Tecnoglass (TGLS) 10-Q 7 Nov 18 2018 Q3 Quarterly report Financial data

Document And Entity Information

Document And Entity Information	9 Months Ended
	Sep. 30, 2018shares
Document And Entity Information [Abstract]
Entity Registrant Name	Tecnoglass Inc.
Entity Central Index Key	1,534,675
Document Type	10-Q
Document Period End Date	Sep. 30, 2018
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Entity Small Business Flag	false
Entity Emerging Growth Company	false
Entity Ex Transition Period	false
Entity Common Stock, Shares Outstanding	37,534,416
Trading Symbol	TGLS
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2,018

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Current assets:
Cash and cash equivalents	$ 27,951	$ 40,923
Investments	1,543	1,680
Trade accounts receivable, net	91,852	110,464
Due from related parties	7,996	8,500
Inventories	88,452	71,656
Unbilled receivables on uncompleted contracts		9,996
Contract assets - current portion	45,836
Other current assets	21,429	18,679
Total current assets	285,059	261,898
Long term assets:
Property, plant and equipment, net	163,467	168,701
Deferred income taxes	95	103
Contract assets - non-current	5,531
Intangible Assets	9,886	11,517
Goodwill	23,561	23,130
Other long term assets	2,975	2,651
Total long term assets	205,515	206,102
Total assets	490,574	468,000
Current liabilities:
Short-term debt and current portion of long-term debt	16,069	3,260
Trade accounts payable and accrued expenses	62,519	55,182
Accrued interest expense	3,017	7,392
Due to related parties	1,018	975
Payable associated to GM&P acquisition		29,000
Dividends payable	758	585
Current portion of customer advances on uncompleted contracts		11,429
Contract liability - current portion	17,915
Other current liabilities	8,936	13,626
Total current liabilities	110,232	121,449
Long term liabilities:
Deferred income taxes	2,910	2,317
Long Term Payable associated to GM&P acquisition	8,500
Customer advances on uncompleted contracts		1,571
Contract liability - non-current	1,750
Long term debt	219,920	220,998
Total Long Term Liabilities	233,080	224,886
Total liabilities	343,312	346,335
COMMITMENTS AND CONTINGENCIES
SHAREHOLDERS' EQUITY
Preferred shares, $0.0001 par value, 1,000,000 shares authorized, 0 shares issued and outstanding at September 30, 2018 and December 31, 2017 respectively
Ordinary shares, $0.0001 par value, 100,000,000 shares authorized, 37,534,416 and 34,836,575 shares issued and outstanding at September 30, 2018 and December 31, 2017, respectively	4	3
Legal Reserves	1,367	1,367
Additional paid-in capital	152,919	125,317
Retained earnings	20,071	22,212
Accumulated other comprehensive (loss)	(28,087)	(28,651)
Shareholders' equity attributable to controlling interest	146,274	120,248
Shareholders' equity attributable to non-controlling interest	988	1,417
Total shareholders' equity	147,262	121,665
Total liabilities and shareholders' equity	$ 490,574	$ 468,000

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Sep. 30, 2018	Dec. 31, 2017
Statement of Financial Position [Abstract]
Preferred shares, par value	$ 0.0001	$ 0.0001
Preferred shares, shares authorized	1,000,000	1,000,000
Preferred shares, shares issued	0	0
Preferred shares, shares outstanding	0	0
Ordinary shares, par value	$ 0.0001	$ 0.0001
Ordinary shares, shares authorized	100,000,000	100,000,000
Ordinary shares, shares issued	37,534,416	34,836,575
Ordinary shares, shares outstanding	37,534,416	34,836,575

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations and Other Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Operating revenues:
Total operating revenues	$ 96,992	$ 83,384	$ 273,121	$ 230,177
Cost of sales	62,299	56,200	187,038	158,197
Gross Profit	34,693	27,184	86,083	71,980
Operating expenses:
Selling expense	(10,922)	(7,932)	(28,626)	(25,349)
General and administrative expense	(8,504)	(7,851)	(24,578)	(22,952)
Total Operating Expenses	(19,426)	(15,783)	(53,204)	(48,301)
Operating income	15,267	11,401	32,879	23,679
Non-operating income	780	656	2,588	2,605
Foreign currency transactions (losses) gains	(2,494)	5,394	(828)	(894)
Loss on extinguishment of debt		13		(3,148)
Interest expense and deferred cost of financing	(5,140)	(4,633)	(15,551)	(14,890)
Income before taxes	8,413	12,831	19,088	7,352
Income tax benefit (provision)	(2,261)	(5,806)	(6,187)	(2,796)
Net income	6,152	7,025	12,901	4,556
(Income) loss attributable to non-controlling interest	145	(101)	429	(173)
Income attributable to parent	6,297	6,924	13,330	4,383
Comprehensive income:
Net income	6,152	7,025	12,901	4,556
Foreign currency translation adjustments	(1,998)	3,163	564	2,714
Total comprehensive income	4,154	10,188	13,465	7,270
Comprehensive (income) loss attributable to non-controlling interest	145	(101)	429	(173)
Total comprehensive income attributable to parent	$ 4,299	$ 10,087	$ 13,894	$ 7,097
Basic income per share	$ 0.16	$ 0.19	$ 0.35	$ 0.13
Diluted income per share	$ 0.16	$ 0.19	$ 0.35	$ 0.12
Basic weighted average common shares outstanding	37,861,129	36,256,397	36,867,528	36,278,983
Diluted weighted average common shares outstanding	38,336,638	36,731,906	37,343,037	36,754,492
External Customers [Member]
Operating revenues:
Total operating revenues	$ 95,325	$ 82,117	$ 269,317	$ 226,445
Related Parties Revenue [Member]
Operating revenues:
Total operating revenues	$ 1,667	$ 1,267	$ 3,804	$ 3,732

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$ 12,901	$ 4,556
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Provision for bad debts	(231)	2,739
Provision for obsolete inventory	26	80
Depreciation and amortization	17,483	15,692
Deferred income taxes	1,233	(3,625)
Extinguishment of debt		2,569
Director stock compensation	213	213
Other non-cash adjustments	978	827
Changes in operating assets and liabilities:
Trade accounts receivables	(10,551)	6,460
Inventories	(17,025)	(8,923)
Prepaid expenses	(509)	248
Other assets	(3,834)	(5,814)
Trade accounts payable and accrued expenses	4,677	(7,074)
Accrued interest expense	(4,368)	7,975
Taxes payable	(6,361)	(13,077)
Labor liabilities	934	686
Related parties	440	3,097
Contract assets and liabilities	(5,480)
Customer advances on uncompleted contracts		2,497
CASH (USED IN) PROVIDED BY OPERATING ACTIVITIES	(9,474)	9,126
CASH FLOWS FROM INVESTING ACTIVITIES
Proceeds from sale of investments	1,093	456
Acquisition of businesses	(6,000)	(7,873)
Purchase of investments	(828)	(716)
Acquisition of property and equipment	(7,195)	(6,701)
CASH USED IN INVESTING ACTIVITIES	(12,930)	(14,834)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from debt	16,272	20,313
Cash Dividend	(2,044)	(1,864)
Proceeds from bond issuance		201,769
Repayments of debt	(5,288)	(205,615)
CASH PROVIDED BY FINANCING ACTIVITIES	8,940	14,603
Effect of exchange rate changes on cash and cash equivalents	492	340
NET (DECREASE) INCREASE IN CASH	(12,972)	9,235
CASH - Beginning of period	40,923	26,918
CASH - End of period	27,951	36,153
Cash paid during the period for:
Interest	9,516	15,700
Income Tax	6,984	15,651
NON-CASH INVESTING AND FINANCING ACTIVITES:
Assets acquired under capital lease and debt	1,249
Gain in extinguishment of GM&P payment settlement	$ 3,606

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Shareholders' Equity (Unaudited) - USD ($) $ in Thousands	Ordinary Shares [Member]	Additional Paid in Capital [Member]	Legal Reserve [Member]	Retained Earnings [Member]	Accumulated Other Comprehensive Loss [Member]	Total Shareholders' Equity [Member]	Non-Controlling Interest [Member]	Total
Balance beginning at Dec. 31, 2017	$ 3	$ 125,317	$ 1,367	$ 22,212	$ (28,651)	$ 120,248	$ 1,417	$ 121,665
Balance beginning, shares at Dec. 31, 2017	34,836,575
Issuance of common stock		34				34		34
Issuance of common stock, shares	4,564
Adoption of ASC 606				(187)		(187)		(187)
Stock dividend	$ 1	4,128		(4,947)		(818)		(818)
Stock dividend, shares	499,080
Foreign currency translation					8,701	8,701		8,701
Net Income				10,691		10,691	(72)	10,619
Balance ending at Mar. 31, 2018	$ 4	129,479	1,367	27,769	(19,950)	138,669	1,345	140,014
Balance ending, shares at Mar. 31, 2018	35,340,219
Balance beginning at Dec. 31, 2017	$ 3	125,317	1,367	22,212	(28,651)	120,248	1,417	121,665
Balance beginning, shares at Dec. 31, 2017	34,836,575
Foreign currency translation								564
Net Income								12,901
Balance ending at Sep. 30, 2018	$ 4	152,919	1,367	20,071	(28,087)	146,274	988	147,262
Balance ending, shares at Sep. 30, 2018	37,534,416
Balance beginning at Mar. 31, 2018	$ 4	129,479	1,367	27,769	(19,950)	138,669	1,345	140,014
Balance beginning, shares at Mar. 31, 2018	35,340,219
Issuance of common stock		14,500				14,500		14,500
Issuance of common stock, shares	1,238,095
Stock dividend		4,396		(5,082)		(686)		(686)
Stock dividend, shares	463,355
Foreign currency translation					(6,139)	(6,139)		(6,139)
Net Income				(3,658)		(3,658)	(212)	(3,870)
Balance ending at Jun. 30, 2018	$ 4	148,375	1,367	19,029	(26,089)	142,686	1,133	143,819
Balance ending, shares at Jun. 30, 2018	37,041,669
Stock dividend		4,544		(5,255)		(711)		(711)
Stock dividend, shares	492,747
Foreign currency translation					(1,998)	(1,998)		(1,998)
Net Income				6,297		6,297	(145)	6,152
Balance ending at Sep. 30, 2018	$ 4	$ 152,919	$ 1,367	$ 20,071	$ (28,087)	$ 146,274	$ 988	$ 147,262
Balance ending, shares at Sep. 30, 2018	37,534,416

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Shareholders' Equity (Parenthetical) - $ / shares	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017
Statement of Stockholders' Equity [Abstract]
Ordinary shares, par value	$ 0.0001	$ 0.0001	$ 0.0001	$ 0.0001

General

General	9 Months Ended
	Sep. 30, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
General	Note 1. General Business Description 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 facades and commercial window showcases. The Company sells to customers in North, Central and South America, and exports most of its production to foreign countries. The Company 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. The Company also 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. On March 1, 2017, the Company entered into and consummated a purchase agreement, as amended, with Giovanni Monti, the owner of 100% of the outstanding shares of Giovanni Monti and Partners Consulting and Glazing Contractors (“GM&P”). GM&P is a consulting and glazing contracting company located in Miami, Florida with over 15 years of experience in the design and installation of various building enclosure systems such as curtain window walls and a long-standing commercial relationship with the Company, working alongside it in the past in different projects within the U.S, by providing engineering and installation services to those projects.

