Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jun. 30, 2019 | Aug. 14, 2019 | |
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 Emerging Growth Company | false | |
Entity Small Business | true | |
Entity Common Stock, Shares Outstanding (in shares) | 20,547,668 | |
Entity Shell Company | false | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2019 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false | |
Title of 12(b) Security | Common Stock |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) | Jun. 30, 2019 | Dec. 31, 2018 |
Current Assets: | ||
Cash | $ 12,572,856 | $ 3,776,111 |
Cash, restricted | 783,499 | 0 |
Accounts receivable, net | 8,460,159 | 1,308,122 |
Other receivables | 3,303,504 | 1,098,796 |
Deposits | 1,203,216 | |
Contract assets | 506,329 | 624,275 |
Inventories, net | 4,713,656 | 4,432,055 |
Prepaid expenses | 201,880 | 133,847 |
Total Current Assets | 31,745,099 | 11,373,206 |
Property and Equipment, net accumulated depreciation | 1,451,422 | 1,431,649 |
Operating lease right-of-use asset | 1,925,645 | |
Total Property and Equipment and right of use assets | 3,377,067 | 1,431,649 |
Other Assets: | ||
Investments at cost | 5,680 | 5,714 |
Other intangible assets | 748 | |
Deposits | 445,656 | 347,932 |
Total Other Assets | 451,336 | 354,394 |
Total Assets | 35,573,502 | 13,159,249 |
Current Liabilities: | ||
Current maturities of finance lease obligations | 5,201 | 13,789 |
Current maturities of operating lease liabilities | 603,152 | |
Accounts payable | 4,717,535 | 2,122,479 |
Accrued expenses | 3,008,933 | 1,868,229 |
Contract liabilities | 1,466,645 | 516,335 |
Deferred revenue / customers deposits | 571,777 | 98,781 |
Total Current Liabilities | 10,373,243 | 4,619,613 |
Operating lease liabilities, net of current maturities | 1,352,749 | |
Total Long-term Liabilities | 1,352,749 | 0 |
Total Liabilities | 11,725,992 | 4,619,613 |
Commitment and Contingencies | ||
Stockholders' Equity: | ||
Preferred stock; par value $0.001, 2,500,000 shares authorized; no shares issued or outstanding at June 30, 2019 and December 31, 2018 respectively | ||
Common stock; par value $0,001, 25,000,000 shares authorized, 20,547,668 and 18,228,887 (each after the 4-to-1 reverse stock split) shares issued and outstanding at June 30, 2019 and December 31, 2018, respectively | 20,548 | 18,229 |
Additional paid-in capital | 61,538,883 | 46,575,986 |
Accumulated deficit | (32,105,194) | (32,286,224) |
Deferred compensation | (29,166) | (23,499) |
Accumulated other comprehensive income, net | (5,577,561) | (5,744,856) |
Total Stockholders' Equity | 23,847,510 | 8,539,636 |
Total Liabilities and Stockholders' Equity | $ 35,573,502 | $ 13,159,249 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2019$ / sharesshares | Dec. 31, 2018$ / sharesshares | |
Preferred stock, par value (in dollars per share) | $ / shares | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized (in shares) | 2,500,000 | 2,500,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ / shares | $ 0.001 | $ 0.001 |
Common stock, shares authorized (in shares) | 25,000,000 | 25,000,000 |
Common stock, shares issued (in shares) | 20,547,668 | 18,228,887 |
Common stock, shares outstanding (in shares) | 20,547,668 | 18,228,887 |
Common stock, reverse stock split 4-to-1 | 4 | 4 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Net Sales | $ 9,297,186 | $ 3,598,028 | $ 16,718,384 | $ 5,989,410 |
Cost of Goods Sold | 7,222,076 | 2,938,206 | 13,168,194 | 5,389,180 |
Gross Profit | 2,075,110 | 659,822 | 3,550,190 | 600,230 |
Operating Expenses: | ||||
Selling expenses | 514,037 | 463,998 | 997,623 | 873,790 |
General and administrative expenses | 968,437 | 582,208 | 1,739,302 | 1,344,647 |
Research and development expenses | 199,184 | 176,281 | 402,356 | 345,677 |
Total Operating Expense | 1,681,658 | 1,222,487 | 3,139,281 | 2,564,114 |
Income (Loss) from Operations | 393,452 | (562,665) | 410,909 | (1,963,884) |
Other Income (Expense) | ||||
Interest and other income | 18,173 | 7,173 | 25,450 | 10,457 |
Interest expense | (36,502) | (4,174) | (75,150) | (60,474) |
Gain (Loss) on currency transactions | (206,718) | 296,140 | (158,560) | 217,086 |
Gain (Loss) on sale of fixed assets | (21,619) | (21,619) | ||
Total Other Income (Expense) | (246,666) | 299,139 | (229,879) | 167,069 |
Income (Loss) Before Income Taxes | 146,786 | (263,526) | 181,030 | (1,796,815) |
Income Tax Expense (Income) | ||||
Net Income (Loss) | $ 146,786 | $ (263,526) | $ 181,030 | $ (1,796,815) |
Basic and Diluted Income (Loss) Per Share (in dollars per share) | $ 0.01 | $ (0.004) | $ 0.01 | $ (0.03) |
Basic Weighted Average Common Shares Outstanding (in shares) | 19,211,771 | 16,214,833 | 18,742,029 | 13,682,405 |
Diluted Weighted Average Common Shares Outstanding (in shares) | 19,228,160 | 16,214,833 | 18,758,108 | 13,682,405 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Net Gain (Loss) attributable to LiqTech International, Inc. | $ 146,786 | $ (263,526) | $ 181,030 | $ (1,796,815) |
Currency Translation | 381,217 | (633,427) | 167,295 | (458,560) |
Total Comprehensive Income (Loss) | $ 528,003 | $ (896,953) | $ 348,325 | $ (2,255,375) |
Condensed Consolidated Statem_3
Condensed Consolidated Statement of Stockholders' Equity (Unaudited) - USD ($) | 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] | 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] | 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, 2017 | 2,200,837 | 11,107,316 | |||||||||||||||||||||||
BALANCE at Dec. 31, 2017 | $ 2,201 | $ 11,108 | $ 40,491,229 | $ (28,471,696) | $ (5,040,792) | $ (79,933) | |||||||||||||||||||
Common shares issued for services (in shares) | 14,852 | ||||||||||||||||||||||||
Common shares issued, for services provided | $ 14 | $ 59,986 | |||||||||||||||||||||||
Stock based compensation expenses recognized | 18,273 | ||||||||||||||||||||||||
Currency translation, net | 174,867 | ||||||||||||||||||||||||
Net Gain (Loss) attributable to LiqTech International, Inc. | (1,533,287) | ||||||||||||||||||||||||
Currency Translation | 174,867 | ||||||||||||||||||||||||
BALANCE (in shares) at Mar. 31, 2018 | 2,200,837 | 11,122,168 | |||||||||||||||||||||||
BALANCE at Mar. 31, 2018 | $ 2,201 | $ 11,123 | 40,551,214 | (30,004,983) | (4,865,925) | (61,660) | |||||||||||||||||||
BALANCE (in shares) at Dec. 31, 2017 | 2,200,837 | 11,107,316 | |||||||||||||||||||||||
BALANCE at Dec. 31, 2017 | $ 2,201 | $ 11,108 | 40,491,229 | (28,471,696) | (5,040,792) | (79,933) | |||||||||||||||||||
Currency translation, net | $ (458,560) | ||||||||||||||||||||||||
Net Gain (Loss) attributable to LiqTech International, Inc. | (1,796,815) | ||||||||||||||||||||||||
Currency Translation | (458,560) | ||||||||||||||||||||||||
BALANCE (in shares) at Jun. 30, 2018 | 18,185,137 | ||||||||||||||||||||||||
BALANCE at Jun. 30, 2018 | $ 18,185 | 46,411,430 | (30,268,509) | (5,499,352) | (52,499) | ||||||||||||||||||||
BALANCE (in shares) at Mar. 31, 2018 | 2,200,837 | 11,122,168 | |||||||||||||||||||||||
BALANCE at Mar. 31, 2018 | $ 2,201 | $ 11,123 | 40,551,214 | (30,004,983) | (4,865,925) | (61,660) | |||||||||||||||||||
