Otelco (OTEL) 10-Q 11 May 18 2018 Q1 Quarterly report Financial data

Document And Entity Information

Document And Entity Information	3 Months Ended
	Mar. 31, 2018shares
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	Mar. 31, 2018
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q1
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)	3,388,624

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Current assets
Cash and cash equivalents	$ 6,288	$ 3,570
Accounts receivable:
Due from subscribers, net of allowance for doubtful accounts of $235 and $206, respectively	4,489	4,647
Other	1,691	1,875
Materials and supplies	3,009	2,700
Prepaid expenses	1,451	3,122
Total current assets	16,928	15,914
Property and equipment, net	50,355	50,888
Goodwill	44,976	44,976
Intangible assets, net	1,223	1,328
Investments	1,506	1,632
Interest rate cap	34
Other assets	190	201
Total assets	115,212	114,939
Current liabilities
Accounts payable	1,315	1,619
Accrued expenses	4,783	4,803
Advance billings and payments	1,632	1,684
Customer deposits	55	58
Current maturity of long-term notes payable, net of debt issuance cost	3,890	3,891
Total current liabilities	11,675	12,055
Deferred income taxes	18,939	18,939
Advance billings and payments	2,331	2,367
Other liabilities	17	13
Long-term notes payable, less current maturities and debt issuance cost	79,056	80,058
Total liabilities	112,018	113,432
Stockholders' equity
Additional paid in capital	3,976	4,285
Accumulated deficit	(816)	(2,812)
Total stockholders' equity	3,194	1,507
Total liabilities and stockholders' equity	115,212	114,939
Common Class A [Member]
Stockholders' equity
Class A Common Stock, $.01 par value-authorized 10,000,000 shares; issued and outstanding 3,388,624 and 3,346,689 shares, respectively	$ 34	$ 34

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Allowance for doubtful accounts	$ 235	$ 206
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)	3,388,624	3,346,689
Common stock, outstanding (in shares)	3,388,624	3,346,689

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018		Mar. 31, 2017
Revenues	$ 16,726	[1]	$ 17,380
Operating expenses
Cost of services	7,965		7,813
Selling, general and administrative expenses	2,881		2,707
Depreciation and amortization	1,819		1,840
Total operating expenses	12,665		12,360
Income from operations	4,061		5,020
Other income (expense)
Interest expense	(1,459)		(2,611)
Other income	168		203
Total other expense	(1,291)		(2,408)
Income before income tax expense	2,770		2,612
Income tax expense	(774)		(1,004)
Net income	$ 1,996		$ 1,608
Weighted average number of common shares outstanding:
Basic (in shares)	3,388,624		3,346,689
Diluted (in shares)	3,420,181		3,444,370
Basic net income per common share (in dollars per share)	$ 0.59		$ 0.48
Diluted net income per common share (in dollars per share)	$ 0.58		$ 0.47
[1]	Revenue generated from sources not within the scope of ASU 2014-09.

Condensed Consolidated Stateme5

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Cash flows from operating activities:
Net income	$ 1,996	$ 1,608
Adjustments to reconcile net income to cash flows provided by operating activities:
Depreciation	1,735	1,739
Amortization	84	101
Amortization of loan costs	121	310
Provision for uncollectible accounts receivable	85	78
Stock-based compensation	71	95
Payment in kind interest - subordinated debt		77
Changes in operating assets and liabilities
Accounts receivable	257	117
Materials and supplies	(309)	(414)
Prepaid expenses and other assets	1,683	1,067
Accounts payable and accrued expenses	(324)	327
Advance billings and payments	(88)	470
Other liabilities	1	(4)
Net cash from operating activities	5,312	5,571
Cash flows used in investing activities:
Acquisition and construction of property and equipment	(1,175)	(1,270)
Net cash used in investing activities	(1,175)	(1,270)
Cash flows used in financing activities:
Loan origination costs	(37)
Principal repayment of long-term notes payable	(1,087)	(4,125)
Interest rate cap	(34)
Retirement of CoBank equity	119	164
Tax withholdings paid on behalf of employees for restricted stock units	(380)	(209)
Net cash used in financing activities	(1,419)	(4,170)
Net increase in cash and cash equivalents	2,718	131
Cash and cash equivalents, beginning of period	3,570	10,538
Cash and cash equivalents, end of period	6,288	10,669
Supplemental disclosures of cash flow information:
Interest paid	1,337	2,247
Income taxes (refund) paid	(1,000)	11
Issuance of Class A common stock		$ 1

