Quarterly report pursuant to Section 13 or 15(d)

Accrued Expenses

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Accrued Expenses
 9 Months Ended
Sep. 30, 2023
Payables and Accruals [Abstract]  
Accrued Expenses

Note 5 – Accrued Expenses

 

Accrued expenses at September 30, 2023 (unaudited) and December 31, 2022 consisted of the following:

    September 30,     December 31,  
    2023     2022  
Accrued payroll and related liabilities   $ 8,525,232     $ 8,533,710  
HHS Provider Relief Funds     266,527       552,099  
Accrued interest     6,720,113       5,736,096  
Accrued legal expenses and settlements     498,000       534,550  
Medicare cost report settlement reserves     861,046       2,101,837  
Other accrued expenses     2,589,245       2,105,516  
Accrued expenses   $ 19,460,163     $ 19,563,808  

 

Accrued payroll and related liabilities included approximately $7.0 million and $7.0 million, respectively, for accrued past due payroll taxes and associated penalties and interest as of September 30, 2023 and December 31, 2022, respectively.

 

As of December 31, 2022, the Company had Medicare cost reports settlement reserves of $2.1 million. During the nine months ended September 30, 2023, the Company reduced its reserve amount by $1.2 million due to payments (recoupments) and various final and estimated cost report settlements leaving Medicare cost report settlement reserves of $0.9 million at September 30, 2023.