Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jun. 30, 2018 | Aug. 14, 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) | 72,740,547 | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2018 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false |
Consolidated Balance Sheets (Cu
Consolidated Balance Sheets (Current Period Unaudited) - USD ($) | Jun. 30, 2018 | Dec. 31, 2017 |
Current Assets: | ||
Cash | $ 4,491,500 | $ 2,486,199 |
Accounts receivable, net | 1,444,794 | 1,124,842 |
Other receivables | 314,025 | 636,539 |
Contract assets | 1,320,938 | 490,100 |
Inventories, net | 4,494,522 | 4,661,866 |
Prepaid expenses | 66,323 | 28,151 |
Total Current Assets | 12,132,102 | 9,427,697 |
Property and Equipment, net accumulated depreciation | 1,633,984 | 1,959,205 |
Other Assets: | ||
Investments at cost | 5,827 | 6,001 |
Other intangible assets | 1,978 | 3,349 |
Deposits | 353,833 | 283,686 |
Total Other Assets | 361,638 | 293,036 |
Total Assets | 14,127,724 | 11,679,938 |
Current Liabilities: | ||
Current portion of capital lease obligations | 11,475 | 26,186 |
Accounts payable | 1,524,403 | 1,775,230 |
Accrued expenses | 1,098,876 | 1,724,986 |
Contract liabilities | 454,863 | 306,845 |
Accrued income taxes payable | 580 | 580 |
Deferred revenue / customers deposits | 428,271 | 933,994 |
Total Current Liabilities | 3,518,469 | 4,767,821 |
Total Liabilities | 3,518,469 | 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, 0 and 2,200,837 shares issued and outstanding at June 30, 2018 and December 31, 2017 respectively | 2,201 | |
Common stock; par value $0,001, 100,000,000 shares authorized, 72,740,547 and 44,429,264 shares issued and outstanding at June 30, 2018 and December 31, 2017, respectively | 72,741 | 44,430 |
Additional paid-in capital | 46,356,874 | 40,457,907 |
Accumulated deficit | (30,268,509) | (28,471,696) |
Deferred compensation | (52,499) | (79,933) |
Other comprehensive income, net | (5,499,352) | (5,040,792) |
Total Stockholders' Equity | 10,609,255 | 6,912,117 |
Total Liabilities and Stockholders' Equity | $ 14,127,724 | $ 11,679,938 |
Consolidated Balance Sheets (C3
Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares | Jun. 30, 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) | 72,740,547 | 44,429,264 |
Common stock, shares outstanding (in shares) | 72,740,547 | 44,429,264 |
Consolidated Statements of Oper
Consolidated Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Net Sales | $ 3,598,028 | $ 2,926,200 | $ 5,989,410 | $ 5,894,274 |
Cost of Goods Sold | 2,938,206 | 2,733,526 | 5,389,180 | 5,430,183 |
Gross Profit | 659,822 | 192,674 | 600,230 | 464,091 |
Operating Expenses: | ||||
Selling expenses | 463,998 | 534,359 | 873,790 | 984,742 |
General and administrative expenses | 573,047 | 491,929 | 1,257,213 | 1,085,567 |
Non-cash compensation expenses | 9,161 | 29,780 | 87,434 | 125,958 |
Research and development expenses | 176,281 | 114,010 | 345,677 | 253,346 |
Total Operating Expense | 1,222,487 | 1,170,078 | 2,564,114 | 2,449,613 |
Loss from Operations | (562,665) | (977,404) | (1,963,884) | (1,985,522) |
Other Income (Expense) | ||||
Interest and other income | 7,173 | 77 | 10,457 | 303 |
Interest expense | (4,174) | (8,706) | (60,474) | (19,527) |
Gain (loss) on currency transactions | 296,140 | (206,362) | 217,086 | (27,687) |
Gain on sale of fixed assets | 6,768 | |||
Total Other Income (Expense) | 299,139 | (214,991) | 167,069 | (40,143) |
Loss Before Income Taxes | (263,526) | (1,192,395) | (1,796,815) | (2,025,665) |
Income Tax Expense | ||||
Net Loss | $ (263,526) | $ (1,192,395) | $ (1,796,815) | $ (2,025,665) |
Basic Loss Per Share (in dollars per share) | $ (0.004) | $ (0.03) | $ (0.03) | $ (0.05) |
Weighted Average Common Shares Outstanding (in shares) | 64,859,333 | 40,667,107 | 54,729,618 | 38,761,647 |
Diluted Loss Per Share (in dollars per share) | $ (0.004) | $ (0.03) | $ (0.03) | $ (0.05) |
Weighted Average Common Shares Outstanding Assuming Dilution (in shares) | 64,859,333 | 40,667,107 | 54,729,618 | 38,761,647 |
Consolidated Statements of Othe
Consolidated Statements of Other Comprehensive Income (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Net Loss | $ (263,526) | $ (1,192,395) | $ (1,796,815) | $ (2,025,665) |
Currency Translation, Net of Taxes | (633,427) | 400,691 | (458,560) | 311,888 |
Other Comprehensive Loss | $ (896,953) | $ (791,704) | $ (2,255,375) | $ (1,713,777) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 6 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
Cash Flows from Operating Activities: | ||
Net Loss | $ (1,796,815) | $ (2,025,665) |
Adjustments to reconcile net loss to net cash provided (used) by operations: | ||
Depreciation and amortization | 430,081 | 503,276 |
Stock-based compensation | 87,434 | 125,958 |
Reserve for obsolete inventory | (76,867) | |
Loss on sale of equipment | (6,768) | |
Changes in assets and liabilities: | ||
Accounts receivable | 2,562 | (479,496) |
Inventory | 166,621 | (13,972) |
Prepaid expenses/deposits | (78,882) | (77,275) |
