Fair Value Measurement of Assets and Liabilities (Tables)

12 Months Ended

Dec. 31, 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 December 31, 2014 and 2013:


Description	Balances as of 2014		Quoted Prices in active markets for (Level 1)		Significant other (Level 2)		Balances as of 2013		Quoted Prices in active markets for (Level 1)		Significant other (Level 2)
Assets
Cash and Cash Equivalents:
Money Market Funds	$	37,495,186	$	37,495,186	$	—	$	19,630,109	$	19,630,109	$	—
Corporate Debt Securities		13,003,843		108,028		12,895,815		88,648		88,648		—
Investments:
Sovereign Debt Securities		49,149,930		49,149,930		—		30,395,890		30,395,890		—
Corporate Debt Securities		238,643,291		59,919,359		178,723,932		25,239,905		19,110,709		6,129,196
Certificates of deposit		7,806,303		—		7,806,303		—		—		—

Total Financial Assets	$	346,098,553	$	146,672,503	$	199,426,050	$	75,354,552	$	69,225,356	$	6,129,196

Liabilities:
Contingent considerations	$	4,833,061		—	$	4,833,061		—		—		—

Total Financial Liabilities	$	4,833,061	$	—	$	4,833,061	$	—	$	—	$	—

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 December 31, 2014 and 2013:


	Balances as of December 31, 2014		Significant other observable inputs (Level 2)		Balances as of December 31, 2013		Significant other observable inputs (Level 2)
Assets
Time Deposits	$	58,475,057		58,475,057	$	66,677,156		66,677,156
Accounts receivable		46,672,495		46,672,495		25,884,260		25,884,260
Credit Cards receivable		85,162,276		85,162,276		52,045,851		52,045,851
Prepaid expenses		3,457,693		3,457,693		3,836,081		3,836,081
Other assets		37,718,557		37,718,557		35,888,029		35,888,029

Total Assets	$	231,486,078	$	231,486,078	$	184,331,377	$	184,331,377

Liabilities
Accounts and funds payable	$	58,005,734	$	58,005,734	$	34,405,333	$	34,405,333
Funds payable to customers		165,033,797		165,033,797		129,038,663		129,038,663
Salaries and social security payable		18,834,627		18,834,627		15,863,028		15,863,028
Tax payable		26,012,849		26,012,849		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		283,825,977		283,825,977		15,860,642		15,860,642
Other liabilities		5,524,436		5,524,436		3,699,109		3,699,109

Total Liabilities	$	564,566,966	$	564,566,967	$	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 December 31, 2014 and 2013, the fair value of money market funds, short and long-term investments classified as available for sale securities are as follows:


	December 31, 2014
	Cost		Gross Unrealized Gains		Gross Unrealized Losses (1)			Estimated Fair Value
Cash and cash equivalents
Money Market Funds	$	37,530,995	$	1,871	$	(37,680	)	$	37,495,186
Corporate Debt Securities		13,008,662		—		(4,819	)		13,003,843

Total Cash and cash equivalents	$	50,539,657	$	1,871	$	(42,499	)	$	50,499,029


Short-term investments
Sovereign Debt Securities	$	4,725,763	$	—	$	(4,323	)	$	4,721,440
Corporate Debt Securities		81,885,144		375		(74,788	)		81,810,731
Certificates of deposit		3,802,710		670		(1,069	)		3,802,311

Total Short-term investments	$	90,413,617	$	1,045	$	(80,180	)	$	90,334,482


Long-term investments
Sovereign Debt Securities	$	44,510,898	$	445	$	(82,853	)	$	44,428,490
Corporate Debt Securities		157,205,298		22,227		(394,965	)		156,832,560
Certificates of deposit		4,006,590		—		(2,598	)		4,003,992

Total Long-term investments	$	205,722,786	$	22,672	$	(480,416	)	$	205,265,042


Total	$	346,676,060	$	25,588	$	(603,095	)	$	346,098,553


	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 December 31, 2014 and 2013.

Estimated Fair Values of Money Market Funds, Short-Term and Long-Term Investments

As of December 31, 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		140,833,511
One year to two years		123,938,339
Two years to three years		52,039,030
Three years to four years		19,805,889
Four years to five years		9,481,784

Total	$	346,098,553

- 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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