Note 13 - Defined Contribution Plan |
3 Months Ended |
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Mar. 31, 2026 | |
| Notes to Financial Statements | |
| Retirement Benefits [Text Block] |
13. Defined Contribution Plan
The Company sponsors a 401(k) defined contribution plan (“DC Plan”) that provides for a dollar-for-dollar employer matching contribution of the first 4% of each employee’s pay that is deferred by the employee. Employees become fully vested in employer matching contributions immediately.
The Company can also elect to make discretionary contributions to each employee's account based on a "pay-to-pay" safe-harbor formula that qualifies the 401(k) Plan under current IRS regulations. Employees become vested in the discretionary contributions as follows: 20% after years of employment, and 20% for each year of employment thereafter until the employee becomes fully vested after years of employment. The Company accrued $20,000 in contributions to the DC Plan for the three months ended March 31, 2026 and $28,750 for the three months ended March 31, 2025. In the first quarter of 2026, there were no discretionary contributions made to the DC Plan. This was due to the Company’s Board of Directors electing not to fund a discretionary contribution for the year ended December 31, 2025 based on reduced sales and earnings. In the first quarter of 2025, the Company made discretionary contributions of $115,000 to the DC Plan. This payment represented the Company’s 2024 accrued discretionary contributions.
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