XML 23 R12.htm IDEA: XBRL DOCUMENT

Note 7 - Accrued Expenses

6 Months Ended

Jun. 30, 2021

Notes to Financial Statements

Accounts Payable and Accrued Liabilities Disclosure [Text Block]

NOTE 7. ACCRUED EXPENSES

At June 30, 2021 and December 31, 2020, accrued expenses amounted to approximately $3.1 million and $4.6 million, respectively. Accrued expenses represent expenses that are owed at the end of the period or are estimates of services provided that have not been billed by the provider or vendor. The following table reflects the balances outstanding as of June 30, 2021 and December 31, 2020.

		June 30, 2021				December 31, 2020
Accrued professional fees		$	220,140			$	268,435
PayOnline accrual			-				61,719
Accrued interest			759,945				409,525
Accrued bonus			1,864,304				1,690,556
Accrued foreign taxes			(11,475	)			(12,336	)
Other accrued expenses			249,783				2,186,197
Total accrued expenses		$	3,082,697			$	4,604,097

Included in accrued bonus are non-discretionary compensation due to our Chairman and CEO, which was approximately $1.5 million and $1.3 million at June 30, 2021 and December 31, 2020, respectively, and approximately $410,000 and $386,000 at June 30, 2021 and December 31, 2020, respectively, for discretionary performance bonuses due to certain employees.

Included in other accrued expenses at December 31, 2020 is approximately $2.0 million which was due to ESOUSA for the sixth tranche received on December 30, 2020, which was subsequently paid by the issuance of 200,000 shares of common stock in January of 2021 pursuant to the ESOUSA Agreement.