ACCRUED EXPENSES

12 Months Ended

Dec. 31, 2013

Accounts Payable and Accrued Liabilities Disclosure [Text Block]

NOTE 11. ACCRUED EXPENSES

At December 31, 2013 and December 31, 2012, accrued expenses amounted to $3,484,963 and $910,022, respectively. Accrued expenses represent expenses that are owed at the end of the period and have not been billed by the provider or are estimates of services provided. The following table details the items comprising the balances outstanding as of December 31, 2013 and December 31, 2012.

		December 31,		December 31, 2012 (as
		2013		restated)
Accrued professional fees	$	711,340	$	470,382
Residual advances		240,000		-
Accrued income and VAT taxes		350,743		-
Promotional expense		261,311		221,311
Accrued interest		196,396		39,421
Accrued bonus		1,265,597		-
Accrued payroll		282,804		36,816
Other accrued expenses		176,772		142,092
	$	3,484,963	$	910,022

Accrued performance bonuses of $1,265,597 is attributed to the TOT Group subsidiaries, consisting of bonuses that were owed at the date of the Unified Payments acquisition, plus a discretionary bonus accrual.