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Employee Benefit Plans
3 Months Ended
Mar. 31, 2024
Employee Benefit Plans  
Employee Benefit Plans

13. Employee Benefit Plans.

 

The Company sponsors a Retirement Profit Sharing and Savings Plan under Section 401(k) of the Internal Revenue Code. The plan allows employees of Lendway, Inc. to defer up to 50% of their wages, subject to Federal limitations, on a pre-tax basis through contributions to the plan. During the three months ended March 31, 2024 and 2023, the Company’s expense from continuing operations for matching contributions was $3,000 and $3,000, respectively.

 

For all Dutch employees, the Company participates in defined contribution pension plans with an independent insurance company. Defined contributions are expensed in the year in which the related employee services are rendered. The Company makes contributions on behalf of all Dutch employees of which $8,000 were made and expensed for the period ended March 31, 2024.