Basis of Presentation and Summa

Basis of Presentation and Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2018
Accounting Policies [Abstract]
Basis of Presentation and Summary of Significant Accounting Policies	Note 2. Basis of Presentation and Summary of Significant Accounting Policies 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 Securities and Exchange Commission (“SEC”) for interim reporting purposes. 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, 2017. The year-end condensed balance sheet data was derived from audited financial statements, but does not include all disclosures required by US GAAP. 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 and conditions. Estimates inherent in the preparation of these condensed 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. Changes in estimates are reflected in the periods during which they become known. Actual amounts may differ from these estimates and could differ materially. These financial statements reflect all adjustments that in the opinion of management are necessary for a fair statement of the financial position, results of operations and cash flows for the period presented, and are of a normal, recurring nature. The Company has one operating segment, Architectural Glass and Windows, which is also its reporting segment, comprising the design, manufacturing, distribution, marketing and installation of high-specification architectural glass and window product sold to the construction industry. Principles of Consolidation These unaudited condensed consolidated financial statements consolidate TGI, its subsidiaries TG, ES and ESW LLC, Tecno LLC, Tecno RE, GM&P and Componenti USA LLC (“Componenti”), which are entities in which we have a controlling financial interest because we hold a majority voting interest. To determine if we hold a controlling financial interest in an entity, we first evaluate if we are required to apply the variable interest entity (“VIE”) model to the entity, otherwise the entity is evaluated under the voting interest model. All significant intercompany accounts and transactions are eliminated in consolidation, including unrealized intercompany profits and losses. Non-controlling interest When the Company owns a majority of a subsidiary’s stock, the Company includes in its condensed consolidated Financial Statements the non-controlling interest in the subsidiary. The non-controlling interest in the Condensed Consolidated Statements of Operations and Other Comprehensive Income is equal to the non-controlling proportionate share of the subsidiary’s net income and, as included in Shareholders’ Equity on the Consolidated Balance Sheet, is equal to the non-controlling proportionate share of the subsidiary’s net assets. Foreign Currency Translation The condensed consolidated financial statements are presented in U.S. Dollars, the reporting currency. Some of 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 condensed consolidated statement of operations as foreign exchange gains and losses. Revenue Recognition 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. Effective January 1, 2018, the Company adopted Accounting Standards Update (ASU) 2014-09, Revenue from Contracts with Customers, Revenue Recognition Approximately 44% of the Company’s consolidated net sales is generated from long-term contracts with customers that require to design, develop, test, manufacture, and install windows according to the customers’ specifications. These contracts are primarily multi-year contracts with real estate general contractors and are generally priced on a fixed-price basis and are invoiced based on contract progress. To determine the proper revenue recognition method, the Company first evaluates each of its contractual arrangements to identify its performance obligations. A performance obligation is a promise in a contract to transfer a distinct good or service to the customer. All the Company’s contracts have a single performance obligation because the promise to transfer the individual good or service is not separately identifiable from other promises within the contract and is, therefore, not distinct. These contractual arrangements either require the use of a highly specialized manufacturing process to provide goods according to customer specifications or represent a bundle of contracted goods and services that are integrated and together represent a combined output, which may include the delivery of multiple units. A substantial amount of the Company’s sales are from performance obligations satisfied over time and are primarily with general contractors to real estate developers. Sales are recognized over time when control is continuously transferred to the customer during the contract. The continuous transfer of control to the customer is supported by contract clauses that provide for progress or performance-based payments. Generally, if a customer unilaterally terminates a contract, the Company has the right to receive payment for costs incurred plus a reasonable profit for products and services that do not have alternative use to the Company. Sales are recorded using the cost-to-cost method on fixed price contracts that include performance obligations satisfied over time. These sales are generally recorded at amounts equal to the ratio of actual cumulative costs incurred divided by total estimated costs at completion, multiplied by (i) the transaction price, less (ii) the cumulative sales recognized in prior periods. Accounting for the sales and profits on performance obligations for which progress is measured using the cost-to-cost method involves the preparation of estimates of: (1) transaction price and (2) total costs at completion, which is equal to the sum of the actual incurred costs to date on the contract and the estimated costs to complete the contract’s statement of work. Incurred costs include labor, material, and overhead and represent work performed, which corresponds with and thereby represents the transfer of ownership to the customer. Performance obligations are satisfied over time when the risk of ownership has been passed to the customer and/or services are performed. The estimated profit or loss at completion on a contract is equal to the difference between the transaction price and the total estimated cost at completion. Contract modifications routinely occur to account for changes in contract specifications or requirements. In most cases, contract modifications are for goods or services that are not distinct and, therefore, are accounted for as part of the existing contract. Transaction price estimates include additional consideration for submitted contract modifications or claims when the Company believes it has an enforceable right to the modification or claim, the amount can be reliably estimated and its realization is reasonably assured. Amounts representing modifications accounted for as part of the existing contract are included in the transaction price and recognized as an adjustment to sales on a cumulative catch-up basis. The Company’s fixed-price type contracts allow for progress payments to bill the customer as contract costs are incurred and the customer often retains a small portion of the contract price until satisfactory completion of the contractual statement of work, which is a retainage of approximately 10%. The Company records an asset for unbilled receivables due to completing more work than the progress payment schedule allows to collect at a point in time. For certain fixed-price contracts, the Company receives advance payments. Advanced payments are not considered a significant financing component because they are a negotiated contract term to ensure the customer meets its financial obligation, particularly when there are significant upfront working capital requirements. The Company records a liability for advance payments received in excess of sales recognized, which is presented as a contract liability on the balance sheet. Revisions or adjustments to estimates of the transaction price, estimated costs at completion and estimated profit or loss of a performance obligation are often required as work progresses under a contract, as experience is gained, as facts and circumstances change and as new information is obtained, even though the scope of work required under the contract may not change. Revisions or adjustments may also be required if contract modifications occur. The impact of revisions in profit or loss estimates are recognized on a cumulative catch-up basis in the period in which the revisions are made. The revisions in contract estimates, if significant, can materially affect the Company’s results of operations and cash flows, as well as reduce the valuations of contract assets and inventories, and in some cases result in liabilities to complete contracts in a loss position. The Company recognizes a liability for non-recurring obligations as situations considering that projects actual costs are usually adjusted to estimated costs. The Company did not recognize sales for performance obligations satisfied in prior periods during the three and nine months ended September 30, 2018. Remaining Performance Obligations On September 30, 2018, the Company had $276 million of remaining performance obligations, which represents the transaction price of firm orders minus sales recognized from inception to date. Remaining performance obligations exclude unexercised contract options, verbal commitments and potential orders under basic ordering agreements. The Company expects to recognize 100% of sales relating to existing performance obligations within three years, of which $91 million are expected to be reconized during the current year, $181 million during the year ended December 31, 2019, and $3.7 million during the year ended December 31, 2020. 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. Annual tax periods prior to December 2015 are no longer subject to examination by taxing authorities in Colombia. GM&P, Componenti and ESW LLC are U.S. entities based in Florida subject to U.S. federal and state income taxes. The Company accounts for income taxes using the asset and liability approach of accounting for income taxes (ASC 740 “Income Taxes”). Under this approach, deferred taxes represent the future tax consequences expected to occur when the reported amounts of assets and liabilities are recovered or paid. The provision for income taxes represents income taxes paid or payable for the current year plus the change in deferred taxes during the year. Deferred taxes result from differences between the financial and tax basis of the Company’s assets and liabilities and are adjusted for changes in tax rates and tax laws when changes are enacted. For each tax jurisdiction in which the Company operates, deferred tax assets and liabilities are offset against one another and are presented as a single noncurrent amount within the consolidated balance sheets. The Company recognizes the financial statement effects of uncertain income tax positions when it is more likely than not, based on the technical merits, that the position will be sustained upon examination. Interest accrued related to unrecognized tax and income tax related penalties are included in the provision for income taxes. The uncertain income taxes positions are recorded in “Taxes payable” in the consolidated balance sheets. Earnings per Share Basic earnings per share is computed by dividing net income by the weighted-average number of ordinary shares outstanding during the period. Income per share assuming dilution (diluted earnings per share) would give effect to dilutive options and other potential ordinary shares outstanding during the period. 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 following table sets forth the computation of the basic and diluted earnings per share for the three and nine months ended September 30, 2018 and 2017: Three months ended September 30, Nine months ended September 30, 2018 2017 2018 2017 Numerator for basic and diluted earnings per shares Net Income $ 6,152 $ 7,025 $ 12,901 $ 4,556 Denominator Denominator for basic earnings per ordinary share - weighted average shares outstanding 37,861,129 36,256,397 36,867,528 36,278,983 Effect of dilutive securities and stock dividend 475,509 475,509 475,509 475,509 Denominator for diluted earnings per ordinary share - weighted average shares outstanding 38,336,638 36,731,906 37,343,037 36,754,492 Basic earnings per ordinary share $ 0.16 $ 0.19 $ 0.35 $ 0.13 Diluted earnings per ordinary share $ 0.16 $ 0.19 $ 0.35 $ 0.12 The effect of dilutive securities includes 475,509 shares for shares potentially issued in relation to the dividends declared. 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 from five to ten years for architectural glass, 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 and industry standards. Claims within the scope of the warranties are usually resolved 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 has incurred in relation to these warranties have not been material. 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 Colombia. 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 months ended September 30, 2018 and 2017 were $5,311 and $3,315, respectively. Shipping and handling costs for the nine months ended September 30, 2018 and 2017 were $13,807 and $9,504, respectively. Dividends Payable The company accounts for its dividend declared as a liability under ASC 480 - Distinguishing Liabilities from Equity since the shareholder have the option to elect cash or stock and reclassifies from dividend payable to additional paid-in capital when shareholders elect a stock dividend instead of cash. The dividend payable is not subject to re-measurement at each balance sheet date since the dividend is a fixed monetary amount known at inception and thus no change in fair value adjustment is necessary. Recently Issued Accounting Pronouncements In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments (“ASU 2016-15”). ASU 2016-15 reduces diversity in practice by providing guidance on the classification of certain cash receipts and payments in the statement of cash flows. ASU 2016-15 clarifies that when cash receipts and cash payments have aspects of more than one class of cash flows and cannot be separated, classification will depend on the predominant source or use. ASU 2016-15 is effective on a retrospective basis for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2017, with early adoption permitted. Adoption of this ASU has no material impact on our consolidated financial statements. In February 2016, the FASB issued ASU 2016-02 “Leases (Topic 842)” (“ASU 2016-02”). The FASB issued ASU 2016-02 to increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. Under ASU 2016-02, a lessee will recognize in the statement of financial position a liability to make lease payments (the lease liability) and a right-to-use asset representing its right to use the underlying asset for the lease term. The recognition, measurement, and presentation of expenses and cash flows arising from a lease by a lessee have not significantly changed from current GAAP. ASU 2016-02 retains a distinction between finance leases (i.e. capital leases under current GAAP) and operating leases. The classification criteria for distinguishing between finance leases and operating leases will be substantially similar to the classification criteria for distinguishing between capital leases and operating leases under current GAAP. The amendments of this ASU are effective for reporting periods beginning after December 15, 2018, with early adoption permitted. An entity will be required to recognize and measure leases at the beginning of the earliest period presented using a modified retrospective approach. The Company expects to apply the guidance at the effective date, without adjusting the comparative periods and, if necessary, will recognize a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption. The Company is currently evaluating the potential effect of this ASU on its consolidated financial statements.

