Otelco (OTEL) 10-Q 3 Nov 20 2020 Q3 Quarterly report Financial data

Document And Entity Information

Document And Entity Information	9 Months Ended
	Sep. 30, 2020shares
Document Information [Line Items]
Entity Registrant Name	OTELCO INC.
Entity Central Index Key	0001288359
Trading Symbol	otel
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Current Reporting Status	Yes
Entity Emerging Growth Company	false
Entity Small Business	true
Entity Interactive Data Current	Yes
Entity Shell Company	false
Document Type	10-Q
Document Period End Date	Sep. 30, 2020
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q3
Amendment Flag	false
Title of 12(b) Security	Class A Common Stock ($0.01 par value per share)
Common Class A [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding (in shares)	3,421,794
Common Class B [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding (in shares)	0

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Current assets
Cash and cash equivalents	$ 8,086	$ 3,113
Accounts receivable:
Due from subscribers, net of allowance for doubtful accounts of $253 and $209, respectively	3,985	3,908
Other	1,946	1,905
Materials and supplies	3,731	3,954
Prepaid expenses	1,310	1,624
Other assets	207	251
Total current assets	19,265	14,755
Property and equipment, net	59,465	57,284
Goodwill	44,976	44,976
Intangible assets, net	249	530
Operating lease right-of-use asset	1,636	1,146
Investments	1,458	1,477
Other assets	120	577
Total assets	127,169	120,745
Current liabilities
Accounts payable	1,779	1,525
Accrued expenses	5,835	4,861
Advance billings and payments	1,606	1,618
Customer deposits	27	44
Current operating lease liability	398	296
Current maturity of long-term notes payable, net of debt issuance cost	3,872	3,929
Total current liabilities	13,517	12,273
Deferred income taxes	21,521	21,521
Advance billings and payments	2,011	2,157
Other liabilities	1	12
Long-term operating lease liability	1,238	850
PPP notes payable	2,975
Long-term notes payable, less current maturities and debt issuance cost	62,133	65,172
Total liabilities	103,396	101,985
Stockholders' equity
Additional paid in capital	4,411	4,275
Retained earnings	19,328	14,451
Total stockholders' equity	23,773	18,760
Total liabilities and stockholders' equity	127,169	120,745
Common Class A [Member]
Stockholders' equity
Class A Common Stock, $.01 par value-authorized 10,000,000 shares; issued and outstanding 3,421,794 and 3,412,805 shares, respectively	$ 34	$ 34

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Allowance for doubtful accounts	$ 253	$ 209
Common Class A [Member]
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, authorized (in shares)	10,000,000	10,000,000
Common stock, issued (in shares)	3,421,794	3,412,805
Common stock, outstanding (in shares)	3,421,794	3,412,805

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Revenues	$ 15,574	$ 15,762	$ 46,464	$ 47,175
Operating expenses
Cost of services	7,422	7,542	22,235	22,630
Selling, general and administrative expenses	3,459	2,506	9,326	7,535
Depreciation and amortization	2,088	1,873	6,163	5,698
Total operating expenses	12,969	11,921	37,724	35,863
Income from operations	2,605	3,841	8,740	11,312
Other income (expense)
Interest expense	(931)	(1,315)	(3,100)	(4,044)
Other income	6	5	813	604
Total other expense	(925)	(1,310)	(2,287)	(3,440)
Income before income tax expense	1,680	2,531	6,453	7,872
Income tax expense	(452)	(712)	(1,576)	(2,056)
Net income	$ 1,228	$ 1,819	$ 4,877	$ 5,816
Weighted average number of common shares outstanding:
Basic (in shares)	3,421,794	3,410,936	3,421,794	3,410,936
Diluted (in shares)	3,440,772	3,431,229	3,440,772	3,431,229
Basic net income per common share (in dollars per share)	$ 0.36	$ 0.53	$ 1.43	$ 1.71
Diluted net income per common share (in dollars per share)	$ 0.36	$ 0.53	$ 1.42	$ 1.70

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands	Common Stock [Member]Common Class A [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Total
Balance (in shares) at Dec. 31, 2018	3,388,624
Balance at Dec. 31, 2018	$ 34	$ 4,213	$ 6,655	$ 10,902
Net income			2,281	2,281
Stock-based compensation expense		71		71
Tax withholdings paid on behalf of employees for restricted stock units		(183)		(183)
Issuance of Class A Stock (in shares)	22,312
Issuance of Class A Stock
Balance (in shares) at Mar. 31, 2019	3,410,936
Balance at Mar. 31, 2019	$ 34	4,101	8,936	13,071
Balance (in shares) at Dec. 31, 2018	3,388,624
Balance at Dec. 31, 2018	$ 34	4,213	6,655	10,902
Net income				5,816
Balance (in shares) at Sep. 30, 2019	3,410,936
Balance at Sep. 30, 2019	$ 34	4,203	12,471	16,708
Balance (in shares) at Mar. 31, 2019	3,410,936
Balance at Mar. 31, 2019	$ 34	4,101	8,936	13,071
Net income			1,716	1,716
Stock-based compensation expense		43		43
Balance (in shares) at Jun. 30, 2019	3,410,936
Balance at Jun. 30, 2019	$ 34	4,144	10,652	14,830
Net income			1,819	1,819
Stock-based compensation expense		59		59
Balance (in shares) at Sep. 30, 2019	3,410,936
Balance at Sep. 30, 2019	$ 34	4,203	12,471	16,708
Balance (in shares) at Dec. 31, 2019	3,412,805
Balance at Dec. 31, 2019	$ 34	4,275	14,451	18,760
Net income			2,218	2,218
Stock-based compensation expense		52		52
Tax withholdings paid on behalf of employees for restricted stock units		(20)		(20)
Issuance of Class A Stock (in shares)	8,989
Issuance of Class A Stock
Balance (in shares) at Mar. 31, 2020	3,421,794
Balance at Mar. 31, 2020	$ 34	4,307	16,669	21,010
Balance (in shares) at Dec. 31, 2019	3,412,805
Balance at Dec. 31, 2019	$ 34	4,275	14,451	18,760
Net income				4,877
Balance (in shares) at Sep. 30, 2020	3,421,794
Balance at Sep. 30, 2020	$ 34	4,411	19,328	23,773
Balance (in shares) at Mar. 31, 2020	3,421,794
Balance at Mar. 31, 2020	$ 34	4,307	16,669	21,010
Net income			1,431	1,431
Stock-based compensation expense		52		52
Balance (in shares) at Jun. 30, 2020	3,421,794
Balance at Jun. 30, 2020	$ 34	4,359	18,100	22,493
Net income			1,228	1,228
Stock-based compensation expense		52		52
Balance (in shares) at Sep. 30, 2020	3,421,794
Balance at Sep. 30, 2020	$ 34	$ 4,411	$ 19,328	$ 23,773