Stock based compensation expenses recognized | 9,161 | ||||||||||||||||||||||||
Currency translation, net | (633,427) | (633,427) | |||||||||||||||||||||||
Net Gain (Loss) attributable to LiqTech International, Inc. | (263,526) | (263,526) | |||||||||||||||||||||||
Common shares issued, net offering cost (in shares) | 4,862,132 | ||||||||||||||||||||||||
Common shares issued, net offering cost | $ 4,862 | 5,860,215 | |||||||||||||||||||||||
Conversion of mandatory preferred stock issued (in shares) | (2,200,837) | 2,200,837 | |||||||||||||||||||||||
Conversion of mandatory preferred stock issued | $ (2,201) | $ 2,201 | |||||||||||||||||||||||
Currency Translation | (633,427) | (633,427) | |||||||||||||||||||||||
BALANCE (in shares) at Jun. 30, 2018 | 18,185,137 | ||||||||||||||||||||||||
BALANCE at Jun. 30, 2018 | $ 18,185 | 46,411,430 | (30,268,509) | (5,499,352) | (52,499) | ||||||||||||||||||||
BALANCE (in shares) at Dec. 31, 2018 | 18,228,887 | ||||||||||||||||||||||||
BALANCE at Dec. 31, 2018 | $ 18,229 | 46,575,986 | (32,286,224) | (5,744,856) | (23,499) | ||||||||||||||||||||
Common shares issued for services (in shares) | 28,993 | ||||||||||||||||||||||||
Common shares issued, for services provided | $ 29 | $ 134,138 | $ (21,667) | ||||||||||||||||||||||
Stock based compensation expenses recognized | 5,778 | 10,166 | |||||||||||||||||||||||
Currency translation, net | (213,922) | ||||||||||||||||||||||||
Net Gain (Loss) attributable to LiqTech International, Inc. | 34,244 | ||||||||||||||||||||||||
Currency Translation | (213,922) | ||||||||||||||||||||||||
Exercise of stock options (in shares) | 45,000 | ||||||||||||||||||||||||
Exercise of stock options | $ 45 | 133,155 | |||||||||||||||||||||||
BALANCE (in shares) at Mar. 31, 2019 | 18,302,880 | ||||||||||||||||||||||||
BALANCE at Mar. 31, 2019 | $ 18,303 | 46,849,057 | (32,251,980) | (5,958,778) | (35,000) | ||||||||||||||||||||
BALANCE (in shares) at Dec. 31, 2018 | 18,228,887 | ||||||||||||||||||||||||
BALANCE at Dec. 31, 2018 | $ 18,229 | 46,575,986 | (32,286,224) | (5,744,856) | (23,499) | ||||||||||||||||||||
Currency translation, net | 167,295 | ||||||||||||||||||||||||
Net Gain (Loss) attributable to LiqTech International, Inc. | 181,030 | ||||||||||||||||||||||||
Currency Translation | $ 167,295 | ||||||||||||||||||||||||
Exercise of stock options (in shares) | 45,000 | ||||||||||||||||||||||||
BALANCE (in shares) at Jun. 30, 2019 | 20,547,668 | ||||||||||||||||||||||||
BALANCE at Jun. 30, 2019 | $ 20,548 | 61,538,883 | (32,105,194) | (5,577,561) | (29,166) | ||||||||||||||||||||
BALANCE (in shares) at Mar. 31, 2019 | 18,302,880 | ||||||||||||||||||||||||
BALANCE at Mar. 31, 2019 | $ 18,303 | 46,849,057 | (32,251,980) | (5,958,778) | (35,000) | ||||||||||||||||||||
Stock based compensation expenses recognized | 17,333 | 5,834 | |||||||||||||||||||||||
Currency translation, net | 381,217 | $ 381,217 | |||||||||||||||||||||||
Net Gain (Loss) attributable to LiqTech International, Inc. | 146,786 | 146,786 | |||||||||||||||||||||||
Common shares issued, net offering cost (in shares) | 2,215,862 | ||||||||||||||||||||||||
Common shares issued, net offering cost | $ 2,216 | 14,672,522 | |||||||||||||||||||||||
Currency Translation | 381,217 | $ 381,217 | |||||||||||||||||||||||
Exercise of warrants (in shares) | 28,887 | ||||||||||||||||||||||||
Exercise of warrants | $ 29 | 29 | |||||||||||||||||||||||
Exercise of warrants | $ (29) | (29) | |||||||||||||||||||||||
BALANCE (in shares) at Jun. 30, 2019 | 20,547,668 | ||||||||||||||||||||||||
BALANCE at Jun. 30, 2019 | $ 20,548 | $ 61,538,883 | $ (32,105,194) | $ (5,577,561) | $ (29,166) |
Condensed Consolidated Statem_4
Condensed Consolidated Statement of Stockholders' Equity (Unaudited) (Parentheticals) - Common Stock [Member] - USD ($) | 3 Months Ended | |||
Jun. 30, 2019 | Jun. 30, 2018 | Mar. 31, 2019 | Mar. 31, 2018 | |
Board of Directors Chairman [Member] | Issuance 1 [Member] | ||||
Shares issued, price per share (in dollars per share) | $ 4.04 | |||
Board of Directors Chairman [Member] | Issuance 2 [Member] | ||||
Shares issued, price per share (in dollars per share) | $ 4.63 | |||
Shares issued, price per share (in dollars per share) | $ 7.25 | $ 1.36 | ||
Shares issued, offering cost | $ 1,390,262 | $ 747,423 | ||
Convertible Preferred shares, convertible securities (in shares) | 4 |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Cash Flows from Operating Activities: | ||
Net Income (Loss) | $ 181,030 | $ (1,796,815) |
Adjustments to reconcile net profit (loss) to net cash provided (used) by operations: | ||
Depreciation and amortization | 554,130 | 430,081 |
Stock-based compensation | 151,611 | 87,434 |
Changes in assets and liabilities: | ||
Accounts receivable | (7,152,037) | (319,952) |
Other receivables | (2,204,708) | 322,514 |
Deposits | (1,203,216) | |
Inventory | (281,601) | 89,754 |
Prepaid expenses/deposits | (157,913) | (78,882) |
Accounts payable | 2,595,054 | (250,828) |
Accrued expenses | 1,613,701 | (1,131,833) |
Operating lease liability | (234,934) | |
Long-term contracts | 1,068,256 | (682,820) |
Total Adjustments | (5,251,657) | (1,534,532) |
Net Cash Used in Operating Activities | (5,070,627) | (3,331,347) |
Cash Flows from Investing Activities: | ||
Purchase of property and equipment | (327,559) | (82,992) |
Net Cash Used in Investing Activities | (327,559) | (82,992) |
Cash Flows from Financing Activities: | ||
Net payments on financing lease obligation | (8,588) | (14,710) |
Proceeds from exercise of stock options | 133,200 | |
Proceeds from issuance of common stock, net | 14,674,738 | 5,865,077 |
Net Cash Provided by Financing Activities | 14,799,350 | 5,850,367 |
Gain (Loss) on Currency Translation | 179,080 | (430,727) |
Net Change in Cash, Cash Equivalents and Restricted Cash | 9,580,244 | 2,005,301 |
Cash, Cash Equivalents and Restricted Cash at Beginning of Period | 3,776,111 | 2,486,199 |
Cash, Cash Equivalents and Restricted Cash at End of Period | 13,356,355 | 4,491,500 |
Supplemental Disclosures of Cash Flow Information: | ||
Interest Paid | 50,372 | 60,474 |
Income Taxes | ||
Supplemental Disclosures of Non-Cash Investing and Financing: | ||
Common stocks issued for conversion of mandatory preferred stock | 8,803 | |
Offering costs for common stocks issuance | $ 1,390,262 | $ 747,423 |
Note 1 - Summary of Significant
