Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Mar. 29, 2019 | Jun. 30, 2018 | |
Document Information [Line Items] | |||
Entity Registrant Name | LIQTECH INTERNATIONAL INC | ||
Entity Central Index Key | 0001307579 | ||
Trading Symbol | liqt | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Emerging Growth Company | false | ||
Entity Small Business | true | ||
Entity Common Stock, Shares Outstanding (in shares) | 73,078,184 | ||
Entity Public Float | $ 52,533,852 | ||
Entity Shell Company | false | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2018 | ||
Document Fiscal Year Focus | 2018 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 |
Current Assets: | ||
Cash | $ 3,776,111 | $ 2,486,199 |
Accounts receivable, net | 1,308,122 | 1,124,842 |
Other receivables | 1,098,796 | 636,539 |
Contract assets | 624,275 | 490,100 |
Inventories, net | 4,432,055 | 4,661,866 |
Prepaid expenses | 133,847 | 28,151 |
Total Current Assets | 11,373,206 | 9,427,697 |
Property and Equipment, net | 1,431,649 | 1,959,205 |
Other Assets: | ||
Investments at costs | 5,714 | 6,001 |
Other intangible assets | 748 | 3,349 |
Deposits | 347,932 | 283,686 |
Total Other Assets | 354,394 | 293,036 |
Total Assets | 13,159,249 | 11,679,938 |
Current Liabilities: | ||
Current portion of capital lease obligations | 13,789 | 26,186 |
Accounts payable | 2,122,479 | 1,775,230 |
Accrued expenses | 1,868,229 | 1,725,566 |
Contract liabilities | 516,335 | 306,845 |
Deferred revenue / customers deposits | 98,781 | 933,994 |
Total Current Liabilities | 4,619,613 | 4,767,821 |
Total Liabilities | 4,619,613 | 4,767,821 |
Commitment and Contingencies (See Note 8) | ||
Stockholders' Equity: | ||
Series A Mandatory Convertible Preferred stock; par value $0.001, 10,000,000 shares authorized, 0 and 2,200,837 shares issued and outstanding at December 31, 2018 and December 31, 2017, respectively | 2,201 | |
Common stock; par value $0.001, 100,000,000 shares authorized 72,915,547 and 44,229,264 shares issued and outstanding at December 31, 2018 and December 31, 2017, respectively | 72,916 | 44,430 |
Additional paid-in capital | 46,521,299 | 40,457,907 |
Accumulated deficit | (32,286,224) | (28,471,696) |
Deferred compensation | (23,499) | (79,933) |
Accumulated other comprehensive loss | (5,744,856) | (5,040,792) |
Total Stockholders' Equity | 8,539,636 | 6,912,117 |
Total Liabilities and Stockholders' Equity | $ 13,159,249 | $ 11,679,938 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - $ / shares | Dec. 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) | 0 | 2,200,837 |
Preferred stock, shares outstanding (in shares) | 0 | 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) | 72,915,547 | 44,229,264 |
Common stock, shares outstanding (in shares) | 72,915,547 | 44,229,264 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Net Sales | $ 12,232,088 | $ 11,343,177 |
Cost of Goods Sold | 11,165,944 | 11,136,426 |
Gross Profit | 1,066,144 | 206,751 |
Operating Expenses: | ||
Selling expenses | 1,703,327 | 1,944,989 |
General and administrative expenses | 3,187,311 | 2,332,169 |
Research and development expenses | 661,014 | 536,848 |
Total Operating Expense | 5,551,652 | 4,814,006 |
Loss from Operations | (4,485,508) | (4,607,255) |
Other Income (Expense) | ||
Interest and other income | 28,401 | 1,515 |
Interest expense | (71,781) | (45,888) |
Gain (loss) on currency transactions | 344,023 | (102,470) |
Gain (loss) on sale of fixed assets | 4,907 | (24,065) |
Total Other Income (Expense) | 305,550 | (170,908) |
Loss Before Income Taxes | (4,179,958) | (4,778,163) |
Income Tax Expense (Benefit) | (365,430) | (317,810) |
Net Loss | $ (3,814,528) | $ (4,460,353) |
Basic and Diluted Loss Per Share (in dollars per share) | $ (0.06) | $ (0.11) |
Weighted Average Common Shares Outstanding (in shares) | 63,843,634 | 41,595,856 |
Consolidated Statements of Othe
Consolidated Statements of Other Comprehensive Income (Loss) - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Net Loss | $ (3,814,528) | $ (4,460,353) |
Other Comprehensive Income (loss) - Currency Translation, Net | (704,064) | 650,509 |
Total Comprehensive Loss | $ (4,518,592) | $ (3,809,844) |
Consolidated Statement of Stock
Consolidated Statement of Stockholders' Equity - USD ($) | Convertible Preferred Stock [Member]Preferred Stock [Member] | Convertible Preferred Stock [Member]Common Stock [Member] | Convertible Preferred Stock [Member]Additional Paid-in Capital [Member] | Convertible Preferred Stock [Member]Retained Earnings [Member] | Convertible Preferred Stock [Member]AOCI Attributable to Parent [Member] | Convertible Preferred Stock [Member]Deferred Compensation, Share-based Payments [Member] | Issuance 1 [Member]Board of Directors Chairman [Member]Preferred Stock [Member] | Issuance 1 [Member]Board of Directors Chairman [Member]Common Stock [Member] | Issuance 1 [Member]Board of Directors Chairman [Member]Additional Paid-in Capital [Member] | Issuance 1 [Member]Board of Directors Chairman [Member]Retained Earnings [Member] | Issuance 1 [Member]Board of Directors Chairman [Member]AOCI Attributable to Parent [Member] | Issuance 1 [Member]Board of Directors Chairman [Member]Deferred Compensation, Share-based Payments [Member] | Issuance 2 [Member]Board of Directors Chairman [Member]Preferred Stock [Member] | Issuance 2 [Member]Board of Directors Chairman [Member]Common Stock [Member] | Issuance 2 [Member]Board of Directors Chairman [Member]Additional Paid-in Capital [Member] | Issuance 2 [Member]Board of Directors Chairman [Member]Retained Earnings [Member] | Issuance 2 [Member]Board of Directors Chairman [Member]AOCI Attributable to Parent [Member] | Issuance 2 [Member]Board of Directors Chairman [Member]Deferred Compensation, Share-based Payments [Member] | Preferred Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Deferred Compensation, Share-based Payments [Member] | Total |
BALANCE (in shares) at Dec. 31, 2016 | 36,835,514 | ||||||||||||||||||||||||
BALANCE at Dec. 31, 2016 | $ 36,836 | $ 36,084,117 | $ (24,011,343) | $ (5,691,301) | $ (148,561) | ||||||||||||||||||||
Common shares issued, net offering cost (in shares) | 7,300,000 | ||||||||||||||||||||||||
Common shares issued, net offering cost | $ 7,300 | 1,752,700 | |||||||||||||||||||||||
Conversion of mandatory preferred stock issued (in shares) | 2,200,837 | ||||||||||||||||||||||||
Conversion of mandatory preferred stock issued | $ 2,201 | $ 2,511,067 | |||||||||||||||||||||||
Common shares issued, for services provided (in shares) | 93,750 | 200,000 | |||||||||||||||||||||||
Common shares issued, for services provided | $ 94 | $ 59,906 | $ (60,000) | $ 200 | $ 69,800 | $ (70,000) | |||||||||||||||||||
Forfeiture of Stock Based Compensation | (19,683) | 19,684 | |||||||||||||||||||||||
Stock based compensation expenses recognized for the year | 178,944 | ||||||||||||||||||||||||
Other Comprehensive Income (loss) - Currency Translation, Net | 650,509 | $ 650,509 | |||||||||||||||||||||||
Net Loss | (4,460,353) | (4,460,353) | |||||||||||||||||||||||
BALANCE (in shares) at Dec. 31, 2017 | 2,200,837 | 44,429,264 | |||||||||||||||||||||||
BALANCE at Dec. 31, 2017 | $ 2,201 | $ 44,430 | 40,457,907 | (28,471,696) | (5,040,792) | (79,933) | |||||||||||||||||||
Common shares issued, net offering cost (in shares) | 19,448,529 | ||||||||||||||||||||||||
Common shares issued, net offering cost | $ 19,449 | 5,845,628 | |||||||||||||||||||||||
Conversion of mandatory preferred stock issued (in shares) | (2,200,837) | 8,803,348 | |||||||||||||||||||||||
Conversion of mandatory preferred stock issued | $ (2,201) | $ 8,803 | (6,602) | ||||||||||||||||||||||
