Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2022 | Oct. 31, 2022 | |
Document Information [Line Items] | ||
Entity Central Index Key | 0001031029 | |
Entity Registrant Name | StarTek, Inc. | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2022 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2022 | |
Document Transition Report | false | |
Entity File Number | 1-12793 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 84-1370538 | |
Entity Address, Address Line One | 4610 South Ulster Street | |
Entity Address, City or Town | Denver | |
Entity Address, State or Province | CO | |
Entity Address, Postal Zip Code | 80237 | |
City Area Code | 303 | |
Local Phone Number | 262-4500 | |
Title of 12(b) Security | Common Stock, $0.01 par value | |
Trading Symbol | SRT | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 40,280,725 |
Consolidated Statement of Incom
Consolidated Statement of Income (Loss) (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Revenue | $ 163,135 | $ 172,948 | $ 498,093 | $ 525,879 |
Warrant adjustment | 0 | (161) | 0 | (991) |
Net revenue | 163,135 | 172,787 | 498,093 | 524,888 |
Cost of services | (140,018) | (151,264) | (437,192) | (454,124) |
Gross profit | 23,117 | 21,523 | 60,901 | 70,764 |
Selling, general and administrative expenses | (16,523) | (13,099) | (46,147) | (39,568) |
Impairment losses and restructuring/exit cost | (998) | (85) | (3,150) | (1,964) |
Operating income | 5,596 | 8,339 | 11,604 | 29,232 |
Share of income (loss) of equity accounted investee | 297 | (46) | 4,122 | (1) |
Interest expense, net and other income | (2,767) | (2,236) | (5,844) | (18,489) |
Foreign exchange gains (losses), net | 976 | (533) | 650 | 42 |
Income before tax expense | 4,102 | 5,524 | 10,532 | 10,784 |
Tax expense | (1,838) | (2,402) | (5,354) | (9,397) |
Net income | 2,264 | 3,122 | 5,178 | 1,387 |
Net income attributable to noncontrolling interests | 2,021 | 3,046 | 4,311 | 6,581 |
Net income (loss) attributable to Startek shareholders | $ 243 | $ 76 | $ 867 | $ (5,194) |
Net income (loss) per common share | ||||
Basic net income (loss) attributable to Startek shareholders (in dollars per share) | $ 0.01 | $ 0 | $ 0.02 | $ (0.13) |
Diluted net income (loss) attributable to Startek shareholders (in dollars per share) | $ 0.01 | $ 0 | $ 0.02 | $ (0.13) |
Weighted average common shares outstanding | ||||
Basic (in shares) | 40,326 | 40,788 | 40,316 | 40,723 |
Diluted (in shares) | 40,333 | 41,094 | 40,354 | 40,723 |
Consolidated Statement of Other
Consolidated Statement of Other Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Net income | $ 2,264 | $ 3,122 | $ 5,178 | $ 1,387 |
Net income attributable to noncontrolling interests | 2,021 | 3,046 | 4,311 | 6,581 |
Net income (loss) attributable to Startek shareholders | 243 | 76 | 867 | (5,194) |
Other comprehensive income (loss), net of taxes | ||||
Foreign currency translation adjustments | (3,701) | (179) | (7,090) | (2,147) |
Change in fair value of derivative instruments | 0 | 0 | 0 | 8 |
Pension amortization | 143 | (669) | (543) | (1,090) |
Other comprehensive loss | (3,558) | (848) | (7,633) | (3,229) |
Other comprehensive loss attributable to noncontrolling interest | (23) | (374) | (397) | (443) |
Other comprehensive loss attributable to Startek shareholders | (3,535) | (474) | (7,236) | (2,786) |
Comprehensive income (loss) | ||||
Comprehensive income attributable to noncontrolling interests | 1,998 | 2,672 | 3,914 | 6,138 |
Comprehensive loss attributable to Startek shareholders | (3,292) | (398) | (6,369) | (7,980) |
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest, Total | $ (1,294) | $ 2,274 | $ (2,455) | $ (1,842) |
Consolidated Balance Sheet (Una
Consolidated Balance Sheet (Unaudited) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Current assets | ||
Cash and cash equivalents | $ 51,703 | $ 47,940 |
Restricted cash | 9,628 | 7,456 |
Trade accounts receivables, net | 69,955 | 106,937 |
Unbilled revenue | 76,699 | 50,074 |
Prepaid and other current assets | 15,714 | 12,611 |
Total current assets | 223,699 | 225,018 |
Non-current assets | ||
Property, plant and equipment, net | 28,895 | 34,168 |
Operating lease right-of-use assets | 44,841 | 63,012 |
Intangible assets, net | 82,347 | 90,092 |
Goodwill | 183,397 | 183,397 |
Investment in equity-accounted investees | 35,810 | 31,688 |
Deferred tax assets, net | 5,137 | 3,664 |
Prepaid expenses and other non-current assets | 8,208 | 11,436 |
Total non-current assets | 388,635 | 417,457 |
Total assets | 612,334 | 642,475 |
Current liabilities | ||
Trade accounts payables | 11,820 | 11,916 |
Accrued expenses | 51,223 | 53,203 |
Short term debt | 4,721 | 3,611 |
Current maturity of term loan | 22,353 | 6,241 |
Current maturity of operating lease liabilities | 20,496 | 24,393 |
Other current liabilities | 42,375 | 48,265 |
Total current liabilities | 152,988 | 147,629 |
Non-current liabilities | ||
Long term debt | 142,515 | 160,175 |
Operating lease liabilities | 28,176 | 44,263 |
Other non-current liabilities | 20,553 | 19,562 |
Deferred tax liabilities, net | 17,312 | 17,526 |
Total non-current liabilities | 208,556 | 241,526 |
Total liabilities | 361,544 | 389,155 |
Stockholders’ equity | ||
Common stock, 60,000,000 non-convertible shares, $0.01 par value, authorized; 41,065,522 and 40,893,396 shares issued as of September 30, 2022, and December 31, 2021, respectively | 411 | 409 |
Additional paid-in capital | 293,096 | 291,537 |
Accumulated deficit | (83,176) | (84,043) |
Treasury stock, 782,902 and 412,769 shares as of September 30, 2022, and December 31, 2021, respectively, at cost | (3,548) | (1,912) |
Accumulated other comprehensive loss | (17,923) | (10,687) |
Equity attributable to Startek shareholders | 188,860 | 195,304 |
Non-controlling interest | 61,930 | 58,016 |
Total stockholders’ equity | 250,790 | 253,320 |
Total liabilities and stockholders’ equity | $ 612,334 | $ 642,475 |
Consolidated Balance Sheet (U_2
Consolidated Balance Sheet (Unaudited) (Parentheticals) - $ / shares | Sep. 30, 2022 | Dec. 31, 2021 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 60,000,000 | 60,000,000 |
Common stock, shares issued (in shares) | 41,065,522 | 40,893,396 |
Treasury stock, shares (in shares) | 782,902 | 412,769 |
Consolidated Statement of Cash
Consolidated Statement of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Sep. 30, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
Operating activities | ||||||
Net income | $ 2,264 | $ 3,122 | $ 5,178 | $ 1,387 | ||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||
Depreciation and amortization | 22,139 | 20,398 | ||||
Profit on sale of property, plant and equipment | (221) | (37) | ||||
Provision for doubtful accounts | (115) | 23 | ||||
Amortization of debt issuance costs (including loss on extinguishment of debt) | 426 | 11,455 | ||||
Amortization of call option premium | 1,080 | 360 | ||||
Warrant contra revenue | 0 | 161 | 0 | 991 | ||
Share-based compensation expense | 1,213 | 932 | ||||
Deferred income taxes | (2,279) | 1,838 | ||||
Share of (income) loss of equity-accounted investees | (297) | 46 | (4,122) | 1 | ||
Changes in operating assets and liabilities: | ||||||
Trade accounts receivables | 30,534 | 13,120 | ||||
Prepaid expenses and other assets | (32,243) | (11,968) | ||||
Trade accounts payable | 669 | (13,409) | ||||
Income taxes, net | (337) | (602) | ||||
Accrued expenses and other liabilities | (598) | 6,543 | ||||
Net cash provided by operating activities | 21,324 | 31,032 | ||||
Investing activities | ||||||
Purchase of property, plant and equipment, net | (10,994) | (13,358) | ||||
Investment in equity-accounted investees | 0 | (25,000) | ||||
Payments for call option premium | 0 | (3,000) | ||||
Proceeds from equity-accounted investees | 0 | 102 | ||||
Net cash used in investing activities | (10,994) | (41,256) | ||||
Financing activities | ||||||
Proceeds from the issuance of common stock | 348 | 1,434 | ||||
Proceeds from long term debt (net of debt issuance cost paid to lenders) | 0 | 156,525 | ||||
Payments of long term debt | 0 | (117,600) | ||||
Payments for loan fees related to long term debt | 0 | (2,794) | ||||
Proceeds from a line of credit, net | 1,110 | 0 | ||||
Payments of other borrowings, net | (1,784) | (13,145) | ||||
Common stock repurchases | (1,636) | (329) | ||||
Net cash (used in) / provided by financing activities | (1,962) | 24,091 | ||||
Net increase in cash and cash equivalents | 8,368 | 13,867 | ||||
Effect of exchange rate changes on cash and cash equivalents and restricted cash | (2,433) | (952) | ||||
Cash and cash equivalents and restricted cash at beginning of period | $ 63,474 | 55,396 | 50,559 | $ 50,559 | ||
Cash and cash equivalents and restricted cash at end of period | 61,331 | 55,396 | 63,474 | 61,331 | 63,474 | 55,396 |
Components of cash and cash equivalents and restricted cash | ||||||
Balances with banks | 51,703 | $ 47,940 | 56,840 | 51,703 | 56,840 | $ 47,940 |
Restricted cash | 9,628 | 6,634 | 9,628 | 6,634 | ||
Total cash and cash equivalents and restricted cash | $ 61,331 | $ 63,474 | 61,331 | 63,474 | ||
Supplemental disclosure of cash flow information | ||||||
Cash paid for interest and other finance cost | 7,775 | 19,985 | ||||
Cash paid for income taxes | 7,699 | 7,884 | ||||
Supplemental disclosure of non-cash activities | ||||||
Non-cash warrant contra revenue | 0 | 991 | ||||
Non-cash share-based compensation expenses | $ 1,213 | $ 932 |
Consolidated Statement of Stock
Consolidated Statement of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands | Common Stock [Member] | Treasury Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Accumulated Foreign Currency Adjustment Attributable to Parent [Member] | Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent [Member] | Accumulated Defined Benefit Plans Adjustment, Net Gain (Loss) Attributable to Parent [Member] | Parent [Member] | Noncontrolling Interest [Member] | Total |
Balance at Dec. 31, 2020 | $ 405 | $ 0 | $ 288,700 | $ (85,543) | $ (4,529) | $ (8) | $ (2,749) | $ 196,276 | $ 50,606 | $ 246,882 |
Issuance of common stock (in shares) | 406,276 | 0 | ||||||||
Issuance of common stock | $ 4 | $ 0 | 1,430 | 0 | 0 | 0 | 0 | 1,434 | 0 | 1,434 |
Net income (loss) | 0 | 0 | 0 | (5,194) | 0 | 0 | 0 | (5,194) | 6,581 | 1,387 |
Other comprehensive income (loss) | $ 0 | $ 0 | 0 | 0 | (2,147) | 8 | (647) | (2,786) | (443) | (3,229) |
Repurchase of common stock (in shares) | 0 | 57,759 | ||||||||
Repurchase of common stock | $ 0 | $ (329) | 0 | 0 | 0 | 0 | 0 | (329) | 0 | (329) |
Share-based compensation expenses | 0 | 0 | 932 | 0 | 0 | 0 | 0 | 932 | 0 | 932 |
Warrant expense | $ 0 | $ 0 | 991 | 0 | 0 | 0 | 0 | 991 | 0 | 991 |
Balance (in shares) at Sep. 30, 2021 | 40,859,738 | 57,759 | ||||||||
Balance at Sep. 30, 2021 | $ 409 | $ (329) | 292,053 | (90,737) | (6,676) | 0 | (3,396) | 191,324 | 56,744 | 248,068 |
Balance (in shares) at Dec. 31, 2020 | 40,453,462 | 0 | ||||||||
Balance (in shares) at Sep. 30, 2021 | 40,859,738 | 57,759 | ||||||||
Balance at Dec. 31, 2020 | $ 405 | $ 0 | 288,700 | (85,543) | (4,529) | (8) | (2,749) | 196,276 | 50,606 | 246,882 |
