Form 10-Q

0001513162-18-000205.txt : 20180814 0001513162-18-000205.hdr.sgml : 20180814 20180814083455 ACCESSION NUMBER: 0001513162-18-000205 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 54 CONFORMED PERIOD OF REPORT: 20180630 FILED AS OF DATE: 20180814 DATE AS OF CHANGE: 20180814 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Nuvera Communications, Inc. CENTRAL INDEX KEY: 0000071557 STANDARD INDUSTRIAL CLASSIFICATION: TELEPHONE COMMUNICATIONS (NO RADIO TELEPHONE) [4813] IRS NUMBER: 410440990 STATE OF INCORPORATION: MN FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-03024 FILM NUMBER: 181014445 BUSINESS ADDRESS: STREET 1: 27 NORTH MINNESOTA ST. CITY: NEW ULM STATE: MN ZIP: 56073 BUSINESS PHONE: 5073544111 MAIL ADDRESS: STREET 1: P O BOX 697 CITY: NEW ULM STATE: MN ZIP: 56073 FORMER COMPANY: FORMER CONFORMED NAME: NEW ULM TELECOM INC DATE OF NAME CHANGE: 19920703 FORMER COMPANY: FORMER CONFORMED NAME: NEW ULM RURAL TELEPHONE CO DATE OF NAME CHANGE: 19840816 10-Q 1 form10q.htm FORM 10Q Form 10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

_________________

FORM 10-Q

(Mark One)

x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934:

For the quarterly period ended June 30, 2018

o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934:

For the transition period from_____to_____.

Commission File Number 0-3024

NUVERA COMMUNICATIONS, INC.

(Exact name of Registrant as specified in its charter)

Minnesota

(State or other jurisdiction of

incorporation or organization)

41-0440990

(I.R.S. Employer

Identification No.)

27 North Minnesota Street

New Ulm, Minnesota 56073

(Address of principal executive offices)

Registrant’s telephone number, including area code: (507) 354-4111

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes £ No S

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes S No £

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes S No £

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company or an emerging growth company. See the definition of “large accelerated filer”, “accelerated filer”, “non-accelerated filer,” “smaller reporting company” or “emerging growth company” in Rule 12b-2 of the Exchange Act. (Check one):

£ Large accelerated filer	£ Accelerated filer
£ Non-accelerated filer	S Smaller reporting company	£ Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. £

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes £ No S

The total number of shares of the registrant’s common stock outstanding as of August 14, 2018: 5,175,258.

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PART I – FINANCIAL INFORMATION

Item 1	Financial Statements	3-8

	Consolidated Statements of Income (unaudited) for the Three and Six Months Ended June 30, 2018 and 2017	3

	Consolidated Statements of Comprehensive Income (unaudited) for the Three and Six Months Ended June 30, 2018 and 2017	4

	Consolidated Balance Sheets (unaudited) as of June 30, 2018 and December 31, 2017	5-6

	Consolidated Statements of Cash Flows (unaudited) for the Six Months Ended June 30, 2018 and 2017	7

	Consolidated Statements of Stockholders’ Equity (unaudited) for the Year Ended December 31, 2017 and for the Six Months ended June 30, 2018	8

	Condensed Notes to Consolidated Financial Statements (unaudited)	9-26

Item 2	Management’s Discussion and Analysis of Financial Condition and Results of Operations	26-37

Item 3	Quantitative and Qualitative Disclosures About Market Risk	37

Item 4	Controls and Procedures	37-38

PART II – OTHER INFORMATION

Item 1	Legal Proceedings	38

Item 1A	Risk Factors	38

Item 2	Unregistered Sales of Equity Securities and Use of Proceeds	38

Item 3	Defaults Upon Senior Securities	38

Item 4	Mine Safety Disclosures	38

Item 5	Other Information	38

Item 6	Exhibits Listing	39

	Signatures	40

	Exhibits

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PART I – FINANCIAL INFORMATION

Item 1. Financial Statements

NUVERA COMMUNICATIONS, INC. CONSOLIDATED STATEMENTS OF INCOME (Unaudited)

	Three Months Ended June 30,				Six Months Ended June 30,
	Three Months Ended June 30,				Six Months Ended June 30,
	2018		2017		2018		2017
OPERATING REVENUES:
Local Service	$	1,333,578	$	1,467,360	$	2,697,230	$	2,958,746
Network Access		1,630,637		1,725,545		3,295,652		3,388,189
Video		2,554,549		2,419,062		5,013,505		4,789,637
Data		3,195,527		3,057,994		6,311,762		6,091,295
A-CAM/FUSF		1,958,979		2,018,129		3,907,430		4,050,322
Other Non-Regulated		1,035,171		1,027,902		2,096,048		2,066,932
Total Operating Revenues		11,708,441		11,715,992		23,321,627		23,345,121

OPERATING EXPENSES:
Plant Operations (Excluding Depreciationand Amortization)		2,084,011		1,987,691		4,100,915		4,037,161
Cost of Video		2,277,022		2,044,417		4,428,703		4,101,089
Cost of Data		588,205		549,764		1,136,508		1,098,176
Cost of Other Nonregulated Services		572,429		515,832		1,100,305		1,007,720
Depreciation and Amortization		2,280,354		2,433,541		4,536,202		4,867,302
Selling, General and Administrative		2,196,830		1,781,189		4,161,846		3,685,817
Total Operating Expenses		9,998,851		9,312,434		19,464,479		18,797,265

OPERATING INCOME		1,709,590		2,403,558		3,857,148		4,547,856

OTHER (EXPENSE) INCOME
Interest Expense		(286,004)		(313,530)		(572,939)		(621,766)
Interest/Dividend Income		87,656		32,422		141,517		73,118
Interest During Construction		36,913		15,321		68,758		31,422
CoBank Patronage Dividends		-		-		290,895		337,137
Other Investment Income		90,680		148,793		145,221		162,116
Total Other Income (Expense)		(70,755)		(116,994)		73,452		(17,973)

INCOME BEFORE INCOME TAXES		1,638,835		2,286,564		3,930,600		4,529,883

INCOME TAXES		458,878		960,359		1,100,570		1,902,555

NET INCOME	$	1,179,957	$	1,326,205	$	2,830,030	$	2,627,328

BASIC AND DILUTED
NET INCOME PER SHARE	$	0.23	$	0.26	$	0.55	$	0.51

DIVIDENDS PER SHARE	$	0.1200	$	0.1000	$	0.2200	$	0.1950

WEIGHTED AVERAGE SHARES OUTSTANDING		5,171,597		5,153,373		5,166,532		5,147,711

The accompanying notes are an integral part of these consolidated financial statements.

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NUVERA COMMUNICATIONS, INC. CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited)

	Three Months Ended June 30,				Six Months Ended June 30,
	Three Months Ended June 30,				Six Months Ended June 30,
	2018		2017		2018		2017

Net Income	$	1,179,957	$	1,326,205	$	2,830,030	$	2,627,328

Other Comprehensive Income (Loss):
Unrealized Gains (Losses) on Interest Rate Swaps		(22,579)		15,759		(28,178)		42,928
Income Tax (Expense) Benefit Related to Unrealized
Gains/(Losses) on Interest Rate Swaps		6,444		(6,378)		8,043		(17,373)
Other Comprehensive Income (Loss):		(16,135)		9,381		(20,135)		25,555

Comprehensive Income	$	1,163,822	$	1,335,586	$	2,809,895	$	2,652,883

The accompanying notes are an integral part of these consolidated financial statements.

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NUVERA COMMUNICATIONS, INC. CONSOLIDATED BALANCE SHEETS (Unaudited)

ASSETS

	June 30, 2018		December 31, 2017
	June 30, 2018		December 31, 2017
CURRENT ASSETS:
Cash	$	2,477,678	$	1,842,092
Receivables, Net of Allowance for Doubtful Accounts of $77,500 and $83,000		1,715,704		1,944,501
Income Taxes Receivable		213,985		-
Materials, Supplies, and Inventories		1,703,259		2,075,199
Financial Derivative Instruments		-		28,178
Prepaid Expenses		1,151,560		823,310
Total Current Assets		7,262,186		6,713,280

INVESTMENTS & OTHER ASSETS:
Goodwill		39,805,349		39,805,349
Intangibles		15,079,615		16,257,156
Other Investments		7,562,699		7,521,389
Deferred Charges and Other Assets		77,579		52,596
Total Investments and Other Assets		62,525,242		63,636,490

PROPERTY, PLANT & EQUIPMENT:
Telecommunications Plant		128,731,681		127,634,435
Other Property & Equipment		19,292,523		17,750,364
Video Plant		10,489,634		10,440,379
Total Property, Plant and Equipment		158,513,838		155,825,178
Less Accumulated Depreciation		116,955,100		113,875,345
Net Property, Plant & Equipment		41,558,738		41,949,833

TOTAL ASSETS	$	111,346,166	$	112,299,603

The accompanying notes are an integral part of these consolidated financial statements.

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NUVERA COMMUNICATIONS, INC. CONSOLIDATED BALANCE SHEETS (continued) (Unaudited)

LIABILITIES AND STOCKHOLDERS' EQUITY

	June 30, 2018		December 31, 2017
	June 30, 2018		December 31, 2017
CURRENT LIABILITIES:
Current Portion of Long-Term Debt, Net of Unamortized Loan Fees	$	3,315,822	$	3,315,822
Accounts Payable		1,331,737		2,079,470
Accrued Income Taxes		-		676,508
Other Accrued Taxes		168,641		166,249
Deferred Compensation		56,208		57,216
Accrued Compensation		1,789,644		1,825,761
Other Accrued Liabilities		321,768		403,964
Total Current Liabilities		6,983,820		8,524,990

LONG-TERM DEBT, Net of Unamortized
Loan Fees		22,702,054		24,022,465

NONCURRENT LIABILITIES:
Loan Guarantees		141,496		158,043
Deferred Income Taxes		10,310,648		10,318,689
Other Accrued Liabilities		176,779		194,458
Deferred Compensation		607,679		632,225
Total Noncurrent Liabilities		11,236,602		11,303,415

COMMITMENTS AND CONTINGENCIES:		-		-

STOCKHOLDERS' EQUITY:
Preferred Stock - $1.66 Par Value, 10,000,000 Shares Authorized, None Issued		-		-
Common Stock - $1.66 Par Value, 90,000,000 Shares Authorized, 5,175,258 and 5,160,065 Shares Issued and Outstanding		8,625,430		8,600,108
Accumulated Other Comprehensive Income		-		20,135
Unearned Compensation		45,099		13,620
Retained Earnings		61,753,161		59,814,870
Total Stockholders' Equity		70,423,690		68,448,733

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$	111,346,166	$	112,299,603

The accompanying notes are an integral part of these consolidated financial statements.

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NUVERA COMMUNICATIONS, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

	Six Months Ended
	June 30, 2018		June 30, 2017
	June 30, 2018		June 30, 2017
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income	$	2,830,030	$	2,627,328
Adjustments to Reconcile Net Income to Net Cash
Provided by Operating Activities:
Depreciation and Amortization		4,565,791		4,896,891
Undistributed Earnings of Other Equity Investments		(128,372)		(75,232)
Noncash Patronage Refund		(76,485)		(105,145)
Distributions from Equity Investments		200,000		400,000
Stock Issued in Lieu of Cash Payment		146,251		109,593
Stock-based Compensation		31,479		-
Changes in Assets and Liabilities:
Receivables		237,184		315,456
Income Taxes Receivable		(213,985)		(418,944)
Inventories		371,940		(39,850)
Prepaid Expenses		(203,881)		236,957
Deferred Charges		(33,370)		10,753
Accounts Payable		(1,035,071)		(1,350,938)
Accrued Income Taxes		(676,508)		-
Other Accrued Taxes		2,392		6,223
Other Accrued Liabilities		(135,992)		(349,012)
Deferred Compensation		(25,554)		(35,834)
Net Cash Provided by Operating Activities		5,855,849		6,228,246

CASH FLOWS FROM INVESTING ACTIVITIES:
Additions to Property, Plant, and Equipment, Net		(3,003,545)		(1,673,908)
Grants Received for Construction of Plant		323,319		108,624
Other, Net		(53,000)		(103,000)
Net Cash Used in Investing Activities		(2,733,226)		(1,668,284)

CASH FLOWS FROM FINANCING ACTIVITIES:
Principal Payments of Long-Term Debt		(1,350,000)		(2,025,000)
Changes in Revolving Credit Facility		-		(1,634,778)
Dividends Paid		(1,137,037)		(1,003,878)
Net Cash Used in Financing Activities		(2,487,037)		(4,663,656)

NET INCREASE (DECREASE) IN CASH		635,586		(103,694)

CASH at Beginning of Period		1,842,092		616,114

CASH at End of Period	$	2,477,678	$	512,420

Supplemental cash flow information:
Cash paid for interest	$	543,491	$	612,803
Net cash paid for income taxes	$	1,991,000	$	2,321,500

The accompanying notes are an integral part of these consolidated financial statements.

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NUVERA COMMUNICATIONS, INC. CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Unaudited)

YEAR ENDED DECEMBER 31, 2017 AND SIX MONTHS ENDED JUNE 30, 2018

				Accumulated Other Comprehensive Income (Loss)

	Common Stock					Unearned Compensation		Retained Earnings		Total Equity
	Shares	Amount				Unearned Compensation		Retained Earnings		Total Equity

BALANCE on December 31, 2016	5,139,375	$	8,565,625	$	(13,580)	$	-	$	51,706,451	$	60,258,496

Director's Stock Plan	12,668		21,113						128,840		149,953
Employee Stock Plan	8,022		13,370						61,235		74,605
Restricted Stock Grants							13,620				13,620
Net Income									9,954,236		9,954,236
Dividends									(2,035,892)		(2,035,892)
Unrealized Gain on Interest Rate Swap					33,715						33,715

BALANCE on December 31, 2017	5,160,065		8,600,108		20,135		13,620		59,814,870		68,448,733

Director's Stock Plan	10,984		18,307						181,602		199,909
Employee Stock Plan	4,209		7,015						63,696		70,711
Restricted Stock Grants							31,479				31,479
Net Income									2,830,030		2,830,030
Dividends									(1,137,037)		(1,137,037)
Unrealized Loss on Interest Rate Swap					(20,135)						(20,135)

BALANCE on June 30, 2018	5,175,258	$	8,625,430	$	-	$	45,099	$	61,753,161	$	70,423,690

The accompanying notes are an integral part of these consolidated financial statements.

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NUVERA COMMUNICATIONS, INC.

CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

June 30, 2018 (Unaudited)

Note 1 – Basis of Presentation and Consolidation

The accompanying unaudited condensed consolidated financial statements of Nuvera Communications, Inc. and its subsidiaries (Nuvera) have been prepared in accordance with accounting principles generally accepted in the United States of America (GAAP) for interim financial information, rules and regulations of the Securities and Exchange Commission (SEC) and, where applicable, conform to the accounting principles as prescribed by federal and state telephone utility regulatory authorities. Certain information and disclosures normally included in annual financial statements prepared in accordance with GAAP have been omitted or condensed pursuant to such rules and regulations. In the opinion of management, the unaudited condensed consolidated financial statements reflect all adjustments (consisting only of normal and recurring accruals) considered necessary for the fair presentation of the financial statements and present fairly the results of operations, financial position and cash flows for the interim periods presented as required by Regulation S-X, Rule 10-01. These unaudited interim condensed consolidated financial statements should be read in conjunction with our audited consolidated financial statements and notes thereto contained in our Annual Report on Form 10-K for the year ended December 31, 2017.

The preparation of our financial statements requires our management to make estimates and judgements that affect the reported amounts of assets, liabilities, revenue and expenses, and the related disclosure of contingent assets and liabilities at the date of the financial statements and during the reporting period. Actual results may differ from these estimates. The results of operations for the interim periods presented are not necessarily indicative of the results that may be expected for the fiscal year as a whole or any other interim period.

Our consolidated financial statements report the financial condition and results of operations for Nuvera and its subsidiaries in one business segment: the Telecom Segment. Inter-company transactions have been eliminated from the consolidated financial statements.

Revenue Recognition

See Note 2 – “Revenue Recognition” for a discussion of our revenue recognition policies.

Cost of Services (excluding depreciation and amortization)

Cost of services includes all costs related to delivery of communication services and products. These operating costs include all costs of performing services and providing related products including engineering, network monitoring and transport cost.

Selling, General and Administrative Expenses

Selling, general and administrative expenses include direct and indirect selling expenses, customer service, billing and collections, advertising and all other general and administrative costs associated with the operations of the business.

Depreciation and Amortization Expense

We use the group life method (mass asset accounting) to depreciate the assets of our telephone companies. Telephone plant acquired in a given year is grouped into similar categories and depreciated over the remaining estimated useful life of the group. When an asset is retired, both the asset and the accumulated depreciation associated with that asset are removed from the books. Due to rapid changes in technology, selecting the estimated economic life of telecommunications plant and equipment requires a significant amount of judgment. We periodically review data on expected utilization of new equipment, asset retirement activity and net salvage values to determine adjustments to our depreciation rates. Depreciation expense was $3,358,661 and $3,632,761 for the six months ended June 30, 2018 and 2017. We amortize our definite-lived intangible assets over their estimated useful lives. Identifiable intangible assets that are subject to amortization are evaluated for impairment.

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Income Taxes

The provision for income taxes consists of an amount for taxes currently payable and a provision for tax consequences deferred to future periods. Deferred income taxes are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities, and their respective tax bases. Significant components of our deferred taxes arise from differences (i) in the basis of property, plant and equipment due to the use of accelerated depreciation methods for tax purposes, as well as (ii) in partnership investments and intangible assets due to the difference between book and tax basis. Our effective income tax rate is normally higher than the United States tax rate due to state income taxes and permanent differences.

We account for income taxes in accordance with GAAP, which requires an asset and liability approach to financial accounting and reporting for income taxes. As required by GAAP, we recognize the financial statement benefit of tax positions only after determining that the relevant tax authority would more-likely-than-not sustain the position following an audit. For tax positions meeting the more-likely-than-not threshold, the amount recognized in the financial statements is the largest benefit that has a greater than 50 percent likelihood of being realized upon ultimate settlement with the relevant tax authority.

As of June 30, 2018 and December 31, 2017 we had no unrecognized tax benefits.

We are primarily subject to United States, Minnesota, Iowa, Nebraska and Wisconsin income taxes. Tax years subsequent to 2013 remain open to examination by federal and state tax authorities. Our policy is to recognize interest and penalties related to income tax matters as income tax expense. As of June 30, 2018 and December 31, 2017 we had no interest or penalties accrued that related to income tax matters.

On December 22, 2017, the President of the United States signed into law, the Tax Cuts and Jobs Act tax reform legislation. This legislation makes significant changes in United States tax law including a reduction in the corporate tax rates, changes to net operating loss carryforwards and carrybacks and a repeal of the corporate alternative minimum tax. The legislation reduced the United States corporate tax rate from the current rate of 35% to 21%. As a result of the enacted law, the Company was required to revalue deferred tax assets and liabilities at the 21% rate in the 4^th quarter of 2017.

Recent Accounting Developments

In May 2017, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update No. 2017-09 (ASU 2017-09), “Scope of Modification Accounting.” ASU 2017-09 clarifies the modification accounting guidance for stock compensation included in Topic 718, “Compensation – Stock Compensation.” ASU 2017-09 provides guidance about which changes to the terms or conditions of a share-based payment award must be accounted for as a modification under Topic 718. The new guidance is effective prospectively for annual and interim periods beginning after December 15, 2017, with early adoption permitted. We adopted this update effective January 1, 2018 and are applying this guidance to applicable transactions.

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In January 2017, the FASB issued ASU 2017-04, “Intangibles – Goodwill and other (Topic 350).” ASU 2017-04 simplifies the accounting for goodwill impairment and removes Step 2 of the goodwill impairment test. Goodwill impairment will now be the amount by which a reporting unit’s carrying value exceeds its fair value limited to the total amount of goodwill allocated to that reporting unit. Entities will continue to have the option to perform a qualitative assessment to determine if a quantitative impairment test is necessary. The same one-step impairment test will be applied to goodwill at all reporting units, even those with zero or negative carrying amounts. The amendments in this update should be applied on a prospective basis. ASU 2017-04 is effective for the Company beginning January 1, 2021. Early adoption is permitted. Management is evaluating the impact the adoption of ASU 2017-04 will have on the Company’s financial statements (if any).

In June 2016, the FASB issued ASU 2016-13, “Financial Instruments – Credit Losses: Measurement of Credit Losses on Financial Instruments.” ASU 2016-13 requires entities to use a new forward-looking, expected loss model to estimate credit losses. It also requires additional disclosures relating to the credit quality of trade and other receivables, including information relating to management’s estimate of credit allowances. Nuvera is required to adopt ASU 2016-13 on January 1, 2020. Early adoption as of January 1, 2019 is permitted. We are evaluating the effects that adoption of ASU 2016-13 will have on our financial position, results of operations and disclosures.

In February 2016, the FASB issued ASU 2016-02, “Leases,” which requires the recognition of lease assets and lease liabilities by lessees for those leases classified as operating leases under previous GAAP. This change will result in an increase to recorded assets and liabilities on lessees’ financial statements, as well as changes in the categorization of rental costs, from rent expense to interest and depreciation expense. Other effects may occur depending on the types of leases and the specific terms of them utilized by particular lessees. The ASU is effective for the Company on January 1, 2019, and early application is permitted. Modified retrospective application is required. The Company is evaluating the effect that ASU 2016-02 will have on its consolidated financial statements and related disclosures.

We have reviewed all other significant newly issued accounting pronouncements and determined that they are either not applicable to our business or that no material effect is expected on our financial position and results of operations.

Note 2 – Revenue Recognition

Change in Accounting Policy

In May 2014, the FASB issued ASU 2014-09, “Revenue from Contracts with Customers (Topic 606) (Accounting Standards Codification (ASC) 606),” which is a comprehensive revenue recognition standard that supersedes nearly all existing revenue recognition guidance under GAAP. ASU 2014-09 provides a single principles-based, five-step model to be applied to all contracts with customers, which steps are to (1) identify the contact(s) with the customer, (2) identify the performance obligations in the contract, (3) determine the transaction price, (4) allocate the transaction price to the performance obligations in the contract and (5) recognize revenue when each performance obligation is satisfied. As amended, the new standard was effective for the Company on January 1, 2018, using either a retrospective basis or a modified retrospective basis with early adoption permitted.

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We adopted ASU 2014-09 as of January 1, 2018 using the modified retrospective method for open contracts. Under this transition method, the accounting change is applied to the current period with a cumulative effect adjustment recorded to opening retained earnings. Previously reported results will not be restated under this transition method. Results for reporting periods beginning after January 1, 2018 are presented under ASC 606, while prior period amounts are not adjusted and continue to be reported in accordance with our historic accounting practices under ASC 605 (legacy GAAP). The adoption of ASU 2014-09 did not have a material impact to our systems, processes, internal controls or our financial position and results of operations. In addition, the Company did not have any material cumulative-effect adjustments that would have affected its January 1, 2018 assets, liabilities or retained earnings. The adoption of this new standard by the Company did result in additional disclosures around the nature and timing of the Company’s performance obligations, deferred revenue contract liabilities, deferred contract cost assets, as well as significant judgements and practical expedients used by the Company in applying the new five-step revenue model.

Our revenue contracts with customers may include a promise or promises to deliver services such as broadband, video or voice services. Promised services are considered distinct as the customer can benefit from the services either on their own or together with other resources that are readily available to the customer and the Company’s promise to transfer service to the customer is separately identifiable from other promises in the contract. The Company accounts for services as separate performance obligations. Each service is considered a single performance obligation as it is providing a series of distinct services that are substantially the same and have the same pattern of transfer.

The transaction price is determined at contract inception and reflects the amount of consideration to which we expect to be entitled in exchange for transferring service to the customer. This amount is generally equal to the market price of the services promised in the contract and may include promotional discounts. The transaction price excludes amounts collected on behalf of third parties such as sales taxes and regulatory fees. Conversely, nonrefundable up-front fees, such as service activation and set-up fees, which are immaterial to our overall revenues, are included in the transaction price. In determining the transaction price, we consider our enforceable rights and obligations within the contract. We do not consider the possibility of a contract being cancelled, renewed or modified, which is consistent with ASC 606-10-32-4.

The transaction price is allocated to each performance obligation based on the standalone selling price of the service, net of the related discount, as applicable.

Revenue is recognized when performance obligations are satisfied by transferring service to the customer as described below.

Significant Judgements

The Company often provides multiple services to a customer. Provision of customer premise equipment (CPE) and additional service tiers may have a significant level of integration and interdependency with the subscription voice, video, Internet, or connectivity services. Judgement is required to determine whether provision of CPE, installation services, and additional service tiers are considered distinct and accounted for separately, or not distinct and accounted for together with the subscription services.

Allocation of the transaction price to the distinct performance obligations in bundled service subscriptions requires judgement. The transaction price for a bundle of services is frequently less than the sum of standalone selling prices of each individual service. Standalone selling prices for the Company’s services are directly observable.

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Disaggregation of Revenue

The following table summarizes revenue from contracts with customers for the quarters ended June 30, 2018 and 2017:

	Three Months Ended June 30,
	2018		2017
Voice services ¹	$	1,523,995	$	1,642,930
Network access ¹		1,789,625		1,809,266
Video ¹		2,550,179		2,416,000
Data ¹		2,798,809		2,573,196
Directory ²		178,773		178,949
Cellular ³		131,731		106,640
Other contracted revenue ⁴		461,691		546,211
Other ⁵		206,325		188,375

Revenue from customers		9,641,128		9,461,567

Subsidy and other revenue outside scope of ASC 606 ⁶		2,067,313		2,254,425

Total revenue	$	11,708,441	$	11,715,992

¹Month-to-Month contracts billed and consumed in the same month.

²Directory revenue is contracted annually, however, this revenue is recognized monthly over the contract period as the advertising is used.

³Approximately 88.89% of the revenue in this category is earned through a monthly commission from the network provider for a billing and collecting arrangement with the network provider. We do not receive revenue from the end-user customer, but instead receive a monthly commission from the provider. Other revenue in this category includes phone and equipment sales and represents approximately 1.13% of our total revenue.

⁴This includes long-term contracts where the revenue is recognized monthly over the term of the contract.

⁵This includes CPE and other equipment sales.

⁶This includes governmental subsidies and lease revenue outside the scope of ASC 606.

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The following table summarizes revenue from contracts with customers for the six months ended June 30, 2018 and 2017:

	Six Months Ended June 30,
	2018		2017
Voice services ¹	$	3,082,388	$	3,276,110
Network access ¹		3,512,840		3,601,108
Video ¹		5,005,346		4,783,124
Data ¹		5,543,940		5,128,390
Directory ²		350,825		357,016
Cellular ³		251,679		214,042
Other contracted revenue ⁴		898,328		1,086,309
Other ⁵		423,344		371,721

Revenue from customers		19,068,690		18,817,820

Subsidy and other revenue outside scope of ASC 606 ⁶		4,252,937		4,527,301
Subsidy and other revenue outside scope of ASC 606 ⁶		4,252,937		4,527,301

Total revenue	$	23,321,627	$	23,345,121

¹ Month-to-Month contracts billed and consumed in the same month.

² Directory revenue is contracted annually, however, this revenue is recognized monthly over the contract period as the advertising is used.

³ Approximately 88.29% of the revenue in this category is earned through a monthly commission from the network provider for a billing and collecting arrangement with the network provider. We do not receive revenue from the end-user customer, but instead receive a monthly commission from the provider. Other revenue in this category include phone and equipment sales and represents approximately 1.08% of our total revenue.

⁴This includes long-term contracts where the revenue is recognized monthly over the term of the contract.

⁵This includes CPE and other equipment sales.

⁶This includes governmental subsidies and lease revenue outside the scope of ASC 606.

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For the three months ended June 30, 2018 and 2017, approximately 80.58% of our total revenue is from month-to-month and other contracted revenue from customers. Approximately 17.66% of our total revenue is from revenue sources outside of the scope of ASC 606. The remaining 1.76% of total revenue is from other sources including CPE and equipment sales and installation.

For the six months ended June 30, 2018 and 2017, approximately 79.95% of our total revenue is from month-to-month and other contracted revenue from customers. Approximately 18.24% of our total revenue is from revenue sources outside of the scope of ASC 606. The remaining 1.81% of total revenue is from other sources including CPE and equipment sales and installation.

A significant portion of our revenue is derived from customers who may generally cancel their subscriptions at any time without penalty. As such, the amount of revenue related to unsatisfied performance obligations is not necessarily indicative of the future revenue to be recognized from our existing customer base. Revenue from customers with a contractually specified term and non-cancelable service period will be recognized over the term of such contracts, which is generally 3 to 10 years for these types of contracts.

Nature of Services

Revenues are earned from our customers primarily through the connection to our networks, digital and commercial television (TV) programming, Internet services (high-speed broadband), and hosted and managed services. Revenues for these services are billed based on set rates for monthly service or based on the amount of time the customer is utilizing our facilities. The revenue for these services is recognized when the service is rendered.

Revenues earned from interexchange carriers (IXCs) accessing our network are based on the utilization of our network by these carriers as measured by minutes of use on the network or special access to the network by the individual carriers. Revenues are billed at tariffed access rates for both interstate and intrastate calls. Revenues for these services are recognized based on the period the access is provided.

