LiqTech International (LIQT) 10-Q 12 May 16 2016 Q1 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	3 Months Ended
	Mar. 31, 2016	May. 12, 2016
Entity Registrant Name	LIQTECH INTERNATIONAL INC
Entity Central Index Key	1,307,579
Trading Symbol	liqt
Current Fiscal Year End Date	--12-31
Entity Filer Category	Smaller Reporting Company
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Well-known Seasoned Issuer	No
Entity Common Stock, Shares Outstanding (in shares)		39,532,035
Document Type	10-Q
Document Period End Date	Mar. 31, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q1
Amendment Flag	false

Consolidated Balance Sheets (Cu

Consolidated Balance Sheets (Current Period Unaudited) - USD ($)	Mar. 31, 2016	Dec. 31, 2015
Current Assets:
Cash	$ 1,316,540	$ 1,370,591
Restricted cash balances		292,826
Accounts receivable, net	$ 2,691,860	3,191,858
Other receivables	198,224	505,945
Cost in excess of billing	590,949	2,519,321
Inventories	5,563,095	4,916,671
Prepaid expenses	43,505	13,670
Current deferred tax asset	175,011	172,122
Total Current Assets	10,579,184	12,983,004
Property and Equipment, net of accumulated depreciation:	3,416,000	3,538,694
Other Assets:
Investments at costs	22,790	21,838
Long term deferred tax asset	962,795	3,684,497
Goodwill	7,913,179	7,582,749
Other intangible assets	9,641	10,386
Deposits	267,562	252,378
Total Other Assets	9,175,967	11,551,848
Total Assets	23,171,151	$ 28,073,546
Current Liabilities:
Current portion of notes payable	17,074
Current portion of capital lease obligations	147,792	$ 150,157
Accounts payable	1,546,552	3,455,085
Accrued expenses	1,274,704	1,441,840
Billing in excess of cost	157,341	175,338
Accrued income taxes payable	570	570
Deferred revenue / customers deposits	101,539	117,700
Total Current Liabilities	3,245,572	5,340,690
Long-term notes payable, less current portion	51,745	$ 165,572
Long-term capital lease obligations, less current portion	141,590
Total Long-Term Liabilities:	193,335	$ 165,572
Total Liabilities	$ 3,438,907	$ 5,506,262
Commitment and Contingencies See Note 11
Stockholders' Equity:
Common stock; par value $0,001, 100,000,000 shares authorized, 39,532,035 and 39,532,035 shares issued and outstanding at March 31, 2016 and December 31, 2015, respectively	$ 39,532	$ 39,532
Additional paid-in capital	36,120,808	36,087,808
Accumulated deficit	(11,346,404)	(7,592,709)
Deferred compensation	(456,391)	(590,742)
Other comprehensive income, net	(4,625,301)	(5,376,605)
Total Stockholders' Equity	19,732,244	22,567,284
Total Liabilities and Stockholders' Equity	$ 23,171,151	$ 28,073,546

Consolidated Balance Sheets (C3

Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares	Mar. 31, 2016	Dec. 31, 2015
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	100,000,000	100,000,000
Common stock, shares issued (in shares)	39,532,035	39,532,035
Common stock, shares outstanding (in shares)	39,532,035	39,532,035

Consolidated Statements of Oper

Consolidated Statements of Operations (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Net Sales	$ 3,629,968	$ 2,104,501
Cost of Goods Sold	2,884,010	2,151,467
Gross Profit	745,958	(46,966)
Operating Expenses:
Selling expenses	591,068	692,723
General and administrative expenses	755,994	816,067
Non-cash compensation expenses	167,351	72,922
Research and development expenses	188,513	162,473
Total Operating Expense	1,702,926	1,744,185
Loss from Operations	$ (956,968)	(1,791,151)
Other Income
Interest and other Income		243
Interest expense	$ (9,894)	(15,186)
Gain on investments		7,366
Gain on currency transactions	$ (12,550)	233,191
Total Other Income	(22,444)	225,614
Loss Before Income Taxes	(979,412)	(1,565,537)
Income Tax Expense (Benefit)	2,774,283	(391,529)
Net Loss	$ (3,753,695)	(1,174,008)
Less Net Income (Loss) Attributable To Non-Controlled Interests in Subsidiaries		(2,596)
Net Loss Attributable To LiqTech	$ (3,753,695)	$ (1,171,412)
Basic Loss Per Share (in dollars per share)	$ (0.10)	$ (0.03)
Weighted average number of common shares used in basic earnings per share (in shares)	39,532,035	39,404,782
Diluted Loss Per Share (in dollars per share)	$ (0.10)	$ (0.03)
Weighted average number of common shares and potential dilutive common shares outstanding used in dilutive earnings per share (in shares)	39,532,035	39,404,782

Consolidated Statements of Othe

Consolidated Statements of Other Comprehensive Income (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Net Loss	$ (3,753,695)	$ (1,174,008)
Currency Translation, Net of Taxes	751,304	(2,379,260)
Other Comprehensive Loss	$ (3,002,391)	(3,553,268)
Comprehensive Income (Loss) Attributable To Non-controlling Interest in Subsidiaries		(2,394)
Comprehensive Loss Attributable To LiqTech International Inc.	$ (3,002,391)	$ (3,550,874)

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Employee Stock Option [Member]
Adjustments to reconcile net (loss) to net cash provided (used) by operations:
Non-cash compensation	$ 110,526	$ 33,089
Supplemental Disclosures of Non-Cash Investing and Financing Activities:
Non-cash compensation	110,526	33,089
Restricted Stock [Member]
Adjustments to reconcile net (loss) to net cash provided (used) by operations:
Non-cash compensation	19,417	39,833
Supplemental Disclosures of Non-Cash Investing and Financing Activities:
Non-cash compensation	19,417	$ 39,833
Warrants Issued for Services [Member]
Adjustments to reconcile net (loss) to net cash provided (used) by operations:
Non-cash compensation	37,408
Supplemental Disclosures of Non-Cash Investing and Financing Activities:
Non-cash compensation	37,408
Net Loss	(3,753,695)	$ (1,174,008)
Depreciation and amortization	352,488	349,377
Non-cash compensation	167,351	72,922
Bad debt expense	9,211	$ 12,909
Reserve for obsolete inventory	108,884
Change in deferred tax asset / liability	2,718,813	$ (162,024)
(Increase) decrease in restricted cash	292,826	25,216
(Increase) decrease in accounts receivable	798,508	315,145
(Increase) decrease in inventory	(755,308)	151,097
(Increase) decrease in prepaid expenses/deposits	(45,019)	(24,887)
Increase (decrease) in accounts payable	(1,908,533)	(906,135)
Increase (decrease) in accrued expenses	(183,297)	(483,642)
Increase (decrease) long-term contracts	1,910,375	429,901
Total Adjustments	3,466,299	(220,121)
Net Cash Used by Operating Activities	(287,396)	(1,394,129)
Purchase of property and equipment	(51,942)	(92,075)
Net Cash Used by Investing Activities	(51,942)	(92,075)
Net payments proceeds on capital lease obligation	(26,347)	$ (118,218)
Payments on loans payable	(12,824)
Net Cash Provided (Used) by Financing Activities	(39,171)	$ (118,218)
Gain (Loss) on Currency Translation	(324,458)	1,169,542
Net Increase (decrease) in Cash and Cash Equivalents	(54,051)	(2,773,964)
Cash and Cash Equivalents at Beginning of Period	1,370,591	5,853,752
Cash and Cash Equivalents at End of Period	1,316,540	3,079,788
Interest	9,894	$ 15,186
Income Taxes	570
Non-cash compensation	167,351	$ 72,922
Total	$ 167,351	$ 72,922

Note 1 - Summary of Significant

Note 1 - Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2016
Notes to Financial Statements
Significant Accounting Policies [Text Block]	NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Business and Basis of Presentation The consolidated financial statements include the accounts of LiqTech International, Inc. (“Parent”) and its subsidiaries. The terms "Company", “us", "we" and "our" as used in this report refer to Parent and its subsidiaries, which are set forth below. The Company engages in the development, design, production, marketing and sale of automated filtering systems, liquid filters, diesel particulate air filters and kiln furniture in United States, Canada, Europe, Asia and South America. Set forth below is a description of Parent and each of its subsidiaries: LiqTech International, Inc., a Nevada corporation organized in July 2004, formerly known as Blue Moose Media, Inc. LiqTech USA, a Delaware corporation and a wholly-owned subsidiary of Parent formed in May 2011. LiqTech International AS, a Danish corporation, incorporated on January 15, 2000 (“LiqTech Int. DK”), a 100% owned subsidiary of LiqTech USA, engages in development, design, application, marketing and sales of membranes on ceramic diesel particulate and liquid filters and catalytic converters in Europe, Asia and South America. LiqTech NA, Inc. (“LiqTech NA”), incorporated in Delaware on July 1, 2005, a 100% owned subsidiary of LiqTech USA. LiqTech NA, Inc. engages in the production, marketing and sale of ceramic diesel particulate and liquid filters and kiln furniture in United States and Canada. LiqTech Asia (“LiqTech Asia”) a 60% owned subsidiary of LiqTech Int. DK, incorporated in South Korea on July 20, 2006, was a dormant subsidiary. The company was closed on March 6, 2015. LiqTech Germany (“LiqTech Germany”) a 100% owned subsidiary of LiqTech Int. DK, incorporated in Germany on December 9, 2011, engages in marketing and sale of liquid filters in Germany. The Company is in the process of closing operations, which is expected to be completed during 2016. LiqTech PTE Ltd, (“LiqTech Sing”) a 95% owned subsidiary of LiqTech Int. DK, incorporated in Singapore on January 19, 2012, engages in marketing and sale of liquid filters in Singapore and other countries in the area. The Company is in the process of closing operations, which is expected to be completed during 2016. LiqTech Systems AS, a Danish Corporation ("LiqTech Systems") (Formerly Provital Solutions A/S) was incorporated on September 1, 2009 and engages in the manufacture of fully automated filtering systems for application within the pool and spa markets, marine applications, and a number of industrial applications within Denmark and international markets. The financial statements include the accounts of LiqTech Systems from the date of acquisition on July 31, 2014. Consolidation -- Functional Currency / Foreign currency translation -- Cash, Cash Equivalents and Restricted Cash -- Accounts Receivable -- The roll forward of the allowance for doubtful accounts for the three months ended March 31, 2016 and the year ended December 31, 2015 is as follows: 2016 2015 Allowance for doubtful accounts at the beginning of the period $ 1,087,871 $ 1,654,290 Bad debt expense 9,211 80,729 Amount of receivables written off (26,500 ) (398,083 ) Effect of currency translation 36,474 (249,065 ) Allowance for doubtful accounts at the end of the period $ 1,107,056 $ 1,087,871 Inventory -- Property and Equipment -- Long-Term Investments -- Intangible Assets -- Goodwill -- Revenue Recognition and Sales Incentives -- The Company has received long-term contracts for the installation of various water filtrations systems and grants from government entities for development and use of silicon carbide membranes in various water filtration and treatment applications. Revenues from long-term contracts and grants are recognized on the percentage-of-completion method, measured by the percentage of project costs incurred to date to estimated total project costs for each long-term contract or grant multiplied by the long-term contract or grant income on a project by project basis. This method is used because management considers costs incurred to be the best available measure of progress on contracts in process. Project costs of the long-term contracts and grants include all direct material and labor costs and those indirect costs related to the project. Project costs are capitalized and accreted into cost of sales based on the percentage of the project completed. Should a loss be estimated on an incomplete project it would be recorded in the period in which such a loss is determined. Changes in estimated profitability of a project are recognized in the period in which the revisions are determined. The aggregate of costs incurred and income recognized on incomplete projects are recorded as costs in excess of billings and are shown as a current asset. The aggregate of billings in excess of related costs incurred and income recognized on projects is shown as a current liability. In Denmark, Value Added Tax (“VAT”) of 25% of the invoice amount is collected in respect of the sales of goods on behalf of tax authorities. The VAT collected is not revenue of the Company; instead, the amount is recorded as a liability on the balance sheet until such VAT is paid to the authorities. Advertising Cost -- 5,966 and $15,465 for the three months ended March 31, 2016 and 2015, respectively. Research and Development Cost -- 188,513 and $162,473, respectively, of research and development costs. Income Taxes -- Income (Loss) Per Share -- Stock Options and Awards -- and $33,089 have been recognized for the vesting of options and stock awards granted to employees with an associated recognized tax benefit of $43,699 and $0 for the three months ended March 31, 2016 and 2015, respectively. Fair Value of Financial Instruments -- ● Level 1. Observable inputs such as quoted prices in active markets for identical assets or liabilities; ● Level 2. Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly; and ● Level 3. Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions. Unless otherwise disclosed, the fair value of the Company’s financial instruments including cash, accounts receivable, prepaid expenses, investments, accounts payable, accrued expenses, capital lease obligations and notes payable approximates their recorded values due to their short-term maturities. Accounting Estimates -- Recent Accounting Pronouncements -- In 2015, the FASB issued an amended standard requiring that we classify all deferred tax assets and liabilities as non-current on the balance sheet instead of separating deferred taxes into current and non-current. The amended standard is effective for us beginning in the first quarter of 2017; early adoption is permitted and we are evaluating whether we will early adopt. The amended standard may be adopted on either a prospective or retrospective basis. We do not expect that the adoption of this standard will have a significant impact on our financial position or results of operations. In February 2016, the FASB issued changes to the accounting for leases that primarily affect presentation and disclosure requirements. The new standard will require the recognition of a right to use asset and underlying lease liability for operating leases with an initial life in excess of one year. This standard is effective for us beginning in the first quarter of 2019. We have not yet determined the impact of the new standard on our consolidated financial statements. Other recent accounting pronouncements issued by the FASB did not or are not believed by management to have a material impact on the Company’s present or future financial statements.

