RETIREMENT PLANS

6 Months Ended

Dec. 31, 2016

Compensation and Retirement Disclosure [Abstract]

RETIREMENT PLANS

NOTE 16 – RETIREMENT PLANS

 

The Company sponsors a defined contribution retirement plan under Section 401(k) of the Internal Revenue Code, the EnSync, Inc. 401(k) Savings Plan. Employees may elect to contribute up to the Internal Revenue Service annual contribution limit. The Company matches employees’ contributions up to 4% of eligible compensation and Company contributions are limited in any year to the amount allowable by government tax authorities. Eligible employees are 100% immediately vested. Total employer contributions recognized in the condensed consolidated statements of operations under this plan were $35,740 and $84,558 for the three and six months ended December 31, 2016, respectively. Total employer contributions recognized in the condensed consolidated statements of operations under this plan were $32,330 and $60,566 for the three and six months ended December 31, 2015, respectively