Annual report pursuant to Section 13 and 15(d)

Other (Expense) Income - Net

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Other (Expense) Income - Net
12 Months Ended
Dec. 31, 2019
Other Income and Expenses [Abstract]  
Other (Expense) Income - Net

17. OTHER (EXPENSE) INCOME – NET

 

Other (expense) income - net for the years ended December 31, 2019 and 2018 consisted of the following:

 

    Year Ended December 31,  
    2019     2018  
Foreign exchange (loss) gain   $ (827,121 )   $ 434,806  
Other income     201,446       59,526  
Other (expense) income - net   $ (625,675 )   $ 494,332  

 

Foreign currency transaction gains and losses primarily result from transactions in foreign currencies other than the functional currency. These transaction gains and losses are recorded in the consolidated statements of operations related to the recurring measurement and settlement of such transactions.