10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

x QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2015

OR

o TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE EXCHANGE ACT

For the transition period from ___________ to ___________

Commission file number: 000-54436

COSMOS HOLDINGS INC.

(Exact name of registrant as specified in its charter)

Nevada	27-0611758
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)
141 West Jackson Blvd, Suite 4236, Chicago, Illinois	60604
(Address of principal executive offices)	(Zip Code)

Registrant's telephone number: (312) 674.4529

N/A

(Former name, former address and former three months, if changed since last report)

Check whether the issuer (1) filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the past 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No o

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes x No o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of "large accelerated filer," "accelerated filer" and "smaller reporting company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer	o	Accelerated filer	o
Non-accelerated filer	o	Smaller Reporting Company	x

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes o No x

As of November 23, 2015 there were 125,630,532 shares issued and outstanding of the registrant's common stock.

COSMOS HOLDINGS INC.

TABLE OF CONTENTS

PART I – FINANCIAL INFORMATION
Item 1.	Financial Statements (Unaudited).	3
Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations.	9
Item 3.	Quantitative and Qualitative Disclosure about Market Risk.	13
Item 4.	Controls and Procedures.	13
PART II – OTHER INFORMATION
Item 1.	Legal Proceedings.	14
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds.	14
Item 3.	Defaults Upon Senior Securities.	14
Item 4.	Mine Safety Disclosures.	14
Item 5.	Other Information.	14
Item 6.	Exhibits.	15
SIGNATURES		16

2

PART I – FINANCIAL INFORMATION

Item 1 – Financial Statements

COSMOS HOLDINGS INC.

CONSOLIDATED BALANCE SHEETS

(unaudited) 

	September 30, 2015			December 31, 2014
	(unaudited)
ASSETS
CURRENT ASSETS:
Cash and cash equivalents	$	155,868		$	446,604
Prepaid expenses and other current assets		32,500			32,500
Deposit on pending acquisition		6,213,664			6,733,870
TOTAL CURRENT ASSETS		6,402,032			7,212,974
Other assets		38,344			9,601
Property and equipment, net		39,394			11,993
TOTAL ASSETS	$	6,479,770		$	7,234,568
LIABILITIES AND STOCKHOLDERS' DEFICIT
CURRENT LIABILITIES:
Accounts payable and accrued expenses	$	85,918		$	159,453
Salaries payable		-			6,000
Notes payable, related party - short term		540,128			504,115
Taxes payable		1,037,562			1,091,377
TOTAL CURRENT LIABILITIES		1,663,608			1,760,945
Notes payable, related party - long term		50,000			-
TOTAL LIABILITIES		1,713,608			1,760,945
Commitments and Contingencies (See Note 7)
STOCKHOLDERS' DEFICIT:
Preferred stock, $0.001 par value; 10,000,000 shares authorized; 0 shares issued and outstanding as of September 30, 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 September 30, 2015 and December 31, 2014, respectively		125,631			125,586
Additional paid-in capital		(229,388	)		(257,693	)
Accumulated other comprehensive loss		(1,075,113	)		(680,965	)
Accumulated deficit		5,945,032			6,286,695
TOTAL STOCKHOLDERS' DEFICIT		4,766,162			5,473,623
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT	$	6,479,770		$	7,234,568

The accompanying unaudited notes are an integral part of these unaudited consolidated financial statements

3

COSMOS HOLDINGS, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS AND OTHER COMPREHENSIVE INCOME (LOSS)

(UNAUDITED)

	Three Months Ended September 30,						Nine Months Ended September 30,
	2015			2014			2015			2014
REVENUE
Revenue	$	-		$	5,778,993		$	-		$	7,794,216
OPERATING EXPENSES
Direct consulting costs		-			3,017			-			3,017
General and administrative expenses		68,156			189,721			262,241			431,155
Depreciation expense		6,996			-			6,996			-
TOTAL OPERATING EXPENSES		75,152			192,738			269,237			434,172
LOSS FROM OPERATIONS		(75,152	)		5,586,255			(269,237	)		7,360,044
OTHER INCOME (EXPENSE)
Interest income		8			-			1,067			-
Interest expense - related party		(3,200	)		(2,495	)		(7,836	)		(7,405	)
Interest expense		(21,842	)		(63,520	)		(65,453	)		(63,520	)
TOTAL OTHER INCOME (EXPENSE)		(25,034	)		(66,015	)		(72,222	)		(70,925	)
LOSS BEFORE INCOME TAXES		(100,186	)		5,520,240			(341,459	)		7,289,119
INCOME TAX EXPENSE		(204	)		770,803			(204	)		997,183
NET INCOME (LOSS)		(100,390	)		4,749,437			(341,663	)		6,291,936
OTHER COMPREHENSIVE INCOME (LOSS)
Foreign currency translation gain (loss)		55,764			(483,030	)		(394,148	)		(550,844	)
TOTAL OTHER COMPREHENSIVE INCOME (LOSS)	$	(44,626	)	$	4,266,407		$	(735,811	)	$	5,741,092
BASIC NET INCOME (LOSS) PER SHARE	$	(0.00	)	$	0.04		$	(0.00	)	$	0.05
DILUTED NET INCOME (LOSS) PER SHARE	$	(0.00	)	$	0.04		$	(0.00	)	$	0.05
BASIC WEIGHTED AVERAGE SHARES OUTSTANDING		125,585,532			125,585,532			125,611,081			125,585,532
DILUTED WEIGHTED AVERAGE SHARES OUTSTANDING		125,793,974			125,801,795			125,818,867			125,803,939

The accompanying unaudited notes are an integral part of these unaudited consolidated financial statements

4

COSMOS HOLDINGS, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(UNAUDITED)

