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Note 17 - Subsequent Events
12 Months Ended
Dec. 31, 2017
Notes to Financial Statements  
Subsequent Events [Text Block]
17.
Subsequent events:
 
 
 
a.
On
January 5, 2018,
King County Superior court (Washington) granted Namecheap Inc. a preliminary injunction requiring the Company to bulk transfer
2.65
million domain names to Namecheap’s credentials. The Company completed the transfer by
January 16, 2018.
As a result of the bulk transfer, the Company will recognize in the
first
quarter of
2018
$14.6
million of revenue and
$14.5
million of cost of revenues sold related to previously deferred revenue and deferred prepaid registry fees.
 
 
b.
On
January 24, 2018,
the Company entered into the Second Interim Amendment to First Amended and Restated Credit Agreement (the “Second Interim Amendment”) with BMO and the Lenders.
The Second Interim Amendment provides that certain defined terms in Section
1.01
of the Credit Agreement are added and updated to reflect the inclusion of liabilities to Sprint Mobile similar to the previous inclusion of T-Mobile liabilities. The Second Interim Amendment also permits Tucows to retain bank accounts with Silicon Valley Bank with the aggregate amount held in such accounts
not
to exceed
$3.0
million.
 
 
c.
On
February 14,
 
2018,
the Company announced that its Board of Directors has approved a stock buyback program to repurchase up to
$40
million of its common stock in the open market. Purchases will be made exclusively through the facilities of the NASDAQ Capital Market. The stock buyback program commenced on
February 14, 
2018
and will terminate on or before
February 13, 2019.
The previously announced
$40
million buyback program for the period
March 1, 2017
to
February 28, 2018
was terminated on
February 14, 2018.  
 
 
d.
On
February 13, 2018,
the Company entered into an agreement with the Minority Shareholders of Ting Virginia, LLC pursuant to which the Minority Shareholders could immediately exercise their put option to sell their remaining
10%
ownership interest in Ting
Virginia, LLC for
$1.2
million.  The put option was simultaneously exercised and the Company paid
$1.2
million for the remaining
10%
ownership interest and Ting Virginia, LLC became a wholly-owned subsidiary of the Company.