INTANGIBLE ASSETS

3 Months Ended

Mar. 31, 2015

NOTE 6 – INTANGIBLE ASSETS

The Company had goodwill in the amount of $383,906 as of March 31, 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.

	March 31, 2015		December 31, 2014
Specialty Products	$	7,160	$	7,160
SensoryEffects		363,784		363,784
Animal Nutrition and Health		11,734		11,734
Industrial Products		1,228		1,228
Total	$	383,906	$	383,906

Identifiable intangible assets with finite lives at March 31, 2015 and December 31, 2014 are summarized as follows:

	Amortization Period (in years)		Gross Carrying Amount at 3/31/15		Accumulated Amortization at 3/31/15		Gross Carrying Amount at 12/31/14		Accumulated Amortization at 12/31/14
Customer relationships & lists		10	$	167,442	$	46,822	$	167,442	$	41,238
Trademarks & trade names		17		32,014		3,332		32,014		2,540
Developed technology		5		3,200		577		3,200		420
Regulatory registration costs		5-10		2,012		705		1,704		667
Patents & trade secrets		15-17		1,705		955		1,665		933
Other		5-10		754		601		754		587
			$	207,127	$	52,992	$	206,779	$	46,385

Amortization of identifiable intangible assets was approximately $6,600 for the three months ended March 31, 2015. Assuming no change in the gross carrying value of identifiable intangible assets, the estimated amortization expense for the remainder of 2015 is $19,900, approximately $24,350 for 2016, $20,350 for 2017, $18,100 for 2018, $16,250 for 2019 and $14,500 for 2020. At March 31, 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 three months ended March 31, 2015.