New Accounting Standards Implem

New Accounting Standards Implemented	9 Months Ended
	Sep. 30, 2018
Accounting Changes and Error Corrections [Abstract]
New Accounting Standards Implemented	Note 3. New Accounting Standards Implemented In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers As discussed in Note 2, the Company adopted ASC 606 using the modified retrospective transition method. Results for reporting periods beginning after December 31, 2017 are presented under ASC 606, while prior period comparative information has not been restated and continues to be reported in accordance with ASC 605, Revenue Recognition, Based on the analysis performed of the uninstalled materials at January 1, 2018, the Company recorded, upon adoption of ASC 606, a net decrease to retained earnings of $187, as shown on the table below. The adjustment to retained earnings primarily relates to contracts that had uninstalled material that were not previously included in inventory since the cost-to-cost method was appropriately reflecting the progress of these contracts. The Company made certain presentation changes to its consolidated balance sheet on January 1, 2018 to comply with ASC 606. The components of contracts in process as reported under ASC 605, which included unbilled contract receivables and inventoried contract costs, have been reclassified as contract assets and inventories, respectively, after certain adjustments described below under ASC 606. The remainder of inventoried contract costs, primarily related to inventories not controlled by the Company’s customers, were reclassified to inventories. The Company expenses costs to obtain a contract and costs to fulfill a contract as incurred. Other revenues not related to fixed-type contracts did not result in any changes under ASC 606 and the revenues are still been recognized when the risk of ownership is transfered to the customer based on the sales terms. The table below presents the cumulative effect of the changes made to the consolidated January 1, 2018 balance sheet due to the adoption of ASC 606. December 31, 2017 As Reported Under ASC 605 Adjustments Due to ASC 606 January 1, 2018 As Adjusted Under ASC 606 ASSETS Trade accounts receivable, net $ 110,464 $ (30,223 ) $ 80,241 Inventories 71,656 1,975 73,631 Unbilled receivables on uncompleted contracts 9,996 (9,996 ) - Contract assets - 45,468 45,468 Other Assets 275,884 - 275,884 Total Assets $ 468,000 $ 7,224 $ 475,224 LIABILITIES Contract liabilities - current - 18,945 18,945 Current portion of customer advances on uncompleted contracts 11,429 (11,429 ) - Other current liabilities 13,626 (105 ) 13,521 Current portion of customer advances on uncompleted contracts 1,571 (1,571 ) - Contract liabilities - current - 1,571 1,571 Other Liabilities 319,709 - 319,709 Total liabilities $ 346,335 $ 7,411 $ 353,746 SHAREHOLDERS’ EQUITY Retained earnings 22,212 (187 ) 22,025 Total shareholders’ equity $ 121,665 $ (187 ) $ 121,478 The adjustment of trade accounts receivable upon adoption of ASC 606 is related to the reclassification of retainage receivables to contract assets. See breakdown of contract assets further below. The table below presents the impact of the adoption of ASC 606 on the Company’s statement of operations. Three months ended September 30, 2018 Under ASC 605 Effect of ASC 606 As Reported Under ASC 606 Operating Revenues $ 96,512 $ 480 $ 96,992 Cost of Sales 61,888 411 62,299 Gross Profit 34,624 69 34,693 Operating Expenses (19,426 ) - (19,426 ) Other Income and Expenses (6,854 ) - (6,854 ) Income Before Tax 8,344 69 8,413 Income Tax Benefit (Provision) (2,243 ) (18 ) (2,261 ) Net Income 6,101 51 6,152 Net Income Attributable to Parent $ 6,246 $ 51 $ 6,297 Basic earnings per share $ 0.16 $ - $ 0.16 Diluted earnings per share $ 0.16 $ - $ 0.16 Nine months ended September 30, 2018 Under ASC 605 Effect of ASC 606 As Reported Under ASC 606 Operating Revenues $ 274,472 $ (1,351 ) $ 273,121 Cost of Sales 188,276 (1,238 ) 187,038 Gross Profit 86,196 (113 ) 86,083 Operating Expenses (53,204 ) - (53,204 ) Other Income and Expenses (13,791 ) - (13,791 ) Income Before Tax 19,201 (113 ) 19,088 Income Tax Provision (6,216 ) 29 (6,187 ) Net Income 12,985 (84 ) 12,901 Net Income Attributable to Parent $ 13,414 $ (84 ) $ 13,330 Basic earnings per share $ 0.35 $ - $ 0.35 Diluted earnings per share $ 0.35 $ - $ 0.35 The table below presents the impact of the adoption of ASC 606 on the Company’s balance sheet. September 30, 2018 Under ASC 605 Effect of ASC 606 As Reported Under ASC 606 ASSETS Trade accounts receivable, net $ 122,411 $ (30,559 ) $ 91,852 Inventories 87,214 1,238 88,452 Unbilled receivables on uncompleted contracts 17,071 17,071 - Contract assets - current portion - 45,836 45,836 Other Assets 259,217 (314 ) 258,903 Contract assets - Non-current - 5,531 5,531 Total Assets $ 485,913 $ 4,661 $ 490,574 LIABILITIES Contract liabilities - current - 17,915 17,915 Current portion of customer advances on uncompleted contracts 12,828 (12,828 ) - Other current liabilities 92,317 - 92,317 Customer advances on uncompleted contracts - non-current 1,750 (1,750 ) - Contract liabilities - non-current - 1,750 1,750 Other Liabilities 231,672 (342 ) 231,330 Total liabilities $ 338,567 $ 4,745 $ 343,312 SHAREHOLDERS’ EQUITY Retained earnings 20,155 (84 ) 20,071 Total shareholders’ equity $ 147,346 $ (84 ) $ 147,262 Disaggregation of Total Net Sales The Company disaggregates its sales with customers by revenue recognition method for its only segment, as the Company believes these factors affect the nature, amount, timing, and uncertainty of the Company’s revenue and cash flows. Three months ended September 30, Nine months ended September 30, 2018 2017 2018 2017 Fixed price contracts $ 39,703 $ 46,256 $ 119,733 $ 108,796 Product sales 57,289 37,128 153,388 121,381 Total Revenues $ 96,992 $ 83,384 $ 273,121 $ 230,177 The following table presents geographical information about revenues. Three months ended September 30, Nine months ended September 30, 2018 2017 2018 2017 Colombia $ 12,138 $ 13,339 $ 49,519 $ 45,292 United States 82,223 68,117 215,068 174,767 Panama 1,253 1,095 3,110 3,187 Other 1,378 833 5,424 6,931 Total Revenues $ 96,992 $ 83,384 $ 273,121 $ 230,177 Contract Assets and Contract Liabilities Contract assets represent accumulated incurred costs and earned profits on contracts with customers that have been recorded as sales but have not been billed to customers and are classified as current. Contract liabilities consist of advance payments and billings in excess of costs incurred and deferred revenue, and represent amounts received in excess of sales recognized on contracts. The Company classifies advance payments and billings in excess of costs incurred as current, and deferred revenue as current or non-current based on the expected timing of sales recognition. Contract assets and contract liabilities are determined on a contract by contract basis at the end of each reporting period. The non-current portion of contract liabilities is included in other liabilities in the Company’s consolidated balance sheets. The table below presents the components of net contract assets (liabilities). September 30, 2018 January 1 2018 Contract assets — current $ 45,836 $ 45,468 Contract assets — non-current 5,531 - Contract liabilities — current (17,915 ) (18,945 ) Contract liabilities — non-current (1,750 ) (1,571 ) Net contract assets (liabilities) $ 31,702 $ 24,952 The components of contract assets are presented in the table below. September 30, 2018 January 1 2018 Unbilled contract receivables, gross $ 20,808 $ 15,245 Retainage 30,559 30,223 Total contract assets 51,367 45,468 Less: current portion 45,836 45,468 Contract Assets – non-current $ 5,531 $ - The components of contract liabilities are presented in the table below. September 30, 2018 January 1 2018 Billings in excess of costs $ 5,087 $ 7,516 Advances from customers on uncompleted contracts 14,578 13,000 Total contract liabilties 19,665 20,516 Less: current portion 17,915 18,945 Contract liabilities – non-current $ 1,750 $ 1,571 For the six months ended September 30, 2018, the Company recognized $6,381 of sales related to its contract liabilities at January 1, 2018.

GM&P Acquisition

GM&P Acquisition	9 Months Ended
	Sep. 30, 2018
Business Combinations [Abstract]
GM&P Acquisition	Note 4. GM&P Acquisition On March 1, 2017, the Company entered into and consummated a purchase agreement, as amended, with Giovanni Monti, the owner of 100% of the outstanding shares of Giovanni Monti and Partners Consulting and Glazing Contractors (“GM&P”). GM&P is a consulting and glazing contracting company located in Miami, Florida with over 15 years of experience in the design and installation of various building enclosure systems such as curtain window walls and a long-standing commercial relationship with the Company, working alongside it in the past in different projects within the U.S, by providing engineering and installation services to those projects. The Company acquired all of the shares of GM&P for a purchase price of $35 million, of which the Company paid $6 million in May 2017 with the remaining $29 million of the purchase price to be paid by May 15, 2018. The Company paid an additional $6 million in cash on April 2018 and entered into a Debt Settlement Agreement to pay the remaining consideration price through a combination of stock, by issuing 1,238,095 ordinary shares valued at $10.50 per share and a $10 million Subordinated Seller´s Note. The Seller´s Note was subsequently reduced to $8.5 million to atone the Buyer for adjustments and process inefficiencies caused by changes in GM&P´s supply chain and other business optimization costs seen during the second quarter of 2018. Following our process optimization and changes in the supply chain process, we believe the associated cost impacts to be non-recurring. The Company originally intended to complete the payment for the acquisition in the short term but opted to classify the liability as long term in line with its contractual maturity as the Company prioritizes its short-term working capital needs to fund ongoing growth. The Seller’s Note bears semi-annual interest payments at approximately 6% per annum and matures in 2022. Based on the implicit price at which the shares were issued, which at the time of the issuance in June 2018 was higher than the market price of those shares, the Company recorded a gain of $2,106. Additionally, including the reduction of the nominal amount of the Seller´s Note by $1,500, the Company recorded a gain on extinguishment of debt of $3,606. The gain on extinguishment of debt was recorded into Additional Paid-In Capital per guidance of ASC 470-50-40 because it is considered a related party transaction as the former owner of GM&P holds a management position within the Company. With the acquisition of GM&P, the Company also acquired a 60% equity interest in Componenti, a subsidiary of GM&P that provides architectural specialties in the US, specializing in design-build systems for individual projects and with experience in value engineering to create products that comply with the architects’ original design intent, while maintaining focus on affordable construction methods and materials. The following table summarizes the consideration transferred to acquire GM&P and the amounts of identified assets acquired and liabilities assumed at the acquisition date, as well as the fair value of the non-controlling interest in Componenti as of the acquisition date. Under ASC 805, a company can apply measurement period adjustments during the twelve-month period after the date of acquisition. During this period, the acquirer may adjust preliminary amounts recognized at the acquisition date to their subsequently determined final fair values. The allocation of the consideration transferred was based on management’s judgment after evaluation of several factors, including a preliminary valuation assessment. The analysis has been completed and results in measurement period adjustments are included in the final purchase price allocation as shown on the table below. The goodwill from the GM&P acquisition represents the expected synergies from combining operations with Tecnoglass Inc., and is not deductible for tax purposes The following table summarizes the purchase price allocation of the total consideration transferred: Consideration Transferred: Notes payable (Cash or Stock) $ 35,000 Fair value of the non-controlling interest in Componenti 1,141 Recognized amounts of identifiable assets acquired and liabilities assumed: Preliminary Purchase Price Allocation Measurement Period Adjustments Final Purchase Price Allocation Cash and equivalents $ 509 509 Accounts receivable 42,314 42,314 Other current assets 5,287 242 5,529 Property, plant, and equipment 684 684 Other non-current tangible assets 59 59 Trade name 980 980 Non-compete agreement 165 165 Contract backlog 3,090 3,090 Customer relationships 4,140 4,140 Accounts payable (22,330 ) 275 (22,055 ) Other current liabilities assumed (13,967 ) (673 ) (14,640 Non-current liabilities assumed (3,634 ) (3,231 ) (6,865 ) Total identifiable net assets 17,297 (3,387 ) 13,910 Goodwill (including Workforce) $ 18,844 3,387 $ 22,231 The adjustment made to the preliminary purchase price allocation to Non-current liabilities assumed is related to an adjustment in deferred tax liability and billings in excess of cost incurred. The excess of the consideration transferred over the estimated fair values of assets acquired and liabilities assumed was recorded as goodwill. The identifiable intangible asset subject to amortization was the tradename, customer relationships, non-compete agreement, and backlog, which have a remaining useful life of two to five years. See Note 6 – Goodwill and Intangible Assets for additional information. The following unaudited pro forma financial information assumes the acquisition had occurred as of January 1, 2017 which does not include GM&P actual results for the entire period. Pro forma results have been prepared by adjusting our historical results to include the results of GM&P adjusted for the amortization expense related to the intangible assets arising from the acquisition. The unaudited pro forma results below do not necessarily reflect the results of operations that would have resulted had the acquisition been completed at the beginning of the earliest periods presented, nor does it indicate the results of operations in future periods. The unaudited pro forma results do not include the impact of synergies, nor any potential impacts on current or future market conditions which could alter the following unaudited pro forma results. Pro-Forma Nine Months Ended (in thousands, except per share amounts) September 30, 2017 Pro Forma Results Net sales $ 240,164 Net income attributable to parent $ 3,329 Net income per common share: Basic $ 0.10 Diluted $ 0.10 Non-controlling interest The Company has 60% equity interest in Componenti. The 40% non-controlling interest in Componenti is included in the opening balance sheet as of the acquisition date and its fair value amounted to $1,141. When the company owns a majority of a subsidiary’s stock, the Company includes in its Consolidated Financial Statements the non-controlling interest in the subsidiary. The non-controlling interest in the Condensed Consolidated Statements of Operations and Other Comprehensive Income is equal to the non-controlling interests’ proportionate share of the subsidiary’s net income and, as included in Shareholders’ Equity on the Condensed Consolidated Balance Sheet, is equal to the non-controlling interests’ proportionate share of the subsidiary’s net assets. In determining the fair value, we used the income approach and the market approach which was performed by third party valuation specialists under management.

