Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jun. 30, 2016 | Aug. 10, 2016 | |
Document Information [Line Items] | ||
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 | Jun. 30, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false |
Consolidated Balance Sheets (Cu
Consolidated Balance Sheets (Current Period Unaudited) - USD ($) | Jun. 30, 2016 | Dec. 31, 2015 |
Current Assets: | ||
Cash | $ 637,035 | $ 1,370,591 |
Restricted cash balances | 292,826 | |
Accounts receivable, net | 3,057,310 | 3,191,858 |
Other receivables | 307,886 | 505,945 |
Cost in excess of billing | 1,174,731 | 2,519,321 |
Inventories | 5,207,094 | 4,916,671 |
Prepaid expenses | 79,267 | 13,670 |
Current deferred tax asset | 163,965 | 172,122 |
Total Current Assets | 10,627,288 | 12,983,004 |
Property and Equipment, net of accumulated depreciation: | 3,119,151 | 3,538,694 |
Other Assets: | ||
Investments at costs | 22,259 | 21,838 |
Long term deferred tax asset | 851,021 | 3,684,497 |
Goodwill | 7,728,839 | 7,582,749 |
Other intangible assets | 8,260 | 10,386 |
Deposits | 259,416 | 252,378 |
Total Other Assets | 8,869,795 | 11,551,848 |
Total Assets | 22,616,234 | 28,073,546 |
Current Liabilities: | ||
Current portion of notes payable | 15,024 | |
Current portion of capital lease obligations | 116,663 | 150,157 |
Accounts payable | 1,594,655 | 3,455,085 |
Accrued expenses | 1,269,820 | 1,441,840 |
Billing in excess of cost | 126,753 | 175,338 |
Accrued income taxes payable | 570 | 570 |
Deferred revenue / customers deposits | 226,289 | 117,700 |
Total Current Liabilities | 3,349,774 | 5,340,690 |
Long-term notes payable, less current portion | 48,695 | |
Long-term capital lease obligations, less current portion | 126,182 | 165,572 |
Total Long-Term Liabilities: | 174,877 | 165,572 |
Total Liabilities | 3,524,651 | 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 June 30, 2016 and December 31, 2015, respectively | 39,532 | 39,532 |
Additional paid-in capital | 36,120,808 | 36,087,808 |
Accumulated deficit | (11,675,781) | (7,592,709) |
Deferred compensation | (351,018) | (590,742) |
Other comprehensive income, net | (5,041,958) | (5,376,605) |
Total Stockholders' Equity | 19,091,583 | 22,567,284 |
Total Liabilities and Stockholders' Equity | $ 22,616,234 | $ 28,073,546 |
Consolidated Balance Sheets (C3
Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares | Jun. 30, 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 | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Net Sales | $ 4,019,338 | $ 1,701,055 | $ 7,649,306 | $ 3,805,556 |
Cost of Goods Sold | 2,890,984 | 2,259,497 | 5,774,994 | 4,410,964 |
Gross Profit | 1,128,354 | (558,442) | 1,874,312 | (605,408) |
Operating Expenses: | ||||
Selling expenses | 512,179 | 745,212 | 1,103,247 | 1,437,935 |
General and administrative expenses | 575,908 | 683,061 | 1,331,902 | 1,499,128 |
Non-cash compensation expenses | 105,373 | 84,724 | 272,724 | 157,646 |
Research and development expenses | 164,056 | 202,984 | 352,569 | 365,457 |
Total Operating Expense | 1,357,516 | 1,715,981 | 3,060,442 | 3,460,166 |
Loss from Operations | (229,162) | (2,274,423) | (1,186,130) | (4,065,574) |
Other Income (Expense) | ||||
Interest and other income | 49,459 | 49,702 | ||
Interest expense | (6,602) | (19,641) | (16,496) | (34,827) |
Gain (loss) on investments | (71) | 7,295 | ||
Gain (loss) on currency transactions | 391 | (100,450) | (12,159) | 132,741 |
Total Other Income (Expense) | (6,211) | (70,703) | (28,655) | 154,911 |
Loss before income taxes | (235,373) | (2,345,126) | (1,214,785) | (3,910,663) |
Income Tax Expense (Income) | 94,003 | (575,575) | 2,868,286 | (967,104) |
Net Loss | (329,376) | (1,769,551) | (4,083,071) | (2,943,559) |
Less Net Loss Attributable To Non-Controlled Interests in Subsidiaries | 24,356 | 21,760 | ||
Net Loss Attributable To LiqTech | $ (329,376) | $ (1,793,907) | $ (4,083,071) | $ (2,965,319) |
Basic Loss Per Share (in dollars per share) | $ (0.01) | $ (0.05) | $ (0.10) | $ (0.08) |
Weighted average number of common shares used in basic earnings per share (in shares) | 39,532,035 | 39,490,496 | 39,532,035 | 39,447,876 |
Diluted Loss Per Share (in dollars per share) | $ (0.01) | $ (0.05) | $ (0.10) | $ (0.08) |
Weighted average number of common shares and potentially dilutive securities (in shares) | 39,532,035 | 39,490,496 | 39,532,035 | 39,447,876 |
Consolidated Statements of Othe
Consolidated Statements of Other Comprehensive Income (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Net Loss | $ (329,376) | $ (1,769,551) | $ (4,083,071) | $ (2,943,559) |
Currency Translation, Net of Taxes | (416,657) | 769,625 | 334,647 | (1,609,635) |
Other Comprehensive Loss | (746,033) | (999,926) | (3,748,424) | (4,553,194) |
Comprehensive Income (Loss) Attributable To Non-controlling Interest in Subsidiaries | 736 | (1,658) | ||
Comprehensive Loss Attributable To LiqTech International Inc. | $ (746,033) | $ (1,000,662) | $ (3,748,424) | $ (4,551,536) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 6 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Employee Stock Option [Member] | ||
Adjustments to reconcile net (loss) to net cash provided (used) by operations: | ||
Non-cash compensation | $ 192,074 | $ 68,317 |
Supplemental Disclosures of Non-Cash Investing and Financing Activities: | ||
Non-cash compensation | 192,074 | 68,317 |
Restricted Stock [Member] | ||
Adjustments to reconcile net (loss) to net cash provided (used) by operations: | ||
Non-cash compensation | 38,833 | 88,000 |
Supplemental Disclosures of Non-Cash Investing and Financing Activities: | ||
Non-cash compensation | 38,833 | 88,000 |
Warrants Issued for Services [Member] | ||
Adjustments to reconcile net (loss) to net cash provided (used) by operations: | ||
Non-cash compensation | 41,817 | 1,329 |
Supplemental Disclosures of Non-Cash Investing and Financing Activities: | ||
Non-cash compensation | 41,817 | 1,329 |
Net Loss | (4,083,071) | (2,943,559) |
Depreciation and amortization | 669,697 | 691,325 |
Non-cash compensation | 272,724 | 157,646 |
Bad debt expense | (8,747) | 12,784 |
Reserve for obsolete inventory | 97,771 | 54,767 |
Change in deferred tax asset / liability | 2,841,633 | (819,923) |
(Increase) decrease in restricted cash | 292,826 | 218,877 |
(Increase) decrease in accounts receivable | 341,354 | 551,043 |
(Increase) decrease in inventory | (388,194) | (231,495) |
(Increase) decrease in prepaid expenses/deposits | (72,635) | (13,511) |
Increase (decrease) in accounts payable | (1,860,430) | (769,400) |