Note 1 - Organization and Basis

Note 1 - Organization and Basis of Financial Reporting	3 Months Ended
	Mar. 31, 2018
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; 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 March 31, 2018, not may December 31, 2018, The unaudited condensed consolidated financial statements and notes included in this Quarterly Report on Form 10 10 December 31, 2017. Recently Adopted Accounting Pronouncements In May 2014, 2014 09, Revenue from Contracts with Customers (Topic 606 2014 09” 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, In January 2017, 2017 03, Accounting Changes and Error Corrections (Topic 250 323 2017 03” 2014 09 2014 09 2014 09 June 2016. 2014 09’s 2014 09, 2014 09 five 2014 09. The Company adopted ASU 2014 09 2018 not January 1, 2018. not 2014 09 not In January 2016, 2016 01, Financial Instruments - Overall (Subtopic 825 10 2016 01” 2016 01 December 15, 2017, February 2018, 2018 03, Technical Corrections and Improvements to Financial Instruments - Overall (Subtopic 825 10 six 2016 01, second 2018 first 2018, 2016 01 March 31, 2018, not In August 2016, 2016 15 , Statement of Cash Flows (Topic 230 230, December 15, 2017, not In May 2017, 2017 09, Compensation-Stock Compensation (Topic 718 2017 09” 2017 09 718, Stock Compensation 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 In March 2018, 2018 05, Income Taxes (Topic 740 2018 05” 740, No. 118, 118” 118 may not may one December 31, 2017, $9.3 one Recent Accounting Pronouncements During 2017, 2017 01 2017 15 2018, 2018 01 2018 05. 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. 2016 02. 2016 02 2019 In January 2017, 2017 04, Intangibles-Goodwill and Other (Topic 350 2017 04” 2 2017 04 December 15, 2019, January 1, 2017. not 2017 Refinancing On November 2, 2017, $92 five $87.0 $5.0 $20.0 $28 $3.7

Note 2 - Notes Payable

Note 2 - Notes Payable	3 Months Ended
	Mar. 31, 2018
Notes to Financial Statements
Debt Disclosure [Text Block]	2. Notes Payable Notes payable consists of the following (in thousands, except percentages) as of: March 31, December 31, Current Long-term 2018 2017 New Credit Facility with CoBank, ACB; variable interest rate of 6.38% at March 31, 2018, interest is quarterly, paid in arrears on the last business day of each quarter. The New Credit Facility is secured by the total assets of the subsidiary guarantors. The unpaid balance is due November 3, 2022. $ 4,350 $ 80,475 $ 84,825 $ 85,912 Debt issuance cost (460 ) (1,419 ) (1,879 ) (1,963 ) Notes payable, net of debt issuance cost $ 3,890 $ 79,056 $ 82,946 $ 83,949 The Senior Loan Agreement was fully repaid on November 2, 2017. $4.9 $270 three March 31, 2017, The Subordinated Loan Agreement was fully repaid on November 2, 2017. $892 $40 three March 31, 2017, Associated with the New Credit Facility, the Company has $2.1 $121 three March 31, 2018, The Company had a revolving credit facility of $5.0 no March 31, 2017. November 2, 2017. 0.75% $9 three March 31, 2017. The revolving credit facility associated with the Company’s New Credit Facility had a maximum borrowing capacity of $5.0 March 31, 2018. November 3, 2022. no March 31, 2018. 0.50% $6 three March 31, 2018. Maturities of notes payable for the next five no 2018 (remaining) $ 3,263 2019 4,350 2020 4,350 2021 4,350 2022 68,512 Total $ 84,825 A total of $2.1 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 March 31, 2018,