Common shares issued, for services provided (in shares) | 59,406 | ||||||||||||||||||||||||
Common shares issued, for services provided | $ 59 | $ 59,941 | |||||||||||||||||||||||
Stock based compensation expenses recognized for the year | 56,434 | ||||||||||||||||||||||||
Other Comprehensive Income (loss) - Currency Translation, Net | (704,064) | (704,064) | |||||||||||||||||||||||
Net Loss | (3,814,528) | $ (3,814,528) | |||||||||||||||||||||||
Exercising of stock options (in shares) | 175,000 | 175,000 | |||||||||||||||||||||||
Exercising of stock options | $ 175 | 164,425 | |||||||||||||||||||||||
BALANCE (in shares) at Dec. 31, 2018 | 72,915,547 | ||||||||||||||||||||||||
BALANCE at Dec. 31, 2018 | $ 72,916 | $ 46,521,299 | $ (32,286,224) | $ (5,744,856) | $ (23,499) |
Consolidated Statement of Sto_2
Consolidated Statement of Stockholders' Equity (Parentheticals) - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Common Stock [Member] | Issuance 1 [Member] | Board of Directors Chairman [Member] | ||
Shares issued, price per share (in dollars per share) | $ 1.01 | $ 0.64 |
Common Stock [Member] | Issuance 2 [Member] | Board of Directors Chairman [Member] | ||
Shares issued, price per share (in dollars per share) | 0.35 | |
Common Stock [Member] | ||
Shares issued, price per share (in dollars per share) | $ 0.34 | $ 0.25 |
Shares issued, offering cost | $ 747,423 | $ 65,000 |
Convertible Preferred shares, convertible securities (in shares) | 4 | |
Preferred Stock [Member] | Convertible Preferred Stock [Member] | ||
Shares issued, price per share (in dollars per share) | $ 1.20 | |
Shares issued, offering cost | $ 127,736 | |
Convertible Preferred shares, convertible securities (in shares) | 8,803,348 | |
Shares issued, offering cost | $ 747,423 | $ 192,736 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Cash Flows from Operating Activities: | ||
Net Loss | $ (3,814,528) | $ (4,460,353) |
Adjustments to reconcile net (loss) to net cash provided (used) by operations: | ||
Depreciation and amortization | 648,734 | 939,500 |
Non-cash compensation | 116,434 | 178,944 |
Bad debt expense | 353,562 | (102,189) |
Reserve for obsolete inventory | 207,384 | (206,155) |
Gain on sale of equipment | (4,907) | 24,065 |
Changes in assets and liabilities: | ||
Accounts receivable | (999,099) | (241,256) |
Contracts assets | (134,175) | |
Inventory | 32,241 | 564,359 |
Prepaid expenses | (184,009) | 41,314 |
Accounts payable | 347,249 | (487,458) |
Accrued expenses | (692,550) | 80,797 |
Contract liabilities | 209,490 | 353,070 |
Total Adjustments | (99,646) | 1,144,991 |
Net Cash used in Operating Activities | (3,914,174) | (3,315,362) |
Cash Flows from Investing Activities: | ||
Purchase of property and equipment | (178,872) | (137,674) |
Proceeds from sale/recovery of property and equipment | 7,982 | 14,001 |
Net Cash used in Investing Activities | (170,890) | (123,673) |
Cash Flows from Financing Activities: | ||
Net payments on capital lease obligation | (12,397) | (113,639) |
Payments on loans payable | (54,929) | |
Proceeds from issuance of mandatory convertible preferred stock | 2,641,004 | |
Payment of stock offering costs | (747,423) | (192,736) |
Proceeds from issuance of common stock | 6,777,100 | 1,825,000 |
Net Cash Provided by Financing Activities | 6,017,280 | 4,104,700 |
Loss on Currency Translation | (642,304) | 611,884 |
Change in Cash and Cash Equivalents | 1,289,912 | 1,277,549 |
Cash and Cash Equivalents at Beginning of Period | 2,486,199 | 1,208,650 |
Cash and Cash Equivalents at End of Period | 3,776,111 | 2,486,199 |
Supplemental Disclosures of Cash Flow Information: | ||
Interest | 44,604 | 45,888 |
Income Taxes | $ 570 | $ 580 |
Note 1 - Summary of Significant
Note 1 - Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 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 Annual 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, 2019. LiqTech PTE Ltd, (“LiqTech Sing”) a 95% January 19, 2012, 2019. Consolidation -- Functional Currency / Foreign currency translation -- December 31, 2018 2017. Reclassification – no Cash, Cash Equivalents and Restricted Cash -- three no December 31, 2018 December 31, 2017. Accounts Receivable -- The roll forward of the allowance for doubtful accounts for the year ended December 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 353,562 (102,189 ) Receivables written off during the periods - (1,678,856 ) Effect of currency translation (42,371 ) 313,174 Allowance for doubtful accounts at the end of the period $ 971,772 $ 660,581 Inventory -- first first Property and Equipment -- three ten 3 Long-Term Investments -- may may not may Long Lived Assets may not Revenue Recognition and Sales Incentives -- January 1, 2018, 606, 2015, 2016 2017 January 1, 2018. not not For membrane and DPF product sale, revenue is recognized when performance obligations under the terms of a contract with the customer are satisfied which occurs when control of the membrane, DPF or services are transferred to the customer. The majority of the Company's sales contracts contain performance obligations satisfied at a point in time when title and risks and rewards of ownership have transferred to the customer. This generally occurs when the product is shipped or accepted by the customer. Revenue for service contracts are recognized as the services are provided. Revenue is measured as the amount of consideration expected to be received in exchange for transferring the goods or providing services. The satisfaction of performance obligations under the terms of a revenue contract generally gives rise for the right to payment from the customer. The Company's standard payment terms vary by the type and location of the customer and the products or services offered. Generally, the time between when revenue is recognized and when payment is due is not not 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. System sales are recognized when the Company transfers control based upon signed acceptance of the system by the customer upon shipment of the system based on the terms of the contract. For the majority of Systems, the Company transfers control and recognizes revenue when products are shipped to the customer according to the terms of the contract or purchase order. In connection with the system it is normal procedure to issue a FAT (Factory Acceptance Test) stating that the customer has accepted the performance of the system as it is being shipped from the production facility in Hobro. As part of the delivery performance, the customer is normally offered a commissioning (a final assembly and configuration at a place designated by the customer) and this commission is therefore considered a second second first 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. For invoicing to customers where the transfer of control has not 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. In Denmark, Value Added Tax (“VAT”) of 25% not Advertising Cost -- $38,951 $16,350, December 31, 2018 2017, Research and Development Cost -- December 31, 2018 2017 $661,014, $536,848, Income Taxes -- 740 Loss Per Share -- 260 not Stock Options and Awards -- 11. 718, $56,434 $178,944 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, other receivables, 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. 7. not In June 2018, No. 2018 07, 718 2018 07” 2018 07 718 Other recent accounting pronouncements issued by the FASB did not not |
Note 2 - Inventory
