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:

	June 30, 2015		December 31, 2014
Assets
Due from ESW LLC	$	18,629	$	13,814
Due from VS		7,849		7,979
Due from UT ESW		1,420		2,000
Due from other related parties		3,368		4,534
	$	31,266	$	28,327

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

Liabilities
Due to A Construir S.A.	$	3,219	$	995
Due to other related parties		617		461
	$	3,836	$	1,456

	Three months ended June 30,				Six months ended June 30,
	2015		2014		2015		2014
Revenues
Sales to ESW LLC	$	11,027	$	9,638	$	22,898	$	18,151
Sales to VS		1,553		3,571		2,599		7,236
Sales to UT ESW		660		49		662		115
		13,240		9,744		26,159		18,362


Expenses
Fees paid to directors and officers	$	388	$	621	$	777	$	621
Payments to other related parties*		395		1,162		838		1,162

Sales to other related parties were less than 0.1 million in the three months ended and six months ended June 30, 2015 and 2014.

*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 June 30, 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 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.