Quarterly report pursuant to Section 13 or 15(d)

Employee Benefit Plan

v3.20.1
Employee Benefit Plan
3 Months Ended
Mar. 31, 2020
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 three month periods ended March 31, 2020 and 2019, 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 March 31, 2020 and 2019, the Company contributed $116,527 and $91,371, respectively, to the 401(k) Plan.