LiqTech International (LIQT) 10-Q 10 Aug 20 2020 Q2 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	6 Months Ended
	Jun. 30, 2020	Aug. 10, 2020
Document Information [Line Items]
Entity Central Index Key	0001307579
Entity Registrant Name	LIQTECH INTERNATIONAL INC
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2020
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2020
Document Transition Report	false
Entity File Number	001-36210
Entity Incorporation, State or Country Code	NV
Entity Tax Identification Number	20-1431677
Entity Address, Address Line One	Industriparken 22C, DK 2750
Entity Address, City or Town	Ballerup
Entity Address, State or Province	DK
City Area Code	454
Local Phone Number	4986000
Title of 12(b) Security	Common Stock, $0.001 par value
Trading Symbol	LIQT
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		21,652,313

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($)	Jun. 30, 2020	Dec. 31, 2019
Current Assets:
Cash, cash equivalents and restricted cash	$ 16,230,269	$ 9,783,932
Accounts receivable, net of allowance for doubtful accounts of $147,250 and $612,434 at June 30, 2020 and December 31, 2019, respectively	4,452,526	6,272,760
Inventories, net of allowance for excess and obsolete inventory of $666,878 and $665,308 at June 30, 2020 and December 31, 2019, respectively	5,356,614	5,199,238
Contract assets	4,523,130	5,664,929
Prepaid expenses and other current assets	753,229	566,398
Total Current Assets	31,315,768	27,487,257
Long-Term Assets:
Property and Equipment, net	6,407,932	4,825,952
Operating lease right-of-use assets	4,776,456	5,053,614
Deposits and other assets	499,470	498,053
Intangible assets, net	462,716	488,716
Goodwill	236,862	236,131
Total Long-Term Assets	12,383,436	11,102,466
Total Assets	43,699,204	38,589,723
Current Liabilities:
Accounts payable	2,073,842	4,339,070
Accrued expenses	5,209,103	3,222,951
Current portion of finance lease obligations	35,589	34,772
Current portion of operating lease liabilities	957,971	999,685
Current portion of contingent earn-out	300,512	299,585
Contract liabilities	1,323,245	1,421,376
Income taxes payable	14,736	14,692
Total Current Liabilities	9,914,998	10,332,131
Deferred tax liability	308,714	338,763
Warrant liability	2,811,900	0
Finance lease obligations, net of current portion	154,832	172,273
Operating lease liabilities, net of current portion	3,951,093	4,141,855
Contingent earn-out, net of current portion	601,025	599,170
Total Long-term Liabilities	7,827,564	5,252,061
Total Liabilities	17,742,562	15,584,192
Stockholders' Equity:
Series A Mandatory Convertible Preferred stock; par value $0.001, 2,500,000 shares authorized, 0 shares issued and outstanding at June 30, 2020 and December 31, 2019	0	0
Common stock; par value $0.001, 25,000,000 shares authorized, 21,649,213 and 20,547,668 shares issued and outstanding at June 30, 2020 and December 31, 2019, respectively	21,649	20,548
Additional paid-in capital	66,364,654	61,398,150
Accumulated deficit	(34,506,920)	(32,246,608)
Accumulated other comprehensive loss	(5,922,741)	(6,166,559)
Total Stockholders' Equity	25,956,642	23,005,531
Total Liabilities and Stockholders' Equity	$ 43,699,204	$ 38,589,723

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($)	Jun. 30, 2020	Dec. 31, 2019
Accounts receivable, allowance for doubtful accounts	$ 147,250	$ 612,434
Inventories, allowance for excess and obsolete inventory	$ 666,878	$ 665,308
Preferred stock, par value (in dollars per share)	$ 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)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	25,000,000	25,000,000
Common stock, shares issued (in shares)	21,649,213	20,547,668
Common stock, shares outstanding (in shares)	21,649,213	20,547,668

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Revenue	$ 4,641,483	$ 9,297,186	$ 14,923,327	$ 16,718,384
Cost of Goods Sold	4,147,020	7,222,076	11,789,788	13,168,194
Gross Profit	494,463	2,075,110	3,133,539	3,550,190
Operating Expenses:
Selling expenses	605,947	514,037	1,282,747	997,623
General and administrative expenses	1,509,772	1,001,179	3,059,530	1,808,427
Research and development expenses	316,559	199,184	627,513	402,356
Total Operating Expense	2,432,278	1,714,400	4,969,790	3,208,406
Income (Loss) from Operations	(1,937,815)	360,710	(1,836,251)	341,784
Other Income (Expense)
Interest and other income	247	18,173	4,737	25,450
Interest expense	(36,047)	(3,760)	(61,538)	(6,025)
Fair value adjustment of warrants	(236,900)	0	(236,900)	0
Gain (Loss) on currency transactions	(368,561)	(206,718)	(160,934)	(158,560)
Gain (Loss) on sale of fixed assets	0	(21,619)	0	(21,619)
Total Other Income (Expense)	(641,261)	(213,924)	(454,635)	(160,754)
Income (Loss) Before Income Taxes	(2,579,076)	146,786	(2,290,886)	181,030
Income Tax Provision (Benefit)	(15,265)	0	(30,574)	0
Net Income (Loss)	$ (2,563,811)	$ 146,786	$ (2,260,312)	$ 181,030
Basic Income (Loss) Per Share (in dollars per share)	$ (0.12)	$ 0.01	$ (0.11)	$ 0.01
Diluted Income (Loss) Per Share (in dollars per share)	$ (0.12)	$ 0.01	$ (0.11)	$ 0.01
Basic Weighted Average Common Shares Outstanding (in shares)	20,963,186	19,211,771	20,758,855	18,742,029
Diluted Weighted Average Common Shares Outstanding (in shares)	20,963,186	19,228,160	20,758,855	18,758,108

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Net Income (Loss)	$ (2,563,811)	$ 146,786	$ (2,260,312)	$ 181,030
Other Comprehensive Income - Currency Translation, Net	739,777	381,217	243,818	167,295
Total Comprehensive Income (Loss)	$ (1,824,034)	$ 528,003	$ (2,016,494)	$ 348,325

Condensed Consolidated Statem_3

Condensed Consolidated Statement of Stockholders' Equity (Unaudited) - USD ($)	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	AOCI Attributable to Parent [Member]	Total
BALANCE (in shares) at Dec. 31, 2018	18,228,887
BALANCE at Dec. 31, 2018	$ 18,229	$ 46,552,487	$ (32,286,224)	$ (5,744,856)	$ 8,539,636
Common shares issued in settlement of RSUs for services by the board of directors (in shares)	28,993
Common shares issued in settlement of RSUs for services by the board of directors	$ 29	112,471			112,500
Stock based compensation		15,944			15,944
Currency translation, net				(213,922)	(213,922)
Net Income (Loss)			34,244		34,244
Exercising of stock options (in shares)	45,000
Exercising of stock options	$ 45	133,155			133,200
BALANCE (in shares) at Mar. 31, 2019	18,302,880
BALANCE at Mar. 31, 2019	$ 18,303	46,814,057	(32,251,980)	(5,958,778)	8,621,602
BALANCE (in shares) at Dec. 31, 2018	18,228,887
BALANCE at Dec. 31, 2018	$ 18,229	46,552,487	(32,286,224)	(5,744,856)	8,539,636
Currency translation, net					167,295
Net Income (Loss)					181,030
BALANCE (in shares) at Jun. 30, 2019	20,547,668
BALANCE at Jun. 30, 2019	$ 20,548	61,509,717	(32,105,194)	(5,577,561)	23,847,510
BALANCE (in shares) at Mar. 31, 2019	18,302,880
BALANCE at Mar. 31, 2019	$ 18,303	46,814,057	(32,251,980)	(5,958,778)	8,621,602
Stock based compensation		23,167			23,167
Currency translation, net				381,217	381,217
Net Income (Loss)			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			14,674,738
Exercise of warrants (in shares)	28,887
Exercise of warrants	$ 29	(29)
BALANCE (in shares) at Jun. 30, 2019	20,547,668
BALANCE at Jun. 30, 2019	$ 20,548	61,509,717	(32,105,194)	(5,577,561)	23,847,510
BALANCE (in shares) at Dec. 31, 2019	20,547,668
BALANCE at Dec. 31, 2019	$ 20,548	61,398,150	(32,246,608)	(6,166,559)	23,005,531
Common shares issued in settlement of RSUs for services by the board of directors (in shares)	8,212
Common shares issued in settlement of RSUs for services by the board of directors	$ 8	44,992			45,000
Stock based compensation		96,222			96,222
Currency translation, net				(495,959)	(495,959)
Net Income (Loss)			303,499		303,499
BALANCE (in shares) at Mar. 31, 2020	20,555,880
BALANCE at Mar. 31, 2020	$ 20,556	61,539,364	(31,943,109)	(6,662,518)	22,954,293
BALANCE (in shares) at Dec. 31, 2019	20,547,668
BALANCE at Dec. 31, 2019	$ 20,548	61,398,150	(32,246,608)	(6,166,559)	23,005,531
Currency translation, net					243,818
Net Income (Loss)					$ (2,260,312)
Exercising of stock options (in shares)					0
BALANCE (in shares) at Jun. 30, 2020	21,649,213
BALANCE at Jun. 30, 2020	$ 21,649	66,364,654	(34,506,920)	(5,922,741)	$ 25,956,642
BALANCE (in shares) at Mar. 31, 2020	20,555,880
BALANCE at Mar. 31, 2020	$ 20,556	61,539,364	(31,943,109)	(6,662,518)	22,954,293
Common shares issued in settlement of RSUs for services by the board of directors (in shares)	8,333
Common shares issued in settlement of RSUs for services by the board of directors	$ 8	(8)
Stock based compensation		82,335			82,335
Currency translation, net				739,777	739,777
Net Income (Loss)			(2,563,811)		(2,563,811)
Common shares issued, net offering cost (in shares)	1,085,000
Common shares issued, net offering cost	$ 1,085	4,742,963			4,744,048
BALANCE (in shares) at Jun. 30, 2020	21,649,213
BALANCE at Jun. 30, 2020	$ 21,649	$ 66,364,654	$ (34,506,920)	$ (5,922,741)	$ 25,956,642

