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Business Combinations, Goodwill and Intangible Assets (Tables) | 6 Months Ended
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Jun. 30, 2014
Text Block [Abstract] |
Summary of Preliminary Purchase Price Allocation for Acquisition | The following table summarizes the preliminary purchase price allocation for the acquisition:
|  | Chile |  |  | Mexico |  |  | Total |
Cash and cash equivalents |  | $ | 546,736 |  |  | $ | 474,214 |  |  | $ | 1,020,950 |
Other net tangible assets / (liabilities) |  |  | 2,306,226 |  |  |  | (2,727,285 | ) |  |  | (421,059 | )
Trademarks |  |  | 5,422,000 |  |  |  | 2,155,000 |  |  |  | 7,577,000 |
Customer Lists |  |  | 10,104,059 |  |  |  | 321,809 |  |  |  | 10,425,868 |
Software |  |  | 446,625 |  |  |  | — |  |  |  | 446,625 |
Non solicitation agreement |  |  | 587,000 |  |  |  | — |  |  |  | 587,000 |
Deferred tax assets and liabilities |  |  | (245,484 | ) |  |  | 748,325 |  |  |  | 502,841 |
Goodwill |  |  | 12,384,798 |  |  |  | 5,554,567 |  |  |  | 17,939,365 |
Purchase Price |  | $ | 31,551,960 |  |  | $ | 6,526,630 |  |  | $ | 38,078,590 |
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:
|  | June 30, |  |  | December 31, |
|  | 2014 |  |  | 2013 |
Goodwill |  | $ | 70,267,846 |  |  | $ | 55,101,218 |
Intangible assets with indefinite lives |  |  |  |  |  |  |  |
- Trademarks |  |  | 12,902,239 |  |  |  | 5,238,090 |
Amortizable intangible assets |  |  |  |  |  |  |  |
- Licenses and others |  |  | 3,797,312 |  |  |  | 3,430,003 |
- Non-compete / solicitation agreement |  |  | 1,565,441 |  |  |  | 1,025,605 |
- Customer list |  |  | 11,827,644 |  |  |  | 1,568,190 |
Total intangible assets |  | $ | 30,092,636 |  |  | $ | 11,261,888 |
Accumulated amortization |  |  | (4,409,535 | ) |  |  | (4,670,303 | )
Total intangible assets, net |  | $ | 25,683,101 |  |  | $ | 6,591,585 |
Table Showing Changes in Carrying Amount of Goodwill | The changes in the carrying amount of goodwill for the six-month period ended June 30, 2014 and the year ended December 31, 2013 are as follows:
|  | Period ended June 30, 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 |
- Business acquisition |  |  | — |  |  |  | — |  |  |  | 12,384,798 |  |  |  | 5,554,567 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 17,939,365 |
- Effect of exchange rates change |  |  | 390,572 |  |  |  | (2,989,282 | ) |  |  | (341,628 | ) |  |  | 74,173 |  |  |  | — |  |  |  | 120,498 |  |  |  | (27,070 | ) |  |  | (2,772,737 | )
Balance, end of the period |  | $ | 10,756,590 |  |  | $ | 11,686,863 |  |  | $ | 18,563,364 |  |  | $ | 17,004,880 |  |  | $ | 5,251,667 |  |  | $ | 5,626,560 |  |  | $ | 1,377,922 |  |  | $ | 70,267,846 |
|  | 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 change |  |  | (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 June 30, 2014 is as follows:
For year ended 12/31/2014 |  | $ | 1,008,652 |
For year ended 12/31/2015 |  |  | 1,929,000 |
For year ended 12/31/2016 |  |  | 1,707,070 |
For year ended 12/31/2017 |  |  | 1,309,813 |
For year ended 12/31/2018 |  |  | 1,112,388 |
Thereafter |  |  | 5,713,939 |
|  | $ | 12,780,862 |

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- Definition Tabular disclosure of goodwill in a business combination. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 30 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=7488404&loc=d3e6927-128479 + Details
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- Definition Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=14024403&loc=d3e13816-109267 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 20 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=14024403&loc=d3e13854-109267 + Details
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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. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6910749&loc=d3e4845-128472 + Details
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