Note 11. Related Parties

The Company’s major related party entities are: ESW LLC, a Florida limited liability company partially owned by the Company’s Chief Executive Officer and Chief Operating Officer, VS, an importer and installer based in Panama owned by related party family members, and Union Temporal ESW (“UT ESW”), a temporary contractual joint venture under Colombian law with Ventanar S. A. managed by related parties that expires at the end of its applicable contracts.

The following is a summary of assets, liabilities, and income and expense transactions with all related parties, shareholders, directors and managers:

	Three months ended March 31,
	2015		2014
Revenues
Sales to ESW LLC	$	11,871	$	8,513
Sales to VS		1,046		3,665
Sales to UT ESW		2		66

Expenses
Fees paid to Directors and Officers		389		117
Paid to other related parties *		443		89

	March 31,		December 31,
	2015		2014
Current Assets
Due from ESW LLC	$	18,853	$	13,814
Due from VS		7,654		7,979
Due from UT ESW		2,103		2,000
Due from other related parties		4,061		4,534
	$	32,671	$	28,327

Long term payment agreement from VS	$	3,392	$	4,220

Liabilities
Due to A Construir S.A.	$	(2,424)	$	(995)
Due to other related parties		(1,163)		(461)

*Payments to other related parties in 2015 and 2014 consists of donations to Fundación Tecnoglass.

In December 2014, the Company and VS executed a three year payment agreement for recovery of trade receivables outstanding for $6.6 million with an interest rate of Libor + 4.7% paid semiannually. The payment agreement was accounted for at fair value.

In 2013, the Company guaranteed a loan for $163 used to develop a lot adjacent to the Alutions plant into a related party fuel service station Santa Maria del Mar S.A. At the March 31, 2015 the guarantee was in good standing and no liabilities have been recorded, and the Company was in the process of restructuring the guarantee to exclude the involvement of Tecnoglass, S.A., as required by the merger agreement.

In April 2014, the Company guaranteed approximately $300 of bank loans for the Company’s Foundation. As of March 31, 2015, the loan balance was $300 and the guarantee is in good standing.

In December 2014, ESW LLC, a related party, guaranteed a mortgage loan for $3,920 for the acquisition of real properties in Miami-Dade County, Florida in favor of Tecnoglass RE, a wholly owned subsidiary of the Company.