Note 2 - Inventory | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | NOTE 2 - INVENTORY Inventory consisted of the following at December 31, 2018 December 31, 2017: 201 8 201 7 Furnace parts and supplies $ 596,806 $ 400,589 Raw materials 1,659,826 1,260,209 Work in process 1,691,175 2,123,418 Finished goods and filtration systems 1,596,042 2,297,743 Reserve for obsolescence (1,111,794 ) (1,420,093 ) Net Inventory $ 4,432,055 $ 4,661,866 A portion of the inventory, $4,011,203, 6. |
Note 3 - Property and Equipment
Note 3 - Property and Equipment | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | NOTE 3 - PROPERTY AND EQUIPMENT Property and equipment consisted of the following at December 31, 2018 December 31, 2017: Useful Life 201 8 201 7 Production equipment 3 - 10 $ 9,614,189 $ 10,114,398 Lab equipment 3 - 10 82,930 87,094 Computer equipment 3 - 5 204,807 204,553 Vehicles 3 - 5 71,711 75,312 Furniture and fixture 5 111,417 106,047 Leasehold improvements 10 1,037,678 1,076,731 11,122,732 11,664,135 Less Accumulated Depreciation (9,691,083 ) (9,704,930 ) Net Property and Equipment $ 1,431,649 $ 1,959,205 Depreciation expense amounted to $819,070 $937,235, December 31, 2018 2017, 6. |
Note 4 - Investments at Cost
Note 4 - Investments at Cost | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | NOTE 4 – INVESTMENTS AT COST The following tables summarize Level 1, 2 3 As of December 31, 2018 Level 1 Level 2 Level 3 Investments - - 5,714 Total - - 5,714 As of December 31, 2017 Level 1 Level 2 Level 3 Investments - - 6,001 Total - - 6,001 At December 31, 2018, December 31, 2017, $5,714 $6,001 5,000 |
Note 5 - Definite-life Intangib
Note 5 - Definite-life Intangible Assets | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Intangible Assets Disclosure [Text Block] | NOTE 5 - DEFINITE-LIFE INTANGIBLE ASSETS At December 31, 2018 December 31, 2017, $748 $3,349, ten December 31, 2018 2017 $2,519 $2,265, Year ending December 31, Amortization Expenses 2019 748 Thereafter - $ 748 |
Note 6 - Lines of Credit
Note 6 - Lines of Credit | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | NOTE 6 - LINES OF CREDIT In connection with certain orders, we have to give the customer a working guarantee or a prepayment guarantee or security bond. For that purpose, we have a guarantee line of DKK 94,620 $14,514 December 31, 2018) December 31, 2018, 94,620 $14,514 no |
Note 7 - Leases
Note 7 - Leases | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Leases of Lessee Disclosure [Text Block] | NOTE 7 - LEASES Operating Leases -- 12 February 2021 August 2024 The future minimum lease payments for non-cancelable operating leases having remaining terms in excess of one December 31, 2018 Year ending December 31, Lease Payments 2019 712,250 2020 578,997 2021 402,584 2022 350,249 Thereafter 560,977 Total Minimum Lease Payments $ 2,605,057 Lease expense charged to operations was $642,546 $651,032, December 31, 2018, 2017. Capital Leases -- $2,093 July 2019. Included in property and equipment, at December 31, 2018 December 31, 2017, $1,182,778 $1,328,672, $1,169,272 $1,301,870, December 31, 2018 2017, $11,180, $39,623, December 31, 2018 2017, $5,021 $6,290, Future minimum capital lease payments are as follows for the years ended December 31: Year ending December 31, Lease Payments 2019 14,654 Thereafter - Total minimum lease payments 14,654 Less amount representing interest (865 ) Present value of minimum lease payments 13,789 Less Current Portion (13,789 ) $ - |
Note 8 - Agreements, Commitment
Note 8 - Agreements, Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | NOTE 8 - AGREEMENTS, COMMITMENTS AND CONTINGENCIES 401 401 December 31, 2018 2017, $11,691 $11,347, Contingencies -- may On November 20, 2018 DKK448,500 $68,800 2016 not No December 31, 2018 not On February 27, 2019, DKK543,905 $83,400 2017, 2018. no December 31, 2018. On December 2017, 2018 On September 9, 2014, 60% 40% 750,000 2018 On December 20, 2017, $1,098,678 2018 EUR380,000 Q4 2018. 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 $14,514 December 31, 2018) December 31, 2018, 94,620 $14,514 no |
Note 9 - Income Taxes
Note 9 - Income Taxes | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | NOTE 9 - INCOME TAXES The Company accounts for income taxes in accordance with FASB ASC Topic 740, two first not second 50%, As of December 31, 2018, $15,749,964 2037; $7,454,447 not $475,161 not $617,359 not As of December 31, 2018 December 31, 2017, $3,293,000 $2,833,000 $1,892,000 $1,850,000 $132,000 $139,000 $105,000 $110,000 not not December 31, 2018 $460,000, $42,000, 7,000 5,000 December 31, 2017 709,000 $755,000, $17,000 $13,000 The temporary differences, tax credits and carry forwards gave rise to the following deferred tax asset (liabilities) at December 31, 2018 December 31, 2017: 201 8 201 7 Vacation accrual $ 3,814 $ 2,900 Allowance for doubtful accounts 734 743 Reserve for obsolete inventory 241,624 305,425 Business tax credit carryover - 30,935 Deferred Compensation 24,451 16,787 Net operating loss carryover 5,184,992 4,646,434 Excess of book over tax depreciation (33,182 ) (71,116 ) Valuation allowance (5,422,432 ) (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 December 31, 2018 2017: 201 8 201 7 Computed tax at expected statutory rate $ (877,791 ) $ (1,624,575 ) State and local income taxes, net of federal benefit (9 ) (4,350 ) Non-US income taxed at different rates (15,535 ) 256,207 Effect of change in corporate tax rate 321,925 994,336 ) Non-deductible expenses 14,580 4,664 Valuation allowance 193,584 75,156 Other (2,184 ) (19,248 ) Income tax expense (benefit) $ (365,430 ) $ (317,810 ) The components of income tax expense (benefit) from continuing operations for the years ended December 31, 2018 2017 201 8 201 7 Current income tax expense: Danish $ (365,430 ) $ (317,810 ) Federal - - State - - Current tax (benefit) $ (365,430 ) $ (317,810 ) Book in excess of tax depreciation $ (40,231 ) $ (225,111 ) Allowance for doubful accounts - 459 Net operating loss carryover (729,928 ) 260,540 Valuation allowance 704,876 75,156 Deferred compensation 13,127 (8,287 ) Accrued vacation (949 ) 2,550 Reserve for obsolete inventory 53,105 (105,307 ) Deferred tax expense (benefit) $ - $ - Total tax expense (benefit) $ (365,430 ) $ (317,810 ) 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 and LiqTech Systems AS are generally no 2014 no 2014 |
Note 10 - Earnings Per Share
Note 10 - Earnings Per Share | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | NOTE 1 0 - 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, 2018 2017: For the Year Ended December 31 201 8 201 7 Net Loss attributable to LiqTech International Inc. $ (3,814,528 ) $ (4,460,353 ) Weighted average number of common shares used in basic earnings per share 63,843,634 41,595,856 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 63,843,634 41,595,856 For the year ended December 31, 2018, 280,000 $0.74 400,000 $1.65 not For the year ended December 31, 2017, 455,000 $0.74 $1.01 400,000 $1.65 not 2,200,837shares 8,803,348 May 14, 2018. 2,200,837 not December 31, 2017 |
Note 11 - Stockholders' Equity
