Annual report pursuant to Section 13 and 15(d)

Note 10 - Retirement Plans

v3.21.1
Note 10 - Retirement Plans
 12 Months Ended
Dec. 31, 2020
Notes to Financial Statements  
Retirement Benefits [Text Block]
10.
         
Retirement Plans
 
The Company has a Cash or Deferred Arrangement Agreement, which satisfies the requirements of Section
401
(k) of the Internal Revenue Code. This defined contribution retirement plan covers substantially all employees. Participants can elect to have up to the maximum percentage allowable of their salaries reduced and contributed to the plan. The Company
may
make matching contributions equal to a discretionary percentage of the participants' elective deferrals. In
2020
and
2019,
the Company matched
25%
of the
first
6%
of the participants' elective deferrals. The balance of funds forfeited by former employees from unvested employer matching contribution accounts
may
be used to offset current and future employer matching contributions. The Company
may
also make additional contributions to all eligible employees at its discretion. The Company did
not
make additional contributions during
2020
or
2019.
Expenses for matching contributions for the years ended
December 31, 2020
and
2019
were
$40,741
and
$32,162,
respectively.