Tecnoglass (TGLS) 10-Q 3 Jun 16 2016 Q1 Quarterly report Financial data

Document And Entity Information

Document And Entity Information	3 Months Ended
	Mar. 31, 2016shares
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q1
Entity Registrant Name	Tecnoglass Inc.
Entity Central Index Key	1,534,675
Current Fiscal Year End Date	--12-31
Entity Filer Category	Smaller Reporting Company
Trading Symbol	TGLS
Entity Common Stock, Shares Outstanding	26,914,764

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Current assets:
Cash and cash equivalents	$ 18,194	$ 18,496
Investments	26,697	1,470
Trade accounts receivable, net	64,999	52,515
Due from related parties	33,620	28,073
Inventories	55,341	46,011
Other current assets	26,134	20,814
Total current assets	224,985	167,379
Long term assets:
Property, plant and equipment, net	145,738	135,974
Long term receivables from related parties	2,536	2,536
Other long term assets	10,638	10,310
Total long term assets	158,912	148,820
Total assets	383,897	316,199
Current liabilities:
Short-term debt and current portion of long term debt	60,365	16,921
Note payable to shareholder	79	79
Trade accounts payable	41,919	39,142
Due to related parties	1,698	1,283
Current portion of customer advances on uncompleted contracts	12,578	11,841
Earnout Share Liability	12,650	13,740
Warrant liability	25,080	31,213
Other current liabilities	27,536	22,530
Total current liabilities	181,905	136,749
Long term liabilities:
Earnout Shares Liability	17,800	20,414
Customer advances on uncompleted contracts	8,931	4,404
Long term debt	126,494	121,493
Total Long Term Liabilities	153,225	146,311
Total liabilities	$ 335,130	$ 283,060
COMMITMENTS AND CONTINGENCIES
Shareholders' equity
Preferred shares, $0.0001 par value, 1,000,000 shares authorized, 0 shares issued and outstanding at March 31, 2016 and December 31, 2015 respectively	$ 0	$ 0
Ordinary shares, $0.0001 par value, 100,000,000 shares authorized, 26,914,764 and 26,895,636 shares issued and outstanding at March 31, 2016 and December 31, 2015, respectively	3	3
Legal Reserves	1,367	1,367
Additional paid-in capital	45,806	45,584
Retained earnings	31,018	17,354
Accumulated other comprehensive (loss)	(29,427)	(31,169)
Total shareholders’ equity	48,767	33,139
Total liabilities and shareholders’ equity	$ 383,897	$ 316,199

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets [Parenthetical] - $ / shares	Mar. 31, 2016	Dec. 31, 2015
Preferred shares, par value (in dollars per share)	$ 0.0001	$ 0.0001
Preferred shares, shares authorized	1,000,000	1,000,000
Preferred stock, shares issued	0	0
Preferred shares, shares outstanding	0	0
Ordinary shares, par value (in dollars per share)	$ 0.0001	$ 0.0001
Ordinary shares, shares authorized	100,000,000	100,000,000
Ordinary shares, Shares, Issued	26,914,764	26,895,136
Ordinary shares, Shares, Outstanding	26,914,764	26,895,136

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations and Other Comprehensive Income - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Operating Revenues:
External customers	$ 46,263	$ 38,100
Related parties	14,640	13,943
Total operating revenues	60,903	52,043
Cost of sales	37,694	33,433
Gross profit	23,209	18,610
Operating expenses	(11,717)	(10,608)
Operating income	11,492	8,002
Gain on change in fair value of warrant liability	5,911	5,078
Gain on change in fair value of earnout share liability	3,704	1,981
Non-operating (loss)/income, net	(676)	3,725
Interest expense	(3,124)	(2,152)
Income before taxes	17,307	16,634
Income tax provision	3,643	4,772
Net income	13,664	11,862
Comprehensive income:
Net income	13,664	11,862
Foreign currency translation adjustments	1,742	(5,167)
Total comprehensive income	$ 15,406	$ 6,695
Basic income per share (in dollars per share)	$ 0.51	$ 0.48
Diluted income per share (in dollars per share)	$ 0.47	$ 0.42
Basic weighted average common shares outstanding (in shares)	26,907,391	24,801,132
Diluted weighted average common shares outstanding (in shares)	29,328,407	28,114,251

Condensed Consolidated Stateme5

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$ 13,664	$ 11,862
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization	3,261	2,501
Loss on disposition of assets	0	(9)
Change in fair value of derivative liability	(10)	(18)
Change in fair value of investments	(21)	0
Change in fair value of warrant liability	(5,911)	(5,078)
Change in fair value of earnout share liability	(3,704)	(1,981)
Deferred income taxes	387	(157)
Changes in operating assets and liabilities:
Trade accounts receivable	(9,560)	(5,099)
Inventories	(6,877)	(4,928)
Prepaid expenses and other current assets	165	153
Other assets	(6,279)	(3,325)
Trade accounts payable	1,017	4,398
Customer advances on uncompleted contracts	4,261	5,954
Related parties	(3,620)	(4,397)
Other current liabilities	3,091	5,463
CASH (USED IN) PROVIDED BY OPERATING ACTIVITIES	(10,136)	5,339
CASH FLOWS FROM INVESTING ACTIVITIES
Proceeds from sale of investments	234	255
Purchase of investments	(23,621)	(403)
Acquisition of property and equipment	0	(4,769)
CASH USED IN INVESTING ACTIVITIES	(23,387)	(4,917)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from debt	124,570	22,255
Repayments of debt	(91,649)	(21,767)
CASH PROVIDED BY FINANCING ACTIVITIES	32,921	488
Effect of exchange rate changes on cash and cash equivalents	300	292
NET (DECREASE) INCREASE IN CASH	(302)	1,202
Cash and equivalents - Beginning of period	18,496	15,930
Cash and equivalents - End of period	18,194	17,132
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION
Interest	2,203	1,385
Taxes	4,440	1,423
NON-CASH INVESTING AND FINANCING ACTIVITIES:
Assets acquired under capital lease and debt	$ 6,883	$ 9,100

General

General	3 Months Ended
	Mar. 31, 2016
Organization, Consolidation and Presentation Of Financial Statements [Abstract]
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]	Note 1. General Business Description Tecnoglass Inc. (“TGI,” the “Company,” “we,” “us” or “our”) was incorporated in the Cayman Islands on September 21, 2011 under the name “Andina Acquisition Corporation” (“Andina”) as a blank check company. Andina’s objective was to acquire, through a merger, share exchange, asset acquisition, share purchase recapitalization, reorganization or other similar business combination, one or more operating businesses. On December 20, 2013, Andina consummated a merger transaction (the “Merger”) with Tecno Corporation (“Tecnoglass Holding”) as ultimate parent of Tecnoglass S.A. (“TG”) and C.I. Energía Solar S.A. ES. Windows (“ES”). The surviving entity was renamed Tecnoglass Inc. The Merger transaction was accounted for as a reverse merger and recapitalization where Tecnoglass Holding was the acquirer and TGI was the acquired company. Accordingly, the business of Tecnoglass Holding and its subsidiaries became our business. We are now a holding company operating through our direct and indirect subsidiaries. The Company manufactures hi-specification, architectural glass and windows for the global residential and commercial construction industries. Currently the Company offers design, production, marketing, and installation of architectural systems for buildings of high, medium and low elevation size. Products include windows and doors in glass and aluminum, office partitions and interior divisions, floating façades and commercial window showcases. The Company sells to customers in North, Central and South America, and exports more than half of its production to foreign countries. TG manufactures both glass and aluminum products. Its glass products include tempered glass, laminated glass, thermo-acoustic glass, curved glass, silk-screened glass, acoustic glass and digital print glass. Its Alutions plant produces mill finished, anodized, painted aluminum profiles and rods, tubes, bars and plates. Alutions’ operations include extrusion, smelting, painting and anodizing processes, and exporting, importing and marketing aluminum products. ES designs, manufactures, markets and installs architectural systems for high, medium and low-rise construction, glass and aluminum windows and doors, office dividers and interiors, floating facades and commercial display windows. In 2014, the Company established two Florida limited liability companies, Tecnoglass LLC (“Tecno LLC”) and Tecnoglass RE LLC (“Tecno RE”) to acquire manufacturing facilities, manufacturing machinery and equipment, customer lists and exclusive design permits. Basis of Presentation and Use of Estimates The accompanying unaudited, condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”) and pursuant to the accounting and disclosure rules and regulations of the SEC. The results reported in these unaudited condensed consolidated financial statements are not necessarily indicative of results that may be expected for the entire year. These unaudited condensed consolidated financial statements should be read in conjunction with the information contained in the Company’s Annual Report on Form 10-K for the year ended December 31, 2015. The year-end condensed balance sheet data was derived from audited financial statements, but does not include all disclosures required by US GAAP. These unaudited condensed consolidated financial statements include the consolidated results of TGI, its indirect wholly owned subsidiaries TG and ES, and its direct subsidiaries Tecno LLC and Tecno RE. Material intercompany accounts, transactions and profits are eliminated in consolidation. The unaudited condensed consolidated financial statements are prepared in accordance with the rules of the Securities and Exchange Commission (“SEC”) for interim reporting purposes. The preparation of these unaudited, condensed consolidated financial statements requires the Company to make estimates and judgments that affect the reported amounts of assets and liabilities, revenues and expenses, and related disclosures of contingent assets and liabilities at the date of the Company’s financial statements. Actual results may differ from these estimates under different assumptions or conditions. Estimates inherent in the preparation of these, consolidated financial statements relate to the collectability of account receivables, the valuation of inventories, estimated earnings on uncompleted contracts, useful lives and potential impairment of long-lived assets, and valuation of warrants and other derivative financial instruments. Based on information known before these unaudited, condensed consolidated financial statements were available to be issued, there are no estimates included in these statements for which it is reasonably possible that the estimate will change in the near term up to one year from the date of these financial statements and the effect of the change will be material, except for earnout share liability and warrant liability further discussed below in this note and Notes 11 and 12, respectively. These financial statements reflect all adjustments that in the opinion of management are necessary for a fair statement of the results of the period presented