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Cash flows from operating activities:
Net income	$ 4,877,000	$ 5,816,000
Adjustments to reconcile net income to cash flows provided by operating activities:
Depreciation	5,939,000	5,465,000
Amortization	224,000	233,000
Amortization of loan costs	379,000	342,000
Non-cash lease amortization	311,000	166,000
Provision for uncollectible accounts receivable	283,000	163,000
Stock-based compensation	156,000	173,000
Gain on the sale of property	(211,000)
Changes in operating assets and liabilities
Accounts receivable	(358,000)	(198,000)
Materials and supplies	223,000	(1,448,000)
Prepaid expenses and other assets	771,000	(337,000)
Accounts payable and accrued expenses	1,228,000	1,743,000
Advance billings and payments	(158,000)	(248,000)
Other liabilities	(339,000)	(182,000)
Net cash from operating activities	13,325,000	11,688,000
Cash flows used in investing activities:
Acquisition and construction of property and equipment	(8,066,000)	(7,594,000)
Proceeds from the sale of property	234,000
Net cash used in investing activities	(7,832,000)	(7,594,000)
Cash flows used in financing activities:
Loan origination costs	(213,000)	(12,000)
Principal repayment of long-term notes payable	(3,262,000)	(3,262,000)
Interest rate cap		4,000
Tax withholdings paid on behalf of employees for restricted stock units	(20,000)	(183,000)
Proceeds from PPP loan	2,975,000
Net cash used in financing activities	(520,000)	(3,453,000)
Net increase in cash and cash equivalents	4,973,000	641,000
Cash and cash equivalents, beginning of period	3,113,000	4,657,000
Cash and cash equivalents, end of period	8,086,000	5,298,000
Supplemental disclosures of cash flow information:
Interest paid	2,707,000	3,717,000
Income taxes paid	$ 788,000	$ 1,243,000

Note 1 - Organization and Basis

Note 1 - Organization and Basis of Financial Reporting	9 Months Ended
	Sep. 30, 2020
Notes to Financial Statements
Nature of Operations [Text Block]	1. Organization and Basis of Financial Reporting Basis of Presentation and Principles of Consolidation The condensed consolidated financial statements include the accounts of Otelco Inc. (the “Company”) and its subsidiaries, all of which are either directly or indirectly wholly owned. These include: Blountsville Telephone LLC; Brindlee Mountain Telephone LLC; CRC Communications LLC; Granby Telephone LLC; Hopper Telecommunications LLC; Mid-Maine Telecom LLC; Mid-Maine TelPlus LLC; Otelco Mid-Missouri LLC and its wholly owned subsidiary I-Land Internet Services LLC; Otelco Telecommunications LLC; Otelco Telephone LLC; Pine Tree Telephone LLC; Saco River Telephone LLC; Shoreham Telephone LLC; and War Telephone LLC. The accompanying condensed consolidated financial statements include the accounts of the Company and all of the aforesaid subsidiaries after elimination of all material intercompany balances and transactions. The unaudited operating results for the nine September 30, 2020, not may December 31, 2020, The condensed consolidated financial statements and notes included in this Quarterly Report on Form 10 10 December 31, 2019. December 31, 2019 Certain items in prior year's condensed consolidated financial statements have been reclassified to conform with 2020 COVID- 19 A novel strain of coronavirus (COVID- 19 first December 2019, March 11, 2020. 19 March 2020 third 2020, 19 no September 30, 2020, 19 19 CARES Act The Coronavirus Aid, Relief and Economic Security Act (the “CARES Act”) was enacted on March 27, 2020. not Additionally, the Company applied for and received funds under the Paycheck Protection Program (the “PPP Loan”) in the amount of $2,975,000. October 1, 2020. not The PPP Loan received by the Company has a two 1.0% may no The PPP Loan was used to retain Otelco's employees and allow them to be able to continue to provide essential telecommunications and data services for its customers during the initial peak of the COVID- 19 four 19 19 Recently Adopted Accounting Pronouncements In February 2016, 2016 02, Leases (Topic 842 2016 02” . December 15, 2018, January 2017, 2017 03, 2016 02 2016 02 January 2018, 2018 01, Leases (Topic 842 842 not 2016 02 not 840, Leases 2016 02 2016 02. July 2018, 2018 10, Codification Improvements to Topic 842, 2016 02. July 2018, 2018 11, Leases (Topic 842 2018 11” not December 2018, 2018 20, Narrow-Scope Improvements for Lessors. March 2019, 2019 01, Codification Improvements. not 250, 2016 02, not not not 2016 02. not two 2018 11; not $1,073,919 no 2016 02 December 31, 2019. In June 2018, 2018 07, Compensation – Stock Compensation (Topic 718 2018 07” . 2017 09, December 15, 2018, no 2014 09, Revenue from Contracts with Customers (Topic 606 2014 09” not In August 2018, 2018 13, Fair Value Measurement (Topic 820 2018 13” . 2018 13, 2018 13 December 15, 2019, not In November 2019, 2019 08, Compensation – Stock Compensation (Topic 718 606 2019 08” 2019 08, 2018 07 2019 08 December 15, 2019, no 2018 07. not not Recent Accounting Pronouncements During 2019, 2019 01 2019 12 2020, 2020 01 2020 08. In November 2018, 2018 19, Codification Improvements to Topic 326, 2018 19” . 2016 13, Financial Instruments - Credit Losses (Topic 326 2016 13” June 2016, first 2016 13, 2018 19. April 2019, 2019 04, Codification Improvements to Topic 326, 815, 825, 2016 13 June 2016, May 2019, 2019 05, Financial Instruments – Credit Losses (Topic 326 2016 13 June 2016, 2016 13, 1 2 326 20 825 10. 2016 13, 2018 19. November 2019, 2019 10, Financial Instruments – Credit Losses (Topic 326 815 842 2019 10” . not not November 2019, 2019 11, Codification Improvements to Topic 326, 2016 13. February 2020, 2020 02, Financial Instruments – Credit Losses (Topic 326 842 2019 10 December 15, 2022, December 15, 2018, not In December 2019, 2019 12, Income Taxes (Topic 740 2019 12” 740. 2019 12 December 15, 2020. not not

Note 2 - Notes Payable

Note 2 - Notes Payable	9 Months Ended
	Sep. 30, 2020
Notes to Financial Statements
Debt Disclosure [Text Block]	2. Notes Payable Notes payable consists of the following (in thousands, except percentages) as of: Current Long-term September 30, 2020 December 31, 2019 Loan with CoBank, ACB (the "Credit Facility"); variable interest rate of 4.66% at September 30, 2020, interest is monthly, paid in arrears on the last business day of each month. The Credit Facility is secured by the total assets of the subsidiary guarantors. The unpaid balance is due November 3, 2022. $ 4,350 $ 62,600 $ 66,950 $ 70,212 Debt issuance cost (478 ) (467 ) (945 ) (1,111 ) Notes payable, net of debt issuance cost $ 3,872 $ 62,133 $ 66,005 $ 69,101 Associated with the Credit Facility, the Company incurred $2.3 $212 first 2020. December 31, 2019, $379 $342 nine September 30, 2020, 2019, The revolving credit facility associated with the Company's Credit Facility had a maximum borrowing capacity of $5.0 September 30, 2020. November 3, 2022. no September 30, 2020. 0.50% 0.50% 0.38% October 22, 2018. nine September 30, 2020 0.50% eighty-eight 0.38% one hundred eighty-five $17 $14 nine September 30, 2020, 2019, Maturities of notes payable for the next five no 2020 (remaining) $ 1,088 2021 4,350 2022 61,512 2023 - 2024 - Total $ 66,950 The Company's notes payable agreements are subject to certain financial covenants and restrictions on indebtedness, financial guarantees, business combinations and other related items. As of September 30, 2020,

