Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jun. 30, 2017 | Aug. 14, 2017 | |
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) | 44,229,264 | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2017 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false |
Consolidated Balance Sheets (Cu
Consolidated Balance Sheets (Current Period Unaudited) - USD ($) | Jun. 30, 2017 | Dec. 31, 2016 |
Current Assets: | ||
Cash | $ 1,280,670 | $ 1,208,650 |
Accounts receivable, net | 1,566,057 | 1,111,759 |
Other receivables | 331,375 | 306,177 |
Cost in excess of billing | 727,034 | 642,700 |
Inventories | 5,145,848 | 5,174,874 |
Prepaid expenses | 139,436 | 62,161 |
Total Current Assets | 9,190,420 | 8,506,321 |
Property and Equipment, net accumulated depreciation | 2,285,503 | 2,633,558 |
Other Assets: | ||
Investments at costs | 5,716 | 5,282 |
Other intangible assets | 4,469 | 5,614 |
Deposits | 278,758 | 261,553 |
Total Other Assets | 288,943 | 272,449 |
Total Assets | 11,764,866 | 11,412,328 |
Current Liabilities: | ||
Current portion of notes payable | 15,371 | 15,034 |
Current portion of capital lease obligations | 9,936 | 45,883 |
Accounts payable | 2,066,925 | 2,262,688 |
Accrued expenses | 2,727,721 | 2,385,586 |
Billing in excess of cost | 14,727 | 106,375 |
Accrued income taxes payable | 580 | 580 |
Deferred revenue / customers deposits | 366,391 | 192,597 |
Total Current Liabilities | 5,201,651 | 5,008,743 |
Long-term notes payable, less current portion | 35,404 | 39,895 |
Long-term capital lease obligations, less current portion | 20,882 | 93,942 |
Total Long-Term Liabilities | 56,286 | 133,837 |
Total Liabilities | 5,257,937 | 5,142,580 |
Commitment and Contingencies See Note 11 | ||
Stockholders' Equity: | ||
Common stock; par value $0.001, 100,000,000 shares authorized 44,229,264 and 36,835,514 shares issued and outstanding at June 30, 2017 and December 31, 2016, respectively | 44,229 | 36,836 |
Additional paid-in capital | 37,961,724 | 36,084,117 |
Accumulated deficit | (26,037,008) | (24,011,343) |
Deferred compensation | (82,603) | (148,561) |
Other comprehensive income, net | (5,379,413) | (5,691,301) |
Total Stockholders' Equity | 6,506,929 | 6,269,748 |
Total Liabilities and Stockholders' Equity | $ 11,764,866 | $ 11,412,328 |
Consolidated Balance Sheets (C3
Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares | Jun. 30, 2017 | Dec. 31, 2016 |
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) | 44,229,264 | 36,835,514 |
Common stock, shares outstanding (in shares) | 44,229,264 | 36,835,514 |
Consolidated Statements of Oper
Consolidated Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Net Sales | $ 2,926,200 | $ 4,019,338 | $ 5,894,274 | $ 7,649,306 |
Cost of Goods Sold | 2,733,526 | 2,890,984 | 5,430,183 | 5,774,994 |
Gross Profit | 192,674 | 1,128,354 | 464,091 | 1,874,312 |
Operating Expenses: | ||||
Selling expenses | 534,359 | 512,179 | 984,742 | 1,103,247 |
General and administrative expenses | 491,929 | 575,908 | 1,085,567 | 1,331,902 |
Non-cash compensation expenses | 29,780 | 105,373 | 125,958 | 272,724 |
Research and development expenses | 114,010 | 164,056 | 253,346 | 352,569 |
Total Operating Expense | 1,170,078 | 1,357,516 | 2,449,613 | 3,060,442 |
Loss from Operations | (977,404) | (229,162) | (1,985,522) | (1,186,130) |
Other Income (Expense) | ||||
Interest and other income | 77 | 303 | ||
Interest expense | (8,706) | (6,602) | (19,527) | (16,496) |
Gain (Loss) on currency transactions | (206,362) | 391 | (27,687) | (12,159) |
Gain on sale of fixed assets | 6,768 | |||
Total Other Expense | (214,991) | (6,211) | (40,143) | (28,655) |
Loss Before Income Taxes | (1,192,395) | (235,373) | (2,025,665) | (1,214,785) |
Income Tax Expense | 94,003 | 2,868,286 | ||
Net Loss | $ (1,192,395) | $ (329,376) | $ (2,025,665) | $ (4,083,071) |
Basic Loss Per Share (in dollars per share) | $ (0.03) | $ (0.01) | $ (0.05) | $ (0.10) |
Weighted Average Common Shares Outstanding (in shares) | 40,667,107 | 39,532,035 | 38,761,647 | 39,532,035 |
Diluted Loss Per Share (in dollars per share) | $ (0.03) | $ (0.01) | $ (0.05) | $ (0.10) |
Weighted Average Common Shares Outstanding Assuming Dilution (in shares) | 40,667,107 | 39,532,035 | 38,761,647 | 39,532,035 |
Consolidated Statements of Othe
Consolidated Statements of Other Comprehensive Income (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Net Loss | $ (1,192,395) | $ (329,376) | $ (2,025,665) | $ (4,083,071) |
Currency Translation, Net of Taxes | 400,691 | (416,657) | 311,888 | 334,647 |
Other Comprehensive Loss | $ (791,704) | $ (746,033) | $ (1,713,777) | $ (3,748,424) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 6 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Cash Flows from Operating Activities: | ||
Net Loss | $ (2,025,665) | $ (4,083,071) |
Adjustments to reconcile net (loss) to net cash provided (used) by operations: | ||
Depreciation and amortization | 503,276 | 669,697 |
Non-cash compensation | 125,958 | 272,724 |
Bad debt expense | (8,747) | |
Reserve for obsolete inventory | 97,771 | |
Change in deferred tax asset / liability | 2,841,633 | |
Gain on sale of equipment | (6,768) | |
Changes in assets and liabilities: | ||
(Increase) decrease in restricted cash | 292,826 | |
(Increase) decrease in accounts receivable | (479,496) | 341,354 |
(Increase) decrease in inventory | (13,972) | (388,194) |
(Increase) decrease in prepaid expenses/deposits | (77,275) | (72,635) |
Increase (decrease) in accounts payable | (195,763) | (1,860,430) |
Increase (decrease) in accrued expenses | 515,928 | (63,431) |
Increase (decrease) long-term contracts | (175,982) | 1,296,005 |
Total Adjustments | 195,906 | 3,418,573 |
Net Cash Used by Operating Activities | (1,829,759) | (664,498) |
Cash Flows from Investing Activities: | ||
Purchase of property and equipment | (70,679) | (69,741) |
Proceeds from sale of property and equipment | 10,349 | |
Net Cash Used by Investing Activities | (60,330) | (69,741) |
Cash Flows from Financing Activities: | ||
Net payments on capital lease obligation | (109,007) | (72,885) |
Payments on loans payable | (4,153) | (17,924) |
Proceeds from issuance of common stock and warrants | 1,825,000 | |
Net Cash Provided (Used) by Financing Activities | 1,711,840 | (90,809) |
Gain on Currency Translation | 250,269 | 91,492 |
Net Increase (Decrease) in Cash and Cash Equivalents | 72,020 | (733,556) |
Cash and Cash Equivalents at Beginning of Period | 1,208,650 | 1,370,591 |
Cash and Cash Equivalents at End of Period | 1,280,670 | 637,035 |
Supplemental Disclosures of Cash Flow Information: | ||
Interest | 19,527 | 16,496 |
Income Taxes | 570 | |
Supplemental Disclosures of Non-Cash Investing and Financing Activities: | ||
Non-cash compensation | 125,958 | 272,724 |
Total | 125,958 | 272,724 |
Employee Stock Option [Member] | ||
Adjustments to reconcile net (loss) to net cash provided (used) by operations: | ||
Non-cash compensation | 44,641 | 192,074 |
Supplemental Disclosures of Non-Cash Investing and Financing Activities: | ||
Non-cash compensation | 44,641 | 192,074 |
Restricted Stock [Member] | ||
Adjustments to reconcile net (loss) to net cash provided (used) by operations: | ||
Non-cash compensation | 72,500 | 38,833 |
Supplemental Disclosures of Non-Cash Investing and Financing Activities: | ||
Non-cash compensation | 72,500 | 38,833 |
Warrants Issued for Services [Member] | ||
Adjustments to reconcile net (loss) to net cash provided (used) by operations: | ||
Non-cash compensation | 8,817 | 41,817 |
Supplemental Disclosures of Non-Cash Investing and Financing Activities: | ||
Non-cash compensation | $ 8,817 | $ 41,817 |
Consolidated Statements of Cas7
Consolidated Statements of Cash Flows (Unaudited) (Parentheticals) | 6 Months Ended |
Jun. 30, 2017USD ($) | |
Vehicle Purchased on Note Payable | $ 81,643 |
Note 1 - Summary of Significant
