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Deferred Contribution Plan
9 Months Ended
Jun. 30, 2023
Deferred Contribution Plan [Abstract]  
Deferred Contribution Plan

NOTE 12 – Deferred Contribution Plan

 

The Company has a 401(k) defined contribution plan (the “401K Plan”) for all employees aged 21 and over. Employees can defer up to 100% of their compensation through payroll withholdings into the 401K Plan subject to federal law limits. The Company may match 100% of deferrals up to 3% of one’s contributions. The Company’s matching contributions to employee deferrals are discretionary. The Company may also make discretionary profit sharing contributions under the 401K Plan in the future, but it has not done so through June 30, 2023.

 

Employee contributions and any employer matching contributions made to satisfy certain non-discrimination tests required by the Internal Revenue Code are 100% vested upon contribution. Discretionary employer matches to employee deferrals vest over a nine year period beginning on the second anniversary of an employee’s date of hire. Discretionary profit sharing contributions vest over a five year period beginning on the first anniversary of an employee’s date of hire. The amount of matching contributions to the 401K Plan to satisfy certain non-discrimination tests was zero and $30,697 during the three and nine months ending June 30, 2023 and 2022, respectively.