Note 11 - Stockholders' Equity | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | NOTE 1 1 - STOCKHOLDERS' EQUITY Common Stock -- 100,000,000 $0.001 December 31, 2018 2017, 72,915,547 44,229,264 Voting -- one not Dividends -- may may Liquidation Rights -- Other Matters -- no no Preferred Stock -- one may may The Company has 10,000,000 $0.001 December 31, 2018, 2017 0 2,200,837 Stock Issuance s On January 2, 2018, 59,406 $60,000 December 31, 2018. On April 16, 2018, 19,448,529 $0.34 $5,865,077. On November 22, 2017, 2,200,837 1 4 8,803,348 $1.20 $2,641,004, $127,736. May 17, 2018, 2,200,837 4 8,803,348 On October 16, 2018 130,000 2015. $1.01 $131,300. On September 19 November 27, 2018, 45,000 2015. $0.74 $33,300. As of December 31, 2018 2017, $100,667 $90,833 Common Stock Purchase Warrants A summary of the status of the warrants outstanding at December 31, 2018 Warrants Outstanding Warrants Exercisable Exercise Prices Number Weighted Weighted Exercise Number Weighted $ 1.65 400,000 0.57 $ 1.65 400,000 $ 1.65 Total 400,000 0.57 $ 1.65 400,000 $ 1.65 At December 31, 2018 2017, zero $0 $17,634 December 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 2015, December 31, 2018, 280,000 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 $15,767 $70,477 December 31, 2018 2017, December 31, 2018, $0 August 13, 2020. A summary of the status of the options outstanding under the Company’s stock option plans at December 31, 2018 Options Outstanding Options Exercisable Exercise Number Weighted Life (years) Weighted Number Weighted $ 0.74 280,000 1.62 $ 0.74 280,000 $ 0.74 Total 280,000 1.62 $ 0.74 280,000 $ 0.74 A summary of the status of the options at December 31, 2018, December 31, 201 8 Shares Weighted Average Weighted Outstanding at beginning of period 455,000 $ 0.82 5.15 $ - Granted - - - - Exercised (175,000 ) - - - Forfeited - - - - Expired - - - - Outstanding at end of period 280,000 $ 0.34 1.62 $ - Vested and expected to vest 280,000 $ 0.34 1.62 $ - Exercisable end of period 280,000 $ 0.34 1.62 $ - At December 31, 2018, zero |
Note 12 - Significant Customers
Note 12 - Significant Customers / Concentration | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | NOTE 1 2 - SIGNIFICANT CUSTOMERS / CONCENTRATION For the year ended December 31, 2018, four 10%, 9%, 6% 5%, 31% December 31, 2017, four 16%, 10%, 7% 5%, 38% The Company sells products throughout the world; sales by geographical region are as follows for the year ended December 31, 2018 2017: For the Year Ended December 31 2018 2017 United States and Canada $ 922,245 $ 1,115,447 Australia 597,214 640,322 South America 49,861 89,438 Asia 1,369,735 1,608,822 Europe 9,293,033 7,889,148 $ 12,232,088 $ 11,343,177 The Company’s sales by product line are as follows for the year ended December 31, 2018 2017: For the Year Ended December 31 2018 2017 Ceramic diesel particulate $ 6,536,085 $ 7,230,416 Liquid filters and systems 5,264,663 3,529,360 Development projects 431,340 458,064 Kiln furniture - 125,337 $ 12,232,088 $ 11,343,177 As of December 31, 2018, 91% 9% December 31, 2017, 87% 13% |
Note 13 - Subsequent Event
Note 13 - Subsequent Event | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | NOTE 1 3 - SUBSEQUENT EVENT The Company’s management reviewed material events through March 29, 2019. On February 25, 2019, 146,405 $82,595 December 31, 2018. On February 25, 2019, 36,232 $75,000 On January 16, January 22, February 4 February 14, 2019 180,000 2015. $0.74 $133,200. |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
SEC Schedule, 12-09, Schedule of Valuation and Qualifying Accounts Disclosure [Text Block] | a. Valuation and Qualifying Accounts for the years ended December 31, 2018 December 31, 2017. 201 8 201 7 Bad debt expense 353,562 (102,189 ) Reserve for obsolete inventory 251,920 (206,155 ) Balance Beginning of Year Charges to Costs and Expenses Deductions (1) Balance End of Year Year Ended December 31, 2018 Allowance for inventory obsolescence $ 1,409,074 $ 251,920 $ (549,199 ) $ 1,111,795 Allowance for doubtful accounts 660,581 353,562 (42,371 ) 971,772 Totals $ 2,069,655 $ 605,482 $ (591,570 ) $ 2,083,567 Year Ended December 31, 2017 Allowance for inventory obsolescence $ 1,421,345 $ (206,155 ) $ 193,884 $ 1,409,074 Allowance for doubtful accounts 2,128,452 (102,189 ) (1,365,682 ) 660,581 Totals $ 3,549,797 $ (308,344 ) $ (1,171,798 ) $ 2,069,655 201 8 201 7 Allowance for doubtful accounts at the beginning of the period $ 660,581 $ 2,128,452 Bad debt expense 353,562 (102,189 ) Receivables written off during the period - (1,678,856 ) Effect of currency translation (42,371 ) 313,174 Allowance for doubtful accounts at the end of the period $ 971,772 $ 660,581 ( 1 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 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 Annual 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, 2019. LiqTech PTE Ltd, (“LiqTech Sing”) a 95% January 19, 2012, 2019. |
Consolidation, Policy [Policy Text Block] | Consolidation -- |
Foreign Currency Transactions and Translations Policy [Policy Text Block] | Functional Currency / Foreign currency translation -- December 31, 2018 2017. |
Reclassification, Policy [Policy Text Block] | Reclassification – no |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash, Cash Equivalents and Restricted Cash -- three no December 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 year ended December 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 353,562 (102,189 ) Receivables written off during the periods - (1,678,856 ) Effect of currency translation (42,371 ) 313,174 Allowance for doubtful accounts at the end of the period $ 971,772 $ 660,581 |
Inventory, Policy [Policy Text Block] | Inventory -- first first |
Property, Plant and Equipment, Policy [Policy Text Block] | Property and Equipment -- three ten 3 |
Investment, Policy [Policy Text Block] | Long-Term Investments -- may may not may |
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | Long Lived Assets may not |
Revenue from Contract with Customer [Policy Text Block] | Revenue Recognition and Sales Incentives -- January 1, 2018, 606, 2015, 2016 2017 January 1, 2018. not not For membrane and DPF product sale, revenue is recognized when performance obligations under the terms of a contract with the customer are satisfied which occurs when control of the membrane, DPF or services are transferred to the customer. The majority of the Company's sales contracts contain performance obligations satisfied at a point in time when title and risks and rewards of ownership have transferred to the customer. This generally occurs when the product is shipped or accepted by the customer. Revenue for service contracts are recognized as the services are provided. Revenue is measured as the amount of consideration expected to be received in exchange for transferring the goods or providing services. The satisfaction of performance obligations under the terms of a revenue contract generally gives rise for the right to payment from the customer. The Company's standard payment terms vary by the type and location of the customer and the products or services offered. Generally, the time between when revenue is recognized and when payment is due is not not 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. System sales are recognized when the Company transfers control based upon signed acceptance of the system by the customer upon shipment of the system based on the terms of the contract. For the majority of Systems, the Company transfers control and recognizes revenue when products are shipped to the customer according to the terms of the contract or purchase order. In connection with the system it is normal procedure to issue a FAT (Factory Acceptance Test) stating that the customer has accepted the performance of the system as it is being shipped from the production facility in Hobro. As part of the delivery performance, the customer is normally offered a commissioning (a final assembly and configuration at a place designated by the customer) and this commission is therefore considered a second second first 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. For invoicing to customers where the transfer of control has not 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. In Denmark, Value Added Tax (“VAT”) of 25% not |
