0001437749-12-003008.txt : 20120329 0001437749-12-003008.hdr.sgml : 20120329 20120329163814 ACCESSION NUMBER: 0001437749-12-003008 CONFORMED SUBMISSION TYPE: 10-K PUBLIC DOCUMENT COUNT: 30 CONFORMED PERIOD OF REPORT: 20111231 FILED AS OF DATE: 20120329 DATE AS OF CHANGE: 20120329 FILER: COMPANY DATA: COMPANY CONFORMED NAME: LIQTECH INTERNATIONAL INC CENTRAL INDEX KEY: 0001307579 STANDARD INDUSTRIAL CLASSIFICATION: MISC INDUSTRIAL & COMMERCIAL MACHINERY & EQUIPMENT [3590] IRS NUMBER: 201431677 STATE OF INCORPORATION: NV FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-53769 FILM NUMBER: 12724476 BUSINESS ADDRESS: STREET 1: INDUSTRIPARKEN 22C CITY: BALLERUP STATE: G7 ZIP: DK-2750 BUSINESS PHONE: 01145 2390 4545 MAIL ADDRESS: STREET 1: INDUSTRIPARKEN 22C CITY: BALLERUP STATE: G7 ZIP: DK-2750 FORMER COMPANY: FORMER CONFORMED NAME: Blue Moose Media Inc DATE OF NAME CHANGE: 20041101 10-K 1 liqt_10k-123111.htm FORM 10-K liqt_10k-123111.htm
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 10-K

 x
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 
   For the fiscal year ended December 31, 2011
 
 o
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 
Commission File Number: 000-53769
LiqTech International, Inc.
(Exact name of registrant as specified in its charter)
 
Nevada
20-1431677
(State or other jurisdiction of incorporation or organization)
(I.R.S. Employer Identification No.)
   
Industriparken 22C, DK 2750 Ballerup, Denmark
  
(Address of principal executive offices)
(Zip Code)
 
Registrant’s telephone number, including area code: +4544986000
 
Securities registered pursuant to Section 12(b) of the Act: None
 
Securities registered pursuant to Section 12(g) of the Act: Common Stock, $0.001 par value
 
Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.    Yes o   No   x
 
Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.    Yes o   No   x
 
Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes   x     No   o
 
Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Website, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).    Yes   x     No   o
 
Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein, and will not be contained, to the best of registrant’s knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K.   o
 
 
 
 
 
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. (Check one):
 
Large accelerated filer
o
Accelerated filer
o
Non-accelerated filer 
o (Do not check if a smaller reporting company)
Smaller reporting company
x
 
 Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Act).    Yes o   No   x
 
On June 30, 2011, the registrant’s common stock was not traded on any market or listed on any exchange and therefore, the aggregate market value of the common stock outstanding and held by non-affiliates (as defined in Rule 405 under the Securities Act of 1933) of the registrant based on the closing price of the registrant’s common stock on June 30, 2011 was zero.  The registrant had annual revenues of less than $50 million during the fiscal year ended December 31, 2010.  As of March 23, 2012, there were 24,111,500 shares of common stock, $0.001 par value per share, outstanding.
 
DOCUMENTS INCORPORATED BY REFERENCE
None.
 
 
 
 
 
Table of Contents
 
LIQTECH INTERNATIONAL, INC. AND SUBSIDIARIES
 
TABLE OF CONTENTS
 
      Page
PART I
    
 
Item 1
Business
 1
 
Item 1B
Unresolved Staff Comments
 10
 
Item 1A
Risk Factors
 20
 
Item 2
Properties
 20
 
Item 3
Legal Proceedings
 21
 
Item 4
Mine Safety Disclosures
 21
PART II
    
 
Item 5
Market for the Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities
 21
 
Item 6
Selected Financial Data
 22
 
Item 7
Management’s Discussion and Analysis of Financial Condition and Results of Operations
 22
 
