Quarterly report pursuant to Section 13 or 15(d)

Employee Benefit Plan

v3.20.2
Employee Benefit Plan
 6 Months Ended
Aug. 02, 2020
Retirement Benefits [Abstract]  
EMPLOYEE BENEFIT PLAN

NOTE 9 – EMPLOYEE BENEFIT PLAN

 

In February 2017, the Company established The Lovesac Company 401(k) Plan (the “401(k) Plan”) with Elective Deferrals beginning May 1, 2017. The 401(k) Plan calls for Elective Deferral Contributions, Safe Harbor Matching Contributions and Profit-Sharing Contributions. All employees of the Company (except for union employees and nonresident aliens) will be eligible to participate in the 401(k) Plan as of the day of the month which is coincident with or next follows the date on which they attain age 21 and complete one month of service. Participants will be able to contribute up to 100% of their eligible compensation to the 401(k) Plan subject to limitations with the IRS. The employer contributions to the 401(k) Plan were $117,190 and $116,880 for the thirteen weeks ended August 2, 2020 and August 4, 2019 and $234,470 and $191,112 for the twenty-six weeks ended August 2, 2020 and August 4, 2019, respectively. Amounts payable to the 401(k) Plan as of August 2, 2020 and February 2, 2020 were $135,206 and $0, respectively, and are included in accrued expenses in the accompanying condensed consolidated balance sheets