Amergent Hospitality Group, Inc. Annual report pursuant to Section 13 and 15(d)

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

8. 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.