Note 3 - Income Tax

Note 3 - Income Tax	9 Months Ended
	Sep. 30, 2020
Notes to Financial Statements
Income Tax Disclosure [Text Block]	3. Income Tax Provision for income tax expense was $1.6 nine September 30, 2020, $2.1 nine September 30, 2019. 21.0% September 30, 2020, September 30, 2019, 24.4% 26.1%,

Note 4 - Net Income Per Common

Note 4 - Net Income Per Common Share	9 Months Ended
	Sep. 30, 2020
Notes to Financial Statements
Earnings Per Share [Text Block]	4. Net Income per Common Share Basic net income per common share is computed by dividing net income by the weighted-average number of common shares outstanding for the period. Diluted net income per common share reflects the potential dilution that would occur should all of the shares of Class A common stock underlying restricted stock units (“RSUs”) be issued. A reconciliation of the common shares for purposes of the calculation of the Company's basic and diluted net income per common share is as follows (weighted average number of common shares outstanding in whole numbers and net income in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Weighted average number of common shares outstanding - basic 3,421,794 3,410,936 3,421,794 3,410,936 Effect of dilutive securities 18,978 20,293 18,978 20,293 Weighted average number of common shares and potential common shares - diluted 3,440,772 3,431,229 3,440,772 3,431,229 Net income $ 1,228 $ 1,819 $ 4,877 $ 5,816 Net income per common share - basic $ 0.36 $ 0.53 $ 1.43 $ 1.71 Net income per common share - diluted $ 0.36 $ 0.53 $ 1.42 $ 1.70

Note 5 - Revenue Streams and Co

Note 5 - Revenue Streams and Concentrations	9 Months Ended
	Sep. 30, 2020
Notes to Financial Statements
Revenue from Contract with Customer [Text Block]	5. Revenue Streams and Concentration s Revenue Streams The Company identifies its revenue streams with similar characteristics as follows (in thousands): Three Months Ended Nine Months Ended September 30, 2020 September 30, 2020 Local services $ 4,594 $ 13,899 Network access 4,963 14,936 Internet 4,032 11,671 Transport services 1,087 3,289 Video and security 722 2,151 Managed services 176 518 Total revenues $ 15,574 $ 46,464 The Company identifies its revenue streams with similar characteristics as follows (in thousands): Three Months Ended Nine Months Ended September 30, 2019 September 30, 2019 Local services $ 4,717 $ 14,585 Network access 5,436 15,970 Internet 3,673 10,996 Transport services 1,091 3,143 Video and security 691 2,028 Managed services 154 453 Total revenues $ 15,762 $ 47,175 ASU 2014 09 five The following table identifies revenue generated from customers (in thousands): Three Months Ended Nine Months Ended September 30, 2020 September 30, 2020 Local services $ 4,594 $ 13,899 Network access 786 2,451 Internet 4,032 11,671 Transport services 1,049 3,176 Video and security 722 2,151 Managed services 176 518 Total revenues generated from customers $ 11,359 $ 33,866 The following table identifies revenue generated from customers (in thousands): Three Months Ended Nine Months Ended September 30, 2019 September 30, 2019 Local services $ 4,717 $ 14,585 Network access 1,086 3,273 Internet 3,673 10,996 Transport services 1,054 3,030 Video and security 691 2,028 Managed services 154 453 Total revenues generated from customers $ 11,375 $ 34,365 The following table summarizes the revenue generated from contracts with customers among each revenue stream for the three nine September 30, 2020 ( Three Months Ended September 30, 2020 % In-Scope % Total Month to month ("MTM") customers $ 7,239 64.7 % 46.5 % Competitive local exchange carrier ("CLEC") business customers 3,158 28.2 20.3 Network access 487 4.4 3.1 Total revenue streams 10,884 97.3 69.9 Global access* 299 2.7 1.9 Total revenue from contracts with customers 11,183 100.0 % 71.8 Managed services** 176 n/a 1.1 Total revenue generated from customers 11,359 n/a 72.9 Indefeasible rights-of-use agreements** 38 n/a 0.3 Network access** 4,177 n/a 26.8 Total revenues $ 15,574 100.0 % *Fixed fees charged to MTM customers and CLEC business customers. ** Revenue generated from sources not 2014 09. Nine Months Ended September 30, 2020 % In-Scope % Total MTM customers $ 21,298 63.9 % 45.8 % CLEC business customers 9,599 28.8 20.7 Network access 1,534 4.6 3.3 Total revenue streams 32,431 97.3 69.8 Global access* 917 2.7 2.0 Total revenue from contracts with customers 33,348 100.0 % 71.8 Managed services** 518 n/a 1.1 Total revenue generated from customers 33,866 n/a 72.9 Indefeasible rights-of-use agreements** 113 n/a 0.2 Network access** 12,485 n/a 26.9 Total revenues $ 46,464 100.0 % *Fixed fees charged to MTM customers and CLEC business customers. ** Revenue generated from sources not 2014 09. The following table summarizes the revenue generated from contracts with customers among each revenue stream for the three nine September 30, 2019 ( Three Months Ended September 30, 2019 % In-Scope % Total MTM customers $ 6,847 61.0 % 43.4 % CLEC business customers 3,288 29.3 20.9 Network access 640 5.7 4.1 Total revenue streams 10,775 96.0 68.4 Global access* 446 4.0 2.8 Total revenue from contracts with customers 11,221 100.0 % 71.2 Managed services** 154 n/a 1.0 Total revenue generated from customers 11,375 n/a 72.2 Indefeasible rights-of-use agreements** 37 n/a 0.2 Network access** 4,350 n/a 27.6 Total revenues $ 15,762 100.0 % *Fixed fees charged to MTM customers and CLEC business customers. ** Revenue generated from sources not 2014 09. Nine Months Ended September 30, 2019 % In-Scope % Total MTM customers $ 20,769 61.3 % 44.0 % CLEC business customers 9,870 29.1 20.9 Network access 1,908 5.6 4.1 Total revenue streams 32,547 96.0 69.0 Global access* 1,365 4.0 2.9 Total revenue from contracts with customers 33,912 100.0 % 71.9 Managed services** 453 n/a 1.0 Total revenue generated from customers 34,365 n/a 72.9 Indefeasible rights-of-use agreements** 113 n/a 0.2 Network access** 12,697 n/a 26.9 Total revenues $ 47,175 100.0 % *Fixed fees charged to MTM customers and CLEC business customers. ** Revenue generated from sources not 2014 09. Payment terms vary by customer. The Company typically invoices customers in the month following when the service was provided. The term between invoicing and when payment is due is less than a year and is not Revenue is recognized net of taxes collected on behalf of third As of September 30, 2020, $6.6 September 30, 2020, $944 $5.4 two five not one The deferred revenue balance as of June 30, 2020, $3.7 $1.4 three September 30, 2020, September 30, 2020, Revenue Concentrations Revenues from the FCC Universal Service Fund, Connect America Fund, and Alternative Connect America Cost Model funding are used to improve and upgrade the Company's network to promote support for the availability and affordability of advanced telecommunications services. Revenues from these sources amounted to 23.9% 24.3% nine September 30, 2020, 2019,