	Nine Months Ended September 30,
	2015			2014
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)	$	(341,663	)	$	6,291,936
Adjustments to Reconcile Net (Income) Loss to Net Cash Used in Operating Activities:
Imputed interest		-			7,405
Depreciation expense		6,996			-
Stock-based compensation		28,350			-
Changes in Assets and Liabilities:
Accounts receivable		-			(62,030	)
Prepaid expenses		-			(39,339	)
Other assets		(28,743	)		(4,630	)
Accounts payable and accrued expenses		(79,535	)		(456,080	)
Taxes payable		84,997			1,061,679
Deferred revenue		-			(671	)
NET CASH (USED IN) PROVIDED BY OPERATING ACTIVITIES	$	(329,598	)	$	6,798,270
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of fixed assets	$	(34,397	)	$	-
NET CASH USED IN INVESTING ACTIVITIES	$	(34,397	)	$	-
CASH FLOWS FROM FINANCING ACTIVITIES:
Deposits	$	-		$	(7,027,490	)
Proceeds from related party loan		120,000			-
Payment of related party loan		(3,000	)		-
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES	$	117,000		$	(7,027,490	)
Effect of exchange rate changes on cash	$	(43,741	)	$	(550,844	)
NET DECREASE IN CASH		(290,736	)		(780,064	)
CASH AT BEGINNING OF PERIOD		446,604			864,489
CASH AT END OF PERIOD	$	155,868		$	84,425
Supplemental Disclosure of Cash Flow Information
Cash paid during the period:
Interest	$	-		$	-
Income Tax	$	-		$	-

 

The accompanying unaudited notes are an integral part of these unaudited consolidated financial statements

5

COSMOS HOLDINGS INC.

Notes to Unaudited Consolidated Financial Statements

September 30, 2015

NOTE 1 – BASIS OF PRESENTATION

The terms "COSM," "we," "the Company," and "us" as used in this report refer to Cosmos Holdings Inc. The accompanying unaudited consolidated balance sheet as of September 30, 2015 and unaudited consolidated statements of operations for the nine and the three months ended September 30, 2015 have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Article 8 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. generally accepted accounting principles for complete financial statements. In the opinion of management of COSM, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the nine and the three month period ended September 30, 2015, are not necessarily indicative of the results that may be expected for the year ending December 31, 2015, or any other period. These unaudited consolidated financial statements and notes should be read in conjunction with the financial statements for each of the two years ended December 31, 2014 and 2013, included in the Company's Annual Report on Form 10-K. The accompanying unaudited consolidated balance sheet as of December 31, 2014 has been derived from the audited financial statements filed in our Form 10-K and is included for comparison purposes in the accompanying balance sheet. Certain prior year amounts have been reclassified to conform to current year presentation.

NOTE 2 – INCOME TAXES

At September 30, 2015, the Company's effective tax rate differs from the US federal statutory tax rate primarily due to a valuation allowance recorded against net deferred tax assets in all jurisdictions in which the Company operates. At September 30, 2014, the Company's effective tax rate differed from the US federal statutory tax rate primarily due to earnings taxed at the lower income tax rate in Cyprus.

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 September 30, 2015 the Company has a maintained a valuation allowance against all net deferred tax assets in each jurisdiction in which it is subject to income tax.

As of September 30, 2015 the Company has no uncertain tax positions recorded in any jurisdiction where it is subject to income tax. The Company has recorded $65,453 of interest and penalties as interest expense for the nine months ended September 30, 2015 in accordance with this policy.

6

NOTE 3 – RELATED PARTY TRANSACTIONS

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. The Company has accrued interest expense of $118 as of September 30, 2015.

On March 27, 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 $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. The Company has accrued interest expense of $717 as of September 30, 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 bears interest at the rate of 2% per annum and was due and payable in full on September 30, 2015. The maturity date has been extended to December 31, 2015. The Company has accrued interest expense of $1,495 as of September 30, 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 ($367,059) from Mr. Goulielmos. The Loan will bear an interest rate of 2% per annum and will be due and was payable in full on May 11, 2015. The maturity date has been extended to November 11, 2015. The Company has accrued interest expense of $5,537 as of September 30, 2015.

At December 31, 2013, our former Chief Executive Officer and Director, Mr. Panagiotis Drakopoulos, was owed $110,000 in unpaid salaries. At December 31, 2014, $96,500 unpaid salaries were forgiven and the amount was therefore written off. As of June 30, 2015 the company paid Mr. Drakopoulos the remaining open amount.

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.

NOTE 4 – LEASES

The Company conducts its operations from an office located in Chicago, Illinois for which we paid rent of approximately $307 per month through November 2013. In December 2013 we moved our office to another location in Chicago Illinois. 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. Rent expense for the nine and three month periods ended September 30, 2015 was $6,570 and $2,190 and $8,696 and $2,895 for the nine and three month periods ended September 30, 2014, respectively. The lease was terminated effective November 30, 2015 and new lease has been entered into or is contemplated.

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. Rent expense for the nine and three month periods ended September 30, 2015 was $770 and $110, respectively and $660 and $330 for the nine and three month periods ended September 30, 2014, respectively.

The offices of SkyPharm are located in Greece for which we paid approximately €4,325 ($4,823) per month under a six year lease commencing September 2014. Rent expense and guarantees for the nine and three month periods ended September 30, 2015 was €38,925 ($43,405) and €12,975 ($14,468), respectively and $0 and $0 for the nine and three month periods ended September 30, 2014, respectively.

