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Foreign Operations

9 Months Ended

Mar. 31, 2022

Foreign Operations

12. Foreign Operations

12. 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. 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 cumulative gain of approximately $2.0 million and $2.1 million as of March 31, 2022 and June 30, 2021, respectively. We also recognized net foreign currency transaction losses of $67,000 and $17,000 during the three months ended March 31, 2022 and 2021, respectively. During the nine months ended March 31, 2022 and 2021, we recognized net foreign currency transaction losses of approximately $107,000 and $38,000, respectively, included in the unaudited Condensed Consolidated Statements of Comprehensive Income (Loss) in the line item entitled “Other income (expense), net.”

Our cash and cash equivalents totaled approximately $5.2 million at March 31, 2022. Of this amount, greater than 50% 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 of the respective subsidiary must equal at least 50% of its registered capital before any funds can be repatriated through dividends. As of March 31, 2022, LPOIZ had approximately $4.8 million in retained earnings available for repatriation, and LPOI did not have any earnings available for repatriation, based on earnings accumulated through December 31, 2021, the end of the most recent statutory tax year, that remained undistributed as of March 31, 2022.

Assets and net assets in foreign countries are as follows:

		China				Latvia
		March 31, 2022		June 30, 2021		March 31, 2022		June 30, 2021
Assets		$20.5 million		$20.1 million		$12.6 million		$11.3 million
Net assets		$16.4 million		$16.6 million		$9.9 million		$9.0 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://www.xbrl.org/2003/role/recommendedDisclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 830
-SubTopic 20
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=124440516&loc=d3e30885-110895

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 830
-URI http://asc.fasb.org/topic&trid=2175825

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 830
-SubTopic 30
-Section S99
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6897108&loc=SL6897125-166521

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