TABLE OF CONTENTS

| ​ | Delaware                                                       | ​ | ​ | 52-2126395                           | ​ |
|---------|----------------------------------------------------------------|---------|---------|--------------------------------------|---------|
| ​ | (State or Other Jurisdiction of Incorporation or Organization) | ​ | ​ | (I.R.S. Employer Identification No.) | ​ |
| ​ | 505 Third Avenue East, Oneonta, Alabama                        | ​ | ​ | 35121                                | ​ |
| ​ | (Address of Principal Executive Offices)                       | ​ | ​ | (Zip Code)                           | ​ |
| ​ | Title of Each Class                                   | ​ | ​ | Trading Symbol(s) | ​ | ​ | Name of Each Exchange on Which Registered | ​ |
|---------|-------------------------------------------------------|---------|---------|-------------------|---------|---------|-------------------------------------------|---------|
| ​ | Class A Common Stock ($0.01 par value per share) | ​ | ​ | OTEL              | ​ | ​ | The Nasdaq Stock Market LLC               | ​ |
| ​ | Large accelerated filer ☐ | ​ | ​ | Accelerated filer ☐         | ​ |
|---------|---------------------------------|---------|---------|-----------------------------------|---------|
| ​ | Non-accelerated filer ☒   | ​ | ​ | Smaller reporting company ☒ | ​ |
| ​ | ​                         | ​ | ​ | Emerging growth company ☐   | ​ |

----

TABLE OF CONTENTS​​

| ​                                                                                                                                | ​ | ​ | Page    | ​ |
|----------------------------------------------------------------------------------------------------------------------------------------|---------|---------|---------|---------|
| PART I                                                                                                                                 | ​ | ​ | ​ | ​ | 1 | ​ | ​ |
| Item 1.Business ​                                                                                                           | ​ | ​ | ​ | ​ | 1 | ​ | ​ |
| Item 1A.Risk Factors ​                                                                                                      | ​ | ​ | ​ | ​ | 7 | ​ | ​ |
| Item 1B.Unresolved Staff Comments ​                                                                                         | ​ | ​ | ​ | ​ | 12 | ​ | ​ |
| Item 2.Properties ​                                                                                                         | ​ | ​ | ​ | ​ | 12 | ​ | ​ |
| Item 3.Legal Proceedings ​                                                                                                  | ​ | ​ | ​ | ​ | 12 | ​ | ​ |
| Item 4.Mine Safety Disclosures ​                                                                                            | ​ | ​ | ​ | ​ | 12 | ​ | ​ |
| Item X.Information About Our Executive Officers ​                                                                                | ​ | ​ | ​ | ​ | 13 | ​ | ​ |
| PART II                                                                                                                                | ​ | ​ | ​ | ​ | 14 | ​ | ​ |
| Item 5.Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities ​ | ​ | ​ | ​ | ​ | 14 | ​ | ​ |
| Item 6.Selected Financial Data ​                                                                                            | ​ | ​ | ​ | ​ | 15 | ​ | ​ |
| Item 7.Management’s Discussion and Analysis of Financial Condition and Results of Operations ​                        | ​ | ​ | ​ | ​ | 15 | ​ | ​ |
| Item 7A.Quantitative and Qualitative Disclosures about Market Risk ​                                                        | ​ | ​ | ​ | ​ | 25 | ​ | ​ |
| Item 8.Financial Statements and Supplementary Data ​                                                                        | ​ | ​ | ​ | ​ | 26 | ​ | ​ |
| Item 9.Changes in and Disagreements with Accountants on Accounting and Financial Disclosure ​                               | ​ | ​ | ​ | ​ | 54 | ​ | ​ |
| Item 9A.Controls and Procedures ​                                                                                           | ​ | ​ | ​ | ​ | 54 | ​ | ​ |
| Item 9B.Other Information ​                                                                                                 | ​ | ​ | ​ | ​ | 54 | ​ | ​ |
| PART III                                                                                                                               | ​ | ​ | ​ | ​ | 55 | ​ | ​ |
| Item 10.Directors, Executive Officers and Corporate Governance ​                                                            | ​ | ​ | ​ | ​ | 55 | ​ | ​ |
| Item 11.Executive Compensation ​                                                                                            | ​ | ​ | ​ | ​ | 55 | ​ | ​ |
| Item 12.Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters ​                    | ​ | ​ | ​ | ​ | 55 | ​ | ​ |
| Item 13.Certain Relationships and Related Transactions, and Director Independence ​                                         | ​ | ​ | ​ | ​ | 56 | ​ | ​ |
| Item 14.Principal Accounting Fees and Services ​                                                                            | ​ | ​ | ​ | ​ | 56 | ​ | ​ |
| PART IV                                                                                                                                | ​ | ​ | ​ | ​ | 57 | ​ | ​ |
| Item 15.Exhibits and Financial Statement Schedules ​                                                                        | ​ | ​ | ​ | ​ | 57 | ​ | ​ |
| Item 16.Form 10-K Summary ​                                                                                                 | ​ | ​ | ​ | ​ | 59 | ​ | ​ |

----

TABLE OF CONTENTS

----

TABLE OF CONTENTS​​

----

TABLE OF CONTENTS

| Source of Revenue: | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
|--------------------|---------|---------|---------|---------|---------|---------|---------|
| Local services     | ​ | ​ | ​ | ​ | 30.8%   | ​ | ​ |
| Network access     | ​ | ​ | ​ | ​ | 33.8%   | ​ | ​ |
| Internet           | ​ | ​ | ​ | ​ | 23.3%   | ​ | ​ |
| Transport services | ​ | ​ | ​ | ​ | 6.7%    | ​ | ​ |
| Video and security | ​ | ​ | ​ | ​ | 4.4%    | ​ | ​ |
| Managed services   | ​ | ​ | ​ | ​ | 1.0%    | ​ | ​ |
| Total              | ​ | ​ | ​ | ​ | 100.0%  | ​ | ​ |

----

TABLE OF CONTENTS

----

TABLE OF CONTENTS

----

TABLE OF CONTENTS

----

TABLE OF CONTENTS

----

TABLE OF CONTENTS​

----

TABLE OF CONTENTS

----

TABLE OF CONTENTS

----

TABLE OF CONTENTS

----

TABLE OF CONTENTS

----

TABLE OF CONTENTS​​​​

| ​ | Land                            | ​ | ​ | ​ | $       | 1,164     | ​ | ​ |
|---------|---------------------------------|---------|---------|---------|---------|-----------|---------|---------|
| ​ | Buildings and improvements      | ​ | ​ | ​ | ​ | 13,358    | ​ | ​ |
| ​ | Telephone equipment             | ​ | ​ | ​ | ​ | 246,692   | ​ | ​ |
| ​ | Cable television equipment      | ​ | ​ | ​ | ​ | 13,258    | ​ | ​ |
| ​ | Furniture and equipment         | ​ | ​ | ​ | ​ | 3,082     | ​ | ​ |
| ​ | Vehicles                        | ​ | ​ | ​ | ​ | 6,961     | ​ | ​ |
| ​ | Computer software and equipment | ​ | ​ | ​ | ​ | 20,132    | ​ | ​ |
| ​ | Internet equipment              | ​ | ​ | ​ | ​ | 11,196    | ​ | ​ |
| ​ | Total property and equipment    | ​ | ​ | ​ | ​ | 315,843   | ​ | ​ |
| ​ | Accumulated depreciation        | ​ | ​ | ​ | ​ | (258,559) | ​ | ​ |
| ​ | Net property and equipment      | ​ | ​ | ​ | $       | 57,284    | ​ | ​ |

----

TABLE OF CONTENTS​

| Name                  | ​ | ​ | Age | ​ | ​ | Position                                                                                                   | ​ |
|-----------------------|---------|---------|-----|---------|---------|------------------------------------------------------------------------------------------------------------|---------|
| Richard A. Clark      | ​ | ​ | 54  | ​ | ​ | Chief Executive Officer, President and Director                                                            | ​ |
| Curtis L. Garner, Jr. | ​ | ​ | 72  | ​ | ​ | Chief Financial Officer and Secretary                                                                      | ​ |
| Jerry C. Boles        | ​ | ​ | 67  | ​ | ​ | Senior Vice President and Controller                                                                       | ​ |
| Trina M. Bragdon      | ​ | ​ | 53  | ​ | ​ | General Counsel, Assistant Secretary and Vice President – Human Resources and Regulatory | ​ |

----

TABLE OF CONTENTS​​

----

TABLE OF CONTENTS​​

| ​                                     | ​ | ​ | As Of And For The Year Ended December 31, | ​ |
|---------------------------------------------|---------|---------|------------------------------------------------|---------|
| ​                                     | ​ | ​ | 2019                                           | ​ | ​ | 2018 | ​ | ​ | 2017 | ​ | ​ | 2016 | ​ | ​ | 2015 | ​ |
| ​                                     | ​ | ​ | (In Thousands Except Per Share Amounts)        | ​ |
| Income Statement Data                       | ​ | ​ | ​                                        | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
| Revenues:                                   | ​ | ​ | ​                                        | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
| Local services                              | ​ | ​ | ​                                        | $       | 19,313 | ​ | ​ | ​ | ​ | $ | 20,948 | ​ | ​ | ​ | ​ | $ | 21,836 | ​ | ​ | ​ | ​ | $ | 23,038 | ​ | ​ | ​ | ​ | $ | 24,496 | ​ | ​ |
| Network access                              | ​ | ​ | ​                                        | ​ | 21,210 | ​ | ​ | ​ | ​ | ​ | 21,662 | ​ | ​ | ​ | ​ | ​ | 22,552 | ​ | ​ | ​ | ​ | ​ | 21,605 | ​ | ​ | ​ | ​ | ​ | 22,720 | ​ | ​ |
| Internet                                    | ​ | ​ | ​                                        | ​ | 14,646 | ​ | ​ | ​ | ​ | ​ | 15,221 | ​ | ​ | ​ | ​ | ​ | 15,752 | ​ | ​ | ​ | ​ | ​ | 15,605 | ​ | ​ | ​ | ​ | ​ | 14,868 | ​ | ​ |
| Transport services                          | ​ | ​ | ​                                        | ​ | 4,236 | ​ | ​ | ​ | ​ | ​ | 4,774 | ​ | ​ | ​ | ​ | ​ | 4,607 | ​ | ​ | ​ | ​ | ​ | 4,880 | ​ | ​ | ​ | ​ | ​ | 5,358 | ​ | ​ |
| Video and security                          | ​ | ​ | ​                                        | ​ | 2,735 | ​ | ​ | ​ | ​ | ​ | 2,824 | ​ | ​ | ​ | ​ | ​ | 2,989 | ​ | ​ | ​ | ​ | ​ | 2,892 | ​ | ​ | ​ | ​ | ​ | 2,750 | ​ | ​ |
| Managed services                            | ​ | ​ | ​                                        | ​ | 626 | ​ | ​ | ​ | ​ | ​ | 639 | ​ | ​ | ​ | ​ | ​ | 790 | ​ | ​ | ​ | ​ | ​ | 924 | ​ | ​ | ​ | ​ | ​ | 910 | ​ | ​ |
| Total                                       | ​ | ​ | ​                                        | $       | 62,766 | ​ | ​ | ​ | ​ | $ | 66,068 | ​ | ​ | ​ | ​ | $ | 68,526 | ​ | ​ | ​ | ​ | $ | 68,944 | ​ | ​ | ​ | ​ | $ | 71,102 | ​ | ​ |
| Income from operations                      | ​ | ​ | ​                                        | $       | 14,844 | ​ | ​ | ​ | ​ | $ | 17,793 | ​ | ​ | ​ | ​ | $ | 19,607 | ​ | ​ | ​ | ​ | $ | 18,813 | ​ | ​ | ​ | ​ | $ | 19,255 | ​ | ​ |
| Income before income tax                    | ​ | ​ | ​                                        | $       | 10,189 | ​ | ​ | ​ | ​ | $ | 12,212 | ​ | ​ | ​ | ​ | $ | 4,259 | ​ | ​ | ​ | ​ | $ | 8,804 | ​ | ​ | ​ | ​ | $ | 12,428 | ​ | ​ |
| Net income available to common stockholders | ​ | ​ | ​                                        | $       | 7,796 | ​ | ​ | ​ | ​ | $ | 9,467 | ​ | ​ | ​ | ​ | $ | 12,115 | ​ | ​ | ​ | ​ | $ | 5,146 | ​ | ​ | ​ | ​ | $ | 7,484 | ​ | ​ |
| Diluted net income per common share         | ​ | ​ | ​                                        | $       | 2.27 | ​ | ​ | ​ | ​ | $ | 2.76 | ​ | ​ | ​ | ​ | $ | 3.52 | ​ | ​ | ​ | ​ | $ | 1.51 | ​ | ​ | ​ | ​ | $ | 2.26 | ​ | ​ |
| Dividends declared per share                | ​ | ​ | ​                                        | $       | — | ​ | ​ | ​ | ​ | $ | — | ​ | ​ | ​ | ​ | $ | — | ​ | ​ | ​ | ​ | $ | — | ​ | ​ | ​ | ​ | $ | — | ​ | ​ |
| Balance Sheet Data                          | ​ | ​ | ​                                        | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
| Cash and cash equivalents                   | ​ | ​ | ​                                        | $       | 3,113 | ​ | ​ | ​ | ​ | $ | 4,657 | ​ | ​ | ​ | ​ | $ | 3,570 | ​ | ​ | ​ | ​ | $ | 10,538 | ​ | ​ | ​ | ​ | $ | 6,884 | ​ | ​ |
| Property and equipment, net                 | ​ | ​ | ​                                        | $       | 57,284 | ​ | ​ | ​ | ​ | $ | 52,073 | ​ | ​ | ​ | ​ | $ | 50,888 | ​ | ​ | ​ | ​ | $ | 49,271 | ​ | ​ | ​ | ​ | $ | 49,811 | ​ | ​ |
| Total assets                                | ​ | ​ | ​                                        | $       | 120,745 | ​ | ​ | ​ | ​ | $ | 114,352 | ​ | ​ | ​ | ​ | $ | 114,939 | ​ | ​ | ​ | ​ | $ | 120,272 | ​ | ​ | ​ | ​ | $ | 118,581 | ​ | ​ |
| Notes payable(1)                            | ​ | ​ | ​                                        | $       | 70,212 | ​ | ​ | ​ | ​ | $ | 74,562 | ​ | ​ | ​ | ​ | $ | 85,912 | ​ | ​ | ​ | ​ | $ | 97,573 | ​ | ​ | ​ | ​ | $ | 100,052 | ​ | ​ |