Inventories, Net

Inventories, Net	9 Months Ended
	Sep. 30, 2018
Inventory Disclosure [Abstract]
Inventories, Net	Note 5. - Inventories, net Inventories are comprised of the following: September 30, 2018 December 31, 2017 Raw materials $ 40,134 $ 40,509 Work in process 25,072 11,468 Finished goods 15,476 13,236 Stores and spares 7,456 6,134 Packing material 447 438 88,585 71,785 Less: Inventory allowance (133 ) (129 ) $ 88,452 $ 71,656

Goodwill and Intangible Assets

Goodwill and Intangible Assets	9 Months Ended
	Sep. 30, 2018
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Intangible Assets	Note 6. Goodwill and Intangible Assets Goodwill The table below provides a reconciliation of the beginning and ending balances of the Goodwill recorded on the Company’s balance sheet: Beginning balance - December 31, 2017 $ 23,130 GM&P measurement period adjustment 431 Ending balance – September 30, 2018 $ 23,561 Intangible Assets, Net Intangible assets include Miami-Dade County Notices of Acceptances (NOA’s), which are certificates issued for approved products and required to market hurricane- resistant glass in Florida. Also, it includes the intangibles acquired from the acquisition of GM&P. September 30, 2018 Gross Acc. Amort. Net Trade Names $ 980 $ (310 ) $ 670 Notice of Acceptances (NOAs), product designs and other intellectual property 10,948 (5,225 ) 5,723 Non-compete Agreement 165 (52 ) 113 Contract Backlog 3,090 (2,446 ) 644 Customer Relationships 4,140 (1,404 ) 2,736 Total $ 19,323 $ (9,437 ) $ 9,886 December 31, 2017 Gross Acc. Amort. Net Trade Names $ 980 $ (163 ) $ 817 Notice of Acceptances (NOAs), product designs and other intellectual property 10,826 (5,467 ) 5,359 Non-compete Agreement 165 (28 ) 137 Contract Backlog 3,090 (1,287 ) 1,803 Customer Relationships 4,140 (739 ) 3,401 Total $ 19,201 $ (7,684 ) $ 11,517 The weighted average amortization period is 4.9 years. During the three months ended September 30, 2018 and 2017, the amortization expense amounted to $917 and $901, respectively, and was included within the general and administration expenses in our consolidated statement of operations. During the nine months ended September 30, 2018 and 2017, amortization expense was $2,661 and $2,457, respectively. The estimated aggregate amortization expense for each of the five succeeding years as of September 30, 2018 is as follows: Year ending (in thousands) 2018 $ 982 2019 2,511 2020 2,131 2021 2,101 2022 1,215 Thereafter 946 $ 9,886

Debt

Debt	9 Months Ended
	Sep. 30, 2018
Debt Disclosure [Abstract]
Debt	Note 7. Debt The Company’s debt is comprised of the following: September 30, 2018 December 31, 2017 Revolving lines of credit $ 13,152 $ 638 Capital lease 417 245 Unsecured senior note 210,000 210,000 Other loans 18,319 20,293 Less: Deferred cost of financing (5,899 ) (6,918 ) Total obligations under borrowing arrangements 235,989 224,258 Less: Current portion of long-term debt and other current borrowings 16,069 3,260 Long-term debt $ 219,920 $ 220,998 As of September 30, 2018, and December 31, 2017, the Company had $235,533 and $224,041 of debt denominated in US Dollars with the remaining amounts denominated in Colombian Pesos. On January 23, 2017, the Company issued a U.S. dollar denominated, $210 million offering of 5-year senior unsecured notes at a coupon rate of 8.2% in the international debt capital markets under Rule 144A of the Securities Act to Qualified Institutional Buyers. The Company used approximately $179 million of the proceeds to repay outstanding indebtedness, including Capital leases, and as a result achieved a lower cost of funding and strengthened its capital structure given the non-amortizing structure of the bond. Of these repayments, $59,444 were used to refinance short term debt into long term debt. The senior note does not have negative covenants with an acceleration clause, however requires the Company to meet certain performance indicators in order to take on incremental debt. The Company had $5,118 and $4,758 of property, plant and equipment pledged as collateral for various lines of credit as of September 30, 2018 and December 31, 2017, respectively. As of September 30, 2018, the Company was obligated under various capital leases under which the aggregate present value of the minimum lease payments amounted to $417. Differences between capital lease obligations and the value of property, plant and equipment under capital lease arises from differences between the maturities of capital lease obligations and the useful lives of the underlying assets. Maturities of long-term debt and other current borrowings are as follows as of September 30, 2018: 2019 $ 16,069 2020 2,461 2021 2,409 2022 212,411 2023 2,390 Thereafter 6,147 Total $ 241,887 The Company’s loans have maturities ranging from a few weeks to 11 years. Our credit facilities bear interest at a weighted average of rate of 7.6%.

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2018
Income Tax Disclosure [Abstract]
Income Taxes	Note 8. Income Taxes The Company files income tax returns for TG and ES in the Republic of Colombia. On December 28, 2016, the Colombian congress enacted a structural tax reform that took effect on January 1, 2017 which reduces corporate income tax from 42% to 40% for fiscal year 2017, 37% in 2018 and 33% in 2019 and thereafter. GM&P, Componenti and ESW LLC are U.S. entities based in Florida subject to U.S. federal and state income taxes. The estimated combined state and federal income tax rate is estimated at a rate of 26.5% based on the recently enacted U.S. Tax Reform. Tecnoglass Inc. as well as all the other subsidiaries in the Cayman Islands do not currently have any tax obligations. The components of income tax expense (benefit) are as follows: Three months ended September 30, Nine months ended September 30, 2018 2017 2018 2017 Current income tax United States $ 528 $ (1,837 ) $ 1,250 $ (4,048 ) Colombia (3,683 ) (723 ) (6,205 ) (2,373 ) (3,155 ) (2,560 ) (4,955 ) (6,421 ) Deferred income Tax United States (88 ) 597 (1,249 ) 594 Colombia 982 (3,843 ) 17 3,031 894 (3,246 ) (1,232 ) 3,625 Total income tax benefit (provision) $ (2,261 ) $ (5,806 ) $ (6,187 ) $ (2,796 ) Effective tax rate 27 % 45 % 32 % 38 % As of September 30, 2018, the Company had settled an uncertain tax position concluding amounting to $2,073 related to $8,351 gross unrecognized tax benefit as of March 31, 2018 associated with a conversion of GM&P’s cash basis accounting for tax purposes to accrual basis for Fiscal years 2016 and 2015 after culminating an audit from the Internal Revenue Service. Before 2015, GM&P was using the cash method of accounting and due to IRS regulations, it needed to convert to accrual method and pay the IRS taxes over the gross unrecognized tax benefit associated with the conversion. The unrecognized tax benefits may increase or change during the next year for items that arise in the ordinary course of business and may be subject to inspection by the Colombian tax authorities for a period of up to two years until the statute of limitations period elapses and US tax authorities for a period of up to six years until the statute of limitations period elapses.

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 2018
Fair Value Disclosures [Abstract]
Fair Value Measurements	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. A financial asset’s or liability’s classification within the hierarchy is determined based on the lowest level input that is significant to the fair value measurement. The carrying amounts of the Company’s financial instruments, including cash and cash equivalents, accounts receivable, accounts payable and advances from customers approximate their fair value due to their relatively short-term maturities. The Company bases its fair value estimate for long term debt obligations on its internal valuation that all debt is floating rate debt based on current interest rates in Colombia. As of December 31, 2017, financial instruments carried at amortized cost that do not approximate fair value consist of long-term debt. See Note 7 - Debt. The fair value of long term debt was calculated based on an analysis of future cash flows discounted with our average cost of debt which is based on market rates, which are level 2 inputs. The following table summarizes the fair value and carrying amounts of our long-term debt: September 30, 2018 December 31, 2017 Fair Value 236,219 240,057 Carrying Value 219,920 220,998

Related Parties

Related Parties	9 Months Ended
	Sep. 30, 2018
Related Party Transactions [Abstract]
Related Parties	Note 10. Related Parties The following is a summary of assets, liabilities, and income and expense transactions with all related parties, shareholders, directors and managers: Three months ended September 30, Nine months ended September 30, 2018 2017 2018 2017 Sales to related parties $ 1,667 $ 1,267 $ 3,804 $ 3,732 Fees paid to directors and officers $ 833 $ 573 $ 2,461 $ 2,114 Payments to other related parties $ 863 $ 788 $ 2,525 $ 2,660 September 30, 2018 December 31, 2017 Current Assets: Due from VS $ 5,786 $ 6,240 Due from other related parties 2,210 2,260 $ 7,996 $ 8,500 Liabilities: Due to related parties $ 1,018 $ 975 Ventanas Solar S.A. (“VS”), a Panama sociedad anónima, Payments to other related parties during three and nine months ended September 30, 2018 and 2017 include the following: Three months ended September 30, Nine months ended September 30, 2018 2017 2018 2017 Charitable contributions $ 282 $ 494 $ 849 $ 1,652 Sales commissions $ 360 $ 181 $ 1,037 $ 601 Charitable contributions are donations made to the Company’s foundation, Fundación Tecnoglass-ESW.

Dividends Payable

Dividends Payable	9 Months Ended
	Sep. 30, 2018
Dividends Payable
Dividends Payable	Note 11. Dividends Payable The Company originally authorized the payment of four regular quarterly dividends to holders of ordinary shares at a quarterly rate of $0.125 per share, or $0.50 per share on an annual basis, with the first quarterly dividend being paid on November 1, 2016. The dividends are payable in cash or ordinary shares, at the option of the holders of ordinary shares. On May 11, 2017, the Company announced that commencing with the declared quarterly dividend for the third quarter of 2017 through any future dividends to be declared and paid through the second quarter of 2018, a 12% increase to $0.14 per share, or $0.56 per share on an annual basis would apply. As a result, the Company has declared dividends for $15,284 as of September 30, 2018 and recorded a dividend payable amounting to $758 as of September 30, 2018. The Company issued 1,455,182 shares for the share dividends resulting in $13,068 being credited to Capital and paid $2,044 in cash during the nine months ended September 30, 2018. The Company analyzed the accounting guidance under ASC 505 and determined that this guidance is not applicable since the dividend are shares of the same class in which each shareholder is given an election to receive cash or shares. As such, the Company analyzed the dividend under ASC 480 — Distinguishing Liabilities from Equity and concluded that the dividend should be accounted for as a liability since the dividend is a fixed monetary amount known at inception. A reclassification from dividend payable to additional paid-in capital was done for the stocks dividend elections. Dividend declarations and the establishment of future record and payment dates are subject to the Board of Directors’ continuing determination that the dividend policy is in the best interests of the Company and its shareholders. The dividend policy may be changed or cancelled at the discretion of the Board of Directors at any time.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2018
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 12. Commitments and Contingencies Commitments As of September 30, 2018, the Company has an outstanding obligation to purchase an aggregate of at least $34,270 of certain raw materials from a specific supplier before May 2026. General Legal Matters From time to time, the Company is involved in legal matters arising in the regular course of business. Some disputes are derived directly from our construction projects, related to supply and installation, and even though deemed ordinary, they may involve significant monetary damages. We are also subject to other type of litigations arising from employment practices, worker’s compensation, automobile claims and general liability. It is very difficult to predict precisely what the outcome of these litigations might be. However, with the information at our disposition as this time, there are no indications that such claims will result in a material adverse effect on the business, financial condition or results of operations of the Company.

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2018
Subsequent Events [Abstract]
Subsequent Events	Note 13. Subsequent Events Management concluded that no additional subsequent events required disclosure other than those disclosed in these financial statements.