Accounts payable | (250,828) | (195,763) |
Accrued expenses | (1,131,833) | 515,928 |
Long-term contracts | (682,820) | (175,982) |
Total Adjustments | (1,534,532) | 195,906 |
Net Cash Used in Operating Activities | (3,331,347) | (1,829,759) |
Cash Flows from Investing Activities: | ||
Purchase of property and equipment | (82,992) | (70,679) |
Proceeds from sale/recovery of property and equipment | 10,349 | |
Net Cash Used in Investing Activities | (82,992) | (60,330) |
Cash Flows from Financing Activities: | ||
Net payments on capital lease obligation | (14,710) | (109,007) |
Payments on loans payable | (4,153) | |
Proceeds from issuance of common stock | 6,612,500 | 1,825,000 |
Payment of stock offering costs | (747,423) | |
Net Cash Provided by Financing Activities | 5,850,367 | 1,711,840 |
Gain (Loss) on Currency Translation | (430,727) | 250,269 |
Net Change in Cash and Cash Equivalents | 2,005,301 | 72,020 |
Cash and Cash Equivalents at Beginning of Period | 2,486,199 | 1,208,650 |
Cash and Cash Equivalents at End of Period | 4,491,500 | 1,280,670 |
Supplemental Disclosures of Cash Flow Information: | ||
Interest Paid | 60,474 | 19,527 |
Income Taxes | ||
Employee Stock Option [Member] | ||
Supplemental Disclosures of Non-Cash Investing and Financing Activities: | ||
Common stock issued for conversion of mandatory preferred stock | $ 8,803 |
Note 1 - Summary of Significant
Note 1 - Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 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 ( LiqTech NA, Inc. (“LiqTech NA”), incorporated in Delaware on July 1, 2005, 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 six June 30, 2018 2017. Cash, Cash Equivalents and Restricted Cash -- three no June 30, 2018 December 31, 2017. Accounts Receivable -- The roll forward of the allowance for doubtful accounts for the six June 30, 2018 December 31, 2017 2018 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 (19,006 ) 313,174 Allowance for doubtful accounts at the end of the period $ 641,575 $ 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 Accounting policy not not 25% 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 six June 30, 2018. The customer generally arranges and pays for shipping activities. When the Company does arrange for shipping it is billed to the Customer. The Cost to prepare the product for shipment handling are paid by the Company and reported on the line “Cost of goods sold” in the unaudited consolidated statements of operations. System sales are recognized when the Company transfers control based upon signed acceptance of the system by the customer, upon shipment or upon final installation of the system based on the terms of the contract. For the majority of Liquid Membrane Filters and Diesel Particulate Filters, the Company transfers control and recognizes revenue when products are shipped to the customer according to the terms of the contract or purchase order. 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. The Company has received long-term contracts for grants from government entities for development and use of silicon carbide membranes in various water filtration and treatment applications and historically in the installation of various water filtrations systems. We measure transfer of control of the performance obligation on long-term contracts utilizing the cost-to-cost measure of progress, with cost of revenue including direct costs, such as labor and materials. Under the cost-to-cost approach, the use of estimated costs to complete each performance obligation is a significant variable in the process of determining recognized revenue and a significant factor in the accounting for such performance obligations. The timing of when we bill our customers is generally dependent upon advance billings terms, milestone billings based on completion of certain phases of the work or when services are provided or products are shipped. Projects with performance obligations recognized over time that have costs and estimated earnings recognized to date in excess of cumulative billings are reported on our Balance Sheets as contract assets. Projects with performance obligations recognized over time that have cumulative billings in excess of costs and estimated earnings recognized to date are reported on our Balance Sheets as contract liabilities. The two June 30, 2018 December 31, 2017 June 30, December 31, 2018 2017 Cost incurred on uncompleted contracts $ 3,073,380 $ 507,633 Estimated earnings 1,972,125 651,304 5,045,505 1,158,937 Billings on uncompleted contracts (4,179,430 ) (975,682 ) Contract asset (liabilities) $ 866,075 $ 183,255 June 30, December 31, 2018 2017 Contract assets $ 1,320,938 $ 490,100 Contract liabilities (454,863 ) (306,845 ) Net contract liabilities $ 866,075 $ 183,255 The Company’s disaggregated revenue is reported in Note 13. Advertising Cost -- $3,326 $4,197 six June 30, 2018 2017, Research and Development Cost -- six June 30, 2018 2017 $345,677 $253,346, Income Taxes -- 740 Income (Loss) Per Share -- 260, not Stock Options and Awards -- 11 718, $87,434 $125,958 $24,367 $24,650 six June 30, 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 | 6 Months Ended |