Condensed Consolidated Statem_4

Condensed Consolidated Statement of Stockholders' Equity (Unaudited) (Parentheticals) - USD ($)	3 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Common Stock [Member]
Shares issued, offering cost per share (in dollars per share)	$ 5	$ 7.25
Additional Paid-in Capital [Member]
Shares issued, offering cost	$ 680,952	$ 1,390,262

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Cash Flows from Operating Activities:
Net Income (Loss)	$ (2,260,312)	$ 181,030
Adjustments to reconcile net income to net cash provided by (used in) operations:
Depreciation and amortization	1,183,441	554,130
Stock-based compensation	223,557	151,611
Change in fair value of warrant liability	236,900	0
Change in deferred tax asset / liability	(30,574)	0
Changes in assets and liabilities:
Accounts receivable	1,820,234	(7,152,037)
Inventory	(157,376)	(281,601)
Contract assets	1,141,799	(2,086,762)
Deposits	0	(1,203,216)
Prepaid expenses and other current assets	(184,328)	(157,913)
Accounts payable	(2,265,228)	2,595,054
Accrued expenses	1,986,152	1,613,701
Operating lease liabilities	(366,198)	(234,934)
Contract liabilities	(98,131)	950,310
Total Adjustments	3,490,248	(5,251,657)
Net Cash provided by (used in) Operating Activities	1,229,936	(5,070,627)
Cash Flows from Investing Activities:
Purchase of property and equipment	(2,171,172)	(327,559)
Purchase of other intangible assets	(23,446)	0
Net Cash used in Investing Activities	(2,194,618)	(327,559)
Cash Flows from Financing Activities:
Payments on finance lease obligation	(16,973)	(8,588)
Proceeds from exercise of stock options	0	133,200
Proceeds from issuance of prefunded warrants	2,575,000	0
Proceeds from issuance of common stock, net	4,744,048	14,674,738
Net Cash provided by Financing Activities	7,302,075	14,799,350
Gain on Currency Translation	108,944	179,080
Net change in Cash, Cash Equivalents and Restricted Cash	6,446,337	9,580,244
Cash, Cash Equivalents and Restricted Cash at Beginning of Period	9,783,932	3,776,111
Cash, Cash Equivalents and Restricted Cash at End of Period	16,230,269	13,356,355
Supplemental Disclosures of Cash Flow Information:
Interest	45,471	50,372
Income Taxes	$ 0	$ 0

Note 1 - Summary of Significant

Note 1 - Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2020
Notes to Financial Statements
Significant Accounting Policies [Text Block]	NOTE 1 Business and Basis of Presentation The consolidated financial statements include the accounts of LiqTech International, Inc., 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 applications and diesel particulate air filters in the 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% owned subsidiary of the Company formed in May 2011. LiqTech Holding A/S (formerly known as LiqTech International A/S), a Danish corporation, incorporated on January 15, 2000 ( LiqTech NA, Inc. (“LiqTech NA”), incorporated in Delaware on July 1, 2005, LiqTech Water A/S (formerly known as LiqTech Systems A/S), a Danish Corporation (“LiqTech Water”), incorporated on September 1, 2009, LiqTech Plastics A/S (formerly known as BS Plastic A/S), a Danish Corporation (“LiqTech Plastics”), acquired on September 1, 2019, LiqTech Ceramics A/S, a Danish corporation (“LiqTech Ceramics”), incorporated on December 20, 2019 LiqTech Germany (“LiqTech Germany”), a 100% owned subsidiary of LiqTech Holding, incorporated in Germany on December 9, 2011. LiqTech PTE Ltd (“LiqTech Sing”), a 95% owned subsidiary of LiqTech Holding, incorporated in Singapore on January 19, 2012. Consolidation -- Reclassification – Functional Currency / Foreign currency translation -- six June 30, 2020 2019. Cash, Cash Equivalents and Restricted Cash -- three June 30, 2020, December 31, 2019, no June 30, 2020 December 31, 2019. Accounts Receivable -- The roll-forward of the allowance for doubtful accounts for the period ended June 30, 2020 December 31, 2019 June 30 , 2020 December 31, 2019 Allowance for doubtful accounts at the beginning of the period $ 612,434 $ 971,772 Bad debt expense 327 25,044 Receivables written off during the periods (459,207 ) (362,244 ) Effect of currency translation (6,305 ) (22,138 ) Allowance for doubtful accounts at the end of the period $ 147,250 $ 612,434 Inventory – first first For inventory produced, standard costs that approximate actual cost on the FIFO method are used to value inventory. Standard costs are reviewed at least annually by management, or more often in the event that circumstances indicate a change in cost has occurred. Work in process and finished goods include material, labor and production overhead costs. The company adjusts the value of its inventory to the extent that management determines that the cost cannot be recovered due to obsolescence or other factors. Inventory valuation adjustments for excess and obsolete inventory are calculated based on current inventory levels, movement, expected useful lives, and estimated future demand of the products and spare parts. Contracts Assets – not no 12 Leases -- February 2016, No. 2016 02, 842” On January 1, 2019, 842 not 12 not not may 842 not Property and Equipment -- three ten Goodwill and Intangible Assets -- not Acquired intangible assets with determinable useful lives are amortized on a straight-line or accelerated basis over the estimated periods benefited, ranging from one five The Company evaluates the recoverability of long-lived assets by comparing the carrying amount of an asset to estimated future net undiscounted cash flows generated by the asset. If such assets are considered to be impaired, the impairment recognized is measured as the amount by which the carrying amount of the assets exceeds the fair value of the assets. The evaluation of recoverability involves estimates of future operating cash flows based upon certain forecasted assumptions, including, but not Goodwill is not Revenue Recognition -- January 1, 2018, 606, 2015, 2016 2017 January 1, 2018. not The Company sells products throughout the world; sales by geographical region are as follows for the three six June 30, 2020 2019: For the Three Months For the Six Months Ended June 30, Ended June 30, 2020 2019 2020 2019 United States and Canada $ 307,480 $ 255,642 $ 433,962 $ 688,229 Australia 61,706 153,401 103,961 215,514 South America 12,043 - 22,939 - Asia 292,756 933,693 2,326,044 2,172,807 Europe 3,967,498 7,954,450 12,036,421 13,641,834 $ 4,641,483 $ 9,297,186 $ 14,923,327 $ 16,718,384 The Company’s sales by product line are as follows for the three six June 30, 2020 2019: For the Three Months For the Six Months Ended June 30, Ended June 30, 20 20 201 9 20 20 201 9 Liquid filters and systems $ 2,551,710 $ 8,453,136 $ 10,531,998 $ 13,493,469 Diesel particulate filters 1,160,695 747,234 2,720,757 2,990,502 Plastic components 762,384 - 1,343,794 - Development projects 166,694 96,815 326,778 234,413 $ 4,641,483 $ 9,297,186 $ 14,923,327 $ 16,718,384 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 or DPF transfers to the customer or when services are rendered by the Company. 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 to the right for 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 costplus margin. System sales are recognized when the Company transfers control based upon signed acceptance of the system by the customer, which typically occurs upon shipment of the system in accordance with the terms of the contract. In connection with the system sale, 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 warranties and maintenance services. For the sale of aftermarket parts, the Company transfers control and recognizes revenue when parts are shipped to the customer. 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. 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 sheet 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 sheet as Contract liabilities. Contract assets are the Company’s rights to consideration in exchange for goods or services and is recognized when a performance obligation has been satisfied but has not third second The roll-forward of Contract assets / liabilities for the period ended June 30, 2020 December 31, 2019 June 30 , 2020 December 31, 2019 Cost incurred $ 4,305,503 $ 3,960,199 Unbilled project deliveries 1,805,884 1,971,106 VAT 397,949 862,368 Other receivables 114,036 58,397 Prepayments (2,330,373 ) (1,732,231 ) Deferred Revenue (1,093,114 ) (876,286 ) $ 3,199,885 $ 4,243,553 Distributed as follows: Contract assets $ 4,523,130 $ 5,664,929 Contract liabilities (1,323,245 ) (1,421,376 ) $ 3,199,885 $ 4,243,553 Advertising Cost -- six June 30, 2020 2019, three June 30, 2020 2019 $49,757. Research and Development Cost -- six June 30, 2020 2019 three June 30, 2020 2019, $199,184. Income Taxes -- 740 Income/(Loss) Per Share -- 260, not Stock Options and Awards -- 718, six June 30, 2020 2019, three June 30, 2020 2019, Warrant Liability -- May 2020 480, 480” Fair Value of Financial Instruments -- 820. three ● Level 1. ● Level 2. ● Level 3. no Unless otherwise disclosed, the fair value of the Company’s financial instruments including cash, accounts receivable, other receivables, prepaid expenses, accounts payable and accrued expenses approximate their recorded values due to their short-term maturities. The following table sets forth the liabilities at June 30, 2020, Fair value at reporting date using: June 30, 2020 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Contingent Earn-out Liability $ 901,537 $ - $ - $ 901,537 Prefunded warrants 2,811,900 2,811,900 - - The roll-forward of the Contingent Earn-out liability is as follows: Balance at December 31, 2019 $ 898,755 Foreign currency effect 2,782 Balance at June 30 , 2020 $ 901,537 In connection with the equity financing in May 2020, June 30, 2020. The mark-to-market expense on these warrants was $236,900 for the six June 30, 2020 not 1 The following table summarizes the fair value measurement of the warrant liability. Base value of warrants, 515,000 warrants at $5 $ 2,575,000 Fair value adjustment 236,900 Balance at June 30, 2020 $ 2,811,900 Accounting Estimates -- Recent Accounting Pronouncements – March 2020, 2020 04, 848 December 31, 2022. On March 9, 2020, 2020 03, December 15, 2019 In December 2019, 2019 12, 740 December 15, 2020 March 1, 2021 not In August 2018, No. 2018 13, 820 December 15, 2019, In November 2016, No. 2016 18, June 30, 2020 December 31, 2019 In June 2016, 2016 13, 326 2016 13. December 15, 2019 2016 13 January 1, 2020 no Other recent accounting pronouncements issued by the FASB did not not