Basis of Presentation and Sum_2

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2018
Accounting Policies [Abstract]
Basis of Presentation and Use of Estimates	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 Securities and Exchange Commission (“SEC”) for interim reporting purposes. 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, 2017. The year-end condensed balance sheet data was derived from audited financial statements, but does not include all disclosures required by US GAAP. 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 and conditions. Estimates inherent in the preparation of these condensed 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. Changes in estimates are reflected in the periods during which they become known. Actual amounts may differ from these estimates and could differ materially. These financial statements reflect all adjustments that in the opinion of management are necessary for a fair statement of the financial position, results of operations and cash flows for the period presented, and are of a normal, recurring nature. The Company has one operating segment, Architectural Glass and Windows, which is also its reporting segment, comprising the design, manufacturing, distribution, marketing and installation of high-specification architectural glass and window product sold to the construction industry.
Principles of Consolidation	Principles of Consolidation These unaudited condensed consolidated financial statements consolidate TGI, its subsidiaries TG, ES and ESW LLC, Tecno LLC, Tecno RE, GM&P and Componenti USA LLC (“Componenti”), which are entities in which we have a controlling financial interest because we hold a majority voting interest. To determine if we hold a controlling financial interest in an entity, we first evaluate if we are required to apply the variable interest entity (“VIE”) model to the entity, otherwise the entity is evaluated under the voting interest model. All significant intercompany accounts and transactions are eliminated in consolidation, including unrealized intercompany profits and losses.
Non-Controlling Interest	Non-controlling interest When the Company owns a majority of a subsidiary’s stock, the Company includes in its condensed consolidated Financial Statements the non-controlling interest in the subsidiary. The non-controlling interest in the Condensed Consolidated Statements of Operations and Other Comprehensive Income is equal to the non-controlling proportionate share of the subsidiary’s net income and, as included in Shareholders’ Equity on the Consolidated Balance Sheet, is equal to the non-controlling proportionate share of the subsidiary’s net assets.
Foreign Currency Translation	Foreign Currency Translation The condensed consolidated financial statements are presented in U.S. Dollars, the reporting currency. Some of 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 condensed consolidated statement of operations as foreign exchange gains and losses.
Revenue Recognition	Revenue Recognition 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. Effective January 1, 2018, the Company adopted Accounting Standards Update (ASU) 2014-09, Revenue from Contracts with Customers, Revenue Recognition Approximately 44% of the Company’s consolidated net sales is generated from long-term contracts with customers that require to design, develop, test, manufacture, and install windows according to the customers’ specifications. These contracts are primarily multi-year contracts with real estate general contractors and are generally priced on a fixed-price basis and are invoiced based on contract progress. To determine the proper revenue recognition method, the Company first evaluates each of its contractual arrangements to identify its performance obligations. A performance obligation is a promise in a contract to transfer a distinct good or service to the customer. All the Company’s contracts have a single performance obligation because the promise to transfer the individual good or service is not separately identifiable from other promises within the contract and is, therefore, not distinct. These contractual arrangements either require the use of a highly specialized manufacturing process to provide goods according to customer specifications or represent a bundle of contracted goods and services that are integrated and together represent a combined output, which may include the delivery of multiple units. A substantial amount of the Company’s sales are from performance obligations satisfied over time and are primarily with general contractors to real estate developers. Sales are recognized over time when control is continuously transferred to the customer during the contract. The continuous transfer of control to the customer is supported by contract clauses that provide for progress or performance-based payments. Generally, if a customer unilaterally terminates a contract, the Company has the right to receive payment for costs incurred plus a reasonable profit for products and services that do not have alternative use to the Company. Sales are recorded using the cost-to-cost method on fixed price contracts that include performance obligations satisfied over time. These sales are generally recorded at amounts equal to the ratio of actual cumulative costs incurred divided by total estimated costs at completion, multiplied by (i) the transaction price, less (ii) the cumulative sales recognized in prior periods. Accounting for the sales and profits on performance obligations for which progress is measured using the cost-to-cost method involves the preparation of estimates of: (1) transaction price and (2) total costs at completion, which is equal to the sum of the actual incurred costs to date on the contract and the estimated costs to complete the contract’s statement of work. Incurred costs include labor, material, and overhead and represent work performed, which corresponds with and thereby represents the transfer of ownership to the customer. Performance obligations are satisfied over time when the risk of ownership has been passed to the customer and/or services are performed. The estimated profit or loss at completion on a contract is equal to the difference between the transaction price and the total estimated cost at completion. Contract modifications routinely occur to account for changes in contract specifications or requirements. In most cases, contract modifications are for goods or services that are not distinct and, therefore, are accounted for as part of the existing contract. Transaction price estimates include additional consideration for submitted contract modifications or claims when the Company believes it has an enforceable right to the modification or claim, the amount can be reliably estimated and its realization is reasonably assured. Amounts representing modifications accounted for as part of the existing contract are included in the transaction price and recognized as an adjustment to sales on a cumulative catch-up basis. The Company’s fixed-price type contracts allow for progress payments to bill the customer as contract costs are incurred and the customer often retains a small portion of the contract price until satisfactory completion of the contractual statement of work, which is a retainage of approximately 10%. The Company records an asset for unbilled receivables due to completing more work than the progress payment schedule allows to collect at a point in time. For certain fixed-price contracts, the Company receives advance payments. Advanced payments are not considered a significant financing component because they are a negotiated contract term to ensure the customer meets its financial obligation, particularly when there are significant upfront working capital requirements. The Company records a liability for advance payments received in excess of sales recognized, which is presented as a contract liability on the balance sheet. Revisions or adjustments to estimates of the transaction price, estimated costs at completion and estimated profit or loss of a performance obligation are often required as work progresses under a contract, as experience is gained, as facts and circumstances change and as new information is obtained, even though the scope of work required under the contract may not change. Revisions or adjustments may also be required if contract modifications occur. The impact of revisions in profit or loss estimates are recognized on a cumulative catch-up basis in the period in which the revisions are made. The revisions in contract estimates, if significant, can materially affect the Company’s results of operations and cash flows, as well as reduce the valuations of contract assets and inventories, and in some cases result in liabilities to complete contracts in a loss position. The Company recognizes a liability for non-recurring obligations as situations considering that projects actual costs are usually adjusted to estimated costs. The Company did not recognize sales for performance obligations satisfied in prior periods during the three and nine months ended September 30, 2018.
Remaining Performance Obligations	Remaining Performance Obligations On September 30, 2018, the Company had $276 million of remaining performance obligations, which represents the transaction price of firm orders minus sales recognized from inception to date. Remaining performance obligations exclude unexercised contract options, verbal commitments and potential orders under basic ordering agreements. The Company expects to recognize 100% of sales relating to existing performance obligations within three years, of which $91 million are expected to be reconized during the current year, $181 million during the year ended December 31, 2019, and $3.7 million during the year ended December 31, 2020.
Income Taxes	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. Annual tax periods prior to December 2015 are no longer subject to examination by taxing authorities in Colombia. GM&P, Componenti and ESW LLC are U.S. entities based in Florida subject to U.S. federal and state income taxes. The Company accounts for income taxes using the asset and liability approach of accounting for income taxes (ASC 740 “Income Taxes”). Under this approach, deferred taxes represent the future tax consequences expected to occur when the reported amounts of assets and liabilities are recovered or paid. The provision for income taxes represents income taxes paid or payable for the current year plus the change in deferred taxes during the year. Deferred taxes result from differences between the financial and tax basis of the Company’s assets and liabilities and are adjusted for changes in tax rates and tax laws when changes are enacted. For each tax jurisdiction in which the Company operates, deferred tax assets and liabilities are offset against one another and are presented as a single noncurrent amount within the consolidated balance sheets. The Company recognizes the financial statement effects of uncertain income tax positions when it is more likely than not, based on the technical merits, that the position will be sustained upon examination. Interest accrued related to unrecognized tax and income tax related penalties are included in the provision for income taxes. The uncertain income taxes positions are recorded in “Taxes payable” in the consolidated balance sheets.
Earnings Per Share	Earnings per Share Basic earnings per share is computed by dividing net income by the weighted-average number of ordinary shares outstanding during the period. Income per share assuming dilution (diluted earnings per share) would give effect to dilutive options and other potential ordinary shares outstanding during the period. 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 following table sets forth the computation of the basic and diluted earnings per share for the three and nine months ended September 30, 2018 and 2017: Three months ended September 30, Nine months ended September 30, 2018 2017 2018 2017 Numerator for basic and diluted earnings per shares Net Income $ 6,152 $ 7,025 $ 12,901 $ 4,556 Denominator Denominator for basic earnings per ordinary share - weighted average shares outstanding 37,861,129 36,256,397 36,867,528 36,278,983 Effect of dilutive securities and stock dividend 475,509 475,509 475,509 475,509 Denominator for diluted earnings per ordinary share - weighted average shares outstanding 38,336,638 36,731,906 37,343,037 36,754,492 Basic earnings per ordinary share $ 0.16 $ 0.19 $ 0.35 $ 0.13 Diluted earnings per ordinary share $ 0.16 $ 0.19 $ 0.35 $ 0.12 The effect of dilutive securities includes 475,509 shares for shares potentially issued in relation to the dividends declared.
Product Warranties	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 from five to ten years for architectural glass, 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 and industry standards. Claims within the scope of the warranties are usually resolved 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 has incurred in relation to these warranties have not been material.
Non-Operating Income, Net	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 Colombia.
Shipping and Handling Costs	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 months ended September 30, 2018 and 2017 were $5,311 and $3,315, respectively. Shipping and handling costs for the nine months ended September 30, 2018 and 2017 were $13,807 and $9,504, respectively.
Dividends Payable	Dividends Payable The company accounts for its dividend declared as a liability under ASC 480 - Distinguishing Liabilities from Equity since the shareholder have the option to elect cash or stock and reclassifies from dividend payable to additional paid-in capital when shareholders elect a stock dividend instead of cash. The dividend payable is not subject to re-measurement at each balance sheet date since the dividend is a fixed monetary amount known at inception and thus no change in fair value adjustment is necessary.
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments (“ASU 2016-15”). ASU 2016-15 reduces diversity in practice by providing guidance on the classification of certain cash receipts and payments in the statement of cash flows. ASU 2016-15 clarifies that when cash receipts and cash payments have aspects of more than one class of cash flows and cannot be separated, classification will depend on the predominant source or use. ASU 2016-15 is effective on a retrospective basis for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2017, with early adoption permitted. Adoption of this ASU has no material impact on our consolidated financial statements. In February 2016, the FASB issued ASU 2016-02 “Leases (Topic 842)” (“ASU 2016-02”). The FASB issued ASU 2016-02 to increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. Under ASU 2016-02, a lessee will recognize in the statement of financial position a liability to make lease payments (the lease liability) and a right-to-use asset representing its right to use the underlying asset for the lease term. The recognition, measurement, and presentation of expenses and cash flows arising from a lease by a lessee have not significantly changed from current GAAP. ASU 2016-02 retains a distinction between finance leases (i.e. capital leases under current GAAP) and operating leases. The classification criteria for distinguishing between finance leases and operating leases will be substantially similar to the classification criteria for distinguishing between capital leases and operating leases under current GAAP. The amendments of this ASU are effective for reporting periods beginning after December 15, 2018, with early adoption permitted. An entity will be required to recognize and measure leases at the beginning of the earliest period presented using a modified retrospective approach. The Company expects to apply the guidance at the effective date, without adjusting the comparative periods and, if necessary, will recognize a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption. The Company is currently evaluating the potential effect of this ASU on its consolidated financial statements.

