Otelco (OTEL) 10-Q 8 Nov 17 2017 Q3 Quarterly report Financial data

Document And Entity Information

Document And Entity Information	9 Months Ended
	Sep. 30, 2017shares
Document Information [Line Items]
Entity Registrant Name	OTELCO INC.
Entity Central Index Key	1,288,359
Trading Symbol	otel
Current Fiscal Year End Date	--12-31
Entity Filer Category	Smaller Reporting Company
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Well-known Seasoned Issuer	No
Document Type	10-Q
Document Period End Date	Sep. 30, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q3
Amendment Flag	false
Common Class B [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding (in shares)	0
Common Class A [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding (in shares)	3,346,689

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Current assets
Cash and cash equivalents	$ 8,855	$ 10,538
Accounts receivable:
Due from subscribers, net of allowance for doubtful accounts of $206 and $187, respectively	4,637	5,035
Other	1,709	1,528
Materials and supplies	2,847	2,184
Prepaid expenses	1,606	2,912
Total current assets	19,654	22,197
Property and equipment, net	50,078	49,271
Goodwill	44,976	44,976
Intangible assets, net	1,433	1,785
Investments	1,637	1,821
Other assets	248	222
Total assets	118,026	120,272
Current liabilities
Accounts payable	1,344	1,477
Accrued expenses	5,316	4,730
Advance billings and payments	1,655	1,487
Customer Deposits	62	62
Current maturity of long-term notes payable, net of debt issuance cost	2,976	6,071
Total current liabilities	11,353	13,827
Deferred income taxes	28,280	28,280
Retirement of CoBank equity	2,401	1,987
Other liabilities	21	26
Long-term notes payable, less current maturities and debt issuance cost	81,917	86,860
Total liabilities	123,972	130,980
Stockholders' deficit
Additional paid in capital	4,214	4,186
Accumulated deficit	(10,194)	(14,927)
Total stockholders' deficit	(5,946)	(10,708)
Total liabilities and stockholders' deficit	118,026	120,272
Common Class A [Member]
Stockholders' deficit
Class A Common Stock, $.01 par value-authorized 10,000,000 shares; issued and outstanding 3,346,689 and 3,291,750 shares, respectively	$ 34	$ 33

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Allowance for doubtful accounts	$ 206	$ 187
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)	3,346,689	3,291,750
Common stock, outstanding (in shares)	3,346,689	3,291,750

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Revenues	$ 16,946	$ 17,389	$ 51,732	$ 52,111
Operating expenses
Cost of services	7,610	7,958	23,468	23,963
Selling, general and administrative expenses	2,588	2,888	7,762	7,871
Depreciation and amortization	1,834	1,982	5,515	6,071
Total operating expenses	12,032	12,828	36,745	37,905
Income from operations	4,914	4,561	14,987	14,206
Other income (expense)
Interest expense	(2,567)	(2,728)	(7,749)	(7,931)
Other income			204	624
Total other expense	(2,567)	(2,728)	(7,545)	(7,307)
Income before income tax expense	2,347	1,833	7,442	6,899
Income tax expense	(758)	(708)	(2,709)	(2,700)
Net income	$ 1,589	$ 1,125	$ 4,733	$ 4,199
Weighted average number of common shares outstanding:
Basic (in shares)	3,346,689	3,283,177	3,346,689	3,283,177
Diluted (in shares)	3,445,632	3,384,308	3,445,632	3,380,178
Basic net income per common share (in dollars per share)	$ 0.47	$ 0.34	$ 1.41	$ 1.28
Diluted net income per common share (in dollars per share)	$ 0.46	$ 0.33	$ 1.37	$ 1.24

