LiqTech International (LIQT) 10-Q 15 May 18 2018 Q1 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	3 Months Ended
	Mar. 31, 2018	May 15, 2018
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)		63,937,199
Document Type	10-Q
Document Period End Date	Mar. 31, 2018
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q1
Amendment Flag	false

Consolidated Balance Sheets (Cu

Consolidated Balance Sheets (Current Period Unaudited) - USD ($)	Mar. 31, 2018	Dec. 31, 2017
Current Assets:
Cash	$ 827,120	$ 2,486,199
Accounts receivable, net	1,144,247	1,124,842
Other receivables	386,738	636,539
Cost in excess of billing	533,927	490,100
Inventories	4,843,737	4,661,866
Prepaid expenses	126,711	28,151
Total Current Assets	7,862,480	9,427,697
Property and Equipment, net accumulated depreciation	1,810,954	1,959,205
Other Assets:
Investments at costs	6,198	6,001
Other intangible assets	2,770	3,349
Deposits	332,738	283,686
Total Other Assets	341,706	293,036
Total Assets	10,015,140	11,679,938
Current Liabilities:
Current portion of capital lease obligations	13,866	26,186
Accounts payable	2,073,702	1,775,230
Accrued expenses	1,291,561	1,724,986
Billing in excess of cost	559,954	306,845
Accrued income taxes payable	580	580
Deferred revenue / customers deposits	443,507	933,994
Total Current Liabilities	4,383,170	4,767,821
Total Liabilities	4,383,170	4,767,821
Agreements and Contingencies See Note 9
Stockholders' Equity:
Series A Convertible Preferred stock; par value $0.001, 10,000,000 shares authorized, 2,200,837 and 2,200,837 shares issued and outstanding at March 31, 2018 and December 31, 2017, respectively	2,201	2,201
Common stock; par value $0,001, 100,000,000 shares authorized 44,488,670 and 44,429,264 shares issued and outstanding at March 31, 2018 and December 31, 2017, respectively	44,489	44,430
Additional paid-in capital	40,517,848	40,457,907
Accumulated deficit	(30,004,983)	(28,471,696)
Deferred compensation	(61,660)	(79,933)
Other comprehensive income, net	(4,865,925)	(5,040,792)
Total Stockholders' Equity	5,631,970	6,912,117
Total Liabilities and Stockholders' Equity	$ 10,015,140	$ 11,679,938

Consolidated Balance Sheets (C3

Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares	Mar. 31, 2018	Dec. 31, 2017
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)	10,000,000	10,000,000
Preferred stock, shares issued (in shares)	2,200,837	2,200,837
Preferred stock, shares outstanding (in shares)	2,200,837	2,200,837
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)	44,488,670	44,429,264
Common stock, shares outstanding (in shares)	44,488,670	44,229,264

Consolidated Statements of Oper

Consolidated Statements of Operations (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Net Sales	$ 2,391,382	$ 2,968,074
Cost of Goods Sold	2,450,974	2,696,657
Gross Profit	(59,592)	271,417
Operating Expenses:
Selling expenses	409,792	450,383
General and administrative expenses	684,166	593,638
Non-cash compensation expenses	78,273	96,178
Research and development expenses	169,396	139,336
Total Operating Expense	1,341,627	1,279,535
Loss from Operations	(1,401,219)	(1,008,118)
Other Income (Expense)
Interest and other income	3,284	226
Interest expense	(56,300)	(10,821)
Gain (Loss) on currency transactions	(79,054)	178,675
Gain (Loss) on sale of fixed assets		6,768
Total Other Income (Expense)	(132,070)	174,848
Loss Before (Income) Taxes	(1,533,289)	(833,270)
Income Tax Expense (Income)
Net Loss	$ (1,533,289)	$ (833,270)
Basic Loss Per Share (in dollars per share)	$ (0.03)	$ (0.02)
Weighted Average Common Shares Outstanding (in shares)	44,487,350	36,929,264
Diluted Loss Per Share (in dollars per share)	$ (0.03)	$ (0.02)
Weighted Average Common Shares Outstanding Assuming Dilution (in shares)	44,487,350	36,929,264

Consolidated Statements of Othe

Consolidated Statements of Other Comprehensive Income (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Net Loss	$ (1,533,289)	$ (833,270)
Currency Translation, Net of Taxes	174,867	(88,803)
Other Comprehensive Loss	$ (1,358,422)	$ (922,073)

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Cash Flows from Operating Activities:
Net Loss	$ (1,533,289)	$ (833,270)
Adjustments to reconcile net (loss) to net cash provided (used) by operations:
Depreciation and amortization	217,508	259,493
Non-cash compensation	78,273	96,178
Reserve for obsolete inventory	(135,489)
Loss on sale of equipment		(6,768)
Changes in assets and liabilities:
(Increase) decrease in accounts receivable	230,396	(161,687)
(Increase) decrease in inventory	(85,691)	(91,824)
(Increase) decrease in prepaid expenses/deposits	(118,174)	(60,820)
Increase (decrease) in accounts payable	298,472	226,956
Increase (decrease) in accrued expenses	(923,912)	91,263
Increase (decrease) long-term contracts	209,282	(31,843)
Total Adjustments	(229,335)	320,948
Net Cash Used by Operating Activities	(1,762,624)	(512,322)
Cash Flows from Investing Activities:
Purchase of property and equipment	(59,937)	(58,950)
Proceeds from sale/recovery of property and equipment		10,349
Net Cash Used by Investing Activities	(59,937)	(48,601)
Cash Flows from Financing Activities:
Net payments on capital lease obligation	(12,320)	(27,427)
Payments on loans payable		(3,865)
Net Cash Used by Financing Activities	(12,320)	(31,292)
Gain (Loss) on Currency Translation	175,802	(100,968)
Net Increase (Decrease) in Cash and Cash Equivalents	(1,659,079)	(693,183)
Cash and Cash Equivalents at Beginning of Period	2,486,199	1,208,650
Cash and Cash Equivalents at End of Period	827,120	515,467
Supplemental Disclosures of Cash Flow Information:
Interest Paid	56,300	10,821
Income Taxes
Supplemental Disclosures of Non-Cash Investing and Financing Activities:
Non-cash compensation	78,273	96,178
Total	78,273	96,178
Employee Stock Option [Member]
Adjustments to reconcile net (loss) to net cash provided (used) by operations:
Non-cash compensation	12,439	25,519
Supplemental Disclosures of Non-Cash Investing and Financing Activities:
Non-cash compensation	12,439	25,519
Restricted Stock [Member]
Adjustments to reconcile net (loss) to net cash provided (used) by operations:
Non-cash compensation	65,834	66,250
Supplemental Disclosures of Non-Cash Investing and Financing Activities:
Non-cash compensation	65,834	66,250
Warrants Issued for Services [Member]
Adjustments to reconcile net (loss) to net cash provided (used) by operations:
Non-cash compensation		4,409
Supplemental Disclosures of Non-Cash Investing and Financing Activities:
Non-cash compensation		$ 4,409