Basis of Presentation and Sum_3

Basis of Presentation and Summary of Significant Accounting Policies (Tables)	9 Months Ended
	Sep. 30, 2018
Accounting Policies [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	The following table sets forth the computation of the basic and diluted earnings per share for the three and nine months ended September 30, 2018 and 2017: Three months ended September 30, Nine months ended September 30, 2018 2017 2018 2017 Numerator for basic and diluted earnings per shares Net Income $ 6,152 $ 7,025 $ 12,901 $ 4,556 Denominator Denominator for basic earnings per ordinary share - weighted average shares outstanding 37,861,129 36,256,397 36,867,528 36,278,983 Effect of dilutive securities and stock dividend 475,509 475,509 475,509 475,509 Denominator for diluted earnings per ordinary share - weighted average shares outstanding 38,336,638 36,731,906 37,343,037 36,754,492 Basic earnings per ordinary share $ 0.16 $ 0.19 $ 0.35 $ 0.13 Diluted earnings per ordinary share $ 0.16 $ 0.19 $ 0.35 $ 0.12

New Accounting Standards Impl_2

New Accounting Standards Implemented (Tables)	9 Months Ended
	Sep. 30, 2018
Schedule of Condensed Balance Sheet	The table below presents the cumulative effect of the changes made to the consolidated January 1, 2018 balance sheet due to the adoption of ASC 606. December 31, 2017 As Reported Under ASC 605 Adjustments Due to ASC 606 January 1, 2018 As Adjusted Under ASC 606 ASSETS Trade accounts receivable, net $ 110,464 $ (30,223 ) $ 80,241 Inventories 71,656 1,975 73,631 Unbilled receivables on uncompleted contracts 9,996 (9,996 ) - Contract assets - 45,468 45,468 Other Assets 275,884 - 275,884 Total Assets $ 468,000 $ 7,224 $ 475,224 LIABILITIES Contract liabilities - current - 18,945 18,945 Current portion of customer advances on uncompleted contracts 11,429 (11,429 ) - Other current liabilities 13,626 (105 ) 13,521 Current portion of customer advances on uncompleted contracts 1,571 (1,571 ) - Contract liabilities - current - 1,571 1,571 Other Liabilities 319,709 - 319,709 Total liabilities $ 346,335 $ 7,411 $ 353,746 SHAREHOLDERS’ EQUITY Retained earnings 22,212 (187 ) 22,025 Total shareholders’ equity $ 121,665 $ (187 ) $ 121,478 The table below presents the impact of the adoption of ASC 606 on the Company’s balance sheet. September 30, 2018 Under ASC 605 Effect of ASC 606 As Reported Under ASC 606 ASSETS Trade accounts receivable, net $ 122,411 $ (30,559 ) $ 91,852 Inventories 87,214 1,238 88,452 Unbilled receivables on uncompleted contracts 17,071 17,071 - Contract assets - current portion - 45,836 45,836 Other Assets 259,217 (314 ) 258,903 Contract assets - Non-current - 5,531 5,531 Total Assets $ 485,913 $ 4,661 $ 490,574 LIABILITIES Contract liabilities - current - 17,915 17,915 Current portion of customer advances on uncompleted contracts 12,828 (12,828 ) - Other current liabilities 92,317 - 92,317 Customer advances on uncompleted contracts - non-current 1,750 (1,750 ) - Contract liabilities - non-current - 1,750 1,750 Other Liabilities 231,672 (342 ) 231,330 Total liabilities $ 338,567 $ 4,745 $ 343,312 SHAREHOLDERS’ EQUITY Retained earnings 20,155 (84 ) 20,071 Total shareholders’ equity $ 147,346 $ (84 ) $ 147,262
Schedule of Statement of Operations	The table below presents the impact of the adoption of ASC 606 on the Company’s statement of operations. Three months ended September 30, 2018 Under ASC 605 Effect of ASC 606 As Reported Under ASC 606 Operating Revenues $ 96,512 $ 480 $ 96,992 Cost of Sales 61,888 411 62,299 Gross Profit 34,624 69 34,693 Operating Expenses (19,426 ) - (19,426 ) Other Income and Expenses (6,854 ) - (6,854 ) Income Before Tax 8,344 69 8,413 Income Tax Benefit (Provision) (2,243 ) (18 ) (2,261 ) Net Income 6,101 51 6,152 Net Income Attributable to Parent $ 6,246 $ 51 $ 6,297 Basic earnings per share $ 0.16 $ - $ 0.16 Diluted earnings per share $ 0.16 $ - $ 0.16 Nine months ended September 30, 2018 Under ASC 605 Effect of ASC 606 As Reported Under ASC 606 Operating Revenues $ 274,472 $ (1,351 ) $ 273,121 Cost of Sales 188,276 (1,238 ) 187,038 Gross Profit 86,196 (113 ) 86,083 Operating Expenses (53,204 ) - (53,204 ) Other Income and Expenses (13,791 ) - (13,791 ) Income Before Tax 19,201 (113 ) 19,088 Income Tax Provision (6,216 ) 29 (6,187 ) Net Income 12,985 (84 ) 12,901 Net Income Attributable to Parent $ 13,414 $ (84 ) $ 13,330 Basic earnings per share $ 0.35 $ - $ 0.35 Diluted earnings per share $ 0.35 $ - $ 0.35
Schedule of Disaggregation by Revenue	The Company disaggregates its sales with customers by revenue recognition method for its only segment, as the Company believes these factors affect the nature, amount, timing, and uncertainty of the Company’s revenue and cash flows. Three months ended September 30, Nine months ended September 30, 2018 2017 2018 2017 Fixed price contracts $ 39,703 $ 46,256 $ 119,733 $ 108,796 Product sales 57,289 37,128 153,388 121,381 Total Revenues $ 96,992 $ 83,384 $ 273,121 $ 230,177
Schedule of Geographical Information of Revenue from External Customer	The following table presents geographical information about revenues. Three months ended September 30, Nine months ended September 30, 2018 2017 2018 2017 Colombia $ 12,138 $ 13,339 $ 49,519 $ 45,292 United States 82,223 68,117 215,068 174,767 Panama 1,253 1,095 3,110 3,187 Other 1,378 833 5,424 6,931 Total Revenues $ 96,992 $ 83,384 $ 273,121 $ 230,177
Schedule of Contract Assets and Liabilities	The table below presents the components of net contract assets (liabilities). September 30, 2018 January 1 2018 Contract assets — current $ 45,836 $ 45,468 Contract assets — non-current 5,531 - Contract liabilities — current (17,915 ) (18,945 ) Contract liabilities — non-current (1,750 ) (1,571 ) Net contract assets (liabilities) $ 31,702 $ 24,952
Contract Liabilities [Member]
Schedule of Contract Assets and Liabilities	The components of contract liabilities are presented in the table below. September 30, 2018 January 1 2018 Billings in excess of costs $ 5,087 $ 7,516 Advances from customers on uncompleted contracts 14,578 13,000 Total contract liabilties 19,665 20,516 Less: current portion 17,915 18,945 Contract liabilities – non-current $ 1,750 $ 1,571
Contract Assets [Member]
Schedule of Contract Assets and Liabilities	The components of contract assets are presented in the table below. September 30, 2018 January 1 2018 Unbilled contract receivables, gross $ 20,808 $ 15,245 Retainage 30,559 30,223 Total contract assets 51,367 45,468 Less: current portion 45,836 45,468 Contract Assets – non-current $ 5,531 $ -

GM&P Acquisitions (Tables)

GM&P Acquisitions (Tables)	9 Months Ended
	Sep. 30, 2018
Business Combinations [Abstract]
Summary of Purchase Price Allocation of Total Consideration Transferred	The following table summarizes the purchase price allocation of the total consideration transferred: Consideration Transferred: Notes payable (Cash or Stock) $ 35,000 Fair value of the non-controlling interest in Componenti 1,141 Recognized amounts of identifiable assets acquired and liabilities assumed: Preliminary Purchase Price Allocation Measurement Period Adjustments Final Purchase Price Allocation Cash and equivalents $ 509 509 Accounts receivable 42,314 42,314 Other current assets 5,287 242 5,529 Property, plant, and equipment 684 684 Other non-current tangible assets 59 59 Trade name 980 980 Non-compete agreement 165 165 Contract backlog 3,090 3,090 Customer relationships 4,140 4,140 Accounts payable (22,330 ) 275 (22,055 ) Other current liabilities assumed (13,967 ) (673 ) (14,640 Non-current liabilities assumed (3,634 ) (3,231 ) (6,865 ) Total identifiable net assets 17,297 (3,387 ) 13,910 Goodwill (including Workforce) $ 18,844 3,387 $ 22,231
Schedule of Pro Forma Results of Operations	The unaudited pro forma results do not include the impact of synergies, nor any potential impacts on current or future market conditions which could alter the following unaudited pro forma results. Pro-Forma Nine Months Ended (in thousands, except per share amounts) September 30, 2017 Pro Forma Results Net sales $ 240,164 Net income attributable to parent $ 3,329 Net income per common share: Basic $ 0.10 Diluted $ 0.10

Inventories, Net (Tables)

Inventories, Net (Tables)	9 Months Ended
	Sep. 30, 2018
Inventory Disclosure [Abstract]
Schedule of Inventories	Inventories are comprised of the following: September 30, 2018 December 31, 2017 Raw materials $ 40,134 $ 40,509 Work in process 25,072 11,468 Finished goods 15,476 13,236 Stores and spares 7,456 6,134 Packing material 447 438 88,585 71,785 Less: Inventory allowance (133 ) (129 ) $ 88,452 $ 71,656

Goodwill and Intangible Assets

Goodwill and Intangible Assets (Tables)	9 Months Ended
	Sep. 30, 2018
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Goodwill	The table below provides a reconciliation of the beginning and ending balances of the Goodwill recorded on the Company’s balance sheet: Beginning balance - December 31, 2017 $ 23,130 GM&P measurement period adjustment 431 Ending balance – September 30, 2018 $ 23,561
Schedule of Finite-Lived Intangible Assets	Intangible assets include Miami-Dade County Notices of Acceptances (NOA’s), which are certificates issued for approved products and required to market hurricane- resistant glass in Florida. Also, it includes the intangibles acquired from the acquisition of GM&P. September 30, 2018 Gross Acc. Amort. Net Trade Names $ 980 $ (310 ) $ 670 Notice of Acceptances (NOAs), product designs and other intellectual property 10,948 (5,225 ) 5,723 Non-compete Agreement 165 (52 ) 113 Contract Backlog 3,090 (2,446 ) 644 Customer Relationships 4,140 (1,404 ) 2,736 Total $ 19,323 $ (9,437 ) $ 9,886 December 31, 2017 Gross Acc. Amort. Net Trade Names $ 980 $ (163 ) $ 817 Notice of Acceptances (NOAs), product designs and other intellectual property 10,826 (5,467 ) 5,359 Non-compete Agreement 165 (28 ) 137 Contract Backlog 3,090 (1,287 ) 1,803 Customer Relationships 4,140 (739 ) 3,401 Total $ 19,201 $ (7,684 ) $ 11,517
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense	The estimated aggregate amortization expense for each of the five succeeding years as of September 30, 2018 is as follows: Year ending (in thousands) 2018 $ 982 2019 2,511 2020 2,131 2021 2,101 2022 1,215 Thereafter 946 $ 9,886

Debt (Tables)

Debt (Tables)	9 Months Ended
	Sep. 30, 2018
Debt Disclosure [Abstract]
Schedule of Long Term Debt	The Company’s debt is comprised of the following: September 30, 2018 December 31, 2017 Revolving lines of credit $ 13,152 $ 638 Capital lease 417 245 Unsecured senior note 210,000 210,000 Other loans 18,319 20,293 Less: Deferred cost of financing (5,899 ) (6,918 ) Total obligations under borrowing arrangements 235,989 224,258 Less: Current portion of long-term debt and other current borrowings 16,069 3,260 Long-term debt $ 219,920 $ 220,998
Schedule of Maturities of Long Term Debt	Maturities of long-term debt and other current borrowings are as follows as of September 30, 2018: 2019 $ 16,069 2020 2,461 2021 2,409 2022 212,411 2023 2,390 Thereafter 6,147 Total $ 241,887

Income Taxes (Tables)

Income Taxes (Tables)	9 Months Ended
	Sep. 30, 2018
Income Tax Disclosure [Abstract]
Schedule of Components of Income Tax Expense (Benefit)	The components of income tax expense (benefit) are as follows: Three months ended September 30, Nine months ended September 30, 2018 2017 2018 2017 Current income tax United States $ 528 $ (1,837 ) $ 1,250 $ (4,048 ) Colombia (3,683 ) (723 ) (6,205 ) (2,373 ) (3,155 ) (2,560 ) (4,955 ) (6,421 ) Deferred income Tax United States (88 ) 597 (1,249 ) 594 Colombia 982 (3,843 ) 17 3,031 894 (3,246 ) (1,232 ) 3,625 Total income tax benefit (provision) $ (2,261 ) $ (5,806 ) $ (6,187 ) $ (2,796 ) Effective tax rate 27 % 45 % 32 % 38 %