Note 3 - Income Tax

Note 3 - Income Tax	3 Months Ended
	Mar. 31, 2018
Notes to Financial Statements
Income Tax Disclosure [Text Block]	3. Income Tax As of each of March 31, 2018, December 31, 2017, $ 0 $ 33 no March 31, 2018, December 31, 2017. March 31, 2018, no The effective income tax rate as of March 31, 2018, December 31, 2017, 28.0% 184.5

Note 4 - Net Income Per Common

Note 4 - Net Income Per Common Share	3 Months Ended
	Mar. 31, 2018
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 March 31, 2018 2017 Weighted average number of common shares outstanding - basic 3,388,624 3,346,689 Effect of dilutive securities 31,557 97,681 Weighted average number of common shares and potential common shares - diluted 3,420,181 3,444,370 Net income $ 1,996 $ 1,608 Net income per common share - basic $ 0.59 $ 0.48 Net income per common share - diluted $ 0.58 $ 0.47

Note 5 - Revenue Streams and Co

Note 5 - Revenue Streams and Concentrations	3 Months Ended
	Mar. 31, 2018
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 March 31, 2018 Local services $ 5,489 Network access 5,234 Internet 3,896 Transport services 1,191 Video and security 740 Managed services 176 Total revenues $ 16,726 ASU 2014 09 1, Organization and Basis of Financial Reporting – Recently Adopted Accounting Pronouncements five 2014 09. The following table identifies revenue generated from customers (in thousands): Three Months Ended March 31, 2018 Local services $ 5,489 Network access 1,234 Internet 3,896 Transport services 1,153 Video and security 740 Managed services 176 Total revenues $ 12,688 The following table summarizes the revenue generated from contracts with customers among each revenue stream as of March 31, 2018 ( Three Months Ended March 31, 2018 % In-Scope % Total Month to month ("MTM") customers $ 7,682 61.4 % 45.9 % Competitive local exchange carrier ("CLEC") business customers 3,596 28.7 21.5 Network access 724 5.8 4.4 Total revenue streams 12,002 95.9 71.8 Global access* 510 4.1 3.0 Total revenue from contracts with customers 12,512 100.0 % 74.8 Indefeasible rights-of-use agreements** 38 n/a 0.2 Managed services** 176 n/a 1.1 Network access** 4,000 n/a 23.9 Total revenues $ 16,726 100.0 % *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 March 31, 2018, $9.8 March 31, 2018, $1.3 $8.5 2 5 not one The deferred revenue balance as of January 1, 2018, $4.1 $1.5 three March 31, 2018, March 31, 2018, Revenue Concentrations Revenues for interstate access services are based on reimbursement of costs and 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 21.7% 23.0% three March 31, 2018, 2017,

Note 6 - Commitments and Contin

Note 6 - Commitments and Contingencies	3 Months Ended
	Mar. 31, 2018
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, September 5, 2014, one September 5, 2014. November 17, 2015, May 5, 2016, 3 3” not 3 3 March 22, 2017, 3’s 3 May 3, 2017, June 1, 2017, September 1, 2017. February 23, 2018. not On November 10, 2014, 1 2 may 3 4 may not March 11, 2015, No not At this time, it is not

Note 7 - Stock Plans

Note 7 - Stock Plans	3 Months Ended
	Mar. 31, 2018
Notes to Financial Statements
Shareholders' Equity and Share-based Payments [Text Block]	7. Stock Plans The Company has previously granted RSUs underlying 366,356 one three 366,356 267,413 December 31, 2017. three March 31, 2018, no no The following table summarizes RSU activity as of March 31, 2018: RSUs Weighted Average Grant Date Fair Value Outstanding at December 31, 2017 98,943 $ 4.51 Granted — $ — Vested (67,386 ) $ 4.56 Forfeited or cancelled — $ — Outstanding at March 31, 2018 31,557 $ 4.40 Stock-based compensation expense related to RSUs was $71 $95 three March 31, 2018, 2017, no 2014 As of March 31, 2018, $129 2019.