Increase (decrease) in accrued expenses | (63,431) | 801,012 |
Increase (decrease) in long-term contracts | 1,296,005 | 648,446 |
Total Adjustments | 3,418,573 | 1,301,571 |
Net Cash Used by Operating Activities | (664,498) | (1,641,988) |
Purchase of property and equipment | (69,741) | (142,113) |
Net Cash Used by Investing Activities | (69,741) | (142,113) |
Net payments on capital lease obligation | (72,885) | (138,410) |
Payments on loans payable | (17,924) | |
Net Cash Used by Financing Activities | (90,809) | (138,410) |
Gain (Loss) on Currency Translation | (91,492) | 829,788 |
Net Decrease in Cash and Cash Equivalents | (733,556) | (2,752,299) |
Cash and Cash Equivalents at Beginning of Period | 1,370,591 | 5,853,752 |
Cash and Cash Equivalents at End of Period | 637,035 | 3,101,453 |
Interest | 16,496 | 34,827 |
Income Taxes | 570 | |
Non-cash compensation | 272,724 | 157,646 |
Total | $ 272,724 | $ 157,646 |
Note 1 - Summary of Significant
Note 1 - Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 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 June 30, 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 (8,747 ) 80,729 Amount of receivables written off (26,500 ) (398,083 ) Effect of currency translation 11,037 (249,065 ) Allowance for doubtful accounts at the end of the period $ 1,063,661 $ 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 -- Research and Development Cost -- Income Taxes -- Income (Loss) Per Share -- Stock Options and Awards -- 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 -- On July 9 2015, the FASB agreed to delay the effective date by one year; accordingly, the new standard is effective for us beginning in the first quarter of 2018 and we expect to adopt it at that time. The new standard is required to be applied retrospectively to each prior reporting period presented or retrospectively with the cumulative effect of initially applying it recognized at the date of initial application. We have not yet selected a transition method, nor have we determined the impact of the new standard on our consolidated financial statements. 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 adopt early. 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 | 6 Months Ended |
Jun. 30, 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 | 6 Months Ended |
Jun. 30, 2016 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | NOTE 3 - INVENTORY Inventory consisted of the following at June 30, 2016 and December 31, 2015: 2016 2015 Furnace parts and supplies $ 478,506 $ 466,538 Raw materials 1,249,566 1,498,406 Work in process 1,978,299 1,770,070 Finished goods and filtration systems 2,210,628 1,788,161 Reserve for obsolescence (709,905 ) (606,504 ) Net Inventory $ 5,207,094 $ 4,916,671 |
Note 4 - Property and Equipment
Note 4 - Property and Equipment | 6 Months Ended |
Jun. 30, 2016 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | NOTE 4 - PROPERTY AND EQUIPMENT Property and equipment consisted of the following at June 30, 2016 and December 31, 2015: Useful Life 2016 2015 Production equipment 3 - 10 $ 10,416,306 $ 10,536,377 Lab equipment 3 - 10 80,684 143,783 Computer equipment 3 - 5 196,510 269,526 Vehicles 3 - 5 41,143 40,365 Furniture and fixtures 5 149,562 141,502 Leasehold improvements 10 986,900 972,023 11,871,105 12,103,576 Less Accumulated Depreciation (8,751,954 ) (8,564,882 ) Net Property and Equipment $ 3,119,151 $ 3,538,694 Depreciation expense amounted to $667,571 and $687,619 for the six months ended June 30, 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 | 6 Months Ended |
Jun. 30, 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 June 30, 2016 Level 1 Level 2 Level 3 Investments - - 22,259 Total - - 22,259 As of December 31, 2015 Level 1 Level 2 Level 3 Investments - - 21,838 Total - - 21,838 At June 30, 2016, our total investments of $22,259 consisted of an investment of $5,559 in LEA Technology in France to strengthen our sales channels in the French market and an investment of $16,700 in LiqTech Italy, 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, to strengthen our sales channels in the Italian market. |
Note 6 - Definite-life Intangib
Note 6 - Definite-life Intangible Assets | 6 Months Ended |
Jun. 30, 2016 | |
Notes to Financial Statements | |
Intangible Assets Disclosure [Text Block] | NOTE 6 - DEFINITE-LIFE INTANGIBLE ASSETS At June 30, 2016 and December 31, 2015, definite-life intangible assets, net of accumulated amortization, consisted of patents on the Company’s products of $8,260 and $ 10,386, respectively. The patents are recorded at cost and amortized over two to ten years. Amortization expense for the six months ended June 30, 2016 and 2015 was $2,126 and $3,706, respectively. Expected future amortization expense for the years ended are as follows: Year ending December 31, Amortization Expenses 2016 $ 2,339 2017 2,840 2018 2,389 2019 692 Thereafter - $ 8,260 |
Note 7 - Goodwill
Note 7 - Goodwill | 6 Months Ended |
Jun. 30, 2016 | |
Notes to Financial Statements | |
Goodwill Disclosure [Text Block] | NOTE 7 - GOODWILL The following is a summary of goodwill: June 30, 2016 Goodwill at beginning of period $ 7,582,749 Effect of currency translation 146,090 Goodwill at end of period $ 7,728,839 Goodwill consists of: June 30, 2016 LiqTech Systems A/S $ 7,728,839 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 | 6 Months Ended |
Jun. 30, 2016 | |
Notes to Financial Statements | |
Long-term Debt [Text Block] | NOTE 8 - NOTES PAYABLE The Company has a 4.02% Note payable used to purchase a vehicle with $63,719 and $0 balance outstanding as of June 30, 2016 and December 31, 2015. The note calls for monthly payments of $1,390, matures August 1, 2020 and is secured by the vehicle purchased. The following represents the future maturities of long-term debt as of June 30, 2016: Year ending December 31, Payments 2016 $ 7,512 2017 15,024 2018 15,024 2019 15,024 2020 11,135 Thereafter - $ 63,719 Long-term notes payable, less current portion $ 48,695 Current portion of notes payable 15,024 $ 63,719 |
Note 9 - Lines of Credit
Note 9 - Lines of Credit | 6 Months Ended |
Jun. 30, 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 $70,600 at June 30, 2016) with a bank, subject to certain base limitations. As of June 30, 2016, we had DKK473,100 (approximately $70,600) outstanding on this 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 | 6 Months Ended |
Jun. 30, 2016 | |
Notes to Financial Statements | |