Note 2 - Inventory

Note 2 - Inventory	6 Months Ended
	Jun. 30, 2020
Notes to Financial Statements
Inventory Disclosure [Text Block]	NOTE 2 Inventory consisted of the following at June 30, 2020 December 31, 2019: June 30, 2020 December 31, 2019 Furnace parts and supplies $ 834,710 $ 621,991 Raw materials 1,980,305 2,125,921 Work in process 2,124,366 1,624,499 Finished goods and filtration systems 1,084,111 1,492,135 Reserve for obsolescence (666,878 ) (665,308 ) Net Inventory $ 5,356,614 $ 5,199,238 Inventory valuation adjustments for excess and obsolete inventory are calculated based on current inventory levels, movements, expected useful lives, and estimated future demand for the products.

Note 3 - Leases

Note 3 - Leases	6 Months Ended
	Jun. 30, 2020
Notes to Financial Statements
Lessee, Operating and Finance Leases [Text Block]	NOTE 3 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 Hobro, Aarhus and Copenhagen, Denmark as well as in White Bear Lake, Minnesota. During the six June 30, 2020, Supplemental balance sheet information related to leases as of June 30, 2020 December 31, 2019 June 30 , 2020 December 31, 2019 Operating leases Operating lease right-of-use $ 4,776,456 $ 5,053,614 Operating lease liabilities - current $ 957,971 $ 999,685 Operating lease liabilities – long-term 3,951,093 4,141,855 Total operating lease liabilities $ 4,909,064 $ 5,141,540 Finance leases Property and equipment, at cost $ 1,366,488 $ 1,362,272 Accumulated depreciation (1,178,583 ) (1,156,145 ) Property and equipment, net $ 187,905 $ 206,127 Finance lease liabilities - current $ 35,589 $ 34,772 Finance lease liabilities – long-term 154,832 172,273 Total finance lease liabilities $ 190,421 $ 207,045 Weighted average remaining lease term: Operating leases 10.2 10.2 Finance leases 5.0 5.5 Weighted average discount rate: Operating leases 6.3 % 6.4 % Finance leases 3.9 % 3.9 % Maturities of lease liabilities at June 30, 2020 Operating lease Finance lease 2020 (remaining 6 months) $ 529,443 $ 21,210 2021 885,165 42,421 2022 805,270 40,848 2023 761,361 36,211 2024 610,822 37,156 Thereafter 3,041,218 32,650 Total payment under lease agreements 6,633,279 210,496 Less imputed interest (1,724,215 ) (20,075 ) Total lease liability $ 4,909,064 $ 190,421

Note 4 - Lines of Credit

Note 4 - Lines of Credit	6 Months Ended
	Jun. 30, 2020
Notes to Financial Statements
Debt Disclosure [Text Block]	NOTE 4 In connection with certain orders, we provide the customer a working guarantee, a prepayment guarantee or security bond. For that purpose, we have a guarantee credit line of DKK10,000,000 2016 June 30, 2020)

Note 5 - Agreements and Commitm

Note 5 - Agreements and Commitments	6 Months Ended
	Jun. 30, 2020
Notes to Financial Statements
Commitments and Contingencies Disclosure [Text Block]	NOTE 5 401 401 six June 30, 2020 2019, three June 30, 2020 2019, Contingencies -- may On November 20, 2018 2016 not No June 30, 2020 not On February 27, 2019, 2017. 2018. no June 30, 2020. Product Warranties one three may In addition, the Company sells an extended warranty for certain systems, which generally provides 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. The Company has assessed the adequacy of the recorded warranty liability at the end of the third 2019 four January 1, 2019. Changes in the Company's current and long-term warranty obligations included in accrued expenses on the balance sheet, as of June 30, 2020 December 31, 2019 June 30 , 2020 December 31, 2019 Balance at December 31 $ 813,288 $ 432,225 Warranty costs charged to cost of goods sold 287,847 707,079 Utilization charges against reserve (76,225 ) (315,556 ) Release of accrual related to expired warranties - - Foreign currency effect 6,145 (10,460 ) Balance at June 30 $ 1,031,055 $ 813,288 Purchase Obligation two two second 2020. no

Note 6 - Earnings Per Share

Note 6 - Earnings Per Share	6 Months Ended
	Jun. 30, 2020
Notes to Financial Statements
Earnings Per Share [Text Block]	NOTE 6 Basic and diluted net income (loss) per common share is determined by dividing net income (loss) by the weighted average common shares outstanding during the period. For the periods where there is a net loss, stock options and warrants have been excluded from the calculation of diluted net loss per common share because their effect would be anti-dilutive. Therefore, the weighted average common shares used to calculate both basic and diluted net loss per common share would be the same. The following data show the amounts used in computing earnings per share and the weighted average number of shares of potential dilutive common stock for the three June 30, 2020 2019: For the Six Months Ended June 30 , 2020 2019 Net Income (Loss) attributable to LiqTech International Inc. $ (2,260,312 ) $ 181,030 Weighted average number of common shares used in basic earnings per share 20,758,855 18,742,029 Effect of dilutive securities, stock options, RSUs, and warrants - 16,079 Weighted average number of common shares and potential dilutive common shares outstanding used in dilutive earnings per share 20,758,855 18,758,108 For the six June 30, 2020, For the six June 30, 2019,