Voice Services – We receive recurring revenue for basic local services that enable end-user customers to make and receive telephone calls within a defined local calling area for a flat monthly fee. In addition to subscribing to basic local telephone services, our customers may choose from a variety of custom calling features such as call waiting, call forwarding, caller identification and voicemail. Customers may generally cancel their subscriptions at any time without penalty. Each subscription service provided is accounted for as a distinct performance obligation and revenue is recognized over a one month service period as the subscription services are delivered. Other optional services purchased by the customer are generally accounted for as a distinct performance obligation when purchased and revenue is recognized when the service is provided.

Network Access – We provide access services to other telecommunication carriers for the use of our facilities to terminate or originate long distance calls on our network. Additionally, we bill monthly subscriber line charges (SLCs) to substantially all of our customers for access to the public switched network. These SLCs are regulated and approved by the Federal Communications Commission (FCC). In addition, network access revenue is derived from several federally administered pooling arrangements designed to provide support and distribute funding to us.

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Revenues earned from other telecommunication carriers accessing our network are based on the utilization of our network by these carriers as measured by minutes of use on the network or special access to the network by the individual carriers on monthly basis. Revenues are billed at tariffed access rates for both interstate and intrastate calls and are recognized into revenue monthly based on the period the access was provided.

The National Exchange Carriers Association (NECA) pools and redistributes the SLCs to various telecommunication providers through the Connect America Fund (CAF). These revenues are earned and recognized into revenue on a monthly basis. Any adjustments to these amounts received by NECA are adjusted for in revenue upon receipt of the adjustment.

Video – We provide a variety of enhanced video services on a monthly recurring basis to our customers. We also receive monthly recurring revenue from our subscribers for providing commercial TV programming. Customers may generally cancel their subscriptions at any time without penalty. Each subscription service provided is accounted for as a distinct performance obligation and revenue is recognized over a one month service period as the subscription services are delivered. Other optional services purchased by the customer are generally accounted for as a distinct performance obligation when purchased and revenue is recognized when the service is provided.

Data – We provide high speed Internet to business and residential customers. Our revenue is earned based on the offering of various flat packages based on the level of service, data speeds and features. We also provide e-mail, web hosting and design, on-line file back up and on-line file storage. Data customers may generally cancel their subscriptions at any time without penalty. Each subscription service provided is accounted for as a distinct performance obligation and revenue is recognized over a one month service period as the subscription services are delivered. Other optional services purchased by the customer are generally accounted for as a distinct performance obligation when purchased and revenue is recognized when the service is provided.

Directory – Our directory publishing revenue in our telephone directories recurs monthly and is recognized into revenue on a monthly basis.

Cellular – We provide retail sales and service of cellular phones and accessories through Telespire, a national wireless provider. We resell these wireless services as TechTrends Wireless, our branded product. We receive both recurring revenue for our wireless services, as well as revenue collected for the sale of wireless phones and accessories. The majority of the revenue in this category is earned through a monthly commission from Telespire for a billing and collecting arrangement with Telespire. We do not receive revenue from the end-user customer, but instead receive a monthly commission from Telespire. Other revenue in this category is immaterial to our overall revenues.

Other Contracted Revenue - Managed services and certain other data customers include fiber-delivered communications and managed information technology solutions to mainly business customers, as well as high-capacity last-mile data connectivity services to wireless and wireline carriers. Services are primarily offered on a subscription basis with a contractually specified and non-cancelable service period. The non-cancelable contract terms for these customers generally range from 3 to 10 years. Each subscription service provided is accounted for as a distinct performance obligation and revenue is recognized ratably over the contract period as the subscription services are delivered. These services are billed as monthly recurring charges to customers.

Other – We also generate revenue from the sales, service and installation of CPE and other services. Sales and service of CPE are billed and recognized into revenue once the sale or service is complete or delivered. These sales and services are generally short-term in nature and are completed within one month. Other revenues are immaterial to our total revenues.

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Subsidy and Other Revenue outside the Scope of ASC 606 – We receive subsidies from governmental entities to operate and expand our networks. In addition, we have revenue from leasing arrangements. Both of these revenue streams are outside of the scope of ASC 606.

Interstate access rates are established by a nationwide pooling of companies known as the NECA. The FCC established NECA in 1983 to develop and administer interstate access service rates, terms and conditions. Revenues are pooled and redistributed on the basis of a company's actual or average costs. There has been a change in the composition of interstate access charges in recent years, shifting more of the charges to the end user and reducing the amount of access charges paid by IXC’s. We believe this trend will continue.

Intrastate access rates are filed with state regulatory commissions in Minnesota and Iowa.

Effective January 1, 2017 we no longer received funding from the Federal Universal Service Fund (FUSF) based on the pooling and redistribution of revenues based on a company's actual or average costs as described above, but has instead, elected to receive funding based on the Alternative Connect America Cost Model (A-CAM) as described below.

A-CAM

The FUSF was established as part of the Telecommunications Act of 1996 and provides subsidies to telecommunications providers as means of increasing the availability and affordability of advanced telecommunications services. In 2011, significant reform was introduced, including the creation of the CAF, to help modernize the FUSF and promote support of these telecom services in the nation’s high cost areas. In 2016, the FCC announced additional reform to further transition the CAF from supporting the provision of voice services to the provision of broadband services. On March 30, 2016, the FCC issued a Report and Order (2016 Order) that adopts the following changes to the FUSF for rate-of-return carriers:

· Establishes a voluntary cost model;

· Creates specific broadband deployment obligations;

· Provides a mechanism for support of broadband-only deployment;

· Gradually reduces the authorized rate-of-return from 11.25 percent to 9.75 percent;

· Eliminates support in those local areas served by unsubsidized competitors;

· Establishes “glide-path” transition periods for all the new changes; and

· Maintains the $2 billion budget established by the 2011 Transformation Order.

While the 2011 FUSF Transformation Order established CAF Phase I and CAF Phase II as high cost support mechanisms for the price cap carriers (i.e., the larger, national local exchange carriers (LECs) such as Verizon and AT&T), it was not as specific about how subsidies would change for the rate-of-return carriers (i.e., the smaller LECs, including all rural LECs). In contrast, the 2016 Order focused on the rate-of-return carriers, announced specific changes to existing funding mechanisms as well as a new funding mechanism, and provided rural telecommunications providers with greater certainty about future support.

One of the major changes introduced by the 2016 Order was the creation of the A-CAM, a new CAF support mechanism for rate-of-return carriers. Utilization of the A-CAM was voluntary; and rate-of-return carriers may have instead chose to continue relying on the legacy support mechanism known as interstate common line support (ICLS), but then modified and renamed CAF Broadband Loop Support. Each carrier needed to decide which support mechanism to elect, and then choose one or the other, per state.

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In our Form 10-Q for the quarter ended September 30, 2016, Nuvera disclosed that we had elected the A-CAM for our Minnesota and Iowa operations, replacing our former ICLS. Nuvera will receive A-CAM support for a period of ten years in exchange for meeting defined broadband build-out requirements. At the time of Nuvera’s election, the FCC had not yet determined the final award numbers.

Consistent with the stated disclosure in our Form 10-Q, Nuvera notified the FCC that we would continue to elect the A-CAM program. Under the report that accompanied the FCC December 20, 2016 Public Notice, Nuvera would annually receive (i) $391,896 for our Iowa operations and (ii) $6,118,567 for our Minnesota operations. The Company will use the annual $6.5 million that we receive through the A-CAM program to meet our defined broadband build-out obligations. The A-CAM payments will replace the Company’s former ICLS payments.

On May 7, 2018, the FCC issued Public Notice DA 18-465, which contained revised offers of A-CAM support and associated revised service deployment obligations.

On May 23, 2018, the Company’s Board of Directors (BOD) authorized and directed the Company to accept the FCC’s revised offer of A-CAM support and the revised associated service deployment obligations. Under the revised FCC offer Notice, the Company will be entitled to annually receive (i) $489,870 for its Iowa operations, which is a $97,974 increase per year and (ii) $7,648,208 for its Minnesota operations, which is a $1,529,641 increase per year. The Company will use the additional support that it receives through the A-CAM program to continue to meet its defined broadband build-out obligations. A letter of acceptance to elect the revised A-CAM support was filed by the Company with the FCC on May 24, 2018. The FCC accepted the Company’s letter on May 30, 2018. The revised A-CAM support offer payments are expected to begin in the third quarter of 2018.

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The following table provides information about our receivables, contracts assets and contract liabilities from revenue contracts with our customers:

	January 1, 2018		June 30, 2018		Increase/ (Decrease)

Contract Assets:

Short-term contract assets	$	-	$	-	$	-

Lont-term contract assets	$	-	$	-	$	-

Contract Liabilities:

Short-term contract liabilities	$	93,656	$	116,107	$	22,451 ¹

Long-term contract liabilities	$	194,458	$	176,780	$	(17,678)

Receivables:

Receivables accounted for under ASC 606	$	1,431,558	$	1,194,374	$	(237,184) ²

Subsidy Receivables not accounted for under ASC 606	$	542,539	$	542,539	$	-

¹ The difference is due to the timing of the contract billings.

² The reduction in accounts receivable is due to the timing of receipts.

Contract Assets

Contract assets arise from costs that are incremental to the acquisition of a contract. Incremental costs are those that result directly from obtaining a contract or costs that would not have been incurred if the contract had not been obtained, which primarily relates to sales commissions. Overall commissions paid to our sales representatives are immaterial based on our current commission structure. Due to the immaterial amount of commissions paid and the fact that most of our customers are billed under month-to-month service agreements that generally have no penalties associated with them if canceled by the customer, the Company has applied the practical expedient that allow customer acquisition costs to be expensed as incurred.

Contract Liabilities

Short-term contract liabilities include deferred revenues for advanced payments for managed services and other long-term contracts. This includes the current portion of the deferred revenues that will be recognized monthly within one year. Long-term contract liabilities include deferred revenues for advanced payments for managed services and other long-term contracts. This includes the portion longer than one year and the corresponding deferred revenues are recognized into revenue on a monthly basis based of the term of the contract.

Receivables

A receivable is recognized in the period the Company provides goods and services when the Company’s right to consideration is unconditional. Payment terms on invoiced amounts are generally 30-60 days.

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Note 3 – Fair Value Measurements

We have adopted the rules prescribed under GAAP for our financial assets and liabilities. GAAP includes a fair value hierarchy that is intended to increase consistency and comparability in fair value measurements and related disclosures. The fair value hierarchy is based on inputs to valuation techniques used to measure fair value that are either observable or unobservable. Observable inputs reflect assumptions market participants would use in pricing an asset or liability based on market data obtained from independent sources, while unobservable inputs reflect a reporting entity’s pricing based upon its own market assumptions. The fair value hierarchy consists of the following three levels:

Level 1: Inputs are quoted prices in active markets for identical assets or liabilities.

Level 2: Inputs are quoted prices for similar assets or liabilities in an active market, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable and market-corroborated inputs that are derived principally from or corroborated by observable market data.

Level 3: Inputs are derived from valuation techniques where one or more significant inputs or value drivers are unobservable.

We have used financial derivative instruments to manage our overall cash flow exposure to fluctuations in interest rates. We accounted for derivative instruments in accordance with GAAP that requires derivative instruments to be recorded on the balance sheet at fair value. Changes in fair value of derivative instruments must be recognized in earnings unless specific hedge accounting criteria are met, in which case, the gains and losses are included in other comprehensive income rather than in earnings.

We had entered into an interest rate swap agreement (IRSA) with our lender, CoBank, ACB (CoBank), to manage our cash flow exposure to fluctuations in interest rates. This instrument was designated as a cash flow hedge and is effective at mitigating the risk of fluctuations on interest rates in the market place. Any gains or losses related to changes in the fair value of this derivative were accounted for as a component of accumulated other comprehensive income (loss) for as long as the hedge remained effective.

The fair value of our IRSA is discussed in Note 6 – “Interest Rate Swaps”. The fair value of our swap agreement was determined based on Level 2 inputs.

Other Financial Instruments

Other Investments - It is difficult to estimate a fair value for equity investments in companies carried on the equity or cost basis due to a lack of quoted market prices. We conducted an evaluation of our investments in all of our companies in connection with the preparation of our audited financial statements at December 31, 2017. We believe the carrying value of our investments is not impaired.

Debt – We estimate the fair value of our long-term debt based on the discounted future cash flows we expect to pay using current rates of borrowing for similar types of debt. Fair value of the debt approximates carrying value.

Other Financial Instruments - Our financial instruments also include cash equivalents, trade accounts receivable and accounts payable where the current carrying amounts approximate fair market value.

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Note 4 – Goodwill and Intangibles

We account for goodwill and other intangible assets under GAAP. Under GAAP, goodwill and intangible assets with indefinite useful lives are not amortized, but are instead tested for impairment (i) on at least an annual basis and (ii) when changes in circumstances indicate that the fair value of goodwill may be below its carrying value. Our goodwill totaled $39,805,349 at June 30, 2018 and December 31, 2017.

As required by GAAP, we do not amortize goodwill and other intangible assets with indefinite lives, but test for impairment on an annual basis or earlier if an event occurs or circumstances change that would reduce the fair value of a reporting unit below its carrying amount. These circumstances include, but are not limited to (i) a significant adverse change in the business climate, (ii) unanticipated competition or (iii) an adverse action or assessment by a regulator. Determining impairment involves estimating the fair value of a reporting unit using a combination of (i) the income or discounted cash flows approach and (ii) the market approach that utilizes comparable companies’ data. If the carrying amount of a reporting unit exceeds its fair value, the amount of the impairment loss must be measured. The impairment loss is calculated by comparing the implied fair value of the reporting unit’s goodwill to its carrying amount. In calculating the implied fair value of the reporting unit’s goodwill, the fair value of the reporting unit is allocated to all of the assets and liabilities of the reporting unit. The excess of the fair value of a reporting unit over the amount assigned to its other assets and liabilities is the implied value of goodwill. We recognize impairment loss when the carrying amount of goodwill exceeds its implied fair value.

In 2017 and 2016, we engaged an independent valuation firm to complete our annual impairment testing for existing goodwill. For 2017 and 2016, the testing results indicated no impairment charge to goodwill as the determined fair value was sufficient to pass the first step of the impairment test.

Our intangible assets subject to amortization consist of acquired customer relationships, regulatory rights and trade names. We amortize intangible assets with finite lives over their respective estimated useful lives. Identifiable intangible assets that are subject to amortization are evaluated for impairment. In addition, we periodically reassess the carrying value, useful lives and classifications of our identifiable intangible assets.

The components of our identified intangible assets are as follows:

		June 30, 2018				December 31, 2017
		Gross Carrying Amount				Gross Carrying Amount
	Useful Lives			Accumulated Amortization				Accumulated Amortization
	Useful Lives			Accumulated Amortization				Accumulated Amortization
Definite-Lived Intangible Assets
Customers Relationships	14-15 yrs	$	29,278,445	$	18,398,855	$	29,278,445	$	17,354,646
Regulatory Rights	15 yrs		4,000,000		2,799,975		4,000,000		2,666,643
Trade Name	3-5 yrs		570,000		570,000		570,000		570,000
Indefinitely-Lived Intangible Assets
Video Franchise			3,000,000		-		3,000,000		-
Total		$	36,848,445	$	21,768,830	$	36,848,445	$	20,591,289

Net Identified Intangible Assets				$	15,079,615			$	16,257,156

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Amortization expense related to the definite-lived intangible assets was $1,177,541 and $1,234,541 for the six months ended June 30, 2018 and 2017. Amortization expense for the remaining six months of 2018 and the five years subsequent to 2018 is estimated to be:

·	(July 1 – December 31)	$	1,177,542
·	2019	$	2,355,083
·	2020	$	2,355,083
·	2021	$	2,355,038
·	2022	$	983,688
·	2023	$	983,688

Note 5 – Secured Credit Facility

We have a credit facility with CoBank. Under the credit facility, we entered into a master loan agreement (MLA) and a series of supplements to the respective MLA.

Nuvera and its respective subsidiaries also have entered into security agreements under which substantially all the assets of Nuvera and its respective subsidiaries have been pledged to CoBank as collateral. In addition, Nuvera and its respective subsidiaries have guaranteed all the obligations under the credit facility. These mortgage notes are required to be paid in quarterly installments covering principal and interest, beginning in the year of issue and maturing on December 31, 2021.

Our loan agreements include restrictions on our ability to pay cash dividends to our stockholders. However, we are allowed to pay dividends (a) (i) in an amount up to $2,100,000 in any year if our “Total Leverage Ratio,” that is, the ratio of our “Indebtedness” to “EBITDA” (earnings before interest, taxes, depreciation and amortization – as defined in the loan documents) is greater than 2.50 to 1.00, and (ii) in any amount if our Total Leverage Ratio is less than 2.50 to 1.00, and (b) in either case, if we are not in default or potential default under the loan agreements. On March 31, 2016 our Total Leverage Ratio fell below 2.50, thus eliminating any restrictions on our ability to pay cash dividends to our stockholders. Our current Total Leverage Ratio at June 30, 2018 is 1.48.

Our credit facility requires us to comply with specified financial ratios and tests. These financial ratios include total leverage ratio, debt service coverage ratio, equity to total assets ratio and fixed coverage ratio. At June 30, 2018 we were in compliance with all the stipulated financial ratios in our loan agreements.

There are security and loan agreements underlying our current CoBank credit facility that contain restrictions on our distributions to stockholders and investment in, or loans, to others. Also, our credit facility contains restrictions that, among other things, limits or restricts our ability to enter into guarantees and contingent liabilities, incur additional debt, issue stock, transact asset sales, transfers or dispositions, and engage in mergers and acquisitions, without CoBank approval.

As described in Note 6 – “Interest Rate Swaps,” we had previously entered into an IRSA that effectively fixed our interest rates and covered $14.0 million that matured on June 18, 2018. Our debt of $35.2 million ($9.0 million available under the revolving credit facilities and $26.2 million currently outstanding) remains subject to variable interest rates at an effective weighted average interest rate of 4.61%, as of June 30, 2018.

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Note 6 – Interest Rate Swaps

We assess interest rate cash flow risk by continually identifying and monitoring changes in interest rate exposures that may adversely affect expected future cash flows and by evaluating hedging opportunities.

We generally use variable-rate debt to finance our operations, capital expenditures and acquisitions. These variable-rate debt obligations expose us to variability in interest payments due to changes in interest rates. The terms of our credit facility with CoBank required that we enter into interest rate agreements designed to protect us against fluctuations in interest rates, in an aggregate principal amount and for a duration determined under the credit facility.

To meet this objective, on June 18, 2015 we entered into an IRSA with CoBank covering $14.0 million of our aggregate indebtedness to CoBank. This swap effectively locked in the interest rate on $14.0 million of variable-rate debt through June 2018. Under this IRSA, we had changed the variable-rate cash flow exposure on the debt obligations to fixed cash flows. Under the terms of the IRSA, we paid a fixed contractual interest rate and (i) made an additional payment if the LIBOR variable rate payment was below a contractual rate or (ii) received a payment if the LIBOR variable rate payment was above the contractual rate.

Each month, we made interest payments to CoBank under its loan agreements based on the current applicable LIBOR Rate plus the contractual LIBOR margin then in effect with respect to the loan, without reflecting our IRSA. At the end of each calendar month, CoBank adjusted our aggregate interest payments based on the difference, if any, between the amounts paid by us during the month and the current effective interest rate. Net interest payments were reported in our consolidated income statement as interest expense.

Our IRSA under our credit facilities qualified as a cash flow hedge for accounting purposes under GAAP. We reflected the effect of this hedging transaction in the financial statements. The unrealized gain/loss was reported in other comprehensive income. If we would have terminated our IRSA, the cumulative change in fair value at the date of termination would have been reclassified from accumulated other comprehensive income, which was classified in stockholders’ equity, into earnings on the consolidated statements of income.

The fair value of the Company’s IRSA was determined based on valuations received from CoBank and was based on the present value of expected future cash flows using discount rates appropriate with the terms of the IRSA. The fair value indicated an estimated amount we would have been required to pay if the contracts were canceled or transferred to other parties. Our interest rate swap matured on June 18, 2018, at which point the Company no longer had any IRSAs in effect.

Note 7 – Other Investments

We are a co-investor with other rural telephone companies in several partnerships and limited liability companies. These joint ventures make it possible to offer services to customers, including digital video services and fiber-optic transport services that we would have difficulty offering on our own. These joint ventures also make it possible to invest in new technologies with a lower level of financial risk. We recognize income and losses from these investments on the equity method of accounting. For a listing of our investments, see Note 11 – “Segment Information”.

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Note 8 – Guarantees

Nuvera has guaranteed a ten-year loan owed by FiberComm, LC, maturing on September 30, 2021. As of June 30, 2018, we have recorded a liability of $141,496 in connection with the guarantee on this loan. This guarantee may be exercised if FiberComm, LC does not make its required payments on this note.

Note 9 – Deferred Compensation

As of June 30, 2018 and December 31, 2017, we have recorded other deferred compensation relating to executive compensation payable to certain former executives of past acquisitions.

Note 10 – Restricted Stock Units (RSU)

On February 24, 2017, our BOD adopted the 2017 Omnibus Stock Plan (2017 Plan) effective May 25, 2017. The shareholders of the Company approved the 2017 Plan at the May 25, 2017 Annual Meeting of Shareholders. The purpose of the 2017 Plan was to enable Nuvera and its subsidiaries to attract and retain talented and experienced people, closely link employee compensation with performance realized by shareholders, and reward long-term results with long-term compensation. The 2017 Plan enables us to grant stock incentive awards to current and new employees, including officers, and to Board members and service providers. The 2017 Plan permits stock incentive awards in the form of options (incentive and non-qualified), stock appreciation rights, restricted stock, RSUs, performance stock, performance units, and other awards in stock or cash. The 2017 Plan permits the issuance of up to 625,000 shares of our Common Stock in any of the above stock awards.

On July 25, 2017, our BOD granted 6,077 shares of RSUs in the Common Stock of the Company to its executive officers under the 2017 Plan. We recognize share-based compensation expense for these RSUs over the vesting period of the RSUs, which was determined by our BOD. The 2017 RSUs will vest on December 31, 2019, at which point, the executives will be able to receive Common Stock in the Company in exchange for the RSUs.

On March 23, 2018, our BOD and Compensation Committee granted awards to the Company’s executive officers under the 2017 Plan. We recognize share-based compensation expense for these RSU’s over the vesting period of the RSUs’ which was determined by our BOD. Each executive officer received a time-based RSU and a performance-based RSU. The time-based RSUs were computed as a percentage of the executive officer’s base salary based on the closing price of Company common stock of $17.00 on March 26, 2018. 4,044 RSU’s were granted and the RSU’s will vest 100% on December 31, 2020, at which point, the executive officers will be able to receive Common Stock in the Company in exchange for the RSUs. The performance-based RSUs were computed as a percentage of the executive officer’s base salary based on the closing price of Company common stock of $17.00 on March 26, 2018. The RSU’s will vest based on the Company’s average Return on Invested Capital (ROIC) for the three years ended December 31, 2020. 5,750 RSU’s were granted as a target and the RSU’s will vest 100% on December 31, 2020 if ROIC levels are attained, at which point, the executive officers will be able to receive Common Stock in the Company in exchange for the RSUs. The executive officers may earn more or less RSU’s based on if the actual ROIC over the time period is more or less than target.

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Note 11 – Segment Information

We operate in the Telecom Segment and have no other significant business segments. The Telecom Segment consists of voice, data and video communication services delivered to the customer over our local communications network. No single customer accounted for a material portion of our consolidated revenues.

The Telecom Segment operates the following incumbent local exchange carriers (ILECs) and competitive local exchange carriers (CLECs) and has investment ownership interests as follows:

Telecom Segment

●	ILECs:
	▪	Nuvera Communications, Inc., the parent company;
	▪	Hutchinson Telephone Company, a wholly-owned subsidiary of Nuvera;
	▪	Peoples Telephone Company, a wholly-owned subsidiary of Nuvera;
	▪	Sleepy Eye Telephone Company, a wholly-owned subsidiary of Nuvera;
	▪	Western Telephone Company, a wholly-owned subsidiary of Nuvera.
●	CLECs:
	▪	Nuvera, located in Redwood Falls, Minnesota;
	▪	Hutchinson Telecommunications, Inc., a wholly-owned subsidiary of HTC, located in Litchfield and Glencoe, Minnesota;
●	Our investments and interests in the following entities include some management responsibilities:
	▪	FiberComm, LC – 20.00% subsidiary equity ownership interest. FiberComm, LC is located in Sioux City, Iowa;
	▪	Broadband Visions, LLC (BBV) – 24.30% subsidiary equity ownership interest. BBV provides video headend and Internet services;
	▪	Independent Emergency Services, LLC (IES) – 14.29% subsidiary equity ownership interest. IES is a provider of E-911 services to the State of Minnesota as well as a number of counties located in Minnesota;
	▪	SM Broadband, LLC (SMB) – 12.50% subsidiary equity ownership interest. SMB provides network connectivity for regional businesses.

Note 12 – Commitments and Contingencies

We are involved in certain contractual disputes in the ordinary course of business. We do not believe the ultimate resolution of any of these existing matters will have a material adverse effect on our financial position, results of operations or cash flows. We did not experience any changes to material contractual obligations in the first six months of 2018. Refer to the Company’s Annual Report on Form 10-K for the year ended December 31, 2017 for the discussion relating to commitments and contingencies.

Note 13 – Broadband Grants

In January 2017, the Company was awarded a broadband grant from the Minnesota Department of Employment and Economic Development (DEED). The grant provided up to 45% of the total cost of building fiber connections to homes and businesses for improved high-speed internet in unserved or underserved communities and businesses in the Company’s service area. The Company will receive $850,486 of the $1,889,968 total project costs. The Company will provide the remaining 55% matching funds. At June 30, 2018, the Company has received $374,543. These projects will be completed in 2018.

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In November 2017, the Company was awarded a broadband grant from the DEED. The grant provided up to 42.6% of the total cost of building fiber connections to homes and businesses for improved high-speed internet in unserved or underserved communities and businesses in the Company’s service area. The Company will receive $736,598 of the $1,727,998 total project costs. The Company will provide the remaining 57.4% matching funds. Construction and expenditures for these projects will begin in 2018.

Note 14 – Subsequent Events

On July 31, 2018, the Company announced that it had completed its acquisition of Scott-Rice Telephone Company (Scott-Rice) from Allstream Business U.S., LLC, an affiliate of Zayo Group Holdings, Inc. (Zayo) for $42 million in cash. Scott-Rice provides phone, video and internet services with over 18,000 connections, serving the communities of Prior Lake, Savage, Elko and New Market, Minnesota. The combined Nuvera-Scott-Rice company will have approximately 66,000 connections. Nuvera financed the acquisition with its principal lender, CoBank. Further information regarding the CoBank loan terms and amounts can be found on the Company’s 8-K filed with the SEC on August 3, 2018.

We have evaluated and disclosed subsequent events through the filing date of this Quarterly Report on Form 10-Q.

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

Forward Looking Statements

The SEC encourages companies to disclose forward-looking information so that investors can better understand a company’s future prospects and make informed investment decisions. Certain statements in this Quarterly Report on Form 10-Q, including those relating to the impact on future revenue sources, pending and future regulatory orders, continued expansion of the telecommunications network and expected changes in the sources of our revenue and cost structure resulting from our entrance into new communications markets, are forward-looking statements and are made pursuant to the safe harbor provisions of the Securities Litigation Reform Act of 1995. The Securities Litigation Reform Act of 1995 contains safe harbor provisions regarding forward-looking statements. This Quarterly Report on Form 10-Q may include forward-looking statements. These statements may include, without limitation, statements with respect to anticipated future operating and financial performance, growth opportunities and growth rates, acquisition and divestiture opportunities, business strategies, business and competitive outlook, and other similar forecasts and statements of expectation. Words such as “expects”, “anticipates”, “intends”, “plans”, “believes”, “seeks”, “estimates”, “targets”, “projects”, “will”, “may”, “continues” and “should”, and variations of these words and similar expressions, are intended to identify these forward-looking statements. These forward-looking statements are subject to risks and uncertainties that could cause our actual results to differ materially from such statements.

Because of these risks, uncertainties and assumptions and the fact that any forward-looking statements made by us and our management are based on estimates, projections, beliefs and assumptions of management, they are not guarantees of future performance and you should not place undue reliance on them. In addition, forward-looking statements speak only as of the date they are made, which is the filing date of this Form 10-Q. With the exception of the requirements set forth in the federal securities laws or the rules and regulations of the SEC, we do not undertake any obligation to update or review any forward-looking information, whether as a result of new information, future events or otherwise.

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Critical Accounting Policies and Estimates

Management’s discussion and analysis of financial condition and results of operations stated in this Form 10-Q, are based upon Nuvera’s consolidated unaudited financial statements that have been prepared in accordance with GAAP and, where applicable, conform to the accounting principles as prescribed by federal and state telephone utility regulatory authorities. We presently give accounting recognition to the actions of regulators where appropriate. The preparation of our financial statements requires our management to make estimates and judgments that affect the reported amounts of assets, liabilities, revenue and expenses, and the related disclosure of contingent assets and liabilities. Our senior management has discussed the development and selection of accounting estimates and the related Management Discussion and Analysis disclosure with our Audit Committee. For a summary of our significant accounting policies, see Note 1 – “Summary of Significant Accounting Policies” to the Consolidated Financial Statements contained in our Annual Report on Form 10-K for the year ended December 31, 2017, which is incorporated herein by reference.