Note 1 - Summary of Significant

Note 1 - Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2018
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, ceramic silicon carbide liquid and diesel particulate air filters 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, 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 Systems AS, a Danish Corporation ("LiqTech Systems") (Formerly Provital Solutions A/S) was incorporated on September 1, 2009 LiqTech Germany (“LiqTech Germany”) a 100% December 9, 2011, 2018. LiqTech PTE Ltd, (“LiqTech Sing”) a 95% January 19, 2012, 2018. Consolidation -- Functional Currency / Foreign currency translation -- three March 31, 2018 2017. Cash, Cash Equivalents and Restricted Cash -- three no March 31, 2018 December 31, 2017. Accounts Receivable -- The roll forward of the allowance for doubtful accounts for the three March 31, 2018 December 31, 2017 201 8 201 7 Allowance for doubtful accounts at the beginning of the period $ 660,581 $ 2,128,452 Bad debt expense 0 (102,189 ) Receivables written off during the periods 0 (1,678,856 ) Effect of currency translation 21,603 313,174 ) Allowance for doubtful accounts at the end of the period $ 682,184 $ 660,581 Inventory -- first first Property and Equipment -- three ten 4 Long-Term Investments -- may may not may Intangible Assets -- 350, two ten Revenue Recognition and Sales Incentives Revenue Recognition -Adoption of the new revenue standard: January 1, 2018, 606, 2015, 2016 2017 January 1, 2018. not not The Company has elected to apply the practical expedient to reflect the aggregate effect of all modifications when identifying the satisfied and unsatisfied performance obligations, determining the transaction price and allocating the transaction price. The Company does not one Accounting policy not not 9 For contracts with customers that include multiple performance obligations, judgment is required to determine whether performance obligations specified in these contracts are distinct and should be accounted for as separate revenue transactions for recognition purposes. For such arrangements, revenue is allocated to each performance obligation based on its relative standalone selling price. Standalone selling prices are generally determined based on the prices charged to customers or using expected cost plus margin. Impairment losses recognized on receivables or contract assets were not three March 31, 2018. The Company pays for shipping and handling activities regardless of when control is transferred and has elected to account for shipping and handling as activities to fulfill the promise to transfer the good, rather than a promised service. These costs are reported on the line “Cost of goods sold” in the unaudited condensed consolidated statements of operations. The following table disaggregates revenue by category: MARCH 31, 2018 Lift truck business Americas Europe South America Asia Australia Middle East Total Systems $ ? $ ? $ - $ — $ — $ — $ ? R&D Contracts - ? — — — — ? Membrane ? ? ? ? ? ? ? DPF ? ? ? ? ? ? ? Total Revenues $ ? $ ? $ ? $ ? $ ? $ ? $ ? System sales are recognized when the Company transfers control based on the shipping terms of the contract, which is generally when the system is shipped from the manufacturing facility to the customer. The majority of membrane and dpf sales are to National Account customers. In these transactions, the Company transfers control and recognizes revenue when it ships the product to the customer according to the terms of the contract. Aftermarket sales represent part sales, extended warranty and maintenance services. For the sale of aftermarket parts, the Company transfers control and recognizes revenue when parts are shipped to the customer or services are provided. When customers are given the right to return eligible parts and accessories, the Company estimates the expected returns based on an analysis of historical experience. The Company adjusts estimated revenues at the earlier of when the most likely amount of consideration expected to be received changes or when the consideration becomes fixed. The Company recognizes revenue for extended warranty and maintenance agreements based on the standalone selling price over the life of the contract, which reflects the costs to perform under these contracts, which corresponds with, and thereby depicts the transfer of control to the customer. R&D Contract revenue is In Denmark, Value Added Tax (“VAT”) of 25% not Advertising Cost -- $528 $2,803, three March 31, 2018 2017, Research and Development Cost -- three March 31, 2018 2017 $169,396, $139,336, Income Taxes -- 740 Income (Loss) Per Share -- 260 not Stock Options and Awards -- 12. 718, $78,273 $96,178 $22,384 $22,525 three March 31, 2018 2017, Fair Value of Financial Instruments -- 820. three ● Level 1. ● Level 2. ● Level 3. no 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 February 25, 2016, 2016 02, December 15, 2018. 8. Other recent accounting pronouncements issued by the FASB did not not

Note 2 - Going Concern

Note 2 - Going Concern	3 Months Ended
	Mar. 31, 2018
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 Management is progressing toward alleviating this substantial doubt and going concern. During April 2018, $6.6 19,448,529 14 3 2018 2109.

Note 3 - Inventory

Note 3 - Inventory	3 Months Ended
	Mar. 31, 2018
Notes to Financial Statements
Inventory Disclosure [Text Block]	NOTE 3 Inventory consisted of the following at March 31, 2018 December 31, 2017: 201 8 201 7 Furnace parts and supplies $ 426,004 $ 400,589 Raw materials 1,142,471 1,260,209 Work in process 2,688,216 2,123,418 Finished goods and filtration systems 1,868,020 2,297,743 Reserve for obsolescence (1,280,974 ) (1,420,093 ) Net Inventory $ 4,843,737 $ 4,661,866

Note 4 - Property and Equipment

Note 4 - Property and Equipment	3 Months Ended
	Mar. 31, 2018
Notes to Financial Statements
Property, Plant and Equipment Disclosure [Text Block]	NOTE 4 Property and equipment consisted of the following at March 31, 2018 December 31, 2017: Useful Life 201 8 201 7 Production equipment 3 - 10 $ 10,293,774 $ 10,114,398 Lab equipment 3 - 10 89,957 87,094 Computer equipment 3 - 5 209,291 204,553 Vehicles 3 - 5 67,353 75,312 Furniture and fixture 5 109,534 106,047 Leasehold improvements 10 1,104,786 1,076,731 11,874,695 11,664,135 Less Accumulated Depreciation (10,063,741 ) (9,704,930 ) Net Property and Equipment $ 1,810,954 $ 1,959,205 Depreciation expense amounted to $216,929 $258,654 three March 31, 2018 2017, 9.

Note 5 - Investments at Costs

Note 5 - Investments at Costs	3 Months Ended
	Mar. 31, 2018
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 March 31, 2018 Level 1 Level 2 Level 3 Investments - - 6,198 Total - - 6,198 As of December 31, 2017 Level 1 Level 2 Level 3 Investments - - 6,001 Total - - 6,001 At March 31, 2018, $6,198 $6,198 At December 31, 2017, $6,001 $6,001

Note 6 - Definite-life Intangib

Note 6 - Definite-life Intangible Assets	3 Months Ended
	Mar. 31, 2018
Notes to Financial Statements
Intangible Assets Disclosure [Text Block]	NOTE 6 At March 31, 2018 December 31, 2017, $2,770 $3,349, two ten three March 31, 2018 2017 $579 $839, Year ending December 31, Amortization Expenses 2018 1,998 2019 772 Thereafter - $ 2,770

Note 7 - Lines of Credit

Note 7 - Lines of Credit	3 Months Ended
	Mar. 31, 2018
Notes to Financial Statements
Debt Disclosure [Text Block]	NOTE 7 - 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 credit line of DKK 94,620 $15,743 March 31, 2018) March 31, 2018, 94,620 $15,743 no

Note 8 - Leases

Note 8 - Leases	3 Months Ended
	Mar. 31, 2018
Notes to Financial Statements
Leases of Lessee Disclosure [Text Block]	NOTE 8 - LEASES Operating Leases March 2021, August 2018, May 2018. The future minimum lease payments for non-cancelable operating leases having remaining terms in excess of one March 31, 2018 Year ending December 31, Lease Payments 2018 280,254 2019 179,094 2020 182,676 2021 30,546 Thereafter - Total Minimum Lease Payments $ 672,570 Lease expense charged to operations was $188,079 $152,100 three March 31, 2018 2017, Capital Leases $624 July 2018 $11,647 The following represents future minimum capital lease payments as of March 31, 2018: Year ending December 31, Lease Payments 2018 14,143 Thereafter - Total minimum lease payments 14,143 Less amount representing interest (277 ) Present value of minimum lease payments 13,866 Less Current Portion (13,866 ) $ -

