Otelco (OTEL) 10-Q 4 May 17 2017 Q1 Quarterly report Financial data

Document And Entity Information

Document And Entity Information	3 Months Ended
	Mar. 31, 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	Mar. 31, 2017
Document Fiscal Year Focus	2,017
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)	3,346,689

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Current assets
Cash and cash equivalents	$ 10,669	$ 10,538
Accounts receivable:
Due from subscribers, net of allowance for doubtful accounts of $165 and $182, respectively	4,796	5,035
Other	1,572	1,528
Materials and supplies	2,598	2,184
Prepaid expenses	1,817	2,912
Total current assets	21,452	22,197
Property and equipment, net	48,830	49,271
Goodwill	44,976	44,976
Intangible assets, net	1,664	1,785
Investments	1,650	1,821
Other assets	250	222
Total assets	118,822	120,272
Current liabilities
Accounts payable	1,181	1,477
Accrued expenses	5,353	4,730
Advance billings and payments	1,537	1,487
Customer Deposits	67	62
Current maturity of long-term notes payable, net of debt issuance cost	2,963	6,071
Total current liabilities	11,101	13,827
Deferred income taxes	28,280	28,280
Advance billings and payments	2,407	1,987
Other liabilities	17	26
Long-term notes payable, less current maturities and debt issuance cost	86,230	86,860
Total liabilities	128,035	130,980
Stockholders' deficit
Additional paid in capital	4,072	4,186
Accumulated deficit	(13,319)	(14,927)
Total stockholders' deficit	(9,213)	(10,708)
Total liabilities and stockholders' deficit	118,822	120,272
Common Class A [Member]
Stockholders' deficit
Common Stock, Value	$ 34	$ 33

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Allowance for doubtful accounts	$ 165	$ 182
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
	Mar. 31, 2017	Mar. 31, 2016
Revenues	$ 17,380	$ 17,490
Operating expenses
Cost of services	7,813	8,131
Selling, general and administrative expenses	2,707	2,576
Depreciation and amortization	1,840	2,037
Total operating expenses	12,360	12,744
Income from operations	5,020	4,746
Other income (expense)
Interest expense	(2,611)	(2,482)
Other income	203	619
Total other expense	(2,408)	(1,863)
Income before income tax expense	2,612	2,883
Income tax expense	(1,004)	(1,133)
Net income	$ 1,608	$ 1,750
Weighted average number of common shares outstanding:
Basic (in shares)	3,346,689	3,283,177
Diluted (in shares)	3,444,370	3,375,735
Basic net income per common share (in dollars per share)	$ 0.48	$ 0.53
Diluted net income per common share (in dollars per share)	$ 0.47	$ 0.52

Condensed Consolidated Stateme5

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Cash flows from operating activities:
Net income	$ 1,608	$ 1,750
Adjustments to reconcile net income to cash flows provided by operating activities:
Depreciation	1,739	1,778
Amortization	101	259
Amortization of loan costs	310	288
Loss on extinguishment of debt		155
Provision for uncollectible accounts receivable	78	39
Stock-based compensation	95	141
Payment in kind interest - subordinated debt	77	37
Changes in operating assets and liabilities
Accounts receivable	117	156
Materials and supplies	(414)	(158)
Prepaid expenses and other assets	1,067	1,070
Accounts payable and accrued expenses	327	328
Advance billings and payments	470	(46)
Other liabilities	(4)	(6)
Net cash from operating activities	5,571	5,791
Cash flows used in investing activities:
Acquisition and construction of property and equipment	(1,270)	(706)
Net cash used in investing activities	(1,270)	(706)
Cash flows used in financing activities:
Loan origination costs		(5,181)
Principal repayment of long-term notes payable	(4,125)	(100,052)
Proceeds from loan refinancing		100,300
Retirement of investment	164
Tax withholdings paid on behalf of employees for restricted stock units	(209)	(109)
Net cash used in financing activities	(4,170)	(5,042)
Net increase in cash and cash equivalents	131	43
Cash and cash equivalents, beginning of period	10,538	6,884
Cash and cash equivalents, end of period	10,669	6,927
Supplemental disclosures of cash flow information:
Interest paid	2,247	1,378
Income taxes paid (refunded)	11	(440)
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	3 Months Ended
	Mar. 31, 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 March 31, 2017, 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 2017, 2017 01 2017 08. 2017 03 2017 04, In May 2014, 2014 09, Revenue from Contracts with Customers (Topic 606) 2014 09”). December 15, 2016, 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 2014 09 2014 09 In February 2016, 2016 02, Leases (Topic 842) 2016 02”) . December 15, 2018, In January 2017, 2017 03, 2016 02 2016 02 In January 2017, 2017 04, Intangibles-Goodwill and Other (Topic 350) 2017 04”). 2 2017 04 December 15, 2019, January 1, 2017. 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. $1.0 April 1, 2016. $15 $140

