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ACCRUED EXPENSES AND OTHER LIABILITIES | 3 Months Ended
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Mar. 31, 2023
Payables and Accruals [Abstract] |
ACCRUED EXPENSES AND OTHER LIABILITIES | ACCRUED EXPENSES AND OTHER LIABILITIES Accrued expenses and other liabilities at March 31, 2023 and December 31, 2022 consisted of the following:
| March 31, 2023 |  | December 31, 2022
Accrued interest expense | $ | 127,717 |  |  | $ | 43,398 |
Accrued payroll costs | 559,058 |  |  | 627,210 |
Accrued executive bonuses | 1,160,156 |  |  | 928,125 |
Accrued vendor liabilities | 300,345 |  |  | 115,653 |
Other accrued expenses | 5,431 |  |  | 5,211 |
Total accrued expenses | $ | 2,152,707 |  |  | $ | 1,719,597 |
On July 1, 2022, the Board of Directors approved a performance objective based, cash incentive bonus for executives of the Company, with the potential to earn a performance bonus of up to 100% of base salary. The bonuses are discretionary and based on the progress and achievement of performance objectives as depicted in the strategic plan approved by the Board of Directors. The final assessment of progress and achievement requires the compensation committee’s approval. For the three months ended March 31, 2023 and 2022, the Company expensed $232,031 and $0, respectively, for the cash incentive bonus plan in the condensed consolidated financial statements (see Note 17, Subsequent Events).

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- Definition The entire disclosure for accounts payable and accrued liabilities at the end of the reporting period. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.19(a),20,24) -URI https://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682 + Details
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