Note 7 - Stockholders' Equity

Note 7 - Stockholders' Equity	6 Months Ended
	Jun. 30, 2020
Notes to Financial Statements
Stockholders' Equity Note Disclosure [Text Block]	NOTE 7 Common Stock – June 30, 2020 2019, Voting -- one not Dividends -- may may Liquidation Rights -- Other Matters -- no no Preferred Stock -- one may may The Company has 2,500,000 authorized Preferred stock, $0.001 par value. As of June 30, 2020, 2019 Stock Issuance Since January 1, 2020, On January 15, 2020, On May 21, 2020, On June 6, 2020, For the six June 30, 2020 2019, Warrants In connection with the Securities Purchase Agreement entered in May 2020, may no not not 9.99% may may not 9.99% not 61 In accordance with Accounting Standards Codification (“ASC”) 480, 480” For warrants classified as a liability, the following is a summary of the periodic changes in their fair value during the six June 30, 2020: June 30 , 20 20 Warrants outstanding January 1, 2020 - Prefunded warrants issued May 2020 515,000 Exercises and conversions - Warrants outstanding June 30, 2020 515,000 The following table summarizes the fair value measurement of the warrant liability. Base value of warrants, 515,000 warrants at $5 $ 2,575,000 Fair value adjustment 236,900 Balance at June 30, 2020 $ 2,811,900 Stock-based Compensation In 2013, June 30, 2020, three 25,000 2020 three The Company recognizes compensation costs for stock grants to Directors and management based on a stock price on the date of the grant. The Company recognized stock-based compensation expense related to share grants of $223,557 and $151,611 for the six June 30, 2020 2019, three June 30, 2020 2019 June 30, 2020, A summary of the status of the RSU's June 30, 2020 June 30, 2020 Number of units Weighted Average Fair value Aggregated Intrinsic Outstanding, December 31, 2019 133,747 $ 5.47 $ 50,824 Granted 19,430 5.92 - Vested and settled with share issuance (16,545 ) 6.91 - Forfeited - - - Outstanding, June 30, 2020 136,632 $ 5.36 $ 13,663 Stock Options In August 2015, June 30, 2020, The Company recognizes compensation costs for stock option awards to employees based on the 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 options of $0 for the six June 30, 2020 2019. June 30, 2020, A summary of the status of the options outstanding under the Company’s stock option plans on June 30, 2020 Options Outstanding Options Exercisable Exercise Number Weighted Life (years) Weighted Number Weighted $ 2.96 25,000 0.12 $ 2.96 25,000 $ 2.96 Total 25,000 0.12 $ 2.96 25,000 $ 2.96 A summary of the status of the options on June 30, 2020 June 30, 2020 Shares Weighted Average Weighted Outstanding at beginning of period 25,000 $ 2.96 0.62 $ 72,250 Granted - - - - Exercised - - - - Forfeited - - - - Expired - - - - Outstanding at end of period 25,000 $ 2.96 0.12 $ 62,500 Vested and expected to vest 25,000 $ 2.96 0.12 $ 62,500 Exercisable end of period 25,000 $ 2.96 0.12 $ 62,500

Note 8 - Significant Customers

Note 8 - Significant Customers / Concentration / Disaggregated Revenue	6 Months Ended
	Jun. 30, 2020
Notes to Financial Statements
Segment Reporting Disclosure [Text Block]	NOTE 8 The following table presents customers accounting for 10% For the Three Months For the Six Months Ended June 30, Ended June 30, 20 20 201 9 20 20 201 9 Customer A 18 % 33 % 30 % 30 % Customer B 15 % * 13 % * Customer D * 10 % * 12 % Customer E * 43 % * 33 % * Zero or less than 10% The following table presents customers accounting for 10% June 30 , 2020 December 31, 2019 Customer A 26 % 39 % Customer B 25 % 15 % Customer C * 17 % Customer D 11 % * * Zero or less than 10% As of June 30, 2020, December 31, 2019,

Note 9 - Subsequent Events

Note 9 - Subsequent Events	6 Months Ended
	Jun. 30, 2020
Notes to Financial Statements
Subsequent Events [Text Block]	NOTE 9 On July 8, 2020 2015. In March 2020, 19” March, two May, 19 We are unable to accurately predict the full impact that COVID- 19 second 2020. 12 19 not 2020. While we anticipate that the foregoing measures are temporary, we cannot predict the specific duration for which these precautionary measures will stay in effect, and our business may may

