Quarterly report pursuant to Section 13 or 15(d)

ACCRUED EXPENSES

v3.25.0.1
ACCRUED EXPENSES
 9 Months Ended
Sep. 30, 2024
Payables and Accruals [Abstract]  
ACCRUED EXPENSES

6. ACCRUED EXPENSES

 

Accrued expenses are comprised of the following:

  

    September 30,     December 31,  
    2024     2023  
             
Accrued compensation and payroll taxes   $ 1,532,218     $ 1,803,869  
Accrued taxes payable - Argentina     191,940       84,494  
Accrued insurance expense     18,176       36,352  
Accrued consulting fees     4,223       74,512  
Accrued commissions     22,307       66,267  
Accrued interest     411,309       129,821  
Accrued cash true up obligation (see Note 10)     1,484,677       1,484,677  
Other accrued expenses     48,578       39,347  
Accrued expenses, current     3,713,428       3,719,339  
Accrued Argentine tax obligations, non-current     30,394       30,003  
Other long term accruals     -       5,524  
Total accrued expenses   $ 3,743,822     $ 3,754,866  

 

On November 27, 2020, the Company entered into various payment plans, pursuant to which it agreed to pay its Argentine tax obligations over a period of 60 to 120 months. The current portion of payments due under the plan is $185,445 and $75,769 as of September 30, 2024 and December 31, 2023, respectively, which is included in accrued taxes payable – Argentina, above. The non-current portion of accrued tax obligations represents payments under the plan that are scheduled to be paid after twelve months. The Company incurred interest and penalties expense of $49,521 and $86,952 during the three and nine months ended September 30, 2024, respectively, and incurred interest expense of $14,031 and $95,617 during the three and nine months ended September 30, 2023, respectively, related to these payment plans.

 

 

GAUCHO GROUP HOLDINGS, INC. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(unaudited)