Results of Operations

Overview

Nuvera has a state-of-the-art; fiber-rich communications network and offers a diverse array of communications products and services. Our businesses provide local telephone service and network access to other telecommunications carriers for connections to our networks. In addition, we provide long distance service, broadband Internet access, video services, and managed and hosted solutions services.

Our operations consist primarily of providing services to customers for a monthly charge. Because many of these services are recurring in nature, backlog orders and seasonality are not significant factors. Our working capital requirements include financing the construction of our networks, which consists of switches and cable, data, Internet protocol (IP) and digital TV. We also require capital to maintain our networks and infrastructure; fund the payroll costs of our highly skilled labor force; maintain inventory to service capital projects, our network and our telephone equipment customers; pay dividends and provide for the carrying value of trade accounts receivable, some of which may take several months to collect in the normal course of business.

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Executive Summary

Highlights:

·

Effective June 4, 2018, New Ulm Telecom, Inc. changed its name to Nuvera Communications, Inc. The Company had announced the pending name change at its 2018 Annual Meeting of Shareholders held on May 24, 2018. Concurrent with the June 4, 2018 name change, the ticker symbol for the Company’s common stock on the QTCQB Marketplace became NUVR.

·

On February 23, 2018, the Company announced that it had entered into a Stock Purchase Agreement dated February 22, 2018 to purchase Scott-Rice from Zayo for approximately $42 million in cash. Nuvera intends to finance the acquisition from existing capital resources and proceeds from a credit facility with it principal lender CoBank. Scott-Rice provides phone, video and internet services with over 18,000 connections, serving the communities of Prior Lake, Savage, Elko and New Market, Minnesota. The transaction is subject to customary closing conditions and regulatory approvals, but is not subject to Nuvera shareholder approval. The transaction has been unanimously approved by the BODs of Nuvera and Zayo. The transaction closed on July 31, 2018.

·

On November 24, 2017 the DEED announced Nuvera as one of the companies that will receive state grants for broadband development. Nuvera received two of the thirty-nine grants announced by Lieutenant Governor Tina Smith. A total of $26.4 million was awarded by the DEED with the aim of providing reliable, affordable high-speed internet to nearly 10,000 households, more than 2,000 businesses and more than 60 community institutions throughout the state. Nuvera will receive $736,598 of the $1,727,998, or 42.6%, of the total project costs to build fiber connections to homes and businesses in the rural areas of Hanska and White Rock. Construction on the projects is expected to begin in the spring of 2018. Grant funds will be received by Nuvera as work progresses and costs are provided to the DEED.

·

On January 12, 2017 the DEED announced Nuvera as one of the companies that will receive state grants for broadband development. Nuvera received three of the forty-two grants announced by Lieutenant Governor Tina Smith. A total of $34 million was awarded by the DEED with the aim of providing reliable, affordable high-speed internet to more than 16,000 households, more than 2,000 businesses and more than 70 community institutions throughout the state. Nuvera will receive $850,486 of the $1,889,968, or 45%, of the total project costs to build fiber connections to homes and businesses in the rural areas of Hanska and Mazeppa and in and around Bellechester. Construction on one of the projects began in the spring of 2017 and the construction on the other two projects began in the summer of 2017. Grant funds will be received by Nuvera as work progresses and costs are provided to the DEED. At June 30, 2018 we have received $374,543 from this grant.

·

Effective January 1, 2017 the Company no longer receives funding from the FUSF based on the pooling and redistribution of revenues based on a company's actual or average costs, but has instead, elected to receive funding based on the A-CAM. See Note 2 – “Revenue Recognition” for a discussion regarding the A-CAM.

·

Net income for the second quarter of 2018 totaled $1,179,957 which was a $146,248, or 11.03% decrease compared to the second quarter of 2018. This decrease was primarily due one-time charges related to the Scott-Rice acquisition and an increase in costs of services, partially offset by a decrease in income taxes due to the Tax Cuts and Jobs Act reform legislation signed into law on December 22, 2017, and a decrease in depreciation.

·

Consolidated revenue for the second quarter of 2018 totaled $11,708,441, which was a $7,551 or 0.06% decrease compared to the second quarter of 2017.

Business Trends

Included below is a synopsis of business trends management believes will continue to affect our business in 2018.

Voice and switched access revenues are expected to continue to be adversely impacted by future declines in access lines due to competition in the telecommunications industry from cable television providers (CATV), Voice over Internet Protocol (VoIP) providers, wireless, other competitors and emerging technologies. As we experience access line losses, our switched access revenue will continue to decline consistent with industry-wide trends. A combination of changing minutes of use, carriers optimizing their network costs and lower demand for dedicated lines may affect our future voice and switched access revenues. Access line losses totaled 1,754 or 7.74% for the twelve months ended June 30, 2018 due to the reasons mentioned above.

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The expansion of our state-of-the-art; fiber-rich communications network, growth in broadband customer sales along with continued migration to higher connectivity speeds and the sales of Internet value-added services such as on-line data backup, and hosted and managed service solutions are expected to continue to offset the revenue declines from the access line trends discussed above.

To be competitive, we continue to emphasize the bundling of our products and services. Our customers have the option to bundle local phone, high-speed Internet, long distance and video services. These bundles provide our customers with one convenient location to obtain all of their communications and entertainment options, a convenient billing solution and bundle discounts. We believe that product bundles positively impact our customer retention, and the associated discounts provide our customers the best value for their communications and entertainment options. We have a state-of-the-art, fiber-rich broadband network, which, along with the bundling of our voice, Internet and video services allows us to meet customer demands for products and services. We continue to focus on the research and deployment of advanced technological products that include broadband services, wireless services, private line, VoIP, digital video, IPTV and hosted and managed services.

We continue to evaluate our operating structure to identify opportunities for increased operational efficiencies and effectiveness. This involves evaluating opportunities for task automation, network efficiency and the balancing of our workforce based on the current needs of our customers.

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Financial results for the Telecom Segment are included below:

Telecom Segment
	Three Months Ended June 30,
	2018		2017		Increase (Decrease)
Operating Revenues
Local Service	$	1,333,578	$	1,467,360	$	(133,782)	-9.12%
Network Access		1,630,637		1,725,545		(94,908)	-5.50%
Video		2,554,549		2,419,062		135,487	5.60%
Data		3,195,527		3,057,994		137,533	4.50%
A-CAM/FUSF		1,958,979		2,018,129		(59,150)	-2.93%
Other Non-Regulated		1,035,171		1,027,902		7,269	0.71%
Total Operating Revenues		11,708,441		11,715,992		(7,551)	-0.06%

Cost of Services, Excluding Depreciation and Amortization		5,521,667		5,097,704		423,963	8.32%
Selling, General and Administrative		2,196,830		1,781,189		415,641	23.34%
Depreciation and Amortization Expenses		2,280,354		2,433,541		(153,187)	-6.29%
Total Operating Expenses		9,998,851		9,312,434		686,417	7.37%

Operating Income	$	1,709,590	$	2,403,558	$	(693,968)	-28.87%

Net Income	$	1,179,957	$	1,326,205	$	(146,248)	-11.03%

Capital Expenditures	$	1,296,816	$	839,183	$	457,633	54.53%

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Telecom Segment
	Six Months Ended June 30,
	2018		2017		Increase (Decrease)
Operating Revenues
Local Service	$	2,697,230	$	2,958,746	$	(261,516)	-8.84%
Network Access		3,295,652		3,388,189		(92,537)	-2.73%
Video		5,013,505		4,789,637		223,868	4.67%
Data		6,311,762		6,091,295		220,467	3.62%
A-CAM/FUSF		3,907,430		4,050,322		(142,892)	-3.53%
Other		2,096,048		2,066,932		29,116	1.41%
Total Operating Revenues		23,321,627		23,345,121		(23,494)	-0.10%

Cost of Services, Excluding Depreciation and Amortization		10,766,431		10,244,146		522,285	5.10%
Selling, General and Administrative		4,161,846		3,685,817		476,029	12.92%
Depreciation and Amortization Expenses		4,536,202		4,867,302		(331,100)	-6.80%
Total Operating Expenses		19,464,479		18,797,265		667,214	3.55%

Operating Income	$	3,857,148	$	4,547,856	$	(690,708)	-15.19%

Net Income	$	2,830,030	$	2,627,328	$	202,702	7.72%

Capital Expenditures	$	3,003,545	$	1,673,908	$	1,329,637	79.43%

Key metrics
Access Lines		20,896		22,650		(1,754)	-7.74%
Video Customers		10,088		10,369		(281)	-2.71%
Broadband Customers		16,679		16,089		590	3.67%

Revenue

Local Service – We receive recurring revenue for basic local services that enable customers to make and receive telephone calls within a defined local calling area for a flat monthly fee. In addition to subscribing to basic local telephone services, our customers may choose from a variety of custom calling features such as call waiting, call forwarding, caller identification and voicemail. Local service revenue was $1,333,578, which is $133,782 or 9.12% lower in the three months ended June 30, 2018 compared to the three months ended June 30, 2017 and was $2,697,230, which is $261,516 or 8.84% lower in the six months ended June 30, 2018 compared to the six months ended June 30, 2017. These decreases were primarily due the decline in access lines.

The number of access lines we serve as a company have been decreasing, which is consistent with a general industry trend, as customers are increasingly utilizing other technologies, such as wireless phones and IP services. To help offset declines in local service revenue, we implemented an overall strategy that continues to focus on selling a competitive bundle of services. Our focus on marketing competitive service bundles to our customers creates value for the customer and aids in the retention of our voice lines.

Network Access – We provide access services to other telecommunications carriers for the use of our facilities to terminate or originate traffic on our network. Additionally, we bill SLCs to substantially all of our customers for access to the public switched network. These monthly SLCs are regulated and approved by the FCC. In addition, network access revenue was derived from several federally administered pooling arrangements designed to provide network support and distribute funding to ILECs. Network access revenue was $1,630,637, which is $94,908 or 5.50% lower in the three months ended June 30, 2018 compared to the three months ended June 30, 2017 and was $3,295,652, which is $92,537 or 2.73% lower in the six months ended June 30, 2018 compared to the six months ended June 30, 2017. These decreases were primarily due to lower minutes of use on our network.

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In recent years, IXCs and others have become more aggressive in disputing both interstate carrier access charges and the applicability of access charges to their network traffic. We believe that long distance and other communication providers will continue to challenge the applicability of access charges either before the FCC or directly with the LECs. We cannot predict the likelihood of future claims and cannot estimate the impact.

Video – We receive monthly recurring revenue from our subscribers for providing commercial TV programming in competition with local CATV, satellite dish TV and off-air TV service providers. We serve seventeen communities with our IPTV services and five communities with our CATV services. Video revenue was $2,554,549, which is $135,487 or 5.60% higher in the three months ended June 30, 2018 compared to the three months ended June 30, 2017 and was $5,013,505, which is $223,868 or 4.67% higher in the six months ended June 30, 2018 compared to the six months ended June 30, 2017. These increases were primarily due to a combination of rate increases introduced into several of our markets over the course of the last several years.

Data – We provide high speed Internet to business and residential customers. Our revenue is earned based on the offering of various flat rate packages based on the level of service, data speeds and features. We also provide e-mail and managed services, such as web hosting and design, on-line file back up and on-line file storage. Data revenue was $3,195,527, which is $137,533 or 4.50% higher in the three months ended June 30, 2018 compared to the three months ended June 30, 2017 and was $6,311,762, which is $220,467 or 3.62% higher in the six months ended June 30, 2018 compared to the six months ended June 30, 2017. These increases were primarily due to an increase in data customers. We expect continued growth in this area will be driven by expansion of service areas, our aggressively packaging service bundles and marketing managed service solutions to businesses.

A-CAM/FUSF – Prior to 2017, the Company received support from the FUSF based on the pooling and redistribution of revenues based on a company’s actual or average costs. See Note 2 – “Revenue Recognition” for a discussion regarding FUSF.

Effective January 1, 2017, the Company no longer receives support from the FUSF, but has instead, elected to receive support based on the A-CAM. See Note 2 – “Revenue Recognition” for a discussion regarding the A-CAM. A-CAM/FUSF support totaled $1,958,979, which is $59,150 or 2.93% lower in the three months ended June 30, 2018 compared to the three months ended June 30, 2017. A-CAM/FUSF support totaled $3,907,430, which is $142,892 or 3.53% lower in the six months ended June 30, 2018 compared to the six months ended June 30, 2017. These decreases were primarily due to FUSF pool adjustments from prior years.

Other Revenue – Our customers are billed for toll and long-distance services on either a per call or flat-rate basis. This also includes the offering of directory assistance, operator service and long distance private lines. We also generate revenue from directory publishing, sales and service of CPE, bill processing and other customer services. Our directory publishing revenue in our telephone directories recurs monthly. We also provide retail sales and service of cellular phones and accessories through Telespire, a national wireless provider. We resell these wireless services as TechTrends Wireless, our branded product. We receive both recurring revenue for our wireless services, as well as revenue collected for the sales of wireless phones and accessories. Other revenue was $1,035,171, which is $7,269 or 0.71% higher in the three months ended June 30, 2018 compared to the three months ended June 30, 2017 and was $2,096,048, which is $29,116 or 1.41% higher in the six months ended June 30, 2018 compared to the six months ended June 30, 2017. These increases were primarily due to increases in the sales and installation of CPE, and sales of wireless services.

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Cost of Services (excluding Depreciation and Amortization)

Cost of services (excluding depreciation and amortization) was $5,521,667, which is $423,963 or 8.32% higher in the three months ended June 30, 2018 compared to the three months ended June 30, 2017 and was $10,766,431, which is $522,285 or 5.10% higher in the six months ended June 30, 2018 compared to the six months ended June 30, 2017. These increases were primarily due to higher programming costs from video content providers and higher costs associated with increased maintenance and support agreements on our equipment and software.

Selling, General and Administrative Expenses

Selling, general and administrative expenses were $2,196,830, which is $415,641 or 23.34% higher in the three months ended June 30, 2018 compared to the three months ended June 30, 2017 and was $4,161,846, which is $476,029 or 12.92% higher in the six months ended June 30, 2018 compared to the six months ended June 30, 2017. These increases were primarily due to one-time charges associated with the Scott-Rice acquisition that the Company closed on July 31, 2018.

Depreciation and Amortization

Depreciation and amortization was $2,280,354, which is $153,187 or 6.29% lower in the three months ended June 30, 2018 compared to the three months ended June 30, 2017 and was $4,536,202, which is $331,100 or 6.80% lower in the six months ended June 30, 2018 compared to the six months ended June 30, 2017. These decreases were primarily due to portions of our legacy telephone network becoming fully depreciated. These decreases were partially offset by increased depreciation associated with increases in our broadband property, plant and equipment, reflecting our continual investment in technology and infrastructure in order to meet our customers’ demands for products and services.

Operating Income

Operating income was $1,709,590, which is $693,968 or 28.87% lower in the three months ended June 30, 2018 compared to the three months ended June 30, 2017. Operating income was $3,857,148, which is $690,708 or 15.19% lower in the six months ended June 30, 2018 compared to the six months ended June 30, 2017. These decreases were primarily due to an increase in expenses and a decrease in revenues, all of which are described above.

See Consolidated Statements of Income on Page 3 (for discussion below)

Other Income (Expense) and Interest Expense

Interest expense was $286,004, which is $27,526 or 8.78% lower in the three months ended June 30, 2018 compared to the three months ended June 30, 2017 and was $572,939, which is $48,827 or 7.85% lower in the six months ended June 30, 2018 compared to the six months ended June 30, 2017. These decreases were primarily due to lower outstanding debt balances.

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Interest and dividend income was $87,656, which is $55,234 or 170.36% higher in the three months ended June 30, 2018 compared to the three months ended June 30, 2017 and was $141,517, which is $68,399 or 93.55% higher in the six months ended June 30, 2018 compared to the six months ended June 30, 2017. These increases were primarily due to an increase in dividend income earned on our investments and increased interest income earned on our increased cash balances.

Other income for the six months ended June 30, 2018 and 2017 included a patronage credit earned with CoBank as a result of our debt agreements with them. The patronage credit allocated and received in 2018 was $290,895, compared to $337,137 allocated and received in 2017. CoBank determines and pays the patronage credit annually, generally in the first quarter of the calendar year, based on its results from the prior year. We record these patronage credits as income when they are received.

Other investment income was $90,680, which is $58,113 or 39.06% lower in the three months ended June 30, 2018 compared to the three months ended June 30, 2017 and was $145,221, which is $16,895 or 10.42% lower in the six months ended June 30, 2018 compared to the six months ended June 30, 2017. Other investment income is primarily from our equity ownership in several partnerships and limited liability companies.

Income Taxes

Income tax expense was $458,878, which is $501,481 or 52.22% lower in the three months ended June 30, 2018 compared to the three months ended June 30, 2017 and was $1,100,570, which is $801,985 or 42.15% lower in the six months ended June 30, 2018 compared to the six months ended June 30, 2017. These decreases were primarily due to lower federal tax rates associated with the 2017 Tax Cuts and Jobs Act tax reform legislation enacted on December 22, 2017. The effective income tax rate for the six months ending June 30, 2018 was approximately 28.0% and approximately 42.0% for the six months ended June 30, 2017. The effective income tax rate differs from the federal statutory income tax rate primarily due to state income taxes and other permanent differences.

Liquidity and Capital Resources

Capital Structure

Nuvera’s total capital structure (long-term and short-term debt obligations, net of unamortized loan fees plus stockholders’ equity) was $96,441,566 at June 30, 2018, reflecting 73.0% equity and 27.0% debt. This compares to a capital structure of $95,787,020 at December 31, 2017, reflecting 71.5% equity and 28.5% debt. In the telecommunications industry, debt financing is most often based on operating cash flows. Specifically, our current use of our credit facilities is in a ratio of approximately 1.48 times debt to EBITDA (as defined in the loan documents), which is well within acceptable limits for our agreements and our industry. Our management believes adequate operating cash flows and other internal and external resources, such as our cash on hand and revolving credit facility, are available to finance ongoing operating requirements, including capital expenditures, business development, debt service, temporary financing of trade accounts receivable and dividends.

Liquidity Outlook

Our short-term and long-term liquidity needs arise primarily from (i) capital expenditures; (ii) working capital requirements needed to support the growth of our business; (iii) debt service; (iv) dividend payments on our stock and (v) potential acquisitions.

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Our primary sources of liquidity for the six months ended June 30, 2018 were proceeds from cash generated from operations and cash reserves held at the beginning of the period. At June 30, 2018 we had a working capital surplus of $278,366. In addition, at June 30, 2018, we also had approximately $9.0 million available under our revolving credit facility to fund any short-term working capital needs. The increase in working capital as of June 30, 2018 was primarily the result of increased cash balances, partially offset by the utilization of operating cash flows to fund operations and purchase capital equipment in lieu of using our revolving credit facility.

Cash Flows

We expect our liquidity needs to include capital expenditures, payment of interest and principal on our indebtedness, income taxes and dividends. We use our cash inflow to manage the temporary increases in cash demand and utilize our revolving credit facility to manage more significant fluctuations in liquidity caused by growth initiatives.

While it is often difficult for us to predict the impact of general economic conditions on our business, we believe that we will be able to meet our current and long-term cash requirements primarily through our operating cash flows, and anticipate that we will be able to plan for and match future liquidity needs with future internal and available external resources.

We periodically seek to add growth initiatives by either expanding our network or our markets through organic or internal investments or through strategic acquisitions. We believe we can adjust the timing or the number of our initiatives according to any limitations which may be imposed by our capital structure or sources of financing. At this time, we do not anticipate our capital structure will limit our growth initiatives over the next twelve months.

The following table summarizes our cash flow:

	Six Months Ended June 30,
	2018		2017
Net cash provided by (used in):
Operating activities	$	5,855,849	$	6,228,246
Investing activities		(2,733,226)		(1,668,284)
Financing activities		(2,487,037)		(4,663,656)
Increase (Decrease) in cash	$	635,586	$	(103,694)

Cash Flows from Operating Activities

Cash generated by operations in the first six months of 2018 was $5,855,849, compared to cash generated by operations of $6,228,246 in the first six months of 2017. The decrease in cash from operating activities in 2018 was primarily due to the timing of receipts of receivables, timing of payments of prepaid expenses and income taxes, and lower depreciation and amortization expenses. These decreases were partially offset by increases from timing of payments for inventories, accounts payable and other accrued liabilities, and increased net income.

Cash generated by operations continues to be our primary source of funding for existing operations, capital expenditures, debt service and dividend payments to stockholders. Cash at June 30, 2018 was $2,477,678 compared to $1,842,092 at December 31, 2017.

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Cash Flows Used in Investing Activities

We operate in a capital intensive business. We continue to upgrade our local networks for changes in technology to provide advanced services to our customers.

Cash flows used in investing activities was $2,733,226 for the first six months of 2018 compared to $1,668,284 for the first six months of 2017. Capital expenditures relating to on-going operations were $3,003,545 for the six months ended June 30, 2018 compared to $1,673,908 for the six months ended June 30, 2017. We expect total plant additions in 2018 to be approximately $8.5 million, net of broadband grants awarded by the State of Minnesota. Our investing expenditures are financed with cash flows from our current operations and advances on our line of credit. We believe that our current operations will provide adequate cash flows to fund our plant additions for the remainder of this year; however, funding from our revolving credit facility is available if the timing of our cash flows from operations does not match our cash flow requirements. As of June 30, 2018, we had approximately $9.0 million available under our existing credit facility to fund capital expenditures and other operating needs.

Cash Flows Used in Financing Activities

Cash used in financing activities for the six months ended June 30, 2018 was $2,487,037. This included long-term debt repayments of $1,350,000 and the distribution of $1,137,037 of dividends to stockholders. Cash used in financing activities for the six months ended June 30, 2017 was $4,663,656. This included long-term debt repayments of $2,025,000, net payments on our revolving credit facility of $1,634,778 and the distribution of $1,003,878 of dividends to our stockholders.

Working Capital

We had a working capital surplus (i.e. current assets minus current liabilities) of $278,366 as of June 30, 2018, with current assets of approximately $7.3 million and current liabilities of approximately $7.0 million, compared to a working capital deficit of $1,811,710 as of December 31, 2017. The ratio of current assets to current liabilities was 1.04 and 0.79 as of June 30, 2018 and December 31, 2017. The working capital surplus at June 30, 2018 was primarily the result of increased cash balances and lower payable balances at June 30, 2018. In addition, if it becomes necessary, we will have sufficient availability under our revolving credit facility to fund any fluctuations in working capital and other cash needs.

At June 30, 2018 and December 31, 2017 we were in compliance with all stipulated financial ratios in our loan agreements.

Dividends and Restrictions

We declared a quarterly dividend of $.12 per share for the second quarter of 2018 and $.10 per share for the first quarter of 2018, which totaled $621,030 for the second quarter and $516,007 for the first quarter. We declared a quarterly dividend of $.10 per share for the second quarter of 2017 and $.095 per share for the first quarter of 2017, which totaled $515,636 for the second quarter and $488,242 for the first quarter.

We expect to continue to pay quarterly dividends during 2018, but only if and to the extent declared by our BOD on a quarterly basis and subject to various restrictions on our ability to do so (described below). Dividends on our common stock are not cumulative.

Table of Contents

Our loan agreements include restrictions on our ability to pay cash dividends to our stockholders. However, we are allowed to pay dividends (a) (i) in an amount up to $2,100,000 in any year if our “Total Leverage Ratio,” that is, the ratio of our “Indebtedness” to “EBITDA” – as defined in the loan documents, is greater than 2.50 to 1.00, and (ii) in any amount if our Total Leverage Ratio is less than 2.50 to 1.00, and (b) in either case, if we are not in default or potential default under the loan agreements. On March 31, 2016 our Total Leverage Ratio fell below 2.50, thus eliminating any restrictions on our ability to pay cash dividends to our stockholders. Our current Total Leverage Ratio at June 30, 2018 is 1.48.

Our BOD reviews quarterly dividend declarations based on our anticipated earnings, capital requirements and our operating and financial conditions. The cash requirements of our current dividend payment practices are in addition to our other expected cash needs. Should our BOD determine a dividend will be declared, we expect we will have sufficient availability from our current cash flows from operations to fund our existing cash needs and the payment of our dividends. In addition, we expect we will have sufficient availability under our revolving credit facility to fund dividend payments in addition to any fluctuations in working capital and other cash needs.

Long-Term Debt

See Note 5 – “Secured Credit Facility” for information pertaining to our long-term debt.

Recent Accounting Developments

See Note 1 – “Basis of Presentation and Consolidation” for a discussion of recent accounting developments.

Item 3. Quantitative and Qualitative Disclosures about Market Risk

Not required for a smaller reporting company.

Item 4. Controls and Procedures

Our principal executive officer and principal financial officer evaluated the effectiveness of our disclosure controls and procedures, as defined in Exchange Act Rule 13a-15(e) or Rule 15d-15(e), as of the end of the period subject to this Report. Based on this evaluation, our principal executive officer and principal financial officer concluded that our disclosure controls and procedures were effective.

Management’s Report on Internal Control over Financial Reporting

As of the end of the period covered by this Quarterly Report on Form 10-Q (the Evaluation Date), we carried out an evaluation, under the supervision and with the participation of our management, including our Chief Executive Officer and Chief Financial Officer, regarding the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rule 13a-15(e) promulgated under the Securities and Exchange Act of 1934, as amended). Based upon that evaluation, our Chief Executive Officer and Chief Financial Officer have concluded, as of the end of the period covered by this Quarterly Report, that our disclosure controls and procedures ensure that information required to be disclosed by us in the reports that we file or submit under the Exchange Act are recorded, processed, summarized and reported within the time periods specified in applicable rules and forms and that such information is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, in a manner that allows timely decisions regarding required disclosure.

Table of Contents

Changes in Internal Control over Financial Reporting

There have been no changes in the Company’s internal control over financial reporting that occurred during the Company’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Company’s internal control over financial reporting.

PART II. OTHER INFORMATION

Item 1. Legal Proceedings.

Other than the litigation incidental to our business, there are no pending material legal proceedings to which we are a party or to which any of our property is subject.

Item 1A. Risk Factors.

Not required for a smaller reporting company.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.

None.

Item 3. Defaults Upon Senior Securities.

None.

Item 4. Mine Safety Disclosures

Not Applicable.

Item 5. Other Information.

None.

Table of Contents

Item 6. Exhibits.

Exhibit

Number Description

31.1 Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

31.2 Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

32.1 Certification of Chief Executive Officer pursuant to 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

32.2 Certification of Chief Financial Officer pursuant to 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

101.INS XBRL Instance Document

101.SCH XBRL Taxonomy Extension Schema Document

101.CAL XBRL Taxonomy Extension Calculation Linkbase Document

101.DEF XBRL Taxonomy Extension Definition Linkbase Document

101.LAB XBRL Taxonomy Extension Label Linkbase Document

101.PRE XBRL Taxonomy Extension Presentation Linkbase Document

Table of Contents

SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	NUVERA COMMUNICATIONS, INC.


Dated: August 14, 2018	By	/s/ Bill D. Otis
		Bill D. Otis, President and Chief Executive Officer


Dated: August 14, 2018	By	/s/ Curtis O. Kawlewski
		Curtis O. Kawlewski, Chief Financial Officer

EX-31.1 2 exhibit31_1.htm EXHIBIT 31.1 Exhibit 31.1

EXHIBIT 31.1

CERTIFICATION OF CHIEF EXECUTIVE OFFICER UNDER RULE 13a-14(a) ADOPTED

PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Bill D. Otis, President and Chief Executive Officer of Nuvera Communications, Inc., certify that:

1. I have reviewed this Quarterly Report on Form 10-Q for the fiscal quarter ended June 30, 2018 of Nuvera Communications, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of registrant's Board of Directors (or persons performing the equivalent functions):

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: August 14, 2018	By	/s/ Bill D. Otis
		Bill D. Otis
		President and Chief Executive Officer

EX-31.2 3 exhibit31_2.htm EXHIBIT 31.2 Exhibit 31.2

EXHIBIT 31.2

CERTIFICATION OF CHIEF FINANCIAL OFFICER UNDER RULE 13a-14(a) ADOPTED

PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Curtis O. Kawlewski, Chief Financial Officer of Nuvera Communications, Inc., certify that:

1. I have reviewed this Quarterly Report on Form 10-Q for the fiscal quarter ended June 30, 2018 of Nuvera Communications, Inc.;

5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's Board of Directors (or persons performing the equivalent functions):

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: August 14, 2018	/s/ Curtis O. Kawlewski
	Curtis O. Kawlewski
	Chief Financial Officer

EX-32.1 4 exhibit32_1.htm EXHIBIT 32.1 Exhibit 32.1

EXHIBIT 32.1

CERTIFICATION OF CHIEF EXECUTIVE OFFICER

UNDER 18 U.S.C. SECTION 1350

PURSUANT TO SECTION 906

OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of Nuvera Communications, Inc. on Form 10-Q for the period ended June 30, 2018 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Bill D. Otis, President and Chief Executive Officer of the Company, certify, pursuant to and for purposes of 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to my knowledge:

1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of Nuvera Communications, Inc.

Date: August 14, 2018	/s/ Bill D. Otis
	Bill D. Otis
	President and Chief Executive Officer

EX-32.2 5 exhibit32_2.htm EXHIBIT 32.2 Exhibit 32.2

EXHIBIT 32.2

CERTIFICATION OF CHIEF FINANCIAL OFFICER

UNDER 18 U.S.C. 1350

PURSUANT TO SECTION 906

OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of Nuvera Communications, Inc. on Form 10-Q for the period ended June 30, 2018 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Curtis O. Kawlewski, Chief Financial Officer of the Company, hereby certify, pursuant to and for purposes of 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to my knowledge:

1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of Nuvera Communications, Inc.

