| Accrued Expenses and Other Current Liabilities |
| 9. |
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES |
As of December 31, 2016,
December 31, 2015, and September 30, 2015, Accrued Expenses and Other Current Liabilities were comprised of the following:
| |
|
For Years Ended |
|
| |
|
December 31,
2016
|
|
|
December 31,
2015
|
|
|
September 30,
2015
|
|
| Accrued note interest payable [1] |
|
$ |
364,805 |
|
|
$ |
817,452 |
|
|
$ |
2,030,745 |
|
| Accrued dividends payable |
|
|
530,694 |
|
|
|
451,133 |
|
|
|
431,243 |
|
| Accrued compensation expense [2] |
|
|
2,299,738 |
|
|
|
2,015,277 |
|
|
|
1,731,385 |
|
| Other accrued expense |
|
|
6,868 |
|
|
|
295,083 |
|
|
|
458,173 |
|
| Total |
|
|
3,202,105 |
|
|
|
3,578,945 |
|
|
|
4,651,546 |
|
| Less: current portion |
|
|
(3,202,105 |
) |
|
|
(3,578,945 |
) |
|
|
(2,965,290 |
) |
| Accrued expenses, non-current |
|
$ |
- |
|
|
$ |
- |
|
|
$ |
1,686,256 |
|
| |
[1] |
Accrued interest payable includes approximately $300,000 of estimated penalties and interest associated with the unpaid payroll taxes as of December 31, 2016, December 31, 2015, and September 30, 2015 respectively. |
| |
|
|
| |
[2] |
Accrued compensation expense includes $1,863,031, $1,863,031 and $1,512,415 of unpaid payroll taxes related for the periods ended December 31, 2016, December 31, 2015 and September 30, 2015, respectively. |
Accrued interest, non-current portion
represents interest payable related to the senior secured notes that was forgiven during the transitional period ended December
31, 2015, and is classified as non-current liability pursuant to the provisions of ASC 470-10.
|