Note 1 - Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | 1 Business and Basis of Presentation The consolidated financial statements include the accounts of LiqTech International, Inc., the “Company” and its subsidiaries. The terms "Company", “us", "we" and "our" as used in this report refer to the Company 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 the Company and each of its subsidiaries: LiqTech International, Inc., a Nevada corporation organized in July 2004, LiqTech USA, a Delaware corporation and a 100% 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 -- The consolidated financial statements include the accounts and operations of the Company. All material intercompany transactions and accounts have been eliminated in the consolidation. Functional Currency / Foreign currency translation -- three six June 30, 2019 2018. Cash, Cash Equivalents and Restricted Cash -- The Company considers all highly liquid debt instruments purchased with a maturity of three months or less to be cash equivalents. For the six months ended June 30, 2019 and 2018, the Company has $783,499 and $0, respectively, as restricted cash. The restricted cash is payment guarantees issued to the benefit of customers in connection with prepayments of sales orders. The restricted cash is held in a local financial institution and will be released as order deliveries are made and accepted by the customer. The Company had no balances held in a financial institution in the United States in excess of federally insured amounts at June 30, 2019 and December 31, 2018. Accounts Receivable -- The roll forward of the allowance for doubtful accounts for the six June 30, 2019 December 31, 2018 June 30, 201 9 December 31, 201 8 Allowance for doubtful accounts at the beginning of the period $ 971,772 $ 660,581 Bad debt expense - 353,562 Receivables written off during the periods (3,494 ) - Effect of currency translation (5,773 ) (42,371 ) Allowance for doubtful accounts at the end of the period $ 962,505 $ 971,772 Inventory -- first first Leases -- The Company leases certain vehicles, real property and office equipment under lease agreements. The Company evaluates each lease to determine its appropriate classification as an operating lease or finance lease for financial reporting purposes. The assets and liabilities under finance leases are recorded at the lower of the present value of future minimum lease payments or the fair market value of the related assets. Assets under finance leases are amortized using the straight-line method over the initial lease term. Amortization of assets under finance leases is included in depreciation expense. In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016 - 02, Leases (“Topic 842” ), which requires organizations that lease assets to recognize on the balance sheet the assets and liabilities for the rights and obligations created by those leases. Subsequent ASUs were issued to provide additional guidance. On January 1, 2019, the Company adopted Topic 842 using the optional transition method of adoption, under which the new standards were applied prospectively rather than restating the prior periods presented. The Company elected the package of practical expedients permitted, which, among other things, allowed the Company to carry forward the historical lease classification. The Company made the accounting policy elections to not recognize lease assets and lease liabilities with an initial term of 12 months or less and to not separate lease and non-lease components. The Company’s accounting for finance leases (formerly called capital lease obligations) remains substantially unchanged. Operating lease right-of-use (“ROU”) assets and liabilities were recognized at the commencement date based on the present value of lease payments over the lease term. As most of the Company’s leases do not provide an implicit rate, an incremental borrowing rate based on the information available at the commencement date was used in determining the present value. The Company will use the implicit rate when readily determinable. The operating lease ROU asset also included prepaid lease payments and was reduced by accrued lease payments. The Company’s lease terms may include options to extend or terminate the lease when it is reasonably certain that those options will be exercised. Operating lease cost for lease payments will be recognized on a straight-line basis over the lease term. The impact of adoption on the Company’s consolidated balance sheet was the recognition of a ROU asset of $2.1 million and an operating lease liability of $2.1 million primarily for office space leases. The Company’s adoption of Topic 842 did not materially impact its results of operation. Property and Equipment -- Property and equipment are stated at cost. Expenditures for major renewals and betterments that extend the useful lives of property and equipment are capitalized, upon being placed in service. Expenditures for maintenance and repairs are charged to expense as incurred. Depreciation is computed for financial statement purposes on a straight-line basis over the estimated useful lives of the assets, which range from three to ten years. Long-Term Investments -- may may not may Intangible Assets -- 350, two ten Revenue Recognition and Sales Incentives Accounting policy : On January 1, 2018, the Company adopted Accounting Standards Codification Topic 606, “Revenue from Contracts with Customers,” which includes clarifying ASUs issued in 2015, 2016 and 2017 (“new revenue standard”). The new revenue standard was applied to all open revenue contracts using the modified retrospective method as of January 1, 2018. The new revenue standard did not have a material impact on revenue recognition. For membrane and DPF product sales, 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 significant. Pre-payments received prior to satisfaction of performance obligations are recorded as a customer deposit liability. Given the insignificant days between revenue recognition and receipt of payment, financing components do not exist between the Company and its customers. 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 performance obligation, the customer is normally offered commissioning services (final assembly and configuration at a place designated by the customer) and this commissioning is therefore considered a second delivery performance and is valued at cost, based on the contractual performance given a standard gross margin rate. This second performance delivery is recognized as revenue at the time of delivery of the commissioning together with the cost incurred. Part of the invoicing to the customer is also attributed to the commissioning and at transfer of the control of the system (i.e. the first performance obligation), some of the invoicing will still be awaiting commissioning and is therefore recognized as Other Receivables, while the revenue related to the commissioning is recognized as Deferred Income. Aftermarket sales represent parts, 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 occurred (prepayments), the invoiced amount is recognized as Contract Assets / Contract Liabilities. The Company has received long-term contracts for grants from government entities for the 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% of the invoice amount is collected with respect of the sales of goods on behalf of tax authorities. The VAT collected is not revenue of the Company; instead, the amount is recorded as a liability on the balance sheet until such VAT is paid to the authorities. The Company’s disaggregated revenue is reported in Note 8. Advertising Cost -- $72,349 $3,326 six June 30, 2019 2018, Research and Development Cost -- six June 30, 2019 2018 $402,356 $345,677, Income Taxes -- 740 Income (Loss) Per Share -- 260, not Stock Options and Awards -- The Company has granted stock options to certain key employees during the years presented in the accompanying consolidated financial statements (see note 7 ). The Company accounts for options in accordance with the provisions of FASB ASC Topic 718, Compensation – Stock Compensation. Non-cash compensation costs of $151,611 and $87,434 have been recognized for the vesting of options and stock awards granted to employees for the six months ended June 30, 2019 and 2018, respectively. 