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Note 17 - Subsequent Event
3 Months Ended
Mar. 31, 2020
Notes to Financial Statements  
Subsequent Events [Text Block]

17. Subsequent Event

 

The global outbreak of COVID-19 was declared a pandemic by the World Health Organization in March 2020 and has negatively affected the global economy, disrupted global supply chains and created significant market volatility and uncertainty subsequent to March 31, 2020. In addition, in March 2020, as a result of weakened global demand from the COVID-19 pandemic and certain geopolitical tensions, there has been a substantial decline in oil prices. These conditions have negatively impacted demand for certain of the Company's products, and this is expected to continue into the future.

 

No asset impairments have been recorded as of March 31, 2020 related to COVID-19. However, management’s assessment regarding this could change in the future. The extent of the impact of COVID-19 on the Company's business, results of operations, financial condition and cash flows is dependent on future developments, including the duration of the pandemic, the ability of the Company to operate during the pandemic, actions taken by domestic and foreign governments to contain the spread of the virus, and the related length of its impact on the global economy, all of which are uncertain and cannot be predicted at this time.