Quarterly report pursuant to Section 13 or 15(d)

Accounts Payable and Accrued Expenses

v3.19.3
Accounts Payable and Accrued Expenses
 9 Months Ended
Sep. 30, 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:

 

    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.