Annual report pursuant to Section 13 and 15(d)

401(k) PLAN

v2.4.0.6
401(k) PLAN
 12 Months Ended
Dec. 31, 2012
401(k) PLAN [Abstract]  
401(k) PLAN
NOTE 5 – 401(k) PLAN

We have a tax-qualified employee savings and retirement plan (the 401(k) Plan) covering all our employees. Pursuant to the 401(k) Plan, employees may elect to reduce their current compensation by up to the statutorily prescribed annual limit ($17,000 in 2012 and $16,500 in 2011) and to have the amount of such reduction contributed to the 401(k) Plan. We had a 401(k) matching program whereby we contributed for each dollar a participant contributes a like amount, with a maximum contribution of 4% of a participant's earnings in the first eleven months of 2011. The Company suspended matching on December 1, 2011. The 401(k) Plan is intended to qualify under Section 401 of the Internal Revenue Code so that contributions by employees or by us to the 401(k) Plan, and income earned on 401(k) Plan contributions, are not taxable to employees until withdrawn from the 401(k) Plan, and so that contributions by us, if any, will be deductible by us when made. At the direction of each participant, we invest the assets of the 401(k) Plan in any of 85 investment options. Company contributions under the 401(k) Plan were approximately $0 in 2012 and $40,000 in 2011.