----

TABLE OF CONTENTS

----

TABLE OF CONTENTS

| ​             | ​ | ​ | December 31,2019 | ​ | ​ | September 30,2019 | ​ | ​ | Change fromSeptember 30, 2019 | ​ | ​ | June 30,2019 | ​ | ​ | March 31,2019 | ​ | ​ | December 31,2018 | ​ | ​ | Change fromDecember 31, 2018 | ​ |
|---------------------|---------|---------|-----------------------|---------|---------|------------------------|---------|---------|------------------------------------|---------|---------|-------------------|---------|---------|--------------------|---------|---------|-----------------------|---------|---------|-----------------------------------|---------|
| Customers served    | ​ | ​ | ​               | ​ | ​ | ​                | ​ | ​ | ​                            | ​ | ​ | ​           | ​ | ​ | ​            | ​ | ​ | ​               | ​ | ​ | ​                           | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
| Business/Enterprise | ​ | ​ | ​               | ​ | 5,337   | ​                | ​ | ​ | ​                            | ​ | 5,438   | ​           | ​ | ​ | ​            | ​ | (101)   | ​               | ​ | ​ | ​                           | ​ | (1.9)% | ​ | ​ | ​ | ​ | ​ | 5,547 | ​ | ​ | ​ | ​ | ​ | 5,605 | ​ | ​ | ​ | ​ | ​ | 5,769 | ​ | ​ | ​ | ​ | ​ | (432) | ​ | ​ | ​ | ​ | ​ | (7.5)% | ​ | ​ |
| Residential         | ​ | ​ | ​               | ​ | 26,917  | ​                | ​ | ​ | ​                            | ​ | 26,971  | ​           | ​ | ​ | ​            | ​ | (54)    | ​               | ​ | ​ | ​                           | ​ | (0.2)% | ​ | ​ | ​ | ​ | ​ | 27,067 | ​ | ​ | ​ | ​ | ​ | 27,346 | ​ | ​ | ​ | ​ | ​ | 27,734 | ​ | ​ | ​ | ​ | ​ | (817) | ​ | ​ | ​ | ​ | ​ | (2.9)% | ​ | ​ |
| Customers served    | ​ | ​ | ​               | ​ | 32,254  | ​                | ​ | ​ | ​                            | ​ | 32,409  | ​           | ​ | ​ | ​            | ​ | (155)   | ​               | ​ | ​ | ​                           | ​ | (0.5)% | ​ | ​ | ​ | ​ | ​ | 32,614 | ​ | ​ | ​ | ​ | ​ | 32,951 | ​ | ​ | ​ | ​ | ​ | 33,503 | ​ | ​ | ​ | ​ | ​ | (1,249) | ​ | ​ | ​ | ​ | ​ | (3.7)% | ​ | ​ |
| Services provided   | ​ | ​ | ​               | ​ | ​ | ​                | ​ | ​ | ​                            | ​ | ​ | ​           | ​ | ​ | ​            | ​ | ​ | ​               | ​ | ​ | ​                           | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
| Hosted PBX          | ​ | ​ | ​               | ​ | 8,685   | ​                | ​ | ​ | ​                            | ​ | 8,784   | ​           | ​ | ​ | ​            | ​ | (99)    | ​               | ​ | ​ | ​                           | ​ | (1.1)% | ​ | ​ | ​ | ​ | ​ | 8,898 | ​ | ​ | ​ | ​ | ​ | 8,962 | ​ | ​ | ​ | ​ | ​ | 9,008 | ​ | ​ | ​ | ​ | ​ | (224) | ​ | ​ | ​ | ​ | ​ | (2.5)% | ​ | ​ |
| Voice               | ​ | ​ | ​               | ​ | 34,038  | ​                | ​ | ​ | ​                            | ​ | 34,695  | ​           | ​ | ​ | ​            | ​ | (657)   | ​               | ​ | ​ | ​                           | ​ | (1.9)% | ​ | ​ | ​ | ​ | ​ | 35,529 | ​ | ​ | ​ | ​ | ​ | 36,181 | ​ | ​ | ​ | ​ | ​ | 36,899 | ​ | ​ | ​ | ​ | ​ | (2,204) | ​ | ​ | ​ | ​ | ​ | (6.0)% | ​ | ​ |
| Data                | ​ | ​ | ​               | ​ | 22,242  | ​                | ​ | ​ | ​                            | ​ | 22,265  | ​           | ​ | ​ | ​            | ​ | (23)    | ​               | ​ | ​ | ​                           | ​ | (0.1)% | ​ | ​ | ​ | ​ | ​ | 22,287 | ​ | ​ | ​ | ​ | ​ | 22,333 | ​ | ​ | ​ | ​ | ​ | 22,514 | ​ | ​ | ​ | ​ | ​ | (249) | ​ | ​ | ​ | ​ | ​ | (1.1)% | ​ | ​ |
| Video               | ​ | ​ | ​               | ​ | 2,669   | ​                | ​ | ​ | ​                            | ​ | 2,700   | ​           | ​ | ​ | ​            | ​ | (31)    | ​               | ​ | ​ | ​                           | ​ | (1.1)% | ​ | ​ | ​ | ​ | ​ | 2,690 | ​ | ​ | ​ | ​ | ​ | 2,714 | ​ | ​ | ​ | ​ | ​ | 2,734 | ​ | ​ | ​ | ​ | ​ | (34) | ​ | ​ | ​ | ​ | ​ | (1.2)% | ​ | ​ |
| Services provided   | ​ | ​ | ​               | ​ | 67,634  | ​                | ​ | ​ | ​                            | ​ | 68,444  | ​           | ​ | ​ | ​            | ​ | (810)   | ​               | ​ | ​ | ​                           | ​ | (1.2)% | ​ | ​ | ​ | ​ | ​ | 69,404 | ​ | ​ | ​ | ​ | ​ | 70,190 | ​ | ​ | ​ | ​ | ​ | 71,155 | ​ | ​ | ​ | ​ | ​ | (2,711) | ​ | ​ | ​ | ​ | ​ | (3.8)% | ​ | ​ |

----

TABLE OF CONTENTS

----

TABLE OF CONTENTS

| ​                                      | ​ | ​ | Year Ended December 31, | ​ |
|----------------------------------------------|---------|---------|------------------------------|---------|
| ​                                      | ​ | ​ | 2019                         | ​ | ​ | 2018 | ​ |
| Revenues                                     | ​ | ​ | ​                      | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
| Local services                               | ​ | ​ | ​                      | ​ | 30.8% | ​ | ​ | ​ | ​ | ​ | 31.7% | ​ | ​ |
| Network access                               | ​ | ​ | ​                      | ​ | 33.8 | ​ | ​ | ​ | ​ | ​ | 32.8 | ​ | ​ |
| Internet                                     | ​ | ​ | ​                      | ​ | 23.3 | ​ | ​ | ​ | ​ | ​ | 23.0 | ​ | ​ |
| Transport services                           | ​ | ​ | ​                      | ​ | 6.7 | ​ | ​ | ​ | ​ | ​ | 7.2 | ​ | ​ |
| Video and security                           | ​ | ​ | ​                      | ​ | 4.4 | ​ | ​ | ​ | ​ | ​ | 4.3 | ​ | ​ |
| Managed services                             | ​ | ​ | ​                      | ​ | 1.0 | ​ | ​ | ​ | ​ | ​ | 1.0 | ​ | ​ |
| Total revenues                               | ​ | ​ | ​                      | ​ | 100.0% | ​ | ​ | ​ | ​ | ​ | 100.0% | ​ | ​ |
| Operating expenses                           | ​ | ​ | ​                      | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
| Cost of services                             | ​ | ​ | ​                      | ​ | 47.9 | ​ | ​ | ​ | ​ | ​ | 46.3 | ​ | ​ |
| Selling, general and administrative expenses | ​ | ​ | ​                      | ​ | 16.3 | ​ | ​ | ​ | ​ | ​ | 15.8 | ​ | ​ |
| Depreciation and amortization                | ​ | ​ | ​                      | ​ | 12.2 | ​ | ​ | ​ | ​ | ​ | 11.0 | ​ | ​ |
| Total operating expenses                     | ​ | ​ | ​                      | ​ | 76.4 | ​ | ​ | ​ | ​ | ​ | 73.1 | ​ | ​ |
| Income from operations                       | ​ | ​ | ​                      | ​ | 23.6 | ​ | ​ | ​ | ​ | ​ | 26.9 | ​ | ​ |
| Other income (expense)                       | ​ | ​ | ​                      | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
| Interest expense                             | ​ | ​ | ​                      | ​ | (8.4) | ​ | ​ | ​ | ​ | ​ | (8.8) | ​ | ​ |
| Other income                                 | ​ | ​ | ​                      | ​ | 1.0 | ​ | ​ | ​ | ​ | ​ | 0.4 | ​ | ​ |
| Total other expenses                         | ​ | ​ | ​                      | ​ | (7.4) | ​ | ​ | ​ | ​ | ​ | (8.4) | ​ | ​ |
| Income before income tax expense             | ​ | ​ | ​                      | ​ | 16.2 | ​ | ​ | ​ | ​ | ​ | 18.5 | ​ | ​ |
| Income tax expense                           | ​ | ​ | ​                      | ​ | (3.8) | ​ | ​ | ​ | ​ | ​ | (4.4) | ​ | ​ |
| Net income                                   | ​ | ​ | ​                      | ​ | 12.4% | ​ | ​ | ​ | ​ | ​ | 14.1% | ​ | ​ |
| ​                                      |

----

TABLE OF CONTENTS

| ​            | ​ | ​ | Year Ended December 31, | ​ | ​ | Change  | ​ |
|--------------------|---------|---------|------------------------------|---------|---------|---------|---------|
| ​            | ​ | ​ | 2019                         | ​ | ​ | 2018    | ​ | ​ | Amount | ​ | ​ | Percent | ​ |
| ​            | ​ | ​ | (Dollars in Thousands)       | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
| Local services     | ​ | ​ | ​                      | $       | 19,313  | ​ | ​ | ​ | ​ | $ | 20,948 | ​ | ​ | ​ | ​ | $ | (1,635) | ​ | ​ | ​ | ​ | ​ | (7.8)% | ​ | ​ |
| Network access     | ​ | ​ | ​                      | ​ | 21,210  | ​ | ​ | ​ | ​ | ​ | 21,662 | ​ | ​ | ​ | ​ | ​ | (452) | ​ | ​ | ​ | ​ | ​ | (2.1) | ​ | ​ |
| Internet           | ​ | ​ | ​                      | ​ | 14,646  | ​ | ​ | ​ | ​ | ​ | 15,221 | ​ | ​ | ​ | ​ | ​ | (575) | ​ | ​ | ​ | ​ | ​ | (3.8) | ​ | ​ |
| Transport services | ​ | ​ | ​                      | ​ | 4,236   | ​ | ​ | ​ | ​ | ​ | 4,774 | ​ | ​ | ​ | ​ | ​ | (538) | ​ | ​ | ​ | ​ | ​ | (11.3) | ​ | ​ |
| Video and security | ​ | ​ | ​                      | ​ | 2,735   | ​ | ​ | ​ | ​ | ​ | 2,824 | ​ | ​ | ​ | ​ | ​ | (89) | ​ | ​ | ​ | ​ | ​ | (3.2) | ​ | ​ |
| Managed services   | ​ | ​ | ​                      | ​ | 626     | ​ | ​ | ​ | ​ | ​ | 639 | ​ | ​ | ​ | ​ | ​ | (13) | ​ | ​ | ​ | ​ | ​ | (2.0) | ​ | ​ |
| Total              | ​ | ​ | ​                      | $       | 62,766  | ​ | ​ | ​ | ​ | $ | 66,068 | ​ | ​ | ​ | ​ | $ | (3,302) | ​ | ​ | ​ | ​ | ​ | (5.0) | ​ | ​ |
| ​                                      | ​ | ​ | Year Ended December 31, | ​ | ​ | Change  | ​ |
|----------------------------------------------|---------|---------|------------------------------|---------|---------|---------|---------|
| ​                                      | ​ | ​ | 2019                         | ​ | ​ | 2018    | ​ | ​ | Amount | ​ | ​ | Percent | ​ |
| ​                                      | ​ | ​ | (Dollars in Thousands)       | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
| Cost of services                             | ​ | ​ | ​                      | $       | 30,075  | ​ | ​ | ​ | ​ | $ | 30,592 | ​ | ​ | ​ | ​ | $ | (517) | ​ | ​ | ​ | ​ | ​ | (1.7)% | ​ | ​ |
| Selling, general and administrative expenses | ​ | ​ | ​                      | ​ | 10,204  | ​ | ​ | ​ | ​ | ​ | 10,451 | ​ | ​ | ​ | ​ | ​ | (247) | ​ | ​ | ​ | ​ | ​ | (2.4) | ​ | ​ |
| Depreciation and amortization                | ​ | ​ | ​                      | ​ | 7,643   | ​ | ​ | ​ | ​ | ​ | 7,232 | ​ | ​ | ​ | ​ | ​ | 411 | ​ | ​ | ​ | ​ | ​ | 5.7 | ​ | ​ |
| Total                                        | ​ | ​ | ​                      | $       | 47,922  | ​ | ​ | ​ | ​ | $ | 48,275 | ​ | ​ | ​ | ​ | $ | (353) | ​ | ​ | ​ | ​ | ​ | (0.7) | ​ | ​ |

