XML 44 R27.htm IDEA: XBRL DOCUMENT v3.24.1

Note 18 - Other Income (Expenses)

12 Months Ended

Dec. 31, 2023

Notes to Financial Statements

Other Income and Other Expense Disclosure [Text Block]

18. Other Income (Expenses):

On August 1, 2020, the Company entered into an Asset Purchase Agreement (the “Purchase Agreement”), by and between the Company and DISH Wireless L.L.C.(“DISH”). Under the Purchase Agreement and in accordance with the terms and conditions set forth therein, the Company sold to DISH its mobile customer accounts that are marketed and sold under the Ting brand (other than certain customer accounts associated with one network operator) (“Transferred Assets”). For a period of 10 years following the execution of the Purchase Agreement, DISH will pay a monthly fee to the Company generally equal to an amount of net revenue received by DISH in connection with the transferred customer accounts minus certain fees and expenses, as further set forth in the Purchase Agreement. During the year ended December 31, 2023, the Company earned $17.0 million under the Purchase Agreement.

		For the twelve months ended
		2023				2022				2021
Income earned on sale of transferred assets			17,033				18,507				20,030
Income earned on sale of Ting customer assets		$	17,033			$	18,507			$	20,030

The Company recorded interest income amounting to $4.5 million, $0.1 million and nil for the years ended  December 31, 2023, 2022 and 2021 respectively. This significant increase in 2023 was primarily due to the strategic investment of excess 2023 Term Notes proceeds into Money Market Deposit Accounts ("MMDAs") and Certificates of Deposit ("CDs"), which generated $4.3 million in interest income. Interest expense, net has been included in "Other Income" as follows (Dollar amounts in thousands of US dollars):

		For the twelve months ended
		2023				2022				2021
Interest expense		$	(46,256	)		$	(14,588	)		$	(4,617	)
Interest income			4,485				132				-
Interest expense, net		$	(41,771	)		$	(14,456	)		$	(4,617	)

X

- References

No definition available.

+ Details

Name:	us-gaap_DisclosureTextBlockAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- Definition

The entire disclosure for other income or other expense items (both operating and nonoperating). Sources of nonoperating income or nonoperating expense that may be disclosed, include amounts earned from dividends, interest on securities, profits (losses) on securities, net and miscellaneous other income or income deductions.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 610
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//610/tableOfContent

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 720
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//720/tableOfContent

+ Details

Name:	us-gaap_OtherIncomeAndOtherExpenseDisclosureTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration