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401(k) PLAN
12 Months Ended
Dec. 31, 2011
401(k) PLAN  
401(k) PLAN

14.            401(k) PLAN

 

The Company implemented an employee savings and retirement plan (the “401(k) Plan”) in 2005 that is intended to be a tax-qualified plan covering substantially all employees.  Under the terms of the 401(k) Plan, employees may elect to contribute up to 88% of their compensation, or the statutory prescribed limit, if less.  The Company may, at its discretion, match employee contributions.  The Company made matching contributions of $76,643 in 2009.  In the third quarter of 2009, the Company discontinued its matching contributions until further notice.