Balance at Dec. 31, 2021 | $ 409 | $ (1,912) | 291,537 | (84,043) | (6,816) | 0 | (3,871) | 195,304 | 58,016 | 253,320 |
Balance (in shares) at Dec. 31, 2020 | 40,453,462 | 0 | ||||||||
Balance (in shares) at Dec. 31, 2021 | 40,893,396 | 412,769 | ||||||||
Balance (in shares) at Jun. 30, 2021 | 40,796,179 | 0 | ||||||||
Balance at Jun. 30, 2021 | $ 408 | $ 0 | 291,401 | (90,813) | (6,497) | 0 | (3,101) | 191,398 | 54,072 | 245,470 |
Issuance of common stock (in shares) | 63,559 | 0 | ||||||||
Issuance of common stock | $ 1 | $ 0 | 150 | 0 | 0 | 0 | 0 | 151 | 0 | 151 |
Net income (loss) | 0 | 0 | 0 | 76 | 0 | 0 | 0 | 76 | 3,046 | 3,122 |
Other comprehensive income (loss) | $ 0 | $ 0 | 0 | 0 | (179) | 0 | (295) | (474) | (374) | (848) |
Repurchase of common stock (in shares) | 0 | 57,759 | ||||||||
Repurchase of common stock | $ 0 | $ (329) | 0 | 0 | 0 | 0 | 0 | (329) | 0 | (329) |
Share-based compensation expenses | 0 | 0 | 341 | 0 | 0 | 0 | 0 | 341 | 0 | 341 |
Warrant expense | $ 0 | $ 0 | 161 | 0 | 0 | 0 | 0 | 161 | 0 | 161 |
Balance (in shares) at Sep. 30, 2021 | 40,859,738 | 57,759 | ||||||||
Balance at Sep. 30, 2021 | $ 409 | $ (329) | 292,053 | (90,737) | (6,676) | 0 | (3,396) | 191,324 | 56,744 | 248,068 |
Balance (in shares) at Sep. 30, 2021 | 40,859,738 | 57,759 | ||||||||
Balance at Dec. 31, 2021 | $ 409 | $ (1,912) | 291,537 | (84,043) | (6,816) | 0 | (3,871) | 195,304 | 58,016 | 253,320 |
Issuance of common stock (in shares) | 172,126 | 0 | ||||||||
Issuance of common stock | $ 2 | $ 0 | 346 | 0 | 0 | 0 | 0 | 348 | 0 | 348 |
Warrant adjustment | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Net income (loss) | 0 | 0 | 0 | 867 | 0 | 0 | 0 | 867 | 4,311 | 5,178 |
Other comprehensive income (loss) | $ 0 | $ 0 | 0 | 0 | (7,090) | 0 | (146) | (7,236) | (397) | $ (7,633) |
Repurchase of common stock (in shares) | 0 | 370,133 | 370,133 | |||||||
Repurchase of common stock | $ 0 | $ (1,636) | 0 | 0 | 0 | 0 | 0 | (1,636) | 0 | $ (1,636) |
Share-based compensation expenses | $ 0 | $ 0 | 1,213 | 0 | 0 | 0 | 0 | 1,213 | 0 | 1,213 |
Balance (in shares) at Sep. 30, 2022 | 41,065,522 | 782,902 | ||||||||
Balance at Sep. 30, 2022 | $ 411 | $ (3,548) | 293,096 | (83,176) | (13,906) | 0 | (4,017) | 188,860 | 61,930 | 250,790 |
Balance (in shares) at Dec. 31, 2021 | 40,893,396 | 412,769 | ||||||||
Balance (in shares) at Sep. 30, 2022 | 41,065,522 | 782,902 | ||||||||
Balance (in shares) at Jun. 30, 2022 | 40,996,566 | 692,176 | ||||||||
Balance at Jun. 30, 2022 | $ 410 | $ (3,246) | 292,615 | (83,419) | (10,205) | 0 | (4,183) | 191,972 | 59,932 | 251,904 |
Issuance of common stock (in shares) | 68,956 | 0 | ||||||||
Issuance of common stock | $ 1 | $ 0 | 101 | 0 | 0 | 0 | 0 | 102 | 0 | 102 |
Share-based compensation expenses | 0 | 0 | 380 | 0 | 0 | 0 | 0 | 380 | 0 | 380 |
Warrant adjustment | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Net income (loss) | 0 | 0 | 0 | 243 | 0 | 0 | 0 | 243 | 2,021 | 2,264 |
Other comprehensive income (loss) | $ 0 | $ 0 | 0 | 0 | (3,701) | 0 | 166 | (3,535) | (23) | (3,558) |
Repurchase of common stock (in shares) | 0 | 90,726 | ||||||||
Repurchase of common stock | $ 0 | $ (302) | 0 | 0 | 0 | 0 | 0 | (302) | 0 | (302) |
Balance (in shares) at Sep. 30, 2022 | 41,065,522 | 782,902 | ||||||||
Balance at Sep. 30, 2022 | $ 411 | $ (3,548) | $ 293,096 | $ (83,176) | $ (13,906) | $ 0 | $ (4,017) | $ 188,860 | $ 61,930 | $ 250,790 |
Balance (in shares) at Sep. 30, 2022 | 41,065,522 | 782,902 |
Note 1 - Overview and Basis of
Note 1 - Overview and Basis of Preparation | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | 1. Unless otherwise noted in this report, any description of "us," "we," or "our," refers to Startek, Inc. and its subsidiaries (the "Company"). Financial information in this report is presented in U.S. dollars. Business Startek is a leading global provider of technology-enabled business process management solutions. The Company provides omni-channel customer experience, digital transformation, and technology services to some of the finest brands globally. Startek is committed to impacting clients’ business outcomes by focusing on enhancing customer experience and digital enablement across all touchpoints and channels. Startek has more than 44,000 36 13 170 The Company offers a repository of digital and omnichannel solutions based on decades of experience in driving growth by putting the customer at the center of our business. Because no one Canada Basis of preparation The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") for interim financial information and instructions to Form 10 10 X. not These consolidated financial statements reflect all adjustments (consisting only of normal recurring entries, except as noted) which, in the opinion of management, are necessary for fair presentation. The results of operations for interim periods are not The consolidated financial statements include the accounts of Startek, Inc and its subsidiaries over which the Company exerts control. When the Company does not 100%, As of December 31, 2021, not 10 10 December 31, 2021 The figures for the corresponding previous year have been regrouped/reclassified wherever necessary, to make them comparable. |
Note 2 - Summary of Significant
Note 2 - Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | 2. Use of Estimates The preparation of consolidated financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements. Significant items subject to such estimates and assumptions include the useful lives of property, plant and equipment, intangibles, impairment of goodwill, valuation allowances for deferred tax assets, leases, provision for doubtful debts and restructuring costs. Management believes that the estimates used in the preparation of the consolidated financial statements are reasonable and management has made assumption about the possible effect of the global macroeconomic conditions, including heightened inflation, changes to fiscal and monetary policy, higher interest rates, currency fluctuations, labor shortages & challenges in supply chain, have the potential to negatively impact the Company. There current macroeconomic conditions may Revenue The Company utilizes a five 606, 4 Leases We determine if an arrangement is a lease at inception. Operating leases are included in right-of-use (“ROU”) assets, current maturity of operating lease liabilities, and operating lease liabilities in our consolidated balance sheet. Finance leases are included in property plant and equipment, long-term debt, accrued expenses and other current liabilities in our consolidated balance sheet. ROU assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at the commencement date based on the present value of remaining lease payments over the balance lease term. As most of our leases do not may ASC 842 360 The Company elected the practical expedient permitted under the transition guidance under Topic 842, not 12 not not not 13, We have lease agreements with lease and non-lease components, which are generally accounted for separately. Goodwill and Intangible Assets Goodwill represents the cost of acquired businesses in excess of the fair value of identifiable tangible and intangible net assets purchased. Goodwill is not December 31, not not not 3 Foreign Currency Matters The Company has operations in Argentina and its functional currency has historically been the Argentine Peso. The Company monitors inflation rates in countries where it operates as required by U.S. GAAP. Under ASC 830 10 45 12, three 100%. July 1, 2018. 830, not Investment in equity-accounted investees Investment in equity accounted investee is an entity over which the Company has significant influence and which is neither a subsidiary nor a joint arrangement. Significant influence is the power to participate in financial and operating policy decisions of the investee but is not Investment in equity accounted investees are accounted for using equity method of accounting. Under the equity method, the investment in equity accounted investee is initially recognized at cost and adjusted thereafter for the post acquisition changes in the Company’s share of net assets of the equity accounted investees. Goodwill relating to investment in equity accounted investees, if any, is included in the carrying amount of the investment and is neither amortized nor individually tested for impairment. In case of Limited Partnerships Investments, there is a specific SEC staff guidance which is included in ASC 323 30 S99 1 970 323 25 6. may no 14, Stock-Based Compensation We recognize expenses related to all share-based payments to employees, including grants of employee stock options, based on the grant-date fair values amortized straight-line over the period during which the employees are required to provide services in exchange for the equity instruments. We include an estimate of forfeitures when calculating compensation expenses. We use the Black-Scholes method for valuing stock-based awards. See Note 10, Common Stock Warrant Accounting We account for common stock warrants as equity instruments, based on the specific terms of our warrant agreement. For more information refer to Note 10, Consolidated Cash Flow Statement The Company has aligned the cash flow for comparable period for rectifications made in the previous year to presentation of certain transactions arising from the debt re-financing. In the fourth 2021, and a corresponding increase in cash flows from operating activities. The effect of The Company has evaluated and concluded that the above corrections were not not December 31, 2021. not Restructuring Charges On an ongoing basis, management assesses the profitability and utilization of our facilities and in some cases, management has chosen to close facilities. Severance payments that occur from reductions in the workforce are in accordance with our post-employment policy and/or statutory requirements that are communicated to all employees; therefore, severance liabilities are recognized when termination of employment is communicated to the employee(s). Other liabilities for costs associated with an exit or disposal activity are recognized when the liability is incurred, instead of upon commitment to an exit plan. A significant assumption used in determining the amount of the estimated liability for closing a facility is the estimated liability for future lease payments on vacant facilities. We determine our estimate of sublease payments based on our ability to successfully negotiate early termination agreements with landlords, a third may 6, Reserves/Contingencies for Litigation and Other Matters We are involved in few claims and legal actions, such as wage and hour, wrongful termination, and other employment-related claims, that arise in the ordinary course of business, some of which may not not one Recent Accounting Pronouncements In June 2016, 2016 13, 326 2016 13" December 15, 2022, In March 2020, No. 2020 04, not not December 31, 2022. not In November 2021, 2021 10, 832 December 15, 2021 2021 10 10 2022. |
Note 3 - Goodwill and Intangibl