Significant Accounting Policies

Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2020
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 applications and diesel particulate air filters in the 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% owned subsidiary of the Company formed in May 2011. LiqTech Holding A/S (formerly known as LiqTech International A/S), a Danish corporation, incorporated on January 15, 2000 ( LiqTech NA, Inc. (“LiqTech NA”), incorporated in Delaware on July 1, 2005, LiqTech Water A/S (formerly known as LiqTech Systems A/S), a Danish Corporation (“LiqTech Water”), incorporated on September 1, 2009, LiqTech Plastics A/S (formerly known as BS Plastic A/S), a Danish Corporation (“LiqTech Plastics”), acquired on September 1, 2019, LiqTech Ceramics A/S, a Danish corporation (“LiqTech Ceramics”), incorporated on December 20, 2019 LiqTech Germany (“LiqTech Germany”), a 100% owned subsidiary of LiqTech Holding, incorporated in Germany on December 9, 2011. LiqTech PTE Ltd (“LiqTech Sing”), a 95% owned subsidiary of LiqTech Holding, incorporated in Singapore on January 19, 2012.
Consolidation, Policy [Policy Text Block]	Consolidation --
Reclassification, Comparability Adjustment [Policy Text Block]	Reclassification –
Foreign Currency Transactions and Translations Policy [Policy Text Block]	Functional Currency / Foreign currency translation -- six June 30, 2020 2019.
Cash and Cash Equivalents, Policy [Policy Text Block]	Cash, Cash Equivalents and Restricted Cash -- three June 30, 2020, December 31, 2019, no June 30, 2020 December 31, 2019.
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 period ended June 30, 2020 December 31, 2019 June 30 , 2020 December 31, 2019 Allowance for doubtful accounts at the beginning of the period $ 612,434 $ 971,772 Bad debt expense 327 25,044 Receivables written off during the periods (459,207 ) (362,244 ) Effect of currency translation (6,305 ) (22,138 ) Allowance for doubtful accounts at the end of the period $ 147,250 $ 612,434
Inventory, Policy [Policy Text Block]	Inventory – first first For inventory produced, standard costs that approximate actual cost on the FIFO method are used to value inventory. Standard costs are reviewed at least annually by management, or more often in the event that circumstances indicate a change in cost has occurred. Work in process and finished goods include material, labor and production overhead costs. The company adjusts the value of its inventory to the extent that management determines that the cost cannot be recovered due to obsolescence or other factors. Inventory valuation adjustments for excess and obsolete inventory are calculated based on current inventory levels, movement, expected useful lives, and estimated future demand of the products and spare parts.
Receivable [Policy Text Block]	Contracts Assets – not no 12
Lessee, Leases [Policy Text Block]	Leases -- February 2016, No. 2016 02, 842” On January 1, 2019, 842 not 12 not not may 842 not
Property, Plant and Equipment, Policy [Policy Text Block]	Property and Equipment -- three ten
Goodwill and Intangible Assets, Policy [Policy Text Block]	Goodwill and Intangible Assets -- not Acquired intangible assets with determinable useful lives are amortized on a straight-line or accelerated basis over the estimated periods benefited, ranging from one five The Company evaluates the recoverability of long-lived assets by comparing the carrying amount of an asset to estimated future net undiscounted cash flows generated by the asset. If such assets are considered to be impaired, the impairment recognized is measured as the amount by which the carrying amount of the assets exceeds the fair value of the assets. The evaluation of recoverability involves estimates of future operating cash flows based upon certain forecasted assumptions, including, but not Goodwill is not
Revenue from Contract with Customer [Policy Text Block]	Revenue Recognition -- January 1, 2018, 606, 2015, 2016 2017 January 1, 2018. not The Company sells products throughout the world; sales by geographical region are as follows for the three six June 30, 2020 2019: For the Three Months For the Six Months Ended June 30, Ended June 30, 2020 2019 2020 2019 United States and Canada $ 307,480 $ 255,642 $ 433,962 $ 688,229 Australia 61,706 153,401 103,961 215,514 South America 12,043 - 22,939 - Asia 292,756 933,693 2,326,044 2,172,807 Europe 3,967,498 7,954,450 12,036,421 13,641,834 $ 4,641,483 $ 9,297,186 $ 14,923,327 $ 16,718,384 The Company’s sales by product line are as follows for the three six June 30, 2020 2019: For the Three Months For the Six Months Ended June 30, Ended June 30, 20 20 201 9 20 20 201 9 Liquid filters and systems $ 2,551,710 $ 8,453,136 $ 10,531,998 $ 13,493,469 Diesel particulate filters 1,160,695 747,234 2,720,757 2,990,502 Plastic components 762,384 - 1,343,794 - Development projects 166,694 96,815 326,778 234,413 $ 4,641,483 $ 9,297,186 $ 14,923,327 $ 16,718,384 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 or DPF transfers to the customer or when services are rendered by the Company. 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 to the right for 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 costplus margin. System sales are recognized when the Company transfers control based upon signed acceptance of the system by the customer, which typically occurs upon shipment of the system in accordance with the terms of the contract. In connection with the system sale, 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 warranties and maintenance services. For the sale of aftermarket parts, the Company transfers control and recognizes revenue when parts are shipped to the customer. 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. 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 sheet 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 sheet as Contract liabilities. Contract assets are the Company’s rights to consideration in exchange for goods or services and is recognized when a performance obligation has been satisfied but has not third second The roll-forward of Contract assets / liabilities for the period ended June 30, 2020 December 31, 2019 June 30 , 2020 December 31, 2019 Cost incurred $ 4,305,503 $ 3,960,199 Unbilled project deliveries 1,805,884 1,971,106 VAT 397,949 862,368 Other receivables 114,036 58,397 Prepayments (2,330,373 ) (1,732,231 ) Deferred Revenue (1,093,114 ) (876,286 ) $ 3,199,885 $ 4,243,553 Distributed as follows: Contract assets $ 4,523,130 $ 5,664,929 Contract liabilities (1,323,245 ) (1,421,376 ) $ 3,199,885 $ 4,243,553
Advertising Cost [Policy Text Block]	Advertising Cost -- six June 30, 2020 2019, three June 30, 2020 2019 $49,757.
Research and Development Expense, Policy [Policy Text Block]	Research and Development Cost -- six June 30, 2020 2019 three June 30, 2020 2019, $199,184.
Income Tax, Policy [Policy Text Block]	Income Taxes -- 740
Earnings Per Share, Policy [Policy Text Block]	Income/(Loss) Per Share -- 260, not
Share-based Payment Arrangement [Policy Text Block]	Stock Options and Awards -- 718, six June 30, 2020 2019, three June 30, 2020 2019,
Warrant Liability [Policy Text Block]	Warrant Liability -- May 2020 480, 480”
Fair Value Measurement, Policy [Policy Text Block]	Fair Value of Financial Instruments -- 820. three ● Level 1. ● Level 2. ● Level 3. no Unless otherwise disclosed, the fair value of the Company’s financial instruments including cash, accounts receivable, other receivables, prepaid expenses, accounts payable and accrued expenses approximate their recorded values due to their short-term maturities. The following table sets forth the liabilities at June 30, 2020, Fair value at reporting date using: June 30, 2020 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Contingent Earn-out Liability $ 901,537 $ - $ - $ 901,537 Prefunded warrants 2,811,900 2,811,900 - - The roll-forward of the Contingent Earn-out liability is as follows: Balance at December 31, 2019 $ 898,755 Foreign currency effect 2,782 Balance at June 30 , 2020 $ 901,537 In connection with the equity financing in May 2020, June 30, 2020. The mark-to-market expense on these warrants was $236,900 for the six June 30, 2020 not 1 The following table summarizes the fair value measurement of the warrant liability. Base value of warrants, 515,000 warrants at $5 $ 2,575,000 Fair value adjustment 236,900 Balance at June 30, 2020 $ 2,811,900
Use of Estimates, Policy [Policy Text Block]	Accounting Estimates --
New Accounting Pronouncements, Policy [Policy Text Block]	Recent Accounting Pronouncements – March 2020, 2020 04, 848 December 31, 2022. On March 9, 2020, 2020 03, December 15, 2019 In December 2019, 2019 12, 740 December 15, 2020 March 1, 2021 not In August 2018, No. 2018 13, 820 December 15, 2019, In November 2016, No. 2016 18, June 30, 2020 December 31, 2019 In June 2016, 2016 13, 326 2016 13. December 15, 2019 2016 13 January 1, 2020 no 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, 2020
Notes Tables
Financing Receivable, Allowance for Credit Loss [Table Text Block]	June 30 , 2020 December 31, 2019 Allowance for doubtful accounts at the beginning of the period $ 612,434 $ 971,772 Bad debt expense 327 25,044 Receivables written off during the periods (459,207 ) (362,244 ) Effect of currency translation (6,305 ) (22,138 ) Allowance for doubtful accounts at the end of the period $ 147,250 $ 612,434
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, 2020 2019 2020 2019 United States and Canada $ 307,480 $ 255,642 $ 433,962 $ 688,229 Australia 61,706 153,401 103,961 215,514 South America 12,043 - 22,939 - Asia 292,756 933,693 2,326,044 2,172,807 Europe 3,967,498 7,954,450 12,036,421 13,641,834 $ 4,641,483 $ 9,297,186 $ 14,923,327 $ 16,718,384
Reconciliation of Revenue from Segments to Consolidated [Table Text Block]	For the Three Months For the Six Months Ended June 30, Ended June 30, 20 20 201 9 20 20 201 9 Liquid filters and systems $ 2,551,710 $ 8,453,136 $ 10,531,998 $ 13,493,469 Diesel particulate filters 1,160,695 747,234 2,720,757 2,990,502 Plastic components 762,384 - 1,343,794 - Development projects 166,694 96,815 326,778 234,413 $ 4,641,483 $ 9,297,186 $ 14,923,327 $ 16,718,384
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Table Text Block]	June 30 , 2020 December 31, 2019 Cost incurred $ 4,305,503 $ 3,960,199 Unbilled project deliveries 1,805,884 1,971,106 VAT 397,949 862,368 Other receivables 114,036 58,397 Prepayments (2,330,373 ) (1,732,231 ) Deferred Revenue (1,093,114 ) (876,286 ) $ 3,199,885 $ 4,243,553 Distributed as follows: Contract assets $ 4,523,130 $ 5,664,929 Contract liabilities (1,323,245 ) (1,421,376 ) $ 3,199,885 $ 4,243,553
Fair Value, Assets Measured on Recurring Basis [Table Text Block]	Fair value at reporting date using: June 30, 2020 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Contingent Earn-out Liability $ 901,537 $ - $ - $ 901,537 Prefunded warrants 2,811,900 2,811,900 - -
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block]	Balance at December 31, 2019 $ 898,755 Foreign currency effect 2,782 Balance at June 30 , 2020 $ 901,537
Schedule of Stockholders' Equity Note, Warrants or Rights Activity [Table Text Block]	Base value of warrants, 515,000 warrants at $5 $ 2,575,000 Fair value adjustment 236,900 Balance at June 30, 2020 $ 2,811,900

Note 2 - Inventory (Tables)

Note 2 - Inventory (Tables)	6 Months Ended
	Jun. 30, 2020
Notes Tables
Schedule of Inventory, Current [Table Text Block]	June 30, 2020 December 31, 2019 Furnace parts and supplies $ 834,710 $ 621,991 Raw materials 1,980,305 2,125,921 Work in process 2,124,366 1,624,499 Finished goods and filtration systems 1,084,111 1,492,135 Reserve for obsolescence (666,878 ) (665,308 ) Net Inventory $ 5,356,614 $ 5,199,238

Note 3 - Leases (Tables)

Note 3 - Leases (Tables)	6 Months Ended
	Jun. 30, 2020
Notes Tables
Lessee, Operating and Finance Lease, Assets and Liabilities [Table Text Block]	June 30 , 2020 December 31, 2019 Operating leases Operating lease right-of-use $ 4,776,456 $ 5,053,614 Operating lease liabilities - current $ 957,971 $ 999,685 Operating lease liabilities – long-term 3,951,093 4,141,855 Total operating lease liabilities $ 4,909,064 $ 5,141,540 Finance leases Property and equipment, at cost $ 1,366,488 $ 1,362,272 Accumulated depreciation (1,178,583 ) (1,156,145 ) Property and equipment, net $ 187,905 $ 206,127 Finance lease liabilities - current $ 35,589 $ 34,772 Finance lease liabilities – long-term 154,832 172,273 Total finance lease liabilities $ 190,421 $ 207,045 Weighted average remaining lease term: Operating leases 10.2 10.2 Finance leases 5.0 5.5 Weighted average discount rate: Operating leases 6.3 % 6.4 % Finance leases 3.9 % 3.9 %
Maturity of Operating and Finance Lease Liabilities [Table Text Block]	Operating lease Finance lease 2020 (remaining 6 months) $ 529,443 $ 21,210 2021 885,165 42,421 2022 805,270 40,848 2023 761,361 36,211 2024 610,822 37,156 Thereafter 3,041,218 32,650 Total payment under lease agreements 6,633,279 210,496 Less imputed interest (1,724,215 ) (20,075 ) Total lease liability $ 4,909,064 $ 190,421