Note 2 - Related Party Transact

Note 2 - Related Party Transactions	3 Months Ended
	Mar. 31, 2016
Notes to Financial Statements
Related Party Transactions Disclosure [Text Block]	NOTE 2 - RELATED PARTY TRANSACTIONS During March 2015, an officer of LiqTech NA provided $25,000 in non-interest bearing advances to the Company. These advances were repaid in May 2015.

Note 3 - Inventory

Note 3 - Inventory	3 Months Ended
	Mar. 31, 2016
Notes to Financial Statements
Inventory Disclosure [Text Block]	NOTE 3 - INVENTORY Inventory consisted of the following at March 31, 2016 and December 31, 2015: 2016 2015 Furnace parts and supplies $ 471,984 $ 466,538 Raw materials 1,356,234 1,498,406 Work in process 2,210,363 1,770,070 Finished goods and filtration systems 2,253,859 1,788,161 Reserve for obsolescence (729,345 ) (606,504 ) Net Inventory $ 5,563,095 $ 4,916,671

Note 4 - Property and Equipment

Note 4 - Property and Equipment	3 Months Ended
	Mar. 31, 2016
Notes to Financial Statements
Property, Plant and Equipment Disclosure [Text Block]	NOTE 4 - Property and equipment consisted of the following at March 31, 2016 and December 31, 2015: Useful Life 2016 2015 Production equipment 3 - 10 $ 10,572,960 $ 10,536,377 Lab equipment 3 - 10 82,608 143,783 Computer equipment 3 - 5 217,700 269,526 Vehicles 3 - 5 42,124 40,365 Furniture and fixtures 5 151,582 141,502 Leasehold improvements 10 1,005,672 972,023 12,072,646 12,103,576 Less Accumulated Depreciation (8,656,646 ) (8,564,882 ) Net Property and Equipment $ 3,416,000 $ 3,538,694 Depreciation expense amounted to $ 351,743 and $ 346,273 for the three months ended March 31, 2016 and 2015, respectively. The property and equipment is held as collateral on a lines of credit and guarantees with financial institutions. See Note 9.

Note 5 - Investments at Costs

Note 5 - Investments at Costs	3 Months Ended
	Mar. 31, 2016
Notes to Financial Statements
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block]	NOTE 5 - INVESTMENTS AT COSTS The following tables summarize Level 1, 2 and 3 financial assets and financial (liabilities) by their classification in the Statement of Financial Position: As of March 31, 2016 Level 1 Level 2 Level 3 Investments - - 22,790 Total - - 22,790 As of December 31, 2015 Level 1 Level 2 Level 3 Investments - - 21,838 Total - - 21,838 At March 31, 2016, our total investments of $22,790 consisted of an investment of $5,692 in LEA Technology in France to strengthen our sales channels in the French market and an investment of $17,098 in LiqTech Italy, a newly organized Italian Company, to strengthen our sales channels in the Italian market. At December 31, 2015, our total investments of $21,838 consisted of an investment of $5,460 in LEA Technology in France to strengthen our sales channels in the French market and an investment of $16,378 in LiqTech Italy, a newly organized Italian Company, to strengthen our sales channels in the Italian market.

Note 6 - Definite-life Intangib

Note 6 - Definite-life Intangible Assets	3 Months Ended
	Mar. 31, 2016
Notes to Financial Statements
Intangible Assets Disclosure [Text Block]	NOTE 6 - DEFINITE-LIFE INTANGIBLE ASSETS At March 31, 2016 and December 31, 2015, definite-life intangible assets, net of accumulated amortization, consisted of patents on the Company’s products of $9,641 and $ 10,386, respectively. The patents are recorded at cost and amortized over two to ten years. Amortization expense for the three months ended March 31, 2016 and 2015 was $745 and $3,105, respectively. Expected future amortization expense for the years ended are as follows: Year ending December 31, Amortization Expenses 2016 $ 3,592 2017 2,908 2018 2,446 2019 695 Thereafter - $ 9,641

Note 7 - Goodwill

Note 7 - Goodwill	3 Months Ended
	Mar. 31, 2016
Notes to Financial Statements
Goodwill Disclosure [Text Block]	NOTE 7 - GOODWILL The following is a summary of goodwill: March 31, 2016 Goodwill at beginning of period $ 7,582,749 Effect of currency translation 330,430 Goodwill at end of period $ 7,913,179 Goodwill consists of: March 31, 2016 LiqTech Systems A/S $ 7,913,179 Goodwill is evaluated for impairment annually in the fourth quarter of the Company’s fiscal year, and whenever events or changes in circumstances indicate the carrying value of goodwill may not be recoverable. Triggering events that may indicate impairment include, but are not limited to, a significant adverse change in customer demand or business climate that could affect the value of goodwill or a significant decrease in expected cash flows. Key variables included in evaluating goodwill for impairment include the pipeline of proposed potential customer sales, budgeted reoccurring sales, risk free interest rate and risk premium rate and future budgeted operating results. The company recorded no impairment charge on goodwill, during the years ended December 31, 2015 as managements estimated fair value of the reporting unit exceeded the carrying value.

Note 8 - Notes Payable

Note 8 - Notes Payable	3 Months Ended
	Mar. 31, 2016
Notes to Financial Statements
Long-term Debt [Text Block]	NOTE 8 - The Company has a 4.02% Notes payable used to purchase a vehicle with $68,819 and $0 balance outstanding as of March 31, 2016 and December 31, 2015. The note calls for monthly payments of $1,423, matures August 1, 2020 and is secured by the vehicle purchased. The following represents the future maturities of long-term debt as of March 31, 2016: Year ending December 31, Payments 2016 $ 11,536 2017 15,382 2018 15,382 2019 15,382 2020 11,137 Thereafter - $ 68,819

Note 9 - Lines of Credit

Note 9 - Lines of Credit	3 Months Ended
	Mar. 31, 2016
Notes to Financial Statements
Debt Disclosure [Text Block]	NOTE 9 - LINES OF CREDIT In connection with certain orders, we have to give the customer a working guarantee or a prepayment guarantee or security bond. For that purpose, we have a guarantee line of DKK 473,100 (approximately $72,000 at March 31, 2016) with a bank, subject to certain base limitations. As of March 31, 2016, we had DKK473,100 (approximately $72,000) in working guarantee against the line. This line of credit is guaranteed by Vækstfonden (the Danish state's investments fund) and is secured by certain assets of LiqTech Systems such as receivables, inventory and equipment.

Note 10 - Leases

Note 10 - Leases	3 Months Ended
	Mar. 31, 2016
Notes to Financial Statements
Leases of Lessee Disclosure [Text Block]	NOTE 10 - Operating Leases -- The Company leases office and production facilities under operating lease agreements expiring in August 2018, May 2018, February 2017, June 2017, December 2016 and June 2016. In some of these lease agreements, the Company has the right to extend. The future minimum lease payments for non-cancelable operating leases having remaining terms in excess of one year as of March 31, 2016 are as follows: Year ending December 31, Lease Payments 2016 515,027 2017 523,103 2018 303,055 Thereafter - Total Minimum Lease Payments $ 1,341,185 Lease expense charged to operations was $ 185,115 and $ 189,404 for the three months ended March 31, 2016 and 2015, respectively. Capital Leases -- 1,302,005, respectively, with related accumulated depreciation of $1,078,080 and $ 1,033,062, respectively. During the three months ended March 31, 2016 and 2015, depreciation expense for equipment on capital leases amounted to $33,915, and $ 39,659, respectively, and has been included in depreciation expense. During the three months ended March 31, 2016 and 2015, interest expense on a capital lease obligation amounted to $5,146 and $ 8,031, respectively. Future minimum capital lease payments are as follows for the periods ended December 31: Year ending December 31, Lease Payments 2016 $ 150,618 2017 131,077 2018 25,561 Thereafter - Total minimum lease payments 307,256 Less amount representing interest (17,874 ) Present value of minimum lease payments 289,382 Less Current Portion (147,792 ) $ 141,590

Note 11 - Agreements and Commit

Note 11 - Agreements and Commitments	3 Months Ended
	Mar. 31, 2016
Notes to Financial Statements
Commitments and Contingencies Disclosure [Text Block]	NOTE 11 - 401(K) Profit Sharing Plan Contingencies -- On September 9, 2014, Mr. Raffaele Bruno Tronchetti Provera (“Plaintiff”), the 60% owner of LiqTech Italy s.r.l. (the “Venture”), sued LiqTech International A/S, the 40% owner of the Venture (“Defendant”), for an amount of euro 750,000 (approximately $690,000 at December 31, 2015) before the Court of Como, Italy alleging, among other things, that certain products provided by Defendant to the Venture were defective. As of May 9, 2016, the case is in a preliminary stage where the court has appointed an expert in order to verify the quality of the products in order to determine whether there is sufficient evidence to proceed. An evaluation of the outcome will only be possible after the results of the court appointment expert are known. The defendant believes that the claims are without merit and intends to vigorously defend any litigation. In connection with certain orders, we have to give the customer a working guarantee or a prepayment guarantee or security bond. For that purpose, we have a guarantee line of DKK 473,100 (approximately $72,000 at March 31, 2016) with a bank, subject to certain base limitations. As of March 31, 2016, we had DKK473,100 (approximately $72,000) in working guarantee against the line.

