Employee Benefit Plan

12 Months Ended

Dec. 31, 2021

Compensation And Retirement Disclosure [Abstract]

Employee Benefit Plan

NOTE 11 – 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.  Typically, the matching contributions are 100% of the employee's contribution up to a maximum of 5% of the employee’s annual compensation.  During the years ended December 31, 2021 and 2020, the Company contributed $253,148 and $124,993, respectively to the 401(k) Plan.  As of May 2020, the Company suspended matching contributions to the 401(k) as part of its cost containment program.  The program was reinstated in April 2021.  

In 2021, Bressner instituted an occupational retirement provision for their employees in Germany, which supplements the statutory pension insurance.  Currently, this program allows employees to contribute at a maximum 564 Euros per month with the employer match of up to 50% to the employees’ insurance retirement fund.  This program had an initial cost of $56,741.