Note 1 - Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | NOTE 1 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 (Parent) organized in July 2004, 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 ( 100% LiqTech NA, Inc. (“LiqTech NA”), incorporated in Delaware on July 1, 2005, 100% LiqTech Germany (“LiqTech Germany”) a 100% December 9, 2011, no 2017. LiqTech PTE Ltd. (“LiqTech Sing”) a 95% January 19, 2012, no 2017. LiqTech Systems A/S ("LiqTech Systems"), a Danish corporation (formerly Provital Solutions A/S) was incorporated on September 1, 2009 July 31, 2014. Consolidation -- Functional Currency / Foreign Currency Translation -- The functional currency of LiqTech International, Inc., LiqTech USA, Inc. and LiqTech NA is the U.S. Dollar. The Functional Currency of LiqTech Int. DK and LiqTech Systems is the Danish Krone (“DKK”), the functional currency of LiqTech Germany is the Euro and the functional currency of LiqTech Singapore is the Singapore Dollar. The Company’s reporting currency is U.S. Dollar for the purpose of these financial statements. The foreign subsidiaries balance sheet accounts are translated into U.S. Dollars at the period-end exchange rates and all revenue and expenses are translated into U.S. Dollars at the average exchange rates prevailing during the three six months ended June 30, 2017 2016. Cash, Cash Equivalents and Restricted Cash -- The Company considers all highly liquid debt instruments purchased with a maturity of three no June 30, 2017 December 31, 2016. Accounts Receivable The roll forward of the allowance for doubtful accounts for the six June 30, 2017 December 31, 2016 2017 2016 Allowance for doubtful accounts at the beginning of the period $ 2,128,452 $ 1,087,871 Bad debt expense - 1,437,949 Amount of receivables written off (25,363 ) (252,792 ) Effect of currency translation 173,166 (144,576 ) Allowance for doubtful accounts at the end of the period $ 2,276,255 $ 2,128,452 Inventory -- Inventory is carried at the lower of cost or market, as determined on the first first Property and Equipment -- Property and equipment are stated at cost. Expenditures for major renewals and betterments that extend the useful lives of property and equipment are capitalized, upon being placed in service. Expenditures for maintenance and repairs are charged to expense as incurred. Depreciation is computed for financial statement purposes on a straight-line basis over the estimated useful lives of the assets which range from three ten 4 Long-Term Investments -- Investments in non-consolidated companies are included in long-term investments in the consolidated balance sheet and are accounted for under the cost method and equity method. For these non-quoted investments, we regularly review the assumptions underlying the operating performance and cash flow forecasts based on information requested from these privately held companies. Generally, this information may may not may Intangible Assets -- Definite life intangible assets include patents. The Company accounts for definite life intangible assets in accordance with Financial Accounting Standards Board, (“FASB”) Accounting Standards Codification, (“ASC”) Topic 350, two ten Goodwill Goodwill is evaluated for impairment annually, and whenever events or changes in circumstances indicate the carrying value of goodwill may not may not Revenue Recognition and Sales Incentives -- The Company accounts for revenue recognition in accordance with the Securities and Exchange Commission Staff Accounting Bulletin No. 101, 101 605 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% not Advertising Cost -- Cost incurred in connection with advertising of the Company’s products is expensed as incurred. Such costs amounted to $4,197 $13,012 six June 30, 2017 2016, Research and Development Cost -- The Company expenses research and development costs for the development of new products and systems as incurred. Included in operating expense for the six June 30, 2017 2016 $253,346 $352,569, Income Taxes -- The Company accounts for income taxes in accordance with FASB ASC Topic 740 Income (Loss) Per Share -- The Company calculates earnings (loss) per share in accordance with FASB ASC 260 not Stock Options and Awards -- The Company has granted stock options and awards to certain key employees and directors. See Note 14. 718, $125,958 $272,724 $24,650 $13,203 six June 30, 2017 2016, Fair Value of Financial Instruments --The Company accounts for fair value measurements for financial assets and financial liabilities in accordance with FASB ASC Topic 820. three ● Level 1. liabilities; ● Level 2. ● Level 3. no 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 -- The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets allowance for doubtful accounts receivable, cost in excess of billings, reserve for obsolete inventory, depreciation and impairment of property plant and equipment and impairment of goodwill and liabilities billings in excess of cost commitment and contingencies, the disclosures of contingent assets and liabilities at the date of the financial statements and the reported amount of revenues and expenses during the reporting period. Actual results could differ from those estimated. Recent Accounting Pronouncements -- In May 2014, July 9 2015, one first 2018 not In February 2016, one first 2019. not In August 2014, 2014 15, ’s Ability to Continue as a Going Concern, that will require management to assess an entity’s ability to continue as a going concern, and to provide related footnote disclosures in certain circumstances. In connection with each annual and interim period, management will assess if there is substantial doubt about an entity’s ability to continue as a going concern within one one 2 Other recent accounting pronouncements issued by the FASB did not not ’s present or future financial statements. |
Note 2 - Going Concern
Note 2 - Going Concern | 6 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
Substantial Doubt about Going Concern [Text Block] | NOTE 2 The accompanying consolidated financial statements have been prepared in conformity with generally accepted accounting principles of the United States of America, which contemplate continuation of the Company as a going concern. However, the Company has limited cash and incurred significant recent losses. These factors raise substantial doubt about the ability of the Company to continue as a going concern. There is no not |
Note 3 - Inventory
Note 3 - Inventory | 6 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | NOTE 3 Inventory consisted of the following at June 30, 2017 December 31, 2016: 2017 2016 Furnace parts and supplies $ 378,249 $ 336,799 Raw materials 1,232,945 1,216,098 Work in process 2,744,300 2,499,242 Finished goods and filtration systems 2,067,805 2,544,080 Reserve for obsolescence (1,277,451 ) (1,421,345 ) Net Inventory $ 5,145,848 $ 5,174,874 |
Note 4 - Property and Equipment
Note 4 - Property and Equipment | 6 Months Ended |
Jun. 30, 2017 | |
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, 2017 December 31, 2016: Useful Life 2017 2016 Production equipment 3 - 10 $ 10,795,224 $ 10,370,462 Lab equipment 3 - 10 82,967 76,658 Computer equipment 3 - 5 190,494 185,652 Vehicles 3 - 5 10,560 39,090 Furniture and fixture 5 162,205 146,453 Leasehold improvements 10 1,036,295 955,563 12,277,745 11,773,878 Less Accumulated Depreciation (9,992,242 ) (9,140,320 ) Net Property and Equipment $ 2,285,503 $ 2,633,558 Depreciation expense amounted to $ 502,131 $667,571 six June 30, 2017 2016, 9. |
Note 5 - Investments at Costs
Note 5 - Investments at Costs | 6 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | NOTE 5 The following tables summarize Level 1, 2 3 As of June 30, 2017 Level 1 Level 2 Level 3 Investments - - 5,716 Total - - 5,716 As of December 31, 2016 Level 1 Level 2 Level 3 Investments - - 5,282 Total - - 5,282 At June 30, 2017, $5,716 in LEA Technology in France to strengthen our sales channels in the French market. At December 31, 2016, $5,282 |
Note 6 - Definite-life Intangib
Note 6 - Definite-life Intangible Assets | 6 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