Jun. 30, 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 has recently incurred significant losses. These factors raise substantial doubt about the ability of the Company to continue as a going concern. There is no not Management believes the Company is progressing toward alleviating this substantial doubt as to the Company’s ability to continue as a going concern for a period of one April 2018, $6.6 19,448,529 three 2018 2019. |
Note 3 - Inventory
Note 3 - Inventory | 6 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | NOTE 3 Inventory consisted of the following at June 30, 2018 December 31, 2017: 2018 2017 Furnace parts and supplies $ 353,800 $ 400,589 Raw materials 1,056,195 1,260,209 Work in process 2,525,039 2,123,418 Finished goods and filtration systems 1,862,421 2,297,743 Reserve for obsolescence (1,302,933 ) (1,420,093 ) Net Inventory $ 4,494,522 $ 4,661,866 |
Note 4 - Property and Equipment
Note 4 - Property and Equipment | 6 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | NOTE 4 Property and equipment consisted of the following at June 30, 2018 December 31, 2017: Useful Life 2018 2017 Production equipment 3 - 10 $ 9,739,141 $ 10,114,398 Lab equipment 3 - 10 84,575 87,094 Computer equipment 3 - 5 201,700 204,553 Vehicles 3 - 5 63,322 75,312 Furniture and fixture 5 103,612 106,047 Leasehold improvements 10 1,053,880 1,076,731 11,246,230 11,664,135 Less Accumulated Depreciation (9,612,246 ) (9,704,930 ) Net Property and Equipment $ 1,633,984 $ 1,959,205 Depreciation expense amounted to $428,710 $502,131 six June 30, 2018 2017, 7. |
Note 5 - Investments at Costs
Note 5 - Investments at Costs | 6 Months Ended |
Jun. 30, 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 June 30, 2018 Level 1 Level 2 Level 3 Investments - - 5,827 Total - - 5,827 As of December 31, 2017 Level 1 Level 2 Level 3 Investments - - 6,001 Total - - 6,001 At June 30, 2018, $5,827 $5,827 At December 31, 2017, $6,001 $6,001 |
Note 6 - Definite-life Intangib
Note 6 - Definite-life Intangible Assets | 6 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Intangible Assets Disclosure [Text Block] | NOTE 6 At June 30, 2018 December 31, 2017, $1,978 $3,349, two ten six June 30, 2018 2017 $1,371 $1,145, Year ending December 31, Amortization Expenses 2018 1,332 2019 646 Thereafter - $ 1,978 |
Note 7 - Lines of Credit
Note 7 - Lines of Credit | 6 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | NOTE 7 In connection with certain orders, the Company may 94,620 $14,801 June 30, 2018) June 30, 2018, 94,620 $14,801 no |
Note 8 - Leases
Note 8 - Leases | 6 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Leases of Lessee Disclosure [Text Block] | NOTE 8 Operating Leases August 2018 March 2021. The future minimum lease payments for non-cancelable operating leases having remaining terms in excess of one June 30, 2018 Year ending December 31, Lease Payments 2018 247,498 2019 179,094 2020 182,676 2021 30,546 Thereafter - Total Minimum Lease Payments $ 639,814 Lease expense charged to operations was $361,150 $319,906 six June 30, 2018 2017, Capital Leases $586, July 2018 $10,950 The following represents future minimum capital lease payments as of June 30, 2018: Year ending December 31, Lease Payments 2018 11,536 Thereafter - Total minimum lease payments 11,536 Less amount representing interest (61 ) Present value of minimum lease payments 11,475 Less Current Portion (11,475 ) $ - |
Note 9 - Agreements and Commitm
Note 9 - Agreements and Commitments | 6 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | NOTE 9 401 401 six June 30, 2018 2017, $5,706 $6,004, Contingencies may On September 9, 2014, 60% 40% €750,000 On July 31, 2018, 750,000, On December 20, 2017, $1,098,678 No In connection with certain orders, the Company may 94,620 $14,801 June 30, 2018) June 30, 2018, 94,620 $14,801 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 included in accrued expenses on the balance sheet, are as follows: 2018 Balance at December 31, 2017 $ 189,901 Current year warranty expense 84,770 Change in estimate related to pre-existing warranties - Payments made (53,059 ) Foreign currency effect (15,075 ) Balance at June 30, 2018 $ 206,537 |
Note 10 - Earnings Per Share
Note 10 - Earnings Per Share | 6 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | NOTE 10 For the six June 30, 2018, 455,000 $0.74 $1.01 400,000 $1.65 not As of June 30, 2018, 855,000 |
Note 11 - Stockholders' Equity
