Annual report pursuant to Section 13 and 15(d)

Accounts Payable and Accrued Expenses

Accounts Payable and Accrued Expenses
12 Months Ended
Dec. 31, 2020
Payables and Accruals [Abstract]  
Accounts Payable and Accrued Expenses



Accounts payable and accrued expenses are summarized as follows:


    December 31, 2020     December 31, 2019  
Accounts payable   $ 3,752,036     $ 1,265,435  
Accrued expenses     1,436,679       2,965,205  
Accrued taxes (VAT, Sales, Payroll, etc.)     3,356,496       3,318,022  
Accrued interest     122,057       616,533  
    $ 8,667,268     $ 8,165,195  


As of December 31, 2020 and 2019, approximately $3.0 million and $2.9 million, respectively, of employee and employer taxes and associated interest and penalties have been accrued but not remitted to certain taxing authorities by the Company. These accruals are for periods prior to 2019 for cash compensation paid and are reflected as a component of the accrued taxes line above. As a result, the Company is liable for such payroll taxes and any related penalties and interest.