Advertising Costs, Policy [Policy Text Block] | Advertising Cost -- $38,951 $16,350, December 31, 2018 2017, |
Research, Development, and Computer Software, Policy [Policy Text Block] | Research and Development Cost -- December 31, 2018 2017 $661,014, $536,848, |
Income Tax, Policy [Policy Text Block] | Income Taxes -- 740 |
Earnings Per Share, Policy [Policy Text Block] | Loss Per Share -- 260 not |
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | Stock Options and Awards -- 11. 718, $56,434 $178,944 |
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, other receivables, 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. 7. not In June 2018, No. 2018 07, 718 2018 07” 2018 07 718 Other recent accounting pronouncements issued by the FASB did not not |
Note 1 - Summary of Significa_2
Note 1 - Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 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 353,562 (102,189 ) Receivables written off during the periods - (1,678,856 ) Effect of currency translation (42,371 ) 313,174 Allowance for doubtful accounts at the end of the period $ 971,772 $ 660,581 |
Note 2 - Inventory (Tables)
Note 2 - Inventory (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | 201 8 201 7 Furnace parts and supplies $ 596,806 $ 400,589 Raw materials 1,659,826 1,260,209 Work in process 1,691,175 2,123,418 Finished goods and filtration systems 1,596,042 2,297,743 Reserve for obsolescence (1,111,794 ) (1,420,093 ) Net Inventory $ 4,432,055 $ 4,661,866 |
Note 3 - Property and Equipme_2
Note 3 - Property and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | Useful Life 201 8 201 7 Production equipment 3 - 10 $ 9,614,189 $ 10,114,398 Lab equipment 3 - 10 82,930 87,094 Computer equipment 3 - 5 204,807 204,553 Vehicles 3 - 5 71,711 75,312 Furniture and fixture 5 111,417 106,047 Leasehold improvements 10 1,037,678 1,076,731 11,122,732 11,664,135 Less Accumulated Depreciation (9,691,083 ) (9,704,930 ) Net Property and Equipment $ 1,431,649 $ 1,959,205 |
Note 4 - Investments at Cost (T
Note 4 - Investments at Cost (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Notes Tables | |
Fair Value, by Balance Sheet Grouping [Table Text Block] | As of December 31, 2018 Level 1 Level 2 Level 3 Investments - - 5,714 Total - - 5,714 As of December 31, 2017 Level 1 Level 2 Level 3 Investments - - 6,001 Total - - 6,001 |
Note 5 - Definite-life Intang_2
Note 5 - Definite-life Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Notes Tables | |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | Year ending December 31, Amortization Expenses 2019 748 Thereafter - $ 748 |
Note 7 - Leases (Tables)
Note 7 - Leases (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Notes Tables | |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | Year ending December 31, Lease Payments 2019 712,250 2020 578,997 2021 402,584 2022 350,249 Thereafter 560,977 Total Minimum Lease Payments $ 2,605,057 |
Schedule of Future Minimum Lease Payments for Capital Leases [Table Text Block] | Year ending December 31, Lease Payments 2019 14,654 Thereafter - Total minimum lease payments 14,654 Less amount representing interest (865 ) Present value of minimum lease payments 13,789 Less Current Portion (13,789 ) $ - |
Note 9 - Income Taxes (Tables)
Note 9 - Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Notes Tables | |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | 201 8 201 7 Vacation accrual $ 3,814 $ 2,900 Allowance for doubtful accounts 734 743 Reserve for obsolete inventory 241,624 305,425 Business tax credit carryover - 30,935 Deferred Compensation 24,451 16,787 Net operating loss carryover 5,184,992 4,646,434 Excess of book over tax depreciation (33,182 ) (71,116 ) Valuation allowance (5,422,432 ) (4,932,108 ) Long term deferred tax asset $ - $ - |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | 201 8 201 7 Computed tax at expected statutory rate $ (877,791 ) $ (1,624,575 ) State and local income taxes, net of federal benefit (9 ) (4,350 ) Non-US income taxed at different rates (15,535 ) 256,207 Effect of change in corporate tax rate 321,925 994,336 ) Non-deductible expenses 14,580 4,664 Valuation allowance 193,584 75,156 Other (2,184 ) (19,248 ) Income tax expense (benefit) $ (365,430 ) $ (317,810 ) |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | 201 8 201 7 Current income tax expense: Danish $ (365,430 ) $ (317,810 ) Federal - - State - - Current tax (benefit) $ (365,430 ) $ (317,810 ) Book in excess of tax depreciation $ (40,231 ) $ (225,111 ) Allowance for doubful accounts - 459 Net operating loss carryover (729,928 ) 260,540 Valuation allowance 704,876 75,156 Deferred compensation 13,127 (8,287 ) Accrued vacation (949 ) 2,550 Reserve for obsolete inventory 53,105 (105,307 ) Deferred tax expense (benefit) $ - $ - Total tax expense (benefit) $ (365,430 ) $ (317,810 ) |
Note 10 - Earnings Per Share (T
Note 10 - Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Notes Tables | |
Schedule of Weighted Average Number of Shares [Table Text Block] | For the Year Ended December 31 201 8 201 7 Net Loss attributable to LiqTech International Inc. $ (3,814,528 ) $ (4,460,353 ) Weighted average number of common shares used in basic earnings per share 63,843,634 41,595,856 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 63,843,634 41,595,856 |
Note 11 - Stockholders' Equity
Note 11 - Stockholders' Equity (Tables) | 12 Months Ended |
Dec. 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 0.57 $ 1.65 400,000 $ 1.65 Total 400,000 0.57 $ 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 $ 0.74 280,000 1.62 $ 0.74 280,000 $ 0.74 Total 280,000 1.62 $ 0.74 280,000 $ 0.74 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding and Exercisable [Table Text Block] | December 31, 201 8 Shares Weighted Average Weighted Outstanding at beginning of period 455,000 $ 0.82 5.15 $ - Granted - - - - Exercised (175,000 ) - - - Forfeited - - - - Expired - - - - Outstanding at end of period 280,000 $ 0.34 1.62 $ - Vested and expected to vest 280,000 $ 0.34 1.62 $ - Exercisable end of period 280,000 $ 0.34 1.62 $ - |
Note 12 - Significant Custome_2
Note 12 - Significant Customers / Concentration (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Notes Tables | |
Schedule of Revenue from External Customers Attributed to Foreign Countries by Geographic Area [Table Text Block] | For the Year Ended December 31 2018 2017 United States and Canada $ 922,245 $ 1,115,447 Australia 597,214 640,322 South America 49,861 89,438 Asia 1,369,735 1,608,822 Europe 9,293,033 7,889,148 $ 12,232,088 $ 11,343,177 |
Reconciliation of Revenue from Segments to Consolidated [Table Text Block] | For the Year Ended December 31 2018 2017 Ceramic diesel particulate $ 6,536,085 $ 7,230,416 Liquid filters and systems 5,264,663 3,529,360 Development projects 431,340 458,064 Kiln furniture - 125,337 $ 12,232,088 $ 11,343,177 |
Schedule II - Valuation and Q_2
Schedule II - Valuation and Qualifying Accounts (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Notes Tables | |
Valuation Allowances and Reserves, Bad Debt Expense and Reserve for Obsolete Inventory [Table Text Block] | 201 8 201 7 Bad debt expense 353,562 (102,189 ) Reserve for obsolete inventory 251,920 (206,155 ) |