Condensed Consolidated Stateme5

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016
Cash flows from operating activities:
Net income	$ 4,733	$ 4,199
Adjustments to reconcile net income to cash flows provided by operating activities:
Depreciation	5,225	5,328
Amortization	290	743
Amortization of loan costs	927	929
Loss on extinguishment of debt		155
Provision for uncollectible accounts receivable	290	271
Stock-based compensation	237	311
Payment in kind interest - subordinated debt	237	194
Changes in operating assets and liabilities
Accounts receivable	(73)	(194)
Materials and supplies	(663)	(326)
Prepaid expenses and other assets	1,280	1,481
Accounts payable and accrued expenses	453	654
Advance billings and payments	582	(77)
Other liabilities	(3)	(5)
Net cash from operating activities	13,515	13,663
Cash flows used in investing activities:
Acquisition and construction of property and equipment	(5,951)	(4,111)
Net cash used in investing activities	(5,951)	(4,111)
Cash flows used in financing activities:
Loan origination costs	(77)	(5,242)
Principal repayment of long-term notes payable	(9,125)	(102,052)
Proceeds from loan refinancing		100,300
Retirement of CoBank equity	164
Tax withholdings paid on behalf of employees for restricted stock units	(209)	(109)
Net cash used in financing activities	(9,247)	(7,103)
Net (decrease) increase in cash and cash equivalents	(1,683)	2,449
Cash and cash equivalents, beginning of period	10,538	6,884
Cash and cash equivalents, end of period	8,855	9,333
Supplemental disclosures of cash flow information:
Interest paid	6,654	6,065
Income taxes paid	1,802	1,197
Conversion of Class B common stock to Class A common stock		2
Issuance of Class A common stock	$ 1	$ 1

Note 1 - Organization and Basis

Note 1 - Organization and Basis of Financial Reporting	9 Months Ended
	Sep. 30, 2017
Notes to Financial Statements
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]	1. Organization and Basis of Financial Reporting Basis of Presentation and Principles of Consolidation The unaudited 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 (“CRC”); Granby Telephone LLC; Hopper Telecommunications LLC; Mid-Maine Telecom LLC; Mid-Maine TelPlus LLC; Otelco Mid-Missouri LLC (“MMT”) and its wholly owned subsidiary I-Land Internet Services LLC; Otelco Telecommunications LLC; Otelco Telephone LLC (“OTP”); Pine Tree Telephone LLC; Saco River Telephone LLC; Shoreham Telephone LLC; and War Telephone LLC. The accompanying unaudited 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 three nine September 30, 2017, not may December 31, 2017, The unaudited condensed consolidated financial statements and notes included in this Quarterly Report on Form 10 10 December 31, 2016. Recent Accounting Pronouncements During 201 7, 2017 01 2017 - 13. 2017 - 03 , 2017 04, 2017 09 2017 - 10, , impact on the Company. In May 2014, 2014 09, Revenue from Contracts with Customers (Topic 606 2014 09” December 15, 2016, not July 2015, 2015 14, Revenue from Contracts with Customers (Topic 606 one 2014 09, first 2018 first 2017. In March 2016, 2016 08, Revenue from Contracts with Customers (Topic 606 2014 09, April 2016, 2016 10, Revenue from Contracts with Customers (Topic 606 2014 09, May 2016, 2016 12, Revenue from Contracts with Customers (Topic 606 2014 09, December 2016, 2016 20, Technical Corrections and Improvements to Topic 606, 2014 09, January 2017, 2017 03, Accounting Changes and Error Corrections (Topic 250 323 2017 03” 2014 09 2014 09 2014 09 75% no no not 2014 09. 2014 09 2014 09 not 2014 09 In February 2016, 2016 02, Leases (Topic 842 2016 02” . December 15, 2018, In January 2017, 2017 03, 2016 02 2016 02 2016 02 not In January 2017, 2017 04, Intangibles-Goodwill and Other (Topic 350 2017 04” 2 2017 04 December 15, 2019, January 1, 2017. not In May 2017 , the FASB issued ASU 2017 09, Compensation-Stock Compensation (Topic 718 2017 09” 2017 09 718, Stock Compensation . ASU 2017 09 December 15, 2017, not 2017 09 not In May 2017, 2017 10, Service Concession Arrangements (Topic 853 2017 10” not 840, Leases 2017 10 not December 15, 2017, not 2016 Refinancing On January 25, 2016, five $85.0 five $5.0 five $15.0 February 17, 2016, $15.3 $85.0 $15.3 April 30, 2016. ’s Class B common stock were automatically converted into an equal number of shares of the Company’s Class A common stock. The term loan facility under the Senior Loan Agreement required principal payments of $1.0 April 1, 2016. not $15 $140 second 2017, $77.9 $8.5 $7.5 2017 2018,

