo. Under the agreement for extension entered into as of 18th day of August 2015 if the Closing does not occur by March 30, 2016 for any reason, Amplerissimo is entitled to have the deposit returned to it by Seller. As of the date of filing, the closing did not occur, however the Company has determined that it will not receive any of the investment back from B2IN. Accordingly, as of December 31, 2015, €5,540,000 ($6,041,924) was written off and the balance of the deposit account is €0.00.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	12 Months Ended
	Dec. 31, 2015
Notes to Financial Statements
Note 9 - SUBSEQUENT EVENTS	On February 26, 2016, Dimitrios Goulielmos resigned from his positions as Chief Executive Officer ("CEO") and Chief Financial Officer ("CFO") of Cosmos Holdings, Inc. (the "Company") but will retain his position as a director on the Board of Directors. His resignation is not due to any conflict with the Company. Concurrently with the acceptance of Mr. Goulielmos' resignation, the Board of Directors appointed Grigorios Siokas to the offices of CEO and CFO and elected him to fill a vacancy and serve on the Board of Directors and as the Chairman of the Board. Subject to the terms, conditions, and provisions of the Share Purchase Agreement signed on August 19, 2014, between Amplerissimo Ltd & B2IN S.A (the "Seller") to acquire all of the outstanding capital of Seller and under the agreement for extension entered into force at 18th day of August 2015, if the Closing does not occur by March 30, 2016 for any reason, Amplerissimo is entitled to have the deposit returned to it by Seller. As of March 30, 2016 the Closing did not occur and thus under the terms of the related Share Purchase Agreement, the Company has the right to terminate the agreement and will request the Seller to return the deposit in total. Grigorious Siokas, the Chief Executive Officer and Director of the Company entered into the following transactions to purchase shares of Common Stock of the Company : Seller Date Amount of Shares Aggregate Purchase Price Vasileios Mavrogiannis January 8, 2016 2,650,000 $ 1.00 Vasileios Mavrogiannis January 8, 2016 1,666.666 $ 1.00 Panagiotis Drakopoulos January 8, 2016 2,400,000 $ 1.00 Panagiotis Drakopoulos January 11, 2016 2,000,000 $ 1.00

