LiqTech International (LIQT) 10-Q 9 Nov 20 2020 Q3 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	9 Months Ended
	Sep. 30, 2020	Nov. 09, 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	Q3
Document Fiscal Year Focus	2020
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 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, Country	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		21,655,461

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($)	Sep. 30, 2020	Dec. 31, 2019
Current Assets:
Cash, cash equivalents and restricted cash	$ 14,492,549	$ 9,783,932
Accounts receivable, net of allowance for doubtful accounts of $154,089 and $612,434 at September 30, 2020 and December 31, 2019, respectively	3,636,765	6,272,760
Inventories, net of allowance for excess and obsolete inventory of $765,512 and $665,308 at September 30, 2020 and December 31, 2019, respectively	5,966,538	5,199,238
Contract assets	3,008,541	5,664,929
Prepaid expenses and other current assets	665,402	566,398
Total Current Assets	27,769,795	27,487,257
Long-Term Assets:
Property and Equipment, net of accumulated depreciations of $12,066,768 and $10,815,995 at September 30, 2020 and December 31, 2019, respectively	6,754,404	4,825,952
Operating lease right-of-use assets	4,817,875	5,053,614
Deposits and other assets	521,649	498,053
Intangible assets, net of accumulated depreciations of $229,335 and $141,282 at September 30, 2020 and December 31, 2019, respectively	456,922	488,716
Goodwill	247,864	236,131
Total Long-Term Assets	12,798,714	11,102,466
Total Assets	40,568,509	38,589,723
Current Liabilities:
Accounts payable	1,692,550	4,339,070
Accrued expenses	4,988,842	3,222,951
Current portion of finance lease obligations	37,620	34,772
Current portion of operating lease liabilities	953,087	999,685
Current portion of contingent earn-out liability	0	299,585
Contract liabilities	1,427,618	1,421,376
Income taxes payable	15,394	14,692
Total Current Liabilities	9,115,111	10,332,131
Deferred tax liability	306,911	338,763
Finance lease obligations, net of current portion	152,476	172,273
Operating lease liabilities, net of current portion	4,028,986	4,141,855
Contingent earn-out liability, net of current portion	0	599,170
Total Long-term Liabilities	4,488,373	5,252,061
Total Liabilities	13,603,484	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 September 30, 2020 and December 31, 2019	0	0
Common stock; par value $0.001, 25,000,000 shares authorized, 21,655,461 and 20,547,668 shares issued and outstanding at September 30, 2020 and December 31, 2019, respectively	21,655	20,548
Additional paid-in capital	69,824,156	61,398,150
Accumulated deficit	(38,380,339)	(32,246,608)
Accumulated other comprehensive loss	(4,500,447)	(6,166,559)
Total Stockholders' Equity	26,965,025	23,005,531
Total Liabilities and Stockholders' Equity	$ 40,568,509	$ 38,589,723

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($)	Sep. 30, 2020	Dec. 31, 2019
Accounts receivable, allowance for doubtful accounts	$ 154,089	$ 612,434
Inventories, allowance for excess and obsolete inventory	765,512	665,308
Property and equipment, accumulated depreciations	12,066,768	10,815,995
Intangible assets, accumulated depreciations	$ 229,335	$ 141,282
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)	21,655,461	20,547,668
Common stock, shares outstanding (in shares)	21,655,461	20,547,668

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Revenue	$ 3,543,730	$ 9,672,716	$ 18,467,057	$ 26,391,100
Cost of Goods Sold	3,852,210	7,444,978	15,641,998	20,613,172
Gross Profit	(308,480)	2,227,738	2,825,059	5,777,928
Operating Expenses:
Selling expenses	741,738	461,010	2,024,485	1,458,633
General and administrative expenses	1,526,327	1,353,428	4,585,857	3,161,855
Research and development expenses	256,239	189,216	883,752	591,572
Total Operating Expense	2,524,304	2,003,654	7,494,094	5,212,060
Income (Loss) from Operations	(2,832,784)	224,084	(4,669,035)	565,868
Other Income (Expense)
Gain on modification of earn-out liability	301,573	0	301,573	0
Interest and other income	8,164	28,736	12,901	54,186
Interest expense	(41,388)	(369)	(102,926)	(6,394)
Fair value adjustment of warrants	(664,350)	0	(901,250)	0
Gain (Loss) on currency transactions	(660,747)	403,432	(821,681)	244,872
Gain (Loss) on sale of fixed assets	0	474	0	(21,145)
Total Other Income (Expense)	(1,056,748)	432,273	(1,511,383)	271,519
Income (Loss) Before Income Taxes	(3,889,532)	656,357	(6,180,418)	837,387
Income Tax Provision (Benefit)	(16,113)	0	(46,687)	0
Net Income (Loss)	$ (3,873,419)	$ 656,357	$ (6,133,731)	$ 837,387
Basic Income (Loss) Per Share (in dollars per share)	$ (0.18)	$ 0.03	$ (0.29)	$ 0.04
Diluted Income (Loss) Per Share (in dollars per share)	$ (0.18)	$ 0.03	$ (0.29)	$ 0.04
Basic Weighted Average Common Shares Outstanding (in shares)	21,653,514	20,547,667	21,059,251	19,350,533
Diluted Weighted Average Common Shares Outstanding (in shares)	21,653,514	20,563,540	21,059,251	19,366,545

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Net Income (Loss)	$ (3,873,419)	$ 656,357	$ (6,133,731)	$ 837,387
Other Comprehensive Income - Currency Translation, Net	1,422,294	(1,014,265)	1,666,112	(846,970)
Total Comprehensive Loss	$ (2,451,125)	$ (357,908)	$ (4,467,619)	$ (9,583)

