Quarterly report pursuant to Section 13 or 15(d)

Accounts Payable and Accrued Expenses

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Accounts Payable and Accrued Expenses
 9 Months Ended
Sep. 30, 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, 2018     December 31, 2017  
             
Accounts payable and accrued expenses   $ 2,521,918     $ 3,334,089  
Accrued taxes (VAT, Sales, Payroll)     2,731,086       1,170,906  
Accrued income taxes     71,046       83,878  
Accrued interest     1,786,932       1,208,379  
    $ 7,110,982     $ 5,797,252  

 

To date, approximately $1.6 million of employee and employer taxes 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.