XML 53 R13.htm IDEA: XBRL DOCUMENT
v2.4.0.8

INTANGIBLE ASSETS | 6 Months Ended
--- | ---
Jun. 30, 2014
INTANGIBLE ASSETS [Abstract] |
INTANGIBLE ASSETS | NOTE 6 – INTANGIBLE ASSETS The Company had goodwill in the amount of $385,646 as of June 30, 2014 and $28,515 as of December 31, 2013 subject to the provisions of ASC 350, “Intangibles-Goodwill and Other.” The following table provides the intangible assets reconciliation of goodwill at the beginning and end of the reporting periods:
|  | For the three and six months ended June 30, 2014 |
Goodwill at April 1 and January 1, 2014 |  | $ | 28,515 |
Goodwill as a result of the Acquisition of Performance Chemicals & Ingredients Company – see Note 2 |  |  | 357,131 |
Goodwill at June 30, 2014 |  | $ | 385,646 |
Identifiable intangible assets with finite lives at June 30, 2014 and December 31, 2013 are summarized as follows:
|  | Amortization Period (in years) |  |  | Gross Carrying Amount at 6/30/14 |  |  | Accumulated Amortization at 6/30/14 |  |  | Gross Carrying Amount at 12/31/13 |  |  | Accumulated Amortization at 12/31/13 |
Customer lists |  |  | 10 |  |  | $ | 167,442 |  |  | $ | 29,364 |  |  | $ | 37,142 |  |  | $ | 24,552 |
Trademarks & trade names |  |  | 10-17 |  |  |  | 32,013 |  |  |  | 952 |  |  |  | 910 |  |  |  | 461 |
Developed technology |  |  | 5 |  |  |  | 3,200 |  |  |  | 96 |  |  |  | - |  |  |  | - |
Regulatory registration costs |  |  | 5-10 |  |  |  | 1,668 |  |  |  | 589 |  |  |  | 1,644 |  |  |  | 514 |
Patents & trade secrets |  |  | 15-17 |  |  |  | 1,604 |  |  |  | 891 |  |  |  | 1,593 |  |  |  | 849 |
Other |  |  | 5-10 |  |  |  | 754 |  |  |  | 565 |  |  |  | 754 |  |  |  | 541 |
|  |  |  |  |  | $ | 206,681 |  |  | $ | 32,457 |  |  | $ | 42,043 |  |  | $ | 26,917 |
Amortization of identifiable intangible assets was approximately $5,541 for the six months ended June 30, 2014. Assuming no change in the gross carrying value of identifiable intangible assets, the estimated amortization expense for the remainder of 2014 is $13,900, approximately $26,400 for 2015, $24,200 for 2016, $20,300 for 2017, $18,000 for 2018 and $16,200 for 2019. At June 30, 2014, there were no identifiable intangible assets with indefinite useful lives as defined by ASC 350. Identifiable intangible assets are reflected in “Intangible assets with finite lives, net” in the Company’s condensed consolidated balance sheets. There were no changes to the useful lives of intangible assets subject to amortization during the six months ended June 30, 2014.

X
- Details
Name: | us-gaap_GoodwillAndIntangibleAssetsDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for all or part of the information related to intangible assets. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 30 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=26713463&loc=d3e16323-109275 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 30 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=26713463&loc=d3e16265-109275 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 30 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=26713463&loc=d3e16373-109275 + Details
Name: | us-gaap_IntangibleAssetsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration