Quarterly report pursuant to Section 13 or 15(d)

Accounts Payable and Accrued Expenses

v3.20.1
Accounts Payable and Accrued Expenses
 3 Months Ended
Mar. 31, 2020
Payables and Accruals [Abstract]  
Accounts Payable and Accrued Expenses

8. ACCOUNTS PAYABLE AND ACCRUED EXPENSES

 

Accounts payable and accrued expenses are summarized as follows:

 

    (Unaudited)        
    March 31, 2020     December 31, 2019  
Accounts payable and accrued expenses   $ 4,634,397     $ 4,230,640  
Accrued taxes (VAT, Sales, Payroll, etc.)     2,793,672       3,319,928  
Accrued income taxes     5,948       (1,906 )
Accrued interest     413,922       616,533  
    $ 7,847,939     $ 8,165,195  

 

As of March 31, 2020, approximately $2.6 million of employee and employer taxes have been accrued but not remitted to certain taxing authorities by the Company prior to 2019 for cash compensation paid. As a result, the Company is liable for such payroll taxes and any related penalties and interest.