Note 12 - Income Taxes

Note 12 - Income Taxes	3 Months Ended
	Mar. 31, 2016
Notes to Financial Statements
Income Tax Disclosure [Text Block]	NOTE 12 - The Company accounts for income taxes in accordance with FASB ASC Topic 740, Accounting for Income Taxes; which requires the Company to provide a net deferred tax asset or liability equal to the expected future tax benefit or expense of temporary reporting differences between book and tax accounting and any available operating loss or tax credit carry forwards. The amount of and ultimate realization of the benefits from the deferred tax assets for income tax purposes is dependent, in part, upon the tax laws in effect, the Company’s future earnings, and other future events, the effects of which cannot be determined. In accordance with prevailing accounting guidance, the Company is required to recognize and disclose any income tax uncertainties. The guidance provides a two-step approach to recognizing and measuring tax benefits and liabilities when realization of the tax position is uncertain. The first step is to determine whether the tax position meets the more-likely-than-not condition for recognition and the second step is to determine the amount to be recognized based on the cumulative probability that exceeds 50%, Actual results could differ from these estimates. Current tax planning strategies, including our new Business Plan strategy, have management estimating that it is more likely not that the business units will be able to generate pretax profit equal to or in excess of the net operating loss carryforwards. As of March 31, 2016 the Company had net operating loss carryovers of approximately $8,935,000 for U.S. Federal purposes expiring through 2035; approximately $5,310,000 for Danish tax purposes which do not expire; approximately $108,000 for German tax purposes which do not expire and approximately $113,000 for Singapore tax purposes which do not expire. As of March 31, 2016 and December 31, 2015, the Company established a valuation allowance of $3,299,371 and $228,170 for the tax paying components LiqTech International Inc., LiqTech NA, LiqTech Singapore and LiqTech Germany as management could not determine that it was more than likely not that sufficient income could be generated by these components to realize the resulting net operating loss carry forwards of these components. The change in the valuation for the period ended March 31, 2016 was $2,774,283. The Company is not relying on the reversal of deferred tax liabilities to realize the deferred tax assets. The same variable used by the Company in evaluating goodwill for impairment were used in assessing the realization of deferred tax assets (See Note 7). The Company further considered the following positive and negative evidence: Positive Evidence 1) The Company acquired LiqTech Systems AS on July 2014. LiqTech Systems designs water treatment system for pool filtration around the silicon carbide manufactured by LiqTech International AS. Synergies realized by the acquisition include accelerating the change of business strategy to manufacture and offer full water treatment systems. 2) During 2015, the Company secured and manufactured water treatment systems in the pool filtration, pre drinking water filters, ground water filtration, oil and gas, marine waste water, and mining industries. 3) The Company had profitable 2015 third and fourth quarter results. The Company noted a significant increase in proposed sales pipeline from December 31, 2014 to 2015. 4) In June 2015, the Company executed a Diesel Particular Filtration supplier contract in China. 5) For Danish tax purposes the Company is able to obtain tax refunds for research and development expenditures Negative Evidence 1) The Company has noted a longer than anticipated sales cycle from proposals to signing filtration systems orders. 2) The Company has a net loss from operations for the year ended December 31, 2015. 3) The Company has a net loss from operations for the period ended March 31, 2016. 4) The Company has experienced a decrease in DPF sales. The temporary differences, tax credits and carry forwards gave rise to the following deferred tax asset (liabilities) at March 31, 2016 and December 31, 2015: 2016 2015 Vacation accrual $ 3,933 $ 3,933 Allowance for doubtful Accounts 13,907 14,089 Reserve for obsolete inventory 157,171 154,100 Net current tax assets $ 175,011 $ 172,122 Business tax credit carryover 30,935 30,935 Deferred compensation - - Net operating loss carryover 4,680,755 4,333,820 Excess of book over tax depreciation (449,524 ) (452,088 ) Valuation Allowance (3,299,371 ) (228,170 ) Long term deferred tax asset $ 962,795 $ 3,684,497 A reconciliation of income tax expense at the federal statutory rate to income tax expense at the Company’s effective rate is as follows for the three months ended March 31, 2016 and 2015: 2016 2015 Computed tax at expected statutory rate $ (333,000 ) $ (531,400 ) Non-deductible expenses - 24,793 Non-US income taxed at different rates 28,359 95,750 Valuation Allowance 3,078,924 19,328 Income tax expense (benefit) $ 2,774,283 $ (391,529 ) The components of income tax expense (benefit) from continuing operations for the three months ended March 31, 2016 and 2015 consisted of the following: 2016 2015 Current income tax expense: Danish $ - $ - Federal - - State - - Current tax (benefit) $ - $ - Book in excess of tax depreciation $ - $ - Deferred rent - - Business tax credit carryover - - Net operating loss carryover (304,418 ) (410,856 ) Allowance for doubtful accounts 3,078,701 19,327 Deferred compensation - - Accrued Vacation - - Reserve for obsolete inventory - - Deferred tax expense (benefit) $ 2,774,283 $ (391,529 ) Total tax expense (benefit) $ 2,774,283 $ (391,529 ) Deferred income tax expense / (benefit) results primarily from the reversal of temporary timing differences between tax and financial statement income. The Company files Danish and U.S. federal and Minnesota state income tax returns. LiqTech International AS is generally no longer subject to tax examinations for years prior to 2010 for their Danish tax returns. LiqTech NA is generally no longer subject to tax examinations for years prior to 2012 for U.S. federal and U.S. states tax returns.

Note 13 - Income (Loss) Per Sha

Note 13 - Income (Loss) Per Share	3 Months Ended
	Mar. 31, 2016
Notes to Financial Statements
Earnings Per Share [Text Block]	NOTE 13 - The following data shows the amounts used in computing earnings per share and the effect on income and the weighted average number of shares of potential dilutive common stock for the year ended December 31, 2015 and 2014: For the Three Months 2016 2015 Net Income (Loss) attributable to LiqTech International Inc. $ (3,753,695 ) $ (1,171,412 ) Weighted average number of common shares used in basic earnings per share 39,532,035 39,404,782 Effect of dilutive securities, stock options and warrants - - Weighted average number of common shares and potential dilutive common shares outstanding used in dilutive earnings per share 39,532,035 39,404,782 For the three months ended March 31, 2016, Parent had 1,071,000 options outstanding to purchase common stock of Parent at $0.74 to $1.90 per share and Parent had 7,325,575 warrants outstanding to purchase common stock of Parent at $0.81 to $4.06 per share, which were not included in the loss per share computation because their effect would be anti-dilutive. For the three months ended March 31, 2015, Parent had 503,500 options outstanding to purchase common stock of the Parent at $1.57 to $1.90 per share and Parent had 7,025,575 warrants outstanding to purchase common stock of the Parent at $1.50 to $4.06 per share, which were not included in the loss per share computation because their effect would be anti-dilutive.

Note 14 - Stockholders' Equity

Note 14 - Stockholders' Equity	3 Months Ended
	Mar. 31, 2016
Notes to Financial Statements
Stockholders' Equity Note Disclosure [Text Block]	NOTE 14 - STOCKHOLDERS' EQUITY Common Stock -- Voting -- Dividends -- Liquidation Rights -- Other Matters -- Preferred Stock -- Common Stock Issuance On August 14, 2015, the Company issued an additional 27,253 shares of restricted stock valued at $20,167 for services provided and to be provided by the board of directors. The Company will recognize the non-cash compensation of the award over the requisite service period, of which 27,253 shares vested on January 1, 2016. On April 13, 2015, the Company issued an additional 100,000 shares of restricted stock valued at $75,000 for services provided and to be provided by the board of directors. The Company will recognize the non-cash compensation of the award over the requisite service period, of which 33,333 shares vested on January 1, 2016, 33,333 shares will vest on January 1, 2017 and 33,334 shares will vest on January 1, 2018. For the three month period ended March 31, 2016 and 2015, the Company has recorded non-cash compensation expense of $19,417 and $39,833 relating to the awards, respectively. Common Stock Purchase Warrants A summary of the status of the warrants outstanding at March 31, 2016 is presented below: Warrants Outstanding Warrants Exercisable Exercise Prices Number Outstanding Weighted Average Remaining Contractual Life (years) Weighted Average Exercise Price Number Exercisable Weighted Average Exercise Price $ 0.81 100,000 1.75 $ 1.00 100,000 $ 0.81 $ 1.00 200,000 1.75 $ 1.00 66,667 $ 1.00 $ 1.50 3,874,000 0.75 $ 1.50 3,874,000 $ 1.50 $ 1.65 400,000 3.33 $ 1.65 400,000 $ 1.65 $ 2.70 2,626,000 0.75 $ 2.70 2,626,000 $ 2.70 $ 4.06 125,575 0.94 $ 4.06 125,575 $ 4.06 Total 7,325,575 0.94 $ 1.96 7,192,242 $ 1.98 At March 31, 2016, the Company had 133,333 non-vested warrants. We have recorded non-cash compensation expense of $37,408 for the three months period ended March 31, 2016 related to the warrants issued. The exercise price of the warrants and the number of shares underlying the warrants are subject to adjustment for stock dividends, subdivisions of the outstanding shares of common stock and combinations of the outstanding shares of common stock. For so long as the warrants remain outstanding, we are required to keep reserved from our authorized and unissued shares of common stock a sufficient number of shares to provide for the issuance of the shares underlying the warrants. On February 15, 2015, the Company issued to LCL Finance Limited a warrant to purchase 100,000 shares at an exercise price of $1.00 per share. The warrants are exercisable immediately and will remain exercisable until December 31, 2017. On June 4, 2015, the Company issued to Wolfe Axelrod Weinberger Associates, LLC a warrant to purchase 200,000 shares at an exercise price of $1.00 per share. The warrants vested 1/3 upon issuance, will vest 1/3 on June 4, 2016 and 1/3 on June 2017, and will remain exercisable until December 31, 2017. Stock Options In August 2011, Parent’s Board of Directors adopted a Stock Option Plan (the “Plan”). Under the terms and conditions of the Plan, the Board of Directors is empowered to grant stock options to employees, officers, and directors of the Company. At March 31, 2016, 1,071,000 options were granted and outstanding under the Plan. The Company recognizes compensation costs for stock option awards to employees based on their grant-date fair value. The value of each stock option is estimated on the date of grant using the Black-Scholes option-pricing model. The weighted-average assumptions used to estimate the fair values of the stock options granted using the Black-Scholes option-pricing model are as follows: LiqTech International, Inc. Expected term (in years) 5 - 10 Volatility 74.65 % to 76.87 % Risk free interest rate 1.38 % - 2.24 % Dividend yield 0% The Company recognized stock based compensation expense related to the options of $110,525 and $33,089 for the three months ended March 31, 2016 and 2015, respectively. At March 31, 2016 the Company had approximately $342,282 of unrecognized compensation cost related to non-vested options expected to be recognized through December 31, 2025. A summary of the status of the options outstanding under the Company’s stock option plans at March 31, 2016 is presented below: Options Outstanding Options Exercisable Exercise Prices Number Outstanding Weighted Average Remaining Contractual Life (years) Weighted Average Exercise Price Number Exercisable Weighted Average Exercise Price $ 0.74 425,000 4.37 $ 0.74 0 $ 0.74 $ 0.75 100,000 4.04 $ 0.75 0 $ 0.75 $ 1.01 130,000 9.72 $ 1.01 130,000 $ 1.01 $ 1.57 100,000 1.54 $ 1.57 100,000 $ 1.57 $ 1.90 316,000 0.83 $ 1.90 316,000 $ 1.90 Total 1,071,000 3.68 $ 1.19 546,000 $ 1.63 A summary of the status of the options at March 31, 2016, and changes during the period is presented below: March 31, 2016 Shares Weighted Average Exercise Price Average Remaining Life Weighted Average Intrinsic Value Outstanding at beginning of period 1,071,000 $ 1.19 3.93 $ - Granted - - - - Exercised - - - - Forfeited - - - - Expired - - - - Outstanding at end of period 1,071,000 $ 1.19 3.68 $ - Vested and expected to vest 1,071,000 $ 1,19 3.68 $ - Exercisable end of period 546,000 $ 1.63 3.08 $ - At March 31, 2016, the Company had 525,000 non-vested options with a weighted average exercise price of $0.74 and with a weighted average grant date fair value of $0.46, resulting in unrecognized compensation expense of $165,508, which is expected to be expensed over a weighted-average period of 4.31 years. The total intrinsic value of options at March 31, 2016 was $0. Intrinsic value is measured using the fair market value at the date of exercise (for shares exercised) or at March 31, 2016 (for outstanding options), less the applicable exercise price.