Note 11 - Stockholders' Equity | 6 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | NOTE 11 Common Stock 100,000,000 $0.001 June 30, 2018 December 31, 2017, 72,740,547 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 June 30, 2018 December 31, 2017, 0 2,200,837 Stock Issuances On April 16, 2018, 19,448,529 $0.34 $5,865,077. On January 2, 2018, 59,406 $60,000 June 30, 2018. On November 22, 2017, 2,200,837 1 4 8,803,348 $1.20 $2,641,004, $127,736. June 30, 2018, 2,200,837 4 8,803,348 . Common Stock Purchase Warrants A summary of the status of the warrants outstanding at June 30, 2018 Warrants Outstanding Warrants Exercisable Exercise Prices Number Weighted Weighted Exercise Number Weighted $ 1.65 400,000 1.07 $ 1.65 400,000 $ 1.65 Total 400,000 1.07 $ 1.65 400,000 $ 1.65 At June 30, 2018 2017, zero $0 $8,817 June 30, 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, June 30, 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 $27,434 $44,641 six June 30, 2018 2017, June 30, 2018, $52,499 August 14, 2018. A summary of the status of the options outstanding under the Company’s stock option plans at June 30, 2018 Options Outstanding Options Exercisable Exercise Number Weighted Life (years) Weighted Number Weighted $ 0.74 325,000 2.12 $ 0.74 216,667 $ 0.74 $ 1.01 130,000 7.47 $ 1.01 130,000 $ 1.01 Total 455,000 3.65 $ 0.82 346,667 $ 0.84 A summary of the status of the options at June 30, 2018, June 30, 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 3.65 $ 1,495 Vested and expected to vest 455,000 $ 0.82 3.65 $ 1,495 Exercisable end of period 346,667 $ 0.84 4.13 $ 997 At June 30, 2018, 108,333 $0.74, $0.46, $52,499 The total intrinsic value of options at June 30, 2018 $1,495. June 30, 2018 ( |
Note 12 - Significant Customers
Note 12 - Significant Customers / Concentration / Disaggregated Revenue | 6 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | NOTE 12 For the six June 30, 2018, 12% For the six June 30, 2017, two 17% 11% The Company sells products throughout the world; disaggregated revenue by geographical region is as follows for the three six June 30, 2018 2017: For the Three Months For the Six Months Ended June 30, Ended June 30, 2018 2017 2018 2017 United States and Canada $ 260,525 $ 337,372 $ 369,750 $ 564,168 Australia 82,490 109,445 282,793 287,181 South America 24,248 - 27,676 37,599 Asia 111,015 455,906 928,616 1,126,147 Europe 3,119,750 2,023,477 4,380,575 3,879,179 $ 3,598,028 $ 2,926,200 $ 5,989,410 $ 5,894,274 The Company’s disaggregated revenue by product line is as follows for the three six June 30, 2018 2017: For the Three Months For the Six Months Ended June 30, Ended June 30, 2018 2017 2018 2017 Ceramic diesel particulate $ 1,609,057 $ 1,873,910 $ 3,537,162 $ 4,157,084 Liquid filters and systems 1,988,971 996,890 2,452,248 1,616,963 Kiln furniture - 55,400 - 120,227 $ 3,598,028 $ 2,926,200 $ 5,989,410 $ 5,894,274 As of June 30, 2018, 90% 10% June 30, 2017, 86% 14% |
Note 13 - Subsequent Events
Note 13 - Subsequent Events | 6 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | NOTE 13 The Company’s management reviewed material events through August 14, 2018. On July 2, 2018, On July 23, 2018, no On July 30, 2018, August 14, 2018. August 15, 2018. |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 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 ( LiqTech NA, Inc. (“LiqTech NA”), incorporated in Delaware on July 1, 2005, 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 six June 30, 2018 2017. |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash, Cash Equivalents and Restricted Cash -- three no June 30, 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 six June 30, 2018 December 31, 2017 2018 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 (19,006 ) 313,174 Allowance for doubtful accounts at the end of the period $ 641,575 $ 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 Accounting policy not not 25% 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 six June 30, 2018. The customer generally arranges and pays for shipping activities. When the Company does arrange for shipping it is billed to the Customer. The Cost to prepare the product for shipment handling are paid by the Company and reported on the line “Cost of goods sold” in the unaudited consolidated statements of operations. System sales are recognized when the Company transfers control based upon signed acceptance of the system by the customer, upon shipment or upon final installation of the system based on the terms of the contract. For the majority of Liquid Membrane Filters and Diesel Particulate Filters, the Company transfers control and recognizes revenue when products are shipped to the customer according to the terms of the contract or purchase order. 