Date: August 14, 2018	/s/ Curtis O. Kawlewski
	Curtis O. Kawlewski
	Chief Financial Officer

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NUVERA COMMUNICATIONS, INC. 10-Q --12-31 5175258 false 0000071557 Yes No Smaller Reporting Company No 2018 Q2 2018-06-30

<div style="font-family: "Times New Roman","serif"; font-size: 10pt; "> Revenue Recognition See Note 2 – “Revenue Recognition” for a discussion of our revenue recognition policies.</div>

<div style="font-family: "Times New Roman","serif"; font-size: 10pt; "> Cost of Services (excluding depreciation and amortization) Cost of services includes all costs related to delivery of communication services and products. These operating costs include all costs of performing services and providing related products including engineering, network monitoring and transport cost.</div>

<div style="font-family: "Times New Roman","serif"; font-size: 10pt; "> Selling, General and Administrative Expenses Selling, general and administrative expenses include direct and indirect selling expenses, customer service, billing and collections, advertising and all other general and administrative costs associated with the operations of the business.</div>

<div style="font-family: "Times New Roman","serif"; font-size: 10pt; "> Depreciation and Amortization Expense We use the group life method (mass asset accounting) to depreciate the assets of our telephone companies. Telephone plant acquired in a given year is grouped into similar categories and depreciated over the remaining estimated useful life of the group. When an asset is retired, both the asset and the accumulated depreciation associated with that asset are removed from the books. Due to rapid changes in technology, selecting the estimated economic life of telecommunications plant and equipment requires a significant amount of judgment. We periodically review data on expected utilization of new equipment, asset retirement activity and net salvage values to determine adjustments to our depreciation rates. Depreciation expense was $3,358,661 and $3,632,761 for the six months ended June 30, 2018 and 2017. We amortize our definite-lived intangible assets over their estimated useful lives. Identifiable intangible assets that are subject to amortization are evaluated for impairment.</div>

3358661

3632761

<div style="font-family: "Times New Roman","serif"; font-size: 10pt; "> Income Taxes The provision for income taxes consists of an amount for taxes currently payable and a provision for tax consequences deferred to future periods. Deferred income taxes are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities, and their respective tax bases. Significant components of our deferred taxes arise from differences (i) in the basis of property, plant and equipment due to the use of accelerated depreciation methods for tax purposes, as well as (ii) in partnership investments and intangible assets due to the difference between book and tax basis. Our effective income tax rate is normally higher than the United States tax rate due to state income taxes and permanent differences.  We account for income taxes in accordance with GAAP, which requires an asset and liability approach to financial accounting and reporting for income taxes. As required by GAAP, we recognize the financial statement benefit of tax positions only after determining that the relevant tax authority would more-likely-than-not sustain the position following an audit. For tax positions meeting the more-likely-than-not threshold, the amount recognized in the financial statements is the largest benefit that has a greater than 50 percent likelihood of being realized upon ultimate settlement with the relevant tax authority. As of June 30, 2018 and December 31, 2017 we had no unrecognized tax benefits.     We are primarily subject to United States, Minnesota, Iowa, Nebraska and Wisconsin income taxes. Tax years subsequent to 2013 remain open to examination by federal and state tax authorities. Our policy is to recognize interest and penalties related to income tax matters as income tax expense. As of June 30, 2018 and December 31, 2017 we had no interest or penalties accrued that related to income tax matters. On December 22, 2017, the President of the United States signed into law, the Tax Cuts and Jobs Act tax reform legislation. This legislation makes significant changes in United States tax law including a reduction in the corporate tax rates, changes to net operating loss carryforwards and carrybacks and a repeal of the corporate alternative minimum tax. The legislation reduced the United States corporate tax rate from the current rate of 35% to 21%. As a result of the enacted law, the Company was required to revalue deferred tax assets and liabilities at the 21% rate in the 4th quarter of 2017.</div>

<div style="font-family: "Times New Roman","serif"; font-size: 10pt; "> Note 2 – Revenue Recognition Change in Accounting Policy In May 2014, the FASB issued ASU 2014-09, “Revenue from Contracts with Customers (Topic 606) (Accounting Standards Codification (ASC) 606),” which is a comprehensive revenue recognition standard that supersedes nearly all existing revenue recognition guidance under GAAP. ASU 2014-09 provides a single principles-based, five-step model to be applied to all contracts with customers, which steps are to (1) identify the contact(s) with the customer, (2) identify the performance obligations in the contract, (3) determine the transaction price, (4) allocate the transaction price to the performance obligations in the contract and (5) recognize revenue when each performance obligation is satisfied. As amended, the new standard was effective for the Company on January 1, 2018, using either a retrospective basis or a modified retrospective basis with early adoption permitted.  We adopted ASU 2014-09 as of January 1, 2018 using the modified retrospective method for open contracts. Under this transition method, the accounting change is applied to the current period with a cumulative effect adjustment recorded to opening retained earnings. Previously reported results will not be restated under this transition method. Results for reporting periods beginning after January 1, 2018 are presented under ASC 606, while prior period amounts are not adjusted and continue to be reported in accordance with our historic accounting practices under ASC 605 (legacy GAAP). The adoption of ASU 2014-09 did not have a material impact to our systems, processes, internal controls or our financial position and results of operations. In addition, the Company did not have any material cumulative-effect adjustments that would have affected its January 1, 2018 assets, liabilities or retained earnings. The adoption of this new standard by the Company did result in additional disclosures around the nature and timing of the Company’s performance obligations, deferred revenue contract liabilities, deferred contract cost assets, as well as significant judgements and practical expedients used by the Company in applying the new five-step revenue model.   Our revenue contracts with customers may include a promise or promises to deliver services such as broadband, video or voice services. Promised services are considered distinct as the customer can benefit from the services either on their own or together with other resources that are readily available to the customer and the Company’s promise to transfer service to the customer is separately identifiable from other promises in the contract. The Company accounts for services as separate performance obligations. Each service is considered a single performance obligation as it is providing a series of distinct services that are substantially the same and have the same pattern of transfer. The transaction price is determined at contract inception and reflects the amount of consideration to which we expect to be entitled in exchange for transferring service to the customer. This amount is generally equal to the market price of the services promised in the contract and may include promotional discounts. The transaction price excludes amounts collected on behalf of third parties such as sales taxes and regulatory fees. Conversely, nonrefundable up-front fees, such as service activation and set-up fees, which are immaterial to our overall revenues, are included in the transaction price. In determining the transaction price, we consider our enforceable rights and obligations within the contract. We do not consider the possibility of a contract being cancelled, renewed or modified, which is consistent with ASC 606-10-32-4. The transaction price is allocated to each performance obligation based on the standalone selling price of the service, net of the related discount, as applicable. Revenue is recognized when performance obligations are satisfied by transferring service to the customer as described below. Significant Judgements The Company often provides multiple services to a customer. Provision of customer premise equipment (CPE) and additional service tiers may have a significant level of integration and interdependency with the subscription voice, video, Internet, or connectivity services. Judgement is required to determine whether provision of CPE, installation services, and additional service tiers are considered distinct and accounted for separately, or not distinct and accounted for together with the subscription services. Allocation of the transaction price to the distinct performance obligations in bundled service subscriptions requires judgement. The transaction price for a bundle of services is frequently less than the sum of standalone selling prices of each individual service. Standalone selling prices for the Company’s services are directly observable. Disaggregation of Revenue The following table summarizes revenue from contracts with customers for the quarters ended June 30, 2018 and 2017: <table style="width: 600px; border-collapse: collapse; margin-left: auto; margin-right: auto;" cellspacing="0" cellpadding="0"> <tr style="height: 15px;"> <td style="height: 15px; width: 214.533px; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="border-color: currentcolor currentcolor windowtext; border-style: none none solid; border-width: 0px 0px 1pt; height: 15px; width: 287.467px; white-space: nowrap; padding: 0in 5.4pt;" colspan="5" valign="bottom"> Three Months Ended June 30, </td> </tr> <tr style="height: 15px;"> <td style="height: 15px; width: 214.533px; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="border-color: currentcolor currentcolor windowtext; border-style: none none solid; border-width: 0px 0px 1pt; height: 15px; width: 141.467px; white-space: nowrap; padding: 0in 5.4pt;" colspan="2" valign="bottom"> 2018 </td> <td style="height: 15px; width: 4px; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="border-color: windowtext currentcolor; border-style: solid none; border-width: 1pt 0px; height: 15px; width: 142px; white-space: nowrap; padding: 0in 5.4pt;" colspan="2" valign="bottom"> 2017 </td> </tr> <tr style="height: 15px;"> <td style="height: 15px; width: 214.533px; background: #d6f3e7; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> Voice services¹ </td> <td style="height: 15px; background: #d6f3e7; width: 16.4667px; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> $ </td> <td style="height: 15px; background: #d6f3e7; width: 125px; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> 1,523,995 </td> <td style="height: 15px; background: #d6f3e7; width: 4px; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; background: #d6f3e7; width: 17px; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> $ </td> <td style="height: 15px; background: #d6f3e7; width: 125px; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> 1,642,930 </td> </tr> <tr style="height: 15px;"> <td style="height: 15px; width: 214.533px; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> Network access¹ </td> <td style="height: 15px; width: 16.4667px; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 125px; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> 1,789,625 </td> <td style="height: 15px; width: 4px; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 17px; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 125px; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> 1,809,266 </td> </tr> <tr style="height: 15px;"> <td style="height: 15px; background: #d6f3e7; width: 214.533px; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> Video ¹ </td> <td style="height: 15px; background: #d6f3e7; width: 16.4667px; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; background: #d6f3e7; width: 125px; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> 2,550,179 </td> <td style="height: 15px; background: #d6f3e7; width: 4px; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; background: #d6f3e7; width: 17px; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; background: #d6f3e7; width: 125px; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> 2,416,000 </td> </tr> <tr style="height: 15px;"> <td style="height: 15px; width: 214.533px; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> Data ¹ </td> <td style="height: 15px; width: 16.4667px; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 125px; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> 2,798,809 </td> <td style="height: 15px; width: 4px; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 17px; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 125px; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> 2,573,196 </td> </tr> <tr style="height: 15px; background: #d6f3e7;"> <td style="height: 15px; background: #d6f3e7; width: 214.533px; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> Directory² </td> <td style="height: 15px; background: #d6f3e7; width: 16.4667px; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 125px; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> 178,773 </td> <td style="height: 15px; width: 4px; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 17px; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 125px; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> 178,949 </td> </tr> <tr style="height: 15px;"> <td style="height: 15px; width: 214.533px; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> Cellular³ </td> <td style="height: 15px; width: 16.4667px; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 125px; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> 131,731 </td> <td style="height: 15px; width: 4px; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 17px; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 125px; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> 106,640 </td> </tr> <tr style="height: 15px; background: #d6f3e7;"> <td style="height: 15px; width: 214.533px; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> Other contracted revenue4 </td> <td style="height: 15px; width: 16.4667px; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 125px; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> 461,691 </td> <td style="height: 15px; width: 4px; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 17px; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 125px; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> 546,211 </td> </tr> <tr style="height: 15px;"> <td style="height: 15px; width: 214.533px; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> Other5 </td> <td style="height: 15px; width: 16.4667px; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 125px; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> 206,325 </td> <td style="height: 15px; width: 4px; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 17px; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 125px; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> 188,375 </td> </tr> <tr style="height: 15px; background: #d6f3e7;"> <td style="height: 15px; width: 214.533px; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 16.4667px; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 125px; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 4px; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 17px; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 125px; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> </tr> <tr style="height: 15.5px;"> <td style="height: 15.5px; width: 214.533px; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom">     Revenue from customers </td> <td style="height: 15.5px; width: 16.4667px; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15.5px; width: 125px; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> 9,641,128 </td> <td style="height: 15.5px; width: 4px; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15.5px; width: 17px; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15.5px; width: 125px; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> 9,461,567 </td> </tr> <tr style="height: 15px; background: #d6f3e7;"> <td style="height: 15px; width: 214.533px; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 16.4667px; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 125px; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 4px; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 17px; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 125px; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> </tr> <tr style="height: 15px;"> <td style="height: 15px; width: 214.533px; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> Subsidy and other revenue </td> <td style="height: 15px; width: 16.4667px; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 125px; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 4px; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 17px; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 125px; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> </tr> <tr style="height: 15px; background: #d6f3e7;"> <td style="height: 15px; width: 214.533px; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> outside scope of ASC 6066 </td> <td style="height: 15px; width: 16.4667px; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 125px; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> 2,067,313 </td> <td style="height: 15px; width: 4px; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 17px; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 125px; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> 2,254,425 </td> </tr> <tr style="height: 15px;"> <td style="height: 15px; width: 214.533px; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 16.4667px; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 125px; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 4px; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 17px; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 125px; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> </tr> <tr style="height: 15px; background: #d6f3e7;"> <td style="height: 15px; width: 214.533px; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> Total revenue </td> <td style="height: 15px; width: 16.4667px; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> $ </td> <td style="height: 15px; width: 125px; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> 11,708,441 </td> <td style="height: 15px; width: 4px; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 17px; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> $ </td> <td style="height: 15px; width: 125px; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> 11,715,992 </td> </tr> <tr style="height: 15px;"> <td style="height: 15px; width: 214.533px; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 16.4667px; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 125px; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 4px; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 17px; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 125px; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> </tr> <tr style="height: 15px;"> <td style="height: 15px; width: 214.533px; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 16.4667px; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 125px; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 4px; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 17px; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 125px; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> </tr> <tr style="height: 15px;"> <td style="height: 15px; width: 214.533px; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 16.4667px; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 125px; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 4px; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 17px; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 125px; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> </tr> <tr style="height: 15px;"> <td style="height: 15px; width: 502px; white-space: nowrap; padding: 0in 5.4pt;" colspan="6" valign="bottom"> ¹ Month-to-Month contracts billed and consumed in the same month. </td> </tr> <tr style="height: 15px;"> <td style="height: 15px; width: 214.533px; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 16.4667px; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 125px; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 4px; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 17px; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 125px; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> </tr> <tr style="height: 30px;"> <td style="height: 30px; width: 502px; padding: 0in 5.4pt;" colspan="6" valign="bottom"> ² Directory revenue is contracted annually, however, this revenue is recognized monthly over the contract period as the advertising is used. </td> </tr> <tr style="height: 15px;"> <td style="height: 15px; width: 214.533px; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 16.4667px; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 125px; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 4px; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 17px; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 125px; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> </tr> <tr style="height: 91px;"> <td style="height: 91px; width: 502px; padding: 0in 5.4pt;" colspan="6" valign="bottom"> ³ Approximately 88.89% of the revenue in this category is earned through a monthly commission from the network provider for a billing and collecting arrangement with the network provider.  We do not receive revenue from the end-user customer, but instead receive a monthly commission from the provider.  Other revenue in this category includes phone and equipment sales and represents approximately 1.13% of our total revenue. </td> </tr> <tr style="height: 15px;"> <td style="height: 15px; width: 214.533px; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 16.4667px; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 125px; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 4px; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 17px; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 125px; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> </tr> <tr style="height: 31px;"> <td style="height: 31px; width: 502px; padding: 0in 5.4pt;" colspan="6" valign="bottom"> 4 This includes long-term contracts where the revenue is recognized monthly over the term of the contract. </td> </tr> <tr style="height: 15px;"> <td style="height: 15px; width: 214.533px; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 16.4667px; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 125px; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 4px; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 17px; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 125px; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> </tr> <tr style="height: 15px;"> <td style="height: 15px; width: 502px; white-space: nowrap; padding: 0in 5.4pt;" colspan="6" valign="bottom"> 5This includes CPE and other equipment sales. </td> </tr> <tr style="height: 15px;"> <td style="height: 15px; width: 214.533px; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 16.4667px; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 125px; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 4px; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 17px; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 125px; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> </tr> <tr style="height: 31px;"> <td style="height: 31px; width: 502px; padding: 0in 5.4pt;" colspan="6" valign="bottom"> 6This includes governmental subsidies and lease revenue outside the scope of ASC 606. </td> </tr> <tr style="height: 15px;"> <td style="height: 15px; width: 214.533px; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 16.4667px; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 125px; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 4px; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 17px; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 125px; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> </tr> </table> The following table summarizes revenue from contracts with customers for the six months ended June 30, 2018 and 2017: <table style="width: 6.25in; border-collapse: collapse; ; margin-left: auto; margin-right: auto;" width="600" cellspacing="0" cellpadding="0"> <tr style="height: 15px;"> <td style="height: 15px; width: 153pt; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="border-color: currentcolor currentcolor windowtext; border-style: none none solid; border-width: 0px 0px 1pt; height: 15px; width: 210pt; white-space: nowrap; padding: 0in 5.4pt;" colspan="5" valign="bottom"> Six Months Ended June 30, </td> </tr> <tr style="height: 15px;"> <td style="height: 15px; width: 153pt; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="border-color: currentcolor currentcolor windowtext; border-style: none none solid; border-width: 0px 0px 1pt; height: 15px; width: 103.45pt; white-space: nowrap; padding: 0in 5.4pt;" colspan="2" valign="bottom"> 2018 </td> <td style="height: 15px; width: 3.15pt; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="border-color: windowtext currentcolor; border-style: solid none; border-width: 1pt 0px; height: 15px; width: 103.4pt; white-space: nowrap; padding: 0in 5.4pt;" colspan="2" valign="bottom"> 2017 </td> </tr> <tr style="height: 15px; background: #d6f3e7;"> <td style="height: 15px; width: 153pt; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> Voice services¹ </td> <td style="height: 15px; width: 12.55pt; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> $ </td> <td style="height: 15px; width: 90.9pt; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> 3,082,388 </td> <td style="height: 15px; width: 3.15pt; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 12.5pt; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> $ </td> <td style="height: 15px; width: 90.9pt; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> 3,276,110 </td> </tr> <tr style="height: 15px;"> <td style="height: 15px; width: 153pt; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> Network access¹ </td> <td style="height: 15px; width: 12.55pt; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 90.9pt; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> 3,512,840 </td> <td style="height: 15px; width: 3.15pt; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 12.5pt; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 90.9pt; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> 3,601,108 </td> </tr> <tr style="height: 15px; background: #d6f3e7;"> <td style="height: 15px; width: 153pt; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> Video ¹ </td> <td style="height: 15px; width: 12.55pt; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 90.9pt; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> 5,005,346 </td> <td style="height: 15px; width: 3.15pt; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 12.5pt; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 90.9pt; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> 4,783,124 </td> </tr> <tr style="height: 15px;"> <td style="height: 15px; width: 153pt; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> Data ¹ </td> <td style="height: 15px; width: 12.55pt; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 90.9pt; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> 5,543,940 </td> <td style="height: 15px; width: 3.15pt; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 12.5pt; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 90.9pt; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> 5,128,390 </td> </tr> <tr style="height: 15px; background: #d6f3e7;"> <td style="height: 15px; width: 153pt; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> Directory² </td> <td style="height: 15px; width: 12.55pt; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 90.9pt; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> 350,825 </td> <td style="height: 15px; width: 3.15pt; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 12.5pt; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 90.9pt; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> 357,016 </td> </tr> <tr style="height: 15px;"> <td style="height: 15px; width: 153pt; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> Cellular³ </td> <td style="height: 15px; width: 12.55pt; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 90.9pt; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> 251,679 </td> <td style="height: 15px; width: 3.15pt; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 12.5pt; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 90.9pt; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> 214,042 </td> </tr> <tr style="height: 15px; background: #d6f3e7;"> <td style="height: 15px; width: 153pt; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> Other contracted revenue4 </td> <td style="height: 15px; width: 12.55pt; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 90.9pt; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> 898,328 </td> <td style="height: 15px; width: 3.15pt; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 12.5pt; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 90.9pt; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> 1,086,309 </td> </tr> <tr style="height: 15px;"> <td style="height: 15px; width: 153pt; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> Other5 </td> <td style="height: 15px; width: 12.55pt; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 90.9pt; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> 423,344 </td> <td style="height: 15px; width: 3.15pt; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 12.5pt; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 90.9pt; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> 371,721 </td> </tr> <tr style="height: 15px; background: #d6f3e7;"> <td style="height: 15px; width: 153pt; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 12.55pt; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 90.9pt; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 3.15pt; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 12.5pt; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 90.9pt; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> </tr> <tr style="height: 15px;"> <td style="height: 15px; width: 153pt; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom">     Revenue from customers </td> <td style="height: 15px; width: 12.55pt; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 90.9pt; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> 19,068,690 </td> <td style="height: 15px; width: 3.15pt; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 12.5pt; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 90.9pt; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> 18,817,820 </td> </tr> <tr style="height: 15px; background: #d6f3e7;"> <td style="height: 15px; width: 153pt; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 12.55pt; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 90.9pt; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 3.15pt; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 12.5pt; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 90.9pt; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> </tr> <tr style="height: 15px;"> <td style="height: 15px; width: 153pt; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> Subsidy and other revenue </td> <td style="height: 15px; width: 12.55pt; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 90.9pt; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 3.15pt; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 12.5pt; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 90.9pt; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> </tr> <tr style="height: 15px; background: #d6f3e7;"> <td style="height: 15px; width: 153pt; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> outside scope of ASC 6066 </td> <td style="height: 15px; width: 12.55pt; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 90.9pt; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> 4,252,937 </td> <td style="height: 15px; width: 3.15pt; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 12.5pt; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 90.9pt; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> 4,527,301 </td> </tr> <tr style="height: 15px;"> <td style="height: 15px; width: 153pt; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 12.55pt; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 90.9pt; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 3.15pt; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 12.5pt; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 90.9pt; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> </tr> <tr style="height: 15px; background: #d6f3e7;"> <td style="height: 15px; width: 153pt; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> Total revenue </td> <td style="height: 15px; width: 12.55pt; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> $ </td> <td style="height: 15px; width: 90.9pt; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> 23,321,627 </td> <td style="height: 15px; width: 3.15pt; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 12.5pt; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> $ </td> <td style="height: 15px; width: 90.9pt; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> 23,345,121 </td> </tr> <tr style="height: 15px;"> <td style="height: 15px; width: 153pt; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 12.55pt; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 90.9pt; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 3.15pt; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 12.5pt; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 90.9pt; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> </tr> <tr style="height: 15px;"> <td style="height: 15px; width: 153pt; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 12.55pt; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 90.9pt; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 3.15pt; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 12.5pt; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 90.9pt; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> </tr> <tr style="height: 15px;"> <td style="height: 15px; width: 153pt; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 12.55pt; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 90.9pt; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 3.15pt; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 12.5pt; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 90.9pt; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> </tr> <tr style="height: 15px;"> <td style="height: 15px; width: 363pt; white-space: nowrap; padding: 0in 5.4pt;" colspan="6" valign="bottom"> ¹ Month-to-Month contracts billed and consumed in the same month. </td> </tr> <tr style="height: 15px;"> <td style="height: 15px; width: 153pt; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 12.55pt; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 90.9pt; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 3.15pt; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 12.5pt; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 90.9pt; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> </tr> <tr style="height: 37px;"> <td style="height: 37px; width: 363pt; padding: 0in 5.4pt;" colspan="6" valign="bottom"> ² Directory revenue is contracted annually, however, this revenue is recognized monthly over the contract period as the advertising is used. </td> </tr> <tr style="height: 15px;"> <td style="height: 15px; width: 153pt; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 12.55pt; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 90.9pt; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 3.15pt; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 12.5pt; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 90.9pt; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> </tr> <tr style="height: 89px;"> <td style="height: 89px; width: 363pt; padding: 0in 5.4pt;" colspan="6" valign="bottom"> ³ Approximately 88.29% of the revenue in this category is earned through a monthly commission from the network provider for a billing and collecting arrangement with the network provider.  We do not receive revenue from the end-user customer, but instead receive a monthly commission from the provider.  Other revenue in this category include phone and equipment sales and  represents approximately 1.08% of our total revenue. </td> </tr> <tr style="height: 15px;"> <td style="height: 15px; width: 153pt; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 12.55pt; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 90.9pt; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 3.15pt; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 12.5pt; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 90.9pt; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> </tr> <tr style="height: 33px;"> <td style="height: 33px; width: 363pt; padding: 0in 5.4pt;" colspan="6" valign="bottom"> 4This includes long-term contracts where the revenue is recognized monthly over the term of the contract. </td> </tr> <tr style="height: 15px;"> <td style="height: 15px; width: 153pt; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 12.55pt; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 90.9pt; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 3.15pt; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 12.5pt; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 90.9pt; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> </tr> <tr style="height: 15px;"> <td style="height: 15px; width: 256.45pt; white-space: nowrap; padding: 0in 5.4pt;" colspan="3" valign="bottom"> 5This includes CPE and other equipment sales. </td> <td style="height: 15px; width: 3.15pt; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 12.5pt; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 90.9pt; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> </tr> <tr style="height: 15px;"> <td style="height: 15px; width: 153pt; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 12.55pt; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 90.9pt; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 3.15pt; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 12.5pt; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 90.9pt; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> </tr> <tr style="height: 32.9334px;"> <td style="height: 32.9334px; width: 363pt; padding: 0in 5.4pt;" colspan="6" valign="bottom"> 6This includes governmental subsidies and lease revenue outside the scope of ASC 606. </td> </tr> <tr style="height: 32px;"> <td style="height: 32px; width: 363pt; padding: 0in 5.4pt;" colspan="6" valign="bottom"> </td> </tr> </table> For the three months ended June 30, 2018 and 2017, approximately 80.58% of our total revenue is from month-to-month and other contracted revenue from customers. Approximately 17.66% of our total revenue is from revenue sources outside of the scope of ASC 606. The remaining 1.76% of total revenue is from other sources including CPE and equipment sales and installation. For the six months ended June 30, 2018 and 2017, approximately 79.95% of our total revenue is from month-to-month and other contracted revenue from customers. Approximately 18.24% of our total revenue is from revenue sources outside of the scope of ASC 606. The remaining 1.81% of total revenue is from other sources including CPE and equipment sales and installation. A significant portion of our revenue is derived from customers who may generally cancel their subscriptions at any time without penalty. As such, the amount of revenue related to unsatisfied performance obligations is not necessarily indicative of the future revenue to be recognized from our existing customer base. Revenue from customers with a contractually specified term and non-cancelable service period will be recognized over the term of such contracts, which is generally 3 to 10 years for these types of contracts. Nature of Services Revenues are earned from our customers primarily through the connection to our networks, digital and commercial television (TV) programming, Internet services (high-speed broadband), and hosted and managed services. Revenues for these services are billed based on set rates for monthly service or based on the amount of time the customer is utilizing our facilities. The revenue for these services is recognized when the service is rendered. Revenues earned from interexchange carriers (IXCs) accessing our network are based on the utilization of our network by these carriers as measured by minutes of use on the network or special access to the network by the individual carriers. Revenues are billed at tariffed access rates for both interstate and intrastate calls. Revenues for these services are recognized based on the period the access is provided. Voice Services – We receive recurring revenue for basic local services that enable end-user customers to make and receive telephone calls within a defined local calling area for a flat monthly fee. In addition to subscribing to basic local telephone services, our customers may choose from a variety of custom calling features such as call waiting, call forwarding, caller identification and voicemail. Customers may generally cancel their subscriptions at any time without penalty. Each subscription service provided is accounted for as a distinct performance obligation and revenue is recognized over a one month service period as the subscription services are delivered. Other optional services purchased by the customer are generally accounted for as a distinct performance obligation when purchased and revenue is recognized when the service is provided. Network Access – We provide access services to other telecommunication carriers for the use of our facilities to terminate or originate long distance calls on our network. Additionally, we bill monthly subscriber line charges (SLCs) to substantially all of our customers for access to the public switched network. These SLCs are regulated and approved by the Federal Communications Commission (FCC). In addition, network access revenue is derived from several federally administered pooling arrangements designed to provide support and distribute funding to us. Revenues earned from other telecommunication carriers accessing our network are based on the utilization of our network by these carriers as measured by minutes of use on the network or special access to the network by the individual carriers on monthly basis. Revenues are billed at tariffed access rates for both interstate and intrastate calls and are recognized into revenue monthly based on the period the access was provided. The National Exchange Carriers Association (NECA) pools and redistributes the SLCs to various telecommunication providers through the Connect America Fund (CAF). These revenues are earned and recognized into revenue on a monthly basis. Any adjustments to these amounts received by NECA are adjusted for in revenue upon receipt of the adjustment. Video – We provide a variety of enhanced video services on a monthly recurring basis to our customers. We also receive monthly recurring revenue from our subscribers for providing commercial TV programming. Customers may generally cancel their subscriptions at any time without penalty. Each subscription service provided is accounted for as a distinct performance obligation and revenue is recognized over a one month service period as the subscription services are delivered. Other optional services purchased by the customer are generally accounted for as a distinct performance obligation when purchased and revenue is recognized when the service is provided. Data – We provide high speed Internet to business and residential customers. Our revenue is earned based on the offering of various flat packages based on the level of service, data speeds and features. We also provide e-mail, web hosting and design, on-line file back up and on-line file storage. Data customers may generally cancel their subscriptions at any time without penalty. Each subscription service provided is accounted for as a distinct performance obligation and revenue is recognized over a one month service period as the subscription services are delivered. Other optional services purchased by the customer are generally accounted for as a distinct performance obligation when purchased and revenue is recognized when the service is provided. Directory – Our directory publishing revenue in our telephone directories recurs monthly and is recognized into revenue on a monthly basis.  Cellular – We provide retail sales and service of cellular phones and accessories through Telespire, a national wireless provider. We resell these wireless services as TechTrends Wireless, our branded product. We receive both recurring revenue for our wireless services, as well as revenue collected for the sale of wireless phones and accessories. The majority of the revenue in this category is earned through a monthly commission from Telespire for a billing and collecting arrangement with Telespire. We do not receive revenue from the end-user customer, but instead receive a monthly commission from Telespire. Other revenue in this category is immaterial to our overall revenues.  Other Contracted Revenue - Managed services and certain other data customers include fiber-delivered communications and managed information technology solutions to mainly business customers, as well as high-capacity last-mile data connectivity services to wireless and wireline carriers. Services are primarily offered on a subscription basis with a contractually specified and non-cancelable service period. The non-cancelable contract terms for these customers generally range from 3 to 10 years. Each subscription service provided is accounted for as a distinct performance obligation and revenue is recognized ratably over the contract period as the subscription services are delivered. These services are billed as monthly recurring charges to customers.  Other – We also generate revenue from the sales, service and installation of CPE and other services. Sales and service of CPE are billed and recognized into revenue once the sale or service is complete or delivered. These sales and services are generally short-term in nature and are completed within one month. Other revenues are immaterial to our total revenues. Subsidy and Other Revenue outside the Scope of ASC 606 – We receive subsidies from governmental entities to operate and expand our networks. In addition, we have revenue from leasing arrangements. Both of these revenue streams are outside of the scope of ASC 606.  Interstate access rates are established by a nationwide pooling of companies known as the NECA. The FCC established NECA in 1983 to develop and administer interstate access service rates, terms and conditions. Revenues are pooled and redistributed on the basis of a company's actual or average costs. There has been a change in the composition of interstate access charges in recent years, shifting more of the charges to the end user and reducing the amount of access charges paid by IXC’s. We believe this trend will continue. Intrastate access rates are filed with state regulatory commissions in Minnesota and Iowa. Effective January 1, 2017 we no longer received funding from the Federal Universal Service Fund (FUSF) based on the pooling and redistribution of revenues based on a company's actual or average costs as described above, but has instead, elected to receive funding based on the Alternative Connect America Cost Model (A-CAM) as described below. A-CAM The FUSF was established as part of the Telecommunications Act of 1996 and provides subsidies to telecommunications providers as means of increasing the availability and affordability of advanced telecommunications services. In 2011, significant reform was introduced, including the creation of the CAF, to help modernize the FUSF and promote support of these telecom services in the nation’s high cost areas. In 2016, the FCC announced additional reform to further transition the CAF from supporting the provision of voice services to the provision of broadband services. On March 30, 2016, the FCC issued a Report and Order (2016 Order) that adopts the following changes to the FUSF for rate-of-return carriers: ·         Establishes a voluntary cost model;    ·         Creates specific broadband deployment obligations;  ·         Provides a mechanism for support of broadband-only deployment;  ·         Gradually reduces the authorized rate-of-return from 11.25 percent to 9.75 percent; ·         Eliminates support in those local areas served by unsubsidized competitors; ·         Establishes “glide-path” transition periods for all the new changes; and ·         Maintains the $2 billion budget established by the 2011 Transformation Order. While the 2011 FUSF Transformation Order established CAF Phase I and CAF Phase II as high cost support mechanisms for the price cap carriers (i.e., the larger, national local exchange carriers (LECs) such as Verizon and AT&T), it was not as specific about how subsidies would change for the rate-of-return carriers (i.e., the smaller LECs, including all rural LECs). In contrast, the 2016 Order focused on the rate-of-return carriers, announced specific changes to existing funding mechanisms as well as a new funding mechanism, and provided rural telecommunications providers with greater certainty about future support. One of the major changes introduced by the 2016 Order was the creation of the A-CAM, a new CAF support mechanism for rate-of-return carriers. Utilization of the A-CAM was voluntary; and rate-of-return carriers may have instead chose to continue relying on the legacy support mechanism known as interstate common line support (ICLS), but then modified and renamed CAF Broadband Loop Support. Each carrier needed to decide which support mechanism to elect, and then choose one or the other, per state. In our Form 10-Q for the quarter ended September 30, 2016, Nuvera disclosed that we had elected the A-CAM for our Minnesota and Iowa operations, replacing our former ICLS. Nuvera will receive A-CAM support for a period of ten years in exchange for meeting defined broadband build-out requirements. At the time of Nuvera’s election, the FCC had not yet determined the final award numbers.  Consistent with the stated disclosure in our Form 10-Q, Nuvera notified the FCC that we would continue to elect the A-CAM program. Under the report that accompanied the FCC December 20, 2016 Public Notice, Nuvera would annually receive (i) $391,896 for our Iowa operations and (ii) $6,118,567 for our Minnesota operations. The Company will use the annual $6.5 million that we receive through the A-CAM program to meet our defined broadband build-out obligations. The A-CAM payments will replace the Company’s former ICLS payments. On May 7, 2018, the FCC issued Public Notice DA 18-465, which contained revised offers of A-CAM support and associated revised service deployment obligations. On May 23, 2018, the Company’s Board of Directors (BOD) authorized and directed the Company to accept the FCC’s revised offer of A-CAM support and the revised associated service deployment obligations. Under the revised FCC offer Notice, the Company will be entitled to annually receive (i) $489,870 for its Iowa operations, which is a $97,974 increase per year and (ii) $7,648,208 for its Minnesota operations, which is a $1,529,641 increase per year. The Company will use the additional support that it receives through the A-CAM program to continue to meet its defined broadband build-out obligations. A letter of acceptance to elect the revised A-CAM support was filed by the Company with the FCC on May 24, 2018. The FCC accepted the Company’s letter on May 30, 2018. The revised A-CAM support offer payments are expected to begin in the third quarter of 2018.  The following table provides information about our receivables, contracts assets and contract liabilities from revenue contracts with our customers: <table style="border-collapse: collapse; margin-left: auto; margin-right: auto;" cellspacing="0" cellpadding="0"> <tr style="height: 15.75pt;"> <td style="height: 15.75pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15.75pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> </td> <td style="border-top: 0px; height: 15.75pt; border-right: 0px; border-bottom: windowtext 1pt solid; border-left: 0px; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> January 1, 2018 </td> <td style="height: 15.75pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> </td> <td style="border-top: 0px; height: 15.75pt; border-right: 0px; border-bottom: windowtext 1pt solid; border-left: 0px; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> June 30, 2018 </td> <td style="height: 15.75pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> </td> <td style="border-top: 0px; height: 15.75pt; border-right: 0px; border-bottom: windowtext 1pt solid; border-left: 0px; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> Increase/(Decrease) </td> </tr> <tr style="height: 15.75pt;"> <td style="height: 15.75pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15.75pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15.75pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15.75pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15.75pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15.75pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15.75pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> </td> </tr> <tr style="height: 15.75pt; background: #d6f3e7;"> <td style="height: 15.75pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> Contract Assets: </td> <td style="height: 15.75pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15.75pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15.75pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15.75pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15.75pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15.75pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> </td> </tr> <tr style="height: 15.75pt;"> <td style="height: 15.75pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15.75pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15.75pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15.75pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15.75pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15.75pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15.75pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> </td> </tr> <tr style="height: 15.75pt; background: #d6f3e7;"> <td style="height: 15.75pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom">   Short-term contract assets </td> <td style="height: 15.75pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15.75pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom">  $                 -   </td> <td style="height: 15.75pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15.75pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom">  $                -   </td> <td style="height: 15.75pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15.75pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom">  $                -   </td> </tr> <tr style="height: 15.75pt;"> <td style="height: 15.75pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15.75pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15.75pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15.75pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15.75pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15.75pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15.75pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> </td> </tr> <tr style="height: 15.75pt; background: #d6f3e7;"> <td style="height: 15.75pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom">   Lont-term contract assets </td> <td style="height: 15.75pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15.75pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom">  $                 -   </td> <td style="height: 15.75pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15.75pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom">  $                -   </td> <td style="height: 15.75pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15.75pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom">  $                -   </td> </tr> <tr style="height: 15.75pt;"> <td style="height: 15.75pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15.75pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15.75pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15.75pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15.75pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15.75pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15.75pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> </td> </tr> <tr style="height: 15.75pt; background: #d6f3e7;"> <td style="height: 15.75pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> Contract Liabilities: </td> <td style="height: 15.75pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15.75pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15.75pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15.75pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15.75pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15.75pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> </td> </tr> <tr style="height: 15.75pt;"> <td style="height: 15.75pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15.75pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15.75pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15.75pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15.75pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15.75pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15.75pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> </td> </tr> <tr style="height: 15.75pt; background: #d6f3e7;"> <td style="height: 15.75pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom">   Short-term contract liabilities </td> <td style="height: 15.75pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15.75pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom">  $          93,656 </td> <td style="height: 15.75pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15.75pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom">  $      116,107 </td> <td style="height: 15.75pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15.75pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom">  $         22,451 </td> </tr> <tr style="height: 15.75pt;"> <td style="height: 15.75pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15.75pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15.75pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15.75pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15.75pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15.75pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15.75pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> </td> </tr> <tr style="height: 15.75pt; background: #d6f3e7;"> <td style="height: 15.75pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom">   Long-term contract liabilities </td> <td style="height: 15.75pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15.75pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom">  $        194,458 </td> <td style="height: 15.75pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15.75pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom">  $      176,780 </td> <td style="height: 15.75pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15.75pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom">  $       (17,678) </td> </tr> <tr style="height: 15.75pt;"> <td style="height: 15.75pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15.75pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15.75pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15.75pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15.75pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15.75pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15.75pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> </td> </tr> <tr style="height: 15.75pt; background: #d6f3e7;"> <td style="height: 15.75pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> Receivables: </td> <td style="height: 15.75pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15.75pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15.75pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15.75pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15.75pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15.75pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> </td> </tr> <tr style="height: 15.75pt;"> <td style="height: 15.75pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15.75pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15.75pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15.75pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15.75pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15.75pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15.75pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> </td> </tr> <tr style="height: 15.75pt; background: #d6f3e7;"> <td style="height: 15.75pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom">   Receivables accounted for under ASC 606 </td> <td style="height: 15.75pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15.75pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom">  $     1,431,558 </td> <td style="height: 15.75pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15.75pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom">  $   1,194,374 </td> <td style="height: 15.75pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15.75pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom">  $     (237,184) </td> </tr> <tr style="height: 15.75pt;"> <td style="height: 15.75pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15.75pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15.75pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15.75pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15.75pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15.75pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15.75pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> </td> </tr> <tr style="height: 15.75pt; background: #d6f3e7;"> <td style="height: 15.75pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom">   Subsidy Receivables not accounted for under ASC 606 </td> <td style="height: 15.75pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15.75pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom">  $        542,539 </td> <td style="height: 15.75pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15.75pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom">  $      542,539 </td> <td style="height: 15.75pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15.75pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom">  $                -   </td> </tr> <tr style="height: 15.75pt;"> <td style="height: 15.75pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15.75pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15.75pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15.75pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15.75pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15.75pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15.75pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> </td> </tr> <tr style="height: 15.75pt;"> <td style="height: 15.75pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" colspan="7" valign="bottom"> ¹ The difference is due to the timing of the contract billings. </td> </tr> <tr style="height: 15.75pt;"> <td style="height: 15.75pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15.75pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15.75pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15.75pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15.75pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15.75pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15.75pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> </td> </tr> <tr style="height: 15.75pt;"> <td style="height: 15.75pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" colspan="7" valign="bottom"> ² The reduction in accounts receivable is due to the timing of receipts. </td> </tr> </table> Contract Assets Contract assets arise from costs that are incremental to the acquisition of a contract. Incremental costs are those that result directly from obtaining a contract or costs that would not have been incurred if the contract had not been obtained, which primarily relates to sales commissions. Overall commissions paid to our sales representatives are immaterial based on our current commission structure. Due to the immaterial amount of commissions paid and the fact that most of our customers are billed under month-to-month service agreements that generally have no penalties associated with them if canceled by the customer, the Company has applied the practical expedient that allow customer acquisition costs to be expensed as incurred.  Contract Liabilities Short-term contract liabilities include deferred revenues for advanced payments for managed services and other long-term contracts. This includes the current portion of the deferred revenues that will be recognized monthly within one year. Long-term contract liabilities include deferred revenues for advanced payments for managed services and other long-term contracts. This includes the portion longer than one year and the corresponding deferred revenues are recognized into revenue on a monthly basis based of the term of the contract.   Receivables A receivable is recognized in the period the Company provides goods and services when the Company’s right to consideration is unconditional. Payment terms on invoiced amounts are generally 30-60 days. </div>

