INTANGIBLE ASSETS

6 Months Ended

Jun. 30, 2014

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.