Quarterly report pursuant to Section 13 or 15(d)

Accounts Payable and Accrued Expenses

Accounts Payable and Accrued Expenses
3 Months Ended
Mar. 31, 2021
Payables and Accruals [Abstract]  
Accounts Payable and Accrued Expenses



Accounts payable and accrued expenses are summarized as follows:


    March 31, 2021     December 31, 2020  
Accounts payable   $ 3,746,271     $ 3,752,036  
Accrued expenses     1,748,024       1,436,679  
Accrued taxes (VAT, Sales, Payroll, etc.)     3,478,968       3,356,496  
Accrued interest     26,703       122,057  
    $ 8,999,966     $ 8,667,268  


As of March 31, 2020 and December 31, 2020, approximately $2.9 million and $3.0 million, respectively, of employee and employer payroll 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.