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Foreign Operations
 12 Months Ended
Jun. 30, 2023
Foreign Operations  
Foreign Operations

15. 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 $607,000 and $935,000 as of June 30, 2023 and 2022, respectively. During the years ended June 30, 2023 and 2022, we also recognized net foreign currency transaction losses of approximately $37,000 and $3,000, respectively, included in the Consolidated Statements of Comprehensive Income (Loss) in the line item entitled “Other income (expense), net.”

 

Revenues from and long-lived assets located in foreign countries are as follows:

 

 

 

Year Ended June 30,

 

 

 

2023

 

 

2022

 

Revenues:

 

 

 

 

 

 

United States

 

$16,327,295

 

 

$13,722,533

 

Latvia

 

 

2,677,113

 

 

 

2,480,635

 

China

 

 

2,629,684

 

 

 

5,850,994

 

Other European countries

 

 

8,664,338

 

 

 

10,826,224

 

Other Asian countries

 

 

1,463,343

 

 

 

1,594,247

 

Rest of world

 

 

1,172,176

 

 

 

1,084,527

 

 

 

$32,933,949

 

 

$35,559,160

 

 

 

 

 

 

 

 

 

 

 

 

June 30,

 

 

2023

 

 

2022

 

Long-lived assets:

 

 

 

 

 

 

 

 

United States

 

$23,336,063

 

 

$23,228,612

 

Latvia

 

 

5,282,596

 

 

 

5,226,811

 

China

 

 

3,157,434

 

 

 

4,089,084

 

 

 

$31,776,093

 

 

$32,544,507