Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Mar. 24, 2022 | Jun. 30, 2021 | |
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 | FY | ||
Document Fiscal Year Focus | 2021 | ||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2021 | ||
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 | 453 | ||
Local Phone Number | 1315941 | ||
Title of 12(b) Security | Common Stock, $0.001 par value | ||
Trading Symbol | LIQT | ||
Security Exchange Name | NASDAQ | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 154,426,805 | ||
Entity Common Stock, Shares Outstanding | 21,352,688 | ||
Auditor Name | Sadler, Gibb & Associates, LLC | ||
Auditor Location | Draper, UT | ||
Auditor Firm ID | 3627 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Current Assets: | ||
Cash, cash equivalents and Restricted cash | $ 17,489,380 | $ 13,264,449 |
Accounts receivable, net of allowance for doubtful accounts of $409,076 and $498,044 at December 31, 2021 and December 31, 2020, respectively | 1,957,579 | 3,129,109 |
Inventories, net of allowance for excess and obsolete inventory of $268,470 and $723,949 at December 31, 2021 and December 31, 2020, respectively | 5,421,027 | 5,522,038 |
Contract assets | 1,906,510 | 2,708,136 |
Prepaid expenses and other current assets | 1,292,285 | 1,031,194 |
Total Current Assets | 28,066,781 | 25,654,926 |
Long-Term Assets: | ||
Property and Equipment, net of accumulated depreciation of $7,554,803 and $8,908,145 at December 31, 2021 and December 31, 2020, respectively | 8,858,993 | 10,321,511 |
Operating lease right-of-use assets | 6,925,807 | 4,947,734 |
Deposits and other assets | 628,109 | 545,673 |
Intangible assets, net of accumulated amortization of $357,231 and $269,441 at December 31, 2021 and December 31, 2020, respectively | 334,743 | 480,060 |
Goodwill | 240,259 | 260,233 |
Total Long-term Assets | 16,987,911 | 16,555,211 |
Total Assets | 45,054,692 | 42,210,137 |
Current Liabilities: | ||
Accounts payable | 1,646,662 | 2,332,151 |
Accrued expenses | 4,685,665 | 4,909,531 |
Current portion of finance lease obligations | 373,824 | 394,839 |
Current portion of operating lease liabilities | 846,544 | 1,026,235 |
Current portion of convertible note payable | 8,400,000 | 0 |
Contract liabilities | 914,828 | 1,152,178 |
Total Current Liabilities | 16,867,523 | 9,814,934 |
Deferred tax liability | 224,779 | 305,167 |
Other liabilities, net of current portion | 346,939 | 0 |
Finance lease obligation, net of current portion | 2,499,591 | 3,112,496 |
Operating lease liability, net of current portion | 6,154,064 | 4,159,225 |
Convertible note payable, less current portion | 6,186,936 | 0 |
Total Long-term liabilities | 15,412,309 | 7,576,888 |
Total Liabilities | 32,279,832 | 17,391,822 |
Stockholders' Equity: | ||
Preferred stock; par value $0.001, 2,500,000 shares authorized, 0 and 0 shares issued and outstanding at December 31, 2021 and December 31, 2020, respectively | 0 | 0 |
Common stock; par value $0.001, 100,000,000 shares authorized 21,285,706 and 21,655,461 shares issued and outstanding at December 31, 2021 and December 31, 2020, respectively | 21,285 | 21,655 |
Additional paid-in capital | 70,910,902 | 69,897,698 |
Accumulated deficit | (53,181,928) | (42,054,968) |
Accumulated other comprehensive loss | (4,975,399) | (3,046,070) |
Total Stockholders' Equity | 12,774,860 | 24,818,315 |
Total Liabilities and Stockholders' Equity | $ 45,054,692 | $ 42,210,137 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Accounts receivable, allowance for doubtful accounts | $ 409,076 | $ 498,044 |
Inventories, allowance for excess and obsolete inventory | 268,470 | 723,949 |
Property and equipment, accumulated depreciation | 7,554,803 | 8,908,145 |
Intangible assets, accumulated depreciations | $ 357,231 | $ 269,441 |
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, shared outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized (in shares) | 100,000,000 | 100,000,000 |
Common stock, shares issued (in shares) | 21,285,706 | 21,655,461 |
Common stock, shares outstanding (in shares) | 21,285,706 | 21,655,461 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Revenue | $ 18,273,442 | $ 22,526,201 |
Cost of Goods Sold | 16,697,296 | 20,379,519 |
Gross Profit | 1,576,146 | 2,146,682 |
Operating Expenses: | ||
Selling expenses | 4,564,188 | 2,918,418 |
General and administrative expenses | 5,836,629 | 6,205,040 |
Research and development expenses | 1,862,653 | 1,278,331 |
Total Operating Expenses | 12,263,470 | 10,401,789 |
Loss from Operations | (10,687,324) | (8,255,107) |
Other Income (Expense) | ||
Gain on modification of earn-out liability | 0 | 306,077 |
Interest and other income | 371,467 | 139,513 |
Interest expense | (708,176) | (120,903) |
Amortization of discount on convertible note | (835,331) | 0 |
Fair value adjustment of warrants | 0 | (901,250) |
Gain (Loss) on currency transactions | 668,225 | (1,469,607) |
Gain (Loss) on sale of fixed assets | 1,113 | 27,772 |
Total Other Income (Expense) | (502,672) | (2,018,398) |
Loss Before Income Taxes | (11,189,996) | (10,273,505) |
Income Tax Benefit | (63,036) | (465,145) |
Net Loss | $ (11,126,960) | $ (9,808,360) |
Basic and Diluted Loss Per Share (in dollars per share) | $ (0.52) | $ (0.46) |
Basic and Diluted Weighted Average Common Shares Outstanding (in shares) | 21,567,112 | 21,209,118 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Loss - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Net Income (Loss) | $ (11,126,960) | $ (9,808,360) |
Other Comprehensive Income (Loss) - Currency Translation, net | (1,929,329) | 3,120,489 |
Total Comprehensive Loss | $ (13,056,289) | $ (6,687,871) |
Consolidated Statement of Stock
Consolidated Statement of Stockholders' Equity - USD ($) | Board of Directors, Second Issuance [Member]Common Stock [Member] | Board of Directors, Second Issuance [Member]Additional Paid-in Capital [Member] | Board of Directors, Second Issuance [Member]Retained Earnings [Member] | Board of Directors, Second Issuance [Member]AOCI Attributable to Parent [Member] | Board of Directors, Second Issuance [Member] | Board of Directors, Third Issuance [Member]Common Stock [Member] | Board of Directors, Third Issuance [Member]Additional Paid-in Capital [Member] | Board of Directors, Third Issuance [Member]Retained Earnings [Member] | Board of Directors, Third Issuance [Member]AOCI Attributable to Parent [Member] | Board of Directors, Third Issuance [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Total |
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 stock issued in settlement of RSUs (in shares) | 8,212 | 8,333 | |||||||||||||
Common stock issued in settlement of RSUs | $ 8 | $ 44,992 | $ 45,000 | $ 8 | $ (8) | $ 0 | |||||||||
Stock-based compensation | 298,780 | 298,780 | |||||||||||||
Currency translation, net | 3,120,489 | 3,120,489 | |||||||||||||
Net Income (Loss) | (9,808,360) | (9,808,360) | |||||||||||||
Stock Issued During Period, Shares, Issued for Services (in shares) | 8,212 | 8,333 | |||||||||||||
Stock Issued During Period, Value, Issued for Services | $ 8 | $ 44,992 | $ 45,000 | $ 8 | $ (8) | $ 0 | |||||||||
Exercise of stock options (in shares) | 6,248 | ||||||||||||||
Exercise of stock options | $ 6 | 18,494 | 18,500 | ||||||||||||
Common shares issued for cash at $5.00 per share, net of offering cost of $762,875, May 2020 (in shares) | 1,085,000 | ||||||||||||||
Common shares issued for cash at $5.00 per share, net of offering cost of $762,875, May 2020 | $ 1,085 | 4,661,040 | 4,662,125 | ||||||||||||
Prefunded warrants, 515,000, transferred to equity upon modification in August 2020 | 3,476,250 | 3,476,250 | |||||||||||||
BALANCE (in shares) at Dec. 31, 2020 | 21,655,461 | ||||||||||||||
BALANCE at Dec. 31, 2020 | $ 21,655 | 69,897,698 | (42,054,968) | (3,046,070) | 24,818,315 | ||||||||||
Common stock issued in settlement of RSUs (in shares) | 50,245 | ||||||||||||||
Common stock issued in settlement of RSUs | $ 50 | (50) | |||||||||||||
Common shares issued for Convertible Note (in shares) | 80,000 | ||||||||||||||
Common shares issued for Convertible Note | $ 80 | 531,649 | 531,729 | ||||||||||||
Exchange of common stock to prefunded warrants (in shares) | (500,000) | ||||||||||||||
Exchange of common stock to prefunded warrants | $ (500) | 500 | |||||||||||||
Stock-based compensation | 481,105 | 481,105 | |||||||||||||
Currency translation, net | (1,929,329) | (1,929,329) | |||||||||||||
Net Income (Loss) | (11,126,960) | (11,126,960) | |||||||||||||
Stock Issued During Period, Shares, Issued for Services (in shares) | 50,245 | ||||||||||||||
Stock Issued During Period, Value, Issued for Services | $ 50 | (50) | |||||||||||||
BALANCE (in shares) at Dec. 31, 2021 | 21,285,706 | ||||||||||||||
BALANCE at Dec. 31, 2021 | $ 21,285 | $ 70,910,092 | $ (53,181,928) | $ (4,975,399) | $ 12,774,860 |
Consolidated Statement of Sto_2
Consolidated Statement of Stockholders' Equity (Parentheticals) | 12 Months Ended |
Dec. 31, 2020USD ($)$ / sharesshares | |
Shares issued, offering cost | $ | $ 762,875 |
Shares issued, offering cost per share (in dollars per share) | $ / shares | $ 5 |
Prefunded warrants, transferred to equity (in shares) | shares | 515,000 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Cash Flows from Operating Activities: | ||
Net Income (Loss) | $ (11,126,960) | $ (9,808,360) |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operations: | ||
Depreciation and amortization | 2,740,241 | 2,827,341 |
Amortization of discount on convertible notes payable | 835,331 | 0 |
Stock-based compensation | 481,105 | 343,780 |
