Annual report pursuant to Section 13 and 15(d)

Accrued Expenses

Accrued Expenses

12 Months Ended

Dec. 31, 2019

Note 7 – Accrued Expenses

Accrued expenses at December 31, 2019 and 2018 consisted of the following:

	December 31,		December 31,
	2019		2018

Accrued payroll and related liabilities	$	7,859,739	$	3,400,052
Accrued interest		4,905,749		5,464,837
Accrued legal		1,308,997		814,853
Other accrued expenses		509,469		1,031,539
Accrued expenses	$	14,583,954	$	10,711,281

Accrued payroll and related liabilities included approximately $1.3 million for penalties associated with $5.4 million of past due payroll taxes. Accrued interest at December 31, 2019 and December 31, 2018 included accrued interest of $1.6 million and $0.3 million, respectively, on loans made to the Company by Mr. Diamantis, a former member of our board of directors. Accrued interest at December 31, 2018 included $4.9 million of interest due under the terms of a settlement agreement for a prepaid forward purchase contract related to accounts receivable, which was paid by Mr. Diamantis on behalf of the Company during the year ended December 31, 2019, as more fully discussed in Note 8.