Note 14 - Employee Benefit Plans

12 Months Ended

Dec. 31, 2019

Notes to Financial Statements

Pension and Other Postretirement Benefits Disclosure [Text Block]

14. Employee Benefit Plans

The Company has certain benefit plans. Under the plans, 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 amounts contributed to the plans by the Company were

$42,000

and

$40,000

for the years ended

December 31, 2019

and

2018,

respectively.

The Company does

not

have any other significant pension, profit sharing or similar plans established for its employees. Pursuant to his employment agreement with the Company, Lloyd Hoffman, our President and Chief Executive Officer, is contractually entitled to receive from the Company at the conclusion of each fiscal year a cash bonus in an amount equal to

5%

pre-tax profits of the Company, excluding bonus expense, as presented in the Company’s audited consolidated statements of income for such fiscal year, subject to a maximum payment of

$1,000,000.

The Company accrued

$194,000

for the year ended

December 31, 2019,

compared to

$233,000

for

2018,

in connection with the bonus.