Intangible Assets Disclosure [Text Block] | NOTE 6 - DEFINITE-LIFE INTANGIBLE ASSETS At June 30, 2017 December 31, 2016, $4,469 $5,614, two ten six June 30, 2017 2016 $1,145 $2,126, Year ending December 31, Amortization Expenses 2017 1,460 2018 2,457 2019 552 Thereafter - $ 4,469 |
Note 7 - Goodwill
Note 7 - Goodwill | 6 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
Goodwill Disclosure [Text Block] | NOTE 7 The Company recorded Goodwill in connection with the acquisition of LiqTech Systems. Goodwill is evaluated for impairment annually in the fourth ’s fiscal year, and whenever events or changes in circumstances indicate the carrying value of goodwill may not may not $7,343,208 December 31, 2016, not 2016 fourth |
Note 8 - Notes Payable
Note 8 - Notes Payable | 6 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
Long-term Debt [Text Block] | NOTE 8 - NOTES PAYABLE The Company had a 4.02% 50,775 $54,929 June 30, 2017 December 31, 2016. $1,429, August 1, 2020 The following represents the future maturities of long-term debt as of June 30, 2017: Year ending December 31, Payments 2017 $ 7,597 2018 15,705 2019 16,345 2020 11,128 Thereafter - $ 50,775 Long-term notes payable, less current portion $ 35,404 Current portion of notes payable 15,371 $ 50,775 |
Note 9 - Lines of Credit
Note 9 - Lines of Credit | 6 Months Ended |
Jun. 30, 2017 | |
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 previously had a guarantee credit line of DKK 94,620 $1 4,500 June 30, 2017) June 30, 2017, 94,620 $14,500 |
Note 10 - Leases
Note 10 - Leases | 6 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
Leases of Lessee Disclosure [Text Block] | NOTE 10 - LEASES Operating Leases -- The Company leases office and production facilities under operating lease agreements expiring in March 2021, August 2018, May 2018, June 2017. The future minimum lease payments for non-cancelable operating leases having remaining terms in excess of one June 30, 2017 Year ending December 31, Lease Payments 2017 303,139 2018 467,087 2019 179,094 Thereafter 395,898 Total Minimum Lease Payments $ 1,345,218 Lease expense charged to operations was $ 319,906 $368,653 six June 30, 2017 2016, Capital Leases -- The Company leases equipment on various variable rate capital leases currently calling for monthly payments of approximately $639 $575 July 2018. June 30, 2017 December 31, 2016, $1,265,709 $1,240,358, $1,229,974 $1,126,550, During the six June 30, 2017 2016, $38,365, $68,753, six June 30, 2017 2016, $6,046 $9,805, The following represents future minimum capital lease payments as of June 30, 2017: Year ending December 31, Lease Payments 2017 7,287 2018 25,671 Thereafter - Total minimum lease payments 32,958 Less amount representing interest (2,140 ) Present value of minimum lease payments 30,818 Less Current Portion (9,936 ) $ 20,882 |
Note 11 - Agreements and Commit
Note 11 - Agreements and Commitments | 6 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | NOTE 11 - AGREEMENTS AND COMMITMENTS 401 -- LiqTech NA has a 401 six June 30, 2017 2016, $6,004 $5,735, Contingencies From time to time, we may On September 9, 2014, 60% 40% 750,000 As of August 14, 2017, 2017. 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 94,620 $1 4,500 June 30, 2017) June 30, 2017, 94,620 $14,500 June 30, 2017) |
Note 12 - Income Taxes
Note 12 - Income Taxes | 6 Months Ended |
Jun. 30, 2017 | |
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, , 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 first not second 50%. As of June 30, 2017, $11,300,549 2036; $7,800,419 not $475,373 not $616,505 not As of June 30, 2017 December 31, 2016, $3,600,444 $3,542,000 $1,790,490 $1,095,000 , $122,000 $122,000 $97,000 $97,000 not not June 30, 2017 $58,444, $695,490, $0 $0 The Company is not 7 The Company further considered the following positive and negative evidence: Positive Evidence 1 2 Negative Evidence 1 2 December 31, 2016 2015. 3 4 The temporary differences, tax credits and carry forwards gave rise to the following deferred tax asset (liabilities) at June 30, 2017 December 31, 2016: 2017 2016 Vacation accrual $ 5,450 $ 5,450 Allowance for doubtful accounts 1,202 1,202 Reserve for obsolete inventory 209,557 200,118 Business tax credit carryover 30,935 30,935 Danish R&D credits 8,500 8,500 Net operating loss carryover 5,795,723 4,906,974 Excess of book over tax depreciation (422,999 ) (296,227 ) Valuation allowance (5,628,368 ) (4,856,952 ) Long term deferred tax asset $ - $ - 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 June 30, 2017 2016: 2017 2016 Computed tax at expected statutory rate $ (688,726 ) $ (413,027 ) State and local income taxes, net of federal benefit - - Non-US income taxed at different rates 87,491 (17,427 ) Valuation allowance 601,235 3,298,740 Other - - Income tax expense (benefit) $ - $ 2,868,286 The components of income tax expense (benefit) from continuing operations for the six June 30, 2017 2016 2017 2016 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 230,285 ( 428,697 ) Valuation allowance (230,285 ) 3,296,983 Deferred compensation - - Accrued vacation - - Reserve for obsolete inventory - - Deferred tax expense (benefit) $ - $ 2,868,286 Total tax expense (benefit) $ - $ 2,868,286 Deferred income tax expense / (benefit) results primarily from the reversal of temporary timing differences between tax and financial statement income. The Company files Danish, U.S. federal and Minnesota state income tax returns. LiqTech International AS is generally no 2012 no 2013 |
Note 13 - Income (Loss) Per Sha
Note 13 - Income (Loss) Per Share | 6 Months Ended |
Jun. 30, 2017 | |
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 f or the six June 30, 2017 2016: For the Three Months Ended June 30 For the Six Months Ended June 30 2017 2016 2017 2016 Net Loss $ (1,192,395 ) $ (329,376 ) $ (2,025,665 ) $ (4,083,071 Weighted average number of common shares used in basic earnings per share 40,667,107 39,532,035 38,761,647 39,532,035 Effect of dilutive securities, stock options and warrants - - - - Weighted average number of common shares and potentially dilutive securities 40,667,107 39,532,035 38,761,647 39,532,035 For the six June 30, 2017, 630,000 $0.74 $1.01 700,000 $0.81 $1.65 not For the six June 30, 2016, 1,071,000 shares of common stock of Parent at $0.74 $1.90 7,325,575 $0.81 $4.06 not |
Note 14 - Stockholders' Equity
Note 14 - Stockholders' Equity | 6 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | NOTE 14 Common Stock Parent has 100,000,000 $0.001 June 30, 2017 December 31, 2016, 44,229,264 36,835,514 Voting one not Dividends may may Liquidation Rights Other Matters no no Preferred Stock -- Our Board of Directors has the authority to issue Parent preferred stock in one may may Common Stock Cancelation On December 31, 2016, 2,696,521 2014, 2015 2016 . Common Stock Issuance On April 13, 2015, Parent issued an additional 100,000 $75,000 33,333 January 1, 2016, 33,333 January 1, 2017 33,334 January 1, 2018. On January 2, 2016, Parent issued an additional 27,253 $20,167 On January 2, 2017, Parent issued an additional 93,750 $60,000 On May 1 9, 2017, 7,300,000 $0.25 $1,825,000 For the six June 30, 2017 2016, $72,500 $38,833 Common Stock Purchase Warrants A summary of the status of the warrants outstanding at June 30, 2017 Warrants Outstanding Warrants Exercisable Exercise Prices Number Outstanding Weighted Average Weighted Average Exercise Price Number Exercisable Weighted Average $ 0.81 100,000 0.50 $ 0.81 100,000 $ 0.81 $ 1.00 200,000 0.50 $ 1.00 200,000 $ 1.00 $ 1.65 400,000 2.08 $ 1.65 400,000 $ 1.65 Total 700,000 1.40 $ 1.34 700,000 $ 1.34 At June 30, 2017, zero $8,817 six June 30, 2017 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 of common stock underlying the warrants. On February 15, 2016, 100,000 $0.81 December 31, 2017. Stock Options In August 2011, ’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, 2017, 630,000 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% - 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 $44,641 192,074 six June 30, 2017 2016, June 30, 2017, $80,408 December 31, 2025. A summary of the status of the options outstanding under the Plan at June 30, 2017 Options Outstanding Options Exercisable Exercise Prices Number Outstanding Weighted Average Life (years) Weighted Average Number Exercisable Weighted Average $ 0.74 400,000 3.12 $ 0.74 133,334 $ 0.74 $ 0.75 100,000 2.79 $ 0.75 66,666 $ 0.75 $ 1.01 130,000 8.47 $ 1.01 130,000 $ 1.01 Total 630,000 4.17 $ 0.80 330,000 $ 0.85 A summary of the status of the options at June 30, 2017, June 30 , 2017 Shares Weighted Average Average Remaining Weighted Average Outstanding at beginning of period 868,000 $ 1.10 3.41 $ - Granted - - - - Exercised - - - - Forfeited - - - - Expired (238,000 ) 1.90 - - Outstanding at end of period 630,000 $ 0.80 4.17 $ - Vested and expected to vest 630,000 $ 0.80 4.17 $ - Exercisable end of period 330,000 $ 0.85 5.16 $ - At June 30, 2017, 300,000 $0.74 $0.46, $61,286, 0.75 The total intrinsic value of options at June 30, 2017 $0. June 30, 2017 ( |