Note 9 - Agreements and Commitm

Note 9 - Agreements and Commitments	3 Months Ended
	Mar. 31, 2018
Notes to Financial Statements
Commitments and Contingencies Disclosure [Text Block]	NOTE 9 - AGREEMENTS AND COMMITMENTS 401 401 three March 31, 2018 2017, $2,693 $2,706, Contingencies may On September 9, 2014, 60% 40% 750,000 2018 On December 20, 2017, $1,098,678 No 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 $15,743 March 31, 2018) March 31, 2018, 94,620 $15,743 March 31, 2018) Product Warranties one three may In addition, the Company sells an extended warranty for certain systems, which generally provide a warranty for up to four The Company periodically assesses the adequacy of its recorded warranty liabilities and adjusts the amounts as necessary. Factors that affect the warranty liability include the number of units sold, historical and anticipated rates of warranty claims and the cost per claim. Changes in the Company's current and long-term warranty obligations, including deferred revenue on extended warranty contracts, are as follows: 2018 Balance at December 31, 2017 $ 189,901 Current year warranty expense - Change in estimate related to pre-existing warranties - Payments made (11,796 ) Foreign currency effect (2,537 ) Balance at March 31, 2018 $ 175,568

Note 10 - Income Taxes

Note 10 - Income Taxes	3 Months Ended
	Mar. 31, 2018
Notes to Financial Statements
Income Tax Disclosure [Text Block]	NOTE 1 0 - INCOME TAXES The Company accounts for income taxes in accordance with FASB ASC Topic 740, two first not second 50%, As of March 31, 2018, $13,683,343 2037; $6,517,915 not $499,020 not $648,358 not As of March 31, 2018 December 31, 2017, $3,002,000 $2,833,000 $1,993,000 $1,850,000 $139,000 $139,000 $110,000 $110,000 not not March 31, 2018 $169,000, $143,000, $4,000 $12,000 The Company is not The temporary differences, tax credits and carry forwards gave rise to the following deferred tax asset (liabilities) at March 31, 2018 December 31, 2017: 2018 2017 Vacation accrual $ 2,900 $ 2,900 Allowance for doubtful accounts 743 743 Reserve for obsolete inventory 313,391 305,425 Business tax credit carryover 30,935 30,935 Deferred Compensation 16,787 16,787 Net operating loss carryover 4,983,722 4,646,434 Excess of book over tax depreciation (139,351 ) (71,116 ) Valuation allowance (5,209,127 ) (4,932,108 ) 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 years ended March 31, 2018 2017: 2018 2017 Computed tax at expected statutory rate $ (321,990 ) $ (283,312 ) State and local income taxes, net of federal benefit - (3,721 ) Non-US income taxed at different rates (6,485 ) 21,369 Non-deductible deferred compensation 16,437 - Valuation allowance 312,038 265,664 Income tax expense (benefit) $ - $ - The components of income tax expense (benefit) from continuing operations for the three March 31, 2018 2017 201 8 2017 Current income tax expense: Danish $ - $ - Federal - - State - - Current tax (benefit) $ - $ - Book in excess of tax depreciation $ - $ - Net operating loss carryover 312,533 (265,663 ) Valuation allowance (312,533 ) 265,663 Deferred tax expense (benefit) $ - $ - Total tax expense (benefit) $ - $ - 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 2013 no 2013

Note 11 - Earnings Per Share

Note 11 - Earnings Per Share	3 Months Ended
	Mar. 31, 2018
Notes to Financial Statements
Earnings Per Share [Text Block]	NOTE 1 1 - EARNINGS 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 year ended December 31, 2017 2016: For the Three Months Ended March 31 201 8 201 7 Net Loss attributable to LiqTech International Inc. $ (1,533,289 ) $ (833,270 ) Weighted average number of common shares used in basic earnings per share 44,487,350 36,929,264 Effect of dilutive securities, stock options and warrants - - Weighted average number of common shares and potential dilutive common shares outstanding used in dilutive earnings per share 44,487,350 36,929,264 For the three March 31, 2018, 455,000 $0.74 $1.01 400,000 $1.65 2,200,837 8,803,348 no May 14, 2018, not For the three March 31, 2017, 630,000 $0.74 $1.01 700,000 $0.81 $1.65 not

Note 12 - Stockholders' Equity

Note 12 - Stockholders' Equity	3 Months Ended
	Mar. 31, 2018
Notes to Financial Statements
Stockholders' Equity Note Disclosure [Text Block]	NOTE 1 2 - STOCKHOLDERS' EQUITY Common Stock 100,000,000 $0.001 March 31, 2018 December 31, 2017, 44,488,670 44,429,264 Voting one not Dividends -- may may Liquidation Rights -- Other Matters -- no no Preferred Stock -- one may may Parent has 10,000,000 $0.001 March 31, 2018 December 31, 2017, 2,200,837 2,200,837 4 8,803,348 no May 14, 2018. Stock Issuance On January 2, 2018, 59,406 $60,000 On November 22, 2017, 2,200,837 1 4 8,803,348 $1.20 $2,641,004, $127,736. On May 19, 2017, 7,300,000 $0.25 $1,825,000, $65,000, On January 2, 2017, 93,750 $60,000 On August 11, 2017, 200,000 $70,000 For the three March 31, 2018 2017, $65,834 $66,250 Common Stock Purchase Warrants A summary of the status of the warrants outstanding at March 31, 2018 Warrants Outstanding Warrants Exercisable Exercise Prices Number Weighted Weighted Exercise Number Weighted $ 1.65 400,000 1.32 $ 1.65 400,000 $ 1.65 Total 400,000 1.32 $ 1.65 400,000 $ 1.65 At March 31, 2018 2017, 0 66,667 $0 $4,409 March 31, 2018 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 underlying the warrants. Stock Options In August 2011, March 31, 2018, 455,000 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 Company recognized stock based compensation expense related to the options of $12,439 $25,519 three March 31, 2018 2017, March 31, 2018, $3,328 August 14, 2018. A summary of the status of the options outstanding under the Company’s stock option plans at March 31, 2018 Options Outstanding Options Exercisable Exercise Number Weighted Life (years) Weighted Number Weighted $ 0.74 325,000 2.37 $ 0.74 216,667 $ 0.74 $ 1.01 130,000 7.72 $ 1.01 130,000 $ 1.01 Total 455,000 3.90 $ 0.82 346,667 $ 0.84 A summary of the status of the options at March 31, 2018, March 31, 2018 Shares Weighted Average Weighted Outstanding at beginning of period 455,000 $ 0.82 4.15 $ - Granted - - - - Exercised - - - - Forfeited - - - - Expired - - - - Outstanding at end of period 455,000 $ 0.82 4.15 $ - Vested and expected to vest 455,000 $ 0.82 4.15 $ - Exercisable end of period 346,667 $ 0.84 4.63 $ - At March 31, 2018, 108,333 $0.74 $0.46, $1,109, 0.25 The total intrinsic value of options at March 31, 2018 $0. March 31, 2018 (

