As of December 31, 2013, the Company owed $1,335,704 in past due payroll taxes and accrued penalties. The Company has filed the necessary payroll tax reports with the impacted taxing authorities and is currently on a periodic payment plan. These amounts are recorded within payroll and taxes payable on the accompanying consolidated balance sheet. Also at December 31, 2013, the Company owed $154,491 in past due sales tax in which it has filed the appropriate reports and is making periodic payments.
As of June 30, 2013, the Company owed $1,388,739 in past due payroll taxes and accrued penalties. The Company has filed the necessary payroll tax reports with the impacted taxing authorities and is currently on a periodic payment plan. These amounts are recorded within payroll and taxes payable on the accompanying consolidated balance sheet. Also at June 30, 2013, the Company owed $199,798 in past due sales tax in which it has filed the appropriate reports and is making periodic payments.
Corn-fused-us Long-vestor ancient saying: Patience and small movements keep a steady course.
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