Significant Accounting Policies

Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2018
Accounting Policies [Abstract]
New Accounting Pronouncements, Policy [Policy Text Block]	Recently Adopted Accounting Pronouncements In May 2014, 2014 09, Revenue from Contracts with Customers (Topic 606 2014 09” 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, In January 2017, 2017 03, Accounting Changes and Error Corrections (Topic 250 323 2017 03” 2014 09 2014 09 2014 09 June 2016. 2014 09’s 2014 09, 2014 09 five 2014 09. The Company adopted ASU 2014 09 2018 not January 1, 2018. not 2014 09 not In January 2016, 2016 01, Financial Instruments - Overall (Subtopic 825 10 2016 01” 2016 01 December 15, 2017, February 2018, 2018 03, Technical Corrections and Improvements to Financial Instruments - Overall (Subtopic 825 10 six 2016 01, second 2018 first 2018, 2016 01 March 31, 2018, not In August 2016, 2016 15 , Statement of Cash Flows (Topic 230 230, December 15, 2017, not In May 2017, 2017 09, Compensation-Stock Compensation (Topic 718 2017 09” 2017 09 718, Stock Compensation 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 In March 2018, 2018 05, Income Taxes (Topic 740 2018 05” 740, No. 118, 118” 118 may not may one December 31, 2017, $9.3 one Recent Accounting Pronouncements During 2017, 2017 01 2017 15 2018, 2018 01 2018 05. 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. 2016 02. 2016 02 2019 In January 2017, 2017 04, Intangibles-Goodwill and Other (Topic 350 2017 04” 2 2017 04 December 15, 2019, January 1, 2017. not
Refinancing Policy [Policy Text Block]	2017 Refinancing On November 2, 2017, $92 five $87.0 $5.0 $20.0 $28 $3.7

Note 2 - Notes Payable (Tables)

Note 2 - Notes Payable (Tables)	3 Months Ended
	Mar. 31, 2018
Notes Tables
Schedule of Maturities of Long-term Debt [Table Text Block]	2018 (remaining) $ 3,263 2019 4,350 2020 4,350 2021 4,350 2022 68,512 Total $ 84,825
New Credit Facility [Member]
Notes Tables
Schedule of Long-term Debt Instruments [Table Text Block]	March 31, December 31, Current Long-term 2018 2017 New Credit Facility with CoBank, ACB; variable interest rate of 6.38% at March 31, 2018, interest is quarterly, paid in arrears on the last business day of each quarter. The New Credit Facility is secured by the total assets of the subsidiary guarantors. The unpaid balance is due November 3, 2022. $ 4,350 $ 80,475 $ 84,825 $ 85,912 Debt issuance cost (460 ) (1,419 ) (1,879 ) (1,963 ) Notes payable, net of debt issuance cost $ 3,890 $ 79,056 $ 82,946 $ 83,949

Note 4 - Net Income Per Commo15

Note 4 - Net Income Per Common Share (Tables)	3 Months Ended
	Mar. 31, 2018
Notes Tables
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	Three Months Ended March 31, 2018 2017 Weighted average number of common shares outstanding - basic 3,388,624 3,346,689 Effect of dilutive securities 31,557 97,681 Weighted average number of common shares and potential common shares - diluted 3,420,181 3,444,370 Net income $ 1,996 $ 1,608 Net income per common share - basic $ 0.59 $ 0.48 Net income per common share - diluted $ 0.58 $ 0.47