----

TABLE OF CONTENTS

| ​            | ​ | ​ | Year Ended December 31, | ​ | ​ | Change  | ​ |
|--------------------|---------|---------|------------------------------|---------|---------|---------|---------|
| ​            | ​ | ​ | 2019                         | ​ | ​ | 2018    | ​ | ​ | Amount | ​ | ​ | Percent | ​ |
| ​            | ​ | ​ | (Dollars in Thousands)       | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
| Interest expense   | ​ | ​ | ​                      | $       | (5,271) | ​ | ​ | ​ | ​ | $ | (5,844) | ​ | ​ | ​ | ​ | $ | (573) | ​ | ​ | ​ | ​ | ​ | (9.8)% | ​ | ​ |
| Other income       | ​ | ​ | ​                      | ​ | 616     | ​ | ​ | ​ | ​ | ​ | 263 | ​ | ​ | ​ | ​ | ​ | 353 | ​ | ​ | ​ | ​ | ​ | 134.2 | ​ | ​ |
| Income tax expense | ​ | ​ | ​                      | ​ | (2,393) | ​ | ​ | ​ | ​ | ​ | (2,745) | ​ | ​ | ​ | ​ | ​ | (352) | ​ | ​ | ​ | ​ | ​ | (12.8) | ​ | ​ |

----

TABLE OF CONTENTS

----

TABLE OF CONTENTS

| ​                                                 | ​ | ​ | Year Ended December 31, | ​ |
|---------------------------------------------------------|---------|---------|------------------------------|---------|
| ​                                                 | ​ | ​ | 2019                         | ​ | ​ | 2018 | ​ |
| ​                                                 | ​ | ​ | (Dollars in Thousands)       | ​ |
| Net income                                              | ​ | ​ | ​                      | $       | 7,796 | ​ | ​ | ​ | ​ | $ | 9,467 | ​ | ​ |
| Add:  Depreciation                          | ​ | ​ | ​                      | ​ | 7,344 | ​ | ​ | ​ | ​ | ​ | 6,906 | ​ | ​ |
| Interest expense less interest income                   | ​ | ​ | ​                      | ​ | 4,803 | ​ | ​ | ​ | ​ | ​ | 5,368 | ​ | ​ |
| Interest expense – amortize loan cost | ​ | ​ | ​                      | ​ | 452 | ​ | ​ | ​ | ​ | ​ | 476 | ​ | ​ |
| Income tax expense                                      | ​ | ​ | ​                      | ​ | 2,393 | ​ | ​ | ​ | ​ | ​ | 2,745 | ​ | ​ |
| Amortization – intangibles            | ​ | ​ | ​                      | ​ | 299 | ​ | ​ | ​ | ​ | ​ | 326 | ​ | ​ |
| Loan fees                                               | ​ | ​ | ​                      | ​ | 69 | ​ | ​ | ​ | ​ | ​ | 74 | ​ | ​ |
| Stock-based compensation (senior management)            | ​ | ​ | ​                      | ​ | 254 | ​ | ​ | ​ | ​ | ​ | 308 | ​ | ​ |
| Consolidated EBITDA                                     | ​ | ​ | ​                      | $       | 23,410 | ​ | ​ | ​ | ​ | $ | 25,670 | ​ | ​ |
| ​ | Notes payable                                       | ​ | ​ | ​ | $       | 69,101  | ​ | ​ |
|---------|-----------------------------------------------------|---------|---------|---------|---------|---------|---------|---------|
| ​ | Debt issuance costs                                 | ​ | ​ | ​ | ​ | 1,111   | ​ | ​ |
| ​ | Notes outstanding                                   | ​ | ​ | ​ | $       | 70,212  | ​ | ​ |
| ​ | Less cash                                           | ​ | ​ | ​ | ​ | (3,113) | ​ | ​ |
| ​ | Notes outstanding, net of cash                      | ​ | ​ | ​ | $       | 67,099  | ​ | ​ |
| ​ | Consolidated EBITDA for the last twelve months | ​ | ​ | ​ | $       | 23,410  | ​ | ​ |
| ​ | Leverage Ratio                                      | ​ | ​ | ​ | ​ | 2.87    | ​ | ​ |

----

TABLE OF CONTENTS

----

TABLE OF CONTENTS​

----

TABLE OF CONTENTS​​

| ​ | Report of Independent Registered Public Accounting Firm         | ​ | ​ | ​ | ​ | 27 | ​ | ​ |
|---------|-----------------------------------------------------------------|---------|---------|---------|---------|----|---------|---------|
| ​ | Consolidated Balance Sheets                                     | ​ | ​ | ​ | ​ | 28 | ​ | ​ |
| ​ | Consolidated Statements of Operations                           | ​ | ​ | ​ | ​ | 29 | ​ | ​ |
| ​ | Consolidated Statements of Stockholders’ Equity (Deficit) | ​ | ​ | ​ | ​ | 30 | ​ | ​ |
| ​ | Consolidated Statements of Cash Flows                           | ​ | ​ | ​ | ​ | 31 | ​ | ​ |
| ​ | Notes to Consolidated Financial Statements                      | ​ | ​ | ​ | ​ | 32 | ​ | ​ |

----

TABLE OF CONTENTS​

----

TABLE OF CONTENTS​

| ​                                                                                                                                    | ​ | ​ | As of December 31, | ​ |
|--------------------------------------------------------------------------------------------------------------------------------------------|---------|---------|-------------------------|---------|
| ​                                                                                                                                    | ​ | ​ | 2019                    | ​ | ​ | 2018 | ​ |
| Assets                                                                                                                                     | ​ | ​ | ​                 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
| Current assets                                                                                                                             | ​ | ​ | ​                 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
| Cash and cash equivalents                                                                                                                  | ​ | ​ | ​                 | $       | 3,113 | ​ | ​ | ​ | ​ | $ | 4,657 | ​ | ​ |
| Accounts receivable:                                                                                                                       | ​ | ​ | ​                 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
| Due from subscribers, net of allowance for doubtful accounts of  $209 and $577, respectively                                         | ​ | ​ | ​                 | ​ | 3,908 | ​ | ​ | ​ | ​ | ​ | 4,183 | ​ | ​ |
| Other                                                                                                                                      | ​ | ​ | ​                 | ​ | 1,905 | ​ | ​ | ​ | ​ | ​ | 1,899 | ​ | ​ |
| Materials and supplies                                                                                                                     | ​ | ​ | ​                 | ​ | 3,954 | ​ | ​ | ​ | ​ | ​ | 2,802 | ​ | ​ |
| Prepaid expenses                                                                                                                           | ​ | ​ | ​                 | ​ | 1,624 | ​ | ​ | ​ | ​ | ​ | 1,198 | ​ | ​ |
| Other assets                                                                                                                               | ​ | ​ | ​                 | ​ | 251 | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ |
| Total current assets                                                                                                                       | ​ | ​ | ​                 | ​ | 14,755 | ​ | ​ | ​ | ​ | ​ | 14,739 | ​ | ​ |
| Property and equipment, net                                                                                                                | ​ | ​ | ​                 | ​ | 57,284 | ​ | ​ | ​ | ​ | ​ | 52,073 | ​ | ​ |
| Goodwill                                                                                                                                   | ​ | ​ | ​                 | ​ | 44,976 | ​ | ​ | ​ | ​ | ​ | 44,976 | ​ | ​ |
| Intangible assets, net                                                                                                                     | ​ | ​ | ​                 | ​ | 530 | ​ | ​ | ​ | ​ | ​ | 919 | ​ | ​ |
| Operating lease right-of-use asset                                                                                                         | ​ | ​ | ​                 | ​ | 1,146 | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ |
| Investments                                                                                                                                | ​ | ​ | ​                 | ​ | 1,477 | ​ | ​ | ​ | ​ | ​ | 1,498 | ​ | ​ |
| Interest rate cap                                                                                                                          | ​ | ​ | ​                 | ​ | — | ​ | ​ | ​ | ​ | ​ | 4 | ​ | ​ |
| Other assets                                                                                                                               | ​ | ​ | ​                 | ​ | 577 | ​ | ​ | ​ | ​ | ​ | 143 | ​ | ​ |
| Total assets                                                                                                                               | ​ | ​ | ​                 | $       | 120,745 | ​ | ​ | ​ | ​ | $ | 114,352 | ​ | ​ |
| Liabilities and Stockholders’ Equity                                                                                                 | ​ | ​ | ​                 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
| Current liabilities                                                                                                                        | ​ | ​ | ​                 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
| Accounts payable                                                                                                                           | ​ | ​ | ​                 | $       | 1,525 | ​ | ​ | ​ | ​ | $ | 1,331 | ​ | ​ |
| Accrued expenses                                                                                                                           | ​ | ​ | ​                 | ​ | 4,861 | ​ | ​ | ​ | ​ | ​ | 5,054 | ​ | ​ |
| Advanced billings and payments                                                                                                             | ​ | ​ | ​                 | ​ | 1,618 | ​ | ​ | ​ | ​ | ​ | 1,614 | ​ | ​ |
| Customer deposits                                                                                                                          | ​ | ​ | ​                 | ​ | 44 | ​ | ​ | ​ | ​ | ​ | 48 | ​ | ​ |
| Current operating lease liability                                                                                                          | ​ | ​ | ​                 | ​ | 296 | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ |
| Current maturity of long-term notes payable, net of debt issuance costs                                                                    | ​ | ​ | ​                 | ​ | 3,929 | ​ | ​ | ​ | ​ | ​ | 3,904 | ​ | ​ |
| Total current liabilities                                                                                                                  | ​ | ​ | ​                 | ​ | 12,273 | ​ | ​ | ​ | ​ | ​ | 11,951 | ​ | ​ |
| Deferred income taxes                                                                                                                      | ​ | ​ | ​                 | ​ | 21,521 | ​ | ​ | ​ | ​ | ​ | 20,145 | ​ | ​ |
| Advanced billings and payments                                                                                                             | ​ | ​ | ​                 | ​ | 2,157 | ​ | ​ | ​ | ​ | ​ | 2,234 | ​ | ​ |
| Other liabilities                                                                                                                          | ​ | ​ | ​                 | ​ | 12 | ​ | ​ | ​ | ​ | ​ | 13 | ​ | ​ |
| Long-term operating lease liability                                                                                                        | ​ | ​ | ​                 | ​ | 850 | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ |
| Long-term notes payable, less current maturities and debt issuance costs                                                                   | ​ | ​ | ​                 | ​ | 65,172 | ​ | ​ | ​ | ​ | ​ | 69,107 | ​ | ​ |
| Total liabilities                                                                                                                          | ​ | ​ | ​                 | ​ | 101,985 | ​ | ​ | ​ | ​ | ​ | 103,450 | ​ | ​ |
| Stockholders’ equity                                                                                                                 | ​ | ​ | ​                 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
| Class A Common Stock, $.01 par value-authorized 10,00,000 shares; issued and outstanding 3,412,805 and 3,388,624 shares, respectively | ​ | ​ | ​                 | ​ | 34 | ​ | ​ | ​ | ​ | ​ | 34 | ​ | ​ |
| Additional paid in capital                                                                                                                 | ​ | ​ | ​                 | ​ | 4,275 | ​ | ​ | ​ | ​ | ​ | 4,213 | ​ | ​ |
| Retained earnings                                                                                                                          | ​ | ​ | ​                 | ​ | 14,451 | ​ | ​ | ​ | ​ | ​ | 6,655 | ​ | ​ |
| Total stockholders’ equity                                                                                                           | ​ | ​ | ​                 | ​ | 18,760 | ​ | ​ | ​ | ​ | ​ | 10,902 | ​ | ​ |
| Total liabilities and stockholders’ equity                                                                                           | ​ | ​ | ​                 | $       | 120,745 | ​ | ​ | ​ | ​ | $ | 114,352 | ​ | ​ |
| ​                                                                                                                                    |