Note 2 - Notes Payable

Note 2 - Notes Payable	9 Months Ended
	Sep. 30, 2017
Notes to Financial Statements
Debt Disclosure [Text Block]	2. Notes Payable Notes payable consists of the following (in thousands , except percentages) as of: September 30, 2017 Current Long-term Total Senior Loan Agreement with Cerberus Business Finance, LLC; variable interest rate of 8.99% at September 30, 2017, interest is monthly, paid in arrears on the first business day of each month. The Senior Loan Agreement was secured by the total assets of the subsidiary guarantors. The unpaid balance was due February 17, 2021. $ 4,000 $ 68,875 $ 72,875 Debt issuance cost (1,024 ) (2,134 ) (3,158 ) Senior notes payable, net of debt issuance cost $ 2,976 $ 66,741 $ 69,717 December 31, 2016 Current Long-term Total Senior Loan Agreement with Cerberus Business Finance, LLC; variable interest rate of 8.75% at December 31, 2016, interest was monthly, paid in arrears on the first business day of each month. The Senior Loan Agreement was secured by the total assets of the subsidiary guarantors. The unpaid balance was due February 17, 2021. $ 7,125 $ 74,875 $ 82,000 Debt issuance cost (1,054 ) (2,835 ) (3,889 ) Senior notes payable, net of debt issuance cost $ 6,071 $ 72,040 $ 78,111 September 30 , December 31, 201 7 201 6 Subordinated Loan Agreement with NewSpring Mezzanine Capital III, L.P.; fixed interest due monthly with a rate of 12.00% . Payment in kind (“PIK”) interest rate of 2.00% per annum. PIK interest accrued was added to the principal amount then outstanding on the last business day of each quarter. The unpaid balance was due August 17, 2021. $ 15,300 $ 15,300 PIK interest added to principal 510 273 Less: Long-term portion of debt issuance cost (634 ) (753 ) Long-term notes payable , net of debt issuance cost $ 15,176 $ 14,820 Associated with the Senior Loan Agreement, the Company has capitalized and amortized deferred financing cost using the effective interest method. The Company has capitalized $4.9 $808 $704 nine September 30, 2017, 2016, Associated with the Subordinate d Loan Agreement, the Company has capitalized and amortized deferred financing cost using the effective interest method. The Company has capitalized $892 $119 $99 nine September 30, 2017, 2016, The Company had a revolving credit facility on September 30, 2017, December 31, 2016, $5.0 February 17, 2021. no September 30, 2017, December 31, 2016. 0.75% $28 $24 nine September 30, 2017, 2016, Maturities of notes payable for the next five , assuming no September 30, 2017 ( 201 7 (remaining) $ 1,000 201 8 4,000 201 9 4,000 20 20 4,000 202 1 75,175 Total $ 88,175 In addition, PIK interest of $1,772 Subordinated Loan Agreement was to be paid at maturity. A total of $5,836 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, 2017,

Note 3 - Income Tax

Note 3 - Income Tax	9 Months Ended
	Sep. 30, 2017
Notes to Financial Statements
Income Tax Disclosure [Text Block]	3. Income Tax As of each of September 30, 2017 , and December 31, 2016, $0 $25 no September 30, 2017 , or December 31, 2016 . The Company establishes valuation allowances when necessary to reduce deferred tax assets to amounts expected to be realized. As of September 30, 2017, no . The effective income tax rate as of September 30, 2017 , and December 31, 2016 , was 36 .4% 41 .5%,

Note 4 - Net Income Per Common

Note 4 - Net Income Per Common Share	9 Months Ended
	Sep. 30, 2017
Notes to Financial Statements
Earnings Per Share [Text Block]	4. Net Income per Common Share Basic net i ncome 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, 2017 2016 2017 2016 Weighted average number of common shares outstanding - basic 3,346,689 3,283,177 3,346,689 3,283,177 Effect of dilutive securities 98,943 101,131 98,943 97,001 Weighted average number of common shares and potential common shares - diluted 3,445,632 3,384,308 3,445,632 3,380,178 Net income $ 1,589 $ 1,125 $ 4,733 $ 4,199 Net income per common share - basic $ 0.47 $ 0.34 $ 1.41 $ 1.28 Net income per common share - diluted $ 0.46 $ 0.33 $ 1.37 $ 1.24

Note 5 - Revenue Concentration

Note 5 - Revenue Concentration	9 Months Ended
	Sep. 30, 2017
Notes to Financial Statements
Concentration Risk Disclosure [Text Block]	5. Revenue Concentration Revenues for interstate access services are based on reimbursement of costs and an allowed rate of return. Revenues of this nature are received from the National Exchange Carrier Association in the form of monthly settlements. Such revenues amounted to 21.8% 18.4% nine September 30, 2017, 2016,