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 – In June 2018, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2018 - 07, Compensation – Stock Compensation (“Topic 718” ): Improvements to Nonemployee Share-Based Payment Accounting, which expands the scope of Topic 718 to include share-based payment transactions for acquiring goods and services from nonemployees except for certain circumstances. Any transition impact will be a cumulative-effect adjustment to retained earnings as of the beginning of the year of adoption. The Company adopted this guidance in the first quarter of 2019, and it did not have a material impact on its consolidated financial statements. In August 2018, the Financial Accounting Standards board (“FASB”) issued Accounting Standards Update (“ASU”) 2018 - 15 (“ASU 2018 - 15” ), Intangibles - Goodwill and Other - Internal-Use Software (Topic 350 - 40 ): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract. ASU 2018 - 15 aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. The updated guidance is effective for annual periods beginning after December 15, 2019 and interim periods within those fiscal years. Early adoption is permitted. The Company is currently evaluating the new guidance to determine the impact it will have on the Company’s consolidated financial statements. In August 2018, the FASB issued ASU No. 2018 - 13, Fair Value Measurement (Topic 820 ): Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement, which modifies the disclosure requirements on fair value measurement by removing, modifying and adding certain disclosures. This ASU is effective for the annual period beginning after December 15, 2019, including interim periods within that annual period. The Company is currently evaluating the new guidance to determine the impact it will have on the Company’s consolidated financial statements. In August 2018, the SEC adopted amendments to simplify certain disclosure requirements, as set forth in Securities Act Release No. 33 - 10532, Disclosure Update and Simplification, which includes a requirement for entities to present the changes in shareholders’ equity in the interim financial statements in quarterly reports on Form 10 -Q. This amendment is effective for all filings made on or after November 5, 2018. In light of the timing of effectiveness of the amendment and proximity to the filing date for most filers’ quarterly reports, the SEC has allowed for a filer’s first presentation of the changes in shareholders’ equity to be included in its Form 10 -Q for the quarter that begins after the effective date. The Company adopted the SEC’s amendment to interim disclosures in the first quarter of 2019 and has presented the changes in shareholders’ equity on an interim basis. In February 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2016 - 02, Leases (Topic 842 ) ("ASC 842" ), which requires lessees to recognize right-of-use ("ROU") assets and related lease liabilities on the balance sheet for all leases greater than one year in duration. We adopted ASC 842 on January 1, 2019 using a modified retrospective transition approach for leases existing at, or entered after, the beginning of the earliest comparative period presented in the financial statements. The modified retrospective approach did not require any transition accounting for leases that expired before the earliest comparative period presented. The adoption of this standard resulted in the recording of ROU assets of approximately $2.1 million and lease liabilities of approximately $2.1 million for all of our lease agreements with original terms of greater than one year. The adoption of ASC 842 did not have a significant impact on our consolidated statements of operations. See Note 4 for the required disclosures relating to our lease agreements. In November 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016 - 18, Restricted Cash which requires companies in the statement of cash flows explains the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. Therefore, amounts generally described as restricted cash and restricted cash equivalents should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the Statement of Cash Flows. For the period ended June 30, 2019 the Company has recorded $783,499 as Restricted cash and $12,572,856 as Unrestricted cash and a total of $13,356,355 as Cash, Cash equivalents and Restricted cash. For the period ended December 31, 2018 the amounts were $0 in Restricted cash and $3,776,111 in Unrestricted cash. Other recent accounting pronouncements issued by the FASB did not or are not believed by management to have a material impact on the Company’s present or future financial statements. |
Note 2 - Inventory
Note 2 - Inventory | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | NOTE 2 - INVENTORY Inventory consisted of the following at June 30, 2019 December 31, 2018: 201 9 201 8 Furnace parts and supplies $ 730,370 $ 596,806 Raw materials 1,756,414 1,659,826 Work in process 1,501,307 1,691,175 Finished goods and filtration systems 1,527,554 1,596,042 Reserve for obsolescence (801,990 ) (1,111,794 ) Net Inventory $ 4,713,656 $ 4,432,055 |
Note 3 - Lines of Credit
Note 3 - Lines of Credit | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | NOTE 3 In connection with certain orders, we have to convey the customer a working guarantee or a prepayment guarantee or security bond. For that purpose, we have a guarantee credit line of DKK 94,620 $14,427 June 30, 2019) June 30, 2018, 94,620 $14,801 |
Note 4 - Leases
Note 4 - Leases | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Lessee, Operating and Finance Leases [Text Block] | NOTE 4 The Company leases certain vehicles, real property and office equipment under lease agreements. The Company evaluates each lease to determine its appropriate classification as an operating lease or finance lease for financial reporting purposes. The majority of our operating leases are non-cancelable operating leases for production and office space in Copenhagen and White Bear Lake, Minnesota. On January 1, 2019, 842 2018, Supplemental balance sheet information related to leases as of June 30, 2019 2018 June 30, 2019 December 31 , 2018 Operating leases Operating lease right-of-use $ 1,925,645 $ - Operating lease liabilities - current $ 603,152 $ - Operating lease liabilities – long-term 1,352,749 - Total operating lease liabilities $ 1,955,901 $ - Finance leases Property and equipment, at cost $ 1,171,295 $ 1,171,295 Accumulated depreciation (1,166,115 ) (1,162,256 ) Property and equipment, net $ 5,180 $ 9,039 Finance lease liabilities - current $ 5,201 $ 13,789 Finance lease liabilities – long-term - - Total finance lease liabilities $ 5,201 $ 13,789 Weighted average remaining lease term: Operating leases 4.4 - Finance lease 0.1 0.8 Weighted average discount rate: Operating leases 7.0 % - Finance leases 9.0 % 7.3 % Maturities of lease liabilities at June 30, 2019 were as follows: Operating lease Finance lease July 2019 – June 2020 $ 624,358 $ 5,240 July 2020 – June 2021 531,629 - July 2021 – June 2022 370,864 - July 2022 – June 2023 342,510 - July 2023 – June 2024 335,706 - Thereafter 27,801 - Total payment under lease agreements 2,232,868 5,240 Less imputed interest (276,967 ) (39 ) Total lease liability $ 1,955,901 $ 5,201 As previously disclosed in our 2018 10 842, December 31, 2018 Year ending December 31, Operating lease 2019 $ 712,250 2020 578,997 2021 402,584 2022 350,249 Thereafter 560,977 Total $ 2,605,057 |