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
Exercise of stock options (in shares)	45,000
Exercise 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					(846,970)
Net Income (Loss)					837,387
BALANCE (in shares) at Sep. 30, 2019	20,547,668
BALANCE at Sep. 30, 2019	$ 20,548	61,459,700	(31,448,837)	(6,591,826)	23,439,585
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
Additional offering cost, related to the capital raise		(1,390,262)
Exercise of warrants (in shares)	28,887
Exercise of warrants	$ 29	(29)			0
Rounding shares in connection with reverse stock split (in shares)	39
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
Stock based compensation		23,167			23,167
Currency translation, net				(1,014,265)	(1,014,265)
Net Income (Loss)			656,357		656,357
Additional offering cost, related to the capital raise		(73,184)			(73,184)
BALANCE (in shares) at Sep. 30, 2019	20,547,668
BALANCE at Sep. 30, 2019	$ 20,548	61,459,700	(31,448,837)	(6,591,826)	23,439,585
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					1,666,112
Net Income (Loss)					$ (6,133,731)
Exercise of stock options (in shares)					6,250
BALANCE (in shares) at Sep. 30, 2020	21,655,461
BALANCE at Sep. 30, 2020	$ 21,655	69,824,156	(38,380,339)	(4,500,447)	$ 26,965,025
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)			0
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
Additional offering cost, related to the capital raise		(680,952)
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
Stock based compensation		46,681			46,681
Currency translation, net				1,422,294	1,422,294
Net Income (Loss)			(3,873,419)		(3,873,419)
Prefunded warrants, 515,000, transferred to equity upon modification in August 2020		3,476,250			3,476,250
Additional offering cost, related to the capital raise		(81,923)			(81,923)
Exercise of stock options (in shares)	6,248
Exercise of stock options	$ 6	18,494			18,500
BALANCE (in shares) at Sep. 30, 2020	21,655,461
BALANCE at Sep. 30, 2020	$ 21,655	$ 69,824,156	$ (38,380,339)	$ (4,500,447)	$ 26,965,025

Condensed Consolidated Statem_4

Condensed Consolidated Statement of Stockholders' Equity (Unaudited) (Parentheticals)	3 Months Ended
	Sep. 30, 2020USD ($)shares
Common Stock [Member]
Shares issued, offering cost
Additional offering cost, related to the capital raise
Additional Paid-in Capital [Member]
Shares issued, offering cost	81,923
Additional offering cost, related to the capital raise	(81,923)
Shares issued, offering cost	$ 81,923
Prefunded warrants, transferred to equity (in shares) | shares	515,000
Additional offering cost, related to the capital raise	$ (81,923)

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Cash Flows from Operating Activities:
Net Income (Loss)	$ (6,133,731)	$ 837,387
Adjustments to reconcile net income to net cash provided by (used in) operations:
Depreciation and amortization	2,019,147	852,705
Stock-based compensation	270,238	174,778
Change in fair value of warrant liability	901,250	0
Gain on modification of earn-out liability	(301,573)	0
Change in deferred tax asset / liability	(46,687)	0
Changes in assets and liabilities:
Accounts receivable	2,635,995	(4,652,294)
Inventory	(767,300)	(430,776)
Contract assets	2,656,388	(2,610,493)
Deposits	0	(2,138,406)
Prepaid expenses and other current assets	(82,756)	(104,928)
Accounts payable	(2,646,520)	1,481,881
Accrued expenses	1,451,421	1,769,893
Operating lease liabilities	(565,209)	(347,747)
Contract liabilities	6,242	649,349
Total Adjustments	5,530,636	(5,356,038)
Net Cash (used in) Operating Activities	(603,095)	(4,518,651)
Cash Flows from Investing Activities:
Purchase of property and equipment	(2,904,169)	(510,403)
Purchase of other intangible assets	(23,932)
Purchase of other intangible assets		23,700
Net cash paid for acquisition	(301,573)	(1,154,902)
Net Cash used in Investing Activities	(3,229,674)	(1,641,605)
Cash Flows from Financing Activities:
Payments on finance lease obligation	(26,120)	(13,789)
Proceeds from exercise of stock options	18,500	133,200
Proceeds from issuance of prefunded warrants	2,575,000	0
Proceeds from issuance of common stock, net	4,662,125	14,601,554
Net Cash provided by Financing Activities	7,229,505	14,720,965
Gain on Currency Translation	1,311,881	(700,412)
Net change in Cash, Cash Equivalents and Restricted Cash	4,708,617	7,860,297
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	14,492,549	11,636,408
Supplemental Disclosures of Cash Flow Information:
Interest	83,014	4,909
Income Taxes	$ 0	$ 0