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. The Company has received long-term contracts for grants from government entities for development and use of silicon carbide membranes in various water filtration and treatment applications and historically in the installation of various water filtrations systems. We measure transfer of control of the performance obligation on long-term contracts utilizing the cost-to-cost measure of progress, with cost of revenue including direct costs, such as labor and materials. Under the cost-to-cost approach, the use of estimated costs to complete each performance obligation is a significant variable in the process of determining recognized revenue and a significant factor in the accounting for such performance obligations. The timing of when we bill our customers is generally dependent upon advance billings terms, milestone billings based on completion of certain phases of the work or when services are provided or products are shipped. Projects with performance obligations recognized over time that have costs and estimated earnings recognized to date in excess of cumulative billings are reported on our Balance Sheets as contract assets. Projects with performance obligations recognized over time that have cumulative billings in excess of costs and estimated earnings recognized to date are reported on our Balance Sheets as contract liabilities. The two June 30, 2018 December 31, 2017 June 30, December 31, 2018 2017 Cost incurred on uncompleted contracts $ 3,073,380 $ 507,633 Estimated earnings 1,972,125 651,304 5,045,505 1,158,937 Billings on uncompleted contracts (4,179,430 ) (975,682 ) Contract asset (liabilities) $ 866,075 $ 183,255 June 30, December 31, 2018 2017 Contract assets $ 1,320,938 $ 490,100 Contract liabilities (454,863 ) (306,845 ) Net contract liabilities $ 866,075 $ 183,255 The Company’s disaggregated revenue is reported in Note 13. |
Advertising Costs, Policy [Policy Text Block] | Advertising Cost -- $3,326 $4,197, six June 30, 2018 2017, |
Research, Development, and Computer Software, Policy [Policy Text Block] | Research and Development Cost -- six June 30, 2018 2017 $345,677, $253,346, |
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 -- 11 718, $87,434 $125,958 $24,367 $24,650 six June 30, 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 Significa21
Note 1 - Summary of Significant Accounting Policies (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Notes Tables | |
Allowance for Credit Losses on Financing Receivables [Table Text Block] | 2018 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 (19,006 ) 313,174 Allowance for doubtful accounts at the end of the period $ 641,575 $ 660,581 |
Contract with Customer, Asset and Liability [Table Text Block] | June 30, December 31, 2018 2017 Cost incurred on uncompleted contracts $ 3,073,380 $ 507,633 Estimated earnings 1,972,125 651,304 5,045,505 1,158,937 Billings on uncompleted contracts (4,179,430 ) (975,682 ) Contract asset (liabilities) $ 866,075 $ 183,255 June 30, December 31, 2018 2017 Contract assets $ 1,320,938 $ 490,100 Contract liabilities (454,863 ) (306,845 ) Net contract liabilities $ 866,075 $ 183,255 |
Note 3 - Inventory (Tables)
Note 3 - Inventory (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | 2018 2017 Furnace parts and supplies $ 353,800 $ 400,589 Raw materials 1,056,195 1,260,209 Work in process 2,525,039 2,123,418 Finished goods and filtration systems 1,862,421 2,297,743 Reserve for obsolescence (1,302,933 ) (1,420,093 ) Net Inventory $ 4,494,522 $ 4,661,866 |
Note 4 - Property and Equipme23
Note 4 - Property and Equipment (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | Useful Life 2018 2017 Production equipment 3 - 10 $ 9,739,141 $ 10,114,398 Lab equipment 3 - 10 84,575 87,094 Computer equipment 3 - 5 201,700 204,553 Vehicles 3 - 5 63,322 75,312 Furniture and fixture 5 103,612 106,047 Leasehold improvements 10 1,053,880 1,076,731 11,246,230 11,664,135 Less Accumulated Depreciation (9,612,246 ) (9,704,930 ) Net Property and Equipment $ 1,633,984 $ 1,959,205 |
Note 5 - Investments at Costs (
Note 5 - Investments at Costs (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Notes Tables | |
Fair Value, by Balance Sheet Grouping [Table Text Block] | As of June 30, 2018 Level 1 Level 2 Level 3 Investments - - 5,827 Total - - 5,827 As of December 31, 2017 Level 1 Level 2 Level 3 Investments - - 6,001 Total - - 6,001 |
Note 6 - Definite-life Intang25
Note 6 - Definite-life Intangible Assets (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Notes Tables | |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | Year ending December 31, Amortization Expenses 2018 1,332 2019 646 Thereafter - $ 1,978 |
Note 8 - Leases (Tables)
Note 8 - Leases (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Notes Tables | |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | Year ending December 31, Lease Payments 2018 247,498 2019 179,094 2020 182,676 2021 30,546 Thereafter - Total Minimum Lease Payments $ 639,814 |
Schedule of Future Minimum Lease Payments for Capital Leases [Table Text Block] | Year ending December 31, Lease Payments 2018 11,536 Thereafter - Total minimum lease payments 11,536 Less amount representing interest (61 ) Present value of minimum lease payments 11,475 Less Current Portion (11,475 ) $ - |
Note 9 - Agreements and Commi27
Note 9 - Agreements and Commitments (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Notes Tables | |
Schedule of Product Warranty Liability [Table Text Block] | 2018 Balance at December 31, 2017 $ 189,901 Current year warranty expense 84,770 Change in estimate related to pre-existing warranties - Payments made (53,059 ) Foreign currency effect (15,075 ) Balance at June 30, 2018 $ 206,537 |
Note 11 - Stockholders' Equity