Leases of Lessee Disclosure [Text Block] | NOTE 10 - LEASES Operating Leases -- The future minimum lease payments for non-cancelable operating leases having remaining terms in excess of one year as of June 30, 2016 are as follows: Year ending December 31, Lease Payments 2016 354,612 2017 511,718 2018 295,995 Thereafter - Total Minimum Lease Payments $ 1,162,325 Lease expense charged to operations was $368,653 and $315,787 for the six months ended June 30, 2016 and 2015, respectively. Capital Leases -- The Company leases equipment on various variable rate capital leases currently calling for monthly payments of approximately $9,809, $3,801, $622 and $559 expiring through July 2018. Included in property and equipment, at June 30, 2016 and December 31, 2015, the Company had recorded equipment on capital lease at $1,327,090 and $ 1,302,005, respectively, with related accumulated depreciation of $1,052,965 and $ 1,033,062, respectively. During the six months ended June 30, 2016 and 2015, depreciation expense for equipment on capital leases amounted to $68,753, and $73,175, respectively, and has been included in depreciation expense. During the six months ended June 30, 2016 and 2015, interest expense on a capital lease obligation amounted to $9,805 and $14,737, respectively. Future minimum capital lease payments are as follows for the periods ended December 31: Year ending December 31, Lease Payments 2016 $ 102,737 2017 128,024 2018 24,966 Thereafter - Total minimum lease payments 255,727 Less amount representing interest (12,882 ) Present value of minimum lease payments 242,845 Less Current Portion (116,663 ) $ 126,182 |
Note 11 - Agreements and Commit
Note 11 - Agreements and Commitments | 6 Months Ended |
Jun. 30, 2016 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | NOTE 11 - AGREEMENTS AND COMMITMENTS 401(K) Profit Sharing Plan -- LiqTech NA has a 401(k) profit sharing plan and trust covering certain eligible employees. The amount LiqTech NA contributes is discretionary. For the six months ended June 30, 2016 and 2015, matching contributions were expensed and totaled $5,735 and $7,612, respectively. 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 August 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 $70,600 at June 30, 2016) with a bank, subject to certain base limitations. As of June 30, 2016, we had DKK473,100 (approximately $70,600) in working guarantee against the line. |
Note 12 - Income Taxes
Note 12 - Income Taxes | 6 Months Ended |
Jun. 30, 2016 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | NOTE 12 - INCOME TAXES 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 Danish business units will be able to generate pretax profit equal to or in excess of the net operating loss carryforwards. As of June 30, 2016 the Company had net operating loss carryovers of approximately $8,560,000 for U.S. Federal purposes expiring through 2035; approximately $5,392,000 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 June 30, 2016 and December 31, 2015, the Company established a valuation allowance of $3,041,823 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 June 30, 2016 was $2,813,653. 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 three and six months ended June 30, 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 June 30, 2016 and December 31, 2015: 2016 2015 Vacation accrual $ 3,933 $ 3,933 Allowance for doubtful Accounts 4,574 14,089 Reserve for obsolete inventory 155,458 154,100 Net current tax assets $ 163,965 $ 172,122 Business tax credit carryover 30,935 30,935 Deferred compensation - - Net operating loss carryover 4,312,864 4,333,820 Excess of book over tax depreciation (450,955 ) (452,088 ) Valuation Allowance (3,041,823 ) (228,170 ) Long term deferred tax asset $ 851,021 $ 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 six months ended June 30, 2016 and 2015: 2016 2015 Computed tax at expected statutory rate $ (413,027 ) $ (1,337,022 ) Non-deductible expenses 1,757 49,587 Non-US income taxed at different rates (17,427 ) 288,402 Valuation Allowance 3,296,983 31,929 Income tax expense (benefit) $ 2,868,286 $ (967,104 ) The components of income tax expense (benefit) from continuing operations for the six months ended June 30, 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 (428,697 ) (999,033 ) Valuation Allowance 3,296,983 31,929 Deferred compensation - - Accrued Vacation - - Reserve for obsolete inventory - - Deferred tax expense (benefit) $ 2,868,286 $ (967,104 ) Total tax expense (benefit) $ 2,868,286 $ (967,104 ) 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 | 6 Months Ended |
Jun. 30, 2016 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | NOTE 13 - INCOME (LOSS) PER SHARE 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 six months ended June 30, 2016 and 2015: For the Three Months Ended June 30 For the Six Months Ended June 30 2016 2015 2016 2015 Profit (Loss) attributable to LiqTech International Inc. $ (329,376 ) $ (1,793,907 ) $ (4,083,071 ) $ (2,965,319 ) Weighted average number of common shares used in basic earnings per share 39,532,035 39,490,496 39,532,035 39,447,876 Effect of dilutive securities, stock options and warrants - - - - Weighted average number of common shares and potentially dilutive securities 39,532,035 39,490,496 39,532,035 39,447,876 For the six months ended June 30, 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 six months ended June 30, 2015, Parent had 603,500 options outstanding to purchase common stock of the Parent at $0.75 to $1.90 per share and Parent had 7,225,575 warrants outstanding to purchase common stock of the Parent at $1.00 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 | 6 Months Ended |
