Tecnoglass (TGLS) 10-Q 8 Nov 19 2019 Q3 Quarterly report Financial data

Document And Entity Information

Document And Entity Information	9 Months Ended
	Sep. 30, 2019shares
Document And Entity Information [Abstract]
Entity Registrant Name	Tecnoglass Inc.
Entity Central Index Key	0001534675
Document Type	10-Q
Document Period End Date	Sep. 30, 2019
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business Flag	true
Entity Emerging Growth Company	false
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding	45,519,472
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2019

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Current assets:
Cash and cash equivalents	$ 41,739	$ 33,040
Investments	2,273	1,163
Trade accounts receivable, net	112,687	92,791
Due from related parties	8,388	8,239
Inventories	82,140	91,849
Contract assets - current portion	43,384	46,018
Other current assets	24,906	20,299
Total current assets	315,517	293,399
Long term assets:
Property, plant and equipment, net	146,581	149,199
Deferred income taxes	7,339	4,770
Contract assets - non-current	9,104	6,986
Intangible assets	7,135	9,006
Goodwill	23,561	23,561
Long term investments	45,273
Other long term assets	3,079	2,853
Total long term assets	242,072	196,375
Total assets	557,589	489,774
Current liabilities:
Short-term debt and current portion of long-term debt	16,168	21,606
Trade accounts payable and accrued expenses	67,210	65,510
Accrued interest expense	3,184	7,567
Due to related parties	5,099	1,500
Dividends payable	1,615	736
Contract liability - current portion	12,750	16,789
Due to equity partners	10,900
Other current liabilities	13,973	8,887
Total current liabilities	130,899	122,595
Long term liabilities:
Deferred income taxes	542	2,706
Long term payable associated to GM&P acquisition	8,500	8,500
Long term liabilities from related parties	617	600
Contract liability - non-current	177	1,436
Long term debt	247,776	220,709
Total long term liabilities	257,612	233,951
Total liabilities	388,511	356,546
SHAREHOLDERS' EQUITY
Preferred shares, $0.0001 par value, 1,000,000 shares authorized, 0 shares issued and outstanding at September 30, 2019 and December 31, 2018 respectively
Ordinary shares, $0.0001 par value, 100,000,000 shares authorized, 45,519,472 and 38,092,996 shares issued and outstanding at September 30, 2019 and December 31, 2018, respectively	5	4
Legal Reserves	1,367	1,367
Additional paid-in capital	208,250	157,604
Retained earnings	5,320	10,439
Accumulated other comprehensive (loss)	(46,767)	(37,058)
Shareholders' equity attributable to controlling interest	168,175	132,356
Shareholders' equity attributable to non-controlling interest	903	872
Total shareholders' equity	169,078	133,228
Total liabilities and shareholders' equity	$ 557,589	$ 489,774

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Sep. 30, 2019	Dec. 31, 2018
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	45,519,472	38,092,996
Ordinary shares, shares outstanding	45,519,472	38,092,996

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations and Other Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Operating revenues:
Total operating revenues	$ 108,470	$ 96,992	$ 329,521	$ 273,121
Cost of sales	72,729	62,299	223,051	187,038
Gross profit	35,741	34,693	106,470	86,083
Operating expenses:
Selling expense	(11,334)	(10,922)	(32,115)	(28,626)
General and administrative expense	(8,855)	(8,504)	(26,303)	(24,578)
Total operating expenses	(20,189)	(19,426)	(58,418)	(53,204)
Operating income	15,552	15,267	48,052	32,879
Non-operating income	450	780	1,078	2,588
Equity method income	295		273
Foreign currency transactions (losses) gains	(12,006)	(2,494)	(9,921)	(828)
Interest expense and deferred cost of financing	(5,876)	(5,140)	(17,220)	(15,551)
(Loss) Income before taxes	(1,585)	8,413	22,262	19,088
Income tax benefit (provision)	266	(2,261)	(8,590)	(6,187)
Net (loss) income	(1,319)	6,152	13,672	12,901
Loss (Income) attributable to non-controlling interest	144	145	(30)	429
(Loss) Income attributable to parent	(1,175)	6,297	13,642	13,330
Comprehensive income:
Net income (loss)	(1,319)	6,152	13,672	12,901
Foreign currency translation adjustments	(8,486)	(1,998)	(8,768)	564
Change in fair value derivative contracts	(941)		(941)
Total comprehensive income (loss)	(10,746)	4,154	3,963	13,465
Comprehensive (income) loss attributable to non-controlling interest	144	145	(30)	429
Total comprehensive income (loss) attributable to parent	$ (10,602)	$ 4,299	$ 3,933	$ 13,894
Basic income (loss)per share	$ (0.03)	$ 0.15	$ 0.31	$ 0.33
Diluted income (loss) per share	$ (0.03)	$ 0.15	$ 0.31	$ 0.32
Basic weighted average common shares outstanding	45,519,472	40,294,762	43,793,163	39,301,161
Diluted weighted average common shares outstanding	45,519,472	40,887,997	44,386,398	39,894,396
External Customers [Member]
Operating revenues:
Total operating revenues	$ 106,741	$ 95,325	$ 323,808	$ 269,317
Related Parties [Member]
Operating revenues:
Total operating revenues	$ 1,729	$ 1,667	$ 5,713	$ 3,804

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$ 13,672	$ 12,901
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Provision for bad debts	1,046	(231)
Provision for obsolete inventory		26
Depreciation and amortization	17,189	17,483
Deferred income taxes	(5,140)	1,233
Director stock compensation		213
Equity method income	(273)
Deferred cost of financing	1,213	1,078
Other non-cash adjustments	41	(100)
Changes in operating assets and liabilities:
Trade accounts receivables	(30,040)	(10,551)
Inventories	3,939	(17,025)
Prepaid expenses	(3,013)	(509)
Other assets	(5,081)	(3,834)
Trade accounts payable and accrued expenses	16,501	4,677
Accrued interest expense	(4,362)	(4,368)
Taxes payable	3,645	(6,361)
Labor liabilities	626	934
Contract assets and liabilities	(5,139)	(5,480)
Related parties	2,724	440
CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES	7,548	(9,474)
CASH FLOWS FROM INVESTING ACTIVITIES
Proceeds from sale of investments	858	1,093
Acquisition of businesses	(34,100)	(6,000)
Purchase of investments	(1,172)	(828)
Acquisition of property and equipment	(19,887)	(7,195)
CASH USED IN INVESTING ACTIVITIES	(54,301)	(12,930)
CASH FLOWS FROM FINANCING ACTIVITIES
Cash dividend	(3,714)	(2,044)
Proceeds from equity offering	36,478
Proceeds from debt	70,880	16,272
Repayments of debt	(47,168)	(5,288)
CASH PROVIDED BY FINANCING ACTIVITIES	56,476	8,940
Effect of exchange rate changes on cash and cash equivalents	(1,024)	492
NET INCREASE (DECREASE) IN CASH	8,699	(12,972)
CASH - Beginning of period	33,040	40,923
CASH - End of period	41,739	27,951
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION
Interest	19,206	9,516
Income Tax	11,090	6,984
NON-CASH INVESTING AND FINANCING ACTIVITIES:
Assets acquired under credit or debt	1,667	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
Balance beginning at Dec. 31, 2018	$ 4	157,604	1,367	10,439	(37,058)	132,356	872	133,228
Balance beginning, shares at Dec. 31, 2018	38,092,996
Issuance of common stock		33,050				33,050		33,050
Issuance of common stock, shares	5,000,000
Stock dividend		5,162		(6,109)		(947)		(947)
Stock dividend, shares	538,657
Foreign currency translation					1,770	1,770		1,770
Net Income				7,338		7,338	(7)	7,331
Balance ending at Mar. 31, 2019	$ 4	195,816	1,367	11,668	(35,288)	173,567	865	174,432
Balance ending, shares at Mar. 31, 2019	43,631,653
Balance beginning at Dec. 31, 2018	$ 4	157,604	1,367	10,439	(37,058)	132,356	872	133,228
Balance beginning, shares at Dec. 31, 2018	38,092,996
Foreign currency translation								(8,768)
Net Income								13,672
Balance ending at Sep. 30, 2019	$ 5	208,250	1,367	5,320	(46,767)	168,175	903	169,078
Balance ending, shares at Sep. 30, 2019	45,519,472
Balance beginning at Mar. 31, 2019	$ 4	195,816	1,367	11,668	(35,288)	173,567	865	174,432
Balance beginning, shares at Mar. 31, 2019	43,631,653
Issuance of common stock		3,428				3,428		3,428
Issuance of common stock, shares	551,423
Stock dividend		4,416		(6,280)		(1,864)		(1,864)
Stock dividend, shares	675,366
Foreign currency translation					(2,052)	(2,052)		(2,052)
Net Income				7,479		7,479	181	7,660
Balance ending at Jun. 30, 2019	$ 4	203,660	1,367	12,867	(37,340)	180,558	1,046	181,604
Balance ending, shares at Jun. 30, 2019	44,858,442
Stock dividend	$ 1	4,590		(6,372)		(1,781)		(1,781)
Stock dividend, shares	661,030
Foreign currency translation					(8,486)	(8,486)		(8,486)
Derivative financial instruments					(941)	(941)		(941)
Net Income				(1,175)		(1,175)	(144)	(1,319)
Balance ending at Sep. 30, 2019	$ 5	$ 208,250	$ 1,367	$ 5,320	$ (46,767)	$ 168,175	$ 903	$ 169,078
Balance ending, shares at Sep. 30, 2019	45,519,472