Summary of significant accounti

Summary of significant accounting policies	3 Months Ended
	Mar. 31, 2016
Accounting Policies [Abstract]
Significant Accounting Policies [Text Block]	Note 2. Summary of significant accounting policies The consolidated financial statements are presented in U.S. Dollars, the reporting currency. Our foreign subsidiaries’ local currency is the Colombian Peso, which is also their functional currency as determined by the analysis of markets, costs and expenses, assets, liabilities, financing and cash flow indicators. As such, our subsidiaries’ assets and liabilities are translated at the exchange rate in effect at the balance sheet date, with equity being translated at the historical rates. Revenues and expenses of our foreign subsidiaries are translated at the average exchange rates for the period. The resulting cumulative foreign currency translation adjustments from this process are included as a component of accumulated other comprehensive income (loss). Therefore, the U.S. Dollar value of these items in our financial statements fluctuates from period to period. Also, exchange gains and losses arising from transactions denominated in a currency other than the functional currency are included in the consolidated statement of operations as foreign exchange gains and losses within non-operating income, net. Our principal sources of revenue are derived from product sales of manufactured glass and aluminum products. Revenue is recognized when (i) persuasive evidence of an arrangement exists in the form of a signed purchase order or contract, (ii) delivery has occurred per contracted terms, (iii) fees and prices are fixed and determinable, and (iv) collectability of the sale is reasonably assured. All revenue is recognized net of discounts, returns and allowances. Delivery to the customer is deemed to have occurred when the title is passed to the customer. Generally, title passes to the customer upon shipment, but title transfer may occur when the customer receives the product based on the terms of the agreement with the customer. Revenues from fixed price contracts, which amount to approximately 17% of the Company’s sales for the quarter ended March 31, 2016 are recognized using the percentage-of-completion method, measured by the percentage of costs incurred to date to total estimated costs for each contract. Revenues recognized in advance of amounts billable pursuant to contracts terms are recorded as unbilled receivables on uncompleted contracts based on work performed and costs to date. Unbilled receivables on uncompleted contracts are billable upon various events, including the attainment of performance milestones, delivery and installation of products, or completion of the contract. Revisions to cost estimates as contracts progress have the effect of increasing or decreasing expected profits each period. Changes in contract estimates occur for a variety of reasons, including changes in contract scope, estimated revenue and estimated costs to complete. Provisions for estimated losses on uncompleted contracts are made in the period in which such losses are determined. Changes in contract performance and estimated profitability may result in revisions to costs and income and are recognized in the period in which the revisions are determined and have not had a material effect on the Company’s financial Property, plant and equipment are recorded at cost. Significant improvements and renewals that extend the useful life of the asset are capitalized. Interest caused while acquired property is under construction and installation are capitalized. Repairs and maintenance are charged to expense as incurred. When property is retired or otherwise disposed of, the cost and related accumulated depreciation are removed from the accounts and any related gains or losses are included in income as a reduction to, or increase in selling, general and administrative expenses. Buildings 20 Machinery and equipment 10 Furniture and fixtures 10 Office equipment and software 5 Vehicles 5 In accordance with ASC 815 – Derivatives and hedging, the Company’s EBITDA/Ordinary Share Price Shares (“Earnout Shares”) are not considered indexed to the Company’s own stock and therefore are accounted for as a liability with fair value changes being recorded in the consolidated statements of operations and comprehensive income. This liability is subject to re-measurement at each balance sheet date and adjusted at each reporting period until released or until the expiration of the liability in December 31, 2016 under the governing agreement, and any change in fair value is recognized in the Company’s condensed consolidated statement of operations. When the earnout shares are released from the escrow account upon achievement of the conditions set forth in the earnout share agreement, the Company records the fair value of the released shares out of the earnout share liability and into common stock and additional paid-in capital within the shareholders equity section of the Company’s condensed consolidated balance sheets. The Company accounts for the warrants against its ordinary shares as a derivative liability. The Company classifies the warrant instrument as a liability at its fair value because the warrants do not meet the criteria for equity treatment under guidance contained in ASC 815-40-15-7D. This liability is subject to re-measurement at each balance sheet date and adjusted at each reporting period until the warrants are exercised by warrant holder or they expire, and any change in fair value is recognized in the Company’s condensed consolidated statement of operations. The Company determines the fair value of warrant liability at each reporting period using the Binomial Lattice options pricing model. In general, the inputs used are unobservable and the fair value measurement of the warrant liability is classified as a Level 3 measurement under guidance for fair value measurements hierarchy of categorization to reflect the level of judgment and observability of the inputs involved in estimating fair values. Refer to Note When the warrants are exercised for ordinary shares, the Company remeasures the fair value of the exercised warrants as of the date of exercise using available fair value methods and 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. The fair value of the exercised warrants on the date of exercise is recorded as a charge to additional paid-in capital in shareholders equity. The Company’s operations in Colombia are subject to the taxing jurisdiction of the Republic of Colombia. Tecnoglass LLC and Tecnoglass RE LLC are subject to the taxing jurisdiction of the United States. TGI and Tecnoglass Holding are subject to the taxing jurisdiction of the Cayman Islands. The Company recognizes deferred tax assets and liabilities for the expected impact of differences between the financial statements and tax bases of assets and liabilities and for the expected future tax benefit to be derived from tax losses and tax credit carry forwards if any. The Company believes that its income tax positions and deductions used in its tax filings would be sustained on audit and does not anticipate any adjustments that would result in a material changes to its financial position. Basic earnings per share is computed by dividing net income by the weighted-average number of ordinary shares outstanding during the period, excluding the effects of any potentially dilutive securities. Income per share assuming dilution (diluted earnings per share) would give effect to dilutive options, warrants, and other potential ordinary shares outstanding during the period. Basic loss per share is computed by dividing loss available to common shareholders by the weighted-average number of common shares outstanding. Diluted loss per share is computed similar to basic loss per share except that the denominator is increased to include the number of additional common shares that would have been outstanding if the potential common shares had been issued and if the additional common shares were dilutive. The Company considered the dilutive effect of warrants to purchase ordinary shares, unit purchase options exercisable into ordinary shares, and shares issuable under the earnout agreement in the calculation of diluted income per share, which resulted in 2,421,017 3,313,119 2016 2015 Numerator for basic and diluted earnings per shares Net Income $ 13,664 $ 11,862 Denominator Denominator for basic earnings per ordinary share - weighted average shares outstanding 26,907,391 24,801,132 Effect of dilutive warrants and earnout shares 2,421,017 3,313,119 Denominator for diluted earnings per ordinary share - weighted average shares outstanding 29,328,407 28,114,251 Basic earnings per ordinary share $ 0.51 $ 0.48 Diluted earnings per ordinary share $ 0.47 $ 0.42 The Company offers product warranties in connection with the sale and installation of its products that are competitive in the markets in which the products are sold. Standard warranties depend upon the product and service, and are generally from five to ten years for architectural glass, curtain wall, laminated and tempered glass, window and door products. Warranties are not priced or sold separately and do not provide the customer with services or coverages in addition to the assurance that the product complies with original agreed-upon specifications. Claims are settled by replacement of the warrantied products. The Company evaluated historical information regarding claims for replacements under warranties and concluded that the costs that the Company have incurred in relation to these warranties have not been material. The Company recognizes non -operating income from foreign currency transaction gains and losses, interest income on receivables, proceeds from sales of scrap materials and other activities not related to the Company’s operations. Foreign currency transaction gains and losses occur when monetary assets, liabilities, payments and receipts that are denominated in currencies other than the Company’s functional currency are recorded in the Colombian peso accounts of the Company in Columbia. The Company recorded a net loss of $ 1,257 3,361 The Company classifies amounts billed to customers related to shipping and handling as product revenues. The Company records and presents shipping and handling costs in selling expenses. Shipping and handling costs for the three-month periods ended March 31, 2016 and 2015 were $ 2,930 2,248 Recently Issued Accounting Pronouncements In August 2015, the FASB issued ASU No. 2015-14, “Revenue from Contracts with Customers – Deferral of the Effective Date.” ASU 2015-14 defers the effective date of Update 2014-09 for all entities by one year. Early adoption is permitted. Below is the description of ASU 2014-09 which the Company is currently evaluating. In September 25, 2015, the FASB issued ASU 2015-16, “Simplifying the Accounting for Measurement-Period Adjustments”, that eliminates the requirement to restate prior period financial statements for measurement period adjustments. The new guidance requires that the cumulative impact of a measurement period adjustment (including the impact on prior periods) be recognized in the reporting period in which the adjustment is identified. Early adoption is permitted. The Company early adopted ASU 2015-16. On February 25, 2016, the FASB released ASU 2016-02, “Leases – ASC 842”, completing its project to overhaul lease accounting under ASC 840. The new guidance requires the recognition of most leases on its balance sheet. Also, a modified retrospective transition will be required, although there are significant elective transition reliefs available for both lessors and lessees. This standard is effective for public companies in fiscal years beginning after December 15, 2018. Early adoption is permitted. The Company is in the process of analyzing the new standard.