ORGANIZATION AND NATURE OF BU16

ORGANIZATION AND NATURE OF BUSINESS (Policies)	12 Months Ended
	Dec. 31, 2015
Organization And Nature Of Business Policies
Basis of Financial Statement Presentation	The accompanying consolidated financial statements have been prepared in accordance with principles generally accepted in the United States of America.
Principles of Consolidation	Our consolidated accounts include our accounts and the accounts of our wholly-owned subsidiaries, Amplerissimo Ltd and SkyPharm S.A. All significant intercompany balances and transactions have been eliminated.
Use of Estimates	The preparation of the consolidated financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Cash and Cash Equivalents	For purposes of the statement of cash flows, the Company considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. As of December 31, 2015 and December 31, 2014, there were no cash equivalents. The Company maintains bank accounts in the United States denominated in U.S. Dollars and in the Republic of Cyprus, in Greece and in Bulgaria all of them denominated in Euros. For the year ended December 31, 2015, the amounts in these accounts were $(190) and $7,808 (the Euro equivalent of which was €7,159). At December 31, 2014, the amounts in these accounts were $88,705 and $357,899 (the Euro equivalent of which was €294,446).
Account Receivable	Accounts receivable are stated at their net realizable value. The allowance for doubtful accounts against gross accounts receivable reflects the best estimate of probable losses inherent in the receivables portfolio determined on the basis of historical experience, specific allowances for known troubled accounts and other currently available information.
Inventory	Inventory is stated at the lower of cost or market value using the weighted average method. Inventory consists primarily of finished goods and packaging materials, i.e. packaged pharmaceutical products and the wrappers and containers they are sold in. A periodic inventory system is maintained by 100% count. Inventory is replaced periodically to maintain the optimum stock on hand available for immediate shipment. We write-down inventories to net realizable value based on forecasted demand and market conditions, which may differ from actual results.
Fixed Assets	Fixed assets are stated at cost, less accumulated depreciation. Depreciation is provided on a straight-line basis over the useful lives (except for leasehold improvements which are depreciated over the lesser of the lease term or the useful life) of the assets as follows: Estimated Useful Life Furniture and fixtures 5–7 years Office and computer equipment 3-5 years Depreciation expense was $5,416 and $9,478 for the years ended December 31, 2015 and December 31, 2014, respectively.
Fair Value Measurement	The Company adopted FASB ASC 820-Fair Value Measurements and Disclosures, or ASC 820, for assets and liabilities measured at fair value on a recurring basis. ASC 820 establishes a common definition for fair value to be applied to existing generally accepted accounting principles that require the use of fair value measurements establishes a framework for measuring fair value and expands disclosure about such fair value measurements. The adoption of ASC 820 did not have an impact on the Company's financial position or operating results, but did expand certain disclosures. ASC 820 defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Additionally, ASC 820 requires the use of valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs. These inputs are prioritized below: Level 1: Observable inputs such as quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2: Inputs other than quoted prices that are observable, either directly or indirectly. These include quoted prices for similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are not active. Level 3: Unobservable inputs in which little or no market data exists, therefore developed using estimates and assumptions developed by us, which reflect those that a market participant would use. The Company did not have any Level 2 or Level 3 assets or liabilities as of December 31, 2015. Cash is considered to be highly liquid and easily tradable as of December 31, 2015 and therefore classified as Level 1 within our fair value hierarchy. In addition, FASB ASC 825-10-25 Fair Value Option, or ASC 825-10-25, was effective for January 1, 2008. ASC 825-10-25 expands opportunities to use fair value measurements in financial reporting and permits entities to choose to measure many financial instruments and certain other items at fair value. The Company did not elect the fair value options for any of its qualifying financial instruments.
Revenue Recognition	We consider revenue recognizable when persuasive evidence of an arrangement exists, the price is fixed or determinable, goods or services have been delivered, and collectability is reasonably assured. These criteria are assumed to have been met if a customer orders an item, the goods or services have been shipped or delivered to the customer, and we have sufficient evidence of collectability, such a payment history with the customer. Revenue that is billed and received in advance such as recurring weekly or monthly services are initially deferred and recognized as revenue over the period the services are provided. Our records at December 31, 2015 have been sufficient to satisfy all of the four requirements. Revenue has been recognized for all amounts billed prior to December 31, 2015, all of which were in respect of services rendered during December 2015 or prior to January 2016.
Stock-based Compensation	The Company records stock based compensation in accordance with ASC section 718, "Stock Compensation" and Staff Accounting Bulletin (SAB) No. 107 (SAB 107) issued by the SEC in March 2005 regarding its interpretation of ASC 718. ASC 718 requires the fair value of all stock-based employee compensation awarded to employees to be recorded as an expense over the related requisite service period. The Company values any employee or non-employee stock based compensation at fair value using the Black-Scholes Option Pricing Model. The Company accounts for non-employee share-based awards in accordance with the measurement and recognition criteria of ASC 505-50 "Equity-Based Payments to Non-Employees".
Foreign Currency Translations and Transactions	Assets and liabilities of all foreign operations are translated at year-end rates of exchange, and the statements of operations are translated at the average rates of exchange for the year. Gains or losses resulting from translating foreign currency financial statements are accumulated in a separate component of stockholders' equity until the entity is sold or substantially liquidated. Gains or losses from foreign currency transactions (transactions denominated in a currency other than the entity's local currency) are included in net earnings.
Concentrations of Credit Risk	Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash investments and accounts receivable. The following tables show the number of the Company's clients which contributed 10% or more of revenue and accounts receivable, respectively: Year Ended December 31, Year Ended December 31, 2015 2014 Number of 10% clients 2 2 Percentage of total revenue 87.21 % 100 %
Income Taxes	The Company accounts for income taxes under the asset and liability method, as required by the accounting standard for income taxes ASC 740. Under this method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis, as well as net operating loss carry forwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. The Company is liable for income taxes in the Republic of Cyprus and Greece. The corporate income tax rate in Cyprus is 12.5% and 26% in Greece and tax losses are carried forward for five years effective January 1, 2013 (prior to 2013, losses were carried forward indefinitely). Losses may also be subject to limitation under certain rules regarding change of ownership. We regularly review deferred tax assets to assess their potential realization and establish a valuation allowance for portions of such assets to reduce the carrying value if we do not consider it to be more likely than not that the deferred tax assets will be realized. Our review includes evaluating both positive (e.g., sources of taxable income) and negative (e.g., recent historical losses) evidence that could impact the realizability of our deferred tax assets. At December 31, 2015 the Company has maintained a valuation allowance against all net deferred tax assets in each jurisdiction in which it is subject to income tax. We recognize the impact of an uncertain tax position in our financial statements if, in management's judgment, the position is not more-likely-then-not sustainable upon audit based on the position's technical merits. This involves the identification of potential uncertain tax positions, the evaluation of applicable tax laws and an assessment of whether a liability for an uncertain tax position is necessary. As of December 31, 2015 the Company has no uncertain tax positions recorded in any jurisdiction where it is subject to income tax.
Basic and Diluted Net Income (Loss) per Common Share	Basic and diluted net loss per share calculations are calculated on the basis of the weighted average number of common shares outstanding during the periods presented. The per share amounts include the dilutive effect of common stock equivalents in years with net income. Basic and diluted loss per share for the year ended December 31, 2015 is the same due to the anti-dilutive nature of potential common stock equivalents.
Recent Accounting Pronouncements	In August 2015, the FASB issued ASU 2015-14, Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date, which delays the effective date of the revenue standard issued in 2014, ASU 2014-09, Revenue from Contracts with Customers. In response to stakeholders' requests to defer the effective date of the guidance in ASU 2014-09 and in consideration of feedback received through extensive outreach with preparers, practitioners, and users of financial statements, the FASB proposed deferring the effective date of ASU 2014-09. Respondents to the proposal overwhelmingly supported a deferral. Respondents noted that providing sufficient time for implementation of the guidance in ASU 2014-09 is critical to its success. In November 2015, the FASB issued ASU No. 2015-17, Balance Sheet Classification of Deferred Taxes, which requires that an entity classify deferred tax assets and liabilities as noncurrent on the balance sheet. Prior to the issuance of the standard, deferred tax assets and liabilities were required to be separated into current and noncurrent amounts on the basis of the classification of the related asset or liability. This ASU is effective for the Company on April 1, 2017, with early adoption permitted. The adoption of ASU No. 2015-17 is not expected to have a material impact on the Company's condensed consolidated financial statements or related disclosures. Management does not believe that any recently issued, but not effective, accounting standards, if currently adopted, would have a material effect on the Company's financial statements.

