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Retirement Plans (Tables) | 12 Months Ended
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Dec. 31, 2023
Retirement Plans |
Schedule of Net Periodic Benefit | The net periodic benefit cost of the Defined Benefit Plan for the period from January 1, 2023 through December 31, 2023 was as follows: Schedule of Net Periodic Benefit
|  | 2023 |
Service cost |  | $ | 259,031 |
Interest cost |  |  | 66,136 |
Expected return on plan assets |  |  | (133,373 | )
Amortization of prior service cost (credit) |  |  | (2,205 | )
Loss recognized due to settlements and curtailments |  |  | 38,579 |
Net periodic pension benefit cost |  | $ | 228,168 |
Schedule of Projected Benefit Obligation for the Period | The PBO is the present value of benefits earned to date by plan participants, including the effect of assumed future salary increases. The changes in the projected benefit obligation for the period from January 1, 2023 through December 31, 2023 were as follows: Schedule of Projected Benefit Obligation for the Period
|  | 2023 |
PBO, beginning of period |  | $ | 3,299,621 |
Service cost |  |  | 259,031 |
Interest cost |  |  | 66,136 |
Plan participation contributions |  |  | 207,225 |
Actuarial (gains) / losses |  |  | 87,078 |
Benefits paid through plan assets |  |  | (84,874 | )
Curtailments, settlements and special contractual termination benefits |  |  | (1,225,712 | )
Foreign currency exchange rate changes |  |  | 269,346 |
PBO, end of period |  |  | 2,877,851 |
Component representing future salary increases |  |  | (98,669 | )
Accumulated benefit obligation (“ABO”), end of period |  | $ | 2,779,182 |
Schedule of Defined Benefit Plan Assets by Major Categories | The following table presents the fair value of the Defined Benefit Plan assets by major categories and by levels within the fair value hierarchy as of December 31, 2023: Schedule of Defined Benefit Plan Assets by Major Categories
|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Cash and equivalents |  | $ | 117,463 |  |  | $ | - |  |  | $ | - |  |  | $ | 117,463 |
Equity securities |  |  | 846,910 |  |  |  | - |  |  |  | - |  |  |  | 846,910 |
Bonds |  |  | 942,056 |  |  |  | - |  |  |  | - |  |  |  | 942,056 |
Real estate |  |  | - |  |  |  | 454,583 |  |  |  | - |  |  |  | 454,583 |
Alternative investments |  |  | - |  |  |  | 300,706 |  |  |  | - |  |  |  | 300,706 |
Total fair value of plan assets |  | $ | 1,906,429 |  |  | $ | 755,289 |  |  | $ | - |  |  | $ | 2,661,718 |
The following tables present the fair value of the Defined Benefit Plan assets by major categories and by levels within the fair value hierarchy as of December 31, 2022:
|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Cash and equivalents |  | $ | 279,883 |  |  | $ | - |  |  | $ | - |  |  | $ | 279,883 |
Equity securities |  |  | 906,136 |  |  |  | - |  |  |  | - |  |  |  | 906,136 |
Bonds |  |  | 1,167,789 |  |  |  | - |  |  |  | - |  |  |  | 1,167,789 |
Real estate |  |  | - |  |  |  | 570,490 |  |  |  | - |  |  |  | 570,490 |
Alternative investments |  |  | - |  |  |  | 372,105 |  |  |  | - |  |  |  | 372,105 |
Total fair value of plan assets |  | $ | 2,353,808 |  |  | $ | 942,595 |  |  | $ | - |  |  | $ | 3,296,403 |
Schedule of Projected Benefit Obligation | The following table shows the unfunded status of the Defined Benefit Plan, defined as plan assets less the projected benefit obligation as of December 31, 2023: Schedule of Projected Benefit Obligation
Fair value of plan assets |  | $ | 2,661,718 |
Less: PBO |  |  | (2,877,851 | )
Underfunded status, end of period |  | $ | (216,133 | )
Schedule of Projected Benefit Obligation | Schedule of Projected Benefit Obligation
|  | 2023 |
Net prior service (cost) / credit |  | $ | 10,572 |
Net gain / (loss) |  |  | (178,544 | )
Accumulated other comprehensive income (loss), net of tax |  | $ | (167,972 | )
Schedule of Expected Benefit Payments | The actuarial assumptions for the Defined Benefit Plan were as follows: Schedule of Assumption
Benefit obligations: |  |  |
Discount rate |  |  | 2.10 | %
Estimated rate of compensation increase |  |  | 1.25 | %
Periodic costs: |  |  |  |
Discount rate |  |  | 2.10 | %
Estimated rate of compensation increase |  |  | 1.25 | %
Expected long term rate of return on plan assets |  |  | 3.85 | %
Cash balance interest credit rate |  |  | 2.10 | %
The following table shows expected benefit payments from the Defined Benefit Plan for the next five fiscal years and the aggregate five years thereafter: Schedule of Expected Benefit Payments
Year Ending December 31: |  | Expected Plan Benefit Payments |
2024 |  | $ | 432,265 |
2025 |  |  | 387,629 |
2026 |  |  | 347,691 |
2027 |  |  | 310,103 |
2028 |  |  | 277,213 |
Thereafter |  |  | 1,045,423 |
Total expected benefit payments by the plan |  | $ | 2,800,324 |
Schedule of Expected Benefit Payments | The following table shows expected benefit payments from the Defined Benefit Plan for the next five fiscal years and the aggregate five years thereafter: Schedule of Expected Benefit Payments
Year Ending December 31: |  | Expected Plan Benefit Payments |
2024 |  | $ | 432,265 |
2025 |  |  | 387,629 |
2026 |  |  | 347,691 |
2027 |  |  | 310,103 |
2028 |  |  | 277,213 |
Thereafter |  |  | 1,045,423 |
Total expected benefit payments by the plan |  | $ | 2,800,324 |

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