Note 15 - Significant Customers

Note 15 - Significant Customers / Concentration	3 Months Ended
	Mar. 31, 2016
Notes to Financial Statements
Segment Reporting Disclosure [Text Block]	NOTE 15 - SIGNIFICANT CUSTOMERS / CONCENTRATION For the three months ended March 31, 2016, our four largest customers accounted for approximately 34%, 7%, 6% and 4% of our net sales (approximately 51% in total). The Company had no customers that accounted for more than 10% of total sales at March 31, 2015. The Company sells products throughout the world; sales by geographical region are as follows for the three months ended March 31, 2016 and 2015: For the Three Months Ended March 31, 2016 2015 United States and Canada $ 210,381 $ 590,039 Australia 128,497 107,192 South America 71,595 - Asia 14,656 32,595 Europe 3,204,839 1,374,674 $ 3,629,968 $ 2,104,501 The Company’s sales by product line are as follows for the three months ended March 31, 2016 and 2015: For the Three Months Ended March 31, 2016 2015 Ceramic diesel particulate $ 1,423,106 $ 960,086 Liquid filters and systems 2,179,236 963,210 Kiln furniture 27,626 181,205 $ 3,629,968 $ 2,104,501

Note 16 - Acquisition

Note 16 - Acquisition	3 Months Ended
	Mar. 31, 2016
Notes to Financial Statements
Business Combination Disclosure [Text Block]	NOTE 1 6 – ACQUISITION Acquisition Two-thirds (2/3) of the Payment Shares have been held in escrow, of which one half were to be released from escrow upon determining that Provital, for the year ended December 31, 2014, achieved (i) gross revenues of not less than DKK 65,000,000 9,932,000 and EBITDA of DKK 6,500,000 that is, approximately USD$993,000, or (ii) EBITDA of not less than DKK 10,000,000 that is, approximately USD$1,528,000 and gross revenues of not less than DKK 50,000,000 that is, approximately USD$7,640,000. The other half were to be released from escrow upon determining that Provital, for the year ended December 31, 2015, achieved (i) gross revenues of not less than DKK 120,000,000 that is, approximately USD$18,335,000 and EBITDA of DKK 12,000,000 1,834,000, or (ii) EBITDA of not less than DKK 16,000,000 that is, approximately USD$2,445,000 and gross revenues of not less than DKK 80,000,000 that is, approximately USD$12,223,000. All escrowed Provital Shares remain in escrow as of March 31, 2016. The purchase agreement includes “catch up” provisions that provide that the Payment Shares placed in escrow will be released from escrow if Provital (1) for the years ended December 31, 2014 and December 31, 2015, achieves accumulated gross revenues (i) exceeding DKK 185,000,000 and EBITDA of DKK 18,500,000 that is, approximately USD$2,827,000, or (ii) EBITDA of not less than DKK 26,000,000 that is, approximately USD$3,973,000 and gross revenues of not less than DKK 130,000,000 that is, approximately USD$19,863,000 or (2) for the year ending December 31, 2016, achieves gross revenues exceeding DKK 105,000,000 that is, approximately USD$16,043,000 and EBITDA of not less than DKK 21,000,000 that is, approximately USD$3,209,000. All such escrowed Provital Shares remain in escrow as of March 31, 2016.

Note 17 - Subsequent Events

Note 17 - Subsequent Events	3 Months Ended
	Mar. 31, 2016
Notes to Financial Statements
Subsequent Events [Text Block]	NOTE 17 – SUBSEQUENT EVENTS The Company’s management reviewed material events through May 11, 2016 and there were no subsequent events.

Significant Accounting Policies

Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2016
Accounting Policies [Abstract]
Basis of Accounting, Policy [Policy Text Block]	Business and Basis of Presentation The consolidated financial statements include the accounts of LiqTech International, Inc. (“Parent”) and its subsidiaries. The terms "Company", “us", "we" and "our" as used in this report refer to Parent and its subsidiaries, which are set forth below. The Company engages in the development, design, production, marketing and sale of automated filtering systems, liquid filters, diesel particulate air filters and kiln furniture in United States, Canada, Europe, Asia and South America. Set forth below is a description of Parent and each of its subsidiaries: LiqTech International, Inc., a Nevada corporation organized in July 2004, formerly known as Blue Moose Media, Inc. LiqTech USA, a Delaware corporation and a wholly-owned subsidiary of Parent formed in May 2011. LiqTech International AS, a Danish corporation, incorporated on January 15, 2000 (“LiqTech Int. DK”), a 100% owned subsidiary of LiqTech USA, engages in development, design, application, marketing and sales of membranes on ceramic diesel particulate and liquid filters and catalytic converters in Europe, Asia and South America. LiqTech NA, Inc. (“LiqTech NA”), incorporated in Delaware on July 1, 2005, a 100% owned subsidiary of LiqTech USA. LiqTech NA, Inc. engages in the production, marketing and sale of ceramic diesel particulate and liquid filters and kiln furniture in United States and Canada. LiqTech Asia (“LiqTech Asia”) a 60% owned subsidiary of LiqTech Int. DK, incorporated in South Korea on July 20, 2006, was a dormant subsidiary. The company was closed on March 6, 2015. LiqTech Germany (“LiqTech Germany”) a 100% owned subsidiary of LiqTech Int. DK, incorporated in Germany on December 9, 2011, engages in marketing and sale of liquid filters in Germany. The Company is in the process of closing operations, which is expected to be completed during 2016. LiqTech PTE Ltd, (“LiqTech Sing”) a 95% owned subsidiary of LiqTech Int. DK, incorporated in Singapore on January 19, 2012, engages in marketing and sale of liquid filters in Singapore and other countries in the area. The Company is in the process of closing operations, which is expected to be completed during 2016. LiqTech Systems AS, a Danish Corporation ("LiqTech Systems") (Formerly Provital Solutions A/S) was incorporated on September 1, 2009 and engages in the manufacture of fully automated filtering systems for application within the pool and spa markets, marine applications, and a number of industrial applications within Denmark and international markets. The financial statements include the accounts of LiqTech Systems from the date of acquisition on July 31, 2014.
Consolidation, Policy [Policy Text Block]	Consolidation --
Foreign Currency Transactions and Translations Policy [Policy Text Block]	Functional Currency / Foreign currency translation --
Cash and Cash Equivalents, Policy [Policy Text Block]	Cash, Cash Equivalents and Restricted Cash --
Loans and Leases Receivable, Allowance for Loan Losses Policy [Policy Text Block]	Accounts Receivable -- The roll forward of the allowance for doubtful accounts for the three months ended March 31, 2016 and the year ended December 31, 2015 is as follows: 2016 2015 Allowance for doubtful accounts at the beginning of the period $ 1,087,871 $ 1,654,290 Bad debt expense 9,211 80,729 Amount of receivables written off (26,500 ) (398,083 ) Effect of currency translation 36,474 (249,065 ) Allowance for doubtful accounts at the end of the period $ 1,107,056 $ 1,087,871
Inventory, Policy [Policy Text Block]	Inventory --
Property, Plant and Equipment, Policy [Policy Text Block]	Property and Equipment --
Investment, Policy [Policy Text Block]	Long-Term Investments --
Goodwill and Intangible Assets, Policy [Policy Text Block]	Intangible Assets --
Goodwill and Intangible Assets, Goodwill, Policy [Policy Text Block]	Goodwill --
Revenue Recognition, Policy [Policy Text Block]	Revenue Recognition and Sales Incentives -- The Company has received long-term contracts for the installation of various water filtrations systems and grants from government entities for development and use of silicon carbide membranes in various water filtration and treatment applications. Revenues from long-term contracts and grants are recognized on the percentage-of-completion method, measured by the percentage of project costs incurred to date to estimated total project costs for each long-term contract or grant multiplied by the long-term contract or grant income on a project by project basis. This method is used because management considers costs incurred to be the best available measure of progress on contracts in process. Project costs of the long-term contracts and grants include all direct material and labor costs and those indirect costs related to the project. Project costs are capitalized and accreted into cost of sales based on the percentage of the project completed. Should a loss be estimated on an incomplete project it would be recorded in the period in which such a loss is determined. Changes in estimated profitability of a project are recognized in the period in which the revisions are determined. The aggregate of costs incurred and income recognized on incomplete projects are recorded as costs in excess of billings and are shown as a current asset. The aggregate of billings in excess of related costs incurred and income recognized on projects is shown as a current liability. In Denmark, Value Added Tax (“VAT”) of 25% of the invoice amount is collected in respect of the sales of goods on behalf of tax authorities. The VAT collected is not revenue of the Company; instead, the amount is recorded as a liability on the balance sheet until such VAT is paid to the authorities.
Advertising Costs, Policy [Policy Text Block]	Advertising Cost -- 5,966 and $15,465 for the three months ended March 31, 2016 and 2015, respectively.
Research, Development, and Computer Software, Policy [Policy Text Block]	Research and Development Cost -- 188,513 and $162,473, respectively, of research and development costs.
Income Tax, Policy [Policy Text Block]	Income Taxes --
Earnings Per Share, Policy [Policy Text Block]	Income (Loss) Per Share --
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block]	Stock Options and Awards -- and $33,089 have been recognized for the vesting of options and stock awards granted to employees with an associated recognized tax benefit of $43,699 and $0 for the three months ended March 31, 2016 and 2015, respectively.
Fair Value Measurement, Policy [Policy Text Block]	Fair Value of Financial Instruments -- ? Level 1. Observable inputs such as quoted prices in active markets for identical assets or liabilities; ? Level 2. Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly; and ? Level 3. Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions. Unless otherwise disclosed, the fair value of the Company’s financial instruments including cash, accounts receivable, prepaid expenses, investments, accounts payable, accrued expenses, capital lease obligations and notes payable approximates their recorded values due to their short-term maturities.
Use of Estimates, Policy [Policy Text Block]	Accounting Estimates --
New Accounting Pronouncements, Policy [Policy Text Block]	Recent Accounting Pronouncements -- In 2015, the FASB issued an amended standard requiring that we classify all deferred tax assets and liabilities as non-current on the balance sheet instead of separating deferred taxes into current and non-current. The amended standard is effective for us beginning in the first quarter of 2017; early adoption is permitted and we are evaluating whether we will early adopt. The amended standard may be adopted on either a prospective or retrospective basis. We do not expect that the adoption of this standard will have a significant impact on our financial position or results of operations. In February 2016, the FASB issued changes to the accounting for leases that primarily affect presentation and disclosure requirements. The new standard will require the recognition of a right to use asset and underlying lease liability for operating leases with an initial life in excess of one year. This standard is effective for us beginning in the first quarter of 2019. We have not yet determined the impact of the new standard on our consolidated financial statements. Other recent accounting pronouncements issued by the FASB did not or are not believed by management to have a material impact on the Company’s present or future financial statements.