----

TABLE OF CONTENTS​

| ​                                              | ​ | ​ | Years Ended December 31, | ​ |
|------------------------------------------------------|---------|---------|-------------------------------|---------|
| ​                                              | ​ | ​ | 2019                          | ​ | ​ | 2018 | ​ | ​ | 2017 | ​ |
| Revenues                                             | ​ | ​ | ​                       | $       | 62,766 | ​ | ​ | ​ | ​ | $ | 66,068 | ​ | ​ | ​ | ​ | $ | 68,526 | ​ | ​ |
| Operating expenses                                   | ​ | ​ | ​                       | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
| Cost of services                                     | ​ | ​ | ​                       | ​ | 30,075 | ​ | ​ | ​ | ​ | ​ | 30,592 | ​ | ​ | ​ | ​ | ​ | 31,395 | ​ | ​ |
| Selling, general and administrative expenses         | ​ | ​ | ​                       | ​ | 10,204 | ​ | ​ | ​ | ​ | ​ | 10,451 | ​ | ​ | ​ | ​ | ​ | 10,147 | ​ | ​ |
| Depreciation and amortization                        | ​ | ​ | ​                       | ​ | 7,643 | ​ | ​ | ​ | ​ | ​ | 7,232 | ​ | ​ | ​ | ​ | ​ | 7,377 | ​ | ​ |
| Total operating expenses                             | ​ | ​ | ​                       | ​ | 47,922 | ​ | ​ | ​ | ​ | ​ | 48,275 | ​ | ​ | ​ | ​ | ​ | 48,919 | ​ | ​ |
| Income from operations                               | ​ | ​ | ​                       | ​ | 14,844 | ​ | ​ | ​ | ​ | ​ | 17,793 | ​ | ​ | ​ | ​ | ​ | 19,607 | ​ | ​ |
| Other income (expense)                               | ​ | ​ | ​                       | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
| Interest expense                                     | ​ | ​ | ​                       | ​ | (5,271) | ​ | ​ | ​ | ​ | ​ | (5,844) | ​ | ​ | ​ | ​ | ​ | (13,249) | ​ | ​ |
| Loss on debt prepayment penalty                      | ​ | ​ | ​                       | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | (2,303) | ​ | ​ |
| Other income                                         | ​ | ​ | ​                       | ​ | 616 | ​ | ​ | ​ | ​ | ​ | 263 | ​ | ​ | ​ | ​ | ​ | 204 | ​ | ​ |
| Total other expense                                  | ​ | ​ | ​                       | ​ | (4,655) | ​ | ​ | ​ | ​ | ​ | (5,581) | ​ | ​ | ​ | ​ | ​ | (15,348) | ​ | ​ |
| Income before income tax (expense) benefit           | ​ | ​ | ​                       | ​ | 10,189 | ​ | ​ | ​ | ​ | ​ | 12,212 | ​ | ​ | ​ | ​ | ​ | 4,259 | ​ | ​ |
| Income tax (expense) benefit                         | ​ | ​ | ​                       | ​ | (2,393) | ​ | ​ | ​ | ​ | ​ | (2,745) | ​ | ​ | ​ | ​ | ​ | 7,856 | ​ | ​ |
| Net income                                           | ​ | ​ | ​                       | $       | 7,796 | ​ | ​ | ​ | ​ | $ | 9,467 | ​ | ​ | ​ | ​ | $ | 12,115 | ​ | ​ |
| Weighted average number of common shares outstanding | ​ | ​ | ​                       | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
| Basic                                                | ​ | ​ | ​                       | ​ | 3,412,805 | ​ | ​ | ​ | ​ | ​ | 3,388,624 | ​ | ​ | ​ | ​ | ​ | 3,346,689 | ​ | ​ |
| Diluted                                              | ​ | ​ | ​                       | ​ | 3,430,453 | ​ | ​ | ​ | ​ | ​ | 3,434,862 | ​ | ​ | ​ | ​ | ​ | 3,445,632 | ​ | ​ |
| Basic net income per common share                    | ​ | ​ | ​                       | $       | 2.28 | ​ | ​ | ​ | ​ | $ | 2.79 | ​ | ​ | ​ | ​ | $ | 3.62 | ​ | ​ |
| Diluted net income per common share                  | ​ | ​ | ​                       | $       | 2.27 | ​ | ​ | ​ | ​ | $ | 2.76 | ​ | ​ | ​ | ​ | $ | 3.52 | ​ | ​ |

----

TABLE OF CONTENTS​

| ​                                                                     | ​ | ​ | Class A Common Stock | ​ | ​   | Class B Common Stock | ​ | ​ | Additional Paid-In Capital | ​ | ​ | (Accumulated Deficit)/RetainedEarnings | ​ | ​ | Total Stockholders’ (Deficit) Equity | ​ |
|-----------------------------------------------------------------------------|---------|---------|---------------------------|---------|-----------|---------------------------|---------|---------|----------------------------|---------|---------|----------------------------------------|---------|---------|--------------------------------------------|---------|
| ​                                                                     | ​ | ​ | Shares                    | ​ | ​   | Amount                    | ​ | ​ | Shares                     | ​ | ​ | Amount                                 | ​ |
| Balance, December 31, 2016                                             | ​ | ​ | ​                   | ​ | 3,291,750 | ​                   | ​ | ​ | ​                    | $       | 33      | ​                                | ​ | ​ | ​                                    | ​ | — | ​ | ​ | ​ | ​ | $ |    — | ​ | ​ | ​ | ​ | $ | 4,186 | ​ | ​ | ​ | ​ | $ | (14,927) | ​ | ​ | ​ | ​ | $ | (10,708) | ​ | ​ |
| Net income                                                                  | ​ | ​ | ​                   | ​ | ​   | ​                   | ​ | ​ | ​                    | ​ | ​ | ​                                | ​ | ​ | ​                                    | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 12,115 | ​ | ​ | ​ | ​ | ​ | 12,115 | ​ | ​ |
| Stock-based compensation expense                                            | ​ | ​ | ​                   | ​ | ​   | ​                   | ​ | ​ | ​                    | ​ | ​ | ​                                | ​ | ​ | ​                                    | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 308 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 308 | ​ | ​ |
| Tax withholding paid on behalf of employees for restricted stock units | ​ | ​ | ​                   | ​ | ​   | ​                   | ​ | ​ | ​                    | ​ | ​ | ​                                | ​ | ​ | ​                                    | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | (209) | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | (209) | ​ | ​ |
| Issuance of Class A Stock                                              | ​ | ​ | ​                   | ​ | 54,939    | ​                   | ​ | ​ | ​                    | ​ | 1       | ​                                | ​ | ​ | ​                                    | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 1 | ​ | ​ |
| Balance, December 31, 2017                                             | ​ | ​ | ​                   | ​ | 3,346,689 | ​                   | ​ | ​ | ​                    | $       | 34      | ​                                | ​ | ​ | ​                                    | ​ | — | ​ | ​ | ​ | ​ | $ | — | ​ | ​ | ​ | ​ | $ | 4,285 | ​ | ​ | ​ | ​ | $ | (2,812) | ​ | ​ | ​ | ​ | $ | 1,507 | ​ | ​ |
| Net income                                                                  | ​ | ​ | ​                   | ​ | ​   | ​                   | ​ | ​ | ​                    | ​ | ​ | ​                                | ​ | ​ | ​                                    | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 9,467 | ​ | ​ | ​ | ​ | ​ | 9,467 | ​ | ​ |
| Stock-based compensation expense                                            | ​ | ​ | ​                   | ​ | ​   | ​                   | ​ | ​ | ​                    | ​ | ​ | ​                                | ​ | ​ | ​                                    | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 308 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 308 | ​ | ​ |
| Tax withholding paid on behalf of employees for restricted stock units | ​ | ​ | ​                   | ​ | ​   | ​                   | ​ | ​ | ​                    | ​ | ​ | ​                                | ​ | ​ | ​                                    | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | (380) | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | (380) | ​ | ​ |
| Issuance of Class A Stock                                              | ​ | ​ | ​                   | ​ | 41,935    | ​                   | ​ | ​ | ​                    | ​ | — | ​                                | ​ | ​ | ​                                    | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ |
| Balance, December 31, 2018                                             | ​ | ​ | ​                   | ​ | 3,388,624 | ​                   | ​ | ​ | ​                    | $       | 34      | ​                                | ​ | ​ | ​                                    | ​ | — | ​ | ​ | ​ | ​ | $ | — | ​ | ​ | ​ | ​ | $ | 4,213 | ​ | ​ | ​ | ​ | $ | 6,655 | ​ | ​ | ​ | ​ | $ | 10,902 | ​ | ​ |
| Net income                                                                  | ​ | ​ | ​                   | ​ | ​   | ​                   | ​ | ​ | ​                    | ​ | ​ | ​                                | ​ | ​ | ​                                    | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 7,796 | ​ | ​ | ​ | ​ | ​ | 7,796 | ​ | ​ |
| Stock-based compensation expense                                            | ​ | ​ | ​                   | ​ | ​   | ​                   | ​ | ​ | ​                    | ​ | ​ | ​                                | ​ | ​ | ​                                    | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 254 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 254 | ​ | ​ |
| Tax withholding paid on behalf of employees for restricted stock units | ​ | ​ | ​                   | ​ | ​   | ​                   | ​ | ​ | ​                    | ​ | ​ | ​                                | ​ | ​ | ​                                    | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | (192) | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | (192) | ​ | ​ |
| Issuance of Class A Stock                                              | ​ | ​ | ​                   | ​ | 24,181    | ​                   | ​ | ​ | ​                    | ​ | — | ​                                | ​ | ​ | ​                                    | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ |
| Balance, December 31, 2019                                             | ​ | ​ | ​                   | ​ | 3,412,805 | ​                   | ​ | ​ | ​                    | $       | 34      | ​                                | ​ | ​ | ​                                    | ​ | — | ​ | ​ | ​ | ​ | $ | — | ​ | ​ | ​ | ​ | $ | 4,275 | ​ | ​ | ​ | ​ | $ | 14,451 | ​ | ​ | ​ | ​ | $ | 18,760 | ​ | ​ |

