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Foreign Operations

3 Months Ended

Sep. 30, 2018

Foreign Currency [Abstract]

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 period. During the three months ended September 30, 2018 and 2017, we recognized a loss of approximately $338,000 and a gain of approximately $246,000 on foreign currency transactions, respectively, included in the unaudited Condensed Consolidated Statements of Comprehensive Income (Loss) in the line item entitled “Other income (expense), net.” 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, are reflected as a separate component of equity, which was a gain of approximately $173,000 and $54,000 for the three months ended September 30, 2018 and 2017, respectively.

Our cash, cash equivalents and restricted cash totaled $5.5 million at September 30, 2018. Of this amount, approximately 60% was held by our foreign subsidiaries in China and Latvia. These foreign funds were generated in China and Latvia as a result of foreign earnings. With respect to the funds generated by our foreign subsidiaries in China, the retained earnings in China must equal at least 150% of the registered capital before any funds can be repatriated. As of September 30, 2018, we have retained earnings in China of approximately $2.1 million and we need to have $11.3 million before repatriation will be allowed.

Assets and net assets in foreign countries are as follows:

		China				Latvia
		September 30, 2018		June 30, 2018		September 30, 2018		June 30, 2018
Assets		$14.9 million		$14.7 million		$7.0 million		$6.4 million
Net assets		$12.8 million		$12.6 million		$6.5 million		$5.9 million

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- References

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- Definition

The entire disclosure for foreign currency transactions and translation. This may include description of foreign currency transactions, foreign currency gains and losses, explanation of change in cumulative translation adjustment, description of effect of subsequent foreign currency exchange rate change, cumulative translation adjustment movement, foreign currency translation adjustment by component movement, translation adjustment for net investment hedge movement, adjustment for long-term intercompany transactions, schedule of long-term intercompany balances and any other foreign currency transactions and translation related items.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 830
-URI http://asc.fasb.org/topic&trid=2175825

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