Note 14 - Employee Benefit Plans

12 Months Ended

Dec. 31, 2022

Notes to Financial Statements

Retirement Benefits [Text Block]

14.     EMPLOYEE BENEFIT PLANS 

The Company has a 401(k) Savings and Retirement Plans covering all full-time employees. Company contributions for each of these plans, including matching of employee contributions, are at the Company's discretion.

For the years ended December 31, 2022 and December 31, 2021, the Company made matching contributions to the plans in the amount of $359,965 and $86,541 respectively. The large increase in matching contributions for the year ended  December 31, 2022 compared to prior year was driven by the Company's reinstatement of matching contribution benefits effective September 1, 2021. Komtek Forge makes pension contributions to the United Steelworkers pension fund on behalf of its employees. For the years ended December 31, 2022 and December 31, 2021, these contributions amounted to $55,914 and $80,331 respectively. The Company does not provide any other postretirement benefits to its employees.