Note 5 - Agreements and Commi_2

Note 5 - Agreements and Commitments (Tables)	6 Months Ended
	Jun. 30, 2020
Notes Tables
Schedule of Product Warranty Liability [Table Text Block]	June 30 , 2020 December 31, 2019 Balance at December 31 $ 813,288 $ 432,225 Warranty costs charged to cost of goods sold 287,847 707,079 Utilization charges against reserve (76,225 ) (315,556 ) Release of accrual related to expired warranties - - Foreign currency effect 6,145 (10,460 ) Balance at June 30 $ 1,031,055 $ 813,288

Note 6 - Earnings Per Share (Ta

Note 6 - Earnings Per Share (Tables)	6 Months Ended
	Jun. 30, 2020
Notes Tables
Schedule of Weighted Average Number of Shares [Table Text Block]	For the Six Months Ended June 30 , 2020 2019 Net Income (Loss) attributable to LiqTech International Inc. $ (2,260,312 ) $ 181,030 Weighted average number of common shares used in basic earnings per share 20,758,855 18,742,029 Effect of dilutive securities, stock options, RSUs, and warrants - 16,079 Weighted average number of common shares and potential dilutive common shares outstanding used in dilutive earnings per share 20,758,855 18,758,108

Note 7 - Stockholders' Equity (

Note 7 - Stockholders' Equity (Tables)	6 Months Ended
	Jun. 30, 2020
Notes Tables
Schedule of Stockholders' Equity Note, Warrants or Rights [Table Text Block]	June 30 , 20 20 Warrants outstanding January 1, 2020 - Prefunded warrants issued May 2020 515,000 Exercises and conversions - Warrants outstanding June 30, 2020 515,000 Base value of warrants, 515,000 warrants at $5 $ 2,575,000 Fair value adjustment 236,900 Balance at June 30, 2020 $ 2,811,900
Schedule of Nonvested Restricted Stock Units Activity [Table Text Block]	June 30, 2020 Number of units Weighted Average Fair value Aggregated Intrinsic Outstanding, December 31, 2019 133,747 $ 5.47 $ 50,824 Granted 19,430 5.92 - Vested and settled with share issuance (16,545 ) 6.91 - Forfeited - - - Outstanding, June 30, 2020 136,632 $ 5.36 $ 13,663
Share-based Payment Arrangement, Option, Exercise Price Range [Table Text Block]	Options Outstanding Options Exercisable Exercise Number Weighted Life (years) Weighted Number Weighted $ 2.96 25,000 0.12 $ 2.96 25,000 $ 2.96 Total 25,000 0.12 $ 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]	June 30, 2020 Shares Weighted Average Weighted Outstanding at beginning of period 25,000 $ 2.96 0.62 $ 72,250 Granted - - - - Exercised - - - - Forfeited - - - - Expired - - - - Outstanding at end of period 25,000 $ 2.96 0.12 $ 62,500 Vested and expected to vest 25,000 $ 2.96 0.12 $ 62,500 Exercisable end of period 25,000 $ 2.96 0.12 $ 62,500

Note 8 - Significant Customer_2

Note 8 - Significant Customers / Concentration / Disaggregated Revenue (Tables)	6 Months Ended
	Jun. 30, 2020
Notes Tables
Schedules of Concentration of Risk, by Risk Factor [Table Text Block]	For the Three Months For the Six Months Ended June 30, Ended June 30, 20 20 201 9 20 20 201 9 Customer A 18 % 33 % 30 % 30 % Customer B 15 % * 13 % * Customer D * 10 % * 12 % Customer E * 43 % * 33 % June 30 , 2020 December 31, 2019 Customer A 26 % 39 % Customer B 25 % 15 % Customer C * 17 % Customer D 11 % *

Note 1 - Summary of Significa_3

Note 1 - Summary of Significant Accounting Policies (Details Textual) - USD ($)	1 Months Ended	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	May 21, 2020	Dec. 31, 2019
Restricted Cash and Cash Equivalents, Current, Total	$ 2,711,608	$ 2,711,608		$ 2,711,608			$ 2,714,173
Cash, Uninsured Amount	0	0		0			0
Advertising Expense		36,786	$ 49,757	62,023	$ 72,349
Research and Development Expense, Total		316,559	199,184	627,513	402,356
Share-based Payment Arrangement, Expense		82,335	23,167	223,557	151,611
Warrants and Rights Outstanding	2,811,900	2,811,900		2,811,900		$ 2,575,000
Fair Value Adjustment of Warrants	236,900	236,900	$ 0	236,900	$ 0
Cash and Cash Equivalents, at Carrying Value, Ending Balance	13,518,661	13,518,661		13,518,661			$ 7,069,759
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Ending Balance	$ 16,230,269	$ 16,230,269		$ 16,230,269
Customer Relationships [Member]
Finite-Lived Intangible Asset, Useful Life (Year)				5 years
Minimum [Member]
Property, Plant and Equipment, Useful Life (Year)				3 years
Finite-Lived Intangible Asset, Useful Life (Year)				1 year
Maximum [Member]
Property, Plant and Equipment, Useful Life (Year)				10 years
Finite-Lived Intangible Asset, Useful Life (Year)				10 years
LiqTech USA [Member] | LiqTech International DK [Member]
Percentage of Subsidiary Owned	100.00%	100.00%		100.00%
LiqTech USA [Member] | LiqTech NA [Member]
Percentage of Subsidiary Owned	100.00%	100.00%		100.00%
LiqTech International DK [Member] | LiqTech Germany [Member]
Percentage of Subsidiary Owned	100.00%	100.00%		100.00%
LiqTech International DK [Member] | LiqTech PTE [Member]
Percentage of Subsidiary Owned	95.00%	95.00%		95.00%
LiqTech USA [Member]
Noncontrolling Interest, Ownership Percentage by Parent	100.00%	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, 2020	Dec. 31, 2019
Allowance for doubtful accounts	$ 612,434	$ 971,772
Bad debt expense	327	25,044
Receivables written off during the periods	(459,207)	(362,244)
Effect of currency translation	(6,305)	(22,138)
Allowance for doubtful accounts	$ 147,250	$ 612,434

Note 1 - Summary of Significa_5

Note 1 - Summary of Significant Accounting Policies - Net Sales by Geographical Region (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Net Sales	$ 4,641,483	$ 9,297,186	$ 14,923,327	$ 16,718,384
Reportable Geographical Components [Member] | US And Canada [Member]
Net Sales	307,480	255,642	433,962	688,229
Reportable Geographical Components [Member] | AUSTRALIA
Net Sales	61,706	153,401	103,961	215,514
Reportable Geographical Components [Member] | South America [Member]
Net Sales	12,043	0	22,939	0
Reportable Geographical Components [Member] | Asia [Member]
Net Sales	292,756	933,693	2,326,044	2,172,807
Reportable Geographical Components [Member] | Europe [Member]
Net Sales	$ 3,967,498	$ 7,954,450	$ 12,036,421	$ 13,641,834

Note 1 - Summary of Significa_6

Note 1 - Summary of Significant Accounting Policies - Sales by Product Line (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Net Sales	$ 4,641,483	$ 9,297,186	$ 14,923,327	$ 16,718,384
Liquid Filters [Member]
Net Sales	2,551,710	8,453,136	10,531,998	13,493,469
Ceramic Diesel Particulate [Member]
Net Sales	1,160,695	747,234	2,720,757	2,990,502
Plastic Products [Member]
Net Sales	762,384	0	1,343,794	0
Development Projects [Member]
Net Sales	$ 166,694	$ 96,815	$ 326,778	$ 234,413

