Note 11 - Accumulated Other Comprehensive Income

6 Months Ended

Jun. 30, 2022

Notes to Financial Statements

Comprehensive Income (Loss) Note [Text Block]

11 – Accumulated Other Comprehensive Income

The following table shows the components of accumulated other comprehensive income (loss) (in thousands):

Balance as of December 31, 2021	$	787
Foreign currency translation adjustment		445
Balance as of March 31, 2022	$	1,232
Reclassification of currency translation related to equity method of RTC Canada		(601	)
Foreign currency translation adjustment		(567	)
Balance as of June 30, 2022	$	64

The functional currency of the Company’s foreign subsidiary, RTC Canada, is its local currency.  Results of operations of RTC Canada are translated in USD using the average exchange rates on a monthly basis during the year. The assets and liabilities of RTC Canada are translated into USD using the exchange rates in effect on the balance sheet date. The related translation adjustments are recorded in a separate component of stockholders' equity in accumulated other comprehensive loss.

The Company reclassified the foreign currency translation adjustment related to its previously held equity investment in RTC Canada into net income upon its acquisition of a majority equity interest according to ASC 830-30, Foreign Currency Matters.