Note 8 - Derivative Instruments

12 Months Ended

Dec. 31, 2022

Notes to Financial Statements

Derivative Instruments and Hedging Activities Disclosure [Text Block]

8. DERIVATIVE INSTRUMENTS

Non-designated hedges

In the month of October 2022, we have entered into an interest rate cap contracts as required by our lenders. The duration of these contracts is for a period of 2 years till May 2024. These hedges are not designated hedges under ASC 815, Derivatives and Hedging.

Unrealized gains and losses and changes in fair value of these derivatives are recognized as incurred in 'Interest expense and other income (expense), net' in Consolidated Statement of Income (loss). The following table presents these amounts for the year ended December 31, 2022 and 2021. 

	Year Ended December 31,
Derivatives not designated under ASC 815	2022			2021
Mark to Market loss on Interest rate cap		(113	)		-