Retirement Plan

9 Months Ended

Sep. 30, 2020

Retirement Plan [Abstract]

Retirement Plan

5. Retirement Plan

The Company participated in AC’s incentive savings plan (the “AC Plan”), covering substantially all employees through September 1, 2020, when the Company terminated its participation in the AC Plan and established its own retirement plan (the “Plan”). Contributions to the AC Plan were determined annually by management of the AC and AC’s Board of Directors and contributions to the Plan are determined annually by management of the Company, but may not exceed the amount permitted as a deductible expense under the Internal Revenue Code. Amounts expensed for allocated contributions to these plans amounted to approximately $4,436 for each of the three months ended September 30, 2020 and 2019 and $13,309 for each of the nine months ended September 30, 2020 and 2019 and were recorded as compensation and related costs in the Condensed Consolidated Statements of Operations.