----

TABLE OF CONTENTS​

| ​                                                                             | ​ | ​ | Years Ended December 31, | ​ |
|-------------------------------------------------------------------------------------|---------|---------|-------------------------------|---------|
| ​                                                                             | ​ | ​ | 2019                          | ​ | ​ | 2018 | ​ | ​ | 2017 | ​ |
| Cash flows from operating activities:                                               | ​ | ​ | ​                       | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
| Net income                                                                          | ​ | ​ | ​                       | $       | 7,796 | ​ | ​ | ​ | ​ | $ | 9,467 | ​ | ​ | ​ | ​ | $ | 12,115 | ​ | ​ |
| Adjustments to reconcile net income to cash flows provided by operating activities: | ​ | ​ | ​                       | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
| Depreciation                                                                        | ​ | ​ | ​                       | ​ | 7,344 | ​ | ​ | ​ | ​ | ​ | 6,906 | ​ | ​ | ​ | ​ | ​ | 7,001 | ​ | ​ |
| Amortization                                                                        | ​ | ​ | ​                       | ​ | 299 | ​ | ​ | ​ | ​ | ​ | 326 | ​ | ​ | ​ | ​ | ​ | 376 | ​ | ​ |
| Amortization of loan costs                                                          | ​ | ​ | ​                       | ​ | 452 | ​ | ​ | ​ | ​ | ​ | 476 | ​ | ​ | ​ | ​ | ​ | 4,823 | ​ | ​ |
| Non-cash lease amortization                                                         | ​ | ​ | ​                       | ​ | 265 | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ |
| Loss on debt prepayment penalty                                                     | ​ | ​ | ​                       | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | 2,303 | ​ | ​ |
| Provision (benefit) for deferred income taxes                                       | ​ | ​ | ​                       | ​ | 1,308 | ​ | ​ | ​ | ​ | ​ | 1,062 | ​ | ​ | ​ | ​ | ​ | (9,393) | ​ | ​ |
| Excess tax benefit from stock-based compensation                                    | ​ | ​ | ​                       | ​ | 68 | ​ | ​ | ​ | ​ | ​ | 144 | ​ | ​ | ​ | ​ | ​ | 52 | ​ | ​ |
| Provision for uncollectible accounts receivable                                     | ​ | ​ | ​                       | ​ | 214 | ​ | ​ | ​ | ​ | ​ | 553 | ​ | ​ | ​ | ​ | ​ | 357 | ​ | ​ |
| Stock-based compensation                                                            | ​ | ​ | ​                       | ​ | 254 | ​ | ​ | ​ | ​ | ​ | 308 | ​ | ​ | ​ | ​ | ​ | 308 | ​ | ​ |
| Payment in kind interest – subordinated debt                      | ​ | ​ | ​                       | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | 266 | ​ | ​ |
| Changes in operating assets and liabilities                                         | ​ | ​ | ​                       | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
| Accounts receivable                                                                 | ​ | ​ | ​                       | ​ | (196) | ​ | ​ | ​ | ​ | ​ | (113) | ​ | ​ | ​ | ​ | ​ | (316) | ​ | ​ |
| Materials and supplies                                                              | ​ | ​ | ​                       | ​ | (1,152) | ​ | ​ | ​ | ​ | ​ | (102) | ​ | ​ | ​ | ​ | ​ | (516) | ​ | ​ |
| Prepaid expenses and other assets                                                   | ​ | ​ | ​                       | ​ | (860) | ​ | ​ | ​ | ​ | ​ | 1,982 | ​ | ​ | ​ | ​ | ​ | (189) | ​ | ​ |
| Accounts payable and accrued expenses                                               | ​ | ​ | ​                       | ​ | 1 | ​ | ​ | ​ | ​ | ​ | (37) | ​ | ​ | ​ | ​ | ​ | 215 | ​ | ​ |
| Advanced billings and payments                                                      | ​ | ​ | ​                       | ​ | (73) | ​ | ​ | ​ | ​ | ​ | (203) | ​ | ​ | ​ | ​ | ​ | 577 | ​ | ​ |
| Other liabilities                                                                   | ​ | ​ | ​                       | ​ | (270) | ​ | ​ | ​ | ​ | ​ | (9) | ​ | ​ | ​ | ​ | ​ | (17) | ​ | ​ |
| Net cash from operating activities                                                  | ​ | ​ | ​                       | ​ | 15,450 | ​ | ​ | ​ | ​ | ​ | 20,760 | ​ | ​ | ​ | ​ | ​ | 17,962 | ​ | ​ |
| Cash flows used in investing activities:                                            | ​ | ​ | ​                       | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
| Acquisition and construction of property and equipment                              | ​ | ​ | ​                       | ​ | (12,440) | ​ | ​ | ​ | ​ | ​ | (7,983) | ​ | ​ | ​ | ​ | ​ | (8,510) | ​ | ​ |
| Retirement of investment                                                            | ​ | ​ | ​                       | ​ | (4) | ​ | ​ | ​ | ​ | ​ | (11) | ​ | ​ | ​ | ​ | ​ | (1) | ​ | ​ |
| Net cash used in investing activities                                               | ​ | ​ | ​                       | ​ | (12,444) | ​ | ​ | ​ | ​ | ​ | (7,994) | ​ | ​ | ​ | ​ | ​ | (8,511) | ​ | ​ |
| Cash flows used in financing activities:                                            | ​ | ​ | ​                       | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
| Loan origination costs                                                              | ​ | ​ | ​                       | ​ | (12) | ​ | ​ | ​ | ​ | ​ | (64) | ​ | ​ | ​ | ​ | ​ | (2,144) | ​ | ​ |
| Principal repayment of long-term notes payable                                      | ​ | ​ | ​                       | ​ | (4,350) | ​ | ​ | ​ | ​ | ​ | (11,350) | ​ | ​ | ​ | ​ | ​ | (98,927) | ​ | ​ |
| Proceeds from loan refinancing                                                      | ​ | ​ | ​                       | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | 87,000 | ​ | ​ |
| Debt prepayment penalty fees                                                        | ​ | ​ | ​                       | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | (2,303) | ​ | ​ |
| Interest rate cap                                                                   | ​ | ​ | ​                       | ​ | 4 | ​ | ​ | ​ | ​ | ​ | (4) | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ |
| CoBank equity account retirement                                                    | ​ | ​ | ​                       | ​ | — | ​ | ​ | ​ | ​ | ​ | 119 | ​ | ​ | ​ | ​ | ​ | 164 | ​ | ​ |
| Tax withholding paid on behalf of employees for restricted stock units         | ​ | ​ | ​                       | ​ | (192) | ​ | ​ | ​ | ​ | ​ | (380) | ​ | ​ | ​ | ​ | ​ | (209) | ​ | ​ |
| Net cash used in financing activities                                               | ​ | ​ | ​                       | ​ | (4,550) | ​ | ​ | ​ | ​ | ​ | (11,679) | ​ | ​ | ​ | ​ | ​ | (16,419) | ​ | ​ |
| Net (decrease) increase in cash and cash equivalents                                | ​ | ​ | ​                       | ​ | (1,544) | ​ | ​ | ​ | ​ | ​ | 1,087 | ​ | ​ | ​ | ​ | ​ | (6,968) | ​ | ​ |
| Cash and cash equivalents, beginning of period                                      | ​ | ​ | ​                       | ​ | 4,657 | ​ | ​ | ​ | ​ | ​ | 3,570 | ​ | ​ | ​ | ​ | ​ | 10,538 | ​ | ​ |
| Cash and cash equivalents, end of period                                            | ​ | ​ | ​                       | $       | 3,113 | ​ | ​ | ​ | ​ | $ | 4,657 | ​ | ​ | ​ | ​ | $ | 3,570 | ​ | ​ |
| Supplemental disclosures of cash flow information:                                  | ​ | ​ | ​                       | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
| Interest paid                                                                       | ​ | ​ | ​                       | $       | 4,834 | ​ | ​ | ​ | ​ | $ | 5,383 | ​ | ​ | ​ | ​ | $ | 9,287 | ​ | ​ |
| Income taxes paid (refunded)                                                        | ​ | ​ | ​                       | $       | 1,993 | ​ | ​ | ​ | ​ | $ | (502) | ​ | ​ | ​ | ​ | $ | 1,802 | ​ | ​ |
| Issuance of Class A common stock                                               | ​ | ​ | ​                       | $       | — | ​ | ​ | ​ | ​ | $ | — | ​ | ​ | ​ | ​ | $ | 1 | ​ | ​ |

----

TABLE OF CONTENTS​

----

TABLE OF CONTENTS

----

TABLE OF CONTENTS

----

TABLE OF CONTENTS

----

TABLE OF CONTENTS

----

TABLE OF CONTENTS

----

TABLE OF CONTENTS

----

TABLE OF CONTENTS

----

TABLE OF CONTENTS

----

TABLE OF CONTENTS

| ​                | ​ | ​ | December 31, 2018 | ​ |
|------------------------|---------|---------|------------------------|---------|
| ​                | ​ | ​ | CarryingValue          | ​ | ​ | AccumulatedAmortization | ​ | ​ | Net Book Value | ​ |
| Customer relationships | ​ | ​ | ​                | $       | 24,025 | ​ | ​ | ​ | ​ | $ | (23,110) | ​ | ​ | ​ | ​ | $ | 915 | ​ | ​ |
| Contract relationships | ​ | ​ | ​                | ​ | 19,600 | ​ | ​ | ​ | ​ | ​ | (19,600) | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ |
| Non-competition        | ​ | ​ | ​                | ​ | 107 | ​ | ​ | ​ | ​ | ​ | (107) | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ |
| Trade name             | ​ | ​ | ​                | ​ | 23 | ​ | ​ | ​ | ​ | ​ | (19) | ​ | ​ | ​ | ​ | ​ | 4 | ​ | ​ |
| Total                  | ​ | ​ | ​                | $       | 43,755 | ​ | ​ | ​ | ​ | $ | (42,836) | ​ | ​ | ​ | ​ | $ | 919 | ​ | ​ |
| ​                |
| ​                | ​ | ​ | December 31, 2019 | ​ |
|------------------------|---------|---------|------------------------|---------|
| ​                | ​ | ​ | CarryingValue          | ​ | ​ | AccumulatedAmortization | ​ | ​ | Net Book Value | ​ |
| Customer relationships | ​ | ​ | ​                | $       | 24,025 | ​ | ​ | ​ | ​ | $ | (23,497) | ​ | ​ | ​ | ​ | $ | 528 | ​ | ​ |
| Contract relationships | ​ | ​ | ​                | ​ | 19,600 | ​ | ​ | ​ | ​ | ​ | (19,600) | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ |
| Non-competition        | ​ | ​ | ​                | ​ | 107 | ​ | ​ | ​ | ​ | ​ | (107) | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ |
| Trade name             | ​ | ​ | ​                | ​ | 23 | ​ | ​ | ​ | ​ | ​ | (21) | ​ | ​ | ​ | ​ | ​ | 2 | ​ | ​ |
| Total                  | ​ | ​ | ​                | $       | 43,755 | ​ | ​ | ​ | ​ | $ | (43,225) | ​ | ​ | ​ | ​ | $ | 530 | ​ | ​ |
| ​ | Aggregate amortization expense for the years ended December 31, | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
|---------|---------------------------------------------------------------------------|---------|---------|---------|---------|---------|---------|---------|
| ​ | 2017                                                                      | ​ | ​ | ​ | $       | 458     | ​ | ​ |
| ​ | 2018                                                                      | ​ | ​ | ​ | $       | 408     | ​ | ​ |
| ​ | 2019                                                                      | ​ | ​ | ​ | $       | 389     | ​ | ​ |
| ​ | Expected amortization expense for the years ending December 31, | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
| ​ | 2020                                                                      | ​ | ​ | ​ | $       | 372     | ​ | ​ |
| ​ | 2021                                                                      | ​ | ​ | ​ | ​ | 158     | ​ | ​ |
| ​ | Total                                                                     | ​ | ​ | ​ | $       | 530     | ​ | ​ |
| ​ |

----

TABLE OF CONTENTS

| ​                                   | ​ | ​ | EstimatedLife             | ​ | ​ | December 31, | ​ |
|-------------------------------------------|---------|---------|---------------------------|---------|---------|-------------------|---------|
| ​                                   | ​ | ​ | 2019                      | ​ | ​ | 2018              | ​ |
| Land                                      | ​ | ​ | ​                   | ​ | ​ | ​           | $       | 1,164 | ​ | ​ | ​ | ​ | $ | 1,164 | ​ | ​ |
| Building and improvements                 | ​ | ​ | 20 – 40 | ​ | ​ | ​           | ​ | 13,358 | ​ | ​ | ​ | ​ | ​ | 13,197 | ​ | ​ |
| Telephone equipment                       | ​ | ​ | 6 – 20  | ​ | ​ | ​           | ​ | 246,692 | ​ | ​ | ​ | ​ | ​ | 236,741 | ​ | ​ |
| Cable television equipment                | ​ | ​ | 7                         | ​ | ​ | ​           | ​ | 13,258 | ​ | ​ | ​ | ​ | ​ | 12,627 | ​ | ​ |
| Furniture and equipment                   | ​ | ​ | 8 – 14  | ​ | ​ | ​           | ​ | 3,082 | ​ | ​ | ​ | ​ | ​ | 3,066 | ​ | ​ |
| Vehicles                                  | ​ | ​ | 7 – 9   | ​ | ​ | ​           | ​ | 6,961 | ​ | ​ | ​ | ​ | ​ | 6,906 | ​ | ​ |
| Computer software equipment               | ​ | ​ | 5 – 7   | ​ | ​ | ​           | ​ | 20,132 | ​ | ​ | ​ | ​ | ​ | 19,835 | ​ | ​ |
| Internet equipment                        | ​ | ​ | 5                         | ​ | ​ | ​           | ​ | 11,196 | ​ | ​ | ​ | ​ | ​ | 10,521 | ​ | ​ |
| Total property and equipment              | ​ | ​ | ​                   | ​ | ​ | ​           | ​ | 315,843 | ​ | ​ | ​ | ​ | ​ | 304,057 | ​ | ​ |
| Accumulated depreciation and amortization | ​ | ​ | ​                   | ​ | ​ | ​           | ​ | (258,559) | ​ | ​ | ​ | ​ | ​ | (251,984) | ​ | ​ |
| Net property and equipment                | ​ | ​ | ​                   | ​ | ​ | ​           | $       | 57,284 | ​ | ​ | ​ | ​ | $ | 52,073 | ​ | ​ |
| ​                                          | ​ | ​ | December 31, | ​ |
|--------------------------------------------------|---------|---------|-------------------|---------|
| ​                                          | ​ | ​ | 2019              | ​ | ​ | 2018 | ​ |
| Carrier access bills receivable                  | ​ | ​ | ​           | $       | 235 | ​ | ​ | ​ | ​ | $ | 277 | ​ | ​ |
| National Exchange Carrier Association receivable | ​ | ​ | ​           | ​ | 1,257 | ​ | ​ | ​ | ​ | ​ | 1,295 | ​ | ​ |
| Receivables from Alabama Service Fund            | ​ | ​ | ​           | ​ | 40 | ​ | ​ | ​ | ​ | ​ | 53 | ​ | ​ |
| Other miscellaneous                              | ​ | ​ | ​           | ​ | 373 | ​ | ​ | ​ | ​ | ​ | 274 | ​ | ​ |
| ​                                          | ​ | ​ | ​           | $       | 1,905 | ​ | ​ | ​ | ​ | $ | 1,899 | ​ | ​ |
| ​                    | ​ | ​ | December 31, | ​ |
|----------------------------|---------|---------|-------------------|---------|
| ​                    | ​ | ​ | 2019              | ​ | ​ | 2018 | ​ |
| Investment in CoBank stock | ​ | ​ | ​           | $       | 1,192 | ​ | ​ | ​ | ​ | $ | 1,192 | ​ | ​ |
| Rental property            | ​ | ​ | ​           | ​ | 194 | ​ | ​ | ​ | ​ | ​ | 219 | ​ | ​ |
| Other miscellaneous        | ​ | ​ | ​           | ​ | 91 | ​ | ​ | ​ | ​ | ​ | 87 | ​ | ​ |
| ​                    | ​ | ​ | ​           | $       | 1,477 | ​ | ​ | ​ | ​ | $ | 1,498 | ​ | ​ |

----

TABLE OF CONTENTS

| ​                                                                                                                                                                                                                                                                                                                                                    | ​ | ​ | Current | ​ | ​ | Long-term | ​ | ​ | December 31, 2019 | ​ | ​ | December 31, 2018 | ​ |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------|---------|---------|---------|---------|-----------|---------|---------|------------------------|---------|---------|------------------------|---------|
| New Credit Facility with CoBank, ACB; variable interest rate of 5.95% and 6.77% at December 31, 2019 and 2018, respectively. Interest is quarterly and paid in arrears on the last business day of each quarter. The New Credit Facility is secured by the total assets of the subsidiary guarantors. The unpaid balance is dueNovember 3, 2022. | ​ | ​ | ​ | $       | 4,350   | ​   | ​ | ​ | ​                | $       | 65,862  | ​                | ​ | ​ | ​ | $ | 70,212 | ​ | ​ | ​ | ​ | $ | 74,562 | ​ | ​ |
| Debt issuance cost                                                                                                                                                                                                                                                                                                                                         | ​ | ​ | ​ | ​ | (421)   | ​   | ​ | ​ | ​                | ​ | (690)   | ​                | ​ | ​ | ​ | ​ | (1,111) | ​ | ​ | ​ | ​ | ​ | (1,551) | ​ | ​ |
| Notes payable, net of debt issuance cost                                                                                                                                                                                                                                                                                                                   | ​ | ​ | ​ | $       | 3,929   | ​   | ​ | ​ | ​                | $       | 65,172  | ​                | ​ | ​ | ​ | $ | 69,101 | ​ | ​ | ​ | ​ | $ | 73,011 | ​ | ​ |

