| 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. |
|