Investments

Investments	3 Months Ended
	Mar. 31, 2016
Investments, Debt and Equity Securities [Abstract]
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block]	Note 3. - Investments As of March 31, 2016, the Company had a 180 25,000 25

Inventories, net

Inventories, net	3 Months Ended
	Mar. 31, 2016
Inventory Disclosure [Abstract]
Inventory Disclosure [Text Block]	Note 4. - Inventories, net March 31, 2016 December 31, 2015 Raw materials $ 40,437 $ 36,254 Work in process 7,496 3,451 Finished goods 3,387 2,875 Stores and spares 3,755 3,190 Packing material 266 241 $ 55,341 $ 46,011

Other Current Assets and Other

Other Current Assets and Other Long Term Assets	3 Months Ended
	Mar. 31, 2016
Other Current Assets and Other Long Term Assets [Abstract]
Other Assets Disclosure [Text Block]	Note 5. Other Current Assets and Other Long Term Assets March 31, 2016 December 31, 2015 Unbilled receivables on uncompleted contracts $ 12,761 $ 9,868 Prepaid Expenses 1,588 3,152 Advances and other receivables 11,785 7,794 Other current assets $ 26,134 $ 20,814 March 31, 2016 December 31, 2015 Intangible assets $ 1,798 $ 1,920 Goodwill 1,330 1,330 Deferred income taxes 389 640 Income producing real estate investments 6,424 6,420 Other assets 697 - Other long term assets $ 10,638 $ 10,310 Intangible assets are comprised of Miami-Dade County Notices of Acceptance (“NOAs”), The weighted average amortization period is 10

Property, Plant and Equipment,

Property, Plant and Equipment, Net	3 Months Ended
	Mar. 31, 2016
Property, Plant and Equipment [Abstract]
Property, Plant and Equipment Disclosure [Text Block]	Note 6. Property, Plant and Equipment, Net March 31, 2016 December 31, 2015 Building $ 46,258 $ 41,804 Machinery and equipment 115,733 107,179 Office equipment and software 4,186 3,528 Vehicles 1,569 1,402 Furniture and fixtures 1,973 1,569 Total property, plant and equipment 169,719 155,482 Accumulated depreciation and amortization (38,060) (33,018) Net value of property and equipment 131,659 122,464 Land 14,079 13,510 Total property, plant and equipment, net $ 145,738 $ 135,974 Depreciation and amortization expense, inclusive of capital lease amortization, for the three-month periods ended March 31, 2016 and 2015 amounted to $ 2,676 1,982

Debt

Debt	3 Months Ended
	Mar. 31, 2016
Debt Disclosure [Abstract]
Debt Disclosure [Text Block]	Note 7. Debt At March 31, 2016, the Company owed $ 186,859 15 2.3 18.3 The mortgage loan with TD Bank secured by Tecno RE in December 2014 to finance the acquisition of real property in Miami-Dade County, Florida contained a covenant requiring a 1.0:1 March 31, 2016 December 31, 2015 Obligations under borrowing arrangements $ 186,859 $ 138,413 Less: Current portion of long-term debt and other current borrowings 60,365 16,921 Long-term debt $ 126,494 $ 121,493 2017 $ 60,365 2018 10,165 2019 11,344 2020 16,747 2021 24,308 Thereafter 63,930 Total $ 186,859 The Company had $ 13,306 8,524 68,447 48,056 On January 7, 2016, we entered into a $ 109.5 83.5 26.0 51.6 71 29 In February 2016, the Company entered into a Colombian Peso denominated credit facility for an equivalent amount of $ 25 6 25 Revolving Lines of Credit The Company has approximately $ 3.7 , 9,487 4,640 March 31, 2016 2015 Proceeds from debt $ 124,570 $ 22,255 Repayments of debt $ (91,649) $ (21,767) The Company acquired assets under capital leases and debt during the three months ended March 31, 2016 and 2015 for $ 6,883 9,100 Interest expense for the three-month periods ended March 31, 2016 and 2015 was $ 3,124 2,152

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2016
Income Tax Disclosure [Abstract]
Income Tax Disclosure [Text Block]	Note 8. Income Taxes The Company files income tax returns for TG and ES in the Republic of Colombia. Colombia’s Tax Statute was reformed in December 2014. A general corporate income Tax Rate applies at 25 9 2015 2016 2017 2018 2019 Income Tax 25 % 25 % 25 % 25 % 25 % CREE Tax 9 % 9 % 9 % 9 % 9 % CREE Surtax 5 % 6 % 8 % 9 % - Total Tax on Income 39 % 40 % 42 % 43 % 34 % 2016 2015 Current income tax Colombia $ 3,256 $ 4,929 Deferred income tax Colombia 387 (157) Total Provision for Income tax $ 3,643 $ 4,772 Effective tax rate 21.1 % 28.7 % Three months ended March 31, 2016 2015 Change in fair value of warrant liability $ (5,911) $ (5,078) Change in fair value of earnout shares liability (3,704) (1,981) Total non-cash, nontaxable effects of changes in fair value of liabilities $ (9,615) $ (7,059) In addition, the Company’s statutory tax rate increased from 39 40

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2016
Fair Value Disclosures [Abstract]
Fair Value Disclosures [Text Block]	Note 9. Fair Value Measurements The Company accounts for financial assets and liabilities in accordance with accounting standards that define fair value and establish a framework for measuring fair value. The hierarchy prioritizes the inputs into three broad levels. Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2 inputs are quoted prices for similar assets and liabilities in active markets or inputs that are observable for the asset or liability, either directly or indirectly through market corroboration, for substantially the full term of the financial instrument. Level 3 inputs are unobservable inputs based on the Company’s assumptions used to measure assets and liabilities at fair value. The classification of a financial asset or liability within the hierarchy is determined by the lowest level inputs that are significant to the fair value measurement. Quotes Prices Significant Significant in Active Other Observable Unobservable Markets Inputs Inputs (Level 1) (Level 2) (Level 3) Warrant Liability 25,080 Earnout shares liability 30,450 Interest Rate Swap Derivative Liability 33 Marketable Equity Securities 448 Short term investments 25,000 Quotes Prices Significant Significant in Active Other Observable Unobservable Markets Inputs Inputs (Level 1) (Level 2) (Level 3) Warrant Liability 31,213 Earnout shares liability 34,154 Interest Rate Swap Derivative Liability 42 Marketable Equity Securities 428 As of December 31, 2015, financial instruments carried at amortized cost that do not approximate fair value consist of long-term debt. See Note 7 – March 31, 2016 December 31, 2015 Fair Value 145,877 138,347 Carrying Value 126,494 121,493

Segment and Geographic Informat

Segment and Geographic Information	3 Months Ended
	Mar. 31, 2016
Segment Reporting [Abstract]
Segment Reporting Disclosure [Text Block]	Note 10. Segment and Geographic Information Three months ended March 31, 2016 2015 Colombia $ 18,578 $ 17,382 United States 37,166 31,678 Panama 2,914 1,468 Other 2,245 1,515 Total Revenues $ 60,903 $ 52,043