Note 1 - Summary of Significa25

Note 1 - Summary of Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2016
Notes Tables
Allowance for Credit Losses on Financing Receivables [Table Text Block]	2016 2015 Allowance for doubtful accounts at the beginning of the period $ 1,087,871 $ 1,654,290 Bad debt expense 9,211 80,729 Amount of receivables written off (26,500 ) (398,083 ) Effect of currency translation 36,474 (249,065 ) Allowance for doubtful accounts at the end of the period $ 1,107,056 $ 1,087,871

Note 3 - Inventory (Tables)

Note 3 - Inventory (Tables)	3 Months Ended
	Mar. 31, 2016
Notes Tables
Schedule of Inventory, Current [Table Text Block]	2016 2015 Furnace parts and supplies $ 471,984 $ 466,538 Raw materials 1,356,234 1,498,406 Work in process 2,210,363 1,770,070 Finished goods and filtration systems 2,253,859 1,788,161 Reserve for obsolescence (729,345 ) (606,504 ) Net Inventory $ 5,563,095 $ 4,916,671

Note 4 - Property and Equipme27

Note 4 - Property and Equipment (Tables)	3 Months Ended
	Mar. 31, 2016
Notes Tables
Property, Plant and Equipment [Table Text Block]	Useful Life 2016 2015 Production equipment 3 - 10 $ 10,572,960 $ 10,536,377 Lab equipment 3 - 10 82,608 143,783 Computer equipment 3 - 5 217,700 269,526 Vehicles 3 - 5 42,124 40,365 Furniture and fixtures 5 151,582 141,502 Leasehold improvements 10 1,005,672 972,023 12,072,646 12,103,576 Less Accumulated Depreciation (8,656,646 ) (8,564,882 ) Net Property and Equipment $ 3,416,000 $ 3,538,694

Note 5 - Investments at Costs (

Note 5 - Investments at Costs (Tables)	3 Months Ended
	Mar. 31, 2016
Notes Tables
Fair Value, by Balance Sheet Grouping [Table Text Block]	As of March 31, 2016 Level 1 Level 2 Level 3 Investments - - 22,790 Total - - 22,790 As of December 31, 2015 Level 1 Level 2 Level 3 Investments - - 21,838 Total - - 21,838

Note 6 - Definite-life Intang29

Note 6 - Definite-life Intangible Assets (Tables)	3 Months Ended
	Mar. 31, 2016
Notes Tables
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block]	Year ending December 31, Amortization Expenses 2016 $ 3,592 2017 2,908 2018 2,446 2019 695 Thereafter - $ 9,641

Note 7 - Goodwill (Tables)

Note 7 - Goodwill (Tables)	3 Months Ended
	Mar. 31, 2016
Notes Tables
Schedule of Goodwill [Table Text Block]	March 31, 2016 Goodwill at beginning of period $ 7,582,749 Effect of currency translation 330,430 Goodwill at end of period $ 7,913,179
Schedule of Intangible Assets and Goodwill [Table Text Block]	Goodwill consists of: March 31, 2016 LiqTech Systems A/S $ 7,913,179

Note 8 - Notes Payable (Tables)

Note 8 - Notes Payable (Tables)	3 Months Ended
	Mar. 31, 2016
Notes Tables
Schedule of Maturities of Long-term Debt [Table Text Block]	Year ending December 31, Payments 2016 $ 11,536 2017 15,382 2018 15,382 2019 15,382 2020 11,137 Thereafter - $ 68,819

Note 10 - Leases (Tables)

Note 10 - Leases (Tables)	3 Months Ended
	Mar. 31, 2016
Notes Tables
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block]	Year ending December 31, Lease Payments 2016 515,027 2017 523,103 2018 303,055 Thereafter - Total Minimum Lease Payments $ 1,341,185
Schedule of Future Minimum Lease Payments for Capital Leases [Table Text Block]	Year ending December 31, Lease Payments 2016 $ 150,618 2017 131,077 2018 25,561 Thereafter - Total minimum lease payments 307,256 Less amount representing interest (17,874 ) Present value of minimum lease payments 289,382 Less Current Portion (147,792 ) $ 141,590

Note 12 - Income Taxes (Tables)

Note 12 - Income Taxes (Tables)	3 Months Ended
	Mar. 31, 2016
Notes Tables
Schedule of Deferred Tax Assets and Liabilities [Table Text Block]	2016 2015 Vacation accrual $ 3,933 $ 3,933 Allowance for doubtful Accounts 13,907 14,089 Reserve for obsolete inventory 157,171 154,100 Net current tax assets $ 175,011 $ 172,122 Business tax credit carryover 30,935 30,935 Deferred compensation - - Net operating loss carryover 4,680,755 4,333,820 Excess of book over tax depreciation (449,524 ) (452,088 ) Valuation Allowance (3,299,371 ) (228,170 ) Long term deferred tax asset $ 962,795 $ 3,684,497
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]	2016 2015 Computed tax at expected statutory rate $ (333,000 ) $ (531,400 ) Non-deductible expenses - 24,793 Non-US income taxed at different rates 28,359 95,750 Valuation Allowance 3,078,924 19,328 Income tax expense (benefit) $ 2,774,283 $ (391,529 )
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]	2016 2015 Current income tax expense: Danish $ - $ - Federal - - State - - Current tax (benefit) $ - $ - Book in excess of tax depreciation $ - $ - Deferred rent - - Business tax credit carryover - - Net operating loss carryover (304,418 ) (410,856 ) Allowance for doubtful accounts 3,078,701 19,327 Deferred compensation - - Accrued Vacation - - Reserve for obsolete inventory - - Deferred tax expense (benefit) $ 2,774,283 $ (391,529 ) Total tax expense (benefit) $ 2,774,283 $ (391,529 )

Note 13 - Income (Loss) Per S34

Note 13 - Income (Loss) Per Share (Tables)	3 Months Ended
	Mar. 31, 2016
Notes Tables
Schedule of Weighted Average Number of Shares [Table Text Block]	For the Three Months 2016 2015 Net Income (Loss) attributable to LiqTech International Inc. $ (3,753,695 ) $ (1,171,412 ) Weighted average number of common shares used in basic earnings per share 39,532,035 39,404,782 Effect of dilutive securities, stock options and warrants - - Weighted average number of common shares and potential dilutive common shares outstanding used in dilutive earnings per share 39,532,035 39,404,782

Note 14 - Stockholders' Equity

Note 14 - Stockholders' Equity (Tables)	3 Months Ended
	Mar. 31, 2016
Notes Tables
Schedule of Stockholders' Equity Note, Warrants or Rights [Table Text Block]	Warrants Outstanding Warrants Exercisable Exercise Prices Number Outstanding Weighted Average Remaining Contractual Life (years) Weighted Average Exercise Price Number Exercisable Weighted Average Exercise Price $ 0.81 100,000 1.75 $ 1.00 100,000 $ 0.81 $ 1.00 200,000 1.75 $ 1.00 66,667 $ 1.00 $ 1.50 3,874,000 0.75 $ 1.50 3,874,000 $ 1.50 $ 1.65 400,000 3.33 $ 1.65 400,000 $ 1.65 $ 2.70 2,626,000 0.75 $ 2.70 2,626,000 $ 2.70 $ 4.06 125,575 0.94 $ 4.06 125,575 $ 4.06 Total 7,325,575 0.94 $ 1.96 7,192,242 $ 1.98
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block]	LiqTech International, Inc. Expected term (in years) 5 - 10 Volatility 74.65 % to 76.87 % Risk free interest rate 1.38 % - 2.24 % Dividend yield 0%
Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range [Table Text Block]	Options Outstanding Options Exercisable Exercise Prices Number Outstanding Weighted Average Remaining Contractual Life (years) Weighted Average Exercise Price Number Exercisable Weighted Average Exercise Price $ 0.74 425,000 4.37 $ 0.74 0 $ 0.74 $ 0.75 100,000 4.04 $ 0.75 0 $ 0.75 $ 1.01 130,000 9.72 $ 1.01 130,000 $ 1.01 $ 1.57 100,000 1.54 $ 1.57 100,000 $ 1.57 $ 1.90 316,000 0.83 $ 1.90 316,000 $ 1.90 Total 1,071,000 3.68 $ 1.19 546,000 $ 1.63
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding and Exercisable [Table Text Block]	March 31, 2016 Shares Weighted Average Exercise Price Average Remaining Life Weighted Average Intrinsic Value Outstanding at beginning of period 1,071,000 $ 1.19 3.93 $ - Granted - - - - Exercised - - - - Forfeited - - - - Expired - - - - Outstanding at end of period 1,071,000 $ 1.19 3.68 $ - Vested and expected to vest 1,071,000 $ 1,19 3.68 $ - Exercisable end of period 546,000 $ 1.63 3.08 $ -

