Quarterly report pursuant to Section 13 or 15(d)

PAYROLL TAXES PAYABLE

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PAYROLL TAXES PAYABLE
3 Months Ended
Mar. 31, 2018
Payroll Taxes Payable  
PAYROLL TAXES PAYABLE

NOTE 9 - PAYROLL TAXES PAYABLE

 

In 2009 and 2010, REGS, a subsidiary of the Company, became delinquent for unpaid federal employer and employee payroll taxes, accrued interest and penalties were incurred related to these unpaid payroll taxes.

 

As of March 31, 2018, and December 31, 2017, the outstanding balance due to the IRS was $1,011,700, and $997,700, respectively.

 

Other than this outstanding payroll tax matter arising in 2009 and 2010, all state and federal taxes have been paid by REGS in a timely manner.