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FOREIGN CURRENCY AND OTHER COMPREHENSIVE (GAINS) LOSSES

3 Months Ended

Mar. 31, 2024

Foreign Currency [Abstract]

FOREIGN CURRENCY AND OTHER COMPREHENSIVE (GAINS) LOSSES

NOTE 4 — FOREIGN CURRENCY AND OTHER COMPREHENSIVE (GAINS) LOSSES

The Company has recognized foreign exchange gains and losses and changes in accumulated comprehensive income approximately as follows:

		2024				2023
		Three months ended
		March 31,
		2024				2023
Net foreign exchange transactions:
Losses (Gains)		$	14,000			$	(44,000	)
Accumulated comprehensive income:
Unrealized (gains) losses on currency translation adjustment		$	210,000			$	(155,000	)

Amounts were converted from British Pounds to U.S. Dollars and Euros to British Pounds using the following exchange rates:

	●	As of March 31, 2024 – £1.262210 to $1.00; €1.078470 to $1.00

	●	The average exchange rate for the three months ended March 31, 2024 – £1.268286 to $1.00; €1.085995 to $1.00

	●	As of March 31, 2023 – £1.236707 to $1.00; €1.0877060 to $1.00

	●	The average exchange rate for the three months ended March 31, 2023 – £1.2147249 to $1.00; €1.0727193 to $1.00

The entire disclosure for foreign currency transactions and translation. This may include description of foreign currency transactions, foreign currency gains and losses, explanation of change in cumulative translation adjustment, description of effect of subsequent foreign currency exchange rate change, cumulative translation adjustment movement, foreign currency translation adjustment by component movement, translation adjustment for net investment hedge movement, adjustment for long-term intercompany transactions, schedule of long-term intercompany balances and any other foreign currency transactions and translation related items.

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