Foreign Currency Remeasurement

12 Months Ended

Dec. 31, 2021

Foreign Currency [Abstract]

Foreign Currency Remeasurement

3. Foreign Currency Remeasurement

The U.S. dollar has been determined to be the functional currency for the net assets of the Company’s German operations. The transactions are recorded in the local currencies and are remeasured at each reporting date using the historical rates for nonmonetary assets and liabilities and current exchange rates for monetary assets and liabilities at the balance sheet date. Exchange gains and losses from the remeasurement of monetary assets and liabilities are recognized in other income (loss). The Company recognized a gain (loss) of approximately $(22,440) and $26,800 for the years ended December 31, 2021 and 2020, respectively.

As of December 31, 2021 and 2020, the Company’s cash balances consisted of the following:

	2021		2020
U.S. Dollars	$	6,671,404	$	9,892,046
Euros – in US $		98,199		111,329
Cash Balance		$6,769,603	$	10,003,375