Quarterly report pursuant to Section 13 or 15(d)

OTHER INCOME (EXPENSE) - NET

v2.4.1.9
OTHER INCOME (EXPENSE) - NET
9 Months Ended
Sep. 30, 2014
Other Income and Expenses [Abstract]  
Other Nonoperating Income and Expense [Text Block]
14.
OTHER INCOME (EXPENSE) – NET
 
Other income (expense)-net for the three and nine months ended September 30, 2014 and 2013 consisted of the following:
  
 
 
Three Months Ended
 
Nine Months Ended
 
 
 
September 30,
 
September 30,
 
 
 
2014
 
2013
 
2014
 
2013
 
Foreign exchange gains (losses)
 
$
112,764
 
$
131,652
 
$
(74,006)
 
$
218,297
 
Other
 
 
(36,493)
 
 
3,263
 
 
(34,656)
 
 
17,560
 
Other income (expense) - net
 
$
76,271
 
$
134,915
 
$
(108,662)
 
$
235,857
 
 
Foreign currency transaction gains (losses) result from transactions related to the intercompany receivable for which transaction adjustments are recorded in the condensed consolidated statements of operations as they are not deemed to be permanently reinvested. An increase in the exchange rate of Pakistan rupees per U.S. dollar in the third quarter of 2014 of approximately 3% and a decline in the exchange rate by approximately 3% from December 31, 2013 to September 30, 2014 caused a foreign exchange gain of $112,764 and a foreign exchange loss of $74,006 for the three months and nine months ended September 30, 2014, respectively. An increase in the exchange rate of Pakistan rupees per U.S. dollar by 9% from December 31, 2012 to September 30, 2013, caused a foreign exchange gain of $131,652 and $218,297 for the three and nine months ended September 30, 2013, respectively.