Note 6 - Commitments and Contin

Note 6 - Commitments and Contingencies	9 Months Ended
	Sep. 30, 2020
Notes to Financial Statements
Commitments and Contingencies Disclosure [Text Block]	6. Commitments and Contingencies From time to time, the Company may may none

Note 7 - Leases

Note 7 - Leases	9 Months Ended
	Sep. 30, 2020
Notes to Financial Statements
Lessee, Operating Leases [Text Block]	7. Leases ASU 2016 02 1, Organization and Basis of Financial Reporting – Recently Adopted Accounting Pronouncements not not not 2016 02. not two 2018 11; not January 1, 2019, $1,073,919 no In consideration of whether an agreement contains a lease as defined under ASU 2016 02, three three 2016 02. In calculating the lease liability, the Company considered the lease term in which the Company would include any periods covered by an option to extend the lease if the lessee is reasonably certain to exercise that option. The Company evaluated factors that might create an economic incentive to exercise options to extend, including contract, asset, entity and market-based factors. The Company determined that there would be no not A lessee may 12 not In discounting the liability, ASU 2016 02 5.0% 7.0% 5 10 Maturities of lease liabilities as of September 30, 2020 Leased Real Property and Office Facilities 2020 (remaining) $ 123 2021 460 2022 302 2023 285 2024 153 Thereafter 691 Total lease payments $ 2,014 Less: Interest (378 ) Present value of lease liabilities $ 1,636 Supplemental cash flow information related to operating leases was as follows (in thousands, except years and percentages): Three Months Ended September 30, 2020 September 30, 2019 Cash paid for amounts included in the measurment of lease liabilities: Operating cash outflow from operating leases (122 ) (108 ) Weighted-average remaining lease term - operating leases (in years) 6.5 3.6 Weighted-average discount rate - operating leases 6.5 % 6.5 % Nine Months Ended September 30, 2020 September 30, 2019 Cash paid for amounts included in the measurment of lease liabilities: Operating cash outflow from operating leases (365 ) (325 ) Weighted-average remaining lease term - operating leases (in years) 6.5 3.6 Weighted-average discount rate - operating leases 6.5 % 6.5 %

Note 8 - Stock Plans

Note 8 - Stock Plans	9 Months Ended
	Sep. 30, 2020
Notes to Financial Statements
Shareholders' Equity and Share-based Payments [Text Block]	8. Stock Plans The Company has previously granted RSUs underlying 401,111 December 31, 2018. one five 401,111 334,799 December 31, 2018. no no 2019. nine September 30, 2020, 14,500 fourteen The following table summarizes RSU activity for the nine September 30, 2019: Weighted Average Grant Date RSUs Fair Value Outstanding at December 31, 2018 66,312 $ 9.06 Granted - - Vested (34,202 ) 5.09 Forfeited or cancelled (11,817 ) 13.30 Outstanding at September 30, 2019 20,293 13.30 The following table summarizes RSU activity for the nine September 30, 2020: Weighted Average Grant Date RSUs Fair Value Outstanding at December 31, 2019 17,648 $ 13.30 Granted 14,500 9.22 Vested (12,920 ) 13.30 Forfeited or cancelled (250 ) 9.22 Outstanding at September 30, 2020 18,978 10.24 Stock-based compensation expense related to RSUs was $49 $108 nine September 30, 2020, 2019, 60 As of September 30, 2020, 2019, $131 $108 2024. On October 15, 2018, 29,460 20,540 five 20% October 15, 2019, one no The following table summarizes ISO and NQ stock option activity for the nine September 30, 2019: Weighted Average ISOs and NQ Grant Date Stock Options Fair Value Outstanding at December 31, 2018 50,000 $ 16.97 Granted - - Vested - - Forfeited or cancelled - - Outstanding at September 30, 2019 50,000 16.97 On January 2, 2020, 34,500 30,000 five 20% January 1, 2021, one fourteen no The following table summarizes ISO and NQ stock option activity for the nine September 30, 2020: Weighted Average ISOs and NQ Grant Date Stock Options Fair Value Outstanding at December 31, 2019 40,000 $ 16.97 Granted 64,500 9.22 Vested - - Forfeited or cancelled (250 ) 9.22 Outstanding at September 30, 2020 104,250 12.19 Stock-based compensation expense related to ISOs and NQ stock options was $107 $65 nine September 30, 2020, 2019, As of September 30, 2020, 2019, $503 $351 2024.

Note 9 - Goodwill

Note 9 - Goodwill	9 Months Ended
	Sep. 30, 2020
Notes to Financial Statements
Goodwill and Intangible Assets Disclosure [Text Block]	9. Goodwill The Company evaluated its goodwill for impairment as of September 30, 2020, 19 not September 30, 2020.

Note 10 - Subsequent Events

Note 10 - Subsequent Events	9 Months Ended
	Sep. 30, 2020
Notes to Financial Statements
Subsequent Events [Text Block]	10. Subsequent Events On July 27, 2020, 8 July 26, 2020 ( may August 20, 2020, 14A September 9, 2020, 14A October 9, 2020 On September 1, 2020, No. 1:20 01165 September 21, 2020, 1:20 07756 14 1934 14a 9 20 1934. While Otelco believes that the disclosures set forth in the Preliminary Proxy Statement and Definitive Proxy Statement complied fully with applicable law, to resolve the alleged stockholders' claims and moot the disclosure claims, to avoid nuisance, potential expense, and delay and to provide additional information to our stockholders, the Company voluntarily supplemented the Definitive Proxy Statement with additional disclosures filed with the SEC on October 1, 2020. On October 9, 2020, On November 3, 2020, $3.5 six

