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Acquisitions, Goodwill and Other Intangible Assets (Tables) | 6 Months Ended
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Jun. 30, 2014
Consideration Transferred | The total consideration transferred follows:
Cash consideration |  | $ | 21,235,937 |
Value of common stock issued |  |  | 4,000,000 |
Estimated fair value of contingent consideration |  |  | 1,400,000 |
Total consideration transferred |  | $ | 26,635,937 |
Components and Allocation of Purchase Price | The components and allocation of the purchase price consists of the following approximate amounts:
Accounts receivable |  | $ | 1,646,746 |
Inventory |  |  | 1,053,959 |
Other current assets |  |  | 59,081 |
Fixed assets |  |  | 353,505 |
Customer relationships |  |  | 6,400,000 |
Developed technology |  |  | 2,000,000 |
In process research and development (“IPR&D”) |  |  | 1,600,000 |
Trademark and trade name |  |  | 700,000 |
Accounts payable and other liabilities assumed |  |  | (357,399 | )
Goodwill |  |  | 13,180,045 |
Net assets acquired |  | $ | 26,635,937 |
Unaudited Supplemental Pro Forma Information | The following table presents unaudited supplemental pro forma information as if the Refine Acquisition had occurred as of January 1, 2013.
|  | Three Months ended June 30, |  |  | Six Months ended June 30, |
|  | (in thousands, except per share amounts) |  |  | (in thousands, except per share amounts) |
|  | 2014 |  |  | 2013 |  |  | 2014 |  |  | 2013 |
Total revenue |  | $ | 17,707 |  |  | $ | 19,047 |  |  | $ | 35,659 |  |  | $ | 37,343 |
Net income |  |  | 3,818 |  |  |  | 4,394 |  |  |  | 7,996 |  |  |  | 6,373 |
Earnings per share: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Basic |  | $ | 0.12 |  |  | $ | 0.14 |  |  | $ | 0.25 |  |  | $ | 0.20 |
Diluted |  | $ | 0.12 |  |  | $ | 0.14 |  |  | $ | 0.24 |  |  | $ | 0.20 |
Other Intangible Assets - Finite-Lived | Other intangible assets consisted of the following at June 30, 2014:
|  | Gross Carrying Amount |  |  | Accumulated Amortization |  |  | Weighted Average Useful Life (in years) |
Technology – developed |  | $ | 3,428,573 |  |  | $ | (629,007 | ) |  |  | 12 |
In process research and development |  | $ | 1,600,000 |  |  |  | — |  |  |  | — |
Patents |  |  | 240,000 |  |  |  | (132,500 | ) |  |  | 8 |
Customer relationships |  |  | 13,047,732 |  |  |  | (2,135,034 | ) |  |  | 9 |
Trademark / tradename |  |  | 700,000 |  |  |  | — |  |  |  | — |
Total other intangible assets |  | $ | 19,016,305 |  |  | $ | (2,896,541 | ) |  |  | 10 |
Other intangible assets consisted of the following at December 31, 2013:
|  | Gross Carrying Amount |  |  | Accumulated Amortization |  |  | Weighted Average Useful Life (in years) |
Technology – developed |  | $ | 1,455,382 |  |  | $ | (537,589 | ) |  |  | 8 |
Patents |  |  | 240,000 |  |  |  | (117,500 | ) |  |  | 8 |
Customer relationships |  |  | 6,897,052 |  |  |  | (1,749,713 | ) |  |  | 8 |
Total other intangible assets |  | $ | 8,592,434 |  |  | $ | (2,404,802 | ) |  |  | 8 |
Other Intangible Assets - Indefinite-Lived | Other intangible assets consisted of the following at June 30, 2014:
|  | Gross Carrying Amount |  |  | Accumulated Amortization |  |  | Weighted Average Useful Life (in years) |
Technology – developed |  | $ | 3,428,573 |  |  | $ | (629,007 | ) |  |  | 12 |
In process research and development |  | $ | 1,600,000 |  |  |  | — |  |  |  | — |
Patents |  |  | 240,000 |  |  |  | (132,500 | ) |  |  | 8 |
Customer relationships |  |  | 13,047,732 |  |  |  | (2,135,034 | ) |  |  | 9 |
Trademark / tradename |  |  | 700,000 |  |  |  | — |  |  |  | — |
Total other intangible assets |  | $ | 19,016,305 |  |  | $ | (2,896,541 | ) |  |  | 10 |
Other intangible assets consisted of the following at December 31, 2013:
|  | Gross Carrying Amount |  |  | Accumulated Amortization |  |  | Weighted Average Useful Life (in years) |
Technology – developed |  | $ | 1,455,382 |  |  | $ | (537,589 | ) |  |  | 8 |
Patents |  |  | 240,000 |  |  |  | (117,500 | ) |  |  | 8 |
Customer relationships |  |  | 6,897,052 |  |  |  | (1,749,713 | ) |  |  | 8 |
Total other intangible assets |  | $ | 8,592,434 |  |  | $ | (2,404,802 | ) |  |  | 8 |

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- Definition Tabular disclosure of the amounts recognized as of the acquisition date for each major class of assets acquired and liabilities assumed. May include but not limited to the following: (a) acquired receivables; (b) contingencies recognized at the acquisition date; and (c) the fair value of noncontrolling interests in the acquiree. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6910749&loc=d3e4845-128472 + Details
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