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Business Combinations, Goodwill and Intangible Assets (Tables)

6 Months Ended

Jun. 30, 2013

Text Block [Abstract]

Preliminary Purchase Price Allocation for Acquisition

The following table summarizes the definitive purchase price allocation for the acquisition:

Net assets acquired		$	237,891
Goodwill			2,668,661
Purchase price			2,906,552
Escrow for employment relationship			547,945
Aggregate price paid		$	3,454,497

Composition of Goodwill and Intangible Assets

The composition of Goodwill and Intangible assets, as of June 30, 2013 and December 31, 2012 was as follows:

		June 30,				December 31,
		2013				2012
		(Unaudited)				(Audited)
Goodwill		$	59,558,023			$	60,366,063
Intangible assets with indefinite lives
- Trademarks			5,251,046				5,326,057
Amortizable intangible assets
- Licenses and others			3,563,361				3,829,668
- Non-compete agreement			1,105,573				1,195,509
- Customer list			1,600,514				1,708,770
Total intangible assets		$	11,520,494			$	12,060,004
Accumulated amortization			(4,802,728	)			(4,780,139	)
Total intangible assets, net		$	6,717,766			$	7,279,865

Table Showing Changes in Carrying Amount of Goodwill

The changes in the carrying amount of goodwill for the six-month period ended June 30, 2013 and the year ended December 31, 2012, are as follows:

		Period ended June 30, 2013 (Unaudited)
		Brazil				Argentina				Chile				Mexico				Venezuela				Colombia				Other Countries				Total
Balance, beginning of period		$	10,706,281			$	18,889,094			$	7,115,211			$	11,404,780			$	4,846,030			$	5,897,136			$	1,507,531			$	60,366,063
- Business acquisition			1,307,644				659,159				—				186,806				405,637				69,385				40,030				2,668,661
- Effect of exchange rates change			(896,673	)			(1,561,458	)			(337,502	)			(63,521	)			(20,178	)			(477,030	)			(120,339	)			(3,476,701	)
Balance, end of the period		$	11,117,252			$	17,986,795			$	6,777,709			$	11,528,065			$	5,231,489			$	5,489,491			$	1,427,222			$	59,558,023
		Year ended December 31, 2012 (Audited)
		Brazil				Argentina				Chile				Mexico				Venezuela				Colombia				Other Countries				Total
Balance, beginning of year		$	11,663,443			$	21,583,774			$	6,577,459			$	10,621,839			$	4,846,030			$	5,367,526			$	1,433,877			$	62,093,948
- Effect of exchange rates change			(957,162	)			(2,694,680	)			537,752				782,941				—				529,610				73,654				(1,727,885	)
Balance, end of the year		$	10,706,281			$	18,889,094			$	7,115,211			$	11,404,780			$	4,846,030			$	5,897,136			$	1,507,531			$	60,366,063

Estimated Aggregate Amortization Expense

The estimated aggregate amortization expense for each of the four succeeding fiscal years, as of June 30, 2013 is as follows:

For year ended 12/31/2013		$	348,840
For year ended 12/31/2014			582,226
For year ended 12/31/2015			472,090
For year ended 12/31/2016			63,564
		$	1,466,720

X

- Definition

Tabular disclosure of the amount of amortization expense expected to be recorded in succeeding fiscal years for finite-lived intangible assets.

+ References

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-Publisher FASB

-Name Accounting Standards Codification

-Topic 350

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- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

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- Definition

Tabular disclosure of the amounts recognized as of the acquisition date for each major class of assets acquired and liabilities assumed. May include but not limited to the following: (a) acquired receivables; (b) contingencies recognized at the acquisition date; and (c) the fair value of noncontrolling interests in the acquiree.

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