Otelco (OTEL) 10-Q 4 Aug 17 2017 Q2 Quarterly report Financial data

Document And Entity Information

Document And Entity Information	6 Months Ended
	Jun. 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	Jun. 30, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q2
Amendment Flag	false
Common Class A [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding (in shares)	3,346,689
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	Jun. 30, 2017	Dec. 31, 2016
Current assets
Cash and cash equivalents	$ 11,274	$ 10,538
Accounts receivable:
Due from subscribers, net of allowance for doubtful accounts of $203 and $187, respectively	4,631	5,035
Other	1,537	1,528
Materials and supplies	2,533	2,184
Prepaid expenses	1,337	2,912
Total current assets	21,312	22,197
Property and equipment, net	49,604	49,271
Goodwill	44,976	44,976
Intangible assets, net	1,542	1,785
Investments	1,644	1,821
Other assets	243	222
Total assets	119,321	120,272
Current liabilities
Accounts payable	751	1,477
Accrued expenses	5,346	4,730
Advance billings and payments	1,525	1,487
Customer Deposits	67	62
Current maturity of long-term notes payable, net of debt issuance cost	2,959	6,071
Total current liabilities	10,648	13,827
Deferred income taxes	28,280	28,280
Advance billings and payments	2,444	1,987
Other liabilities	8	26
Long-term notes payable, less current maturities and debt issuance cost	85,547	86,860
Total liabilities	126,927	130,980
Stockholders' deficit
Additional paid in capital	4,143	4,186
Accumulated deficit	(11,783)	(14,927)
Total stockholders' deficit	(7,606)	(10,708)
Total liabilities and stockholders' deficit	119,321	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	Jun. 30, 2017	Dec. 31, 2016
Allowance for doubtful accounts	$ 203	$ 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		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Revenues	$ 17,406	$ 17,232	$ 34,786	$ 34,722
Operating expenses
Cost of services	8,044	7,875	15,857	16,005
Selling, general and administrative expenses	2,467	2,407	5,174	4,983
Depreciation and amortization	1,842	2,051	3,681	4,089
Total operating expenses	12,353	12,333	24,712	25,077
Income from operations	5,053	4,899	10,074	9,645
Other income (expense)
Interest expense	(2,571)	(2,721)	(5,182)	(5,203)
Other income		4	203	623
Total other expense	(2,571)	(2,717)	(4,979)	(4,580)
Income before income tax expense	2,482	2,182	5,095	5,065
Income tax expense	(946)	(858)	(1,951)	(1,991)
Net income	$ 1,536	$ 1,324	$ 3,144	$ 3,074
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	3,380,445	3,445,632	3,378,090
Basic net income per common share (in dollars per share)	$ 0.46	$ 0.40	$ 0.94	$ 0.94
Diluted net income per common share (in dollars per share)	$ 0.45	$ 0.39	$ 0.91	$ 0.91

Condensed Consolidated Stateme5

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Cash flows from operating activities:
Net income	$ 3,144	$ 3,074
Adjustments to reconcile net income to cash flows provided by operating activities:
Depreciation	3,479	3,571
Amortization	202	518
Amortization of loan costs	621	609
Loss on extinguishment of debt		155
Provision for uncollectible accounts receivable	206	119
Stock-based compensation	166	199
Payment in kind interest - subordinated debt	157	115
Changes in operating assets and liabilities
Accounts receivable	189	115
Materials and supplies	(349)	(173)
Prepaid expenses and other assets	1,554	1,246
Accounts payable and accrued expenses	(110)	217
Advance billings and payments	495	(67)
Other liabilities	(13)	(14)
Net cash from operating activities	9,741	9,684
Cash flows used in investing activities:
Acquisition and construction of property and equipment	(3,758)	(2,215)
Net cash used in investing activities	(3,758)	(2,215)
Cash flows used in financing activities:
Loan origination costs	(77)	(5,215)
Principal repayment of long-term notes payable	(5,125)	(101,053)
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	(5,247)	(6,077)
Net increase in cash and cash equivalents	736	1,392
Cash and cash equivalents, beginning of period	10,538	6,884
Cash and cash equivalents, end of period	11,274	8,276
Supplemental disclosures of cash flow information:
Interest paid	4,456	3,728
Income taxes paid	692	685
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	6 Months Ended
	Jun. 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 six June 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 2017, 2017 01 2017 11. 2017 03, 2017 04, 2017 09 2017 10, 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 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 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, 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 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. not $15 $140 second 2017, $77.9 $8.5 $7.5 2017 2018,

