Note B - Recent Accounting Pronouncements	3 Months Ended
Mar. 31, 2019
Notes to Financial Statements
New Accounting Pronouncements and Changes in Accounting Principles [Text Block]	NOTE B : RECENT ACCOUNTING PRONOUNCEMENTS In July 2018, the Financial Accounting Standards Board, (“FASB”) issued Accounting Standards Update, (“ASU”) No. 2018 - 09, (“ASU 2018 - 09” ), Codification Improvements. ASU 2018 - 09 was issued to update codification on multiple topics, and includes updates for technical corrections, clarifications and other minor improvements. ASU 2018 - 09 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2018, with early adoption permitted. The adoption of this guidance on January 1, 2019 did not have a material impact on the Company’s financial condition, results of operations, or cash flows. In July 2018, the FASB issued ASU No. 2018 - 10, (“ASU 2018 - 10” ), Codification Improvements to Topic 842, Leases. ASU 2018 - 10 was issued to update codification specific to Topic 842, and includes updates for technical corrections, clarifications and other minor improvements. ASU 2018 - 10 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2018, with early adoption permitted. The adoption of this guidance on January 1, 2019 did not have a material impact on the Company’s financial condition, results of operations, or cash flows. In June 2016, the FASB issued ASU No. 2016 - 13, (“ASU 2016 - 13” ), Accounting for Credit Losses (Topic 326 ). ASU 2016 - 13 requires the use of an “expected loss” model on certain types of financial instruments. The standard also amends the impairment model for available-for-sale debt securities and requires estimated credit losses to be recorded as allowances instead of reductions to amortized cost of the securities. ASU 2016 - 13 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2019, with early adoption permitted. The Company is evaluating the new guidance, but does not expect it to have a material impact on its financial condition, results of operations, or cash flows. In February 2016, the FASB issued ASU No. 2016 - 02, (“ASU 2016 - 02” ), Leases (Topic 842 ). This update seeks to increase the transparency and comparability among entities by requiring public entities to recognize lease assets and lease liabilities on the balance sheet and disclose key information about leasing arrangements. To satisfy the standard’s objective, a lessee will recognize a right-of-use asset representing its right to use the underlying asset for the lease term and a lease liability for the obligation to make lease payments. Both the right-of-use asset and lease liability will initially be measured at the present value of the lease payments, with subsequent measurement dependent on the classification of the lease as either a finance or an operating lease. For leases with a term of 12 months or less, a lessee is permitted to make an accounting policy election by class of underlying asset to not recognize lease assets and lease liabilities. If a lessee makes this election, it should recognize lease expense for such leases generally on a straight-line basis over the lease term. Accounting by lessors will remain mostly unchanged from current U.S. GAAP. In transition, lessees and lessors are required to recognize and measure leases at the beginning of the earliest period presented using a modified retrospective approach. The modified retrospective approach includes a number of optional practical expedients that companies may elect to apply. These practical expedients relate to the identification and classification of leases that commenced before the effective date, initial direct costs for leases that commenced before the effective date, and the ability to use hindsight in evaluating lessee options to extend or terminate a lease or to purchase the underlying asset. The transition guidance also provides specific guidance for sale and leaseback transactions, build-to-suit leases, leveraged leases and amounts previously recognized in accordance with business combinations guidance for leases. The new standard was effective for public companies for annual periods beginning after December 15, 2018, and interim periods within those years, with early adoption permitted. The Company currently leases shop, office and parking spaces in various locations around the country. The initial term for the majority of these leases is one year, with an option for early cancellation and an option to renew for subsequent one month periods. These leases can be terminated by either party by providing notice to the other party of the intent to cancel or to not extend. Relatively short lease durations for these properties are intended to provide flexibility to the Company as changing operational needs and shifting opportunities often result in cancellation or non-renewal of these leases by the Company or the lessor. The initial lease term for certain shop and office locations is for periods ranging from one to five years with early cancellation options. The Company insists on early cancellation provisions when negotiating leases to prevent becoming locked into long term leases that become operationally unjustified and to allow the flexibility to pursue more cost effective options for similar properties if they become available. These leases often include the option to extend for additional periods, which may or may not be exercised. Based on historical experience, the Company does not always extend these leases, sometimes exercises the option to cancel leases early and sometimes lessors choose to cancel leases or not extend. The Company has concluded that it is not appropriate to record a right to use asset or liability for the shop, office and parking spaces for lease arrangements as of March 31, 2019 or December 31, 2018. This conclusion is based on the determination that the lease term for the majority of these leases is under one year in duration, and that based on historical experience, it is reasonable to conclude that we may cancel longer term leases or options to extend for periods in excess of one year may not be exercised. The Company leases trucks to independent contractors under our lease-to-own program. We also lease dock space to a related party at our Laredo, Texas terminal. We have reviewed these leases and determined that the adoption of ASU 2016 - 02 did not require a change to our financial statements, as our method of accounting for related assets and lease revenue is consistent with the provisions of the new standard. Because the Company’s historical method of accounting for leases is consistent with the provisions of ASU 2016 - 02, the adoption of ASU 2016 - 02 on January 1, 2019 did not have a material impact on the Company’s financial condition, results of operations, or cash flows. With the exception of the new standards discussed above, there have been no recent accounting pronouncements or changes in accounting pronouncements during the three months ended March 31, 2019, as compared to the recent accounting pronouncements described in our Annual Report on Form 10 -K for the fiscal year ended December 31, 2018, that are of significance or potential significance to the Company.

