Quarterly report pursuant to Section 13 or 15(d)

8. Accrued Expenses

v3.20.2
8. Accrued Expenses
 3 Months Ended
Mar. 31, 2020
Payables and Accruals [Abstract]  
Accrued Expenses

NOTE 8 – ACCRUED EXPENSES

 

Accrued expenses are summarized as follows:

 

    March 31,     December 31,  
    2020     2019  
Accrued operating expenses   $ 721,395     $ 854,056  
Accrued wages and related expenses     456,588       487,327  
Accrued interest expense     56,542       –  
Accrued sales tax payable     419,137       345,458  
    $ 1,653,662     $ 1,686,841  

 

Accrued sales tax payable is comprised of prior period sales tax payable to various states for 2015 through 2020. The Company has set up payment plans with the various taxing agencies to relieve the obligation. The payment plans require monthly payments in various amounts over a period of 12 months.