ACCUMULATED OTHER COMPREHENSIVE LOSS
|6 Months Ended|
Jun. 30, 2021
|Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]|
|ACCUMULATED OTHER COMPREHENSIVE LOSS||
NOTE 14 - ACCUMULATED OTHER COMPREHENSIVE LOSS
Comprehensive income (loss) includes net loss and foreign currency translation gains and losses.
The accumulated balances for each classification of other comprehensive loss for the six-month period ended June 30, 2021 are as follows:
SCHEDULE OF ACCUMULATED OTHER COMPREHENSIVE LOSS
The accumulated balances for each classification of other comprehensive loss for the six-month period ended June 30, 2020 are as follows:
The Company’s reporting currency is the U.S dollar (USD). For businesses where the majority of the revenues are generated in USD or linked to the USD and a substantial portion of the costs are incurred in USD, the Company’s management believes that the USD is the primary currency of the economic environment and thus their functional currency. Due to the fact that Argentina has been determined to be highly inflationary, the financial statements of our subsidiary in Argentina have been remeasured as if its functional currency was the USD. The Company also has foreign operations where the functional currency is the local currency. For these operations, assets and liabilities are translated using the end-of-period exchange rates and revenues, expenses and cash flows are translated using average rates of exchange for the period. Equity is translated at the rate of exchange at the date of the equity transaction. Translation adjustments are recognized in stockholders’ equity as a component of accumulated other comprehensive income (loss). Net translation losses from the translation of foreign currency financial statements of $(1,920) and $(331) at June 30, 2020 and 2021, respectively, are included in comprehensive loss in the Consolidated Statement of Changes in Stockholders’ Equity.
Foreign currency translation gains and losses related to operational expenses denominated in a currency other than the functional currency are included in determining net income or loss. Foreign currency translation (losses) gains for the three- and six-month periods ended June 30, 2020 of $112 and $(141), respectively, and for the three- and six-month periods ended June 30, 2021 of $56 and $206 respectively, are included in selling, general and administrative expenses in the Consolidated Statement of Operations. Foreign currency translation gains (losses) related to long-term debt of $(615) and $412, respectively, for the three- and six-month periods ended June 30, 2021 are included in interest expense in the Consolidated Statement of Operations.
The entire disclosure for tabular information relating to Other Comprehensive Income (OCI) as is applicable to noncontrolling interests. This text block may also include OCI relative to the filing entity, the aforementioned noncontrolling interest OCI, as well as OCI on a consolidated basis.
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef