Annual report pursuant to Section 13 and 15(d)

Defined Contribution Plan

v3.20.1
Defined Contribution Plan
12 Months Ended
Dec. 31, 2019
Defined Contribution Plan  
Defined Contribution Plan

NOTE 13 - Defined Contribution Plan

 

In 2014, the Company adopted a qualified 401(K) plan (“the Plan”), in which all employees over the age of 21 may participate. The Company has elected to match 100% of each participant’s contribution up to 3% of salary, and 50% of the next 2% of salary contributed. The costs of matching contributions were $45,080 in 2019 and $51,415 in 2018.