Note 13 - Significant Customers

Note 13 - Significant Customers / Concentration	3 Months Ended
	Mar. 31, 2018
Notes to Financial Statements
Segment Reporting Disclosure [Text Block]	NOTE 1 3 - SIGNIFICANT CUSTOMERS / CONCENTRATION For the three March 31, 2018, 21 For the three March 31, 2017, two 22%, 21%, 43% The Company sells products throughout the world; sales by geographical region are as follows for the three March 31, 2018 2017: For the Three Months Ended March 31 201 8 201 7 United States and Canada $ 109,225 $ 226,796 Australia 200,303 177,736 South America 3,428 37,599 Asia 817,601 670,242 Europe 1,260,825 1,855,701 $ 2,391,382 $ 2,968,074 The Company’s sales by product line are as follows for the three March 31, 2018 2017: For the Three Months Ended March 31 201 8 201 7 Ceramic diesel particulate $ 1,928,105 $ 2,283,176 Liquid filters and systems 463,277 620,071 Kiln furniture - 64,827 $ 2,391,382 $ 2,968,074 As of March 31, 2018, 85% 15% March 31, 2017, 83% 17%

Note 14 - Subsequent Event

Note 14 - Subsequent Event	3 Months Ended
	Mar. 31, 2018
Notes to Financial Statements
Subsequent Events [Text Block]	NOTE 14 - SUBSEQUENT EVENT The Company’s management reviewed material events through May 15, 2018. Stock Offering - On April 12, 2018, 16,911,765 $0.001 $0.34 $5,750,000. 30 2,536,764 April 13, 2018 $862,500. $610,000. April 16, 2018. On April 11, 2018, 2018 2019 35 first 14

Significant Accounting Policies

Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2018
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, ceramic silicon carbide liquid and diesel particulate air filters 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, 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 Systems AS, a Danish Corporation ("LiqTech Systems") (Formerly Provital Solutions A/S) was incorporated on September 1, 2009 LiqTech Germany (“LiqTech Germany”) a 100% December 9, 2011, 2018. LiqTech PTE Ltd, (“LiqTech Sing”) a 95% January 19, 2012, 2018.
Consolidation, Policy [Policy Text Block]	Consolidation --
Foreign Currency Transactions and Translations Policy [Policy Text Block]	Functional Currency / Foreign currency translation -- three March 31, 2018 2017.
Cash and Cash Equivalents, Policy [Policy Text Block]	Cash, Cash Equivalents and Restricted Cash -- three no March 31, 2018 December 31, 2017.
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 March 31, 2018 December 31, 2017 201 8 201 7 Allowance for doubtful accounts at the beginning of the period $ 660,581 $ 2,128,452 Bad debt expense 0 (102,189 ) Receivables written off during the periods 0 (1,678,856 ) Effect of currency translation 21,603 313,174 ) Allowance for doubtful accounts at the end of the period $ 682,184 $ 660,581
Inventory, Policy [Policy Text Block]	Inventory -- first first
Property, Plant and Equipment, Policy [Policy Text Block]	Property and Equipment -- three ten 4
Investment, Policy [Policy Text Block]	Long-Term Investments -- may may not may
Goodwill and Intangible Assets, Policy [Policy Text Block]	Intangible Assets -- 350, two ten
Revenue Recognition, Policy [Policy Text Block]	Revenue Recognition and Sales Incentives Revenue Recognition -Adoption of the new revenue standard: January 1, 2018, 606, 2015, 2016 2017 January 1, 2018. not not The Company has elected to apply the practical expedient to reflect the aggregate effect of all modifications when identifying the satisfied and unsatisfied performance obligations, determining the transaction price and allocating the transaction price. The Company does not one Accounting policy not not 9 For contracts with customers that include multiple performance obligations, judgment is required to determine whether performance obligations specified in these contracts are distinct and should be accounted for as separate revenue transactions for recognition purposes. For such arrangements, revenue is allocated to each performance obligation based on its relative standalone selling price. Standalone selling prices are generally determined based on the prices charged to customers or using expected cost plus margin. Impairment losses recognized on receivables or contract assets were not three March 31, 2018. The Company pays for shipping and handling activities regardless of when control is transferred and has elected to account for shipping and handling as activities to fulfill the promise to transfer the good, rather than a promised service. These costs are reported on the line “Cost of goods sold” in the unaudited condensed consolidated statements of operations. The following table disaggregates revenue by category: MARCH 31, 2018 Lift truck business Americas Europe South America Asia Australia Middle East Total Systems $ ? $ ? $ - $ — $ — $ — $ ? R&D Contracts - ? — — — — ? Membrane ? ? ? ? ? ? ? DPF ? ? ? ? ? ? ? Total Revenues $ ? $ ? $ ? $ ? $ ? $ ? $ ? System sales are recognized when the Company transfers control based on the shipping terms of the contract, which is generally when the system is shipped from the manufacturing facility to the customer. The majority of membrane and dpf sales are to National Account customers. In these transactions, the Company transfers control and recognizes revenue when it ships the product to the customer according to the terms of the contract. Aftermarket sales represent part sales, extended warranty and maintenance services. For the sale of aftermarket parts, the Company transfers control and recognizes revenue when parts are shipped to the customer or services are provided. When customers are given the right to return eligible parts and accessories, the Company estimates the expected returns based on an analysis of historical experience. The Company adjusts estimated revenues at the earlier of when the most likely amount of consideration expected to be received changes or when the consideration becomes fixed. The Company recognizes revenue for extended warranty and maintenance agreements based on the standalone selling price over the life of the contract, which reflects the costs to perform under these contracts, which corresponds with, and thereby depicts the transfer of control to the customer. R&D Contract revenue is In Denmark, Value Added Tax (“VAT”) of 25% not
Advertising Costs, Policy [Policy Text Block]	Advertising Cost -- $528 $2,803, three March 31, 2018 2017,
Research, Development, and Computer Software, Policy [Policy Text Block]	Research and Development Cost -- three March 31, 2018 2017 $169,396, $139,336,
Income Tax, Policy [Policy Text Block]	Income Taxes -- 740
Earnings Per Share, Policy [Policy Text Block]	Income (Loss) Per Share -- 260 not
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block]	Stock Options and Awards -- 12. 718, $78,273 $96,178 $22,384 $22,525 three March 31, 2018 2017,
Fair Value Measurement, Policy [Policy Text Block]	Fair Value of Financial Instruments -- 820. three ● Level 1. ● Level 2. ● Level 3. no 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 February 25, 2016, 2016 02, December 15, 2018. 8. Other recent accounting pronouncements issued by the FASB did not not

Note 1 - Summary of Significa22

Note 1 - Summary of Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2018
Notes Tables
Allowance for Credit Losses on Financing Receivables [Table Text Block]	201 8 201 7 Allowance for doubtful accounts at the beginning of the period $ 660,581 $ 2,128,452 Bad debt expense 0 (102,189 ) Receivables written off during the periods 0 (1,678,856 ) Effect of currency translation 21,603 313,174 ) Allowance for doubtful accounts at the end of the period $ 682,184 $ 660,581
Disaggregation of Revenue [Table Text Block]	MARCH 31, 2018 Lift truck business Americas Europe South America Asia Australia Middle East Total Systems $ ? $ ? $ - $ — $ — $ — $ ? R&D Contracts - ? — — — — ? Membrane ? ? ? ? ? ? ? DPF ? ? ? ? ? ? ? Total Revenues $ ? $ ? $ ? $ ? $ ? $ ? $ ?

