1. ORGANIZATION AND BUSINESS OPERATIONS  The Company is a holding company that, directly and through its subsidiaries, owns and operates telecommunications businesses in North America, the Caribbean and Bermuda as well as a renewable energy business in India. The Company was incorporated in Delaware in 1987, began trading publicly in 1991 and spun off more than half of its operations to stockholders in 1998. Since that time, the Company has engaged in many strategic acquisitions and investments to help grow its operations, using the cash generated from its established operating units to re-invest in its existing businesses , to make strategic investments in additional businesses, and to return cash to the Companys investors. The Company has built, and seeks to maintain, resources to support its operating subsidiaries and to improve their customer acquisition, retention, and satisfaction while maintaining optimal operating efficiencies. The Company looks for businesses that offer growth opportunities or potential strategic benefits, but require additional capital investment in order to execute on their business plans. The Company holds controlling positions with respect to some of its investments and non-controlling positions in others. The Companys investments in earlier stage businesses frequently offer a product and service development component in addition to the prospect of generating returns on its invested capital.  The Company has identified three operating segments to manage and review its operations and to facilitate investor presentations of its results. These three operating segments are as follows:   International Telecom. The Companys international telecom segment offers services to other telecom providers (Carrier Services), such as international long-distance, roaming from other carriers customers traveling into the Companys retail markets, and transport and access services, as well as fixed internet and voice services and retail mobility services to customers in Bermuda, Guyana and the US Virgin Islands. The Company also offers fixed video services in Bermuda, the Cayman Islands, and the US Virgin Islands. In addition, the international telecom segment offers managed information technology services to enterprise customers.   US Telecom. In the United States, the Company offers carrier services, including wholesale roaming services, site maintenance and the leasing of critical network infrastructure such as towers and transport facilities, as well as fixed and mobile communications services to the Companys retail and enterprise customers in the Southwestern United States.   Renewable Energy. In India, the Company provides distributed generation solar power to corporate and industrial customers.  The following chart summarizes the operating activities of the Companys principal subsidiaries, the segments in which the Company reports its revenue and the markets it served as of September 30, 2020:          Segment Services Markets Tradenames International Telecom Mobility Bermuda, Guyana, US Virgin Islands GTT+, One, Viya   Fixed Bermuda, Cayman Islands, Guyana, US Virgin Islands GTT+, One, Logic, Viya    Carrier Services  Bermuda, Guyana, US Virgin Islands  GTT+, One, Viya    Managed Services  Bermuda, Cayman Islands, US Virgin Islands, Guyana  Fireminds, One, Logic, Viya, GTT+  US Telecom Mobility United States (rural markets) Commnet, Choice, Choice NTUA Wireless, WestNet, Geoverse    Fixed  United States  Commnet, Choice, Choice NTUA Wireless, Deploycom, WestNet    Carrier Services  United States  Commnet, Essextel   Managed Services United States Choice  Renewable Energy  Solar  India  Vibrant Energy   The Company actively evaluates potential acquisitions, investment opportunities and other strategic transactions, both domestic and international, that meet its return on investment and other criteria. In addition, the Company considers non-controlling investments in earlier stage businesses that it considers strategically relevant, and which may offer long-term growth potential for the Company, either individually, or as research and development businesses that can support the Companys operating subsidiaries in new product and service development and offerings. The Company provides management, technical, financial, regulatory, and marketing services to its subsidiaries and typically receives a management fee equal to a percentage of their revenues which is eliminated in consolidation. For further information about the Companys financial segments and geographical information about its operating revenues and assets, see Note 12 to the Consolidated Financial Statements included in this Report.  COVID-19  In March 2020, the World Health Organization declared a novel strain of coronavirus, now referred to as COVID-19, as a pandemic, and the virus has now spread globally to over 200 countries and territories, including the United States and other countries in which the Company has substantial operations. The Company is continuing to monitor and assess the effects of the COVID-19 pandemic on its commercial operations, the safety of its employees and their families, its sales force and customers and any potential impact on the Companys revenue in 2020.  The preparation of the condensed consolidated financial statements requires the Company to make estimates, judgments and assumptions that may affect the reported amounts of assets, liabilities, equity, revenues and expenses and related disclosure of contingent assets and liabilities. On an ongoing basis the Company evaluates estimates, judgments and methodologies. The Company assessed certain accounting matters and estimates that generally require consideration of forecasted financial information in context with the information and estimates reasonably available to the Company and the unknown future impacts COVID-19 as of September 30, 2020 and through the date of this report. The accounting matters assessed included, but were not limited to, the Companys allowance for credit losses, the carrying value of the Companys goodwill and other long-lived assets, financial assets, valuation allowances for tax assets and revenue recognition. The Company assessed the impacts of COVID-19 on the consolidated financial statements as of and for the quarter ended September 30, 2020, in particular the impacts on lines of revenues, operating expenses as well as the deferral and savings on other operating expenses and capital expenditures. During the three months ended September 30, 2020, while the Companys International Telecom segment experienced strengthened demand for both its mobile and fixed services, its carrier services revenue declined as a result of a reduction in roaming revenue due to pandemic-related travel and stay-at-home restrictions as compared to the same period of 2019. Such restrictions also resulted in decreased mobile and carrier services revenues within its US Telecom segment during the three months ended September 30, 2020 as compared to the same period of 2019. However, in response to certain anticipated impacts, the Company was able to implement operating expense savings, particularly with respect to its International Telecom segment, that when coupled with Company-wide travel expense savings and capital expenditure deferrals, acted to offset much of the revenue loss or additional credit loss allowances caused by anticipated customer non-payment activity in the quarter. As a result, the Companys assessment did not indicate that there was a material impact to the Companys consolidated financial statements as of and for the quarter ended September 30, 2020. However, the Companys future assessments of the impacts of COVID-19 for the remainder of the year and into 2021or its ability to realize continued operational expense savings, as well as other factors, could result in material impacts to the Companys consolidated financial statements in future reporting periods. For example, the local economies of many of the Companys Caribbean markets are tourism-dependent and the decline in global travel activity resulting from COVID-19 may continue to impact its revenue and cash flows for certain services in these markets as the Companys retail and enterprise customers may be unable to pay for services, and the Companys international roaming revenue may decline as compared to last year. The extent to which the COVID-19 pandemic ultimately impacts the Companys business, financial condition, results of operations, cash flows, and liquidity may differ from the Company managements current estimates due to inherent uncertainties regarding the duration and further spread of the outbreak, its severity, actions taken to contain the virus or treat its impact, and how quickly and to what extent economic conditions normalize and more customary operating conditions resume.