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Shareholders' Equity (Unaudited) (Parenthetical) - $ / shares	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018
Statement of Stockholders' Equity [Abstract]
Ordinary shares, par value	$ 0.0001	$ 0.0001	$ 0.0001	$ 0.0001	$ 0.0001	$ 0.0001	$ 0.0001

General

General	9 Months Ended
	Sep. 30, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
General	Note 1. General Business Description Tecnoglass Inc., a Cayman Islands exempted company (the “Company”, “Tecnoglass,” “TGI,” “we, “ “us” or “our”) 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 exports most of its production to foreign countries, selling to customers in North, Central and South America. 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.

Basis of Presentation and Summa

Basis of Presentation and Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2019
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, 2018. 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 unaudited 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 Tecnoglass S.A.S (“TG”), C.I. Energía Solar S.A.S E.S. Windows (“ES”), ES Windows LLC (“ESW LLC”), Tecnoglass LLC (“Tecno LLC”), Tecno RE LLC (“Tecno RE”), GM&P Consulting and Glazing Contractors (“GM&P”), Componenti USA LLC (“Componenti”) and ES Metals SAS (“ES Metals”), 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. The equity method of accounting is used for investments in affiliates and other joint ventures over which the Company has significant influence but does not have effective control. Derivative Financial Instruments The Company recognizes all derivative financial instruments as either assets or liabilities at fair value on the consolidated balance sheet. The changes in fair value of derivative instruments that are designated and qualify as cash flow hedges, the unrealized gains or losses on the derivatives are recorded in the consolidated statement of comprehensive income. Amounts in Accumulated other comprehensive loss on the consolidated balance sheet are reclassified into the consolidated statement of income in the same period or periods during which the hedged transactions are settled. Recently Issued Accounting Pronouncements In June 2016, FASB issued Accounting Standards Update (ASU) 2016-13, Financial Instruments—Credit Losses (Topic 326). This ASU represents a significant change in the allowance for credit losses accounting model by requiring immediate recognition of management’s estimates of current expected credit losses. Under the prior model, losses were recognized only as they were incurred, which FASB has noted delayed recognition of expected losses that might not yet have met the threshold of being probable. The new model is applicable to all financial instruments that are not accounted for at fair value through net income, thereby bringing consistency in accounting treatment across different types of financial instruments and requiring consideration of a broader range of variables when forming loss estimates. ASU 2016-13 is effective for fiscal years beginning after December 15, 2019, (with early application permitted). The FASB has announced that it will issue an update during the fourth quarter of 2019 that will postpone the effective date further into the future. During 2019, the FASB issued ASU 2019-04 and ASU 2019-05 with Codification Improvements to Topic 326, Financial Instruments – Credit Losses. The Company is currently evaluating the potential effect of this ASU on its consolidated financial statements. In August 2017, the FASB issued ASU 2017-12, “Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities.” The amendments under ASU 2017-12 refine and expand hedge accounting requirements for both financial (e.g., interest rate) and commodity risks. Its provisions create more transparency around how economic results are presented, both on the face of the financial statements and in the footnotes. It also makes certain targeted improvements to simplify the application of hedge accounting guidance. ASU 2017-12 became effective for us in the first quarter of 2019. During the quarter ended September 30, 2019, we entered into foreign currency non-delivery forward and collar contracts which we have designated as cash flow hedges and are accounting for as derivative financial instruments to which we are applying the provisions of ASU 2017-12. Prior to the quarter ended September 30, 2019 we did not have any hedging derivatives and therefore prior periods will not be affected by this pronouncement. New Accounting Standards Implemented 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. 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, which for the Company is the fiscal year beginning January 1, 2019. The Company did not adjust the comparative periods presented as the FASB provided entities the option to instead apply the provisions of the new leases guidance using the modified retrospective application approach. The new standard provided a number of optional practical expedients in transition. We elected the ‘package of practical expedients’, w The new standard also provides practical expedients for an entity’s ongoing accounting. We elected the short-term lease recognition exemption for all leases that qualified, primarily for certain equipment leases that are month-to-month leases. This means, for those leases, we did not recognize right-of-use assets or lease liabilities. We also elected the practical expedient to not separate lease and non-lease components for all classes of underlying assets. We have identified and analyzed our lease portfolio and evaluated the new reporting and disclosure requirements of the new guidance, and our lease-related processes and internal controls. The adoption of this standard had no material impact to the Company’s financial statements, as, under prior guidance, we had recognized capital leases which correspond to the right-of-use asset and lease liability described under the new guidance. This standard does not have a significant impact on our liquidity or on our debt covenant compliance under our current agreements. As of January 1, 2019, the Company had $378 finance lease right-of-use assets related to computing equipment and a lease liability for $380 on its Condensed Consolidated Balance Sheet. As of September 30, 2019, the Company had $449 finance lease right-of-use assets related to computing equipment and a lease liability for $559 on its Condensed Consolidated Balance Sheet. The lease agreements include terms to extend the lease, however the Company does not intend to extend its current leases. The weighted average remaining lease term approximates 2.8 years. The right-of-use assets are depreciated and interest expense from the lease liability are recorded on our Condensed Consolidated Statement of Operations. Additionally, as of September 30, 2019 the Company had a commitment for $66 under operating leases related to short term apartment leases, installation equipment and computing equipment which expire during the current year that have not been capitalized due to their short-term nature. Rental expense from these leases is recognized on our Condensed Consolidated Income Statement as incurred. Finance lease costs, including amortization of the right-of-use assets and interest expense, short term lease cost, and related cashflows have not been material as of September 30, 2019. Leases Accounting Policy We determine if an arrangement is a lease at inception. We include finance lease right-of-use assets as part of property and equipment and the lease liability as part of our current portion of long-term debt and long-term debt on our Condensed Consolidated Balance Sheet. Leases considered short-term are not capitalized, given our election not to recognize right-of-use assets and lease liabilities arising from short-term leases, but instead considered operating leases and the resulting rental expense is recognized on our Condensed Consolidated Statement of Operations as incurred. Finance lease right-of-use assets and lease liabilities are recognized based on the present value of the future lease payments over the lease term at commencement date. As most of our leases do not provide an implicit rate, we use our incremental borrowing rate based on the information available at commencement date in determining the present value of future payments. Our lease terms may include options to extend or terminate the lease when it is reasonably certain that we will exercise that option.

