Annual report pursuant to Section 13 and 15(d)

ACCRUED EXPENSES

v3.3.1.900
ACCRUED EXPENSES
 12 Months Ended
Dec. 31, 2015
Accrued Liabilities [Abstract]  
Accounts Payable and Accrued Liabilities Disclosure [Text Block]
9.
ACCRUED EXPENSES
 
Accrued expenses are comprised of the following:
 
 
 
December 31,
 
 
 
2015
 
2014
 
Accrued compensation and payroll taxes
 
$
1,400,498
 
$
2,003,866
 
Accrued taxes payable
 
 
97,428
 
 
186,559
 
Accrued interest
 
 
255,497
 
 
321,729
 
Other accrued expenses
 
 
116,385
 
 
143,637
 
Accrued expenses, current
 
 
1,869,808
 
 
2,655,791
 
Accrued payroll tax obligations, non-current
 
 
399,119
 
 
-
 
Total accrued expenses
 
$
2,268,927
 
$
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 $172,471 included in accrued compensation and payroll taxes above. The non-current portion of accrued expenses represents payments under the plan that are scheduled to be paid after twelve months.