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Foreign Operations | 9 Months Ended
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Mar. 31, 2025
Foreign Operations |
Foreign Operations | 14. 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 $451,000 and $510,000 as of March 31, 2025 and June 30, 2024, respectively. We also recognized net foreign currency transaction gains of $8,000 and $12,000 during the three months ended March 31, 2025 and 2024, respectively. During the nine months ended March 31, 2025 and 2024, we recognized net foreign currency transaction gains of $12,000 and $41,000, respectively, included in the unaudited Condensed Consolidated Statements of Comprehensive Income (Loss) in the line item entitled “Other income (expense), net.” Our cash, cash equivalents and restricted cash totaled approximately $6.5 million at March 31, 2025. Of this amount, approximately 25% 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, 2025, LPOIZ had approximately $0.8 million in retained earnings available for repatriation, based on earnings accumulated through December 31, 2024, the end of the most recent statutory tax year, that remained undistributed as of March 31, 2025. Revenues from foreign countries for the nine months ended March 31, 2025 and 2024 are as follows:
|  | Nine Months Ended March 31, |
|  | 2025 |  |  | 2024 |
Revenues: |  |  |  |  |  |
United States |  | $ | 16,374,544 |  |  | $ | 13,523,888 |
Europe |  |  | 4,857,768 |  |  |  | 6,317,636 |
China |  |  | 2,036,124 |  |  |  | 1,177,093 |
Other Asian countries |  |  | 742,950 |  |  |  | 1,458,543 |
Rest of world |  |  | 981,451 |  |  |  | 614,900 |
|  | $ | 24,992,837 |  |  | $ | 23,092,060 |
Long-lived assets located in foreign countries as of March 31, 2025 and June 30, 2024 are as follows:
|  | March 31, 2025 |  |  | June 30, 2024 |
Long-lived assets: |  |  |  |  |  |
United States |  | $ | 46,459,691 |  |  | $ | 24,989,477 |
Latvia |  |  | 4,686,527 |  |  |  | 4,961,741 |
China |  |  | 2,193,472 |  |  |  | 2,615,410 |
|  | $ | 53,339,690 |  |  | $ | 32,566,628 |

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