Change in fair value of warrant liability | 0 | 901,250 |
Gain on modification of earn-out liability | 0 | (306,077) |
Change in deferred tax asset / liability | (63,036) | (63,200) |
Loss (Gain) on sale of equipment | (1,113) | (27,772) |
Changes in assets and liabilities: | ||
Accounts receivable | 971,460 | 3,143,651 |
Inventory | (336,651) | (322,800) |
Contract assets | 610,476 | 2,522,275 |
Prepaid expenses and other current assets | 479,423 | 565 |
Accounts payable | (532,718) | (2,006,919) |
Accrued expenses | 798,543 | 1,355,846 |
Operating lease liabilities | (945,808) | (874,441) |
Contract liabilities | (155,291) | (269,198) |
Income taxes payable | 0 | (14,806) |
Total Adjustments | 3,923,117 | 7,209,495 |
Net Cash used in Operating Activities | (7,203,843) | (2,598,865) |
Cash Flows from Investing Activities: | ||
Purchase of property and equipment | (1,133,378) | (3,754,166) |
Proceeds from sale of property and equipment | 1,113 | 102,416 |
Purchase of other intangible assets | 0 | (55,198) |
Net cash paid for acquisition | (317,874) | (301,573) |
Net Cash used in Investing Activities | (1,450,139) | (4,008,521) |
Cash Flows from Financing Activities: | ||
Payments on finance lease obligation | (380,334) | (38,725) |
Proceeds from convertible notes payable, net | 14,283,333 | 0 |
Proceeds from exercise of stock options | 0 | 18,500 |
Proceeds from issuance of prefunded warrants | 0 | 2,575,000 |
Proceeds from issuance of common stock, net | 0 | 4,662,127 |
Net Cash Provided by Financing Activities | 13,902,999 | 7,216,902 |
Effect of foreign currency exchange on cash | (1,024,086) | 2,871,001 |
Net Change in Cash, Cash Equivalents and Restricted Cash | 4,224,931 | 3,480,517 |
Cash, Cash Equivalents and Restricted Cash at Beginning of Period | 13,264,449 | 9,783,932 |
Cash, Cash Equivalents and Restricted Cash at End of Period | 17,489,380 | 13,264,449 |
Supplemental Disclosures of Cash Flow Information: | ||
Interest | 635,671 | 103,953 |
Income Taxes | 13,726 | |
Non-cash financing activities | ||
Common Stock issued in conjunction with convertible note financing | 531,729 | 0 |
Convertible Debt [Member] | ||
Non-cash financing activities | ||
Original issue discount on convertible note | 1,800,000 | 0 |
Convertible Note debt conversion feature | 3,048,396 | 0 |
Debt issuance costs on convertible note | $ 716,667 | $ 0 |
Note 1 - Summary of Significant
Note 1 - Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2021 | |
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, January 2021, 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 Emission Control A/S, a Danish corporation (“LiqTech Emission Control”), incorporated on March 1, 2021 LiqTech Environment Technologies (China) Co. Ltd. (“LiqTech China”), incorporated on September 23, 2021, LiqTech Germany (“LiqTech Germany”), a 100% owned subsidiary of LiqTech Holding, incorporated in Germany on December 9, 2011. LiqTech PTE Ltd (“LiqTech Singapore”), a 95% owned subsidiary of LiqTech Holding, incorporated in Singapore on January 19, 2012. Consolidation -- Reclassification Functional Currency / Foreign currency translation -- twelve December 31, 2021 2020. Significant events -- March 2020, 19” March 2020, two 2021 We are unable to accurately predict the full impact that COVID- 19 2021. not 12 19 not 2022. 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 how our business may may Cash, Cash Equivalents and Restricted Cash -- three December 31, 2021, 2020, Accounts held in each U.S. institution are insured by the Federal Deposit Insurance Company (“FDIC”) up to $250,000. December 31, 2021 December 31, 2020 Accounts Receivable -- The roll-forward of the allowance for doubtful accounts as of December 31, 2021 December 31, 2020 2021 2020 Allowance for doubtful accounts at the beginning of the period $ 498,044 $ 612,434 Bad debt expense (28,499 ) 320,270 Receivables written off during the periods (24,415 ) (484,265 ) Effect of currency translation (36,054 ) 49,605 Allowance for doubtful accounts at the end of the period $ 409,076 $ 498,044 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 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 Contract assets also include unbilled receivables, which usually comprise the last invoice remaining after the delivery of the water treatment unit, where revenue is recognized at the transfer of control based upon signed acceptance of the water treatment unit by the customer. Most commonly this invoice is sent to the customer at commissioning of the product or no 12 Leases -- not 12 not not may 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. The Company sells products throughout the world; sales by geographical region are as follows for the year ended December 31, 2021 2020: % Distribution For the Year Ended December 31 2021 2020 2021 2020 North America 17 % 3 % $ 3,121,797 $ 656,032 Australia 2 % 2 % 401,485 524,255 Asia 23 % 15 % 4,256,585 3,372,286 Europe 58 % 80 % 10,493,574 17,973,628 100 % 100 % $ 18,273,442 $ 22,526,201 The Company’s sales by product line are as follows for the years ended December 31, 2021 2020: % Distribution For the Year Ended December 31 2021 2020 2021 2020 Liquid filters and systems 39 % 63 % $ 7,196,465 $ 14,147,842 Diesel particulate filters 39 % 22 % 7,183,868 5,131,891 Plastics components 20 % 12 % 3,615,681 2,647,366 Development projects 2 % 3 % 277,428 599,102 100 % 100 % $ 18,273,442 $ 22,526,201 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 product 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 is 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 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 based on the prices charged to customers or expected cost-plus margin. System sales are recognized when the Company transfers control to the customer based upon sales and delivery conditions stated in the sales contract. This typically occurs upon shipment of the system from the production facility but can also occur upon other agreed delivery terms. In connection with the completion of the system, it is normal procedure to issue a FAT (Factory Acceptance Test) stating that the customer has accepted the performance of the system as it is being shipped from 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. The roll-forward of Contract Assets/Liabilities for the year ended December 31, 2021 December 31, 2020 2021 2020 Cost incurred $ 3,381,994 $ 3,997,161 Unbilled project deliveries 454,158 1,015,977 VAT 542,255 446,608 Other receivables 60,158 75,010 Prepayments (2,947,736 ) (3,112,118 ) Deferred Revenue (499,146 ) (866,680 ) $ 991,682 $ 1,555,958 Distributed as follows: Contract assets $ 1,906,510 $ 2,708,136 Contract liabilities (914,828 ) (1,152,178 ) $ 991,682 $ 1,555,958 Advertising Cost -- December 31, 2021 2020, Research and Development Cost -- December 31, 2021 2020 Income Taxes -- 740: Income/(Loss) Per Share -- 260, not Stock Options and Awards -- 718, December 31, 2021 2020, 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. Accounting Estimates -- Recent Accounting Pronouncements November 2021, 2021 10, 1 2 3 December 15, 2021. 2021 10 On August 2020, 2020 06, 470 20 815 40 December 15, 2023 December 15, 2020. 2020 06 On March 2020, 2020 04, 848 December 31, 2022. On March 9, 2020, 2020 03, December 15, 2019 2020 03 January 1, 2020 no In December 2019, 2019 12, 740 December 15, 2020 March 1, 2021 not In August 2018, No. 2018 13, 820 December 15, 2019, 2018 13 January 1, 2020 no In November 2016, No. 2016 18, December 31, 2021, December 31, 2020, 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 - Going Concern
Note 2 - Going Concern | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Substantial Doubt about Going Concern [Text Block] | NOTE 2 GOING CONCERN The accompanying consolidated financial statements have been prepared in conformity with generally accepted accounting principles of the United States of America, which contemplate continuation of the Company as a going concern. However, the Company has limited cash and incurred significant recent losses. These factors raise substantial doubt about the ability of the Company to continue as a going concern. There is no not |
Note 3 - Inventory
Note 3 - Inventory | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | NOTE 3 Inventory consisted of the following at December 31, 2021 December 31, 2020: 2021 2020 Furnace parts and supplies $ 213,224 $ 471,622 Raw materials 2,144,067 1,955,713 Work in process 1,671,290 2,394,481 Finished goods and filtration systems 1,660,907 1,424,171 Reserve for excess and obsolescence (268,470 ) (723,949 ) Net Inventory $ 5,421,027 $ 5,522,038 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. The reduction in the reserve for excess and obsolescence reflects the reuse of goods previously classified as obsolete due to shift in demand pattern from external clients. |
Note 4 - Property and Equipment
Note 4 - Property and Equipment | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | NOTE 4 - PROPERTY AND EQUIPMENT Property and equipment consisted of the following on December 31, 2021 December 31, 2020: Useful Life 2021 2020 Production equipment 3 - 10 $ 7,425,145 $ 8,599,728 Production equipment - finance lease 3 - 10 3,066,623 4,528,695 Lab equipment 3 - 10 117,770 127,560 Computer equipment 3 - 5 1,005,223 805,001 Vehicles 3 - 5 90,819 115,525 Vehicles - finance lease 3 - 5 - - Furniture and fixture 5 1,166,071 1,218,386 Furniture and fixture - finance lease 5 268,208 290,505 Leasehold improvements 5 - 10 3,273,940 3,544,256 16,413,799 19,229,656 Less Accumulated Depreciation (7,218,468 ) (7,518,657 ) Less Accumulated Depreciation - finance lease (336,338 ) (1,389,488 ) Net Property and Equipment $ 8,858,993 $ 10,321,511 Depreciation expense amounted to $1,945,489 and $1,857,111 for the year ended December 31, 2021 2020, |