Note 15 - Significant Custome36

Note 15 - Significant Customers / Concentration (Tables)	3 Months Ended
	Mar. 31, 2016
Notes Tables
Schedule of Revenue from External Customers Attributed to Foreign Countries by Geographic Area [Table Text Block]	For the Three Months Ended March 31, 2016 2015 United States and Canada $ 210,381 $ 590,039 Australia 128,497 107,192 South America 71,595 - Asia 14,656 32,595 Europe 3,204,839 1,374,674 $ 3,629,968 $ 2,104,501
Reconciliation of Revenue from Segments to Consolidated [Table Text Block]	For the Three Months Ended March 31, 2016 2015 Ceramic diesel particulate $ 1,423,106 $ 960,086 Liquid filters and systems 2,179,236 963,210 Kiln furniture 27,626 181,205 $ 3,629,968 $ 2,104,501

Note 1 - Summary of Significa37

Note 1 - Summary of Significant Accounting Policies (Details Textual) - USD ($)	3 Months Ended		12 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
LiqTech USA [Member] | LiqTech International DK [Member]
Percentage of Subsidiary Owned	100.00%
LiqTech USA [Member] | LiqTech NA [Member]
Percentage of Subsidiary Owned	100.00%
LiqTech International DK [Member] | LiqTech Asia [Member]
Percentage of Subsidiary Owned	60.00%
LiqTech International DK [Member] | LiqTech Germany [Member]
Percentage of Subsidiary Owned	100.00%
LiqTech International DK [Member] | LiqTech PTE [Member]
Percentage of Subsidiary Owned	95.00%
Minimum [Member]
Property, Plant and Equipment, Useful Life	3 years
Finite-Lived Intangible Asset, Useful Life	2 years
Maximum [Member]
Property, Plant and Equipment, Useful Life	10 years
Finite-Lived Intangible Asset, Useful Life	10 years
DENMARK
Value Added Tax Of Invoice, Percentage	25.00%
Employee Stock Option [Member]
Allocated Share-based Compensation Expense	$ 110,526	$ 33,089
Employee Service Share-based Compensation, Tax Benefit from Compensation Expense	43,699		$ 0
Cash, Uninsured Amount	0	0
Restricted Cash and Cash Equivalents	0		$ 292,826
Advertising Expense	5,966	15,465
Research and Development Expense	188,513	162,473
Allocated Share-based Compensation Expense	$ 167,351	$ 72,922

Note 1 - Allowance for Doubtful

Note 1 - Allowance for Doubtful Accounts, Roll Forward (Details) - USD ($)	3 Months Ended		12 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Allowance for doubtful accounts at the beginning of the period	$ 1,087,871	$ 1,654,290	$ 1,654,290
Bad debt expense	9,211	$ 12,909	80,729
Amount of receivables written off	(26,500)		(398,083)
Effect of currency translation	36,474		(249,065)
Allowance for doubtful accounts at the end of the period	$ 1,107,056		$ 1,087,871

Note 2 - Related Party Transa39

Note 2 - Related Party Transactions (Details Textual)	1 Months Ended
	Mar. 31, 2015USD ($)
Accounts Payable and Accrued Liabilities [Member] | Officer [Member] | Advance from Related Party [Member]
Related Party Transaction, Amounts of Transaction	$ 25,000

Note 3 - Summary of Inventory (

Note 3 - Summary of Inventory (Details) - USD ($)	Mar. 31, 2016	Dec. 31, 2015
Furnace parts and supplies	$ 471,984	$ 466,538
Raw materials	1,356,234	1,498,406
Work in process	2,210,363	1,770,070
Finished goods and filtration systems	2,253,859	1,788,161
Reserve for obsolescence	(729,345)	(606,504)
Net Inventory	$ 5,563,095	$ 4,916,671

Note 4 - Property and Equipme41

Note 4 - Property and Equipment (Details Textual) - USD ($)	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Depreciation	$ 351,743	$ 346,273

Note 4 - Summary of Property an

Note 4 - Summary of Property and Equipment (Details) - USD ($)	3 Months Ended
	Mar. 31, 2016	Dec. 31, 2015
Minimum [Member] | Production Equipment [Member]
Property, Plant and Equipment, Useful Life	3 years
Minimum [Member] | Lab Equipment [Member]
Property, Plant and Equipment, Useful Life	3 years
Minimum [Member] | Computer Equipment [Member]
Property, Plant and Equipment, Useful Life	3 years
Minimum [Member] | Vehicles [Member]
Property, Plant and Equipment, Useful Life	3 years
Minimum [Member]
Property, Plant and Equipment, Useful Life	3 years
Maximum [Member] | Production Equipment [Member]
Property, Plant and Equipment, Useful Life	10 years
Maximum [Member] | Lab Equipment [Member]
Property, Plant and Equipment, Useful Life	10 years
Maximum [Member] | Computer Equipment [Member]
Property, Plant and Equipment, Useful Life	5 years
Maximum [Member] | Vehicles [Member]
Property, Plant and Equipment, Useful Life	5 years
Maximum [Member]
Property, Plant and Equipment, Useful Life	10 years
Production Equipment [Member]
Property and equipment	$ 10,572,960	$ 10,536,377
Lab Equipment [Member]
Property and equipment	82,608	143,783
Computer Equipment [Member]
Property and equipment	217,700	269,526
Vehicles [Member]
Property and equipment	$ 42,124	40,365
Furniture and Fixtures [Member]
Property, Plant and Equipment, Useful Life	5 years
Property and equipment	$ 151,582	141,502
Leasehold Improvements [Member]
Property, Plant and Equipment, Useful Life	10 years
Property and equipment	$ 1,005,672	972,023
Property and equipment	12,072,646	12,103,576
Less Accumulated Depreciation	(8,656,646)	(8,564,882)
Net Property and Equipment	$ 3,416,000	$ 3,538,694

Note 5 - Investments at Costs43

Note 5 - Investments at Costs (Details Textual) - USD ($)	Mar. 31, 2016	Dec. 31, 2015
LEA Technology [Member]
Other Long-term Investments	$ 5,692	$ 5,460
LiqTech Italy [Member]
Other Long-term Investments	17,098	16,378
Other Long-term Investments	$ 22,790	$ 21,838

Note 5 - Summary of Financial A

Note 5 - Summary of Financial Assets and Liabilities (Details) - USD ($)	Mar. 31, 2016	Dec. 31, 2015
Fair Value, Inputs, Level 1 [Member]
Investments	$ 0	$ 0
Total	0	0
Fair Value, Inputs, Level 2 [Member]
Investments	0	0
Total	0	0
Fair Value, Inputs, Level 3 [Member]
Investments	22,790	21,838
Total	$ 22,790	$ 21,838

Note 6 - Definite-life Intang45

Note 6 - Definite-life Intangible Assets (Details Textual) - USD ($)	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Patents [Member] | Minimum [Member]
Finite-Lived Intangible Asset, Useful Life	2 years
Patents [Member] | Maximum [Member]
Finite-Lived Intangible Asset, Useful Life	10 years
Patents [Member]
Intangible Assets, Net (Excluding Goodwill)	$ 9,641		$ 10,386
Amortization of Intangible Assets	$ 745	$ 3,105
Minimum [Member]
Finite-Lived Intangible Asset, Useful Life	2 years
Maximum [Member]
Finite-Lived Intangible Asset, Useful Life	10 years
Intangible Assets, Net (Excluding Goodwill)	$ 9,641		$ 10,386

Note 6 - Expected Future Amorti

Note 6 - Expected Future Amortization Expense (Details)	Mar. 31, 2016USD ($)
2,016	$ 3,592
2,017	2,908
2,018	2,446
2,019	695
	$ 9,641

Note 7 - Summary of Goodwill (D

Note 7 - Summary of Goodwill (Details)	3 Months Ended
	Mar. 31, 2016USD ($)
Goodwill at beginning of period	$ 7,582,749
Effect of currency translation	330,430
Goodwill at end of period	$ 7,913,179

Note 7 - Goodwill (Details)

Note 7 - Goodwill (Details) - USD ($)	Mar. 31, 2016	Dec. 31, 2015
LiqTech Systems A/S [Member]
LiqTech Systems A/S	$ 7,913,179
LiqTech Systems A/S	$ 7,913,179	$ 7,582,749

Note 8 - Notes Payable (Details

Note 8 - Notes Payable (Details Textual) - Notes Payable, Other Payables [Member] - USD ($)	3 Months Ended
	Mar. 31, 2016	Dec. 31, 2015
Debt Instrument, Interest Rate, Stated Percentage	4.02%
Long-term Debt	$ 68,819	$ 0
Debt Instrument, Periodic Payment	$ 1,423

Note 8 - Long-term Debt Maturit

Note 8 - Long-term Debt Maturity Schedule (Details) - USD ($)	Mar. 31, 2016	Dec. 31, 2015
Notes Payable, Other Payables [Member]
2,017	$ 15,382
2,018	15,382
2,019	15,382
2,020	$ 11,137
Thereafter
	$ 68,819	$ 0
2,016	$ 11,536

Note 9 - Lines of Credit (Detai

Note 9 - Lines of Credit (Details Textual) - Mar. 31, 2016	USD ($)	DKK
Line of Credit Facility, Maximum Borrowing Capacity	$ 72,000	DKK 473,100
Guarantor Obligations, Current Carrying Value	$ 72,000	DKK 473,100

Note 10 - Leases (Details Textu

Note 10 - Leases (Details Textual) - USD ($)	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Capital Lease 1 [Member] | Capital Lease Obligations [Member]
Debt Instrument, Periodic Payment	$ 10,043
Capital Lease 2 [Member] | Capital Lease Obligations [Member]
Debt Instrument, Periodic Payment	3,892
Capital Lease 3 [Member] | Capital Lease Obligations [Member]
Debt Instrument, Periodic Payment	636
Capital Lease 4 [Member] | Capital Lease Obligations [Member]
Debt Instrument, Periodic Payment	573
Assets Held under Capital Leases [Member]
Depreciation	33,915	$ 39,659
Operating Leases, Rent Expense	185,115	189,404
Capital Leased Assets, Gross	1,358,742		$ 1,302,005
Capital Leases, Lessee Balance Sheet, Assets by Major Class, Accumulated Depreciation	1,078,080		$ 1,033,062
Depreciation	351,743	346,273
Interest Expense, Lessee, Assets under Capital Lease	$ 5,146	$ 8,031

Note 10 - Future Minimum Lease

Note 10 - Future Minimum Lease Payments for Non-cancelable Operating Leases (Details)	Mar. 31, 2016USD ($)
2,016	$ 515,027
2,017	523,103
2,018	303,055
Thereafter	0
Total Minimum Lease Payments	$ 1,341,185

