Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2015

Fair Value Disclosures [Abstract]

Fair Value Hierarchy of Assets and Liabilities Measured at Fair Value on Recurring Basis

The following table presents the placement in the fair value hierarchy of the Company’s assets and liabilities measured at fair value on a recurring basis:

	June 30, 2015
	Level 1		Level 2		Level 3		Total
LIABILITIES:
Contingent consideration	$	-	$	-	$	747,000	$	747,000
Commodity swap contracts	$	-	$	320,190	$	-	$	320,190
	December 31, 2014
	Level 1		Level 2		Level 3		Total
LIABILITIES:
Contingent consideration	$	-	$	-	$	747,000	$	747,000
Commodity swap contracts	$	-	$	3,023,271	$	-	$	3,023,271

Reconciliation of Beginning and Ending Balances of Contingent Consideration Liability Categorized Under Level 3 of Fair Value

The following table reconciles the beginning and ending balances of the contingent consideration liability categorized under level 3 of the fair value hierarchy.

Fair Value Measurements Using Significant Unobservable Inputs (Level 3)

	Contingent
	Consideration Liability
Opening balance December 31, 2014	$	747,000
Transfers into level 3		-
Transfers out of level 3		-
Total (gains) losses for period:
Included in net income		-
Included in other comprehensive income		-
Purchases		-
Sales		-
Settlements		-
Issuances		-
Closing balance June 30, 2015	$	747,000

Quantitative Information about Level 3 Fair Value Measures

The following table summarizes quantitative information used in determining the fair value of the Company’s liabilities categorized in level 3 of the fair value hierarchy.

Quantitative Information about Level 3 Fair Value Measures

	Fair Value at		Valuation
	June 30, 2015		Techniques	Unobservable Input	Range
Contingent Consideration	$	747,000	Monte Carlo analysis	Forecasted annual EBITDA	$0.5 - $0.7 million
				Weighted avg cost of capital	14.0% - 14.0%
				U.S. Treasury yields	0.2% - 0.8%
			Discounted cash flow	U.S. Treasury yields	0.2% - 0.8%
				Credit spread	2.2% - 2.8%