Note 5 — Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consisted of the following as of:

The accrued bonus as of December 31, 2019 and 2018 represents the guaranteed bonus payment to the Company’s Chief Executive Officer (“CEO”) under the CEO Employment Agreement and discretionary bonus payments to the CEO and other employees.

The Company’s CEO agreed to the payment of a reduced salary of $4,200 per month for the period July 1, 2017 through January 31, 2018, with such earned but unpaid salary to be paid to the CEO only upon the Senior Secured Note first being repaid-in-full. The earned but unpaid salary has been recognized as an accrued salary expense liability of $145,937 as of December 31, 2018. There was no such liability as of December 31, 2019 as the accrued CEO payroll was paid in January 2019 upon the Senior Secured Note being repaid-in-full on December 27, 2018 concurrent with the issue of the Senior Secured Convertible Note. See Note 12 Debt, for a discussion of each of the “Senior Secured Convertible Note” and the “Senior Secured Note”.

The PAVmed Inc. Employee Stock Purchase Plan (“ESPP”) is discussed in Note 10, Stock-Based Compensation.

The EsoGuard License Agreement fee is the remaining unpaid balance of such fee incurred in connection with the EsoGuard License Agreement, as discussed in Note 7, Agreements Related to Acquired Intellectual Property Rights.