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Correction of Misstatements and Errors | 9 Months Ended
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Sep. 30, 2015
Accounting Changes and Error Corrections [Abstract] |
Accounting Changes and Error Corrections [Text Block] | Note 2. Correction of Misstatements and Errors The Company identified and corrected eight non-cash errors: (1) in the way the Company had accounted for the fair value and classification of its EBITDA/Ordinary Share Price Shares or “earnout shares”, (2) in the classification and presentation of deferred tax assets and liabilities, (3) in the classification of its shipping and handling costs, (4) in the presentation of related party revenue on consolidated statements of operations and comprehensive income and adequate identification of certain related parties as such, (5) in the classification of purchases and sales of investments in the consolidated statements of cash flows, (6) in the calculation of diluted earnings per share, (7) in the Company’s conclusion on certain variable interest entities and (8) in the way the Company had accounted for the fair value of the Company’s warrants exercised for ordinary shares during the third and fourth quarter of 2015. A description of each misstatement or error is provided below and additional detail is provided in other notes to these condensed consolidated financial statements: (a) Earnout shares - The Company entered into an Agreement and Plan of Reorganization (the “Merger Agreement”) as of August 17, 2013. Pursuant to the Merger Agreement, on the closing date of December 20, 2013, the Company issued 3,000,000 Ordinary Shares (“Earnout Shares”) to be held in escrow and to be released after the closing based on the Company’s achievement of specified share price targets or targets based on Tecnoglass Holding’s net earnings before interest income or expense, income taxes, depreciation, amortization and any expenses arising solely from the merger charged to income (“EBITDA”) in the fiscal years ending December 31, 2014, 2015 or 2016. The following table sets forth the targets and the number of Earnout Shares issuable upon the achievement of such targets:
|  | Ordinary Share |  | EBITDA Target |  | Number of Earnout Shares |
|  | Price Target |  | Minimum |  | Maximum |  | Minimum |  | Maximum |
Fiscal year ending 12/31/14 |  | $ | 12.00 per share |  | $ | 30,000 |  | $ | 36,000 |  |  | 416,667 |  |  | 500,000 |
Fiscal year ending 12/31/15 |  | $ | 13.00 per share |  | $ | 35,000 |  | $ | 40,000 |  |  | 875,000 |  |  | 1,000,000 |
Fiscal year ending 12/31/16 |  | $ | 15.00 per share |  | $ | 40,000 |  | $ | 45,000 |  |  | 1,333,333 |  |  | 1,500,000 |
Prior to December 31, 2015, the earnout shares were accounted for within equity at par value. In accordance with ASC 815 – Derivatives and Hedging, the earnout shares are not considered indexed to the Company’s own stock and therefore should have been accounted for as a liability with fair value changes being recorded in the consolidated statements of operations and comprehensive income, Correction of this error will affect the condensed consolidated financial statements in this Amendment No. 1 (b) Deferred tax assets and liabilities – The Company was presenting deferred tax assets and liabilities on a gross basis on the balance sheet as at December 31, 2014. Per ASC 740 – Income Taxes, for a particular tax-paying component of an entity and within a particular tax jurisdiction, all current deferred tax liabilities and assets