Note 15 - Significant Customers
Note 15 - Significant Customers / Concentration | 6 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | NOTE 15 - SIGNIFICANT CUSTOMERS / CONCENTRATION For the six June 30, 2017, four 17%, 11%, 5% 4%, 37% For the six June 30, 2016, two 27% 25% The Company sells products throughout the world. Sales by geographical region are as follows for the three six June 30, 2017 2016: For the Three Months For the Six Months Ended June 30, Ended June 30, 2017 2016 2017 2016 United States and Canada $ 337,372 $ 140,163 $ 564,168 $ 350,544 Australia 109,445 94,245 287,181 222,742 South America - 9,885 37,599 81,480 Asia 455,906 207,129 1,126,147 221,785 Europe 2,023,477 3,567,916 3,879,179 6,772,755 $ 2,926,200 $ 4,019,338 $ 5,894,274 $ 7,649,306 The Company ’s sales by product line are as follows for the three six June 30, 2017 2016: For the Three Months For the Six Months Ended June 30, Ended June 30, 2017 2016 201 7 201 6 Ceramic diesel particulate $ 1,873,910 $ 1,145,171 $ 4,157,084 $ 2,568,277 Liquid filters and systems 996,890 2,806,875 1,616,963 4,986,111 Kiln furniture 55,400 67,292 120,227 94,918 $ 2,926,200 $ 4,019,338 $ 5,894,274 $ 7,649,306 |
Note 16 - Subsequent Events
Note 16 - Subsequent Events | 6 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | NOTE 16 – SUBSEQUENT EVENTS Except as set forth above, the Company's management reviewed material events through August 14, 2017 no |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2017 | |
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 (Parent) organized in July 2004, 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 ( 100% LiqTech NA, Inc. (“LiqTech NA”), incorporated in Delaware on July 1, 2005, 100% LiqTech Germany (“LiqTech Germany”) a 100% December 9, 2011, no 2017. LiqTech PTE Ltd. (“LiqTech Sing”) a 95% January 19, 2012, no 2017. LiqTech Systems A/S ("LiqTech Systems"), a Danish corporation (formerly Provital Solutions A/S) was incorporated on September 1, 2009 July 31, 2014. |
Consolidation, Policy [Policy Text Block] | Consolidation -- |
Foreign Currency Transactions and Translations Policy [Policy Text Block] | Functional Currency / Foreign Currency Translation -- The functional currency of LiqTech International, Inc., LiqTech USA, Inc. and LiqTech NA is the U.S. Dollar. The Functional Currency of LiqTech Int. DK and LiqTech Systems is the Danish Krone (“DKK”), the functional currency of LiqTech Germany is the Euro and the functional currency of LiqTech Singapore is the Singapore Dollar. The Company’s reporting currency is U.S. Dollar for the purpose of these financial statements. The foreign subsidiaries balance sheet accounts are translated into U.S. Dollars at the period-end exchange rates and all revenue and expenses are translated into U.S. Dollars at the average exchange rates prevailing during the three six months ended June 30, 2017 2016. |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash, Cash Equivalents and Restricted Cash -- The Company considers all highly liquid debt instruments purchased with a maturity of three no June 30, 2017 December 31, 2016. |
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 six June 30, 2017 December 31, 2016 2017 2016 Allowance for doubtful accounts at the beginning of the period $ 2,128,452 $ 1,087,871 Bad debt expense - 1,437,949 Amount of receivables written off (25,363 ) (252,792 ) Effect of currency translation 173,166 (144,576 ) Allowance for doubtful accounts at the end of the period $ 2,276,255 $ 2,128,452 |
Inventory, Policy [Policy Text Block] | Inventory -- Inventory is carried at the lower of cost or market, as determined on the first first |
Property, Plant and Equipment, Policy [Policy Text Block] | Property and Equipment -- Property and equipment are stated at cost. Expenditures for major renewals and betterments that extend the useful lives of property and equipment are capitalized, upon being placed in service. Expenditures for maintenance and repairs are charged to expense as incurred. Depreciation is computed for financial statement purposes on a straight-line basis over the estimated useful lives of the assets which range from three ten 4 |
Investment, Policy [Policy Text Block] | Long-Term Investments -- Investments in non-consolidated companies are included in long-term investments in the consolidated balance sheet and are accounted for under the cost method and equity method. For these non-quoted investments, we regularly review the assumptions underlying the operating performance and cash flow forecasts based on information requested from these privately held companies. Generally, this information may may not may |
Goodwill and Intangible Assets, Policy [Policy Text Block] | Intangible Assets -- Definite life intangible assets include patents. The Company accounts for definite life intangible assets in accordance with Financial Accounting Standards Board, (“FASB”) Accounting Standards Codification, (“ASC”) Topic 350, two ten |
Goodwill and Intangible Assets, Goodwill, Policy [Policy Text Block] | Goodwill Goodwill is evaluated for impairment annually, and whenever events or changes in circumstances indicate the carrying value of goodwill may not may not |
Revenue Recognition, Policy [Policy Text Block] | Revenue Recognition and Sales Incentives -- The Company accounts for revenue recognition in accordance with the Securities and Exchange Commission Staff Accounting Bulletin No. 101, 101 605 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% not |
Advertising Costs, Policy [Policy Text Block] | Advertising Cost -- Cost incurred in connection with advertising of the Company’s products is expensed as incurred. Such costs amounted to $4,197 $13,012 six June 30, 2017 2016, |
Research, Development, and Computer Software, Policy [Policy Text Block] | Research and Development Cost -- The Company expenses research and development costs for the development of new products and systems as incurred. Included in operating expense for the six June 30, 2017 2016 $253,346 $352,569, |
Income Tax, Policy [Policy Text Block] | Income Taxes -- The Company accounts for income taxes in accordance with FASB ASC Topic 740 |
Earnings Per Share, Policy [Policy Text Block] | Income (Loss) Per Share -- The Company calculates earnings (loss) per share in accordance with FASB ASC 260 not |
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | Stock Options and Awards -- The Company has granted stock options and awards to certain key employees and directors. See Note 14. 718, $125,958 $272,724 $24,650 $13,203 six June 30, 2017 2016, |
