Quarterly report pursuant to Section 13 or 15(d)

Accounts Payable and Accrued Expenses

v3.20.2
Accounts Payable and Accrued Expenses
6 Months Ended
Jun. 30, 2020
Payables and Accruals [Abstract]  
Accounts Payable and Accrued Expenses

8. ACCOUNTS PAYABLE AND ACCRUED EXPENSES

 

Accounts payable and accrued expenses are summarized as follows:

 

    (Unaudited)        
    June 30, 2020     December 31, 2019  
Accounts payable and accrued expenses   $ 4,937,393     $ 4,230,640  
Accrued taxes (VAT, Sales, Payroll, etc.)     3,000,229       3,319,928  
Accrued income taxes     5,948       (1,906 )
Accrued interest     360,223       616,533  
    $ 8,303,793     $ 8,165,195  

 

As of June 30, 2020, approximately $2.7 million of employee and employer taxes and associated interest and penalties that have been accrued but not remitted to certain taxing authorities by the Company prior to 2019 for cash compensation paid. As a result, the Company is liable for such payroll taxes and any related penalties and interest.