Note 5 - Leases
Note 5 - Leases | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Lessee, Operating and Finance Leases [Text Block] | NOTE 5 - LEASES The Company leases certain vehicles, real property, production equipment 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 Taicang, China and White Bear Lake, Minnesota. As of September 1, 2021 August 31, 2025 ( September 1, 2025 September 1, 2021 June 30, 2022. February 2021, not During the year ended December 31, 2021, During the year ended December 31, 2021, Supplemental balance sheet information related to leases as of December 31, 2021 2020 December 31, 2021 December 31, 2020 Operating leases Operating lease right-of-use assets $ 6,925,807 $ 4,947,734 Operating lease liabilities – current $ 846,544 $ 1,026,235 Operating lease liabilities – long-term 6,154,064 4,159,225 Total operating lease liabilities $ 7,000,608 $ 5,185,460 Finance leases Property and equipment, at cost $ 3,334,830 $ 4,819,201 Accumulated depreciation (336,337 ) (1,389,488 ) Property and equipment, net $ 2,998,494 $ 3,429,713 Finance lease liabilities – current $ 373,824 $ 394,839 Finance lease liabilities – long-term 2,499,591 3,112,496 Total finance lease liabilities $ 2,873,415 $ 3,507,335 Weighted average remaining lease term: Operating leases 8.9 10.0 Finance leases 5.9 6.9 Weighted average discount rate: Operating leases 6.5 % 6.2 % Finance leases 2.8 % 2.8 % Maturities of lease liabilities at December 31, 2021 Operating lease Finance lease 2022 $ 1,220,960 $ 449,480 2023 1,234,435 444,777 2024 1,083,993 445,735 2025 794,225 442,102 2026 818,507 404,679 Thereafter 3,828,035 976,221 Total payment under lease agreements 8,980,155 3,162,994 Less imputed interest (1,979,546 ) (289,579 ) Total lease liability $ 7,000,608 $ 2,873,415 |
Note 6 - Intangible Assets
Note 6 - Intangible Assets | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Intangible Assets Disclosure [Text Block] | NOTE 6 At December 31, 2021 December 31, 2020, Intangible assets consisted of the following at December 31, 2021 December 31, 2020: 2021 2020 Customer relationships $ 502,957 $ 544,770 Patent cost 189,017 204,731 691,974 749,501 Less Accumulated amortization (357,231 ) (269,441 ) Intangible assets, net $ 334,743 $ 480,060 Amortization expense amounted to $108,471 and $113,738 for the year ended December 31, 2021 2020, Expected future amortization expense for the years ended are as follows: Year ending December 31, Amortization Expenses 2022 108,471 2023 108,471 2024 74,940 2025 7,880 2026 7,880 Thereafter 27,101 $ 334,743 |
Note 7 - Lines of Credit
Note 7 - Lines of Credit | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | NOTE 7 In connection with certain orders, we provide the customer a working guarantee, a prepayment guarantee or a security bond. For that purpose, we have a guaranteed credit line of DKK13,000,000 December 31, 2021, |
Note 8 - Convertible Note Payab
Note 8 - Convertible Note Payable | 12 Months Ended |
Dec. 31, 2021 | |
Convertible Debt [Member] | |
Notes to Financial Statements | |
Long-term Debt [Text Block] | N OTE 8 CONVERTIBLE NOTE PAYABLE On March 24, 2021, October 1, 2023 April 8, 2021, The Note is a senior, unsecured obligation of the Company, payable at 112% of the principal amount at maturity on October 1, 2023, $1,000 The Company may 1 one hundred seventy-five twelve September 24, 2021; 2 twelve 12 Beginning on March 1, 2022, first 90% VWAP three 3 no The Note has interest payable quarterly beginning June 1, 2021 The components of the Convertible Note are as follows: December 31, 2021 December 31, 2020 Convertible note $ 16,800,000 - Less: unamortized debt issuance costs (2,213,064 ) - Convertible note payable $ 14,586,936 $ - Current portion of convertible note payable 8,400,000 - Convertible note payable, less current portion 6,186,936 - Convertible note payable $ 14,586,936 $ - |
Note 9 - Agreements and Commitm
Note 9 - Agreements and Commitments | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | NOTE 9 AGREEMENTS, COMMITMENTS AND CONTINGENCIES Agreements none third Contingencies -- may On February 27, 2019, 2017. LiqTech is as of December 31, 2021 1,671,768 $254,796 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 for the fiscal years ended December 31, 2021 2020 2021 2020 Balance at January 1, $ 1,056,613 $ 813,288 Warranty costs charged to cost of goods sold 177,302 348,241 Utilization charges against reserve (191,068 ) (199,624 ) Foreign currency effect (80,534 ) 94,708 Balance at December 31, $ 962,313 $ 1,056,613 |
Note 10 - Income Taxes
Note 10 - Income Taxes | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | NOTE 10 INCOME TAXES The Company accounts for income taxes in accordance with FASB ASC Topic 740, two first not second 50%. As of December 31, 2021, 2041; not not not 2026. As of December 31, 2021 December 31, 2020, not not December 31, 2021 December 31, 2020 The temporary differences, tax credits and carry forwards gave rise to the following deferred tax asset and liabilities at December 31, 2021 December 31, 2020: 2021 2020 Excess of tax over financial accounting $ 708,825 $ 624,154 Vacation accrual - 1,971 Reserve for excess and obsolete inventory 49,615 151,288 Accrued expenses 4,305 - Accrued interest 13,125 - Discount amortization 175,420 - Deferred compensation 52,500 49,556 Net operating loss carryover 9,959,356 7,627,046 Excess of book over tax depreciation (343,294 ) (610,694 ) Excess of book over tax work in progress (587,469 ) (817,131 ) Valuation allowance (10,257,162 ) (7,331,357 ) $ (224,779 ) $ (305,167 ) Distributed as: Long-term deferred tax asset - - Long-term deferred tax liability (224,779 ) (305,167 ) $ (224,779 ) $ (305,167 ) A reconciliation of income tax expense at the federal statutory rate to income tax expense at the Company’s effective rate is as follows for the years ended December 31, 2021 2020: 2021 2020 Computed tax at expected statutory rate $ (2,349,899 ) $ (2,157,436 ) State and local income taxes, net of federal benefit (1,387 ) (76,055 ) Non-US income taxed at different rates (101,856 ) (35,454 ) Deferred compensation (31,500 ) (52,165 ) Non-deductible expenses 1,565 2,243 Non-taxable income - (75,562 ) Change in valuation allowance 2,209,294 1,918,579 Other 210,747 10,705 Income tax expense (benefit) $ (63,036 ) $ (465,145 ) The components of income tax expense (benefit) from continuing operations for the years ended December 31, 2021 2020 2021 2020 Current income taxes: Danish $ - $ (401,945 ) Federal - - State - - Current tax (benefit) $ - $ (401,945 ) Deferred income taxes: Book in excess of tax depreciation $ (309,719 ) $ (419,523 ) Work in progress (174,093 ) (44,862 ) Net operating loss carryover (2,667,221 ) (389,616 ) Valuation allowance 2,811,619 844,826 Deferred compensation 31,500 (52,165 ) Accrued interest 13,125 - Discount amortization 175,420 - Accrued vacation 4,305 (16,707 ) Reserve for obsolete inventory 52,028 14,847 Deferred tax expense (benefit) $ (63,036 ) $ (63,200 ) Total tax expense (benefit) $ (63,036 ) $ (465,145 ) Deferred income tax expense / (benefit) results primarily from the reversal of temporary timing differences between tax and financial statement income. The Company files Danish, Chinese, U.S. federal and Minnesota state income tax returns. LiqTech Holding, LiqTech Ceramics, LiqTech Water, LiqTech Plastics, LiqTech Emission Control and LiqTech Water Projects are generally no 2016 no 2016 |
Note 11 - Earnings Per Share
Note 11 - Earnings Per Share | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | NOTE 11 EARNINGS PER SHARE 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, warrants and Restricted Stock Units 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. For the year ended December 31, 2021, For the year ended December 31, 2020, |
Note 12 - Stockholders' Equity
Note 12 - Stockholders' Equity | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | NOTE 12 Common Stock December 31, 2021 2020, Voting -- one not Dividends -- may may Liquidation Rights -- Other Matters -- no no Preferred Stock -- one may may The Company has 2,500,000 authorized shares of preferred stock, $0.001 par value. As of December 31, 2021 2020 Stock Issuances Since January 1, 2021, On January 6, 2021, 2020. On February 26, 2021, 2020. On April 9, 2021, March 24, 2021. On August 17, 2021, On September 3, 2021, For the years ended December 31, 2021 2020, 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 17, 2021, 500,000 August 17, 2021, The following is a summary of the periodic changes in warrants outstanding for the year ended December 31, 2021: 2021 Warrants outstanding at January 1 515,000 Common stock exchanged to prefunded warrant 500,000 Exercises and conversions - Warrants outstanding at December 31 1,015,000 Stock-based Compensation In 2013, December 31, 2021, three 2021 three The Company recognizes compensation costs for RSU 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 RSU grants of $481,105 and $343,780 for the years ended December 31, 2021 2020, December 31, 2021, A summary of the status of the RSUs outstanding as of December 31, 2021 December 31, 2021 Number of units Weighted Average Grant-Date Fair value Aggregated Intrinsic Value Outstanding, December 31, 2020 128,299 $ 5.79 $ 283,541 Granted 71,582 7.51 - Vested and settled with share issuance (50,245 ) 5.85 - Forfeited - Outstanding, December 31, 2021 149,636 $ 6.59 |