Valuation Allowances and Reserves [Table Text Block] | Balance Beginning of Year Charges to Costs and Expenses Deductions (1) Balance End of Year Year Ended December 31, 2018 Allowance for inventory obsolescence $ 1,409,074 $ 251,920 $ (549,199 ) $ 1,111,795 Allowance for doubtful accounts 660,581 353,562 (42,371 ) 971,772 Totals $ 2,069,655 $ 605,482 $ (591,570 ) $ 2,083,567 Year Ended December 31, 2017 Allowance for inventory obsolescence $ 1,421,345 $ (206,155 ) $ 193,884 $ 1,409,074 Allowance for doubtful accounts 2,128,452 (102,189 ) (1,365,682 ) 660,581 Totals $ 3,549,797 $ (308,344 ) $ (1,171,798 ) $ 2,069,655 |
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 353,562 (102,189 ) Receivables written off during the periods - (1,678,856 ) Effect of currency translation (42,371 ) 313,174 Allowance for doubtful accounts at the end of the period $ 971,772 $ 660,581 |
Note 1 - Summary of Significa_3
Note 1 - Summary of Significant Accounting Policies (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Cash, Uninsured Amount | $ 0 | $ 0 |
Value Added Tax Of Invoice, Percentage | 25.00% | |
Advertising Expense | $ 38,951 | 16,350 |
Research and Development Expense, Total | 661,014 | 536,848 |
Allocated Share-based Compensation Expense, Total | $ 56,434 | $ 178,944 |
Minimum [Member] | ||
Property, Plant and Equipment, Useful Life | 3 years | |
Maximum [Member] | ||
Property, Plant and Equipment, 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 Significa_4
Note 1 - Summary of Significant Accounting Policies - Allowance for Doubtful Accounts (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Allowance for doubtful accounts at the beginning of the period | $ 660,581 | $ 2,128,452 |
Bad debt expense | 353,562 | (102,189) |
Receivables written off during the periods | (1,678,856) | |
Effect of currency translation | (42,371) | 313,174 |
Allowance for doubtful accounts at the end of the period | $ 971,772 | $ 660,581 |
Note 2 - Inventory (Details Tex
Note 2 - Inventory (Details Textual) | Dec. 31, 2018USD ($) |
Inventory Pledged as Collateral | $ 4,011,203 |
Note 2 - Inventory - Summary of
Note 2 - Inventory - Summary of Inventory (Details) - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 |
Furnace parts and supplies | $ 596,806 | $ 400,589 |
Raw materials | 1,659,826 | 1,260,209 |
Work in process | 1,691,175 | 2,123,418 |
Finished goods and filtration systems | 1,596,042 | 2,297,743 |
Reserve for obsolescence | (1,111,794) | (1,420,093) |
Net Inventory | $ 4,432,055 | $ 4,661,866 |
Note 3 - Property and Equipme_3
Note 3 - Property and Equipment (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Depreciation, Total | $ 819,070 | $ 937,235 |
Note 3 - Property and Equipme_4
Note 3 - Property and Equipment - Summary of Property and Equipment (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Property and equipment, gross | $ 11,122,732 | $ 11,664,135 |
Less Accumulated Depreciation | (9,691,083) | (9,704,930) |
Net Property and Equipment | 1,431,649 | 1,959,205 |
Production Equipment [Member] | ||
Property and equipment, gross | 9,614,189 | 10,114,398 |
Lab Equipment [Member] | ||
Property and equipment, gross | 82,930 | 87,094 |
Computer Equipment [Member] | ||
Property and equipment, gross | 204,807 | 204,553 |
Vehicles [Member] | ||
Property and equipment, gross | $ 71,711 | 75,312 |
Furniture and Fixtures [Member] | ||
Useful Life (Year) | 5 years | |
Property and equipment, gross | $ 111,417 | 106,047 |
Leasehold Improvements [Member] | ||
Useful Life (Year) | 10 years | |
Property and equipment, gross | $ 1,037,678 | $ 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 4 - Investments at Cost (D
Note 4 - Investments at Cost (Details Textual) | Dec. 31, 2018USD ($) | Dec. 31, 2018EUR (€) | Dec. 31, 2017USD ($) | Dec. 31, 2017EUR (€) |
Other Long-term Investments | $ | $ 5,714 | $ 6,001 | ||
LEA Technology [Member] | ||||
Other Long-term Investments | € | € 5,000 | € 5,000 |
Note 4 - Investments at Cost -
Note 4 - Investments at Cost - Financial Assets and Liabilities (Details) - USD ($) | Dec. 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 | 5,714 | 6,001 |
Total | $ 5,714 | $ 6,001 |
Note 5 - Definite-life Intang_3
Note 5 - Definite-life Intangible Assets (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Intangible Assets, Net (Excluding Goodwill), Total | $ 748 | $ 3,349 |
Patents [Member] | ||
Amortization of Intangible Assets, Total | $ 2,519 | $ 2,265 |
Patents [Member] | Maximum [Member] | ||
Finite-Lived Intangible Asset, Useful Life | 10 years |
Note 5 - Definite-life Intang_4
Note 5 - Definite-life Intangible Assets - Expected Future Amortization Expense (Details) | Dec. 31, 2018USD ($) |
2019 | $ 748 |
Thereafter | |
$ 748 |
Note 6 - Lines of Credit (Detai
Note 6 - Lines of Credit (Details Textual) - Dec. 31, 2018 | USD ($) | DKK (kr) |
Line of Credit Facility, Maximum Borrowing Capacity | $ 14,514 | kr 94,620 |
Guarantor Obligations, Current Carrying Value | $ 14,514 | kr 94,620 |
Note 7 - Leases (Details Textua
Note 7 - Leases (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Operating Leases, Rent Expense, Total | $ 642,546 | $ 651,032 |
Capital Leased Assets, Gross, Total | 1,182,778 | 1,328,672 |
Capital Leases, Lessee Balance Sheet, Assets by Major Class, Accumulated Depreciation | 1,169,272 | 1,301,870 |
Depreciation, Total | 819,070 | 937,235 |
Interest Expense, Lessee, Assets under Capital Lease | 5,021 | 6,290 |
Assets Held under Capital Leases [Member] | ||
Depreciation, Total | 11,180 | $ 39,623 |
Capital Lease Obligations [Member] | ||
Debt Instrument, Periodic Payment, Total | $ 2,093 |
Note 7 - Leases - Future Minimu
Note 7 - Leases - Future Minimum Lease Payments for Non-cancelable Operating Leases (Details) | Dec. 31, 2018USD ($) |
2019 | $ 712,250 |
2020 | 578,997 |
2021 | 402,584 |
2022 | 350,249 |
Thereafter | 560,977 |
Total Minimum Lease Payments | $ 2,605,057 |
Note 7 - Leases - Future Mini_2
Note 7 - Leases - Future Minimum Capital Lease Payments (Details) - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 |
2019 | $ 14,654 | |
Thereafter | ||
Total minimum lease payments | 14,654 | |
Less amount representing interest | (865) | |
Present value of minimum lease payments | 13,789 | |
Less Current Portion | $ (13,789) | $ (26,186) |
Note 8 - Agreements, Commitme_2
Note 8 - Agreements, Commitments and Contingencies (Details Textual) | Feb. 27, 2019USD ($) | Feb. 27, 2019DKK (kr) | Nov. 20, 2018USD ($) | Nov. 20, 2018DKK (kr) | Dec. 20, 2017USD ($) | Sep. 09, 2014EUR (€) | Dec. 31, 2018USD ($) | Dec. 31, 2018EUR (€) | Dec. 31, 2017USD ($) | Dec. 31, 2018DKK (kr) |
Defined Contribution Plan, Cost | $ | $ 11,691 | $ 11,347 | ||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 14,514 | kr 94,620 | ||||||||
Guarantor Obligations, Current Carrying Value | $ 14,514 | kr 94,620 | ||||||||
Customer Dispute, Installation of Water Treatment Systems [Member] | ||||||||||
Loss Contingency, Damages Sought, Value | $ | $ 1,098,678 | |||||||||
Litigation Settlement, Amount Awarded from Other Party | € | € 380,000 | |||||||||
LiqTech International AS [Member] | Claim with Former Supplier for Breach of Agreement [Member] | ||||||||||
Loss Contingency, Damages Sought, Value | $ 68,800 | kr 448,500 | ||||||||
LiqTech International AS [Member] | Claim with Former Supplier for Services Rendered [Member] | Subsequent Event [Member] | ||||||||||
Loss Contingency, Damages Sought, Value | $ 83,400 | kr 543,905 | ||||||||
LiqTech Italy [Member] | Chief Executive Officer [Member] | ||||||||||
Loss Contingency, Damages Sought, Value | € | € 750,000 | |||||||||
Equity Method Investment, Ownership Percentage | 60.00% | |||||||||
LiqTech Italy [Member] | Chief Executive Officer [Member] | Venture [Member] | ||||||||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 40.00% |
Note 9 - Income Taxes (Details
