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Fair Value Measurement of Assets and Liabilities (Tables) | 6 Months Ended
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Jun. 30, 2014
Fair Value Disclosures [Abstract] |
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 June 30, 2014 and December 31, 2013:
|  |  |  |  | Quoted Prices in |  |  |  |  |  |  |  |  | Quoted Prices in |  |  |  |
|  | Balances as of |  |  | active markets for |  |  | Significant other |  |  | Balances as of |  |  | active markets for |  |  | Significant other |
|  | June 30, |  |  | identical Assets |  |  | observable inputs |  |  | December 31, |  |  | identical Assets |  |  | observable inputs |
Description |  | 2014 |  |  | (Level 1) |  |  | (Level 2) |  |  | 2013 |  |  | (Level 1) |  |  | (Level 2) |
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and Cash Equivalents: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Money Market Funds |  | $ | 38,994,495 |  |  | $ | 38,994,495 |  |  | $ | — |  |  | $ | 19,630,109 |  |  | $ | 19,630,109 |  |  | $ | — |
Corporate Debt Securities |  |  | 24,607 |  |  |  | 24,607 |  |  |  | — |  |  |  | 88,648 |  |  |  | 88,648 |  |  |  | — |
Investments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Sovereign Debt Securities |  |  | 34,254,717 |  |  |  | 34,254,717 |  |  |  | — |  |  |  | 30,395,890 |  |  |  | 30,395,890 |  |  |  | — |
Corporate Debt Securities |  |  | 21,899,049 |  |  |  | 16,123,624 |  |  |  | 5,775,425 |  |  |  | 25,239,905 |  |  |  | 19,110,709 |  |  |  | 6,129,196 |
Total Financial Assets |  | $ | 95,172,868 |  |  | $ | 89,397,443 |  |  | $ | 5,775,425 |  |  | $ | 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 June 30, 2014 and December 31, 2013:
|  | Balances as of |  |  | Significant other |  |  | Balances as of |  |  | Significant other |
|  | June 30, |  |  | observable inputs |  |  | December 31, |  |  | observable inputs |
|  | 2014 |  |  | (Level 2) |  |  | 2013 |  |  | (Level 2) |
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Time Deposits |  | $ | 100,664,973 |  |  |  | 100,664,973 |  |  | $ | 66,677,156 |  |  |  | 66,677,156 |
Accounts receivable |  |  | 34,690,697 |  |  |  | 34,690,697 |  |  |  | 25,884,260 |  |  |  | 25,884,260 |
Credit Cards receivable |  |  | 59,432,409 |  |  |  | 59,432,409 |  |  |  | 52,045,851 |  |  |  | 52,045,851 |
Prepaid expenses |  |  | 4,982,687 |  |  |  | 4,982,687 |  |  |  | 3,836,081 |  |  |  | 3,836,081 |
Other assets |  |  | 35,657,537 |  |  |  | 35,657,537 |  |  |  | 35,888,029 |  |  |  | 35,888,029 |
Total Assets |  | $ | 235,428,303 |  |  | $ | 235,428,303 |  |  | $ | 184,331,377 |  |  | $ | 184,331,377 |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Accounts and funds payable |  | $ | 40,677,870 |  |  | $ | 40,677,870 |  |  | $ | 34,405,333 |  |  | $ | 34,405,333 |
Funds payable to customers |  |  | 147,908,193 |  |  |  | 147,908,193 |  |  |  | 129,038,663 |  |  |  | 129,038,663 |
Salaries and social security payable |  |  | 15,345,811 |  |  |  | 15,345,811 |  |  |  | 15,863,028 |  |  |  | 15,863,028 |
Tax payable |  |  | 18,440,304 |  |  |  | 18,440,304 |  |  |  | 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 |  |  | 280,620,810 |  |  |  | 280,620,810 |  |  |  | 15,860,642 |  |  |  | 15,860,642 |
Other liabilities |  |  | 9,484,502 |  |  |  | 9,484,502 |  |  |  | 3,699,109 |  |  |  | 3,699,109 |
Total Liabilities |  | $ | 519,807,036 |  |  | $ | 519,807,036 |  |  | $ | 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 June 30, 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:
|  | June 30, 2014 |
|  | Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses (1) |  |  | Estimated Fair Value |
Cash and cash equivalents |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Money Market Funds |  | $ | 38,989,224 |  |  | $ | 8,241 |  |  | $ | (2,970 | ) |  | $ | 38,994,495 |
Corporate Debt Securities |  |  | 24,611 |  |  |  | — |  |  |  | (4 | ) |  |  | 24,607 |
Total Cash and cash equivalents |  | $ | 39,013,835 |  |  | $ | 8,241 |  |  | $ | (2,974 | ) |  | $ | 39,019,102 |
Short-term investments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Sovereign Debt Securities |  | $ | 1,891,573 |  |  | $ | 2,821 |  |  | $ | — |  |  | $ | 1,894,394 |
Corporate Debt Securities |  |  | 2,664,044 |  |  |  | 5,245 |  |  |  | — |  |  |  | 2,669,289 |
Total Short-term investments |  | $ | 4,555,617 |  |  | $ | 8,066 |  |  | $ | — |  |  | $ | 4,563,683 |
Long-term investments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Sovereign Debt Securities |  | $ | 32,300,561 |  |  | $ | 59,762 |  |  | $ | — |  |  | $ | 32,360,323 |
Corporate Debt Securities |  |  | 19,124,836 |  |  |  | 108,531 |  |  |  | (3,607 | ) |  |  | 19,229,760 |
Total Long-term investments |  | $ | 51,425,397 |  |  | $ | 168,293 |  |  | $ | (3,607 | ) |  | $ | 51,590,083 |
Total |  | $ | 94,994,849 |  |  | $ | 184,600 |  |  | $ | (6,581 | ) |  | $ | 95,172,868 |
|  | 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 June 30, 2014 and December 31, 2013.
Estimated Fair Values of Money Market Funds, Short-Term and Long-Term Investments | As of June 30, 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 |  |  | 43,582,785 |
One year to two years |  |  | 21,864,218 |
Two years to three years |  |  | 17,386,820 |
Three years to four years |  |  | 9,234,908 |
Four years to five years |  |  | 3,104,137 |
More than five years |  |  | — |
Total |  | $ | 95,172,868 |

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- 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. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=27724398&loc=d3e27290-111563 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=27724398&loc=d3e27357-111563 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 7 -URI http://asc.fasb.org/extlink&oid=27724398&loc=d3e27337-111563 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 320 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6957658&loc=d3e62557-112803 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=27724398&loc=d3e27198-111563 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 320 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6957658&loc=d3e62586-112803 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=27724398&loc=d3e27161-111563 + Details
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- Definition Tabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=25499696&loc=d3e19190-110258 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a),(b) -URI http://asc.fasb.org/extlink&oid=25499696&loc=d3e19207-110258 + Details
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