Note 13 - Segment Reporting
Note 13 - Segment Reporting | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | NOTE 13 SEGMENT REPORTING The Company operates in three January 1, 2020, 2020. Segment information for the business areas is as follows: For the Year Ended December 31, Revenues 2021 2020 Water $ 7,196,465 $ 13,615,904 Ceramics 7,183,868 5,663,830 Plastics 3,615,681 2,647,366 Other 277,428 599,101 Total consolidated revenue $ 18,273,442 $ 22,526,201 For the Year Ended December 31, Income (Loss) 2021 2020 Water $ (1,411,196 ) $ (1,083,578 ) Ceramics (3,330,840 ) (3,532,137 ) Plastics (1,317,293 ) (882,038 ) Other (5,067,631 ) (4,310,607 ) Total consolidated Income (Loss) $ (11,126,960 ) $ (9,808,360 ) For the Year Ended December 31, Total assets 2021 2020 Water $ 7,767,679 $ 14,033,107 Ceramics 13,961,057 16,734,371 Plastics 1,645,879 2,022,381 Other 21,680,077 9,420,278 Total consolidated assets $ 45,054,692 $ 42,210,137 |
Note 14 - Significant Customers
Note 14 - Significant Customers / Concentration | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Concentration Risk Disclosure [Text Block] | NOTE 14 SIGNIFICANT CUSTOMERS / CONCENTRATION The following table presents customers accounting for 10% For the Year Ended December 31, 2021 2020 Customer A 12 % - % Customer B 10 % 10 % Customer C - % 27 % * Zero or less than 10% The following table presents customers accounting for 10% December 31, 2021 December 31, 2020 Customer A 16 % - % Customer B - % 12 % Customer D 11 % - % Customer E - % 39 % Customer F - % 16 % As of December 31, 2021, December 31, 2020 |
Note 15 - Subsequent Events
Note 15 - Subsequent Events | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | NOTE 15 SUBSEQUENT EVENTS On January 3, 2022, 2021. On January 3, 2022, 2021. On March 18, 2022, 2017, |
Schedule II Valuation and Quali
Schedule II Valuation and Qualifying Accounts | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
SEC Schedule, 12-09, Schedule of Valuation and Qualifying Accounts Disclosure [Text Block] | 15. Exhibits and Financial Statement Schedules (a) Financial Statements and Schedules The financial statements are set forth under Item 8 December 31, 2021 December 31, 2020 10 a. Valuation and Qualifying Accounts for the years ended December 31, 2021 December 31, 2020. 2021 2020 Bad debt expense (28,499 ) 320,270 Reserve for obsolete inventory 162,651 266,021 Balance Beginning of Year Charges to Costs and Expenses Deductions (1) Balance End of Year Year Ended December 31, 2021 Allowance for inventory obsolescence $ 723,949 $ 162,651 $ (618,129 ) $ 268,470 Allowance for doubtful accounts 498,044 (28,499 ) (60,469 ) 409,076 Totals $ 1,221,993 $ 134,152 $ (678,598 ) $ 677,546 Year Ended December 31, 2020 Allowance for inventory obsolescence $ 665,308 $ 266,021 $ (207,380 ) $ 723,949 Allowance for doubtful accounts 612,434 320,270 (434,660 ) 498,044 Totals $ 1,277,742 $ 586,291 $ (642,040 ) $ 1,221,993 2021 2020 Allowance for doubtful accounts at the beginning of the period $ 498,044 $ 612,434 Bad debt expense (28,499 ) 320,270 Receivables written off during the periods (24,415 ) (484,265 ) Effect of currency translation (36,054 ) 49,605 Allowance for doubtful accounts at the end of the period $ 409,076 $ 498,044 ( 1 Schedules other than that listed above are omitted because the conditions requiring their filing do not not not |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
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, January 2021, 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 Emission Control A/S, a Danish corporation (“LiqTech Emission Control”), incorporated on March 1, 2021 LiqTech Environment Technologies (China) Co. Ltd. (“LiqTech China”), incorporated on September 23, 2021, LiqTech Germany (“LiqTech Germany”), a 100% owned subsidiary of LiqTech Holding, incorporated in Germany on December 9, 2011. LiqTech PTE Ltd (“LiqTech Singapore”), 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 -- twelve December 31, 2021 2020. |
Unusual Risks and Uncertainties [Policy Text Block] | Significant events -- March 2020, 19” March 2020, two 2021 We are unable to accurately predict the full impact that COVID- 19 2021. not 12 19 not 2022. 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 how our business may may |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash, Cash Equivalents and Restricted Cash -- three December 31, 2021, 2020, Accounts held in each U.S. institution are insured by the Federal Deposit Insurance Company (“FDIC”) up to $250,000. December 31, 2021 December 31, 2020 |
Accounts Receivable [Policy Text Block] | Accounts Receivable -- The roll-forward of the allowance for doubtful accounts as of December 31, 2021 December 31, 2020 2021 2020 Allowance for doubtful accounts at the beginning of the period $ 498,044 $ 612,434 Bad debt expense (28,499 ) 320,270 Receivables written off during the periods (24,415 ) (484,265 ) Effect of currency translation (36,054 ) 49,605 Allowance for doubtful accounts at the end of the period $ 409,076 $ 498,044 |
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 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 Contract assets also include unbilled receivables, which usually comprise the last invoice remaining after the delivery of the water treatment unit, where revenue is recognized at the transfer of control based upon signed acceptance of the water treatment unit by the customer. Most commonly this invoice is sent to the customer at commissioning of the product or no 12 |
Lessee, Leases [Policy Text Block] | Leases -- not 12 not not may |
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 [Policy Text Block] | Revenue Recognition January 1, 2018, 606, 2015, 2016 2017 January 1, 2018. The Company sells products throughout the world; sales by geographical region are as follows for the year ended December 31, 2021 2020: % Distribution For the Year Ended December 31 2021 2020 2021 2020 North America 17 % 3 % $ 3,121,797 $ 656,032 Australia 2 % 2 % 401,485 524,255 Asia 23 % 15 % 4,256,585 3,372,286 Europe 58 % 80 % 10,493,574 17,973,628 100 % 100 % $ 18,273,442 $ 22,526,201 The Company’s sales by product line are as follows for the years ended December 31, 2021 2020: % Distribution For the Year Ended December 31 2021 2020 2021 2020 Liquid filters and systems 39 % 63 % $ 7,196,465 $ 14,147,842 Diesel particulate filters 39 % 22 % 7,183,868 5,131,891 Plastics components 20 % 12 % 3,615,681 2,647,366 Development projects 2 % 3 % 277,428 599,102 100 % 100 % $ 18,273,442 $ 22,526,201 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 product 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 is 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 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 based on the prices charged to customers or expected cost-plus margin. System sales are recognized when the Company transfers control to the customer based upon sales and delivery conditions stated in the sales contract. This typically occurs upon shipment of the system from the production facility but can also occur upon other agreed delivery terms. In connection with the completion of the system, it is normal procedure to issue a FAT (Factory Acceptance Test) stating that the customer has accepted the performance of the system as it is being shipped from 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. The roll-forward of Contract Assets/Liabilities for the year ended December 31, 2021 December 31, 2020 2021 2020 Cost incurred $ 3,381,994 $ 3,997,161 Unbilled project deliveries 454,158 1,015,977 VAT 542,255 446,608 Other receivables 60,158 75,010 Prepayments (2,947,736 ) (3,112,118 ) Deferred Revenue (499,146 ) (866,680 ) $ 991,682 $ 1,555,958 Distributed as follows: Contract assets $ 1,906,510 $ 2,708,136 Contract liabilities (914,828 ) (1,152,178 ) $ 991,682 $ 1,555,958 |
Advertising Cost [Policy Text Block] | Advertising Cost -- December 31, 2021 2020, |
Research and Development Expense, Policy [Policy Text Block] | Research and Development Cost -- December 31, 2021 2020 |
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, December 31, 2021 2020, |
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. |
Use of Estimates, Policy [Policy Text Block] | Accounting Estimates -- |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements November 2021, 2021 10, 1 2 3 December 15, 2021. 2021 10 On August 2020, 2020 06, 470 20 815 40 December 15, 2023 December 15, 2020. 2020 06 On March 2020, 2020 04, 848 December 31, 2022. On March 9, 2020, 2020 03, December 15, 2019 2020 03 January 1, 2020 no In December 2019, 2019 12, 740 December 15, 2020 March 1, 2021 not In August 2018, No. 2018 13, 820 December 15, 2019, 2018 13 January 1, 2020 no In November 2016, No. 2016 18, December 31, 2021, December 31, 2020, 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) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Financing Receivable, Allowance for Credit Loss [Table Text Block] | 2021 2020 Allowance for doubtful accounts at the beginning of the period $ 498,044 $ 612,434 Bad debt expense (28,499 ) 320,270 Receivables written off during the periods (24,415 ) (484,265 ) Effect of currency translation (36,054 ) 49,605 Allowance for doubtful accounts at the end of the period $ 409,076 $ 498,044 |
Schedule of Revenue from External Customers Attributed to Foreign Countries by Geographic Area [Table Text Block] | % Distribution For the Year Ended December 31 2021 2020 2021 2020 North America 17 % 3 % $ 3,121,797 $ 656,032 Australia 2 % 2 % 401,485 524,255 Asia 23 % 15 % 4,256,585 3,372,286 Europe 58 % 80 % 10,493,574 17,973,628 100 % 100 % $ 18,273,442 $ 22,526,201 |
