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Investment in Quest Resource Management Group, LLC (Tables)

6 Months Ended

Jun. 30, 2014

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 Interests		$	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 purchase price allocation as of July 16, 2013 for the assets, liabilities, intangibles, and goodwill totaling $104,050,000 was as follows:

Net assets and liabilities		$	1,214,804
Customer relationships			12,720,000
Trademarks			6,230,000
Goodwill			83,885,196
		$	104,050,000

Summary of Financial Condition and Operating Results of Quest

The financial condition and operating results of Quest for the relevant periods are presented below:

		Three Months ended June 30,								Six Months ended June 30,
		2014				2013				2014				2013
		(Unaudited)				(Unaudited)				(Unaudited)				(Unaudited)
Condensed operating statement information:
Net sales		$	42,326,342			$	32,253,788			$	80,298,981			$	62,904,852
Gross profit			3,320,873				2,572,054				6,465,796				5,869,408
Income (loss) from operations			(89,557	)			298,232				(68,195	)			1,373,280
Net income (loss)			(139,405	)			206,310				(161,691	)			1,157,902

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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.

+ References

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

-Publisher FASB

-Name Accounting Standards Codification

-Topic 805

-SubTopic 20

-Section 50

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