Jun. 30, 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 six months ended June 30, 2016 and 2015, the Company has recorded non-cash compensation expense of $38,833 and $88,000 relating to the awards, respectively. Common Stock Purchase Warrants A summary of the status of the warrants outstanding at June 30, 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 1.50 $ 0.81 100,000 $ 0.81 $ 1.00 200,000 1.50 $ 1.00 133,333 $ 1.00 $ 1.50 3,874,000 0.50 $ 1.50 3,874,000 $ 1.50 $ 1.65 400,000 3.08 $ 1.65 400,000 $ 1.65 $ 2.70 2,626,000 0.50 $ 2.70 2,626,000 $ 2.70 $ 4.06 125,575 0.69 $ 4.06 125,575 $ 4.06 Total 7,325,575 0.69 $ 1.96 7,258,908 $ 1.97 At June 30, 2016, the Company had 66,667 non-vested warrants. We have recorded non-cash compensation expense of $41,817 for the six months ended June 30, 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, 2016, the Company issued to LCL Finance Limited a warrant to purchase 100,000 shares at an exercise price of $0.81 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, 1/3 on June 4, 2016, 1/3 will vest 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 June 30, 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 $192,074 and $68,465 for the six months ended June 30, 2016 and 2015, respectively. At June 30, 2016 the Company had approximately $260,734 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 Plan at June 30, 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 4.12 $ 0.74 0 $ 0.74 $ 0.75 100,000 3.79 $ 0.75 33,333 $ 0.75 $ 1.01 130,000 9.47 $ 1.01 130,000 $ 1.01 $ 1.57 100,000 1.29 $ 1.57 100,000 $ 1.57 $ 1.90 316,000 0.58 $ 1.90 316,000 $ 1.90 Total 1,071,000 3.43 $ 1.19 579,333 $ 1.58 A summary of the status of the options at June 30, 2016, and changes during the period are presented below: June 30, 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 579,333 $ 1.58 2.88 $ - At June 30, 2016, the Company had 491,667 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 $136,534, which is expected to be expensed over a weighted-average period of 2.0 years. The total intrinsic value of options at June 30, 2016 was $0. Intrinsic value is measured using the fair market value at the date of exercise (for shares exercised) or at June 30, 2016 (for outstanding options), less the applicable exercise price. |
Note 15 - Significant Customers
Note 15 - Significant Customers / Concentration | 6 Months Ended |
Jun. 30, 2016 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | NOTE 15 - SIGNIFICANT CUSTOMERS / CONCENTRATION For the six months ended June 30, 2016, the Company had two customers who account for 27% and 25% on net sales, respectively. The Company had no customers that accounted for more than 10% of total sales at June 30, 2015. The Company sells products throughout the world; sales by geographical region are as follows for the three and six months ended June 30, 2016 and 2015: For the Three Months For the Six Months Ended June 30, Ended June 30, 2016 2015 2016 2015 United States and Canada $ 140,163 $ 330,577 $ 350,544 $ 920,617 Australia 94,245 105,366 222,742 212,557 South America 9,885 - 81,480 - Asia 207,129 209,636 221,785 242,232 Europe 3,567,916 1,055,476 6,772,755 2,430,150 $ 4,019,338 $ 1,701,055 $ 7,649,306 $ 3,805,556 The Company’s sales by product line are as follows for the three and six months ended June 30, 2016 and 2015: For the Three Months For the Six Months Ended June 30, Ended June 30, 2016 2015 2016 2015 Ceramic diesel particulate $ 1,145,171 $ 946,532 $ 2,568,277 $ 1,906,619 Liquid filters and systems 2,806,875 666,258 4,986,111 1,629,468 Kiln furniture 67,292 88,265 94,918 269,469 $ 4,019,338 $ 1,701,055 $ 7,649,306 $ 3,805,556 |
Note 16 - Acquisition
Note 16 - Acquisition | 6 Months Ended |
Jun. 30, 2016 | |
Notes to Financial Statements | |
Business Combination Disclosure [Text Block] | NOTE 16 – 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 June 30, 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 June 30, 2016. |
Note 17 - Subsequent Events
Note 17 - Subsequent Events | 6 Months Ended |
Jun. 30, 2016 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | NOTE 17 – SUBSEQUENT EVENTS The Company’s management reviewed material events through August 11, 2016 and there were no subsequent events. |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 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 June 30, 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 (8,747 ) 80,729 Amount of receivables written off (26,500 ) (398,083 ) Effect of currency translation 11,037 (249,065 ) Allowance for doubtful accounts at the end of the period $ 1,063,661 $ 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 -- |
Research, Development, and Computer Software, Policy [Policy Text Block] | Research and Development Cost -- |
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 -- |
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 -- On July 9 2015, the FASB agreed to delay the effective date by one year; accordingly, the new standard is effective for us beginning in the first quarter of 2018 and we expect to adopt it at that time. The new standard is required to be applied retrospectively to each prior reporting period presented or retrospectively with the cumulative effect of initially applying it recognized at the date of initial application. We have not yet selected a transition method, nor have we determined the impact of the new standard on our consolidated financial statements. 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 adopt early. 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) | 6 Months Ended |
Jun. 30, 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 (8,747 ) 80,729 Amount of receivables written off (26,500 ) (398,083 ) Effect of currency translation 11,037 (249,065 ) Allowance for doubtful accounts at the end of the period $ 1,063,661 $ 1,087,871 |
Note 3 - Inventory (Tables)
Note 3 - Inventory (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | 2016 2015 Furnace parts and supplies $ 478,506 $ 466,538 Raw materials 1,249,566 1,498,406 Work in process 1,978,299 1,770,070 Finished goods and filtration systems 2,210,628 1,788,161 Reserve for obsolescence (709,905 ) (606,504 ) Net Inventory $ 5,207,094 $ 4,916,671 |
Note 4 - Property and Equipme27
Note 4 - Property and Equipment (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | Useful Life 2016 2015 Production equipment 3 - 10 $ 10,416,306 $ 10,536,377 Lab equipment 3 - 10 80,684 143,783 Computer equipment 3 - 5 196,510 269,526 Vehicles 3 - 5 41,143 40,365 Furniture and fixtures 5 149,562 141,502 Leasehold improvements 10 986,900 972,023 11,871,105 12,103,576 Less Accumulated Depreciation (8,751,954 ) (8,564,882 ) Net Property and Equipment $ 3,119,151 $ 3,538,694 |
Note 5 - Investments at Costs (
Note 5 - Investments at Costs (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Notes Tables | |
Fair Value, by Balance Sheet Grouping [Table Text Block] | As of June 30, 2016 Level 1 Level 2 Level 3 Investments - - 22,259 Total - - 22,259 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) | 6 Months Ended |
Jun. 30, 2016 | |
Notes Tables | |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | Year ending December 31, Amortization Expenses 2016 $ 2,339 2017 2,840 2018 2,389 2019 692 Thereafter - $ 8,260 |
Note 7 - Goodwill (Tables)
Note 7 - Goodwill (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Notes Tables | |
