XML 72 R20.htm IDEA: XBRL DOCUMENT
v2.4.0.8

Acquisitions, Goodwill and Other Intangible Assets (Tables) | 9 Months Ended
--- | ---
Sep. 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 |  |  | 1,370,000 |
Total consideration transferred |  | $ | 26,605,937 |
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 |  |  | 13,150,045 |
Net assets acquired |  | $ | 26,605,937 |
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 September 30, |  |  | Nine Months ended September 30, |
|  | (in thousands, except per share amounts) |  |  | (in thousands, except per share amounts) |
|  | 2014 |  |  | 2013 |  |  | 2014 |  |  | 2013 |
Total revenue |  | $ | 15,278 |  |  | $ | 20,519 |  |  | $ | 50,937 |  |  | $ | 57,862 |
Net income |  |  | 1,848 |  |  |  | 6,162 |  |  |  | 9,890 |  |  |  | 12,194 |
Earnings per share: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Basic |  | $ | 0.04 |  |  | $ | 0.20 |  |  | $ | 0.29 |  |  | $ | 0.44 |
Diluted |  | $ | 0.04 |  |  | $ | 0.20 |  |  | $ | 0.28 |  |  | $ | 0.43 |
Other Intangible Assets - Finite-Lived | Other intangible assets consisted of the following at September 30, 2014:
|  | Gross Carrying Amount |  |  | Accumulated Amortization |  |  | Weighted Average Useful Life (in years) |
Technology – developed |  | $ | 3,380,773 |  |  | $ | (690,105 | ) |  |  | 12 |
In process research and development |  |  | 1,600,000 |  |  |  | — |  |  |  | — |
Patents |  |  | 240,000 |  |  |  | (140,000 | ) |  |  | 8 |
Customer relationships |  |  | 12,603,192 |  |  |  | (2,345,810 | ) |  |  | 9 |
Trademark / tradename |  |  | 700,000 |  |  |  | — |  |  |  | — |
Total other intangible assets |  | $ | 18,523,965 |  |  | $ | (3,175,915 | ) |  |  | 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 September 30, 2014:
|  | Gross Carrying Amount |  |  | Accumulated Amortization |  |  | Weighted Average Useful Life (in years) |
Technology – developed |  | $ | 3,380,773 |  |  | $ | (690,105 | ) |  |  | 12 |
In process research and development |  |  | 1,600,000 |  |  |  | — |  |  |  | — |
Patents |  |  | 240,000 |  |  |  | (140,000 | ) |  |  | 8 |
Customer relationships |  |  | 12,603,192 |  |  |  | (2,345,810 | ) |  |  | 9 |
Trademark / tradename |  |  | 700,000 |  |  |  | — |  |  |  | — |
Total other intangible assets |  | $ | 18,523,965 |  |  | $ | (3,175,915 | ) |  |  | 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 |

X
- Definition Tabular disclosure of pro forma results of operations for a material business acquisition or series of individually immaterial business acquisitions that are material in the aggregate. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(2)-(3) -URI http://asc.fasb.org/extlink&oid=25497992&loc=d3e1392-128463 + Details
Name: | us-gaap_BusinessAcquisitionProFormaInformationTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of a material business combination completed during the period, including background, timing, and recognized assets and liabilities. This table does not include leveraged buyouts. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=25497992&loc=d3e1392-128463 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=25497992&loc=d3e1486-128463 + Details
Name: | us-gaap_ScheduleOfBusinessAcquisitionsByAcquisitionTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of assets, excluding financial assets and goodwill, lacking physical substance with a finite life, by either major class or business segment. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 30 -Section 50 -Paragraph 1 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=26713463&loc=d3e16265-109275 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 30 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=26713463&loc=d3e16323-109275 + Details
Name: | us-gaap_ScheduleOfFiniteLivedIntangibleAssetsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of assets, excluding financial assets and goodwill, lacking physical substance and exist in perpetuity, by either major class or business segment. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 30 -Section 50 -Paragraph 2 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=26713463&loc=d3e16323-109275 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 30 -Section 50 -Paragraph 3 -Subparagraph (b),(d) -URI http://asc.fasb.org/extlink&oid=26713463&loc=d3e16373-109275 + Details
Name: | us-gaap_ScheduleOfIndefiniteLivedIntangibleAssetsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- 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=39739317&loc=d3e4845-128472 + Details
Name: | us-gaap_ScheduleOfRecognizedIdentifiedAssetsAcquiredAndLiabilitiesAssumedTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration