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Retirement Plans (Tables)
12 Months Ended
Dec. 31, 2022
Retirement Plans  
Schedule of net periodic benefit

 

 

2022

 

Service cost

 

$392,171

 

Interest cost

 

 

11,412

 

Expected return on plan assets

 

 

(102,712)

Amortization of prior service cost (credit)

 

 

(2,074)

(Gain) loss recognized due to settlements and curtailments

 

 

(23,862)

Net periodic pension benefit cost

 

$274,935

 

Schedule of projected benefit obligation for the period

 

 

2022

 

PBO, beginning of period

 

$4,209,784

 

Service cost

 

 

392,171

 

Interest cost

 

 

11,412

 

Plan participation contributions

 

 

238,623

 

Actuarial (gains) / losses

 

 

(643,244)

Benefits paid through plan assets

 

 

229,285

 

Curtailments, settlements and special contractual termination benefits

 

 

(1,077,952)

Foreign currency exchange rate changes

 

 

(60,459)

PBO, end of period

 

 

3,299,621

 

Component representing future salary increases

 

 

(115,814)

Accumulated benefit obligation (“ABO”), end of period

 

$3,183,807

 

Schedule of change in fair value of the Pension Plan assets

 

 

2022

 

Fair value of plan assets, beginning of period

 

$3,878,058

 

Expected return on plan assets

 

 

102,712

 

Gain / (losses) on plan assets

 

 

(460,646)

Employer contributions

 

 

357,934

 

Plan participant contributions

 

 

238,623

 

Benefits paid through plan assets

 

 

229,285

 

Settlements

 

 

(1,002,215)

Foreign currency exchange rate changes

 

 

(47,347)

Fair value of plan assets, end of period

 

$3,296,404

 

Schedule of Defined Benefit Plan assets by major categories

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Cash and equivalents

 

$279,883

 

 

$-

 

 

$-

 

 

$279,883

 

Equity securities

 

 

906,136

 

 

 

-

 

 

 

-

 

 

 

906,136

 

Bonds

 

 

1,167,789

 

 

 

-

 

 

 

-

 

 

 

1,167,789

 

Real estate

 

 

-

 

 

 

570,490

 

 

 

-

 

 

 

570,490

 

Alternative investments

 

 

-

 

 

 

372,105

 

 

 

-

 

 

 

372,105

 

Total fair value of plan assets

 

$2,353,808

 

 

$942,596

 

 

$-

 

 

$3,296,404

 

Schedule of projected benefit obligation

Fair value of plan assets

 

$3,296,404

 

Less: PBO

 

 

(3,299,621 )

Underfunded status, end of period

 

$(3,217 )
Schedule of comprehensive loss related to the Defined Benefit Plan

 

 

2022

 

Net prior service (cost) / credit

 

$13,941

 

Net gain / (loss)

 

 

121,498

 

Accumulated other comprehensive income (loss), net of tax

 

$135,439

 

Schedule of Assumptions

Benefit obligations:

 

 

 

Discount rate

 

 

2.25%

Estimated rate of compensation increase

 

 

1.25%

Periodic costs:

 

 

 

 

Discount rate

 

 

2.25%

Estimated rate of compensation increase

 

 

1.25%

Expected average rate of return on plan assets

 

 

3.85%
Schedule of expected benefit payments

Year ending December 31:

 

Expected Plan Benefit Payments

 

2023

 

$407,493

 

2024

 

 

391,408

 

2025

 

 

372,105

 

2026

 

 

351,731

 

2027

 

 

331,356

 

2028-2032

 

 

1,380,114

 

Total expected benefit payments by the plan

 

$3,234,208