7

NOTE 5 – 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 utilizing the treasury stock method. The computations of basic and diluted per share data were as follows:

	NINE MONTHS ENDED					THREE MONTHS ENDED
	September 30, 2015			September 30, 2014		September 30, 2015			September 30, 2014
Net income (loss)	$	(341,663	)	$	6,291,936	$	(100,390	)	$	4,749,437
Weighted average common shares outstanding - basic		125,611,081			125,585,532		125,585,532			125,585,532
Option awards		207,786			218,407		208,442			216,263
Weighted average common shares outstanding - dilutive		125,818,867			125,803,939		125,793,974			125,801,795
Net income (loss) per share - basic and diluted	$	(0.00	)	$	0.05	$	(0.00	)	$	0.04

NOTE 6 – 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 $7,851,000. As of September 30, 2015, €5,540,000 ($6,213,664) of this purchase price was paid to the Seller by Amplerissimo and is classified as a deposit on pending acquisition on the June 30, 2015 balance sheet. Upon the occurrence of the Closing, Unilog will be an indirect, wholly owned subsidiary of Amplerissimo. The Closing is subject to conditions outside the control of 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.

NOTE 7 – COMMON STOCK ISSUANCE

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 $28,350 for the quarter ended September 30, 2015 based on the average 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.

NOTE 8 – SUBSEQUENT EVENTS

On November 4, 2015, Dimitrios S. Goulielmos (the "Seller"), a resident of Greece and Chief Executive Officer and a director of Cosmos Holdings Inc. (the "Company"), entered into a Stock Purchase Agreement (the "SPA") with Grigorios Siokas (the "Buyer"), a resident of Greece. Pursuant to the SPA, the Seller has agreed to sell to the Buyer 95,000,000 of the 100,000,000 Common Shares of the Company owned by the Seller. The aggregate purchase price for the shares was $1.00; plus the obligation to repay various debt obligations of the Company, except with respect to the repayment of €200,000 Euro that was loaned by the Seller to Sky Pharm In addition, pursuant to the SPA, the Seller foregave and released the Company and Sky Pharm S.A., Amplerissimo Ltd. ("Sky Pharm"), the Company's subsidiary, from all claims; provided, that contingent upon the repayment of debt obligations, the Company will be forgiven and released from the $220,000 in loans to the Seller and the related accrued interest of $2,330. Sky Pharm will be forgiven and released from the €130,000 ($145,808) in loans to the Seller and the related accrued interest of €1,946 ($2,183).

8

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations.

Forward-Looking Statements

Certain statements, other than purely historical information, including estimates, projections, statements relating to our business plans, objectives, and expected operating results, and the assumptions upon which those statements are based, are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements generally are identified by the words "believes," "project," "expects," "anticipates," "estimates," "intends," "strategy," "plan," "may," "will," "would," "will be," "will continue," "will likely result," and similar expressions. We intend such forward-looking statements to be covered by the safe-harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995, and are including this statement for purposes of complying with those safe-harbor provisions. Forward-looking statements are based on current expectations and assumptions that are subject to risks and uncertainties which may cause actual results to differ materially from the forward-looking statements. Our ability to predict results or the actual effect of future plans or strategies is inherently uncertain. Factors which could have a material adverse effect on our operations and future prospects on a consolidated basis include, but are not limited to: changes in economic conditions, legislative/regulatory changes, availability of capital, interest rates, competition, and generally accepted accounting principles. These risks and uncertainties should also be considered in evaluating forward-looking statements and undue reliance should not be placed on such statements. We undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise. Further information concerning our business, including additional factors that could materially affect our financial results, is included herein and in our other filings with the Securities and Exchange Commission ("SEC").

Overview

Cosmos Holdings Inc. ("us", "we", or the "Company") was incorporated in the State of Nevada on July 21, 2009 under the name Prime Estates and Developments, Inc. for the purpose of acquiring and operating commercial real estate and real estate related assets. On November 14, 2013, we changed our name to Cosmos Holdings Inc.

We are currently focusing our existing operations on expanding the businesses of our new subsidiaries, Amplerissimo and SkyPharm S.A, a wholly owned subsidiary of Amplerissimo ("SkyPharm"). The Company has transitioned into a holding company and as a result the Company is currently actively pursuing and investing potential acquisition targets in various industries, including, but not limited to, pharmaceutical industry and related pharmaceutical logistics companies, cargo shipping industry, green and high tech technologies, the food industry, and the insurance industry. We have held preliminary discussions with several potential acquisition candidates and have entered into two binding agreements to acquire two such targets. The first is to acquire the 100% of the issued and outstanding shares of the B2IN S.A., a corporation organized under the laws of Greece ("B2IN"). B2IN is the parent company of the Greek entity Unilog S.A, which provides pharmaceutical logistic services. The second potential acquisition is for a 70% equity ownership interest of Terranova Inc., a Delaware corporation ("Terranova"), based in Chicago. Neither of the aforementioned transactions to acquire the targets have closed yet and no assurances can be given that either acquisition will be completed. As described below, various contingencies exist that must be satisfied prior to the expiration of the binding agreements.

Amplerissimo

Amplerissimo's principal activities are the trading of products, providing representation, and provision of consulting services to various sectors. In the interim, we plan on continuing to offer the same products and services through Amplerissimo which include: data mining, statistical data analysis, research and analysis, negotiating services, credit risk analysis, credit management, conducting case studies, introduction services, e-commerce consulting, marketing management consulting, expansion strategies consulting, information systems consulting, and business management software consulting. We also intend to add additional services to the ones that we currently offer, including systems integration, accredited partnership services, and installation and resale of third parties systems and software. We intend to accomplish this by new cooperative agreements or acquisition of other existing companies. However, at this time we have no binding agreement, commitment or obligation for any such ventures.

