OTHER INCOME, NET

12 Months Ended

Dec. 31, 2022

OTHER INCOME, NET

OTHER INCOME, NET

7. OTHER INCOME, NET

	For the Year Ended
	December 31,
(thousands of dollars)	2022		2021
Other income:
Foreign exchange loss	$	(52)	$	—
Interest income		1,054		26
Other income (expense)		2		(2)
Total other income, net	$	1,004	$	24

As of December 31, 2022, the Company recognized $0.1 million of foreign currency exchange loss related to our Euro denominated bank account. As of December 31, 2022, the Company’s cash balance included approximately 5.0 million Euros. The foreign exchange loss was calculated using the exchange rate as of the balance sheet date. A change in the Euro to USD exchange rate of $0.01 results in a foreign exchange adjustment of less than $0.1 million.

As of December 31, 2022, the Company recognized interest income of $1.1 million in our investment account.