Note 11 - Foreign Operations

12 Months Ended

Dec. 31, 2021

Notes to Financial Statements

Additional Financial Information Disclosure [Text Block]

11. FOREIGN OPERATIONS

In 2003, we established a subsidiary of CoreCard Software in Romania for software development and testing activities. In 2006, we established a subsidiary in India for additional software development and testing activities as well as support for processing operations. In October 2020, we opened an office in Dubai, United Arab Emirates to support CoreCard’s expansion of processing services into new markets in the Asia Pacific, Middle East, Africa and European regions. In October 2021, we opened a new location in Bogotá, Colombia where we expect to hire technical personnel to support existing customers and continued growth. With the exception of a facility in India which was acquired in 2007 to house our India-based employees and which had a net book value of $150,000 and $156,000 at December 31, 2021 and 2020, respectively, substantially all long-lived assets are in the United States.

At December 31, 2021 and 2020, continuing operations of foreign subsidiaries had assets of $5,079,000 and $1,958,000, respectively, and total liabilities of $3,886,000 and $1,754,000, respectively. The majority of these assets and liabilities are in India. There are no currency exchange restrictions related to our foreign subsidiaries that would affect our financial position or results of operations. Refer to Note 1 for a discussion regarding how we account for translation of non-U.S. currency amounts.