Note 3 - Goodwill and Intangible Assets | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Goodwill and Intangible Assets Disclosure [Text Block] | 3. Goodwill The carrying value of goodwill is allocated to reporting units as follows: Reporting Units: September 30, 2022 December 31, 2021 Americas 64,315 64,315 India 12,554 12,554 Malaysia 47,543 47,543 Saudi Arabia 54,840 54,840 Australia 4,145 4,145 Total $ 183,397 $ 183,397 We perform a goodwill impairment analysis at least annually (in the fourth five may As of September 30, 2022, no The following table presents the changes in goodwill during the nine September 30, 2022 December 31, 2021: September 30, 2022 December 31, 2021 Opening balance 183,397 183,397 Impairment - - Closing balance $ 183,397 $ 183,397 Intangible Assets The following table presents our intangible assets: As of September 30, 2022 Gross Intangibles Accumulated Amortization Net Intangibles Weighted Average Amortization Period (years) Customer relationships 66,220 26,077 40,143 6.5 Brand 49,500 17,816 31,684 7.1 Trademarks 13,210 3,696 9,514 7.5 Other intangibles 2,130 1,124 1,006 4.9 $ 131,060 $ 48,713 $ 82,347 As of December 31, 2021 Gross Intangibles Accumulated Amortization Net Intangibles Weighted Average Amortization Period (years) Customer relationships 66,220 21,887 44,333 6.5 Brand 49,500 15,074 34,426 7.1 Trademarks 13,210 3,036 10,174 7.5 Other intangibles 2,130 971 1,159 4.9 $ 131,060 $ 40,968 $ 90,092 As of September 30, 2022, Expected future amortization of intangible assets as of September 30, 2022 Year ending December 31, Amount Remainder of 2022 2,586 2023 10,306 2024 10,252 2025 10,252 2026 9,490 Thereafter 39,461 |
Note 4 - Revenue
Note 4 - Revenue | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | 4. The Company follows a five 606, Contracts with Customers All of the Company's revenues are derived generally from written contracts with our customers. Our contracts document our customers' agreement to utilize our services and the relevant terms and conditions under which our services will be provided. Our contracts generally do not may ninety Our contracts give us the right to bill for services rendered during the period, which for most of our customers is a calendar month, with a few customers specifying a fiscal month. Our payment terms vary by client and generally range from due upon receipt to 60 90 Performance Obligations We have identified one Our stand-ready obligation involves outsourcing of the entire customer care life cycle, including: • The identification, operation, management, and maintenance of facilities, IT equipment, and IT and telecommunications infrastructure • Management of the entire human resources function, including recruiting, hiring, training, supervising, evaluating, coaching, retaining, compensating, providing employee benefits programs, and disciplinary activities These activities are all considered an integral part of the production activities required in the service of standing ready to accept calls as and when they are directed to us by our clients. Revenue Recognition Methods Because our customers receive and consume the benefit of our services as they are performed and we have the contractual right to invoice for services performed to date, we have concluded that our performance obligation is satisfied over time. Accordingly, we recognize revenue for our services in the month they are performed. We are entitled to invoice for our services on a monthly basis. We invoice according to the hourly and/or per-transaction rates stated in each contract for the various activities we perform. Some contracts include opportunities to earn bonuses or include parameters under which we will incur penalties related to performance in any given month. Bonus or penalty amounts are based on the current month’s performance. Formulas are included in the contracts for the calculation of any bonus or penalty. There is no not Practical expedients and exemptions Because the Company’s contracts are essentially month-to-month, we have elected the following practical expedients: • ASC 606 10 50 14 one • ASC 340 40 25 4 one • ASC 606 10 32 2A • ASC 606 10 55 18 may Disaggregated Revenue Revenues by our clients' industry verticals for the three nine September 30, 2022 2021 Three Months Ended September 30, Nine Months Ended September 30, Vertical 2022 2021 2022 2021 Telecom 57,819 56,676 174,565 161,961 E-commerce & Consumer 20,589 22,434 59,966 74,757 Financial & Business Services 18,013 17,161 52,312 48,374 Media & Cable 12,269 22,863 45,139 72,435 Travel & Hospitality 14,228 12,027 41,238 33,066 Healthcare & Education 7,522 15,315 26,348 73,020 Technology, IT & Related Services 4,308 5,125 14,765 15,064 Other verticals 28,387 21,347 83,760 47,202 Gross revenue 163,135 172,948 498,093 525,879 Less: Warrant contra revenue - (161 ) - (991 ) Net revenue $ 163,135 $ 172,787 $ 498,093 $ 524,888 |
Note 5 - Net Income (Loss) Per
Note 5 - Net Income (Loss) Per Share | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 5. Basic earnings per common share are computed based on our weighted average number of common shares outstanding. Diluted earnings per share are computed based on our weighted average number of common shares outstanding plus the effect of dilutive stock options, non-vested restricted stock, and deferred stock units, using the treasury stock method. When a net loss is reported, potentially issuable common shares are excluded from the computation of diluted earnings per share as their effect would be anti-dilutive. For three nine September 30, 2022 2021 Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Shares used in basic earnings per share calculation 40,326 40,788 40,316 40,723 Effect of dilutive securities: Stock options 7 306 38 - Restricted stock/Deferred stock units - - - - Total effects of dilutive securities 7 306 38 - Shares used in dilutive earnings per share calculation 40,333 41,094 40,354 40,723 The Company always maintained Startek's 2008 10, Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Anti-dilutive securities Stock options 2 48 - 2,077 |
Note 6 - Impairment Losses & Re
Note 6 - Impairment Losses & Restructuring/Exit Cost | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Restructuring, Impairment, and Other Activities Disclosure [Text Block] | 6. Impairment Loss As of September 30, 2022, no Restructuring / Exit Cost The table below summarizes the balance of accrued restructuring cost, voluntary/involuntary termination costs, and other exit-related costs, which are included in other accrued liabilities in our consolidated balance sheet. Changes during the nine September 30, 2022 December 31, 2021 Employee related Facilities related Total Balance on December 31, 2021 480 155 635 Accruals/(reversal) 2,810 340 3,150 Payments (2,747 ) (495 ) (3,242 ) Balance as of September 30, 2022 $ 543 $ - $ 543 Employee related Facilities related Total Balance on December 31, 2020 - 25 25 Accruals/(reversal) 3,519 193 3,712 Payments (3,039 ) (63 ) (3,102 ) Balance on December 31, 2021 $ 480 $ 155 $ 635 Employee related In 2022, $543 fourth 2022. Facility related In 2022, third 2022. |
Note 7 - Derivative Instruments
Note 7 - Derivative Instruments | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | 7. Cash flow hedges Our locations in Canada and the Philippines primarily serve US-based clients. The revenues from these clients are billed and collected in US Dollars, but the expenses related to these revenues are paid in Canadian Dollars and Philippine Pesos. We had entered into derivative contracts, in the form of forward contracts and range forward contracts (a transaction where both a call option is purchased and a put option is sold) to mitigate this foreign currency exchange risk. The contracts covered periods commensurate with expected exposure, generally three twelve As of September 30, 2022 2021, no Gain (Loss) Recognized in AOCI, net of tax Gain (loss) reclassified from AOCI into Income Nine Months Ended September 30, 2022 Nine Months Ended September 30, 2021 Nine Months Ended September 30, 2022 Nine Months Ended September 30, 2021 Cash flow hedges Foreign exchange contracts $ - $ - $ - $ 8 |
Note 8 - Fair Value Measurement
Note 8 - Fair Value Measurements | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 8. The fair value hierarchy prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy requires that the Company maximize the use of observable inputs and minimize the use of unobservable inputs. The levels of the fair value hierarchy are described below: Level 1 Level 2 not Level 3 Derivative Instruments The values of our derivative instruments are derived from pricing models using inputs based upon market information, including contractual terms, market prices, and yield curves. The inputs to the valuation pricing models are observable in the market, and as such the derivatives are classified as Level 2 As of September 30, 2022 December 31, 2021, no |
Note 9 - Debt
Note 9 - Debt | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 9. The below table presents details of the Company's debt: September 30, 2022 December 31, 2021 Short term debt Working capital facilities 4,721 3,611 Current portion of long term debt Current maturity of term loan 20,625 4,125 Current maturity of equipment loan 1,685 1,682 Current maturity of finance lease obligations 43 434 Total $ 27,074 9,852 Long term debt Term loan, net of debt issuance costs 142,469 $ 158,543 Equipment loan 46 1,632 Total $ 142,515 $ 160,175 Working capital facilities The Company has a number of working capital facilities in various countries in which it operates. These facilities provide for a combined borrowing capacity of approximately $32 million for a number of working capital products. These facilities bear interest at benchmark rate plus margins between 3.0% and 4.5% and are due on demand. These facilities are collateralized by various Company assets and have a total outstanding balance of $4.7 September 30, 2022. Term loan On February 18, 2021, The term loan facility amortizes 2.5% on the date that is 21, 24 27, 30, 33, 36 39, 42, 45, 48 51 54 57 On February 22, 2021, October 27, 2017. Principal payments due on the term loan are as follows: Years Amount Remainder of 2022 4,125 2023 22,688 2024 30,937 2025 57,750 2026 49,500 Total $ 165,000 The Term loan has a floating interest rate of USD LIBOR plus 4.5% annually for the first In 2021, 470, third September 30, 2022, $1.9 The Term loan is subject to certain covenants, whereby the Company is required to meet certain financial ratios and obligations on a quarterly basis. As of September 30, 2022, Following table presents the changes in debt issuance cost during the nine September 30, 2022 December 31, 2021: September 30, 2022 December 31, 2021 Opening balance 2,332 2,670 Add: Debt issuance cost (refinancing of term loan) - 11,269 Less: Expensed out (ASC 470 - extinguishment or modification) - (10,937 ) Less: Amortization of debt issuance cost (426 ) (670 ) Closing balance 1,906 2,332 Non-recourse factoring We have entered into factoring agreements with financial institutions to sell certain of our accounts receivable under non-recourse agreements. Under the arrangement, the Company sells the trade receivables on a non-recourse basis and accounts for the transactions as sales of receivables. The applicable receivables are removed from the Company's consolidated balance sheet when the Company receives the cash proceeds. We do not $15.8 September 30, 2022 December 31, 2021 BMO Equipment Loan On December 27, 2018, January 2019 May 2022. Equipment Loan On November 2, 2020, first September 30, 2022 Finance lease obligations From time to time and when management believes it to be advantageous, we may |