Note 3 - Inventory (Tables)

Note 3 - Inventory (Tables)	3 Months Ended
	Mar. 31, 2018
Notes Tables
Schedule of Inventory, Current [Table Text Block]	201 8 201 7 Furnace parts and supplies $ 426,004 $ 400,589 Raw materials 1,142,471 1,260,209 Work in process 2,688,216 2,123,418 Finished goods and filtration systems 1,868,020 2,297,743 Reserve for obsolescence (1,280,974 ) (1,420,093 ) Net Inventory $ 4,843,737 $ 4,661,866

Note 4 - Property and Equipme24

Note 4 - Property and Equipment (Tables)	3 Months Ended
	Mar. 31, 2018
Notes Tables
Property, Plant and Equipment [Table Text Block]	Useful Life 201 8 201 7 Production equipment 3 - 10 $ 10,293,774 $ 10,114,398 Lab equipment 3 - 10 89,957 87,094 Computer equipment 3 - 5 209,291 204,553 Vehicles 3 - 5 67,353 75,312 Furniture and fixture 5 109,534 106,047 Leasehold improvements 10 1,104,786 1,076,731 11,874,695 11,664,135 Less Accumulated Depreciation (10,063,741 ) (9,704,930 ) Net Property and Equipment $ 1,810,954 $ 1,959,205

Note 5 - Investments at Costs (

Note 5 - Investments at Costs (Tables)	3 Months Ended
	Mar. 31, 2018
Notes Tables
Fair Value, by Balance Sheet Grouping [Table Text Block]	As of March 31, 2018 Level 1 Level 2 Level 3 Investments - - 6,198 Total - - 6,198 As of December 31, 2017 Level 1 Level 2 Level 3 Investments - - 6,001 Total - - 6,001

Note 6 - Definite-life Intang26

Note 6 - Definite-life Intangible Assets (Tables)	3 Months Ended
	Mar. 31, 2018
Notes Tables
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block]	Year ending December 31, Amortization Expenses 2018 1,998 2019 772 Thereafter - $ 2,770

Note 8 - Leases (Tables)

Note 8 - Leases (Tables)	3 Months Ended
	Mar. 31, 2018
Notes Tables
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block]	Year ending December 31, Lease Payments 2018 280,254 2019 179,094 2020 182,676 2021 30,546 Thereafter - Total Minimum Lease Payments $ 672,570
Schedule of Future Minimum Lease Payments for Capital Leases [Table Text Block]	Year ending December 31, Lease Payments 2018 14,143 Thereafter - Total minimum lease payments 14,143 Less amount representing interest (277 ) Present value of minimum lease payments 13,866 Less Current Portion (13,866 ) $ -

Note 9 - Agreements and Commi28

Note 9 - Agreements and Commitments (Tables)	3 Months Ended
	Mar. 31, 2018
Notes Tables
Schedule of Product Warranty Liability [Table Text Block]	2018 Balance at December 31, 2017 $ 189,901 Current year warranty expense - Change in estimate related to pre-existing warranties - Payments made (11,796 ) Foreign currency effect (2,537 ) Balance at March 31, 2018 $ 175,568

Note 10 - Income Taxes (Tables)

Note 10 - Income Taxes (Tables)	3 Months Ended
	Mar. 31, 2018
Notes Tables
Schedule of Deferred Tax Assets and Liabilities [Table Text Block]	2018 2017 Vacation accrual $ 2,900 $ 2,900 Allowance for doubtful accounts 743 743 Reserve for obsolete inventory 313,391 305,425 Business tax credit carryover 30,935 30,935 Deferred Compensation 16,787 16,787 Net operating loss carryover 4,983,722 4,646,434 Excess of book over tax depreciation (139,351 ) (71,116 ) Valuation allowance (5,209,127 ) (4,932,108 ) Long term deferred tax asset $ - $ -
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]	2018 2017 Computed tax at expected statutory rate $ (321,990 ) $ (283,312 ) State and local income taxes, net of federal benefit - (3,721 ) Non-US income taxed at different rates (6,485 ) 21,369 Non-deductible deferred compensation 16,437 - Valuation allowance 312,038 265,664 Income tax expense (benefit) $ - $ -
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]	201 8 2017 Current income tax expense: Danish $ - $ - Federal - - State - - Current tax (benefit) $ - $ - Book in excess of tax depreciation $ - $ - Net operating loss carryover 312,533 (265,663 ) Valuation allowance (312,533 ) 265,663 Deferred tax expense (benefit) $ - $ - Total tax expense (benefit) $ - $ -

Note 11 - Earnings Per Share (T

Note 11 - Earnings Per Share (Tables)	3 Months Ended
	Mar. 31, 2018
Notes Tables
Schedule of Weighted Average Number of Shares [Table Text Block]	For the Three Months Ended March 31 201 8 201 7 Net Loss attributable to LiqTech International Inc. $ (1,533,289 ) $ (833,270 ) Weighted average number of common shares used in basic earnings per share 44,487,350 36,929,264 Effect of dilutive securities, stock options and warrants - - Weighted average number of common shares and potential dilutive common shares outstanding used in dilutive earnings per share 44,487,350 36,929,264

Note 12 - Stockholders' Equity

Note 12 - Stockholders' Equity (Tables)	3 Months Ended
	Mar. 31, 2018
Notes Tables
Schedule of Stockholders' Equity Note, Warrants or Rights [Table Text Block]	Warrants Outstanding Warrants Exercisable Exercise Prices Number Weighted Weighted Exercise Number Weighted $ 1.65 400,000 1.32 $ 1.65 400,000 $ 1.65 Total 400,000 1.32 $ 1.65 400,000 $ 1.65
Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range [Table Text Block]	Options Outstanding Options Exercisable Exercise Number Weighted Life (years) Weighted Number Weighted $ 0.74 325,000 2.37 $ 0.74 216,667 $ 0.74 $ 1.01 130,000 7.72 $ 1.01 130,000 $ 1.01 Total 455,000 3.90 $ 0.82 346,667 $ 0.84
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding and Exercisable [Table Text Block]	March 31, 2018 Shares Weighted Average Weighted Outstanding at beginning of period 455,000 $ 0.82 4.15 $ - Granted - - - - Exercised - - - - Forfeited - - - - Expired - - - - Outstanding at end of period 455,000 $ 0.82 4.15 $ - Vested and expected to vest 455,000 $ 0.82 4.15 $ - Exercisable end of period 346,667 $ 0.84 4.63 $ -

Note 13 - Significant Custome32

Note 13 - Significant Customers / Concentration (Tables)	3 Months Ended
	Mar. 31, 2018
Notes Tables
Schedule of Revenue from External Customers Attributed to Foreign Countries by Geographic Area [Table Text Block]	For the Three Months Ended March 31 201 8 201 7 United States and Canada $ 109,225 $ 226,796 Australia 200,303 177,736 South America 3,428 37,599 Asia 817,601 670,242 Europe 1,260,825 1,855,701 $ 2,391,382 $ 2,968,074
Reconciliation of Revenue from Segments to Consolidated [Table Text Block]	For the Three Months Ended March 31 201 8 201 7 Ceramic diesel particulate $ 1,928,105 $ 2,283,176 Liquid filters and systems 463,277 620,071 Kiln furniture - 64,827 $ 2,391,382 $ 2,968,074

