XML 28 R17.htm IDEA: XBRL DOCUMENT v3.26.1
Note F - Benefit Plans
 12 Months Ended
Dec. 31, 2025
Notes to Financial Statements  
Retirement Benefits [Text Block]

NOTE F - BENEFIT PLANS

 

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. Employees become fully vested in employer matching contributions immediately. Company 401(k) matching contributions were approximately $101,000 and $84,000 for the years ended December 31, 2025 and 2024, respectively.

 

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. For the year ended December 31, 2024, the Company’s Board of Directors authorized discretionary contributions in the amount of $115,000 to be allocated among all eligible employees. For the year ended December 31, 2025, the Company’s Board of Directors elected not to fund a discretionary contribution due to the Company’s reduced sales and earnings. Employees become vested in the discretionary contributions as follows: 20% after two years of employment, and 20% for each year of employment thereafter until the employee becomes fully vested after six years of employment.