Significant Accounting Policies

Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2020
Accounting Policies [Abstract]
Basis of Accounting, Policy [Policy Text Block]	Basis of Presentation and Principles of Consolidation The condensed consolidated financial statements include the accounts of Otelco Inc. (the “Company”) and its subsidiaries, all of which are either directly or indirectly wholly owned. These include: Blountsville Telephone LLC; Brindlee Mountain Telephone LLC; CRC Communications LLC; Granby Telephone LLC; Hopper Telecommunications LLC; Mid-Maine Telecom LLC; Mid-Maine TelPlus LLC; Otelco Mid-Missouri LLC and its wholly owned subsidiary I-Land Internet Services LLC; Otelco Telecommunications LLC; Otelco Telephone LLC; Pine Tree Telephone LLC; Saco River Telephone LLC; Shoreham Telephone LLC; and War Telephone LLC. The accompanying condensed consolidated financial statements include the accounts of the Company and all of the aforesaid subsidiaries after elimination of all material intercompany balances and transactions. The unaudited operating results for the nine September 30, 2020, not may December 31, 2020, The condensed consolidated financial statements and notes included in this Quarterly Report on Form 10 10 December 31, 2019. December 31, 2019 Certain items in prior year's condensed consolidated financial statements have been reclassified to conform with 2020
Effect of Covid-19 Pandemic [Policy Text Block]	COVID- 19 A novel strain of coronavirus (COVID- 19 first December 2019, March 11, 2020. 19 March 2020 third 2020, 19 no September 30, 2020, 19 19
CARES Act [Policy Text Block]	CARES Act The Coronavirus Aid, Relief and Economic Security Act (the “CARES Act”) was enacted on March 27, 2020. not Additionally, the Company applied for and received funds under the Paycheck Protection Program (the “PPP Loan”) in the amount of $2,975,000. October 1, 2020. not The PPP Loan received by the Company has a two 1.0% may no The PPP Loan was used to retain Otelco's employees and allow them to be able to continue to provide essential telecommunications and data services for its customers during the initial peak of the COVID- 19 four 19 19
New Accounting Pronouncements, Policy [Policy Text Block]	Recently Adopted Accounting Pronouncements In February 2016, 2016 02, Leases (Topic 842 2016 02” . December 15, 2018, January 2017, 2017 03, 2016 02 2016 02 January 2018, 2018 01, Leases (Topic 842 842 not 2016 02 not 840, Leases 2016 02 2016 02. July 2018, 2018 10, Codification Improvements to Topic 842, 2016 02. July 2018, 2018 11, Leases (Topic 842 2018 11” not December 2018, 2018 20, Narrow-Scope Improvements for Lessors. March 2019, 2019 01, Codification Improvements. not 250, 2016 02, not not not 2016 02. not two 2018 11; not $1,073,919 no 2016 02 December 31, 2019. In June 2018, 2018 07, Compensation – Stock Compensation (Topic 718 2018 07” . 2017 09, December 15, 2018, no 2014 09, Revenue from Contracts with Customers (Topic 606 2014 09” not In August 2018, 2018 13, Fair Value Measurement (Topic 820 2018 13” . 2018 13, 2018 13 December 15, 2019, not In November 2019, 2019 08, Compensation – Stock Compensation (Topic 718 606 2019 08” 2019 08, 2018 07 2019 08 December 15, 2019, no 2018 07. not not Recent Accounting Pronouncements During 2019, 2019 01 2019 12 2020, 2020 01 2020 08. In November 2018, 2018 19, Codification Improvements to Topic 326, 2018 19” . 2016 13, Financial Instruments - Credit Losses (Topic 326 2016 13” June 2016, first 2016 13, 2018 19. April 2019, 2019 04, Codification Improvements to Topic 326, 815, 825, 2016 13 June 2016, May 2019, 2019 05, Financial Instruments – Credit Losses (Topic 326 2016 13 June 2016, 2016 13, 1 2 326 20 825 10. 2016 13, 2018 19. November 2019, 2019 10, Financial Instruments – Credit Losses (Topic 326 815 842 2019 10” . not not November 2019, 2019 11, Codification Improvements to Topic 326, 2016 13. February 2020, 2020 02, Financial Instruments – Credit Losses (Topic 326 842 2019 10 December 15, 2022, December 15, 2018, not In December 2019, 2019 12, Income Taxes (Topic 740 2019 12” 740. 2019 12 December 15, 2020. not not

Note 2 - Notes Payable (Tables)

Note 2 - Notes Payable (Tables)	9 Months Ended
	Sep. 30, 2020
Notes Tables
Schedule of Maturities of Long-term Debt [Table Text Block]	2020 (remaining) $ 1,088 2021 4,350 2022 61,512 2023 - 2024 - Total $ 66,950
New Credit Facility [Member]
Notes Tables
Schedule of Long-term Debt Instruments [Table Text Block]	Current Long-term September 30, 2020 December 31, 2019 Loan with CoBank, ACB (the "Credit Facility"); variable interest rate of 4.66% at September 30, 2020, interest is monthly, paid in arrears on the last business day of each month. The Credit Facility is secured by the total assets of the subsidiary guarantors. The unpaid balance is due November 3, 2022. $ 4,350 $ 62,600 $ 66,950 $ 70,212 Debt issuance cost (478 ) (467 ) (945 ) (1,111 ) Notes payable, net of debt issuance cost $ 3,872 $ 62,133 $ 66,005 $ 69,101

Note 4 - Net Income Per Commo_2

Note 4 - Net Income Per Common Share (Tables)	9 Months Ended
	Sep. 30, 2020
Notes Tables
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Weighted average number of common shares outstanding - basic 3,421,794 3,410,936 3,421,794 3,410,936 Effect of dilutive securities 18,978 20,293 18,978 20,293 Weighted average number of common shares and potential common shares - diluted 3,440,772 3,431,229 3,440,772 3,431,229 Net income $ 1,228 $ 1,819 $ 4,877 $ 5,816 Net income per common share - basic $ 0.36 $ 0.53 $ 1.43 $ 1.71 Net income per common share - diluted $ 0.36 $ 0.53 $ 1.42 $ 1.70

