Acquisitions

12 Months Ended

Dec. 31, 2014

Business Combinations [Abstract]

Acquisitions

Note 10 - Acquisitions

On November 5, 2014 the Company purchased certain assets from Polar Technologies, LLC related to its refrigerant reclamation business and facilities in Nashville, Tennessee; Ontario, California, and San Juan, Puerto Rico; hiring approximately 32 Polar employees associated with the business. The purchase price for this acquisition was $8,035,000. A portion of the purchase price is to be paid in the future pursuant to the agreement. The valuation of the assets acquired is preliminary and subject to change as the purchase price allocation is finalized. The preliminary asset allocation reflected in these financial statements is approximately $5,435,000 of tangible assets, approximately $2,335,000 of intangible assets, and approximately $265,000 of goodwill. The intangible assets will be amortized over a period of 2 to 10 years. The goodwill recognized as part of the acquisition, will be deductible for tax purposes.

The Company expensed approximately $163,000 of professional fees associated with the acquisition for the year ended December 31, 2014, which is classified in selling, general and administrative expenses.

The results of the “Polar” operations are included in the Company’s consolidated statement of operations from the date of acquisition, and are not material to the Company’s financial position or results of operations.

Pro Forma Information

Pro forma revenues and results of operations as if Polar Technologies had been acquired on January 1, 2013 are not presented, as the acquisition is not material to our financial position or our results of operations.