Note 10 - Share-based Compensat
Note 10 - Share-based Compensation | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Share-Based Payment Arrangement [Text Block] | 10. Amazon Warrant On January 23, 2018, no 2021 not not 606. Share-based compensation Our share-based compensation arrangements include grants of stock options, restricted stock units and deferred stock units under the Startek, Inc. 2008 nine September 30, 2022, $1,213 September 30, 2022, $2,730 2.3 |
Note 11 - Accumulated Other Com
Note 11 - Accumulated Other Comprehensive Loss | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Comprehensive Income (Loss) Note [Text Block] | 11. Accumulated other comprehensive loss consists of the following items: Foreign Currency Translation Adjustments Defined Benefit Plan Equity attributable to Startek shareholders Non-controlling interests Total Balance on December 31, 2021 (6,816 ) (3,871 ) (10,687 ) (3,887 ) (14,574 ) Foreign currency translation (7,090 ) - (7,090 ) - (7,090 ) Reclassification to operations - - - - - Pension amortization - (146 ) (146 ) (397 ) (543 ) Balance at September 30, 2022 $ (13,906 ) $ (4,017 ) $ (17,923 ) $ (4,284 ) $ (22,207 ) |
Note 12 - Segment Reporting
Note 12 - Segment Reporting | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 12. The Company provides business process outsourcing services (“BPO”) to clients in various industries and geographical locations. Our approach is focused on providing our clients with the best possible combination of services and delivery locations to meet our clients' needs in the best and most efficient manner. Our Global Chief Executive Officer (CEO) who has been identified as the Chief Operating Decision Maker ("CODM"), reviews financial information mainly on a geographical basis. Our operating business model is focused on the geographies in which we operate. Our CODM reviews the performance and makes resource allocation geography-wise, hence the geographical level represents the operating segments of Startek Inc. We report our results of operations in six reportable segments, as follows: Three Months Ended Nine Months Ended September 30, September 30, 2022 2021 2022 2021 Revenue Americas 39,444 54,743 126,811 203,348 India & Sri Lanka 27,888 29,471 82,112 75,032 Malaysia 11,357 12,721 34,068 41,502 Middle East 59,939 54,829 181,680 143,783 Argentina & Peru 9,269 9,758 26,895 27,060 Rest of World 15,238 11,265 46,527 34,163 Total $ 163,135 $ 172,787 $ 498,093 $ 524,888 Three Months Ended Nine Months Ended September 30, September 30, 2022 2021 2022 2021 Operating income (loss) Americas (230 ) (5,070 ) (2,865 ) 2,194 India & Sri Lanka 1,281 3,621 5,925 4,987 Malaysia 3,173 3,873 7,778 11,701 Middle East 4,793 7,086 11,197 15,836 Argentina & Peru (614 ) 557 (3,883 ) 121 Rest of World 1,207 874 3,800 2,138 Segment operating income 9,610 10,941 21,952 36,977 Startek consolidation adjustments Private offer transaction cost (1,411 ) - (2,603 ) - Intangible amortization (2,603 ) (2,602 ) (7,745 ) (7,745 ) Total operating income $ 5,596 $ 8,339 $ 11,604 $ 29,232 A single client accounted for 16% three September 30, 2022 2021, nine September 30, 2022 2021. Property, plant and equipment, net by geography based on the location of the assets are presented below: As of As of September 30, 2022 December 31, 2021 Property, plant and equipment, net Americas 10,163 11,335 India & Sri Lanka 9,084 8,712 Malaysia 2,539 2,818 Middle East 3,893 7,461 Argentina & Peru 1,200 1,453 Rest of World 2,016 2,389 Total $ 28,895 $ 34,168 Investment in Equity Accounted Investees On February 25, 2021, 323 30 S99 1. September 30, 2022 14 |
Note 13 - Leases
Note 13 - Leases | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | 13. We have operating and finance leases for service centers, corporate offices, and certain equipment. Our leases have remaining lease terms of 1 year to 10 years, some of which include options to extend the leases for up to 3-5 years, and some of which include options to terminate the leases within 1 year. The components of lease expense were as follows: Three Months Ended September 30, 2022 Three Months Ended September 30, 2021 Nine Months Ended September 30, 2022 Nine Months Ended September 30, 2021 Operating lease cost $ 10,995 $ 6,022 $ 16,858 $ 19,310 Finance lease cost Amortization of right-of-use assets 237 207 380 546 Interest on lease liabilities 8 13 68 45 Total finance lease cost $ 245 $ 220 $ 448 $ 591 Supplemental cash flow information related to leases was as follows: Nine Months Ended September 30, 2022 Nine Months Ended September 30, 2021 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases 17,896 19,085 Operating cash flow from finance leases 68 45 Financing cash flows from finance leases 391 387 Right-of-use assets obtained in exchange for lease obligations Operating leases 2,501 4,990 Finance leases - - Supplemental balance sheet information related to leases was as follows: As of September 30, 2022 As of December 31, 2021 Operating leases Operating lease right-of-use assets $ 44,841 $ 63,012 Operating lease liabilities - Current 20,496 24,393 Operating lease liabilities - Non-current 28,176 44,263 Total operating lease liabilities $ 48,672 $ 68,656 Finance Leases Property and equipment, at cost 4,112 4,128 Accumulated depreciation (3,867 ) (3,641 ) Property and equipment, at net $ 245 $ 487 Finance lease liabilities - Current 43 434 Finance lease liabilities - Non-current - - Total finance lease liabilities $ 43 $ 434 Weighted average remaining lease term As of September 30, 2022 As of December 31, 2021 Operating leases (in years) 3.14 years 3.58 years Finance leases (in years) 0.00 years 0.00 years Weighted average discount rate Operating leases 6.9 % 6.8 % Finance leases 0.0 % 0.0 % The following table reconciles the undiscounted cash flows for the Company’s finance and operating leases as of September 30, 2022, Operating Leases Finance Leases Year ending December 31, Remainder of 2022 5,986 43 2023 19,183 - 2024 15,180 - 2025 9,083 - 2026 2,620 - Thereafter 2,101 - Total lease payments 54,153 43 Less: Imputed interest (5,481 ) - Total present value to lease liabilities $ 48,672 $ 43 |
Note 14 - Investment in Equity-
Note 14 - Investment in Equity-accounted Investees | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Equity Method Investments and Joint Ventures Disclosure [Text Block] | 14. Following are the entity wise details of equity-accounted investees: % of ownership interest Carrying amount Name of entity September 30, 2022 December 31, 2021 September 30, 2022 December 31, 2021 a) CSS Corp LP 61.35 % 61.35 % 35,810 31,688 b) Immaterial associates - - Carrying amount of investment in equity-accounted investees 35,810 31,688 Three months ended September 30, 2022 Three months ended September 30, 2021 Nine months ended September 30, 2022 Nine months ended September 30, 2021 Aggregate amounts of the group’s share of income (loss) of equity-accounted investees 297 (46 ) 4,122 (1 ) a) CSS Corp LP On February 25, 2021, The Company and CSP Alpha Holdings Pte. Ltd., a subsidiary of the Company, participated in this transaction by (i) contributing $25 million to acquire approximately 62.5%* August 19, 2022, April 19, 2023, not *Subsequently reduced to 61.35% The Company has assessed CSS Corp LP to be a variable interest entity (‘VIE’) and per ASC 810 10 25 44 not not 323 30 S99 1. Summarized financial position September 30, 2022 December 31, 2021 Current assets 34 42 Non-current assets 58,447 51,690 Current and non-current liabilities (111 ) (80 ) Net assets 58,370 51,652 - - Company share in % 61.35 % 61.35 % Company share 35,810 31,688 Carrying amount of investment in equity-accounted investee 35,810 31,688 Reconciliation to carrying amounts September 30, 2022 December 31, 2021 Opening net assets 31,688 - Acquired during the year - 25,000 Share of income of equity-accounted investees 4,122 6,688 Other comprehensive income - - 35,810 31,688 Summarized statement of comprehensive income Three months ended September 30, 2022 Three months ended September 30, 2021 Nine months ended September 30, 2022 Nine months ended September 30, 2021 Revenue - - - - Cost of services - - - - Gross profit - - - - Selling, general and administrative expenses (5 ) (9 ) (39 ) (63 ) Operating loss (5 ) (9 ) (39 ) (63 ) Unrealised gain on investment 489 (67 ) 6,757 72 Net income (loss) 484 (76 ) 6,718 9 Other comprehensive income - - - - Total comprehensive income (loss) for the period 484 (76 ) 6,718 9 Aggregate amounts of the Company share of income (loss) of equity-accounted investee at 61.35% 297 (46 ) 4,122 6 b) Individually immaterial associates The Company had individually immaterial investments in equity-accounted investee in Australia. It has 33.33% interest in Queensland Partnership Group Pty. Ltd and 16.67% interest in Services Queensland Partnership in Australia. The Company's share of income (loss) of equity-accounted investee, is accounted under the “equity method” as per which the share of income (loss) of equity-accounted investee had been added to the cost. In 2021 Aggregate share of loss of immaterial associates was nil three nine September 30, 2021, |
Note 15 - Common Stock
Note 15 - Common Stock | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | 15. Share Repurchase Plan In the year 2004, 10b5 1 August 26, 2021, 2004 December 14, 2021 Our stock repurchase programs are intended to programmatically offset the impact of dilution from our equity compensation programs and, subject to market conditions and other factors, to make opportunistic and programmatic repurchases of our common stock to reduce our outstanding share count. Any repurchased shares will be held as treasury stock and will be available for general corporate purposes. Our stock repurchase plan may During the nine September 30, 2022, 370,133 Stock repurchase activity during the nine September 30, 2022 Period Ended Total number of shares purchased Average price paid per share (1) ($) Total number of shares purchased as part of publicly announced program Maximum dollar value that may yet to be purchased under program ($) January 31, 2022 130,803 5.08 130,803 1,432,822 February 28, 2022 75,865 4.90 75,865 1,061,426 March 31, 2022 52,739 4.36 52,739 831,229 April 30, 2022 - - - 831,229 May 31, 2022 20,000 3.15 20,000 768,156 June 30, 2022 - - - 768,156 July 31, 2022 - - - 768,156 August 30, 2022 - - - 768,156 September 30, 2022 90,726 3.31 90,726 468,158 Total 370,133 370,133 1. |
Note 16 - Private Offer Transac