Note 1 - Summary of Significant

Note 1 - Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2020
Notes to Financial Statements
Significant Accounting Policies [Text Block]	NOTE 1 Business and Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared according to the instructions to Form 10 210.8 03 X Management has analyzed the impact of the Coronavirus pandemic ("COVID- 19" September 30, 2020 not 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 Water Projects A/S, a Danish corporation (“LiqTech Water Projects”), incorporated on July 28, 2020 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 – 2019 Functional Currency / Foreign currency translation -- nine September 30, 2020 2019. Significant events -- March 2020, 19” March, two May, 19 September, We are unable to accurately predict the full impact that COVID- 19 second third 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 Cash, Cash Equivalents and Restricted Cash -- three September 30, 2020, December 31, 2019, no September 30, 2020 December 31, 2019. Accounts Receivable -- The roll-forward of the allowance for doubtful accounts for the period ended September 30, 2020 December 31, 2019 September 30, 2020 December 31, 2019 Allowance for doubtful accounts at the beginning of the period $ 612,434 $ 971,772 Bad debt expense 334 25,044 Receivables written off during the periods (468,728 ) (362,244 ) Effect of currency translation 10,048 (22,138 ) Allowance for doubtful accounts at the end of the period $ 154,089 $ 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 ten 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 value 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 nine September 30, 2020 2019: For the Three Months For the Nine Months Ended September 30, Ended September 30, 2020 2019 2020 2019 United States and Canada $ 122,135 $ 701,194 $ 556,097 $ 1,389,423 Australia 118,089 139,451 222,050 354,965 South America (1,972 ) - 20,967 - Asia 358,430 2,962,521 2,684,474 5,135,327 Europe 2,947,048 5,869,550 14,983,469 19,511,385 $ 3,543,730 $ 9,672,716 $ 18,467,057 $ 26,391,100 The Company’s sales by product line are as follows for the three nine September 30, 2020 2019: For the Three Months For the Nine Months Ended September 30, Ended September 30, 2020 2019 2020 2019 Liquid filters and systems $ 1,899,160 $ 7,920,745 $ 12,431,157 $ 21,414,214 Diesel particulate filters 1,009,545 1,330,337 3,730,302 4,320,839 Plastic components 503,297 284,486 1,847,092 284,486 Development projects 131,728 137,148 458,506 371,561 $ 3,543,730 $ 9,672,716 $ 18,467,057 $ 26,391,100 For membranes, diesel particulate filters and plastic components, revenue is recognized when performance obligations under the terms of a contract with the customer are satisfied, which occurs when control of the products 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 cost-plus 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 our 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 September 30, 2020 December 31, 2019 September 30, 2020 December 31, 2019 Cost incurred $ 3,563,346 $ 3,960,199 Unbilled project deliveries 1,365,926 1,971,106 VAT 180,252 862,368 Other receivables 120,227 58,397 Prepayments (2,552,113 ) (1,732,231 ) Deferred Revenue (1,096,715 ) (876,286 ) $ 1,580,923 $ 4,243,553 Distributed as follows: Contract assets $ 3,008,541 $ 5,664,929 Contract liabilities (1,427,618 ) (1,421,376 ) $ 1,580,923 $ 4,243,553 Advertising Cost -- nine September 30, 2020 2019, three September 30, 2020 2019 Research and Development Cost -- nine September 30, 2020 2019 three September 30, 2020 2019, Income Taxes -- 740 Income/(Loss) Per Share -- 260, not Stock Options and Awards -- 718, nine September 30, 2020 2019, three September 30, 2020 2019, Warrant Liability -- May 2020 480, 480” August 12, 2020 August 12, 2020 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. 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, September 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	9 Months Ended
	Sep. 30, 2020
Notes to Financial Statements
Inventory Disclosure [Text Block]	NOTE 2 Inventory consisted of the following on September 30, 2020 December 31, 2019: September 30, 2020 December 31, 2019 Furnace parts and supplies $ 906,503 $ 621,991 Raw materials 2,211,687 2,125,921 Work in process 2,653,085 1,624,499 Finished goods and filtration systems 960,775 1,492,135 Reserve for obsolescence (765,512 ) (665,308 ) Net Inventory $ 5,966,538 $ 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	9 Months Ended
	Sep. 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 nine September 30, 2020, Supplemental balance sheet information related to leases as of September 30, 2020 December 31, 2019 September 30, 2020 December 31, 2019 Operating leases Operating lease right-of-use $ 4,817,875 $ 5,053,614 Operating lease liabilities – current $ 953,087 $ 999,685 Operating lease liabilities – long-term 4,028,986 4,141,855 Total operating lease liabilities $ 4,982,073 $ 5,141,540 Finance leases Property and equipment, at cost $ 1,429,958 $ 1,362,272 Accumulated depreciation (1,243,193 ) (1,156,145 ) Property and equipment, net $ 186,765 $ 206,127 Finance lease liabilities - current $ 37,620 $ 34,772 Finance lease liabilities – long-term 152,476 172,273 Total finance lease liabilities $ 190,096 $ 207,045 Weighted average remaining lease term: Operating leases 10.2 10.2 Finance leases 4.8 5.5 Weighted average discount rate: Operating leases 6.3 % 6.4 % Finance leases 3.9 % 3.9 % Maturities of lease liabilities at September 30, 2020 Operating lease Finance lease 2020 (remaining 3 months) $ 275,960 $ 11,098 2021 930,047 44,391 2022 847,876 42,745 2023 801,928 37,893 2024 642,760 38,882 Thereafter 3,182,473 34,166 Total payment under lease agreements 6,681,044 209,175 Less imputed interest (1,698,971 ) (19,079 ) Total lease liability $ 4,982,073 $ 190,096

Note 4 - Lines of Credit

Note 4 - Lines of Credit	9 Months Ended
	Sep. 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 September 30, 2020)

Note 5 - Agreements and Commitm

Note 5 - Agreements and Commitments	9 Months Ended
	Sep. 30, 2020
Notes to Financial Statements
Commitments and Contingencies Disclosure [Text Block]	NOTE 5 Agreements none third 401 401 nine September 30, 2020 2019, three September 30, 2020 2019, Contingencies -- may On November 20, 2018 2016 not No September 30, 2020, not On February 27, 2019, 2017. 2018. no September 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. Changes in the Company's current and long-term warranty obligations included in accrued expenses on the balance sheet, as of September 30, 2020 December 31, 2019 September 30, 2020 December 31, 2019 Balance at December 31 $ 813,288 $ 432,225 Warranty costs charged to cost of goods sold 326,740 707,079 Utilization charges against reserve (130,129 ) (315,556 ) Release of accrual related to expired warranties - - Foreign currency effect 48,818 (10,460 ) Balance at September 30 $ 1,058,717 $ 813,288 Purchase Obligation three 2020. no