Note 1 - Summary of Significa33

Note 1 - Summary of Significant Accounting Policies (Details Textual) - USD ($)	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
Cash, Uninsured Amount	$ 0		$ 0
Advertising Expense	528	$ 2,803
Research and Development Expense, Total	169,396	139,336
Allocated Share-based Compensation Expense, Total	78,273	96,178
Employee Service Share-based Compensation, Tax Benefit from Compensation Expense	$ 22,384	$ 22,525
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%
LiqTech USA [Member] | LiqTech NA [Member]
Percentage of Subsidiary Owned	100.00%
LiqTech International DK [Member] | LiqTech Germany [Member]
Percentage of Subsidiary Owned	100.00%
LiqTech International DK [Member] | LiqTech PTE [Member]
Percentage of Subsidiary Owned	95.00%

Note 1 - Summary of Significa34

Note 1 - Summary of Significant Accounting Policies - Allowance for Doubtful Accounts (Details) - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2018	Dec. 31, 2017
Allowance for doubtful accounts at the beginning of the period	$ 660,581	$ 2,128,452
Bad debt expense	0	(102,189)
Receivables written off during the periods	0	(1,678,856)
Effect of currency translation	21,603	313,174
Allowance for doubtful accounts at the end of the period	$ 682,184	$ 660,581

Note 1 - Summary of Significa35

Note 1 - Summary of Significant Accounting Policies - Disaggregation of Revenues (Details) - USD ($)	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Total Revenues	$ 2,391,382	$ 2,968,074
Systems [Member]
Total Revenues
R&D Contracts [Member]
Total Revenues
Membrane [Member]
Total Revenues
DPF [Member]
Total Revenues
Americas [Member] | Systems [Member]
Total Revenues
Americas [Member] | R&D Contracts [Member]
Total Revenues
Europe [Member] | Systems [Member]
Total Revenues
Europe [Member] | R&D Contracts [Member]
Total Revenues
South America [Member] | Systems [Member]
Total Revenues
South America [Member] | R&D Contracts [Member]
Total Revenues
Asia [Member] | Systems [Member]
Total Revenues
Asia [Member] | R&D Contracts [Member]
Total Revenues
AUSTRALIA | Systems [Member]
Total Revenues
AUSTRALIA | R&D Contracts [Member]
Total Revenues
Middle East [Member] | Systems [Member]
Total Revenues
Middle East [Member] | R&D Contracts [Member]
Total Revenues

Note 2 - Going Concern (Details

Note 2 - Going Concern (Details Textual) - USD ($)	May 19, 2017	Apr. 30, 2018
Proceeds from Issuance of Common Stock	$ 1,825,000
Subsequent Event [Member]
Proceeds from Issuance of Common Stock		$ 6,600,000
Stock Issued During Period, Shares, New Issues		19,448,529

Note 3 - Inventory - Summary of

Note 3 - Inventory - Summary of Inventory (Details) - USD ($)	Mar. 31, 2018	Dec. 31, 2017
Furnace parts and supplies	$ 426,004	$ 400,589
Raw materials	1,142,471	1,260,209
Work in process	2,688,216	2,123,418
Finished goods and filtration systems	1,868,020	2,297,743
Reserve for obsolescence	(1,280,974)	(1,420,093)
Net Inventory	$ 4,843,737	$ 4,661,866

Note 4 - Property and Equipme38

Note 4 - Property and Equipment (Details Textual) - USD ($)	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Depreciation, Total	$ 216,929	$ 258,654

Note 4 - Property and Equipme39

Note 4 - Property and Equipment - Summary of Property and Equipment (Details) - USD ($)	3 Months Ended
	Mar. 31, 2018	Dec. 31, 2017
Property and equipment, gross	$ 11,874,695	$ 11,664,135
Less Accumulated Depreciation	(10,063,741)	(9,704,930)
Net Property and Equipment	1,810,954	1,959,205
Production Equipment [Member]
Property and equipment, gross	10,293,774	10,114,398
Lab Equipment [Member]
Property and equipment, gross	89,957	87,094
Computer Equipment [Member]
Property and equipment, gross	209,291	204,553
Vehicles [Member]
Property and equipment, gross	$ 67,353	75,312
Furniture and Fixtures [Member]
Useful Life (Year)	5 years
Property and equipment, gross	$ 109,534	106,047
Leasehold Improvements [Member]
Useful Life (Year)	10 years
Property and equipment, gross	$ 1,104,786	$ 1,076,731
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 Costs40

Note 5 - Investments at Costs (Details Textual) - USD ($)	Mar. 31, 2018	Dec. 31, 2017
Other Long-term Investments	$ 6,198	$ 6,001
LEA Technology [Member]
Other Long-term Investments	$ 6,198	$ 6,001

Note 5 - Investments at Costs -

Note 5 - Investments at Costs - Financial Assets and Liabilities (Details) - USD ($)	Mar. 31, 2018	Dec. 31, 2017
Fair Value, Inputs, Level 1 [Member]
Investments
Total
Fair Value, Inputs, Level 2 [Member]
Investments
Total
Fair Value, Inputs, Level 3 [Member]
Investments	6,198	6,001
Total	$ 6,198	$ 6,001

Note 6 - Definite-life Intang42

Note 6 - Definite-life Intangible Assets (Details Textual) - USD ($)	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
Intangible Assets, Net (Excluding Goodwill), Total	$ 2,770		$ 3,349
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, Total	$ 579	$ 839
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 Intang43

Note 6 - Definite-life Intangible Assets - Expected Future Amortization Expense (Details)	Mar. 31, 2018USD ($)
2,018	$ 1,998
2,019	772
Thereafter
	$ 2,770

Note 7 - Lines of Credit (Detai

Note 7 - Lines of Credit (Details Textual) - Mar. 31, 2018	USD ($)	DKK (kr)
Line of Credit Facility, Maximum Borrowing Capacity	$ 15,743	kr 94,620
Guarantor Obligations, Current Carrying Value	$ 15,743	kr 94,620

Note 8 - Leases (Details Textua

Note 8 - Leases (Details Textual) - USD ($)	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Operating Leases, Rent Expense, Total	$ 188,079	$ 152,100
Capital Lease Obligations [Member]
Debt Instrument, Periodic Payment, Total	624
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid	$ 11,647

Note 8 - Leases - Future Minimu

Note 8 - Leases - Future Minimum Lease Payments for Non-cancelable Operating Leases (Details)	Mar. 31, 2018USD ($)
2,018	$ 280,254
2,019	179,094
2,020	182,676
2,021	30,546
Thereafter
Total Minimum Lease Payments	$ 672,570

Note 8 - Leases - Future Mini47

Note 8 - Leases - Future Minimum Capital Lease Payments (Details) - USD ($)	Mar. 31, 2018	Dec. 31, 2017
2,018	$ 14,143
Thereafter	0
Total minimum lease payments	14,143
Less amount representing interest	(277)
Present value of minimum lease payments	13,866
Less Current Portion	$ (13,866)	$ (26,186)

Note 9 - Agreements and Commi48

Note 9 - Agreements and Commitments (Details Textual)	Dec. 20, 2017USD ($)	Sep. 09, 2014EUR (€)	Mar. 31, 2018USD ($)	Mar. 31, 2017USD ($)	Mar. 31, 2018DKK (kr)
Defined Contribution Plan, Cost			$ 2,693	$ 2,706
Line of Credit Facility, Maximum Borrowing Capacity			15,743		kr 94,620
Guarantor Obligations, Current Carrying Value			$ 15,743		kr 94,620
Minimum [Member]
Standard Product Warranty, Term			1 year
Maximum [Member]
Standard Product Warranty, Term			3 years
Extended Product Warranty, Term			4 years
Customer Dispute, Installation of Water Treatment Systems [Member]
Loss Contingency, Damages Sought, Value	$ 1,098,678
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 9 - Agreements and Commi49