Note 5 - Agreements and Commitm
Note 5 - Agreements and Commitments | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | NOTE 5 - AGREEMENTS AND COMMITMENTS 401 401 six June 30, 2019 2018, $5,677 $5,706, Contingencies may On November 20, 2018 DKK448,500 $68,800 2016 not No June 30, 2019 not On February 27, 2019, DKK543,905 $83,400 2017, 2018. no June 30, 2019. In connection with certain orders, we have to convey the customer a working guarantee or a prepayment guarantee or security bond. For that purpose, we have a guarantee line of DKK 94,620 $14,427 June 30, 2019) 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: 2019 Balance at December 31, 2018 $ 432,225 Current year warranty expense 903,216 Change in estimate related to pre-existing warranties - Payments made (275,736 ) Foreign currency effect 1,901 Balance at June 30 , 2019 $ 1,061,606 |
Note 6 - Earnings Per Share
Note 6 - Earnings Per Share | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | NOTE 6 The following data shows the amounts used in computing earnings per share and the effect on income and the weighted average number of shares of potential dilutive common stock for the six June 30, 2019 2018: For the Six Months Ended June 30 , 2019 2018 Net Gain (Loss) attributable to LiqTech International, Inc. $ 181,030 $ (1,796,815 ) Weighted average number of common shares used in basic earnings per share 18,742,029 13,682,405 Effect of dilutive securities, stock options and warrants 16,079 - Weighted average number of common shares and potential dilutive common shares outstanding used in dilutive earnings per share 18,758,108 13,682,405 For the six June 30, 2019, 25,000 $2.96 For the six June 30, 2018, 113,750 $2.96 100,000 $6.60 not |
Note 7 - Stockholders' Equity
Note 7 - Stockholders' Equity | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | NOTE 7 - STOCKHOLDERS' EQUITY Common Stock 25,000,000 $0.001 June 30, 2019, December 31, 2018, 20,547,668 4 1 April 8, 2019) 18,228,887 Voting one not Dividends -- may may Liquidation Rights -- Other Matters -- no no Preferred Stock -- one may may The Company has 2,500,000 $0.001 June 30, 2019 December 31, 2018, 0 Stock Issuances Since January 1, 2019, 4 1 April 8, 2019): On March 5, 2019, 24,827 $112,500 On January 24, January 28, February 6 March 1, 2019, 45,000 2015. $2.96 $133,200. On May 22, 2019, 2,215,862 $7.25 $14,674,738 $1,390,262 On June 6, 2019 28,887 2014. For the six June 30, 2019 2018, $39,111 $27,434 Common Stock Purchase Warrants On June 6, 2019 2014 At June 30, 2019 2018, no $0 June 30, 2019 2018 Stock Options In August 2011, June 30, 2019, 25,000 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 $0 $27,434 six June 30, 2019 2018, June 30, 2019, $0 A summary of the status of the options outstanding under the Company’s stock option plans at June 30, 2019 Options Outstanding Options Exercisable Exercise Number Weighted (years) Weighted Number Weighted $ 2.96 25,000 1.12 $ 2.96 25,000 $ 2.96 Total 25,000 1.12 $ 2.96 25,000 $ 2.96 A summary of the status of the options at June 30, 2019, Shares Weighted Average Weighted Outstanding at beginning of period 70,000 $ 2.96 1.62 $ - Granted - - - - Exercised (45,000 ) - - - Forfeited - - - - Expired - - - - Outstanding at end of period 25,000 $ 2.96 1.12 $ - Vested and expected to vest 25,000 $ 2.96 1.12 $ - Exercisable end of period 25,000 $ 2.96 1.12 $ - |
Note 8 - Significant Customers
Note 8 - Significant Customers / Concentration / Disaggregated Revenue | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | NOTE 8 - SIGNIFICANT CUSTOMERS / CONCENTRATION / DISAGGREGATED REVENUE For the six June 30, 2019, 4 74% For the six June 30, 2018, 12% The Company sells products throughout the world; disaggregated revenue by geographical region is as follows for the three six June 30, 2019 2018: For the Three Months For the Six Months Ended June 30, Ended June 30, 2019 2018 2019 2018 United States and Canada $ 255,642 $ 260,525 $ 688,229 $ 369,750 Australia 153,401 82,490 215,514 282,793 South America - 24,248 - 27,676 Asia 933,693 111,015 2,172,807 928,616 Europe 7,954,450 3,119,750 13,641,834 4,380,575 $ 9,297,186 $ 3,598,028 $ 16,718,384 $ 5,989,410 The Company’s disaggregated revenue by product line is as follows for the three six June 30, 2019 2018: For the Three Months For the Six Months Ended June 30, Ended June 30, 2019 2018 2019 2018 Ceramic diesel particulate $ 747,234 $ 1,609,057 $ 2,990,502 $ 3,537,162 Liquid filters and systems 8,453,136 1,988,971 13,493,469 2,452,248 Development projects 96,815 - 234,413 - $ 9,297,186 $ 3,598,028 $ 16,718,384 $ 5,989,410 As of June 30, 2019, 92% 8% June 30, 2018, 90% 10% |
Note 10 - Subsequent Events
Note 10 - Subsequent Events | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | NOTE 9 The Company’s management reviewed material events through August 14, 2019 no |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2019 | |
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. (“The Company”) and its subsidiaries. The terms "Company", “us", "we" and "our" as used in this report refer to The Company 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 The Company and each of its subsidiaries: LiqTech International, Inc., a Nevada corporation organized in July 2004, LiqTech USA, a Delaware corporation and a 100% 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 -- three six June 30, 2019 2018. |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash, Cash Equivalents and Restricted Cash -- three six June 30, 2019 2018, $783,499 $0, no June 30, 2019 December 31, 2018. |
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, 2019 December 31, 2018 June 30, 201 9 December 31, 201 8 Allowance for doubtful accounts at the beginning of the period $ 971,772 $ 660,581 Bad debt expense - 353,562 Receivables written off during the periods (3,494 ) - Effect of currency translation (5,773 ) (42,371 ) Allowance for doubtful accounts at the end of the period $ 962,505 $ 971,772 |
Inventory, Policy [Policy Text Block] | Inventory -- first first |
Lessee, Leases [Policy Text Block] | Leases -- In February 2016, No. 2016 02, 842” On January 1, 2019, 842 not 12 not not may $2.1 $2.1 842 not |
