Quarterly report pursuant to Section 13 or 15(d)

Accounts Payable and Accrued Expenses

v3.19.1
Accounts Payable and Accrued Expenses
 3 Months Ended
Mar. 31, 2019
Payables and Accruals [Abstract]  
Accounts Payable and Accrued Expenses

9. ACCOUNTS PAYABLE AND ACCRUED Expenses

 

Accounts payable and accrued expenses are summarized as follows:

 

    March 31, 2019     December 31, 2018  
             
Accounts payable and accrued expenses   $ 3,923,727     $ 3,591,641  
Accrued taxes (VAT, Sales, Payroll, etc.)     3,795,636       3,243,806  
Accrued income taxes     9,234       61,790  
Accrued interest     538,224       489,269  
    $ 8,266,821     $ 7,386,506  

 

As of March 31, 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.