Note 11 - Stockholders' Equity (Tables) | 6 Months Ended |
Jun. 30, 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 1.07 $ 1.65 400,000 $ 1.65 Total 400,000 1.07 $ 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 2.12 $ 0.74 216,667 $ 0.74 $ 1.01 130,000 7.47 $ 1.01 130,000 $ 1.01 Total 455,000 3.65 $ 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] | June 30, 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 3.65 $ 1,495 Vested and expected to vest 455,000 $ 0.82 3.65 $ 1,495 Exercisable end of period 346,667 $ 0.84 4.13 $ 997 |
Note 12 - Significant Custome29
Note 12 - Significant Customers / Concentration / Disaggregated Revenue (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
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, 2018 2017 2018 2017 United States and Canada $ 260,525 $ 337,372 $ 369,750 $ 564,168 Australia 82,490 109,445 282,793 287,181 South America 24,248 - 27,676 37,599 Asia 111,015 455,906 928,616 1,126,147 Europe 3,119,750 2,023,477 4,380,575 3,879,179 $ 3,598,028 $ 2,926,200 $ 5,989,410 $ 5,894,274 |
Reconciliation of Revenue from Segments to Consolidated [Table Text Block] | For the Three Months For the Six Months Ended June 30, Ended June 30, 2018 2017 2018 2017 Ceramic diesel particulate $ 1,609,057 $ 1,873,910 $ 3,537,162 $ 4,157,084 Liquid filters and systems 1,988,971 996,890 2,452,248 1,616,963 Kiln furniture - 55,400 - 120,227 $ 3,598,028 $ 2,926,200 $ 5,989,410 $ 5,894,274 |
Note 1 - Summary of Significa30
Note 1 - Summary of Significant Accounting Policies (Details Textual) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | Dec. 31, 2017 | |
Cash, Uninsured Amount | $ 0 | $ 0 | $ 0 | ||
Value Added Tax Of Invoice, Percentage | 25.00% | ||||
Advertising Expense | $ 3,326 | $ 4,197 | |||
Research and Development Expense, Total | 176,281 | $ 114,010 | 345,677 | 253,346 | |
Allocated Share-based Compensation Expense, Total | $ 9,161 | $ 29,780 | 87,434 | 125,958 | |
Employee Service Share-based Compensation, Tax Benefit from Compensation Expense | $ 24,367 | $ 24,650 | |||
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 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 Significa31
Note 1 - Summary of Significant Accounting Policies - Allowance for Doubtful Accounts (Details) - USD ($) | 6 Months Ended | 12 Months Ended |
Jun. 30, 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 | (19,006) | 313,174 |
Allowance for doubtful accounts at the end of the period | $ 641,575 | $ 660,581 |
Note 1 - Summary of Significa32
Note 1 - Summary of Significant Accounting Policies - Summary of Changes in Contract Assets and Liabilities (Details) - USD ($) | Jun. 30, 2018 | Dec. 31, 2017 |
Cost incurred on uncompleted contracts | $ 3,073,380 | $ 507,633 |
Estimated earnings | 1,972,125 | 651,304 |
5,045,505 | 1,158,937 | |
Billings on uncompleted contracts | (4,179,430) | (975,682) |
Contract asset (liabilities) | 866,075 | 183,255 |
Contract assets | 1,320,938 | 490,100 |
Contract liabilities | (454,863) | (306,845) |
Net contract liabilities | $ 866,075 | $ 183,255 |
Note 2 - Going Concern (Details
Note 2 - Going Concern (Details Textual) - USD ($) | Apr. 16, 2018 | Apr. 30, 2018 | Jun. 30, 2018 | Jun. 30, 2017 |
Proceeds from Issuance of Common Stock | $ 5,865,077 | $ 6,600,000 | $ 6,612,500 | $ 1,825,000 |
Stock Issued During Period, Shares, New Issues | 19,448,529 | 19,448,529 |
Note 3 - Inventory - Summary of
Note 3 - Inventory - Summary of Inventory (Details) - USD ($) | Jun. 30, 2018 | Dec. 31, 2017 |
Furnace parts and supplies | $ 353,800 | $ 400,589 |
Raw materials | 1,056,195 | 1,260,209 |
Work in process | 2,525,039 | 2,123,418 |
Finished goods and filtration systems | 1,862,421 | 2,297,743 |
Reserve for obsolescence | (1,302,933) | (1,420,093) |
Net Inventory | $ 4,494,522 | $ 4,661,866 |
Note 4 - Property and Equipme35
Note 4 - Property and Equipment (Details Textual) - USD ($) | 6 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
Depreciation, Total | $ 428,710 | $ 502,131 |
Note 4 - Property and Equipme36
Note 4 - Property and Equipment - Summary of Property and Equipment (Details) - USD ($) | 6 Months Ended | |
Jun. 30, 2018 | Dec. 31, 2017 | |
Property and equipment, gross | $ 11,246,230 | $ 11,664,135 |
Less Accumulated Depreciation | (9,612,246) | (9,704,930) |
Net Property and Equipment | 1,633,984 | 1,959,205 |
Production Equipment [Member] | ||
Property and equipment, gross | 9,739,141 | 10,114,398 |
Lab Equipment [Member] | ||
Property and equipment, gross | 84,575 | 87,094 |
Computer Equipment [Member] | ||
Property and equipment, gross | 201,700 | 204,553 |
Vehicles [Member] | ||
Property and equipment, gross | $ 63,322 | 75,312 |
Furniture and Fixtures [Member] | ||
Useful Life (Year) | 5 years | |
Property and equipment, gross | $ 103,612 | 106,047 |
Leasehold Improvements [Member] | ||
Useful Life (Year) | 10 years | |
Property and equipment, gross | $ 1,053,880 | $ 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 Costs37
Note 5 - Investments at Costs (Details Textual) - USD ($) | Jun. 30, 2018 | Dec. 31, 2017 |
