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Foreign Operations
 12 Months Ended
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