Quarterly report pursuant to Section 13 or 15(d)

EMPLOYEE BENEFIT PLANS

v2.4.1.9
EMPLOYEE BENEFIT PLANS
 9 Months Ended
Sep. 30, 2014
Compensation and Retirement Disclosure [Abstract]  
Pension and Other Postretirement Benefits Disclosure [Text Block]
11.
Employee Benefit PlanS
 
The Company has a qualified 401(k) plan covering all U.S. employees who have completed three months of service. The plan provides for matching contributions by the Company equal to 100% of the first 3% of the qualified compensation, plus 50% of the next 2%. Employer contributions to the plan for the nine months ended September 30, 2014 and 2013 were $90,559 and $10,799, respectively, and $63,510 and $5,167 for the three months ended September 30, 2014 and 2013, respectively.
 
Additionally, the Company has a defined contribution retirement plan covering all employees located in Pakistan who have completed 90 days of service. The plan provides for monthly contributions by the Company which are the lower of 10% of qualified employees’ basic monthly compensation or 750 Pakistani rupees. The Company’s contributions for nine months ended September 30, 2014 and 2013 were $65,692 and $58,142, respectively, and $22,852 and $18,883 for the three months ended September 30, 2014 and 2013, respectively.