Long-term Investments

Long-term Investments	9 Months Ended
	Sep. 30, 2019
Debt Disclosure [Abstract]
Long-term Investments	Note 3. – Long-term Investments Saint-Gobain Joint Venture On January 11, 2019, we entered into a joint venture agreement with Saint-Gobain, a world leader in the production of float glass, a key component of our manufacturing process, whereby we acquired a 25.8% minority ownership interest in Vidrio Andino Holdings S.A.S (“Vidrio Andino”), a Colombia-based subsidiary of Compagnie de Saint-Gobain S.A. (“Saint-Gobain”). The purchase price for our interest in this entity was $45 million, of which $34.1 was paid in cash, and $10.9 million is to be paid with a piece of land near our existing facility in Barranquilla. The land will be contributed on our behalf by our Chief Executive Officer and Chief Operating Officer, José M. Daes and Christian T. Daes in exchange for cash or shares of the Company and subject to an external valuation to support an arm´s length transaction. The land will serve the purpose of developing a second float glass plant nearby our existing manufacturing facilities which we expect to carry significant efficiencies for us once it becomes operative. Vidrio Andino’s float glass plant located in the outskirts of Bogota, Colombia, has been one of our main suppliers of raw glass. We believe this transaction will solidify our vertical integration strategy by acquiring an interest in the first stage of our production chain, while securing ample glass supply for our expected production needs. On May 3, 2019, we consummated the joint venture agreement acquiring a 25.8% minority ownership interest in Vidrio Andino with a cash payment of $34.1 million, and the land still to be contributed by January 2020, as per the agreement. As of that date the Company recorded the investment within Long-term assets on the Company’s Condensed Consolidated Balance Sheet for $45.0 million and a liability for $10.9 million within current liabilities on the Company’s Condensed Consolidated Balance to be settled with the contribution of the aforementioned piece of land. Since the date of the acquisition, we have recognized the proportional share of Vidrio Andino’s net income using the equity method on the Condensed Consolidated Statement of Operations and Other Comprehensive Income as the Company is deemed to have significant influence, but does not have effective control of Vidrio Andino. Establishment of a new subsidiary In April 2019, ESMetals, a Colombian entity in which the Company has 70% equity interest began operations. ESMetals serves as a metalwork contractor to supply the Company with steel accessories used in the assembly of certain architectural systems as part of our vertical integration strategy. When the company owns a majority (but less than 100%) 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, 2019
Inventory Disclosure [Abstract]
Inventories, Net	Note 4. - Inventories, net September 30, 2019 December 31, 2018 Raw materials $ 44,009 $ 43,744 Work in process 24,390 25,957 Finished goods 5,405 14,251 Stores and spares 7,557 7,437 Packing material 860 540 82,221 91,929 Less: Inventory allowance (81 ) (80 ) $ 82,140 $ 91,849

Revenues, Contract Assets and C

Revenues, Contract Assets and Contract Liabilities	9 Months Ended
	Sep. 30, 2019
Operating revenues:
Revenues, Contract Assets and Contract Liabilities	Note 5. – Revenues, Contract Assets and Contract Liabilities 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 Nine months ended September 30, September 30, 2019 2018 2019 2018 Fixed price contracts $ 37,352 $ 39,703 $ 126,249 $ 119,733 Product sales 71,118 57,289 203,272 153,388 Total Revenues $ 108,470 $ 96,992 $ 329,521 $ 273,121 The following table presents geographical information about revenues. Three months ended Nine months ended September 30, September 30, 2019 2018 2019 2018 Colombia $ 13,037 $ 12,138 $ 38,190 $ 49,519 United States 92,848 82,223 284,208 215,068 Panama 668 1,253 2,344 3,110 Other 1,917 1,378 4,779 5,424 Total Revenues $ 108,470 $ 96,992 $ 329,521 $ 273,121 Contract Assets and 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 and a portion of the amounts billed on certain fixed price contracts that are withheld by the customer as a retainage until a final good receipt of the complete project to the customers satisfaction. 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, 2019 December 31, 2018 Contract assets — current $ 43,384 $ 46,018 Contract assets — non-current 9,104 6,986 Contract liabilities — current (12,750 ) (16,789 ) Contract liabilities — non-current (177 ) (1,436 ) Net contract assets $ 39,561 $ 34,779 The components of contract assets are presented in the table below. September 30, 2019 December 31, 2018 Unbilled contract receivables, gross $ 22,813 $ 21,703 Retainage 29,675 31,301 Total contract assets 52,488 53,004 Less: current portion 43,384 46,018 Contract Assets – non-current $ 9,104 $ 6,986 The components of contract liabilities are presented in the table below. September 30, 2019 December 31, 2018 Billings in excess of costs $ 3,358 4,393 Advances from customers on uncompleted contracts 9,569 13,832 Total contract liabilties 12,927 18,225 Less: current portion 12,750 16,789 Contract liabilities – non-current $ 177 1,436 During the three months and nine months ended September 30, 2019, the Company recognized $162 and $4,203 of sales related to its contract liabilities at January 1, 2019, respectively. During the three and nine months ended September 30, 2018, the Company recognized $1,903 and $6,381 of sales related to its contract liabilities at January 1, 2018, respectively. Remaining Performance Obligations As of September 30, 2019, the Company had $269.1 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 $92.8 million are expected to be recognized during the year ending December 31, 2019, $136.8 million during the year ending December 31, 2020 and $39.6 million thereafter.

Intangible Assets

Intangible Assets	9 Months Ended
	Sep. 30, 2019
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible Assets	Note 6. 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, 2019 Gross Acc. Net Trade Names $ 980 $ (506 ) $ 474 Notice of Acceptances (NOAs), product designs and other intellectual property 10,778 (6,046 ) 4,732 Non-compete Agreement 165 (85 ) 80 Customer Relationships 4,140 (2,291 ) 1,849 Total $ 16,063 $ (8,928 ) $ 7,135 December 31, 2018 Gross Acc. Net Trade Names $ 980 $ (359 ) $ 621 Notice of Acceptances (NOAs), product designs and other intellectual property 10,881 (5,373 ) 5,508 Non-compete Agreement 165 (60 ) 105 Contract Backlog 3,090 (2,832 ) 258 Customer Relationships 4,140 (1,626 ) 2,514 Total $ 19,256 $ (10,250 ) $ 9,006 The weighted average amortization period is 5.4 years. During the nine months ended September 30, 2019 and 2018, the amortization expense amounted to $2,088 and $2,732, respectively, and was included within the general and administration expenses in our Condensed Consolidated Statement of Operations. Similarly, amortization expense for the three months ended September 30, 2019 and 2018 amounted to $603 and $956, respectively. The estimated aggregate amortization expense for each of the five succeeding years as of September 30, 2019 is as follows: Year ending (in thousands) 2019 $ 575 2020 2,163 2021 2,131 2022 1,257 2023 823 Thereafter 186 $ 7,135

Debt

Debt	9 Months Ended
	Sep. 30, 2019
Debt Disclosure [Abstract]
Debt	Note 7. Debt The Company’s debt is comprised of the following: September 30, 2019 December 31, 2018 Revolving lines of credit $ 13,559 $ 19,146 Finance lease 559 380 Unsecured senior note 210,000 210,000 Other loans 15,758 17,804 Syndicated loan 28,000 - Less: Deferred cost of financing (3,932 ) (5,015 ) Total obligations under borrowing arrangements 263,944 242,315 Less: Current portion of long-term debt and other current borrowings 16,168 21,606 Long-term debt $ 247,776 $ 220,709 As of September 30, 2019 and December 31, 2018, the Company had $263,495 and $242,106 of debt denominated in US Dollars with the remaining amounts denominated in Colombian Pesos. The Company had $7,140 and $5,037 of property, plant and equipment pledged as collateral for various lines of credit as of September 30, 2019 and December 31, 2018, respectively. On May 2, 2019, the Company closed a $30 million five-year term debt facility with Banco de Crédito del Perú and Banco Sabadell which bears interest at Libor +2.95%. Proceeds from this long-term debt facility were used towards refinancing short-term debt and partially supporting expected capital expenditure needs for capacity expansion and the automatization of some of our processes. This facility also contains a covenant requiring that the company maintain certain leverage and fixed charge coverage ratios measured biannually at December and June, with which the Company is in compliance. As of September 30, 2019, the Company was obligated under various finance leases under which the aggregate present value of the minimum lease payments amounted to $559. Differences between finance lease obligations and the value of property, plant and equipment under finance lease arises from differences between the maturities of finance 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, 2019: 2020 $ 16,359 2021 5,378 2022 220,340 2023 11,760 2024 10,245 Thereafter 3,793 Total $ 267,875 The Company’s loans have maturities ranging from a few weeks to 10 years. Our credit facilities bear interest at a weighted average of rate 7.35%.

