Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2013

Fair Value Disclosures [Abstract]

Summary of Estimated Fair Values of Financial Assets and Liabilities Measured on a Recurring Basis

The table below summarizes the estimated fair values, which approximate their carrying value, of the Company’s financial assets and liabilities measured on a recurring basis as of December 31, 2013 and 2012:

Fair Value Measurements

	December 31, 2013				December 31, 2012
	Total		Quoted Prices in Active Markets for Identical Assets (Level 1)		Total		Quoted Prices in Active Markets for Identical Assets (Level 1)
Financial Liabilities:
Deferred compensation	$	1,638,334	$	1,638,334	$	1,471,091	$	1,471,091

Fair Value of Goodwill Measured On Non-Recurring Basis

The following table presents the fair value of goodwill, which is the most significant component of the assets held for sale, measured on a non-recurring basis for the Company’s clinical trial services reporting unit included in assets held for sale as of December 31, 2012:

Fair Value Measurements

	December 31, 2013		December 31, 2012
(Level 3)
MDA trade names	$	28,836,000	n/a
Clinical trial services segment goodwill	n/a		$	28,175,722

Carrying Amounts and Estimated Fair Values of Significant Financial Instrument that were not Measured at Fair Value

The following table represents the carrying amounts and estimated fair values of the Company’s significant financial instruments that were not measured at fair value:

	December 31, 2013				December 31, 2012
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
(Level 2)
Financial Assets:
Escrow Receivable	$	3,750,000	$	3,700,373	$	—	$	—
Financial Liabilities:
Term loan and revolver credit facility	$	—	$	—	$	33,125,000	$	32,654,213
Asset-based revolving credit facility (a)	$	8,400,000	$	8,400,000	$	—	$	—

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(a) Carrying value of the asset-based revolving credit facility approximates estimated fair value based on the short-term nature and the pricing at varying interest rates.