NOTE

: RECENT

ACCOUNTING PRONOUNCEMENTS

July 2018,

the Financial Accounting Standards Board, (“FASB”) issued Accounting Standards Update, (“ASU”)

No.

2018

09,

(“ASU

2018

09”

), Codification Improvements. ASU

2018

was issued to update codification on multiple topics, and includes updates for technical corrections, clarifications and other minor improvements. ASU

2018

is effective for fiscal years, and interim periods within those years, beginning after

December 15, 2018,

with early adoption permitted. The adoption of this guidance on

January 1, 2019

did

not

have a material impact on the Company’s financial condition, results of operations, or cash flows.

July 2018,

the FASB issued ASU

No.

2018

10,

(“ASU

2018

10”

), Codification Improvements to Topic

842,

Leases. ASU

2018

was issued to update codification specific to Topic

842,

and includes updates for technical corrections, clarifications and other minor improvements. ASU

2018

is effective for fiscal years, and interim periods within those years, beginning after

December 15, 2018,

with early adoption permitted. The adoption of this guidance on

January 1, 2019

did

not

have a material impact on the Company’s financial condition, results of operations, or cash flows.

June 2016,

the FASB issued ASU

No.

2016

13,

(“ASU

2016

13”

), Accounting for Credit Losses (Topic

326

). ASU

2016

requires the use of an “expected loss” model on certain types of financial instruments. The standard also amends the impairment model for available-for-sale debt securities and requires estimated credit losses to be recorded as allowances instead of reductions to amortized cost of the securities. ASU

2016

is effective for fiscal years, and interim periods within those years, beginning after

December 15, 2019,

with early adoption permitted. The Company is evaluating the new guidance, but does

not

expect it to have a material impact on its financial condition, results of operations, or cash flows.

February

2016,

the FASB issued ASU

No.

2016

02,

(“ASU

2016

02”

), Leases (Topic

842

). This update seeks to increase the transparency and comparability among entities by requiring public entities to recognize lease assets and lease liabilities on the balance sheet and disclose key information about leasing arrangements. To satisfy the standard’s objective, a lessee will recognize a right-of-use asset representing its right to use the underlying asset for the lease term and a lease liability for the obligation to make lease payments. Both the right-of-use asset and lease liability will initially be measured at the present value of the lease payments, with subsequent measurement dependent on the classification of the lease as either a finance or an operating lease. For leases with a term of

months or less, a lessee is permitted to make an accounting policy election by class of underlying asset to

not

recognize lease assets and lease liabilities. If a lessee makes this election, it should recognize lease expense for such leases generally on a straight-line basis over the lease term. Accounting by lessors will remain mostly unchanged from current U.S. GAAP.

In transition, lessees and lessors are required to recognize and measure leases at the beginning of the earliest period presented using a modified retrospective approach. The modified retrospective approach includes a number of optional practical expedients that companies

may

elect to apply. These practical expedients relate to the identification and classification of leases that commenced before the effective date, initial direct costs for leases that commenced before the effective date, and the ability to use hindsight in evaluating lessee options to extend or terminate a lease or to purchase the underlying asset. The transition guidance also provides specific guidance for sale and leaseback transactions, build-to-suit leases, leveraged leases and amounts previously recognized in accordance with business combinations guidance for leases. The new standard was effective for public companies for annual periods beginning after

December

15,

2018,

and interim periods within those years, with early adoption permitted.

The Company currently leases shop, office and parking spaces in various locations around the country. The initial term for the majority of these leases is

one

year, with an option for early cancellation and an option to renew for subsequent

one

month periods. These leases can be terminated by either party by providing notice to the other party of the intent to cancel or to

not

extend. Relatively short lease durations for these properties are intended to provide flexibility to the Company as changing operational needs and shifting opportunities often result in cancellation or non-renewal of these leases by the Company or the lessor.

The initial lease term for certain shop and office locations is for periods ranging from

one

five

years with early cancellation options. The Company insists on early cancellation provisions when negotiating leases to prevent becoming locked into long term leases that become operationally unjustified and to allow the flexibility to pursue more cost effective options for similar properties if they become available. These leases often include the option to extend for additional periods, which

may

not

be exercised. Based on historical experience, the Company does

not

always extend these leases, sometimes exercises the option to cancel leases early and sometimes lessors choose to cancel leases or

not

extend.

The Company has concluded that it is

not

appropriate to record a right to use asset or liability for the shop, office and parking spaces for lease arrangements as of

March 31, 2019

December 31, 2018.

This conclusion is based on the determination that the lease term for the majority of these leases is under

one

year in duration, and that based on historical experience, it is reasonable to conclude that we

may

cancel longer term leases or options to extend for periods in excess of

one

year

may

not

be exercised.

The Company leases trucks to independent contractors under our lease-to-own program. We also lease dock space to a related party at our Laredo, Texas terminal. We have reviewed these leases and determined that the adoption of ASU

2016

did

not

require a change to our financial statements, as our method of accounting for related assets and lease revenue is consistent with the provisions of the new standard.

Because the Company’s historical method of accounting for leases is consistent with the provisions of ASU

2016

02,

the adoption of ASU

2016

January 1, 2019

did

not

have a material impact on the Company’s financial condition, results of operations, or cash flows.

With the exception of the new standards discussed above, there have been

recent accounting pronouncements or changes in accounting pronouncements during the

three

months ended

March 31, 2019,

as compared to the recent accounting pronouncements described in our Annual Report on Form

-K for the fiscal year ended

December

31,

2018,

that are of significance or potential significance to the Company.