Note 13 - Employee Benefit Plans

12 Months Ended

Dec. 31, 2016

Notes to Financial Statements

Pension and Other Postretirement Benefits Disclosure [Text Block]

13. Employee Benefit Plans

The Company has a

401(k)

defined contribution profit sharing plan. Under the plan, US employees

may

contribute up to

12%

of their gross earnings subject to certain limitations. The Company contributes an additional

0.5%

of gross earnings for those employees contributing

1%

of their gross earnings and contributes

1%

of gross earnings for those employees contributing

2%

to

12%

of their gross earnings. The Company contributions become fully vested after

five

years. The amounts contributed to the plan by the Company were

$39,000

and

$37,000

for the years ended

December

31,

2016

and

2015,

respectively.

The Company does not have any other significant pension, profit sharing or similar plans established for its employees. The President is entitled to a bonus equal to

5%

of the pre-tax profits of the Company, excluding bonus expense

$232,000

was accrued as of

December

31,

2016

for the President’s bonus. Executive bonuses of

$146,000

were accrued as of

December

31,

2015

of which the former Chief Executive Officer was entitled to

three

-quarters of the

5%

bonus amount as he retired at the end of

September

2015.