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Business combinations, goodwill and intangible assets (Tables)

3 Months Ended

Mar. 31, 2014

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 is as follows:

		March 31, 2014				December 31, 2013
Goodwill		$	51,959,430			$	55,101,218
Intangible assets with indefinite lives
- Trademarks			5,224,271				5,238,090
Amortizable intangible assets
- Licenses and others			3,080,543				3,430,003
- Non-compete agreement			979,402				1,025,605
- Customer list			1,484,131				1,568,190
Total intangible assets		$	10,768,347			$	11,261,888
Accumulated amortization			(4,374,743	)			(4,670,303	)
Total intangible assets, net		$	6,393,604			$	6,591,585

Table Showing Changes in Carrying Amount of Goodwill

The changes in the carrying amount of goodwill for the three-month period ended March 31, 2014 and the year ended December 31, 2013 are as follows:

		Period ended March 31, 2014
		Brazil				Argentina				Chile				Mexico				Venezuela				Colombia				Other Countries				Total
Balance, beginning of the period		$	10,366,018			$	14,676,145			$	6,520,194			$	11,376,140			$	5,251,667			$	5,506,062			$	1,404,992			$	55,101,218
- Effect of exchange rates changes			138,486				(2,775,163	)			(317,050	)			(68,795	)			—				(115,016	)			(4,250	)			(3,141,788	)
Balance, end of the period		$	10,504,504			$	11,900,982			$	6,203,144			$	11,307,345			$	5,251,667			$	5,391,046			$	1,400,742			$	51,959,430

		Year ended December 31, 2013
		Brazil				Argentina				Chile				Mexico				Venezuela				Colombia				Other Countries				Total
Balance, beginning of 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
- Business Acquisition			1,307,644				659,159				—				186,806				405,637				69,385				40,030				2,668,661
- Effect of exchange rates changes			(1,647,907	)			(4,872,108	)			(595,017	)			(215,446	)			—				(460,459	)			(142,569	)			(7,933,506	)
Balance, end of the year		$	10,366,018			$	14,676,145			$	6,520,194			$	11,376,140			$	5,251,667			$	5,506,062			$	1,404,992			$	55,101,218

Expected Intangible Asset Amortization Expense

The estimated aggregate amortization expense for each of the five succeeding fiscal years, as of March 31, 2014 is as follows:

For year ended 12/31/2014		$	435,454
For year ended 12/31/2015			501,505
For year ended 12/31/2016			211,716
Thereafter			20,658
		$	1,169,333

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

-SubTopic 30

-Section 50

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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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