shall be offset and presented as a single amount and all noncurrent deferred tax liabilities and assets shall be offset and presented as a single amount. The deferred tax assets and liabilities have been reclassified and presented in current and long-term assets and liabilities in the condensed consolidated balance sheets presented as of September 30, 2015 and December 31, 2014. Correction of this error will affect the condensed consolidated financial statements in this Amendment No. 1. (c) Shipping and handling costs – For the year ended December 31, 2015, the Company records and presents shipping and handling costs in selling expenses whereas in prior financial statements these expenses had been partially reported in cost of sales. The amounts of shipping and handling costs have been reclassified in the condensed consolidated statements of operations and comprehensive income for the three- and nine-month periods ended September 30, 2015 and 2014. Correction of this error will affect the condensed consolidated financial statements in this Amendment No. 1. (d) Related party revenue –Certain related parties were not adequately identified as such in previous reports and are now being considered in the amounts presented on the Condensed Consolidated Balance Sheet, the Consolidated condensed statement of operations, the Statement of cash flows and the related parties footnote. (e) Cash flow from investing activities – Cash flows from the sale and purchase of investments were presented on a net basis within cash flow from investing activities amounting to $126. The Company now presents the sales and purchases of investments on a gross basis within cash flow from investing activities. This did not result in a change in total cash flow from investing activities in the nine-month periods ended September 30, 2015 and 2014. (f) Earnings per share – In previously filed financial statement for the three- and nine-month periods ended September 31, 2015 and 2014, the Company presented a diluted weighted average number of common shares outstanding for the calculation of diluted earnings per share that did not include the dilutive effect of earnout shares contingently issuable upon achievement of certain specified EBITDA or ordinary share price targets. This correction resulted in the inclusion of 1,000,000 additional dilutive shares included in the calculation of diluted earnings per share as of the three- and nine-month periods ended September 30, 2015 based upon the achievement of the 2015 ordinary share price target of $13.00 as of August 17, 2015. (g) Variable Interest Entities - The Company’s analysis that was performed previously for the preparation of the financial statements as of December 31, 2014 concluded that these entities were VIEs. However, further analysis of the facts and circumstances surrounding the Company’s accounting of ESW LLC and VS performed during 2015 determined that the prior analysis was in error. The correction resulted in no changes to the financial statements for the three- and nine- month periods ended September 30, 2015, other than associated related party footnote disclosures. (h) Warrants exercises - In previously filed financial statement for the three- and nine-month periods ended September 30, 2015 and 2014, the Company had recorded the fair value of exercised warrants on the date of exercise in the condensed consolidated statement of operations and disclosed the net gain or loss on exercise as a component of the total change in the fair value of the warrant