Note 6 - Commitments and Contin

Note 6 - Commitments and Contingencies	9 Months Ended
	Sep. 30, 2017
Notes to Financial Statements
Commitments and Contingencies Disclosure [Text Block]	6. Commitments and Contingencies From time to time, the Company may may none Sprint Communications L.P. (“ Sprint”), MCI Communications Services, Inc. (“MCI”) and Verizon Select Services, Inc. (“Verizon”) have filed more than 60 400 two one May 2, 2014 , by Sprint and the other filed on September 5, 2014 , by MCI and Verizon). In addition, one September 5, 2014. November 17, 2015, May 5, 2016, 3 3” 3 3 3 March 22, 2017, 3’s 3 May 3, 2017, June 1, 2017, September 1, 2017. not On November 10, 2014, 1 intentionally routed over Interexchange carrier (“IXC”) trunks by IXCs should be subject to access charges; ( 2 may 3 4 may not March 11, 2015, No not

Note 7 - Stock Plans and Stock

Note 7 - Stock Plans and Stock Associated with Acquisition	9 Months Ended
	Sep. 30, 2017
Notes to Financial Statements
Shareholders' Equity and Share-based Payments [Text Block]	7. Stock Plans and Stock Associated with Acquisition The Company has previously granted RSUs underlying 366,356 These RSUs (or a portion thereof) vest with respect to each recipient over a one three 366,356 162,716 December 31, 2016 . During the nine September 30, 2017, no no The following table summar izes RSU activity as of September 30, 2017: RSUs Weighted Average Grant Date Fair Value Outstanding at December 31, 201 6 203,640 $ 4.57 Granted — $ — Vested (88,287 ) $ 4.66 Forfeited or cancelled (16,410 ) $ 4.40 Outstanding at September 30, 2017 98,943 $ 4.51 CRC acquired substantially all of the assets of Reliable Networks of Maine, LLC (“Reliable Networks”), a Portland, Maine-based provider of cloud hosting and managed services for small and mid-sized companies who rely on mission-critical software applications, on January 2, 2014. 2015 one December 31, 2014, 68,233 March 12, 2015, December 31, 2016, 2015, not no Stock-based compensation expense related t o RSUs and the Earn-Out was $237 $311 nine September 30, 2017, 2016, no 2014 As of September 30, 2017, $343 2019.

Note 8 - Subsequent Events

Note 8 - Subsequent Events	9 Months Ended
	Sep. 30, 2017
Notes to Financial Statements
Subsequent Events [Text Block]	8. S ubsequent Events On November 2, 2017, $92 five $87.0 $5.0 $20.0

Significant Accounting Policies

Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2017
Accounting Policies [Abstract]
New Accounting Pronouncements, Policy [Policy Text Block]	Recent Accounting Pronouncements During 201 7, 2017 01 2017 - 13. 2017 - 03 , 2017 04, 2017 09 2017 - 10, , impact on the Company. In May 2014, 2014 09, Revenue from Contracts with Customers (Topic 606 2014 09” December 15, 2016, not July 2015, 2015 14, Revenue from Contracts with Customers (Topic 606 one 2014 09, first 2018 first 2017. In March 2016, 2016 08, Revenue from Contracts with Customers (Topic 606 2014 09, April 2016, 2016 10, Revenue from Contracts with Customers (Topic 606 2014 09, May 2016, 2016 12, Revenue from Contracts with Customers (Topic 606 2014 09, December 2016, 2016 20, Technical Corrections and Improvements to Topic 606, 2014 09, January 2017, 2017 03, Accounting Changes and Error Corrections (Topic 250 323 2017 03” 2014 09 2014 09 2014 09 75% no no not 2014 09. 2014 09 2014 09 not 2014 09 In February 2016, 2016 02, Leases (Topic 842 2016 02” . December 15, 2018, In January 2017, 2017 03, 2016 02 2016 02 2016 02 not In January 2017, 2017 04, Intangibles-Goodwill and Other (Topic 350 2017 04” 2 2017 04 December 15, 2019, January 1, 2017. not In May 2017 , the FASB issued ASU 2017 09, Compensation-Stock Compensation (Topic 718 2017 09” 2017 09 718, Stock Compensation . ASU 2017 09 December 15, 2017, not 2017 09 not In May 2017, 2017 10, Service Concession Arrangements (Topic 853 2017 10” not 840, Leases 2017 10 not December 15, 2017, not
Refinancing Policy [Policy Text Block]	2016 Refinancing On January 25, 2016, five $85.0 five $5.0 five $15.0 February 17, 2016, $15.3 $85.0 $15.3 April 30, 2016. ’s Class B common stock were automatically converted into an equal number of shares of the Company’s Class A common stock. The term loan facility under the Senior Loan Agreement required principal payments of $1.0 April 1, 2016. not $15 $140 second 2017, $77.9 $8.5 $7.5 2017 2018,

