Annual report pursuant to Section 13 and 15(d)

ACCRUED EXPENSES

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ACCRUED EXPENSES
 12 Months Ended
Dec. 31, 2020
Payables and Accruals [Abstract]  
ACCRUED EXPENSES

7. ACCRUED EXPENSES

 

Accrued expenses are comprised of the following:

 

    2020     2019  
    December 31,  
    2020     2019  
             
Accrued compensation and payroll taxes   $ 169,164     $ 210,900  
Accrued taxes payable - Argentina     201,704       170,873  
Accrued interest     609,725       484,026  
Other accrued expenses     420,809       256,546  
Accrued expenses, current     1,401,402       1,122,345  
Accrued payroll tax obligations, non-current     169,678       86,398  
Total accrued expenses   $ 1,571,080     $ 1,208,743  

 

On November 27,2020, the Company entered into various payment plans, under which it agreed to pay its Argentine payroll tax obligations over a period of 60 to 120 months. On The current portion of payments due under the plan is $144,283 and $134,989 as of December 31, 2020 and 2019, 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 $29,043 and $75,704 during the years ended December 31, 2020 and 2019, respectively, related to this payment plan.