liability. The Company now records the change in fair value from the last reporting date to the date of exercise in the Company’s condensed consolidated statement of operations and records the fair value of the exercised warrants on the date of exercise as a charge to additional paid-in capital in shareholders equity. The correction resulted in changes to the financial statements for the three- and nine- month periods ended September 30, 2015 as the associated warrant exercises commenced on July 6, 2015. The following table includes the financial statements as originally reported and as adjusted and takes into account the following adjustments: Condensed Consolidated Balance Sheets
|  | September 30, 2015 |  | December 31, 2014 |  |  |
|  | As reported |  | Adjustment |  | as Restated |  | As reported |  | Adjustment |  | as Restated |  | Reference |
ASSETS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  |  | 16,871 |  |  |  |  |  | 16,871 |  |  | 15,930 |  |  |  |  |  | 15,930 |  |  |
Trade accounts receivable, net |  |  | 49,380 |  |  | (376) |  |  | 49,004 |  |  | 44,955 |  |  | (237) |  |  | 44,718 |  | d |
Due from related parties |  |  | 31,615 |  |  | 376 |  |  | 31,991 |  |  | 28,327 |  |  | 237 |  |  | 28,564 |  | d |
Inventories, net |  |  | 39,609 |  |  |  |  |  | 39,609 |  |  | 28,965 |  |  |  |  |  | 28,965 |  |  |
Other current assets |  |  | 22,089 |  |  | (3,343) |  |  | 18,746 |  |  | 23,319 |  |  | (5,373) |  |  | 17,946 |  | b |
Total current assets |  |  | 159,564 |  |  | -3,343 |  |  | 156,221 |  |  | 141,496 |  |  | -5,373 |  |  | 136,123 |  |  |
Long term assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Property, plant and equipment, net |  |  | 127,693 |  |  |  |  |  | 127,693 |  |  | 103,980 |  |  |  |  |  | 103,980 |  |  |
Long term receivables from related parties |  |  | 2,536 |  |  |  |  |  | 2,536 |  |  | 4,220 |  |  |  |  |  | 4,220 |  |  |
Other long term assets |  |  | 5,037 |  |  |  |  |  | 5,037 |  |  | 6,195 |  |  | 5 |  |  | 6,200 |  | b |
Total long term assets |  |  | 135,266 |  |  | - |  |  | 135,266 |  |  | 114,395 |  |  | 5 |  |  | 114,400 |  |  |
Total assets |  |  | 294,830 |  |  | (3,343) |  |  | 291,487 |  |  | 255,891 |  |  | -5,368 |  |  | 250,523 |  |  |
LIABILITIES AND SHAREHOLDERS’ EQUITY |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Trade accounts payable |  |  | 43,258 |  |  | (223) |  |  | 43,035 |  |  | 33,493 |  |  | (543) |  |  | 32,950 |  | d |
Due to related parties |  |  | 1,490 |  |  | 223 |  |  | 1,713 |  |  | 1,456 |  |  | 543 |  |  | 1,999 |  | d |
Current portion of customer advances on uncompleted contracts |  |  | 6,423 |  |  |  |  |  | 6,423 |  |  | 5,782 |  |  |  |  |  | 5,782 |  |  |
Short-term debt and current portion of long term debt |  |  | 67,651 |  |  |  |  |  | 67,651 |  |  | 54,925 |  |  |  |  |  | 54,925 |  |  |
Note payable to shareholder |  |  | 79 |  |  |  |  |  | 79 |  |  | 80 |  |  |  |  |  | 80 |  |  |
Earnout Share Liability |  |  | - |  |  | 13,657 |  |  | 13,657 |  |  |  |  |  | 5,075 |  |  | 5,075 |  | a |
Other current liabilities |  |  | 21,787 |  |  | (3,443) |  |  | 18,344 |  |  | 17,300 |  |  | (5,368) |  |  | 11,932 |  | b |
Total current liabilities |  |  | 140,688 |  |  | 10,214 |  |  | 150,902 |  |  | 113,036 |  |  | (293) |  |  | 112,743 |  |  |
Long term liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Warrant liability |  |  | 34,450 |  |  |  |  |  | 34,450 |  |  | 19,991 |  |  |  |  |  | 19,991 |  |  |
Earnout Share Liability |  |  |  |  |  | 19,830 |  |  | 19,830 |  |  | - |  |  | 23,986 |  |  | 23,986 |  | a |
