Quarterly report pursuant to Section 13 or 15(d)

ACCRUED EXPENSES

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ACCRUED EXPENSES
 6 Months Ended
Jun. 30, 2014
Accrued Liabilities [Abstract]  
Accounts Payable and Accrued Liabilities Disclosure [Text Block]
7.
ACCRUED EXPENSES
 
Accrued expenses are comprised of the following:
 
 
 
June 30,
2014
 
December 31,
2013
 
 
 
 
 
 
 
 
 
Accrued compensation
 
$
1,792,336
 
$
1,529,951
 
Accrued taxes payable
 
 
214,289
 
 
182,890
 
Accrued interest
 
 
207,332
 
 
647,247
 
Other accrued expenses
 
 
104,689
 
 
173,235
 
Total
 
$
2,318,646
 
$
2,533,323
 
 
The non-current portion of the above amounts represents accrued interest as of period end that was subsequently exchanged for equity securities prior to the release of the financial statements, which permitted the amounts to be classified as a non-current liability as of period end. See Note 11 – Related Party Transactions for the portion of accrued interest attributable to related parties.