Item 7A
Quantitative and Qualitative Disclosures About Market Risk
 23
 
Item 8
Financial Statements and Supplementary Data
 34
 
Item 9
Changes in and Disagreements with Accountants on Accounting and Financial Disclosure
 35
 
Item 9A
Controls and Procedures
 35
 
Item 9B
Other Information
 36
PART III
    
 
Item 10
Directors, Executive Officers and Corporate Governance
 36
 
Item 11
Executive Compensation
 41
 
Item 12
Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters
 45
 
Item 13
Certain Relationships and Related Transactions, and Director Independence
 47
 
Item 14
Principal Accountant Fees and Services
 48
PART IV
    
 
Item 15
Exhibits and Financial Statement Schedules
 48
  Signatures   53
 
 
 
 
 
PART I
 
Item 1.      Business
 
Overview

We are a clean technology company that provides state-of-the-art technologies for gas and liquid purification by manufacturing ceramic silicon carbide filters. For more than a decade, we have developed and manufactured products of re-crystallized silicon carbide. We specialize in three business areas: diesel particulate filters for the control of soot exhaust particles from diesel engines, ceramic membranes for liquid filtration and kiln furniture for the refractory industry. Using nanotechnology, we develop proprietary products using patented silicon carbide technology. Our products are based on unique silicon carbide membranes which facilitate new applications and improve existing technologies. We market our products from our offices in the United States and Denmark, and through local representatives in Italy, Germany, France, Korea, Brazil and Singapore. The products are shipped directly to customers from our production facilities in the United States and Denmark.

The terms “LiqTech”, “we”, “our”, “us”, the “Company” or any derivative thereof, as used herein refer to LiqTech International, Inc., a Nevada corporation, together with its direct and indirect wholly-owned subsidiaries, including LiqTech USA, Inc., a Delaware corporation (“LiqTech USA”), which owns all of the outstanding equity interest in LiqTech A/S, a Danish limited company, organized under the Danish Act on Limited Companies of the Kingdom of Denmark (“LiqTech Denmark”), LiqTech International A/S (formerly known as Cometas A/S), a Danish limited company, organized under the Danish Act on Limited Companies of the Kingdom of Denmark (“LiqTech Denmark International”) and LiqTech NA, Inc., a Delaware corporation (“LiqTech Delaware”). Collectively, LiqTech USA, LiqTech Denmark, LiqTech Denmark International and LiqTech Delaware are referred to herein as our “Subsidiaries”.

We conduct operations in the Kingdom of Denmark and the United States. Our Danish operations are conducted by LiqTech Denmark and LiqTech Denmark International located in the Copenhagen, Denmark area and our U.S. operations are conducted by LiqTech Delaware located in White Bear Lake, Minnesota.  In October 2011, the Company opened sales offices in France and Germany and in January 2012, we opened a sales office in Singapore.

Products

We manufacture and sell (i) diesel particulate filters for the control of soot exhaust particles from diesel engines; (ii) ceramic membranes for the filtration of liquid and (iii) to a much lesser extent, kiln furniture to support ceramics during the firing process.
 
Diesel Particulate Filters

We offer our diesel particulate filters (“DPF”) for exhaust emission control solutions to the verified retrofit and OEM market through our direct sales force. DPF sales are generally made to distributors specializing in sales to end users. We use a proprietary nano washcoat to provide catalytic coating for anything from diesel particulate filters to catalytic converters. We have developed a robust silicon carbide diesel particulate filter that is especially useful for vehicles that produce a high soot load, and, if properly maintained, should last as long as the vehicle’s engine. Our DPFs are ideal for off-road vehicles because of their strength, chemical non-reactive nature, temperature resilience and thermal conductivity. Our DPF products are sold worldwide, under the LiqTech brand names.
 
 
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Our silicon carbide filters can handle higher soot loads than filters that do not use a silicon carbide membrane, which makes them ideal for situations in which engines infrequently reach high enough temperatures to burn off soot. Examples include:

 
●
Garbage trucks;
 
●
Port vehicles;
 
●
Diesel pickup trucks not carrying a full load;
 
●
Off-road construction vehicles that idle for long periods of time; and
 
●
Intra-city vehicles that do not reach highway speeds.

