Annual report pursuant to Section 13 and 15(d)

ACCRUED EXPENSES

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ACCRUED EXPENSES
 12 Months Ended
Dec. 31, 2022
Payables and Accruals [Abstract]  
ACCRUED EXPENSES

10. ACCRUED EXPENSES

 

Accrued expenses are comprised of the following:

 

    2022     2021  
    December 31,  
    2022     2021  
             
Accrued compensation and payroll taxes   $ 652,943     $ 216,916  
Accrued taxes payable - Argentina     270,239       228,338  
Accrued interest     78,368       76,852  
Accrued placement agent commissions     -       66,889  
Other accrued expenses     663,266       376,415  
Accrued expenses, current     1,664,816       965,411  
Accrued payroll tax obligations, non-current     66,018       115,346  
Total accrued expenses   $ 1,730,834     $ 1,080,757  

 

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 $209,938 and $157,532 as of December 31, 2022 and 2021, 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 $90,141 and $74,688 during the years ended December 31, 2022 and 2021, respectively, related to these payment plans.