Annual report pursuant to Section 13 and 15(d)

Accrued Expenses

v3.22.1
Accrued Expenses
 12 Months Ended
Dec. 31, 2021
Payables and Accruals [Abstract]  
Accrued Expenses

Note 7 – Accrued Expenses

 

Accrued expenses at December 31, 2021 and 2020 consisted of the following:

 

    December 31,     December 31,  
    2021     2020  
Accrued payroll and related liabilities   $ 7,528,464     $ 8,263,940  
HHS Provider Relief Funds (See Note 1)     863,452       4,400,000  
Accrued interest     5,027,459       4,728,942  
Accrued legal     632,318       1,097,318  
Other accrued expenses     1,448,242       645,369  
Accrued expenses   $ 15,499,935     $ 19,135,569  

 

Payroll and related liabilities at December 31, 2021 and December 31, 2020 included approximately $2.3 million and $2.5 million, respectively, for penalties associated with approximately $3.9 million and $4.4 million of accrued past due payroll taxes as of December 31, 2021 and December 31, 2020, respectively. This liability account at December 31, 2021 includes employee retention credits totaling $1.5 million, which were received under the CAA as more fully discussed in Note 1. 

 

 

Accrued interest at December 31, 2021 and 2020 included accrued interest of $0.3 million and $0.2 million, respectively, on loans made to the Company by Christopher Diamantis, a former member of the Company’s Board of Directors. The loans from Mr. Diamantis are more fully discussed in Note 8.