Reconciliation of Revenue from Segments to Consolidated [Table Text Block] | % Distribution For the Year Ended December 31 2021 2020 2021 2020 Liquid filters and systems 39 % 63 % $ 7,196,465 $ 14,147,842 Diesel particulate filters 39 % 22 % 7,183,868 5,131,891 Plastics components 20 % 12 % 3,615,681 2,647,366 Development projects 2 % 3 % 277,428 599,102 100 % 100 % $ 18,273,442 $ 22,526,201 |
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Table Text Block] | 2021 2020 Cost incurred $ 3,381,994 $ 3,997,161 Unbilled project deliveries 454,158 1,015,977 VAT 542,255 446,608 Other receivables 60,158 75,010 Prepayments (2,947,736 ) (3,112,118 ) Deferred Revenue (499,146 ) (866,680 ) $ 991,682 $ 1,555,958 Distributed as follows: Contract assets $ 1,906,510 $ 2,708,136 Contract liabilities (914,828 ) (1,152,178 ) $ 991,682 $ 1,555,958 |
Note 3 - Inventory (Tables)
Note 3 - Inventory (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | 2021 2020 Furnace parts and supplies $ 213,224 $ 471,622 Raw materials 2,144,067 1,955,713 Work in process 1,671,290 2,394,481 Finished goods and filtration systems 1,660,907 1,424,171 Reserve for excess and obsolescence (268,470 ) (723,949 ) Net Inventory $ 5,421,027 $ 5,522,038 |
Note 4 - Property and Equipme_2
Note 4 - Property and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | Useful Life 2021 2020 Production equipment 3 - 10 $ 7,425,145 $ 8,599,728 Production equipment - finance lease 3 - 10 3,066,623 4,528,695 Lab equipment 3 - 10 117,770 127,560 Computer equipment 3 - 5 1,005,223 805,001 Vehicles 3 - 5 90,819 115,525 Vehicles - finance lease 3 - 5 - - Furniture and fixture 5 1,166,071 1,218,386 Furniture and fixture - finance lease 5 268,208 290,505 Leasehold improvements 5 - 10 3,273,940 3,544,256 16,413,799 19,229,656 Less Accumulated Depreciation (7,218,468 ) (7,518,657 ) Less Accumulated Depreciation - finance lease (336,338 ) (1,389,488 ) Net Property and Equipment $ 8,858,993 $ 10,321,511 |
Note 5 - Leases (Tables)
Note 5 - Leases (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Lessee, Operating and Finance Lease, Assets and Liabilities [Table Text Block] | December 31, 2021 December 31, 2020 Operating leases Operating lease right-of-use assets $ 6,925,807 $ 4,947,734 Operating lease liabilities – current $ 846,544 $ 1,026,235 Operating lease liabilities – long-term 6,154,064 4,159,225 Total operating lease liabilities $ 7,000,608 $ 5,185,460 Finance leases Property and equipment, at cost $ 3,334,830 $ 4,819,201 Accumulated depreciation (336,337 ) (1,389,488 ) Property and equipment, net $ 2,998,494 $ 3,429,713 Finance lease liabilities – current $ 373,824 $ 394,839 Finance lease liabilities – long-term 2,499,591 3,112,496 Total finance lease liabilities $ 2,873,415 $ 3,507,335 Weighted average remaining lease term: Operating leases 8.9 10.0 Finance leases 5.9 6.9 Weighted average discount rate: Operating leases 6.5 % 6.2 % Finance leases 2.8 % 2.8 % |
Maturity of Operating and Finance Lease Liabilities [Table Text Block] | Operating lease Finance lease 2022 $ 1,220,960 $ 449,480 2023 1,234,435 444,777 2024 1,083,993 445,735 2025 794,225 442,102 2026 818,507 404,679 Thereafter 3,828,035 976,221 Total payment under lease agreements 8,980,155 3,162,994 Less imputed interest (1,979,546 ) (289,579 ) Total lease liability $ 7,000,608 $ 2,873,415 |
Note 6 - Intangible Assets (Tab
Note 6 - Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | 2021 2020 Customer relationships $ 502,957 $ 544,770 Patent cost 189,017 204,731 691,974 749,501 Less Accumulated amortization (357,231 ) (269,441 ) Intangible assets, net $ 334,743 $ 480,060 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | Year ending December 31, Amortization Expenses 2022 108,471 2023 108,471 2024 74,940 2025 7,880 2026 7,880 Thereafter 27,101 $ 334,743 |
Note 8 - Convertible Note Pay_2
Note 8 - Convertible Note Payable (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Convertible Debt [Table Text Block] | December 31, 2021 December 31, 2020 Convertible note $ 16,800,000 - Less: unamortized debt issuance costs (2,213,064 ) - Convertible note payable $ 14,586,936 $ - Current portion of convertible note payable 8,400,000 - Convertible note payable, less current portion 6,186,936 - Convertible note payable $ 14,586,936 $ - |
Note 9 - Agreements and Commi_2
Note 9 - Agreements and Commitments (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Schedule of Product Warranty Liability [Table Text Block] | 2021 2020 Balance at January 1, $ 1,056,613 $ 813,288 Warranty costs charged to cost of goods sold 177,302 348,241 Utilization charges against reserve (191,068 ) (199,624 ) Foreign currency effect (80,534 ) 94,708 Balance at December 31, $ 962,313 $ 1,056,613 |
Note 10 - Income Taxes (Tables)
Note 10 - Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | 2021 2020 Excess of tax over financial accounting $ 708,825 $ 624,154 Vacation accrual - 1,971 Reserve for excess and obsolete inventory 49,615 151,288 Accrued expenses 4,305 - Accrued interest 13,125 - Discount amortization 175,420 - Deferred compensation 52,500 49,556 Net operating loss carryover 9,959,356 7,627,046 Excess of book over tax depreciation (343,294 ) (610,694 ) Excess of book over tax work in progress (587,469 ) (817,131 ) Valuation allowance (10,257,162 ) (7,331,357 ) $ (224,779 ) $ (305,167 ) Distributed as: Long-term deferred tax asset - - Long-term deferred tax liability (224,779 ) (305,167 ) $ (224,779 ) $ (305,167 ) |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | 2021 2020 Computed tax at expected statutory rate $ (2,349,899 ) $ (2,157,436 ) State and local income taxes, net of federal benefit (1,387 ) (76,055 ) Non-US income taxed at different rates (101,856 ) (35,454 ) Deferred compensation (31,500 ) (52,165 ) Non-deductible expenses 1,565 2,243 Non-taxable income - (75,562 ) Change in valuation allowance 2,209,294 1,918,579 Other 210,747 10,705 Income tax expense (benefit) $ (63,036 ) $ (465,145 ) |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | 2021 2020 Current income taxes: Danish $ - $ (401,945 ) Federal - - State - - Current tax (benefit) $ - $ (401,945 ) Deferred income taxes: Book in excess of tax depreciation $ (309,719 ) $ (419,523 ) Work in progress (174,093 ) (44,862 ) Net operating loss carryover (2,667,221 ) (389,616 ) Valuation allowance 2,811,619 844,826 Deferred compensation 31,500 (52,165 ) Accrued interest 13,125 - Discount amortization 175,420 - Accrued vacation 4,305 (16,707 ) Reserve for obsolete inventory 52,028 14,847 Deferred tax expense (benefit) $ (63,036 ) $ (63,200 ) Total tax expense (benefit) $ (63,036 ) $ (465,145 ) |
Note 12 - Stockholders' Equity
Note 12 - Stockholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Schedule of Stockholders' Equity Note, Warrants or Rights [Table Text Block] | 2021 Warrants outstanding at January 1 515,000 Common stock exchanged to prefunded warrant 500,000 Exercises and conversions - Warrants outstanding at December 31 1,015,000 |
Schedule of Nonvested Restricted Stock Units Activity [Table Text Block] | December 31, 2021 Number of units Weighted Average Grant-Date Fair value Aggregated Intrinsic Value Outstanding, December 31, 2020 128,299 $ 5.79 $ 283,541 Granted 71,582 7.51 - Vested and settled with share issuance (50,245 ) 5.85 - Forfeited - Outstanding, December 31, 2021 149,636 $ 6.59 |
Note 13 - Segment Reporting (Ta
Note 13 - Segment Reporting (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | For the Year Ended December 31, Revenues 2021 2020 Water $ 7,196,465 $ 13,615,904 Ceramics 7,183,868 5,663,830 Plastics 3,615,681 2,647,366 Other 277,428 599,101 Total consolidated revenue $ 18,273,442 $ 22,526,201 For the Year Ended December 31, Income (Loss) 2021 2020 Water $ (1,411,196 ) $ (1,083,578 ) Ceramics (3,330,840 ) (3,532,137 ) Plastics (1,317,293 ) (882,038 ) Other (5,067,631 ) (4,310,607 ) Total consolidated Income (Loss) $ (11,126,960 ) $ (9,808,360 ) For the Year Ended December 31, Total assets 2021 2020 Water $ 7,767,679 $ 14,033,107 Ceramics 13,961,057 16,734,371 Plastics 1,645,879 2,022,381 Other 21,680,077 9,420,278 Total consolidated assets $ 45,054,692 $ 42,210,137 |
Note 14 - Significant Custome_2
Note 14 - Significant Customers / Concentration (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Schedules of Concentration of Risk, by Risk Factor [Table Text Block] | For the Year Ended December 31, 2021 2020 Customer A 12 % - % Customer B 10 % 10 % Customer C - % 27 % December 31, 2021 December 31, 2020 Customer A 16 % - % Customer B - % 12 % Customer D 11 % - % Customer E - % 39 % Customer F - % 16 % |
Schedule II Valuation and Qua_2
Schedule II Valuation and Qualifying Accounts (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Valuation Allowances and Reserves, Bad Debt Expense and Reserve for Obsolete Inventory [Table Text Block] | 2021 2020 Bad debt expense (28,499 ) 320,270 Reserve for obsolete inventory 162,651 266,021 |
Valuation Allowances and Reserves [Table Text Block] | Balance Beginning of Year Charges to Costs and Expenses Deductions (1) Balance End of Year Year Ended December 31, 2021 Allowance for inventory obsolescence $ 723,949 $ 162,651 $ (618,129 ) $ 268,470 Allowance for doubtful accounts 498,044 (28,499 ) (60,469 ) 409,076 Totals $ 1,221,993 $ 134,152 $ (678,598 ) $ 677,546 Year Ended December 31, 2020 Allowance for inventory obsolescence $ 665,308 $ 266,021 $ (207,380 ) $ 723,949 Allowance for doubtful accounts 612,434 320,270 (434,660 ) 498,044 Totals $ 1,277,742 $ 586,291 $ (642,040 ) $ 1,221,993 |
