XML 48 R13.htm IDEA: XBRL DOCUMENT v2.4.0.8
Foreign Operations
3 Months Ended
Sep. 30, 2014
Foreign Currency [Abstract]  
Foreign Operations

7. Foreign Operations

 

Assets and liabilities denominated in non-U.S. currencies are translated at rates of exchange prevailing on the balance sheet date, and revenues and expenses are translated at average rates of exchange for the three month periods. Gains or losses on the translation of the financial statements of a non-U.S. operation, where the functional currency is other than the U.S. dollar, the Renminbi (“RMB”), are reflected as a separate component of equity. The foreign exchange translation adjustment reflects a net loss of approximately $500 for the three months ended September 30, 2014 and a gain of approximately $10,000 for the three months ended September 30, 2013. As of September 30, 2014, we had approximately $7.46 million in assets and $6.10 million in net assets located in China at LPOI’s Shanghai and LPOIZ’s Zhenjiang facilities. As of June 30, 2014, we had approximately $7.58 million in assets and $6.28 million in net assets located in China at LPOI’s Shanghai facility and LPOIZ’s Zhenjiang facilities.