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 2018
Fair Value Disclosures [Abstract]
Summary of Fair Value and Carrying Amounts of Long Term Debt	The following table summarizes the fair value and carrying amounts of our long-term debt: September 30, 2018 December 31, 2017 Fair Value 236,219 240,057 Carrying Value 219,920 220,998

Related Parties (Tables)

Related Parties (Tables)	9 Months Ended
	Sep. 30, 2018
Related Party Transactions [Abstract]
Schedule of Related Parties	The following is a summary of assets, liabilities, and income and expense transactions with all related parties, shareholders, directors and managers: Three months ended September 30, Nine months ended September 30, 2018 2017 2018 2017 Sales to related parties $ 1,667 $ 1,267 $ 3,804 $ 3,732 Fees paid to directors and officers $ 833 $ 573 $ 2,461 $ 2,114 Payments to other related parties $ 863 $ 788 $ 2,525 $ 2,660 September 30, 2018 December 31, 2017 Current Assets: Due from VS $ 5,786 $ 6,240 Due from other related parties 2,210 2,260 $ 7,996 $ 8,500 Liabilities: Due to related parties $ 1,018 $ 975
Schedule of Payments to Other Related Parties	Payments to other related parties during three and nine months ended September 30, 2018 and 2017 include the following: Three months ended September 30, Nine months ended September 30, 2018 2017 2018 2017 Charitable contributions $ 282 $ 494 $ 849 $ 1,652 Sales commissions $ 360 $ 181 $ 1,037 $ 601

General (Details Narrative)

General (Details Narrative)	Mar. 01, 2017
Giovanni Monti and Partners Consulting and Glazing Contractors [Member]
Business combination, step acquisition, equity interest in acquire, percentage	100.00%

Basis of Presentation and Sum_4

Basis of Presentation and Summary of Significant Accounting Policies (Details Narrative) $ in Thousands	Jan. 02, 2018USD ($)	Sep. 30, 2018USD ($)	Sep. 30, 2017USD ($)	Sep. 30, 2018USD ($)Numbershares	Sep. 30, 2017USD ($)
Significant Accounting Policies [Line Items]
Number of operating segment | Number				1
Changes in cumulative effect of shareholders' equity	$ 187
Percentage revenue	44.00%
Retainage, description				The Company’s fixed-price type contracts allow for progress payments to bill the customer as contract costs are incurred and the customer often retains a small portion of the contract price until satisfactory completion of the contractual statement of work, which is a retainage of approximately 10%.
Remaining performance obligation		$ 276,000		$ 276,000
Performance obligation, percentage		100.00%		100.00%
Performance obligation expected to be satisfied in the current year		$ 91,000		$ 91,000
Performance obligation expected to be satisfied in the first year		181,000		181,000
Performance obligation expected to be satisfied in the second year		3,700		$ 3,700
Antidilutive securities excluded from computation of earnings per share, amount | shares				475,509
Product warranties description				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 from five to ten years for architectural glass, laminated and tempered glass, window and door products.
Shipping and handling costs		62,299	$ 56,200	$ 187,038	$ 158,197
Shipping and Handling [Member]
Significant Accounting Policies [Line Items]
Shipping and handling costs		$ 5,311	$ 3,315	$ 13,807	$ 9,504

Basis of Presentation and Sum_5

Basis of Presentation and Summary of Significant Accounting Policies - Schedule of Earnings Per Share, Basic and Diluted (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended				9 Months Ended
	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Accounting Policies [Abstract]
Net Income	$ 6,152	$ (3,870)	$ 10,619	$ 7,025	$ 12,901	$ 4,556
Denominator for basic earnings per ordinary share - weighted average shares outstanding	37,861,129			36,256,397	36,867,528	36,278,983
Effect of dilutive securities and stock dividend	475,509			475,509	475,509	475,509
Denominator for diluted earnings per ordinary share - weighted average shares outstanding	38,336,638			36,731,906	37,343,037	36,754,492
Basic earnings per ordinary share	$ 0.16			$ 0.19	$ 0.35	$ 0.13
Diluted earnings per ordinary share	$ 0.16			$ 0.19	$ 0.35	$ 0.12

New Accounting Standards Impl_3

New Accounting Standards Implemented (Details Narrative) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2018	Jan. 02, 2018	Dec. 31, 2017
Retained earnings	$ 20,071		$ 22,212
Sales related to contract liabilities	$ 6,381
Accounting Standards Update 2014-09 [Member]
Retained earnings		$ 187

New Accounting Standards Impl_4

New Accounting Standards Implemented - Schedule of Condensed Balance Sheet (Details) - USD ($) $ in Thousands	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Jan. 02, 2018	Dec. 31, 2017
Trade accounts receivable, net	$ 91,852				$ 110,464
Inventories	88,452				71,656
Unbilled receivables on uncompleted contracts					9,996
Contract assets - current portion	45,836			$ 45,468
Other Assets					275,884
Contract assets - Non-current	5,531
Total Assets	490,574				468,000
Contract liabilities - current	17,915			18,945
Current portion of customer advances on uncompleted contracts					11,429
Other current liabilities	8,936				13,626
Customer advances on uncompleted contracts - non-current					1,571
Contract liabilities - non-current	1,750			$ 1,571
Other Liabilities					319,709
Total liabilities	343,312				346,335
Retained earnings	20,071				22,212
Total shareholders' equity	147,262	$ 143,819	$ 140,014		121,665
Adjustments Due to ASC 606 [Member]
Trade accounts receivable, net					(30,223)
Inventories					1,975
Unbilled receivables on uncompleted contracts					(9,996)
Contract assets - current portion					45,468
Other Assets
Total Assets					7,224
Contract liabilities - current					18,945
Current portion of customer advances on uncompleted contracts					(11,429)
Other current liabilities					(105)
Customer advances on uncompleted contracts - non-current					(1,571)
Contract liabilities - non-current					1,571
Other Liabilities
Total liabilities					7,411
Retained earnings					(187)
Total shareholders' equity					(187)
As Adjusted Under ASC 606 [Member]
Trade accounts receivable, net	91,852				80,241
Inventories	88,452				73,631
Unbilled receivables on uncompleted contracts
Contract assets - current portion	45,836				45,468
Other Assets	258,903				275,884
Contract assets - Non-current	5,531
Total Assets	490,574				475,224
Contract liabilities - current	17,915				18,945
Current portion of customer advances on uncompleted contracts
Other current liabilities	92,317				13,521
Customer advances on uncompleted contracts - non-current
Contract liabilities - non-current	1,750				1,571
Other Liabilities	231,330				319,709
Total liabilities	343,312				353,746
Retained earnings	20,071				22,025
Total shareholders' equity	147,262				$ 121,478
Under ASC 605 [Member]
Trade accounts receivable, net	122,411
Inventories	87,214
Unbilled receivables on uncompleted contracts	17,071
Contract assets - current portion
Other Assets	259,217
Contract assets - Non-current
Total Assets	485,913
Contract liabilities - current
Current portion of customer advances on uncompleted contracts	12,828
Other current liabilities	92,317
Customer advances on uncompleted contracts - non-current	1,750
Contract liabilities - non-current
Other Liabilities	231,672
Total liabilities	338,567
Retained earnings	20,155
Total shareholders' equity	147,346
Effect of ASC 606 [Member]
Trade accounts receivable, net	(30,559)
Inventories	1,238
Unbilled receivables on uncompleted contracts	17,071
Contract assets - current portion	45,836
Other Assets	(314)
Contract assets - Non-current	5,531
Total Assets	4,661
Contract liabilities - current	17,915
Current portion of customer advances on uncompleted contracts	(12,828)
Other current liabilities
Customer advances on uncompleted contracts - non-current	(1,750)
Contract liabilities - non-current	1,750
Other Liabilities	(342)
Total liabilities	4,745
Retained earnings	(84)
Total shareholders' equity	$ (84)

New Accounting Standards Impl_5

New Accounting Standards Implemented - Schedule of Statement of Operations (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended				9 Months Ended
	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Operating Revenues	$ 96,992			$ 83,384	$ 273,121	$ 230,177
Cost of Sales	62,299			56,200	187,038	158,197
Gross Profit	34,693			27,184	86,083	71,980
Operating Expenses	19,426			15,783	53,204	48,301
Other Income and Expenses	(6,854)				(13,791)
Income Before Taxes	8,413			12,831	19,088	7,352
Income tax benefit (provision)	(2,261)			(5,806)	(6,187)	(2,796)
Net Income	6,152	$ (3,870)	$ 10,619	7,025	12,901	4,556
Net Income Attributable to Parent	$ 6,297			$ 6,924	$ 13,330	$ 4,383
Basic earnings per share	$ 0.16			$ 0.19	$ 0.35	$ 0.13
Diluted earnings per share	$ 0.16			$ 0.19	$ 0.35	$ 0.12
Under ASC 605 [Member]
Operating Revenues	$ 96,512				$ 274,472
Cost of Sales	61,888				188,276
Gross Profit	34,624				86,196
Operating Expenses	(19,426)				(53,204)
Other Income and Expenses	(6,854)				(13,791)
Income Before Taxes	8,344				19,201
Income tax benefit (provision)	(2,243)				(6,216)
Net Income	6,101				12,985
Net Income Attributable to Parent	$ 6,246				$ 13,414
Basic earnings per share	$ 0.16				$ 0.35
Diluted earnings per share	$ 0.16				$ 0.35
Effect of ASC 606 [Member]
Operating Revenues	$ 480				$ (1,351)
Cost of Sales	411				(1,238)
Gross Profit	69				(113)
Operating Expenses
Other Income and Expenses
Income Before Taxes	69				(113)
Income tax benefit (provision)	(18)				29
Net Income	51				(84)
Net Income Attributable to Parent	$ 51				$ (84)
Basic earnings per share
Diluted earnings per share

New Accounting Standards Impl_6

New Accounting Standards Implemented - Schedule of Disaggregation by Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Total Revenues	$ 96,992	$ 83,384	$ 273,121	$ 230,177
Fixed Price Contracts [Member]
Total Revenues	39,703	46,256	119,733	108,796
Product Sales [Member]
Total Revenues	$ 57,289	$ 37,128	$ 153,388	$ 121,381

New Accounting Standards Impl_7

New Accounting Standards Implemented - Schedule of Geographical Information of Revenue from External Customer (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Total Revenues	$ 96,992	$ 83,384	$ 273,121	$ 230,177
Colombia [Member]
Total Revenues	12,138	13,339	49,519	45,292
United States [Member]
Total Revenues	82,223	68,117	215,068	174,767
Panama [Member]
Total Revenues	1,253	1,095	3,110	3,187
Other [Member]
Total Revenues	$ 1,378	$ 833	$ 5,424	$ 6,931

New Accounting Standards Impl_8

New Accounting Standards Implemented - Schedule of Contract Assets and Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2018	Jan. 02, 2018	Dec. 31, 2017
Accounting Changes and Error Corrections [Abstract]
Contract assets - current	$ 45,836	$ 45,468
Contract assets - non-current	5,531
Contract liability - current	(17,915)	(18,945)
Contract liability - non-current	(1,750)	(1,571)
Net contract assets (liabilities)	$ 31,702	$ 24,952

New Accounting Standards Impl_9

New Accounting Standards Implemented - Schedule of Contract Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2018	Jan. 02, 2018	Dec. 31, 2017
Accounting Changes and Error Corrections [Abstract]
Unbilled contract receivables, gross	$ 20,808	$ 15,245
Retainage	30,559	30,223
Total contract assets	51,367	45,468
Less: current portion	45,836	45,468
Contract assets non-current	$ 5,531

New Accounting Standards Imp_10

New Accounting Standards Implemented - Schedule of Contract Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2018	Jan. 02, 2018	Dec. 31, 2017
Accounting Changes and Error Corrections [Abstract]
Billings in excess of costs	$ 5,087	$ 7,516
Advances from customers on uncompleted contracts	14,578	13,000
Total contract liabilities	19,665	20,516
Less: current portion	17,915	18,945
Contract liabilities – non-current	$ 1,750	$ 1,571

