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INTANGIBLE ASSETS | 6 Months Ended
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Jun. 30, 2015
INTANGIBLE ASSETS [Abstract] |
INTANGIBLE ASSETS | NOTE 6 – INTANGIBLE ASSETS The Company had goodwill in the amount of $383,906 as of June 30, 2015 and December 31, 2014 subject to the provisions of ASC 350, “Intangibles-Goodwill and Other.” As discussed in Note 10 – Segment Information, during the first quarter of fiscal year 2015, information that our chief operating decision maker regularly reviews for purposes of allocating resources and assessing performance changed, and as a result, the Company changed its communication to external investors. We allocated goodwill to our new reporting units using a relative fair value approach.
|  | June 30, 2015 |  |  | December 31, 2014 |
SensoryEffects |  | $ | 363,784 |  |  | $ | 383,784 |
Animal Nutrition and Health |  |  | 11,734 |  |  |  | 11,734 |
Specialty Products |  |  | 7,160 |  |  |  | 7,160 |
Industrial Products |  |  | 1,228 |  |  |  | 1,228 |
Total |  | $ | 383,906 |  |  | $ | 383,906 |
Identifiable intangible assets with finite lives at June 30, 2015 and December 31, 2014 are summarized as follows:
|  | Amortization Period (in years) |  |  | Gross Carrying Amount at 6/30/15 |  |  | Accumulated Amortization at 6/30/15 |  |  | Gross Carrying Amount at 12/31/14 |  |  | Accumulated Amortization at 12/31/14 |
Customer relationships & lists |  |  | 10 |  |  | $ | 167,442 |  |  | $ | 52,408 |  |  | $ | 167,442 |  |  | $ | 41,238 |
Trademarks & trade names |  |  | 17 |  |  |  | 32,014 |  |  |  | 4,123 |  |  |  | 32,014 |  |  |  | 2,540 |
Developed technology |  |  | 5 |  |  |  | 3,200 |  |  |  | 737 |  |  |  | 3,200 |  |  |  | 420 |
Regulatory registration costs |  |  | 5-10 |  |  |  | 2,232 |  |  |  | 757 |  |  |  | 1,704 |  |  |  | 667 |
Patents & trade secrets |  |  | 15-17 |  |  |  | 1,719 |  |  |  | 978 |  |  |  | 1,665 |  |  |  | 933 |
Other |  |  | 5-10 |  |  |  | 760 |  |  |  | 612 |  |  |  | 754 |  |  |  | 587 |
|  |  |  |  |  | $ | 207,367 |  |  | $ | 59,615 |  |  | $ | 206,779 |  |  | $ | 46,385 |
Amortization of identifiable intangible assets was approximately $13,200 for the six months ended June 30, 2015. Assuming no change in the gross carrying value of identifiable intangible assets, the estimated amortization expense for the remainder of 2015 is $13,270, approximately $24,350 for 2016, $20,400 for 2017, $18,140 for 2018, $16,320 for 2019 and $14,590 for 2020. At June 30, 2015, 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, 2015.

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- 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 1 -URI http://asc.fasb.org/extlink&oid=26713463&loc=d3e16265-109275 Reference 2: 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 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
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