----

TABLE OF CONTENTS

| ​ | 2020  | ​ | ​ | ​ | $       | 4,350   | ​ | ​ |
|---------|-------|---------|---------|---------|---------|---------|---------|---------|
| ​ | 2021  | ​ | ​ | ​ | ​ | 4,350   | ​ | ​ |
| ​ | 2022  | ​ | ​ | ​ | ​ | 61,512  | ​ | ​ |
| ​ | 2023  | ​ | ​ | ​ | ​ | — | ​ | ​ |
| ​ | Total | ​ | ​ | ​ | $       | 70,212  | ​ | ​ |
| ​                             | ​ | ​ | For the Years Ended December 31, | ​ |
|-------------------------------------|---------|---------|---------------------------------------|---------|
| ​                             | ​ | ​ | 2019                                  | ​ | ​ | 2018 | ​ | ​ | 2017 | ​ |
| Federal income taxes                | ​ | ​ | ​                               | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
| Current                             | ​ | ​ | ​                               | $       | 443 | ​ | ​ | ​ | ​ | $ | 1,036 | ​ | ​ | ​ | ​ | $ | 1,201 | ​ | ​ |
| Deferred                            | ​ | ​ | ​                               | ​ | 1,717 | ​ | ​ | ​ | ​ | ​ | 898 | ​ | ​ | ​ | ​ | ​ | (9,332) | ​ | ​ |
| Total federal tax expense (benefit) | ​ | ​ | ​                               | ​ | 2,160 | ​ | ​ | ​ | ​ | ​ | 1,934 | ​ | ​ | ​ | ​ | ​ | (8,131) | ​ | ​ |
| State income taxes                  | ​ | ​ | ​                               | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
| Current                             | ​ | ​ | ​                               | ​ | 574 | ​ | ​ | ​ | ​ | ​ | 503 | ​ | ​ | ​ | ​ | ​ | 284 | ​ | ​ |
| Deferred                            | ​ | ​ | ​                               | ​ | (341) | ​ | ​ | ​ | ​ | ​ | 308 | ​ | ​ | ​ | ​ | ​ | (9) | ​ | ​ |
| Total state tax expense             | ​ | ​ | ​                               | ​ | 233 | ​ | ​ | ​ | ​ | ​ | 811 | ​ | ​ | ​ | ​ | ​ | 275 | ​ | ​ |
| Total income tax expense (benefit)  | ​ | ​ | ​                               | $       | 2,393 | ​ | ​ | ​ | ​ | $ | 2,745 | ​ | ​ | ​ | ​ | $ | (7,856) | ​ | ​ |

----

TABLE OF CONTENTS

| ​                        | ​ | ​ | December 31, | ​ |
|--------------------------------|---------|---------|-------------------|---------|
| ​                        | ​ | ​ | 2019              | ​ | ​ | 2018 | ​ |
| Deferred tax liabilities:      | ​ | ​ | ​           | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
| Amortization                   | ​ | ​ | ​           | $       | (11,133) | ​ | ​ | ​ | ​ | $ | (10,947) | ​ | ​ |
| Depreciation                   | ​ | ​ | ​           | ​ | (10,934) | ​ | ​ | ​ | ​ | ​ | (9,978) | ​ | ​ |
| Lease asset                    | ​ | ​ | ​           | ​ | (306) | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ |
| Prepaid expense                | ​ | ​ | ​           | ​ | (506) | ​ | ​ | ​ | ​ | ​ | (357) | ​ | ​ |
| Other                          | ​ | ​ | ​           | ​ | (8) | ​ | ​ | ​ | ​ | ​ | (8) | ​ | ​ |
| Total deferred tax liabilities | ​ | ​ | ​           | $       | (22,887) | ​ | ​ | ​ | ​ | $ | (21,290) | ​ | ​ |
| Deferred tax assets:           | ​ | ​ | ​           | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
| Deferred compensation          | ​ | ​ | ​           | $       | 147 | ​ | ​ | ​ | ​ | $ | 142 | ​ | ​ |
| Advance payments               | ​ | ​ | ​           | ​ | 597 | ​ | ​ | ​ | ​ | ​ | 612 | ​ | ​ |
| Lease liability                | ​ | ​ | ​           | ​ | 306 | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ |
| Bad debt                       | ​ | ​ | ​           | ​ | 77 | ​ | ​ | ​ | ​ | ​ | 145 | ​ | ​ |
| Other                          | ​ | ​ | ​           | ​ | 239 | ​ | ​ | ​ | ​ | ​ | 246 | ​ | ​ |
| Total deferred tax assets      | ​ | ​ | ​           | $       | 1,366 | ​ | ​ | ​ | ​ | $ | 1,145 | ​ | ​ |
| ​                                                       | ​ | ​ | For the Years Ended December 31, | ​ |
|---------------------------------------------------------------|---------|---------|---------------------------------------|---------|
| ​                                                       | ​ | ​ | 2019                                  | ​ | ​ | 2018 | ​ | ​ | 2017 | ​ |
| Federal income tax at statutory rate                          | ​ | ​ | ​                               | ​ | 21% | ​ | ​ | ​ | ​ | ​ | 21% | ​ | ​ | ​ | ​ | ​ | 35% | ​ | ​ |
| Federal income tax provision at statutory rate                | ​ | ​ | ​                               | $       | 2,140 | ​ | ​ | ​ | ​ | $ | 2,565 | ​ | ​ | ​ | ​ | $ | 1,491 | ​ | ​ |
| State income tax provision, net of federal income tax effects | ​ | ​ | ​                               | ​ | 548 | ​ | ​ | ​ | ​ | ​ | 641 | ​ | ​ | ​ | ​ | ​ | 177 | ​ | ​ |
| Federal tax rate change                                       | ​ | ​ | ​                               | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | (9,336) | ​ | ​ |
| Adjustments for prior years                              | ​ | ​ | ​                               | ​ | (222) | ​ | ​ | ​ | ​ | ​ | (302) | ​ | ​ | ​ | ​ | ​ | (121) | ​ | ​ |
| Other                                                         | ​ | ​ | ​                               | ​ | (73) | ​ | ​ | ​ | ​ | ​ | (159) | ​ | ​ | ​ | ​ | ​ | (67) | ​ | ​ |
| Provision (benefit) for income taxes                          | ​ | ​ | ​                               | $       | 2,393 | ​ | ​ | ​ | ​ | $ | 2,745 | ​ | ​ | ​ | ​ | $ | (7,856) | ​ | ​ |
| Effective income tax rate                                     | ​ | ​ | ​                               | ​ | 23.5% | ​ | ​ | ​ | ​ | ​ | 22.5% | ​ | ​ | ​ | ​ | ​ | (184.5)% | ​ | ​ |

----

TABLE OF CONTENTS

| ​                                                                                          | ​ | ​ | For the Years Ended December 31, | ​ |
|--------------------------------------------------------------------------------------------------|---------|---------|---------------------------------------|---------|
| ​                                                                                          | ​ | ​ | 2019                                  | ​ | ​ | 2018 | ​ | ​ | 2017 | ​ |
| Weighted average number of common shares outstanding – basic                   | ​ | ​ | ​                               | ​ | 3,412,805 | ​ | ​ | ​ | ​ | ​ | 3,388,624 | ​ | ​ | ​ | ​ | ​ | 3,346,689 | ​ | ​ |
| Effect of dilutive securities                                                                    | ​ | ​ | ​                               | ​ | 17,648 | ​ | ​ | ​ | ​ | ​ | 46,238 | ​ | ​ | ​ | ​ | ​ | 98,943 | ​ | ​ |
| Weighted average number of common shares and potential common shares – diluted | ​ | ​ | ​                               | ​ | 3,430,453 | ​ | ​ | ​ | ​ | ​ | 3,434,862 | ​ | ​ | ​ | ​ | ​ | 3,445,632 | ​ | ​ |
| Net income                                                                                       | ​ | ​ | ​                               | $       | 7,796 | ​ | ​ | ​ | ​ | $ | 9,467 | ​ | ​ | ​ | ​ | $ | 12,115 | ​ | ​ |
| Net income per common share – basic                                            | ​ | ​ | ​                               | $       | 2.28 | ​ | ​ | ​ | ​ | $ | 2.79 | ​ | ​ | ​ | ​ | $ | 3.62 | ​ | ​ |
| Net income per common share – diluted                                          | ​ | ​ | ​                               | $       | 2.27 | ​ | ​ | ​ | ​ | $ | 2.76 | ​ | ​ | ​ | ​ | $ | 3.52 | ​ | ​ |

----

TABLE OF CONTENTS

| ​            | ​ | ​ | For the Years EndedDecember 31, | ​ |
|--------------------|---------|---------|--------------------------------------|---------|
| ​            | ​ | ​ | 2019                                 | ​ | ​ | 2018 | ​ |
| Local services     | ​ | ​ | ​                              | $       | 19,313 | ​ | ​ | ​ | ​ | $ | 20,948 | ​ | ​ |
| Network access     | ​ | ​ | ​                              | ​ | 21,210 | ​ | ​ | ​ | ​ | ​ | 21,662 | ​ | ​ |
| Internet           | ​ | ​ | ​                              | ​ | 14,646 | ​ | ​ | ​ | ​ | ​ | 15,221 | ​ | ​ |
| Transport services | ​ | ​ | ​                              | ​ | 4,236 | ​ | ​ | ​ | ​ | ​ | 4,774 | ​ | ​ |
| Video and security | ​ | ​ | ​                              | ​ | 2,735 | ​ | ​ | ​ | ​ | ​ | 2,824 | ​ | ​ |
| Managed services   | ​ | ​ | ​                              | ​ | 626 | ​ | ​ | ​ | ​ | ​ | 639 | ​ | ​ |
| Total revenues     | ​ | ​ | ​                              | $       | 62,766 | ​ | ​ | ​ | ​ | $ | 66,068 | ​ | ​ |
| ​                                 | ​ | ​ | For the Years EndedDecember 31, | ​ |
|-----------------------------------------|---------|---------|--------------------------------------|---------|
| ​                                 | ​ | ​ | 2019                                 | ​ | ​ | 2018 | ​ |
| Local services                          | ​ | ​ | ​                              | $       | 19,313 | ​ | ​ | ​ | ​ | $ | 20,948 | ​ | ​ |
| Network access                          | ​ | ​ | ​                              | ​ | 4,283 | ​ | ​ | ​ | ​ | ​ | 4,643 | ​ | ​ |
| Internet                                | ​ | ​ | ​                              | ​ | 14,646 | ​ | ​ | ​ | ​ | ​ | 15,221 | ​ | ​ |
| Transport services                      | ​ | ​ | ​                              | ​ | 4,085 | ​ | ​ | ​ | ​ | ​ | 4,623 | ​ | ​ |
| Video and security                      | ​ | ​ | ​                              | ​ | 2,735 | ​ | ​ | ​ | ​ | ​ | 2,824 | ​ | ​ |
| Managed services                        | ​ | ​ | ​                              | ​ | 626 | ​ | ​ | ​ | ​ | ​ | 639 | ​ | ​ |
| Total revenues generated from customers | ​ | ​ | ​                              | $       | 45,688 | ​ | ​ | ​ | ​ | $ | 48,898 | ​ | ​ |
| ​                                 |

