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INTANGIBLE ASSETS (Tables) | 6 Months Ended
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Jun. 30, 2014
INTANGIBLE ASSETS [Abstract] |
Schedule of intangible assets reconciliation of goodwill | 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 |
Intangible assets with finite lives | 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 |

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- Definition Tabular disclosure of the characteristics, including initial carrying value, residual amount, weighted average useful life, of finite-lived intangible assets acquired during the period by major class. A major class is composed of intangible assets that can be grouped together because they are similar, either by nature or by their use in the operations of the company. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 30 -Section 50 -Paragraph 1 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=26713463&loc=d3e16265-109275 + Details
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- Definition Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=35741047&loc=d3e13816-109267 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 20 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=35741047&loc=d3e13854-109267 + Details
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