Business Combinations, Goodwill and Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2014

The following table summarizes the 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		(2,643,784	)		213,973			(2,429,811	)
Goodwill		14,709,583			6,073,709			20,783,292

Purchase Price	$	31,478,445		$	6,511,420		$	37,989,865

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


Cash and cash equivalents	$	81,219
Other net tangible assets		856,781

Total net tangible assets acquired	$	938,000

Customer Lists		563,000
Non solicitation agreement		427,976
Deferred tax assets and liabilities		(299,770	)
Goodwill		3,139,343

Purchase Price	$	4,768,549

The composition of goodwill and intangible assets is as follows:


	December 31, 2014			December 31, 2013
Goodwill	$	68,828,504		$	55,101,218

Intangible assets with indefinite lives
– Trademarks		10,276,386			5,238,090
Amortizable intangible assets
– Licenses and others		5,110,836			3,430,003
– Non-compete / solicitation agreement		1,829,208			1,025,605
– Customer list		11,293,828			1,568,190

Total intangible assets	$	28,510,258		$	11,261,888
Accumulated amortization		(5,338,909	)		(4,670,303	)

Total intangible assets, net	$	23,171,349		$	6,591,585

The changes in the carrying amount of goodwill for the years ended December 31, 2014 and 2013 are as follows:


	Year ended December 31, 2014
	Brazil			Argentina			Chile			Mexico			Venezuela		Colombia			Other Countries			Total
Balance, beginning 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
– Business acquisition		1,538,278			775,418			14,709,583			6,293,463			477,180		81,623			47,090			23,922,635
– Effect of exchange rates change		(1,347,193	)		(3,592,495	)		(2,128,326	)		(1,950,906	)		—		(1,066,229	)		(110,200	)		(10,195,349	)

Balance, end of the year	$	10,557,103		$	11,859,068		$	19,101,451		$	15,718,697		$	5,728,847	$	4,521,456		$	1,341,882		$	68,828,504


	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 changes		(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 following table summarizes the remaining amortization of intangible assets with definite useful life as of December 31, 2014.