Annual report pursuant to Section 13 and 15(d)

Accounts Payable and Accrued Expenses

v3.20.1
Accounts Payable and Accrued Expenses
 12 Months Ended
Dec. 31, 2019
Payables and Accruals [Abstract]  
Accounts Payable and Accrued Expenses

11. ACCOUNTS PAYABLE AND ACCRUED Expenses

 

Accounts payable and accrued expenses are summarized as follows:

 

    December 31, 2019     December 31, 2018  
Accounts payable and accrued expenses   $ 4,230,640     $ 2,381,273  
Accrued taxes (VAT, Sales, Payroll, etc.)     3,319,928       3,243,806  
Accrued income taxes     (1,906 )     61,790  
Accrued interest     616,533       489,269  
    $ 8,165,195     $ 6,176,138  

 

As of December 31, 2019, approximately $2.9 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.