Note 9 - Agreements and Commitments - Product Warranties (Details)	3 Months Ended
	Mar. 31, 2018USD ($)
Balance	$ 189,901
Current year warranty expense
Change in estimate related to pre-existing warranties
Payments made	(11,796)
Foreign currency effect	(2,537)
Balance	$ 175,568

Note 10 - Income Taxes (Details

Note 10 - Income Taxes (Details Textual) - USD ($)	3 Months Ended
	Mar. 31, 2018	Dec. 31, 2017
LiqTech International Inc and LiqTech NA [Member]
Deferred Tax Assets, Valuation Allowance, Total	$ 3,002,000	$ 2,833,000
LiqTech International AS and LiqTech Systems AS [Member]
Deferred Tax Assets, Valuation Allowance, Total	1,993,000	1,850,000
LiqTech Germany [Member]
Deferred Tax Assets, Valuation Allowance, Total	139,000	139,000
LiqTech Singapore [Member]
Deferred Tax Assets, Valuation Allowance, Total	110,000	$ 110,000
Internal Revenue Service (IRS) [Member] | Domestic Tax Authority [Member]
Deferred Tax Assets, Operating Loss Carryforwards, Domestic	13,683,343
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount	169,000
Danish Ministry of Taxation [Member] | Foreign Tax Authority [Member]
Deferred Tax Assets, Operating Loss Carryforwards, Foreign	6,517,915
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount	143,000
Federal Ministry of Finance, Germany [Member] | Foreign Tax Authority [Member]
Deferred Tax Assets, Operating Loss Carryforwards, Foreign	499,020
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount	4,000
Inland Revenue, Singapore (IRAS) [Member] | Foreign Tax Authority [Member]
Deferred Tax Assets, Operating Loss Carryforwards, Foreign	648,358
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount	$ 12,000

Note 10 - Income Taxes - Deferr

Note 10 - Income Taxes - Deferred Tax Assets (Liabilities) (Details) - USD ($)	Mar. 31, 2018	Dec. 31, 2017
Vacation accrual	$ 2,900	$ 2,900
Allowance for doubtful accounts	743	743
Reserve for obsolete inventory	313,391	305,425
Business tax credit carryover	30,935	30,935
Deferred Compensation	16,787	16,787
Net operating loss carryover	4,983,722	4,646,434
Excess of book over tax depreciation	(139,351)	(71,116)
Valuation allowance	(5,209,127)	(4,932,108)
Long term deferred tax asset

Note 10 - Income Taxes - Reconc

Note 10 - Income Taxes - Reconciliation of Income Tax Expense (Details) - USD ($)	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Computed tax at expected statutory rate	$ (321,990)	$ (283,312)
State and local income taxes, net of federal benefit		(3,721)
Non-US income taxed at different rates	(6,485)	21,369
Non-deductible deferred compensation	16,437
Valuation allowance	312,038	265,664
Total tax expense (benefit)

Note 10 - Income Taxes - Compon

Note 10 - Income Taxes - Components of Income Tax Expense (Benefit) From Continuing Operations (Details) - USD ($)	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Current income tax expense:
Federal
State
Current tax (benefit)
Book in excess of tax depreciation
Net operating loss carryover	312,533	(265,663)
Valuation allowance	(312,533)	265,663
Deferred tax expense (benefit)
Total tax expense (benefit)
Danish Ministry of Taxation [Member]
Current income tax expense:
Danish

Note 11 - Earnings Per Share (D

Note 11 - Earnings Per Share (Details Textual) - $ / shares	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price, Ending Balance	$ 0.82		$ 0.82
Class of Warrant or Right, Exercise Price of Warrants or Rights	$ 1.65
Preferred Stock, Shares Issued, Total	2,200,837		2,200,837
Convertible Preferred Stock, Aggregate Shares Issued upon Conversion	8,803,348
Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price, Ending Balance	$ 0.74	$ 0.74
Class of Warrant or Right, Exercise Price of Warrants or Rights		0.81
Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price, Ending Balance	$ 1.01	1.01
Class of Warrant or Right, Exercise Price of Warrants or Rights		$ 1.65
Employee Stock Option [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	455,000	630,000
Warrant [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	400,000	700,000

Note 11 - Earnings Per Share -

Note 11 - Earnings Per Share - Amounts Used in Computing Earnings Per Share (Details) - USD ($)	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Net Loss attributable to LiqTech International Inc.	$ (1,533,289)	$ (833,270)
Weighted average number of common shares used in basic earnings per share (in shares)	44,487,350	36,929,264
Effect of dilutive securities, stock options and warrants (in shares)	0
Weighted average number of common shares and potential dilutive common shares outstanding used in dilutive earnings per share (in shares)	44,487,350	36,929,264

Note 12 - Stockholders' Equit56

Note 12 - Stockholders' Equity (Details Textual) - USD ($)	Jan. 02, 2018	Nov. 22, 2017	Aug. 11, 2017	May 19, 2017	Jan. 02, 2017	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
Common Stock, Shares Authorized						100,000,000		100,000,000
Common Stock, Par or Stated Value Per Share						$ 0.001		$ 0.001
Common Stock, Shares, Issued, Total						44,488,670		44,429,264
Preferred Stock, Shares Authorized						10,000,000		10,000,000
Preferred Stock, Par or Stated Value Per Share						$ 0.001		$ 0.001
Preferred Stock, Shares Issued, Total						2,200,837		2,200,837
Preferred Stock, Shares Outstanding, Ending Balance						2,200,837		2,200,837
Convertible Preferred Stock, Aggregate Shares Issued upon Conversion						8,803,348
Payments of Stock Issuance Costs				$ 65,000
Proceeds from Issuance of Common Stock				$ 1,825,000
Allocated Share-based Compensation Expense, Total						$ 78,273	$ 96,178
Class of Warrant or Right, Outstanding, Non-vested Warrants						0	66,667
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number, Ending Balance						455,000		455,000
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Stock Options						$ 1,109
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Number of Shares, Ending Balance						108,333
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, Option, Nonvested, Weighted Average Exercise Price, Ending Balance						$ 0.46
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value						$ 0
The 2011 Stock Options Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number, Ending Balance								455,000
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Stock Options						3,328
Warrants [Member]
Allocated Share-based Compensation Expense, Total						$ 0	$ 4,409
Employee Stock Option [Member]
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition						91 days
Employee Stock Option [Member] | The 2011 Stock Options Plan [Member]
Allocated Share-based Compensation Expense, Total						$ 12,439	25,519
Private Placement [Member]
Stock Issued During Period, Shares, New Issues				7,300,000
Share Price				$ 0.25
Director [Member]
Stock Issued During Period, Shares, Restricted Stock Award, Gross	59,406		200,000		93,750
Stock Issued During Period, Value, Restricted Stock Award, Gross	$ 60,000		$ 70,000		$ 60,000
Director [Member] | Restricted Stock [Member]
Allocated Share-based Compensation Expense, Total						$ 65,834	$ 66,250
Convertible Preferred Stock [Member]
Preferred Stock, Shares Authorized						10,000,000
Preferred Stock, Par or Stated Value Per Share						$ 0.001
Preferred Stock, Shares Issued, Total						2,200,837		2,200,837
Preferred Stock, Shares Outstanding, Ending Balance						2,200,837		2,200,837
Convertible Preferred Stock, Aggregate Shares Issued upon Conversion						8,803,348
Convertible Preferred Stock [Member] | Private Placement [Member]
Stock Issued During Period, Shares, New Issues		2,200,837
Convertible Preferred Stock, Shares Issued upon Conversion		4
Shares Issued, Price Per Share		$ 1.20
Proceeds from Issuance of Private Placement		$ 2,641,004
Payments of Stock Issuance Costs		$ 127,736

