General form of registration statement for all companies including face-amount certificate companies

Accrued Expenses

v3.20.4
Accrued Expenses
 9 Months Ended 12 Months Ended
Sep. 30, 2020
Dec. 31, 2019
Accrued Liabilities [Abstract]    
Accrued Expenses

6. ACCRUED EXPENSES

 

Accrued expenses were comprised of the following as of:

 

    September 30,     December 31,  
    2020     2019  
             
Accrued compensation and payroll taxes   $ 213,915     $ 210,900  
Accrued taxes payable - Argentina     293,855       170,873  
Accrued interest     625,025       484,026  
Other accrued expenses     242,148       256,546  
Accrued expenses, current     1,374,943       1,122,345  
Accrued payroll tax obligations, non-current     14,919       86,398  
Total accrued expenses   $ 1,389,862     $ 1,208,743  

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.