Significant Accounting Policies (Policies) |
9 Months Ended |
|---|---|
Sep. 30, 2020 | |
| Accounting Policies [Abstract] | |
| Organization and Business [Policy Text Block] |
Organization and Business Founded in
1979, Information Analysis Incorporated, which we refer to as the “Company”, “we”, or “IAI”, is in the business of modernizing client information systems, performing professional information technology (IT) services, and developing and maintaining IT systems for government and commercial organizations. IAI's core competencies lie in legacy system (COBOL) migration and modernization, including developing user-friendly interfaces for complex legacy environments, database conversion and migration, development of electronic fillable forms (e-Forms), including smart forms, Section 508 compliant forms, and web-based and mobile device forms solutions, full life cycle Oracle development, and custom software development. The Company also engages in sales of third -party software for electronic forms development and management, legacy systems modernization, and robotics process automation. IAI's ultimate customers include federal and state government agencies as well as private sector organizations throughout the United States, with a concentration in the Washington, D.C. metropolitan area. |
| Basis of Accounting, Policy [Policy Text Block] |
Unaudited Interim Financial Statements The accompanying unaudited financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and with the instructions for Form 10 -Q and Article 8 -03 of Regulation S-X. Accordingly, certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). In the opinion of management, the unaudited financial statements include all adjustments necessary (which are of a normal and recurring nature) for the fair and not misleading presentation of the results of the interim periods presented. These unaudited financial statements should be read in conjunction with the Company's audited financial statements for the year ended December 31, 2019 included in the Annual Report on Form 10 -K filed by the Company with the SEC on March 30, 2020 ( the “Annual Report”), as amended. The accompanying December 31, 2019, balance sheet was derived from the audited financial statements included in the Annual Report. The results of operations for any interim periods are not necessarily indicative of the results of operations for any other interim period or for a full fiscal year.There have been
no changes in the Company's significant accounting policies as of September 30, 2020, as compared to the significant accounting policies disclosed in Note 1, "Summary of Significant Accounting Policies" in the Company's Annual Report on Form 10 -K for the fiscal year ended December 31, 2019, that was filed with the SEC on March 30, 2020.
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| Use of Estimates, Policy [Policy Text Block] |
Use of Estimates and Assumptions The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect certain reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results can, and in many cases will, differ from those estimates.
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| Income Tax, Policy [Policy Text Block] |
Income Taxes The Company has analyzed its income tax positions using the criteria required by GAAP and concluded that as of
September 30, 2020, and December 31, 2019, it has no material uncertain tax positions and no interest or penalties have been accrued. Through the filing of its 2019 federal income tax return, the Company has net operating loss carryforwards of approximately $3.5 million, of which $867,000 will expire, if unused, on December 31, 2020.
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| New Accounting Pronouncements, Policy [Policy Text Block] |
Recent Accounting Pronouncement Not Yet AdoptedIn
December 2019, the Financial Accounting Standards Board issued Accounting Standards Update (“ASU”) 2019 -12, “Income Taxes (Topic
740 ),Simplifying the Accounting for Income Taxes,”
740 and simplifies the application of areas of Topic 740 by clarifying and amending existing guidance. The amendments in this update are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. The adoption of ASU 2019 -12 is not expected to have a material effect on the Company's financial statements or cash flows. |