Note 9 - Income Taxes (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
LiqTech International Inc and LiqTech NA [Member] | ||
Deferred Tax Assets, Valuation Allowance, Total | $ 3,293,000 | $ 2,833,000 |
LiqTech International AS and LiqTech Systems AS [Member] | ||
Deferred Tax Assets, Valuation Allowance, Total | 1,892,000 | 1,850,000 |
LiqTech Germany [Member] | ||
Deferred Tax Assets, Valuation Allowance, Total | 132,000 | 139,000 |
LiqTech Singapore [Member] | ||
Deferred Tax Assets, Valuation Allowance, Total | 105,000 | 110,000 |
Internal Revenue Service (IRS) [Member] | Domestic Tax Authority [Member] | ||
Deferred Tax Assets, Operating Loss Carryforwards, Domestic | 15,749,964 | |
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | (460,000) | (709,000) |
Danish Ministry of Taxation [Member] | Domestic Tax Authority [Member] | ||
Deferred Tax Assets, Operating Loss Carryforwards, Domestic | 7,454,447 | |
Danish Ministry of Taxation [Member] | Foreign Tax Authority [Member] | ||
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | (42,000) | 755,000 |
Federal Ministry of Finance, Germany [Member] | Foreign Tax Authority [Member] | ||
Deferred Tax Assets, Operating Loss Carryforwards, Foreign | 475,161 | |
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | (7,000) | 17,000 |
Inland Revenue, Singapore (IRAS) [Member] | Foreign Tax Authority [Member] | ||
Deferred Tax Assets, Operating Loss Carryforwards, Foreign | 617,359 | |
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | $ (5,000) | $ 13,000 |
Note 9 - Income Taxes - Deferre
Note 9 - Income Taxes - Deferred Tax Assets (Liabilities) (Details) - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 |
Vacation accrual | $ 3,814 | $ 2,900 |
Allowance for doubtful accounts | 734 | 743 |
Reserve for obsolete inventory | 241,624 | 305,425 |
Business tax credit carryover | 30,935 | |
Deferred Compensation | 24,451 | 16,787 |
Net operating loss carryover | 5,184,992 | 4,646,434 |
Excess of book over tax depreciation | (33,182) | (71,116) |
Valuation allowance | (5,422,432) | (4,932,108) |
Long term deferred tax asset |
Note 9 - Income Taxes - Reconci
Note 9 - Income Taxes - Reconciliation of Income Tax Expense (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Computed tax at expected statutory rate | $ (877,791) | $ (1,624,575) |
State and local income taxes, net of federal benefit | (9) | (4,350) |
Non-US income taxed at different rates | (15,535) | 256,207 |
Effect of change in corporate tax rate | 321,925 | 994,336 |
Non-deductible expenses | 14,580 | 4,664 |
Valuation allowance | 193,584 | 75,156 |
Other | (2,184) | (19,248) |
Total tax expense (benefit) | $ (365,430) | $ (317,810) |
Note 9 - Income Taxes - Compone
Note 9 - Income Taxes - Components of Income Tax Expense (Benefit) from Continuing Operations (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Current income tax expense: | ||
Federal | ||
State | ||
Current tax (benefit) | (365,430) | (317,810) |
Book in excess of tax depreciation | (40,231) | (225,111) |
Allowance for doubful accounts | 459 | |
Net operating loss carryover | (729,928) | 260,540 |
Valuation allowance | 704,876 | 75,156 |
Deferred compensation | 13,127 | (8,287) |
Accrued vacation | (949) | 2,550 |
Reserve for obsolete inventory | 53,105 | (105,307) |
Deferred tax expense (benefit) | ||
Total tax expense (benefit) | (365,430) | (317,810) |
Danish Ministry of Taxation [Member] | ||
Current income tax expense: | ||
Danish | $ (365,430) | $ (317,810) |
Note 10 - Earnings Per Share (D
Note 10 - Earnings Per Share (Details Textual) - $ / shares | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price, Ending Balance | $ 0.34 | $ 0.82 |
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 1.65 | $ 1.65 |
Preferred Stock, Shares Issued, Total | 0 | 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 |
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 | 280,000 | 455,000 |
Warrant [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 400,000 | 400,000 |
Mandatory Convertible Preferred Stock [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 2,200,837 |
Note 10 - Earnings Per Share -
Note 10 - Earnings Per Share - Amounts Used in Computing Earnings Per Share (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Net Loss attributable to LiqTech International Inc. | $ (3,814,528) | $ (4,460,353) |
Weighted average number of common shares used in basic earnings per share (in shares) | 63,843,634 | 41,595,856 |
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) | 63,843,634 | 41,595,856 |
Note 11 - Stockholders' Equit_2
Note 11 - Stockholders' Equity (Details Textual) - USD ($) | Nov. 27, 2018 | Oct. 16, 2018 | Sep. 19, 2018 | Apr. 16, 2018 | Jan. 02, 2018 | Nov. 22, 2017 | Dec. 31, 2018 | 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 | 72,915,547 | 44,229,264 | ||||||
Preferred Stock, Shares Authorized | 10,000,000 | 10,000,000 | ||||||
Preferred Stock, Shares Outstanding, Ending Balance | 0 | 2,200,837 | ||||||
Stock Issued During Period, Shares, New Issues | 19,448,529 | |||||||
Share Price | $ 0.34 | |||||||
Proceeds from Issuance of Common Stock | $ 5,865,077 | $ 6,777,100 | $ 1,825,000 | |||||
Convertible Preferred Stock, Aggregate Shares Issued upon Conversion | 8,803,348 | |||||||
Payments of Stock Issuance Costs | 747,423 | $ 192,736 | ||||||
Allocated Share-based Compensation Expense, Total | $ 56,434 | $ 178,944 | ||||||
Class of Warrant or Right, Outstanding, Non-vested Warrants | 0 | 0 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number, Ending Balance | 280,000 | 455,000 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Number of Shares, Ending Balance | 0 | |||||||
Common Stock, Shares, Outstanding, Ending Balance | 72,915,547 | 44,229,264 | ||||||
The 2011 Stock Options Plan [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number, Ending Balance | 280,000 | |||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Stock Options | $ 0 | |||||||
The 2015 Stock Option Plan [Member] | ||||||||
Stock Issued During Period, Shares, New Issues | 45,000 | 130,000 | 45,000 | |||||
Share Price | $ 0.74 | $ 1.01 | $ 0.74 | |||||
Proceeds from Issuance of Common Stock | $ 33,300 | $ 131,300 | $ 33,300 | |||||
Warrants [Member] | ||||||||
Allocated Share-based Compensation Expense, Total | 0 | $ 17,634 | ||||||
Employee Stock Option [Member] | The 2011 Stock Options Plan [Member] | ||||||||
Allocated Share-based Compensation Expense, Total | 15,767 | 70,477 | ||||||
Director [Member] | ||||||||
Stock Issued During Period, Shares, Restricted Stock Award, Gross | 59,406 | |||||||
Stock Issued During Period, Value, Restricted Stock Award, Gross | $ 60,000 | |||||||
Director [Member] | Restricted Stock [Member] | ||||||||
Allocated Share-based Compensation Expense, Total | $ 100,667 | $ 90,833 | ||||||
Convertible Preferred Stock [Member] | ||||||||
Preferred Stock, Shares Outstanding, Ending Balance | 0 | 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 11 - Stockholders' Equit_3
Note 11 - Stockholders' Equity - Warrants Outstanding by Exercise Price (Details) - $ / shares | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Exercise prices of warrants (in dollars per share) | $ 1.65 | $ 1.65 |
Warrants outstanding (in shares) | 400,000 | |
Warrants outstanding, weighted average remaining contractual life (Year) | 208 days | |
Warrants outstanding, weighted average exercise price (in dollars per share) | $ 1.65 | |
Warrants exercisable (in 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) | 400,000 | |
Warrants outstanding, weighted average remaining contractual life (Year) | 208 days | |