Note 16 - Private Offer Transaction Cost | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Private Offer Transaction Cost [Text Block] | 16. On January 17, 2022, December 20, 2021, not August 8, 2022, three nine September 30, 2022 The committee had analyzed various factors such as forecast submitted by the Company, trading history of Startek stock, macroeconomic environment, etc. and determined that the proposed price at $4.65 is inadequate and not September 9, 2022, |
Note 17 - Subsequent Events
Note 17 - Subsequent Events | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | 17. None. |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2022 | |
Accounting Policies [Abstract] | |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates The preparation of consolidated financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements. Significant items subject to such estimates and assumptions include the useful lives of property, plant and equipment, intangibles, impairment of goodwill, valuation allowances for deferred tax assets, leases, provision for doubtful debts and restructuring costs. Management believes that the estimates used in the preparation of the consolidated financial statements are reasonable and management has made assumption about the possible effect of the global macroeconomic conditions, including heightened inflation, changes to fiscal and monetary policy, higher interest rates, currency fluctuations, labor shortages & challenges in supply chain, have the potential to negatively impact the Company. There current macroeconomic conditions may |
Revenue from Contract with Customer [Policy Text Block] | Revenue The Company utilizes a five 606, 4 |
Lessee, Leases [Policy Text Block] | Leases We determine if an arrangement is a lease at inception. Operating leases are included in right-of-use (“ROU”) assets, current maturity of operating lease liabilities, and operating lease liabilities in our consolidated balance sheet. Finance leases are included in property plant and equipment, long-term debt, accrued expenses and other current liabilities in our consolidated balance sheet. ROU assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at the commencement date based on the present value of remaining lease payments over the balance lease term. As most of our leases do not may ASC 842 360 The Company elected the practical expedient permitted under the transition guidance under Topic 842, not 12 not not not 13, We have lease agreements with lease and non-lease components, which are generally accounted for separately. |
Goodwill and Intangible Assets, Goodwill, Policy [Policy Text Block] | Goodwill and Intangible Assets Goodwill represents the cost of acquired businesses in excess of the fair value of identifiable tangible and intangible net assets purchased. Goodwill is not December 31, not not not 3 |
Foreign Currency Transactions and Translations Policy [Policy Text Block] | Foreign Currency Matters The Company has operations in Argentina and its functional currency has historically been the Argentine Peso. The Company monitors inflation rates in countries where it operates as required by U.S. GAAP. Under ASC 830 10 45 12, three 100%. July 1, 2018. 830, not |
Equity Method Investments [Policy Text Block] | Investment in equity-accounted investees Investment in equity accounted investee is an entity over which the Company has significant influence and which is neither a subsidiary nor a joint arrangement. Significant influence is the power to participate in financial and operating policy decisions of the investee but is not Investment in equity accounted investees are accounted for using equity method of accounting. Under the equity method, the investment in equity accounted investee is initially recognized at cost and adjusted thereafter for the post acquisition changes in the Company’s share of net assets of the equity accounted investees. Goodwill relating to investment in equity accounted investees, if any, is included in the carrying amount of the investment and is neither amortized nor individually tested for impairment. In case of Limited Partnerships Investments, there is a specific SEC staff guidance which is included in ASC 323 30 S99 1 970 323 25 6. may no 14, |
Share-Based Payment Arrangement [Policy Text Block] | Stock-Based Compensation We recognize expenses related to all share-based payments to employees, including grants of employee stock options, based on the grant-date fair values amortized straight-line over the period during which the employees are required to provide services in exchange for the equity instruments. We include an estimate of forfeitures when calculating compensation expenses. We use the Black-Scholes method for valuing stock-based awards. See Note 10, |
Common Stock Warrant Accounting, Policy [Policy Text Block] | Common Stock Warrant Accounting We account for common stock warrants as equity instruments, based on the specific terms of our warrant agreement. For more information refer to Note 10, |
Reclassification, Comparability Adjustment [Policy Text Block] | Consolidated Cash Flow Statement The Company has aligned the cash flow for comparable period for rectifications made in the previous year to presentation of certain transactions arising from the debt re-financing. In the fourth 2021, and a corresponding increase in cash flows from operating activities. The effect of The Company has evaluated and concluded that the above corrections were not not December 31, 2021. not |
Costs Associated with Exit or Disposal Activities or Restructurings, Policy [Policy Text Block] | Restructuring Charges On an ongoing basis, management assesses the profitability and utilization of our facilities and in some cases, management has chosen to close facilities. Severance payments that occur from reductions in the workforce are in accordance with our post-employment policy and/or statutory requirements that are communicated to all employees; therefore, severance liabilities are recognized when termination of employment is communicated to the employee(s). Other liabilities for costs associated with an exit or disposal activity are recognized when the liability is incurred, instead of upon commitment to an exit plan. A significant assumption used in determining the amount of the estimated liability for closing a facility is the estimated liability for future lease payments on vacant facilities. We determine our estimate of sublease payments based on our ability to successfully negotiate early termination agreements with landlords, a third may 6, |
Legal Costs, Policy [Policy Text Block] | Reserves/Contingencies for Litigation and Other Matters We are involved in few claims and legal actions, such as wage and hour, wrongful termination, and other employment-related claims, that arise in the ordinary course of business, some of which may not not one |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements In June 2016, 2016 13, 326 2016 13" December 15, 2022, In March 2020, No. 2020 04, not not December 31, 2022. not In November 2021, 2021 10, 832 December 15, 2021 2021 10 10 2022. |
Note 3 - Goodwill and Intangi_2
Note 3 - Goodwill and Intangible Assets (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Schedule of Goodwill [Table Text Block] | Reporting Units: September 30, 2022 December 31, 2021 Americas 64,315 64,315 India 12,554 12,554 Malaysia 47,543 47,543 Saudi Arabia 54,840 54,840 Australia 4,145 4,145 Total $ 183,397 $ 183,397 September 30, 2022 December 31, 2021 Opening balance 183,397 183,397 Impairment - - Closing balance $ 183,397 $ 183,397 |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | As of September 30, 2022 Gross Intangibles Accumulated Amortization Net Intangibles Weighted Average Amortization Period (years) Customer relationships 66,220 26,077 40,143 6.5 Brand 49,500 17,816 31,684 7.1 Trademarks 13,210 3,696 9,514 7.5 Other intangibles 2,130 1,124 1,006 4.9 $ 131,060 $ 48,713 $ 82,347 As of December 31, 2021 Gross Intangibles Accumulated Amortization Net Intangibles Weighted Average Amortization Period (years) Customer relationships 66,220 21,887 44,333 6.5 Brand 49,500 15,074 34,426 7.1 Trademarks 13,210 3,036 10,174 7.5 Other intangibles 2,130 971 1,159 4.9 $ 131,060 $ 40,968 $ 90,092 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | Year ending December 31, Amount Remainder of 2022 2,586 2023 10,306 2024 10,252 2025 10,252 2026 9,490 Thereafter 39,461 |
Note 4 - Revenue (Tables)
Note 4 - Revenue (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Three Months Ended September 30, Nine Months Ended September 30, Vertical 2022 2021 2022 2021 Telecom 57,819 56,676 174,565 161,961 E-commerce & Consumer 20,589 22,434 59,966 74,757 Financial & Business Services 18,013 17,161 52,312 48,374 Media & Cable 12,269 22,863 45,139 72,435 Travel & Hospitality 14,228 12,027 41,238 33,066 Healthcare & Education 7,522 15,315 26,348 73,020 Technology, IT & Related Services 4,308 5,125 14,765 15,064 Other verticals 28,387 21,347 83,760 47,202 Gross revenue 163,135 172,948 498,093 525,879 Less: Warrant contra revenue - (161 ) - (991 ) Net revenue $ 163,135 $ 172,787 $ 498,093 $ 524,888 |
Note 5 - Net Income (Loss) Pe_2
Note 5 - Net Income (Loss) Per Share (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Shares used in basic earnings per share calculation 40,326 40,788 40,316 40,723 Effect of dilutive securities: Stock options 7 306 38 - Restricted stock/Deferred stock units - - - - Total effects of dilutive securities 7 306 38 - Shares used in dilutive earnings per share calculation 40,333 41,094 40,354 40,723 |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] | Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Anti-dilutive securities Stock options 2 48 - 2,077 |
Note 6 - Impairment Losses & _2
Note 6 - Impairment Losses & Restructuring/Exit Cost (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Restructuring and Related Costs [Table Text Block] | Employee related Facilities related Total Balance on December 31, 2021 480 155 635 Accruals/(reversal) 2,810 340 3,150 Payments (2,747 ) (495 ) (3,242 ) Balance as of September 30, 2022 $ 543 $ - $ 543 Employee related Facilities related Total Balance on December 31, 2020 - 25 25 Accruals/(reversal) 3,519 193 3,712 Payments (3,039 ) (63 ) (3,102 ) Balance on December 31, 2021 $ 480 $ 155 $ 635 |
Note 7 - Derivative Instrumen_2
Note 7 - Derivative Instruments (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Gain (Loss) Recognized in AOCI, net of tax Gain (loss) reclassified from AOCI into Income Nine Months Ended September 30, 2022 Nine Months Ended September 30, 2021 Nine Months Ended September 30, 2022 Nine Months Ended September 30, 2021 Cash flow hedges Foreign exchange contracts $ - $ - $ - $ 8 |
Note 9 - Debt (Tables)
Note 9 - Debt (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Schedule of Debt [Table Text Block] | September 30, 2022 December 31, 2021 Short term debt Working capital facilities 4,721 3,611 Current portion of long term debt Current maturity of term loan 20,625 4,125 Current maturity of equipment loan 1,685 1,682 Current maturity of finance lease obligations 43 434 Total $ 27,074 9,852 Long term debt Term loan, net of debt issuance costs 142,469 $ 158,543 Equipment loan 46 1,632 Total $ 142,515 $ 160,175 |
