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Guarantees
3 Months Ended
Mar. 31, 2023
Guarantees [Abstract]  
Guarantees [Text Block]

Note 9 – Guarantees

 

On March 31, 2023, Nuvera and the other owners of FiberComm, LC (FiberComm) sold 100% of their interest in FiberComm to ImOn Communications, LLC. FiberComm had been providing high quality Internet and voice services to businesses in the Sioux City, Iowa market for over 20 years. Nuvera owned a 20% interest in FiberComm through its wholly owned subsidiary Peoples Telephone Company. Nuvera announced the execution of the FiberComm sale agreement in January 2023.

Prior to the sale of Nuvera’s equity investment in FiberComm, Nuvera had guaranteed a portion of a ten-year loan owed by FiberComm, set to mature on April 30, 2026. On March 31, 2023, upon closing of the sale, the loan was paid and Nuvera was released from their guarantee of loan.