Note 1 - Summary of Significa_7

Note 1 - Summary of Significant Accounting Policies - Contract Assets and Liabilities (Details) - USD ($)	6 Months Ended	12 Months Ended
	Jun. 30, 2020	Dec. 31, 2019
Cost incurred	$ 4,305,503	$ 3,960,199
Unbilled project deliveries	1,805,884	1,971,106
VAT	397,949	862,368
Other receivables	114,036	58,397
Prepayments	(2,330,373)	(1,732,231)
Deferred Revenue	(1,093,114)	(876,286)
Contract with Customer, Asset (Liability), Net	3,199,885	4,243,553
Contract assets	4,523,130	5,664,929
Contract liabilities	(1,323,245)	(1,421,376)
Contract with Customer, Asset (Liability), Net	$ 3,199,885	$ 4,243,553

Note 1 - Summary of Significa_8

Note 1 - Summary of Significant Accounting Policies - Recurring Fair Value Measurements (Details) - USD ($)	Jun. 30, 2020	May 21, 2020
Prefunded warrants	$ 2,811,900	$ 2,575,000
Fair Value, Recurring [Member]
Contingent Earn-out Liability	901,537
Prefunded warrants	2,811,900
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member]
Contingent Earn-out Liability	0
Prefunded warrants	2,811,900
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member]
Contingent Earn-out Liability	0
Prefunded warrants	0
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member]
Contingent Earn-out Liability	901,537
Prefunded warrants	$ 0

Note 1 - Summary of Significa_9

Note 1 - Summary of Significant Accounting Policies - Liabilities Measured at Fair Value (Details)	6 Months Ended
	Jun. 30, 2020USD ($)
Balance	$ 898,755
Foreign currency effect	2,782
Balance	$ 901,537

Note 1 - Summary of Signific_10

Note 1 - Summary of Significant Accounting Policies - Fair Value Measurement of Warrant Liability (Details) - USD ($)	1 Months Ended	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Base value of warrants, 515,000 warrants at $5	$ 2,575,000
Fair value adjustment	236,900	$ 236,900	$ 0	$ 236,900	$ 0
Balance at June 30, 2020	$ 2,811,900	$ 2,811,900		$ 2,811,900

Note 1 - Summary of Signific_11

Note 1 - Summary of Significant Accounting Policies - Fair Value Measurement of Warrant Liability (Details) (Parentheticals) - $ / shares	Jun. 30, 2020	May 21, 2020	Dec. 31, 2019
Warrants (in shares)	515,000		0
Warrants, exercise price (in dollars per share)	$ 5	$ 5

Note 2 - Inventory - Summary of

Note 2 - Inventory - Summary of Inventory (Details) - USD ($)	Jun. 30, 2020	Dec. 31, 2019
Furnace parts and supplies	$ 834,710	$ 621,991
Raw materials	1,980,305	2,125,921
Work in process	2,124,366	1,624,499
Finished goods and filtration systems	1,084,111	1,492,135
Reserve for obsolescence	(666,878)	(665,308)
Net Inventory	$ 5,356,614	$ 5,199,238

Note 3 - Leases (Details Textua

Note 3 - Leases (Details Textual)	6 Months Ended
	Jun. 30, 2020USD ($)
Operating Lease, Payments	$ 521,716
Operating Lease, Expense	$ 577,765

Note 3 - Leases - Balance Sheet

Note 3 - Leases - Balance Sheet Information (Details) - USD ($)	Jun. 30, 2020	Dec. 31, 2019
Operating lease right-of-use	$ 4,776,456	$ 5,053,614
Operating lease liabilities - current	957,971	999,685
Operating lease liabilities – long-term	3,951,093	4,141,855
Total lease liability	4,909,064	5,141,540
Property and equipment, at cost	1,366,488	1,362,272
Accumulated depreciation	(1,178,583)	(1,156,145)
Property and equipment, net	187,905	206,127
Finance lease liabilities - current	35,589	34,772
Finance lease liabilities – long-term	154,832	172,273
Total lease liability	$ 190,421	$ 207,045
Operating leases (Year)	10 years 2 months 12 days	10 years 2 months 12 days
Finance leases (Year)	5 years	5 years 6 months
Operating leases	6.30%	6.40%
Finance leases	3.90%	3.90%

Note 3 - Leases - Maturities of

Note 3 - Leases - Maturities of Lease Liabilities (Details) - USD ($)	Jun. 30, 2020	Dec. 31, 2019
2020 (remaining 6 months)	$ 529,443
2020 (remaining 6 months)	21,210
2021	885,165
2021	42,421
2022	805,270
2022	40,848
2023	761,361
2023	36,211
2024	610,822
2024	37,156
Thereafter	3,041,218
Thereafter	32,650
Total payment under lease agreements	6,633,279
Total payment under lease agreements	210,496
Less imputed interest	(1,724,215)
Less imputed interest	(20,075)
Total lease liability	4,909,064	$ 5,141,540
Total lease liability	$ 190,421	$ 207,045

Note 4 - Lines of Credit (Detai

Note 4 - Lines of Credit (Details Textual) - Jun. 30, 2020	USD ($)	DKK (kr)
Line of Credit Facility, Maximum Borrowing Capacity	$ 1,500,000	kr 10,000,000
Security Deposit	2,700,000
Guarantor Obligations, Current Carrying Value	$ 14,217	kr 94,620

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, 2020USD ($)	Jun. 30, 2019USD ($)	Jun. 30, 2020USD ($)	Jun. 30, 2019USD ($)	Dec. 31, 2018
Defined Contribution Plan, Cost					$ 3,949	$ 2,621	$ 6,984	$ 5,677
Warranty Accrual, Percent					3.00%		3.00%		7.00%
Purchase Obligation, Total					$ 3,800,000		$ 3,800,000
Minimum [Member]
Standard Product Warranty, Term (Year)							1 year
Maximum [Member]
Standard Product Warranty, Term (Year)							3 years
Extended Product Warranty, Term (Year)							4 years
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 - Changes in Warranty Obligations (Details) - USD ($)	6 Months Ended	12 Months Ended
	Jun. 30, 2020	Dec. 31, 2019
Balance	$ 813,288	$ 432,225
Warranty costs charged to cost of goods sold	287,847	707,079
Utilization charges against reserve	(76,225)	(315,556)
Release of accrual related to expired warranties	0	0
Foreign currency effect	6,145	(10,460)
Balance	$ 1,031,055	$ 813,288

Note 6 - Earnings Per Share (De

Note 6 - Earnings Per Share (Details Textual) - $ / shares	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	May 21, 2020	Dec. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price, Ending Balance (in dollars per share)	$ 2.96			$ 2.96
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share)	5		$ 5
Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price, Ending Balance (in dollars per share)	$ 2.96	$ 2.96
Restricted Stock Units (RSUs) [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares)	136,632	58,334
Share-based Payment Arrangement, Option [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares)	25,000	25,000
Warrant [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares)	515,000

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, 2020	Mar. 31, 2020	Jun. 30, 2019	Mar. 31, 2019	Jun. 30, 2020	Jun. 30, 2019
Net Income (Loss) attributable to LiqTech International Inc.	$ (2,563,811)	$ 303,499	$ 146,786	$ 34,244	$ (2,260,312)	$ 181,030
Weighted average number of common shares used in basic earnings per share (in shares)	20,963,186		19,211,771		20,758,855	18,742,029
Effect of dilutive securities, stock options, RSUs, and warrants (in shares)					0	16,079
Weighted average number of common shares and potential dilutive common shares outstanding used in dilutive earnings per share (in shares)	20,963,186		19,228,160		20,758,855	18,758,108