Valuation and Qualifying Accounts, Allowance for Credit Loss [Table Text Block] | 2021 2020 Allowance for doubtful accounts at the beginning of the period $ 498,044 $ 612,434 Bad debt expense (28,499 ) 320,270 Receivables written off during the periods (24,415 ) (484,265 ) Effect of currency translation (36,054 ) 49,605 Allowance for doubtful accounts at the end of the period $ 409,076 $ 498,044 |
Note 1 - Summary of Significa_3
Note 1 - Summary of Significant Accounting Policies (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Restricted Cash and Cash Equivalents, Current, Total | $ 2,125,695 | $ 1,515,620 |
Cash, Uninsured Amount | 11,346,826 | 0 |
Advertising Expense | 308,880 | 128,826 |
Research and Development Expense, Total | 1,862,653 | 1,278,331 |
Cash and Cash Equivalents, at Carrying Value, Ending Balance | 15,363,685 | 11,748,829 |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Ending Balance | 17,489,380 | |
Employees [Member] | ||
Share-based Payment Arrangement, Expense | $ 481,105 | $ 343,780 |
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% | |
LiqTech USA [Member] | LiqTech NA [Member] | ||
Percentage of Subsidiary Owned | 100.00% | |
LiqTech International DK [Member] | LiqTech Germany [Member] | ||
Percentage of Subsidiary Owned | 100.00% | |
LiqTech International DK [Member] | LiqTech PTE [Member] | ||
Percentage of Subsidiary Owned | 95.00% | |
LiqTech USA [Member] | ||
Noncontrolling Interest, Ownership Percentage by Parent | 100.00% |
Note 1 - Summary of Significa_4
Note 1 - Summary of Significant Accounting Policies - Allowance for Doubtful Accounts (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Allowance for doubtful accounts | $ 498,044 | $ 612,434 |
Bad debt expense | (28,499) | 320,270 |
Receivables written off during the periods | (24,415) | (484,265) |
Effect of currency translation | (36,054) | 49,605 |
Allowance for doubtful accounts | $ 409,076 | $ 498,044 |
Note 1 - Summary of Significa_5
Note 1 - Summary of Significant Accounting Policies - Net Sales by Geographical Region (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Revenue, Percentage | 100.00% | 100.00% |
Revenue | $ 18,273,442 | $ 22,526,201 |
Reportable Geographical Components [Member] | North America [Member] | ||
Revenue, Percentage | 17.00% | 3.00% |
Revenue | $ 3,121,797 | $ 656,032 |
Reportable Geographical Components [Member] | AUSTRALIA | ||
Revenue, Percentage | 2.00% | 2.00% |
Revenue | $ 401,485 | $ 524,255 |
Reportable Geographical Components [Member] | Asia [Member] | ||
Revenue, Percentage | 23.00% | 15.00% |
Revenue | $ 4,256,585 | $ 3,372,286 |
Reportable Geographical Components [Member] | Europe [Member] | ||
Revenue, Percentage | 58.00% | 80.00% |
Revenue | $ 10,493,574 | $ 17,973,628 |
Note 1 - Summary of Significa_6
Note 1 - Summary of Significant Accounting Policies - Sales by Product Line (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Revenue, Percentage | 100.00% | 100.00% |
Revenue | $ 18,273,442 | $ 22,526,201 |
Liquid Filters [Member] | ||
Revenue, Percentage | 39.00% | 63.00% |
Revenue | $ 7,196,465 | $ 14,147,842 |
Diesel Particulate Filters [Member] | ||
Revenue, Percentage | 39.00% | 22.00% |
Revenue | $ 7,183,868 | $ 5,131,891 |
Plastics Components [Member] | ||
Revenue, Percentage | 20.00% | 12.00% |
Revenue | $ 3,615,681 | $ 2,647,366 |
Development Projects [Member] | ||
Revenue, Percentage | 2.00% | 3.00% |
Revenue | $ 277,428 | $ 599,102 |
Note 1 - Summary of Significa_7
Note 1 - Summary of Significant Accounting Policies - Contract Assets and Liabilities (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Cost incurred | $ 3,381,994 | $ 3,997,161 |
Unbilled project deliveries | 454,158 | 1,015,977 |
VAT | 542,255 | 446,608 |
Other receivables | 60,158 | 75,010 |
Prepayments | (2,947,736) | (3,112,118) |
Deferred Revenue | (499,146) | (866,680) |
Contract with Customer, Asset (Liability), Net | 991,682 | 1,555,958 |
Contract assets | 1,906,510 | 2,708,136 |
Contract liabilities | (914,828) | (1,152,178) |
Contract with Customer, Asset (Liability), Net | $ 991,682 | $ 1,555,958 |
Note 3 - Inventory - Summary of
Note 3 - Inventory - Summary of Inventory (Details) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Furnace parts and supplies | $ 213,224 | $ 471,622 |
Raw materials | 2,144,067 | 1,955,713 |
Work in process | 1,671,290 | 2,394,481 |
Finished goods and filtration systems | 1,660,907 | 1,424,171 |
Reserve for excess and obsolescence | (268,470) | (723,949) |
Net Inventory | $ 5,421,027 | $ 5,522,038 |
Note 4 - Property and Equipme_3
Note 4 - Property and Equipment (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Depreciation, Total | $ 1,945,489 | $ 1,857,111 |
Note 4 - Property and Equipme_4
Note 4 - Property and Equipment - Summary of Property and Equipment (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Property and equipment, gross | $ 16,413,799 | $ 19,229,656 |
Less Accumulated Depreciation | (7,554,803) | (8,908,145) |
Net Property and Equipment | 8,858,993 | 10,321,511 |
Production Equipment [Member] | ||
Property and equipment, gross | 7,425,145 | 8,599,728 |
Production Equipment Under Finance Lease [Member] | ||
Property and equipment, gross | 3,066,623 | 4,528,695 |
Lab Equipment [Member] | ||
Property and equipment, gross | 117,770 | 127,560 |
Computer Equipment [Member] | ||
Property and equipment, gross | 1,005,223 | 805,001 |
Vehicles [Member] | ||
Property and equipment, gross | 90,819 | 115,525 |
Vehicles Under Finance Lease [Member] | ||
Property and equipment, gross | ||
Furniture and Fixtures [Member] | ||
Useful Life (Year) | 5 years | |
Property and equipment, gross | $ 1,166,071 | 1,218,386 |
Furniture and Fixtures Under Finance Lease [Member] | ||
Useful Life (Year) | 5 years | |
Property and equipment, gross | $ 268,208 | 290,505 |
Leasehold Improvements [Member] | ||
Property and equipment, gross | 3,273,940 | 3,544,256 |
Property, Plant and Equipment Not Under Finance Lease [Member] | ||
Less Accumulated Depreciation | (7,218,468) | (7,518,657) |
Property, Plant and Equipment Under Finance Lease [Member] | ||
Less Accumulated Depreciation | $ (336,338) | $ (1,389,488) |
Minimum [Member] | ||
Useful Life (Year) | 3 years | |
Minimum [Member] | Production Equipment [Member] | ||
Useful Life (Year) | 3 years | |
Minimum [Member] | Production Equipment Under Finance Lease [Member] | ||
Useful Life (Year) | 3 years | |
Minimum [Member] | Lab Equipment [Member] | ||
Useful Life (Year) | 3 years | |
Minimum [Member] | Computer Equipment [Member] | ||
Useful Life (Year) | 3 years | |
Minimum [Member] | Vehicles [Member] | ||
Useful Life (Year) | 3 years | |
Minimum [Member] | Vehicles Under Finance Lease [Member] | ||
Useful Life (Year) | 3 years | |
Minimum [Member] | Leasehold Improvements [Member] | ||
Useful Life (Year) | 5 years | |
Maximum [Member] | ||
Useful Life (Year) | 10 years | |
Maximum [Member] | Production Equipment [Member] | ||
Useful Life (Year) | 10 years | |
Maximum [Member] | Production Equipment Under Finance Lease [Member] | ||
Useful Life (Year) | 10 years | |
Maximum [Member] | Lab Equipment [Member] | ||
Useful Life (Year) | 10 years | |
Maximum [Member] | Computer Equipment [Member] | ||
Useful Life (Year) | 5 years | |
Maximum [Member] | Vehicles [Member] | ||
Useful Life (Year) | 5 years | |
Maximum [Member] | Vehicles Under Finance Lease [Member] | ||
Useful Life (Year) | 5 years | |
Maximum [Member] | Leasehold Improvements [Member] | ||
Useful Life (Year) | 10 years |
Note 5 - Leases (Details Textua
Note 5 - Leases (Details Textual) | Sep. 01, 2021USD ($) | Sep. 01, 2021CNY (¥)a | Dec. 31, 2021USD ($) |
Operating Lease, Payments | $ 1,057,810 | ||
Finance Lease, Principal Payments | 470,389 | ||
Operating Expense [Member] | |||
Operating Lease, Payments | 1,135,814 | ||
Other Nonoperating Income (Expense) [Member] | |||
Operating Lease, Expense | $ 265,221 | ||
CHINA | |||
Area of Real Estate Property (Acre) | a | 8,524.67 | ||
Lease Contractual Agreement, Percentage, Discount | 50.00% | ||
CHINA | Minimum [Member] | |||
Lessee, Operating Lease, Term of Contract (Year) | 8 years | ||
CHINA | Effective to August 31 2025 [Member] | |||
Lease, Cost Per Square Meter | ¥ | ¥ 30 | ||
Lease, Cost, Total | $ 40,918 | 255,740 | |
CHINA | Effective on September 1 2025 [Member] | |||
Lease, Cost Per Square Meter | ¥ | 33.6 | ||
Lease, Cost, Total | $ 45,829 | ¥ 286,429 |
Note 5 - Leases - Balance Sheet
Note 5 - Leases - Balance Sheet Information (Details) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Operating lease right-of-use assets | $ 6,925,807 | $ 4,947,734 |
Operating lease liabilities – current | 846,544 | 1,026,235 |
Operating lease liabilities – long-term | 6,154,064 | 4,159,225 |
Total operating lease liability | 7,000,608 | 5,185,460 |
Property and equipment, at cost | 3,334,830 | 4,819,201 |
Accumulated depreciation | (336,337) | (1,389,488) |
Finance lease liabilities – current | 373,824 | 394,839 |
Finance lease liabilities – long-term | 2,499,591 | 3,112,496 |
Total finance lease liabilities | $ 2,873,415 | $ 3,507,335 |
Operating leases (Year) | 8 years 10 months 24 days | 10 years |
Finance leases (Year) | 5 years 10 months 24 days | 6 years 10 months 24 days |
Operating leases | 6.50% | 6.20% |
Finance leases | 2.80% | 2.80% |
Property and equipment, Net [Member] | ||
Property and equipment, net | $ 2,998,494 | $ 3,429,713 |
Note 5 - Leases - Maturities of