Most of our competitors’ DPFs do not use a silicon carbide membrane.

Our DPFs have been installed in over 15,000 school buses, refuse trucks, city buses, government repair trucks and other vehicles in California. In New York and New Jersey, over 3,000 of our DPFs have been installed in city buses, garbage trucks, construction vehicles, school buses and other vehicles. In 2010, 10,173 diesel vehicles in the United States were retrofitted with DPFs, of which we estimate that more than 70% were retrofitted with LiqTech DPFs.

For the years ended December 31, 2011 and 2010, our sales of diesel particulate filters were $17,211,557 and $13,820,862, respectively, and accounted for 81.2% and 87.9% of our total sales, respectively.

Ceramic Silicon Carbide Membranes for Liquid Filtration
 
Under the “LiqTech” and “Cometas” brand names, we manufacture and sell ceramic silicon carbide membranes for liquid filtration using our patented silicon carbide technology (“SiC Filters”) that currently focus on hydrocarbon production-derived contaminated water, which we refer to herein as “produced water” and pre-filtration for reverse osmosis. Our SiC Filters have been used in the following applications by our clients:

 
●
Produced water:  Our membranes can be used for the filtration of water from oil produced in offshore platforms. We have performed testing with many of the major international private and public oil and gas companies. We have recently been awarded a contract by one of the major international oil and gas companies to provide and service produced water filters on one of its offshore platforms. Our products have been delivered and the initial service period under the contract will commence on April 1, 2012.
     
 
●
Pre-filtration of reverse osmosis drinking water:  Prior to passing through reverse osmosis membranes to produce drinking or industrial water from sea or surface water, the sea or surface water must be pre-filtered. We have performed successful tests for the pre-filtration of sea and surface water for this purpose with numerous clients, including Arteron, Malaysia, a company producing compact drinking water, Hoimyung Corp, Korea, a supplier of industrial waste water systems and pretreatment for reverse osmosis, Kemic Vater Cleaning Denmark, a supplier of drinking water equipment, and Puretec, Israel, a producer of reverse osmosis systems.
     
 
●
Treatment of ballast water:  Our liquid filtration membranes can be applied to limit the spreading of non-native species that may be transported in the ballast water of sea-going vessels. LiqTech has partnered with Singapore based companies and R&D centers to develop a solution for the ballast water treatment market. A distributor in Japan is in contact with shipyards seeking filtration solutions for our ballast water systems.

 
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●
Industrial applications:  Our membranes have performed successful tests in industrial applications for the removal of a variety of substances such as heavy metal (Haldor Topsoe, Denmark), legionella (HYTEK Italy), manure (Bioffuel Technology), pool and spa water (Provital) and raw sugar (Al Khaleej Sugar).

 
●
Producing clean drinking water:  The potential for the use of LiqTech SIC membranes in drinking water production is diverse and the benefits numerous. Some examples are: group water – removal of precipitated salts like iron and manganese; surface water – removal of organic suspended solids and humic acid; and sea water – pre-filtration before reverse osmosis.

 
●
Waste water treatment:  Our membranes can be used to remove suspended solids in waste water treatment. Our membranes have performed successful tests for treating waste water with Hydrosolutions, Puretec Israel and Asia Pacific Water Technologies—Korea.

  Our products are based on the following silicon carbide membrane technologies:
 
 
●
CoMem is a unique patented membrane technology that utilizes a cross-flow structure to handle high concentrations of suspended solids found in produced water from the oil and chemical industry, wastewater from industrial processes and manure filtration;

 
●
Aqua Solution integrates a dead-end structural design with cutting-edge membrane technology in a solution specifically designed for applications in pre-treatment for reverse osmosis, wastewater treatment and pool and spa filtration.
 
