OTHER INCOME, NET

3 Months Ended

Mar. 31, 2023

OTHER INCOME, NET

OTHER INCOME, NET

6. OTHER INCOME, NET

	For the Three Months Ended
	March 31,
(thousands of dollars)	2023		2022
Other (expense) income:
Foreign exchange loss	$	(17)	$	—
Interest income		633		7
Total other income, net	$	616	$	7

For the three months ended March 31, 2023 the Company recognized less than $0.1 million of foreign currency exchange loss related to our Euro denominated bank account.  As of March 31, 2023, the Company’s cash balance included approximately 0.1 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.

For the three months ended March 31, 2023 the Company recognized interest income of $0.6 million, in our investment account.