Note 2 - Notes Payable

Note 2 - Notes Payable	3 Months Ended
	Mar. 31, 2017
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, 2017 Current Long-term Total Senior Loan Agreement with Cerberus Business Finance, LLC; variable interest rate of 8.75% at March 31, 2017, interest is monthly, paid in arrears on the first business day of each month. The Senior Loan Agreement is secured by the total assets of the subsidiary guarantors. The unpaid balance is due February 17, 2021. $ 4,000 $ 73,875 $ 77,875 Debt issuance cost (1,037 ) (2,582 ) (3,619 ) Senior notes payable, net of debt issuance cost $ 2,963 $ 71,293 $ 74,256 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 is monthly, paid in arrears on the first business day of each month. The Senior Loan Agreement is secured by the total assets of the subsidiary guarantors. The unpaid balance is 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 March 31, December 31, 2017 2016 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 is added to the principal amount then outstanding on the last business day of each quarter. The unpaid balance is due August 17, 2021. $ 15,300 $ 15,300 PIK interest added to principal 350 273 Less: Long-term portion of debt issuance cost (713 ) (753 ) Long-term notes payable, net of debt issuance cost $ 14,937 $ 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 $270 $142 three March 31, 2017, 2016, Associated with the Subordinated Loan Agreement, the Company has capitalized and amortized deferred financing cost using the effective interest method. The Company has capitalized $892 $40 $20 three March 31, 2017, 2016, The Company had a revolving credit facility on March 31, 2017, December 31, 2016, $5.0 February 17, 2021. no March 31, 2017, December 31, 2016. 0.75% $9 $5 three March 31, 2017, 2016, Maturities of notes payable for the next five 2017 (remaining) $ 3,000 2018 4,000 2019 4,000 2020 4,000 2021 78,175 Total $ 93,175 In addition, PIK interest of $1,772 $5,758 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, 2017,

Note 3 - Income Tax

Note 3 - Income Tax	3 Months Ended
	Mar. 31, 2017
Notes to Financial Statements
Income Tax Disclosure [Text Block]	3. Income Tax As of each of March 31, 2017 , and December 31, 2016, $0 $25 March 31, 2017 , or December 31, 2016. March 31, 2017, The effective income tax rate as of March 31, 2017 , and December 31, 2016 , was 38.4% 41.5%,

Note 4 - Net Income Per Common

Note 4 - Net Income Per Common Share	3 Months Ended
	Mar. 31, 2017
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, 2017 2016 Weighted average number of common shares outstanding - basic 3,346,689 3,283,177 Effect of dilutive securities 97,681 92,558 Weighted average number of common shares and potential common shares - diluted 3,444,370 3,375,735 Net income $ 1,608 $ 1,750 Net income per common share - basic $ 0.48 $ 0.53 Net income per common share - diluted $ 0.47 $ 0.52

Note 5 - Revenue Concentration

Note 5 - Revenue Concentration	3 Months Ended
	Mar. 31, 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 23.0% 19.1% three March 31, 2017, 2016,

Note 6 - Commitments and Contin

Note 6 - Commitments and Contingencies	3 Months Ended
	Mar. 31, 2017
Notes to Financial Statements
Commitments and Contingencies Disclosure [Text Block]	6. Commitments and Contingencies From time to time, the Company may may 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, 3 3”) 3 January 7, 2017, 3 March 22, 2017, 3’s 3 On November 10, 2014, (1) (2) may (3) (4) may March 11, 2015,

Note 7 - Stock Plans and Stock

Note 7 - Stock Plans and Stock Associated with Acquisition	3 Months Ended
	Mar. 31, 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 . During the three March 31, 2017, no The following table summarizes RSU activity as of March 31, 2017: RSUs Weighted Average Grant Date Fair Value Outstanding at December 31, 2016 203,640 $ 4.57 Granted — $ — Vested (88,287 ) $ 4.66 Forfeited or cancelled (16,410 ) $ 4.40 Outstanding at March 31, 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, Stock-based compensation expense related to RSUs and the Earn-Out was $95 $141 three March 31, 2017, 2016, 2014 As of March 31, 2017, $503 2019.

