General form of registration statement for all companies including face-amount certificate companies

OTHER INCOME (EXPENSE) - NET

v3.2.0.727
OTHER INCOME (EXPENSE) - NET
 3 Months Ended 12 Months Ended
Mar. 31, 2015
Dec. 31, 2014
Other Income and Expenses [Abstract]    
Other Nonoperating Income and Expense [Text Block]
13.
OTHER INCOME (EXPENSE) – NET
 
Other income (expense)-net for the three months ended March 31, 2015 and 2014 consisted of the following:
 
 
 
Three Months Ended
 
 
 
March 31,
 
 
 
2015
 
2014
 
 
 
 
 
 
 
 
 
Foreign exchange gain (loss)
 
$
31,463
 
$
(203,264)
 
Other
 
 
14,658
 
 
3,379
 
Other income (expense) - net
 
$
46,121
 
$
(199,885)
 
 
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 first quarter of 2015 of 0.4% caused a foreign exchange gain of $31,463 for the three months ended March 31, 2015. A decline in the exchange rate of Pakistan rupees per U.S. dollar by 8% from December 31, 2013 to March 31, 2014, caused a foreign exchange loss of $203,264 for the three months ended March 31, 2014.
16.
OTHER INCOME (EXPENSE) – NET
 
Other (expense) income net for the years ended December 31, 2014 and 2013 consisted of the following:
 
 
 
December 31,
 
 
 
2014
 
2013
 
Foreign exchange (loss) gain
 
$
(122,163)
 
$
199,919
 
Other
 
 
(12,552)
 
 
30,227
 
Other (expense) income - net
 
$
(134,715)
 
$
230,146
 
 
Foreign currency transaction gains (losses) result from transactions related to the intercompany receivable for which transaction adjustments are recorded in the consolidated statements of operations as they are not deemed to be permanently reinvested. A decline in the exchange rate by approximately 5% from December 31, 2013 to December 31, 2014 caused a foreign exchange loss of $122,163 for the year ended December 31, 2014. An increase in the exchange rate of Pakistan rupees per U.S. dollar by 9% from December 31, 2012 to December 31, 2013, caused a foreign exchange gain of $199,919.