Earnout Share Liability

Earnout Share Liability	3 Months Ended
	Mar. 31, 2016
Earnout Share Liability [Abstract]
Earnout Share Liability Disclosure [Text Block]	Note 11. Earnout Share Liability The earnout shares liability is subject to re-measurement at each balance sheet date until the shares are released or until the expiration of the liability at December 31, 2016 under the governing agreement, and any change in fair value is recognized in the Company’s condensed consolidated statement of operations. The earnout shares are expected to be released in up to ten business days from the date the Company files its Annual Report with the SEC When the earnout shares are released from the escrow account upon achievement of the conditions set forth in the earnout share agreement, the Company records the fair value of the released shares out of the earnout share liability and into common stock and additional paid-in capital within the shareholders equity section of the Company’s condensed consolidated balance sheets. The Company determines the fair value of the earnout share liability using a Monte Carlo simulation, which models future EBITDA and ordinary share stock prices during the earn-out period using the Geometric Brownian Motion. This model is dependent upon several variables such as the earnout share agreement’s expected term, expected risk-free interest rate over the expected term, the equity volatility of the Company’s stock price over the expected term, the asset volatility, and the Company’s forecasted EBITDA. The expected term represents the period of time that the earnout shares agreement is expected to be outstanding. The risk-free rates are based on U.S. Treasury securities with similar maturities as the expected term of the earnout share agreement at the date of valuation. The Company measures volatility using a blended weighted average of the volatility rates for a number of similar publicly-traded companies. The inputs to the model were stock price, risk-free rate, expected term and volatility. In general, the inputs used are unobservable; therefore unless indicated otherwise, the earnout share liability is classified as Level 3 under guidance for fair value measurements hierarchy. Balance - December 31, 2015 $ 34,154 Fair value adjustment - three months ended March 31, 2016 (3,704) Balance - March 31, 2016 $ 30,450 The main variable that affected the change in fair value of the earnout share liability was the stock price which declined from $ 13.74 12.65

Warrant Liability

Warrant Liability	3 Months Ended
	Mar. 31, 2016
Warrant Liability [Abstract]
Warrant Liability [Text Block]	Note 12. Warrant Liability The fair value of the warrant liability was determined by the Company using the Binomial Lattice pricing model. This model is dependent upon several variables such as the instrument’s expected term, expected strike price, expected risk-free interest rate over the expected instrument term, the expected dividend yield rate over the expected instrument term and the expected volatility of the Company’s stock price over the expected term. The expected term represents the period of time that the instruments granted are expected to be outstanding. The expected strike price is based upon a weighted average probability analysis of the strike price changes expected during the term as a result of the down round protection. The risk-free rates are based on U.S. Treasury securities with similar maturities as the expected terms of the options at the date of valuation. Expected dividend yield is based on historical trends. The Company measures volatility using a blended weighted average of the volatility rates for a number of similar publicly-traded companies. The inputs to the model were as follows: March 31, 2016 December 31, 2015 Stock Price $ 12.65 $ 13.74 Dividend Yield* $ 0.125 $ 0.125 Risk-free rate 0.49 % 0.65 % Expected Term 0.72 0.97 Expected Volatility 41.16 % 37.69 % *A quarterly dividend of $ 0.125 Balance - December 31, 2015 $ 31,213 Adjustment to fair value of warrants excercised cashlessly (222) Adjustment to fair value of unexcercised warrants (5,911) Balance - March 31, 2016 $ 25,080 The main variable that affected the change in fair value of the warrant liability was the stock price which declined from $ 13.74 12.65 The Company’s equity warrants are exercisable by the warrant holder in either of two modes: (i) by making a cash payment at the exercise price and receiving ordinary shares (“cash exercise”), or (ii) by applying a formula in the warrant agreement that is based on the market price of the shares on the NASDAQ market in order to receive ordinary shares for the warrant with no cash payment (“cashless exercise”). When the warrants are exercised for ordinary shares, the Company re-measures the fair value of the exercised warrants as of the date of exercise using quoted prices on the OTC Pink Markets and records the change in fair value in the consolidated statement of operations, and records the fair value of the exercised warrants as additional paid-in capital in the shareholders equity section of the Company’s balance sheet. Of 2,480,289 102,570 2,377,719 1,020,976

Related Parties

Related Parties	3 Months Ended
	Mar. 31, 2016
Related Party Transactions [Abstract]
Related Party Transactions Disclosure [Text Block]	Note 13. Related Parties The Company’s major related party entities are: ESWindows LLC Three months ended March 31, 2016 2015 Revenues Sales to ESW LLC $ 11,669 $ 11,871 Sales to VS 2,689 1,046 Sales to other related parties 282 1,026 Sales to related parties $ 14,640 $ 13,943 Expenses Fees paid to Directors and Officers 359 523 Payments to other related parties 713 446 1,072 969 March 31, December 31, 2016 2015 Current Assets Due from ESW LLC $ 20,951 $ 17,887 Due from VS 8,898 6,895 Due from other related parties 3,671 3,291 $ 33,620 $ 28,073 Long term payment agreement from VS $ 2,536 $ 2,536 Liabilities Due to related parties $ 1,594 $ 1,283 Due from other related parties as of March 31, 2016 includes $ 617 654 266 256 . Payments to other related parties during the three month period ended March 31, 2016 include charitable contributions to the Company’s foundation for $ 332 246 During 2015 and 2014, the Company and VS executed a short-term payment agreement and a three-year payment agreement that were mainly created to fund working capital to VS due the timing difference between the collections from VS’s customers. The interest rate of these payment agreements are Libor + 4.7% paid semiannually and Libor +6.5% paid monthly for the short-term agreement and the three-year agreement, respectively. The Company and VS subsequently normalized the short term agreement to pay the totality of the obligation by December of 2016. In December 2014, ESW LLC, a related party, guaranteed a mortgage loan for $ 3,920 Analysis of Variable Interest Entities The Company conducted an evaluation as a reporting entity of its involvement with certain significant related party business entities as of March 31, 2016 in order to determine whether these entities were variable interest entities requiring consolidation or disclosures in the financial statements of the Company. The Company evaluated the purpose for which these entities were created and the nature of the risks in the entities as required by the guidance under ASC 810-10-25 - Consolidation and related Subsections. From all the entities analyzed, only two entities, ESW LLC and VS, resulted in having variable interests. However, as of the date of the initial evaluation and for the three months ended March 31, 2016, the Company concluded that both entities are not deemed VIEs and as such these entities should not be consolidated within the Company’s consolidated financial statements.

Note Payable to Shareholder

Note Payable to Shareholder	3 Months Ended
	Mar. 31, 2016
Debt Disclosure [Abstract]
Note Payable to Shareholder and Advance from Shareholder Disclosure [Text Block]	Note 14. Note Payable to Shareholder From September 5, 2013 to November 7, 2013, A. Lorne Weil loaned the Company $150 of which $70 was paid at closing of the Merger and $80 remained unpaid as of March 31, 2016 and December 31, 2015.

Derivative Financial Instrument

Derivative Financial Instruments	3 Months Ended
	Mar. 31, 2016
Debt Instrument, Fair Value Disclosure [Abstract]
Derivatives and Fair Value [Text Block]	Note 15. Derivative Financial Instruments In 2012, the Company entered into two interest rate swap contracts as economic hedges against interest rate risk through 2017. Hedge accounting treatment per guidance in ASC 815-10 and related Subsections was not pursued at inception of the contracts. The derivative contracts are recorded on the balance sheet as liabilities as of March 31, 2016 at an aggregate fair value of $ 33

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2016
Commitments and Contingencies Disclosure [Abstract]
Commitments Disclosure [Text Block]	Note 16. Commitments and Contingencies Guarantees Guarantees on behalf of, or from related parties are disclosed in Note 1 Legal Matters Tecnoglass S.A. and Tecnoglass USA, Inc., a related party, were named in a civil action for wrongful death, negligence and negligent infliction of emotional distress arising out of a workplace accident where a crate of glass fell and fatally crushed a worker during the unloading process. TG denied liability and rigorously defended the claim in court. TG’s insurance carrier provided coverage to TG under a $ 3.0 1,075 60 90 C.I. Energia Solar S.A. filed a lawsuit against Bagatelos Arch Glass in Colombia for $ 1,560 General Legal Matters From time to time, the Company is involved in legal matters arising in the ordinary course of business. While management believes that such matters are currently not material, there can be no assurance that matters arising in the ordinary course of business for which the Company is, or could be, involved in litigation, will not have a material adverse effect on its business, financial condition or results of operations.

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2016
Subsequent Events [Abstract]
Subsequent Events [Text Block]	Note 17. Subsequent Events Management concluded that no additional subsequent events required disclosure other than those disclosed in these financial statements.