Note 6 - Earnings Per Share

Note 6 - Earnings Per Share	9 Months Ended
	Sep. 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. Consequently, 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 potentially dilutive common stock for the nine September 30, 2020 2019: For the Nine Months Ended September 30, 2020 2019 Net Income (Loss) attributable to LiqTech International Inc. $ (6,133,731 ) $ 837,387 Weighted average number of common shares used in basic earnings per share 21,059,251 19,350,533 Effect of dilutive securities, stock options, RSUs, and warrants - 16,012 Weighted average number of common shares and potential dilutive common shares outstanding used in dilutive earnings per share 21,059,251 19,366,545 For the nine September 30, 2020, For the nine September 30, 2019,

Note 7 - Stockholders' Equity

Note 7 - Stockholders' Equity	9 Months Ended
	Sep. 30, 2020
Notes to Financial Statements
Stockholders' Equity Note Disclosure [Text Block]	NOTE 7 Common Stock – September 30, 2020 2019, September 30, 2020 2019, Voting -- one not Dividends -- may may not no 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 September 30, 2020, 2019 Stock Issuance Since January 1, 2020, On January 15, 2020, On May 21, 2020, On June 6, 2020, On July 8 August 18, 2020, 2015 "2015 For the nine September 30, 2020 2019, Warrants In connection with the Securities Purchase Agreement entered into in May 2020, may no not not 9.99% may not 9.99% On August 12, 2020 nine September 30, 2020: September 30, 2020 Warrants outstanding January 1, 2020 - Prefunded warrants issued May 2020 515,000 Exercises and conversions - Warrants outstanding September 30, 2020 515,000 Stock-based Compensation In 2013, September 30, 2020, three 2020 three The Company recognizes compensation costs for stock grants to Directors and management based on the stock price on the date of the grant. The Company recognized stock-based compensation expense related to share grants of $270,238 and $174,778 for the nine September 30, 2020 2019, three September 30, 2020 2019 September 30, 2020, A summary of the status of the RSU's outstanding as of September 30, 2020 September 30, 2020 Number of units Weighted Average Fair value Aggregated Intrinsic Outstanding, December 31, 2019 133,747 $ 5.47 $ 50,824 Granted 44,430 5.92 - Vested and settled with share issuance (33,211 ) 4.15 - Forfeited - - - Outstanding, September 30, 2020 144,966 $ 5.91 $ 304,714 Stock Options In August 2015, 2015 2015 September 30, 2020, 2015 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 nine September 30, 2020 2019. September 30, 2020, A summary of the status of the options outstanding under the Company’s stock option plans on September 30, 2020 Options Outstanding Options Exercisable Exercise Number Weighted Life (years) Weighted Number Weighted $ - - - $ - - $ - Total - - $ - - $ - A summary of the status of the options on September 30, 2020 September 30, 2020 Shares Weighted Average Weighted Outstanding at beginning of period 25,000 $ 2.96 0.62 $ 72,250 Granted - - - - Exercised (6,250 ) 2.96 - - Forfeited - - - - Expired (18,750 ) - - - Outstanding at end of period - $ - - $ 0 Vested and expected to vest - $ - - $ 0 Exercisable end of period - $ - - $ 0

Note 8 - Significant Customers

Note 8 - Significant Customers / Concentration / Disaggregated Revenue	9 Months Ended
	Sep. 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 Nine Months Ended September 30, Ended September 30, 2020 2019 2020 2019 Customer A 23 % 34 % 27 % 31 % Customer B 20 % * 11 % * Customer C * * * 20 % Customer D * 28 % * 17 % * Zero or less than 10% The following table presents customers accounting for 10% September 30, 2020 December 31, 2019 Customer A 32 % 39 % Customer B 15 % 15 % Customer D 10 % * Customer E * 17 % * Zero or less than 10% As of September 30, 2020, December 31, 2019,

Note 9 - Subsequent Events

Note 9 - Subsequent Events	9 Months Ended
	Sep. 30, 2020
Notes to Financial Statements
Subsequent Events [Text Block]	NOTE 9 The Company’s management reviewed material events through November 9, 2020. On November 3, 2020, October 29, 2020.

