INCENTIVE AND RETIREMENT PLANS

12 Months Ended

Dec. 31, 2021

Retirement Benefits [Abstract]

Retirement Benefits [Text Block]

NOTE 9 – INCENTIVE AND RETIREMENT PLANS

We have an Employee Incentive Plan for employees other than executive officers and a Management Incentive Plan for executive officers. Both plans were implemented in 2006. The Plan permits the issuance of up to 200,000 shares of our Common Stock in stock awards. Each qualified employee of the Company may elect to receive up to 50% of their incentive compensation in Company Common Stock in lieu of cash. Each of the Company’s Executive Officers are required to receive 50% of their incentive compensation earned in Company Common Stock in lieu of cash. As of March 16, 2022, 160,075 shares remain available to be issued under the Plan.

We have a 401(k) employee savings plan in effect for employees who meet age and service requirements. Our contributions to our 401(k) employee savings plan were $397,064 and $378,032 in 2021 and 2020.