Contractual Obligation, Fiscal Year Maturity [Table Text Block] | Years Amount Remainder of 2022 4,125 2023 22,688 2024 30,937 2025 57,750 2026 49,500 Total $ 165,000 |
Schedule of Debt Issuance Cost [Table Text Block] | September 30, 2022 December 31, 2021 Opening balance 2,332 2,670 Add: Debt issuance cost (refinancing of term loan) - 11,269 Less: Expensed out (ASC 470 - extinguishment or modification) - (10,937 ) Less: Amortization of debt issuance cost (426 ) (670 ) Closing balance 1,906 2,332 |
Note 11 - Accumulated Other C_2
Note 11 - Accumulated Other Comprehensive Loss (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Comprehensive Income (Loss) [Table Text Block] | Foreign Currency Translation Adjustments Defined Benefit Plan Equity attributable to Startek shareholders Non-controlling interests Total Balance on December 31, 2021 (6,816 ) (3,871 ) (10,687 ) (3,887 ) (14,574 ) Foreign currency translation (7,090 ) - (7,090 ) - (7,090 ) Reclassification to operations - - - - - Pension amortization - (146 ) (146 ) (397 ) (543 ) Balance at September 30, 2022 $ (13,906 ) $ (4,017 ) $ (17,923 ) $ (4,284 ) $ (22,207 ) |
Note 12 - Segment Reporting (Ta
Note 12 - Segment Reporting (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Three Months Ended Nine Months Ended September 30, September 30, 2022 2021 2022 2021 Revenue Americas 39,444 54,743 126,811 203,348 India & Sri Lanka 27,888 29,471 82,112 75,032 Malaysia 11,357 12,721 34,068 41,502 Middle East 59,939 54,829 181,680 143,783 Argentina & Peru 9,269 9,758 26,895 27,060 Rest of World 15,238 11,265 46,527 34,163 Total $ 163,135 $ 172,787 $ 498,093 $ 524,888 Three Months Ended Nine Months Ended September 30, September 30, 2022 2021 2022 2021 Operating income (loss) Americas (230 ) (5,070 ) (2,865 ) 2,194 India & Sri Lanka 1,281 3,621 5,925 4,987 Malaysia 3,173 3,873 7,778 11,701 Middle East 4,793 7,086 11,197 15,836 Argentina & Peru (614 ) 557 (3,883 ) 121 Rest of World 1,207 874 3,800 2,138 Segment operating income 9,610 10,941 21,952 36,977 Startek consolidation adjustments Private offer transaction cost (1,411 ) - (2,603 ) - Intangible amortization (2,603 ) (2,602 ) (7,745 ) (7,745 ) Total operating income $ 5,596 $ 8,339 $ 11,604 $ 29,232 As of As of September 30, 2022 December 31, 2021 Property, plant and equipment, net Americas 10,163 11,335 India & Sri Lanka 9,084 8,712 Malaysia 2,539 2,818 Middle East 3,893 7,461 Argentina & Peru 1,200 1,453 Rest of World 2,016 2,389 Total $ 28,895 $ 34,168 |
Note 13 - Leases (Tables)
Note 13 - Leases (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Lease, Cost [Table Text Block] | Three Months Ended September 30, 2022 Three Months Ended September 30, 2021 Nine Months Ended September 30, 2022 Nine Months Ended September 30, 2021 Operating lease cost $ 10,995 $ 6,022 $ 16,858 $ 19,310 Finance lease cost Amortization of right-of-use assets 237 207 380 546 Interest on lease liabilities 8 13 68 45 Total finance lease cost $ 245 $ 220 $ 448 $ 591 Nine Months Ended September 30, 2022 Nine Months Ended September 30, 2021 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases 17,896 19,085 Operating cash flow from finance leases 68 45 Financing cash flows from finance leases 391 387 Right-of-use assets obtained in exchange for lease obligations Operating leases 2,501 4,990 Finance leases - - |
Assets And Liabilities, Lessee [Table Text Block] | As of September 30, 2022 As of December 31, 2021 Operating leases Operating lease right-of-use assets $ 44,841 $ 63,012 Operating lease liabilities - Current 20,496 24,393 Operating lease liabilities - Non-current 28,176 44,263 Total operating lease liabilities $ 48,672 $ 68,656 Finance Leases Property and equipment, at cost 4,112 4,128 Accumulated depreciation (3,867 ) (3,641 ) Property and equipment, at net $ 245 $ 487 Finance lease liabilities - Current 43 434 Finance lease liabilities - Non-current - - Total finance lease liabilities $ 43 $ 434 Weighted average remaining lease term As of September 30, 2022 As of December 31, 2021 Operating leases (in years) 3.14 years 3.58 years Finance leases (in years) 0.00 years 0.00 years Weighted average discount rate Operating leases 6.9 % 6.8 % Finance leases 0.0 % 0.0 % |
Finance Lease, Liability, Fiscal Year Maturity [Table Text Block] | Operating Leases Finance Leases Year ending December 31, Remainder of 2022 5,986 43 2023 19,183 - 2024 15,180 - 2025 9,083 - 2026 2,620 - Thereafter 2,101 - Total lease payments 54,153 43 Less: Imputed interest (5,481 ) - Total present value to lease liabilities $ 48,672 $ 43 |
Note 14 - Investment in Equit_2
Note 14 - Investment in Equity-accounted Investees (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Equity Method Investments [Table Text Block] | % of ownership interest Carrying amount Name of entity September 30, 2022 December 31, 2021 September 30, 2022 December 31, 2021 a) CSS Corp LP 61.35 % 61.35 % 35,810 31,688 b) Immaterial associates - - Carrying amount of investment in equity-accounted investees 35,810 31,688 Three months ended September 30, 2022 Three months ended September 30, 2021 Nine months ended September 30, 2022 Nine months ended September 30, 2021 Aggregate amounts of the group’s share of income (loss) of equity-accounted investees 297 (46 ) 4,122 (1 ) Summarized financial position September 30, 2022 December 31, 2021 Current assets 34 42 Non-current assets 58,447 51,690 Current and non-current liabilities (111 ) (80 ) Net assets 58,370 51,652 - - Company share in % 61.35 % 61.35 % Company share 35,810 31,688 Carrying amount of investment in equity-accounted investee 35,810 31,688 Reconciliation to carrying amounts September 30, 2022 December 31, 2021 Opening net assets 31,688 - Acquired during the year - 25,000 Share of income of equity-accounted investees 4,122 6,688 Other comprehensive income - - 35,810 31,688 Summarized statement of comprehensive income Three months ended September 30, 2022 Three months ended September 30, 2021 Nine months ended September 30, 2022 Nine months ended September 30, 2021 Revenue - - - - Cost of services - - - - Gross profit - - - - Selling, general and administrative expenses (5 ) (9 ) (39 ) (63 ) Operating loss (5 ) (9 ) (39 ) (63 ) Unrealised gain on investment 489 (67 ) 6,757 72 Net income (loss) 484 (76 ) 6,718 9 Other comprehensive income - - - - Total comprehensive income (loss) for the period 484 (76 ) 6,718 9 Aggregate amounts of the Company share of income (loss) of equity-accounted investee at 61.35% 297 (46 ) 4,122 6 |
Note 15 - Common Stock (Tables)
Note 15 - Common Stock (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Class of Treasury Stock [Table Text Block] | Period Ended Total number of shares purchased Average price paid per share (1) ($) Total number of shares purchased as part of publicly announced program Maximum dollar value that may yet to be purchased under program ($) January 31, 2022 130,803 5.08 130,803 1,432,822 February 28, 2022 75,865 4.90 75,865 1,061,426 March 31, 2022 52,739 4.36 52,739 831,229 April 30, 2022 - - - 831,229 May 31, 2022 20,000 3.15 20,000 768,156 June 30, 2022 - - - 768,156 July 31, 2022 - - - 768,156 August 30, 2022 - - - 768,156 September 30, 2022 90,726 3.31 90,726 468,158 Total 370,133 370,133 |
Note 2 - Summary of Significa_2
Note 2 - Summary of Significant Accounting Policies (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | |
Dec. 31, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
Amortization of Debt Issuance Costs | $ 426 | $ 11,455 | ||
Net Cash Provided by (Used in) Operating Activities, Total | 21,324 | 31,032 | ||
Net Cash Provided by (Used in) Financing Activities, Total | $ (1,962) | $ 24,091 | ||
Revision of Prior Period, Adjustment [Member] | Correction to Debt Issuance Costs From Income to Cash Flow Statements [Member] | ||||
Amortization of Debt Issuance Costs | $ 8,475,000 | |||
Revision of Prior Period, Adjustment [Member] | Aggregate Change From Reclassifications [Member] | ||||
Net Cash Provided by (Used in) Operating Activities, Total | $ 8,475,000 | |||
Net Cash Provided by (Used in) Financing Activities, Total | $ (8,475,000) |
Note 3 - Goodwill and Intangi_3
Note 3 - Goodwill and Intangible Assets (Details Textual) $ in Thousands | 9 Months Ended |
Sep. 30, 2022 USD ($) | |
Goodwill Impairment Analysis, Period for Which Revenue, Operating Margins and Cash Flows Are Projected (Year) | 5 years |
Impairment of Intangible Assets, Finite-lived | $ 0 |
Note 3 - Goodwill and Intangi_4
Note 3 - Goodwill and Intangible Assets - Goodwill (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2022 | Dec. 31, 2021 | |
Goodwill | $ 183,397 | $ 183,397 |
Opening balance | 183,397 | 183,397 |
Impairment | 0 | 0 |
Americas [Member] | ||
Goodwill | 64,315 | 64,315 |
Opening balance | 64,315 | |
INDIA | ||
Goodwill | 12,554 | 12,554 |
Opening balance | 12,554 | |
Malaysia 1 [Member] | ||
Goodwill | 47,543 | 47,543 |
Opening balance | 47,543 | |
SAUDI ARABIA | ||
Goodwill | 54,840 | 54,840 |
Opening balance | 54,840 | |
AUSTRALIA | ||
Goodwill | 4,145 | $ 4,145 |
Opening balance | $ 4,145 |
Note 3 - Goodwill and Intangi_5
Note 3 - Goodwill and Intangible Assets - Summary of Intangible Assets (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2022 | Dec. 31, 2021 | |
Gross Intangibles | $ 131,060 | $ 131,060 |
Accumulated Amortization | 48,713 | 40,968 |
Net Intangibles | 82,347 | 90,092 |
Customer Relationships [Member] | ||
Gross Intangibles | 66,220 | 66,220 |
Accumulated Amortization | 26,077 | 21,887 |
Net Intangibles | $ 40,143 | $ 44,333 |
Weighted Average Amortization Period (Year) | 6 years 6 months | 6 years 6 months |
Brand [Member] | ||
Gross Intangibles | $ 49,500 | $ 49,500 |
Accumulated Amortization | 17,816 | 15,074 |
Net Intangibles | $ 31,684 | $ 34,426 |
Weighted Average Amortization Period (Year) | 7 years 1 month 6 days | 7 years 1 month 6 days |
Trademarks [Member] | ||
Gross Intangibles | $ 13,210 | $ 13,210 |
Accumulated Amortization | 3,696 | 3,036 |
Net Intangibles | $ 9,514 | $ 10,174 |
Weighted Average Amortization Period (Year) | 7 years 6 months | 7 years 6 months |
Other Intangible Assets [Member] | ||
Gross Intangibles | $ 2,130 | $ 2,130 |
Accumulated Amortization | 1,124 | 971 |
Net Intangibles | $ 1,006 | $ 1,159 |
Weighted Average Amortization Period (Year) | 4 years 10 months 24 days | 4 years 10 months 24 days |
Note 3 - Goodwill and Intangi_6
Note 3 - Goodwill and Intangible Assets - Expected Future Amortization of Intangible Assets (Details) $ in Thousands | Sep. 30, 2022 USD ($) |
Remainder of 2022 | $ 2,586 |
2023 | 10,306 |
2024 | 10,252 |
2025 | 10,252 |
2026 | 9,490 |
Thereafter | $ 39,461 |
Note 4 - Revenue - Disaggregate
Note 4 - Revenue - Disaggregated Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Revenue | $ 163,135 | $ 172,948 | $ 498,093 | $ 525,879 |
Revenue | 163,135 | 172,948 | 498,093 | 525,879 |
Warrant adjustment | 0 | (161) | 0 | (991) |
Net revenue | 163,135 | 172,787 | 498,093 | 524,888 |
Communications [Member] | ||||
Revenue | 57,819 | 56,676 | 174,565 | 161,961 |
Revenue | 57,819 | 56,676 | 174,565 | 161,961 |
E-Commerce and Consumer [Member] | ||||
Revenue | 20,589 | 22,434 | 59,966 | 74,757 |
Revenue | 20,589 | 22,434 | 59,966 | 74,757 |