Significant Accounting Policies

Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2020
Accounting Policies [Abstract]
Basis of Accounting, Policy [Policy Text Block]	Business and Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared according to the instructions to Form 10 210.8 03 X Management has analyzed the impact of the Coronavirus pandemic ("COVID- 19" September 30, 2020 not 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 Water Projects A/S, a Danish corporation (“LiqTech Water Projects”), incorporated on July 28, 2020 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 – 2019
Foreign Currency Transactions and Translations Policy [Policy Text Block]	Functional Currency / Foreign currency translation -- nine September 30, 2020 2019.
Unusual Risks and Uncertainties [Policy Text Block]	Significant events -- March 2020, 19” March, two May, 19 September, We are unable to accurately predict the full impact that COVID- 19 second third 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
Cash and Cash Equivalents, Policy [Policy Text Block]	Cash, Cash Equivalents and Restricted Cash -- three September 30, 2020, December 31, 2019, no September 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 September 30, 2020 December 31, 2019 September 30, 2020 December 31, 2019 Allowance for doubtful accounts at the beginning of the period $ 612,434 $ 971,772 Bad debt expense 334 25,044 Receivables written off during the periods (468,728 ) (362,244 ) Effect of currency translation 10,048 (22,138 ) Allowance for doubtful accounts at the end of the period $ 154,089 $ 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 ten 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 value 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 nine September 30, 2020 2019: For the Three Months For the Nine Months Ended September 30, Ended September 30, 2020 2019 2020 2019 United States and Canada $ 122,135 $ 701,194 $ 556,097 $ 1,389,423 Australia 118,089 139,451 222,050 354,965 South America (1,972 ) - 20,967 - Asia 358,430 2,962,521 2,684,474 5,135,327 Europe 2,947,048 5,869,550 14,983,469 19,511,385 $ 3,543,730 $ 9,672,716 $ 18,467,057 $ 26,391,100 The Company’s sales by product line are as follows for the three nine September 30, 2020 2019: For the Three Months For the Nine Months Ended September 30, Ended September 30, 2020 2019 2020 2019 Liquid filters and systems $ 1,899,160 $ 7,920,745 $ 12,431,157 $ 21,414,214 Diesel particulate filters 1,009,545 1,330,337 3,730,302 4,320,839 Plastic components 503,297 284,486 1,847,092 284,486 Development projects 131,728 137,148 458,506 371,561 $ 3,543,730 $ 9,672,716 $ 18,467,057 $ 26,391,100 For membranes, diesel particulate filters and plastic components, revenue is recognized when performance obligations under the terms of a contract with the customer are satisfied, which occurs when control of the products 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 cost-plus 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 our 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 September 30, 2020 December 31, 2019 September 30, 2020 December 31, 2019 Cost incurred $ 3,563,346 $ 3,960,199 Unbilled project deliveries 1,365,926 1,971,106 VAT 180,252 862,368 Other receivables 120,227 58,397 Prepayments (2,552,113 ) (1,732,231 ) Deferred Revenue (1,096,715 ) (876,286 ) $ 1,580,923 $ 4,243,553 Distributed as follows: Contract assets $ 3,008,541 $ 5,664,929 Contract liabilities (1,427,618 ) (1,421,376 ) $ 1,580,923 $ 4,243,553
Advertising Cost [Policy Text Block]	Advertising Cost -- nine September 30, 2020 2019, three September 30, 2020 2019
Research and Development Expense, Policy [Policy Text Block]	Research and Development Cost -- nine September 30, 2020 2019 three September 30, 2020 2019,
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, nine September 30, 2020 2019, three September 30, 2020 2019,
Warrant Liability [Policy Text Block]	Warrant Liability -- May 2020 480, 480” August 12, 2020 August 12, 2020
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.
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, September 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)	9 Months Ended
	Sep. 30, 2020
Notes Tables
Financing Receivable, Allowance for Credit Loss [Table Text Block]	September 30, 2020 December 31, 2019 Allowance for doubtful accounts at the beginning of the period $ 612,434 $ 971,772 Bad debt expense 334 25,044 Receivables written off during the periods (468,728 ) (362,244 ) Effect of currency translation 10,048 (22,138 ) Allowance for doubtful accounts at the end of the period $ 154,089 $ 612,434
Schedule of Revenue from External Customers Attributed to Foreign Countries by Geographic Area [Table Text Block]	For the Three Months For the Nine Months Ended September 30, Ended September 30, 2020 2019 2020 2019 United States and Canada $ 122,135 $ 701,194 $ 556,097 $ 1,389,423 Australia 118,089 139,451 222,050 354,965 South America (1,972 ) - 20,967 - Asia 358,430 2,962,521 2,684,474 5,135,327 Europe 2,947,048 5,869,550 14,983,469 19,511,385 $ 3,543,730 $ 9,672,716 $ 18,467,057 $ 26,391,100
Reconciliation of Revenue from Segments to Consolidated [Table Text Block]	For the Three Months For the Nine Months Ended September 30, Ended September 30, 2020 2019 2020 2019 Liquid filters and systems $ 1,899,160 $ 7,920,745 $ 12,431,157 $ 21,414,214 Diesel particulate filters 1,009,545 1,330,337 3,730,302 4,320,839 Plastic components 503,297 284,486 1,847,092 284,486 Development projects 131,728 137,148 458,506 371,561 $ 3,543,730 $ 9,672,716 $ 18,467,057 $ 26,391,100
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Table Text Block]	September 30, 2020 December 31, 2019 Cost incurred $ 3,563,346 $ 3,960,199 Unbilled project deliveries 1,365,926 1,971,106 VAT 180,252 862,368 Other receivables 120,227 58,397 Prepayments (2,552,113 ) (1,732,231 ) Deferred Revenue (1,096,715 ) (876,286 ) $ 1,580,923 $ 4,243,553 Distributed as follows: Contract assets $ 3,008,541 $ 5,664,929 Contract liabilities (1,427,618 ) (1,421,376 ) $ 1,580,923 $ 4,243,553

Note 2 - Inventory (Tables)

Note 2 - Inventory (Tables)	9 Months Ended
	Sep. 30, 2020
Notes Tables
Schedule of Inventory, Current [Table Text Block]	September 30, 2020 December 31, 2019 Furnace parts and supplies $ 906,503 $ 621,991 Raw materials 2,211,687 2,125,921 Work in process 2,653,085 1,624,499 Finished goods and filtration systems 960,775 1,492,135 Reserve for obsolescence (765,512 ) (665,308 ) Net Inventory $ 5,966,538 $ 5,199,238

Note 3 - Leases (Tables)

Note 3 - Leases (Tables)	9 Months Ended
	Sep. 30, 2020
Notes Tables
Lessee, Operating and Finance Lease, Assets and Liabilities [Table Text Block]	September 30, 2020 December 31, 2019 Operating leases Operating lease right-of-use $ 4,817,875 $ 5,053,614 Operating lease liabilities – current $ 953,087 $ 999,685 Operating lease liabilities – long-term 4,028,986 4,141,855 Total operating lease liabilities $ 4,982,073 $ 5,141,540 Finance leases Property and equipment, at cost $ 1,429,958 $ 1,362,272 Accumulated depreciation (1,243,193 ) (1,156,145 ) Property and equipment, net $ 186,765 $ 206,127 Finance lease liabilities - current $ 37,620 $ 34,772 Finance lease liabilities – long-term 152,476 172,273 Total finance lease liabilities $ 190,096 $ 207,045 Weighted average remaining lease term: Operating leases 10.2 10.2 Finance leases 4.8 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 3 months) $ 275,960 $ 11,098 2021 930,047 44,391 2022 847,876 42,745 2023 801,928 37,893 2024 642,760 38,882 Thereafter 3,182,473 34,166 Total payment under lease agreements 6,681,044 209,175 Less imputed interest (1,698,971 ) (19,079 ) Total lease liability $ 4,982,073 $ 190,096

