Quarterly report pursuant to Section 13 or 15(d)

Accrued Expenses and Other Current Liabilities

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Accrued Expenses and Other Current Liabilities
6 Months Ended
Jun. 30, 2016
Payables and Accruals [Abstract]  
Accrued Expenses and Other Current Liabilities

5. ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES

 

As of June 30, 2016 and December 31, 2015, Accrued Expenses and Other Current Liabilities were comprised of the following:

 

    June 30, 2016     December 31, 2015  
Accrued interest payable[1]   $ 836,404     $ 817,452  
Accrued dividends payable     490,913       451,133  
Accrued compensation expense[2]     2,063,118       2,015,277  
Other accrued expense     179,419       295,083  
Accrued expenses, current   $ 3,569,854     $ 3,578,945  

 

[1] Accrued interest payable includes approximately $300,000 of estimated penalties and interest associated with the unpaid payroll taxes as of June 30, 2016 and December 31, 2015, respectively.

 

[2] Accrued compensation expense includes $1,863,031 of unpaid payroll taxes for the period ended June 30, 2016 and December 31, 2015, respectively.