Financial and Business Service [Member] | ||||
Revenue | 18,013 | 17,161 | 52,312 | 48,374 |
Revenue | 18,013 | 17,161 | 52,312 | 48,374 |
Media [Member] | ||||
Revenue | 12,269 | 22,863 | 45,139 | 72,435 |
Revenue | 12,269 | 22,863 | 45,139 | 72,435 |
Travel and Hospitality [Member] | ||||
Revenue | 14,228 | 12,027 | 41,238 | 33,066 |
Revenue | 14,228 | 12,027 | 41,238 | 33,066 |
Health Care and Education [Member] | ||||
Revenue | 7,522 | 15,315 | 26,348 | 73,020 |
Revenue | 7,522 | 15,315 | 26,348 | 73,020 |
Technology, IT and Related Service [Member] | ||||
Revenue | 4,308 | 5,125 | 14,765 | 15,064 |
Revenue | 4,308 | 5,125 | 14,765 | 15,064 |
Other Sector [Member] | ||||
Revenue | 28,387 | 21,347 | 83,760 | 47,202 |
Revenue | $ 28,387 | $ 21,347 | $ 83,760 | $ 47,202 |
Note 5 - Net Income (Loss) Pe_3
Note 5 - Net Income (Loss) Per Share - Basic and Diluted Earnings Per Share (Details) - shares shares in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Basic (in shares) | 40,326 | 40,788 | 40,316 | 40,723 |
Total effects of dilutive securities (in shares) | 7 | 306 | 38 | 0 |
Shares used in dilutive earnings per share calculation (in shares) | 40,333 | 41,094 | 40,354 | 40,723 |
Share-Based Payment Arrangement, Option [Member] | ||||
Effect of dilutive securities (in shares) | 7 | 306 | 38 | 0 |
Restricted Stock/Deferred Stock Units [Member] | ||||
Effect of dilutive securities (in shares) | 0 | 0 | 0 | 0 |
Note 5 - Net Income (Loss) Pe_4
Note 5 - Net Income (Loss) Per Share - Summary of Anti-dilutive Securities (Details) - shares shares in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Stock Options and Warrants [Member] | ||||
Stock options (in shares) | 2 | 48 | 0 | 2,077 |
Note 6 - Impairment Losses & _3
Note 6 - Impairment Losses & Restructuring/Exit Cost (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended |
Dec. 31, 2022 | Sep. 30, 2022 | Dec. 31, 2021 | |
Payments for Restructuring | $ 3,242 | $ 3,102 | |
Employee Severance [Member] | |||
Payments for Restructuring | $ 2,747 | $ 3,039 | |
Forecast [Member] | Employee Severance [Member] | |||
Payments for Restructuring | $ 543 |
Note 6 - Impairment Losses & _4
Note 6 - Impairment Losses & Restructuring Exit Cost - Restructuring and Related Costs (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2022 | Dec. 31, 2021 | |
Balance | $ 635 | $ 25 |
Accruals/(reversal) | 3,150 | 3,712 |
Payments | (3,242) | (3,102) |
Ending balance | 543 | 635 |
Employee Severance [Member] | ||
Balance | 480 | 0 |
Accruals/(reversal) | 2,810 | 3,519 |
Payments | (2,747) | (3,039) |
Ending balance | 543 | 480 |
Facility Closing [Member] | ||
Balance | 155 | 25 |
Accruals/(reversal) | 340 | 193 |
Payments | (495) | (63) |
Ending balance | $ 0 | $ 155 |
Note 7 - Derivative Instrumen_3
Note 7 - Derivative Instruments (Details Textual) - Designated as Hedging Instrument [Member] - Cash Flow Hedging [Member] - Foreign Exchange Contract [Member] | 9 Months Ended |
Sep. 30, 2022 | |
Minimum [Member] | |
Derivative, Term of Contract (Month) | 3 months |
Maximum [Member] | |
Derivative, Term of Contract (Month) | 12 months |
Note 7 - Derivative Instrumen_4
Note 7 - Derivative Instruments - Effect of Derivative Instruments Designated as Cash Flow Hedges (Details) - Designated as Hedging Instrument [Member] - Cash Flow Hedging [Member] - Foreign Exchange Contract [Member] - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Gain (Loss) Recognized in AOCI, net of tax | $ 0 | $ 0 |
Gain/ (Loss) Reclassified from AOCI into Income | $ 0 | $ 8 |
Note 9 - Debt (Details Textual)
Note 9 - Debt (Details Textual) - USD ($) $ in Thousands | 9 Months Ended | |||||
Feb. 18, 2021 | Sep. 30, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Nov. 02, 2020 | Dec. 27, 2018 | |
Short-Term Debt, Total | $ 4,721 | $ 3,611 | ||||
Loans Payable [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||
Debt Instrument, Basis Spread on Variable Rate | 4.50% | |||||
Senior Debt Facility [Member] | ||||||
Debt Instrument, Face Amount | $ 185,000 | |||||
Debt Issuance Costs, Net, Total | $ 1,906 | 2,332 | $ 2,670 | |||
Senior Debt Facility [Member] | At 21 and 24 Months From Closing [Member] | ||||||
Debt Instrument, Amortization, Percent | 2.50% | |||||
Senior Debt Facility [Member] | At 27, 30, 33, and 36 Months From Closing [Member] | ||||||
Debt Instrument, Amortization, Percent | 3.75% | |||||
Senior Debt Facility [Member] | At 39, 42, 45, 48, and 51 Months From Closing [Member] | ||||||
Debt Instrument, Amortization, Percent | 5% | |||||
Senior Debt Facility [Member] | At 54 Months From Closing [Member] | ||||||
Debt Instrument, Amortization, Percent | 10% | |||||
Senior Debt Facility [Member] | At 57 Months From Closing [Member] | ||||||
Debt Instrument, Amortization, Percent | 15% | |||||
Senior Debt Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||
Debt Instrument, Basis Spread on Variable Rate | 4.50% | |||||
Senior Debt Facility [Member] | Revolving Credit Facility [Member] | ||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 20,000 | |||||
Senior Debt Facility [Member] | Loans Payable [Member] | ||||||
Debt Instrument, Face Amount | 165,000 | |||||
Debt Issuance Costs, Net, Total | 11,300 | |||||
Interest Expense, Debt, Total | 8,500 | |||||
Senior Term Agreement [Member] | Loans Payable [Member] | ||||||
Debt Issuance Costs, Net, Total | 2,800 | 1,900 | ||||
Interest Expense, Debt, Total | $ 2,500 | |||||
Non-recourse Factoring [Member] | ||||||
Long-Term Debt, Gross | 15,800 | $ 21,600 | ||||
BMO Equipment Loan [Member] | Secured Debt [Member] | ||||||
Debt Instrument, Face Amount | $ 2,060 | |||||
Debt Instrument, Interest Rate, Stated Percentage | 7.57% | |||||
Long-term Debt, Term (Year) | 2 years 6 months | |||||
Equipment Loan [Member] | Secured Debt [Member] | ||||||
Debt Instrument, Face Amount | $ 4,000 | |||||
Long-Term Debt, Gross | $ 1,700 | |||||
Debt Instrument, Interest Rate, Stated Percentage | 5.27% | |||||
Long-term Debt, Term (Year) | 34 months | |||||
Minimum [Member] | Loans Payable [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||
Debt Instrument, Basis Spread on Variable Rate | 3.75% | |||||
Maximum [Member] | Loans Payable [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||
Debt Instrument, Basis Spread on Variable Rate | 4.50% | |||||
Line of Credit [Member] | ||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 32,000 | |||||
Short-Term Debt, Total | $ 4,700 | |||||
Line of Credit [Member] | Minimum [Member] | ||||||
Debt Instrument, Basis Spread on Variable Rate | 3% | |||||
Line of Credit [Member] | Maximum [Member] | ||||||
Debt Instrument, Basis Spread on Variable Rate | 4.50% |
Note 9 - Debt - Summary of Debt
Note 9 - Debt - Summary of Debt (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Short-Term Debt, Total | $ 4,721 | $ 3,611 |
Current maturity of term loan | 22,353 | 6,241 |
Current maturity of equipment loan | 22,353 | 6,241 |
Total current debt | 27,074 | 9,852 |
Long term debt | 142,515 | 160,175 |
Loans Payable [Member] | ||
Current maturity of term loan | 20,625 | 4,125 |
Current maturity of equipment loan | 20,625 | 4,125 |
Long term debt | 142,469 | 158,543 |
Secured Debt [Member] | ||
Current maturity of term loan | 1,685 | 1,682 |
Current maturity of equipment loan | 1,685 | 1,682 |
Long term debt | 46 | 1,632 |
Finance Lease Obligations [Member] | ||
Current maturity of term loan | 43 | 434 |
Current maturity of equipment loan | 43 | 434 |
Working Capital Facilities [Member] | ||
Short-Term Debt, Total | $ 4,721 | $ 3,611 |
Note 9 - Debt - Principal Payme
Note 9 - Debt - Principal Payments Due on Term Loan (Details) $ in Thousands | Sep. 30, 2022 USD ($) |
Remainder of 2022 | $ 4,125 |
Total | 165,000 |
Loans Payable [Member] | |
2023 | 22,688 |
2024 | 30,937 |
2025 | 57,750 |
2026 | $ 49,500 |
Note 9 - Debt - Debt Issuance C
Note 9 - Debt - Debt Issuance Cost (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
Less: Amortization of debt issuance cost | $ (426) | $ (11,455) | |
Senior Debt Facility [Member] | |||
Opening balance | 2,332 | $ 2,670 | $ 2,670 |
Add: Debt issuance cost (refinancing of term loan) | 0 | 11,269 | |
Less: Expensed out (ASC 470 - extinguishment or modification) | 0 | (10,937) | |
Less: Amortization of debt issuance cost | (426) | (670) | |
Closing balance | $ 1,906 | $ 2,332 |
Note 10 - Share-based Compens_2
Note 10 - Share-based Compensation (Details Textual) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2022 | Jan. 23, 2018 | |
Share-Based Payment Arrangement, Option [Member] | ||
Share-Based Payment Arrangement, Nonvested Award, Option, Cost Not yet Recognized, Amount | $ 2,730 | |
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 2 years 3 months 18 days | |
Selling, General and Administrative Expenses [Member] | ||
Share-Based Payment Arrangement, Expense | $ 1,213 | |
Amazon Transaction Agreement [Member] | ||
Class of Warrant or Right, Outstanding (in shares) | 4,000,000 |
Note 11 - Accumulated Other C_3
Note 11 - Accumulated Other Comprehensive Loss - Summary of Accumulated Other Comprehensive Loss (Details) $ in Thousands | 9 Months Ended |
Sep. 30, 2022 USD ($) | |
Accumulated Foreign Currency Adjustment Attributable to Parent [Member] | |
Balance | $ (6,816) |
Foreign currency translation | (7,090) |
Reclassification to operations | 0 |
Pension amortization | 0 |
Balance | (13,906) |
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent [Member] | |
Balance | (3,871) |
Foreign currency translation | 0 |
Reclassification to operations | 0 |
Pension amortization | (146) |
Balance | (4,017) |
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] | |
Balance | (10,687) |
Foreign currency translation | (7,090) |
Reclassification to operations | 0 |
Pension amortization | (146) |
Balance | (17,923) |
AOCI Attributable to Noncontrolling Interest [Member] | |
Balance | (3,887) |
Foreign currency translation | 0 |
Reclassification to operations | 0 |
Pension amortization | (397) |
Balance | (4,284) |
AOCI Including Portion Attributable to Noncontrolling Interest [Member] | |
Balance | (14,574) |
Foreign currency translation | (7,090) |
Reclassification to operations | 0 |
Pension amortization | (543) |
Balance | $ (22,207) |
Note 12 - Segment Reporting (De
Note 12 - Segment Reporting (Details Textual) | 3 Months Ended | 6 Months Ended | 9 Months Ended | ||||
Feb. 25, 2021 USD ($) | Sep. 30, 2022 USD ($) | Sep. 30, 2021 | Jun. 30, 2022 | Sep. 30, 2022 USD ($) | Sep. 30, 2021 USD ($) | Dec. 31, 2021 USD ($) | |
Number of Reportable Segments | 6 | ||||||
Payments to Acquire Equity Method Investments | $ 0 | $ 25,000,000 | |||||
Carrying amount of investment in equity-accounted investees | $ 35,810,000 | 35,810,000 | $ 31,688,000 | ||||
CSS Corp. [Member] | |||||||
Payments to Acquire Equity Method Investments | $ 25,000,000 | ||||||
Carrying amount of investment in equity-accounted investees | $ 35,810 | $ 35,810 | |||||
Revenue from Contract with Customer Benchmark [Member] | Customer Concentration Risk [Member] | Customer One [Member] | |||||||
Concentration Risk, Percentage | 16% | 19% | 18% |
Note 12 - Segment Reporting - S