Hedging Activity and Fair Value

Hedging Activity and Fair Value Measurements	9 Months Ended
	Sep. 30, 2019
Fair Value Disclosures [Abstract]
Hedging Activity and Fair Value Measurements	Note 8. Hedging Activity and Fair Value Measurements Hedging Activity During the quarter ended September 30, 2019 we entered into several foreign currency non-delivery forward and collar contracts to hedge the fluctuations in the exchange rate between the Colombian Peso and the U.S. Dollar. Our contracts are designated as cash flow hedges since they are highly effective in offsetting changes in the cash flows attributable to forecasted Colombian Peso denominated costs and expenses. Guidance under the Financial Instruments Topic 825 of the Codification requires us to record our hedge contracts at fair value and consider our credit risk for contracts in a liability position, and our counter-party’s credit risk for contracts in an asset position, in determining fair value. We assess our counter-party’s risk of non-performance when measuring the fair value of financial instruments in an asset position by evaluating their financial position, including cash on hand, as well as their credit ratings. As of September 30, 2019, the fair value of foreign currency non-delivery forward and collar contracts was in a net liability position of $1,390. We had 20 outstanding forward and collar contracts to exchange 44 million U.S. Dollars to Colombian Pesos through August 2020. We assessed the risk of non-performance of the Company to these contracts and determined it was insignificant and, therefore, did not record any adjustment to fair value as of September 30, 2019. We assess the effectiveness of our foreign currency non-delivery forward and collar contracts by comparing the change in the fair value of the forward contract to the change in the expected cash to be paid for the hedged item. The effective portion of the gain or loss on our foreign currency non-delivery forward and collar contracts is reported as a component of accumulated other comprehensive loss and is reclassified into earnings in the same line item in the income statement as the hedged item in the same period or periods during which the transaction affects earnings. The amount of losses, net, recognized in the “accumulated other comprehensive loss” line item in the accompanying condensed consolidated balance sheet as of September 30, 2019, that we expect will be reclassified to earnings within the next eleven months, is $1,390. The fair value of our foreign currency hedges are classified in the accompanying consolidated balance sheets as of September 30, 2019, are as follows: Derivative Assets Derivative Liabilities September 30, 2019 September 30, 2019 Derivatives designated as hedging instruments under Subtopic 815-20: Balance Sheet Location Fair Balance Sheet Location Fair Value Derivative instruments: Non-Delivery forward and collar contracts Other current assets $ 55 Accrued liabilities $ (1,445 ) Total derivative instruments Total derivative assets $ 55 Total derivative liabilities $ (1,445 ) The ending accumulated balance for the foreign currency non-delivery forward and collar contracts included in accumulated other comprehensive losses, net of tax, was $941 as of September 30, 2019, comprised of a derivative loss of $1,390 and an associated net tax benefit of $449. The following table presents the gains (losses) on derivative financial instruments, and their classifications within the accompanying condensed consolidated financial statements, for the three and nine months ended September, 2019: Derivatives in Cash Flow Hedging Relationships Amount of Gain or (Loss) Location of Gain or (Loss) Reclassified from Accumulated Amount of Gain or (Loss) Reclassified from Recognized in OCI (Loss) on OCI (Loss) into Accumulated Derivatives Income OCI (Loss) into Income Three Months Ended Three Months Ended September 30, September 30, September 30, September 30, 2019 2018 2019 2018 Non-delivery Forwards and Collar Contracts $ (1,390 ) $ - General and administrative expense $ (28 ) $ - Derivatives in Cash Flow Hedging Relationships Amount of Gain or (Loss) Location of Gain or (Loss) Reclassified from Accumulated Amount of Gain or (Loss) Reclassified from Recognized in OCI (Loss) on OCI (Loss) into Accumulated Derivatives Income OCI (Loss) into Income Nine Months Ended Nine Months Ended September 30, September 30, September 30, September 30, 2019 2018 2019 2018 Non-delivery Forwards and Collar Contracts $ (1,390 ) $ - General and administrative expense $ (28 ) $ - 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 September 30, 2019, 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, 2019 December 31, 2018 Fair Value 266,906 234,163 Carrying Value 247,776 220,709

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2019
Income Tax Disclosure [Abstract]
Income Taxes	Note 9. Income Taxes The Company files income tax returns for TG, ES and ES Metals in the Republic of Colombia. On December 28, 2018, a tax reform was implemented in Colombia which decreased the corporate income tax rate to 33% for fiscal year 2019, 32% for fiscal year 2020, 31% for fiscal year 2021 and 30% for fiscal year 2022, in comparison with a tax rate of 37% for 2018. 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 are as follows: Three months ended September 30, Nine months ended September 30, 2019 2018 2019 2018 Current income tax United States $ (146 ) $ 528 $ (1,561 ) $ 1,250 Colombia (4,411 ) (3,683 ) (12,169 ) (6,205 ) (4,557 ) (3,155 ) (13,730 ) (4,955 ) Deferred income Tax United States 349 (88 ) 1,475 (1,249 ) Colombia 4,474 982 3,665 17 4,823 894 5,140 (1,232 ) Total income tax benefit (provision) $ 266 $ (2,261 ) $ (8,590 ) $ (6,187 ) Effective tax rate 17 % 27 % 39 % 37 % The Company’s weighted average statutory income tax rate is 33%. The Company’s effective income tax rate of 17% for the quarter ended September 30, 2019 differs from the weighted average statutory rate primarily as a result of a 17.3% point decrease related to permanent differences, a 10.8% decrease related to non-deductible expense, partially offset by unrealized foreign currency transaction losses which contribute to an increase of 12.1% points in the reconciliation of effective income tax rate to statutory rate. No additional individual items contributed more than 5% points in the reconciliation of effective income tax rate to statutory tax rates during any of the periods presented.

Related Parties

Related Parties	9 Months Ended
	Sep. 30, 2019
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, 2019 2018 2019 2018 Sales to related parties $ 1,729 $ 1,667 $ 5,713 $ 3,804 Fees paid to directors and officers $ 836 $ 833 $ 2,658 $ 2,461 Payments to other related parties $ 964 $ 863 $ 2,797 $ 2,525 September 30, 2019 December 31, 2018 Current Assets: Due from VS $ 5,885 $ 6,229 Due from other related parties 2,503 2,010 $ 8,388 $ 8,239 Liabilities: Due to related parties - current $ 5,099 $ 1,500 Due to related parties - long term $ 617 $ 600 The Company also has a note payable which matures in 2022 related to the acquisition GM&P for $8,500 due to the former owner who holds shares of the Company and a management position within the Company. Ventana Solar S.A. (“VS”), a Panama S ociedad anónima, Payments to other related parties during three and nine months ended September 30, 2019 and 2018 include the following: Three months ended September 30, Nine months ended September 30, 2019 2018 2019 2018 Charitable contributions $ 354 $ 282 $ 959 $ 849 Sales commissions $ 357 $ 360 $ 1,119 $ 1,037 Charitable contributions are donations made to the Company’s foundation, Fundación Tecnoglass-ESW.

