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Note 7 - Derivative Instruments and Hedging Activities | 12 Months Ended
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Dec. 31, 2017
Notes to Financial Statements |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | 7. Derivative instruments and hedging activities: Foreign currency forward contracts In October 2012, the Company entered into a hedging program with a Canadian chartered bank to limit the potential foreign exchange fluctuations incurred on its future cash flows related to a portion of payroll, rent and payments to Canadian domain name registry suppliers that are denominated in Canadian dollars and are expected to be paid by its Canadian operating subsidiary. As part of its risk management strategy, the Company uses derivative instruments to hedge a portion of the foreign exchange risk associated with these costs. The Company does not use these forward contracts for trading or speculative purposes. These forward contracts typically mature between one and eighteen months. The Company has designated certain of these transactions as cash flow hedges of forecasted transactions under ASC Topic 815. For certain contracts, as the critical terms of the hedging instrument, and of the entire hedged forecasted transaction, are the same, in accordance with ASC Topic 815, the Company has been able to conclude that changes in fair value and cash flows attributable to the risk of being hedged are expected to completely offset at inception and on an ongoing basis. Accordingly, unrealized gains or losses on the effective portion of these contracts have been included within other comprehensive income. The fair value of the contracts, as of December 31, 2017 and 2016, is recorded as derivative instrument assets or liabilities. For certain contracts where the hedged transactions are no longer probable to occur, the loss on the associated forward contract is recognized in earnings. As of December 31, 201 7, the Company did not hold any forward contracts to sell U.S. dollars. As of December 31, 2016, the Company held $26.6 million, of which $24.0 million met the requirements of ASC Topic 815 and were designated as hedges. Fair value of derivative instruments and effect of derivative instruments on financial performance The effect of these derivative instruments on our consolidated financial statements as of, and for the year ended December 31, 2017 and 2016, were as follows (amounts presented do not include any income tax effects). Fair value of derivative instruments in the consolidated balance sheets (see note 6 )
Derivatives | Balance Sheet Location |  | December 31, 201 7 Assets at Fair Value |  |  | December 31, 201 6 Assets at Fair Value |
Foreign currency forward contracts designated as cash flow hedges | Derivative instruments |  | $ | — |  |  | $ | 155,560 |
Foreign currency forward contracts not designated as cash flow hedges | Derivative instruments |  | $ | — |  |  | $ | 17,328 |
Total foreign currency forward contracts | Derivative instruments |  | $ | — |  |  | $ | 172,888 |
Movement in AOCI balance for the year ended December 31, 201 7
|  | Gains and losses on cash flow hedges |  |  | Tax impact |  |  | Total AOCI |
Opening AOCI balance – December 31, 2016 |  | $ | 155,560 |  |  | $ | (56,406 | ) |  | $ | 99,154 |
Other comprehensive income (loss) before reclassifications |  |  | 863,425 |  |  |  | (313,078 | ) |  |  | 550,347 |
Amount reclassified from accumulated other comprehensive income |  |  | (1,018,985 | ) |  |  | 369,484 |  |  |  | (649,501 | )
Other comprehensive income (loss) for the year ended December 31, 201 7 |  |  | (155,560 | ) |  |  | 56,406 |  |  |  | (99,154 | )
Ending AOCI balance – December 31, 2017 |  | $ | — |  |  | $ | — |  |  | $ | — |
Movement in AOCI balance for the year ended December 31, 201 6
|  | Gains and losses on cash flow hedges |  |  | Tax impact |  |  | Total AOCI |
Opening AOCI balance – December 31, 2015 |  | $ | (1,721,683 | ) |  | $ | 612,231 |  |  | $ | (1,109,452 | )
Other comprehensive income (loss) before reclassifications |  |  | 871,925 |  |  |  | (304,109 | ) |  |  | 567,816 |
Amount reclassified from accumulated other comprehensive income |  |  | 1,005,318 |  |  |  | (364,528 | ) |  |  | 640,790 |
Other comprehensive income (loss) for the year ended December 31, 2016 |  |  | 1,877,243 |  |  |  | (668,637 | ) |  |  | 1,208,606 |
Ending AOCI balance – December 31, 2016 |  | $ | 155,560 |  |  | $ | (56,406 | ) |  | $ | 99,154 |
Movement in AOCI balance for the year ended December 31, 201 5
|  | Gains and losses on cash flow hedges |  |  | Tax impact |  |  | Total AOCI |
Opening AOCI balance – December 31, 2014 |  | $ | (946,676 | ) |  | $ | 324,235 |  |  | $ | (622,441 | )
Other comprehensive income (loss) before reclassifications |  |  | (3,171,740 | ) |  |  | 1,140,275 |  |  |  | (2,031,465 | )
Amount reclassified from accumulated other comprehensive income |  |  | 2,396,733 |  |  |  | (852,279 | ) |  |  | 1,544,454 |
Other comprehensive income (loss) for the year ended December 31, 2015 |  |  | (775,007 | ) |  |  | 287,996 |  |  |  | (487,011 | )
Ending AOCI balance – December 31, 2015 |  | $ | (1,721,683 | ) |  | $ | 612,231 |  |  | $ | (1,109,452 | )
Effects of derivative instruments on income and other comprehensive income (OCI)
Derivatives in Cash Flow Hedging Relationship |  | Amount of Gain or (Loss) Recognized in OCI, net of tax, on Derivative (Effective Portion) |  | Location of Gain or (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) |  | Amount of Gain or (Loss) Reclassified from Accumulated OCI into Income, (Effective Portion) |  | Location of Gain or (Loss) Recognized in Income on Derivative (ineffective Portion and Amount Excluded from Effectiveness Testing) |  | Amount of Gain or (Loss) Recognized in Income on Derivative (ineffective Portion and Amount Excluded from Effectiveness |
Foreign currency forward contracts – year ended December 31, 2017 |  |  |  |  | Operating expenses |  | $ | 878,519 |  |  |  |  |  |
|  | $ | (99,154 | ) | Cost of revenues |  | $ | 140,466 |  | Operating expenses |  | $ | - |
|  |  |  |  | Operating expenses |  | $ | (736,616 | ) |  |  |  |  |
Foreign currency forward contracts – year ended December 31, 2016 |  | $ | 1,208,606 |  | Cost of revenues |  | $ | (221,460 | ) | Operating expenses |  | $ | (47,242 | )
|  |  |  |  | Operating expenses |  | $ | (1,870,818 | ) |  |  |  |  |
Foreign currency forward contracts – year ended December 31, 2015 |  | $ | (487,011 | ) | Cost of revenues |  | $ | (525,916 | ) | Operating expenses |  | $ | (294,113 | )
In addition to the above, for those foreign currency forward contracts not designated as hedges, the Company has recorded a gain of $0.1 million upon settlement in the consolidated statement of comprehensive income with no contracts outstanding at December 31, 2017. The Company has recorded a loss of $0.2 million upon settlement and a gain of $0.3 million for the change in fair value of outstanding contracts for the year ended December 31, 2016, in the consolidated statement of comprehensive income. The Company has recorded a loss of $0.5 million upon settlement and a loss of $0.1 million for the change in fair value of outstanding contracts for the year ended December 31, 2015, in the consolidated statement of comprehensive income.

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- Definition The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -URI http://asc.fasb.org/topic&trid=2229140 + Details
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