On August 19, 2014, Amplerissimo Ltd., a company incorporated in Cyprus and subsidiary of the Company ("Amplerissimo") entered into a Share Purchase Agreement (the "Purchase Agreement") with Wilot Limited, a corporation organized under the laws of Cyprus ("Seller") for the acquisition of B2IN S.A., a corporation organized under the laws of Greece ("B2IN"), and its wholly owned subsidiary Unilog Logistics S.A., a corporation organized under the laws of Greece. 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 (Willot) all of the outstanding capital stock of B2IN for a purchase price of seven million euros (€ 7,000,000) or approximately $7,851,000. As of September 30, 2015, €5,540,000 ($6,213,664) of this purchase price was paid to the Seller by Amplerissimo and is classified as a deposit on pending acquisition on the September 30, 2015 balance sheet. Upon the occurrence of the Closing, B2IN and Unilog will be indirect, wholly owned subsidiaries of Amplerissimo. The Closing is subject to conditions outside the control of Amplerissimo.

9

SkyPharm

We are seeking to enter the pharmaceutical sector if and when we have sufficient capital through new wholly-owned subsidiaries that will focus on the wholesale of pharmaceutical products. On April 30, 2014, we entered into an Exclusive Cooperation Agreement with Grigorios Siokas to assume the position of Manager of Pharmaceutical Division of the Company. On August 1, 2014, we formed SkyPharm S.A. Greek Corporation ("SkyPharm"), a wholly owned subsidiary of Amplerissimo that will focus on wholesale sales of pharmaceutical products. SkyPharm is currently in the process of obtaining the necessary licensing from National Organization for Medicines of Greece required to be a wholesaler of pharmaceutical products. SkyPharm has not raised any capital and otherwise does not have the capital resources necessary to commence this line of business. However, the Company has expended approximately $291,000 as of September 30, 2015 in connection with these proposed operations. There can be no assurance that we will ever raise the required capital necessary to effectuate our business plan; and even if we do, there is no assurance that we will ever commence or successfully develop this line of business, notwithstanding the Agreement.

We have already facilitated the medicines warehouse with the proper equipment, specifically with the proper shelves, working table, medicines cold fridge and barcode machines. The offices in Thessaloniki have been also equipped with the proper equipment and specifically with the office tables, chairs and the terminals for each one working station. The hardware systems and software programs that are needed for the efficient trading of pharmaceuticals is already installed. As of 07/22/2015 the Hellenic Ministry of Health and more specifically the National Organization for Medicines has granted the license for the wholesale of pharmaceutical products for human use to the Company. The validity of the license is five years and under the EU directive of (2013/C 343/01) the company is obliged to fulfill the Guidelines of the Good Distribution Practices of medical products for human use. The Company has already incorporated all the methodologies, procedures, processes and resources in order to be in accordance with the guidelines of the Good Distribution Practices.

Results of Operations

Three Month Period ended September 30, 2015 versus September 30, 2014

During the three month period ended September 30, 2015, the Company had a net loss of $(100,390) with no revenues, versus net profit of $4,749,437 with revenues of $5,778,993 for the three month period ended September 30, 2014. Net profit in the most recent three month period in 2015 turned to a loss as compared to the corresponding period last year due to the absence of revenue.

Revenue

The Company did not have any revenue for the three month period ended September 30, 2015, versus $5,778,993 during the three month period ended September 30, 2014. During the Company's three month period ended September 30, 2015, revenues decreased by 100% as compared to revenues in the period ended September 30, 2014. This variation resulted against the corresponding period in 2014 primarily from the absence of new engagements through our subsidiary Amplerissimo, which is our only active subsidiary.

Operating Expenses

Total operating expenses for the three month period ended September 30, 2015 were $75,152 versus $192,738 during the three month period ended September 30, 2014. The approximate 156% decrease in operating expenses in the three month period in 2015, against the corresponding period in 2014, is primarily due to the costs of professional fees and other associated expenses in connection with being a public company, including related activity, as well as increased expenditures for potential company acquisitions. Consulting expenses consistently constitute the bulk of operating costs for the investment activities of the Company.

Unrealized Foreign Currency losses

Additionally, we had an unrealized foreign currency gain of $55,764 for the three months ended September 30, 2015 such that our net comprehensive loss for the period was $44,626 versus an unrealized foreign currency loss of $483,030 and comprehensive income of $4,266,407 during the three month period ended September 30, 2014.

Liquidity and Capital Resources

As of September 30, 2015, the Company had working capital of approximately $4,738,000 versus a working capital of approximately $5,695,000 as of September 30, 2014 and approximately $5,452,000 as of December 31, 2014. The decrease in working capital is attributed to the lack of growth of the business of the subsidiary Amplerissimo and in the decrease of revenues for the nine month period ended September 30, 2015. <>

At the end of period ended September 30, 2015, the Company had net cash of $155,868 versus $84,425 as of September 30, 2014. For the nine months ended September 30, 2015, net cash used in operating activities was $329,598 versus $6,798,270 net cash provided by operating activities for the nine months ended September 30, 2014. The decrease in net cash from operating activities was primarily due to the net loss and the decrease in accounts payable and accrued expenses and taxes payable, as well as the decreased revenues from the previous year end.

10

During the nine months ended September 30, 2015, there was $34,397 net cash used in investing activities versus none used in during the nine months ended September 30, 2014. This was primarily due to the purchase of fixed assets by Amplerissimo.

During the nine months ended September 30, 2015, there was $117,000 of net cash provided by financing activities versus $7,027,490 used in financing activities during the nine months ended September 30, 2014.

We anticipate using cash in our bank account as of September 30, 2015, cash generated from the operations of the Company and its operating subsidiary and from debt or equity financing, or from a loan from management, to the extent that funds are available to do so to conduct our business in the upcoming year. Management is not obligated to provide these or any other funds. If we fail to meet these requirements, we may lose the qualification for quotation and our securities would no longer trade on the over the counter markets. Further, as a consequence we would fail to satisfy our SEC reporting obligations, and investors would then own stock in a company that does not provide the disclosure available in quarterly and annual reports filed with the SEC and investors may have increased difficulty in selling their stock as we will be non-reporting.

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.

