Quarterly report pursuant to Section 13 or 15(d)

Employee Benefit Plans

v3.20.2
Employee Benefit Plans
6 Months Ended
Jun. 30, 2020
Employee Benefit Plans  
Employee Benefit Plans

11. Employee Benefit Plans

The Company has an employee benefit plan for its United States-based employees under Section 401(k) of the Internal Revenue Code. The Plan allows all eligible employees to make contributions up to a specified percentage of their compensation. Under the Plan, the Company may, but is not obligated to, match a portion of the employee contribution up to a defined maximum. As a result of the 401(k) plan compliance review for the year ended December 31, 2019, the Company contributed approximately $37,000 to eligible employees during the three months ended June 30, 2020. The Company has accrued an estimate for contributions likely due as a result of the 401(k) plan compliance review for the year ended December 31, 2020. The Company made no matching contribution for the six months ended June 30, 2020 and 2019.