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Foreign Operations | 12 Months Ended
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Jun. 30, 2024
Foreign Operations |
Foreign Operations | 16. 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 $510,000 and $607,000 as of June 30, 2024 and 2023, respectively. During the years ended June 30, 2024 and 2023, we also recognized net foreign currency transaction gains of approximately $73,000 and losses of approximately $37,000, respectively, included in the Consolidated Statements of Comprehensive Income (Loss) in the line item entitled “Other income, net.” Revenues from and long-lived assets located in foreign countries are as follows:
|  | Year Ended June 30, |
|  | 2024 |  |  | 2023 |
Revenues: |  |  |  |  |  |
United States |  | $ | 19,289,711 |  |  | $ | 16,327,295 |
Latvia |  |  | 128,039 |  |  |  | 2,667,113 |
China |  |  | 2,513,781 |  |  |  | 2,629,684 |
Other European countries |  |  | 7,859,096 |  |  |  | 8,664,338 |
Other Asian countries |  |  | 1,190,410 |  |  |  | 1,463,343 |
Rest of world |  |  | 745,155 |  |  |  | 1,172,176 |
|  | $ | 31,726,192 |  |  | $ | 32,933,949 |
|  | June 30, 2024 |  |  | June 30, 2023 |
Long-lived assets: |  |  |  |  |  |
United States |  | $ | 24,989,477 |  |  | $ | 23,336,063 |
Latvia |  |  | 4,961,741 |  |  |  | 5,282,596 |
China |  |  | 2,615,410 |  |  |  | 3,157,434 |
|  | $ | 32,566,628 |  |  | $ | 31,776,093 |

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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/exampleRef -Topic 946 -SubTopic 830 -Name Accounting Standards Codification -Section 55 -Paragraph 14 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479168/946-830-55-14 Reference 2: http://www.xbrl.org/2003/role/exampleRef -Topic 946 -SubTopic 830 -Name Accounting Standards Codification -Section 55 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479168/946-830-55-15 Reference 3: http://www.xbrl.org/2003/role/exampleRef -Topic 946 -SubTopic 830 -Name Accounting Standards Codification -Section 55 -Paragraph 13 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479168/946-830-55-13 Reference 4: http://www.xbrl.org/2003/role/exampleRef -Topic 946 -SubTopic 830 -Name Accounting Standards Codification -Section 55 -Paragraph 16 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479168/946-830-55-16 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 830 -SubTopic 30 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479424/830-30-S99-1 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 830 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/830/tableOfContent Reference 7: http://www.xbrl.org/2003/role/recommendedDisclosureRef -Topic 830 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481926/830-20-50-3 + Details
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