Note 5 - Agreements and Commi_2

Note 5 - Agreements and Commitments (Tables)	9 Months Ended
	Sep. 30, 2020
Notes Tables
Schedule of Product Warranty Liability [Table Text Block]	September 30, 2020 December 31, 2019 Balance at December 31 $ 813,288 $ 432,225 Warranty costs charged to cost of goods sold 326,740 707,079 Utilization charges against reserve (130,129 ) (315,556 ) Release of accrual related to expired warranties - - Foreign currency effect 48,818 (10,460 ) Balance at September 30 $ 1,058,717 $ 813,288

Note 6 - Earnings Per Share (Ta

Note 6 - Earnings Per Share (Tables)	9 Months Ended
	Sep. 30, 2020
Notes Tables
Schedule of Weighted Average Number of Shares [Table Text Block]	For the Nine Months Ended September 30, 2020 2019 Net Income (Loss) attributable to LiqTech International Inc. $ (6,133,731 ) $ 837,387 Weighted average number of common shares used in basic earnings per share 21,059,251 19,350,533 Effect of dilutive securities, stock options, RSUs, and warrants - 16,012 Weighted average number of common shares and potential dilutive common shares outstanding used in dilutive earnings per share 21,059,251 19,366,545

Note 7 - Stockholders' Equity (

Note 7 - Stockholders' Equity (Tables)	9 Months Ended
	Sep. 30, 2020
Notes Tables
Schedule of Stockholders' Equity Note, Warrants or Rights [Table Text Block]	September 30, 2020 Warrants outstanding January 1, 2020 - Prefunded warrants issued May 2020 515,000 Exercises and conversions - Warrants outstanding September 30, 2020 515,000
Schedule of Nonvested Restricted Stock Units Activity [Table Text Block]	September 30, 2020 Number of units Weighted Average Fair value Aggregated Intrinsic Outstanding, December 31, 2019 133,747 $ 5.47 $ 50,824 Granted 44,430 5.92 - Vested and settled with share issuance (33,211 ) 4.15 - Forfeited - - - Outstanding, September 30, 2020 144,966 $ 5.91 $ 304,714
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding and Exercisable [Table Text Block]	September 30, 2020 Shares Weighted Average Weighted Outstanding at beginning of period 25,000 $ 2.96 0.62 $ 72,250 Granted - - - - Exercised (6,250 ) 2.96 - - Forfeited - - - - Expired (18,750 ) - - - Outstanding at end of period - $ - - $ 0 Vested and expected to vest - $ - - $ 0 Exercisable end of period - $ - - $ 0

Note 8 - Significant Customer_2

Note 8 - Significant Customers / Concentration / Disaggregated Revenue (Tables)	9 Months Ended
	Sep. 30, 2020
Notes Tables
Schedules of Concentration of Risk, by Risk Factor [Table Text Block]	For the Three Months For the Nine Months Ended September 30, Ended September 30, 2020 2019 2020 2019 Customer A 23 % 34 % 27 % 31 % Customer B 20 % * 11 % * Customer C * * * 20 % Customer D * 28 % * 17 % September 30, 2020 December 31, 2019 Customer A 32 % 39 % Customer B 15 % 15 % Customer D 10 % * Customer E * 17 %

Note 1 - Summary of Significa_3

Note 1 - Summary of Significant Accounting Policies (Details Textual) - USD ($)	Aug. 12, 2020	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Restricted Cash and Cash Equivalents, Current, Total		$ 1,515,632		$ 1,515,632		$ 2,714,173
Cash, Uninsured Amount		0		0		0
Advertising Expense		20,522	$ 8,280	82,545	$ 80,630
Research and Development Expense, Total		256,239	189,216	883,752	591,572
Share-based Payment Arrangement, Expense		46,681	$ 23,167	270,238	$ 174,778
Adjustments to Additional Paid in Capital, Warrant Issued		3,476,250
Cash and Cash Equivalents, at Carrying Value, Ending Balance		12,976,917		12,976,917		$ 7,069,759
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Ending Balance		14,492,549		$ 14,492,549
Additional Paid-in Capital [Member]
Adjustments to Additional Paid in Capital, Warrant Issued	$ 3,476,250	$ 3,476,250
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%
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 ($)	9 Months Ended	12 Months Ended
	Sep. 30, 2020	Dec. 31, 2019
Allowance for doubtful accounts	$ 612,434	$ 971,772
Bad debt expense	334	25,044
Receivables written off during the periods	(468,728)	(362,244)
Effect of currency translation	10,048	(22,138)
Allowance for doubtful accounts	$ 154,089	$ 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		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Net Sales	$ 3,543,730	$ 9,672,716	$ 18,467,057	$ 26,391,100
Reportable Geographical Components [Member] | US And Canada [Member]
Net Sales	122,135	701,194	556,097	1,389,423
Reportable Geographical Components [Member] | AUSTRALIA
Net Sales	118,089	139,451	222,050	354,965
Reportable Geographical Components [Member] | South America [Member]
Net Sales	(1,972)	0	20,967	0
Reportable Geographical Components [Member] | Asia [Member]
Net Sales	358,430	2,962,521	2,684,474	5,135,327
Reportable Geographical Components [Member] | Europe [Member]
Net Sales	$ 2,947,048	$ 5,869,550	$ 14,983,469	$ 19,511,385