Plan of Operation in the Next Twelve Months

For our Subsidiary "SkyPharm S.A" we are committed to capitalizing on growth opportunities by advancing our own pipeline and maximizing the value of the pharmaceutical products, as well as through various forms of business development, which can include trading, alliances, licenses, joint ventures, dispositions and acquisitions. Moreover we continue to build on our portfolio of pharmaceutical products and expand our pipeline through various business development and trading transactions. The Company is gradually making its primary focus on pharmaceuticals, in terms of logistics, trade and anticipated production; provided no assurances can be made of the Company's ability to implement these plans.

We view our business development activity as an enabler of our strategies, and we seek to generate earnings growth and enhance shareholder value by pursuing a disciplined, strategic and financial approach to evaluating business development opportunities. Under these principles we assess our businesses and assets as part of our regular, ongoing portfolio review process and continue to consider trading development activities for our businesses.

For the Company's Amplerissimo subsidiary, we plan on continuing to offer the same products and services through Amplerissimo which include: data mining, statistical data analysis, research and analysis, negotiating services, credit risk analysis, credit management, conducting case studies, introduction services, e-commerce consulting, marketing management consulting, expansion strategies consulting, information systems consulting, and business management software consulting. We anticipate that we will spend approximately $15,000 to evaluate the different methods of services. This cost is made of up primarily legal, planning and structuring, and accounting due diligence. We currently have no binding agreements, commitments or contracts for new cooperative agreements or acquisition of other existing companies.

As to potential acquisitions, SEC filing requirements are such that we will have to file audited financial statements of all our operations, including any acquired business. As a result in connection with any potential acquisition, the Company shall initially ascertain whether we can obtain audited financials of any target company if we were to acquire them. We anticipate that we will spend approximately $30,000 to locate, conduct due diligence, and evaluate possible acquisitions. As noted above, as of the date of this report, we do not have any binding agreements, commitments, or understandings with any potential acquisition candidates.

On August 19, 2014, Amplerissimo entered into a Share Purchase Agreement (the "Purchase Agreement") with Wilot Limited, a company organized under the laws of Cyprus (the "Seller") in order to acquire B2IN, which is the parent of Unilog Logistics S.A., a corporation organized under the laws of Greece ("Unilog"). Unilog operates a pharmaceutical logistics business in Greece.  Subject to the terms, conditions, and provisions of the Purchase Agreement, at the closing of the transactions, Amplerissimo will acquire from Seller all of the outstanding capital stock of B2IN for a purchase price of seven million euro (€7,000,000).  Upon the occurrence of the Closing, Unilog will be an indirect, wholly owned subsidiary of Amplerissimo. The Closing is subject to conditions outside the control of Amplerissimo. 

11

Off Balance Sheet Arrangements

As of September 30, 2015, there were no off balance sheet arrangements.

Critical Accounting Policies

Foreign Currency. We require translation of the Amplerissimo financial statements from euros to dollars since the reverse take-over on September 27, 2013. 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 (loss) earnings.

Income Taxes. We provide for income taxes in accordance with ASC Topic 740 (ASC 740). Income taxes are accounted for under the asset and liability method with deferred tax assets and liabilities 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. 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 reversed or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in operations in the period that includes the enactment date. Deferred tax assets are reduced by a valuation allowance for the amounts of any tax benefits which, more likely than not, will not be realized.

Future tax benefits of net operating loss carry forwards generated in the U.S. by us represent the primary component of our deferred tax assets. Under ASC 740 "Accounting for Income Taxes", we evaluate at every reporting period whether the benefit of such losses will more likely than not be realized. Based on our history of taxable losses in the U.S. and the potential annual limitation on future utilization if it is determined that a change in ownership as defined in IRC 382 has occurred, we have determined that it is not more likely than not that the tax benefit of such losses will be realized prior to their expiration and thus has recorded a full valuation allowance against ourr net deferred tax assets.

Recently Issued Accounting Pronouncements

In August 2014, the FASB issued Accounting Standards Update No. 2014-15 ("ASU 2014-15"), "Presentation of Financial Statements - Going Concern." The new standard provides guidance around management's responsibility to evaluate whether there is substantial doubt about an entity's ability to continue as a going concern and to provide related footnote disclosures. The new standard is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015. Early adoption is permitted. The adoption of this standard is not expected to have a material impact on our financial statements and related disclosures.

12

Item 3. Quantitative and Qualitative Disclosure about Market Risk

Not applicable.

Item 4. Controls and Procedures.

Disclosure Controls and Procedures. Our senior management is responsible for establishing and maintaining disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d – 15(e) under the Securities Exchange Act of 1934, as amended (the "Exchange Act")), designed to ensure that information required to be disclosed by us in the reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified in the Securities and Exchange Commission's rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed by an issuer in the reports that it files or submits under the Exchange Act is accumulated and communicated to the issuer's management, including its principal executive officer or officers and principal financial officer or officers, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure.

Evaluation of Disclosure Controls and Procedures. We have evaluated the effectiveness of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act) as of the end of the period covered by this report, with the participation of our Chief Executive Officer and Chief Financial Officer, as well as other key members of our management. Based on this evaluation, our Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures were effective as of September 30, 2015.

Internal Controls Over Financial Reporting. No change occurred in our internal control over financial reporting during the third quarter of 2015 that materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

13

PART II — OTHER INFORMATION

Item 1. Legal Proceedings.

None.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.

None

Item 3. Defaults Upon Senior Securities

None.

Item 4. Mine Safety Disclosures.

None. 

Item 5. Other Information.

None.

14

Item 6. Exhibits.

(a) Exhibits.

