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.