Note 2 - Notes Payable (Tables)

Note 2 - Notes Payable (Tables)	9 Months Ended
	Sep. 30, 2017
Notes Tables
Schedule of Long-term Debt Instruments [Table Text Block]	September 30 , December 31, 201 7 201 6 Subordinated Loan Agreement with NewSpring Mezzanine Capital III, L.P.; fixed interest due monthly with a rate of 12.00% . Payment in kind (“PIK”) interest rate of 2.00% per annum. PIK interest accrued was added to the principal amount then outstanding on the last business day of each quarter. The unpaid balance was due August 17, 2021. $ 15,300 $ 15,300 PIK interest added to principal 510 273 Less: Long-term portion of debt issuance cost (634 ) (753 ) Long-term notes payable , net of debt issuance cost $ 15,176 $ 14,820
Schedule of Maturities of Long-term Debt [Table Text Block]	201 7 (remaining) $ 1,000 201 8 4,000 201 9 4,000 20 20 4,000 202 1 75,175 Total $ 88,175
Senior Notes [Member]
Notes Tables
Schedule of Long-term Debt Instruments [Table Text Block]	September 30, 2017 Current Long-term Total Senior Loan Agreement with Cerberus Business Finance, LLC; variable interest rate of 8.99% at September 30, 2017, interest is monthly, paid in arrears on the first business day of each month. The Senior Loan Agreement was secured by the total assets of the subsidiary guarantors. The unpaid balance was due February 17, 2021. $ 4,000 $ 68,875 $ 72,875 Debt issuance cost (1,024 ) (2,134 ) (3,158 ) Senior notes payable, net of debt issuance cost $ 2,976 $ 66,741 $ 69,717 December 31, 2016 Current Long-term Total Senior Loan Agreement with Cerberus Business Finance, LLC; variable interest rate of 8.75% at December 31, 2016, interest was monthly, paid in arrears on the first business day of each month. The Senior Loan Agreement was secured by the total assets of the subsidiary guarantors. The unpaid balance was due February 17, 2021. $ 7,125 $ 74,875 $ 82,000 Debt issuance cost (1,054 ) (2,835 ) (3,889 ) Senior notes payable, net of debt issuance cost $ 6,071 $ 72,040 $ 78,111

Note 4 - Net Income Per Commo16

Note 4 - Net Income Per Common Share (Tables)	9 Months Ended
	Sep. 30, 2017
Notes Tables
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 Weighted average number of common shares outstanding - basic 3,346,689 3,283,177 3,346,689 3,283,177 Effect of dilutive securities 98,943 101,131 98,943 97,001 Weighted average number of common shares and potential common shares - diluted 3,445,632 3,384,308 3,445,632 3,380,178 Net income $ 1,589 $ 1,125 $ 4,733 $ 4,199 Net income per common share - basic $ 0.47 $ 0.34 $ 1.41 $ 1.28 Net income per common share - diluted $ 0.46 $ 0.33 $ 1.37 $ 1.24

Note 7 - Stock Plans and Stoc17

Note 7 - Stock Plans and Stock Associated with Acquisition (Tables)	9 Months Ended
	Sep. 30, 2017
Notes Tables
Schedule of Share-based Compensation, Restricted Stock Units Award Activity [Table Text Block]	RSUs Weighted Average Grant Date Fair Value Outstanding at December 31, 201 6 203,640 $ 4.57 Granted — $ — Vested (88,287 ) $ 4.66 Forfeited or cancelled (16,410 ) $ 4.40 Outstanding at September 30, 2017 98,943 $ 4.51

