Annual report pursuant to Section 13 and 15(d)

Employee Benefit Plans

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Employee Benefit Plans
12 Months Ended
Dec. 31, 2019
Employee Benefit Plans  
Employee Benefit Plans

12. 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, 2018, the Company contributed approximately $29,700 to eligible employees. The Company has accrued an estimate of approximately $36,000 for contributions likely due as a result of the 401(k) plan compliance review for the year ended December 31, 2019. The Company made no matching contribution for each of the twelve months ending December 31, 2019 and 2018.