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Note 17 - Other Income

3 Months Ended

Mar. 31, 2024

Notes to Financial Statements

Other Income and Other Expense Disclosure [Text Block]

17. Other income:

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. The Company earned the amounts noted in the table below under the Purchase Agreement during the three months ended March 31, 2024 and March 31, 2023.

(Dollar amounts in thousands of U.S. dollars)		*Three Months Ended March 31,*
		*2024*				*2023*
Income earned on sale of transferred assets		$	3,621			$	4,370
Total other income		$	3,621			$	4,370

The Company recorded interest income amounting to $1.0 million and $0.1 million for the three months ended March 31, 2024 and 2023 respectively. This significant increase 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 $1.0 million in interest income. Interest expense, net has been included in '"Other Income" as follows (Dollar amounts in thousands of US dollars):

		*Three Months Ended March 31,*
		*2024*				*2023*
Interest expense		$	(12,879	)		$	(7,934	)
Interest income			1,000				54
Interest expense, net		$	(11,879	)		$	(7,880	)