Note 1 - Organization and Bas18

Note 1 - Organization and Basis of Financial Reporting (Details Textual) - USD ($)	Feb. 17, 2016	Jan. 25, 2016	Jun. 30, 2017	Sep. 30, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Debt Issuance Costs, Net	$ 15,000
Write off of Deferred Debt Issuance Cost	140,000
Revolving Credit Facility [Member]
Debt Instrument, Term		5 years
Line of Credit Facility, Maximum Borrowing Capacity		$ 5,000,000		$ 5,000,000			$ 5,000,000
Senior Notes [Member]
Debt Instrument, Term		5 years
Debt Instrument, Face Amount		$ 85,000,000
Proceeds from Issuance of Debt	85,000,000
Debt Instrument, Periodic Payment	1,000,000
Debt Issuance Costs, Net				$ 3,158,000			$ 3,889,000
Payments of Debt Restructuring Costs			$ 77,900
Senior Notes [Member] | Scenario, Forecast [Member]
Capital Expenditure Limit					$ 7,500,000	$ 8,500,000
Subordinated Debt [Member]
Debt Instrument, Term		5 years 182 days
Debt Instrument, Face Amount	15,300,000	$ 15,000,000
Proceeds from Issuance of Debt	$ 15,300,000
Customer Concentration Risk [Member] | Sales Revenue, Net [Member] | Rural Local Exchange Carrier [Member]
Concentration Risk, Percentage				75.00%

Note 2 - Notes Payable (Details

Note 2 - Notes Payable (Details Textual) - USD ($)	9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Jun. 30, 2017	Dec. 31, 2016	Jan. 25, 2016
Amortization of Debt Issuance Costs	$ 927,000	$ 929,000
Notes Payable, Net [Member]
Debt Issuance Costs, Gross	5,836,000
Revolving Credit Facility [Member]
Line of Credit Facility, Maximum Borrowing Capacity	5,000,000			$ 5,000,000	$ 5,000,000
Long-term Line of Credit	$ 0			$ 0
Line of Credit Facility, Commitment Fee Percentage	0.75%
Line of Credit Facility, Commitment Fee Amount	$ 28,000	24,000
Senior Notes [Member]
Debt Issuance Costs, Gross			$ 4,900,000
Amortization of Debt Issuance Costs	808,000	704,000
Subordinated Debt [Member]
Debt Issuance Costs, Gross	892,000
Amortization of Debt Issuance Costs	119,000	$ 99,000
Accrued Paid-in-Kind Interest, Payment at Maturity	$ 1,772,000

Note 2 - Notes Payable - Senior

Note 2 - Notes Payable - Senior Loan Agreement (Details) - USD ($)	Sep. 30, 2017	Dec. 31, 2016	Feb. 17, 2016
Long-term notes payable, less current maturities and debt issuance cost			$ (15,000)
Current maturity of long-term notes payable, net of debt issuance cost	$ 2,976,000	$ 6,071,000
Long-term notes payable, less current maturities and debt issuance cost	81,917,000	86,860,000
Senior notes payable, net of debt issuance cost	88,175,000
Senior Notes [Member]
Senior note payable, current	4,000,000	7,125,000
Senior note payable, long-term	68,875,000	74,875,000
Senior note payable, face amount	72,875,000	82,000,000
Debt issuance cost, current	(1,024,000)	(1,054,000)
Debt issuance cost, long-term	(2,134,000)	(2,835,000)
Long-term notes payable, less current maturities and debt issuance cost	(3,158,000)	(3,889,000)
Current maturity of long-term notes payable, net of debt issuance cost	2,976,000	6,071,000
Long-term notes payable, less current maturities and debt issuance cost	66,741,000	72,040,000
Senior notes payable, net of debt issuance cost	$ 69,717,000	$ 78,111,000

Note 2 - Notes Payable - Seni21

Note 2 - Notes Payable - Senior Loan Agreement (Details) (Parentheticals)	Sep. 30, 2017	Dec. 31, 2016
Senior Notes [Member]
Interest rate	8.99%	8.75%

Note 2 - Notes Payable - Summar

Note 2 - Notes Payable - Summary of Notes Payable (Details) - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Total	$ 88,175
Subordinated Debt [Member]
Senior note payable, face amount	15,300	$ 15,300
PIK interest added to principal	510	273
Debt issuance cost, long-term	(634)	(753)
Total	$ 15,176	$ 14,820

Note 2 - Notes Payable - Summ23

Note 2 - Notes Payable - Summary of Notes Payable (Details) (Parentheticals) - Subordinated Debt [Member]	Sep. 30, 2017	Dec. 31, 2016
Fixed, interest rate	12.00%	12.00%
Payment in kind, interest rate	2.00%	2.00%

Note 2 - Notes Payable - Maturi

Note 2 - Notes Payable - Maturities of Notes Payable (Details) $ in Thousands	Sep. 30, 2017USD ($)
2017 (remaining)	$ 1,000
2,018	4,000
2,019	4,000
2,020	4,000
2,021	75,175
Total	$ 88,175

Note 3 - Income Tax (Details Te

Note 3 - Income Tax (Details Textual) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2017	Dec. 31, 2016
Effective Income Tax Rate Reconciliation, Percent	36.40%	41.50%
Deferred Tax Assets, Valuation Allowance	$ 0	$ 0
Deferred Tax Assets, Tax Credit Carryforwards, Alternative Minimum Tax	0	0
Domestic Tax Authority [Member]
Operating Loss Carryforwards	$ 0	$ 25

Note 4 - Net Income Per Commo26

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, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Weighted average number of common shares outstanding - basic (in shares)	3,346,689	3,283,177	3,346,689	3,283,177
Effect of dilutive securities (in shares)	98,943	101,131	98,943	97,001
Weighted average number of common shares and potential common shares - diluted (in shares)	3,445,632	3,384,308	3,445,632	3,380,178
Net income	$ 1,589	$ 1,125	$ 4,733	$ 4,199
Net income per common share - basic (in dollars per share)	$ 0.47	$ 0.34	$ 1.41	$ 1.28
Net income per common share - diluted (in dollars per share)	$ 0.46	$ 0.33	$ 1.37	$ 1.24

Note 5 - Revenue Concentration

Note 5 - Revenue Concentration (Details Textual)	9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016
National Exchange Carrier Association [Member] | Customer Concentration Risk [Member] | Sales Revenue, Net [Member]
Concentration Risk, Percentage	21.80%	18.40%

Note 7 - Stock Plans and Stoc28

Note 7 - Stock Plans and Stock Associated with Acquisition (Details Textual) - USD ($) $ in Thousands	9 Months Ended		12 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Reliable Networks [Member]
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares			0	0	68,233
Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period	0		366,356
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested or Cancelled			162,716
Employee Service Share-based Compensation, Allocation of Recognized Period Costs, Capitalized Amount	$ 0
Allocated Share-based Compensation Expense	237	$ 311
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized	$ 343
Restricted Stock Units (RSUs) [Member] | Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period	1 year
Restricted Stock Units (RSUs) [Member] | Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period	3 years

Note 7 - Stock Plans and Stoc29

Note 7 - Stock Plans and Stock Associated with Acquisition - Summary of RSU Activity (Details) - Restricted Stock Units (RSUs) [Member] - $ / shares	9 Months Ended	12 Months Ended
	Sep. 30, 2017	Dec. 31, 2016
Outstanding at December 31, 2016 (in shares)	203,640
Outstanding at December 31, 2016 (in dollars per share)	$ 4.57
Granted (in shares)	0	366,356
Granted (in dollars per share)
Vested (in shares)	(88,287)
Vested (in dollars per share)	$ 4.66
Forfeited or cancelled (in shares)	(16,410)
Forfeited or cancelled (in dollars per share)	$ 4.40
Outstanding at September 30, 2017 (in shares)	98,943	203,640
Outstanding at September 30, 2017 (in dollars per share)	$ 4.51	$ 4.57

Note 8 - Subsequent Events (Det

Note 8 - Subsequent Events (Details Textual) - USD ($)	Nov. 02, 2017	Jan. 25, 2016	Sep. 30, 2017	Dec. 31, 2016
Long-term Debt			$ 88,175,000
Revolving Credit Facility [Member]
Debt Instrument, Term		5 years
Line of Credit Facility, Maximum Borrowing Capacity		$ 5,000,000	$ 5,000,000	$ 5,000,000
Subsequent Event [Member] | Consortium of Banks Led By CoBank ABC [Member]
Debt Agreement, Maximum Borrowing Capacity	$ 92,000,000
Debt Instrument, Term	5 years
Subsequent Event [Member] | Consortium of Banks Led By CoBank ABC [Member] | Term Loan Facility [Member]
Long-term Debt	$ 87,000,000
Line of Credit, Accordion Feature	20,000,000
Subsequent Event [Member] | Consortium of Banks Led By CoBank ABC [Member] | Revolving Credit Facility [Member]
Line of Credit Facility, Maximum Borrowing Capacity	$ 5,000,000