Annual report pursuant to Section 13 and 15(d)

EMPLOYEE BENEFITS

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EMPLOYEE BENEFITS
 12 Months Ended
Dec. 31, 2020
Retirement Benefits [Abstract]  
EMPLOYEE BENEFITS

NOTE 10 — EMPLOYEE BENEFITS

 

We provide a safe harbor 401(k) plan for our employees that allows for employee elective contributions, Company matching contributions and discretionary profit-sharing contributions.  Employee elective contributions are funded through voluntary payroll deductions.  The Company makes safe harbor matching contributions in an amount equal to 100% of the employee’s contribution, not to exceed 3% of employee’s compensation plus 50% of employee’s pay contributed between 3% and 5% of employee’s compensation.  Company matching expense for the years ended December 31, 2020 and December 31, 2019 was $156,789 and $118,632, respectively.  The Company has not provided for a discretionary profit-sharing contribution.