Business Combinations, Goodwill and Intangible Assets (Tables)

6 Months Ended

Jun. 30, 2014

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

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

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

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

The estimated aggregate amortization expense for each of the five succeeding fiscal years, as of June 30, 2014 is as follows: