Note 13 - Subsequent Event

3 Months Ended

Mar. 31, 2020

Notes to Financial Statements

Subsequent Events [Text Block]

NOTE

13

 – SUBSEQUENT EVENT

On

April 1, 2020,

the Company borrowed

$30.6

million under its Second Export Credit Agreement for payment of the

third

contracted installment payment for the

National Geographic Resolution

.

On

April 10, 2020,

the Company announced that it is rescheduling or rebooking, as applicable, all voyages scheduled to sail during the month of

May 2020 

due to travel restrictions from the global spread of the COVID-

19

virus. The Company has also updated its cancellation policies, the terms of which vary by destination and sailing date, to permit guests more flexibility to cancel certain upcoming expeditions and elect to receive future travel credits. The Company is currently cancelling and rescheduling the majority of voyages scheduled for

June 2020.

On

April 10, 2020 

the Company received a U.S. Small Business Administration Loan related to the COVID-

19

crisis in the amount of

$6.6

million. The Company has subsequently returned the funds received from this loan.

On

May 1, 2020,

the Company and Mr. Bressler amended the promissory note between the Company and Mr. Bressler, changing the maturity date of the principal payments to be due in

three

equal installments, with the

first

payment due on

December 22, 2020,

the

second

due on

December 22, 2021

and the final payment due on

December 22, 2022.

On

May 1, 2020,

the Company, Natural Habitat and Mr. Bressler amended the Natural Habitat stockholders' agreement, changing the Put Exercise Notice to

January 31, 2024,

the Call Exercise Notice to

March 31, 2029,

Put-Call Calculation Date to

December 31, 2023,

and to provide for a Call Purchase Price minimum. 

On

May 1, 2020,

the Company and Mr. Bressler amended Mr. Bressler's employment agreement, changing the date for calculation of the Final Year Equity Value and the date of Mr. Bressler's equity incentive option award to

December 31, 2023.