Note 5 - Revenue Streams and _2

Note 5 - Revenue Streams and Concentrations (Tables)	9 Months Ended
	Sep. 30, 2020
Notes Tables
Disaggregation of Revenue [Table Text Block]	Three Months Ended Nine Months Ended September 30, 2020 September 30, 2020 Local services $ 4,594 $ 13,899 Network access 4,963 14,936 Internet 4,032 11,671 Transport services 1,087 3,289 Video and security 722 2,151 Managed services 176 518 Total revenues $ 15,574 $ 46,464 Three Months Ended Nine Months Ended September 30, 2019 September 30, 2019 Local services $ 4,717 $ 14,585 Network access 5,436 15,970 Internet 3,673 10,996 Transport services 1,091 3,143 Video and security 691 2,028 Managed services 154 453 Total revenues $ 15,762 $ 47,175 Three Months Ended Nine Months Ended September 30, 2020 September 30, 2020 Local services $ 4,594 $ 13,899 Network access 786 2,451 Internet 4,032 11,671 Transport services 1,049 3,176 Video and security 722 2,151 Managed services 176 518 Total revenues generated from customers $ 11,359 $ 33,866 Three Months Ended Nine Months Ended September 30, 2019 September 30, 2019 Local services $ 4,717 $ 14,585 Network access 1,086 3,273 Internet 3,673 10,996 Transport services 1,054 3,030 Video and security 691 2,028 Managed services 154 453 Total revenues generated from customers $ 11,375 $ 34,365 Three Months Ended September 30, 2020 % In-Scope % Total Month to month ("MTM") customers $ 7,239 64.7 % 46.5 % Competitive local exchange carrier ("CLEC") business customers 3,158 28.2 20.3 Network access 487 4.4 3.1 Total revenue streams 10,884 97.3 69.9 Global access* 299 2.7 1.9 Total revenue from contracts with customers 11,183 100.0 % 71.8 Managed services** 176 n/a 1.1 Total revenue generated from customers 11,359 n/a 72.9 Indefeasible rights-of-use agreements** 38 n/a 0.3 Network access** 4,177 n/a 26.8 Total revenues $ 15,574 100.0 % Nine Months Ended September 30, 2020 % In-Scope % Total MTM customers $ 21,298 63.9 % 45.8 % CLEC business customers 9,599 28.8 20.7 Network access 1,534 4.6 3.3 Total revenue streams 32,431 97.3 69.8 Global access* 917 2.7 2.0 Total revenue from contracts with customers 33,348 100.0 % 71.8 Managed services** 518 n/a 1.1 Total revenue generated from customers 33,866 n/a 72.9 Indefeasible rights-of-use agreements** 113 n/a 0.2 Network access** 12,485 n/a 26.9 Total revenues $ 46,464 100.0 % Three Months Ended September 30, 2019 % In-Scope % Total MTM customers $ 6,847 61.0 % 43.4 % CLEC business customers 3,288 29.3 20.9 Network access 640 5.7 4.1 Total revenue streams 10,775 96.0 68.4 Global access* 446 4.0 2.8 Total revenue from contracts with customers 11,221 100.0 % 71.2 Managed services** 154 n/a 1.0 Total revenue generated from customers 11,375 n/a 72.2 Indefeasible rights-of-use agreements** 37 n/a 0.2 Network access** 4,350 n/a 27.6 Total revenues $ 15,762 100.0 % Nine Months Ended September 30, 2019 % In-Scope % Total MTM customers $ 20,769 61.3 % 44.0 % CLEC business customers 9,870 29.1 20.9 Network access 1,908 5.6 4.1 Total revenue streams 32,547 96.0 69.0 Global access* 1,365 4.0 2.9 Total revenue from contracts with customers 33,912 100.0 % 71.9 Managed services** 453 n/a 1.0 Total revenue generated from customers 34,365 n/a 72.9 Indefeasible rights-of-use agreements** 113 n/a 0.2 Network access** 12,697 n/a 26.9 Total revenues $ 47,175 100.0 %

Note 7 - Leases (Tables)

Note 7 - Leases (Tables)	9 Months Ended
	Sep. 30, 2020
Notes Tables
Lessee, Operating Lease, Liability, Maturity [Table Text Block]	Leased Real Property and Office Facilities 2020 (remaining) $ 123 2021 460 2022 302 2023 285 2024 153 Thereafter 691 Total lease payments $ 2,014 Less: Interest (378 ) Present value of lease liabilities $ 1,636
Lease, Cost [Table Text Block]	Three Months Ended September 30, 2020 September 30, 2019 Cash paid for amounts included in the measurment of lease liabilities: Operating cash outflow from operating leases (122 ) (108 ) Weighted-average remaining lease term - operating leases (in years) 6.5 3.6 Weighted-average discount rate - operating leases 6.5 % 6.5 % Nine Months Ended September 30, 2020 September 30, 2019 Cash paid for amounts included in the measurment of lease liabilities: Operating cash outflow from operating leases (365 ) (325 ) Weighted-average remaining lease term - operating leases (in years) 6.5 3.6 Weighted-average discount rate - operating leases 6.5 % 6.5 %

Note 8 - Stock Plans (Tables)

Note 8 - Stock Plans (Tables)	9 Months Ended
	Sep. 30, 2020
Notes Tables
Share-based Payment Arrangement, Restricted Stock Unit, Activity [Table Text Block]	Weighted Average Grant Date RSUs Fair Value Outstanding at December 31, 2018 66,312 $ 9.06 Granted - - Vested (34,202 ) 5.09 Forfeited or cancelled (11,817 ) 13.30 Outstanding at September 30, 2019 20,293 13.30 Weighted Average Grant Date RSUs Fair Value Outstanding at December 31, 2019 17,648 $ 13.30 Granted 14,500 9.22 Vested (12,920 ) 13.30 Forfeited or cancelled (250 ) 9.22 Outstanding at September 30, 2020 18,978 10.24
Share-based Payment Arrangement, Option, Activity [Table Text Block]	Weighted Average ISOs and NQ Grant Date Stock Options Fair Value Outstanding at December 31, 2018 50,000 $ 16.97 Granted - - Vested - - Forfeited or cancelled - - Outstanding at September 30, 2019 50,000 16.97 Weighted Average ISOs and NQ Grant Date Stock Options Fair Value Outstanding at December 31, 2019 40,000 $ 16.97 Granted 64,500 9.22 Vested - - Forfeited or cancelled (250 ) 9.22 Outstanding at September 30, 2020 104,250 12.19

Note 1 - Organization and Bas_2

Note 1 - Organization and Basis of Financial Reporting (Details Textual) - USD ($)	1 Months Ended	9 Months Ended
	May 04, 2020	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019	Jan. 01, 2019
Proceeds from Paycheck Protection Program Under CARES Act	$ 2,975,000	$ 2,975,000
Operating Lease, Liability, Total		1,636,000
Operating Lease, Right-of-Use Asset		$ 1,636,000		$ 1,146,000
Accounting Standards Update 2016-02 [Member]
Operating Lease, Liability, Total					$ 1,073,919
Operating Lease, Right-of-Use Asset					$ 1,073,919

Note 2 - Notes Payable (Details

Note 2 - Notes Payable (Details Textual) - USD ($) $ in Thousands	Oct. 22, 2018	Oct. 21, 2018	Sep. 30, 2020	Sep. 30, 2019	Mar. 31, 2020
Amortization of Debt Issuance Costs			$ 379	$ 342
Line of Credit Facility, Commitment Fee Amount			17	14
New Credit Facility [Member]
Debt Issuance Costs, Gross					$ 2,300
Debt Issuance Costs Incurred During Noncash or Partial Noncash Transaction			212
Amortization of Debt Issuance Costs			379	$ 342
Line of Credit Facility, Maximum Borrowing Capacity			$ 5,000
Line of Credit Facility, Commitment Fee Percentage	0.38%	0.50%	0.38%
Previous Credit Facility [Member]
Long-term Line of Credit, Total			$ 0

Note 2 - Notes Payable - New Cr

Note 2 - Notes Payable - New Credit Facility (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Notes payable, net of debt issuance cost, current	$ 3,872	$ 3,929
Notes payable, net of debt issuance cost	62,133	65,172
Notes payable, net of debt issuance cost	66,950
New Credit Facility [Member]
Long term debt, current	4,350
Long term debt, noncurrent	62,600
Long term debt, carrying amount	66,950	70,212
Debt issuance cost, current	(478)
Debt issuance cost, long-term	(467)
Debt issuance cost	(945)	(1,111)
Notes payable, net of debt issuance cost, current	3,872
Notes payable, net of debt issuance cost	62,133
Notes payable, net of debt issuance cost	$ 66,005	$ 69,101

