XML 29 R18.htm IDEA: XBRL DOCUMENT v3.20.2
Deferred Compensation
6 Months Ended
Jun. 30, 2020
Compensation Related Costs [Abstract]  
Deferred Compensation
12. Deferred Compensation

 

Pursuant to the Company’s employment agreements with the founders, the founders have earned incentive compensation totaling $100,828 and $117,166 in cash, as of June 30, 2020 and December 31, 2019, respectively, which payment obligation has been deferred by the Company until it reasonably believes it has sufficient cash to make the payment. Following the retirement of founder A. Michael Chretien on December 8, 2017, the Company made bi-weekly payments of $1,846 until his portion of the deferred compensation had been paid, which occurred in May, 2020. For the three and six months ended June 30, 2020 and 2019, the Company paid $3,292 and $16,338, respectively, and $12,923 and $24,000, respectively, which is reflected as a reduction in the deferred compensation liability.