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DEFINED CONTRIBUTION 401(k) PLAN
6 Months Ended
Jun. 30, 2019
Compensation and Retirement Disclosure [Abstract]  
DEFINED CONTRIBUTION 401(k) PLAN

NOTE 7 – DEFINED CONTRIBUTION 401(k) PLAN

 

The Company implemented a 401(k) plan on January 1, 2007. Eligible employees contribute to the 401(k) plan. Employees become eligible after attaining age 19 and after 6 months of employment with the Company. An employee may become a participant of the 401(k) plan on the first day of the month following the completion of the eligibility requirements. Effective January 1, 2007, the Company implemented an elective contribution to the plan of 25% of the employee’s contribution up to 4% of the employee’s compensation. Effective January 1, 2019, the Company implemented an elective contribution to the plan of 25% of the employee’s contribution up to 6% of the employee’s compensation. The contributions are subject to a vesting schedule and become fully vested after one year of service, retirement, death or disability, whichever occurs first. The Company made contributions of $49,818 and $36,031 for the six months ended June 30, 2019 and 2018, respectively.