Quarterly report pursuant to Section 13 or 15(d)

Employee Benefit Plan

v3.19.3
Employee Benefit Plan
9 Months Ended
Sep. 30, 2019
Defined Contribution Pension And Other Postretirement Plans Disclosure [Abstract]  
Employee Benefit Plan

 

NOTE 10 – EMPLOYEE BENEFIT PLAN

The Company has a 401(k) retirement plan. Under the terms of the plan, eligible employees may defer up to 20% of their pre-tax earnings, subject to the Internal Revenue Service annual contribution limit. Additionally, the Plan allows for discretionary matching contributions by the Company.  In the nine month periods ended September 30, 2019 and 2018, the matching contributions were 100% of the employee's contribution up to a maximum of 5% of the employee’s annual compensation.  During the three month periods ended September 30, 2019 and 2018, the Company contributed $112,052 and $81,873, respectively, and $284,780 and $234,591 for the nine month periods ended September 30, 2019 and 2018, respectively, to the 401(k) Plan.