XML 12 R2.htm IDEA: XBRL DOCUMENT v3.4.0.3
Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Sep. 30, 2015
Dec. 31, 2014
Current assets:    
Cash and cash equivalents $ 16,871 $ 15,930
Trade accounts receivable, net [1] 49,004 44,718
Due from related parties [1] 31,991 28,564
Inventories, net 39,609 28,965
Other current assets [2] 18,746 17,946
Total current assets 156,221 136,123
Long term assets:    
Property, plant and equipment, net 127,693 103,980
Long term receivables from related parties 2,536 4,220
Other long term assets [2] 5,037 6,200
Total long term assets 135,266 114,400
Total assets 291,487 250,523
Current liabilities:    
Trade accounts payable [1] 43,035 32,950
Due to related parties [1] 1,713 1,999
Current portion of customer advances on uncompleted contracts 6,423 5,782
Short-term debt and current portion of long term debt 67,651 54,925
Note payable to shareholder 79 80
Earnout Share Liability [3] 13,657 5,075
Other current liabilities [2] 18,344 11,932
Total current liabilities 150,902 112,743
Long term liabilities:    
Warrant liability 34,450 19,991
Earnout Share Liability [3] 19,830 23,986
Customer advances on uncompleted contracts 8,891 8,333
Other Long term liabilities 100 0
Long term debt 49,113 39,273
Total long term liabilities 112,384 91,583
Total liabilities $ 263,286 $ 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 $ 0 $ 0
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 2
Legal Reserves 1,367 1,367
Additional paid-in capital [3],[4] 38,907 26,140
Retained earnings [3],[4] 19,043 30,119
Accumulated other comprehensive loss (31,119) (11,431)
Total shareholders’ equity 28,201 46,197
Total liabilities and shareholders’ equity $ 291,487 $ 250,523
[1] 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.
[2] 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.
[3] 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.
[4] 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.