Exhibit No.	Document Description
31.1	Certification of CEO/CFO pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
32.1	Certification of CEO/CFO pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

101.INS	XBRL Instance Document
101.SCH	XBRL Taxonomy Extension Schema Document
101.CAL	XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF	XBRL Taxonomy Extension Definition Linkbase Document
101.LAB	XBRL Taxonomy Extension Label Linkbase Document
101.PRE	XBRL Taxonomy Extension Presentation Linkbase Document

15

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

	Cosmos Holdings Inc.
Date: November 23, 2015	By:	/s/ Dimitrios Goulielmos
		Dimitrios Goulielmos
		Principal Executive Officer, Acting Principal Financial Officer and Acting Principal Accounting Officer and Director

16

EXHIBIT INDEX

Exhibit No.	Document Description
31.1	Certification of CEO/CFO pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
32.1	Certification of CEO/CFO pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

101.INS	XBRL Instance Document
101.SCH	XBRL Taxonomy Extension Schema Document
101.CAL	XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF	XBRL Taxonomy Extension Definition Linkbase Document
101.LAB	XBRL Taxonomy Extension Label Linkbase Document
101.PRE	XBRL Taxonomy Extension Presentation Linkbase Document

17

EX-31.1

EXHIBIT 31.1

CERTIFICATIONS

I, Dimitrios Goulielmos, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Cosmos Holdings Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

	Cosmos Holdings Inc.
November 23, 2015	By:	/s/ Dimitrios Goulielmos
		Dimitrios Goulielmos
		Principal Executive Officer, Acting Principal Financial Officer and Acting Principal Accounting Officer

EX-32.1

EXHIBIT 32.1

CERTIFICATE PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

The undersigned, Dimitrios Goulielmos, Chief Executive Officer and Acting Principal Financial Officer of Cosmos Holdings Inc. (the "Company"), hereby certifies, pursuant to 18 U.S.C. §1350, as adopted pursuant to §906 of the Sarbanes-Oxley Act of 2002, that:

(1)	The Company's Quarterly Report on Form 10-Q for the period ended September 30, 2015, as filed with the Securities and Exchange Commission on the date hereof (the "Quarterly Report"), fully complies with the requirements of Section 13(a) or 15 (d) of the Securities Exchange Act of 1934; and
(2)	The information contained in the Quarterly Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

November 23, 2015	By:	/s/ Dimitrios Goulielmos
		Dimitrios Goulielmos
		Chief Executive Officer and Acting Principal Financial Officer

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LEASES

9 Months Ended

Sep. 30, 2015

Notes to Financial Statements

Note 4 - LEASES

The Company conducts its operations from an office located in Chicago, Illinois for which we paid rent of approximately $307 per month through November 2013. In December 2013 we moved our office to another location in Chicago Illinois. 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. Rent expense for the nine and three month periods ended September 30, 2015 was $6,570 and $2,190 and $8,696 and $2,895 for the nine and three month periods ended September 30, 2014, respectively. The lease was terminated effective November 30, 2015 and new lease has been entered into or is contemplated.

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. Rent expense for the nine and three month periods ended September 30, 2015 was $770 and $110, respectively and $660 and $330 for the nine and three month periods ended September 30, 2014, respectively.

The offices of SkyPharm are located in Greece for which we paid approximately €4,325 ($4,823) per month under a six year lease commencing September 2014. Rent expense and guarantees for the nine and three month periods ended September 30, 2015 was €38,925 ($43,405) and €12,975 ($14,468), respectively and $0 and $0 for the nine and three month periods ended September 30, 2014, respectively.

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RELATED PARTY TRANSACTIONS

9 Months Ended

Sep. 30, 2015

Notes to Financial Statements

Note 3 - RELATED PARTY TRANSACTIONS

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. The Company has accrued interest expense of $118 as of September 30, 2015.

On March 27, 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 $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. The Company has accrued interest expense of $717 as of September 30, 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 bears interest at the rate of 2% per annum and was due and payable in full on September 30, 2015. The maturity date has been extended to December 31, 2015. The Company has accrued interest expense of $1,495 as of September 30, 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 ($367,059) from Mr. Goulielmos. The Loan will bear an interest rate of 2% per annum and will be due and was payable in full on May 11, 2015. The maturity date has been extended to November 11, 2015. The Company has accrued interest expense of $5,537 as of September 30, 2015.

At December 31, 2013, our former Chief Executive Officer and Director, Mr. Panagiotis Drakopoulos, was owed $110,000 in unpaid salaries. At December 31, 2014, $96,500 unpaid salaries were forgiven and the amount was therefore written off. As of June 30, 2015 the company paid Mr. Drakopoulos the remaining open amount.

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.

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CONSOLIDATED BALANCE SHEETS - USD ($)	Sep. 30, 2015	Dec. 31, 2014
ASSETS
Cash and equivalents	$ 155,868	$ 446,604
Prepaid expenses and other current assets	32,500	32,500
Deposit on pending acquisition	6,213,664	6,733,870
TOTAL CURRENT ASSETS	6,402,032	7,212,974
Other assets	38,344	9,601
Property and equipment, net	39,394	11,993
TOTAL ASSETS	6,479,770	7,234,568
CURRENT LIABILITIES
Accounts payable and accrued expenses	$ 85,918	159,453
Salaries payable		6,000
Notes payable, related party - short term	$ 540,128	504,115
Taxes payable	1,037,562	1,091,377
TOTAL CURRENT LIABILITIES	1,663,608	$ 1,760,945
Notes payable, related party - long term	50,000
TOTAL LIABILITIES	$ 1,713,608	$ 1,760,945
Commitments and Contingencies (See Note 7)
STOCKHOLDERS' DEFICIT:
Preferred stock, $0.001 par value; 10,000,000 shares authorized; 0 shares issued and outstanding as of September 30, 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 September 30, 2015 and December 31, 2014, respectively	$ 125,631	$ 125,586
Additional paid-in capital	(229,388)	(257,693)
Accumulated other comprehensive loss	(1,075,113)	(680,965)
Accumulated deficit	5,945,032	6,286,695
TOTAL STOCKHOLDERS' DEFICIT	4,766,162	5,473,623
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT	$ 6,479,770	$ 7,234,568