Our filters are manufactured with a silicon carbide ceramic membrane based on a patented technology, and we are not aware of any other company that makes both the substrate (honeycomb) and the membrane (the part which accomplishes the filtering) solely from silicon carbide.
 
The advantages of our SiC membrane compared to other pre-filtration systems for reverse osmosis are:

 
●
Our SiC membrane offers the same water flow as commonly used sand filters which take up to 400 times more space and have pore sizes at least three times bigger than our SiC membrane, and reduces the number of membrane elements and pressure vessels;
 
●
With our SiC membrane, high flow capacities are achieved at very low pressures, which reduces energy costs;
 
●
Our SiC membrane reduces water consumption for sand filter backwash; and
 
●
Our SiC membrane eliminates consumption/maintenance of cartridges.

For the years ended December 31, 2010 and 2009, we received grants from governmental entities of $434,957 and $391,092, respectively, and in 2011, we received a $2 million grant from The Danish National Advanced Technology Foundation to develop a SiC-based membrane that can perform reverse osmosis. If successful, we believe this will be the first inorganic reverse osmosis membrane ever developed. The goal is to produce clean drinking water from sea water.

We believe increased government regulation on the treatment of produced water may increase our sales of SiC membranes. Existing technology may have difficulty meeting any increased requirements because the hydro-cyclone technology currently used in most treatments of produced water is not effective at removing suspended solids and is prone to clogging.
 
 
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For the years ended December 31, 2011 and December 31, 2010, our sales of liquid filters and services were $3,708,624 and $1,907,955, respectively, and accounted for 17.5% and 12.1% of our total sales, respectively.
 
Kiln Furniture

Kiln furniture refers to all items used in a kiln to support ceramics that creates additional space to maximize the number of items for each firing. Our high-quality SiC kiln furniture is thinner (allowing more items to be added for each firing), withstands higher heat, lasts longer and reduces the firing time (reducing energy costs) as compared to cordierite, mullite and oxide bonded kiln furniture.

We intend to produce kiln furniture as a means to maximize the efficiency of our manufacturing process and not as one of our primary products.

We began selling kiln furniture in 2011 and our sales for the year ended December 31, 2011 were $271,996, which accounted for 1.3% of our total sales.
 
Our Competitive Strengths
 
We believe our following strengths position us to increase our revenue and profitability:

 
●
Advantages of Silicon Carbide Membranes.   Our diesel and liquid filtration products utilize silicon carbide membranes which have certain qualities that we believe make our products more desirable than those of our competitors. Unlike filtration products that use aluminum oxide, silicon carbide membranes are chemically inert and temperature resistant. Furthermore, silicon carbide membranes exhibit a high degree of hydrophilicity which results in unique flux (low energy consumption). Silicon carbide is also highly durable, with a hardness next to diamonds, making it conducive to being used in a variety of industrial settings. As a result, we believe that such superior qualities make our products desirable in both exhaust emissions control products and liquid filtration products.
     
 
●
End Markets with Attractive Growth Characteristics.   We provide filtration products for end markets with attractive growth prospects. The increase in global regulation of diesel particles is expected to drive growth in the DPF market. According to an industry publication, the global market for new DPF filters manufactured by original equipment manufacturers (OEMs) will increase from approximately 1.7 million units in 2010 to over 9 million units in 2020. The global market for retrofitting diesel engines with DPFs is expected to grow from approximately 5 million cumulative retrofit units in 2010 to approximately 20 million cumulative retrofits by 2025. Water is essential to life on earth, and clean water shortages are expected to affect two-thirds of the human population by 2025. According to Pike Research, the annual global investment in desalinization was estimated to reach $16.6 billion by 2016. As a result, we anticipate that global demand will increase for products such as ours that can be used to provide clean water.
     
 
●
Broad Application of LiqTech Membranes.   Our membranes can and have been applied in a variety of settings, including the processing of industrial waste water, produced water and pretreatment of drinking water, including reverse osmosis, oil emulsion separation, bacteria removal in milk, clearing of wine and beer, and separating metals from liquids used in industrial processes. Our membranes have also been utilized in Milan, Italy to remove manganese and iron from the municipal water supply.
     