Shareholders' Equity

Shareholders' Equity	9 Months Ended
	Sep. 30, 2019
Equity [Abstract]
Shareholders' Equity	Note 11. Shareholders’ Equity Dividends 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, with the first quarterly dividend being paid on November 1, 2016. The dividends were 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. On November 5, 2019, the Company declared a regular quarterly dividend of $0.14 per share for the third quarter of 2019, which will be paid on December 20, 2019 to shareholders of record as of the close of business on November 29, 2019. The dividend will be paid in cash or ordinary shares, to be chosen at the option of holders of ordinary shares during an election period beginning December 2, 2019 and lasting until 5:00 P.M. Eastern Time on December 13, 2019. The value of the ordinary shares to be used to calculate the number of shares to be issued with respect to that portion of the dividend payable in ordinary shares shall be the average of the closing price of the Company’s ordinary shares on NASDAQ during the period from December 2, 2019 through December 13, 2019. If no choice is made during this election period, the dividend for this election period will be paid in ordinary shares of the Company. 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 stock dividend elections. As a result, the Company issued 1,875,053 shares for the share dividends resulting in $14,169 being credited to Capital and paid $2,170 in cash during the nine months ended September 30, 2019. 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. Follow-on Equity Offering On March 25, 2019, the Company closed an underwritten follow-on public offering of 5,000,000 ordinary shares at a price to the public of $7.00 per share. As a result of this offering, the Company received a net amount of $33,050 after deducting underwriting and other related fees, which were credited to share capital and additional paid in capital. Additionally, the Company granted the underwriters a 30-day option to purchase up to an additional 750,000 ordinary shares at the public offering price, less the underwriting discount, which option was exercised on April 3, 2019 with respect to 551,423 ordinary shares. Proceeds from the offering were subsequently used to complete the joint venture transaction with Saint-Gobain discussed in Note 3. Vidrio Andino Acquisition. Earnings per Share The following table sets forth the computation of the basic and diluted earnings per share for the nine months ended September 30, 2019 and 2018: Three months ended September 30, Nine months ended September 30, 2019 2018 2019 2018 Numerator for basic and diluted earnings per shares Net Income (loss) $ (1,319 ) $ 6,152 $ 13,672 $ 12,901 Denominator Denominator for basic earnings per ordinary share - weighted average shares outstanding 45,519,472 40,294,762 43,793,163 39,301,161 Effect of dilutive securities and stock dividend - 593,235 593,235 593,235 Denominator for diluted earnings per ordinary share - weighted average shares outstanding 45,519,472 40,887,997 44,386,398 39,894,396 Basic earnings (loss) per ordinary share $ (0.03 ) $ 0.15 $ 0.31 $ 0.33 Diluted earnings (loss) per ordinary share $ (0.03 ) $ 0.15 $ 0.31 $ 0.32 The effect of dilutive securities includes the effect of 593,235 shares potentially issued in relation the dividends declared. For the three months ended September 30, 2019, the effect of dilutive securities is excluded from the calculation of diluted earnings per share because including them would be anti-dilutive given the net loss during the period.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2019
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 12. Commitments and Contingencies Commitments As of September 30, 2019, the Company had an outstanding obligation to purchase an aggregate of at least $21,795 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, 2019
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, 2019
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, 2018. 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 unaudited 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 Tecnoglass S.A.S (“TG”), C.I. Energía Solar S.A.S E.S. Windows (“ES”), ES Windows LLC (“ESW LLC”), Tecnoglass LLC (“Tecno LLC”), Tecno RE LLC (“Tecno RE”), GM&P Consulting and Glazing Contractors (“GM&P”), Componenti USA LLC (“Componenti”) and ES Metals SAS (“ES Metals”), 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. The equity method of accounting is used for investments in affiliates and other joint ventures over which the Company has significant influence but does not have effective control.
Derivative Financial Instruments	Derivative Financial Instruments The Company recognizes all derivative financial instruments as either assets or liabilities at fair value on the consolidated balance sheet. The changes in fair value of derivative instruments that are designated and qualify as cash flow hedges, the unrealized gains or losses on the derivatives are recorded in the consolidated statement of comprehensive income. Amounts in Accumulated other comprehensive loss on the consolidated balance sheet are reclassified into the consolidated statement of income in the same period or periods during which the hedged transactions are settled.
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements In June 2016, FASB issued Accounting Standards Update (ASU) 2016-13, Financial Instruments—Credit Losses (Topic 326). This ASU represents a significant change in the allowance for credit losses accounting model by requiring immediate recognition of management’s estimates of current expected credit losses. Under the prior model, losses were recognized only as they were incurred, which FASB has noted delayed recognition of expected losses that might not yet have met the threshold of being probable. The new model is applicable to all financial instruments that are not accounted for at fair value through net income, thereby bringing consistency in accounting treatment across different types of financial instruments and requiring consideration of a broader range of variables when forming loss estimates. ASU 2016-13 is effective for fiscal years beginning after December 15, 2019, (with early application permitted). The FASB has announced that it will issue an update during the fourth quarter of 2019 that will postpone the effective date further into the future. During 2019, the FASB issued ASU 2019-04 and ASU 2019-05 with Codification Improvements to Topic 326, Financial Instruments – Credit Losses. The Company is currently evaluating the potential effect of this ASU on its consolidated financial statements. In August 2017, the FASB issued ASU 2017-12, “Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities.” The amendments under ASU 2017-12 refine and expand hedge accounting requirements for both financial (e.g., interest rate) and commodity risks. Its provisions create more transparency around how economic results are presented, both on the face of the financial statements and in the footnotes. It also makes certain targeted improvements to simplify the application of hedge accounting guidance. ASU 2017-12 became effective for us in the first quarter of 2019. During the quarter ended September 30, 2019, we entered into foreign currency non-delivery forward and collar contracts which we have designated as cash flow hedges and are accounting for as derivative financial instruments to which we are applying the provisions of ASU 2017-12. Prior to the quarter ended September 30, 2019 we did not have any hedging derivatives and therefore prior periods will not be affected by this pronouncement.
New Accounting Standards Implemented	New Accounting Standards Implemented 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. 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, which for the Company is the fiscal year beginning January 1, 2019. The Company did not adjust the comparative periods presented as the FASB provided entities the option to instead apply the provisions of the new leases guidance using the modified retrospective application approach. The new standard provided a number of optional practical expedients in transition. We elected the ‘package of practical expedients’, w The new standard also provides practical expedients for an entity’s ongoing accounting. We elected the short-term lease recognition exemption for all leases that qualified, primarily for certain equipment leases that are month-to-month leases. This means, for those leases, we did not recognize right-of-use assets or lease liabilities. We also elected the practical expedient to not separate lease and non-lease components for all classes of underlying assets. We have identified and analyzed our lease portfolio and evaluated the new reporting and disclosure requirements of the new guidance, and our lease-related processes and internal controls. The adoption of this standard had no material impact to the Company’s financial statements, as, under prior guidance, we had recognized capital leases which correspond to the right-of-use asset and lease liability described under the new guidance. This standard does not have a significant impact on our liquidity or on our debt covenant compliance under our current agreements. As of January 1, 2019, the Company had $378 finance lease right-of-use assets related to computing equipment and a lease liability for $380 on its Condensed Consolidated Balance Sheet. As of September 30, 2019, the Company had $449 finance lease right-of-use assets related to computing equipment and a lease liability for $559 on its Condensed Consolidated Balance Sheet. The lease agreements include terms to extend the lease, however the Company does not intend to extend its current leases. The weighted average remaining lease term approximates 2.8 years. The right-of-use assets are depreciated and interest expense from the lease liability are recorded on our Condensed Consolidated Statement of Operations. Additionally, as of September 30, 2019 the Company had a commitment for $66 under operating leases related to short term apartment leases, installation equipment and computing equipment which expire during the current year that have not been capitalized due to their short-term nature. Rental expense from these leases is recognized on our Condensed Consolidated Income Statement as incurred. Finance lease costs, including amortization of the right-of-use assets and interest expense, short term lease cost, and related cashflows have not been material as of September 30, 2019. Leases Accounting Policy We determine if an arrangement is a lease at inception. We include finance lease right-of-use assets as part of property and equipment and the lease liability as part of our current portion of long-term debt and long-term debt on our Condensed Consolidated Balance Sheet. Leases considered short-term are not capitalized, given our election not to recognize right-of-use assets and lease liabilities arising from short-term leases, but instead considered operating leases and the resulting rental expense is recognized on our Condensed Consolidated Statement of Operations as incurred. Finance lease right-of-use assets and lease liabilities are recognized based on the present value of the future lease payments over the lease term at commencement date. As most of our leases do not provide an implicit rate, we use our incremental borrowing rate based on the information available at commencement date in determining the present value of future payments. Our lease terms may include options to extend or terminate the lease when it is reasonably certain that we will exercise that option.