Summary of significant accoun23

Summary of significant accounting policies (Policies)	3 Months Ended
	Mar. 31, 2016
Accounting Policies [Abstract]
Foreign Currency Transactions and Translations Policy [Policy Text Block]	Foreign Currency Translation The consolidated financial statements are presented in U.S. Dollars, the reporting currency. Our foreign subsidiaries’ local currency is the Colombian Peso, which is also their functional currency as determined by the analysis of markets, costs and expenses, assets, liabilities, financing and cash flow indicators. As such, our subsidiaries’ assets and liabilities are translated at the exchange rate in effect at the balance sheet date, with equity being translated at the historical rates. Revenues and expenses of our foreign subsidiaries are translated at the average exchange rates for the period. The resulting cumulative foreign currency translation adjustments from this process are included as a component of accumulated other comprehensive income (loss). Therefore, the U.S. Dollar value of these items in our financial statements fluctuates from period to period. Also, exchange gains and losses arising from transactions denominated in a currency other than the functional currency are included in the consolidated statement of operations as foreign exchange gains and losses within non-operating income, net.
Revenue Recognition, Policy [Policy Text Block]	Our principal sources of revenue are derived from product sales of manufactured glass and aluminum products. Revenue is recognized when (i) persuasive evidence of an arrangement exists in the form of a signed purchase order or contract, (ii) delivery has occurred per contracted terms, (iii) fees and prices are fixed and determinable, and (iv) collectability of the sale is reasonably assured. All revenue is recognized net of discounts, returns and allowances. Delivery to the customer is deemed to have occurred when the title is passed to the customer. Generally, title passes to the customer upon shipment, but title transfer may occur when the customer receives the product based on the terms of the agreement with the customer. Revenues from fixed price contracts, which amount to approximately 17% of the Company’s sales for the quarter ended March 31, 2016 are recognized using the percentage-of-completion method, measured by the percentage of costs incurred to date to total estimated costs for each contract. Revenues recognized in advance of amounts billable pursuant to contracts terms are recorded as unbilled receivables on uncompleted contracts based on work performed and costs to date. Unbilled receivables on uncompleted contracts are billable upon various events, including the attainment of performance milestones, delivery and installation of products, or completion of the contract. Revisions to cost estimates as contracts progress have the effect of increasing or decreasing expected profits each period. Changes in contract estimates occur for a variety of reasons, including changes in contract scope, estimated revenue and estimated costs to complete. Provisions for estimated losses on uncompleted contracts are made in the period in which such losses are determined. Changes in contract performance and estimated profitability may result in revisions to costs and income and are recognized in the period in which the revisions are determined and have not had a material effect on the Company’s financial
Property, Plant and Equipment, Policy [Policy Text Block]	Property, Plant and Equipment Property, plant and equipment are recorded at cost. Significant improvements and renewals that extend the useful life of the asset are capitalized. Interest caused while acquired property is under construction and installation are capitalized. Repairs and maintenance are charged to expense as incurred. When property is retired or otherwise disposed of, the cost and related accumulated depreciation are removed from the accounts and any related gains or losses are included in income as a reduction to, or increase in selling, general and administrative expenses. Buildings 20 Machinery and equipment 10 Furniture and fixtures 10 Office equipment and software 5 Vehicles 5
Earnout Shares Liability [Policy Text Block]	Earnout shares liability In accordance with ASC 815 – Derivatives and hedging, the Company’s EBITDA/Ordinary Share Price Shares (“Earnout Shares”) are not considered indexed to the Company’s own stock and therefore are accounted for as a liability with fair value changes being recorded in the consolidated statements of operations and comprehensive income. This liability is subject to re-measurement at each balance sheet date and adjusted at each reporting period until released or until the expiration of the liability in December 31, 2016 under the governing agreement, and any change in fair value is recognized in the Company’s condensed consolidated statement of operations. When the earnout shares are released from the escrow account upon achievement of the conditions set forth in the earnout share agreement, the Company records the fair value of the released shares out of the earnout share liability and into common stock and additional paid-in capital within the shareholders equity section of the Company’s condensed consolidated balance sheets.
Fair Value Warrant Liability [Policy Text Block]	Warrant liability The Company accounts for the warrants against its ordinary shares as a derivative liability. The Company classifies the warrant instrument as a liability at its fair value because the warrants do not meet the criteria for equity treatment under guidance contained in ASC 815-40-15-7D. This liability is subject to re-measurement at each balance sheet date and adjusted at each reporting period until the warrants are exercised by warrant holder or they expire, and any change in fair value is recognized in the Company’s condensed consolidated statement of operations. The Company determines the fair value of warrant liability at each reporting period using the Binomial Lattice options pricing model. In general, the inputs used are unobservable and the fair value measurement of the warrant liability is classified as a Level 3 measurement under guidance for fair value measurements hierarchy of categorization to reflect the level of judgment and observability of the inputs involved in estimating fair values. Refer to Note When the warrants are exercised for ordinary shares, the Company remeasures the fair value of the exercised warrants as of the date of exercise using available fair value methods and 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. The fair value of the exercised warrants on the date of exercise is recorded as a charge to additional paid-in capital in shareholders equity.
Income Tax, Policy [Policy Text Block]	Income Taxes The Company’s operations in Colombia are subject to the taxing jurisdiction of the Republic of Colombia. Tecnoglass LLC and Tecnoglass RE LLC are subject to the taxing jurisdiction of the United States. TGI and Tecnoglass Holding are subject to the taxing jurisdiction of the Cayman Islands. The Company recognizes deferred tax assets and liabilities for the expected impact of differences between the financial statements and tax bases of assets and liabilities and for the expected future tax benefit to be derived from tax losses and tax credit carry forwards if any. The Company believes that its income tax positions and deductions used in its tax filings would be sustained on audit and does not anticipate any adjustments that would result in a material changes to its financial position.
Earnings Per Share, Policy [Policy Text Block]	Basic earnings per share is computed by dividing net income by the weighted-average number of ordinary shares outstanding during the period, excluding the effects of any potentially dilutive securities. Income per share assuming dilution (diluted earnings per share) would give effect to dilutive options, warrants, and other potential ordinary shares outstanding during the period. Basic loss per share is computed by dividing loss available to common shareholders by the weighted-average number of common shares outstanding. Diluted loss per share is computed similar to basic loss per share except that the denominator is increased to include the number of additional common shares that would have been outstanding if the potential common shares had been issued and if the additional common shares were dilutive. The Company considered the dilutive effect of warrants to purchase ordinary shares, unit purchase options exercisable into ordinary shares, and shares issuable under the earnout agreement in the calculation of diluted income per share, which resulted in 2,421,017 3,313,119 2016 2015 Numerator for basic and diluted earnings per shares Net Income $ 13,664 $ 11,862 Denominator Denominator for basic earnings per ordinary share - weighted average shares outstanding 26,907,391 24,801,132 Effect of dilutive warrants and earnout shares 2,421,017 3,313,119 Denominator for diluted earnings per ordinary share - weighted average shares outstanding 29,328,407 28,114,251 Basic earnings per ordinary share $ 0.51 $ 0.48 Diluted earnings per ordinary share $ 0.47 $ 0.42
Extended Product Warranty, Policy [Policy Text Block]	Product Warranties The Company offers product warranties in connection with the sale and installation of its products that are competitive in the markets in which the products are sold. Standard warranties depend upon the product and service, and are generally from five to ten years for architectural glass, curtain wall, laminated and tempered glass, window and door products. Warranties are not priced or sold separately and do not provide the customer with services or coverages in addition to the assurance that the product complies with original agreed-upon specifications. Claims are settled by replacement of the warrantied products. The Company evaluated historical information regarding claims for replacements under warranties and concluded that the costs that the Company have incurred in relation to these warranties have not been material.
Revenue Recognition Leases, Capital [Policy Text Block]	Non-Operating Income, net The Company recognizes non -operating income from foreign currency transaction gains and losses, interest income on receivables, proceeds from sales of scrap materials and other activities not related to the Company’s operations. Foreign currency transaction gains and losses occur when monetary assets, liabilities, payments and receipts that are denominated in currencies other than the Company’s functional currency are recorded in the Colombian peso accounts of the Company in Columbia. The Company recorded a net loss of $ 1,257 3,361
Shipping and Handling Cost, Policy [Policy Text Block]	Shipping and Handling Costs The Company classifies amounts billed to customers related to shipping and handling as product revenues. The Company records and presents shipping and handling costs in selling expenses. Shipping and handling costs for the three-month periods ended March 31, 2016 and 2015 were $ 2,930 2,248
New Accounting Pronouncements, Policy [Policy Text Block]	Recently Issued Accounting Pronouncements In August 2015, the FASB issued ASU No. 2015-14, “Revenue from Contracts with Customers – Deferral of the Effective Date.” ASU 2015-14 defers the effective date of Update 2014-09 for all entities by one year. Early adoption is permitted. Below is the description of ASU 2014-09 which the Company is currently evaluating. In September 25, 2015, the FASB issued ASU 2015-16, “Simplifying the Accounting for Measurement-Period Adjustments”, that eliminates the requirement to restate prior period financial statements for measurement period adjustments. The new guidance requires that the cumulative impact of a measurement period adjustment (including the impact on prior periods) be recognized in the reporting period in which the adjustment is identified. Early adoption is permitted. The Company early adopted ASU 2015-16. On February 25, 2016, the FASB released ASU 2016-02, “Leases – ASC 842”, completing its project to overhaul lease accounting under ASC 840. The new guidance requires the recognition of most leases on its balance sheet. Also, a modified retrospective transition will be required, although there are significant elective transition reliefs available for both lessors and lessees. This standard is effective for public companies in fiscal years beginning after December 15, 2018. Early adoption is permitted. The Company is in the process of analyzing the new standard.

