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Acquisitions, Goodwill and Other Intangible Assets (Tables)

6 Months Ended

Jun. 30, 2015

Consideration Transferred

The total consideration transferred follows:

Cash consideration,		$	21,169,660
Value of common stock issued			4,000,000
Estimated fair value of contingent consideration			1,370,000
Total consideration transferred		$	26,539,660

Components and Allocation of Purchase Price

The components and allocation of the purchase price consists of the following amounts:

Accounts receivable		$	1,646,746
Inventory			1,003,422
Other current assets			184,080
Fixed assets			84,662
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			(431,307	)
Goodwill			13,352,057
Net assets acquired		$	26,539,660

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, 2014.

		Three Months ended June 30,								Six Months ended June 30,
		(in thousands)								(in thousands)
		2015				2014				2015				2014
Total revenue		$	21,457			$	17,707			$	42,274			$	35,659

Other Intangible Assets - Finite-Lived

Other intangible assets consisted of the following at June 30, 2015:

		Gross Carrying Amount				Accumulated Amortization				Weighted Average Useful Life (in years)
Technology – developed		$	3,301,656			$	(883,188	)			12
In process research and development			1,600,000				—				—
Patents			240,000				(162,500	)			8
Customer relationships			11,867,405				(3,069,210	)			9
Trademark/ tradename			700,000				—				—
Total other intangible assets		$	17,709,061			$	(4,114,898	)			10

Other intangible assets consisted of the following at December 31, 2014:

		Gross Carrying Amount				Accumulated Amortization				Weighted Average Useful Life (in years)
Technology – developed		$	3,337,658			$	(750,066	)			12
In process research and development			1,600,000				—				—
Patents			240,000				(147,500	)			8
Customer relationships			12,202,219				(2,546,004	)			9
Trademark/ tradename			700,000				—				—
Total other intangible assets		$	18,079,877			$	(3,443,570	)			10

Schedule of Amortization Expense for Amortized Intangible Assets

In each of the next five years, the Company expects to record amortization expense of:

Years Ending		Amortization Expense
December 31, 2015 (six months remaining)		$	845,000
December 31, 2016			1,707,000
December 31, 2017			1,707,000
December 31, 2018			1,543,000
December 31, 2019			1,528,000
December 31, 2020			1,204,000

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