Quarterly report pursuant to Section 13 or 15(d)

ACCOUNTS PAYABLE AND ACCRUED EXPENSES

v3.22.2.2
ACCOUNTS PAYABLE AND ACCRUED EXPENSES
6 Months Ended
Jun. 30, 2022
ACCOUNTS PAYABLE AND ACCRUED EXPENSES  
ACCOUNTS PAYABLE AND ACCRUED EXPENSES

6. ACCOUNTS PAYABLE AND ACCRUED EXPENSES

 

Accounts payable and accrued expenses consisted of:

 

 

 

June 30,

2022

 

 

December 31,

2021

 

Accounts payable

 

$ 4,477,452

 

 

$ 1,367,787

 

Accrued officers’ compensation

 

 

731,127

 

 

 

780,701

 

Accrued interest

 

 

470,949

 

 

 

215,056

 

Accrued commissions

 

 

238,755

 

 

 

88,318

 

Accrued royalties

 

 

172,159

 

 

 

178,013

 

Other

 

 

131,193

 

 

 

83,171

 

Total

 

$ 6,221,635

 

 

$ 2,713,046

 

 

On April 15, 2022, the Company was late in filing its Annual Report on Form 10-K for the year ended December 31, 2021, which was filed on June 15, 2022. On May 20, 2022, the Company was late in filing it Quarterly Report on Form 10-Q for the period ended March 31, 2022, which was filed on August 2, 2022. Under the terms of the Securities Purchase Agreement signed on July 26, 2021, the Company will incur a late filing penalty. The penalty was calculated at $603,000 and is included on the Balance Sheet and of June 30, 2022 in accounts payable and accrued expenses and classified as general and administrative expenses on the Statement of Operations for the three and six months ended June 30, 2022.