Other Long-term Investments | $ 5,827 | $ 6,001 |
LEA Technology [Member] | ||
Other Long-term Investments | $ 5,827 | $ 6,001 |
Note 5 - Investments at Costs -
Note 5 - Investments at Costs - Financial Assets and Liabilities (Details) - USD ($) | Jun. 30, 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 | 5,827 | 6,001 |
Total | $ 5,827 | $ 6,001 |
Note 6 - Definite-life Intang39
Note 6 - Definite-life Intangible Assets (Details Textual) - USD ($) | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Dec. 31, 2017 | |
Intangible Assets, Net (Excluding Goodwill), Total | $ 1,978 | $ 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 | $ 1,371 | $ 1,145 | |
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 Intang40
Note 6 - Definite-life Intangible Assets - Expected Future Amortization Expense (Details) | Jun. 30, 2018USD ($) |
2,018 | $ 1,332 |
2,019 | 646 |
Thereafter | |
$ 1,978 |
Note 7 - Lines of Credit (Detai
Note 7 - Lines of Credit (Details Textual) - Jun. 30, 2018 | USD ($) | DKK (kr) |
Line of Credit Facility, Maximum Borrowing Capacity | $ 14,801 | kr 94,620 |
Guarantor Obligations, Current Carrying Value | $ 14,801 | kr 94,620 |
Note 8 - Leases (Details Textua
Note 8 - Leases (Details Textual) - USD ($) | 6 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
Operating Leases, Rent Expense, Total | $ 361,150 | $ 319,906 |
Capital Lease Obligations [Member] | ||
Debt Instrument, Periodic Payment, Total | 586 | |
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid | $ 10,950 |
Note 8 - Leases - Future Minimu
Note 8 - Leases - Future Minimum Lease Payments for Non-cancelable Operating Leases (Details) | Jun. 30, 2018USD ($) |
2,018 | $ 247,498 |
2,019 | 179,094 |
2,020 | 182,676 |
2,021 | 30,546 |
Thereafter | |
Total Minimum Lease Payments | $ 639,814 |
Note 8 - Leases - Future Mini44
Note 8 - Leases - Future Minimum Capital Lease Payments (Details) - USD ($) | Jun. 30, 2018 | Dec. 31, 2017 |
2,018 | $ 11,536 | |
Thereafter | 0 | |
Total minimum lease payments | 11,536 | |
Less amount representing interest | (61) | |
Present value of minimum lease payments | 11,475 | |
Less Current Portion | $ (11,475) | $ (26,186) |
Note 9 - Agreements and Commi45
Note 9 - Agreements and Commitments (Details Textual) | Dec. 20, 2017USD ($) | Sep. 09, 2014EUR (€) | Jun. 30, 2018USD ($) | Jun. 30, 2017USD ($) | Jun. 30, 2018DKK (kr) |
Defined Contribution Plan, Cost | $ 5,706 | $ 6,004 | |||
Line of Credit Facility, Maximum Borrowing Capacity | 14,801 | kr 94,620 | |||
Guarantor Obligations, Current Carrying Value | $ 14,801 | 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 Commi46
Note 9 - Agreements and Commitments - Product Warranties (Details) | 6 Months Ended |
Jun. 30, 2018USD ($) | |
Balance | $ 189,901 |
Current year warranty expense | 84,770 |
Change in estimate related to pre-existing warranties | |
Payments made | (53,059) |
Foreign currency effect | (15,075) |
Balance | $ 206,537 |
Note 10 - Earnings Per Share (D
Note 10 - Earnings Per Share (Details Textual) - $ / shares | 6 Months Ended | |
Jun. 30, 2018 | 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 | |
Minimum [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price, Ending Balance | 0.74 | |
Maximum [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price, Ending Balance | $ 1.01 | |
Employee Stock Option [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 455,000 | |
Warrant [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 400,000 | |
Employee Stock Options and Warrant [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 855,000 |
Note 11 - Stockholders' Equit48
Note 11 - Stockholders' Equity (Details Textual) - USD ($) | Apr. 16, 2018 | Jan. 02, 2018 | Nov. 22, 2017 | Apr. 30, 2018 | Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | Dec. 31, 2017 |
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, Total | 72,740,547 | 72,740,547 | 44,429,264 | ||||||
Preferred Stock, Shares Authorized | 10,000,000 | 10,000,000 | 10,000,000 | ||||||
Preferred Stock, Par or Stated Value Per Share | $ 0.001 | $ 0.001 | $ 0.001 | ||||||
Preferred Stock, Shares Issued, Total | 2,200,837 | 2,200,837 | 2,200,837 | ||||||
Stock Issued During Period, Shares, New Issues | 19,448,529 | 19,448,529 | |||||||
Share Price | $ 0.34 | ||||||||
Proceeds from Issuance of Common Stock | $ 5,865,077 | $ 6,600,000 | $ 6,612,500 | $ 1,825,000 | |||||
Payments of Stock Issuance Costs | $ 747,423 | ||||||||
Class of Warrant or Right, Outstanding, Non-vested Warrants | 0 | 0 | 0 | 0 | |||||
Allocated Share-based Compensation Expense, Total | $ 9,161 | $ 29,780 | $ 87,434 | $ 125,958 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number, Ending Balance | 455,000 | 455,000 | 455,000 | ||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Stock Options | $ 52,499 | $ 52,499 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Number of Shares, Ending Balance | 108,333 | 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 | $ 0.46 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | $ 1,495 | $ 1,495 | |||||||