Significant Accounting Policies

Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2017
Accounting Policies [Abstract]
Basis of Accounting, Policy [Policy Text Block]	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 March 31, 2017, may December 31, 2017, The unaudited condensed consolidated financial statements and notes included in this Quarterly Report on Form 10 10 December 31, 2016.
New Accounting Pronouncements, Policy [Policy Text Block]	Recent Accounting Pronouncements During 2017, 2017 01 2017 08. 2017 03 2017 04, In May 2014, 2014 09, Revenue from Contracts with Customers (Topic 606) 2014 09”). December 15, 2016, 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 2014 09 2014 09 In February 2016, 2016 02, Leases (Topic 842) 2016 02”) . December 15, 2018, In January 2017, 2017 03, 2016 02 2016 02 In January 2017, 2017 04, Intangibles-Goodwill and Other (Topic 350) 2017 04”). 2 2017 04 December 15, 2019, January 1, 2017.
Costs Associated with Exit or Disposal Activities or Restructurings, Policy [Policy Text Block]	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. $1.0 April 1, 2016. $15 $140

Note 2 - Notes Payable (Tables)

Note 2 - Notes Payable (Tables)	3 Months Ended
	Mar. 31, 2017
Notes Tables
Schedule of Long-term Debt Instruments [Table Text Block]	March 31, December 31, 2017 2016 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 is added to the principal amount then outstanding on the last business day of each quarter. The unpaid balance is due August 17, 2021. $ 15,300 $ 15,300 PIK interest added to principal 350 273 Less: Long-term portion of debt issuance cost (713 ) (753 ) Long-term notes payable, net of debt issuance cost $ 14,937 $ 14,820
Schedule of Maturities of Long-term Debt [Table Text Block]	2017 (remaining) $ 3,000 2018 4,000 2019 4,000 2020 4,000 2021 78,175 Total $ 93,175
Senior Notes [Member]
Notes Tables
Schedule of Long-term Debt Instruments [Table Text Block]	March 31, 2017 Current Long-term Total Senior Loan Agreement with Cerberus Business Finance, LLC; variable interest rate of 8.75% at March 31, 2017, interest is monthly, paid in arrears on the first business day of each month. The Senior Loan Agreement is secured by the total assets of the subsidiary guarantors. The unpaid balance is due February 17, 2021. $ 4,000 $ 73,875 $ 77,875 Debt issuance cost (1,037 ) (2,582 ) (3,619 ) Senior notes payable, net of debt issuance cost $ 2,963 $ 71,293 $ 74,256 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 is monthly, paid in arrears on the first business day of each month. The Senior Loan Agreement is secured by the total assets of the subsidiary guarantors. The unpaid balance is 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 Commo15

Note 4 - Net Income Per Common Share (Tables)	3 Months Ended
	Mar. 31, 2017
Notes Tables
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	Three Months Ended March 31, 2017 2016 Weighted average number of common shares outstanding - basic 3,346,689 3,283,177 Effect of dilutive securities 97,681 92,558 Weighted average number of common shares and potential common shares - diluted 3,444,370 3,375,735 Net income $ 1,608 $ 1,750 Net income per common share - basic $ 0.48 $ 0.53 Net income per common share - diluted $ 0.47 $ 0.52

Note 7 - Stock Plans and Stoc16

Note 7 - Stock Plans and Stock Associated with Acquisition (Tables)	3 Months Ended
	Mar. 31, 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, 2016 203,640 $ 4.57 Granted — $ — Vested (88,287 ) $ 4.66 Forfeited or cancelled (16,410 ) $ 4.40 Outstanding at March 31, 2017 98,943 $ 4.51

Note 1 - Organization and Bas17

Note 1 - Organization and Basis of Financial Reporting (Details Textual) - USD ($)	Jan. 25, 2016	Mar. 31, 2017	Mar. 31, 2017	Dec. 31, 2016	Feb. 17, 2016
Debt Issuance Costs, Net		$ 15,000	$ 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
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		$ 3,619,000	3,619,000	$ 3,889,000
Subordinated Debt [Member]
Debt Instrument, Term	5 years 182 days
Debt Instrument, Face Amount	$ 15,000,000				$ 15,300,000
Proceeds from Issuance of Debt			$ 15,300,000