GM&P Acquisitions (Details Narr

GM&P Acquisitions (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands	May 15, 2018	Mar. 01, 2017	Apr. 30, 2018	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017	Dec. 31, 2017
Note face amount reduced				$ 235,533		$ 235,533		$ 224,041
Gain on extinguishment of debt					$ 13		$ (3,148)
Fair value of non-controlling interest amount		$ 1,141
Giovanni Monti and Partners Consulting and Glazing Contractors [Member]
Business combination, step acquisition, equity interest in acquired, percentage		100.00%
Purchase price of business acquired		$ 35,000
Cash		$ 6,000	$ 6,000
Ordinary shares issued, shares			1,238,095
Sale of stock, price per share			$ 10.50
Ordinary shares issued, amount			$ 10,000
Note face amount reduced				$ 8,500		$ 8,500
Seller's note, interest rate				6.00%		6.00%
Seller's note, maturity						Dec. 31, 2022
Gain on extinguishment of debt						$ 2,106
Acquisition of equity interest		60.00%
Giovanni Monti and Partners Consulting and Glazing Contractors [Member] | Seller's Note [Member]
Gain on extinguishment of debt						3,606
Reduction of note nominal amount				$ 1,500		$ 1,500
Giovanni Monti and Partners Consulting and Glazing Contractors [Member] | Closing Date [Member]
Cash	$ 29,000
Componenti USA LLC [Member]
Business combination, step acquisition, equity interest in acquired, percentage				60.00%		60.00%
Percentage of non-controlling interest				40.00%		40.00%
Fair value of non-controlling interest amount				$ 1,141		$ 1,141

GM&P Acquisitions - Summary of

GM&P Acquisitions - Summary of Purchase Price Allocation of Total Consideration Transferred (Details) $ in Thousands	Mar. 01, 2017USD ($)
Notes payable (Cash or Stock)	$ 35,000
Fair value of the non-controlling interest in Component	1,141
Preliminary Purchase Price Allocation [Member]
Cash and equivalents	509
Accounts receivable	42,314
Other current assets	5,287
Property, plant, and equipment	684
Other non-current tangible assets	59
Trade name	980
Non-compete agreement	165
Contract backlog	3,090
Customer relationships	4,140
Accounts payable	(22,330)
Other current liabilities assumed	(13,967)
Non-current liabilities assumed	(3,634)
Total identifiable net assets	17,297
Goodwill (including Workforce)	18,844
Measurement Period Adjustments [Member]
Cash and equivalents
Accounts receivable
Other current assets	242
Property, plant, and equipment
Other non-current tangible assets
Trade name
Non-compete agreement
Contract backlog
Customer relationships
Accounts payable	275
Other current liabilities assumed	(673)
Non-current liabilities assumed	(3,231)
Total identifiable net assets	(3,387)
Goodwill (including Workforce)	3,387
Final Purchase Price Allocation [Member]
Cash and equivalents	509
Accounts receivable	42,314
Other current assets	5,529
Property, plant, and equipment	684
Other non-current tangible assets	59
Trade name	980
Non-compete agreement	165
Contract backlog	3,090
Customer relationships	4,140
Accounts payable	(22,055)
Other current liabilities assumed	(14,640)
Non-current liabilities assumed	(6,865)
Total identifiable net assets	13,910
Goodwill (including Workforce)	$ 22,231

GM&P Acquisitions - Schedule of

GM&P Acquisitions - Schedule of Pro Forma Results of Operations (Details) $ / shares in Units, $ in Thousands	9 Months Ended
	Sep. 30, 2017USD ($)$ / shares
Business Combinations [Abstract]
Net sales | $	$ 240,164
Net income attributable to parent | $	$ 3,329
Net income per common share - Basic | $ / shares	$ 0.10
Net income per common share - Diluted | $ / shares	$ 0.10

Inventories, Net - Schedule of

Inventories, Net - Schedule of Inventories (Details) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Inventory Disclosure [Abstract]
Raw materials	$ 40,134	$ 40,509
Work in process	25,072	11,468
Finished goods	15,476	13,236
Stores and spares	7,456	6,134
Packing material	447	438
Total Inventories	88,585	71,785
Less: inventory allowance	(133)	(129)
Total inventories, net	$ 88,452	$ 71,656

Goodwill and Intangible Asset_2

Goodwill and Intangible Assets (Details Narrative) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Goodwill and Intangible Assets Disclosure [Abstract]
Weighted average amortization period			4 years 10 months 25 days
Amortization expense	$ 917	$ 901	$ 2,661	$ 2,457

Goodwill and Intangible Asset_3

Goodwill and Intangible Assets - Schedule of Goodwill (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2018USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
Beginning balance - December 31, 2017	$ 23,130
GM&P measurement period adjustment	431
Ending balance - September 30, 2018	$ 23,561

Goodwill and Intangible Asset_4

Goodwill and Intangible Assets - Schedule of Finite-Lived Intangible Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Income Tax [Line Items]
Intangible assets, Gross	$ 19,323	$ 19,201
Accumulated Amortization	(9,437)	(7,684)
Intangible assets, net	9,886	11,517
Trade Names [Member]
Income Tax [Line Items]
Intangible assets, Gross	980	980
Accumulated Amortization	(310)	(163)
Intangible assets, net	670	817
Notice of Acceptances (NOAs), Product Designs and Other Intellectual Property [Member]
Income Tax [Line Items]
Intangible assets, Gross	10,948	10,826
Accumulated Amortization	(5,225)	(5,467)
Intangible assets, net	5,723	5,359
Non-compete Agreements [Member]
Income Tax [Line Items]
Intangible assets, Gross	165	165
Accumulated Amortization	(52)	(28)
Intangible assets, net	113	137
Contract Backlog [Member]
Income Tax [Line Items]
Intangible assets, Gross	3,090	3,090
Accumulated Amortization	(2,446)	(1,287)
Intangible assets, net	644	1,803
Customer Relationships [Member]
Income Tax [Line Items]
Intangible assets, Gross	4,140	4,140
Accumulated Amortization	(1,404)	(739)
Intangible assets, net	$ 2,736	$ 3,401

Goodwill and Intangible Asset_5

Goodwill and Intangible Assets - Schedule of Finite-Lived Intangible Assets, Future Amortization Expense (Details) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Goodwill and Intangible Assets Disclosure [Abstract]
2,018	$ 982
2,019	2,511
2,020	2,131
2,021	2,101
2,022	1,215
Thereafter	946
Intangible assets, net	$ 9,886	$ 11,517

Debt (Details Narrative)

Debt (Details Narrative) - USD ($) $ in Thousands	Jan. 23, 2017	Sep. 30, 2018	Sep. 30, 2017	Dec. 31, 2017
Debt face amount		$ 235,533		$ 224,041
Senior unsecured notes	$ 210,000	210,000		210,000
Debt instrument, term	5 years
Unsecured notes coupon rate	8.20%
Proceeds to repay outstanding indebtedness	$ 179,000
Repayment of debt	$ 59,444	5,288	$ 205,615
Capital lease obligations minimum lease payments		$ 417
Loan maturity period		Few weeks to 11 years
Debt, weighted average interest rate		7.60%
Property, Plant and Equipment [Member]
Debt instrument, collateral amount		$ 5,118		$ 4,758

Debt - Schedule of Long Term De

Debt - Schedule of Long Term Debt (Details) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017	Jan. 23, 2017
Debt Disclosure [Abstract]
Revolving lines of credit	$ 13,152	$ 638
Capital lease	417	245
Unsecured senior note	210,000	210,000	$ 210,000
Other loans	18,319	20,293
Less: Deferred cost of Financing	(5,899)	(6,918)
Total obligations under borrowing arrangements	235,989	224,258
Less: Current portion of long-term debt and other current borrowings	16,069	3,260
Long-term debt	$ 219,920	$ 220,998

Debt - Schedule of Maturities o

Debt - Schedule of Maturities of Long Term Debt (Details) $ in Thousands	Sep. 30, 2018USD ($)
Debt Disclosure [Abstract]
2,019	$ 16,069
2,020	2,461
2,021	2,409
2,022	212,411
2,023	2,390
Thereafter	6,147
Total	$ 241,887

Income Taxes (Details Narrative

Income Taxes (Details Narrative) - USD ($) $ in Thousands	Dec. 28, 2016	Sep. 30, 2018	Mar. 31, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Effective income tax rate reconciliation, percent		27.00%		45.00%	32.00%	38.00%
State and federal income tax rate					26.50%
Uncertain tax position					$ 2,073
Unrecognized tax benefits			$ 8,351
Tax Year 2017 [Member] | Maximum [Member]
Effective income tax rate reconciliation, percent	42.00%
Tax Year 2017 [Member] | Minimum [Member]
Effective income tax rate reconciliation, percent	40.00%
Tax Year 2018 [Member]
Effective income tax rate reconciliation, percent	37.00%
Tax Year 2019 and Thereafter [Member]
Effective income tax rate reconciliation, percent	33.00%

Income Taxes - Schedule of Comp

Income Taxes - Schedule of Components of Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Income Tax Disclosure [Abstract]
Current income tax, United States	$ 528	$ (1,837)	$ 1,250	$ (4,048)
Current income tax, Colombia	(3,683)	(723)	(6,205)	(2,373)
Total current income tax	(3,155)	(2,560)	(4,955)	(6,421)
Deferred income tax, United States	(88)	597	(1,249)	594
Deferred income Tax, Colombia	982	(3,843)	17	3,031
Total deferred income tax	894	(3,246)	(1,232)	3,625
Total income tax benefit (provision)	$ (2,261)	$ (5,806)	$ (6,187)	$ (2,796)
Effective tax rate	27.00%	45.00%	32.00%	38.00%

Fair Value Measurements - Summa

Fair Value Measurements - Summary of Fair Value and Carrying Amounts of Long Term Debt (Details) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Summary of The Fair Value And Carrying Amounts of Long Term Debt [Line Items]
Carrying Value	$ 235,989	$ 224,258
Fair Value, Inputs, Level 2 [Member]
Summary of The Fair Value And Carrying Amounts of Long Term Debt [Line Items]
Fair Value	236,219	240,057
Carrying Value	$ 219,920	$ 220,998

Related Parties (Details Narrat

Related Parties (Details Narrative) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Sales revenue	$ 1,667	$ 1,267	$ 3,804	$ 3,732
Ventanas Solar SA [Member]
Sales revenue	$ 853	$ 779	$ 2,067	$ 2,668
CEO,COO and Other Related Parties [Member]
Equity percentage	100.00%		100.00%

Related Parties - Schedule of R

Related Parties - Schedule of Related Parties (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017	Dec. 31, 2017
Related Party Transactions [Abstract]
Sales to related parties	$ 1,667	$ 1,267	$ 3,804	$ 3,732
Fees paid to directors and officers	833	573	2,461	2,114
Payments to other related parties	863	$ 788	2,525	$ 2,660
Due from VS	5,786		5,786		$ 6,240
Due from other related parties	2,210		2,210		2,260
Due from related parties, current	7,996		7,996		8,500
Due to related parties	$ 1,018		$ 1,018		$ 975

Related Parties - Schedule of P

Related Parties - Schedule of Payments to Other Related Parties (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Charitable Contributions [Member]
Related Party Transactions [Line Items]
Payment to other related parties	$ 282	$ 494	$ 849	$ 1,652
Sales Commissions [Member]
Related Party Transactions [Line Items]
Payment to other related parties	$ 360	$ 181	$ 1,037	$ 601

Dividends Payable (Details Narr

Dividends Payable (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands	May 11, 2017	Sep. 30, 2018	Nov. 01, 2016
Dividend declared		$ 15,284
Dividend payable		$ 758
Dividend paid to shareholders shares		1,455,182
Capital [Member]
Dividend paid to shareholders value		$ 13,068
Cash [Member]
Dividend paid to shareholders value		$ 2,044
Quarterly Rate [Member]
Dividends payable, amount per share	$ 0.14		$ 0.125
Dividends price percentage	12.00%
Annual Basis [Member]
Dividends payable, amount per share	$ 0.56		$ 0.50

Commitments and Contingencies (

Commitments and Contingencies (Details Narrative) $ in Thousands	9 Months Ended
	Sep. 30, 2018USD ($)
Commitments and Contingencies Disclosure [Abstract]
Purchase of aggregate raw material	$ 34,270