Quarterly report pursuant to Section 13 or 15(d)

ACCRUED EXPENSES

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ACCRUED EXPENSES
 6 Months Ended
Jun. 30, 2022
Payables and Accruals [Abstract]  
ACCRUED EXPENSES

8. ACCRUED EXPENSES

 

Accrued expenses are comprised of the following:

 

    2022     2021  
    June 30,     December 31,  
    2022     2021  
             
Accrued compensation and payroll taxes   $ 278,903     $ 216,916  
Accrued taxes payable - Argentina     338,293       228,338  
Accrued interest     185,901       76,852  
Accrued placement agent commissions     -       66,889  
Other accrued expenses     213,202       376,416  
Accrued expenses, current     1,016,299       965,411  
Accrued payroll tax obligations, non-current     102,679       115,346  
Total accrued expenses   $ 1,118,978     $ 1,080,757  

 

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 $297,585 and $157,532 as of June 30, 2022 and December 31, 2021, respectively, which is included in accrued taxes payable – Argentina, 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 expense of $28,690 and $33,177 during the three and six months ended June 30, 2022, respectively, and incurred interest expense of $22,764 and $25,492 during the three and six months ended June 30, 2021, respectively, related to these payment plans.