Acquisitions, Goodwill and Other Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2014

The total consideration transferred follows:


Cash consideration, less $66,277 of working capital adjustments reflected in other receivables as of December 31, 2014	$	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

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


Accounts receivable	$	1,646,746
Inventory		1,090,736
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		(357,399	)
Goodwill		13,190,835

Net assets acquired	$	26,539,660

The following table presents unaudited supplemental pro forma information as if the Refine Acquisition had occurred as of January 1, 2013.

The changes in the carrying value of goodwill for the year ended December 31, 2014 is as follows:


Balance at December 31, 2013	$	994,000
Goodwill arising from business combination		13,190,835

Balance at December 31, 2014	$	14,184,835