Summary of significant accoun24

Summary of significant accounting policies (Tables)	3 Months Ended
	Mar. 31, 2016
Accounting Policies [Abstract]
Schedule Of Property, Plant And Equipment Estimated Useful Lives [Table Text Block]	Depreciation is computed on a straight-line basis, based on the following estimated useful lives: Buildings 20 Machinery and equipment 10 Furniture and fixtures 10 Office equipment and software 5 Vehicles 5
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	The following table sets forth the computation of the basic and diluted earnings per share for the three-month periods ended March 31, 2016 and 2015: 2016 2015 Numerator for basic and diluted earnings per shares Net Income $ 13,664 $ 11,862 Denominator Denominator for basic earnings per ordinary share - weighted average shares outstanding 26,907,391 24,801,132 Effect of dilutive warrants and earnout shares 2,421,017 3,313,119 Denominator for diluted earnings per ordinary share - weighted average shares outstanding 29,328,407 28,114,251 Basic earnings per ordinary share $ 0.51 $ 0.48 Diluted earnings per ordinary share $ 0.47 $ 0.42

Inventories, net (Tables)

Inventories, net (Tables)	3 Months Ended
	Mar. 31, 2016
Inventory Disclosure [Abstract]
Schedule of Inventory, Current [Table Text Block]	Inventories are comprised of the following: March 31, 2016 December 31, 2015 Raw materials $ 40,437 $ 36,254 Work in process 7,496 3,451 Finished goods 3,387 2,875 Stores and spares 3,755 3,190 Packing material 266 241 $ 55,341 $ 46,011

Other Current Assets and Othe26

Other Current Assets and Other Long Term Assets (Tables)	3 Months Ended
	Mar. 31, 2016
Other Current Assets and Other Long Term Assets [Abstract]
Schedule of Other Current Assets [Table Text Block]	Other current assets are comprised of the following: March 31, 2016 December 31, 2015 Unbilled receivables on uncompleted contracts $ 12,761 $ 9,868 Prepaid Expenses 1,588 3,152 Advances and other receivables 11,785 7,794 Other current assets $ 26,134 $ 20,814
Schedule of Other Assets, Noncurrent [Table Text Block]	Other long term assets are comprised of the following: March 31, 2016 December 31, 2015 Intangible assets $ 1,798 $ 1,920 Goodwill 1,330 1,330 Deferred income taxes 389 640 Income producing real estate investments 6,424 6,420 Other assets 697 - Other long term assets $ 10,638 $ 10,310

Property, Plant and Equipment27

Property, Plant and Equipment, Net (Tables)	3 Months Ended
	Mar. 31, 2016
Property, Plant and Equipment [Abstract]
Property, Plant and Equipment [Table Text Block]	March 31, 2016 December 31, 2015 Building $ 46,258 $ 41,804 Machinery and equipment 115,733 107,179 Office equipment and software 4,186 3,528 Vehicles 1,569 1,402 Furniture and fixtures 1,973 1,569 Total property, plant and equipment 169,719 155,482 Accumulated depreciation and amortization (38,060) (33,018) Net value of property and equipment 131,659 122,464 Land 14,079 13,510 Total property, plant and equipment, net $ 145,738 $ 135,974

Debt (Tables)

Debt (Tables)	3 Months Ended
	Mar. 31, 2016
Debt Disclosure [Abstract]
Long Term Debt [Table Text Block]	March 31, 2016 December 31, 2015 Obligations under borrowing arrangements $ 186,859 $ 138,413 Less: Current portion of long-term debt and other current borrowings 60,365 16,921 Long-term debt $ 126,494 $ 121,493
Schedule of Maturities of Long-term Debt [Table Text Block]	Maturities of long term debt and other current borrowings are as follows as of March 31, 2016: 2017 $ 60,365 2018 10,165 2019 11,344 2020 16,747 2021 24,308 Thereafter 63,930 Total $ 186,859
Schedule of Debt [Table Text Block]	Proceeds from debt and repayments of debt for the three months ended March 31, 2016 and 2015 are as follows: March 31, 2016 2015 Proceeds from debt $ 124,570 $ 22,255 Repayments of debt $ (91,649) $ (21,767)

Income Taxes (Tables)

Income Taxes (Tables)	3 Months Ended
	Mar. 31, 2016
Income Tax Disclosure [Abstract]
Schedule of Income Tax Rates [Table Text Block]	The following table summarizes income tax rates under the tax reform law: 2015 2016 2017 2018 2019 Income Tax 25 % 25 % 25 % 25 % 25 % CREE Tax 9 % 9 % 9 % 9 % 9 % CREE Surtax 5 % 6 % 8 % 9 % - Total Tax on Income 39 % 40 % 42 % 43 % 34 %
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]	The components of income tax expense (benefit) are as follows: 2016 2015 Current income tax Colombia $ 3,256 $ 4,929 Deferred income tax Colombia 387 (157) Total Provision for Income tax $ 3,643 $ 4,772 Effective tax rate 21.1 % 28.7 %
Schedule Of Non-Cash, Non Taxable Losses And Gains From Changes In Fair Values Of Warrant And Earnout Shares Liabilities [Table Text Block]	The Company's effective tax rates for the three-month periods ended March 31,2016 and 2015 reflect the non-cash, non-deductible losses and non-taxable gains from changes in the fair values of the Company’s warrant and earnout shares liabilities in the table below: Three months ended March 31, 2016 2015 Change in fair value of warrant liability $ (5,911) $ (5,078) Change in fair value of earnout shares liability (3,704) (1,981) Total non-cash, nontaxable effects of changes in fair value of liabilities $ (9,615) $ (7,059)

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2016
Fair Value Disclosures [Abstract]
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block]	Assets and Liabilities Measured at Fair Value on a Recurring Basis at March 31, 2016: Quotes Prices Significant Significant in Active Other Observable Unobservable Markets Inputs Inputs (Level 1) (Level 2) (Level 3) Warrant Liability 25,080 Earnout shares liability 30,450 Interest Rate Swap Derivative Liability 33 Marketable Equity Securities 448 Short term investments 25,000
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis, Valuation Techniques [Table Text Block]	Assets and Liabilities Measured at Fair Value on a Recurring Basis at December 31, 2015: Quotes Prices Significant Significant in Active Other Observable Unobservable Markets Inputs Inputs (Level 1) (Level 2) (Level 3) Warrant Liability 31,213 Earnout shares liability 34,154 Interest Rate Swap Derivative Liability 42 Marketable Equity Securities 428
Summary of The Fair Value And Carrying Amounts of Long Term Debt [Table Text Block]	The following table summarizes the fair value and carrying amounts of our long term debt: March 31, 2016 December 31, 2015 Fair Value 145,877 138,347 Carrying Value 126,494 121,493

Segment and Geographic Inform31

Segment and Geographic Information (Tables)	3 Months Ended
	Mar. 31, 2016
Segment Reporting [Abstract]
Schedule of Segment Reporting Information, by Segment [Table Text Block]	The Company operates a single segment business for product consisting of four geographical sales territories as follows: Three months ended March 31, 2016 2015 Colombia $ 18,578 $ 17,382 United States 37,166 31,678 Panama 2,914 1,468 Other 2,245 1,515 Total Revenues $ 60,903 $ 52,043

Earnout Share Liability (Tables

Earnout Share Liability (Tables)	3 Months Ended
	Mar. 31, 2016
Earnout Share Liability [Abstract]
Earnout Share Liability [Table Text Block]	The table below provides a reconciliation of the beginning and ending balances for the earnout shares liability measured using significant unobservable inputs (Level 3): Balance - December 31, 2015 $ 34,154 Fair value adjustment - three months ended March 31, 2016 (3,704) Balance - March 31, 2016 $ 30,450

Warrant Liability (Tables)

Warrant Liability (Tables)	3 Months Ended
	Mar. 31, 2016
Warrant Liability [Abstract]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Table Text Block]	The inputs to the model were as follows: March 31, 2016 December 31, 2015 Stock Price $ 12.65 $ 13.74 Dividend Yield* $ 0.125 $ 0.125 Risk-free rate 0.49 % 0.65 % Expected Term 0.72 0.97 Expected Volatility 41.16 % 37.69 % *A quarterly dividend of $ 0.125
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block]	The table below provides a reconciliation of the beginning and ending balances for the warrant liability measured using significant unobservable inputs (Level 3): Balance - December 31, 2015 $ 31,213 Adjustment to fair value of warrants excercised cashlessly (222) Adjustment to fair value of unexcercised warrants (5,911) Balance - March 31, 2016 $ 25,080

Related Parties (Tables)

Related Parties (Tables)	3 Months Ended
	Mar. 31, 2016
Related Party Transactions [Abstract]
Schedule of Related Party Transactions [Table Text Block]	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, 2016 2015 Revenues Sales to ESW LLC $ 11,669 $ 11,871 Sales to VS 2,689 1,046 Sales to other related parties 282 1,026 Sales to related parties $ 14,640 $ 13,943 Expenses Fees paid to Directors and Officers 359 523 Payments to other related parties 713 446 1,072 969 March 31, December 31, 2016 2015 Current Assets Due from ESW LLC $ 20,951 $ 17,887 Due from VS 8,898 6,895 Due from other related parties 3,671 3,291 $ 33,620 $ 28,073 Long term payment agreement from VS $ 2,536 $ 2,536 Liabilities Due to related parties $ 1,594 $ 1,283

Summary of significant accoun35

Summary of significant accounting policies (Details)	3 Months Ended
	Mar. 31, 2016
Buildings [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	20 years
Machinery and equipment [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	10 years
Furniture and fixtures [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	10 years
Office equipment and software [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	5 years
Vehicles [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	5 years

