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INTANGIBLE ASSETS | 6 Months Ended
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Jun. 30, 2017
INTANGIBLE ASSETS [Abstract] |
INTANGIBLE ASSETS | NOTE 6 – INTANGIBLE ASSETS The Company had goodwill in the amount of $440,215 and $439,811 as of June 30, 2017 and December 31, 2016, respectively, subject to the provisions of ASC 350, “Intangibles-Goodwill and Other.”
Goodwill at January 1, 2017 |  | $ | 439,811 |
Goodwill as a result of the Acquisition of Chol-Mix Kft – see Note 2 |  |  | 404 |
Goodwill at June 30, 2017 |  | $ | 440,215 |
|  | June 30, 2017 |  |  | December 31, 2016 |
Human Nutrition & Health |  | $ | 404,187 |  |  | $ | 404,187 |
Animal Nutrition & Health |  |  | 12,138 |  |  |  | 11,734 |
Specialty Products |  |  | 22,662 |  |  |  | 22,662 |
Industrial Products |  |  | 1,228 |  |  |  | 1,228 |
Total |  | $ | 440,215 |  |  | $ | 439,811 |
Identifiable intangible assets with finite lives at June 30, 2017 and December 31, 2016 are summarized as follows:
|  | Amortization Period (in years) |  |  | Gross Carrying Amount at 6/30/17 |  |  | Accumulated Amortization at 6/30/17 |  |  | Gross Carrying Amount at 12/31/16 |  |  | Accumulated Amortization at 12/31/16 |
Customer relationships & lists |  |  | 10 |  |  | $ | 189,715 |  |  | $ | 96,176 |  |  | $ | 185,885 |  |  | $ | 86,338 |
Trademarks & trade names |  |  | 17 |  |  |  | 40,630 |  |  |  | 11,060 |  |  |  | 39,241 |  |  |  | 9,260 |
Developed technology |  |  | 5 |  |  |  | 13,338 |  |  |  | 4,602 |  |  |  | 12,260 |  |  |  | 3,358 |
Other |  |  | 5-17 |  |  |  | 13,065 |  |  |  | 4,333 |  |  |  | 12,713 |  |  |  | 3,659 |
|  |  |  |  |  | $ | 256,748 |  |  | $ | 116,171 |  |  | $ | 250,099 |  |  | $ | 102,615 |
Amortization of identifiable intangible assets was approximately $13,545 for the six months ended June 30, 2017. Assuming no change in the gross carrying value of identifiable intangible assets, the estimated amortization expense for the remainder of 2017 is $13,190, approximately $24,485 for 2018, $22,375 for 2019, $20,370 for 2020, $17,180 for 2021 and $15,300 for 2022. At June 30, 2017, 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, 2017.

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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=66006027&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=66006027&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=66006027&loc=d3e16373-109275 + Details
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