Note 2 - Notes Payable

Note 2 - Notes Payable	6 Months Ended
	Jun. 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: June 30, 2017 Current Long-term Total Senior Loan Agreement with Cerberus Business Finance, LLC; variable interest rate of 8.81% at June 30, 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 $ 72,875 $ 76,875 Debt issuance cost (1,041 ) (2,384 ) (3,425 ) Senior notes payable, net of debt issuance cost $ 2,959 $ 70,491 $ 73,450 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 June 30, 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 430 273 Less: Long-term portion of debt issuance cost (674 ) (753 ) Long-term notes payable, net of debt issuance cost $ 15,056 $ 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 $541 $426 six June 30, 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 $80 $57 six June 30, 2017, 2016, The Company had a revolving credit facility on June 30, 2017, December 31, 2016, $5.0 February 17, 2021. no June 30, 2017, December 31, 2016. 0.75% $19 $14 six June 30, 2017, 2016, Maturities of notes payable for the next five no 2017 (remaining) $ 2,000 2018 4,000 2019 4,000 2020 4,000 2021 78,175 Total $ 92,175 In addition, PIK interest of $1,772 $5,835 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 June 30, 2017,

Note 3 - Income Tax

Note 3 - Income Tax	6 Months Ended
	Jun. 30, 2017
Notes to Financial Statements
Income Tax Disclosure [Text Block]	3. Income Tax As of each of June 30, 2017, December 31, 2016, $0 $25 no June 30, 2017, December 31, 2016. June 30, 2017, no The effective income tax rate as of June 30, 2017, December 31, 2016, 38.3% 41.5%,

Note 4 - Net Income Per Common

Note 4 - Net Income Per Common Share	6 Months Ended
	Jun. 30, 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 June 30, Six Months Ended June 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 97,268 98,943 94,913 Weighted average number of common shares and potential common shares - diluted 3,445,632 3,380,445 3,445,632 3,378,090 Net income $ 1,536 $ 1,324 $ 3,144 $ 3,074 Net income per common share - basic $ 0.46 $ 0.40 $ 0.94 $ 0.94 Net income per common share - diluted $ 0.45 $ 0.39 $ 0.91 $ 0.91

Note 5 - Revenue Concentration

Note 5 - Revenue Concentration	6 Months Ended
	Jun. 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 21.9% 19.1% six June 30, 2017, 2016,

Note 6 - Commitments and Contin

Note 6 - Commitments and Contingencies	6 Months Ended
	Jun. 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, September 5, 2014, 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 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	6 Months Ended
	Jun. 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 . During the six June 30, 2017, no no The following table summarizes RSU activity as of June 30, 2017: Weighted Average Grant Date RSUs 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 June 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 to RSUs and the Earn-Out was $166 $199 six June 30, 2017, 2016, no 2014 As of June 30, 2017, $343 2019.

Significant Accounting Policies

Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 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 six June 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.
New Accounting Pronouncements, Policy [Policy Text Block]	Recent Accounting Pronouncements During 2017, 2017 01 2017 11. 2017 03, 2017 04, 2017 09 2017 10, 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 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 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, 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
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. not $15 $140 second 2017, $77.9 $8.5 $7.5 2017 2018,

Note 2 - Notes Payable (Tables)

Note 2 - Notes Payable (Tables)	6 Months Ended
	Jun. 30, 2017
Notes Tables
Schedule of Long-term Debt Instruments [Table Text Block]	June 30, 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 430 273 Less: Long-term portion of debt issuance cost (674 ) (753 ) Long-term notes payable, net of debt issuance cost $ 15,056 $ 14,820
Schedule of Maturities of Long-term Debt [Table Text Block]	2017 (remaining) $ 2,000 2018 4,000 2019 4,000 2020 4,000 2021 78,175 Total $ 92,175
Senior Notes [Member]
Notes Tables
Schedule of Long-term Debt Instruments [Table Text Block]	June 30, 2017 Current Long-term Total Senior Loan Agreement with Cerberus Business Finance, LLC; variable interest rate of 8.81% at June 30, 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 $ 72,875 $ 76,875 Debt issuance cost (1,041 ) (2,384 ) (3,425 ) Senior notes payable, net of debt issuance cost $ 2,959 $ 70,491 $ 73,450 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)	6 Months Ended
	Jun. 30, 2017
Notes Tables
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	Three Months Ended June 30, Six Months Ended June 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 97,268 98,943 94,913 Weighted average number of common shares and potential common shares - diluted 3,445,632 3,380,445 3,445,632 3,378,090 Net income $ 1,536 $ 1,324 $ 3,144 $ 3,074 Net income per common share - basic $ 0.46 $ 0.40 $ 0.94 $ 0.94 Net income per common share - diluted $ 0.45 $ 0.39 $ 0.91 $ 0.91

Note 7 - Stock Plans and Stoc16

Note 7 - Stock Plans and Stock Associated with Acquisition (Tables)	6 Months Ended
	Jun. 30, 2017
Notes Tables
Schedule of Share-based Compensation, Restricted Stock Units Award Activity [Table Text Block]	Weighted Average Grant Date RSUs 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 June 30, 2017 98,943 $ 4.51

