Foreign Operations

12 Months Ended

Jun. 30, 2022

Foreign Operations

Foreign Operations

15. Foreign Operations

Assets and liabilities denominated in non-U.S. currencies are translated at rates of exchange prevailing on the balance sheet date, and revenues and expenses are translated at average rates of exchange for the period.  Gains or losses on the translation of the financial statements of a non-U.S. operation, where the functional currency is other than the U.S. dollar, are reflected as a separate component of equity, which was a cumulative gain of approximately $935,000 and $2.1 million as of June 30, 2022 and 2021, respectively.  During the years ended June 30, 2022 and 2021, we also recognized net foreign currency transaction losses of approximately $3,000 and $1,000, respectively, included in the Consolidated Statements of Comprehensive Income (Loss) in the line item entitled “Other income (expense), net.” 

Assets and net assets in foreign countries are as follows:

	China		Latvia
	June 30, 2022	June 30, 2021	June 30, 2022	June 30, 2021
Assets	$19.6 million	$20.1 million	$12.7 million	$11.3 million
Net assets	$15.7 million	$16.6 million	$10.0 million	$9.0 million