Fair Value Measurement, Policy [Policy Text Block] | Fair Value of Financial Instruments --The Company accounts for fair value measurements for financial assets and financial liabilities in accordance with FASB ASC Topic 820. three ● Level 1. liabilities; ● Level 2. ● Level 3. no 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 -- The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets allowance for doubtful accounts receivable, cost in excess of billings, reserve for obsolete inventory, depreciation and impairment of property plant and equipment and impairment of goodwill and liabilities billings in excess of cost commitment and contingencies, the disclosures of contingent assets and liabilities at the date of the financial statements and the reported amount of revenues and expenses during the reporting period. Actual results could differ from those estimated. |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements -- In May 2014, July 9 2015, one first 2018 not In February 2016, one first 2019. not In August 2014, 2014 15, ’s Ability to Continue as a Going Concern, that will require management to assess an entity’s ability to continue as a going concern, and to provide related footnote disclosures in certain circumstances. In connection with each annual and interim period, management will assess if there is substantial doubt about an entity’s ability to continue as a going concern within one one 2 Other recent accounting pronouncements issued by the FASB did not not ’s present or future financial statements. |
Note 1 - Summary of Significa25
Note 1 - Summary of Significant Accounting Policies (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Notes Tables | |
Allowance for Credit Losses on Financing Receivables [Table Text Block] | 2017 2016 Allowance for doubtful accounts at the beginning of the period $ 2,128,452 $ 1,087,871 Bad debt expense - 1,437,949 Amount of receivables written off (25,363 ) (252,792 ) Effect of currency translation 173,166 (144,576 ) Allowance for doubtful accounts at the end of the period $ 2,276,255 $ 2,128,452 |
Note 3 - Inventory (Tables)
Note 3 - Inventory (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | 2017 2016 Furnace parts and supplies $ 378,249 $ 336,799 Raw materials 1,232,945 1,216,098 Work in process 2,744,300 2,499,242 Finished goods and filtration systems 2,067,805 2,544,080 Reserve for obsolescence (1,277,451 ) (1,421,345 ) Net Inventory $ 5,145,848 $ 5,174,874 |
Note 4 - Property and Equipme27
Note 4 - Property and Equipment (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | Useful Life 2017 2016 Production equipment 3 - 10 $ 10,795,224 $ 10,370,462 Lab equipment 3 - 10 82,967 76,658 Computer equipment 3 - 5 190,494 185,652 Vehicles 3 - 5 10,560 39,090 Furniture and fixture 5 162,205 146,453 Leasehold improvements 10 1,036,295 955,563 12,277,745 11,773,878 Less Accumulated Depreciation (9,992,242 ) (9,140,320 ) Net Property and Equipment $ 2,285,503 $ 2,633,558 |
Note 5 - Investments at Costs (
Note 5 - Investments at Costs (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Notes Tables | |
Fair Value, by Balance Sheet Grouping [Table Text Block] | As of June 30, 2017 Level 1 Level 2 Level 3 Investments - - 5,716 Total - - 5,716 As of December 31, 2016 Level 1 Level 2 Level 3 Investments - - 5,282 Total - - 5,282 |
Note 6 - Definite-life Intang29
Note 6 - Definite-life Intangible Assets (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Notes Tables | |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | Year ending December 31, Amortization Expenses 2017 1,460 2018 2,457 2019 552 Thereafter - $ 4,469 |
Note 8 - Notes Payable (Tables)
Note 8 - Notes Payable (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Notes Tables | |
Schedule of Maturities of Long-term Debt [Table Text Block] | Year ending December 31, Payments 2017 $ 7,597 2018 15,705 2019 16,345 2020 11,128 Thereafter - $ 50,775 Long-term notes payable, less current portion $ 35,404 Current portion of notes payable 15,371 $ 50,775 |
Note 10 - Leases (Tables)
Note 10 - Leases (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Notes Tables | |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | Year ending December 31, Lease Payments 2017 303,139 2018 467,087 2019 179,094 Thereafter 395,898 Total Minimum Lease Payments $ 1,345,218 |
Schedule of Future Minimum Lease Payments for Capital Leases [Table Text Block] | Year ending December 31, Lease Payments 2017 7,287 2018 25,671 Thereafter - Total minimum lease payments 32,958 Less amount representing interest (2,140 ) Present value of minimum lease payments 30,818 Less Current Portion (9,936 ) $ 20,882 |
Note 12 - Income Taxes (Tables)
Note 12 - Income Taxes (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Notes Tables | |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | 2017 2016 Vacation accrual $ 5,450 $ 5,450 Allowance for doubtful accounts 1,202 1,202 Reserve for obsolete inventory 209,557 200,118 Business tax credit carryover 30,935 30,935 Danish R&D credits 8,500 8,500 Net operating loss carryover 5,795,723 4,906,974 Excess of book over tax depreciation (422,999 ) (296,227 ) Valuation allowance (5,628,368 ) (4,856,952 ) Long term deferred tax asset $ - $ - |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | 2017 2016 Computed tax at expected statutory rate $ (688,726 ) $ (413,027 ) State and local income taxes, net of federal benefit - - Non-US income taxed at different rates 87,491 (17,427 ) Valuation allowance 601,235 3,298,740 Other - - Income tax expense (benefit) $ - $ 2,868,286 |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | 2017 2016 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 230,285 ( 428,697 ) Valuation allowance (230,285 ) 3,296,983 Deferred compensation - - Accrued vacation - - Reserve for obsolete inventory - - Deferred tax expense (benefit) $ - $ 2,868,286 Total tax expense (benefit) $ - $ 2,868,286 |
Note 13 - Income (Loss) Per S33
Note 13 - Income (Loss) Per Share (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
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 2017 2016 2017 2016 Net Loss $ (1,192,395 ) $ (329,376 ) $ (2,025,665 ) $ (4,083,071 Weighted average number of common shares used in basic earnings per share 40,667,107 39,532,035 38,761,647 39,532,035 Effect of dilutive securities, stock options and warrants - - - - Weighted average number of common shares and potentially dilutive securities 40,667,107 39,532,035 38,761,647 39,532,035 |
Note 14 - Stockholders' Equity
Note 14 - Stockholders' Equity (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Notes Tables | |
Schedule of Stockholders' Equity Note, Warrants or Rights [Table Text Block] | Warrants Outstanding Warrants Exercisable Exercise Prices Number Outstanding Weighted Average Weighted Average Exercise Price Number Exercisable Weighted Average $ 0.81 100,000 0.50 $ 0.81 100,000 $ 0.81 $ 1.00 200,000 0.50 $ 1.00 200,000 $ 1.00 $ 1.65 400,000 2.08 $ 1.65 400,000 $ 1.65 Total 700,000 1.40 $ 1.34 700,000 $ 1.34 |
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% - 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 Life (years) Weighted Average Number Exercisable Weighted Average $ 0.74 400,000 3.12 $ 0.74 133,334 $ 0.74 $ 0.75 100,000 2.79 $ 0.75 66,666 $ 0.75 $ 1.01 130,000 8.47 $ 1.01 130,000 $ 1.01 Total 630,000 4.17 $ 0.80 330,000 $ 0.85 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding and Exercisable [Table Text Block] | June 30 , 2017 Shares Weighted Average Average Remaining Weighted Average Outstanding at beginning of period 868,000 $ 1.10 3.41 $ - Granted - - - - Exercised - - - - Forfeited - - - - Expired (238,000 ) 1.90 - - Outstanding at end of period 630,000 $ 0.80 4.17 $ - Vested and expected to vest 630,000 $ 0.80 4.17 $ - Exercisable end of period 330,000 $ 0.85 5.16 $ - |
Note 15 - Significant Custome35
Note 15 - Significant Customers / Concentration (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
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, 2017 2016 2017 2016 United States and Canada $ 337,372 $ 140,163 $ 564,168 $ 350,544 Australia 109,445 94,245 287,181 222,742 South America - 9,885 37,599 81,480 Asia 455,906 207,129 1,126,147 221,785 Europe 2,023,477 3,567,916 3,879,179 6,772,755 $ 2,926,200 $ 4,019,338 $ 5,894,274 $ 7,649,306 |