Summary of significant accoun36

Summary of significant accounting policies (Details 1) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Numerator for basic and diluted earnings per shares
Net Income	$ 13,664	$ 11,862
Denominator
Denominator for basic earnings per ordinary share - weighted average shares outstanding (in shares)	26,907,391	24,801,132
Effect of dilutive warrants and earnout shares (in shares)	2,421,017	3,313,119
Denominator for diluted earnings per ordinary share - weighted average shares outstanding (in shares)	29,328,407	28,114,251
Basic earnings per ordinary share (in dollars per share)	$ 0.51	$ 0.48
Diluted earnings per ordinary share (in dollars per share)	$ 0.47	$ 0.42

Summary of significant accoun37

Summary of significant accounting policies (Details Textual) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Significant Accounting Policies [Line Items]
Foreign Currency Transaction Gain (Loss), before Tax	$ 1,257	$ 3,361
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	2,421,017	3,313,119
Shipping, Handling and Transportation Costs	$ 2,930	$ 2,248

Investments (Details Textual)

Investments (Details Textual) - USD ($)	3 Months Ended
	Mar. 31, 2016	Feb. 29, 2016
Line of Credit Facility [Line Items]
Cash Deposit Term	180 days
Time Deposits, at Carrying Value		$ 25,000
Line of Credit Facility, Maximum Borrowing Capacity	$ 25,000,000

Inventories, net (Details)

Inventories, net (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Inventory [Line Items]
Raw materials	$ 40,437	$ 36,254
Work in process	7,496	3,451
Finished goods	3,387	2,875
Stores and spares	3,755	3,190
Packing material	266	241
Total Inventories	$ 55,341	$ 46,011

Other Current Assets and Othe40

Other Current Assets and Other Long Term Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Other Current Assets and Other Long Term Assets [Line Items]
Unbilled receivables on uncompleted contracts	$ 12,761	$ 9,868
Prepaid Expenses	1,588	3,152
Advances and other receivables	11,785	7,794
Other current assets	$ 26,134	$ 20,814

Other Current Assets and Othe41

Other Current Assets and Other Long Term Assets (Details 1) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Other Current Assets and Other Long Term Assets [Line Items]
Intangible assets	$ 1,798	$ 1,920
Goodwill	1,330	1,330
Deferred income taxes	389	640
Real estate Investments	6,424	6,420
Other assets	697	0
Other long term assets	$ 10,638	$ 10,310

Other Current Assets and Othe42

Other Current Assets and Other Long Term Assets (Details Textual)	3 Months Ended
	Mar. 31, 2016
Other Current Assets and Other Long Term Assets [Line Items]
Finite-Lived Intangible Asset, Useful Life	10 years

Property, Plant and Equipment43

Property, Plant and Equipment, Net (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Property, Plant and Equipment [Line Items]
Total property, plant and equipment	$ 169,719	$ 155,482
Accumulated depreciation and amortization	(38,060)	(33,018)
Net value of property and equipment	131,659	122,464
Land	14,079	13,510
Total property, plant and equipment, net	145,738	135,974
Building [Member]
Property, Plant and Equipment [Line Items]
Total property, plant and equipment	46,258	41,804
Machinery and equipment [Member]
Property, Plant and Equipment [Line Items]
Total property, plant and equipment	115,733	107,179
Office equipment and software [Member]
Property, Plant and Equipment [Line Items]
Total property, plant and equipment	4,186	3,528
Vehicles [Member]
Property, Plant and Equipment [Line Items]
Total property, plant and equipment	1,569	1,402
Furniture and fixtures [Member]
Property, Plant and Equipment [Line Items]
Total property, plant and equipment	$ 1,973	$ 1,569

Property, Plant and Equipment44

Property, Plant and Equipment, Net (Details Textual) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Property, Plant and Equipment [Line Items]
Depreciation, Depletion and Amortization, Total	$ 3,261	$ 2,501

Debt (Details)

Debt (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Long Term Debt [Line Items]
Obligations under borrowing arrangements	$ 186,859	$ 138,413
Less: Current portion of long-term debt and other current borrowings	60,365	16,921
Long-term debt	$ 126,494	$ 121,493

Debt (Details 1)

Debt (Details 1) $ in Thousands	Mar. 31, 2016USD ($)
2,017	$ 60,365
2,018	10,165
2,019	11,344
2,020	16,747
2,021	24,308
Thereafter	63,930
Total	$ 186,859

Debt (Details 2)

Debt (Details 2) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Debt Instrument [Line Items]
Proceeds from debt	$ 124,570	$ 22,255
Repayments of debt	$ (91,649)	$ (21,767)

Debt (Details Textual)

Debt (Details Textual) - USD ($) $ in Thousands	Jan. 07, 2016	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015	Feb. 29, 2016
Long Term Debt [Line Items]
Borrowings under Guaranteed Investment Agreements		$ 186,859
Debt Instrument, Term	7 years
Line of Credit Facility, Interest Rate Description	Borrowings under the facility will bear interest at a weighted average interest rate of 7% for the first year, and thereafter at a rate of LIBOR plus 5.25% and DTF (Colombian index) plus 5.00% for the respective USD and COP denominated tranches.		The floating interest rates on the revolving notes are between DTF+4.2% and DTF+6%. DTF, the primary measure of interest rates in Colombia
Interest Expense, Debt		3,124	$ 2,152
Line of Credit Facility, Maximum Borrowing Capacity		25,000
Assets Acquired Under Capital Lease		$ 6,883	$ 9,100
Proceeds from Secured Lines of Credit	$ 109,500
Line of Credit Facility, Capacity Available for Specific Purpose Other than for Trade Purchases	83,500
Line of Credit Facility, Capacity Available for Trade Purchases	26,000
Line of Credit Facility, Fair Value of Amount Outstanding	$ 51,600
Debt Service Coverage Ratio		1.0:1		1.0:1
Short-term Debt, Total		$ 25,000
Tranche One [Member]
Long Term Debt [Line Items]
Line Of Credit Currency Translation Percentage	71.00%
Tranche Two [Member]
Long Term Debt [Line Items]
Line Of Credit Currency Translation Percentage	29.00%
Other Long Term Assets [Member]
Long Term Debt [Line Items]
Debt Instrument, Collateral Amount		68,447		$ 48,056
Property, Plant and Equipment [Member]
Long Term Debt [Line Items]
Debt Instrument, Collateral Amount		13,306		8,524
Revolving Lines Of Credit [Member]
Long Term Debt [Line Items]
Long-term Line of Credit		9,487		$ 4,640
Line of Credit Facility, Maximum Borrowing Capacity		$ 3,700
Line Of Credit Facility Denominated in COP [Member]
Long Term Debt [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity					$ 25,000
Short Term Line Of Credit Facility [Member]
Long Term Debt [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity					$ 6,000
Maximum [Member]
Long Term Debt [Line Items]
Debt Instrument, Term		15 years
Debt Instrument, Interest Rate, Effective Percentage		18.30%
Minimum [Member]
Long Term Debt [Line Items]
Debt Instrument, Interest Rate, Effective Percentage		2.30%

Income Taxes (Details)

Income Taxes (Details)	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Effective Income Tax Rate Reconciliation, Percent	21.10%	28.70%
Income Tax [Member]
Effective Income Tax Rate Reconciliation, Percent	25.00%
CREE Tax [Member]
Effective Income Tax Rate Reconciliation, Percent	9.00%
Tax Year 2015 [Member]
Effective Income Tax Rate Reconciliation, Percent	39.00%
Tax Year 2015 [Member] | Income Tax [Member]
Effective Income Tax Rate Reconciliation, Percent	25.00%
Tax Year 2015 [Member] | CREE Tax [Member]
Effective Income Tax Rate Reconciliation, Percent	9.00%
Tax Year 2015 [Member] | CREE Surtax [Member]
Effective Income Tax Rate Reconciliation, Percent	5.00%
Tax Year 2016 [Member]
Effective Income Tax Rate Reconciliation, Percent	40.00%
Tax Year 2016 [Member] | Income Tax [Member]
Effective Income Tax Rate Reconciliation, Percent	25.00%
Tax Year 2016 [Member] | CREE Tax [Member]
Effective Income Tax Rate Reconciliation, Percent	9.00%
Tax Year 2016 [Member] | CREE Surtax [Member]
Effective Income Tax Rate Reconciliation, Percent	6.00%
Tax Year 2017 [Member]
Effective Income Tax Rate Reconciliation, Percent	42.00%
Tax Year 2017 [Member] | Income Tax [Member]
Effective Income Tax Rate Reconciliation, Percent	25.00%
Tax Year 2017 [Member] | CREE Tax [Member]
Effective Income Tax Rate Reconciliation, Percent	9.00%
Tax Year 2017 [Member] | CREE Surtax [Member]
Effective Income Tax Rate Reconciliation, Percent	8.00%
Tax Year 2018 [Member]
Effective Income Tax Rate Reconciliation, Percent	43.00%
Tax Year 2018 [Member] | Income Tax [Member]
Effective Income Tax Rate Reconciliation, Percent	25.00%
Tax Year 2018 [Member] | CREE Tax [Member]
Effective Income Tax Rate Reconciliation, Percent	9.00%
Tax Year 2018 [Member] | CREE Surtax [Member]
Effective Income Tax Rate Reconciliation, Percent	9.00%
Tax Year 2019 [Member]
Effective Income Tax Rate Reconciliation, Percent	34.00%
Tax Year 2019 [Member] | Income Tax [Member]
Effective Income Tax Rate Reconciliation, Percent	25.00%
Tax Year 2019 [Member] | CREE Tax [Member]
Effective Income Tax Rate Reconciliation, Percent	9.00%
Tax Year 2019 [Member] | CREE Surtax [Member]
Effective Income Tax Rate Reconciliation, Percent	0.00%

