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ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

3 Months Ended

Mar. 31, 2023

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

NOTE 16 - ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

Comprehensive income (loss) includes net income (loss) and foreign currency translation gains and losses.

The accumulated balances for each classification of other comprehensive income (loss) for the three-month period ended March 31, 2023 are as follows:

	Foreign currency translation adjustment			Accumulated other comprehensive income/(loss)

Balance at January 1, 2023	$	(1,210	)	$	(1,210	)
Net current period change		112			112

Balance at March 31, 2023	$	(1,098	)	$	(1,098	)

The accumulated balances for each classification of other comprehensive income (loss) for the three-month period ended March 31, 2022 are as follows:

	Foreign currency translation adjustment		Accumulated other comprehensive income/(loss)

Balance at January 1, 2022	$	391	$	391
Net current period change		253		253

Balance at March 31, 2022	$	644	$	644

The Company’s reporting currency is the U.S. dollar (USD). For businesses where the majority of the revenues are generated in USD or linked to the USD and a substantial portion of the costs are incurred in USD, the Company’s management believes that the USD is the primary currency of the economic environment and thus their functional currency. Due to the fact that Argentina has been determined to be highly inflationary, the financial statements of our subsidiary in Argentina have been remeasured as if its functional currency was the USD. The Company also has foreign operations where the functional currency is the local currency. For these operations, assets and liabilities are translated using the end-of-period exchange rates and revenues, expenses and cash flows are translated using average rates of exchange for the period. Equity is translated at the rate of exchange at the date of the equity transaction. Translation adjustments are recognized in stockholders’ equity as a component of accumulated other comprehensive income (loss). Net translation gains (losses) from the translation of foreign currency financial statements of $(253) and $112 at March 31, 2022 and 2023, respectively, are included in comprehensive income (loss) in the Consolidated Statement of Changes in Stockholders’ Equity.

Foreign currency transaction gains and losses related to operational expenses denominated in a currency other than the functional currency are included in determining net income or loss. Foreign currency transaction gains (losses) for the three-month periods ended March 31, 2022 and 2023 of $(203) and $176, respectively, are included in selling, general and administrative expenses in the Consolidated Statement of Operations. Foreign currency transaction gains related to long-term debt of $544 and $403, for the three-month periods ended March 31, 2022 and 2023, respectively, are included in interest expense in the Consolidated Statement of Operations.