Note 1 - Organization and Bas17

Note 1 - Organization and Basis of Financial Reporting (Details Textual) - USD ($)	Jan. 25, 2016	Jun. 30, 2017	Jun. 30, 2017	Dec. 31, 2018	Dec. 31, 2017	Jun. 30, 2017	Dec. 31, 2016	Feb. 17, 2016
Debt Issuance Costs, Net		$ 15,000	$ 15,000			$ 15,000
Write off of Deferred Debt Issuance Cost			140,000
Revolving Credit Facility [Member]
Line of Credit Facility, Maximum Borrowing Capacity	$ 5,000,000	5,000,000	5,000,000			5,000,000	$ 5,000,000
Debt Instrument, Term	5 years
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		3,425,000	$ 3,425,000			3,425,000	$ 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	$ 15,000,000							$ 15,300,000
Proceeds from Issuance of Debt						$ 15,300,000

Note 2 - Notes Payable (Details

Note 2 - Notes Payable (Details Textual) - USD ($)	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Mar. 31, 2017	Dec. 31, 2016	Jan. 25, 2016
Amortization of Debt Issuance Costs	$ 621,000	$ 609,000
Notes Payable, Net [Member]
Debt Issuance Costs, Gross	5,835,000
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	$ 19,000	14,000
Senior Notes [Member]
Debt Issuance Costs, Gross			$ 4,900,000
Amortization of Debt Issuance Costs	541,000	426,000
Subordinated Debt [Member]
Accrued Paid-in-Kind Interest, Payment at Maturity	1,772,000
Debt Issuance Costs, Gross	892,000
Amortization of Debt Issuance Costs	$ 80,000	$ 57,000

Note 2 - Notes Payable - Senior

Note 2 - Notes Payable - Senior Loan Agreement (Details) - USD ($)	Jun. 30, 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	2,959,000	$ 6,071,000
Long-term notes payable, less current maturities and debt issuance cost	85,547,000	86,860,000
Senior notes payable, net of debt issuance cost	92,175,000
Senior Notes [Member]
Debt issuance cost, current	(1,041,000)	(1,054,000)
Debt issuance cost, long-term	(2,384,000)	(2,835,000)
Long-term notes payable, less current maturities and debt issuance cost	(3,425,000)	(3,889,000)
Current maturity of long-term notes payable, net of debt issuance cost	2,959,000	6,071,000
Long-term notes payable, less current maturities and debt issuance cost	70,491,000	72,040,000
Senior notes payable, net of debt issuance cost	73,450,000	78,111,000
Senior note payable, current	4,000,000	7,125,000
Senior note payable, long-term	72,875,000	74,875,000
Senior note payable, face amount	$ 76,875,000	$ 82,000,000

Note 2 - Notes Payable - Seni20

Note 2 - Notes Payable - Senior Loan Agreement (Details) (Parentheticals)	Jun. 30, 2017	Dec. 31, 2016
Senior Notes [Member]
Interest rate	8.81%	8.75%

Note 2 - Notes Payable - Summar

Note 2 - Notes Payable - Summary of Notes Payable (Details) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Total	$ 92,175
Subordinated Debt [Member]
Senior note payable, face amount	15,300	$ 15,300
PIK interest added to principal	430	273
Debt issuance cost, long-term	(674)	(753)
Total	$ 15,056	$ 14,820

Note 2 - Notes Payable - Summ22

Note 2 - Notes Payable - Summary of Notes Payable (Details) (Parentheticals) - Subordinated Debt [Member]	Jun. 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	Jun. 30, 2017USD ($)
2017 (remaining)	$ 2,000
2,018	4,000
2,019	4,000
2,020	4,000
2,021	78,175
Total	$ 92,175

Note 3 - Income Tax (Details Te

Note 3 - Income Tax (Details Textual) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2017	Dec. 31, 2016
Effective Income Tax Rate Reconciliation, Percent	38.30%	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		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 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	97,268	98,943	94,913
Weighted average number of common shares and potential common shares - diluted (in shares)	3,445,632	3,380,445	3,445,632	3,378,090
Net income	$ 1,536	$ 1,324	$ 3,144	$ 3,074
Net income per common share - basic (in dollars per share)	$ 0.46	$ 0.40	$ 0.94	$ 0.94
Net income per common share - diluted (in dollars per share)	$ 0.45	$ 0.39	$ 0.91	$ 0.91

Note 5 - Revenue Concentration

Note 5 - Revenue Concentration (Details Textual)	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
National Exchange Carrier Association [Member] | Customer Concentration Risk [Member] | Sales Revenue, Net [Member]
Concentration Risk, Percentage	21.90%	19.10%

Note 7 - Stock Plans and Stoc27

Note 7 - Stock Plans and Stock Associated with Acquisition (Details Textual) - USD ($) $ in Thousands	6 Months Ended		12 Months Ended
	Jun. 30, 2017	Jun. 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, Vested or Cancelled	162,716
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period	0		366,356
Employee Service Share-based Compensation, Allocation of Recognized Period Costs, Capitalized Amount	$ 0
Allocated Share-based Compensation Expense	166	$ 199
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 Stoc28

Note 7 - Stock Plans and Stock Associated with Acquisition - Summary of RSU Activity (Details) - Restricted Stock Units (RSUs) [Member] - $ / shares	6 Months Ended	12 Months Ended
	Jun. 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
Outstanding at June 30, 2017 (in dollars per share)	$ 4.51	$ 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 June 30, 2017 (in shares)	98,943	203,640