Annual report pursuant to Section 13 and 15(d)

ACCRUED EXPENSES

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ACCRUED EXPENSES
 12 Months Ended
Dec. 31, 2023
Payables and Accruals [Abstract]  
ACCRUED EXPENSES

10. ACCRUED EXPENSES

 

Accrued expenses are comprised of the following:

 

             
    December 31,  
    2023     2022  
             
Accrued compensation and payroll taxes   $ 1,803,869     $ 1,123,070  
Accrued taxes payable - Argentina     84,494       270,239  
Accrued insurance expense     36,352       26,096  
Accrued consulting fees     74,512       -  
Accrued commissions     66,267       44,465  
Accrued interest     130,280       78,368  
Accrued cash true up obligation (see Note 14)     1,484,677       -  
Other accrued expenses     39,347       122,579  
Accrued expenses, current     3,719,798       1,664,817  
Accrued payroll tax obligations, non-current     30,003       66,018  
Other long term accruals     5,524       -  
Total accrued expenses   $ 3,755,325     $ 1,730,835  

 

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 $75,769 and $209,938 as of December 31, 2023 and 2022, 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 $115,562 and $90,141 during the years ended December 31, 2023 and 2022, respectively, related to these payment plans.