Inventories, Net (Tables)

Inventories, Net (Tables)	9 Months Ended
	Sep. 30, 2019
Inventory Disclosure [Abstract]
Schedule of Inventories	September 30, 2019 December 31, 2018 Raw materials $ 44,009 $ 43,744 Work in process 24,390 25,957 Finished goods 5,405 14,251 Stores and spares 7,557 7,437 Packing material 860 540 82,221 91,929 Less: Inventory allowance (81 ) (80 ) $ 82,140 $ 91,849

Revenues, Contract Assets and_2

Revenues, Contract Assets and Contract Liabilities (Tables)	9 Months Ended
	Sep. 30, 2019
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 Nine months ended September 30, September 30, 2019 2018 2019 2018 Fixed price contracts $ 37,352 $ 39,703 $ 126,249 $ 119,733 Product sales 71,118 57,289 203,272 153,388 Total Revenues $ 108,470 $ 96,992 $ 329,521 $ 273,121
Schedule of Geographical Information of Revenue from External Customer	The following table presents geographical information about revenues. Three months ended Nine months ended September 30, September 30, 2019 2018 2019 2018 Colombia $ 13,037 $ 12,138 $ 38,190 $ 49,519 United States 92,848 82,223 284,208 215,068 Panama 668 1,253 2,344 3,110 Other 1,917 1,378 4,779 5,424 Total Revenues $ 108,470 $ 96,992 $ 329,521 $ 273,121
Schedule of Contract Assets and Liabilities	The table below presents the components of net contract assets (liabilities). September 30, 2019 December 31, 2018 Contract assets — current $ 43,384 $ 46,018 Contract assets — non-current 9,104 6,986 Contract liabilities — current (12,750 ) (16,789 ) Contract liabilities — non-current (177 ) (1,436 ) Net contract assets $ 39,561 $ 34,779
Contract Liabilities [Member]
Schedule of Contract Assets and Liabilities	The components of contract liabilities are presented in the table below. September 30, 2019 December 31, 2018 Billings in excess of costs $ 3,358 4,393 Advances from customers on uncompleted contracts 9,569 13,832 Total contract liabilties 12,927 18,225 Less: current portion 12,750 16,789 Contract liabilities – non-current $ 177 1,436
Contract Assets [Member]
Schedule of Contract Assets and Liabilities	The components of contract assets are presented in the table below. September 30, 2019 December 31, 2018 Unbilled contract receivables, gross $ 22,813 $ 21,703 Retainage 29,675 31,301 Total contract assets 52,488 53,004 Less: current portion 43,384 46,018 Contract Assets – non-current $ 9,104 $ 6,986

Intangible Assets (Tables)

Intangible Assets (Tables)	9 Months Ended
	Sep. 30, 2019
Goodwill and Intangible Assets Disclosure [Abstract]
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, 2019 Gross Acc. Net Trade Names $ 980 $ (506 ) $ 474 Notice of Acceptances (NOAs), product designs and other intellectual property 10,778 (6,046 ) 4,732 Non-compete Agreement 165 (85 ) 80 Customer Relationships 4,140 (2,291 ) 1,849 Total $ 16,063 $ (8,928 ) $ 7,135 December 31, 2018 Gross Acc. Net Trade Names $ 980 $ (359 ) $ 621 Notice of Acceptances (NOAs), product designs and other intellectual property 10,881 (5,373 ) 5,508 Non-compete Agreement 165 (60 ) 105 Contract Backlog 3,090 (2,832 ) 258 Customer Relationships 4,140 (1,626 ) 2,514 Total $ 19,256 $ (10,250 ) $ 9,006
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, 2019 is as follows: Year ending (in thousands) 2019 $ 575 2020 2,163 2021 2,131 2022 1,257 2023 823 Thereafter 186 $ 7,135

Debt (Tables)

Debt (Tables)	9 Months Ended
	Sep. 30, 2019
Debt Disclosure [Abstract]
Schedule of Long Term Debt	The Company’s debt is comprised of the following: September 30, 2019 December 31, 2018 Revolving lines of credit $ 13,559 $ 19,146 Finance lease 559 380 Unsecured senior note 210,000 210,000 Other loans 15,758 17,804 Syndicated loan 28,000 - Less: Deferred cost of financing (3,932 ) (5,015 ) Total obligations under borrowing arrangements 263,944 242,315 Less: Current portion of long-term debt and other current borrowings 16,168 21,606 Long-term debt $ 247,776 $ 220,709
Schedule of Maturities of Long Term Debt	Maturities of long-term debt and other current borrowings are as follows as of September 30, 2019: 2020 $ 16,359 2021 5,378 2022 220,340 2023 11,760 2024 10,245 Thereafter 3,793 Total $ 267,875

Hedging Activity and Fair Val_2

Hedging Activity and Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 2019
Fair Value Disclosures [Abstract]
Schedule of Fair Value of Foreign Currency Hedges	The fair value of our foreign currency hedges are classified in the accompanying consolidated balance sheets as of September 30, 2019, are as follows: Derivative Assets Derivative Liabilities September 30, 2019 September 30, 2019 Derivatives designated as hedging instruments under Subtopic 815-20: Balance Sheet Location Fair Balance Sheet Location Fair Value Derivative instruments: Non-Delivery forward and collar contracts Other current assets $ 55 Accrued liabilities $ (1,445 ) Total derivative instruments Total derivative assets $ 55 Total derivative liabilities $ (1,445 )
Schedule of Gains (Losses) on Derivative Financial Instruments	The following table presents the gains (losses) on derivative financial instruments, and their classifications within the accompanying condensed consolidated financial statements, for the three and nine months ended September, 2019: Derivatives in Cash Flow Hedging Relationships Amount of Gain or (Loss) Location of Gain or (Loss) Reclassified from Accumulated Amount of Gain or (Loss) Reclassified from Recognized in OCI (Loss) on OCI (Loss) into Accumulated Derivatives Income OCI (Loss) into Income Three Months Ended Three Months Ended September 30, September 30, September 30, September 30, 2019 2018 2019 2018 Non-delivery Forwards and Collar Contracts $ (1,390 ) $ - General and administrative expense $ (28 ) $ - Derivatives in Cash Flow Hedging Relationships Amount of Gain or (Loss) Location of Gain or (Loss) Reclassified from Accumulated Amount of Gain or (Loss) Reclassified from Recognized in OCI (Loss) on OCI (Loss) into Accumulated Derivatives Income OCI (Loss) into Income Nine Months Ended Nine Months Ended September 30, September 30, September 30, September 30, 2019 2018 2019 2018 Non-delivery Forwards and Collar Contracts $ (1,390 ) $ - General and administrative expense $ (28 ) $ -
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, 2019 December 31, 2018 Fair Value 266,906 234,163 Carrying Value 247,776 220,709

Income Taxes (Tables)

Income Taxes (Tables)	9 Months Ended
	Sep. 30, 2019
Income Tax Disclosure [Abstract]
Schedule of Components of Income Tax Expense (Benefit)	The components of income tax expense are as follows: Three months ended September 30, Nine months ended September 30, 2019 2018 2019 2018 Current income tax United States $ (146 ) $ 528 $ (1,561 ) $ 1,250 Colombia (4,411 ) (3,683 ) (12,169 ) (6,205 ) (4,557 ) (3,155 ) (13,730 ) (4,955 ) Deferred income Tax United States 349 (88 ) 1,475 (1,249 ) Colombia 4,474 982 3,665 17 4,823 894 5,140 (1,232 ) Total income tax benefit (provision) $ 266 $ (2,261 ) $ (8,590 ) $ (6,187 ) Effective tax rate 17 % 27 % 39 % 37 %

Related Parties (Tables)

Related Parties (Tables)	9 Months Ended
	Sep. 30, 2019
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, 2019 2018 2019 2018 Sales to related parties $ 1,729 $ 1,667 $ 5,713 $ 3,804 Fees paid to directors and officers $ 836 $ 833 $ 2,658 $ 2,461 Payments to other related parties $ 964 $ 863 $ 2,797 $ 2,525 September 30, 2019 December 31, 2018 Current Assets: Due from VS $ 5,885 $ 6,229 Due from other related parties 2,503 2,010 $ 8,388 $ 8,239 Liabilities: Due to related parties - current $ 5,099 $ 1,500 Due to related parties - long term $ 617 $ 600
Schedule of Payments to Other Related Parties	Payments to other related parties during three and nine months ended September 30, 2019 and 2018 include the following: Three months ended September 30, Nine months ended September 30, 2019 2018 2019 2018 Charitable contributions $ 354 $ 282 $ 959 $ 849 Sales commissions $ 357 $ 360 $ 1,119 $ 1,037

Shareholders' Equity (Tables)