Note 12 - Segment Reporting - Summary of Segment Reporting Information, By Segment (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
Revenue | $ 163,135 | $ 172,787 | $ 498,093 | $ 524,888 | |
Operating loss | 5,596 | 8,339 | 11,604 | 29,232 | |
Private offer transaction cost | (1,411) | 0 | (2,603) | 0 | |
Property, plant and equipment, net | 28,895 | 28,895 | $ 34,168 | ||
Operating Segments [Member] | |||||
Operating loss | 9,610 | 10,941 | 21,952 | 36,977 | |
Segment Reconciling Items [Member] | |||||
Intangible amortization | (2,603) | (2,602) | (7,745) | (7,745) | |
Americas [Member] | |||||
Property, plant and equipment, net | 10,163 | 10,163 | 11,335 | ||
Americas [Member] | Operating Segments [Member] | |||||
Revenue | 39,444 | 54,743 | 126,811 | 203,348 | |
Operating loss | (230) | (5,070) | (2,865) | 2,194 | |
India and Sri Lanka [Member] | |||||
Property, plant and equipment, net | 9,084 | 9,084 | 8,712 | ||
India and Sri Lanka [Member] | Operating Segments [Member] | |||||
Revenue | 27,888 | 29,471 | 82,112 | 75,032 | |
Operating loss | 1,281 | 3,621 | 5,925 | 4,987 | |
Malaysia 1 [Member] | |||||
Property, plant and equipment, net | 2,539 | 2,539 | 2,818 | ||
Malaysia 1 [Member] | Operating Segments [Member] | |||||
Revenue | 11,357 | 12,721 | 34,068 | 41,502 | |
Operating loss | 3,173 | 3,873 | 7,778 | 11,701 | |
Middle East [Member] | |||||
Property, plant and equipment, net | 3,893 | 3,893 | 7,461 | ||
Middle East [Member] | Operating Segments [Member] | |||||
Revenue | 59,939 | 54,829 | 181,680 | 143,783 | |
Operating loss | 4,793 | 7,086 | 11,197 | 15,836 | |
Argentina and Peru [Member] | |||||
Property, plant and equipment, net | 1,200 | 1,200 | 1,453 | ||
Argentina and Peru [Member] | Operating Segments [Member] | |||||
Revenue | 9,269 | 9,758 | 26,895 | 27,060 | |
Operating loss | (614) | 557 | (3,883) | 121 | |
Rest of World [Member] | |||||
Property, plant and equipment, net | 2,016 | 2,016 | $ 2,389 | ||
Rest of World [Member] | Operating Segments [Member] | |||||
Revenue | 15,238 | 11,265 | 46,527 | 34,163 | |
Operating loss | $ 1,207 | $ 874 | $ 3,800 | $ 2,138 |
Note 13 - Leases (Details Textu
Note 13 - Leases (Details Textual) | 9 Months Ended |
Sep. 30, 2022 | |
Lessee, Lease, Termination Period (Year) | 1 year |
Minimum [Member] | |
Lease, Remaining Lease Term (Year) | 1 year |
Lessee, Lease, Renewal Term (Year) | 3 years |
Maximum [Member] | |
Lease, Remaining Lease Term (Year) | 10 years |
Lessee, Lease, Renewal Term (Year) | 5 years |
Note 13 - Leases - Components o
Note 13 - Leases - Components of Lease Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Operating lease cost | $ 10,995 | $ 6,022 | $ 16,858 | $ 19,310 |
Amortization of right-of-use assets | 237 | 207 | 380 | 546 |
Interest on lease liabilities | 8 | 13 | 68 | 45 |
Total finance lease cost | $ 245 | $ 220 | 448 | 591 |
Operating cash flows from operating leases | 17,896 | 19,085 | ||
Operating cash flow from finance leases | 68 | 45 | ||
Financing cash flows from finance leases | 391 | 387 | ||
Operating leases | 2,501 | 4,990 | ||
Finance leases | $ 0 | $ 0 |
Note 13 - Leases - Supplemental
Note 13 - Leases - Supplemental Balance Sheet Information (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Operating lease right-of-use assets | $ 44,841 | $ 63,012 |
Operating lease liabilities - Current | 20,496 | 24,393 |
Operating lease liabilities - Non-current | 28,176 | 44,263 |
Total operating lease liabilities | 48,672 | 68,656 |
Finance lease liabilities - Non-current | 0 | $ 0 |
Total finance lease liabilities | $ 43 | |
Operating leases (Year) | 3 years 1 month 20 days | 3 years 6 months 29 days |
Finance leases (Year) | 0 years | 0 years |
Operating leases | 6.90% | 6.80% |
Finance leases | 0% | 0% |
Property, Plant and Equipment, Net [Member] | ||
Property and equipment, at cost | $ 4,112 | $ 4,128 |
Accumulated depreciation | (3,867) | (3,641) |
Property and equipment, at net | 245 | 487 |
Current Maturities of Long-term Debt [Member] | ||
Finance lease liabilities - Current | 43 | 434 |
Total finance lease liabilities | $ 43 | $ 434 |
Note 13 - Leases - Maturities o
Note 13 - Leases - Maturities of Lease Liabilities (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Remainder of 2022, Operating leases | $ 5,986 | |
Remainder of 2022, Finance leases | 43 | |
2023, Operating leases | 19,183 | |
2023, Finance leases | 0 | |
2024, Operating leases | 15,180 | |
2024, Finance leases | 0 | |
2025, Operating leases | 9,083 | |
2025, Finance leases | 0 | |
2026, Operating leases | 2,620 | |
2026, Finance leases | 0 | |
Thereafter, Operating leases | 2,101 | |
Thereafter, Finance leases | 0 | |
Total lease payments, Operating leases | 54,153 | |
Total lease payments, Finance leases | 43 | |
Less imputed interest, Operating leases | (5,481) | |
Less imputed interest, Finance leases | 0 | |
Total present value to lease liabilities | 48,672 | $ 68,656 |
Total present value to lease liabilities | $ 43 |
Note 14 - Investment in Equit_3
Note 14 - Investment in Equity-accounted Investees (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Feb. 25, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
Payments to Acquire Equity Method Investments | $ 0 | $ 25,000 | ||||
Income (Loss) from Equity Method Investments | $ 297 | $ (46) | $ 4,122 | $ (1) | ||
CSP Management Limited [Member] | ||||||
Payments to Acquire Call Options | $ 5,000 | |||||
CSS Corp. [Member] | ||||||
Payments to Acquire Equity Method Investments | $ 25,000 | |||||
Equity Method Investment, Ownership Percentage | 26% | |||||
CSS Corp LP [Member] | ||||||
Payments to Acquire Equity Method Investments | $ 25,000 | |||||
Equity Method Investment, Ownership Percentage | 62.50% | 61.35% | 61.35% | 61.35% | ||
Queensland Partnership Group Pty. Ltd. [Member] | ||||||
Equity Method Investment, Ownership Percentage | 33.33% | 33.33% | ||||
Services Queensland Partnership [Member] | ||||||
Equity Method Investment, Ownership Percentage | 16.67% | 16.67% | ||||
Investment in Individually Immaterial Associate [Member] | ||||||
Income (Loss) from Equity Method Investments | $ 0 | $ 7 |
Note 14 - Investment in Equit_4
Note 14 - Investment in Equity-accounted Investees - Equity-accounted Investees (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | Feb. 25, 2021 | |
Carrying amount of investment in equity-accounted investees | $ 35,810 | $ 35,810 | $ 31,688 | |||
Aggregate amounts of the group’s share of income (loss) of equity-accounted investees | 297 | $ (46) | 4,122 | $ (1) | ||
Current assets | 223,699 | 223,699 | 225,018 | |||
Non-current assets | 388,635 | 388,635 | 417,457 | |||
Current and non-current liabilities | (361,544) | (361,544) | $ (389,155) | |||
Other comprehensive income | (3,558) | (848) | (7,633) | (3,229) | ||
Gross profit | 23,117 | 21,523 | 60,901 | 70,764 | ||
Selling, general and administrative expenses | (16,523) | (13,099) | (46,147) | (39,568) | ||
Operating loss | 5,596 | 8,339 | 11,604 | 29,232 | ||
Net income (loss) | 243 | 76 | 867 | (5,194) | ||
Total comprehensive income (loss) for the period | $ (1,294) | 2,274 | $ (2,455) | (1,842) | ||
CSS Corp LP [Member] | ||||||
% of ownership interest | 61.35% | 61.35% | 61.35% | 62.50% | ||
Carrying amount of investment in equity-accounted investees | $ 35,810 | $ 35,810 | $ 31,688 | |||
Aggregate amounts of the group’s share of income (loss) of equity-accounted investees | 297 | (46) | 4,122 | 6 | ||
Net assets | 58,370 | 58,370 | 51,652 | |||
Opening net assets | 51,652 | |||||
Net Assets, Ending Balance | 58,370 | 58,370 | 51,652 | |||
Immaterial Associates [Member] | ||||||
Carrying amount of investment in equity-accounted investees | 0 | 0 | 0 | |||
CSS Corp LP [Member] | ||||||
Aggregate amounts of the group’s share of income (loss) of equity-accounted investees | 4,122 | 6,688 | ||||
Current assets | 34 | 34 | 42 | |||
Non-current assets | 58,447 | 58,447 | 51,690 | |||
Current and non-current liabilities | (111) | (111) | (80) | |||
Net assets | 35,810 | 35,810 | 31,688 | |||
Opening net assets | 31,688 | 0 | 0 | |||
Acquired during the year | 0 | 25,000 | ||||
Other comprehensive income | 0 | 0 | 0 | 0 | 0 | |
Net Assets, Ending Balance | 35,810 | 35,810 | 31,688 | |||
Cost of services | 0 | 0 | 0 | 0 | ||
Gross profit | 0 | 0 | 0 | 0 | ||
Operating loss | (5) | (9) | (39) | (63) | ||
Unrealised gain on investment | 489 | (67) | 6,757 | 72 | ||
Net income (loss) | 484 | (76) | 6,718 | 9 | ||
Total comprehensive income (loss) for the period | 484 | (76) | 6,718 | 9 | ||
CSS Corp LP [Member] | Selling, General and Administrative Expenses [Member] | ||||||
Selling, general and administrative expenses | $ (5) | $ (9) | (39) | $ (63) | ||
CSS Corp LP [Member] | CSS Corp LP [Member] | ||||||
Net assets | 31,688 | |||||
Opening net assets | $ 31,688 | |||||
Net Assets, Ending Balance | $ 31,688 |
Note 15 - Common Stock (Details
Note 15 - Common Stock (Details Textual) - USD ($) $ / shares in Units, $ in Millions | 9 Months Ended | |||||||||||||
Sep. 30, 2022 | Aug. 30, 2022 | Jul. 31, 2022 | Jun. 30, 2022 | May 31, 2022 | Apr. 30, 2022 | Mar. 31, 2022 | Feb. 28, 2022 | Jan. 31, 2022 | Sep. 30, 2022 | Dec. 14, 2021 | Aug. 26, 2021 | Dec. 31, 2004 | ||
Treasury Stock, Shares, Acquired (in shares) | 90,726 | 0 | 0 | 0 | 20,000 | 0 | 52,739 | 75,865 | 130,803 | 370,133 | ||||
Treasury Stock Acquired, Average Cost Per Share (in dollars per share) | [1] | $ 3.31 | $ 0 | $ 0 | $ 0 | $ 3.15 | $ 0 | $ 4.36 | $ 4.90 | $ 5.08 | ||||
Repurchase Plan [Member] | ||||||||||||||
Stock Repurchase Program, Authorized Amount | $ 2 | $ 2 | $ 25 | |||||||||||
Treasury Stock, Shares, Acquired (in shares) | 90,726 | 0 | 0 | 0 | 20,000 | 0 | 52,739 | 75,865 | 130,803 | 370,133 | ||||
Treasury Stock Acquired, Average Cost Per Share (in dollars per share) | $ 4.4 | |||||||||||||
[1]Excludes broker commission. |
Note 15 - Common Stock - Stock
Note 15 - Common Stock - Stock Repurchase Activity (Details) - USD ($) | 9 Months Ended | ||||||||||
Sep. 30, 2022 | Aug. 30, 2022 | Jul. 31, 2022 | Jun. 30, 2022 | May 31, 2022 | Apr. 30, 2022 | Mar. 31, 2022 | Feb. 28, 2022 | Jan. 31, 2022 | Sep. 30, 2022 | ||
Treasury Stock, Shares, Acquired (in shares) | 90,726 | 0 | 0 | 0 | 20,000 | 0 | 52,739 | 75,865 | 130,803 | 370,133 | |
Average Price Paid per Share (in dollars per share) | [1] | $ 3.31 | $ 0 | $ 0 | $ 0 | $ 3.15 | $ 0 | $ 4.36 | $ 4.90 | $ 5.08 | |
Repurchase Plan [Member] | |||||||||||
Treasury Stock, Shares, Acquired (in shares) | 90,726 | 0 | 0 | 0 | 20,000 | 0 | 52,739 | 75,865 | 130,803 | 370,133 | |
Average Price Paid per Share (in dollars per share) | $ 4.4 | ||||||||||
Maximum Dollar Value that May Yet be Purchased Under the Programs | $ 468,158 | $ 768,156 | $ 768,156 | $ 768,156 | $ 768,156 | $ 831,229 | $ 831,229 | $ 1,061,426 | $ 1,432,822 | $ 468,158 | |
[1]Excludes broker commission. |
Note 16 - Private Offer Trans_2
Note 16 - Private Offer Transaction Cost (Details Textual) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2022 | Aug. 08, 2022 | Jan. 17, 2022 | |
Share Price (in dollars per share) | $ 4.65 | $ 5.40 | ||
Selling, General and Administrative Expenses [Member] | ||||
Private Offer Transaction Costs | $ 1,411 | $ 2,603 |