Quarterly report pursuant to Section 13 or 15(d)

ACCRUED EXPENSES

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ACCRUED EXPENSES
 3 Months Ended
Mar. 31, 2022
Payables and Accruals [Abstract]  
ACCRUED EXPENSES

8. ACCRUED EXPENSES

 

Accrued expenses are comprised of the following:

 

                 
    March 31,     December 31,  
    2022     2021  
             
Accrued compensation and payroll taxes   $ 129,738     $ 216,916  
Accrued taxes payable - Argentina     298,096       228,338  
Accrued interest     174,722       76,852  
Accrued placement agent commissions     -       66,889  
Other accrued expenses     204,877       376,416  
Accrued expenses, current     807,433       965,411  
Accrued payroll tax obligations, non-current     121,064       115,346  
Total accrued expenses   $ 928,497     $ 1,080,757  

 

 

GAUCHO GROUP HOLDINGS, INC. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(unaudited)

 

On November 27, 2020, the Company entered into various payment plans, pursuant to which it agreed to pay its Argentine payroll tax obligations over a period of 60 to 120 months. The current portion of payments due under the plan is $219,852 and $157,532 as of March 31, 2022 and December 31, 2021, respectively, which is included in accrued taxes payable – Argentina, 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 expense of $4,487 and $2,728 during the three months ended March 31, 2022 and 2021, respectively, related to these payment plans.