0.8058

0.1766

0.0176

0.7995

0.1824

0.0181

P3Y P10Y

P1M

P3Y

P10Y

P1M

391896

6118567

6500000

489870

97974

7648208

1529641

P30D P60D

<table style="width: 600px; border-collapse: collapse; margin-left: auto; margin-right: auto;" cellspacing="0" cellpadding="0"> <tr style="height: 15px;"> <td style="height: 15px; width: 214.533px; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="border-color: currentcolor currentcolor windowtext; border-style: none none solid; border-width: 0px 0px 1pt; height: 15px; width: 287.467px; white-space: nowrap; padding: 0in 5.4pt;" colspan="5" valign="bottom"> Three Months Ended June 30, </td> </tr> <tr style="height: 15px;"> <td style="height: 15px; width: 214.533px; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="border-color: currentcolor currentcolor windowtext; border-style: none none solid; border-width: 0px 0px 1pt; height: 15px; width: 141.467px; white-space: nowrap; padding: 0in 5.4pt;" colspan="2" valign="bottom"> 2018 </td> <td style="height: 15px; width: 4px; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="border-color: windowtext currentcolor; border-style: solid none; border-width: 1pt 0px; height: 15px; width: 142px; white-space: nowrap; padding: 0in 5.4pt;" colspan="2" valign="bottom"> 2017 </td> </tr> <tr style="height: 15px;"> <td style="height: 15px; width: 214.533px; background: #d6f3e7; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> Voice services¹ </td> <td style="height: 15px; background: #d6f3e7; width: 16.4667px; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> $ </td> <td style="height: 15px; background: #d6f3e7; width: 125px; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> 1,523,995 </td> <td style="height: 15px; background: #d6f3e7; width: 4px; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; background: #d6f3e7; width: 17px; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> $ </td> <td style="height: 15px; background: #d6f3e7; width: 125px; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> 1,642,930 </td> </tr> <tr style="height: 15px;"> <td style="height: 15px; width: 214.533px; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> Network access¹ </td> <td style="height: 15px; width: 16.4667px; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 125px; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> 1,789,625 </td> <td style="height: 15px; width: 4px; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 17px; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 125px; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> 1,809,266 </td> </tr> <tr style="height: 15px;"> <td style="height: 15px; background: #d6f3e7; width: 214.533px; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> Video ¹ </td> <td style="height: 15px; background: #d6f3e7; width: 16.4667px; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; background: #d6f3e7; width: 125px; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> 2,550,179 </td> <td style="height: 15px; background: #d6f3e7; width: 4px; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; background: #d6f3e7; width: 17px; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; background: #d6f3e7; width: 125px; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> 2,416,000 </td> </tr> <tr style="height: 15px;"> <td style="height: 15px; width: 214.533px; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> Data ¹ </td> <td style="height: 15px; width: 16.4667px; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 125px; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> 2,798,809 </td> <td style="height: 15px; width: 4px; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 17px; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 125px; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> 2,573,196 </td> </tr> <tr style="height: 15px; background: #d6f3e7;"> <td style="height: 15px; background: #d6f3e7; width: 214.533px; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> Directory² </td> <td style="height: 15px; background: #d6f3e7; width: 16.4667px; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 125px; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> 178,773 </td> <td style="height: 15px; width: 4px; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 17px; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 125px; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> 178,949 </td> </tr> <tr style="height: 15px;"> <td style="height: 15px; width: 214.533px; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> Cellular³ </td> <td style="height: 15px; width: 16.4667px; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 125px; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> 131,731 </td> <td style="height: 15px; width: 4px; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 17px; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 125px; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> 106,640 </td> </tr> <tr style="height: 15px; background: #d6f3e7;"> <td style="height: 15px; width: 214.533px; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> Other contracted revenue4 </td> <td style="height: 15px; width: 16.4667px; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 125px; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> 461,691 </td> <td style="height: 15px; width: 4px; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 17px; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 125px; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> 546,211 </td> </tr> <tr style="height: 15px;"> <td style="height: 15px; width: 214.533px; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> Other5 </td> <td style="height: 15px; width: 16.4667px; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 125px; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> 206,325 </td> <td style="height: 15px; width: 4px; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 17px; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 125px; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> 188,375 </td> </tr> <tr style="height: 15px; background: #d6f3e7;"> <td style="height: 15px; width: 214.533px; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 16.4667px; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 125px; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 4px; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 17px; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 125px; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> </tr> <tr style="height: 15.5px;"> <td style="height: 15.5px; width: 214.533px; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom">     Revenue from customers </td> <td style="height: 15.5px; width: 16.4667px; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15.5px; width: 125px; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> 9,641,128 </td> <td style="height: 15.5px; width: 4px; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15.5px; width: 17px; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15.5px; width: 125px; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> 9,461,567 </td> </tr> <tr style="height: 15px; background: #d6f3e7;"> <td style="height: 15px; width: 214.533px; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 16.4667px; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 125px; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 4px; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 17px; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 125px; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> </tr> <tr style="height: 15px;"> <td style="height: 15px; width: 214.533px; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> Subsidy and other revenue </td> <td style="height: 15px; width: 16.4667px; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 125px; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 4px; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 17px; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 125px; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> </tr> <tr style="height: 15px; background: #d6f3e7;"> <td style="height: 15px; width: 214.533px; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> outside scope of ASC 6066 </td> <td style="height: 15px; width: 16.4667px; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 125px; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> 2,067,313 </td> <td style="height: 15px; width: 4px; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 17px; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 125px; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> 2,254,425 </td> </tr> <tr style="height: 15px;"> <td style="height: 15px; width: 214.533px; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 16.4667px; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 125px; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 4px; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 17px; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 125px; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> </tr> <tr style="height: 15px; background: #d6f3e7;"> <td style="height: 15px; width: 214.533px; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> Total revenue </td> <td style="height: 15px; width: 16.4667px; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> $ </td> <td style="height: 15px; width: 125px; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> 11,708,441 </td> <td style="height: 15px; width: 4px; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 17px; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> $ </td> <td style="height: 15px; width: 125px; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> 11,715,992 </td> </tr> <tr style="height: 15px;"> <td style="height: 15px; width: 214.533px; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 16.4667px; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 125px; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 4px; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 17px; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 125px; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> </tr> <tr style="height: 15px;"> <td style="height: 15px; width: 214.533px; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 16.4667px; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 125px; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 4px; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 17px; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 125px; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> </tr> <tr style="height: 15px;"> <td style="height: 15px; width: 214.533px; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 16.4667px; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 125px; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 4px; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 17px; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 125px; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> </tr> <tr style="height: 15px;"> <td style="height: 15px; width: 502px; white-space: nowrap; padding: 0in 5.4pt;" colspan="6" valign="bottom"> ¹ Month-to-Month contracts billed and consumed in the same month. </td> </tr> <tr style="height: 15px;"> <td style="height: 15px; width: 214.533px; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 16.4667px; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 125px; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 4px; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 17px; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 125px; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> </tr> <tr style="height: 30px;"> <td style="height: 30px; width: 502px; padding: 0in 5.4pt;" colspan="6" valign="bottom"> ² Directory revenue is contracted annually, however, this revenue is recognized monthly over the contract period as the advertising is used. </td> </tr> <tr style="height: 15px;"> <td style="height: 15px; width: 214.533px; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 16.4667px; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 125px; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 4px; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 17px; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 125px; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> </tr> <tr style="height: 91px;"> <td style="height: 91px; width: 502px; padding: 0in 5.4pt;" colspan="6" valign="bottom"> ³ Approximately 88.89% of the revenue in this category is earned through a monthly commission from the network provider for a billing and collecting arrangement with the network provider.  We do not receive revenue from the end-user customer, but instead receive a monthly commission from the provider.  Other revenue in this category includes phone and equipment sales and represents approximately 1.13% of our total revenue. </td> </tr> <tr style="height: 15px;"> <td style="height: 15px; width: 214.533px; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 16.4667px; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 125px; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 4px; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 17px; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 125px; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> </tr> <tr style="height: 31px;"> <td style="height: 31px; width: 502px; padding: 0in 5.4pt;" colspan="6" valign="bottom"> 4 This includes long-term contracts where the revenue is recognized monthly over the term of the contract. </td> </tr> <tr style="height: 15px;"> <td style="height: 15px; width: 214.533px; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 16.4667px; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 125px; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 4px; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 17px; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 125px; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> </tr> <tr style="height: 15px;"> <td style="height: 15px; width: 502px; white-space: nowrap; padding: 0in 5.4pt;" colspan="6" valign="bottom"> 5This includes CPE and other equipment sales. </td> </tr> <tr style="height: 15px;"> <td style="height: 15px; width: 214.533px; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 16.4667px; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 125px; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 4px; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 17px; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 125px; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> </tr> <tr style="height: 31px;"> <td style="height: 31px; width: 502px; padding: 0in 5.4pt;" colspan="6" valign="bottom"> 6This includes governmental subsidies and lease revenue outside the scope of ASC 606. </td> </tr> <tr style="height: 15px;"> <td style="height: 15px; width: 214.533px; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 16.4667px; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 125px; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 4px; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 17px; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 125px; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> </tr> </table><table style="width: 6.25in; border-collapse: collapse; ; margin-left: auto; margin-right: auto;" width="600" cellspacing="0" cellpadding="0"> <tr style="height: 15px;"> <td style="height: 15px; width: 153pt; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="border-color: currentcolor currentcolor windowtext; border-style: none none solid; border-width: 0px 0px 1pt; height: 15px; width: 210pt; white-space: nowrap; padding: 0in 5.4pt;" colspan="5" valign="bottom"> Six Months Ended June 30, </td> </tr> <tr style="height: 15px;"> <td style="height: 15px; width: 153pt; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="border-color: currentcolor currentcolor windowtext; border-style: none none solid; border-width: 0px 0px 1pt; height: 15px; width: 103.45pt; white-space: nowrap; padding: 0in 5.4pt;" colspan="2" valign="bottom"> 2018 </td> <td style="height: 15px; width: 3.15pt; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="border-color: windowtext currentcolor; border-style: solid none; border-width: 1pt 0px; height: 15px; width: 103.4pt; white-space: nowrap; padding: 0in 5.4pt;" colspan="2" valign="bottom"> 2017 </td> </tr> <tr style="height: 15px; background: #d6f3e7;"> <td style="height: 15px; width: 153pt; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> Voice services¹ </td> <td style="height: 15px; width: 12.55pt; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> $ </td> <td style="height: 15px; width: 90.9pt; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> 3,082,388 </td> <td style="height: 15px; width: 3.15pt; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 12.5pt; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> $ </td> <td style="height: 15px; width: 90.9pt; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> 3,276,110 </td> </tr> <tr style="height: 15px;"> <td style="height: 15px; width: 153pt; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> Network access¹ </td> <td style="height: 15px; width: 12.55pt; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 90.9pt; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> 3,512,840 </td> <td style="height: 15px; width: 3.15pt; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 12.5pt; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 90.9pt; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> 3,601,108 </td> </tr> <tr style="height: 15px; background: #d6f3e7;"> <td style="height: 15px; width: 153pt; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> Video ¹ </td> <td style="height: 15px; width: 12.55pt; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 90.9pt; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> 5,005,346 </td> <td style="height: 15px; width: 3.15pt; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 12.5pt; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 90.9pt; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> 4,783,124 </td> </tr> <tr style="height: 15px;"> <td style="height: 15px; width: 153pt; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> Data ¹ </td> <td style="height: 15px; width: 12.55pt; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 90.9pt; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> 5,543,940 </td> <td style="height: 15px; width: 3.15pt; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 12.5pt; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 90.9pt; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> 5,128,390 </td> </tr> <tr style="height: 15px; background: #d6f3e7;"> <td style="height: 15px; width: 153pt; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> Directory² </td> <td style="height: 15px; width: 12.55pt; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 90.9pt; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> 350,825 </td> <td style="height: 15px; width: 3.15pt; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 12.5pt; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 90.9pt; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> 357,016 </td> </tr> <tr style="height: 15px;"> <td style="height: 15px; width: 153pt; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> Cellular³ </td> <td style="height: 15px; width: 12.55pt; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 90.9pt; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> 251,679 </td> <td style="height: 15px; width: 3.15pt; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 12.5pt; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 90.9pt; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> 214,042 </td> </tr> <tr style="height: 15px; background: #d6f3e7;"> <td style="height: 15px; width: 153pt; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> Other contracted revenue4 </td> <td style="height: 15px; width: 12.55pt; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 90.9pt; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> 898,328 </td> <td style="height: 15px; width: 3.15pt; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 12.5pt; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 90.9pt; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> 1,086,309 </td> </tr> <tr style="height: 15px;"> <td style="height: 15px; width: 153pt; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> Other5 </td> <td style="height: 15px; width: 12.55pt; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 90.9pt; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> 423,344 </td> <td style="height: 15px; width: 3.15pt; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 12.5pt; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 90.9pt; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> 371,721 </td> </tr> <tr style="height: 15px; background: #d6f3e7;"> <td style="height: 15px; width: 153pt; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 12.55pt; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 90.9pt; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 3.15pt; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 12.5pt; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 90.9pt; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> </tr> <tr style="height: 15px;"> <td style="height: 15px; width: 153pt; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom">     Revenue from customers </td> <td style="height: 15px; width: 12.55pt; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 90.9pt; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> 19,068,690 </td> <td style="height: 15px; width: 3.15pt; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 12.5pt; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 90.9pt; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> 18,817,820 </td> </tr> <tr style="height: 15px; background: #d6f3e7;"> <td style="height: 15px; width: 153pt; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 12.55pt; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 90.9pt; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 3.15pt; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 12.5pt; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 90.9pt; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> </tr> <tr style="height: 15px;"> <td style="height: 15px; width: 153pt; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> Subsidy and other revenue </td> <td style="height: 15px; width: 12.55pt; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 90.9pt; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 3.15pt; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 12.5pt; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 90.9pt; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> </tr> <tr style="height: 15px; background: #d6f3e7;"> <td style="height: 15px; width: 153pt; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> outside scope of ASC 6066 </td> <td style="height: 15px; width: 12.55pt; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 90.9pt; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> 4,252,937 </td> <td style="height: 15px; width: 3.15pt; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 12.5pt; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 90.9pt; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> 4,527,301 </td> </tr> <tr style="height: 15px;"> <td style="height: 15px; width: 153pt; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 12.55pt; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 90.9pt; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 3.15pt; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 12.5pt; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 90.9pt; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> </tr> <tr style="height: 15px; background: #d6f3e7;"> <td style="height: 15px; width: 153pt; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> Total revenue </td> <td style="height: 15px; width: 12.55pt; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> $ </td> <td style="height: 15px; width: 90.9pt; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> 23,321,627 </td> <td style="height: 15px; width: 3.15pt; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 12.5pt; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> $ </td> <td style="height: 15px; width: 90.9pt; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> 23,345,121 </td> </tr> <tr style="height: 15px;"> <td style="height: 15px; width: 153pt; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 12.55pt; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 90.9pt; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 3.15pt; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 12.5pt; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 90.9pt; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> </tr> <tr style="height: 15px;"> <td style="height: 15px; width: 153pt; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 12.55pt; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 90.9pt; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 3.15pt; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 12.5pt; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 90.9pt; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> </tr> <tr style="height: 15px;"> <td style="height: 15px; width: 153pt; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 12.55pt; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 90.9pt; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 3.15pt; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 12.5pt; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 90.9pt; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> </tr> <tr style="height: 15px;"> <td style="height: 15px; width: 363pt; white-space: nowrap; padding: 0in 5.4pt;" colspan="6" valign="bottom"> ¹ Month-to-Month contracts billed and consumed in the same month. </td> </tr> <tr style="height: 15px;"> <td style="height: 15px; width: 153pt; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 12.55pt; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 90.9pt; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 3.15pt; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 12.5pt; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 90.9pt; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> </tr> <tr style="height: 37px;"> <td style="height: 37px; width: 363pt; padding: 0in 5.4pt;" colspan="6" valign="bottom"> ² Directory revenue is contracted annually, however, this revenue is recognized monthly over the contract period as the advertising is used. </td> </tr> <tr style="height: 15px;"> <td style="height: 15px; width: 153pt; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 12.55pt; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 90.9pt; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 3.15pt; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 12.5pt; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 90.9pt; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> </tr> <tr style="height: 89px;"> <td style="height: 89px; width: 363pt; padding: 0in 5.4pt;" colspan="6" valign="bottom"> ³ Approximately 88.29% of the revenue in this category is earned through a monthly commission from the network provider for a billing and collecting arrangement with the network provider.  We do not receive revenue from the end-user customer, but instead receive a monthly commission from the provider.  Other revenue in this category include phone and equipment sales and  represents approximately 1.08% of our total revenue. </td> </tr> <tr style="height: 15px;"> <td style="height: 15px; width: 153pt; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 12.55pt; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 90.9pt; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 3.15pt; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 12.5pt; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 90.9pt; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> </tr> <tr style="height: 33px;"> <td style="height: 33px; width: 363pt; padding: 0in 5.4pt;" colspan="6" valign="bottom"> 4This includes long-term contracts where the revenue is recognized monthly over the term of the contract. </td> </tr> <tr style="height: 15px;"> <td style="height: 15px; width: 153pt; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 12.55pt; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 90.9pt; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 3.15pt; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 12.5pt; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 90.9pt; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> </tr> <tr style="height: 15px;"> <td style="height: 15px; width: 256.45pt; white-space: nowrap; padding: 0in 5.4pt;" colspan="3" valign="bottom"> 5This includes CPE and other equipment sales. </td> <td style="height: 15px; width: 3.15pt; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 12.5pt; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 90.9pt; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> </tr> <tr style="height: 15px;"> <td style="height: 15px; width: 153pt; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 12.55pt; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 90.9pt; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 3.15pt; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 12.5pt; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15px; width: 90.9pt; white-space: nowrap; padding: 0in 5.4pt;" valign="bottom"> </td> </tr> <tr style="height: 32.9334px;"> <td style="height: 32.9334px; width: 363pt; padding: 0in 5.4pt;" colspan="6" valign="bottom"> 6This includes governmental subsidies and lease revenue outside the scope of ASC 606. </td> </tr> <tr style="height: 32px;"> <td style="height: 32px; width: 363pt; padding: 0in 5.4pt;" colspan="6" valign="bottom"> </td> </tr> </table>