Shareholders' Equity (Tables)	9 Months Ended
	Sep. 30, 2019
Equity [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 nine months ended September 30, 2019 and 2018: Three months ended September 30, Nine months ended September 30, 2019 2018 2019 2018 Numerator for basic and diluted earnings per shares Net Income (loss) $ (1,319 ) $ 6,152 $ 13,672 $ 12,901 Denominator Denominator for basic earnings per ordinary share - weighted average shares outstanding 45,519,472 40,294,762 43,793,163 39,301,161 Effect of dilutive securities and stock dividend - 593,235 593,235 593,235 Denominator for diluted earnings per ordinary share - weighted average shares outstanding 45,519,472 40,887,997 44,386,398 39,894,396 Basic earnings (loss) per ordinary share $ (0.03 ) $ 0.15 $ 0.31 $ 0.33 Diluted earnings (loss) per ordinary share $ (0.03 ) $ 0.15 $ 0.31 $ 0.32

Basis of Presentation and Sum_3

Basis of Presentation and Summary of Significant Accounting Policies (Details Narrative) - USD ($) $ in Thousands	Sep. 30, 2019	Jan. 02, 2019	Dec. 31, 2018
Significant Accounting Policies [Line Items]
Finance lease right-of-use assets	$ 449
Lease liability	$ 559		$ 380
Finance lease, weighted average remaining lease term	2 years 9 months 18 days
Operating leases liability	$ 66
ASU 2016-02 [Member]
Significant Accounting Policies [Line Items]
Finance lease right-of-use assets		$ 378
Lease liability		$ 380

Long-term Investments (Details

Long-term Investments (Details Narrative) - USD ($) $ in Thousands	May 03, 2019	Jan. 11, 2019	Sep. 30, 2019	Sep. 30, 2018	Apr. 30, 2019
Cash consideration paid for acquisition of minority interest			$ 34,100	$ 6,000
ESMetals [Member]
Equity method investment, ownership percentage					70.00%
Saint-Gobain Joint Venture Agreement [Member] | Vidrio Andino Holdings S.A.S [Member]
Minority ownership interest	25.80%	25.80%
Purchase price for acquiring minority interest		$ 45,000
Cash consideration paid for acquisition of minority interest	$ 34,100	34,100
Recorded investments in relation to acquisition	45,000
Recorded current liabilities in relation to acquisition	$ 10,900
Saint-Gobain Joint Venture Agreement [Member] | Vidrio Andino Holdings S.A.S [Member] | Land [Member]
Recorded current liabilities in relation to acquisition		$ 10,900

Inventories, Net - Schedule of

Inventories, Net - Schedule of Inventories (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Inventory Disclosure [Abstract]
Raw materials	$ 44,009	$ 43,744
Work in process	24,390	25,957
Finished goods	5,405	14,251
Stores and spares	7,557	7,437
Packing material	860	540
Total Inventories	82,221	91,929
Less: Inventory allowance	(81)	(80)
Total inventories, net	$ 82,140	$ 91,849

Revenues, Contract Assets and_3

Revenues, Contract Assets and Contract Liabilities (Details Narrative) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Operating revenues:
Sales related to contract liabilities	$ 162	$ 1,903	$ 4,203	$ 6,381
Remaining performance obligation	$ 269,100		$ 269,100
Performance obligation, percentage	100.00%		100.00%
Performance obligation expected to be satisfied in the first year	$ 92,800		$ 92,800
Performance obligation expected to be satisfied in the second year	136,800		136,800
Performance obligation expected to be satisfied thereafter	$ 39,600		$ 39,600

Revenues, Contract Assets and_4

Revenues, Contract Assets and Contract Liabilities - Schedule of Disaggregation by Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Total Revenues	$ 108,470	$ 96,992	$ 329,521	$ 273,121
Fixed Price Contracts [Member]
Total Revenues	37,352	39,703	126,249	119,733
Product Sales [Member]
Total Revenues	$ 71,118	$ 57,289	$ 203,272	$ 153,388

Revenues, Contract Assets and_5

Revenues, Contract Assets and Contract Liabilities - Schedule of Geographical Information of Revenue from External Customer (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Total Revenues	$ 108,470	$ 96,992	$ 329,521	$ 273,121
Colombia [Member]
Total Revenues	13,037	12,138	38,190	49,519
United States [Member]
Total Revenues	92,848	82,223	284,208	215,068
Panama [Member]
Total Revenues	668	1,253	2,344	3,110
Other [Member]
Total Revenues	$ 1,917	$ 1,378	$ 4,779	$ 5,424

Revenues, Contract Assets and_6

Revenues, Contract Assets and Contract Liabilities - Schedule of Contract Assets and Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Operating revenues:
Contract assets - current	$ 43,384	$ 46,018
Contract assets - non-current	9,104	6,986
Contract liabilities - current	(12,750)	(16,789)
Contract liabilities - non-current	(177)	(1,436)
Net contract assets	$ 39,561	$ 34,779

Revenues, Contract Assets and_7

Revenues, Contract Assets and Contract Liabilities - Schedule of Contract Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Operating revenues:
Unbilled contract receivables, gross	$ 22,813	$ 21,703
Retainage	29,675	31,301
Total contract assets	52,488	53,004
Less: current portion	43,384	46,018
Contract Assets - non-current	$ 9,104	$ 6,986

Revenues, Contract Assets and_8

Revenues, Contract Assets and Contract Liabilities - Schedule of Contract Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Operating revenues:
Billings in excess of costs	$ 3,358	$ 4,393
Advances from customers on uncompleted contracts	9,569	13,832
Total contract liabilities	12,927	18,225
Less: current portion	12,750	16,789
Contract liabilities - non-current	$ 177	$ 1,436

Intangible Assets (Details Narr

Intangible Assets (Details Narrative) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Goodwill and Intangible Assets Disclosure [Abstract]
Weighted average amortization period			5 years 4 months 24 days
Amortization expense	$ 603	$ 956	$ 2,088	$ 2,732

Intangible Assets - Schedule of

Intangible Assets - Schedule of Finite-Lived Intangible Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Income Tax [Line Items]
Intangible assets, Gross	$ 16,063	$ 19,256
Accumulated Amortization	(8,928)	(10,250)
Intangible assets, net	7,135	9,006
Trade Names [Member]
Income Tax [Line Items]
Intangible assets, Gross	980	980
Accumulated Amortization	(506)	(359)
Intangible assets, net	474	621
Notice of Acceptances (NOAs), Product Designs and Other Intellectual Property [Member]
Income Tax [Line Items]
Intangible assets, Gross	10,778	10,881
Accumulated Amortization	(6,046)	(5,373)
Intangible assets, net	4,732	5,508
Non-compete Agreement [Member]
Income Tax [Line Items]
Intangible assets, Gross	165	165
Accumulated Amortization	(85)	(60)
Intangible assets, net	80	105
Customer Relationships [Member]
Income Tax [Line Items]
Intangible assets, Gross	4,140	4,140
Accumulated Amortization	(2,291)	(1,626)
Intangible assets, net	$ 1,849	2,514
Contract Backlog [Member]
Income Tax [Line Items]
Intangible assets, Gross		3,090
Accumulated Amortization		(2,832)
Intangible assets, net		$ 258

Intangible Assets - Schedule _2

Intangible Assets - Schedule of Finite-Lived Intangible Assets, Future Amortization Expense (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Goodwill and Intangible Assets Disclosure [Abstract]
2019	$ 575
2020	2,163
2021	2,131
2022	1,257
2023	823
Thereafter	186
Intangible assets, net	$ 7,135	$ 9,006

Debt (Details Narrative)

Debt (Details Narrative) - USD ($) $ in Thousands	May 02, 2019	Sep. 30, 2019	Dec. 31, 2018
Debt face amount		$ 263,495	$ 242,106
Present value of minimum lease payments		$ 559	380
Loan maturity period		Few weeks to 10 years
Debt, weighted average interest rate		7.35%
Debt Facility [Member] | Banco de Credito del Peru and Banco Sabadell [Member]
Repayments of lines of credit	$ 30,000
Debt instrument term	5 years
Debt Facility [Member] | Banco de Credito del Peru and Banco Sabadell [Member] | London Interbank Offered Rate (LIBOR) [Member]
Interest rate during period	2.95%
Property, Plant and Equipment [Member]
Debt instrument, collateral amount		$ 7,140	$ 5,037