Reconciliation of Revenue from Segments to Consolidated [Table Text Block] | For the Three Months For the Six Months Ended June 30, Ended June 30, 2017 2016 201 7 201 6 Ceramic diesel particulate $ 1,873,910 $ 1,145,171 $ 4,157,084 $ 2,568,277 Liquid filters and systems 996,890 2,806,875 1,616,963 4,986,111 Kiln furniture 55,400 67,292 120,227 94,918 $ 2,926,200 $ 4,019,338 $ 5,894,274 $ 7,649,306 |
Note 1 - Summary of Significa36
Note 1 - Summary of Significant Accounting Policies (Details Textual) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | Dec. 31, 2016 | |
Advertising Expense | $ 4,197 | $ 13,012 | |||
Research and Development Expense | $ 114,010 | $ 164,056 | 253,346 | 352,569 | |
Allocated Share-based Compensation Expense | 29,780 | $ 105,373 | 125,958 | 272,724 | |
Employee Service Share-based Compensation, Tax Benefit from Compensation Expense | 24,650 | $ 13,203 | |||
Cash, Uninsured Amount | $ 0 | $ 0 | $ 0 | ||
DENMARK | |||||
Value Added Tax Of Invoice, Percentage | 25.00% | ||||
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 | ||||
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 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% |
Note 1 - Summary of Significa37
Note 1 - Summary of Significant Accounting Policies - Rollforward for Allowance for Doubtful Accounts (Details) - USD ($) | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | Dec. 31, 2016 | |
Allowance for doubtful accounts at the beginning of the period | $ 2,128,452 | $ 1,087,871 | $ 1,087,871 |
Bad debt expense | $ (8,747) | 1,437,949 | |
Amount of receivables written off | (25,363) | (252,792) | |
Effect of currency translation | 173,166 | (144,576) | |
Allowance for doubtful accounts at the end of the period | $ 2,276,255 | $ 2,128,452 |
Note 3 - Inventory - Schedule o
Note 3 - Inventory - Schedule of Inventory (Details) - USD ($) | Jun. 30, 2017 | Dec. 31, 2016 |
Furnace parts and supplies | $ 378,249 | $ 336,799 |
Raw materials | 1,232,945 | 1,216,098 |
Work in process | 2,744,300 | 2,499,242 |
Finished goods and filtration systems | 2,067,805 | 2,544,080 |
Reserve for obsolescence | (1,277,451) | (1,421,345) |
Net Inventory | $ 5,145,848 | $ 5,174,874 |
Note 4 - Property and Equipme39
Note 4 - Property and Equipment (Details Textual) - USD ($) | 6 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Depreciation | $ 502,131 | $ 667,571 |
Note 4 - Property and Equipme40
Note 4 - Property and Equipment - Schedule of Property and Equipment (Details) - USD ($) | 6 Months Ended | |
Jun. 30, 2017 | Dec. 31, 2016 | |
Property and equipment, gross | $ 12,277,745 | $ 11,773,878 |
Less Accumulated Depreciation | (9,992,242) | (9,140,320) |
Net Property and Equipment | 2,285,503 | 2,633,558 |
Production Equipment [Member] | ||
Property and equipment, gross | 10,795,224 | 10,370,462 |
Lab Equipment [Member] | ||
Property and equipment, gross | 82,967 | 76,658 |
Computer Equipment [Member] | ||
Property and equipment, gross | 190,494 | 185,652 |
Vehicles [Member] | ||
Property and equipment, gross | $ 10,560 | 39,090 |
Furniture and Fixtures [Member] | ||
Useful Life (Year) | 5 years | |
Property and equipment, gross | $ 162,205 | 146,453 |
Leasehold Improvements [Member] | ||
Useful Life (Year) | 10 years | |
Property and equipment, gross | $ 1,036,295 | $ 955,563 |
Minimum [Member] | ||
Useful Life (Year) | 3 years | |
Minimum [Member] | Production Equipment [Member] | ||
Useful Life (Year) | 3 years | |
Minimum [Member] | Lab Equipment [Member] | ||
Useful Life (Year) | 3 years | |
Minimum [Member] | Computer Equipment [Member] | ||
Useful Life (Year) | 3 years | |
Minimum [Member] | Vehicles [Member] | ||
Useful Life (Year) | 3 years | |
Maximum [Member] | ||
Useful Life (Year) | 10 years | |
Maximum [Member] | Production Equipment [Member] | ||
Useful Life (Year) | 10 years | |
Maximum [Member] | Lab Equipment [Member] | ||
Useful Life (Year) | 10 years | |
Maximum [Member] | Computer Equipment [Member] | ||
Useful Life (Year) | 5 years | |
Maximum [Member] | Vehicles [Member] | ||
Useful Life (Year) | 5 years |
Note 5 - Investments at Costs41
Note 5 - Investments at Costs (Details Textual) - USD ($) | Jun. 30, 2017 | Dec. 31, 2016 |
Other Long-term Investments | $ 5,716 | $ 5,282 |
Note 5 - Investments at Costs -
Note 5 - Investments at Costs - Summary of Financial Assets and Liabilities (Details) - USD ($) | Jun. 30, 2017 | Dec. 31, 2016 |
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 | 5,716 | 5,282 |
Total | $ 5,716 | $ 5,282 |
Note 6 - Definite-life Intang43
Note 6 - Definite-life Intangible Assets (Details Textual) - USD ($) | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Dec. 31, 2016 | |
Intangible Assets, Net (Excluding Goodwill) | $ 4,469 | $ 5,614 | |
Minimum [Member] | |||
Finite-Lived Intangible Asset, Useful Life | 2 years | ||
Maximum [Member] | |||
Finite-Lived Intangible Asset, Useful Life | 10 years | ||
Patents [Member] | |||
Amortization of Intangible Assets | $ 1,145 | $ 2,126 | |
Patents [Member] | Minimum [Member] | |||
Finite-Lived Intangible Asset, Useful Life | 2 years | ||
Patents [Member] | Maximum [Member] | |||
Finite-Lived Intangible Asset, Useful Life | 10 years |
Note 6 - Definite-life Intang44
Note 6 - Definite-life Intangible Assets - Expected Future Amortization Expense (Details) | Jun. 30, 2017USD ($) |
2,017 | $ 1,460 |
2,018 | 2,457 |
2,019 | 552 |
$ 4,469 |
Note 7 - Goodwill (Details Text
Note 7 - Goodwill (Details Textual) | 12 Months Ended |
Dec. 31, 2016USD ($) | |
Goodwill, Impairment Loss | $ 7,343,208 |
Note 8 - Notes Payable (Details
Note 8 - Notes Payable (Details Textual) - USD ($) | 6 Months Ended | |
Jun. 30, 2017 | Dec. 31, 2016 | |
Long-term Debt | $ 50,775 | |
Notes Payable, Other Payables [Member] | ||
Debt Instrument, Interest Rate, Stated Percentage | 4.02% | |
Long-term Debt | $ 50,775 | $ 54,929 |
Debt Instrument, Periodic Payment | $ 1,429 |
Note 8 - Notes Payable - Long-t
Note 8 - Notes Payable - Long-term Debt Maturity Schedule (Details) - USD ($) | Jun. 30, 2017 | Dec. 31, 2016 |
Long-term notes payable, less current portion | $ 35,404 | $ 39,895 |
Current portion of notes payable | 15,371 | 15,034 |
50,775 | ||
Notes Payable, Other Payables [Member] | ||
2,017 | 7,597 | |
2,018 | 15,705 | |
2,019 | 16,345 | |
2,020 | 11,128 | |
Thereafter | ||
$ 50,775 | $ 54,929 |
Note 9 - Lines of Credit (Detai
Note 9 - Lines of Credit (Details Textual) - Jun. 30, 2017 | USD ($) | DKK |
Line of Credit Facility, Maximum Borrowing Capacity | $ 14,500 | DKK 94,620 |
Guarantor Obligations, Current Carrying Value | $ 14,500 | DKK 94,620 |
Note 10 - Leases (Details Textu
Note 10 - Leases (Details Textual) - USD ($) | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Dec. 31, 2016 | |
Operating Leases, Rent Expense | $ 319,906 | $ 368,653 | |
Capital Leased Assets, Gross | 1,265,709 | $ 1,240,358 | |
Capital Leases, Lessee Balance Sheet, Assets by Major Class, Accumulated Depreciation | 1,229,974 | $ 1,126,550 | |
Depreciation | 502,131 | 667,571 | |
Interest Expense, Lessee, Assets under Capital Lease | 6,046 | 9,805 | |
Assets Held under Capital Leases [Member] | |||
Depreciation | 38,365 | $ 68,753 | |
Capital Lease Obligations [Member] | Capital Lease 1 [Member] | |||
Debt Instrument, Periodic Payment | 639 | ||
Capital Lease Obligations [Member] | Capital Lease 2 [Member] | |||
Debt Instrument, Periodic Payment | $ 575 |
Note 10 - Leases - Future Minim
Note 10 - Leases - Future Minimum Lease Payments for Non-cancelable Operating Leases (Details) | Jun. 30, 2017USD ($) |
2,017 | $ 303,139 |
2,018 | 467,087 |
2,019 | 179,094 |
Thereafter | 395,898 |
Total Minimum Lease Payments | $ 1,345,218 |
Note 10 - Leases - Future Min51
Note 10 - Leases - Future Minimum Capital Lease Payments (Details) - USD ($) | Jun. 30, 2017 | Dec. 31, 2016 |
2,017 | $ 7,287 | |
2,018 | 25,671 | |
Thereafter | 0 | |
Total minimum lease payments | 32,958 | |
Less amount representing interest | (2,140) | |
Present value of minimum lease payments | 30,818 | |
Less Current Portion | (9,936) | $ (45,883) |
$ 20,882 | $ 93,942 |
Note 11 - Agreements and Comm52
