XML 55 R40.htm IDEA: XBRL DOCUMENT v2.4.1.9
ACQUISITIONS (Tables)
 12 Months Ended
Dec. 31, 2014
Omega Refining  
Business Acquisition [Line Items]  
Schedule of Fair Values at Purchase Date
The following information summarizes the allocation of the fair values assigned to the assets at the purchase date:
Cash and cash equivalents
 
$
406,000

Accounts receivable
 
950,000

Inventory
 
4,192,000

Prepaid expenses
 
71,000

Property, plant and equipment
 
30,000,000

Deposits
 
400,000

Bango secured note issued by vertex
 
8,308,000

Technology
 
2,287,000

Non-compete agreements
 
66,000

Total identifiable net assets
 
$
46,680,000

Less liabilities assumed, including contingent consideration
 
(7,670,000
)
Gain on purchase
 
(6,574,000
)
Total purchase price
 
$
32,436,000
Schedule of the Cost of Intangible Assets related to acquisitions
The following table summarizes the cost of amortizable intangible assets related to the Omega acquisition: 

 
 
Estimated Cost
 
Useful life
(years)
Non-competes
 
$
66,000

 
1
Technology
 
2,287,000

 
15
Total
 
$
2,353,000

 
 
Schedule of Unaudited Pro-Forma Consolidated Results of Operations
The following schedule contains pro-forma consolidated results of operations for the years ended December 31, 2014 and 2013 as if the acquisition occurred on January 1, 2013. The pro forma results of operations are presented for informational purposes only and are not indicative of the results of operations that would have been achieved if the acquisition had taken place on January 1, 2013, or of results that may occur in the future (amounts in thousands other than earnings per share):

 
 
Twelve Months Ended December
 
 
 
 
2014
 
2013
 
 
As Reported
 
Pro Forma
 
As Reported
 
Pro Forma
Revenue
 
$
258,904,867

 
$
297,530,020

 
$
161,967,252

 
$
301,996,638

Income (loss) from operations
 
(10,494,621
)
 
(9,690,082
)
 
7,051,203

 
4,629,228

Net income (loss)
 
(5,871,642
)
 
(5,264,085
)
 
8,311,432

 
1,264,292

Net income (loss) attributable to non-controlling interests
 
325,399

 
325,399

 
(431,962
)
 
(431,962
)
Net income (loss) attributable to Vertex Energy, Inc.
 
$
(5,546,243
)
 
$
(4,938,686
)
 
$
7,879,470

 
$
832,330

Earnings (loss) per common share-Basic
 
$
(0.23
)
 
$
(0.21
)
 
$
0.44

 
$
0.05

Earnings (loss) per common share-Diluted
 
$
(0.23
)
 
$
(0.21
)
 
$
0.39

 
$
0.04
Heartland Group Holdings, LLC  
Business Acquisition [Line Items]  
Schedule of Fair Values at Purchase Date
The following information summarizes the allocation of the fair values assigned to the assets at the purchase date:
Inventory
 
$
2,248,000

Property, plant and equipment
 
7,543,000

Customer relationships
 
352,000

Vendor relationships
 
1,876,000

Tradename
 
363,000

Total identifiable net assets
 
$
12,382,000

Gain on purchase
 
(375,000
)
Total purchase price
 
$
12,007,000
Schedule of the Cost of Intangible Assets related to acquisitions
The following table summarizes the cost of amortizable intangible assets related to the Heartland acquisition: 

 
 
Estimated Cost
 
Useful life
(years)
Customer relations
 
$
352,000

 
9
Vendor relationships
 
1,876,000

 
10
Tradename
 
363,000

 
15
Total
 
$
2,591,000

 
 
Schedule of Unaudited Pro-Forma Consolidated Results of Operations
The pro forma results of operations are presented for informational purposes only and are not indicative of the results of operations that would have been achieved if the acquisition had taken place on January 1, 2013 or of results that may occur in the future (amounts in thousands other than earnings per share):

 
 
Twelve Months Ended December
 
 
 
 
2014
 
2013
 
 
As Reported
 
Pro Forma
 
As Reported
 
Pro Forma
Revenue
 
$
258,904,867

 
$
285,631,001

 
$
161,967,252

 
$
193,815,354

Income (loss) from operations
 
(10,494,621
)
 
(15,221,616
)
 
7,051,203

 
2,067,549

Net income (loss)
 
(5,871,642
)
 
(10,844,700
)
 
8,311,432

 
906,710

Net income (loss) attributable to non-controlling interests
 
325,399

 
325,399

 
(431,962
)
 
(431,962
)
Net income (loss) attributable to Vertex Energy, Inc.
 
$
(5,546,243
)
 
$
(10,519,301
)
 
$
7,879,470

 
$
474,748

Earnings (loss) per common share-Basic
 
$
(0.23
)
 
$
(0.44
)
 
$
0.44

 
$
0.02

Earnings (loss) per common share-Diluted
 
$
(0.23
)
 
$
(0.44
)
 
$
0.39

 
$
0.02