ORGANIZATION AND NATURE OF BU17

ORGANIZATION AND NATURE OF BUSINESS (Tables)	12 Months Ended
	Dec. 31, 2015
Organization And Nature Of Business Tables
Schedule of Calculation of Fixed Assets	Fixed assets are stated at cost, less accumulated depreciation. Depreciation is provided on a straight-line basis over the useful lives (except for leasehold improvements which are depreciated over the lesser of the lease term or the useful life) of the assets as follows: Estimated Useful Life Furniture and fixtures 5–7 years Office and computer equipment 3-5 years
Schedule of Concentrations of Credit Risk	The following tables show the number of the Company's clients which contributed 10% or more of revenue and accounts receivable, respectively: Year Ended December 31, Year Ended December 31, 2015 2014 Number of 10% clients 2 2 Percentage of total revenue 87.21 % 100 %

INCOME TAXES (Tables)

INCOME TAXES (Tables)	12 Months Ended
	Dec. 31, 2015
Income Taxes Tables
Schedule of reconciliation of income tax expense	The reconciliation of income tax expense computed at the U.S. federal statutory rate to the income tax provision for the years ended December 31, 2015 and 2014 is as follows: 12/31/2015 12/31/2014 US Income before income taxes $ (6,687,709 ) $ 7,041,874 Taxes under statutory US tax rates $ (2,273,821 ) $ 2,394,237 Increase (decrease) in taxes resulting from: Increase (decrease) in valuation allowance $ 159,457 $ (8,509 ) Foreign tax rate differential $ 2,126,593 $ (1,392,850 ) Permanent differences $ 183 $ 2,026 State taxes $ (12,412 ) $ 2,279 Income tax expense $ - $ (997,183 )
Net tax effects of temporary differences between the carrying amount of assets and liabilities	Significant components of the Company's deferred tax assets and liabilities consist of the following: 12/31/2015 12/31/2014 US Net operating loss carry forward $ 247,025 $ 201,457 Greece Net operating loss carry forward 77,319 11,439 Cyprus Net operating loss carry forward 11,018 - Total deferred tax asset 335,362 212,896 Valuation allowance (335,362 ) (212,896 ) Deferred tax asset, net $ - $ -

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	12 Months Ended
	Dec. 31, 2015
Earnings Per Share Tables
Computations of basic and diluted per share	The computations of basic and diluted per share data were as follows: 12/31/2015 12/31/2014 Net (loss) income $ (6,687,912 ) $ 6,044,691 Weighted average common shares outstanding – basic 125,615,984 125,585,532 Option awards 206,873 217,607 Weighted average common shares outstanding - dilutive 125,615,984 125,803,139 Basic and Diluted (0.05 ) 0.05

ORGANIZATION AND NATURE OF BU20

ORGANIZATION AND NATURE OF BUSINESS (Details)	12 Months Ended
	Dec. 31, 2015
Furniture and Fixtures [Member] | Minimum [Member]
Estimated Useful Life	5 years
Furniture and Fixtures [Member] | Maximum [Member]
Estimated Useful Life	7 years
Computer Equipment [Member] | Minimum [Member]
Estimated Useful Life	3 years
Computer Equipment [Member] | Maximum [Member]
Estimated Useful Life	5 years

