Note 7 - Subsequent Events |
3 Months Ended | ||
|---|---|---|---|
Mar. 31, 2020 | |||
| Notes to Financial Statements | |||
| Subsequent Events [Text Block] |
The COVID- 19 (coronavirus) outbreak has had a notable impact on general economic conditions, including, but not limited to, the temporary closures of many businesses, “shelter in place” and other governmental regulations, and “work from home” directives. There are many unknowns, and many regional inconsistencies. Notable potential effects on the Company include U.S. government procurements may be delayed or cancelled, work on new or existing contracts that require personal interactions may be suspended, payment processing for customer invoices may be delayed, employees and customers or their families may become infected, and personal business development meetings may
not be able to take place. The Company continues to monitor the impact of the COVID-19 outbreak closely. The extent to which the COVID-19 outbreak will impact the Company’s business, results of operations, financial condition, and cash flows is uncertain.Due to the coronavirus uncertainty, and pending staffing and payroll cuts due to liquidity constraints, the Company applied for a Paycheck Protection Program loan, guaranteed by the U.S. Small Business Administration (“SBA”). The Company was funded by its lender on April 20, 2020, in the amount of $450,000. The loan accrues interest at a fixed rate of 1% and has a term of two years. The first payment is deferred for six months, though interest will accrue during the deferral period. The loan will be used exclusively to support maintaining employee payroll and benefits. After eight weeks from the date funded, IAI may apply to the SBA through its lender for forgiveness of all or a portion of the loan. The amount of forgiveness for which IAI may apply and for which it may be approved is uncertain. |