Note 1 - Summary of Significa_6

Note 1 - Summary of Significant Accounting Policies - Sales by Product Line (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Net Sales	$ 3,543,730	$ 9,672,716	$ 18,467,057	$ 26,391,100
Liquid Filters [Member]
Net Sales	1,899,160	7,920,745	12,431,157	21,414,214
Ceramic Diesel Particulate [Member]
Net Sales	1,009,545	1,330,337	3,730,302	4,320,839
Plastic Products [Member]
Net Sales	503,297	284,486	1,847,092	284,486
Development Projects [Member]
Net Sales	$ 131,728	$ 137,148	$ 458,506	$ 371,561

Note 1 - Summary of Significa_7

Note 1 - Summary of Significant Accounting Policies - Contract Assets and Liabilities (Details) - USD ($)	9 Months Ended	12 Months Ended
	Sep. 30, 2020	Dec. 31, 2019
Cost incurred	$ 3,563,346	$ 3,960,199
Unbilled project deliveries	1,365,926	1,971,106
VAT	180,252	862,368
Other receivables	120,227	58,397
Prepayments	(2,552,113)	(1,732,231)
Deferred Revenue	(1,096,715)	(876,286)
Contract with Customer, Asset (Liability), Net	1,580,923	4,243,553
Contract assets	3,008,541	5,664,929
Contract liabilities	(1,427,618)	(1,421,376)
Contract with Customer, Asset (Liability), Net	$ 1,580,923	$ 4,243,553

Note 2 - Inventory - Summary of

Note 2 - Inventory - Summary of Inventory (Details) - USD ($)	Sep. 30, 2020	Dec. 31, 2019
Furnace parts and supplies	$ 906,503	$ 621,991
Raw materials	2,211,687	2,125,921
Work in process	2,653,085	1,624,499
Finished goods and filtration systems	960,775	1,492,135
Reserve for obsolescence	(765,512)	(665,308)
Net Inventory	$ 5,966,538	$ 5,199,238

Note 3 - Leases (Details Textua

Note 3 - Leases (Details Textual)	9 Months Ended
	Sep. 30, 2020USD ($)
Operating Lease, Payments	$ 799,737
Operating Lease, Expense	$ 881,641

Note 3 - Leases - Balance Sheet

Note 3 - Leases - Balance Sheet Information (Details) - USD ($)	Sep. 30, 2020	Dec. 31, 2019
Operating lease right-of-use	$ 4,817,875	$ 5,053,614
Operating lease liabilities – current	953,087	999,685
Operating lease liabilities – long-term	4,028,986	4,141,855
Total lease liability	4,982,073	5,141,540
Property and equipment, at cost	1,429,958	1,362,272
Accumulated depreciation	(1,243,193)	(1,156,145)
Property and equipment, net	186,765	206,127
Finance lease liabilities - current	37,620	34,772
Finance lease liabilities – long-term	152,476	172,273
Total lease liability	$ 190,096	$ 207,045
Operating leases (Year)	10 years 2 months 12 days	10 years 2 months 12 days
Finance leases (Year)	4 years 9 months 18 days	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 ($)	Sep. 30, 2020	Dec. 31, 2019
2020 (remaining 3 months)	$ 275,960
2020 (remaining 3 months)	11,098
2021	930,047
2021	44,391
2022	847,876
2022	42,745
2023	801,928
2023	37,893
2024	642,760
2024	38,882
Thereafter	3,182,473
Thereafter	34,166
Total payment under lease agreements	6,681,044
Total payment under lease agreements	209,175
Less imputed interest	(1,698,971)
Less imputed interest	(19,079)
Total lease liability	4,982,073	$ 5,141,540
Total lease liability	$ 190,096	$ 207,045

Note 4 - Lines of Credit (Detai

Note 4 - Lines of Credit (Details Textual) - Sep. 30, 2020	USD ($)	DKK (kr)
Line of Credit Facility, Maximum Borrowing Capacity	$ 1,500,000	kr 10,000,000
Security Deposit	1,500,000
Guarantor Obligations, Current Carrying Value	$ 14,878	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)	Sep. 30, 2020USD ($)	Sep. 30, 2019USD ($)	Sep. 30, 2020USD ($)	Sep. 30, 2019USD ($)
Defined Contribution Plan, Cost					$ 3,860	$ 3,007	$ 10,844	$ 8,684
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
Joint Venture Agreement [Member]
Equity Method Investment, Ownership Percentage					49.00%		49.00%

Note 5 - Agreements and Commi_4

Note 5 - Agreements and Commitments - Changes in Warranty Obligations (Details) - USD ($)	9 Months Ended	12 Months Ended
	Sep. 30, 2020	Dec. 31, 2019
Balance	$ 813,288	$ 432,225
Warranty costs charged to cost of goods sold	326,740	707,079
Utilization charges against reserve	(130,129)	(315,556)
Release of accrual related to expired warranties	0	0
Foreign currency effect	48,818	(10,460)
Balance	$ 1,058,717	$ 813,288

Note 6 - Earnings Per Share (De

Note 6 - Earnings Per Share (Details Textual) - $ / shares	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price, Ending Balance (in dollars per share)	$ 0		$ 2.96
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
Restricted Stock Units (RSUs) [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares)	144,966	49,878
Warrant [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares)	515,000
Share-based Payment Arrangement, Option [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares)		25,000

Note 6 - Earnings Per Share - A

Note 6 - Earnings Per Share - Amounts Used in Computing Earnings Per Share (Details) - USD ($)	3 Months Ended						9 Months Ended
	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Sep. 30, 2020	Sep. 30, 2019
Net Income (Loss) attributable to LiqTech International Inc.	$ (3,873,419)	$ (2,563,811)	$ 303,499	$ 656,357	$ 146,786	$ 34,244	$ (6,133,731)	$ 837,387
Weighted average number of common shares used in basic earnings per share (in shares)	21,653,514			20,547,667			21,059,251	19,350,533
Effect of dilutive securities, stock options, RSUs, and warrants (in shares)							0	16,012
Weighted average number of common shares and potential dilutive common shares outstanding used in dilutive earnings per share (in shares)	21,653,514			20,563,540			21,059,251	19,366,545