Note 11 - Agreements and Commitments (Details Textual) | Sep. 09, 2014EUR (€) | Jun. 30, 2017USD ($) | Jun. 30, 2016USD ($) | Jun. 30, 2017DKK |
Defined Contribution Plan, Cost | $ | $ 6,004 | $ 5,735 | ||
Line of Credit Facility, Maximum Borrowing Capacity | 14,500 | DKK 94,620 | ||
Guarantor Obligations, Current Carrying Value | $ 14,500 | DKK 94,620 | ||
Chief Executive Officer [Member] | LiqTech Italy [Member] | ||||
Equity Method Investment, Ownership Percentage | 60.00% | |||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 40.00% | |||
Loss Contingency, Damages Sought, Value | € | € 750,000 |
Note 12 - Income Taxes (Details
Note 12 - Income Taxes (Details Textual) - USD ($) | 6 Months Ended | |
Jun. 30, 2017 | Dec. 31, 2016 | |
Deferred Tax Assets, Operating Loss Carryforwards, Domestic | $ 11,300,549 | |
LiqTech International Inc and LiqTech NA [Member] | ||
Deferred Tax Assets, Valuation Allowance | 3,600,444 | $ 3,542,000 |
LiqTech International AS and LiqTech Systems AS [Member] | ||
Deferred Tax Assets, Valuation Allowance | 1,790,490 | 1,095,000 |
LiqTech Germany [Member] | ||
Deferred Tax Assets, Valuation Allowance | 122,000 | 122,000 |
LiqTech Singapore [Member] | ||
Deferred Tax Assets, Valuation Allowance | 97,000 | $ 97,000 |
Federal Ministry of Finance, Germany [Member] | Danish Ministry of Taxation [Member] | ||
Deferred Tax Assets, Operating Loss Carryforwards, Foreign | 7,800,419 | |
Federal Ministry of Finance, Germany [Member] | GERMANY | ||
Deferred Tax Assets, Operating Loss Carryforwards, Foreign | 475,373 | |
Federal Ministry of Finance, Germany [Member] | SINGAPORE | ||
Deferred Tax Assets, Operating Loss Carryforwards, Foreign | 616,505 | |
Internal Revenue Service (IRS) [Member] | Domestic Tax Authority [Member] | ||
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | 58,444 | |
Danish Ministry of Taxation [Member] | Foreign Tax Authority [Member] | ||
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | 695,490 | |
German Ministry of Taxation [Member] | Foreign Tax Authority [Member] | ||
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | 0 | |
Singapore Ministry of Taxation [Member] | Foreign Tax Authority [Member] | ||
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | $ 0 |
Note 12 - Income Taxes - Deferr
Note 12 - Income Taxes - Deferred Tax Asset (Liabilities) (Details) - USD ($) | Jun. 30, 2017 | Dec. 31, 2016 |
Vacation accrual | $ 5,450 | $ 5,450 |
Allowance for doubtful accounts | 1,202 | 1,202 |
Reserve for obsolete inventory | 209,557 | 200,118 |
Business tax credit carryover | 30,935 | 30,935 |
Net operating loss carryover | 5,795,723 | 4,906,974 |
Excess of book over tax depreciation | (422,999) | (296,227) |
Valuation allowance | (5,628,368) | (4,856,952) |
Long term deferred tax asset | ||
Research Tax Credit Carryforward [Member] | ||
Danish R&D credits | $ 8,500 | $ 8,500 |
Note 12 - Income Taxes - Reconc
Note 12 - Income Taxes - Reconciliation of Income Tax Expense (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Computed tax at expected statutory rate | $ (688,726) | $ (413,027) | ||
State and local income taxes, net of federal benefit | ||||
Non-US income taxed at different rates | 87,491 | (17,427) | ||
Valuation allowance | 601,235 | 3,298,740 | ||
Other | ||||
Total tax expense (benefit) | $ 94,003 | $ 2,868,286 |
Note 12 - Income Taxes - Compon
Note 12 - Income Taxes - Components of Income Tax Expense (Benefit) from Continuing Operations (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Current income tax expense: | ||||
Federal | $ 0 | $ 0 | ||
State | ||||
Current tax (benefit) | ||||
Book in excess of tax depreciation | ||||
Deferred rent | ||||
Business tax credit carryover | ||||
Net operating loss carryover | 230,285 | (428,697) | ||
Valuation allowance | (230,285) | 3,296,983 | ||
Deferred compensation | ||||
Accrued vacation | ||||
Reserve for obsolete inventory | ||||
Deferred tax expense (benefit) | 2,868,286 | |||
Total tax expense (benefit) | $ 94,003 | 2,868,286 | ||
Danish Ministry of Taxation [Member] | ||||
Current income tax expense: | ||||
Foreign current income tax expense (benefit) |
Note 13 - Income (Loss) Per S57
Note 13 - Income (Loss) Per Share (Details Textual) - $ / shares | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Dec. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ 0.80 | $ 1.10 | |
Minimum [Member] | |||
Class of Warrant or Right, Exercise Price of Warrants or Rights | 0.81 | $ 0.81 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | 0.74 | 0.74 | |
Maximum [Member] | |||
Class of Warrant or Right, Exercise Price of Warrants or Rights | 1.65 | 4.06 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ 1.01 | $ 1.90 | |
Employee Stock Option [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 630,000 | 1,071,000 | |
Warrant [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 700,000 | 7,325,575 |
Note 13 - Income (Loss) Per S58
Note 13 - Income (Loss) Per Share - Amounts Used in Computing Earnings Per Share (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Net Loss | $ (1,192,395) | $ (329,376) | $ (2,025,665) | $ (4,083,071) |
Weighted average number of common shares used in basic earnings per share (in shares) | 40,667,107 | 39,532,035 | 38,761,647 | 39,532,035 |
Effect of dilutive securities, stock options and warrants (in shares) | 0 | |||
Weighted average number of common shares and potentially dilutive securities (in shares) | 40,667,107 | 39,532,035 | 38,761,647 | 39,532,035 |
Note 14 - Stockholders' Equit59
Note 14 - Stockholders' Equity (Details Textual) - USD ($) | May 19, 2017 | Jan. 02, 2017 | Jan. 02, 2016 | Apr. 13, 2015 | Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | Dec. 31, 2016 | Feb. 15, 2016 |
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 | |||||||
Common Stock, Shares, Issued | 44,229,264 | 44,229,264 | 36,835,514 | |||||||
Canceled Common Shares Held in Escrow in Connection with an Acquisition, Shares | 2,696,521 | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 630,000 | 630,000 | 868,000 | |||||||
Allocated Share-based Compensation Expense | $ 29,780 | $ 105,373 | $ 125,958 | $ 272,724 | ||||||
Proceeds from Issuance of Common Stock | $ 1,825,000 | $ 1,825,000 | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Number of Shares | 300,000 | 300,000 | ||||||||
Share Based Compensation Arrangements by Share Based Payment Award Options, Nonvested Weighted Average Exercise Price | $ 0.74 | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Weighted Average Grant Date Fair Value | $ 0.46 | $ 0.46 | ||||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Stock Options | $ 61,286 | $ 61,286 | ||||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 273 days | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | $ 0 | $ 0 | ||||||||
Common Stock, Shares, Outstanding | 44,229,264 | 44,229,264 | 36,835,514 | |||||||
Two Thousand Eleven Stock Options Plan [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 630,000 | 630,000 | ||||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Stock Options | $ 80,408 | $ 80,408 | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 630,000 | |||||||||
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 | |||||||||
Warrant [Member] | ||||||||||
Allocated Share-based Compensation Expense | $ 8,817 | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 0 | |||||||||
Private Placement [Member] | ||||||||||
Stock Issued During Period, Shares, New Issues | 7,300,000 | |||||||||
Share Price | $ 0.25 | |||||||||
Employee Stock Option [Member] | Two Thousand Eleven Stock Options Plan [Member] | ||||||||||
Allocated Share-based Compensation Expense | $ 44,641 | 192,074 | ||||||||
Director [Member] | ||||||||||
Stock Issued During Period, Shares, Restricted Stock Award, Gross | 93,750 | 27,253 | 100,000 | |||||||
Stock Issued During Period, Value, Restricted Stock Award, Gross | $ 60,000 | $ 20,167 | $ 75,000 | |||||||
Director [Member] | Restricted Stock [Member] | ||||||||||
