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ACCRUED EXPENSES | 3 Months Ended
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Mar. 31, 2018
Payables and Accruals [Abstract] |
ACCRUED EXPENSES | NOTE 7. ACCRUED EXPENSES At March 31, 2018 and December 31, 2017, accrued expenses amounted to $3,478,918, and $3,674,430, 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 costs to be incurred. The following table details the items comprising the balances outstanding as of March 31, 2018 and December 31, 2017.
|  | March 31, 2018 |  |  | December 31, 2017 |
Accrued professional fees |  | $ | 241,281 |  |  | $ | 241,281 |
PayOnline accrual |  |  | 1,438,900 |  |  |  | 1,438,900 |
Accrued interest |  |  | 145,264 |  |  |  | 145,264 |
Accrued bonus |  |  | 1,036,726 |  |  |  | 1,249,852 |
Accrued foreign taxes |  |  | 133,948 |  |  |  | 137,141 |
Other accrued expenses |  |  | 482,799 |  |  |  | 461,992 |
|  | $ | 3,478,918 |  |  | $ | 3,674,430 |
The accrual for PayOnline at March 31, 2018 and December 31, 2017 consists primarily of a $1.1 million obligation for refundable merchant reserves, assumed pursuant to an amendment to the PayOnline acquisition agreement. Accrued interest at March 31, 2018 and December 31, 2017 is comprised primarily of loan costs associated with RBL notes as a result of the issuance of additional RBL notes. We owed $133,948 and $137,141 in foreign taxes, which primarily consist of VAT and payroll taxes related to our International Transaction Solutions segment at March 31, 2018 and December 31, 2017, respectively. On March 8, 2018, we paid our CEO the previously approved discretionary bonus of $300,000. This was offset by $86,374 additional bonuses accrued for the three months ended March 31, 2018. Other accrued expenses, consisting primarily of $461,992, were primarily the result of various travel, professional and other expenses paid for by our CEO and charged on his personal credit cards and not yet paid off at March 31, 2018 and December 31, 2017 respectively.

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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://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.19(a),20,24) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 + Details
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