1523995

1642930

3082388

3276110

1789625

1809266

3512840

3601108

2550179

2416000

5005346

4783124

2798809

2573196

5543940

5128390

178773

178949

350825

357016

131731

106640

251679

214042

461691

546211

898328

1086309

206325

188375

423344

371721

9641128

9461567

19068690

18817820

2067313 2254425 4252937 4527301

<table style="border-collapse: collapse; margin-left: auto; margin-right: auto;" cellspacing="0" cellpadding="0"> <tr style="height: 15.75pt;"> <td style="height: 15.75pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15.75pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> </td> <td style="border-top: 0px; height: 15.75pt; border-right: 0px; border-bottom: windowtext 1pt solid; border-left: 0px; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> January 1, 2018 </td> <td style="height: 15.75pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> </td> <td style="border-top: 0px; height: 15.75pt; border-right: 0px; border-bottom: windowtext 1pt solid; border-left: 0px; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> June 30, 2018 </td> <td style="height: 15.75pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> </td> <td style="border-top: 0px; height: 15.75pt; border-right: 0px; border-bottom: windowtext 1pt solid; border-left: 0px; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> Increase/(Decrease) </td> </tr> <tr style="height: 15.75pt;"> <td style="height: 15.75pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15.75pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15.75pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15.75pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15.75pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15.75pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15.75pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> </td> </tr> <tr style="height: 15.75pt; background: #d6f3e7;"> <td style="height: 15.75pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> Contract Assets: </td> <td style="height: 15.75pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15.75pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15.75pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15.75pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15.75pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15.75pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> </td> </tr> <tr style="height: 15.75pt;"> <td style="height: 15.75pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15.75pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15.75pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15.75pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15.75pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15.75pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15.75pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> </td> </tr> <tr style="height: 15.75pt; background: #d6f3e7;"> <td style="height: 15.75pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom">   Short-term contract assets </td> <td style="height: 15.75pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15.75pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom">  $                 -   </td> <td style="height: 15.75pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15.75pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom">  $                -   </td> <td style="height: 15.75pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15.75pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom">  $                -   </td> </tr> <tr style="height: 15.75pt;"> <td style="height: 15.75pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15.75pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15.75pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15.75pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15.75pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15.75pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15.75pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> </td> </tr> <tr style="height: 15.75pt; background: #d6f3e7;"> <td style="height: 15.75pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom">   Lont-term contract assets </td> <td style="height: 15.75pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15.75pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom">  $                 -   </td> <td style="height: 15.75pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15.75pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom">  $                -   </td> <td style="height: 15.75pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15.75pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom">  $                -   </td> </tr> <tr style="height: 15.75pt;"> <td style="height: 15.75pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15.75pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15.75pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15.75pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15.75pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15.75pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15.75pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> </td> </tr> <tr style="height: 15.75pt; background: #d6f3e7;"> <td style="height: 15.75pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> Contract Liabilities: </td> <td style="height: 15.75pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15.75pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15.75pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15.75pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15.75pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15.75pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> </td> </tr> <tr style="height: 15.75pt;"> <td style="height: 15.75pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15.75pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15.75pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15.75pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15.75pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15.75pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15.75pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> </td> </tr> <tr style="height: 15.75pt; background: #d6f3e7;"> <td style="height: 15.75pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom">   Short-term contract liabilities </td> <td style="height: 15.75pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15.75pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom">  $          93,656 </td> <td style="height: 15.75pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15.75pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom">  $      116,107 </td> <td style="height: 15.75pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15.75pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom">  $         22,451 </td> </tr> <tr style="height: 15.75pt;"> <td style="height: 15.75pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15.75pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15.75pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15.75pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15.75pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15.75pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15.75pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> </td> </tr> <tr style="height: 15.75pt; background: #d6f3e7;"> <td style="height: 15.75pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom">   Long-term contract liabilities </td> <td style="height: 15.75pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15.75pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom">  $        194,458 </td> <td style="height: 15.75pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15.75pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom">  $      176,780 </td> <td style="height: 15.75pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15.75pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom">  $       (17,678) </td> </tr> <tr style="height: 15.75pt;"> <td style="height: 15.75pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15.75pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15.75pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15.75pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15.75pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15.75pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15.75pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> </td> </tr> <tr style="height: 15.75pt; background: #d6f3e7;"> <td style="height: 15.75pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> Receivables: </td> <td style="height: 15.75pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15.75pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15.75pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15.75pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15.75pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15.75pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> </td> </tr> <tr style="height: 15.75pt;"> <td style="height: 15.75pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15.75pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15.75pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15.75pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15.75pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15.75pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15.75pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> </td> </tr> <tr style="height: 15.75pt; background: #d6f3e7;"> <td style="height: 15.75pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom">   Receivables accounted for under ASC 606 </td> <td style="height: 15.75pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15.75pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom">  $     1,431,558 </td> <td style="height: 15.75pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15.75pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom">  $   1,194,374 </td> <td style="height: 15.75pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15.75pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom">  $     (237,184) </td> </tr> <tr style="height: 15.75pt;"> <td style="height: 15.75pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15.75pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15.75pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15.75pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15.75pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15.75pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15.75pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> </td> </tr> <tr style="height: 15.75pt; background: #d6f3e7;"> <td style="height: 15.75pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom">   Subsidy Receivables not accounted for under ASC 606 </td> <td style="height: 15.75pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15.75pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom">  $        542,539 </td> <td style="height: 15.75pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15.75pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom">  $      542,539 </td> <td style="height: 15.75pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15.75pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom">  $                -   </td> </tr> <tr style="height: 15.75pt;"> <td style="height: 15.75pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15.75pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15.75pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15.75pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15.75pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15.75pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15.75pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> </td> </tr> <tr style="height: 15.75pt;"> <td style="height: 15.75pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" colspan="7" valign="bottom"> ¹ The difference is due to the timing of the contract billings. </td> </tr> <tr style="height: 15.75pt;"> <td style="height: 15.75pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15.75pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15.75pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15.75pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15.75pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15.75pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15.75pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> </td> </tr> <tr style="height: 15.75pt;"> <td style="height: 15.75pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" colspan="7" valign="bottom"> ² The reduction in accounts receivable is due to the timing of receipts. </td> </tr> </table>

93656

116107

22451

194458

176780

-17678

1431558

1194374

-237184

542539 542539

1177541

1234541

<table style="border-collapse: collapse; margin-left: auto; margin-right: auto;" cellspacing="0" cellpadding="0"> <tr style="height: 15pt;"> <td style="height: 15pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> </td> <td style="border-top: 0px; height: 15pt; border-right: 0px; border-bottom: windowtext 1pt solid; border-left: 0px; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" colspan="3" valign="bottom"> June 30, 2018 </td> <td style="height: 15pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> </td> <td style="border-top: 0px; height: 15pt; border-right: 0px; border-bottom: windowtext 1pt solid; border-left: 0px; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" colspan="3" valign="bottom"> December 31, 2017 </td> </tr> <tr style="height: 15pt;"> <td style="height: 15pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> Gross </td> <td style="height: 15pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> Gross </td> <td style="height: 15pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> </td> </tr> <tr style="height: 15pt;"> <td style="height: 15pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> Useful </td> <td style="height: 15pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> Carrying </td> <td style="height: 15pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> Accumulated </td> <td style="height: 15pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> Carrying </td> <td style="height: 15pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> Accumulated </td> </tr> <tr style="height: 15pt;"> <td style="height: 15pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> </td> <td style="border-top: 0px; height: 15pt; border-right: 0px; border-bottom: windowtext 1pt solid; border-left: 0px; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> Lives </td> <td style="height: 15pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> </td> <td style="border-top: 0px; height: 15pt; border-right: 0px; border-bottom: windowtext 1pt solid; border-left: 0px; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> Amount </td> <td style="height: 15pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> </td> <td style="border-top: 0px; height: 15pt; border-right: 0px; border-bottom: windowtext 1pt solid; border-left: 0px; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> Amortization </td> <td style="height: 15pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> </td> <td style="border-top: 0px; height: 15pt; border-right: 0px; border-bottom: windowtext 1pt solid; border-left: 0px; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> Amount </td> <td style="height: 15pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> </td> <td style="border-top: 0px; height: 15pt; border-right: 0px; border-bottom: windowtext 1pt solid; border-left: 0px; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> Amortization </td> </tr> <tr style="height: 15pt; background: #d6f3e7;"> <td style="height: 15pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> Definite-Lived Intangible Assets </td> <td style="height: 15pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> </td> </tr> <tr style="height: 15pt;"> <td style="height: 15pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> Customers Relationships </td> <td style="height: 15pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> 14-15 yrs </td> <td style="height: 15pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> $ </td> <td style="height: 15pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom">                  29,278,445 </td> <td style="height: 15pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> $ </td> <td style="height: 15pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom">              18,398,855 </td> <td style="height: 15pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> $ </td> <td style="height: 15pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom">                  29,278,445 </td> <td style="height: 15pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> $ </td> <td style="height: 15pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom">                17,354,646 </td> </tr> <tr style="height: 15pt; background: #d6f3e7;"> <td style="height: 15pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> Regulatory Rights </td> <td style="height: 15pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> 15 yrs </td> <td style="height: 15pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom">                    4,000,000 </td> <td style="height: 15pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom">                2,799,975 </td> <td style="height: 15pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom">                    4,000,000 </td> <td style="height: 15pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom">                  2,666,643 </td> </tr> <tr style="height: 15pt;"> <td style="height: 15pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> Trade Name </td> <td style="height: 15pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> 3-5 yrs </td> <td style="height: 15pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom">                       570,000 </td> <td style="height: 15pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom">                   570,000 </td> <td style="height: 15pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom">                       570,000 </td> <td style="height: 15pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom">                     570,000 </td> </tr> <tr style="height: 15pt; background: #d6f3e7;"> <td style="height: 15pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> Indefinitely-Lived Intangible Assets </td> <td style="height: 15pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> </td> </tr> <tr style="height: 15pt;"> <td style="height: 15pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> Video Franchise </td> <td style="height: 15pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> </td> <td style="border-top: 0px; height: 15pt; border-right: 0px; border-bottom: windowtext 1pt solid; border-left: 0px; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom">                    3,000,000 </td> <td style="height: 15pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> </td> <td style="border-top: 0px; height: 15pt; border-right: 0px; border-bottom: windowtext 1pt solid; border-left: 0px; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom">                             -   </td> <td style="height: 15pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> </td> <td style="border-top: 0px; height: 15pt; border-right: 0px; border-bottom: windowtext 1pt solid; border-left: 0px; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom">                    3,000,000 </td> <td style="height: 15pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> </td> <td style="border-top: 0px; height: 15pt; border-right: 0px; border-bottom: windowtext 1pt solid; border-left: 0px; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom">                               -   </td> </tr> <tr style="height: 15pt; background: #d6f3e7;"> <td style="height: 15pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> Total </td> <td style="height: 15pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> $ </td> <td style="height: 15pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom">                  36,848,445 </td> <td style="height: 15pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> $ </td> <td style="height: 15pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom">              21,768,830 </td> <td style="height: 15pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> $ </td> <td style="height: 15pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom">                  36,848,445 </td> <td style="height: 15pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> $ </td> <td style="height: 15pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom">                20,591,289 </td> </tr> <tr style="height: 15pt;"> <td style="height: 15pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> </td> </tr> <tr style="height: 15.75pt; background: #d6f3e7;"> <td style="height: 15.75pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> Net Identified Intangible Assets </td> <td style="height: 15.75pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15.75pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15.75pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15.75pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15.75pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15.75pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> $ </td> <td style="border-top: windowtext 1pt solid; height: 15.75pt; border-right: 0px; border-bottom: windowtext 2.25pt double; border-left: 0px; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom">              15,079,615 </td> <td style="height: 15.75pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15.75pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> </td> <td style="height: 15.75pt; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom"> $ </td> <td style="border-top: windowtext 1pt solid; height: 15.75pt; border-right: 0px; border-bottom: windowtext 2.25pt double; border-left: 0px; white-space: nowrap; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom">                16,257,156 </td> </tr> </table>

P14Y

P15Y

29278445

18398855

29278445

17354646

P15Y

4000000

2799975

4000000

2666643

P3Y

P5Y

570000

3000000

36848445

21768830

36848445

20591289

<table style="width: 550pt; border-collapse: collapse; margin-left: auto; margin-right: auto;" width="550pt" cellspacing="0" cellpadding="0"> <tr style="height: 15px;"> <td style="height: 15px; width: 10%; background: #d6f3e7 none repeat scroll 0% 0%; padding: 0in; white-space: nowrap;" valign="bottom"> ● </td> <td style="height: 15px; width: 74%; background: #d6f3e7 none repeat scroll 0% 0%; padding: 0in; white-space: nowrap;" valign="bottom"> (July 1 – December 31) </td> <td style="height: 15px; width: 2%; background: #d6f3e7 none repeat scroll 0% 0%; padding: 0in; white-space: nowrap;" valign="bottom"> $ </td> <td style="height: 15px; width: 14%; background: #d6f3e7 none repeat scroll 0% 0%; padding: 0in; white-space: nowrap;" valign="bottom"> 1,177,542 </td> </tr> <tr style="height: 15px;"> <td style="height: 15px; width: 10%; padding: 0in; white-space: nowrap;" valign="bottom"> ● </td> <td style="height: 15px; width: 74%; padding: 0in; white-space: nowrap;" valign="bottom"> 2019 </td> <td style="height: 15px; width: 2%; padding: 0in; white-space: nowrap;" valign="bottom"> $ </td> <td style="height: 15px; width: 14%; padding: 0in; white-space: nowrap;" valign="bottom"> 2,355,083 </td> </tr> <tr style="height: 15px;"> <td style="height: 15px; width: 10%; background: #d6f3e7 none repeat scroll 0% 0%; padding: 0in; white-space: nowrap;" valign="bottom"> ● </td> <td style="height: 15px; width: 74%; background: #d6f3e7 none repeat scroll 0% 0%; padding: 0in; white-space: nowrap;" valign="bottom"> 2020 </td> <td style="height: 15px; width: 2%; background: #d6f3e7 none repeat scroll 0% 0%; padding: 0in; white-space: nowrap;" valign="bottom"> $ </td> <td style="height: 15px; width: 14%; background: #d6f3e7 none repeat scroll 0% 0%; padding: 0in; white-space: nowrap;" valign="bottom"> 2,355,083 </td> </tr> <tr style="height: 15px;"> <td style="height: 15px; width: 10%; padding: 0in; white-space: nowrap;" valign="bottom"> ● </td> <td style="height: 15px; width: 74%; padding: 0in; white-space: nowrap;" valign="bottom"> 2021 </td> <td style="height: 15px; width: 2%; padding: 0in; white-space: nowrap;" valign="bottom"> $ </td> <td style="height: 15px; width: 14%; padding: 0in; white-space: nowrap;" valign="bottom"> 2,355,038 </td> </tr> <tr style="height: 15px;"> <td style="height: 15px; width: 10%; background: #d6f3e7 none repeat scroll 0% 0%; padding: 0in; white-space: nowrap;" valign="bottom"> ● </td> <td style="height: 15px; width: 74%; background: #d6f3e7 none repeat scroll 0% 0%; padding: 0in; white-space: nowrap;" valign="bottom"> 2022 </td> <td style="height: 15px; width: 2%; background: #d6f3e7 none repeat scroll 0% 0%; padding: 0in; white-space: nowrap;" valign="bottom"> $ </td> <td style="height: 15px; width: 14%; background: #d6f3e7 none repeat scroll 0% 0%; padding: 0in; white-space: nowrap;" valign="bottom"> 983,688 </td> </tr> <tr style="height: 15px;"> <td style="height: 15px; width: 10%; padding: 0in; white-space: nowrap;" valign="bottom"> ● </td> <td style="height: 15px; width: 74%; padding: 0in; white-space: nowrap;" valign="bottom"> 2023 </td> <td style="height: 15px; width: 2%; padding: 0in; white-space: nowrap;" valign="bottom"> $ </td> <td style="height: 15px; width: 14%; padding: 0in; white-space: nowrap;" valign="bottom"> 983,688 </td> </tr> </table>

1177542

2355083

2355038

983688

2100000

1.48

14000000

2018-06-18

35200000

9000000

26200000

0.0461

<div style="font-family: "Times New Roman","serif"; font-size: 10pt; "> Note 7 – Other Investments  We are a co-investor with other rural telephone companies in several partnerships and limited liability companies. These joint ventures make it possible to offer services to customers, including digital video services and fiber-optic transport services that we would have difficulty offering on our own. These joint ventures also make it possible to invest in new technologies with a lower level of financial risk. We recognize income and losses from these investments on the equity method of accounting. For a listing of our investments, see Note 11 – “Segment Information”. </div>

<div style="font-family: "Times New Roman","serif"; font-size: 11pt; "> Note 8 – Guarantees Nuvera has guaranteed a ten-year loan owed by FiberComm, LC, maturing on September 30, 2021. As of June 30, 2018, we have recorded a liability of $141,496 in connection with the guarantee on this loan. This guarantee may be exercised if FiberComm, LC does not make its required payments on this note. </div>

141496

<div style="font-family: "Times New Roman","serif"; font-size: 11pt; "> Note 9 – Deferred Compensation As of June 30, 2018 and December 31, 2017, we have recorded other deferred compensation relating to executive compensation payable to certain former executives of past acquisitions.   </div>

625000

6077

2019-12-31

17.00

4044

1.00

2020-12-31

17.00

5750

1.00

2020-12-31

<div style="font-family: "Times New Roman","serif"; font-size: 12pt; "> Note 11 – Segment Information  We operate in the Telecom Segment and have no other significant business segments. The Telecom Segment consists of voice, data and video communication services delivered to the customer over our local communications network. No single customer accounted for a material portion of our consolidated revenues. The Telecom Segment operates the following incumbent local exchange carriers (ILECs) and competitive local exchange carriers (CLECs) and has investment ownership interests as follows: Telecom Segment     ● ILECs:        ▪ Nuvera Communications, Inc., the parent company;        ▪ Hutchinson Telephone Company, a wholly-owned subsidiary of Nuvera;        ▪ Peoples Telephone Company, a wholly-owned subsidiary of Nuvera;        ▪ Sleepy Eye Telephone Company, a wholly-owned subsidiary of Nuvera;        ▪ Western Telephone Company, a wholly-owned subsidiary of Nuvera. ● CLECs:         ▪ Nuvera, located in Redwood Falls, Minnesota;      ▪ Hutchinson Telecommunications, Inc., a wholly-owned subsidiary of HTC, located in Litchfield and Glencoe, Minnesota; ● Our investments and interests in the following entities include some management responsibilities:     ▪ FiberComm, LC – 20.00% subsidiary equity ownership interest. FiberComm, LC is located in Sioux City, Iowa;     ▪ Broadband Visions, LLC (BBV) – 24.30% subsidiary equity ownership interest. BBV provides video headend and Internet services;     ▪ Independent Emergency Services, LLC (IES) – 14.29% subsidiary equity ownership interest. IES is a provider of E-911 services to the State of Minnesota as well as a number of counties located in Minnesota;     ▪ SM Broadband, LLC (SMB) – 12.50% subsidiary equity ownership interest. SMB provides network connectivity for regional businesses. </div>

0.2000

0.2430

0.1429

0.1250

<div style="font-family: 'Times New Roman','serif'; font-size: 10pt; "> Note 12 – Commitments and Contingencies We are involved in certain contractual disputes in the ordinary course of business. We do not believe the ultimate resolution of any of these existing matters will have a material adverse effect on our financial position, results of operations or cash flows. We did not experience any changes to material contractual obligations in the first six months of 2018. Refer to the Company’s Annual Report on Form 10-K for the year ended December 31, 2017 for the discussion relating to commitments and contingencies. </div>

850486

1889968 0.55 374543 0.426

736598

1727998 0.574

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Document And Entity Information - shares	6 Months Ended
Document And Entity Information - shares	Jun. 30, 2018	Aug. 14, 2018
Document and Entity Information [Abstract]
Entity Registrant Name	NUVERA COMMUNICATIONS, INC.
Document Type	10-Q
Current Fiscal Year End Date	--12-31
Entity Common Stock, Shares Outstanding		5,175,258
Amendment Flag	false
Entity Central Index Key	0000071557
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Filer Category	Smaller Reporting Company
Entity Well-known Seasoned Issuer	No
Document Period End Date	Jun. 30, 2018
Document Fiscal Year Focus	2018
Document Fiscal Period Focus	Q2

XML 13 R2.htm IDEA: XBRL DOCUMENT

CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($)	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
OPERATING REVENUES:
Operating Revenues	$ 11,708,441	$ 11,715,992	$ 23,321,627	$ 23,345,121
OPERATING EXPENSES:
Cost of Other Nonregulated Services	572,429	515,832	1,100,305	1,007,720
Depreciation and Amortization	2,280,354	2,433,541	4,536,202	4,867,302
Selling, General and Administrative	2,196,830	1,781,189	4,161,846	3,685,817
Total Operating Expenses	9,998,851	9,312,434	19,464,479	18,797,265
OPERATING INCOME	1,709,590	2,403,558	3,857,148	4,547,856
OTHER (EXPENSE) INCOME
Interest Expense	(286,004)	(313,530)	(572,939)	(621,766)
Interest/Dividend Income	87,656	32,422	141,517	73,118
Interest During Construction	36,913	15,321	68,758	31,422
CoBank Patronage Dividends			290,895	337,137
Other Investment Income	90,680	148,793	145,221	162,116
Total Other Income (Expense)	(70,755)	(116,994)	73,452	(17,973)
INCOME BEFORE INCOME TAXES	1,638,835	2,286,564	3,930,600	4,529,883
INCOME TAXES	458,878	960,359	1,100,570	1,902,555
NET INCOME	$ 1,179,957	$ 1,326,205	$ 2,830,030	$ 2,627,328
BASIC AND DILUTED
NET INCOME PER SHARE (in Dollars per share)	$ 0.23	$ 0.26	$ 0.55	$ 0.51
DIVIDENDS PER SHARE (in Dollars per share)	$ 0.1200	$ 0.1000	$ 0.2200	$ 0.1950
WEIGHTED AVERAGE SHARES OUTSTANDING (in Shares)	5,171,597	5,153,373	5,166,532	5,147,711
Service [Member]
OPERATING REVENUES:
Operating Revenues	$ 1,333,578	$ 1,467,360	$ 2,697,230	$ 2,958,746
Network Access [Member]
OPERATING REVENUES:
Operating Revenues	1,630,637	1,725,545	3,295,652	3,388,189
Video [Member]
OPERATING REVENUES:
Operating Revenues	2,554,549	2,419,062	5,013,505	4,789,637
OPERATING EXPENSES:
Cost	2,277,022	2,044,417	4,428,703	4,101,089
Data [Member]
OPERATING REVENUES:
Operating Revenues	3,195,527	3,057,994	6,311,762	6,091,295
OPERATING EXPENSES:
Cost	588,205	549,764	1,136,508	1,098,176
A-CAM/FUSF [Member]
OPERATING REVENUES:
Operating Revenues	1,958,979	2,018,129	3,907,430	4,050,322
Other Non Regulated [Member]
OPERATING REVENUES:
Operating Revenues	1,035,171	1,027,902	2,096,048	2,066,932
Plant Operations [Member]
OPERATING EXPENSES:
Cost	$ 2,084,011	$ 1,987,691	$ 4,100,915	$ 4,037,161

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CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Net Income	$ 1,179,957	$ 1,326,205	$ 2,830,030	$ 2,627,328
Other Comprehensive Income (Loss):
Unrealized Gains (Losses) on Interest Rate Swaps	(22,579)	15,759	(28,178)	42,928
Income Tax (Expense) Benefit Related to Unrealized Gains/(Losses) on Interest Rate Swaps	6,444	(6,378)	8,043	(17,373)
Other Comprehensive Income (Loss):	(16,135)	9,381	(20,135)	25,555
Comprehensive Income	$ 1,163,822	$ 1,335,586	$ 2,809,895	$ 2,652,883

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References + Details

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CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($)	Jun. 30, 2018	Dec. 31, 2017
CURRENT ASSETS:
Cash	$ 2,477,678	$ 1,842,092
Receivables, Net of Allowance for Doubtful Accounts of $77,500 and $83,000	1,715,704	1,944,501
Income Taxes Receivable	213,985
Materials, Supplies, and Inventories	1,703,259	2,075,199
Financial Derivative Instruments		28,178
Prepaid Expenses	1,151,560	823,310
Total Current Assets	7,262,186	6,713,280
INVESTMENTS & OTHER ASSETS:
Goodwill	39,805,349	39,805,349
Intangibles	15,079,615	16,257,156
Other Investments	7,562,699	7,521,389
Deferred Charges and Other Assets	77,579	52,596
Total Investments and Other Assets	62,525,242	63,636,490
PROPERTY, PLANT & EQUIPMENT:
Telecommunications Plant	128,731,681	127,634,435
Other Property & Equipment	19,292,523	17,750,364
Video Plant	10,489,634	10,440,379
Total Property, Plant and Equipment	158,513,838	155,825,178
Less Accumulated Depreciation	116,955,100	113,875,345
Net Property, Plant & Equipment	41,558,738	41,949,833
TOTAL ASSETS	111,346,166	112,299,603
CURRENT LIABILITIES:
Current Portion of Long-Term Debt, Net of Unamortized Loan Fees	3,315,822	3,315,822
Accounts Payable	1,331,737	2,079,470
Accrued Income Taxes		676,508
Other Accrued Taxes	168,641	166,249
Deferred Compensation	56,208	57,216
Accrued Compensation	1,789,644	1,825,761
Other Accrued Liabilities	321,768	403,964
Total Current Liabilities	6,983,820	8,524,990
LONG-TERM DEBT, Net of Unamortized Loan Fees	22,702,054	24,022,465
NONCURRENT LIABILITIES:
Loan Guarantees	141,496	158,043
Deferred Income Taxes	10,310,648	10,318,689
Other Accrued Liabilities	176,779	194,458
Deferred Compensation	607,679	632,225
Total Noncurrent Liabilities	11,236,602	11,303,415
COMMITMENTS AND CONTINGENCIES:
STOCKHOLDERS' EQUITY:
Preferred Stock - $1.66 Par Value, 10,000,000 Shares Authorized, None Issued
Common Stock - $1.66 Par Value, 90,000,000 Shares Authorized, 5,175,258 and 5,160,065 Shares Issued and Outstanding	8,625,430	8,600,108
Accumulated Other Comprehensive Income		20,135
Unearned Compensation	45,099	13,620
Retained Earnings	61,753,161	59,814,870
Total Stockholders' Equity	70,423,690	68,448,733
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$ 111,346,166	$ 112,299,603

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CONSOLIDATED BALANCE SHEETS (Unaudited) (Parentheticals) - USD ($)	Jun. 30, 2018	Dec. 31, 2017
Allowance for Doubtful Accounts (in Dollars)	$ 77,500	$ 83,000
Preferred stock par value (in Dollars per share)	$ 1.66	$ 1.66
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock, shares issued	0	0
Common stock par value (in Dollars per share)	$ 1.66	$ 1.66
Common stock, shares authorized	90,000,000	90,000,000
Common stock, shares issued	5,175,258	5,160,065
Common stock, shares outstanding	5,175,258	5,160,065