Note 12 - Stockholders' Equit57

Note 12 - Stockholders' Equity - Warrants Outstanding by Exercise Price (Details)	3 Months Ended
	Mar. 31, 2018$ / sharesshares
Exercise prices of warrants (in dollars per share)	$ 1.65
Warrants outstanding (in shares) | shares	400,000
Warrants outstanding, weighted average remaining contractual life (Year)	1 year 116 days
Warrants outstanding, weighted average exercise price (in dollars per share)	$ 1.65
Warrants exercisable (in shares) | shares	400,000
Warrants exercisable, weighted average exercise price (in dollars per share)	$ 1.65
Warrant 1 [Member]
Exercise prices of warrants (in dollars per share)	$ 1.65
Warrants outstanding (in shares) | shares	400,000
Warrants outstanding, weighted average remaining contractual life (Year)	1 year 116 days
Warrants outstanding, weighted average exercise price (in dollars per share)	$ 1.65
Warrants exercisable (in shares) | shares	400,000
Warrants exercisable, weighted average exercise price (in dollars per share)	$ 1.65

Note 12 - Stockholders' Equit58

Note 12 - Stockholders' Equity - Options Outstanding by Exercise Price (Details)	3 Months Ended
	Mar. 31, 2018$ / sharesshares
Options outstanding (in shares) | shares	455,000
Options outstanding, weighted average remaining contractual life (Year)	3 years 328 days
Options outstanding, weighted average exercise price (in dollars per share)	$ 0.82
Options exercisable (in shares) | shares	346,667
Options exercisable, weighted average exercise price (in dollars per share)	$ 0.84
Price Range 1 [Member]
Exercise prices of options (in dollars per share)	$ 0.74
Options outstanding (in shares) | shares	325,000
Options outstanding, weighted average remaining contractual life (Year)	2 years 135 days
Options outstanding, weighted average exercise price (in dollars per share)	$ 0.74
Options exercisable (in shares) | shares	216,667
Options exercisable, weighted average exercise price (in dollars per share)	$ 0.74
Price Range 2 [Member]
Exercise prices of options (in dollars per share)	$ 1.01
Options outstanding (in shares) | shares	130,000
Options outstanding, weighted average remaining contractual life (Year)	7 years 262 days
Options outstanding, weighted average exercise price (in dollars per share)	$ 1.01
Options exercisable (in shares) | shares	130,000
Options exercisable, weighted average exercise price (in dollars per share)	$ 1.01

Note 12 - Stockholders' Equit59

Note 12 - Stockholders' Equity - Status of Options and Changes During the Year (Details) - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2018	Dec. 31, 2017
Outstanding, shares (in shares)	455,000
Outstanding, weighted average exercise price (in dollars per share)	$ 0.82
Outstanding, average remaining life (Year)	4 years 54 days	4 years 54 days
Granted, shares (in shares)
Granted, weighted average exercise price (in dollars per share)
Exercised, shares (in shares)
Exercised, weighted average exercise price (in dollars per share)
Forfeited, shares (in shares)
Forfeited, weighted average exercise price (in dollars per share)
Expired, shares (in shares)
Expired, weighted average exercise price (in dollars per share)
Outstanding, shares (in shares)	455,000	455,000
Outstanding, weighted average exercise price (in dollars per share)	$ 0.82	$ 0.82
Outstanding, weighted average intrinsic value	$ 0
Vested and expected to vest, shares (in shares)	455,000
Vested and expected to vest, weighted average exercise price (in dollars per share)	$ 0.82
Vested and expected to vest, average remaining life (Year)	4 years 54 days
Vested and expected to vest, weighted average intrinsic value
Exercisable end of period, shares (in shares)	346,667
Exercisable end of period, weighted average exercise price (in dollars per share)	$ 0.84
Exercisable end of period, average remaining life (Year)	4 years 229 days
Exercisable end of period, weighted average intrinsic value

Note 13 - Significant Custome60

Note 13 - Significant Customers / Concentration (Details Textual)	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Customer Concentration Risk [Member] | Sales Revenue, Net [Member]
Concentration Risk, Percentage	21.00%	43.00%
Number of Major Customers		2
Customer Concentration Risk [Member] | Sales Revenue, Net [Member] | Major Customer 1 [Member]
Concentration Risk, Percentage		22.00%
Customer Concentration Risk [Member] | Sales Revenue, Net [Member] | Major Customer 2 [Member]
Concentration Risk, Percentage		21.00%
Geographic Concentration Risk [Member] | Assets, Total [Member] | DENMARK
Concentration Risk, Percentage	85.00%	83.00%
Geographic Concentration Risk [Member] | Assets, Total [Member] | UNITED STATES
Concentration Risk, Percentage	15.00%	17.00%

Note 13 - Significant Custome61

Note 13 - Significant Customers / Concentration - Net Sales by Geographical Region (Details) - USD ($)	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Net Sales	$ 2,391,382	$ 2,968,074
Reportable Geographical Components [Member] | US And Canada [Member]
Net Sales	109,225	226,796
Reportable Geographical Components [Member] | AUSTRALIA
Net Sales	200,303	177,736
Reportable Geographical Components [Member] | South America [Member]
Net Sales	3,428	37,599
Reportable Geographical Components [Member] | Asia [Member]
Net Sales	817,601	670,242
Reportable Geographical Components [Member] | Europe [Member]
Net Sales	$ 1,260,825	$ 1,855,701

Note 13 - Significant Custome62

Note 13 - Significant Customers / Concentration - Sales by Product Line (Details) - USD ($)	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Net Sales	$ 2,391,382	$ 2,968,074
Ceramic Diesel Particulate [Member]
Net Sales	1,928,105	2,283,176
Liquid Filters [Member]
Net Sales	463,277	620,071
Kiln Furniture [Member]
Net Sales		$ 64,827

Note 14 - Subsequent Event (Det

Note 14 - Subsequent Event (Details Textual) - USD ($)	Apr. 13, 2018	Apr. 12, 2018	May 19, 2017	Apr. 30, 2018	Mar. 31, 2018	Dec. 31, 2017
Common Stock, Par or Stated Value Per Share					$ 0.001	$ 0.001
Proceeds from Issuance of Common Stock			$ 1,825,000
Payments of Stock Issuance Costs			$ 65,000
Subsequent Event [Member]
Stock Issued During Period, Shares, New Issues				19,448,529
Proceeds from Issuance of Common Stock				$ 6,600,000
Subsequent Event [Member] | Underwriter [Member]
Stock Issued During Period, Shares, New Issues		16,911,765
Common Stock, Par or Stated Value Per Share		$ 0.001
Share Price		$ 0.34
Proceeds from Issuance of Common Stock		$ 5,750,000
Payments of Stock Issuance Costs		$ 610,000
Subsequent Event [Member] | Underwriter [Member] | Over-Allotment Option [Member]
Stock Issued During Period, Shares, New Issues	2,536,764
Proceeds from Issuance of Common Stock	$ 862,500