Note 7 - Stockholders' Equity_2

Note 7 - Stockholders' Equity (Details Textual) - USD ($)	Jun. 06, 2020	May 21, 2020	Jan. 15, 2020	Aug. 18, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2019	Mar. 31, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2013	Sep. 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, Outstanding, Ending Balance (in shares)					21,655,461			20,547,668		21,655,461	20,547,668		21,655,461	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						$ 0	$ 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		$ 4,662,127								$ 4,662,125	$ 14,601,554
Payments of Stock Issuance Costs		$ 762,875
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
Proceeds from Issuance of Warrants		$ 2,575,000								$ 2,575,000	0
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period (in shares)										6,250
Proceeds from Stock Options Exercised										$ 18,500	133,200
Share-based Payment Arrangement, Expense					$ 46,681			$ 23,167		$ 270,238	$ 174,778
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number, Ending Balance (in shares)					0					0			0	25,000
Share-based Payment Arrangement, Nonvested Award, Option, Cost Not yet Recognized, Amount					$ 0					$ 0			$ 0
Common Stock, Shares, Issued, Total (in shares)					21,655,461			20,547,668		21,655,461	20,547,668		21,655,461	20,547,668
Preferred Stock, Shares Outstanding, Ending Balance (in shares)					0					0			0	0
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										$ 270,238	$ 174,778
Restricted Stock Units (RSUs) [Member]
Share-based Payment Arrangement, Expense					$ 46,681			$ 23,167		$ 270,238	174,778
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number, Ending Balance (in shares)					144,966					144,966			144,966	133,747
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)										44,430		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					$ 546,319					$ 546,319			$ 546,319
The 2015 Stock Option Plan [Member]
Shares Issued, Price Per Share (in dollars per share)				$ 2.96
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period (in shares)				6,248
Proceeds from Stock Options Exercised				$ 18,500
The 2011 Stock Options Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number, Ending Balance (in shares)					0					0			0
The 2011 Stock Options Plan [Member] | Share-based Payment Arrangement, Option [Member]
Share-based Payment Arrangement, Expense										$ 0	$ 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)	9 Months Ended
	Sep. 30, 2020shares
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 September 30, 2020 (in shares)	515,000

Note 7 - Stockholders' Equity_3

Note 7 - Stockholders' Equity - Share Incentive Plan Activity (Details) - Restricted Stock Units (RSUs) [Member] - USD ($)	9 Months Ended	12 Months Ended	39 Months Ended
	Sep. 30, 2020	Dec. 31, 2013	Sep. 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	$ 304,714		$ 304,714	$ 50,824
Granted, units (in shares)	44,430	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)	(33,211)
Vested and settled with share issuance, weighted average grant-date fair value (in dollars per share)	$ 4.15
Forfeited, units (in shares)	0
Forfeited, weighted average grant-date fair value (in dollars per share)	$ 0
Outstanding, units (in shares)	144,966		144,966
Outstanding, weighted average grant-date fair value (in dollars per share)	$ 5.91		$ 5.91

Note 7 - Stockholders' Equity_4

Note 7 - Stockholders' Equity - Status of Options and Changes During the Year (Details)	9 Months Ended	12 Months Ended
	Sep. 30, 2020USD ($)$ / sharesshares	Dec. 31, 2019USD ($)$ / sharesshares
Outstanding, shares (in shares)	25,000
Outstanding, weighted average exercise price (in dollars per share) | $ / shares	$ 2.96
Outstanding, average remaining life (Year)		7 months 13 days
Outstanding, weighted average intrinsic value | $	$ 0	$ 72,250
Exercised, shares (in shares)	(6,250)
Exercised, weighted average exercise price (in dollars per share) | $ / shares	$ 2.96
Expired, shares (in shares)	(18,750)
Outstanding, shares (in shares)	0	25,000
Outstanding, weighted average exercise price (in dollars per share) | $ / shares	$ 0	$ 2.96
Vested and expected to vest, weighted average intrinsic value | $	$ 0
Exercisable end of period, weighted average intrinsic value | $	$ 0

Note 8 - Significant Customer_3

Note 8 - Significant Customers / Concentration / Disaggregated Revenue (Details Textual) - Geographic Concentration Risk [Member] - Assets, Total [Member]	9 Months Ended	12 Months Ended
	Sep. 30, 2020	Dec. 31, 2019
DENMARK
Concentration Risk, Percentage	98.00%	91.00%
UNITED STATES
Concentration Risk, Percentage	2.00%	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		9 Months Ended		12 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Revenue Benchmark [Member] | Customer A [Member]
Concentration Risk, Percentage	23.00%	34.00%	27.00%	31.00%
Revenue Benchmark [Member] | Customer B [Member]
Concentration Risk, Percentage	20.00%		11.00%
Revenue Benchmark [Member] | Customer C [Member]
Concentration Risk, Percentage				20.00%
Revenue Benchmark [Member] | Customer D [Member]
Concentration Risk, Percentage		28.00%		17.00%
Accounts Receivable [Member] | Customer A [Member]
Concentration Risk, Percentage			32.00%		39.00%
Accounts Receivable [Member] | Customer B [Member]
Concentration Risk, Percentage			15.00%		15.00%
Accounts Receivable [Member] | Customer D [Member]
Concentration Risk, Percentage			10.00%		17.00%

Note 9 - Subsequent Events (Det

Note 9 - Subsequent Events (Details Textual) - shares	Nov. 03, 2020	Sep. 30, 2020	Dec. 31, 2019
Common Stock, Shares Authorized (in shares)		25,000,000	25,000,000
Subsequent Event [Member]
Common Stock, Shares Authorized (in shares)	100,000,000