Annual report pursuant to Section 13 and 15(d)

Note 16 - Employee Benefit Plans

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Note 16 - Employee Benefit Plans
12 Months Ended
Dec. 31, 2023
Notes to Financial Statements  
Compensation and Employee Benefit Plans [Text Block]

16. Employee benefit plans

 

The Company’s employee benefit plans currently consist of a defined contribution plan for all U.S. employees. The Company does not offer any other postretirement benefit plans, such as retiree medical and dental benefits or deferred compensation agreements to its employees or officers.

 

U.S. regular, full-time employees are eligible to participate in the Professional Diversity Network Inc. 401(k) Plan (“PDN Plan”), which is a qualified defined contribution plan under section 401(k) of the Internal Revenue Service Code. Under the PDN Plan, employees are eligible to participate after meeting eligibility requirements and employees are always fully vested in their own contributions. Effective January 1, 2021, the Company has elected to match up to 5% of eligible employee contributions. The contribution expense for the PDN Plan was approximately $88,500 and $82,000 for the years ended December 31, 2023, and 2022, respectively.