Note 2 - Notes Payable - New _2

Note 2 - Notes Payable - New Credit Facility (Details) (Parentheticals)	Sep. 30, 2020
New Credit Facility [Member]
Notes payable, interest rate	4.66%

Note 2 - Notes Payable - Maturi

Note 2 - Notes Payable - Maturities of Notes Payable (Details) $ in Thousands	Sep. 30, 2020USD ($)
2020 (remaining)	$ 1,088
2021	4,350
2022	61,512
2023
2024
Total	$ 66,950

Note 3 - Income Tax (Details Te

Note 3 - Income Tax (Details Textual) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Income Tax Expense (Benefit), Total	$ 452	$ 712	$ 1,576	$ 2,056
Effective Income Tax Rate Reconciliation, Percent, Total			24.40%	26.10%

Note 4 - Net Income Per Commo_3

Note 4 - Net Income Per Common Share - Reconciliation of Income (Loss) Per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Sep. 30, 2020	Sep. 30, 2019
Weighted average number of common shares outstanding - basic (in shares)	3,421,794			3,410,936			3,421,794	3,410,936
Effect of dilutive securities (in shares)	18,978			20,293			18,978	20,293
Weighted average number of common shares and potential common shares - diluted (in shares)	3,440,772			3,431,229			3,440,772	3,431,229
Net income	$ 1,228	$ 1,431	$ 2,218	$ 1,819	$ 1,716	$ 2,281	$ 4,877	$ 5,816
Net income per common share - basic (in dollars per share)	$ 0.36			$ 0.53			$ 1.43	$ 1.71
Net income per common share - diluted (in dollars per share)	$ 0.36			$ 0.53			$ 1.42	$ 1.70

Note 5 - Revenue Streams and _3

Note 5 - Revenue Streams and Concentrations (Details Textual) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended	9 Months Ended
	Sep. 30, 2020	Jun. 30, 2020	Sep. 30, 2020	Sep. 30, 2019
Revenue, Remaining Performance Obligation, Amount	$ 6,600		$ 6,600
Contract with Customer, Liability, Revenue Recognized	1,400	$ 3,700
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | National Exchange Carrier Association [Member]
Concentration Risk, Percentage			23.90%	24.30%
Short-term Contract with Customer [Member]
Revenue, Remaining Performance Obligation, Amount	944		$ 944
Long-term Contract with Customer [Member]
Revenue, Remaining Performance Obligation, Amount	$ 5,400		$ 5,400
Long-term Contract with Customer [Member] | Minimum [Member]
Revenue, Expected to Recognize, Term (Year)			2 years
Long-term Contract with Customer [Member] | Maximum [Member]
Revenue, Expected to Recognize, Term (Year)			5 years

Note 5 - Revenue Streams and _4

Note 5 - Revenue Streams and Concentrations - Revenue Streams (Details) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Revenues		$ 15,574	$ 15,762	$ 46,464	$ 47,175
Revenues, within scope of ASU 2014-09		$ 15,574			$ 47,175
Revenues, percentage		100.00%
Revenue Benchmark [Member]
Revenues, percentage			100.00%	100.00%	100.00%
Month-to-Month Customers [Member]
Revenues, within scope of ASU 2014-09		$ 7,239	$ 6,847	$ 21,298	$ 20,769
Revenues, percentage within scope of ASU 2014-09		64.70%	61.00%	63.90%	61.30%
Revenues, percentage		46.50%
Month-to-Month Customers [Member] | Revenue Benchmark [Member]
Revenues, percentage			43.40%	45.80%	44.00%
Competitive Local Exchange Carrier Business Customers [Member]
Revenues, within scope of ASU 2014-09		$ 3,158	$ 3,288	$ 9,599	$ 9,870
Revenues, percentage within scope of ASU 2014-09		28.20%	29.30%	28.80%	29.10%
Revenues, percentage		20.30%
Competitive Local Exchange Carrier Business Customers [Member] | Revenue Benchmark [Member]
Revenues, percentage			20.90%	20.70%	20.90%
Network Access Customers [member]
Revenues, within scope of ASU 2014-09		$ 487	$ 640	$ 1,534	$ 1,908
Revenues, percentage within scope of ASU 2014-09		4.40%	5.70%	4.60%	5.60%
Revenues, percentage		3.10%
Network Access Customers [member] | Revenue Benchmark [Member]
Revenues, percentage			4.10%	3.30%	4.10%
Month-to-Month, Competitive Local Exchange Carrier Business, and Network Access Customers [Member]
Revenues, within scope of ASU 2014-09		$ 10,884	$ 10,775	$ 32,431	$ 32,547
Revenues, percentage within scope of ASU 2014-09		97.30%	96.00%	97.30%	96.00%
Revenues, percentage		69.90%
Month-to-Month, Competitive Local Exchange Carrier Business, and Network Access Customers [Member] | Revenue Benchmark [Member]
Revenues, percentage			68.40%	69.80%	69.00%
Global Access Customers [Member]
Revenues, within scope of ASU 2014-09	[1]	$ 299	$ 446	$ 917	$ 1,365
Revenues, percentage within scope of ASU 2014-09	[1]	2.70%	4.00%	2.70%	4.00%
Revenues, percentage	[1]	1.90%
Global Access Customers [Member] | Revenue Benchmark [Member]
Revenues, percentage	[1]		2.80%	2.00%	2.90%
Month-to-Month, Competitive Local Exchange Carrier Business, Network Access, and Global Access Customers [Member]
Revenues, within scope of ASU 2014-09		$ 11,183	$ 11,221	$ 33,348	$ 33,912
Revenues, percentage within scope of ASU 2014-09		100.00%	100.00%	100.00%	100.00%
Revenues, percentage		71.80%
Month-to-Month, Competitive Local Exchange Carrier Business, Network Access, and Global Access Customers [Member] | Revenue Benchmark [Member]
Revenues, percentage			71.20%	71.80%	71.90%
Managed Services [Member]
Revenues	[2]		$ 154	$ 518	$ 453
Revenues, within scope of ASU 2014-09	[2]	$ 176
Revenues, percentage	[2]	1.10%
Managed Services [Member] | Revenue Benchmark [Member]
Revenues, percentage	[2]		1.00%	1.10%	1.00%
Sales Channel, Directly to Consumer [Member]
Revenues		$ 11,359	$ 11,375	$ 33,866	$ 34,365
Revenues, within scope of ASU 2014-09		$ 11,359			$ 34,365
Revenues, percentage		72.90%
Sales Channel, Directly to Consumer [Member] | Revenue Benchmark [Member]
Revenues, percentage			72.20%	72.90%	72.90%
Local services [Member]
Revenues		$ 4,594	$ 4,717	$ 13,899	$ 14,585
Local services [Member] | Sales Channel, Directly to Consumer [Member]
Revenues		4,594	4,717	13,899	14,585
Network Access [Member]
Revenues		4,963	5,436	14,936	15,970
Network Access [Member] | Sales Channel, Directly to Consumer [Member]
Revenues		786	1,086	2,451	3,273
Internet [Member]
Revenues		4,032	3,673	11,671	10,996
Internet [Member] | Sales Channel, Directly to Consumer [Member]
Revenues		4,032	3,673	11,671	10,996
Transport Services [Member]
Revenues		1,087	1,091	3,289	3,143
Transport Services [Member] | Sales Channel, Directly to Consumer [Member]
Revenues		1,049	1,054	3,176	3,030
Video and Security [Member]
Revenues		722	691	2,151	2,028
Video and Security [Member] | Sales Channel, Directly to Consumer [Member]
Revenues		722	691	2,151	2,028
Management Service [Member]
Revenues		176	154	518	453
Management Service [Member] | Sales Channel, Directly to Consumer [Member]
Revenues		176	154	518	453
Indefeasible Rights-Of-Use Agreements, Outside of ASU 2014-09 Scope [Member]
Revenues	[2]		$ 37	$ 113	$ 113
Revenues, within scope of ASU 2014-09	[2]	$ 38
Revenues, percentage	[2]	0.30%
Indefeasible Rights-Of-Use Agreements, Outside of ASU 2014-09 Scope [Member] | Revenue Benchmark [Member]
Revenues, percentage	[2]		0.20%	0.20%	0.20%
Network Access, Outside of ASU 2014-09 Scope [Member]
Revenues	[2]		$ 4,350	$ 12,485	$ 12,697
Revenues, within scope of ASU 2014-09	[2]	$ 4,177
Revenues, percentage	[2]	26.80%
Network Access, Outside of ASU 2014-09 Scope [Member] | Revenue Benchmark [Member]
Revenues, percentage	[2]		27.60%	26.90%	26.90%
[1]	Fixed fees charged to MTM customers and CLEC business customers.
[2]	Revenue generated from sources not within the scope of ASU 2014-09.