Schedule of Goodwill [Table Text Block] | June 30, 2016 Goodwill at beginning of period $ 7,582,749 Effect of currency translation 146,090 Goodwill at end of period $ 7,728,839 |
Schedule of Intangible Assets and Goodwill [Table Text Block] | Goodwill consists of: June 30, 2016 LiqTech Systems A/S $ 7,728,839 |
Note 8 - Notes Payable (Tables)
Note 8 - Notes Payable (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Notes Tables | |
Schedule of Maturities of Long-term Debt [Table Text Block] | Year ending December 31, Payments 2016 $ 7,512 2017 15,024 2018 15,024 2019 15,024 2020 11,135 Thereafter - $ 63,719 |
Schedule of Debt [Table Text Block] | Long-term notes payable, less current portion $ 48,695 Current portion of notes payable 15,024 $ 63,719 |
Note 10 - Leases (Tables)
Note 10 - Leases (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Notes Tables | |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | Year ending December 31, Lease Payments 2016 354,612 2017 511,718 2018 295,995 Thereafter - Total Minimum Lease Payments $ 1,162,325 |
Schedule of Future Minimum Lease Payments for Capital Leases [Table Text Block] | Year ending December 31, Lease Payments 2016 $ 102,737 2017 128,024 2018 24,966 Thereafter - Total minimum lease payments 255,727 Less amount representing interest (12,882 ) Present value of minimum lease payments 242,845 Less Current Portion (116,663 ) $ 126,182 |
Note 12 - Income Taxes (Tables)
Note 12 - Income Taxes (Tables) | 6 Months Ended |
Jun. 30, 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 4,574 14,089 Reserve for obsolete inventory 155,458 154,100 Net current tax assets $ 163,965 $ 172,122 Business tax credit carryover 30,935 30,935 Deferred compensation - - Net operating loss carryover 4,312,864 4,333,820 Excess of book over tax depreciation (450,955 ) (452,088 ) Valuation Allowance (3,041,823 ) (228,170 ) Long term deferred tax asset $ 851,021 $ 3,684,497 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | 2016 2015 Computed tax at expected statutory rate $ (413,027 ) $ (1,337,022 ) Non-deductible expenses 1,757 49,587 Non-US income taxed at different rates (17,427 ) 288,402 Valuation Allowance 3,296,983 31,929 Income tax expense (benefit) $ 2,868,286 $ (967,104 ) |
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 (428,697 ) (999,033 ) Valuation Allowance 3,296,983 31,929 Deferred compensation - - Accrued Vacation - - Reserve for obsolete inventory - - Deferred tax expense (benefit) $ 2,868,286 $ (967,104 ) Total tax expense (benefit) $ 2,868,286 $ (967,104 ) |
Note 13 - Income (Loss) Per S34
Note 13 - Income (Loss) Per Share (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Notes Tables | |
Schedule of Weighted Average Number of Shares [Table Text Block] | For the Three Months Ended June 30 For the Six Months Ended June 30 2016 2015 2016 2015 Profit (Loss) attributable to LiqTech International Inc. $ (329,376 ) $ (1,793,907 ) $ (4,083,071 ) $ (2,965,319 ) Weighted average number of common shares used in basic earnings per share 39,532,035 39,490,496 39,532,035 39,447,876 Effect of dilutive securities, stock options and warrants - - - - Weighted average number of common shares and potentially dilutive securities 39,532,035 39,490,496 39,532,035 39,447,876 |
Note 14 - Stockholders' Equity
Note 14 - Stockholders' Equity (Tables) | 6 Months Ended |
Jun. 30, 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 1.50 $ 0.81 100,000 $ 0.81 $ 1.00 200,000 1.50 $ 1.00 133,333 $ 1.00 $ 1.50 3,874,000 0.50 $ 1.50 3,874,000 $ 1.50 $ 1.65 400,000 3.08 $ 1.65 400,000 $ 1.65 $ 2.70 2,626,000 0.50 $ 2.70 2,626,000 $ 2.70 $ 4.06 125,575 0.69 $ 4.06 125,575 $ 4.06 Total 7,325,575 0.69 $ 1.96 7,258,908 $ 1.97 |
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 4.12 $ 0.74 0 $ 0.74 $ 0.75 100,000 3.79 $ 0.75 33,333 $ 0.75 $ 1.01 130,000 9.47 $ 1.01 130,000 $ 1.01 $ 1.57 100,000 1.29 $ 1.57 100,000 $ 1.57 $ 1.90 316,000 0.58 $ 1.90 316,000 $ 1.90 Total 1,071,000 3.43 $ 1.19 579,333 $ 1.58 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding and Exercisable [Table Text Block] | June 30, 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 579,333 $ 1.58 2.88 $ - |
Note 15 - Significant Custome36
Note 15 - Significant Customers / Concentration (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Notes Tables | |
Schedule of Revenue from External Customers Attributed to Foreign Countries by Geographic Area [Table Text Block] | For the Three Months For the Six Months Ended June 30, Ended June 30, 2016 2015 2016 2015 United States and Canada $ 140,163 $ 330,577 $ 350,544 $ 920,617 Australia 94,245 105,366 222,742 212,557 South America 9,885 - 81,480 - Asia 207,129 209,636 221,785 242,232 Europe 3,567,916 1,055,476 6,772,755 2,430,150 $ 4,019,338 $ 1,701,055 $ 7,649,306 $ 3,805,556 |
Reconciliation of Revenue from Segments to Consolidated [Table Text Block] | For the Three Months For the Six Months Ended June 30, Ended June 30, 2016 2015 2016 2015 Ceramic diesel particulate $ 1,145,171 $ 946,532 $ 2,568,277 $ 1,906,619 Liquid filters and systems 2,806,875 666,258 4,986,111 1,629,468 Kiln furniture 67,292 88,265 94,918 269,469 $ 4,019,338 $ 1,701,055 $ 7,649,306 $ 3,805,556 |
Note 1 - Summary of Significa37
Note 1 - Summary of Significant Accounting Policies (Details Textual) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | Dec. 31, 2015 | |
LiqTech USA [Member] | LiqTech International DK [Member] | |||||
Percentage of Subsidiary Owned | 100.00% | 100.00% | |||
LiqTech USA [Member] | LiqTech NA [Member] | |||||
Percentage of Subsidiary Owned | 100.00% | 100.00% | |||
LiqTech International DK [Member] | LiqTech Asia [Member] | |||||
Percentage of Subsidiary Owned | 60.00% | 60.00% | |||
LiqTech International DK [Member] | LiqTech Germany [Member] | |||||
Percentage of Subsidiary Owned | 100.00% | 100.00% | |||
LiqTech International DK [Member] | LiqTech PTE [Member] | |||||
Percentage of Subsidiary Owned | 95.00% | 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 | $ 192,074 | $ 68,317 | |||
Employee Service Share-based Compensation, Tax Benefit from Compensation Expense | 43,699 | 0 | |||
Cash, Uninsured Amount | $ 0 | 0 | $ 0 | ||
Restricted Cash and Cash Equivalents | 0 | 0 | $ 292,826 | ||
Advertising Expense | 13,012 | 25,566 | |||
Research and Development Expense | 164,056 | $ 202,984 | 352,569 | 365,457 | |
Allocated Share-based Compensation Expense | $ 105,373 | $ 84,724 | $ 272,724 | $ 157,646 |
Note 1 - Allowance for Doubtful
Note 1 - Allowance for Doubtful Accounts, Roll Forward (Details) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2016 | Jun. 30, 2015 | Dec. 31, 2015 | |