Note 10 - Future Minimum Capita

Note 10 - Future Minimum Capital Lease Payments (Details) - USD ($)	Mar. 31, 2016	Dec. 31, 2015
2,016	$ 150,618
2,017	131,077
2,018	25,561
Thereafter	0
Total minimum lease payments	307,256
Less amount representing interest	(17,874)
Present value of minimum lease payments	289,382
Less Current Portion	(147,792)	$ (150,157)
	$ 141,590

Note 11 - Agreements and Comm55

Note 11 - Agreements and Commitments (Details Textual)	Sep. 09, 2014EUR (€)	Sep. 09, 2014USD ($)	Mar. 31, 2016USD ($)	Mar. 31, 2015USD ($)	Mar. 31, 2016DKK
Chief Executive Officer [Member] | LiqTech Italy [Member]
Equity Method Investment, Ownership Percentage	60.00%	60.00%
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners	40.00%	40.00%
Loss Contingency, Damages Sought, Value	€ 750,000	$ 690,000
Defined Contribution Plan, Cost Recognized			$ 2,826	$ 3,934
Line of Credit Facility, Maximum Borrowing Capacity			72,000		DKK 473,100
Guarantor Obligations, Current Carrying Value			$ 72,000		DKK 473,100

Note 12 - Income Taxes (Details

Note 12 - Income Taxes (Details Textual) - USD ($)	3 Months Ended
	Mar. 31, 2016	Dec. 31, 2015
Federal Ministry of Finance, Germany [Member] | Danish Ministry of Taxation [Member]
Deferred Tax Assets, Operating Loss Carryforwards, Foreign	$ 5,310,000
Federal Ministry of Finance, Germany [Member] | GERMANY
Deferred Tax Assets, Operating Loss Carryforwards, Foreign	108,000
Federal Ministry of Finance, Germany [Member] | SINGAPORE
Deferred Tax Assets, Operating Loss Carryforwards, Foreign	113,000
Deferred Tax Assets, Operating Loss Carryforwards, Domestic	8,935,000
Deferred Tax Assets, Valuation Allowance	3,299,371	$ 228,170
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount	$ 2,774,283

Note 12 - Deferred Tax Asset (L

Note 12 - Deferred Tax Asset (Liabilities) (Details) - USD ($)	Mar. 31, 2016	Dec. 31, 2015
Vacation accrual	$ 3,933	$ 3,933
Allowance for doubtful Accounts	13,907	14,089
Reserve for obsolete inventory	157,171	154,100
Net current tax assets	175,011	172,122
Business tax credit carryover	$ 30,935	$ 30,935
Deferred compensation
Net operating loss carryover	$ 4,680,755	$ 4,333,820
Excess of book over tax depreciation	(449,524)	(452,088)
Valuation Allowance	(3,299,371)	(228,170)
Long term deferred tax asset	$ 962,795	$ 3,684,497

Note 12 - Reconciliation of Inc

Note 12 - Reconciliation of Income Tax Expense (Details) - USD ($)	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Computed tax at expected statutory rate	$ (333,000)	$ (531,400)
Non-deductible expenses		24,793
Non-US income taxed at different rates	$ 28,359	95,750
Valuation Allowance	3,078,924	19,328
Total tax expense (benefit)	$ 2,774,283	$ (391,529)

Note 12 - Components of Income

Note 12 - Components of Income Tax Expense (Benefit) from Continuing Operations (Details) - USD ($)	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Danish Ministry of Taxation [Member]
Current income tax expense:
Foreign current income tax expense (benefit)
Federal	$ 0	$ 0
State
Current tax (benefit)
Book in excess of tax depreciation
Deferred rent
Business tax credit carryover
Net operating loss carryover	$ (304,418)	$ (410,856)
Allowance for doubtful accounts	$ 3,078,701	$ 19,327
Accrued Vacation
Reserve for obsolete inventory
Deferred tax expense (benefit)	$ 2,774,283	$ (391,529)
Total tax expense (benefit)	$ 2,774,283	$ (391,529)

Note 13 - Income (Loss) Per S60

Note 13 - Income (Loss) Per Share (Details Textual) - $ / shares	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2014
Employee Stock Option [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	1,071,000	503,500
Warrant [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	7,325,575	7,025,575
Minimum [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount		1.57
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price	$ 0.74
Class of Warrant or Right, Exercise Price of Warrants or Rights	0.81	$ 1.50
Maximum [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount		1.9
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price	1.90
Class of Warrant or Right, Exercise Price of Warrants or Rights	4.06	$ 4.06
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price	$ 1.19		$ 1.19

Note 13 - Amounts Used in Compu

Note 13 - Amounts Used in Computing Earnings Per Share (Details) - USD ($)	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Net Income (Loss) attributable to LiqTech International Inc.	$ (3,753,695)	$ (1,171,412)
Weighted average number of common shares used in basic earnings per share (in shares)	39,532,035	39,404,782
Effect of dilutive securities, stock options and warrants (in shares)	0	0
Weighted average number of common shares and potential dilutive common shares outstanding used in dilutive earnings per share (in shares)	39,532,035	39,404,782

Note 14 - Stockholders' Equit62

Note 14 - Stockholders' Equity (Details Textual) - USD ($)	Apr. 14, 2015	Apr. 13, 2015	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015	Jun. 04, 2015	Feb. 15, 2015	Dec. 31, 2014
Director [Member] | Restricted Stock [Member] | Vesting on January 1, 2016 [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period	27,253	33,333
Director [Member] | Restricted Stock [Member] | Vesting On January 1, 2017 [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period		33,333
Director [Member] | Restricted Stock [Member] | Vesting On January 1, 2018 [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period		33,334
Director [Member] | Restricted Stock [Member]
Allocated Share-based Compensation Expense			$ 19,417	$ 39,833
Director [Member]
Stock Issued During Period, Shares, Restricted Stock Award, Gross	27,253	100,000
Stock Issued During Period, Value, Restricted Stock Award, Gross	$ 20,167	$ 75,000
Employee Stock Option [Member] | Two Thousand Eleven Stock Options Plan [Member]
Allocated Share-based Compensation Expense			110,525	33,089
Employee Stock Option [Member]
Allocated Share-based Compensation Expense			$ 110,526	33,089
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition			4 years 113 days
Vesting Upon Issuance [Member] | Wolfe Axelrod Weinberger Associates, LLC [Member]
Class of Warrant or Right Vesting Percentage						33.30%
Vesting on June 4, 2016 [Member] | Wolfe Axelrod Weinberger Associates, LLC [Member]
Class of Warrant or Right Vesting Percentage						33.30%
Vesting on June 4, 2017 [Member] | Wolfe Axelrod Weinberger Associates, LLC [Member]
Class of Warrant or Right Vesting Percentage						33.30%
Warrant [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period			133,333
Allocated Share-based Compensation Expense			$ 37,408
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number			7,325,575
LCL Finance Limited [Member]
Class of Warrant or Right, Number of Securities Called by Warrants or Rights							100,000
Class of Warrant or Right, Exercise Price of Warrants or Rights							$ 1
Wolfe Axelrod Weinberger Associates, LLC [Member]
Class of Warrant or Right, Number of Securities Called by Warrants or Rights						200,000
Class of Warrant or Right, Exercise Price of Warrants or Rights						$ 1
Two Thousand Eleven Stock Options Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number			1,071,000
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Stock Options			$ 342,282
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross			1,071,000
Common Stock, Shares Authorized			100,000,000		100,000,000
Common Stock, Par or Stated Value Per Share			$ 0.001		$ 0.001
Common Stock, Shares, Issued			39,532,035		39,532,035
Common Stock, Shares, Outstanding			39,532,035		39,532,035
Allocated Share-based Compensation Expense			$ 167,351	$ 72,922
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number			1,071,000					1,071,000
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Stock Options			$ 165,508
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Number of Shares			525,000
Share Based Compensation Arrangements by Share Based Payment Award Options, Nonvested Weighted Average Exercise Price			$ 0.74
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Weighted Average Grant Date Fair Value			$ 0.46
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value			$ 0

