Defined Benefit Plan (Tables)
|
3 Months Ended |
Mar. 31, 2025 |
|---|
| Defined Benefit Plan [Abstract] |
|
| Schedule of Significant Actuarial Assumptions Net Periodic Benefit Cost |
The following significant actuarial assumptions
were used in calculating the benefit obligation and the net periodic benefit cost as of March 31, 2025 and December 31, 2024:
| | |
March 31,
2025 | | |
December 31,
2024 | |
| Discount rate | |
| 1.30 | % | |
| 1.00 | % |
| Expected long-term rate of return on plan assets | |
| 1.30 | % | |
| 1.00 | % |
| Rate of compensation increase | |
| 1.50 | % | |
| 1.50 | % |
|
| Schedule of Components of Net Periodic Benefit Cost |
The components of net periodic benefit cost for
the three months ended March 31, 2025 and 2024, which is included within selling, general and administrative expenses in the accompanying
condensed consolidated statements of operations and comprehensive loss, are as follows:
| | |
For The
Three Months
Ended
March 31,
2025 | | |
For The
Three Months
Ended
March 31,
2024 | |
| Service cost | |
$ | 22,728 | | |
$ | 24,650 | |
| Interest cost | |
| 5,992 | | |
| 7,558 | |
| Expected return on plan assets | |
| (5,295 | ) | |
| (23,495 | ) |
| Amortization of net (gain) | |
| (7,291 | ) | |
| (15,446 | ) |
| Total | |
$ | 16,134 | | |
$ | (6,733 | ) |
|
| Schedule of Components of Accumulated Comprehensive Loss Attributable to the Company’s Pension Plan |
The components of accumulated comprehensive loss
attributable to the Company’s pension plan for the quarter ended March 31, 2025 and 2024 are as follows:
| | |
For the
three months
ended
March 31,
2025 | | |
For the
three months
ended
March 31,
2024 | |
| Net loss (gain) | |
$ | (61,431 | ) | |
$ | (109,829 | ) |
| Prior service cost (credit) | |
| — | | |
| (59,746 | ) |
| Amortization of prior service credit | |
| 1,436 | | |
| — | |
| Amortization of net gain | |
| 7,260 | | |
| 14,897 | |
| Effect of settlement | |
| 21,956 | | |
| — | |
| Total recorded during the period | |
$ | (30,779 | ) | |
$ | (154,678 | ) |
|
| Schedule of Accompanying Consolidated Balance Sheet |
As of March 31, 2025 and December 31, 2024, the
funded status of the plan and the amounts recognized in the accompanying consolidated balance sheet are as follows:
| | |
March 31, | | |
December 31, | |
| | |
2025 | | |
2024 | |
| Projected benefit obligation | |
$ | 2,502,486 | | |
$ | 2,593,360 | |
| Fair value of plan assets | |
| 2,283,325 | | |
| 2,312,481 | |
| Overfunded (underfunded) status | |
$ | (219,161 | ) | |
$ | (280,879 | ) |
|
| Schedule of a Reconciliation of the Accumulated Benefit Obligation |
A reconciliation of the beginning and ending
balances of the accumulated benefit obligation is provided in the table below:
| As of December 31, 2024 | |
$ | 2,593,360 | |
| Service cost | |
| 22,728 | |
| Interest cost | |
| 5,992 | |
| Actuarial (gain) loss | |
| (47,986 | ) |
| Benefits paid | |
| (4,800 | ) |
| Ordinary contributions paid by employees | |
| 21,029 | |
| Settlements | |
| (87,837 | ) |
| Projected benefit obligation as of March 31, 2025 | |
| 2,502,486 | |
| Actuarial (gain)/loss due to assumption changes | |
| (81,004 | ) |
| Actuarial (gain)/loss due to plan experience | |
| 33,018 | |
| Accumulated benefit obligation as of March 31, 2025 | |
$ | 2,454,500 | |
|
| Schedule of a Reconciliation of the Plan Assets |
A reconciliation of the beginning and ending
balances of the plan assets is provided in the table below:
| As of December 31, 2024 | |
$ | 2,312,481 | |
| Actual return on plan assets | |
| 21,423 | |
| Contributions paid by employer | |
| 21,029 | |
| Ordinary contributions paid by employees | |
| 21,029 | |
| Benefits paid | |
| (4,800 | ) |
| Settlements | |
| (87,837 | ) |
| As of March 31, 2025 | |
$ | 2,283,325 | |
|
| Schedule of Projected Benefit Payments |
Projected benefit payments for the next five
years as of March 31, 2025 are as follows:
| Years ending December 31, | |
| | |
| 2025 | |
$ | 113,000 | |
| 2026 | |
| 111,000 | |
| 2027 | |
| 108,000 | |
| 2028 | |
| 106,000 | |
| 2029 | |
| 104,000 | |
| Thereafter | |
| 464,000 | |
| Total | |
$ | 1,006,000 | |
|