Fair Value Measurement of Assets and Liabilities (Tables)

6 Months Ended

Jun. 30, 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 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

- 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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