Annual report pursuant to Section 13 and 15(d)

Accrued Expenses

v3.20.1
Accrued Expenses
12 Months Ended
Dec. 31, 2019
Payables and Accruals [Abstract]  
Accrued Expenses

Note 7 – Accrued Expenses

 

As of December 31, 2019 and 2018, accrued expenses consist of the following:

 

    December 31,  
    2019     2018  
Accrued compensation costs   $ 151,858     $ 288,549  
Accrued professional fees     141,310       55,300  
Deferred rent     -       22,473  
Accrued franchise taxes     30,270       26,985  
Accrued research and development     -       17,064  
Other accrued expenses     10,000       2,500  
Accrued expenses   $ 333,438     $ 412,871  

 

Included in accrued compensation costs in the table above as of December 31, 2018 is accrued severance expense of $166,154 pursuant to the terms of the employment agreement for the Company’s prior Chief Financial Officer, who was terminated effective July 20, 2018, and whose severance was fully paid in 2019