Annual report pursuant to Section 13 and 15(d)

Accrued Expenses

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Accrued Expenses
 12 Months Ended
Dec. 31, 2017
Accrued Liabilities [Abstract]  
Accrued Expenses

9. ACCRUED EXPENSES

 

Accrued expenses are comprised of the following:

 

    December 31,  
    2017     2016  
Accrued compensation and payroll taxes   $ 463,604     $ 1,030,015  
Accrued taxes payable     63,550       79,926  
Accrued interest     255,481       270,761  
Other accrued expenses     217,886       311,041  
Accrued expenses, current     1,000,521       1,691,743  
Accrued payroll tax obligations, non-current     247,515       344,127  
Total accrued expenses   $ 1,248,036     $ 2,035,870  

 

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 $138,052 and $226,078 as of December 31, 2017 and 2016, respectively, which is 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. The Company incurred interest expenses of $113,679 related to this payment plan.