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Profit Sharing Plan
12 Months Ended
Dec. 31, 2017
Profit Sharing Plan  
Profit Sharing Plan

NOTE 12 – PROFIT SHARING PLAN

 

The Company maintains a contributory profit sharing plan covering substantially all fulltime employees within the requirements of the Employee Retirement Income Security Act of 1974 (“ERISA”). Starting in 2016, the Safe Harbor element was removed from the plan and the employer may make a discretionary matching contribution equal to a uniform percentage or dollar amount of participants’ elective deferrals for each Plan Year. In 2015, the Company is required to make a safe harbor non-elective contribution equal to 3 percent of a participant’s compensation. The plan also includes a 401(k) savings plan feature that allows substantially all employees to make voluntary contributions and provides for discretionary matching contributions determined annually by the Board of Directors. For the year ending December 31, 2017, the Company elected to forgo the match for 2017. For the year ending December 31, 2016, the Company match was $48,571 and was paid from the Accrued payroll and sales tax account in the balance sheet.