Customer advances on uncompleted contracts |  |  | 8,891 |  |  |  |  |  | 8,891 |  |  | 8,333 |  |  |  |  |  | 8,333 |  |  |
Other Long term liabilities |  |  |  |  |  | 100 |  |  | 100 |  |  |  |  |  |  |  |  | - |  | b |
Long term debt |  |  | 49,113 |  |  |  |  |  | 49,113 |  |  | 39,273 |  |  |  |  |  | 39,273 |  |  |
Total long term liabilities |  |  | 92,454 |  |  | 19,930 |  |  | 112,384 |  |  | 67,597 |  |  | 23,986 |  |  | 91,583 |  |  |
Total liabilities |  |  | 233,142 |  |  | 30,144 |  |  | 263,286 |  |  | 180,633 |  |  | 23,693 |  |  | 204,326 |  |  |
COMMITMENTS AND CONTINGENCIES |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Shareholders' equity |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Preferred shares, $0.0001 par value, 1,000,000 shares authorized, 0 shares issued and outstanding at September 30, 2015 and December 31, 2014, respectively |  |  | - |  |  |  |  |  | - |  |  | - |  |  |  |  |  | - |  |  |
Ordinary shares, $0.0001 par value, 100,000,000 shares authorized, 25,833,210 and 24,801,132 shares issued and outstanding at September 30, 2015 and December 31, 2014, respectively |  |  | 3 |  |  |  |  |  | 3 |  |  | 2 |  |  |  |  |  | 2 |  |  |
Legal Reserves |  |  | 1,367 |  |  |  |  |  | 1,367 |  |  | 1,367 |  |  |  |  |  | 1,367 |  |  |
Additional paid-in capital |  |  | 46,514 |  |  | (7,607) |  |  | 38,907 |  |  | 46,514 |  |  | (20,374) |  |  | 26,140 |  | a, h |
Retained earnings |  |  | 44,923 |  |  | (25,880) |  |  | 19,043 |  |  | 38,806 |  |  | (8,687) |  |  | 30,119 |  | a, h |
Accumulated other comprehensive loss |  |  | (31,119) |  |  | - |  |  | (31,119) |  |  | (11,431) |  |  | - |  |  | (11,431) |  |  |
Total shareholders’ equity |  |  | 61,688 |  |  | -33,487 |  |  | 28,201 |  |  | 75,258 |  |  | -29,061 |  |  | 46,197 |  |  |
Total liabilities and shareholders’ equity |  |  | 294,830 |  |  | -3,343 |  |  | 291,487 |  |  | 255,891 |  |  | -5,368 |  |  | 250,523 |  |  |
Condensed Consolidated Statement of Operations
|  | Three months ended September 30, 2015 |  | Three months ended September 30, 2014 |  |  |
|  | As reported |  | Adjustment |  | Restated |  | As reported |  | Adjustment |  | Restated |  | Reference |
Operating Revenues: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Customers |  |  | 47,261 |  |  | (113) |  |  | 47,148 |  |  | 42,889 |  |  | (473) |  |  | 42,416 |  | d |
Related Parties |  |  | 15,631 |  |  | 113 |  |  | 15,744 |  |  | 10,564 |  |  | 473 |  |  | 11,037 |  | d |
Total operating revenues |  |  | 62,892 |  |  | - |  |  | 62,892 |  |  | 53,453 |  |  | - |  |  | 53,453 |  |  |
Cost of sales |  |  | 41,166 |  |  | (1,980) |  |  | 39,186 |  |  | 37,008 |  |  | (1,205) |  |  | 35,803 |  | c |
Gross Profit |  |  | 21,726 |  |  | 1,980 |  |  | 23,706 |  |  | 16,445 |  |  | 1,205 |  |  | 17,650 |  |  |
Operating expenses |  |  | 10,910 |  |  | 1,980 |  |  | 12,890 |  |  | 8,795 |  |  | 1,205 |  |  | 10,000 |  | c |
Operating income |  |  | 10,816 |  |  | - |  |  | 10,816 |  |  | 7,650 |  |  | - |  |  | 7,650 |  |  |
(Loss) Gain on change in fair value or Earnout Share Liabilities |  |  | - |  |  | (2,519) |  |  | (2,519) |  |  | - |  |  | 1,861 |  |  | 1,861 |  | a |
(Loss) Gain on change in fair value of warrant liability |  |  | (3,146) |  |  | (7,002) |  |  | (10,148) |  |  | 6,756 |  |  |  |  |  | 6,756 |  | h |
Non-operating revenues, net |  |  | 10,744 |  |  |  |  |  | 10,744 |  |  | 1,003 |  |  |  |  |  | 1,003 |  |  |
