Other income (expense) net for the three and six months ended June 30, 2014 and 2013 consisted of the following:

  

		Three Months Ended						Six Months Ended
		June 30,						June 30,
		2014			2013			2014			2013
Foreign exchange (losses) gains		$	19,288		$	55,569		$	(183,976)		$	81,288
Other			(1,557)			2,977			1,822			14,458
Other (expense) income - net			17,731			58,546			(182,154)			95,746

 

Foreign currency transaction (losses) gains 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 of Pakistan rupees per U.S. dollar by 6% from December 31, 2013 to June 30, 2014 caused a foreign exchange gain of $19,288 and exchange loss of $183,976 for the three months and six months ended June 30, 2014, respectively. An increase in the exchange rate of Pakistan rupees per U.S. dollar  by 4% from December 31, 2012 to June 30, 2013, caused a foreign exchange gain of $55,569 and $81,288 for the three and six months ended June 30, 2013, respectively.