Quarterly report pursuant to Section 13 or 15(d)

ACCRUED EXPENSES

v3.22.2.2
ACCRUED EXPENSES
 9 Months Ended
Sep. 30, 2022
Payables and Accruals [Abstract]  
ACCRUED EXPENSES

9. ACCRUED EXPENSES

 

Accrued expenses are comprised of the following:

 

    September 30,     December 31,  
    2022     2021  
             
Accrued taxes payable - Argentina   $ 293,070     $ 228,338  
Other accrued expenses     211,819       376,416  
Accrued compensation and payroll taxes     168,646       216,916  
Accrued interest     139,368       76,852  
Accrued placement agent commissions     -       66,889  
Accrued expenses, current     812,903       965,411  
Accrued payroll tax obligations, non-current     84,592       115,346  
Total accrued expenses   $ 897,495     $ 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 approximately $237,000 and $158,000 as of September 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 approximately $32,000 and $65,000 during the three and nine months ended September 30, 2022, respectively, and incurred interest expense of approximately $46,000 and $71,000 during the three and nine months ended September 30, 2021, respectively, related to these payment plans.