 
●
Marketing and Manufacturing in Two Key Markets and Expanding to Other Key Market.   As we have successfully started production in the United States in addition to Denmark, we have production and sales capacity in North America and Europe. We also sell our products through offices and agents in several key countries such as Brazil, Italy, and South Korea, and we have established customer relations in more than 15 countries. We also plan to expand our production capabilities to Asia by building a new production facility in South Korea which would provide us with sales and production capability on the Asian continent.
 
 
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●
Strong and Experienced Management Team.   Our management team has significant experience in the clean technology and filtration industries, driving growth through development of new applications and technologies and cultivating relationships with customers. Our team has an average of more than 10 years of management experience. Our four key managers have worked in the industry during the last 10 years.

Our Strategy

Our strategy is to create stockholder value by leveraging our competitive strengths and focusing on the opportunities in the end-markets we serve. Key features of our strategy include:

 
●
Enter New Geographic Markets and Expand Existing Markets.   We plan on continuing to manufacture and sell our products out of Denmark and the United States. In October 2011, the Company opened sales offices in France and Germany and in January 2012, we opened a sales office in Singapore.  We also intend to expand our production capability to Asia by investing in a new production facility in South Korea, along with opening new marketing offices on the continent. In addition, we intend to establish sales outlets with technical support in other European nations such as Italy, while expanding to other markets such as Brazil. In certain other locations such as Japan, China and Australia, we intend to work with agents and partners to access such markets.
     
 
●
Continue to Strengthen Position in DPF Market.   We believe that we have a strong position in the retrofit market for diesel particle systems. We intend to continue our efforts to maintain our strength in this area. Furthermore, we intend to leverage our experience in the OEM market and expand our presence in the OEM market with new products relating to diesel particle systems. We intend to leverage our products and experience as the global DPF market is expected to undergo significant growth.
     
 
●
Continue to Develop and Improve Technologies and Open New End Markets.   We intend to continuously develop our ceramic membrane and improve the filtration efficiency for our filtration products. Through continuous development, we intend to find new uses for our products and plan to expand into any new markets that we believe would be appropriate for our company. One of our key strategies is to develop our membrane applications together with our customers including, for example, the development of the next generation of diesel filters with asymmetric design for the OEM market, which is being tested at Hyundai. We also plan on manufacturing a SiC membrane of 0.01 microns or less, which would position us to enter the ultrafiltration market. In our kiln furniture business, we plan on working towards developing a second generation of kiln furniture with no porosity.
     
 
●
Continue Our Focus on Developing an Inorganic Reverse Osmosis Membrane.   There is no inorganic reverse osmosis membrane in the market today. In 2011, we received a $2 million grant from The Danish National Advanced Technology Foundation to develop a SiC-based membrane that can perform reverse osmosis. We intend to continue our research and development efforts to modify our membrane into one that can perform reverse osmosis over the next several years.

Corporate History and Information

Prior to August 24, 2011, Blue Moose Media, Inc. (“Blue Moose”) was a “shell” company with no business or operations. On August 24, 2011, pursuant to an Agreement and Plan of Merger, dated as of August 23, 2011 (the “Merger Agreement”), by and among Blue Moose, Blue Moose Delaware Merger Sub, Inc. (“BMD Sub”), a wholly-owned subsidiary of Blue Moose and LiqTech USA, BMD Sub was merged with and into LiqTech USA (the “Merger”) and, as a result of the Merger, LiqTech USA became a wholly-owned subsidiary of Blue Moose.

