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Retirement Plans (Tables)
 12 Months Ended
Dec. 31, 2024
Retirement Plans  
Schedule of Net Periodic Benefit Cost of the Defined Benefit Plan

The net periodic benefit cost of the Defined Benefit Plan for the period from January 1, 2024 through December 31, 2024 was as follows:

 

   2024 
Service cost  $201,383 
Interest cost   38,252 
Expected return on plan assets   (95,629)
Amortization of prior service cost (credit)   (2,250)
Loss recognized due to settlements and curtailments   68,628 
Net periodic pension benefit cost  $210,384 
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, 2024 through December 31, 2024 were as follows:

 

   2024 
PBO, beginning of period  $2,877,851 
Service cost   201,383 
Interest cost   38,252 
Plan participation contributions   154,131 
Actuarial (gains) / losses   (27,001)
Benefits paid through plan assets   14,626 
Curtailments, settlements and special contractual termination benefits   (1,175,674)
Foreign currency exchange rate changes   (169,230)
PBO, end of period   1,914,338 
Component representing future salary increases   (88,911)
Accumulated benefit obligation (“ABO”), end of period  $1,825,427 

 

For the period from January 1, 2024 through December 31, 2024, the change in fair value of the Pension Plan assets was as follows:

 

   2024 
Fair value of plan assets, beginning of period  $2,661,718 
Expected return on plan assets   95,629 
Gain / (losses) on plan assets   (38,252)
Employer contributions   230,635 
Plan participant contributions   154,131 
Benefits paid through plan assets   14,626 
Settlements   (1,175,674)
Foreign currency exchange rate changes   (156,902)
Fair value of plan assets, end of period  $1,785,911 
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, 2024:

 

   Level 1   Level 2   Level 3   Total 
Cash and equivalents  $79,032   $-   $-   $79,032 
Equity securities   581,766    -    -    581,766 
Bonds   647,626    -    -    647,626 
Real estate   -    309,543    -    309,543 
Alternative investments   -    167,944    -    167,944 
Total fair value of plan assets  $1,308,424   $477,487   $-   $1,785,911 

 

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, 2023: 

 

   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   -    454,853    -    454,583 
Alternative investments   -    300,706    -    300,706 
Total fair value of plan assets  $1,906,429   $755,289   $-   $2,661,718 
Schedule of Unfunded Status of the Defined Benefit Plan

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, 2024:

 

 Schedule of Unfunded Status of the Defined Benefit Plan

Fair value of plan assets  $1,785,911 
Less: PBO   (1,914,338)
Underfunded status, end of period  $(128,427)
Schedule of Amounts Recognized in Accumulated Other Comprehensive Income (Loss) Related to the Defined Benefit Plan
   2024 
Net prior service (cost) / credit  $- 
Net gain / (loss)   (128,427)
Accumulated other comprehensive income (loss), net of tax  $(128,427)
Schedule of Assumption

The actuarial assumptions for the Defined Benefit Plan were as follows:

 

Benefit obligations:    
Discount rate   1.50%
Estimated rate of compensation increase   1.25%
Periodic costs:     
Discount rate   1.50%
Estimated rate of compensation increase   1.25%
Expected long term rate of return on plan assets   3.79%
Cash balance interest credit rate   1.50%
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:

 

Year Ending December 31: 

Expected Plan

Benefit Payments

 
2025  $336,985 
2026   286,492 
2027   243,683 
2028   210,753 
2029   185,506 
Thereafter   803,495 
Total expected benefit payments by the plan  $2,066,914