Note 5 - Revenue Streams and 16

Note 5 - Revenue Streams and Concentrations (Tables)	3 Months Ended
	Mar. 31, 2018
Notes Tables
Disaggregation of Revenue [Table Text Block]	Three Months Ended March 31, 2018 Local services $ 5,489 Network access 5,234 Internet 3,896 Transport services 1,191 Video and security 740 Managed services 176 Total revenues $ 16,726 Three Months Ended March 31, 2018 Local services $ 5,489 Network access 1,234 Internet 3,896 Transport services 1,153 Video and security 740 Managed services 176 Total revenues $ 12,688 Three Months Ended March 31, 2018 % In-Scope % Total Month to month ("MTM") customers $ 7,682 61.4 % 45.9 % Competitive local exchange carrier ("CLEC") business customers 3,596 28.7 21.5 Network access 724 5.8 4.4 Total revenue streams 12,002 95.9 71.8 Global access* 510 4.1 3.0 Total revenue from contracts with customers 12,512 100.0 % 74.8 Indefeasible rights-of-use agreements** 38 n/a 0.2 Managed services** 176 n/a 1.1 Network access** 4,000 n/a 23.9 Total revenues $ 16,726 100.0 %

Note 7 - Stock Plans (Tables)

Note 7 - Stock Plans (Tables)	3 Months Ended
	Mar. 31, 2018
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, 2017 98,943 $ 4.51 Granted — $ — Vested (67,386 ) $ 4.56 Forfeited or cancelled — $ — Outstanding at March 31, 2018 31,557 $ 4.40

Note 1 - Organization and Bas18

Note 1 - Organization and Basis of Financial Reporting (Details Textual) - USD ($) $ in Thousands	Nov. 02, 2017	Dec. 31, 2017	Mar. 31, 2018
Income Tax Expense (Benefit), Continuing Operations, Adjustment of Deferred Tax (Asset) Liability		$ 9,300
Long-term Debt, Total			$ 84,825
Consortium of Banks Led By CoBank ABC [Member]
Debt Agreement, Maximum Borrowing Capacity	$ 92,000
Debt Instrument, Term	5 years
Debt Issuance Costs, Net, Total	$ 28
Write off of Deferred Debt Issuance Cost	3,700
Consortium of Banks Led By CoBank ABC [Member] | Term Loan Facility [Member]
Long-term Debt, Total	87,000
Line of Credit, Accordion Feature	20,000
Consortium of Banks Led By CoBank ABC [Member] | Revolving Credit Facility [Member]
Line of Credit Facility, Maximum Borrowing Capacity	$ 5,000

Note 2 - Notes Payable (Details

Note 2 - Notes Payable (Details Textual) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Amortization of Debt Issuance Costs	$ 121	$ 310
Debt Issuance Costs, Current, Net, Total	2,100
New Credit Facility [Member]
Debt Issuance Costs, Gross	2,100
Amortization of Debt Issuance Costs	121
Line of Credit Facility, Maximum Borrowing Capacity	5,000
Long-term Line of Credit, Total	$ 0
Line of Credit Facility, Commitment Fee Percentage	0.50%
Line of Credit Facility, Commitment Fee Amount	$ 6,000
Debt Issuance Costs, Current, Net, Total	$ 460
Previous Credit Facility [Member]
Line of Credit Facility, Maximum Borrowing Capacity		5,000
Long-term Line of Credit, Total		$ 0
Line of Credit Facility, Commitment Fee Percentage		0.75%
Line of Credit Facility, Commitment Fee Amount		$ 9
Senior Notes [Member]
Debt Issuance Costs, Gross		4,900
Amortization of Debt Issuance Costs		270
Subordinated Debt [Member]
Debt Issuance Costs, Gross		892
Amortization of Debt Issuance Costs		$ 40

Note 2 - Notes Payable - New Cr

Note 2 - Notes Payable - New Credit Facility (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Debt issuance cost	$ (2,100)
Current maturity of long-term notes payable, net of debt issuance cost	3,890	$ 3,891
Notes payable, net of debt issuance cost	79,056	80,058
New Credit Facility [Member]
Notes payable, current	4,350
Notes payable, long-term	80,475
Notes payable, face amount	84,825	85,912
Debt issuance cost	(460)
Debt issuance cost	(1,419)
Debt issuance cost	(1,879)	(1,963)
Current maturity of long-term notes payable, net of debt issuance cost	3,890
Notes payable, net of debt issuance cost	79,056
Notes payable, net of debt issuance cost	$ 82,946	$ 83,949