Property, Plant and Equipment, Policy [Policy Text Block] | Property and Equipment -- three ten |
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 from Contract with Customer [Policy Text Block] | Revenue Recognition and Sales Incentives Accounting policy January 1, 2018, 606, 2015, 2016 2017 January 1, 2018. not For membrane and DPF product sales, 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 performance obligation, the customer is normally offered commissioning services (final assembly and configuration at a place designated by the customer) and this commissioning is therefore considered a second second first Aftermarket sales represent parts, 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 the 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 The Company’s disaggregated revenue is reported in Note 8. |
Advertising Cost [Policy Text Block] | Advertising Cost -- $72,349 $3,326 six June 30, 2019 2018, |
Research, Development, and Computer Software, Policy [Policy Text Block] | Research and Development Cost -- six June 30, 2019 2018 $402,356 $345,677, |
Income Tax, Policy [Policy Text Block] | Income Taxes -- 740 |
Earnings Per Share, Policy [Policy Text Block] | Income (Loss) Per Share -- 260, not |
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 -- |
Share-based Payment Arrangement [Policy Text Block] | Stock Options and Awards -- 7 718, $151,611 $87,434 six June 30, 2019 2018, |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements June 2018, No. 2018 07, 718” 718 first 2019, not In August 2018, 2018 15 2018 15” Intangibles - Goodwill and Other - Internal-Use Software (Topic 350 40 2018 15 December 15, 2019 In August 2018, No. 2018 13, 820 December 15, 2019, In August 2018, No. 33 10532, 10 November 5, 2018. first 10 first 2019 In February 2016, No. 2016 02, 842 842" one 842 January 1, 2019 not $2.1 $2.1 one 842 not 4 In November 2016, No. 2016 18, June 30, 2019 $783,499 $12,572,856 $13,356,355 December 31, 2018 $0 $3,776,111 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) | 6 Months Ended |
Jun. 30, 2019 | |
Notes Tables | |
Financing Receivable, Allowance for Credit Loss [Table Text Block] | June 30, 201 9 December 31, 201 8 Allowance for doubtful accounts at the beginning of the period $ 971,772 $ 660,581 Bad debt expense - 353,562 Receivables written off during the periods (3,494 ) - Effect of currency translation (5,773 ) (42,371 ) Allowance for doubtful accounts at the end of the period $ 962,505 $ 971,772 |
Note 2 - Inventory (Tables)
Note 2 - Inventory (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | 201 9 201 8 Furnace parts and supplies $ 730,370 $ 596,806 Raw materials 1,756,414 1,659,826 Work in process 1,501,307 1,691,175 Finished goods and filtration systems 1,527,554 1,596,042 Reserve for obsolescence (801,990 ) (1,111,794 ) Net Inventory $ 4,713,656 $ 4,432,055 |
Note 4 - Leases (Tables)
Note 4 - Leases (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Notes Tables | |
Lessee, Operating and Finance Lease, Assets and Liabilities [Table Text Block] | June 30, 2019 December 31 , 2018 Operating leases Operating lease right-of-use $ 1,925,645 $ - Operating lease liabilities - current $ 603,152 $ - Operating lease liabilities – long-term 1,352,749 - Total operating lease liabilities $ 1,955,901 $ - Finance leases Property and equipment, at cost $ 1,171,295 $ 1,171,295 Accumulated depreciation (1,166,115 ) (1,162,256 ) Property and equipment, net $ 5,180 $ 9,039 Finance lease liabilities - current $ 5,201 $ 13,789 Finance lease liabilities – long-term - - Total finance lease liabilities $ 5,201 $ 13,789 Weighted average remaining lease term: Operating leases 4.4 - Finance lease 0.1 0.8 Weighted average discount rate: Operating leases 7.0 % - Finance leases 9.0 % 7.3 % |
Maturity of Operating and Finance Lease Liabilities [Table Text Block] | Maturities of lease liabilities at June 30, 2019 were as follows: Operating lease Finance lease July 2019 – June 2020 $ 624,358 $ 5,240 July 2020 – June 2021 531,629 - July 2021 – June 2022 370,864 - July 2022 – June 2023 342,510 - July 2023 – June 2024 335,706 - Thereafter 27,801 - Total payment under lease agreements 2,232,868 5,240 Less imputed interest (276,967 ) (39 ) Total lease liability $ 1,955,901 $ 5,201 |
Schedule of Future Minimum Lease Payments for Capital Leases and Operating Leases [Table Text Block] | Year ending December 31, Operating lease 2019 $ 712,250 2020 578,997 2021 402,584 2022 350,249 Thereafter 560,977 Total $ 2,605,057 |
Note 5 - Agreements and Commi_2
Note 5 - Agreements and Commitments (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Notes Tables | |
Schedule of Product Warranty Liability [Table Text Block] | 2019 Balance at December 31, 2018 $ 432,225 Current year warranty expense 903,216 Change in estimate related to pre-existing warranties - Payments made (275,736 ) Foreign currency effect 1,901 Balance at June 30 , 2019 $ 1,061,606 |
Note 6 - Earnings Per Share (Ta
Note 6 - Earnings Per Share (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Notes Tables | |
Schedule of Weighted Average Number of Shares [Table Text Block] | For the Six Months Ended June 30 , 2019 2018 Net Gain (Loss) attributable to LiqTech International, Inc. $ 181,030 $ (1,796,815 ) Weighted average number of common shares used in basic earnings per share 18,742,029 13,682,405 Effect of dilutive securities, stock options and warrants 16,079 - Weighted average number of common shares and potential dilutive common shares outstanding used in dilutive earnings per share 18,758,108 13,682,405 |
Note 7 - Stockholders' Equity (
Note 7 - Stockholders' Equity (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Notes Tables | |
Schedule of Stockholders' Equity Note, Warrants or Rights [Table Text Block] | Options Outstanding Options Exercisable Exercise Number Weighted (years) Weighted Number Weighted $ 2.96 25,000 1.12 $ 2.96 25,000 $ 2.96 Total 25,000 1.12 $ 2.96 25,000 $ 2.96 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding and Exercisable [Table Text Block] | Shares Weighted Average Weighted Outstanding at beginning of period 70,000 $ 2.96 1.62 $ - Granted - - - - Exercised (45,000 ) - - - Forfeited - - - - Expired - - - - Outstanding at end of period 25,000 $ 2.96 1.12 $ - Vested and expected to vest 25,000 $ 2.96 1.12 $ - Exercisable end of period 25,000 $ 2.96 1.12 $ - |
Note 8 - Significant Customer_2
Note 8 - Significant Customers / Concentration / Disaggregated Revenue (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
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, 2019 2018 2019 2018 United States and Canada $ 255,642 $ 260,525 $ 688,229 $ 369,750 Australia 153,401 82,490 215,514 282,793 South America - 24,248 - 27,676 Asia 933,693 111,015 2,172,807 928,616 Europe 7,954,450 3,119,750 13,641,834 4,380,575 $ 9,297,186 $ 3,598,028 $ 16,718,384 $ 5,989,410 |
Reconciliation of Revenue from Segments to Consolidated [Table Text Block] | For the Three Months For the Six Months Ended June 30, Ended June 30, 2019 2018 2019 2018 Ceramic diesel particulate $ 747,234 $ 1,609,057 $ 2,990,502 $ 3,537,162 Liquid filters and systems 8,453,136 1,988,971 13,493,469 2,452,248 Development projects 96,815 - 234,413 - $ 9,297,186 $ 3,598,028 $ 16,718,384 $ 5,989,410 |
