Accrued Expenses |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Payables and Accruals [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accrued Expenses |
Note 6 – Accrued Expenses
Accrued expenses at June 30, 2020 (unaudited) and December 31, 2019 consisted of the following:
Accrued payroll and related liabilities at June 30, 2020 included approximately $1.8 million for penalties associated with $5.4 million of accrued past due payroll taxes. Accrued interest at December 31, 2019 included accrued interest of $1.9 million on loans made to the Company by Mr. Diamantis, a former member of our Board of Directors. The increase in accrued interest is primarily due to interest associated with outstanding debentures. Debentures are more fully discussed in Note 8. On June 30, 2020, the Company exchanged the loans and the related accrued interest owed to Mr. Diamantis for shares of the Company’s Series M Preferred Stock as more fully discussed in Notes 7 and 13. |