Note 2 - Notes Payable (Details

Note 2 - Notes Payable (Details Textual) - USD ($)	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016	Jan. 25, 2016
Amortization of Debt Issuance Costs	$ 310,000	$ 288,000
Notes Payable, Net [Member]
Debt Issuance Costs, Gross	5,758,000
Previous Credit Facility [Member]
Amortization of Debt Issuance Costs	40,000	20,000
Line of Credit Facility, Maximum Borrowing Capacity	$ 5,000,000		$ 5,000,000
Long-term Line of Credit			$ 0
Revolving Credit Facility [Member]
Line of Credit Facility, Maximum Borrowing Capacity				$ 5
Line of Credit Facility, Commitment Fee Percentage	0.75%
Line of Credit Facility, Commitment Fee Amount	$ 9,000	5,000
Long-term Line of Credit	0
Senior Notes [Member]
Debt Issuance Costs, Gross	4,900,000
Subordinated Debt [Member]
Debt Issuance Costs, Gross	892,000
Amortization of Debt Issuance Costs	270,000	$ 142,000
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 ($)	Mar. 31, 2017	Dec. 31, 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	2,963,000	$ 6,071,000
Long-term notes payable, less current maturities and debt issuance cost	86,230,000	86,860,000
Senior notes payable, net of debt issuance cost	93,175,000
Senior Notes [Member]
Senior note payable, current	4,000,000	7,125,000
Senior note payable, long-term	73,875,000	74,875,000
Senior note payable, face amount	77,875,000	82,000,000
Debt issuance cost, current	(1,037,000)	(1,054,000)
Debt issuance cost, long-term	(2,582,000)	(2,835,000)
Long-term notes payable, less current maturities and debt issuance cost	(3,619,000)	(3,889,000)
Current maturity of long-term notes payable, net of debt issuance cost	2,963,000	6,071,000
Long-term notes payable, less current maturities and debt issuance cost	71,293,000	72,040,000
Senior notes payable, net of debt issuance cost	$ 74,256,000	$ 78,111,000

Note 2 - Notes Payable - Seni20

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

Note 2 - Notes Payable - Summar

Note 2 - Notes Payable - Summary of Notes Payable (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Total	$ 93,175
Subordinated Debt [Member]
Senior note payable, face amount	15,300	$ 15,300
PIK interest added to principal	350	273
Debt issuance cost, long-term	(713)	(753)
Total	$ 14,937	$ 14,820

Note 2 - Notes Payable - Summ22

Note 2 - Notes Payable - Summary of Notes Payable (Details) (Parentheticals) - Subordinated Debt [Member]	Mar. 31, 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	Mar. 31, 2017USD ($)
2017 (remaining)	$ 3,000
2,018	4,000
2,019	4,000
2,020	4,000
2,021	78,175
Total	$ 93,175

Note 3 - Income Tax (Details Te

Note 3 - Income Tax (Details Textual) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2017	Dec. 31, 2016
Effective Income Tax Rate Reconciliation, Percent	38.40%	41.50%
Deferred Tax Assets, Tax Credit Carryforwards, Alternative Minimum Tax	$ 0	$ 0
Deferred Tax Assets, Valuation Allowance	0
Domestic Tax Authority [Member]
Operating Loss Carryforwards	$ 0	$ 25

Note 4 - Net Income Per Commo25

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, 2017	Mar. 31, 2016
Weighted average number of common shares outstanding - basic (in shares)	3,346,689	3,283,177
Effect of dilutive securities (in shares)	97,681	92,558
Weighted average number of common shares and potential common shares - diluted (in shares)	3,444,370	3,375,735
Net income	$ 1,608	$ 1,750
Net income per common share - basic (in dollars per share)	$ 0.48	$ 0.53
Net income per common share - diluted (in dollars per share)	$ 0.47	$ 0.52

Note 5 - Revenue Concentration

Note 5 - Revenue Concentration (Details Textual)	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
National Exchange Carrier Association [Member] | Customer Concentration Risk [Member] | Sales Revenue, Net [Member]
Concentration Risk, Percentage	23.00%	19.10%

Note 7 - Stock Plans and Stoc27

Note 7 - Stock Plans and Stock Associated with Acquisition (Details Textual) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016	Dec. 31, 2014
Reliable Networks [Member]
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares				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
Allocated Share-based Compensation Expense	$ 95	$ 141
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized	503
Employee Service Share-based Compensation, Allocation of Recognized Period Costs, Capitalized Amount	$ 0
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 Stoc28

Note 7 - Stock Plans and Stock Associated with Acquisition - Summary of RSU Activity (Details) - Restricted Stock Units (RSUs) [Member] - $ / shares	3 Months Ended	12 Months Ended
	Mar. 31, 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 March 31, 2017 (in shares)	98,943	203,640
Outstanding at March 31, 2017 (in dollars per share)	$ 4.51	$ 4.57