Debt - Schedule of Long Term De

Debt - Schedule of Long Term Debt (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Debt Disclosure [Abstract]
Revolving lines of credit	$ 13,559	$ 19,146
Finance lease	559	380
Unsecured senior note	210,000	210,000
Other loans	15,758	17,804
Syndicated loan	28,000
Less: Deferred cost of financing	(3,932)	(5,015)
Total obligations under borrowing arrangements	263,944	242,315
Less: Current portion of long-term debt and other current borrowings	16,168	21,606
Long-term debt	$ 247,776	$ 220,709

Debt - Schedule of Maturities o

Debt - Schedule of Maturities of Long Term Debt (Details) $ in Thousands	Sep. 30, 2019USD ($)
Debt Disclosure [Abstract]
2020	$ 16,359
2021	5,378
2022	220,340
2023	11,760
2024	10,245
Thereafter	3,793
Total	$ 267,875

Hedging Activity and Fair Val_3

Hedging Activity and Fair Value Measurements (Details Narrative) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2019	Dec. 31, 2018
Accumulated other comprehensive income (loss), net of tax	$ (46,767)	$ (37,058)
Loss on foreign currency fair value hedge derivatives	1,390
Derivatives used in net investment hedge, tax (benefit)	449
Accumulated Other Comprehensive Loss [Member] | With in Next Eleven Months [Member]
Reclassified earnings, expected	1,390
Non-Delivery Forward and Collar Contracts [Member]
Foreign currency fair value hedge liability at fair value	$ 1,390
Foreign currency fair value hedge activities, description	We had 20 outstanding forward and collar contracts to exchange 44 million U.S. Dollars to Colombian Pesos through August 2020.
Accumulated other comprehensive income (loss), net of tax	$ 941

Hedging Activity and Fair Val_4

Hedging Activity and Fair Value Measurements - Schedule of Fair Value of Foreign Currency Hedges (Details) - Non-Delivery Forward and Collar Contracts [Member] $ in Thousands	Sep. 30, 2019USD ($)
Total derivative assets	$ 55
Total derivative liabilities	(1,445)
Other Current Assets [Member]
Total derivative assets	55
Accrued Liabilities [Member]
Total derivative liabilities	$ (1,445)

Hedging Activity and Fair Val_5

Hedging Activity and Fair Value Measurements - Schedule of Gains (Losses) on Derivative Financial Instruments (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
General and Administrative Expense [Member]
Amount of gain or (loss) reclassified from accumulated OCI (loss) into income	$ (28)		$ (28)
Non-Delivery Forward and Collar Contracts [Member]
Amount of gain or (loss) recognized in OCI (loss) on derivatives	$ (1,390)		$ (1,390)

Hedging Activity and Fair Val_6

Hedging Activity and Fair Value Measurements - Summary of Fair Value and Carrying Amounts of Long Term Debt (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Carrying Value	$ 263,944	$ 242,315
Fair Value, Inputs, Level 2 [Member]
Fair Value	266,906	234,163
Carrying Value	$ 247,776	$ 220,709

Income Taxes (Details Narrative

Income Taxes (Details Narrative)	Dec. 28, 2018	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Effective income tax rate reconciliation, percent		17.00%	27.00%	39.00%	37.00%
State and federal income tax rate				26.50%
Weighted average statutory income tax rate				33.00%
Income tax rate differentiation, description				The Company's effective income tax rate of 17% for the quarter ended September 30, 2019 differs from the weighted average statutory rate primarily as a result of a 17.3% point decrease related to permanent differences, a 10.8% decrease related to non-deductible expense, partially offset by unrealized foreign currency transaction losses which contribute to an increase of 12.1% points in the reconciliation of effective income tax rate to statutory rate. No additional individual items contributed more than 5% points in the reconciliation of effective income tax rate to statutory tax rates during any of the periods presented.
Tax Year 2019 [Member]
Effective income tax rate reconciliation, percent	33.00%
Tax Year 2020 [Member]
Effective income tax rate reconciliation, percent	32.00%
Tax Year 2021 [Member]
Effective income tax rate reconciliation, percent	31.00%
Tax Year 2022 [Member]
Effective income tax rate reconciliation, percent	30.00%
Tax Year 2018 [Member]
Effective income tax rate reconciliation, percent	37.00%

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, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Income Tax Disclosure [Abstract]
Current income tax, United States	$ (146)	$ 528	$ (1,561)	$ 1,250
Current income tax, Colombia	(4,411)	(3,683)	(12,169)	(6,205)
Total current income tax	(4,557)	(3,155)	(13,730)	(4,955)
Deferred income Tax, United States	349	(88)	1,475	(1,249)
Deferred income Tax, Colombia	4,474	982	3,665	17
Total deferred income tax	4,823	894	5,140	(1,232)
Total income tax (provision) benefit	$ 266	$ (2,261)	$ (8,590)	$ (6,187)
Effective tax rate	17.00%	27.00%	39.00%	37.00%

Related Parties (Details Narrat

Related Parties (Details Narrative) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2018
Debt instrument maturity			Few weeks to 10 years
Due to related party	$ 617		$ 617		$ 600
Sales revenue from related party	1,729	$ 1,667	5,713	$ 3,804
Ventana Solar S.A. [Member]
Sales revenue from related party	631	$ 853	1,156	$ 2,067
Former Owner [Member]
Due to related party	$ 8,500		$ 8,500
CEO, COO and Other Related Parties [Member]
Equity percentage	100.00%		100.00%
GM&P [Member]
Debt instrument maturity			2022

Related Parties - Schedule of R

Related Parties - Schedule of Related Parties (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2018
Related Party Transactions [Abstract]
Sales to related parties	$ 1,729	$ 1,667	$ 5,713	$ 3,804
Fees paid to directors and officers	836	833	2,658	2,461
Payments to other related parties	964	$ 863	2,797	$ 2,525
Due from VS	5,885		5,885		$ 6,229
Due from other related parties	2,503		2,503		2,010
Due from related parties, current	8,388		8,388		8,239
Due to related parties - current	5,099		5,099		1,500
Due to related parties - long term	$ 617		$ 617		$ 600

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, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Charitable Contributions [Member]
Payment to other related parties	$ 354	$ 282	$ 959	$ 849
Sales Commissions [Member]
Payment to other related parties	$ 357	$ 360	$ 1,119	$ 1,037

Shareholders' Equity (Details N

Shareholders' Equity (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands	Apr. 03, 2019	Mar. 25, 2019	May 11, 2017	Sep. 30, 2019	Nov. 05, 2019	Nov. 01, 2016
Dividends paid to shareholders shares				1,875,053
Effect of dilutive securities				593,235
Follow-on Equity Offering [Member]
Sale of stock, number of shares Issued in Transaction		5,000,000
Sale of stock, price per share		$ 7
Proceeds from offering		$ 33,050
Follow-on Equity Offering [Member] | Underwriters [Member]
Number of options to purchase additional ordinary shares		750,000
Number of options exercises in period	551,423
Capital [Member]
Dividends paid to shareholders value				$ 14,169
Cash [Member]
Dividends paid to shareholders value				$ 2,170
Quarterly Rate [Member]
Dividends payable, amount per share			$ 0.14			$ 0.125
Dividends price percentage			12.00%
Quarterly Rate [Member] | Subsequent Event [Member]
Dividends payable, amount per share					$ 0.14

Shareholders' Equity - Schedule

Shareholders' Equity - Schedule of Earnings Per Share, Basic and Diluted (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Sep. 30, 2019	Sep. 30, 2018
Equity [Abstract]
Net Income (loss)	$ (1,319)	$ 7,660	$ 7,331	$ 6,152	$ (3,870)	$ 10,619	$ 13,672	$ 12,901
Denominator for basic earnings per ordinary share - weighted average shares outstanding	45,519,472			40,294,762			43,793,163	39,301,161
Effect of dilutive securities and stock dividend				593,235			593,235	593,235
Denominator for diluted earnings per ordinary share - weighted average shares outstanding	45,519,472			40,887,997			44,386,398	39,894,396
Basic earnings (loss) per ordinary share	$ (0.03)			$ 0.15			$ 0.31	$ 0.33
Diluted earnings (loss) per ordinary share	$ (0.03)			$ 0.15			$ 0.31	$ 0.32

Commitments and Contingencies (

Commitments and Contingencies (Details Narrative) $ in Thousands	9 Months Ended
	Sep. 30, 2019USD ($)
Commitments and Contingencies Disclosure [Abstract]
Purchase of aggregate raw material	$ 21,795