Note 5 - Leases - Maturities of Lease Liabilities (Details) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
2022, operating lease | $ 1,220,960 | |
2022, finance lease | 449,480 | |
2023, operating lease | 1,234,435 | |
2023, finance lease | 444,777 | |
2024, operating lease | 1,083,993 | |
2024, finance lease | 445,735 | |
2025, operating lease | 794,225 | |
2025, finance lease | 442,102 | |
2026, operating lease | 818,507 | |
2026, finance lease | 404,679 | |
Thereafter, operating lease | 3,828,035 | |
Thereafter, finance lease | 976,221 | |
Total payment under operating lease agreements | 8,980,155 | |
Total payment under lease agreements | 3,162,994 | |
Less imputed interest on operating lease | (1,979,546) | |
Less imputed interest on finance lease | (289,579) | |
Total operating lease liability | 7,000,608 | $ 5,185,460 |
Total finance lease liability | $ 2,873,415 | $ 3,507,335 |
Note 6 - Intangible Assets (Det
Note 6 - Intangible Assets (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Amortization of Intangible Assets, Total | $ 108,471 | $ 113,738 |
Note 6 - Intangible Assets - Sc
Note 6 - Intangible Assets - Schedule of Intangible Assets (Details) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Intangible assets | $ 691,974 | $ 749,501 |
Less Accumulated amortization | (357,231) | (269,441) |
Intangible assets, net | 334,743 | 480,060 |
Customer Relationships [Member] | ||
Intangible assets | 502,957 | 544,770 |
Patents [Member] | ||
Intangible assets | $ 189,017 | $ 204,731 |
Note 6 - Intangible Assets - Ex
Note 6 - Intangible Assets - Expected Future Amortization Expense (Details) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
2022 | $ 108,471 | |
2023 | 108,471 | |
2024 | 74,940 | |
2025 | 7,880 | |
2026 | 7,880 | |
Thereafter | 27,101 | |
Intangible assets, net | $ 334,743 | $ 480,060 |
Note 7 - Lines of Credit (Detai
Note 7 - Lines of Credit (Details Textual) - Dec. 31, 2021 | USD ($) | DKK (kr) |
Line of Credit Facility, Maximum Borrowing Capacity | $ 2,000,000 | kr 13,000,000 |
Guarantor Obligations, Current Carrying Value | 643,961 | |
Security Deposit | $ 2,000,000 |
Note 8 - Convertible Note Pay_3
Note 8 - Convertible Note Payable (Details Textual) | Mar. 01, 2022USD ($) | Apr. 09, 2021shares | Mar. 24, 2021USD ($)$ / sharesshares | Dec. 31, 2021 |
Stock Issued During Period, Shares, Issued for Commitment Fee (in shares) | shares | 80,000 | 80,000 | ||
Convertible Debt [Member] | ||||
Debt Instrument, Face Amount | $ 15,000,000 | |||
Debt Instrument, Redemption Price, Percentage | 112.00% | |||
Debt Instrument, Convertible, Conversion Ratio | 100.6749 | |||
Debt Instrument, Convertible, Threshold Percentage of Stock Price Trigger | 175.00% | |||
Debt Instrument, Convertible, Threshold Consecutive Trading Days | 12 | |||
Debt Instrument, Redemption Covenant, Floor Price (in dollars per share) | $ / shares | $ 1.75 | |||
Debt Instrument, Interest Rate, Stated Percentage | 5.00% | |||
Convertible Debt [Member] | Forecast [Member] | ||||
Debt Instrument, Periodic Payment, Principal | $ 840,000 | |||
Debt Instrument, Convertible, Threshold Trading Days | 10 |
Note 8 -Convertible Note Payabl
Note 8 -Convertible Note Payable - Schedule of Convertible Note Payable (Details) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Convertible note payable, less current portion | $ 6,186,936 | $ 0 |
Convertible Debt [Member] | ||
Convertible note | 16,800,000 | 0 |
Less: unamortized debt issuance costs | (2,213,064) | 0 |
Convertible note payable | 14,586,936 | 0 |
Current portion of convertible note payable | 8,400,000 | 0 |
Convertible note payable, less current portion | $ 6,186,936 | $ 0 |
Note 9 - Agreements and Commi_3
Note 9 - Agreements and Commitments (Details Textual) | Feb. 27, 2019USD ($) | Feb. 27, 2019DKK (kr) | Dec. 31, 2021 | Jun. 30, 2021 |
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 | |||
Claim with Former Supplier for Services Rendered [Member] | ||||
Litigation Settlement, Amount Awarded to Other Party | $ 63,575 | kr 400,000 | ||
LiqTech International AS [Member] | Claim with Former Supplier for Services Rendered [Member] | ||||
Loss Contingency, Damages Sought, Value | $ 89,800 | kr 543,905 | ||
Joint Venture Agreement [Member] | ||||
Equity Method Investment, Ownership Percentage | 49.00% |
Note 9 - Agreements and Commi_4
Note 9 - Agreements and Commitments - Changes in Warranty Obligations (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Balance | $ 1,056,613 | $ 813,288 |
Warranty costs charged to cost of goods sold | 177,302 | 348,241 |
Utilization charges against reserve | (191,068) | (199,624) |
Foreign currency effect | (80,534) | 94,708 |
Balance | $ 962,313 | $ 1,056,613 |
Note 10 - Income Taxes (Details
Note 10 - Income Taxes (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Deferred Tax Assets, Valuation Allowance, Total | $ 10,257,162 | $ 7,331,357 |
LiqTech International AS and LiqTech Systems AS [Member] | ||
Deferred Tax Assets, Valuation Allowance, Total | 3,506,000 | 1,682,000 |
LiqTech Germany [Member] | ||
Deferred Tax Assets, Valuation Allowance, Total | 132,000 | 143,000 |
LiqTech Singapore [Member] | ||
Deferred Tax Assets, Valuation Allowance, Total | 104,000 | 113,000 |
LiqTech China [Member] | ||
Deferred Tax Assets, Valuation Allowance, Total | 193,000 | 0 |
LiqTech International Inc and LiqTech NA [Member] | ||
Deferred Tax Assets, Valuation Allowance, Total | 5,364,000 | 5,394,000 |
Domestic Tax Authority [Member] | Internal Revenue Service (IRS) [Member] | ||
Operating Loss Carryforwards, Total | 23,172,440 | |
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | $ 30,000 | 1,549,000 |
Domestic Tax Authority [Member] | Internal Revenue Service (IRS) [Member] | Latest Tax Year [Member] | ||
Operating Loss Carryforwards, Expiration Year | 2041 | |
Domestic Tax Authority [Member] | Inland Revenue, Singapore (IRAS) [Member] | ||
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | $ 9,000 | |
Foreign Tax Authority [Member] | Danish Ministry of Taxation [Member] | ||
Operating Loss Carryforwards, Total | 16,039,713 | |
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | 1,824,000 | 473,000 |
Foreign Tax Authority [Member] | Federal Ministry of Finance, Germany [Member] | ||
Operating Loss Carryforwards, Total | 472,134 | |
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | 11,000 | 14,000 |
Foreign Tax Authority [Member] | Inland Revenue, Singapore (IRAS) [Member] | ||
Operating Loss Carryforwards, Total | 613,426 | |
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | $ 11,000 | |
Foreign Tax Authority [Member] | Chinese Ministry of Taxation [Member] | ||
Operating Loss Carryforwards, Total | 118,602 | |
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | $ 193,000 | |
Foreign Tax Authority [Member] | Chinese Ministry of Taxation [Member] | Latest Tax Year [Member] | ||
Operating Loss Carryforwards, Expiration Year | 2026 |
Note 10 - Income Taxes - Deferr
Note 10 - Income Taxes - Deferred Tax Assets (Liabilities) (Details) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Excess of tax over financial accounting | $ 708,825 | $ 624,154 |
Vacation accrual | 0 | 1,971 |
Reserve for excess and obsolete inventory | 49,615 | 151,288 |
Accrued expenses | 4,305 | 0 |
Accrued interest | 13,125 | 0 |
Discount amortization | 175,420 | 0 |
Deferred compensation | 52,500 | 49,556 |
Net operating loss carryover | 9,959,356 | 7,627,046 |
Excess of book over tax depreciation | (343,294) | (610,694) |
Excess of book over tax work in progress | (587,469) | (817,131) |
Valuation allowance | (10,257,162) | (7,331,357) |
Deferred Tax Liabilities, Net, Total | (224,779) | (305,167) |
Long-term deferred tax asset | 0 | 0 |
Long-term deferred tax liability | (224,779) | (305,167) |
Deferred Income Tax Liabilities, Net, Total | $ (224,779) | $ (305,167) |
Note 10 - Income Taxes - Reconc
Note 10 - Income Taxes - Reconciliation of Income Tax Expense (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Computed tax at expected statutory rate | $ (2,349,899) | $ (2,157,436) |
State and local income taxes, net of federal benefit | (1,387) | (76,055) |
Non-US income taxed at different rates | (101,856) | (35,454) |
Deferred compensation | (31,500) | (52,165) |
Non-deductible expenses | 1,565 | 2,243 |
Non-taxable income | 0 | (75,562) |
Change in valuation allowance | 2,209,294 | 1,918,579 |
Other | 210,747 | 10,705 |
Total tax expense (benefit) | $ (63,036) | $ (465,145) |
Note 10 - Income Taxes - Compon
Note 10 - Income Taxes - Components of Income Tax Expense (Benefit) from Continuing Operations (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Current income taxes: | ||
Federal | $ 0 | $ 0 |
State | 0 | 0 |
Current tax (benefit) | 0 | (401,945) |
Book in excess of tax depreciation | (309,719) | (419,523) |
Work in progress | (174,093) | (44,862) |
Net operating loss carryover | (2,667,221) | (389,616) |
Valuation allowance | 2,811,619 | 844,826 |
Deferred compensation | 31,500 | (52,165) |
Accrued interest | 13,125 | 0 |
Discount amortization | 175,420 | 0 |
Accrued vacation | 4,305 | (16,707) |
Reserve for obsolete inventory | 52,028 | 14,847 |
Deferred tax expense (benefit) | (63,036) | (63,200) |
Total tax expense (benefit) | (63,036) | (465,145) |
Danish Ministry of Taxation [Member] | ||
Current income taxes: | ||
Danish | $ 0 | $ (401,945) |
Note 11 - Earnings Per Share (D
Note 11 - Earnings Per Share (Details Textual) - shares | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Restricted Stock [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 149,636 | 128,299 |
