Annual report pursuant to Section 13 and 15(d)

Accounts Payable and Accrued Expenses

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Accounts Payable and Accrued Expenses
 12 Months Ended
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:

 

    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.