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CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income	$ 2,830,030	$ 2,627,328
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities:
Depreciation and Amortization	4,565,791	4,896,891
Undistributed Earnings of Other Equity Investments	(128,372)	(75,232)
Noncash Patronage Refund	(76,485)	(105,145)
Distributions from Equity Investments	200,000	400,000
Stock Issued in Lieu of Cash Payment	146,251	109,593
Stock-based Compensation	31,479
Changes in Assets and Liabilities:
Receivables	237,184	315,456
Income Taxes Receivable	(213,985)	(418,944)
Inventories	371,940	(39,850)
Prepaid Expenses	(203,881)	236,957
Deferred Charges	(33,370)	10,753
Accounts Payable	(1,035,071)	(1,350,938)
Accrued Income Taxes	(676,508)
Other Accrued Taxes	2,392	6,223
Other Accrued Liabilities	(135,992)	(349,012)
Deferred Compensation	(25,554)	(35,834)
Net Cash Provided by Operating Activities	5,855,849	6,228,246
CASH FLOWS FROM INVESTING ACTIVITIES:
Additions to Property, Plant, and Equipment, Net	(3,003,545)	(1,673,908)
Grants Received for Construction of Plant	323,319	108,624
Other, Net	(53,000)	(103,000)
Net Cash Used in Investing Activities	(2,733,226)	(1,668,284)
CASH FLOWS FROM FINANCING ACTIVITIES:
Principal Payments of Long-Term Debt	(1,350,000)	(2,025,000)
Changes in Revolving Credit Facility		(1,634,778)
Dividends Paid	(1,137,037)	(1,003,878)
Net Cash Used in Financing Activities	(2,487,037)	(4,663,656)
NET INCREASE (DECREASE) IN CASH	635,586	(103,694)
CASH at Beginning of Period	1,842,092	616,114
CASH at End of Period	2,477,678	512,420
Supplemental cash flow information:
Cash paid for interest	543,491	612,803
Net cash paid for income taxes	$ 1,991,000	$ 2,321,500

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CONSOLIDATED STATEMENTS OF STOCKHOLDERS` EQUITY (Unaudited) - USD ($)	Common Stock [Member]	AOCI Attributable to Parent [Member]	Unearned Compensation [Member]	Retained Earnings [Member]	Total
BALANCE at Dec. 31, 2016	$ 8,565,625	$ (13,580)		$ 51,706,451	$ 60,258,496
BALANCE (in Shares) at Dec. 31, 2016	5,139,375
Director's Stock Plan	$ 21,113			128,840	149,953
Director's Stock Plan (in Shares)	12,668
Employee Stock Plan	$ 13,370			61,235	74,605
Employee Stock Plan (in Shares)	8,022
Restricted Stock Grants			$ 13,620		13,620
Net Income				9,954,236	9,954,236
Dividends				(2,035,892)	(2,035,892)
Unrealized Gain on Interest Rate Swap		33,715			33,715
BALANCE at Dec. 31, 2017	$ 8,600,108	20,135	13,620	59,814,870	68,448,733
BALANCE (in Shares) at Dec. 31, 2017	5,160,065
Director's Stock Plan	$ 18,307			181,602	199,909
Director's Stock Plan (in Shares)	10,984
Employee Stock Plan	$ 7,015			63,696	70,711
Employee Stock Plan (in Shares)	4,209
Restricted Stock Grants			31,479		31,479
Net Income				2,830,030	2,830,030
Dividends				(1,137,037)	(1,137,037)
Unrealized Gain on Interest Rate Swap		$ (20,135)			(20,135)
BALANCE at Jun. 30, 2018	$ 8,625,430		$ 45,099	$ 61,753,161	$ 70,423,690
BALANCE (in Shares) at Jun. 30, 2018	5,175,258

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Basis of Presentation and Consolidation	6 Months Ended
Basis of Presentation and Consolidation	Jun. 30, 2018
Accounting Policies [Abstract]
Organization, Consolidation, Basis of Presentation, Business Description and Accounting Policies [Text Block]	Note 1 – Basis of Presentation and Consolidation The accompanying unaudited condensed consolidated financial statements of Nuvera Communications, Inc. and its subsidiaries (Nuvera) have been prepared in accordance with accounting principles generally accepted in the United States of America (GAAP) for interim financial information, rules and regulations of the Securities and Exchange Commission (SEC) and, where applicable, conform to the accounting principles as prescribed by federal and state telephone utility regulatory authorities. Certain information and disclosures normally included in annual financial statements prepared in accordance with GAAP have been omitted or condensed pursuant to such rules and regulations. In the opinion of management, the unaudited condensed consolidated financial statements reflect all adjustments (consisting only of normal and recurring accruals) considered necessary for the fair presentation of the financial statements and present fairly the results of operations, financial position and cash flows for the interim periods presented as required by Regulation S-X, Rule 10-01. These unaudited interim condensed consolidated financial statements should be read in conjunction with our audited consolidated financial statements and notes thereto contained in our Annual Report on Form 10-K for the year ended December 31, 2017. The preparation of our financial statements requires our management to make estimates and judgements that affect the reported amounts of assets, liabilities, revenue and expenses, and the related disclosure of contingent assets and liabilities at the date of the financial statements and during the reporting period. Actual results may differ from these estimates. The results of operations for the interim periods presented are not necessarily indicative of the results that may be expected for the fiscal year as a whole or any other interim period. Our consolidated financial statements report the financial condition and results of operations for Nuvera and its subsidiaries in one business segment: the Telecom Segment. Inter-company transactions have been eliminated from the consolidated financial statements. Revenue Recognition See Note 2 – “Revenue Recognition” for a discussion of our revenue recognition policies. Cost of Services (excluding depreciation and amortization) Cost of services includes all costs related to delivery of communication services and products. These operating costs include all costs of performing services and providing related products including engineering, network monitoring and transport cost. Selling, General and Administrative Expenses Selling, general and administrative expenses include direct and indirect selling expenses, customer service, billing and collections, advertising and all other general and administrative costs associated with the operations of the business. Depreciation and Amortization Expense We use the group life method (mass asset accounting) to depreciate the assets of our telephone companies. Telephone plant acquired in a given year is grouped into similar categories and depreciated over the remaining estimated useful life of the group. When an asset is retired, both the asset and the accumulated depreciation associated with that asset are removed from the books. Due to rapid changes in technology, selecting the estimated economic life of telecommunications plant and equipment requires a significant amount of judgment. We periodically review data on expected utilization of new equipment, asset retirement activity and net salvage values to determine adjustments to our depreciation rates. Depreciation expense was $3,358,661 and $3,632,761 for the six months ended June 30, 2018 and 2017. We amortize our definite-lived intangible assets over their estimated useful lives. Identifiable intangible assets that are subject to amortization are evaluated for impairment. Income Taxes The provision for income taxes consists of an amount for taxes currently payable and a provision for tax consequences deferred to future periods. Deferred income taxes are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities, and their respective tax bases. Significant components of our deferred taxes arise from differences (i) in the basis of property, plant and equipment due to the use of accelerated depreciation methods for tax purposes, as well as (ii) in partnership investments and intangible assets due to the difference between book and tax basis. Our effective income tax rate is normally higher than the United States tax rate due to state income taxes and permanent differences. We account for income taxes in accordance with GAAP, which requires an asset and liability approach to financial accounting and reporting for income taxes. As required by GAAP, we recognize the financial statement benefit of tax positions only after determining that the relevant tax authority would more-likely-than-not sustain the position following an audit. For tax positions meeting the more-likely-than-not threshold, the amount recognized in the financial statements is the largest benefit that has a greater than 50 percent likelihood of being realized upon ultimate settlement with the relevant tax authority. As of June 30, 2018 and December 31, 2017 we had no unrecognized tax benefits. We are primarily subject to United States, Minnesota, Iowa, Nebraska and Wisconsin income taxes. Tax years subsequent to 2013 remain open to examination by federal and state tax authorities. Our policy is to recognize interest and penalties related to income tax matters as income tax expense. As of June 30, 2018 and December 31, 2017 we had no interest or penalties accrued that related to income tax matters. On December 22, 2017, the President of the United States signed into law, the Tax Cuts and Jobs Act tax reform legislation. This legislation makes significant changes in United States tax law including a reduction in the corporate tax rates, changes to net operating loss carryforwards and carrybacks and a repeal of the corporate alternative minimum tax. The legislation reduced the United States corporate tax rate from the current rate of 35% to 21%. As a result of the enacted law, the Company was required to revalue deferred tax assets and liabilities at the 21% rate in the 4^th quarter of 2017. Recent Accounting Developments In May 2017, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update No. 2017-09 (ASU 2017-09), “Scope of Modification Accounting.” ASU 2017-09 clarifies the modification accounting guidance for stock compensation included in Topic 718, “Compensation – Stock Compensation.” ASU 2017-09 provides guidance about which changes to the terms or conditions of a share-based payment award must be accounted for as a modification under Topic 718. The new guidance is effective prospectively for annual and interim periods beginning after December 15, 2017, with early adoption permitted. We adopted this update effective January 1, 2018 and are applying this guidance to applicable transactions. In January 2017, the FASB issued ASU 2017-04, “Intangibles – Goodwill and other (Topic 350).” ASU 2017-04 simplifies the accounting for goodwill impairment and removes Step 2 of the goodwill impairment test. Goodwill impairment will now be the amount by which a reporting unit’s carrying value exceeds its fair value limited to the total amount of goodwill allocated to that reporting unit. Entities will continue to have the option to perform a qualitative assessment to determine if a quantitative impairment test is necessary. The same one-step impairment test will be applied to goodwill at all reporting units, even those with zero or negative carrying amounts. The amendments in this update should be applied on a prospective basis. ASU 2017-04 is effective for the Company beginning January 1, 2021. Early adoption is permitted. Management is evaluating the impact the adoption of ASU 2017-04 will have on the Company’s financial statements (if any). In June 2016, the FASB issued ASU 2016-13, “Financial Instruments – Credit Losses: Measurement of Credit Losses on Financial Instruments.” ASU 2016-13 requires entities to use a new forward-looking, expected loss model to estimate credit losses. It also requires additional disclosures relating to the credit quality of trade and other receivables, including information relating to management’s estimate of credit allowances. Nuvera is required to adopt ASU 2016-13 on January 1, 2020. Early adoption as of January 1, 2019 is permitted. We are evaluating the effects that adoption of ASU 2016-13 will have on our financial position, results of operations and disclosures. In February 2016, the FASB issued ASU 2016-02, “Leases,” which requires the recognition of lease assets and lease liabilities by lessees for those leases classified as operating leases under previous GAAP. This change will result in an increase to recorded assets and liabilities on lessees’ financial statements, as well as changes in the categorization of rental costs, from rent expense to interest and depreciation expense. Other effects may occur depending on the types of leases and the specific terms of them utilized by particular lessees. The ASU is effective for the Company on January 1, 2019, and early application is permitted. Modified retrospective application is required. The Company is evaluating the effect that ASU 2016-02 will have on its consolidated financial statements and related disclosures. We have reviewed all other significant newly issued accounting pronouncements and determined that they are either not applicable to our business or that no material effect is expected on our financial position and results of operations.

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Revenue Recognition

6 Months Ended

Jun. 30, 2018

Revenue from Contract with Customer [Abstract]

Revenue from Contract with Customer [Text Block]

Note 2 – Revenue Recognition

Change in Accounting Policy

The transaction price is allocated to each performance obligation based on the standalone selling price of the service, net of the related discount, as applicable.

Revenue is recognized when performance obligations are satisfied by transferring service to the customer as described below.

Significant Judgements

Disaggregation of Revenue

The following table summarizes revenue from contracts with customers for the quarters ended June 30, 2018 and 2017:

	Three Months Ended June 30,
	2018		2017
Voice services¹	$	1,523,995	$	1,642,930
Network access¹		1,789,625		1,809,266
Video ¹		2,550,179		2,416,000
Data ¹		2,798,809		2,573,196
Directory²		178,773		178,949
Cellular³		131,731		106,640
Other contracted revenue⁴		461,691		546,211
Other⁵		206,325		188,375

Revenue from customers		9,641,128		9,461,567

Subsidy and other revenue
outside scope of ASC 606⁶		2,067,313		2,254,425

Total revenue	$	11,708,441	$	11,715,992



¹ Month-to-Month contracts billed and consumed in the same month.

² Directory revenue is contracted annually, however, this revenue is recognized monthly over the contract period as the advertising is used.

³ Approximately 88.89% of the revenue in this category is earned through a monthly commission from the network provider for a billing and collecting arrangement with the network provider. We do not receive revenue from the end-user customer, but instead receive a monthly commission from the provider. Other revenue in this category includes phone and equipment sales and represents approximately 1.13% of our total revenue.

⁴ This includes long-term contracts where the revenue is recognized monthly over the term of the contract.

⁵This includes CPE and other equipment sales.

⁶This includes governmental subsidies and lease revenue outside the scope of ASC 606.

The following table summarizes revenue from contracts with customers for the six months ended June 30, 2018 and 2017:

	Six Months Ended June 30,
	2018		2017
Voice services¹	$	3,082,388	$	3,276,110
Network access¹		3,512,840		3,601,108
Video ¹		5,005,346		4,783,124
Data ¹		5,543,940		5,128,390
Directory²		350,825		357,016
Cellular³		251,679		214,042
Other contracted revenue⁴		898,328		1,086,309
Other⁵		423,344		371,721

Revenue from customers		19,068,690		18,817,820

Subsidy and other revenue
outside scope of ASC 606⁶		4,252,937		4,527,301

Total revenue	$	23,321,627	$	23,345,121



¹ Month-to-Month contracts billed and consumed in the same month.

² Directory revenue is contracted annually, however, this revenue is recognized monthly over the contract period as the advertising is used.

³ Approximately 88.29% of the revenue in this category is earned through a monthly commission from the network provider for a billing and collecting arrangement with the network provider. We do not receive revenue from the end-user customer, but instead receive a monthly commission from the provider. Other revenue in this category include phone and equipment sales and represents approximately 1.08% of our total revenue.

⁴This includes long-term contracts where the revenue is recognized monthly over the term of the contract.

⁵This includes CPE and other equipment sales.

⁶This includes governmental subsidies and lease revenue outside the scope of ASC 606.

Nature of Services

Directory – Our directory publishing revenue in our telephone directories recurs monthly and is recognized into revenue on a monthly basis.

Intrastate access rates are filed with state regulatory commissions in Minnesota and Iowa.

A-CAM

· Establishes a voluntary cost model;

· Creates specific broadband deployment obligations;

· Provides a mechanism for support of broadband-only deployment;

· Gradually reduces the authorized rate-of-return from 11.25 percent to 9.75 percent;

· Eliminates support in those local areas served by unsubsidized competitors;

· Establishes “glide-path” transition periods for all the new changes; and

· Maintains the $2 billion budget established by the 2011 Transformation Order.

On May 7, 2018, the FCC issued Public Notice DA 18-465, which contained revised offers of A-CAM support and associated revised service deployment obligations.

The following table provides information about our receivables, contracts assets and contract liabilities from revenue contracts with our customers:

	January 1, 2018	June 30, 2018	Increase/(Decrease)

Contract Assets:

Short-term contract assets	$ -	$ -	$ -

Lont-term contract assets	$ -	$ -	$ -

Contract Liabilities:

Short-term contract liabilities	$ 93,656	$ 116,107	$ 22,451

Long-term contract liabilities	$ 194,458	$ 176,780	$ (17,678)

Receivables:

Receivables accounted for under ASC 606	$ 1,431,558	$ 1,194,374	$ (237,184)

Subsidy Receivables not accounted for under ASC 606	$ 542,539	$ 542,539	$ -

¹ The difference is due to the timing of the contract billings.

² The reduction in accounts receivable is due to the timing of receipts.

Contract Assets

Contract Liabilities

Receivables

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Fair Value Measurements	6 Months Ended
Fair Value Measurements	Jun. 30, 2018
Fair Value Disclosures [Abstract]
Fair Value Disclosures [Text Block]	Note 3 – Fair Value Measurements We have adopted the rules prescribed under GAAP for our financial assets and liabilities. GAAP includes a fair value hierarchy that is intended to increase consistency and comparability in fair value measurements and related disclosures. The fair value hierarchy is based on inputs to valuation techniques used to measure fair value that are either observable or unobservable. Observable inputs reflect assumptions market participants would use in pricing an asset or liability based on market data obtained from independent sources, while unobservable inputs reflect a reporting entity’s pricing based upon its own market assumptions. The fair value hierarchy consists of the following three levels: Level 1: Inputs are quoted prices in active markets for identical assets or liabilities. Level 2: Inputs are quoted prices for similar assets or liabilities in an active market, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable and market-corroborated inputs that are derived principally from or corroborated by observable market data. Level 3: Inputs are derived from valuation techniques where one or more significant inputs or value drivers are unobservable. We have used financial derivative instruments to manage our overall cash flow exposure to fluctuations in interest rates. We accounted for derivative instruments in accordance with GAAP that requires derivative instruments to be recorded on the balance sheet at fair value. Changes in fair value of derivative instruments must be recognized in earnings unless specific hedge accounting criteria are met, in which case, the gains and losses are included in other comprehensive income rather than in earnings. We had entered into an interest rate swap agreement (IRSA) with our lender, CoBank, ACB (CoBank), to manage our cash flow exposure to fluctuations in interest rates. This instrument was designated as a cash flow hedge and is effective at mitigating the risk of fluctuations on interest rates in the market place. Any gains or losses related to changes in the fair value of this derivative were accounted for as a component of accumulated other comprehensive income (loss) for as long as the hedge remained effective. The fair value of our IRSA is discussed in Note 6 – “Interest Rate Swaps”. The fair value of our swap agreement was determined based on Level 2 inputs. Other Financial Instruments Other Investments - It is difficult to estimate a fair value for equity investments in companies carried on the equity or cost basis due to a lack of quoted market prices. We conducted an evaluation of our investments in all of our companies in connection with the preparation of our audited financial statements at December 31, 2017. We believe the carrying value of our investments is not impaired. Debt – We estimate the fair value of our long-term debt based on the discounted future cash flows we expect to pay using current rates of borrowing for similar types of debt. Fair value of the debt approximates carrying value. Other Financial Instruments - Our financial instruments also include cash equivalents, trade accounts receivable and accounts payable where the current carrying amounts approximate fair market value.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

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Goodwill and Intangibles

6 Months Ended

Jun. 30, 2018

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets Disclosure [Text Block]

Note 4 – Goodwill and Intangibles

The components of our identified intangible assets are as follows:

			June 30, 2018				December 31, 2017
			Gross				Gross
	Useful		Carrying		Accumulated		Carrying		Accumulated
	Lives		Amount		Amortization		Amount		Amortization
Definite-Lived Intangible Assets
Customers Relationships	14-15 yrs	$	29,278,445	$	18,398,855	$	29,278,445	$	17,354,646
Regulatory Rights	15 yrs		4,000,000		2,799,975		4,000,000		2,666,643
Trade Name	3-5 yrs		570,000		570,000		570,000		570,000
Indefinitely-Lived Intangible Assets
Video Franchise			3,000,000		-		3,000,000		-
Total		$	36,848,445	$	21,768,830	$	36,848,445	$	20,591,289

Net Identified Intangible Assets				$	15,079,615			$	16,257,156

●	(July 1 – December 31)	$	1,177,542
●	2019	$	2,355,083
●	2020	$	2,355,083
●	2021	$	2,355,038
●	2022	$	983,688
●	2023	$	983,688

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Secured Credit Facility	6 Months Ended
Secured Credit Facility	Jun. 30, 2018
Secured Credit Facility [Abstract]
Secured Credit Facility [Text Block]	Note 5 – Secured Credit Facility We have a credit facility with CoBank. Under the credit facility, we entered into a master loan agreement (MLA) and a series of supplements to the respective MLA. Nuvera and its respective subsidiaries also have entered into security agreements under which substantially all the assets of Nuvera and its respective subsidiaries have been pledged to CoBank as collateral. In addition, Nuvera and its respective subsidiaries have guaranteed all the obligations under the credit facility. These mortgage notes are required to be paid in quarterly installments covering principal and interest, beginning in the year of issue and maturing on December 31, 2021. Our loan agreements include restrictions on our ability to pay cash dividends to our stockholders. However, we are allowed to pay dividends (a) (i) in an amount up to $2,100,000 in any year if our “Total Leverage Ratio,” that is, the ratio of our “Indebtedness” to “EBITDA” (earnings before interest, taxes, depreciation and amortization – as defined in the loan documents) is greater than 2.50 to 1.00, and (ii) in any amount if our Total Leverage Ratio is less than 2.50 to 1.00, and (b) in either case, if we are not in default or potential default under the loan agreements. On March 31, 2016 our Total Leverage Ratio fell below 2.50, thus eliminating any restrictions on our ability to pay cash dividends to our stockholders. Our current Total Leverage Ratio at June 30, 2018 is 1.48. Our credit facility requires us to comply with specified financial ratios and tests. These financial ratios include total leverage ratio, debt service coverage ratio, equity to total assets ratio and fixed coverage ratio. At June 30, 2018 we were in compliance with all the stipulated financial ratios in our loan agreements. There are security and loan agreements underlying our current CoBank credit facility that contain restrictions on our distributions to stockholders and investment in, or loans, to others. Also, our credit facility contains restrictions that, among other things, limits or restricts our ability to enter into guarantees and contingent liabilities, incur additional debt, issue stock, transact asset sales, transfers or dispositions, and engage in mergers and acquisitions, without CoBank approval. As described in Note 6 – “Interest Rate Swaps,” we had previously entered into an IRSA that effectively fixed our interest rates and covered $14.0 million that matured on June 18, 2018. Our debt of $35.2 million ($9.0 million available under the revolving credit facilities and $26.2 million currently outstanding) remains subject to variable interest rates at an effective weighted average interest rate of 4.61%, as of June 30, 2018.

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Interest Rate Swaps	6 Months Ended
Interest Rate Swaps	Jun. 30, 2018
Disclosure Text Block Supplement [Abstract]
Financial Instruments Disclosure [Text Block]	Note 6 – Interest Rate Swaps We assess interest rate cash flow risk by continually identifying and monitoring changes in interest rate exposures that may adversely affect expected future cash flows and by evaluating hedging opportunities. We generally use variable-rate debt to finance our operations, capital expenditures and acquisitions. These variable-rate debt obligations expose us to variability in interest payments due to changes in interest rates. The terms of our credit facility with CoBank required that we enter into interest rate agreements designed to protect us against fluctuations in interest rates, in an aggregate principal amount and for a duration determined under the credit facility. To meet this objective, on June 18, 2015 we entered into an IRSA with CoBank covering $14.0 million of our aggregate indebtedness to CoBank. This swap effectively locked in the interest rate on $14.0 million of variable-rate debt through June 2018. Under this IRSA, we had changed the variable-rate cash flow exposure on the debt obligations to fixed cash flows. Under the terms of the IRSA, we paid a fixed contractual interest rate and (i) made an additional payment if the LIBOR variable rate payment was below a contractual rate or (ii) received a payment if the LIBOR variable rate payment was above the contractual rate. Each month, we made interest payments to CoBank under its loan agreements based on the current applicable LIBOR Rate plus the contractual LIBOR margin then in effect with respect to the loan, without reflecting our IRSA. At the end of each calendar month, CoBank adjusted our aggregate interest payments based on the difference, if any, between the amounts paid by us during the month and the current effective interest rate. Net interest payments were reported in our consolidated income statement as interest expense. Our IRSA under our credit facilities qualified as a cash flow hedge for accounting purposes under GAAP. We reflected the effect of this hedging transaction in the financial statements. The unrealized gain/loss was reported in other comprehensive income. If we would have terminated our IRSA, the cumulative change in fair value at the date of termination would have been reclassified from accumulated other comprehensive income, which was classified in stockholders’ equity, into earnings on the consolidated statements of income. The fair value of the Company’s IRSA was determined based on valuations received from CoBank and was based on the present value of expected future cash flows using discount rates appropriate with the terms of the IRSA. The fair value indicated an estimated amount we would have been required to pay if the contracts were canceled or transferred to other parties. Our interest rate swap matured on June 18, 2018, at which point the Company no longer had any IRSAs in effect.

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Other Investments	6 Months Ended
Other Investments	Jun. 30, 2018
Other Investments [Abstract]
Other Investments [Text Block]	Note 7 – Other Investments We are a co-investor with other rural telephone companies in several partnerships and limited liability companies. These joint ventures make it possible to offer services to customers, including digital video services and fiber-optic transport services that we would have difficulty offering on our own. These joint ventures also make it possible to invest in new technologies with a lower level of financial risk. We recognize income and losses from these investments on the equity method of accounting. For a listing of our investments, see Note 11 – “Segment Information”.

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Guarantees	6 Months Ended
Guarantees	Jun. 30, 2018
Guarantees [Abstract]
Guarantees [Text Block]	Note 8 – Guarantees Nuvera has guaranteed a ten-year loan owed by FiberComm, LC, maturing on September 30, 2021. As of June 30, 2018, we have recorded a liability of $141,496 in connection with the guarantee on this loan. This guarantee may be exercised if FiberComm, LC does not make its required payments on this note.

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Deferred Compensation	6 Months Ended
Deferred Compensation	Jun. 30, 2018
Disclosure Text Block Supplement [Abstract]
Compensation and Employee Benefit Plans [Text Block]	Note 9 – Deferred Compensation As of June 30, 2018 and December 31, 2017, we have recorded other deferred compensation relating to executive compensation payable to certain former executives of past acquisitions.

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Restricted Stock Units (RSU)	6 Months Ended
Restricted Stock Units (RSU)	Jun. 30, 2018
Restricted Stock Unit [Abstract]
Restricted Stock Unit [Text Block]	Note 10 – Restricted Stock Units (RSU) On February 24, 2017, our BOD adopted the 2017 Omnibus Stock Plan (2017 Plan) effective May 25, 2017. The shareholders of the Company approved the 2017 Plan at the May 25, 2017 Annual Meeting of Shareholders. The purpose of the 2017 Plan was to enable Nuvera and its subsidiaries to attract and retain talented and experienced people, closely link employee compensation with performance realized by shareholders, and reward long-term results with long-term compensation. The 2017 Plan enables us to grant stock incentive awards to current and new employees, including officers, and to Board members and service providers. The 2017 Plan permits stock incentive awards in the form of options (incentive and non-qualified), stock appreciation rights, restricted stock, RSUs, performance stock, performance units, and other awards in stock or cash. The 2017 Plan permits the issuance of up to 625,000 shares of our Common Stock in any of the above stock awards. On July 25, 2017, our BOD granted 6,077 shares of RSUs in the Common Stock of the Company to its executive officers under the 2017 Plan. We recognize share-based compensation expense for these RSUs over the vesting period of the RSUs, which was determined by our BOD. The 2017 RSUs will vest on December 31, 2019, at which point, the executives will be able to receive Common Stock in the Company in exchange for the RSUs. On March 23, 2018, our BOD and Compensation Committee granted awards to the Company’s executive officers under the 2017 Plan. We recognize share-based compensation expense for these RSU’s over the vesting period of the RSUs’ which was determined by our BOD. Each executive officer received a time-based RSU and a performance-based RSU. The time-based RSUs were computed as a percentage of the executive officer’s base salary based on the closing price of Company common stock of $17.00 on March 26, 2018. 4,044 RSU’s were granted and the RSU’s will vest 100% on December 31, 2020, at which point, the executive officers will be able to receive Common Stock in the Company in exchange for the RSUs. The performance-based RSUs were computed as a percentage of the executive officer’s base salary based on the closing price of Company common stock of $17.00 on March 26, 2018. The RSU’s will vest based on the Company’s average Return on Invested Capital (ROIC) for the three years ended December 31, 2020. 5,750 RSU’s were granted as a target and the RSU’s will vest 100% on December 31, 2020 if ROIC levels are attained, at which point, the executive officers will be able to receive Common Stock in the Company in exchange for the RSUs. The executive officers may earn more or less RSU’s based on if the actual ROIC over the time period is more or less than target.

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Segment Information	6 Months Ended
Segment Information	Jun. 30, 2018
Segment Reporting [Abstract]
Segment Reporting Disclosure [Text Block]	Note 11 – Segment Information We operate in the Telecom Segment and have no other significant business segments. The Telecom Segment consists of voice, data and video communication services delivered to the customer over our local communications network. No single customer accounted for a material portion of our consolidated revenues. The Telecom Segment operates the following incumbent local exchange carriers (ILECs) and competitive local exchange carriers (CLECs) and has investment ownership interests as follows: Telecom Segment ● ILECs: ▪ Nuvera Communications, Inc., the parent company; ▪ Hutchinson Telephone Company, a wholly-owned subsidiary of Nuvera; ▪ Peoples Telephone Company, a wholly-owned subsidiary of Nuvera; ▪ Sleepy Eye Telephone Company, a wholly-owned subsidiary of Nuvera; ▪ Western Telephone Company, a wholly-owned subsidiary of Nuvera. ● CLECs: ▪ Nuvera, located in Redwood Falls, Minnesota; ▪ Hutchinson Telecommunications, Inc., a wholly-owned subsidiary of HTC, located in Litchfield and Glencoe, Minnesota; ● Our investments and interests in the following entities include some management responsibilities: ▪ FiberComm, LC – 20.00% subsidiary equity ownership interest. FiberComm, LC is located in Sioux City, Iowa; ▪ Broadband Visions, LLC (BBV) – 24.30% subsidiary equity ownership interest. BBV provides video headend and Internet services; ▪ Independent Emergency Services, LLC (IES) – 14.29% subsidiary equity ownership interest. IES is a provider of E-911 services to the State of Minnesota as well as a number of counties located in Minnesota; ▪ SM Broadband, LLC (SMB) – 12.50% subsidiary equity ownership interest. SMB provides network connectivity for regional businesses.

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Commitments and Contingencies	6 Months Ended
Commitments and Contingencies	Jun. 30, 2018
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies Disclosure [Text Block]	Note 12 – Commitments and Contingencies We are involved in certain contractual disputes in the ordinary course of business. We do not believe the ultimate resolution of any of these existing matters will have a material adverse effect on our financial position, results of operations or cash flows. We did not experience any changes to material contractual obligations in the first six months of 2018. Refer to the Company’s Annual Report on Form 10-K for the year ended December 31, 2017 for the discussion relating to commitments and contingencies.

