Quarterly report pursuant to Section 13 or 15(d)

OTHER (EXPENSE) INCOME - NET

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OTHER (EXPENSE) INCOME - NET
3 Months Ended
Mar. 31, 2016
Other Income and Expenses [Abstract]  
Other Nonoperating Income and Expense [Text Block]
15.
OTHER (EXPENSE) INCOME – NET
 
Other (expense) income - net for the three months ended March 31, 2016 and 2015 consisted of the following:
 
 
 
Three Months Ended
 
 
 
March 31,
 
 
 
2016
 
2015
 
Foreign exchange (loss) gain
 
$
(26,935)
 
$
31,463
 
Other
 
 
24,863
 
 
14,658
 
Other (expense) income - net
 
$
(2,072)
 
$
46,121
 
 
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. A decrease in the exchange rate of the Pakistan rupee per U.S. dollar of 0.21% and an increase of 0.4% for the three months ended March 31, 2016 and 2015 respectively, caused a foreign exchange loss of $26,935 and a foreign exchange gain of $31,463 for the three months ended March 31, 2016 and 2015, respectively.