Quarterly report pursuant to Section 13 or 15(d)

ACCRUED EXPENSES

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ACCRUED EXPENSES
 6 Months Ended
Jun. 30, 2015
Accrued Liabilities [Abstract]  
Accounts Payable and Accrued Liabilities Disclosure [Text Block]
7.
ACCRUED EXPENSES
 
The current portion of accrued expenses is comprised of the following:
 
 
 
June 30,
 
December 31,
 
 
 
2015
 
2014
 
Accrued compensation
 
$
1,590,168
 
$
2,003,866
 
Accrued taxes payable
 
 
112,779
 
 
186,559
 
Accrued interest
 
 
290,993
 
 
321,729
 
Other accrued expenses
 
 
50,793
 
 
143,637
 
Total
 
$
2,044,733
 
$
2,655,791
 
 
During May 2015, the Company entered into a payment plan, under which it agreed to pay its Argentine payroll tax obligations over a period of 36 months. The current portion of payments due under the plan is $369,921, included in accrued compensation and payroll taxes above. The non-current portion of accrued expenses represents the principal and interest payments of $470,804 and $14,626, respectively, of payments under the plan that are scheduled to be paid after twelve months.