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BASIS OF PRESENTATION

9 Months Ended

Sep. 30, 2015

Notes to Financial Statements

Note 1 - BASIS OF PRESENTATION

The terms "COSM," "we," "the Company," and "us" as used in this report refer to Cosmos Holdings Inc. The accompanying unaudited consolidated balance sheet as of September 30, 2015 and unaudited consolidated statements of operations for the nine and the three months ended September 30, 2015 have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Article 8 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. generally accepted accounting principles for complete financial statements. In the opinion of management of COSM, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the nine and the three month period ended September 30, 2015, are not necessarily indicative of the results that may be expected for the year ending December 31, 2015, or any other period. These unaudited consolidated financial statements and notes should be read in conjunction with the financial statements for each of the two years ended December 31, 2014 and 2013, included in the Company's Annual Report on Form 10-K. The accompanying unaudited consolidated balance sheet as of December 31, 2014 has been derived from the audited financial statements filed in our Form 10-K and is included for comparison purposes in the accompanying balance sheet. Certain prior year amounts have been reclassified to conform to current year presentation.

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INCOME TAXES

9 Months Ended

Sep. 30, 2015

Notes to Financial Statements

Note 2 - INCOME TAXES

At September 30, 2015, the Company's effective tax rate differs from the US federal statutory tax rate primarily due to a valuation allowance recorded against net deferred tax assets in all jurisdictions in which the Company operates. At September 30, 2014, the Company's effective tax rate differed from the US federal statutory tax rate primarily due to earnings taxed at the lower income tax rate in Cyprus.

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 September 30, 2015 the Company has a maintained a valuation allowance against all net deferred tax assets in each jurisdiction in which it is subject to income tax.

As of September 30, 2015 the Company has no uncertain tax positions recorded in any jurisdiction where it is subject to income tax. The Company has recorded $65,453 of interest and penalties as interest expense for the nine months ended September 30, 2015 in accordance with this policy.

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CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Sep. 30, 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

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LEASES (Details Narrative) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Chicago [Member]
Operating Leases, Rent Expense	$ 2,190	$ 2,895	$ 6,570	$ 8,696
Cyprus [Member]
Operating Leases, Rent Expense	110	330	770	660
Greece [Member]
Operating Leases, Rent Expense	$ 14,468	$ 0	$ 43,405	$ 0

XML

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2015	Nov. 23, 2015
Document And Entity Information
Entity Registrant Name	Cosmos Holdings Inc.
Entity Central Index Key	0001474167
Document Type	10-Q
Document Period End Date	Sep. 30, 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 Common Stock, Shares Outstanding		125,630,532
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2015

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EARNINGS PER SHARE (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Earnings Per Share Details
Net income (loss)	$ (100,390)	$ 4,749,437	$ (341,663)	$ 6,291,936
Weighted average common shares outstanding - basic	125,585,532	125,585,532	125,611,081	125,585,532
Option awards	208,442	216,263	207,786	218,407
Weighted average common shares outstanding - dilutive	125,793,974	125,801,795	125,818,867	125,803,939
Net income (loss) per share - basic and diluted	$ (0.00)	$ 0.04	$ (0.00)	$ 0.05

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CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Revenues
Revenues		$ 5,778,993		$ 7,794,216
OPERATING EXPENSES
Direct consulting costs		3,017		3,017
General and administrative expenses	$ 68,156	$ 189,721	$ 262,241	$ 431,155
Depreciation expense	6,996		6,996
TOTAL OPERATING EXPENSES	75,152	$ 192,738	269,237	$ 434,172
LOSS FROM OPERATIONS	(75,152)	$ 5,586,255	(269,237)	$ 7,360,044
OTHER INCOME (EXPENSE)
Interest income	8		1,067
Interest expense - related party	(3,200)	$ (2,495)	(7,836)	$ (7,405)
Interest expense	(21,842)	(63,520)	(65,453)	(63,520)
TOTAL OTHER INCOME (EXPENSE)	(25,034)	(66,015)	(72,222)	(70,925)
LOSS BEFORE INCOME TAXES	(100,186)	5,520,240	(341,459)	7,289,119
INCOME TAX EXPENSE	(204)	770,803	(204)	997,183
NET INCOME (LOSS)	(100,390)	4,749,437	(341,663)	6,291,936
OTHER COMPREHENSIVE INCOME (LOSS)
Foreign currency translation gain (loss)	55,764	(483,030)	(394,148)	(550,844)
TOTAL OTHER COMPREHENSIVE INCOME (LOSS)	$ (44,626)	$ 4,266,407	$ (735,811)	$ 5,741,092
BASIC NET INCOME (LOSS) PER SHARE	$ (0.00)	$ 0.04	$ (0.00)	$ 0.05
DILUTED NET INCOME (LOSS) PER SHARE	$ (0.00)	$ 0.04	$ (0.00)	$ 0.05
BASIC WEIGHTED AVERAGE SHARES OUTSTANDING	125,585,532	125,585,532	125,611,081	125,585,532
DILUTED WEIGHTED AVERAGE SHARES OUTSTANDING	125,793,974	125,801,795	125,818,867	125,803,939

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COMMON STOCK ISSUANCE

9 Months Ended

Sep. 30, 2015

Notes to Financial Statements

Note 7 - COMMON STOCK ISSUANCE

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 $28,350 for the quarter ended September 30, 2015 based on the average 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.