Interest expense |  |  | (2,307) |  |  |  |  |  | (2,307) |  |  | (2,380) |  |  |  |  |  | (2,380) |  |  |
Income before taxes |  |  | 16,107 |  |  | (9,521) |  |  | 6,586 |  |  | 13,029 |  |  | 1,861 |  |  | 14,890 |  |  |
Income tax provision |  |  | 8,524 |  |  |  |  |  | 8,524 |  |  | 1,770 |  |  |  |  |  | 1,770 |  |  |
Net income |  |  | 7,583 |  |  | (9,521) |  |  | (1,938) |  |  | 11,259 |  |  | 1,861 |  |  | 13,120 |  |  |
Comprehensive (loss) income: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net income |  |  | 7,583 |  |  | (9,521) |  |  | (1,938) |  |  | 11,259 |  |  | 1,861 |  |  | 13,120 |  |  |
Foreign currency translation adjustments |  |  | (14,111) |  |  |  |  |  | (14,111) |  |  | (6,680) |  |  |  |  |  | (6,680) |  |  |
Total comprehensive (loss) income |  |  | (6,528) |  |  | (9,521) |  |  | (16,049) |  |  | 4,579 |  |  | 1,861 |  |  | 6,440 |  |  |
Basic income per share |  |  | 0.30 |  |  | (0.37) |  |  | (0.08) |  |  | 0.46 |  |  | 0.08 |  |  | 0.54 |  |  |
Diluted income per share |  |  | 0.25 |  |  | (0.33) |  |  | (0.08) |  |  | 0.40 |  |  | 0.06 |  |  | 0.46 |  |  |
Basic weighted average common shares outstanding |  |  | 25,426,250 |  |  |  |  |  | 25,426,250 |  |  | 24,364,014 |  |  |  |  |  | 24,364,014 |  |  |
Diluted weighted average common shares outstanding |  |  | 29,825,331 |  |  | 1,000,000 |  |  | 30,825,331 |  |  | 28,137,166 |  |  | 500,000 |  |  | 28,637,166 |  |  |
|  | Nine months ended September 30, 2015 |  | Nine months ended September 30, 2014 |  |  |
|  | As reported |  | Adjustment |  | Restated |  | As reported |  | Adjustment |  | Restated |  | Reference |
Operating Revenues: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Customers |  |  | 132,355 |  |  | (1,277) |  |  | 131,078 |  |  | 117,164 |  |  | (1,847) |  |  | 115,317 |  | d |
Related Parties |  |  | 40,633 |  |  | 1,277 |  |  | 41,910 |  |  | 36,066 |  |  | 1,847 |  |  | 37,913 |  | d |
Total operating revenues |  |  | 172,988 |  |  | - |  |  | 172,988 |  |  | 153,230 |  |  | - |  |  | 153,230 |  |  |
Cost of sales |  |  | 115,082 |  |  | (5,284) |  |  | 109,798 |  |  | 105,540 |  |  | (3,566) |  |  | 101,974 |  | c |
Gross Profit |  |  | 57,906 |  |  | 5,284 |  |  | 63,190 |  |  | 47,690 |  |  | 3,566 |  |  | 51,256 |  |  |
Operating expenses |  |  | 29,780 |  |  | 5,284 |  |  | 35,064 |  |  | 23,764 |  |  | 3,566 |  |  | 27,330 |  | c |
Operating income |  |  | 28,126 |  |  | - |  |  | 28,126 |  |  | 23,926 |  |  | - |  |  | 23,926 |  |  |
Loss on change in fair value or Earnout Share Liabilities |  |  | - |  |  | (10,191) |  |  | (10,191) |  |  | - |  |  | (9,897) |  |  | (9,897) |  | a |
Loss on change in fair value of warrant liability |  |  | (14,459) |  |  | (7,002) |  |  | (21,461) |  |  | (6,769) |  |  |  |  |  | (6,769) |  | h |
Non-operating revenues, net |  |  | 15,886 |  |  |  |  |  | 15,886 |  |  | 3,480 |  |  |  |  |  | 3,480 |  |  |
Interest expense |  |  | (6,509) |  |  |  |  |  | (6,509) |  |  | (6,647) |  |  |  |  |  | (6,647) |  |  |
Income before taxes |  |  | 23,044 |  |  | (17,193) |  |  | 5,851 |  |  | 13,990 |  |  | (9,897) |  |  | 4,093 |  |  |
Income tax provision |  |  | 16,927 |  |  |  |  |  | 16,927 |  |  | 7,004 |  |  |  |  |  | 7,004 |  |  |
Net income |  |  | 6,117 |  |  | (17,193) |  |  | (11,076) |  |  | 6,986 |  |  | (9,897) |  |  | (2,911) |  |  |
Comprehensive (loss) income: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net income |  |  | 6,117 |  |  | (17,193) |  |  | (11,076) |  |  | 6,986 |  |  | (9,897) |  |  | (2,911) |  |  |