Allowance for doubtful accounts at the beginning of the period | $ 1,087,871 | $ 1,087,871 | $ 1,654,290 | $ 1,654,290 |
Bad debt expense | (8,747) | (8,747) | $ 12,784 | 80,729 |
Amount of receivables written off | (26,500) | (398,083) | ||
Effect of currency translation | 11,037 | (249,065) | ||
Allowance for doubtful accounts at the end of the period | $ 1,063,661 | $ 1,063,661 | $ 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 ($) | Jun. 30, 2016 | Dec. 31, 2015 |
Furnace parts and supplies | $ 478,506 | $ 466,538 |
Raw materials | 1,249,566 | 1,498,406 |
Work in process | 1,978,299 | 1,770,070 |
Finished goods and filtration systems | 2,210,628 | 1,788,161 |
Reserve for obsolescence | (709,905) | (606,504) |
Net Inventory | $ 5,207,094 | $ 4,916,671 |
Note 4 - Property and Equipme41
Note 4 - Property and Equipment (Details Textual) - USD ($) | 6 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Depreciation | $ 667,571 | $ 687,619 |
Note 4 - Summary of Property an
Note 4 - Summary of Property and Equipment (Details) - USD ($) | 6 Months Ended | |
Jun. 30, 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 | $ 10,416,306 | $ 10,536,377 |
Lab Equipment [Member] | ||
Property and equipment | 80,684 | 143,783 |
Computer Equipment [Member] | ||
Property and equipment | 196,510 | 269,526 |
Vehicles [Member] | ||
Property and equipment | $ 41,143 | 40,365 |
Furniture and Fixtures [Member] | ||
Property, Plant and Equipment, Useful Life | 5 years | |
Property and equipment | $ 149,562 | 141,502 |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment, Useful Life | 10 years | |
Property and equipment | $ 986,900 | 972,023 |
Property and equipment | 11,871,105 | 12,103,576 |
Less Accumulated Depreciation | (8,751,954) | (8,564,882) |
Net Property and Equipment | $ 3,119,151 | $ 3,538,694 |
Note 5 - Investments at Costs43
Note 5 - Investments at Costs (Details Textual) - USD ($) | Jun. 30, 2016 | Dec. 31, 2015 |
LEA Technology [Member] | ||
Other Long-term Investments | $ 5,559 | $ 5,460 |
LiqTech Italy [Member] | ||
Other Long-term Investments | 16,700 | 16,378 |
Other Long-term Investments | $ 22,259 | $ 21,838 |
Note 5 - Summary of Financial A
Note 5 - Summary of Financial Assets and Liabilities (Details) - USD ($) | Jun. 30, 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 | 22,259 | 21,838 |
Total | $ 22,259 | $ 21,838 |
Note 6 - Definite-life Intang45
Note 6 - Definite-life Intangible Assets (Details Textual) - USD ($) | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 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) | $ 8,260 | $ 10,386 | |
Amortization of Intangible Assets | $ 2,126 | $ 3,706 | |
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) | $ 8,260 | $ 10,386 |
Note 6 - Expected Future Amorti
Note 6 - Expected Future Amortization Expense (Details) | Jun. 30, 2016USD ($) |
2,016 | $ 2,339 |
2,017 | 2,840 |
2,018 | 2,389 |
2,019 | 692 |
$ 8,260 |
Note 7 - Goodwill (Details Text
Note 7 - Goodwill (Details Textual) | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Goodwill, Impairment Loss | $ 0 |
Note 7 - Summary of Goodwill (D
Note 7 - Summary of Goodwill (Details) | 6 Months Ended |
Jun. 30, 2016USD ($) | |
Goodwill at beginning of period | $ 7,582,749 |
Effect of currency translation | 146,090 |
Goodwill at end of period | $ 7,728,839 |
Note 7 - Goodwill (Details)
Note 7 - Goodwill (Details) - USD ($) | Jun. 30, 2016 | Dec. 31, 2015 |
LiqTech Systems A/S [Member] | ||
LiqTech Systems A/S | $ 7,728,839 | |
LiqTech Systems A/S | $ 7,728,839 | $ 7,582,749 |
Note 8 - Notes Payable (Details
Note 8 - Notes Payable (Details Textual) - Notes Payable, Other Payables [Member] - USD ($) | 6 Months Ended | |
Jun. 30, 2016 | Dec. 31, 2015 | |
Debt Instrument, Interest Rate, Stated Percentage | 4.02% | |
Long-term Debt | $ 63,719 | $ 0 |
Debt Instrument, Periodic Payment | $ 1,390 |
Note 8 - Long-term Debt Maturit
Note 8 - Long-term Debt Maturity Schedule (Details) - Notes Payable, Other Payables [Member] - USD ($) | Jun. 30, 2016 | Dec. 31, 2015 |
2,016 | $ 7,512 | |
2,017 | 15,024 | |
2,018 | 15,024 | |
2,019 | 15,024 | |
2,020 | 11,135 | |
Thereafter | ||
$ 63,719 | $ 0 |
Note 8 - Long Term Debt (Detail
Note 8 - Long Term Debt (Details) - USD ($) | Jun. 30, 2016 | Dec. 31, 2015 |
Notes Payable, Other Payables [Member] | ||
Long-term notes payable, less current portion | $ 48,695 | |
Current portion of notes payable | 15,024 | |
63,719 | $ 0 | |
Long-term notes payable, less current portion | 15,024 | |
Current portion of notes payable | $ 48,695 |
Note 9 - Lines of Credit (Detai
Note 9 - Lines of Credit (Details Textual) - Jun. 30, 2016 | USD ($) | DKK |
Line of Credit Facility, Maximum Borrowing Capacity | $ 70,600 | DKK 473,100 |
Guarantor Obligations, Current Carrying Value | $ 70,600 | DKK 473,100 |
Note 10 - Leases (Details Textu
Note 10 - Leases (Details Textual) - USD ($) | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Dec. 31, 2015 | |
Capital Lease 1 [Member] | Capital Lease Obligations [Member] | |||
Debt Instrument, Periodic Payment | $ 9,809 | ||
Capital Lease 2 [Member] | Capital Lease Obligations [Member] | |||
Debt Instrument, Periodic Payment | 3,801 | ||
Capital Lease 3 [Member] | Capital Lease Obligations [Member] | |||
Debt Instrument, Periodic Payment | 622 | ||
Capital Lease 4 [Member] | Capital Lease Obligations [Member] | |||
Debt Instrument, Periodic Payment | 559 | ||
Assets Held under Capital Leases [Member] | |||
Depreciation | 68,753 | $ 73,175 | |
Operating Leases, Rent Expense | 368,653 | 315,787 | |
Capital Leased Assets, Gross | 1,327,090 | $ 1,302,005 | |
Capital Leases, Lessee Balance Sheet, Assets by Major Class, Accumulated Depreciation | 1,052,965 | $ 1,033,062 | |
Depreciation | 667,571 | 687,619 | |
Interest Expense, Lessee, Assets under Capital Lease | $ 9,805 | $ 14,737 |
Note 10 - Future Minimum Lease
Note 10 - Future Minimum Lease Payments for Non-cancelable Operating Leases (Details) | Jun. 30, 2016USD ($) |
2,016 | $ 354,612 |
2,017 | 511,718 |
2,018 | 295,995 |
Thereafter | 0 |
Total Minimum Lease Payments | $ 1,162,325 |
Note 10 - Future Minimum Capita
Note 10 - Future Minimum Capital Lease Payments (Details) - USD ($) | Jun. 30, 2016 | Dec. 31, 2015 |
2,016 | $ 102,737 | |
2,017 | 128,024 | |
2,018 | 24,966 | |
Thereafter | 0 | |
Total minimum lease payments | 255,727 | |
Less amount representing interest | (12,882) | |
Present value of minimum lease payments | 242,845 | |
Less Current Portion | (116,663) | $ (150,157) |
$ 126,182 | $ 165,572 |