Preferred Stock, Shares Outstanding, Ending Balance | 2,200,837 | 2,200,837 | 2,200,837 | ||||||
The 2011 Stock Options Plan [Member] | |||||||||
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 | $ 52,499 | $ 52,499 | |||||||
Warrants [Member] | |||||||||
Allocated Share-based Compensation Expense, Total | 0 | 8,817 | |||||||
Employee Stock Option [Member] | The 2011 Stock Options Plan [Member] | |||||||||
Allocated Share-based Compensation Expense, Total | $ 27,434 | $ 44,641 | |||||||
Director [Member] | |||||||||
Stock Issued During Period, Shares, Restricted Stock Award, Gross | 59,406 | ||||||||
Stock Issued During Period, Value, Restricted Stock Award, Gross | $ 60,000 | ||||||||
Convertible Preferred Stock [Member] | |||||||||
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 | 0 | 0 | 2,200,837 | ||||||
Convertible Preferred Stock, Aggregate Shares Issued upon Conversion | 8,803,348 | 8,803,348 | |||||||
Preferred Stock, Shares Outstanding, Ending Balance | 0 | 0 | 2,200,837 | ||||||
Convertible Preferred Stock [Member] | Private Placement [Member] | |||||||||
Stock Issued During Period, Shares, New Issues | 2,200,837 | 2,200,837 | |||||||
Convertible Preferred Stock, Shares Issued upon Conversion | 4 | 4 | 4 | ||||||
Proceeds from Issuance of Private Placement | $ 2,641,004 | ||||||||
Payments of Stock Issuance Costs | $ 127,736 |
Note 11 - Stockholders' Equit49
Note 11 - Stockholders' Equity - Warrants Outstanding by Exercise Price (Details) | 6 Months Ended |
Jun. 30, 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 25 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 25 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 11 - Stockholders' Equit50
Note 11 - Stockholders' Equity - Options Outstanding by Exercise Price (Details) | 6 Months Ended |
Jun. 30, 2018$ / sharesshares | |
Options outstanding (in shares) | shares | 455,000 |
Options outstanding, weighted average remaining contractual life (Year) | 3 years 237 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 43 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 171 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 11 - Stockholders' Equit51
Note 11 - Stockholders' Equity - Status of Options and Changes During the Year (Details) - USD ($) | 6 Months Ended | 12 Months Ended |
Jun. 30, 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) | 3 years 237 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 | $ 1,495 | |
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) | 3 years 237 days | |
Vested and expected to vest, weighted average intrinsic value | $ 1,495 | |
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 47 days | |
Exercisable end of period, weighted average intrinsic value | $ 997 |
Note 12 - Significant Custome52
Note 12 - Significant Customers / Concentration / Disaggregated Revenue (Details Textual) | 6 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
Customer Concentration Risk [Member] | Sales Revenue, Net [Member] | ||
Concentration Risk, Percentage | 12.00% | |
Number of Major Customers | 2 | |
Customer Concentration Risk [Member] | Sales Revenue, Net [Member] | Major Customer 1 [Member] | ||
Concentration Risk, Percentage | 17.00% | |
Customer Concentration Risk [Member] | Sales Revenue, Net [Member] | Major Customer 2 [Member] | ||
Concentration Risk, Percentage | 11.00% | |
Geographic Concentration Risk [Member] | Assets, Total [Member] | DENMARK | ||
Concentration Risk, Percentage | 90.00% | 86.00% |
Geographic Concentration Risk [Member] | Assets, Total [Member] | UNITED STATES | ||
Concentration Risk, Percentage | 10.00% | 14.00% |
Note 12 - Significant Custome53
Note 12 - Significant Customers / Concentration / Disaggregated Revenue - Net Sales by Geographical Region (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Net Sales | $ 3,598,028 | $ 2,926,200 | $ 5,989,410 | $ 5,894,274 |
Reportable Geographical Components [Member] | US And Canada [Member] | ||||
Net Sales | 260,525 | 337,372 | 369,750 | 564,168 |
Reportable Geographical Components [Member] | AUSTRALIA | ||||
Net Sales | 82,490 | 109,445 | 282,793 | 287,181 |
Reportable Geographical Components [Member] | South America [Member] | ||||
Net Sales | 24,248 | 27,676 | 37,599 | |
Reportable Geographical Components [Member] | Asia [Member] | ||||
Net Sales | 111,015 | 455,906 | 928,616 | 1,126,147 |
Reportable Geographical Components [Member] | Europe [Member] | ||||
Net Sales | $ 3,119,750 | $ 2,023,477 | $ 4,380,575 | $ 3,879,179 |
Note 12 - Significant Custome54
Note 12 - Significant Customers / Concentration / Disaggregated Revenue - Sales by Product Line (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Net Sales | $ 3,598,028 | $ 2,926,200 | $ 5,989,410 | $ 5,894,274 |
Ceramic Diesel Particulate [Member] | ||||
Net Sales | 1,609,057 | 1,873,910 | 3,537,162 | 4,157,084 |
Liquid Filters [Member] | ||||
Net Sales | 1,988,971 | 996,890 | 2,452,248 | 1,616,963 |
Kiln Furniture [Member] | ||||
Net Sales | $ 55,400 | $ 120,227 |