----

TABLE OF CONTENTS

| ​                                                                    | ​ | ​ | For the Year EndedDecember 31,2019 | ​ | ​ | % In-Scope | ​ | ​ | % Total | ​ |
|----------------------------------------------------------------------------|---------|---------|-----------------------------------------|---------|---------|------------|---------|---------|---------|---------|
| Month to month (“MTM”) customers                               | ​ | ​ | ​                                 | $       | 27,617  | ​    | ​ | ​ | ​ | ​ | 61.3% | ​ | ​ | ​ | ​ | ​ | 44.0% | ​ | ​ |
| Competitive local exchange carrier (“CLEC”) business customers | ​ | ​ | ​                                 | ​ | 13,162  | ​    | ​ | ​ | ​ | ​ | 29.2 | ​ | ​ | ​ | ​ | ​ | 21.0 | ​ | ​ |
| Network access                                                             | ​ | ​ | ​                                 | ​ | 2,513   | ​    | ​ | ​ | ​ | ​ | 5.6 | ​ | ​ | ​ | ​ | ​ | 4.0 | ​ | ​ |
| Total revenue streams                                                      | ​ | ​ | ​                                 | ​ | 43,292  | ​    | ​ | ​ | ​ | ​ | 96.1 | ​ | ​ | ​ | ​ | ​ | 69.0 | ​ | ​ |
| Global access*                                                             | ​ | ​ | ​                                 | ​ | 1,770   | ​    | ​ | ​ | ​ | ​ | 3.9 | ​ | ​ | ​ | ​ | ​ | 2.8 | ​ | ​ |
| Total revenue from contracts with customers                                | ​ | ​ | ​                                 | ​ | 45,062  | ​    | ​ | ​ | ​ | ​ | 100.0% | ​ | ​ | ​ | ​ | ​ | 71.8 | ​ | ​ |
| Managed services**                                                         | ​ | ​ | ​                                 | ​ | 626     | ​    | ​ | ​ | ​ | ​ | n/a | ​ | ​ | ​ | ​ | ​ | 1.0 | ​ | ​ |
| Total revenue generated from customers                                     | ​ | ​ | ​                                 | ​ | 45,688  | ​    | ​ | ​ | ​ | ​ | n/a | ​ | ​ | ​ | ​ | ​ | 72.8 | ​ | ​ |
| Indefeasible rights-of-use agreements**                                    | ​ | ​ | ​                                 | ​ | 151     | ​    | ​ | ​ | ​ | ​ | n/a | ​ | ​ | ​ | ​ | ​ | 0.2 | ​ | ​ |
| Network access**                                                           | ​ | ​ | ​                                 | ​ | 16,927  | ​    | ​ | ​ | ​ | ​ | n/a | ​ | ​ | ​ | ​ | ​ | 27.0 | ​ | ​ |
| Total revenues                                                             | ​ | ​ | ​                                 | $       | 62,766  | ​    | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 100.0% | ​ | ​ |
| ​                                     | ​ | ​ | For the Year Ended December 31,2018 | ​ | ​ | % In-Scope | ​ | ​ | % Total | ​ |
|---------------------------------------------|---------|---------|------------------------------------------|---------|---------|------------|---------|---------|---------|---------|
| MTM customers                               | ​ | ​ | ​                                  | $       | 29,556  | ​    | ​ | ​ | ​ | ​ | 61.3% | ​ | ​ | ​ | ​ | ​ | 44.7% | ​ | ​ |
| CLEC business customers                     | ​ | ​ | ​                                  | ​ | 14,060  | ​    | ​ | ​ | ​ | ​ | 29.1 | ​ | ​ | ​ | ​ | ​ | 21.3 | ​ | ​ |
| Network access                              | ​ | ​ | ​                                  | ​ | 2,711   | ​    | ​ | ​ | ​ | ​ | 5.6 | ​ | ​ | ​ | ​ | ​ | 4.1 | ​ | ​ |
| Total revenue streams                       | ​ | ​ | ​                                  | ​ | 46,327  | ​    | ​ | ​ | ​ | ​ | 96.0 | ​ | ​ | ​ | ​ | ​ | 70.1 | ​ | ​ |
| Global access*                              | ​ | ​ | ​                                  | ​ | 1,932   | ​    | ​ | ​ | ​ | ​ | 4.0 | ​ | ​ | ​ | ​ | ​ | 2.9 | ​ | ​ |
| Total revenue from contracts with customers | ​ | ​ | ​                                  | ​ | 48,259  | ​    | ​ | ​ | ​ | ​ | 100.0% | ​ | ​ | ​ | ​ | ​ | 73.0 | ​ | ​ |
| Managed services**                          | ​ | ​ | ​                                  | ​ | 639     | ​    | ​ | ​ | ​ | ​ | n/a | ​ | ​ | ​ | ​ | ​ | 1.0 | ​ | ​ |
| Total revenue generated from customers      | ​ | ​ | ​                                  | ​ | 48,898  | ​    | ​ | ​ | ​ | ​ | n/a | ​ | ​ | ​ | ​ | ​ | 74.0 | ​ | ​ |
| Indefeasible rights-of-use agreements**     | ​ | ​ | ​                                  | ​ | 151     | ​    | ​ | ​ | ​ | ​ | n/a | ​ | ​ | ​ | ​ | ​ | 0.2 | ​ | ​ |
| Network access**                            | ​ | ​ | ​                                  | ​ | 17,019  | ​    | ​ | ​ | ​ | ​ | n/a | ​ | ​ | ​ | ​ | ​ | 25.8 | ​ | ​ |
| Total revenues                              | ​ | ​ | ​                                  | $       | 66,068  | ​    | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 100.0% | ​ | ​ |

----

TABLE OF CONTENTS

----

TABLE OF CONTENTS

| ​                            | ​ | ​ | Leased RealProperty and Office Facilities | ​ |
|------------------------------------|---------|---------|-------------------------------------------|---------|
| 2020                               | ​ | ​ | ​                                   | $       | 359 | ​ | ​ |
| 2021                               | ​ | ​ | ​                                   | ​ | 249 | ​ | ​ |
| 2022                               | ​ | ​ | ​                                   | ​ | 231 | ​ | ​ |
| 2023                               | ​ | ​ | ​                                   | ​ | 212 | ​ | ​ |
| 2024                               | ​ | ​ | ​                                   | ​ | 79 | ​ | ​ |
| Thereafter                         | ​ | ​ | ​                                   | ​ | 228 | ​ | ​ |
| Total lease payments               | ​ | ​ | ​                                   | $       | 1,358 | ​ | ​ |
| Less: Interest                     | ​ | ​ | ​                                   | ​ | (212) | ​ | ​ |
| Present value of lease liabilities | ​ | ​ | ​                                   | $       | 1,146 | ​ | ​ |
| ​                                                                                    | ​ | ​ | Year Ended December 31, 2019 | ​ |
|--------------------------------------------------------------------------------------------|---------|---------|-----------------------------------|---------|
| Cash paid for amounts included in the measurement of lease liabilities:                    | ​ | ​ | ​                           | ​ | ​ | ​ | ​ |
| Operating cash outflow from operating leases                                               | ​ | ​ | ​                           | $       | (445) | ​ | ​ |
| Weighted-average remaining lease term – operating leases (in years) | ​ | ​ | ​                           | ​ | 5.4 | ​ | ​ |
| Weighted average discount rate – operating leases                        | ​ | ​ | ​                           | ​ | 6.5% | ​ | ​ |

----

TABLE OF CONTENTS

| ​                              | ​ | ​ | Carrying Value | ​ | ​ | Fair Value | ​ |
|--------------------------------------|---------|---------|----------------|---------|---------|------------|---------|
| Notes payable December 31, 2018 | ​ | ​ | ​        | $       | 74,562  | ​    | ​ | ​ | ​ | $ | 74,702 | ​ | ​ |
| Notes payable December 31, 2019 | ​ | ​ | ​        | $       | 70,212  | ​    | ​ | ​ | ​ | $ | 69,932 | ​ | ​ |
| ​                               | ​ | ​ | RSUs    | ​ | ​  | Weighted AverageGrant DateFair Value | ​ |
|---------------------------------------|---------|---------|---------|---------|----------|--------------------------------------|---------|
| Outstanding at December 31, 2017 | ​ | ​ | ​ | ​ | 98,943   | ​                              | ​ | ​ | ​ | $ | 4.51 | ​ | ​ |
| Granted                               | ​ | ​ | ​ | ​ | 34,755   | ​                              | ​ | ​ | ​ | $ | 13.30 | ​ | ​ |
| Vested                                | ​ | ​ | ​ | ​ | (67,386) | ​                              | ​ | ​ | ​ | $ | 4.56 | ​ | ​ |
| Forfeited or cancelled                | ​ | ​ | ​ | ​ | —  | ​                              | ​ | ​ | ​ | $ | — | ​ | ​ |
| Outstanding at December 31, 2018 | ​ | ​ | ​ | ​ | 66,312   | ​                              | ​ | ​ | ​ | $ | 9.06 | ​ | ​ |
| ​                               | ​ | ​ | RSUs    | ​ | ​  | Weighted AverageGrant DateFair Value | ​ |
|---------------------------------------|---------|---------|---------|---------|----------|--------------------------------------|---------|
| Outstanding at December 31, 2018 | ​ | ​ | ​ | ​ | 66,312   | ​                              | ​ | ​ | ​ | $ | 9.06 | ​ | ​ |
| Granted                               | ​ | ​ | ​ | ​ | —  | ​                              | ​ | ​ | ​ | $ | — | ​ | ​ |
| Vested                                | ​ | ​ | ​ | ​ | (36,847) | ​                              | ​ | ​ | ​ | $ | 5.68 | ​ | ​ |
| Forfeited or cancelled                | ​ | ​ | ​ | ​ | (11,817) | ​                              | ​ | ​ | ​ | $ | 13.30 | ​ | ​ |
| Outstanding at December 31, 2019 | ​ | ​ | ​ | ​ | 17,648   | ​                              | ​ | ​ | ​ | $ | 13.30 | ​ | ​ |

----

TABLE OF CONTENTS

| ​                               | ​ | ​ | ISOs and NQStock Options | ​ | ​  | Weighted AverageGrant DateFair Value | ​ |
|---------------------------------------|---------|---------|--------------------------|---------|----------|--------------------------------------|---------|
| Outstanding at December 31, 2018 | ​ | ​ | ​                  | ​ | 50,000   | ​                              | ​ | ​ | ​ | $ | 16.97 | ​ | ​ |
| Granted                               | ​ | ​ | ​                  | ​ | —  | ​                              | ​ | ​ | ​ | $ | — | ​ | ​ |
| Vested                                | ​ | ​ | ​                  | ​ | (10,000) | ​                              | ​ | ​ | ​ | $ | 16.97 | ​ | ​ |
| Forfeited or cancelled                | ​ | ​ | ​                  | ​ | —  | ​                              | ​ | ​ | ​ | $ | — | ​ | ​ |
| Outstanding at December 31, 2019 | ​ | ​ | ​                  | ​ | 40,000   | ​                              | ​ | ​ | ​ | $ | 16.97 | ​ | ​ |
| ​                             | ​ | ​ | First Quarter | ​ | ​ | Second Quarter | ​ | ​ | Third Quarter | ​ | ​ | Fourth Quarter | ​ |
|-------------------------------------|---------|---------|---------------|---------|---------|----------------|---------|---------|---------------|---------|---------|----------------|---------|
| Fiscal 2018:                        | ​ | ​ | ​       | ​ | ​ | ​        | ​ | ​ | ​       | ​ | ​ | ​        | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
| Revenue                             | ​ | ​ | ​       | $       | 16,726  | ​        | ​ | ​ | ​       | $       | 16,890  | ​        | ​ | ​ | ​ | $ | 16,252 | ​ | ​ | ​ | ​ | $ | 16,200 | ​ | ​ |
| Operating income                    | ​ | ​ | ​       | $       | 4,061   | ​        | ​ | ​ | ​       | $       | 5,172   | ​        | ​ | ​ | ​ | $ | 4,536 | ​ | ​ | ​ | ​ | $ | 4,024 | ​ | ​ |
| Net income                          | ​ | ​ | ​       | $       | 1,996   | ​        | ​ | ​ | ​       | $       | 2,908   | ​        | ​ | ​ | ​ | $ | 2,326 | ​ | ​ | ​ | ​ | $ | 2,237 | ​ | ​ |
| Net income per common share-basic   | ​ | ​ | ​       | $       | 0.59    | ​        | ​ | ​ | ​       | $       | 0.86    | ​        | ​ | ​ | ​ | $ | 0.69 | ​ | ​ | ​ | ​ | $ | 0.66 | ​ | ​ |
| Net income per common share-diluted | ​ | ​ | ​       | $       | 0.58    | ​        | ​ | ​ | ​       | $       | 0.85    | ​        | ​ | ​ | ​ | $ | 0.67 | ​ | ​ | ​ | ​ | $ | 0.65 | ​ | ​ |
| Fiscal 2019:                        | ​ | ​ | ​       | ​ | ​ | ​        | ​ | ​ | ​       | ​ | ​ | ​        | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
| Revenue                             | ​ | ​ | ​       | $       | 15,755  | ​        | ​ | ​ | ​       | $       | 15,658  | ​        | ​ | ​ | ​ | $ | 15,762 | ​ | ​ | ​ | ​ | $ | 15,591 | ​ | ​ |
| Operating income                    | ​ | ​ | ​       | $       | 3,763   | ​        | ​ | ​ | ​       | $       | 3,708   | ​        | ​ | ​ | ​ | $ | 3,841 | ​ | ​ | ​ | ​ | $ | 3,532 | ​ | ​ |
| Net income                          | ​ | ​ | ​       | $       | 2,281   | ​        | ​ | ​ | ​       | $       | 1,717   | ​        | ​ | ​ | ​ | $ | 1,819 | ​ | ​ | ​ | ​ | $ | 1,979 | ​ | ​ |
| Net income per common share-basic   | ​ | ​ | ​       | $       | 0.67    | ​        | ​ | ​ | ​       | $       | 0.50    | ​        | ​ | ​ | ​ | $ | 0.53 | ​ | ​ | ​ | ​ | $ | 0.58 | ​ | ​ |
| Net income per common share-diluted | ​ | ​ | ​       | $       | 0.66    | ​        | ​ | ​ | ​       | $       | 0.50    | ​        | ​ | ​ | ​ | $ | 0.53 | ​ | ​ | ​ | ​ | $ | 0.58 | ​ | ​ |

