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Investment in Quest Resource Management Group, LLC (Tables)

12 Months Ended

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

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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.

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Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 805

-SubTopic 20

-Section 50

-Paragraph 1

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