Annual report pursuant to Section 13 and 15(d)

ACCRUED EXPENSES

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ACCRUED EXPENSES
 12 Months Ended
Dec. 31, 2021
Payables and Accruals [Abstract]  
ACCRUED EXPENSES

7. ACCRUED EXPENSES

 

Accrued expenses are comprised of the following:

 

    2021     2020  
    December 31,  
    2021     2020  
             
Accrued compensation and payroll taxes   $ 216,916     $ 196,358  
Accrued taxes payable - Argentina     228,338       201,704  
Accrued interest     76,852       609,725  
Accrued placement agent commissions     66,889       -  
Other accrued expenses     376,415       393,615  
Accrued expenses, current     965,411       1,401,402  
Accrued payroll tax obligations, non-current     115,346       169,678  
Total accrued expenses   $ 1,080,757     $ 1,571,080  

 

On November 27, 2020, the Company entered 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 $157,532 and $144,283 as of December 31, 2021 and 2020, 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 $74,688 and $29,043 during the years ended December 31, 2021 and 2020, respectively, related to these payment plans.