Income Taxes (Details 1)

Income Taxes (Details 1) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Current income tax
Colombia	$ 3,256	$ 4,929
Deferred income Tax
Colombia	387	(157)
Total Provision for Income tax	$ 3,643	$ 4,772
Effective tax rate	21.10%	28.70%

Income Taxes (Details 2)

Income Taxes (Details 2) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Change in fair value of warrant liability	$ (5,911)	$ (5,078)
Change in fair value of earnout shares liability	(3,704)	(1,981)
Total non-cash, nontaxable effects of changes in fair value of liabilities	$ (9,615)	$ (7,059)

Income Taxes (Details Textual)

Income Taxes (Details Textual)	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Income Tax [Line Items]
Special Additional Tax Rate Description	a CREE Tax based on taxable income applies at a rate of 9% to certain taxpayers including the Company. Prior to the reform, the CREE Tax would only apply up to tax years 2015. The reform makes the CREE tax rate of 9% permanent and an additional CREE Surtax will apply for the years 2015 through 2018 at varying rates.
Effective Income Tax Rate Reconciliation, Percent, Total	21.10%	28.70%
Effective Income Tax Rate Reconciliation, Change in Enacted Tax Rate, Percent	40.00%	39.00%
CREE Tax [Member]
Income Tax [Line Items]
Effective Income Tax Rate Reconciliation, Percent, Total	9.00%
Income Tax [Member]
Income Tax [Line Items]
Effective Income Tax Rate Reconciliation, Percent, Total	25.00%

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Earnout Shares Liability	$ 17,800	$ 20,414
Fair Value, Inputs, Level 1 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Warrant Liability
Earnout Shares Liability
Interest Rate Swap Derivative Liability
Marketable equity securities	$ 448	$ 428
Short term investments
Fair Value, Inputs, Level 2 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Warrant Liability
Earnout Shares Liability
Interest Rate Swap Derivative Liability	$ 33	$ 42
Marketable equity securities
Short term investments	$ 25,000
Fair Value, Inputs, Level 3 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Warrant Liability	25,080	$ 31,213
Earnout Shares Liability	$ 30,450	$ 34,154
Interest Rate Swap Derivative Liability
Marketable equity securities
Short term investments

Fair Value Measurements (Deta54

Fair Value Measurements (Details 1) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Summary of The Fair Value And Carrying Amounts of Long Term Debt [Line Items]
Carrying Value	$ 186,859	$ 138,413
Fair Value, Inputs, Level 2 [Member]
Summary of The Fair Value And Carrying Amounts of Long Term Debt [Line Items]
Fair Value	145,877	138,347
Carrying Value	$ 126,494	$ 121,493

Segment and Geographic Inform55

Segment and Geographic Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Net Sales
Revenues, Total	$ 60,903	$ 52,043
COLOMBIA
Net Sales
Revenues, Total	18,578	17,382
UNITED STATES
Net Sales
Revenues, Total	37,166	31,678
PANAMA
Net Sales
Revenues, Total	2,914	1,468
Other
Net Sales
Revenues, Total	$ 2,245	$ 1,515

Earnout Share Liability (Detail

Earnout Share Liability (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2016USD ($)
Earnout Share Liability [Line Items]
Balance - December 31, 2015	$ 34,154
Fair value adjustment - three months ended March 31, 2016	(3,704)
Balance - March 31, 2016	$ 30,450

Earnout Share Liability (Deta57

Earnout Share Liability (Details Textual) - $ / shares	Mar. 31, 2016	Dec. 31, 2015
Earnout Share Liability [Line Items]
Share Price	$ 12.65	$ 13.74

Warrant Liability (Details)

Warrant Liability (Details) - $ / shares		3 Months Ended	12 Months Ended
		Mar. 31, 2016	Dec. 31, 2015
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Stock Price		$ 12.65	$ 13.74
Dividend Yield	[1]	$ 0.125	$ 0.125
Risk-free rate		0.49%	0.65%
Expected Term		8 months 19 days	11 months 19 days
Expected Volatility		41.16%	37.69%
[1]	A quarterly dividend of $0.125 per share commencing in the second quarter of 2016 was assumed.

Warrant Liability (Details 1)

Warrant Liability (Details 1) $ in Thousands	3 Months Ended
	Mar. 31, 2016USD ($)
Warrant liability [Line Items]
Balance - December 31, 2015	$ 31,213
Adjustment to fair value of warrants excercised cashlessly	(222)
Adjustment to fair value of unexcercised warrants	(5,911)
Balance - March 31, 2016	$ 25,080

Warrant Liability (Details Text

Warrant Liability (Details Textual) - $ / shares	3 Months Ended
	Mar. 31, 2016	Dec. 31, 2015
Warrant liability [Line Items]
Warrants Exercised By Investors	2,480,289
Warrants exercised on a cash basis	102,570
Cash exercise of warrants for shares	2,377,719
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right	1,020,976
Dividends Payable, Amount Per Share	$ 0.125
Share Price	$ 12.65	$ 13.74

Related Parties (Details)

Related Parties (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Revenues
Sales Revenue	$ 14,640	$ 13,943
Expenses
Fees paid to Directors and Officers	359	523
Payments to other related parties	713	446
Sales Expenses	1,072	969
Current Assets
Due From Related Parties	33,620		$ 28,073
Long term payment agreement from VS	2,536		2,536
Liabilities
Due to related parties	1,698		1,283
ES Windows LLC [Member]
Revenues
Sales Revenue	11,669	11,871
Current Assets
Due From Related Parties	20,951		17,887
Ventanas Solar S.A. [Member]
Revenues
Sales Revenue	2,689	1,046
Current Assets
Due From Related Parties	8,898		6,895
Related Parties,Other [Member]
Current Assets
Due from other related parties	3,671		$ 3,291
Sales to other related parties [Member]
Revenues
Sales Revenue	$ 282	$ 1,026

Related Parties (Details Textua

Related Parties (Details Textual) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Related Party Transactions [Line Items]
Notes Receivable, Related Parties	$ 266	$ 256
Sales Commissions [Member]
Related Party Transactions [Line Items]
Payments to Fund Long-term Loans to Related Parties	246
Daesmo [Member]
Related Party Transactions [Line Items]
Due from Other Related Parties	617
Consorcio Ventanar ESW - Boca Grande [Member]
Related Party Transactions [Line Items]
Due from Other Related Parties	$ 654
Ventanas Solar [Member]
Related Party Transactions [Line Items]
Debt Instrument, Description of Variable Rate Basis	The interest rate of these payment agreements are Libor + 4.7% paid semiannually and Libor +6.5% paid monthly for the short-term agreement and the three-year agreement, respectively. The Company and VS subsequently normalized the short term agreement to pay the totality of the obligation by December of 2016.
Company Foundation [Member]
Related Party Transactions [Line Items]
Payments to Fund Long-term Loans to Related Parties	$ 332
ESW LLC [Member]
Related Party Transactions [Line Items]
Mortgage Loans on Real Estate, Carrying Amount of Mortgages			$ 3,920

Note Payable to Shareholder (De

Note Payable to Shareholder (Details Textual) - A. Lorne Weil [Member] - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015	Nov. 07, 2013
Note Payable to Shareholder and Advance from Shareholders [Line Items]
Notes Payable			$ 150
Loans Unpaid Amount	$ 80	$ 80
Loans Paid Amount			$ 70

Derivative Financial Instrume64

Derivative Financial Instruments (Details Textual) $ in Thousands	Mar. 31, 2016USD ($)
Derivatives, Fair Value [Line Items]
Derivative Liability, Fair Value, Gross Liability	$ 33

Commitments and Contingencies (

Commitments and Contingencies (Details Textual) - USD ($) $ in Thousands	Mar. 02, 2016	Oct. 01, 2014	Mar. 31, 2016
Commitments and Contingencies [Line Items]
Loss Contingency, Damages Sought, Value	$ 1,560	$ 1,075
Loss Contingency Damages Plaintiffs Period		60 days
Loss Contingency Damages Insurance Percentage		90.00%
TG And Tecnoglass USA Inc [Member]
Commitments and Contingencies [Line Items]
Insurance Settlements Receivable			$ 3,000