Note 12 - Benefit Plan

12 Months Ended

Dec. 31, 2023

Notes to Financial Statements

Retirement Benefits [Text Block]

NOTE 12.  Benefit Plan

The Company provides a tax-qualified employee savings and retirement plan commonly known as a 401(k) plan (the “Plan”), which covers the Company’s eligible employees. Pursuant to the Plan, employees may elect to defer their current compensation up to the IRS annual contribution limit of $22,500 for calendar year 2023 and $20,500 for calendar year 2022. Employees age 50 or over may elect to contribute an additional $7,500 annually for 2023 and $6,500 for 2022.

Employees direct their contributions, which vest immediately, across a series of mutual funds. In the years ended December 31, 2023 and 2022, the Company matched employee contributions up to 3% of each employee’s eligible earnings, vesting immediately. The Company’s matching contributions totaled $0.6 million and $0.7 million in the years ended  December 31, 2023 and 2022, respectively. The costs of administering the Plan totaled $28,000 and $19,000 in the years ended December 31, 2023 and 2022, respectively.