Annual report pursuant to Section 13 and 15(d)

Accrued Expenses

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Accrued Expenses
 12 Months Ended
Dec. 31, 2019
Accrued Liabilities [Abstract]  
Accrued Expenses

8. ACCRUED EXPENSES

 

Accrued expenses are comprised of the following:

 

    December 31,  
    2019     2018  
Accrued compensation and payroll taxes   $ 210,900     $ 149,019  
Accrued taxes payable - Argentina     170,873       292,535  
Accrued interest     484,026       404,239  
Other accrued expenses     256,546       339,574  
Accrued expenses, current     1,122,345       1,185,367  
Accrued payroll tax obligations, non-current     86,398       57,786  
Total accrued expenses   $ 1,208,743     $ 1,243,153  

 

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 $134,989 and $113,670 as of December 31, 2019 and 2018, 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 $75,704 and $52,209 during the years ended December 31, 2019 and 2018, respectively, related to this payment plan.