Note 1 - Summary of Significa_3
Note 1 - Summary of Significant Accounting Policies (Details Textual) - USD ($) | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Jan. 01, 2019 | Dec. 31, 2018 | |
Restricted Cash and Cash Equivalents, Current, Total | $ 783,499 | $ 0 | $ 783,499 | $ 0 | $ 0 | |
Cash, Uninsured Amount | 0 | 0 | 0 | |||
Operating Lease, Right-of-Use Asset | 1,925,645 | 1,925,645 | ||||
Operating Lease, Liability, Total | 1,955,901 | $ 1,955,901 | ||||
Value Added Tax Of Invoice, Percentage | 25.00% | |||||
Advertising Expense | $ 72,349 | 3,326 | ||||
Research and Development Expense, Total | 199,184 | $ 176,281 | 402,356 | 345,677 | ||
Share-based Payment Arrangement, Expenses Including Shares Issued as a Bonus | 151,611 | $ 87,434 | ||||
Cash and Cash Equivalents, at Carrying Value, Ending Balance | 12,572,856 | 12,572,856 | $ 3,776,111 | |||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Ending Balance | $ 13,356,355 | $ 13,356,355 | ||||
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 | |||||
Accounting Standards Update 2016-02 [Member] | ||||||
Operating Lease, Right-of-Use Asset | $ 2,100,000 | |||||
Operating Lease, Liability, Total | $ 2,100,000 | |||||
LiqTech USA [Member] | LiqTech International DK [Member] | ||||||
Percentage of Subsidiary Owned | 100.00% | 100.00% | ||||
LiqTech USA [Member] | LiqTech NA [Member] | ||||||
Percentage of Subsidiary Owned | 100.00% | 100.00% | ||||
LiqTech International DK [Member] | LiqTech Germany [Member] | ||||||
Percentage of Subsidiary Owned | 100.00% | 100.00% | ||||
LiqTech International DK [Member] | LiqTech PTE [Member] | ||||||
Percentage of Subsidiary Owned | 95.00% | 95.00% | ||||
LiqTech USA [Member] | ||||||
Noncontrolling Interest, Ownership Percentage by Parent | 100.00% | 100.00% |
Note 1 - Summary of Significa_4
Note 1 - Summary of Significant Accounting Policies - Allowance for Doubtful Accounts (Details) - USD ($) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2019 | Dec. 31, 2018 | |
Allowance for doubtful accounts | $ 971,772 | $ 660,581 |
Bad debt expense | 353,562 | |
Receivables written off during the periods | (3,494) | |
Effect of currency translation | (5,773) | (42,371) |
Allowance for doubtful accounts | $ 962,505 | $ 971,772 |
Note 2 - Inventory - Summary of
Note 2 - Inventory - Summary of Inventory (Details) - USD ($) | Jun. 30, 2019 | Dec. 31, 2018 |
Furnace parts and supplies | $ 730,370 | $ 596,806 |
Raw materials | 1,756,414 | 1,659,826 |
Work in process | 1,501,307 | 1,691,175 |
Finished goods and filtration systems | 1,527,554 | 1,596,042 |
Reserve for obsolescence | (801,990) | (1,111,794) |
Net Inventory | $ 4,713,656 | $ 4,432,055 |
Note 3 - Lines of Credit (Detai
Note 3 - Lines of Credit (Details Textual) | Jun. 30, 2019USD ($) | Jun. 30, 2019DKK (kr) | Jun. 30, 2018USD ($) | Jun. 30, 2018DKK (kr) |
Line of Credit Facility, Maximum Borrowing Capacity | $ 14,427 | kr 94,620 | ||
Guarantor Obligations, Current Carrying Value | $ 14,801 | kr 94,620 |
Note 4 - Leases - Balance Sheet
Note 4 - Leases - Balance Sheet Information (Details) - USD ($) | Jun. 30, 2019 | Dec. 31, 2018 |
Operating Lease, Right-of-Use Asset | $ 1,925,645 | |
Operating lease liabilities - current | 603,152 | |
Operating lease liabilities – long-term | 1,352,749 | |
Operating Lease, Liability, Total | 1,955,901 | |
Property and equipment, at cost | 1,171,295 | 1,171,295 |
Accumulated depreciation | (1,166,115) | 1,162,256 |
Accumulated depreciation | 1,166,115 | (1,162,256) |
Property and equipment, net | 5,180 | 9,039 |
Finance lease liabilities - current | 5,201 | 13,789 |
Finance lease liabilities – long-term | ||
Total finance lease liabilities | $ 5,201 | $ 13,789 |
Operating leases (Year) | 4 years 146 days | |
Finance lease (Year) | 36 days | 292 days |
Operating leases | 7.00% | |
Finance leases | 9.00% | 7.30% |
Note 4 - Leases - Maturities of
Note 4 - Leases - Maturities of Lease Liabilities (Details) - USD ($) | Jun. 30, 2019 | Dec. 31, 2018 |
July 2019 – June 2020 | $ 624,358 | |
July 2019 – June 2020 | 5,240 | |
July 2020 – June 2021 | 531,629 | |
July 2020 – June 2021 | ||
July 2021 – June 2022 | 370,864 | |
July 2021 – June 2022 | ||
July 2022 – June 2023 | 342,510 | |
July 2022 – June 2023 | ||
July 2023 – June 2024 | 335,706 | |
July 2023 – June 2024 | ||
Thereafter | 27,801 | |
Thereafter | ||
Total payment under lease agreements | 2,232,868 | |
Total payment under lease agreements | 5,240 | |
Less imputed interest | (276,967) | |
Less imputed interest | (39) | |
Operating Lease, Liability, Total | 1,955,901 | |
Total finance lease liabilities | $ 5,201 | $ 13,789 |
Note 4 - Leases - Payments Unde
Note 4 - Leases - Payments Under Operating and Finance Lease (Details) | Dec. 31, 2018USD ($) |
2019, Operating lease | $ 712,250 |
2020, Operating lease | 578,997 |
2021, Operating lease | 402,584 |
2022, Operating lease | 350,249 |
Thereafter, Operating lease | 560,977 |
Total | $ 2,605,057 |
Note 5 - Agreements and Commi_3
Note 5 - Agreements and Commitments (Details Textual) | Feb. 27, 2019USD ($) | Feb. 27, 2019DKK (kr) | Nov. 20, 2018USD ($) | Nov. 20, 2018DKK (kr) | Jun. 30, 2019USD ($) | Jun. 30, 2018USD ($) | Jun. 30, 2019DKK (kr) | Jun. 30, 2018DKK (kr) |
Defined Contribution Plan, Cost | $ 5,677 | $ 5,706 | ||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 14,427 | kr 94,620 | ||||||
Guarantor Obligations, Current Carrying Value | $ 14,801 | kr 94,620 | ||||||
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] | ||||||||
Loss Contingency, Damages Sought, Value | $ 83,400 | kr 543,905 |
Note 5 - Agreements and Commi_4
Note 5 - Agreements and Commitments - Product Warranties (Details) | 6 Months Ended |
Jun. 30, 2019USD ($) | |
Balance | $ 432,225 |
Current year warranty expense | 903,216 |
Change in estimate related to pre-existing warranties | |
Payments made | (275,736) |
Foreign currency effect | 1,901 |
Balance | $ 1,061,606 |
Note 6 - Earnings Per Share (De
Note 6 - Earnings Per Share (Details Textual) - $ / shares | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price, Ending Balance | $ 2.96 | $ 2.96 | |
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 6.60 | ||
Minimum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price, Ending Balance | $ 2.96 | $ 2.96 | |
Share-based Payment Arrangement, Option [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 25,000 | 113,750 | |
Warrant [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 100,000 |
Note 6 - Earnings Per Share - A
Note 6 - Earnings Per Share - Amounts Used in Computing Earnings Per Share (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Net Gain (Loss) attributable to LiqTech International, Inc. | $ 146,786 | $ (263,526) | $ 181,030 | $ (1,796,815) |
Weighted average number of common shares used in basic earnings per share (in shares) | 19,211,771 | 16,214,833 | 18,742,029 | 13,682,405 |
Effect of dilutive securities, stock options and warrants (in shares) | 16,079 | |||
