Quarterly report pursuant to Section 13 or 15(d)

ACCRUED EXPENSES

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ACCRUED EXPENSES
 3 Months Ended
Mar. 31, 2024
Payables and Accruals [Abstract]  
ACCRUED EXPENSES

6. ACCRUED EXPENSES

 

Accrued expenses are comprised of the following:

 

    March 31,     December 31,  
    2024     2023  
             
Accrued compensation and payroll taxes   $ 1,728,218     $ 1,803,869  
Accrued taxes payable - Argentina     112,603       84,494  
Accrued insurance expense     18,176       36,352  
Accrued consulting fees     74,512       74,512  
Accrued commissions     66,267       66,267  
Accrued interest     239,241       130,280  
Accrued cash true up obligation (see Note 10)     1,484,677       1,484,677  
Other accrued expenses     195,890       39,347  
Accrued expenses, current     3,919,584       3,719,798  
Accrued payroll tax obligations, non-current     24,369       30,003  
Other long term accruals     -       5,524  
Total accrued expenses   $ 3,943,953     $ 3,755,325  

 

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 $106,152 and $75,769 as of March 31, 2024 and December 31, 2023, respectively, which is included in accrued taxes payable – Argentina, above. The non-current portion of accrued payroll tax obligations represents payments under the plan that are scheduled to be paid after twelve months. The Company incurred interest expense of $7,905 and $17,304 during the three months ended March 31, 2024 and 2023, respectively, related to these payment plans.

 

 

GAUCHO GROUP HOLDINGS, INC. AND SUBSIDIARIES

 

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(unaudited)