Note 2 - Notes Payable - New 21

Note 2 - Notes Payable - New Credit Facility (Details) (Parentheticals)	Mar. 31, 2018
New Credit Facility [Member]
Notes payable, interest rate	6.38%

Note 2 - Notes Payable - Maturi

Note 2 - Notes Payable - Maturities of Notes Payable (Details) $ in Thousands	Mar. 31, 2018USD ($)
2018 (remaining)	$ 3,263
2,019	4,350
2,020	4,350
2,021	4,350
2,022	68,512
Total	$ 84,825

Note 3 - Income Tax (Details Te

Note 3 - Income Tax (Details Textual) - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2018	Dec. 31, 2017
Deferred Tax Assets, Valuation Allowance, Total	$ 0
Effective Income Tax Rate Reconciliation, Percent, Total	28.00%	(184.50%)
Alternative Minimum Tax [Member]
Tax Credit Carryforward, Amount	$ 0	$ 0
Domestic Tax Authority [Member]
Operating Loss Carryforwards, Total	0	33,000
State and Local Jurisdiction [Member]
Operating Loss Carryforwards, Total	$ 0	$ 33,000

Note 4 - Net Income Per Commo24

Note 4 - Net Income Per Common Share - Reconciliation of Income (Loss) Per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Weighted average number of common shares outstanding - basic (in shares)	3,388,624	3,346,689
Effect of dilutive securities (in shares)	31,557	97,681
Weighted average number of common shares and potential common shares - diluted (in shares)	3,420,181	3,444,370
Net income	$ 1,996	$ 1,608
Net income per common share - basic (in dollars per share)	$ 0.59	$ 0.48
Net income per common share - diluted (in dollars per share)	$ 0.58	$ 0.47

Note 5 - Revenue Streams and 25

Note 5 - Revenue Streams and Concentrations (Details Textual) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Jan. 01, 2018
Revenue, Remaining Performance Obligation, Amount	$ 9.8
Contract with Customer, Liability, Total			$ 4.1
Contract with Customer, Liability, Revenue Recognized	$ 1.5
National Exchange Carrier Association [Member] | Customer Concentration Risk [Member] | Sales Revenue, Net [Member]
Concentration Risk, Percentage	21.70%	23.00%
Short-term Contract with Customer [Member]
Revenue, Remaining Performance Obligation, Amount	$ 1.3
Long-term Contract with Customer [Member]
Revenue, Remaining Performance Obligation, Amount	$ 8.5
Long-term Contract with Customer [Member] | Minimum [Member]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period	2 years
Long-term Contract with Customer [Member] | Maximum [Member]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period	5 years