----

TABLE OF CONTENTS

----

TABLE OF CONTENTS​​​

----

TABLE OF CONTENTS​​​​

| Plan category                                          | ​ | ​ | Number of securities to be issued upon exercise of outstanding options, warrants and rights | ​ | ​   | Weighted-average exercise price of outstanding options, warrants and rights | ​ | ​ | Number of securities remaining available for future issuance under equity compensation plans (excluding securities reflected in column (a)) | ​ |
|--------------------------------------------------------|---------|---------|---------------------------------------------------------------------------------------------|---------|-----------|-----------------------------------------------------------------------------|---------|---------|---------------------------------------------------------------------------------------------------------------------------------------------|---------|
| ​                                                | ​ | ​ | (a)                                                                                         | ​ | ​   | (b)                                                                         | ​ | ​ | (c)                                                                                                                                         | ​ |
| Equity compensation plans approved by stockholders     | ​ | ​ | ​                                                                                     | ​ | 67,648(1) | ​                                                                     | ​ | ​ | ​                                                                                                                                     | ​ | 16.97(2) | ​ | ​ | ​ | ​ | ​ | 165,245(3) | ​ | ​ |
| Equity compensation plans not approved by stockholders | ​ | ​ | ​                                                                                     | ​ | —   | ​                                                                     | ​ | ​ | ​                                                                                                                                     | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ |
| Total                                                  | ​ | ​ | ​                                                                                     | ​ | 67,648    | ​                                                                     | ​ | ​ | ​                                                                                                                                     | ​ | 16.97 | ​ | ​ | ​ | ​ | ​ | 165,245 | ​ | ​ |

----

TABLE OF CONTENTS​​

----

TABLE OF CONTENTS​​​

| ​ | Report of Independent Registered Public Accounting Firm         | ​ | ​ | ​ | ​ | 27 | ​ | ​ |
|---------|-----------------------------------------------------------------|---------|---------|---------|---------|----|---------|---------|
| ​ | Consolidated Balance Sheets                                     | ​ | ​ | ​ | ​ | 28 | ​ | ​ |
| ​ | Consolidated Statements of Operations                           | ​ | ​ | ​ | ​ | 29 | ​ | ​ |
| ​ | Consolidated Statements of Stockholders’ Equity (Deficit) | ​ | ​ | ​ | ​ | 30 | ​ | ​ |
| ​ | Consolidated Statements of Cash Flows                           | ​ | ​ | ​ | ​ | 31 | ​ | ​ |
| ​ | Notes to Consolidated Financial Statements                      | ​ | ​ | ​ | ​ | 32 | ​ | ​ |
| Exhibit No. | ​ | ​ | Description                                                                                                                                                                                                                                                                                                             | ​ |
|------------------|---------|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------|
| 3.1              | ​ | ​ | Amended and Restated Certificate of Incorporation of Otelco Inc. (filed as Exhibit 3.1 to the Company’s Registration Statement on Form 8-A (File No. 001-32362) filed on May 24, 2013, and incorporated herein by reference)                                                                            | ​ |
| 3.2              | ​ | ​ | Fourth Amended and Restated By-laws of Otelco Inc., as amended (filed as Exhibit 3.1 to the Company’s Current Report on Form 8-K filed on March 31, 2014, and incorporated herein by reference)                                                                                                         | ​ |
| 4.1              | ​ | ​ | Form of stock certificate for Class A common stock, $0.01 par value per share (filed as Exhibit 4.1 to the Company’s Registration Statement on Form 8-A (File No. 001-32362) filed on May 24, 2013, and incorporated herein by reference)                                                          | ​ |
| 4.2              | ​ | ​ | Form of stock certificate for Class B common stock, $0.01 par value per share (filed as Exhibit 4.4 to the Company’s Current Report on Form 8-K filed on May 24, 2013, and incorporated herein by reference)                                                                                       | ​ |
| 4.3              | ​ | ​ | Description of the Company’s Securities                                                                                                                                                                                                                                                                           | ​ |
| 10.1             | ​ | ​ | Amended and Restated Employment Agreement, dated as of March 11, 2009, between Otelco Inc. and Curtis L. Garner, Jr. (filed as Exhibit 10.2 to the Company’s Current Report on Form 8-K filed on March 12, 2009, and incorporated herein by reference)*                                       | ​ |
| 10.2             | ​ | ​ | Employment Agreement, dated as of August 24, 2006, between Otelco Inc. and Dennis Andrews (filed as Exhibit 10.1 to the Company’s Current Report on Form 8-K filed on August 29, 2006, and incorporated herein by reference)*                                                                      | ​ |
| 10.3             | ​ | ​ | Employment Agreement, dated as of November 15, 2006, between Otelco Inc. and Jerry C. Boles (filed as Exhibit 10.2 to the Company’s Current Report on Form 8-K filed on November 15, 2006, and incorporated herein by reference)*                                                                  | ​ |
| 10.4             | ​ | ​ | Amendment, dated as of December 17, 2008, to the Employment Agreement, dated as of August 24, 2006, between Otelco Inc. and Dennis Andrews (filed as Exhibit 10.10 to the Company’s Annual Report on Form 10-K for the year ended December 31, 2008, and incorporated herein by reference)*   | ​ |
| 10.5             | ​ | ​ | Amendment, dated as of December 17, 2008, to the Employment Agreement, dated as of November 15, 2006, between Otelco Inc. and Jerry C. Boles (filed as Exhibit 10.11 to the Company’s Annual Report on Form 10-K for the year ended December 31, 2008, and incorporated herein by reference)* | ​ |

----

TABLE OF CONTENTS

| Exhibit No. | ​ | ​ | Description                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | ​ |
|------------------|---------|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------|
| 10.6             | ​ | ​ | Third Amended and Restated Employment Agreement, dated as of December 10, 2014, between Otelco Inc. and Robert Souza (filed as Exhibit 10.1 to the Company’s Current Report on Form 8-K filed on December 10, 2014, and incorporated herein by reference)*                                                                                                                                                                                                                                                     | ​ |
| 10.7             | ​ | ​ | Otelco Inc. 2014 Stock Incentive Plan (filed as Appendix A to the Company’s Definitive Proxy Statement on Schedule 14A filed on April 11, 2014, and incorporated herein by reference)*                                                                                                                                                                                                                                                                                                                         | ​ |
| 10.8             | ​ | ​ | Amendment, dated as of March 5, 2010, to the Amended and Restated Employment Agreement, dated as of March 11, 2009, between Otelco Inc. and Curtis L. Garner, Jr. (filed as Exhibit 10.14 to the Company’s Annual Report on Form 10-K for the year ended December 31, 2009, and incorporated herein by reference)*                                                                                                                                                                                        | ​ |
| 10.9             | ​ | ​ | Second Amendment, dated as of March 4, 2011, to the Employment Agreement, dated as of August 24, 2006, between Otelco Inc. and Dennis Andrews, as previously amended on December 17, 2008 (filed as Exhibit 10.14 to the Company’s Annual Report on Form 10-K for the year ended December 31, 2010, and incorporated herein by reference)*                                                                                                                                                           | ​ |
| 10.10            | ​ | ​ | Second Amendment, dated as of March 4, 2011, to the Employment Agreement, dated as of November 15, 2006, between Otelco Inc. and Jerry C. Boles, as previously amended on December 17, 2008 (filed as Exhibit 10.15 to the Company’s Annual Report on Form 10-K for the year ended December 31, 2010, and incorporated herein by reference)*                                                                                                                                                         | ​ |
| 10.11            | ​ | ​ | Credit Agreement, dated as of November 2, 2017, by and among Otelco Inc., as borrower, each subsidiary of Otelco Inc. listed as a guarantor on the signature pages thereto, as guarantors, the lenders from time to time party thereto, as lenders, and CoBank, ACB, as administrative agent, as issuer of letters of credit, and as provider of the swing line commitment (filed as Exhibit 10.1 to the Company’s Current Report on Form 8-K filed on November 6, 2017, and incorporated herein by reference) | ​ |
| 10.12            | ​ | ​ | Agreement Regarding Amendments to Credit Agreement, dated as of March 2, 2020, by and among Otelco Inc., as borrower, each subsidiary of Otelco Inc. listed as a guarantor on the signature pages thereto, as guarantors, the lenders from time to time party thereto, as lenders, and CoBank, ACB, as a lender and administrative agent (filed as Exhibit 10.1 to the Company’s current Report on Form 8-K filed on March 3, 2020, and incorporated herein by reference)                                      | ​ |
| 10.13            | ​ | ​ | Otelco Inc. 2018 Stock Incentive Plan (filed as Exhibit 10.1 to the Company’s Current Report on Form 8-K filed on May 10, 2018, and incorporated herein by reference)*                                                                                                                                                                                                                                                                                                                                              | ​ |
| 10.14            | ​ | ​ | Employment Agreement, dated as of October 15, 2018, by and between Otelco Inc. and Richard Clark (filed as Exhibit 10.1 to the Company’s Current Report on Form 8-K filed on October 16, 2018, and incorporated herein by reference)*                                                                                                                                                                                                                                                                          | ​ |
| 10.15            | ​ | ​ | Confidential Separation Agreement and General Release, dated as of July 1, 2019, effective as of September 30, 2019, by and between Otelco Inc. and Dennis K. Andrews (filed as Exhibit 10.1 to the Company’s Current Report on Form 8-K filed on July 8, 2019, and incorporated herein by reference)*                                                                                                                                                                                                    | ​ |
| 10.16            | ​ | ​ | First Amended and Restated Employment Agreement, dated as of December 19, 2019 (filed as Exhibit 10.1 to the Company’s Current Report on Form 8-K filed on December 20, 2019, and incorporated herein by reference) *                                                                                                                                                                                                                                                                                          | ​ |
| 10.17            | ​ | ​ | Separation and Consulting Agreement, dated as of December 19, 2019, between Otelco Inc. and Robert J. Souza (filed as Exhibit 10.2 to the Company’s Current Report on Form 8-K filed on December 20, 2019, and incorporated herein by reference)*                                                                                                                                                                                                                                                              | ​ |
| 21.1             | ​ | ​ | List of subsidiaries of Otelco Inc.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | ​ |
| 23.1             | ​ | ​ | Consent of BDO USA, LLP, Independent Registered Public Accounting Firm                                                                                                                                                                                                                                                                                                                                                                                                                                                              | ​ |
| 31.1             | ​ | ​ | Certificate pursuant to Rule 13a-14(a) or Rule 15d-14(a) of the Securities Exchange Act of 1934 of the Chief Executive Officer                                                                                                                                                                                                                                                                                                                                                                                            | ​ |
| 31.2             | ​ | ​ | Certificate pursuant to Rule 13a-14(a) or Rule 15d-14(a) of the Securities Exchange Act of 1934 of the Chief Financial Officer                                                                                                                                                                                                                                                                                                                                                                                            | ​ |

----

TABLE OF CONTENTS​

| Exhibit No. | ​ | ​ | Description                                                                                                                                                                                                                                                                                                                                                                                                                                                     | ​ |
|------------------|---------|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------|
| 32.1             | ​ | ​ | Certificate pursuant to 18 U.S.C. §1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, of the Chief Executive Officer                                                                                                                                                                                                                                                                                                         | ​ |
| 32.2             | ​ | ​ | Certificate pursuant to 18 U.S.C. §1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, of the Chief Financial Officer                                                                                                                                                                                                                                                                                                         | ​ |
| 101              | ​ | ​ | The following information from the Company’s Annual Report on Form 10-K for the year ended December 31, 2019 formatted in Extensible Business Reporting Language (XBRL): (i) Consolidated Balance Sheets; (ii) Consolidated Statements of Operations; (iii) Consolidated Statements of Stockholders’ Equity (Deficit); (iv) Consolidated Statements of Cash Flows; and (v) Notes to Consolidated Financial Statements | ​ |

----

TABLE OF CONTENTS

| ​ | OTELCO INC. | ​ |
|---------|-------------|---------|
| ​ | By:         | ​ | ​ | /s/ Richard A. Clark ​ | ​ |
| ​ | ​     | ​ | ​ | Richard A. Clark President and Chief Executive Officer | ​ |
| Signature                                                    | ​ | ​ | Title                                                                         | ​ | ​ | Date               | ​ |
|--------------------------------------------------------------|---------|---------|-------------------------------------------------------------------------------|---------|---------|--------------------|---------|
| /s/ Richard A. Clark ​Richard A. Clark                 | ​ | ​ | President, Chief Executive Officer and Director (Principal Executive Officer) | ​ | ​ | March 9, 2020 | ​ |
| /s/ Curtis L. Garner, Jr. ​Curtis L. Garner, Jr.       | ​ | ​ | Chief Financial Officer (Principal Financial and Accounting Officer)          | ​ | ​ | March 9, 2020 | ​ |
| /s/ Stephen P. McCall ​Stephen P. McCall               | ​ | ​ | Chairman and Director                                                         | ​ | ​ | March 9, 2020 | ​ |
| /s/ Barbara Dondiego-Stewart ​Barbara Dondiego-Stewart | ​ | ​ | Director                                                                      | ​ | ​ | March 9, 2020 | ​ |
| /s/ Norman C. Frost​Norman C. Frost                    | ​ | ​ | Director                                                                      | ​ | ​ | March 9, 2020 | ​ |
| /s/ Howard J. Haug​Howard J. Haug                      | ​ | ​ | Director                                                                      | ​ | ​ | March 9, 2020 | ​ |
| /s/ Dayton R. Judd​Dayton R. Judd                      | ​ | ​ | Director                                                                      | ​ | ​ | March 9, 2020 | ​ |
| /s/ Brian A. Ross​Brian A. Ross                        | ​ | ​ | Director                                                                      | ​ | ​ | March 9, 2020 | ​ |
| /s/ Gary L. Sugarman​Gary L. Sugarman                  | ​ | ​ | Director                                                                      | ​ | ​ | March 9, 2020 | ​ |

----