Weighted average number of common shares and potential dilutive common shares outstanding used in dilutive earnings per share (in shares) | 19,228,160 | 16,214,833 | 18,758,108 | 13,682,405 |
Note 7 - Stockholders' Equity_2
Note 7 - Stockholders' Equity (Details Textual) | Jun. 06, 2019shares | May 22, 2019USD ($)$ / sharesshares | Mar. 05, 2019USD ($)shares | Mar. 01, 2019USD ($)$ / sharesshares | Jun. 30, 2019USD ($)$ / sharesshares | Jun. 30, 2018USD ($)shares | Dec. 31, 2018$ / sharesshares |
Common Stock, Shares Authorized | 25,000,000 | 25,000,000 | |||||
Common Stock, Par or Stated Value Per Share | $ / shares | $ 0.001 | $ 0.001 | |||||
Common Stock, Shares, Issued, Total | 20,547,668 | 18,228,887 | |||||
Stockholders' Equity Note, Stock Split, Conversion Ratio | 4 | 4 | |||||
Preferred Stock, Shares Authorized | 2,500,000 | 2,500,000 | |||||
Preferred Stock, Shares Outstanding, Ending Balance | 0 | 0 | |||||
Proceeds from Stock Options Exercised | $ | $ 133,200 | ||||||
Proceeds from Issuance of Common Stock | $ | 14,674,738 | 5,865,077 | |||||
Class of Warrant or Right, Exercised During Period | 28,887 | ||||||
Share-based Payment Arrangement, Expense | $ | $ 39,111 | $ 27,434 | |||||
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 | 25,000 | 70,000 | |||||
Share-based Payment Arrangement, Nonvested Award, Option, Cost Not yet Recognized, Amount | $ | $ 0 | ||||||
Common Stock, Shares, Outstanding, Ending Balance | 20,547,668 | 18,228,887 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | |||||||
The 2011 Stock Options Plan [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number, Ending Balance | 25,000 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 25,000 | ||||||
Public Offering [Member] | |||||||
Stock Issued During Period, Shares, New Issues | 2,215,862 | ||||||
Share Price | $ / shares | $ 7.25 | ||||||
Proceeds from Issuance of Common Stock | $ | $ 14,674,738 | ||||||
Payments of Stock Issuance Costs | $ | $ 1,390,262 | ||||||
The 2015 Stock Option Plan [Member] | |||||||
Stock Issued During Period, Shares, New Issues | 45,000 | ||||||
Share Price | $ / shares | $ 2.96 | ||||||
Proceeds from Stock Options Exercised | $ | $ 133,200 | ||||||
Warrants [Member] | |||||||
Share-based Payment Arrangement, Expense | $ | $ 0 | $ 0 | |||||
Share-based Payment Arrangement, Option [Member] | The 2011 Stock Options Plan [Member] | |||||||
Share-based Payment Arrangement, Expense | $ | $ 0 | $ 27,434 | |||||
Director [Member] | |||||||
Stock Issued During Period, Shares, Restricted Stock Award, Gross | 24,827 | ||||||
Stock Issued During Period, Value, Restricted Stock Award, Gross | $ | $ 112,500 | ||||||
Convertible Preferred Stock [Member] | |||||||
Preferred Stock, Shares Outstanding, Ending Balance | 0 | 0 | |||||
Reverse Stock Split [Member] | |||||||
Stockholders' Equity Note, Stock Split, Conversion Ratio | 4 |
Note 7 - Stockholders' Equity -
Note 7 - Stockholders' Equity - Warrants Outstanding by Exercise Price (Details) - $ / shares | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Exercise prices of warrants (in dollars per share) | $ 6.60 | |
Warrants outstanding (in shares) | 25,000 | |
Warrants outstanding, weighted average remaining contractual life (Year) | 1 year 43 days | |
Warrants outstanding, weighted average exercise price (in dollars per share) | $ 2.96 | |
Warrants exercisable (in shares) | 25,000 | |
Warrants exercisable, weighted average exercise price (in dollars per share) | $ 2.96 | |
Warrant 1 [Member] | ||
Exercise prices of warrants (in dollars per share) | $ 2.96 | |
Warrants outstanding (in shares) | 25,000 | |
Warrants outstanding, weighted average remaining contractual life (Year) | 1 year 43 days | |
Warrants outstanding, weighted average exercise price (in dollars per share) | $ 2.96 | |
Warrants exercisable (in shares) | 25,000 | |
Warrants exercisable, weighted average exercise price (in dollars per share) | $ 2.96 |
Note 7 - Stockholders' Equity_3
Note 7 - Stockholders' Equity - Status of Options and Changes During the Year (Details) - USD ($) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2019 | Dec. 31, 2018 | |
Outstanding, shares (in shares) | 70,000 | |
Outstanding, weighted average exercise price (in dollars per share) | $ 2.96 | $ 2.96 |
Outstanding, average remaining life (Year) | 1 year 43 days | 1 year 226 days |
Outstanding, weighted average intrinsic value | ||
Granted, shares (in shares) | ||
Granted, weighted average exercise price (in dollars per share) | ||
Exercised, shares (in shares) | (45,000) | |
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) | 25,000 | 70,000 |
Vested and expected to vest, shares (in shares) | 25,000 | |
Vested and expected to vest, weighted average exercise price (in dollars per share) | $ 2.96 | |
Vested and expected to vest, average remaining life (Year) | 1 year 43 days | |
Vested and expected to vest, weighted average intrinsic value | ||
Exercisable end of period, shares (in shares) | 25,000 | |
Exercisable end of period, weighted average exercise price (in dollars per share) | $ 2.96 | |
Exercisable end of period, average remaining life (Year) | 1 year 43 days | |
Exercisable end of period, weighted average intrinsic value |
Note 8 - Significant Customer_3
Note 8 - Significant Customers / Concentration / Disaggregated Revenue (Details Textual) | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | ||
Number of Major Customers | 4 | 1 |
Concentration Risk, Percentage | 74.00% | 12.00% |
Geographic Concentration Risk [Member] | Assets, Total [Member] | DENMARK | ||
Concentration Risk, Percentage | 92.00% | 90.00% |
Geographic Concentration Risk [Member] | Assets, Total [Member] | UNITED STATES | ||
Concentration Risk, Percentage | 8.00% | 10.00% |
Note 8 - Significant Customer_4
Note 8 - Significant Customers / Concentration / Disaggregated Revenue - Net Sales by Geographical Region (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Net Sales | $ 9,297,186 | $ 3,598,028 | $ 16,718,384 | $ 5,989,410 |
Reportable Geographical Components [Member] | US And Canada [Member] | ||||
Net Sales | 255,642 | 260,525 | 688,229 | 369,750 |
Reportable Geographical Components [Member] | AUSTRALIA | ||||
Net Sales | 153,401 | 82,490 | 215,514 | 282,793 |
Reportable Geographical Components [Member] | South America [Member] | ||||
Net Sales | 24,248 | 27,676 | ||
Reportable Geographical Components [Member] | Asia [Member] | ||||
Net Sales | 933,693 | 111,015 | 2,172,807 | 928,616 |
Reportable Geographical Components [Member] | Europe [Member] | ||||
Net Sales | $ 7,954,450 | $ 3,119,750 | $ 13,641,834 | $ 4,380,575 |
Note 8 - Significant Customer_5
Note 8 - Significant Customers / Concentration / Disaggregated Revenue - Sales by Product Line (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Net Sales | $ 9,297,186 | $ 3,598,028 | $ 16,718,384 | $ 5,989,410 |
Ceramic Diesel Particulate [Member] | ||||
Net Sales | 747,234 | 1,609,057 | 2,990,502 | 3,537,162 |
Liquid Filters [Member] | ||||
Net Sales | 8,453,136 | 1,988,971 | 13,493,469 | 2,452,248 |
Development Projects [Member] | ||||
Net Sales | $ 96,815 | $ 234,413 |