Note 5 - Revenue Streams and 26

Note 5 - Revenue Streams and Concentrations - Revenue Streams (Details) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2018		Mar. 31, 2017
Revenues		$ 16,726	[1]	$ 17,380
Sales Revenue, Services, Net [Member]
Revenues, percentage	[1]	100.00%
Month-to-Month Customers [Member]
Revenues, within scope of ASU 2014-09		$ 7,682
Revenues, percentage within scope of ASU 2014-09		61.40%
Month-to-Month Customers [Member] | Sales Revenue, Services, Net [Member]
Revenues, percentage		45.90%
Competitive Local Exchange Carrier Business Customers [Member]
Revenues, within scope of ASU 2014-09		$ 3,596
Revenues, percentage within scope of ASU 2014-09		28.70%
Competitive Local Exchange Carrier Business Customers [Member] | Sales Revenue, Services, Net [Member]
Revenues, percentage		21.50%
Network Access Customers [member]
Revenues, within scope of ASU 2014-09		$ 724
Revenues, percentage within scope of ASU 2014-09		5.80%
Network Access Customers [member] | Sales Revenue, Services, Net [Member]
Revenues, percentage		4.40%
Month-to-Month, Competitive Local Exchange Carrier Business, and Network Access Customers [Member]
Revenues, within scope of ASU 2014-09		$ 12,002
Revenues, percentage within scope of ASU 2014-09		95.90%
Month-to-Month, Competitive Local Exchange Carrier Business, and Network Access Customers [Member] | Sales Revenue, Services, Net [Member]
Revenues, percentage		71.80%
Global Access Customers [Member]
Revenues, within scope of ASU 2014-09	[2]	$ 510
Revenues, percentage within scope of ASU 2014-09	[2]	4.10%
Global Access Customers [Member] | Sales Revenue, Services, Net [Member]
Revenues, percentage	[2]	3.00%
Month-to-Month, Competitive Local Exchange Carrier Business, Network Access, and Global Access Customers [Member]
Revenues, within scope of ASU 2014-09		$ 12,512
Revenues, percentage within scope of ASU 2014-09		100.00%
Month-to-Month, Competitive Local Exchange Carrier Business, Network Access, and Global Access Customers [Member] | Sales Revenue, Services, Net [Member]
Revenues, percentage		74.80%
Sales Channel, Directly to Consumer [Member]
Revenues		$ 12,688
Local services [Member]
Revenues		5,489
Local services [Member] | Sales Channel, Directly to Consumer [Member]
Revenues		5,489
Network Access [Member]
Revenues		5,234
Network Access [Member] | Sales Channel, Directly to Consumer [Member]
Revenues		1,234
Internet [Member]
Revenues		3,896
Internet [Member] | Sales Channel, Directly to Consumer [Member]
Revenues		3,896
Transport Services [Member]
Revenues		1,191
Transport Services [Member] | Sales Channel, Directly to Consumer [Member]
Revenues		1,153
Video and Security [Member]
Revenues		740
Video and Security [Member] | Sales Channel, Directly to Consumer [Member]
Revenues		740
Management Service [Member]
Revenues	[1]	$ 176
Management Service [Member] | Sales Revenue, Services, Net [Member]
Revenues, percentage	[1]	1.10%
Management Service [Member] | Sales Channel, Directly to Consumer [Member]
Revenues		$ 176
Indefeasible Rights-Of-Use Agreements, Outside of ASU 2014-09 Scope [Member]
Revenues	[1]	$ 38
Indefeasible Rights-Of-Use Agreements, Outside of ASU 2014-09 Scope [Member] | Sales Revenue, Services, Net [Member]
Revenues, percentage	[1]	0.20%
Network Access, Outside of ASU 2014-09 Scope [Member]
Revenues	[1]	$ 4,000
Network Access, Outside of ASU 2014-09 Scope [Member] | Sales Revenue, Services, Net [Member]
Revenues, percentage	[1]	23.90%
[1]	Revenue generated from sources not within the scope of ASU 2014-09.
[2]	Fixed fees charged to MTM customers and CLEC business customers.

Note 7 - Stock Plans (Details T

Note 7 - Stock Plans (Details Textual) - Restricted Stock Units (RSUs) [Member] - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
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			267,413
Employee Service Share-based Compensation, Allocation of Recognized Period Costs, Capitalized Amount	$ 0
Allocated Share-based Compensation Expense, Total	71	$ 95
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Total	$ 129
Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period			1 year
Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period			3 years

Note 7 - Stock Plans - Summary

Note 7 - Stock Plans - Summary of RSU Activity (Details) - Restricted Stock Units (RSUs) [Member] - $ / shares	3 Months Ended	12 Months Ended
	Mar. 31, 2018	Dec. 31, 2017
Outstanding at December 31, 2017 (in shares)	98,943
Outstanding at December 31, 2017 (in dollars per share)	$ 4.51
Granted (in shares)	0	366,356
Granted (in dollars per share)
Vested (in shares)	(67,386)
Vested (in dollars per share)	$ 4.56
Forfeited or cancelled (in shares)
Forfeited or cancelled (in dollars per share)
Outstanding at March 31, 2018 (in shares)	31,557	98,943
Outstanding at March 31, 2018 (in dollars per share)	$ 4.40	$ 4.51