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Johnson -Davis, Incorporated <br />Notes to Financial Statements <br />June 30, 2017 <br />Note 12 - Retirement Pian <br />The Company has adopted a 401(k) retirement plan covering employees who have attained the <br />age of eighteen and one year of service with the Company. Contributions are based upon the <br />amount of compensation each participant elects to defer yearly. Generally, such deferral <br />amount may not exceed the lesser of 100% of total compensation or $ 18,000 ($ 24,000 if over <br />age 50) for 2017 for each participant. The Company has made a Safe Harbor election for the <br />plan year whereby the matching contribution is dollar -for -dollar on salary deferrals up to three <br />percent (3%) of qualified compensation and fifty -cents on the dollar on salary deferrals from <br />three percent (3%) to five percent (5%) of qualified compensation. The Safe Harbor matching <br />contribution is fully vested when made. For the year ended June 30, 2017, the Company <br />contributed approximately $ 140,700 to the Plan. <br />Note 13 - Contingencies <br />Bonding: At June 30, 2017, the Company had outstanding performance and payment bonds <br />with an insurance company for approximately $ 27,515,000. This surety bond is guaranteed by <br />the Company and certain stockholders. <br />Note 14 - Concentrations <br />( At June 30, 2017, four customers accounted for approximately 46% of the contract revenues. At <br />June 30, 2017, five vendors accounted for approximately 25% of the cost of revenues. At June <br />30, 2017, five customers comprised approximately 52% of contract receivables. <br />