Foreign currency translation adjustments |  |  | (19,688) |  |  |  |  |  | (19,688) |  |  | (3,971) |  |  |  |  |  | (3,971) |  |  |
Total comprehensive (loss) income |  |  | (13,571) |  |  | (17,193) |  |  | (30,764) |  |  | 3,015 |  |  | (9,897) |  |  | (6,882) |  |  |
Basic income per share |  |  | 0.24 |  |  | (0.68) |  |  | (0.44) |  |  | 0.29 |  |  | (0.41) |  |  | (0.12) |  |  |
Diluted income per share |  |  | 0.21 |  |  | (0.65) |  |  | (0.44) |  |  | 0.25 |  |  | (0.37) |  |  | (0.12) |  |  |
Basic weighted average common shares outstanding |  |  | 25,426,250 |  |  |  |  |  | 25,426,250 |  |  | 24,306,288 |  |  |  |  |  | 24,306,288 |  |  |
Diluted weighted average common shares outstanding |  |  | 28,734,663 |  |  | 1,000,000 |  |  | 29,734,663 |  |  | 27,761,268 |  |  | 500,000 |  |  | 28,261,268 |  |  |
Condensed Consolidated Statement of Cash Flows
|  | 2015 |  | 2014 |  |  |
|  | As reported |  | Adjustment |  | Restated |  | As reported |  | Adjustment |  | Restated |  | Reference |
CASH FLOWS FROM OPERATING ACTIVITIES |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net loss |  |  | 6,117 |  |  | (17,193) |  |  | (11,076) |  |  | 6,986 |  |  | (9,897) |  |  | (2,911) |  |  |
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: |  |  |  |  |  |  |  |  | - |  |  |  |  |  |  |  |  | - |  |  |
Provision for bad debts |  |  | 1,210 |  |  |  |  |  | 1,210 |  |  | 21 |  |  |  |  |  | 21 |  |  |
Provision for obsolete inventory |  |  | (265) |  |  |  |  |  | (265) |  |  | - |  |  |  |  |  | - |  |  |
Depreciation and amortization |  |  | 8,331 |  |  |  |  |  | 8,331 |  |  | 7,777 |  |  |  |  |  | 7,777 |  |  |
Equity method income |  |  | 162 |  |  |  |  |  | 162 |  |  | - |  |  |  |  |  | - |  |  |
Change in value of derivative liability |  |  | (57) |  |  |  |  |  | (57) |  |  | 89 |  |  |  |  |  | 89 |  |  |
Change in value of Earnout share liability |  |  | - |  |  | 10,191 |  |  | 10,191 |  |  | - |  |  | 9,897 |  |  | 9,897 |  | a |
Change in fair value of warrant liability |  |  | 14,459 |  |  | 7,002 |  |  | 21,461 |  |  | 6,769 |  |  |  |  |  | 6,769 |  | g |
Deferred income taxes |  |  | (1,058) |  |  |  |  |  | (1,058) |  |  | 352 |  |  |  |  |  | 352 |  |  |
Changes in operating assets and liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Trade accounts receivables |  |  | (18,869) |  |  | 440 |  |  | (18,429) |  |  | (10,710) |  |  | 447 |  |  | (10,263) |  | d |
Inventories |  |  | (21,129) |  |  |  |  |  | (21,129) |  |  | (3,535) |  |  |  |  |  | (3,535) |  |  |
Prepaid expenses |  |  | 360 |  |  |  |  |  | 360 |  |  | - |  |  |  |  |  | - |  |  |
Other assets |  |  | (5,849) |  |  |  |  |  | (5,849) |  |  | (11,989) |  |  |  |  |  | (11,989) |  |  |
Accounts payable and accrued expenses |  |  | 20,830 |  |  | (264) |  |  | 20,566 |  |  | 4,344 |  |  | (33) |  |  | 4,311 |  | d |
Advances from customers |  |  | 5,324 |  |  |  |  |  | 5,324 |  |  | (12,388) |  |  |  |  |  | (12,388) |  |  |
Related parties, net |  |  | (10,590) |  |  | (176) |  |  | (10,766) |  |  | (7,919) |  |  | (414) |  |  | (8,333) |  | d |
Other current liabilities |  |  | 11,266 |  |  |  |  |  | 11,266 |  |  | 6,051 |  |  |  |  |  | 6,051 |  |  |
CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES |  |  | 10,242 |  |  |  |  |  | 10,242 |  |  | (14,152) |  |  |  |  |  | (14,152) |  |  |
CASH FLOWS FROM INVESTING ACTIVITIES |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Proceeds from sale of investments |  |  | 250 |  |  | 126 |  |  | 376 |  |  | 368 |  |  |  |  |  | 368 |  | e |