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DEPOSIT ON PENDING ACQUISITION

9 Months Ended

Sep. 30, 2015

Notes to Financial Statements

Note 6 - 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 $7,851,000. As of September 30, 2015, €5,540,000 ($6,213,664) of this purchase price was paid to the Seller by Amplerissimo and is classified as a deposit on pending acquisition on the June 30, 2015 balance sheet. Upon the occurrence of the Closing, Unilog will be an indirect, wholly owned subsidiary of Amplerissimo. The Closing is subject to conditions outside the control of 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.

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DEPOSIT ON PENDING ACQUISITION (Details Narrative) - USD ($)	Sep. 30, 2015	Dec. 31, 2014
Deposit On Pending Acquisition Details Narrative
Deposit on pending acquisition	$ 6,213,664	$ 6,733,870

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INCOME TAXES (Details Narrative) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Income Taxes Details Narrative
Interest expense	$ 21,842	$ 63,520	$ 65,453	$ 63,520

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SUBSEQUENT EVENTS

9 Months Ended

Sep. 30, 2015

Notes to Financial Statements

Note 8 - SUBSEQUENT EVENTS

On November 4, 2015, Dimitrios S. Goulielmos (the "Seller"), a resident of Greece and Chief Executive Officer and a director of Cosmos Holdings Inc. (the "Company"), entered into a Stock Purchase Agreement (the "SPA") with Grigorios Siokas (the "Buyer"), a resident of Greece. Pursuant to the SPA, the Seller has agreed to sell to the Buyer 95,000,000 of the 100,000,000 Common Shares of the Company owned by the Seller. The aggregate purchase price for the shares was $1.00; plus the obligation to repay various debt obligations of the Company, except with respect to the repayment of €200,000 Euro that was loaned by the Seller to Sky Pharm In addition, pursuant to the SPA, the Seller foregave and released the Company and Sky Pharm S.A., Amplerissimo Ltd. ("Sky Pharm"), the Company's subsidiary, from all claims; provided, that contingent upon the repayment of debt obligations, the Company will be forgiven and released from the $220,000 in loans to the Seller and the related accrued interest of $2,330. Sky Pharm will be forgiven and released from the €130,000 ($145,808) in loans to the Seller and the related accrued interest of €1,946 ($2,183).

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EARNINGS PER SHARE (Tables)

9 Months Ended

Sep. 30, 2015

Earnings Per Share Tables

Computations of basic and diluted per share

The computations of basic and diluted per share data were as follows:

	NINE MONTHS ENDED					THREE MONTHS ENDED
	September 30, 2015			September 30, 2014		September 30, 2015			September 30, 2014
Net income (loss)	$	(341,663	)	$	6,291,936	$	(100,390	)	$	4,749,437
Weighted average common shares outstanding - basic		125,611,081			125,585,532		125,585,532			125,585,532
Option awards		207,786			218,407		208,442			216,263
Weighted average common shares outstanding - dilutive		125,818,867			125,803,939		125,793,974			125,801,795
Net income (loss) per share - basic and diluted	$	(0.00	)	$	0.05	$	(0.00	)	$	0.04

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RELATED PARTY TRANSACTIONS (Details Narrative)	9 Months Ended
	Sep. 30, 2015 USD ($)
Loan Agreement Two [Member]
Accrued interest expense	$ 1,495
Loan Agreement [Member]
Accrued interest expense	118
Loan Agreement One [Member]
Accrued interest expense	717
Loan Agreement Three [Member]
Accrued interest expense	$ 5,537

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CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
CASH FLOWS FROM OPERATING ACTIVITIES
Net income (loss)	$ (341,663)	$ 6,291,936
Adjustments to Reconcile Net (Income) Loss to Net Cash Used in Operating Activities:
Imputed interest		$ 7,405
Depreciation expense	$ 6,996
Stock-based compensation	$ 28,350
Changes in Assets and Liabilities:
Accounts receivable		$ (62,030)
Prepaid expenses		(39,339)
Other assets	$ (28,743)	(4,630)
Accounts payable and accrued liabilities	(79,535)	(456,080)
Taxes payable	$ 84,997	1,061,679
Deferred revenue		(671)
NET CASH (USED IN) PROVIDED BY OPERATING ACTIVITIES	$ (329,598)	$ 6,798,270
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of fixed assets	(34,397)
NET CASH USED IN INVESTING ACTIVITIES	$ (34,397)
CASH FLOWS FROM FINANCING ACTIVITIES
Deposits		$ (7,027,490)
Proceeds from related party loans	$ 120,000
Payment of related party loans	(3,000)
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES	117,000	$ (7,027,490)
Effect of exchange rate changes on cash	(43,741)	(550,844)
NET DECREASE IN CASH	(290,736)	(780,064)
CASH AT BEGINNING OF PERIOD	446,604	864,489
CASH AT END OF PERIOD	$ 155,868	$ 84,425
Supplemental Disclosure of Cash Flow Information
Cash paid during the period: Interest
Cash paid during the period: Income Tax

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EARNINGS PER SHARE

9 Months Ended

Sep. 30, 2015

Notes to Financial Statements

Note 5 - 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 utilizing the treasury stock method. The computations of basic and diluted per share data were as follows:

	NINE MONTHS ENDED					THREE MONTHS ENDED
	September 30, 2015			September 30, 2014		September 30, 2015			September 30, 2014
Net income (loss)	$	(341,663	)	$	6,291,936	$	(100,390	)	$	4,749,437
Weighted average common shares outstanding - basic		125,611,081			125,585,532		125,585,532			125,585,532
Option awards		207,786			218,407		208,442			216,263
Weighted average common shares outstanding - dilutive		125,818,867			125,803,939		125,793,974			125,801,795
Net income (loss) per share - basic and diluted	$	(0.00	)	$	0.05	$	(0.00	)	$	0.04

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COMMON STOCK ISSUANCE (Details Narrative) - USD ($)	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Common Stock Issuance Details Narrative
Consulting expense	$ 28,350