 
5
 
 
  LiqTech USA owns all of the outstanding equity interests in LiqTech Denmark, LiqTech Denmark International and LiqTech Delaware. As a result of the Merger, Blue Moose changed its management and reconstituted its board of directors. As of the effective time of the Merger, Gordon Tattarsall, the then President, Chief Financial Officer and the sole Director of Blue Moose, resigned as President and Chief Financial Officer. As Blue Moose’s sole Director, Mr. Tattersall appointed Aldo Petersen as a Director of Blue Moose.  The  Directors then appointed Lasse Andreassen and Soren Degn as the officers of Blue Moose, and Lasse Andreassen, Paul Burgon, John Nemelka and Michael Sonneland as Directors of Blue Moose. In accordance with the rules and regulations of the SEC, the other new directors did not take office until September 5, 2011, which was ten days after we filed an Information Statement pursuant to Rule 14f-1 of the Securities and Exchange Act of 1934, as amended, and mailed that statement to our stockholders of record in accordance with those rules. In addition, at the effective time of the Merger, Mr. Tattarsall resigned as a Director of Blue Moose effective as of September 5, 2011.

We are incorporated under the laws of the State of Nevada. Our principal executive offices are located at Industriparken 22C, 2750 Ballerup, Denmark, and our telephone number is +4544986000. We maintain an Internet website at www.liqtech.com. The information contained in, or accessible from, our website is not a part of this report.

Industry

We primarily serve two industries — the diesel particle filter market and the liquid filtration market. Our goal is to position ourselves to expand on and leverage our products and technology to take advantage of the favorable industry trends that we anticipate.
 
Diesel Particle Filter Market

Diesel emissions consist of several toxic gasses and particles: particle matter (or soot), carbon monoxide and hydrocarbons. Soot has been linked to a variety of health problems in humans. Abt Associates, for the Clean Air Task Force, estimates that approximately 21,000 people in the U.S. die prematurely each year from breathing diesel soot, 3,000 of those from lung cancer. Another 27,000 heart attacks, 14,500 hospitalizations and 2.4 million lost work days are attributable to diesel particulate matter exposures. The Abt Associates report, using EPA science advisory board methodology, estimates that the monetary value of the health damages from diesel-related particulate matter in the U.S. is approximately $139 billion in 1999 dollars. Reducing diesel emissions will have both health benefits and social benefits to society, along with reduced costs.

In response to these health impacts, governments have been implementing legislation to regulate emissions from diesel engines. California implemented the Diesel Risk Reduction Plan which required the curtailment of diesel particle emissions by 25% by 2010 and a further 15% by 2020. New York City has implemented binding directives for the retrofitting of buses, garbage trucks and construction machines. In the European Union, Directive EC 715/2007 of June 20, 2007 defined particle count limits for certain cars and light utility vehicles. Also, in Europe, low emission zones have been implemented locally, creating a patchwork of regulation. The increase in global regulation of diesel particles is expected to drive growth in the DPF market. According to an industry publication, the global market for new DPF filters manufactured by original equipment manufacturers (OEMs) will increase from approximately 1.7 million units in 2010 to over 9 million units in 2020. The global market for retrofitting diesel engines with DPFs is expected to grow going forward.
 
 
6
 
 
Our diesel particle filter removes more than 95% of the soot in the diesel emission and, in many installations, up to 99%. Our catalysts remove and reduce carbon monoxides and hydro carbons in the same emission control system when installed on the filter or on a separate diesel oxidation catalyst.

  Liquid Filtration Market

Water is essential for life on earth and clean, safe water is of vital importance for human survival. One-third of the human population is living today with clean water shortcomings and this is expected to increase to two-thirds of the population by 2025 due to the growing population. According to the World Health Organization, approximately 1.6 million children are killed every year due to unsafe water and the lack of basic sanitation. Due to the growing need for pure water for drinking and industrial purposes, the market for membrane filtration is growing rapidly, with more and larger plants being commissioned all over the world. The growth is especially pronounced for reverse osmosis membranes. Reverse osmosis membranes are increasingly used for the production of drinking water (desalination of sea water or brackish water), for demineralised water in industrial processes (boiler feed water, microelectronics production), as well as in food processing and pharmaceutical production. Also, laboratories rely on pure water, for which demineralisation is an essential step. According to Pike Research, the annual global investment in desalination was estimated to reach $8.3 billion in 2010 and is forecasted to reach $16.6 billion by 2016. According to another industry report, the aggregate water volume treated by membranes is expected to grow from 29 billion cubic meters in 2009 to 82 billion cubic meters in 2020.

