LiqTech International (LIQT) 10-Q 14 Aug 19 2019 Q2 Quarterly report Financial data

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