ACCRUED EXPENSES AND OTHER LIABILITIES

3 Months Ended

Mar. 31, 2015

Payables and Accruals [Abstract]

ACCRUED EXPENSES AND OTHER LIABILITIES

9.           ACCRUED EXPENSES AND OTHER LIABILITIES

Accrued expenses and other liabilities consist of the following:

	March 31, 2015		December 31, 2014
Royalties payable	$	319,417	$	314,787
Accrued compensation		75,981		23,573
Accrued interest payable		1,123,401		987,659
Other		257,242		264,163
Accrued expenses and other liabilities, net	$	1,776,041	$	1,590,182

Excluded above is approximately $217,000 of accrued expenses and other liabilities at March 31, 2015 and December 31, 2014, that fall under the Liability Purchase Agreement (“LPA”) with ASC Recap, LLC (“ASC Recap”), and are expected to be repaid using the process as described in Note 10.  Because there can be no assurance that the Company will be successful in completing this process, the Company retains ultimate responsibility for these liabilities, until fully paid down.