ORGANIZATION AND NATURE OF BU21

ORGANIZATION AND NATURE OF BUSINESS (Details 1)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Organization And Nature Of Business Details 1
Number of 10% clients	2	2
Percentage of total revenue	87.21%	100.00%

ORGANIZATION AND NATURE OF BU22

ORGANIZATION AND NATURE OF BUSINESS (Details Narrative) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Revenues	$ 533,802	$ 7,639,022
Expended Revenues	976,261
Depreciation expense	5,416	9,478
Net loss	(6,687,912)	6,044,691
Accumulated deficit	(401,217)	6,286,695
United States [Member]
Cash Equivalents	190	88,705
Cyprus [Member]
Cash Equivalents	$ 7,808	$ 357,899

CAPITAL STRUCTURE (Details Narr

CAPITAL STRUCTURE (Details Narrative) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Capital Structure Details Narrative
Common stock, shares issued	125,630,532	125,585,532
Common stock, shares, outstanding	125,630,532	125,585,532
Stock-based compensation	$ 28,352

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Income Taxes Details
Income before income taxes	$ (6,687,709)	$ 7,041,874
Taxes under statutory US tax rates	(2,273,821)	2,394,237
Increase (decrease) in taxes resulting from:
Increase (decrease) in valuation allowance	159,457	(8,509)
Foreign tax rate differential	2,126,593	(1,392,850)
Permanent differences	183	2,026
State taxes	$ (12,412)	2,279
Income tax expense		$ (997,183)

INCOME TAXES (Details 1)

INCOME TAXES (Details 1) - USD ($)	Dec. 31, 2015	Dec. 31, 2014
United States [Member]
Net operating loss carry forward	$ 247,025	$ 201,457
Greece [Member]
Net operating loss carry forward	77,319	11,439
Cyprus [Member]
Net operating loss carry forward	11,018	0
Total deferred tax asset	335,362	212,896
Valuation allowance	$ (335,362)	$ (212,896)
Deferred tax asset, net

INCOME TAXES (Details Narrative

INCOME TAXES (Details Narrative) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Interest expense	$ 86,898	$ 63,520
Taxes payable	1,032,128	$ 1,091,377
United States [Member]
US net operating loss carry forwards	631,777
Expiry		2,031
Net operating loss carry forwards	297,382
Cyprus [Member]
US net operating loss carry forwards	$ 152,539
Expiry	2,019

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details Narrative)	12 Months Ended
	Dec. 31, 2015USD ($)
Accounts payable	$ 121,063
Director and Former Chief Executive Officer [Member]
Company Borrowing	32,718
Chief Financial Officer [Member]
Company Borrowing	4,908
Loan Agreement [Member]
Accrued interest expense	330
Aggregate forgiveness of related party notes	362,859
Loan Agreement One [Member]
Accrued interest expense	218,120
Chief Executive Officer [Member]
Company Borrowing	$ 10,906

DEBT (Details Narrative)

DEBT (Details Narrative)	Dec. 31, 2015USD ($)
Loans Agreement [Member]
Company Borrowing	$ 21,812
Loan received	10,906
Accrued interest expense	135
Loans Agreement One [Member]
Company Borrowing	87,248
Loan received	76,342
Accrued interest expense	2,806
Debt [Member]
Company Borrowing	$ 32,718

LEASES (Details Narrative)

LEASES (Details Narrative) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Accrued rent	$ 730
Chicago [Member]
Operating Leases, Rent Expense	12,053	$ 11,292
Cyprus [Member]
Operating Leases, Rent Expense	1,320	1,320
Greece [Member]
Operating Leases, Rent Expense	$ 60,614	$ 19,267

EARNINGS PER SHARE (Details)

EARNINGS PER SHARE (Details) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Earnings Per Share Details
Net income (loss)	$ (6,687,912)	$ 6,044,691
Weighted average common shares outstanding - basic	125,615,984	125,585,532
Option awards	206,873	217,607
Weighted average common shares outstanding - dilutive	125,615,984	125,803,139
Net income (loss) per share - basic and diluted	$ (0.05)	$ 0.05

DEPOSIT ON PENDING ACQUISITION

DEPOSIT ON PENDING ACQUISITION (Details Narrative)	12 Months Ended
	Dec. 31, 2015USD ($)
Deposit On Pending Acquisition Details Narrative
Price paid to the Seller	$ 6,041,924
Deposit on pending acquisition	$ 6,041,924