General form of registration statement for all companies including face-amount certificate companies

FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)

v3.2.0.727
FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)
3 Months Ended 12 Months Ended
Mar. 31, 2015
Dec. 31, 2014
Fair Value Disclosures [Abstract]    
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block]
The following table summarizes the Company’s financial instruments that are not measured at fair value on a recurring basis by a fair value hierarchy as of March 31, 2015 and December 31, 2014:
 
 
 
Carrying Value at
 
Fair Value as of March 31, 2015, using,
 
 
 
March 31, 2015
 
Level 1
 
Level 2
 
Level 3
 
Total
 
Financial Assets
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash
 
$
1,185,943
 
$
1,185,943
 
$
-
 
$
-
 
$
1,185,943
 
Financial Liabilities
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Borrowings under line of credit
 
 
3,000,000
 
 
-
 
 
3,000,000
 
 
-
 
 
3,000,000
 
Notes payable - Other(1)
 
 
389,998
 
 
-
 
 
-
 
 
388,729
 
 
388,729
 
 
 
 
Carrying Value at
 
Fair Value as of December 31, 2014, using,
 
 
 
December 31, 2014
 
Level 1
 
Level 2
 
Level 3
 
Total
 
Financial Assets
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash
 
$
1,048,660
 
$
1,048,660
 
$
-
 
$
-
 
$
1,048,660
 
Financial Liabilities
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Borrowings under line of credit
 
 
1,215,000
 
 
-
 
 
1,215,000
 
 
-
 
 
1,215,000
 
Notes payable - Other(1)
 
 
645,180
 
 
-
 
 
-
 
 
644,974
 
 
644,974
 
 
 
(1) Excludes note payable to the majority shareholder
The following table summarizes the Company’s financial instruments that are not measured at fair value on a recurring basis by fair value hierarchy as of December 31, 2014 and December 31, 2013:
 
 
 
Carrying Value at
 
Fair Value as of December 31, 2014, using,
 
 
 
December 31,  2014
 
Level 1
 
Level 2
 
Level 3
 
Total
 
Financial Assets
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash
 
$
1,048,660
 
$
1,048,660
 
$
-
 
$
-
 
$
1,048,660
 
Financial Liabilities
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Borrowings under line of credit
 
 
1,215,000
 
 
-
 
 
1,215,000
 
 
-
 
 
1,215,000
 
Notes payable - Other(1)
 
 
645,180
 
 
-
 
 
-
 
 
644,974
 
 
644,974
 
  
 
 
Carrying Value at
 
Fair Value as of December 31, 2013, using,
 
 
 
December 31,  2013
 
Level 1
 
Level 2
 
Level 3
 
Total
 
Financial Assets
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash
 
$
497,944
 
$
497,944
 
$
-
 
$
-
 
$
497,944
 
Financial Liabilities
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Borrowings under line of credit
 
 
1,015,000
 
 
-
 
 
1,015,000
 
 
-
 
 
1,015,000
 
Notes payable - Other(1)
 
 
1,341,691
 
 
-
 
 
-
 
 
1,349,308
 
 
1,349,308
 
Convertible note
 
 
472,429
 
 
-
 
 
-
 
 
473,042
 
 
473,042
 
 
(1) Excludes note payable to the CEO.
Fair Value, Liabilities Measured on Recurring Basis [Table Text Block]  
The following table presents the change in the estimated fair value of Company’s liability under notes payable – other, measured using significant unobservable inputs (Level 3) for the years ended December 31, 2014 and 2013:
 
 
 
2014
 
2013
 
Fair value measurement at beginning of year
 
 
1,349,308
 
$
1,038,431
 
Promissory notes issued during the year
 
 
565,280
 
 
1,225,000
 
Repayment of notes payable
 
 
(1,217,886)
 
 
(889,262)
 
Changes in fair values
 
 
(51,728)
 
 
(24,861)
 
Fair value measurement at end of year
 
$
644,974
 
$
1,349,308
 
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block]
Financial instruments measured at fair value on a recurring basis:
 
 
 
FairValue Measurement at
Reporting  Date Using
Significant Unobservable
Outputs, Level 3
 
Balance - January 1, 2015
 
$
2,626,323
 
Change in fair value
 
 
(695,883)
 
Balance - March 31, 2015
 
$
1,930,440
 
The following table provides a reconciliation of the beginning and ending balances for the contingent consideration measured at fair value using significant unobservable inputs (Level 3):
 
 
 
Fair Value Measurement
 
 
 
at Reporting  Date Using
 
 
 
Significant Unobservable
 
 
 
Outputs, Level 3
 
Balance at December 31, 2013
 
$
-
 
Contingent consideration from 2014 acquisitions
 
 
4,437,685
 
Change in fair value
 
 
(1,811,362)
 
Balance at December 31, 2014
 
$
2,626,323