Annual report pursuant to Section 13 and 15(d)

Accrued Expenses and Other Current Liabilities

v3.7.0.1
Accrued Expenses and Other Current Liabilities
12 Months Ended
Dec. 31, 2016
Payables and Accruals [Abstract]  
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.