Warrants outstanding, weighted average exercise price (in dollars per share) | $ 1.65 | |
Warrants exercisable (in shares) | 400,000 | |
Warrants exercisable, weighted average exercise price (in dollars per share) | $ 1.65 |
Note 11 - Stockholders' Equit_4
Note 11 - Stockholders' Equity - Options Outstanding by Exercise Price (Details) | 12 Months Ended |
Dec. 31, 2018$ / sharesshares | |
Options outstanding (in shares) | shares | 280,000 |
Options outstanding, weighted average remaining contractual life (Year) | 1 year 226 days |
Options outstanding, weighted average exercise price (in dollars per share) | $ 0.74 |
Options exercisable (in shares) | shares | 280,000 |
Options exercisable, weighted average exercise price (in dollars per share) | $ 0.74 |
Price Range 1 [Member] | |
Exercise prices of options (in dollars per share) | $ 0.74 |
Options outstanding (in shares) | shares | 280,000 |
Options outstanding, weighted average remaining contractual life (Year) | 1 year 226 days |
Options outstanding, weighted average exercise price (in dollars per share) | $ 0.74 |
Options exercisable (in shares) | shares | 280,000 |
Options exercisable, weighted average exercise price (in dollars per share) | $ 0.74 |
Note 11 - Stockholders' Equit_5
Note 11 - Stockholders' Equity - Status of Options and Changes During the Year (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Outstanding, shares (in shares) | 455,000 | |
Outstanding, weighted average exercise price (in dollars per share) | $ 0.34 | $ 0.82 |
Outstanding, average remaining life (Year) | 1 year 226 days | 5 years 54 days |
Granted, shares (in shares) | ||
Granted, weighted average exercise price (in dollars per share) | ||
Exercised, shares (in shares) | (175,000) | |
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) | 280,000 | 455,000 |
Outstanding, weighted average intrinsic value | ||
Vested and expected to vest, shares (in shares) | 280,000 | |
Vested and expected to vest, weighted average exercise price (in dollars per share) | $ 0.34 | |
Vested and expected to vest, average remaining life (Year) | 1 year 226 days | |
Vested and expected to vest, weighted average intrinsic value | ||
Exercisable end of period, shares (in shares) | 280,000 | |
Exercisable end of period, weighted average exercise price (in dollars per share) | $ 0.34 | |
Exercisable end of period, average remaining life (Year) | 1 year 226 days | |
Exercisable end of period, weighted average intrinsic value |
Note 12 - Significant Custome_3
Note 12 - Significant Customers / Concentration (Details Textual) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Customer Concentration Risk [Member] | Sales Revenue, Net [Member] | ||
Number of Major Customers | 4 | 4 |
Concentration Risk, Percentage | 31.00% | 38.00% |
Customer Concentration Risk [Member] | Sales Revenue, Net [Member] | Major Customer 1 [Member] | ||
Concentration Risk, Percentage | 10.00% | 16.00% |
Customer Concentration Risk [Member] | Sales Revenue, Net [Member] | Major Customer 2 [Member] | ||
Concentration Risk, Percentage | 9.00% | 10.00% |
Customer Concentration Risk [Member] | Sales Revenue, Net [Member] | Major Customer 3 [Member] | ||
Concentration Risk, Percentage | 6.00% | 7.00% |
Customer Concentration Risk [Member] | Sales Revenue, Net [Member] | Major Customer 4 [Member] | ||
Concentration Risk, Percentage | 5.00% | 5.00% |
Geographic Concentration Risk [Member] | Assets, Total [Member] | DENMARK | ||
Concentration Risk, Percentage | 91.00% | 87.00% |
Geographic Concentration Risk [Member] | Assets, Total [Member] | UNITED STATES | ||
Concentration Risk, Percentage | 9.00% | 13.00% |
Note 12 - Significant Custome_4
Note 12 - Significant Customers / Concentration - Net Sales by Geographical Region (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Net Sales | $ 12,232,088 | $ 11,343,177 |
Reportable Geographical Components [Member] | US And Canada [Member] | ||
Net Sales | 922,245 | 1,115,447 |
Reportable Geographical Components [Member] | AUSTRALIA | ||
Net Sales | 597,214 | 640,322 |
Reportable Geographical Components [Member] | South America [Member] | ||
Net Sales | 49,861 | 89,438 |
Reportable Geographical Components [Member] | Asia [Member] | ||
Net Sales | 1,369,735 | 1,608,822 |
Reportable Geographical Components [Member] | Europe [Member] | ||
Net Sales | $ 9,293,033 | $ 7,889,148 |
Note 12 - Significant Custome_5
Note 12 - Significant Customers / Concentration - Sales by Product Line (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Net Sales | $ 12,232,088 | $ 11,343,177 |
Ceramic Diesel Particulate [Member] | ||
Net Sales | 6,536,085 | 7,230,416 |
Liquid Filters [Member] | ||
Net Sales | 5,264,663 | 3,529,360 |
Development Projects [Member] | ||
Net Sales | 431,340 | 458,064 |
Kiln Furniture [Member] | ||
Net Sales | $ 125,337 |
Note 13 - Subsequent Event (Det
Note 13 - Subsequent Event (Details Textual) - USD ($) | Feb. 25, 2019 | Jan. 02, 2018 | Feb. 14, 2019 | Dec. 31, 2018 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 175,000 | |||
Subsequent Event [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 180,000 | |||
Shares Issued, Price Per Share | $ 0.74 | |||
Proceeds from Stock Options Exercised | $ 133,200 | |||
Director [Member] | ||||
Stock Issued During Period, Shares, Restricted Stock Award, Gross | 59,406 | |||
Stock Issued During Period, Value, Restricted Stock Award, Gross | $ 60,000 | |||
Director [Member] | Subsequent Event [Member] | ||||
Stock Issued During Period, Shares, Restricted Stock Award, Gross | 146,405 | |||
Stock Issued During Period, Value, Restricted Stock Award, Gross | $ 82,595 | |||
Chief Executive Officer [Member] | Subsequent Event [Member] | ||||
Stock Issued During Period, Shares, Restricted Stock Award, Gross | 36,232 | |||
Stock Issued During Period, Value, Restricted Stock Award, Gross | $ 75,000 |
Schedule II - Valuation and Q_3
Schedule II - Valuation and Qualifying Accounts - Bad Debt Expense and Reserves for Obsolete Inventory (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Bad debt expense | $ 353,562 | $ (102,189) |
Reserve for obsolete inventory | $ 207,384 | $ (206,155) |
Schedule II - Valuation and Q_4
Schedule II - Valuation and Qualifying Accounts - Valuation and Qualifying Accounts (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | ||
Balance Beginning of Year | $ 2,069,655 | $ 3,549,797 | |
Charges to Costs and Expenses | 605,482 | (308,344) | |
Deductions | [1] | (591,570) | (1,171,798) |
Balance End of Year | 2,083,567 | 2,069,655 | |
SEC Schedule, 12-09, Reserve, Inventory [Member] | |||
Balance Beginning of Year | 1,409,074 | 1,421,345 | |
Charges to Costs and Expenses | 251,920 | (206,155) | |
Deductions | [1] | (549,199) | 193,884 |
Balance End of Year | 1,111,795 | 1,409,074 | |
SEC Schedule, 12-09, Allowance, Credit Loss [Member] | |||
Balance Beginning of Year | 660,581 | 2,128,452 | |
Charges to Costs and Expenses | 353,562 | (102,189) | |
Deductions | [1] | (42,371) | (1,365,682) |
Balance End of Year | $ 971,772 | $ 660,581 | |
[1] | Includes write-offs, the impact of foreign currency exchange rates. |
Schedule II - Valuation and Q_5
Schedule II - Valuation and Qualifying Accounts - Rollforward for Allowance for Doubtful Accounts (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Allowance for doubtful accounts at the beginning of the period | $ 660,581 | $ 2,128,452 |
Bad debt expense | 353,562 | (102,189) |
Receivables written off during the periods | (1,678,856) | |
Effect of currency translation | (42,371) | 313,174 |
Allowance for doubtful accounts at the end of the period | $ 971,772 | $ 660,581 |