Registration of securities issued in business combination transactions

Accounts Payable and Accrued Expenses

v3.19.3
Accounts Payable and Accrued Expenses
 9 Months Ended 12 Months Ended
Sep. 30, 2019
Dec. 31, 2018
Payables and Accruals [Abstract]    
Accounts Payable and Accrued Expenses

9. ACCOUNTS PAYABLE AND ACCRUED EXPENSES

 

Accounts payable and accrued expenses are summarized as follows:

 

    September 30, 2019     December 31, 2018  
Accounts payable and accrued expenses   $ 3,485,949     $ 3,591,641  
Accrued taxes (VAT, Sales, Payroll, etc.)     3,394,293       3,243,806  
Accrued income taxes     54,948       61,790  
Accrued interest     496,533       489,269  
    $ 7,431,723     $ 7,386,506  

 

As of September 30, 2019, approximately $2.9 million of employee and employer taxes, including penalties and interest, have been accrued but not remitted to certain taxing authorities by the Company for cash compensation paid. As a result, the Company is liable for such payroll taxes and any related penalties and interest. A portion of the proceeds from the rights offering as discussed in Note 10 were used in July 2019 to pay down a portion of these accrued payroll taxes.

9. ACCOUNTS PAYABLE AND ACCRUED EXPENSES

 

Accounts payable and accrued expenses are summarized as follows:

 

    December 31, 2018     December 31, 2017  
             
Accounts payable and accrued expenses   $ 2,096,642     $ 3,678,691 *
Accrued taxes (VAT, Sales, Payroll, etc.)     3,243,806       826,305  
Accrued income taxes     61,790       83,878  
Accrued interest     1,984,268       1,208,378  
    $ 7,386,506     $ 5,797,252  

 

*Amount excludes deferred revenue which is broken out separately on the balance sheet in this 10-K filing.

 

As of December 31, 2018, approximately $2.3 million of employee and employer taxes, including penalties and interest, have been accrued but not remitted to certain taxing authorities by the Company and its subsidiaries for cash compensation paid. As a result, the Company and its subsidiaries are liable for such payroll taxes and any related penalties and interest.