Note 7 - Stockholders' Equity_2

Note 7 - Stockholders' Equity (Details Textual) - USD ($)	Jun. 06, 2020	May 21, 2020	Jan. 15, 2020	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2019	Mar. 31, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2013	Jun. 30, 2020	Dec. 31, 2019
Common Stock, Shares Authorized (in shares)				25,000,000				25,000,000			25,000,000	25,000,000
Common Stock, Par or Stated Value Per Share (in dollars per share)		$ 0.001		$ 0.001				$ 0.001			$ 0.001	$ 0.001
Common Stock, Shares, Issued, Total (in shares)				21,649,213		20,547,668		21,649,213	20,547,668		21,649,213	20,547,668
Common Stock, Shares, Outstanding, Ending Balance (in shares)				21,649,213		20,547,668		21,649,213	20,547,668		21,649,213	20,547,668
Preferred Stock, Shares Authorized (in shares)				2,500,000				2,500,000			2,500,000	2,500,000
Preferred Stock, Shares Issued, Total (in shares)				0				0			0	0
Stock Issued During Period, Value, Issued for Services					$ 45,000		$ 112,500
Stock Issued During Period, Shares, New Issues (in shares)		1,085,000
Shares Issued, Price Per Share (in dollars per share)		$ 5
Proceeds from Issuance of Common Stock		$ 4,744,048						$ 4,744,048	$ 14,674,738
Payments of Stock Issuance Costs		$ 680,952
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares)		515,000
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share)		$ 5		$ 5				$ 5			$ 5
Proceeds from Issuance of Warrants		$ 2,575,000						$ 2,575,000	0
Share-based Payment Arrangement, Expense				$ 82,335		$ 23,167		$ 223,557	151,611
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number, Ending Balance (in shares)				25,000				25,000			25,000	25,000
Share-based Payment Arrangement, Nonvested Award, Option, Cost Not yet Recognized, Amount				$ 0				$ 0			$ 0
Preferred Stock, Shares Outstanding, Ending Balance (in shares)				0				0			0	0
The 2011 Stock Options Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number, Ending Balance (in shares)				25,000				25,000			25,000
The Warrant [Member]
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares)		515,000
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share)		$ 5
Stock Awards Other than Options [Member]
Share-based Payment Arrangement, Expense								$ 223,557	151,611
Restricted Stock Units (RSUs) [Member]
Share-based Payment Arrangement, Expense				$ 82,335		$ 23,167		$ 223,557	$ 151,611
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number, Ending Balance (in shares)				136,632				136,632			136,632	133,747
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)								19,430		25,000	92,081
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year)										3 years
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Annual Grant								$ 30,000
Share-based Payment Arrangement, Nonvested Award, Excluding Option, Cost Not yet Recognized, Amount				$ 559,167				559,167			$ 559,167
Share-based Payment Arrangement, Option [Member] | The 2011 Stock Options Plan [Member]
Share-based Payment Arrangement, Expense								$ 0
Director [Member]
Stock Issued During Period, Shares, Issued for Services (in shares)	8,333		8,212
Stock Issued During Period, Value, Issued for Services	$ 69,333		$ 45,000
Convertible Preferred Stock [Member]
Preferred Stock, Shares Issued, Total (in shares)				0		0		0	0		0
Preferred Stock, Shares Outstanding, Ending Balance (in shares)				0		0		0	0		0

Note 7 - Stockholders' Equity -

Note 7 - Stockholders' Equity - Warrants (Details) - USD ($)	1 Months Ended	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Warrants outstanding January 1, 2020 (in shares)				0
Prefunded warrants issued May 2020 (in shares)				515,000
Exercises and conversions (in shares)				0
Warrants outstanding June 30, 2020 (in shares)	515,000	515,000		515,000
Base value of warrants, 515,000 warrants at $5	$ 2,575,000
Fair value adjustment	236,900	$ 236,900	$ 0	$ 236,900	$ 0
Balance at June 30, 2020	$ 2,811,900	$ 2,811,900		$ 2,811,900

Note 7 - Stockholders' Equity_3

Note 7 - Stockholders' Equity - Warrants (Details) (Parentheticals) - $ / shares	Jun. 30, 2020	May 21, 2020	Dec. 31, 2019
Warrants (in shares)	515,000		0
Warrants, exercise price (in dollars per share)	$ 5	$ 5

Note 7 - Stockholders' Equity_4

Note 7 - Stockholders' Equity - Share Incentive Plan Activity (Details) - Restricted Stock Units (RSUs) [Member] - USD ($)	6 Months Ended	12 Months Ended	36 Months Ended
	Jun. 30, 2020	Dec. 31, 2013	Jun. 30, 2020	Dec. 31, 2019
Outstanding, units (in shares)	133,747
Outstanding, weighted average grant-date fair value (in dollars per share)	$ 5.47
Outstanding, aggregated intrinsic value	$ 13,663		$ 13,663	$ 50,824
Granted, units (in shares)	19,430	25,000	92,081
Granted, weighted average grant-date fair value (in dollars per share)	$ 5.92
Vested and settled with share issuance, units (in shares)	(16,545)
Vested and settled with share issuance, weighted average grant-date fair value (in dollars per share)	$ 6.91
Forfeited, units (in shares)	0
Forfeited, weighted average grant-date fair value (in dollars per share)	$ 0
Outstanding, units (in shares)	136,632		136,632
Outstanding, weighted average grant-date fair value (in dollars per share)	$ 5.36		$ 5.36

Note 7 - Stockholders' Equity_5

Note 7 - Stockholders' Equity - Options Outstanding by Exercise Price (Details)	6 Months Ended
	Jun. 30, 2020$ / sharesshares
Options outstanding (in shares) | shares	25,000
Options outstanding, weighted average remaining contractual life (Year)	1 month 13 days
Options outstanding, weighted average exercise price (in dollars per share)	$ 2.96
Options exercisable (in shares) | shares	25,000
Options exercisable, weighted average exercise price (in dollars per share)	$ 2.96
Price Range 1 [Member]
Exercise prices of options (in dollars per share)	$ 2.96
Options outstanding (in shares) | shares	25,000
Options outstanding, weighted average remaining contractual life (Year)	1 month 13 days
Options outstanding, weighted average exercise price (in dollars per share)	$ 2.96
Options exercisable (in shares) | shares	25,000
Options exercisable, weighted average exercise price (in dollars per share)	$ 2.96

Note 7 - Stockholders' Equity_6

Note 7 - Stockholders' Equity - Status of Options and Changes During the Year (Details) - USD ($)	6 Months Ended	12 Months Ended
	Jun. 30, 2020	Dec. 31, 2019
Outstanding, shares (in shares)	25,000
Outstanding, weighted average exercise price (in dollars per share)	$ 2.96
Outstanding, average remaining life (Year)	1 month 13 days	7 months 13 days
Outstanding, weighted average intrinsic value	$ 62,500	$ 72,250
Granted, shares (in shares)	0
Granted, weighted average exercise price (in dollars per share)	$ 0
Exercised, shares (in shares)	0
Exercised, weighted average exercise price (in dollars per share)	$ 0
Forfeited, shares (in shares)	0
Forfeited, weighted average exercise price (in dollars per share)	$ 0
Expired, shares (in shares)	0
Expired, weighted average exercise price (in dollars per share)	$ 0
Outstanding, shares (in shares)	25,000	25,000
Outstanding, weighted average exercise price (in dollars per share)	$ 2.96	$ 2.96
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 month 13 days
Vested and expected to vest, weighted average intrinsic value	$ 62,500
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 month 13 days
Exercisable end of period, weighted average intrinsic value	$ 62,500

Note 8 - Significant Customer_3

Note 8 - Significant Customers / Concentration / Disaggregated Revenue (Details Textual) - Geographic Concentration Risk [Member] - Assets, Total [Member]	6 Months Ended	12 Months Ended
	Jun. 30, 2020	Dec. 31, 2019
DENMARK
Concentration Risk, Percentage	97.00%	91.00%
UNITED STATES
Concentration Risk, Percentage	3.00%	9.00%

Note 8 - Significant Customer_4

Note 8 - Significant Customers / Concentration / Disaggregated Revenue - Concentration of Risk (Details) - Customer Concentration Risk [Member]	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Revenue Benchmark [Member] | Customer A [Member]
Concentration Risk, Percentage	18.00%	33.00%	30.00%	30.00%
Revenue Benchmark [Member] | Customer B [Member]
Concentration Risk, Percentage	15.00%		13.00%
Revenue Benchmark [Member] | Customer D [Member]
Concentration Risk, Percentage		10.00%		12.00%
Revenue Benchmark [Member] | Customer E [Member]
Concentration Risk, Percentage		43.00%		33.00%
Accounts Receivable [Member] | Customer A [Member]
Concentration Risk, Percentage			26.00%		39.00%
Accounts Receivable [Member] | Customer B [Member]
Concentration Risk, Percentage			25.00%		15.00%
Accounts Receivable [Member] | Customer D [Member]
Concentration Risk, Percentage			11.00%
Accounts Receivable [Member] | Customer C [Member]
Concentration Risk, Percentage					17.00%

Note 9 - Subsequent Events (Det

Note 9 - Subsequent Events (Details Textual) - USD ($)	Jul. 08, 2020	Jun. 30, 2020	Jun. 30, 2019	May 21, 2020
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period (in shares)		0
Shares Issued, Price Per Share (in dollars per share)				$ 5
Proceeds from Stock Options Exercised		$ 0	$ 133,200
Subsequent Event [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period (in shares)	3,100
Shares Issued, Price Per Share (in dollars per share)	$ 2.96
Proceeds from Stock Options Exercised	$ 9,176