Employee Benefit Plan

9 Months Ended

Sep. 30, 2020

Retirement Benefits [Abstract]

Employee Benefit Plan

Note Q— Employee Benefit Plan

Effective July 1, 2019, the Company began participating in a multi-employer 401(k) Safe Harbor Plan (the “Plan”), which is a defined contribution plan covering all eligible employees. Under the provisions of the Plan, participants may direct the Company to defer a portion of their compensation to the Plan, subject to Internal Revenue Code limitations. The Company provides for an employer matching contribution equal to 100% of the first 3% of eligible compensation and 50% of the next 2% of eligible compensation contributed by each employee, which is funded in cash. All contributions vest immediately.

Total expense recorded for the matching 401(k) contribution in the three and nine months ended September 30, 2020 was approximately $10,000 and $25,000, respectively. Total expense for the matching 401 (k) contribution in the three and nine months ended September 30, 2019 was $5,000.