Proceeds from sale of property and equipment |  |  | 143 |  |  |  |  |  | 143 |  |  | - |  |  |  |  |  | - |  |  |
Purchase of investments |  |  | (1,318) |  |  | (126) |  |  | (1,444) |  |  | (1,028) |  |  |  |  |  | (1,028) |  | e |
Acquisition of property and equipment |  |  | (18,228) |  |  |  |  |  | (18,228) |  |  | (24,918) |  |  |  |  |  | (24,918) |  |  |
Restricted cash |  |  | - |  |  |  |  |  | - |  |  | 3,605 |  |  |  |  |  | 3,605 |  |  |
CASH USED IN INVESTING ACTIVITIES |  |  | (19,153) |  |  |  |  |  | (19,153) |  |  | (21,973) |  |  |  |  |  | (21,973) |  |  |
CASH FLOWS FROM FINANCING ACTIVITIES |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Proceeds from debt |  |  | 79,608 |  |  |  |  |  | 79,608 |  |  | 88,370 |  |  |  |  |  | 88,370 |  |  |
Proceeds from the sale of common stock |  |  | - |  |  |  |  |  | - |  |  | 1,000 |  |  |  |  |  | 1,000 |  |  |
Proceeds from the exercise of warrants |  |  | - |  |  |  |  |  | - |  |  | - |  |  |  |  |  | - |  |  |
Repayments of debt |  |  | (72,461) |  |  |  |  |  | (72,461) |  |  | (62,013) |  |  |  |  |  | (62,013) |  |  |
Merger proceeds held in trust |  |  | - |  |  |  |  |  | - |  |  | 22,519 |  |  |  |  |  | 22,519 |  |  |
CASH PROVIDED BY FINANCING ACTIVITIES |  |  | 7,147 |  |  | - |  |  | 7,147 |  |  | 49,876 |  |  | - |  |  | 49,876 |  |  |
Effect of exchange rate changes on cash and cash equivalents |  |  | 2,705 |  |  | - |  |  | 2,705 |  |  | 1,127 |  |  | - |  |  | 1,127 |  |  |
NET INCREASE IN CASH |  |  | 941 |  |  | - |  |  | 941 |  |  | 14,878 |  |  | - |  |  | 14,878 |  |  |
CASH - Beginning of period |  |  | 15,930 |  |  | - |  |  | 15,930 |  |  | 2,866 |  |  | - |  |  | 2,866 |  |  |
CASH - End of period |  |  | 16,871 |  |  | - |  |  | 16,871 |  |  | 17,744 |  |  | - |  |  | 17,744 |  |  |
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash paid during the period for: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest |  |  | 4,778 |  |  | - |  |  | 4,778 |  |  | 4,031 |  |  | - |  |  | 4,031 |  |  |
Income Tax |  |  | 11,938 |  |  | - |  |  | 11,938 |  |  | 7,785 |  |  | - |  |  | 7,785 |  |  |
NON-CASH INVESTING AND FINANCING ACTIVITIES: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Assets acquired under capital lease |  |  | 44,624 |  |  | - |  |  | 44,624 |  |  | 3,152 |  |  | - |  |  | 3,152 |  |  |
Warrant procedes held by transfer agent |  |  | - |  |  | - |  |  | - |  |  | 741 |  |  | - |  |  | 741 |  |  |

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- Definition The entire disclosure for reporting accounting changes and error corrections. It includes the conveyance of information necessary for a user of the Company's financial information to understand all aspects and required disclosure information concerning all changes and error corrections reported in the Company's financial statements for the period. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 7 -URI http://asc.fasb.org/extlink&oid=56949863&loc=d3e22644-107794 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 45 -Paragraph 23 -URI http://asc.fasb.org/extlink&oid=6368906&loc=d3e21914-107793 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=56949863&loc=d3e22595-107794 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=56949863&loc=d3e22499-107794 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SAB TOPIC 1.N.Q3) -URI http://asc.fasb.org/extlink&oid=26874127&loc=d3e30840-122693 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 1 -Section N + Details
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