Allocated Share-based Compensation Expense | $ 72,500 | $ 38,833 | ||||||||
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 | 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 |
Note 14 - Stockholders' Equit60
Note 14 - Stockholders' Equity - Warrants Outstanding (Details) | 6 Months Ended |
Jun. 30, 2017$ / sharesshares | |
Warrants Outstanding Number Outstanding (in shares) | shares | 700,000 |
Warrants Outstanding Weighted Average Remaining Contractual Life (Year) | 1 year 146 days |
Warrants Outstanding Weighted Average Exercise Price (in dollars per share) | $ 1.34 |
Warrants Exercisable Number Exercisable (in shares) | shares | 700,000 |
Warrants Exercisable Weighted Average Exercise Price (in dollars per share) | $ 1.34 |
Warrant 1 [Member] | |
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 0.81 |
Warrants Outstanding Number Outstanding (in shares) | shares | 100,000 |
Warrants Outstanding Weighted Average Remaining Contractual Life (Year) | 182 days |
Warrants Outstanding Weighted Average Exercise Price (in dollars per share) | $ 0.81 |
Warrants Exercisable Number Exercisable (in shares) | shares | 100,000 |
Warrants Exercisable Weighted Average Exercise Price (in dollars per share) | $ 0.81 |
Warrant 2 [Member] | |
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 1 |
Warrants Outstanding Number Outstanding (in shares) | shares | 200,000 |
Warrants Outstanding Weighted Average Remaining Contractual Life (Year) | 182 days |
Warrants Outstanding Weighted Average Exercise Price (in dollars per share) | $ 1 |
Warrants Exercisable Number Exercisable (in shares) | shares | 200,000 |
Warrants Exercisable Weighted Average Exercise Price (in dollars per share) | $ 1 |
Warrants 3 [Member] | |
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 1.65 |
Warrants Outstanding Number Outstanding (in shares) | shares | 400,000 |
Warrants Outstanding Weighted Average Remaining Contractual Life (Year) | 2 years 29 days |
Warrants Outstanding Weighted Average Exercise Price (in dollars per share) | $ 1.65 |
Warrants Exercisable Number Exercisable (in shares) | shares | 400,000 |
Warrants Exercisable Weighted Average Exercise Price (in dollars per share) | $ 1.65 |
Note 14 - Stockholders' Equit61
Note 14 - Stockholders' Equity - Assumptions Used to Calculate the Fair Values of Stock Options (Details) | 6 Months Ended |
Jun. 30, 2017 | |
Dividend yield | 0.00% |
Minimum [Member] | |
Expected term (in years) (Year) | 5 years |
Volatility | 74.65% |
Risk free interest rate | 1.38% |
Maximum [Member] | |
Expected term (in years) (Year) | 10 years |
Volatility | 76.87% |
Risk free interest rate | 2.24% |
Note 14 - Stockholders' Equit62
Note 14 - Stockholders' Equity - Options Outstanding (Details) | 6 Months Ended |
Jun. 30, 2017$ / sharesshares | |
Options Outstanding Weighted Average Exercise Price (in dollars per share) | $ 0.80 |
Options Exercisable Number Exercisable (in shares) | shares | 330,000 |
Options Exercisable Weighted Average Exercise Price (in dollars per share) | $ 0.85 |
Options Outstanding Number Outstanding (in shares) | shares | 630,000 |
Options Outstanding Weighted Average Remaining Contractual Life (Year) | 4 years 62 days |
Price Range 1 [Member] | |
Options Outstanding Weighted Average Exercise Price (in dollars per share) | $ 0.74 |
Options Exercisable Number Exercisable (in shares) | shares | 133,334 |
Options Exercisable Weighted Average Exercise Price (in dollars per share) | $ 0.74 |
Exercise Prices (in dollars per share) | $ 0.74 |
Options Outstanding Number Outstanding (in shares) | shares | 400,000 |
Options Outstanding Weighted Average Remaining Contractual Life (Year) | 3 years 43 days |
Price Range 2 [Member] | |
Options Outstanding Weighted Average Exercise Price (in dollars per share) | $ 0.75 |
Options Exercisable Number Exercisable (in shares) | shares | 66,666 |
Options Exercisable Weighted Average Exercise Price (in dollars per share) | $ 0.75 |
Exercise Prices (in dollars per share) | $ 0.75 |
Options Outstanding Number Outstanding (in shares) | shares | 100,000 |
Options Outstanding Weighted Average Remaining Contractual Life (Year) | 2 years 288 days |
Price Range 3 [Member] | |
Options Outstanding Weighted Average Exercise Price (in dollars per share) | $ 1.01 |
Options Exercisable Number Exercisable (in shares) | shares | 130,000 |
Options Exercisable Weighted Average Exercise Price (in dollars per share) | $ 1.01 |
Exercise Prices (in dollars per share) | $ 1.01 |
Options Outstanding Number Outstanding (in shares) | shares | 130,000 |
Options Outstanding Weighted Average Remaining Contractual Life (Year) | 8 years 171 days |
Note 14 - Stockholders' Equit63
Note 14 - Stockholders' Equity - Status of Options Granted and Changes During the Year (Details) - USD ($) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2017 | Dec. 31, 2016 | |
Shares outstanding (in shares) | 868,000 | |
Outstanding, weighted average exercise price (in dollars per share) | $ 1.10 | |
Outstanding, weighted average exercise price (in dollars per share) | $ 0.80 | $ 1.10 |
Outstanding, average remaining life (Year) | 4 years 62 days | 3 years 149 days |
Shares forfeited (in shares) | ||
Outstanding, weighted average intrinsic value | $ 0 | |
Shares vested and expected to vest (in shares) | 630,000 | |
Vested and expected to vest, weighted average exercise price (in dollars per share) | $ 0.80 | |
Forfeited, weighted average exercise price (in dollars per share) | ||
Shares expired (in shares) | (238,000) | |
Expired, weighted average exercise price (in dollars per share) | $ 1.90 | |
Shares outstanding (in shares) | 630,000 | 868,000 |
Vested and expected to vest, average remaining life (Year) | 4 years 62 days | |
Vested and expected to vest, weighted average intrinsic value | ||
Warrants exercisable (in shares) | 330,000 | |
Exercisable end of period, weighted average exercise price (in dollars per share) | $ 0.85 | |
Exercisable end of period, average remaining life (Year) | 5 years 58 days | |
Exercisable end of period, weighted average intrinsic value |
Note 15 - Significant Custome64
Note 15 - Significant Customers / Concentration (Details Textual) - Customer Concentration Risk [Member] - Sales Revenue, Net [Member] | 6 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Concentration Risk, Percentage | 37.00% | |
Number of Major Customers | 4 | 2 |
Major Customer 1 [Member] | ||
Concentration Risk, Percentage | 17.00% | 27.00% |
Major Customer 2 [Member] | ||
Concentration Risk, Percentage | 11.00% | 25.00% |
Major Customer 3 [Member] | ||
Concentration Risk, Percentage | 5.00% | |
Major Customer 4 [Member] | ||
Concentration Risk, Percentage | 4.00% |
Note 15 - Significant Custome65
Note 15 - Significant Customers / Concentration - Net Sales by Geographical Region (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Net Sales | $ 2,926,200 | $ 4,019,338 | $ 5,894,274 | $ 7,649,306 |
Reportable Geographical Components [Member] | US And Canada [Member] | ||||
Net Sales | 337,372 | 140,163 | 564,168 | 350,544 |
Reportable Geographical Components [Member] | AUSTRALIA | ||||
Net Sales | 109,445 | 94,245 | 287,181 | 222,742 |
Reportable Geographical Components [Member] | South America [Member] | ||||
Net Sales | 9,885 | 37,599 | 81,480 | |
Reportable Geographical Components [Member] | Asia [Member] | ||||
Net Sales | 455,906 | 207,129 | 1,126,147 | 221,785 |
Reportable Geographical Components [Member] | Europe [Member] | ||||
Net Sales | $ 2,023,477 | $ 3,567,916 | $ 3,879,179 | $ 6,772,755 |
Note 15 - Significant Custome66
Note 15 - Significant Customers / Concentration - Sales by Product Line (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Net Sales | $ 2,926,200 | $ 4,019,338 | $ 5,894,274 | $ 7,649,306 |
Ceramic Diesel Particulate [Member] | ||||
Net Sales | 1,873,910 | 1,145,171 | 4,157,084 | 2,568,277 |
Liquid Filters [Member] | ||||
Net Sales | 996,890 | 2,806,875 | 1,616,963 | 4,986,111 |
Kiln Furniture [Member] | ||||
Net Sales | $ 55,400 | $ 67,292 | $ 120,227 | $ 94,918 |