Fair value measurement of assets and liabilities (Tables)

3 Months Ended

Mar. 31, 2014

Financial Assets and Liabilities Measured at Fair Value on Recurring Basis

The following table summarizes the Company’s financial assets and liabilities measured at fair value on a recurring basis as of March 31, 2014 and December 31, 2013:


Description	Balances as of March 31, 2014		Quoted Prices in active markets for identical Assets (Level 1)		Significant other observable inputs (Level 2)		Balances as of December 31, 2013		Quoted Prices in active markets for identical Assets (Level 1)		Significant other observable inputs (Level 2)
Assets
Cash and Cash Equivalents:
Money Market Funds	$	28,530,439	$	28,530,439	$	—	$	19,630,109	$	19,630,109	$	—
Corporate Debt Securities		5,033		5,033		—		88,648		88,648		—
Investments:
Sovereign Debt Securities		30,638,940		30,638,940		—		30,395,890		30,395,890		—
Corporate Debt Securities		21,584,208		13,077,405		8,506,803		25,239,905		19,110,709		6,129,196

Total Financial Assets	$	80,758,620	$	72,251,817	$	8,506,803	$	75,354,552	$	69,225,356	$	6,129,196

Fair Value of Financial Assets and Liabilities Measured at Amortized Cost

The following table summarizes the fair value level for those financial assets and liabilities of the Company measured at amortized cost as of March 31, 2014 and December 31, 2013:


	Balances as of March 31, 2014		Significant other observable inputs (Level 2)		Balances as of December 31, 2013		Significant other observable inputs (Level 2)
Assets
Time Deposits	$	79,581,194		79,581,194	$	66,677,156		66,677,156
Accounts receivable		30,331,297		30,331,297		25,884,260		25,884,260
Credit Cards receivable		54,322,496		54,322,496		52,045,851		52,045,851
Prepaid expenses		4,554,266		4,554,266		3,836,081		3,836,081
Other assets		33,584,925		33,584,925		35,888,029		35,888,029

Total Assets	$	202,374,178	$	202,374,178	$	184,331,377	$	184,331,377

Liabilities
Accounts and funds payable	$	36,582,107	$	36,582,107	$	34,405,333	$	34,405,333
Funds payable to customers		132,368,104		132,368,104		129,038,663		129,038,663
Salaries and social security payable		21,965,845		21,965,845		15,863,028		15,863,028
Tax payable		16,788,250		16,788,250		17,854,110		17,854,110
Dividends payable		7,329,546		7,329,546		6,313,869		6,313,869
Loans payable and other financial liabilities		9,489,706		9,489,706		15,860,642		15,860,642
Other liabilities		3,775,268		3,775,268		3,699,109		3,699,109

Total Liabilities	$	228,298,826	$	228,298,826	$	223,034,754	$	223,034,754

Fair Value of Money Market Funds, Short and Long-Term Investments Classified as Available for Sale Securities

As of March 31, 2014 and December 31, 2013, the fair value of money market funds, short and long-term investments classified as available for sale securities are as follows:


	March 31, 2014
	Cost		Gross Unrealized Gains		Gross Unrealized Losses (1)			Estimated Fair Value

Cash and cash equivalents
Money Market Funds	$	28,529,873	$	4,628	$	(4,062	)	$	28,530,439
Corporate Debt Securities		5,037		—		(4	)		5,033

Total Cash and cash equivalents	$	28,534,910	$	4,628	$	(4,066	)	$	28,535,472


Short-term investments
Sovereign Debt Securities	$	2,657,753	$	2,456	$	—		$	2,660,209
Corporate Debt Securities		5,144,257		5,184		—			5,149,441

Total Short-term investments	$	7,802,010	$	7,640	$	—		$	7,809,650


Long-term investments
Sovereign Debt Securities	$	28,008,215	$	833	$	(30,317	)	$	27,978,731
Corporate Debt Securities		16,358,275		81,607		(5,115	)		16,434,767

Total Long-term investments	$	44,366,490	$	82,440	$	(35,432	)	$	44,413,498



Total	$	80,703,410	$	94,708	$	(39,498	)	$	80,758,620


	December 31, 2013
	Cost		Gross Unrealized Gains		Gross Unrealized Losses (1)			Estimated Fair Value

Cash and cash equivalents
Money Market Funds	$	19,631,550	$	2,619	$	(4,060	)	$	19,630,109
Corporate Debt Securities		88,640		8		—			88,648

Total Cash and cash equivalents	$	19,720,190	$	2,627	$	(4,060	)	$	19,718,757


Short-term investments
Sovereign Debt Securities	$	5,518,577	$	1,616	$	—		$	5,520,193
Corporate Debt Securities		4,393,594		2,271		—			4,395,865

Total Short-term investments	$	9,912,171	$	3,887	$	—		$	9,916,058


Long-term investments
Sovereign Debt Securities	$	24,881,440	$	483	$	(6,226	)	$	24,875,697
Corporate Debt Securities		20,804,125		59,437		(19,522	)		20,844,040

Total Long-term investments	$	45,685,565	$	59,920	$	(25,748	)	$	45,719,737



Total	$	75,317,926	$	66,434	$	(29,808	)	$	75,354,552

(1)

Unrealized losses from securities are primarily attributable to market price movements. Management does not believe any remaining unrealized losses represent other-than-temporary impairments based on the evaluation of available evidence including the credit rating of the investments, as of March 31, 2014 and December 31, 2013.

Estimated Fair Values of Money Market Funds, Short-Term and Long-Term Investments

As of March 31, 2014, the estimated fair values of money market funds, short-term and long-term investments classified by its effective maturities are as follows:


One year or less		36,345,122
One year to two years		17,142,394
Two years to three years		15,128,943
Three years to four years		8,138,421
Four years to five years		4,003,740
More than five years		—

Total	$	80,758,620

- Definition

Tabular disclosure of available-for-sale securities which includes, but is not limited to, changes in the cost basis and fair value, fair value and gross unrealized gain (loss), fair values by type of security, contractual maturity and classification, amortized cost basis, contracts to acquire securities to be accounted for as available-for-sale, debt maturities, transfers to trading, change in net unrealized holding gain (loss) net of tax, continuous unrealized loss position fair value, aggregate losses qualitative disclosures, other than temporary impairment (OTTI) losses or other disclosures related to available for sale securities.

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