Note 11 - Agreements and Comm57
Note 11 - Agreements and Commitments (Details Textual) | Sep. 09, 2014EUR (€) | Sep. 09, 2014USD ($) | Jun. 30, 2016USD ($) | Jun. 30, 2015USD ($) | Jun. 30, 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 | $ 5,735 | $ 7,612 | |||
Line of Credit Facility, Maximum Borrowing Capacity | 70,600 | DKK 473,100 | |||
Guarantor Obligations, Current Carrying Value | $ 70,600 | DKK 473,100 |
Note 12 - Income Taxes (Details
Note 12 - Income Taxes (Details Textual) - USD ($) | 6 Months Ended | |
Jun. 30, 2016 | Dec. 31, 2015 | |
Federal Ministry of Finance, Germany [Member] | Danish Ministry of Taxation [Member] | ||
Deferred Tax Assets, Operating Loss Carryforwards, Foreign | $ 5,392,000 | |
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 | 8,560,000 | |
Deferred Tax Assets, Valuation Allowance | 3,041,823 | $ 228,170 |
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | $ 2,813,653 |
Note 12 - Deferred Tax Asset (L
Note 12 - Deferred Tax Asset (Liabilities) (Details) - USD ($) | Jun. 30, 2016 | Dec. 31, 2015 |
Vacation accrual | $ 3,933 | $ 3,933 |
Allowance for doubtful Accounts | 4,574 | 14,089 |
Reserve for obsolete inventory | 155,458 | 154,100 |
Net current tax assets | 163,965 | 172,122 |
Business tax credit carryover | 30,935 | 30,935 |
Deferred compensation | ||
Net operating loss carryover | 4,312,864 | 4,333,820 |
Excess of book over tax depreciation | (450,955) | (452,088) |
Valuation Allowance | (3,041,823) | (228,170) |
Long term deferred tax asset | $ 851,021 | $ 3,684,497 |
Note 12 - Reconciliation of Inc
Note 12 - Reconciliation of Income Tax Expense (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Computed tax at expected statutory rate | $ (413,027) | $ (1,337,022) | ||
Non-deductible expenses | 1,757 | 49,587 | ||
Non-US income taxed at different rates | (17,427) | 288,402 | ||
Valuation Allowance | 3,296,983 | 31,929 | ||
Total tax expense (benefit) | $ 94,003 | $ (575,575) | $ 2,868,286 | $ (967,104) |
Note 12 - Components of Income
Note 12 - Components of Income Tax Expense (Benefit) from Continuing Operations (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 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 | (428,697) | (999,033) | ||
Valuation Allowance | 3,296,983 | 31,929 | ||
Accrued Vacation | ||||
Reserve for obsolete inventory | ||||
Deferred tax expense (benefit) | 2,868,286 | (967,104) | ||
Total tax expense (benefit) | $ 94,003 | $ (575,575) | $ 2,868,286 | $ (967,104) |
Note 13 - Income (Loss) Per S62
Note 13 - Income (Loss) Per Share (Details Textual) - $ / shares | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Dec. 31, 2015 | |
Employee Stock Option [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 1,071,000 | 603,500 | |
Warrant [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 7,325,575 | 7,225,575 | |
Minimum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ 0.74 | $ 0.75 | |
Class of Warrant or Right, Exercise Price of Warrants or Rights | 0.81 | 1 | |
Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | 1.90 | 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 | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Profit (Loss) attributable to LiqTech International Inc. | $ (329,376) | $ (1,793,907) | $ (4,083,071) | $ (2,965,319) |
Weighted average number of common shares used in basic earnings per share (in shares) | 39,532,035 | 39,490,496 | 39,532,035 | 39,447,876 |
Effect of dilutive securities, stock options and warrants (in shares) | 0 | 0 | 0 | 0 |
Weighted average number of common shares and potentially dilutive securities (in shares) | 39,532,035 | 39,490,496 | 39,532,035 | 39,447,876 |
Note 14 - Stockholders' Equit64
Note 14 - Stockholders' Equity (Details Textual) - USD ($) | Aug. 14, 2015 | Apr. 14, 2015 | Apr. 13, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | Dec. 31, 2015 | Jun. 04, 2015 | Feb. 15, 2015 |
Two Thousand Eleven Stock Options Plan [Member] | Employee Stock Option [Member] | ||||||||||
Allocated Share-based Compensation Expense | $ 192,074 | $ 68,465 | ||||||||
Two Thousand Eleven Stock Options Plan [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 1,071,000 | |||||||||
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 | $ 260,734 | $ 260,734 | ||||||||
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 | 38,833 | 88,000 | ||||||||
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] | ||||||||||
Allocated Share-based Compensation Expense | $ 192,074 | 68,317 | ||||||||
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 | 66,667 | |||||||||
Allocated Share-based Compensation Expense | $ 41,817 | |||||||||
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 | $ 0.81 | |||||||||
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 | |||||||||
Common Stock, Shares, Issued | 39,532,035 | 39,532,035 | 39,532,035 | |||||||
Common Stock, Shares, Outstanding | 39,532,035 | 39,532,035 | 39,532,035 | |||||||
Common Stock, Shares Authorized | 100,000,000 | 100,000,000 | 100,000,000 | |||||||
Common Stock, Par or Stated Value Per Share | $ 0.001 | $ 0.001 | $ 0.001 | |||||||
Allocated Share-based Compensation Expense | $ 105,373 | $ 84,724 | $ 272,724 | $ 157,646 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 1,071,000 | 1,071,000 | 1,071,000 | |||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Stock Options | $ 136,534 | $ 136,534 | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Number of Shares | 491,667 | 491,667 | ||||||||
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 | $ 0.46 | ||||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 2 years | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | $ 0 | $ 0 |
Note 14 - Warrants Outstanding
Note 14 - Warrants Outstanding (Details) | 6 Months Ended |
Jun. 30, 2016$ / sharesshares | |
Warrant 1 [Member] | |
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 0.81 |
Warrants Outstanding (in shares) | shares | 100,000 |
Warrants Weighted Average Remaining Contractual Life | 1 year 182 days |
Warrants Weighted Average Outstanding Exercise Price (in dollars per share) | $ 0.81 |
Warrants Exercisable (in shares) | shares | 100,000 |
Warrants Weighted Average Exercisable Exercise Price (in dollars per share) | $ 0.81 |
Warrant 2 [Member] | |
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 1 |
Warrants Outstanding (in shares) | shares | 200,000 |
Warrants Weighted Average Remaining Contractual Life | 1 year 182 days |
Warrants Weighted Average Outstanding Exercise Price (in dollars per share) | $ 1 |
Warrants Exercisable (in shares) | shares | 133,333 |