Note 14 - Warrants Outstanding

Note 14 - Warrants Outstanding (Details) - $ / shares	3 Months Ended	12 Months Ended
	Mar. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Warrant [Member] | Price Range 1 [Member]
Exercise Price (in dollars per share)	$ 0.81
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number	100,000
Warrants Weighted Average Remaining Contractual Life	1 year 273 days
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price	$ 1
Warrants Exercisable (in shares)	100,000
Warrants Weighted Average Exercisable Exercise Price (in dollars per share)	$ 0.81
Exercise Price (in dollars per share)	$ 0.81
Warrants Outstanding (in shares)	100,000
Warrants Weighted Average Remaining Contractual Life	1 year 273 days
Warrants Weighted Average Outstanding Exercise Price (in dollars per share)	$ 1
Warrants Exercisable (in shares)	100,000
Warrants Weighted Average Exercisable Exercise Price (in dollars per share)	$ 0.81
Warrant [Member] | Price Range 2 [Member]
Exercise Price (in dollars per share)	$ 1
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number	200,000
Warrants Weighted Average Remaining Contractual Life	1 year 273 days
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price	$ 1
Warrants Exercisable (in shares)	66,667
Warrants Weighted Average Exercisable Exercise Price (in dollars per share)	$ 1
Exercise Price (in dollars per share)	$ 1
Warrants Outstanding (in shares)	200,000
Warrants Weighted Average Remaining Contractual Life	1 year 273 days
Warrants Weighted Average Outstanding Exercise Price (in dollars per share)	$ 1
Warrants Exercisable (in shares)	66,667
Warrants Weighted Average Exercisable Exercise Price (in dollars per share)	$ 1
Warrant [Member] | Price Range 3 [Member]
Exercise Price (in dollars per share)	$ 1.50
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number	3,874,000
Warrants Weighted Average Remaining Contractual Life	273 days
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price	$ 1.50
Warrants Exercisable (in shares)	3,874,000
Warrants Weighted Average Exercisable Exercise Price (in dollars per share)	$ 1.50
Exercise Price (in dollars per share)	$ 1.50
Warrants Outstanding (in shares)	3,874,000
Warrants Weighted Average Remaining Contractual Life	273 days
Warrants Weighted Average Outstanding Exercise Price (in dollars per share)	$ 1.50
Warrants Exercisable (in shares)	3,874,000
Warrants Weighted Average Exercisable Exercise Price (in dollars per share)	$ 1.50
Warrant [Member] | Price Range 4 [Member]
Exercise Price (in dollars per share)	$ 1.65
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number	400,000
Warrants Weighted Average Remaining Contractual Life	3 years 120 days
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price	$ 1.65
Warrants Exercisable (in shares)	400,000
Warrants Weighted Average Exercisable Exercise Price (in dollars per share)	$ 1.65
Exercise Price (in dollars per share)	$ 1.65
Warrants Outstanding (in shares)	400,000
Warrants Weighted Average Remaining Contractual Life	3 years 120 days
Warrants Weighted Average Outstanding Exercise Price (in dollars per share)	$ 1.65
Warrants Exercisable (in shares)	400,000
Warrants Weighted Average Exercisable Exercise Price (in dollars per share)	$ 1.65
Warrant [Member] | Price Range 5 [Member]
Exercise Price (in dollars per share)	$ 2.70
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number	2,626,000
Warrants Weighted Average Remaining Contractual Life	273 days
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price	$ 2.70
Warrants Exercisable (in shares)	2,626,000
Warrants Weighted Average Exercisable Exercise Price (in dollars per share)	$ 2.70
Exercise Price (in dollars per share)	$ 2.70
Warrants Outstanding (in shares)	2,626,000
Warrants Weighted Average Remaining Contractual Life	273 days
Warrants Weighted Average Outstanding Exercise Price (in dollars per share)	$ 2.70
Warrants Exercisable (in shares)	2,626,000
Warrants Weighted Average Exercisable Exercise Price (in dollars per share)	$ 2.70
Warrant [Member] | Price Range 6 [Member]
Exercise Price (in dollars per share)	$ 4.06
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number	125,575
Warrants Weighted Average Remaining Contractual Life	343 days
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price	$ 4.06
Warrants Exercisable (in shares)	125,575
Warrants Weighted Average Exercisable Exercise Price (in dollars per share)	$ 4.06
Exercise Price (in dollars per share)	$ 4.06
Warrants Outstanding (in shares)	125,575
Warrants Weighted Average Remaining Contractual Life	343 days
Warrants Weighted Average Outstanding Exercise Price (in dollars per share)	$ 4.06
Warrants Exercisable (in shares)	125,575
Warrants Weighted Average Exercisable Exercise Price (in dollars per share)	$ 4.06
Warrant [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number	7,325,575
Warrants Weighted Average Remaining Contractual Life	343 days
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price	$ 1.96
Warrants Exercisable (in shares)	7,192,242
Warrants Weighted Average Exercisable Exercise Price (in dollars per share)	$ 1.98
Warrants Outstanding (in shares)	7,325,575
Warrants Weighted Average Remaining Contractual Life	343 days
Warrants Weighted Average Outstanding Exercise Price (in dollars per share)	$ 1.96
Warrants Exercisable (in shares)	7,192,242
Warrants Weighted Average Exercisable Exercise Price (in dollars per share)	$ 1.98
Price Range 1 [Member]
Exercise Price (in dollars per share)	0.74
Exercise Price (in dollars per share)	0.74
Price Range 2 [Member]
Exercise Price (in dollars per share)	0.75
Exercise Price (in dollars per share)	0.75
Price Range 3 [Member]
Exercise Price (in dollars per share)	1.01
Exercise Price (in dollars per share)	1.01
Price Range 4 [Member]
Exercise Price (in dollars per share)	1.57
Exercise Price (in dollars per share)	1.57
Price Range 5 [Member]
Exercise Price (in dollars per share)	1.90
Exercise Price (in dollars per share)	$ 1.90
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number	1,071,000		1,071,000
Warrants Weighted Average Remaining Contractual Life	3 years 248 days	3 years 339 days
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price	$ 1.19		$ 1.19
Warrants Exercisable (in shares)	546,000
Warrants Weighted Average Exercisable Exercise Price (in dollars per share)	$ 1.63
Warrants Outstanding (in shares)	1,071,000		1,071,000
Warrants Weighted Average Remaining Contractual Life	3 years 248 days	3 years 339 days
Warrants Weighted Average Outstanding Exercise Price (in dollars per share)	$ 1.19		$ 1.19
Warrants Exercisable (in shares)	546,000
Warrants Weighted Average Exercisable Exercise Price (in dollars per share)	$ 1.63

Note 14 - Assumptions Used to C

Note 14 - Assumptions Used to Calculate the Fair Values of Stock Options (Details)	3 Months Ended
	Mar. 31, 2016
Minimum [Member]
Expected term (in years)	5 years
Volatility	74.65%
Risk free interest rate	1.38%
Maximum [Member]
Volatility	76.87%
Risk free interest rate	2.24%
Dividend yield	0.00%

Note 14 - Options Outstanding (

Note 14 - Options Outstanding (Details)	3 Months Ended
	Mar. 31, 2016$ / sharesshares
Price Range 1 [Member]
Exercise Price (in dollars per share)	$ 0.74
Options Number Outstanding (in shares) | shares	425,000
Options Weighted Average Remaining Contractual Life	4 years 135 days
Options Weighted Average Exercise Price (in dollars per share)	$ 0.74
Options Number Exercisable (in shares) | shares	0
Options Exercisable Weighted Average Exercise Price (in dollars per share)	$ 0.74
Price Range 2 [Member]
Exercise Price (in dollars per share)	$ 0.75
Options Number Outstanding (in shares) | shares	100,000
Options Weighted Average Remaining Contractual Life	4 years 14 days
Options Weighted Average Exercise Price (in dollars per share)	$ 0.75
Options Number Exercisable (in shares) | shares	0
Options Exercisable Weighted Average Exercise Price (in dollars per share)	$ 0.75
Price Range 3 [Member]
Exercise Price (in dollars per share)	$ 1.01
Options Number Outstanding (in shares) | shares	130,000
Options Weighted Average Remaining Contractual Life	9 years 262 days
Options Weighted Average Exercise Price (in dollars per share)	$ 1.01
Options Number Exercisable (in shares) | shares	130,000
Options Exercisable Weighted Average Exercise Price (in dollars per share)	$ 1.01
Price Range 4 [Member]
Exercise Price (in dollars per share)	$ 1.57
Options Number Outstanding (in shares) | shares	100,000
Options Weighted Average Remaining Contractual Life	1 year 197 days
Options Weighted Average Exercise Price (in dollars per share)	$ 1.57
Options Number Exercisable (in shares) | shares	100,000
Options Exercisable Weighted Average Exercise Price (in dollars per share)	$ 1.57
Price Range 5 [Member]
Exercise Price (in dollars per share)	$ 1.90
Options Number Outstanding (in shares) | shares	316,000
Options Weighted Average Remaining Contractual Life	302 days
Options Weighted Average Exercise Price (in dollars per share)	$ 1.90
Options Number Exercisable (in shares) | shares	316,000
Options Exercisable Weighted Average Exercise Price (in dollars per share)	$ 1.90
Options Number Outstanding (in shares) | shares	1,071,000
Options Weighted Average Remaining Contractual Life	3 years 248 days
Options Weighted Average Exercise Price (in dollars per share)	$ 1.19
Options Number Exercisable (in shares) | shares	546,000
Options Exercisable Weighted Average Exercise Price (in dollars per share)	$ 1.63

Note 14 - Status of Options Gra

Note 14 - Status of Options Granted and Changes During the Year (Details) - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2016	Dec. 31, 2015
Shares outstanding (in shares)		1,071,000
Outstanding, weighted average exercise price (in dollars per share)		$ 1.19
Warrants Weighted Average Remaining Contractual Life	3 years 248 days	3 years 339 days
Granted, weighted average intrinsic value
Shares outstanding (in shares)	1,071,000
Outstanding, weighted average exercise price (in dollars per share)	$ 1.19
Outstanding, average remaining life	3 years 248 days	3 years 339 days
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value	$ 0
Shares vested and expected to vest (in shares)	1,071,000
Vested and expected to vest, weighted average exercise price (in dollars per share)	$ 119
Vested and expected to vest, average remaining life	3 years 248 days
Vested and expected to vest, weighted average intrinsic value
Warrants Exercisable (in shares)	546,000
Warrants Weighted Average Exercisable Exercise Price (in dollars per share)	$ 1.63
Exercisable end of period, average remaining life	3 years 29 days

Note 15 - Significant Custome67

Note 15 - Significant Customers / Concentration (Details Textual) - Customer Concentration Risk [Member] - Sales Revenue, Net [Member]	3 Months Ended
	Mar. 31, 2016
Major Customer 1 [Member]
Concentration Risk, Percentage	34.00%
Major Customer 2 [Member]
Concentration Risk, Percentage	7.00%
Major Customer 3 [Member]
Concentration Risk, Percentage	6.00%
Major Customer 4 [Member]
Concentration Risk, Percentage	4.00%
Number of Major Customers	4
Concentration Risk, Percentage	51.00%

Note 15 - Net Sales by Geograph

Note 15 - Net Sales by Geographical Region (Details) - USD ($)	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Reportable Geographical Components [Member] | US And Canada [Member]
Net sales	$ 210,381	$ 590,039
Reportable Geographical Components [Member] | AUSTRALIA
Net sales	128,497	$ 107,192
Reportable Geographical Components [Member] | South America [Member]
Net sales	71,595
Reportable Geographical Components [Member] | Asia [Member]
Net sales	14,656	$ 32,595
Reportable Geographical Components [Member] | Europe [Member]
Net sales	3,204,839	1,374,674
Net sales	$ 3,629,968	$ 2,104,501

Note 15 - Sales by Product Line

Note 15 - Sales by Product Line (Details) - USD ($)	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Ceramic Diesel Particulate [Member]
Net sales	$ 1,423,106	$ 960,086
Liquid Filters [Member]
Net sales	2,179,236	963,210
Kiln Furniture [Member]
Net sales	27,626	181,205
Net sales	$ 3,629,968	$ 2,104,501

Note 16 - Acquisition (Details

Note 16 - Acquisition (Details Textual) - Provital Solutions AS [Member]	Jul. 29, 2014USD ($)shares	Jul. 29, 2014DKKshares
Scenario One for Year Ending December 31, 2014 [Member]
Business Acquisition Requirement for Minimum Revenues	$ 9,932,000	DKK 65,000,000
Business Acquisition Requirement for EBITDA	993,000	6,500,000
Scenario Two for Year Ending December 31, 2014 [Member]
Business Acquisition Requirement for Minimum Revenues	7,640,000	50,000,000
Business Acquisition Requirement for EBITDA	1,528,000	10,000,000
Scenario One for the Year Ending December 31, 2015 [Member]
Business Acquisition Requirement for Minimum Revenues	18,335,000	120,000,000
Business Acquisition Requirement for EBITDA	1,834,000	12,000,000
Scenario Two for the Year Ending December 31, 2015 [Member]
Business Acquisition Requirement for Minimum Revenues	12,223,000	80,000,000
Business Acquisition Requirement for EBITDA	2,445,000	16,000,000
Scenario One for Years Ending December 31, 2014 and December 31, 2015 [Member]
Business Acquisition, Catch Up Provisions Minimum Revenues | DKK		185,000,000
Business Acquisition Catch Up Provisions Minimum EBITDA	2,827,000	18,500,000
Scenario Two For Years Ending December 31, 2014 and December 31, 2015 [Member]
Business Acquisition, Catch Up Provisions Minimum Revenues	19,863,000	130,000,000
Business Acquisition Catch Up Provisions Minimum EBITDA	3,973,000	26,000,000
For Year Ending December 31, 2016 [Member]
Business Acquisition, Catch Up Provisions Minimum Revenues	16,043,000	105,000,000
Business Acquisition Catch Up Provisions Minimum EBITDA	3,209,000	21,000,000
Payments to Acquire Businesses, Gross	$ 2,300,000	DKK 12,600,000
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | shares	4,044,782	4,044,782