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Investment in Quest Resource Management Group, LLC (Tables) | 12 Months Ended
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Dec. 31, 2013
Equity Method Investments And Joint Ventures [Abstract] |
Total Purchase Price for Quest | The following total purchase price for Quest as follows:
Consideration paid for Quest Interest |  | $ | 77,000,000 |
Non-controlling interest in the acquiree at the acquisition date fair value |  |  | 27,050,000 |
Total Consideration |  | $ | 104,050,000 |
Net Assets and Liabilities Acquired | The acquisition accounting for the acquired Quest Interests and the step up basis of the previously owned 50% interest resulted in assets, liabilities, intangibles and goodwill totaling $77,200,000 as follows:
Net assets and liabilities |  | $ | 1,214,804 |
Customer relationships |  |  | 12,720,000 |
Trademarks |  |  | 6,230,000 |
Goodwill |  |  | 57,035,196 |
|  | $ | 77,200,000 |
Summary of Financial Condition and Operating Results of Quest | The financial condition and operating results of Quest for the relevant periods are presented below:
|  | Years ended December 31, |
|  | 2013 |  |  | 2012 |
Condensed operating statement information: |  |  |  |  |  |  |  |
Net sales |  | $ | 135,211,874 |  |  | $ | 130,621,675 |
Gross profit |  |  | 10,436,628 |  |  |  | 12,934,339 |
Income (loss) from operations |  |  | (3,684,856 | ) |  |  | 4,005,383 |
Net income (loss) |  |  | (3,788,086 | ) |  |  | 3,929,080 |
Reported as part of the Quest operations for the relevant periods |  |  |  |  |  |  |  |
Equity in Quest Resource Management Group, LLC income |  |  |  |  |  |  |  |
50% ownership interest |  | $ | 667,316 |  |  | $ | 1,964,540 |
Consolidated amounts subsequent to July 16, 2013 |  |  |  |  |  |  |  |
100% ownership interest |  |  |  |  |  |  |  |
Net sales |  | $ | 66,335,172 |  |  | $ | — |
Gross margin |  |  | 4,082,526 |  |  |  | — |
Income (loss) from operations |  |  | (5,075,480 | ) |  |  | — |
Net income (loss) |  |  | (5,126,033 | ) |  |  | — |
The balance sheet of Quest as of December 31, 2012 is present below:
|  | December 31, 2012 |
Condensed balance sheet information: |  |  |  |
Current assets |  | $ | 20,718,638 |
Long-term assets |  |  | 2,118,295 |
Total assets |  | $ | 22,836,933 |
Current liabilities |  | $ | 17,925,175 |
Long-term liabilities |  |  | — |
Equity |  |  | 4,911,758 |
Total liabilities and members’ equity |  | $ | 22,836,933 |

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- Definition Tabular disclosure of equity method investments including, but not limited to, name of each investee or group of investments, percentage ownership, difference between recorded amount of an investment and the value of the underlying equity in the net assets, and summarized financial information. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6382943&loc=d3e33918-111571 + Details
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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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