EMPLOYEE RETIREMENT PLANS

12 Months Ended

Dec. 31, 2014

Compensation and Retirement Disclosure [Abstract]

EMPLOYEE RETIREMENT PLANS

Simple IRA Plan - Through December 31, 2012, the Company offered a simple IRA plan as a retirement plan for eligible employees who earned at least $5,000 of annual compensation.  Eligible employees could elect to contribute a percentage of their compensation up to a maximum of $11,500.  The accrued liability for the simple IRA plan, including interest, was $208,449 and $200,316, as of December 31, 2014 and 2013, respectively.

401(k) Plan - Effective, January 1, 2013, the Company began offering a defined contribution 401(k) plan in place of the simple IRA plan.  For 2014, 401(k) employee contribution limits are $17,500 plus a catch up contribution for those over age 50 of $5,500. The Company can elect to make a discretionary contribution to the Plan.  No discretionary contribution was approved for 2014 or 2013.