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Broadband Grants	6 Months Ended
Broadband Grants	Jun. 30, 2018
Broadband Grants [Abstract]
Broadband Grants [Text Block]	Note 13 – Broadband Grants In January 2017, the Company was awarded a broadband grant from the Minnesota Department of Employment and Economic Development (DEED). The grant provided up to 45% of the total cost of building fiber connections to homes and businesses for improved high-speed internet in unserved or underserved communities and businesses in the Company’s service area. The Company will receive $850,486 of the $1,889,968 total project costs. The Company will provide the remaining 55% matching funds. At June 30, 2018, the Company has received $374,543. These projects will be completed in 2018. In November 2017, the Company was awarded a broadband grant from the DEED. The grant provided up to 42.6% of the total cost of building fiber connections to homes and businesses for improved high-speed internet in unserved or underserved communities and businesses in the Company’s service area. The Company will receive $736,598 of the $1,727,998 total project costs. The Company will provide the remaining 57.4% matching funds. Construction and expenditures for these projects will begin in 2018.

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Subsequent Events	6 Months Ended
Subsequent Events	Jun. 30, 2018
Subsequent Events [Abstract]
Subsequent Events [Text Block]	Note 14 – Subsequent Events On July 31, 2018, the Company announced that it had completed its acquisition of Scott-Rice Telephone Company (Scott-Rice) from Allstream Business U.S., LLC, an affiliate of Zayo Group Holdings, Inc. (Zayo) for $42 million in cash. Scott-Rice provides phone, video and internet services with over 18,000 connections, serving the communities of Prior Lake, Savage, Elko and New Market, Minnesota. The combined Nuvera-Scott-Rice company will have approximately 66,000 connections. Nuvera financed the acquisition with its principal lender, CoBank. Further information regarding the CoBank loan terms and amounts can be found on the Company’s 8-K filed with the SEC on August 3, 2018. We have evaluated and disclosed subsequent events through the filing date of this Quarterly Report on Form 10-Q.

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Accounting Policies, by Policy (Policies)	6 Months Ended
Accounting Policies, by Policy (Policies)	Jun. 30, 2018
Accounting Policies [Abstract]
Revenue Recognition, Policy [Policy Text Block]	Revenue Recognition See Note 2 – “Revenue Recognition” for a discussion of our revenue recognition policies.
Cost of Sales, Policy [Policy Text Block]	Cost of Services (excluding depreciation and amortization) Cost of services includes all costs related to delivery of communication services and products. These operating costs include all costs of performing services and providing related products including engineering, network monitoring and transport cost.
Selling, General and Administrative Expenses, Policy [Policy Text Block]	Selling, General and Administrative Expenses Selling, general and administrative expenses include direct and indirect selling expenses, customer service, billing and collections, advertising and all other general and administrative costs associated with the operations of the business.
Depreciation, Depletion, and Amortization [Policy Text Block]	Depreciation and Amortization Expense We use the group life method (mass asset accounting) to depreciate the assets of our telephone companies. Telephone plant acquired in a given year is grouped into similar categories and depreciated over the remaining estimated useful life of the group. When an asset is retired, both the asset and the accumulated depreciation associated with that asset are removed from the books. Due to rapid changes in technology, selecting the estimated economic life of telecommunications plant and equipment requires a significant amount of judgment. We periodically review data on expected utilization of new equipment, asset retirement activity and net salvage values to determine adjustments to our depreciation rates. Depreciation expense was $3,358,661 and $3,632,761 for the six months ended June 30, 2018 and 2017. We amortize our definite-lived intangible assets over their estimated useful lives. Identifiable intangible assets that are subject to amortization are evaluated for impairment.
Income Tax, Policy [Policy Text Block]	Income Taxes The provision for income taxes consists of an amount for taxes currently payable and a provision for tax consequences deferred to future periods. Deferred income taxes are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities, and their respective tax bases. Significant components of our deferred taxes arise from differences (i) in the basis of property, plant and equipment due to the use of accelerated depreciation methods for tax purposes, as well as (ii) in partnership investments and intangible assets due to the difference between book and tax basis. Our effective income tax rate is normally higher than the United States tax rate due to state income taxes and permanent differences. We account for income taxes in accordance with GAAP, which requires an asset and liability approach to financial accounting and reporting for income taxes. As required by GAAP, we recognize the financial statement benefit of tax positions only after determining that the relevant tax authority would more-likely-than-not sustain the position following an audit. For tax positions meeting the more-likely-than-not threshold, the amount recognized in the financial statements is the largest benefit that has a greater than 50 percent likelihood of being realized upon ultimate settlement with the relevant tax authority. As of June 30, 2018 and December 31, 2017 we had no unrecognized tax benefits. We are primarily subject to United States, Minnesota, Iowa, Nebraska and Wisconsin income taxes. Tax years subsequent to 2013 remain open to examination by federal and state tax authorities. Our policy is to recognize interest and penalties related to income tax matters as income tax expense. As of June 30, 2018 and December 31, 2017 we had no interest or penalties accrued that related to income tax matters. On December 22, 2017, the President of the United States signed into law, the Tax Cuts and Jobs Act tax reform legislation. This legislation makes significant changes in United States tax law including a reduction in the corporate tax rates, changes to net operating loss carryforwards and carrybacks and a repeal of the corporate alternative minimum tax. The legislation reduced the United States corporate tax rate from the current rate of 35% to 21%. As a result of the enacted law, the Company was required to revalue deferred tax assets and liabilities at the 21% rate in the 4^th quarter of 2017.
New Accounting Pronouncements, Policy [Policy Text Block]	Recent Accounting Developments In May 2017, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update No. 2017-09 (ASU 2017-09), “Scope of Modification Accounting.” ASU 2017-09 clarifies the modification accounting guidance for stock compensation included in Topic 718, “Compensation – Stock Compensation.” ASU 2017-09 provides guidance about which changes to the terms or conditions of a share-based payment award must be accounted for as a modification under Topic 718. The new guidance is effective prospectively for annual and interim periods beginning after December 15, 2017, with early adoption permitted. We adopted this update effective January 1, 2018 and are applying this guidance to applicable transactions. In January 2017, the FASB issued ASU 2017-04, “Intangibles – Goodwill and other (Topic 350).” ASU 2017-04 simplifies the accounting for goodwill impairment and removes Step 2 of the goodwill impairment test. Goodwill impairment will now be the amount by which a reporting unit’s carrying value exceeds its fair value limited to the total amount of goodwill allocated to that reporting unit. Entities will continue to have the option to perform a qualitative assessment to determine if a quantitative impairment test is necessary. The same one-step impairment test will be applied to goodwill at all reporting units, even those with zero or negative carrying amounts. The amendments in this update should be applied on a prospective basis. ASU 2017-04 is effective for the Company beginning January 1, 2021. Early adoption is permitted. Management is evaluating the impact the adoption of ASU 2017-04 will have on the Company’s financial statements (if any). In June 2016, the FASB issued ASU 2016-13, “Financial Instruments – Credit Losses: Measurement of Credit Losses on Financial Instruments.” ASU 2016-13 requires entities to use a new forward-looking, expected loss model to estimate credit losses. It also requires additional disclosures relating to the credit quality of trade and other receivables, including information relating to management’s estimate of credit allowances. Nuvera is required to adopt ASU 2016-13 on January 1, 2020. Early adoption as of January 1, 2019 is permitted. We are evaluating the effects that adoption of ASU 2016-13 will have on our financial position, results of operations and disclosures. In February 2016, the FASB issued ASU 2016-02, “Leases,” which requires the recognition of lease assets and lease liabilities by lessees for those leases classified as operating leases under previous GAAP. This change will result in an increase to recorded assets and liabilities on lessees’ financial statements, as well as changes in the categorization of rental costs, from rent expense to interest and depreciation expense. Other effects may occur depending on the types of leases and the specific terms of them utilized by particular lessees. The ASU is effective for the Company on January 1, 2019, and early application is permitted. Modified retrospective application is required. The Company is evaluating the effect that ASU 2016-02 will have on its consolidated financial statements and related disclosures. We have reviewed all other significant newly issued accounting pronouncements and determined that they are either not applicable to our business or that no material effect is expected on our financial position and results of operations.

- Definition

Disclosure of accounting policy for income taxes, which may include its accounting policies for recognizing and measuring deferred tax assets and liabilities and related valuation allowances, recognizing investment tax credits, operating loss carryforwards, tax credit carryforwards, and other carryforwards, methodologies for determining its effective income tax rate and the characterization of interest and penalties in the financial statements.

+ References + Details

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Revenue Recognition (Tables)

6 Months Ended

Jun. 30, 2018

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenue [Table Text Block]

	Three Months Ended June 30,
	2018		2017
Voice services¹	$	1,523,995	$	1,642,930
Network access¹		1,789,625		1,809,266
Video ¹		2,550,179		2,416,000
Data ¹		2,798,809		2,573,196
Directory²		178,773		178,949
Cellular³		131,731		106,640
Other contracted revenue⁴		461,691		546,211
Other⁵		206,325		188,375

Revenue from customers		9,641,128		9,461,567

Subsidy and other revenue
outside scope of ASC 606⁶		2,067,313		2,254,425

Total revenue	$	11,708,441	$	11,715,992



¹ Month-to-Month contracts billed and consumed in the same month.

² Directory revenue is contracted annually, however, this revenue is recognized monthly over the contract period as the advertising is used.

³ Approximately 88.89% of the revenue in this category is earned through a monthly commission from the network provider for a billing and collecting arrangement with the network provider. We do not receive revenue from the end-user customer, but instead receive a monthly commission from the provider. Other revenue in this category includes phone and equipment sales and represents approximately 1.13% of our total revenue.

⁴ This includes long-term contracts where the revenue is recognized monthly over the term of the contract.

⁵This includes CPE and other equipment sales.

⁶This includes governmental subsidies and lease revenue outside the scope of ASC 606.

	Six Months Ended June 30,
	2018		2017
Voice services¹	$	3,082,388	$	3,276,110
Network access¹		3,512,840		3,601,108
Video ¹		5,005,346		4,783,124
Data ¹		5,543,940		5,128,390
Directory²		350,825		357,016
Cellular³		251,679		214,042
Other contracted revenue⁴		898,328		1,086,309
Other⁵		423,344		371,721

Revenue from customers		19,068,690		18,817,820

Subsidy and other revenue
outside scope of ASC 606⁶		4,252,937		4,527,301

Total revenue	$	23,321,627	$	23,345,121



¹ Month-to-Month contracts billed and consumed in the same month.

² Directory revenue is contracted annually, however, this revenue is recognized monthly over the contract period as the advertising is used.

³ Approximately 88.29% of the revenue in this category is earned through a monthly commission from the network provider for a billing and collecting arrangement with the network provider. We do not receive revenue from the end-user customer, but instead receive a monthly commission from the provider. Other revenue in this category include phone and equipment sales and represents approximately 1.08% of our total revenue.

⁴This includes long-term contracts where the revenue is recognized monthly over the term of the contract.

⁵This includes CPE and other equipment sales.

⁶This includes governmental subsidies and lease revenue outside the scope of ASC 606.

Contract with Customer, Asset and Liability [Table Text Block]

	January 1, 2018	June 30, 2018	Increase/(Decrease)

Contract Assets:

Short-term contract assets	$ -	$ -	$ -

Lont-term contract assets	$ -	$ -	$ -

Contract Liabilities:

Short-term contract liabilities	$ 93,656	$ 116,107	$ 22,451

Long-term contract liabilities	$ 194,458	$ 176,780	$ (17,678)

Receivables:

Receivables accounted for under ASC 606	$ 1,431,558	$ 1,194,374	$ (237,184)

Subsidy Receivables not accounted for under ASC 606	$ 542,539	$ 542,539	$ -

¹ The difference is due to the timing of the contract billings.

² The reduction in accounts receivable is due to the timing of receipts.

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Goodwill and Intangibles (Tables)

6 Months Ended

Jun. 30, 2018

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Finite-Lived Intangible Assets [Table Text Block]

			June 30, 2018				December 31, 2017
			Gross				Gross
	Useful		Carrying		Accumulated		Carrying		Accumulated
	Lives		Amount		Amortization		Amount		Amortization
Definite-Lived Intangible Assets
Customers Relationships	14-15 yrs	$	29,278,445	$	18,398,855	$	29,278,445	$	17,354,646
Regulatory Rights	15 yrs		4,000,000		2,799,975		4,000,000		2,666,643
Trade Name	3-5 yrs		570,000		570,000		570,000		570,000
Indefinitely-Lived Intangible Assets
Video Franchise			3,000,000		-		3,000,000		-
Total		$	36,848,445	$	21,768,830	$	36,848,445	$	20,591,289

Net Identified Intangible Assets				$	15,079,615			$	16,257,156

Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block]

●	(July 1 – December 31)	$	1,177,542
●	2019	$	2,355,083
●	2020	$	2,355,083
●	2021	$	2,355,038
●	2022	$	983,688
●	2023	$	983,688

XML 36 R25.htm IDEA: XBRL DOCUMENT

Basis of Presentation and Consolidation (Details)	6 Months Ended
Basis of Presentation and Consolidation (Details)	Jun. 30, 2018 USD ($)	Jun. 30, 2017 USD ($)	Dec. 31, 2017 USD ($)
Accounting Policies [Abstract]
Number of Reportable Segments	1
Depreciation	$ 3,358,661	$ 3,632,761
Unrecognized Tax Benefits	$ 0		$ 0

XML 37 R26.htm IDEA: XBRL DOCUMENT

Revenue Recognition (Details) - USD ($)		6 Months Ended
Revenue Recognition (Details) - USD ($)	May 23, 2018	Jun. 30, 2018	Jun. 30, 2017
A-CAM [Member]
Revenue Recognition (Details) [Line Items]
Proceeds From Contracts (in Dollars)		$ 6,500,000
Iowa Operations [Member]
Revenue Recognition (Details) [Line Items]
Contract Receivable (in Dollars)	$ 489,870	391,896
Increase (Decrease) in Contract Receivables, Net (in Dollars)	97,974
Minnesota Operations [Member]
Revenue Recognition (Details) [Line Items]
Contract Receivable (in Dollars)	7,648,208	$ 6,118,567
Increase (Decrease) in Contract Receivables, Net (in Dollars)	$ 1,529,641
Minimum [Member]
Revenue Recognition (Details) [Line Items]
Contract Term		3 years
Payment Term		30 days
Maximum [Member]
Revenue Recognition (Details) [Line Items]
Contract Term		10 years
Payment Term		60 days
Voice Services [Member]
Revenue Recognition (Details) [Line Items]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period		1 month
Video [Member]
Revenue Recognition (Details) [Line Items]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period		1 month
Data [Member]
Revenue Recognition (Details) [Line Items]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period		1 month
Other Contracted Revenue [Member] \| Minimum [Member]
Revenue Recognition (Details) [Line Items]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period		3 years
Other Contracted Revenue [Member] \| Maximum [Member]
Revenue Recognition (Details) [Line Items]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period		10 years
Product and Service, Other [Member]
Revenue Recognition (Details) [Line Items]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period		1 month
2018-04-01 [Member] \| Outside Of The Scope Of ASC 606 [Member]
Revenue Recognition (Details) [Line Items]
Revenue, Remaining Performance Obligation, Percentage		17.66%
2018-04-01 [Member] \| CPE And Equipment Sales And Installation [Member]
Revenue Recognition (Details) [Line Items]
Revenue, Remaining Performance Obligation, Percentage		1.76%
2018-04-01 [Member] \| Month To Month And Other Contracted Revenue [Member]
Revenue Recognition (Details) [Line Items]
Revenue, Remaining Performance Obligation, Percentage		80.58%	80.58%
2018-01-01 [Member] \| Outside Of The Scope Of ASC 606 [Member]
Revenue Recognition (Details) [Line Items]
Revenue, Remaining Performance Obligation, Percentage		18.24%
2018-01-01 [Member] \| CPE And Equipment Sales And Installation [Member]
Revenue Recognition (Details) [Line Items]
Revenue, Remaining Performance Obligation, Percentage		1.81%
2018-01-01 [Member] \| Month To Month And Other Contracted Revenue [Member]
Revenue Recognition (Details) [Line Items]
Revenue, Remaining Performance Obligation, Percentage		79.95%	79.95%

XML 38 R27.htm IDEA: XBRL DOCUMENT

Revenue Recognition (Details) - Revenue from contracts with customers - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Disaggregation of Revenue [Line Items]
Revenue From Customers	$ 9,641,128	$ 9,461,567	$ 19,068,690	$ 18,817,820
Subsidy and Other Revenue Outside the Scope of ASC 6066	2,067,313	2,254,425	4,252,937	4,527,301
Total revenue	11,708,441	11,715,992	23,321,627	23,345,121
Voice Services [Member]
Disaggregation of Revenue [Line Items]
Revenue From Customers	1,523,995	1,642,930	3,082,388	3,276,110
Network Access [Member]
Disaggregation of Revenue [Line Items]
Revenue From Customers	1,789,625	1,809,266	3,512,840	3,601,108
Total revenue	1,630,637	1,725,545	3,295,652	3,388,189
Video [Member]
Disaggregation of Revenue [Line Items]
Revenue From Customers	2,550,179	2,416,000	5,005,346	4,783,124
Total revenue	2,554,549	2,419,062	5,013,505	4,789,637
Data [Member]
Disaggregation of Revenue [Line Items]
Revenue From Customers	2,798,809	2,573,196	5,543,940	5,128,390
Total revenue	3,195,527	3,057,994	6,311,762	6,091,295
Directory [Member]
Disaggregation of Revenue [Line Items]
Revenue From Customers	178,773	178,949	350,825	357,016
Cellular [Member]
Disaggregation of Revenue [Line Items]
Revenue From Customers	131,731	106,640	251,679	214,042
Other Contracted Revenue [Member]
Disaggregation of Revenue [Line Items]
Revenue From Customers	461,691	546,211	898,328	1,086,309
Product and Service, Other [Member]
Disaggregation of Revenue [Line Items]
Revenue From Customers	$ 206,325	$ 188,375	$ 423,344	$ 371,721

XML 39 R28.htm IDEA: XBRL DOCUMENT

Revenue Recognition (Details) - Receivables, contracts assets and contract liabilities from revenue contracts with customers - USD ($)	Jun. 30, 2018	Jan. 01, 2018
Contract Assets:
Short-term contract assets
Lont-term contract assets
Contract Liabilities:
Short-term contract liabilities	116,107	93,656
Long-term contract liabilities	176,780	194,458
Receivables:
Receivables accounted for under ASC 606	1,194,374	1,431,558
Subsidy Receivables not accounted for under ASC 606	542,539	$ 542,539
Difference between Revenue Guidance in Effect before and after Topic 606 [Member]
Contract Assets:
Short-term contract assets
Lont-term contract assets
Contract Liabilities:
Short-term contract liabilities	22,451
Long-term contract liabilities	(17,678)
Receivables:
Receivables accounted for under ASC 606	(237,184)
Subsidy Receivables not accounted for under ASC 606

XML 40 R29.htm IDEA: XBRL DOCUMENT

Goodwill and Intangibles (Details) - USD ($)	6 Months Ended
Goodwill and Intangibles (Details) - USD ($)	Jun. 30, 2018	Jun. 30, 2017	Dec. 31, 2017
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill	$ 39,805,349		$ 39,805,349
Amortization of Intangible Assets	$ 1,177,541	$ 1,234,541

XML 41 R30.htm IDEA: XBRL DOCUMENT

Goodwill and Intangibles (Details) - Components of Identified Intangible Assets - USD ($)	6 Months Ended
	Jun. 30, 2018	Dec. 31, 2017
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 36,848,445	$ 36,848,445
Accumulated Amortization	21,768,830	20,591,289
Net Identified Intangible Assets	15,079,615	16,257,156
Customer Relationships [Member]
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	29,278,445	29,278,445
Accumulated Amortization	$ 18,398,855	17,354,646
Customer Relationships [Member] \| Minimum [Member]
Finite-Lived Intangible Assets [Line Items]
Useful Lives	14 years
Customer Relationships [Member] \| Maximum [Member]
Finite-Lived Intangible Assets [Line Items]
Useful Lives	15 years
Regulatory Rights [Member]
Finite-Lived Intangible Assets [Line Items]
Useful Lives	15 years
Gross Carrying Amount	$ 4,000,000	4,000,000
Accumulated Amortization	2,799,975	2,666,643
Trade Names [Member]
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	570,000	570,000
Accumulated Amortization	$ 570,000	570,000
Trade Names [Member] \| Minimum [Member]
Finite-Lived Intangible Assets [Line Items]
Useful Lives	3 years
Trade Names [Member] \| Maximum [Member]
Finite-Lived Intangible Assets [Line Items]
Useful Lives	5 years
Franchise Rights [Member]
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 3,000,000	3,000,000
Accumulated Amortization

XML 42 R31.htm IDEA: XBRL DOCUMENT

Goodwill and Intangibles (Details) - Summary of Future Amortization Expense	Jun. 30, 2018 USD ($)
Summary of Future Amortization Expense [Abstract]
● (July 1 – December 31)	$ 1,177,542
● 2019	2,355,083
● 2020	2,355,083
● 2021	2,355,038
● 2022	983,688
● 2023	$ 983,688

XML 43 R32.htm IDEA: XBRL DOCUMENT

Secured Credit Facility (Details)		6 Months Ended
Secured Credit Facility (Details)	Jun. 18, 2015 USD ($)	Jun. 30, 2018 USD ($)
Secured Debt [Member]
Secured Credit Facility (Details) [Line Items]
Debt Instrument, Covenant Description		Our loan agreements include restrictions on our ability to pay cash dividends to our stockholders. However, we are allowed to pay dividends (a) (i) in an amount up to $2,100,000 in any year if our “Total Leverage Ratio,” that is, the ratio of our “Indebtedness” to “EBITDA” (earnings before interest, taxes, depreciation and amortization – as defined in the loan documents) is greater than 2.50 to 1.00, and (ii) in any amount if our Total Leverage Ratio is less than 2.50 to 1.00, and (b) in either case, if we are not in default or potential default under the loan agreements.
Debt Instrument, Threshold Amount, Dividends		$ 2,100,000
Ratio of Indebtedness to Net Capital		1.48
Debt Instrument, Covenant Compliance		Our credit facility requires us to comply with specified financial ratios and tests. These financial ratios include total leverage ratio, debt service coverage ratio, equity to total assets ratio and fixed coverage ratio.
Long-term Line of Credit		$ 26,200,000
Secured Credit Facility [Member]
Secured Credit Facility (Details) [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity		$ 35,200,000
Debt, Weighted Average Interest Rate		4.61%
Amended And Restated MLA With Co Bank [Member] \| Revolving Credit Facility [Member]
Secured Credit Facility (Details) [Line Items]
Line of Credit Facility, Current Borrowing Capacity		$ 9,000,000
Interest Rate Swap [Member]
Secured Credit Facility (Details) [Line Items]
Aggregate Indebtedness	$ 14,000,000
Derivative, Maturity Date	Jun. 18, 2018

XML 44 R33.htm IDEA: XBRL DOCUMENT

Interest Rate Swaps (Details) $ in Millions	Jun. 18, 2015 USD ($)
Interest Rate Swap [Member]
Interest Rate Swaps (Details) [Line Items]
Aggregate Indebtedness	$ 14.0

XML 45 R34.htm IDEA: XBRL DOCUMENT

Guarantees (Details)	Jun. 30, 2018 USD ($)
Guarantees [Abstract]
Guaranty Liabilities	$ 141,496

XML 46 R35.htm IDEA: XBRL DOCUMENT

Restricted Stock Units (RSU) (Details) - 2017 Plan [Member] - $ / shares	Mar. 23, 2018	Jul. 25, 2017	Mar. 26, 2018	Feb. 24, 2017
Restricted Stock Units (RSU) (Details) [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized				625,000
Restricted Stock Units (RSUs) [Member]
Restricted Stock Units (RSU) (Details) [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant		6,077
Share-based Compensation Arrangement by Share-based Payment Award, Vesting Date		Dec. 31, 2019
Time Based RSUs [Member]
Restricted Stock Units (RSU) (Details) [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Vesting Date	Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period	4,044
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage	100.00%
Performance Based RSUs [Member]
Restricted Stock Units (RSU) (Details) [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Vesting Date	Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period	5,750
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage	100.00%
Common Stock [Member] \| Time Based RSUs [Member]
Restricted Stock Units (RSU) (Details) [Line Items]
Share Price (in Dollars per share)			$ 17.00
Common Stock [Member] \| Performance Based RSUs [Member]
Restricted Stock Units (RSU) (Details) [Line Items]
Share Price (in Dollars per share)			$ 17.00

XML 47 R36.htm IDEA: XBRL DOCUMENT

Segment Information (Details)	Jun. 30, 2018
Fiber Comm LC [Member]
Segment Information (Details) [Line Items]
Equity Method Investment, Ownership Percentage	20.00%
Broadband Visions LLC [Member]
Segment Information (Details) [Line Items]
Equity Method Investment, Ownership Percentage	24.30%
Independent Emergency Services LLC [Member]
Segment Information (Details) [Line Items]
Equity Method Investment, Ownership Percentage	14.29%
SM Broadband LLC [Member]
Segment Information (Details) [Line Items]
Equity Method Investment, Ownership Percentage	12.50%

XML 48 R37.htm IDEA: XBRL DOCUMENT

Broadband Grants (Details) - USD ($)	1 Months Ended		6 Months Ended
Broadband Grants (Details) - USD ($)	Nov. 30, 2017	Jan. 31, 2017	Jun. 30, 2018
January 2017 Grant [Member]
Broadband Grants (Details) [Line Items]
Grants, Percentage		45.00%
Grants Receivable			$ 850,486
Project Cost			$ 1,889,968
Matching Fund Percentage Provided by Grantee			55.00%
Proceeds from Grants			$ 374,543
November 2017 Grant [Member]
Broadband Grants (Details) [Line Items]
Grants, Percentage	42.60%
Grants Receivable			736,598
Project Cost			$ 1,727,998
Matching Fund Percentage Provided by Grantee			57.40%

XML 49 R38.htm IDEA: XBRL DOCUMENT

Subsequent Events (Details) $ in Millions	1 Months Ended
Subsequent Events (Details) $ in Millions	Jul. 31, 2018 USD ($)
Subsequent Event [Member] \| Acquisition of Scott-Rice [Member]
Subsequent Events (Details) [Line Items]
Payments to Acquire Businesses, Gross	$ 42

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·	Effective June 4, 2018, New Ulm Telecom, Inc. changed its name to Nuvera Communications, Inc. The Company had announced the pending name change at its 2018 Annual Meeting of Shareholders held on May 24, 2018. Concurrent with the June 4, 2018 name change, the ticker symbol for the Company’s common stock on the QTCQB Marketplace became NUVR.
·	On February 23, 2018, the Company announced that it had entered into a Stock Purchase Agreement dated February 22, 2018 to purchase Scott-Rice from Zayo for approximately $42 million in cash. Nuvera intends to finance the acquisition from existing capital resources and proceeds from a credit facility with it principal lender CoBank. Scott-Rice provides phone, video and internet services with over 18,000 connections, serving the communities of Prior Lake, Savage, Elko and New Market, Minnesota. The transaction is subject to customary closing conditions and regulatory approvals, but is not subject to Nuvera shareholder approval. The transaction has been unanimously approved by the BODs of Nuvera and Zayo. The transaction closed on July 31, 2018.
·	On November 24, 2017 the DEED announced Nuvera as one of the companies that will receive state grants for broadband development. Nuvera received two of the thirty-nine grants announced by Lieutenant Governor Tina Smith. A total of $26.4 million was awarded by the DEED with the aim of providing reliable, affordable high-speed internet to nearly 10,000 households, more than 2,000 businesses and more than 60 community institutions throughout the state. Nuvera will receive $736,598 of the $1,727,998, or 42.6%, of the total project costs to build fiber connections to homes and businesses in the rural areas of Hanska and White Rock. Construction on the projects is expected to begin in the spring of 2018. Grant funds will be received by Nuvera as work progresses and costs are provided to the DEED.
·	On January 12, 2017 the DEED announced Nuvera as one of the companies that will receive state grants for broadband development. Nuvera received three of the forty-two grants announced by Lieutenant Governor Tina Smith. A total of $34 million was awarded by the DEED with the aim of providing reliable, affordable high-speed internet to more than 16,000 households, more than 2,000 businesses and more than 70 community institutions throughout the state. Nuvera will receive $850,486 of the $1,889,968, or 45%, of the total project costs to build fiber connections to homes and businesses in the rural areas of Hanska and Mazeppa and in and around Bellechester. Construction on one of the projects began in the spring of 2017 and the construction on the other two projects began in the summer of 2017. Grant funds will be received by Nuvera as work progresses and costs are provided to the DEED. At June 30, 2018 we have received $374,543 from this grant.
·	Effective January 1, 2017 the Company no longer receives funding from the FUSF based on the pooling and redistribution of revenues based on a company's actual or average costs, but has instead, elected to receive funding based on the A-CAM. See Note 2 – “Revenue Recognition” for a discussion regarding the A-CAM.
·	Net income for the second quarter of 2018 totaled $1,179,957 which was a $146,248, or 11.03% decrease compared to the second quarter of 2018. This decrease was primarily due one-time charges related to the Scott-Rice acquisition and an increase in costs of services, partially offset by a decrease in income taxes due to the Tax Cuts and Jobs Act reform legislation signed into law on December 22, 2017, and a decrease in depreciation.
·	Consolidated revenue for the second quarter of 2018 totaled $11,708,441, which was a $7,551 or 0.06% decrease compared to the second quarter of 2017.