Warrants Weighted Average Exercisable Exercise Price (in dollars per share) | $ 1 |
Warrants 3 [Member] | |
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 1.50 |
Warrants Outstanding (in shares) | shares | 3,874,000 |
Warrants Weighted Average Remaining Contractual Life | 182 days |
Warrants Weighted Average Outstanding Exercise Price (in dollars per share) | $ 1.50 |
Warrants Exercisable (in shares) | shares | 3,874,000 |
Warrants Weighted Average Exercisable Exercise Price (in dollars per share) | $ 1.50 |
Warrants 4 [Member] | |
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 1.65 |
Warrants Outstanding (in shares) | shares | 400,000 |
Warrants Weighted Average Remaining Contractual Life | 3 years 29 days |
Warrants Weighted Average Outstanding Exercise Price (in dollars per share) | $ 1.65 |
Warrants Exercisable (in shares) | shares | 400,000 |
Warrants Weighted Average Exercisable Exercise Price (in dollars per share) | $ 1.65 |
Warrants 5 [Member] | |
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 2.70 |
Warrants Outstanding (in shares) | shares | 2,626,000 |
Warrants Weighted Average Remaining Contractual Life | 182 days |
Warrants Weighted Average Outstanding Exercise Price (in dollars per share) | $ 2.70 |
Warrants Exercisable (in shares) | shares | 2,626,000 |
Warrants Weighted Average Exercisable Exercise Price (in dollars per share) | $ 2.70 |
Warrants 6 [Member] | |
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 4.06 |
Warrants Outstanding (in shares) | shares | 125,575 |
Warrants Weighted Average Remaining Contractual Life | 251 days |
Warrants Weighted Average Outstanding Exercise Price (in dollars per share) | $ 4.06 |
Warrants Exercisable (in shares) | shares | 125,575 |
Warrants Weighted Average Exercisable Exercise Price (in dollars per share) | $ 4.06 |
Warrants Outstanding (in shares) | shares | 7,325,575 |
Warrants Weighted Average Remaining Contractual Life | 251 days |
Warrants Weighted Average Outstanding Exercise Price (in dollars per share) | $ 1.96 |
Warrants Exercisable (in shares) | shares | 7,258,908 |
Warrants Weighted Average Exercisable Exercise Price (in dollars per share) | $ 1.97 |
Note 14 - Assumptions Used to C
Note 14 - Assumptions Used to Calculate the Fair Values of Stock Options (Details) | 6 Months Ended |
Jun. 30, 2016 | |
Minimum [Member] | |
Expected term (in years) | 5 years |
Volatility | 74.65% |
Risk free interest rate | 1.38% |
Maximum [Member] | |
Expected term (in years) | 10 years |
Volatility | 76.87% |
Risk free interest rate | 2.24% |
Dividend yield | 0.00% |
Note 14 - Options Outstanding (
Note 14 - Options Outstanding (Details) | 6 Months Ended |
Jun. 30, 2016$ / sharesshares | |
Price Range 1 [Member] | |
Options Exercise Prices (in dollars per share) | $ 0.74 |
Options Number Outstanding (in shares) | shares | 425,000 |
Options Weighted Average Remaining Contractual Life | 4 years 43 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] | |
Options Exercise Prices (in dollars per share) | $ 0.75 |
Options Number Outstanding (in shares) | shares | 100,000 |
Options Weighted Average Remaining Contractual Life | 3 years 288 days |
Options Weighted Average Exercise Price (in dollars per share) | $ 0.75 |
Options Number Exercisable (in shares) | shares | 33,333 |
Options Exercisable Weighted Average Exercise Price (in dollars per share) | $ 0.75 |
Price Range 3 [Member] | |
Options Exercise Prices (in dollars per share) | $ 1.01 |
Options Number Outstanding (in shares) | shares | 130,000 |
Options Weighted Average Remaining Contractual Life | 9 years 171 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] | |
Options Exercise Prices (in dollars per share) | $ 1.57 |
Options Number Outstanding (in shares) | shares | 100,000 |
Options Weighted Average Remaining Contractual Life | 1 year 105 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] | |
Options Exercise Prices (in dollars per share) | $ 1.90 |
Options Number Outstanding (in shares) | shares | 316,000 |
Options Weighted Average Remaining Contractual Life | 211 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 156 days |
Options Weighted Average Exercise Price (in dollars per share) | $ 1.19 |
Options Number Exercisable (in shares) | shares | 579,333 |
Options Exercisable Weighted Average Exercise Price (in dollars per share) | $ 1.58 |
Note 14 - Status of Options Gra
Note 14 - Status of Options Granted and Changes During the Year (Details) - USD ($) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2016 | Dec. 30, 2015 | |
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 |
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) | 579,333 | |
Exercisable end of period, weighted average exercise price (in dollars per share) | $ 1.58 | |
Exercisable end of period, average remaining life | 2 years 321 days |
Note 15 - Significant Custome69
Note 15 - Significant Customers / Concentration (Details Textual) - Customer Concentration Risk [Member] - Sales Revenue, Net [Member] | 6 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Major Customer 1 [Member] | ||
Concentration Risk, Percentage | 27.00% | |
Major Customer 2 [Member] | ||
Concentration Risk, Percentage | 25.00% | |
Number of Major Customers | 2 |
Note 15 - Net Sales by Geograph
Note 15 - Net Sales by Geographical Region (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Reportable Geographical Components [Member] | US And Canada [Member] | ||||
Net sales | $ 140,163 | $ 330,577 | $ 350,544 | $ 920,617 |
Reportable Geographical Components [Member] | AUSTRALIA | ||||
Net sales | 94,245 | 105,366 | 222,742 | 212,557 |
Reportable Geographical Components [Member] | South America [Member] | ||||
Net sales | 9,885 | 81,480 | ||
Reportable Geographical Components [Member] | Asia [Member] | ||||
Net sales | 207,129 | 209,636 | 221,785 | 242,232 |
Reportable Geographical Components [Member] | Europe [Member] | ||||
Net sales | 3,567,916 | 1,055,476 | 6,772,755 | 2,430,150 |
Net sales | $ 4,019,338 | $ 1,701,055 | $ 7,649,306 | $ 3,805,556 |
Note 15 - Sales by Product Line
Note 15 - Sales by Product Line (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Ceramic Diesel Particulate [Member] | ||||
Net sales | $ 1,145,171 | $ 946,532 | $ 2,568,277 | $ 1,906,619 |
Liquid Filters [Member] | ||||
Net sales | 2,806,875 | 666,258 | 4,986,111 | 1,629,468 |
Kiln Furniture [Member] | ||||
Net sales | 67,292 | 88,265 | 94,918 | 269,469 |
Net sales | $ 4,019,338 | $ 1,701,055 | $ 7,649,306 | $ 3,805,556 |
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 |