RETIREMENT PLAN |
6 Months Ended |
|---|---|
Jun. 30, 2025 | |
| Retirement Benefits [Abstract] | |
| RETIREMENT PLAN | NOTE 12 – RETIREMENT PLAN
The Company established a 401(k) retirement plan covering all eligible employees beginning November 15, 2013, which was amended effective February 15, 2025. The plan offers two types of elected deferrals: pre-tax deferrals and Roth deferrals. The Company matches 100% of each participant contribution, up to 4% for all eligible employees. Matching contributions vest immediately. Participants are entitled to receive distributions of all vested amounts beginning at age 59 1/2. Matching contributions to all eligible participants charged to expense were $45,890 and $34,324 for the three months ended June 30, 2025 and 2024, respectively. Matching contributions to all eligible participants charged to expense were $85,477 and $59,092 for the six months ended June 30, 2025 and 2024, respectively. The plan is subject to the annual IRS elective deferral limit of $23,500 per employee for 2025, $7,500 catch-up for those aged 50 and over, and $11,250 or 150% of the regular catch-up limit for those aged 60-63. |