Note 7 - Leases (Details Textua

Note 7 - Leases (Details Textual) - USD ($)	9 Months Ended
	Sep. 30, 2020	Dec. 31, 2019	Jan. 01, 2019
Operating Lease, Right-of-Use Asset	$ 1,636,000	$ 1,146,000
Operating Lease, Liability, Total	$ 1,636,000
Minimum [Member]
Commercial Borrowing Rate	5.00%
Loan Collateralized by Real Estate, Term (Year)	5 years
Maximum [Member]
Commercial Borrowing Rate	7.00%
Loan Collateralized by Real Estate, Term (Year)	10 years
Accounting Standards Update 2016-02 [Member]
Operating Lease, Right-of-Use Asset			$ 1,073,919
Operating Lease, Liability, Total			$ 1,073,919

Note 7 - Leases - Undiscounted

Note 7 - Leases - Undiscounted and Discounted Cash Flows for Leases (Details) $ in Thousands	Sep. 30, 2020USD ($)
2020 (remaining)	$ 123
2021	460
2022	302
2023	285
2024	153
Thereafter	691
Total lease payments	2,014
Less: Interest	(378)
Present value of lease liabilities	$ 1,636

Note 7 - Leases - Lease Informa

Note 7 - Leases - Lease Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Operating cash outflow from operating leases	$ (122)	$ (108)	$ (365)	$ (325)
Weighted-average remaining lease term - operating leases (in years) (Year)	6 years 182 days	3 years 219 days	6 years 182 days	3 years 219 days
Weighted-average discount rate - operating leases	6.50%	6.50%	6.50%	6.50%

Note 8 - Stock Plans (Details T

Note 8 - Stock Plans (Details Textual) - USD ($) $ in Thousands	Jan. 02, 2020	Oct. 15, 2018	Jun. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019	Dec. 31, 2018
Incentive and Non-Qualified Stock Options [Member]
Share-based Payment Arrangement, Amount Capitalized	$ 0	$ 0
Share-based Payment Arrangement, Expense				$ 107	$ 65
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total				$ 503	$ 351
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage	20.00%	20.00%
Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)				14,500		0	401,111
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year)			5 years
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested or Cancelled (in shares)							334,799
Share-based Payment Arrangement, Amount Capitalized							$ 0
Share-based Payment Arrangement, Expense				$ 49	$ 108
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total				$ 131	$ 108
Restricted Stock Units (RSUs) [Member] | Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year)							1 year
Restricted Stock Units (RSUs) [Member] | Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year)							5 years
Incentive Stock Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in shares)	34,500	29,460
Non-Qualified Stock Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in shares)	30,000	20,540
Incentive and Non-Qualified Stock Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year)	5 years	5 years
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in shares)				64,500

Note 8 - Stock Plans - Summary

Note 8 - Stock Plans - Summary of RSU Activity (Details) - Restricted Stock Units (RSUs) [Member] - $ / shares	9 Months Ended		12 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019	Dec. 31, 2018
Restricted stock units outstanding (in shares)	17,648	66,312	66,312
Outstanding, weighted average grant date fair value (in dollars per share)	$ 13.30	$ 9.06	$ 9.06
Restricted stock units granted (in shares)	14,500		0	401,111
Granted, weighted average grant date fair value (in dollars per share)	$ 9.22
Restricted stock units vested (in shares)	(12,920)	(34,202)
Vested, weighted average grant date fair value (in dollars per share)	$ 13.30	$ 5.09
Restricted stock units forfeited or cancelled (in shares)	(250)	(11,817)
Forfeited or cancelled, weighted average grant date fair value (in dollars per share)	$ 9.22	$ 13.30
Restricted stock units outstanding (in shares)	18,978	20,293	17,648	66,312
Outstanding, weighted average grant date fair value (in dollars per share)	$ 10.24	$ 13.30	$ 13.30	$ 9.06

Note 8 - Stock Plans - Summar_2

Note 8 - Stock Plans - Summary of Stock Option Activity (Details) - Incentive and Non-Qualified Stock Options [Member] - $ / shares	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Stock options outstanding (in shares)	40,000	50,000
Outstanding, weighted average grant date fair value (in dollars per share)	$ 16.97	$ 16.97
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in shares)	64,500
Granted, weighted average grant date fair value (in dollars per share)	$ 9.22
Stock options vested (in shares)
Vested, weighted average grant date fair value (in dollars per share)
Stock options forfeited or cancelled (in shares)	(250)
Forfeited or cancelled, weighted average grant date fair value (in dollars per share)	$ 9.22
Stock options outstanding (in shares)	104,250	50,000
Outstanding, weighted average grant date fair value (in dollars per share)	$ 12.19	$ 16.97

Note 9 - Goodwill (Details Text

Note 9 - Goodwill (Details Textual) $ in Thousands	9 Months Ended
	Sep. 30, 2020USD ($)
Goodwill, Impairment Loss	$ 0

Note 10 - Subsequent Events (De

Note 10 - Subsequent Events (Details Textual) $ in Millions	5 Months Ended
	Mar. 31, 2021USD ($)
Forecast [Member]
Merger Agreement, Maximum Incremental Revenue	$ 3.5