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ACCRUED EXPENSES AND OTHER LIABILITIES | 6 Months Ended
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Jun. 30, 2023
Payables and Accruals [Abstract] |
ACCRUED EXPENSES AND OTHER LIABILITIES | ACCRUED EXPENSES AND OTHER LIABILITIES Accrued expenses and other liabilities at June 30, 2023 and December 31, 2022 consisted of the following:
| June 30, 2023 |  | December 31, 2022
Accrued interest expense | $ | 49,167 |  |  | $ | 43,398 |
Accrued payroll costs | 796,632 |  |  | 627,210 |
Accrued incentive compensation | 1,223,112 |  |  | 928,125 |
Accrued vendor liabilities | 144,427 |  |  | 115,653 |
Other accrued expenses | 170,671 |  |  | 5,211 |
Total accrued expenses | $ | 2,384,009 |  |  | $ | 1,719,597 |
On July 1, 2022, the Board of Directors approved a performance objective based, cash incentive compensation for executives of the Company, with the potential to earn a performance bonus of up to 100% of base salary. The incentive compensation is 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. On April 28, 2023, the compensation committee of the Board of Directors approved executive incentive compensation of $970,000 for named executive officers other than the chief executive officer earned through December 31, 2022. As of June 30, 2023, the Company paid $635,000 relating to the 2022 executive accrued incentive compensation with the remaining $335,000 to be paid in the third quarter of 2023. For the three and six-months ended June 30, 2023, the Company recognized $656,081 and $888,112, respectively, of expense associated with the plan based on estimates of progress towards meeting incentives. For the three and six-months ended June 30, 2022, the Company expensed $0 for the cash incentive compensation plan. As of June 30, 2023, accrued incentive compensation of $1,223,112 consists of the remaining $335,000 of the 2022 incentive to be paid in the third quarter of 2023 and $888,112 relating to the estimated 2023 incentive accrual expected to be paid in 2024.

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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 -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.19(a),20,24) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1 + Details
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- References No definition available. + Details
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