Warrant [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 1,015,000 | 515,000 |
Note 12 - Stockholders' Equit_2
Note 12 - Stockholders' Equity (Details Textual) - USD ($) | Sep. 03, 2021 | Aug. 17, 2021 | Apr. 09, 2021 | Mar. 24, 2021 | Feb. 26, 2021 | Jan. 06, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2013 | Dec. 31, 2021 | May 21, 2020 |
Common Stock, Shares Authorized (in shares) | 100,000,000 | 100,000,000 | 100,000,000 | ||||||||
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ 0.001 | $ 0.001 | $ 0.001 | ||||||||
Common Stock, Shares, Issued, Total (in shares) | 21,285,706 | 21,655,461 | 21,285,706 | ||||||||
Common Stock, Shares, Outstanding, Ending Balance (in shares) | 21,285,706 | 21,655,461 | 21,285,706 | ||||||||
Preferred Stock, Shares Authorized (in shares) | 2,500,000 | 2,500,000 | 2,500,000 | ||||||||
Preferred Stock, Par or Stated Value Per Share (in dollars per share) | $ 0.001 | $ 0.001 | $ 0.001 | ||||||||
Preferred Stock, Shares Issued, Total (in shares) | 0 | 0 | 0 | ||||||||
Stock Issued During Period, Shares, Issued for Commitment Fee (in shares) | 80,000 | 80,000 | |||||||||
Class of Warrant or Right, Issued by Exchange, Shares (in shares) | 500,000 | 500,000 | |||||||||
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 | ||||||||||
Prefunded Warrants [Member] | |||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 0.001 | ||||||||||
Stock Awards Other than Options [Member] | |||||||||||
Share-based Payment Arrangement, Expense | $ 481,105 | $ 343,780 | |||||||||
Restricted Stock Units (RSUs) [Member] | |||||||||||
Share-based Payment Arrangement, Expense | $ 481,105 | $ 343,780 | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number, Ending Balance (in shares) | 149,636 | 128,299 | 149,636 | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 71,582 | 52,941 | |||||||||
Share-based Payment Arrangement, Nonvested Award, Excluding Option, Cost Not yet Recognized, Amount | $ 529,259 | $ 529,259 | |||||||||
Director [Member] | |||||||||||
Stock Issued During Period, Shares, Issued for Services (in shares) | 8,333 | 11,218 | |||||||||
Stock Issued During Period, Value, Issued for Services | $ 57,500 | $ 70,000 | |||||||||
Director [Member] | Restricted Stock Units (RSUs) [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 25,000 | ||||||||||
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 | $ 35,000 | ||||||||||
Management [Member] | |||||||||||
Stock Issued During Period, Shares, Issued for Services (in shares) | 30,694 | ||||||||||
Stock Issued During Period, Value, Issued for Services | $ 166,667 | ||||||||||
Management [Member] | Restricted Stock Units (RSUs) [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 3 years | ||||||||||
Board of Directors Chairman [Member] | Restricted Stock Units (RSUs) [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Annual Grant | $ 70,000 | ||||||||||
Convertible Preferred Stock [Member] | |||||||||||
Preferred Stock, Shares Issued, Total (in shares) | 0 | 0 |
Note 12 - Stockholders' Equit_3
Note 12 - Stockholders' Equity - Warrants (Details) - shares | Aug. 17, 2021 | Dec. 31, 2021 |
Balance, Warrants (in shares) | 515,000 | |
Common stock exchanged to prefunded warrant (in shares) | 500,000 | 500,000 |
Exercises and conversions (in shares) | 0 | |
Balance, Warrants (in shares) | 1,015,000 |
Note 12 - Stockholders' Equit_4
Note 12 - Stockholders' Equity - Share Incentive Plan Activity (Details) - Restricted Stock Units (RSUs) [Member] - USD ($) | 12 Months Ended | 54 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | |
Outstanding, units (in shares) | 128,299 | ||
Outstanding, weighted average grant-date fair value (in dollars per share) | $ 5.79 | ||
Outstanding, aggregated intrinsic value | $ 283,541 | ||
Granted, units (in shares) | 71,582 | 52,941 | |
Granted, weighted average grant-date fair value (in dollars per share) | $ 7.51 | ||
Vested and settled with share issuance, units (in shares) | (50,245) | ||
Vested and settled with share issuance, weighted average grant-date fair value (in dollars per share) | $ (5.85) | ||
Outstanding, units (in shares) | 149,636 | 149,636 | |
Outstanding, weighted average grant-date fair value (in dollars per share) | $ 6.59 | $ 6.59 |
Note 13 - Segment Reporting - S
Note 13 - Segment Reporting - Summary of Segment Activity (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Revenue | $ 18,273,442 | $ 22,526,201 |
Revenue | 18,273,442 | 22,526,201 |
Net Income (Loss) | (11,126,960) | (9,808,360) |
Segment assets | 45,054,692 | 42,210,137 |
Water Segment [Member] | ||
Net Income (Loss) | (1,411,196) | (1,083,578) |
Segment assets | 7,767,679 | 14,033,107 |
Water Segment [Member] | Operating Segments [Member] | ||
Revenue | 7,196,465 | 13,615,904 |
Revenue | 7,196,465 | 13,615,904 |
Ceramics Segment [Member] | ||
Net Income (Loss) | (3,330,840) | (3,532,137) |
Segment assets | 13,961,057 | 16,734,371 |
Ceramics Segment [Member] | Operating Segments [Member] | ||
Revenue | 7,183,868 | 5,663,830 |
Revenue | 7,183,868 | 5,663,830 |
Plastics Segment [Member] | Operating Segments [Member] | ||
Revenue | 3,615,681 | 2,647,366 |
Revenue | 3,615,681 | 2,647,366 |
Plastic Products [Member] | ||
Net Income (Loss) | (1,317,293) | (882,038) |
Segment assets | 1,645,879 | 2,022,381 |
Other Segments [Member] | ||
Net Income (Loss) | (5,067,631) | (4,310,607) |
Segment assets | 21,680,077 | 9,420,278 |
Other Segments [Member] | Operating Segments [Member] | ||
Revenue | 277,428 | 599,101 |
Revenue | $ 277,428 | $ 599,101 |
Note 14 - Significant Custome_3
Note 14 - Significant Customers / Concentration (Details Textual) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Geographic Concentration Risk [Member] | Assets, Total [Member] | DENMARK | ||
Concentration Risk, Percentage | 100.00% | 100.00% |
Note 14 - Significant Custome_4
Note 14 - Significant Customers / Concentration (Details) - Customer Concentration Risk [Member] | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Revenue Benchmark [Member] | Customer A [Member] | ||
Concentration Risk, Percentage | 12.00% | |
Revenue Benchmark [Member] | Customer B [Member] | ||
Concentration Risk, Percentage | 10.00% | 10.00% |
Revenue Benchmark [Member] | Customer C [Member] | ||
Concentration Risk, Percentage | 0.00% | 27.00% |
Accounts Receivable [Member] | Customer A [Member] | ||
Concentration Risk, Percentage | 16.00% | 0.00% |
Accounts Receivable [Member] | Customer B [Member] | ||
Concentration Risk, Percentage | 0.00% | 12.00% |
Accounts Receivable [Member] | Customer D [Member] | ||
Concentration Risk, Percentage | 11.00% | 0.00% |
Accounts Receivable [Member] | Customer E [Member] | ||
Concentration Risk, Percentage | 0.00% | 39.00% |
Accounts Receivable [Member] | Customer F [Member] | ||
Concentration Risk, Percentage | 0.00% | 16.00% |
Note 15 - Subsequent Events (De
Note 15 - Subsequent Events (Details Textual) - USD ($) | Jan. 03, 2022 | Feb. 26, 2021 |
Board of Directors Chairman [Member] | Subsequent Event [Member] | ||
Stock Issued During Period, Shares, Issued for Services (in shares) | 18,641 | |
Stock Issued During Period, Value, Issued for Services | $ 140,000 | |
Management [Member] | ||
Stock Issued During Period, Shares, Issued for Services (in shares) | 30,694 | |
Stock Issued During Period, Value, Issued for Services | $ 166,667 | |
Management [Member] | Subsequent Event [Member] | ||
Stock Issued During Period, Shares, Issued for Services (in shares) | 48,341 | |
Stock Issued During Period, Value, Issued for Services | $ 283,605 |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts - Bad Debt Expense and Reserves for Obsolete Inventory (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Bad debt expense | $ (28,499) | $ 320,270 |
SEC Schedule, 12-09, Reserve, Inventory [Member] | ||
Bad debt expense | (28,499) | 320,270 |
Reserve for obsolete inventory | $ 162,651 | $ 266,021 |
Schedule II - Valuation and Q_2
Schedule II - Valuation and Qualifying Accounts - Valuation and Qualifying Accounts (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | ||
Balance Beginning of Year | $ 1,221,993 | $ 1,277,742 | |
Charges to Costs and Expenses | 134,152 | 586,291 | |
Deductions | [1] | (678,598) | (642,040) |
Balance End of Year | 677,546 | 1,221,993 | |
SEC Schedule, 12-09, Reserve, Inventory [Member] | |||
Balance Beginning of Year | 723,949 | 665,308 | |
Charges to Costs and Expenses | 162,651 | 266,021 | |
Deductions | [1] | (618,129) | (207,380) |
Balance End of Year | 268,470 | 723,949 | |
SEC Schedule, 12-09, Allowance, Credit Loss [Member] | |||
Balance Beginning of Year | 498,044 | 612,434 | |
Charges to Costs and Expenses | (28,499) | 320,270 | |
Deductions | [1] | (60,469) | (434,660) |
Balance End of Year | $ 409,076 | $ 498,044 | |
[1] | Includes write-offs, the impact of foreign currency exchange rates. |
Schedule II - Valuation and Q_3
Schedule II - Valuation and Qualifying Accounts - Rollforward for Allowance for Doubtful Accounts (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Allowance for doubtful accounts | $ 498,044 | $ 612,434 |
Bad debt expense | (28,499) | 320,270 |
Receivables written off during the periods | (24,415) | (484,265) |
Effect of currency translation | (36,054) | 49,605 |
Allowance for doubtful accounts | 409,076 | 498,044 |
SEC Schedule, 12-09, Allowance, Credit Loss [Member] | ||
Allowance for doubtful accounts | 498,044 | 612,434 |
Bad debt expense | (28,499) | 320,270 |
Receivables written off during the periods | (24,415) | (484,265) |
Effect of currency translation | (36,054) | 49,605 |
Allowance for doubtful accounts | $ 409,076 | $ 498,044 |