Today’s reverse osmosis membranes are made of polymers (plastics), arranged in spiral elements of standardized dimensions. In recent years, prices have dropped markedly, making membrane filtration more competitive. However, the technical limitations of polymer membranes remain as follows:

 
●
The best plastic RO membranes use 3.5 kWh/m3 water and the flux (flow per square meter of membrane area) is low (typically 11 LMH).
     
 
●
The plastic membranes are sensitive to damage, oxidizing chemicals (chlorine, ozone, etc.), temperatures above 40 C, and pH below 2 or above 12. These constraints limit the cleaning-in-place (CIP) methods that can be used to recover the membranes’ permeability and limit microbial growth.
     
 
●
The plastic membranes require excessive feed water pre-treatment for removal of particulates in order to prolong membrane life. For example, during stormy weather, interruptions of service may occur due to the amount of suspended solids in the feed water.
     
 
●
There is a risk of bacterial contamination of the membranes. While bacteria are retained in the brine stream, bacterial growth on the plastic membrane itself can introduce tastes and odors into the product water. It is difficult to remove due to the sensitivity of the membrane.
 
The development of an inorganic reverse osmosis membrane is expected to improve the technology in two ways: a finer filter (desalination) and longer lifetime and cost reduction for the end user.  We believe this will open a significantly larger market for the Company.
 
Manufacturing

We currently manufacture our products in facilities located in Ballerup and Gentofte, Denmark and White Bear Lake, Minnesota. The main raw materials that we use in our manufacturing processes are silicon carbide, platinum and palladium. We purchase these commodities from various sources generally based upon availability and price. Our principal suppliers of these raw materials are the Saint Gobain Group, Washington Mills Ceramics Corporation, ESK Ceramics GmbH and Heraeus Germany. There is a limited supply of silicon carbide available to us. As other industries develop products utilizing silicon carbide, we may not be able to obtain adequate supplies of silicon carbide required for the manufacture of our existing and planned future water filtration products. Any increased demand for silicon carbide, platinum or palladium could increase the price we must pay to obtain it and could adversely affect our profitability.  However, our management believes that we could obtain satisfactory substitutes for these materials should they become unavailable.
 
 
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Prior to our entry into the new subcontract agreement with Scandinavian Brake Systems, as discussed below, our manufacturing facilities operated at peak capacity. We currently have a subcontract agreement for production capacity with a subcontractor located in Tennessee. We have also recently entered into a new subcontract agreement with Scandinavian Brake Systems to utilize the production capacity of their Notox division. The new subcontract arrangement, which extends until the end of 2014, is expected to significantly increase our production capacity.

We have plans to expand our production capacity in both Denmark and Minnesota, primarily through additional investment in equipment relating to our liquid filtration products.

Sales, Marketing and Distribution

Our products are sold primarily to large industrial customers that use our products for gas and liquid filtration. To date, most of our sales have been in the transportation sector, and we are seeking to broaden our sales into other areas such as produced water in the oil and gas sector, desalination sector and other water purification areas. For the year ended December 31, 2011, our four largest customers accounted for approximately 11%, 10%, 10% and 7%, respectively, of our net sales (approximately 39% in total). For the year ended December 31, 2010, our four largest customers accounted for approximately 29%, 15%, 14% and 9%, respectively, of our net sales (approximately 67% in total). We plan to actively market our existing products to new customers as we increase our production capacity. We currently have 12 full time salesmen or distribution agents. We promote our products through direct contact to potential customers and by meeting potential customers in trade fairs and exhibitions.
 
In certain instances, our products are delivered to the end customer through systems integrators. These systems integrators use our filtration products in larger filtration systems which eventually are installed in products used by the end customer. Due to the regulation surrounding the reasons why many of the end customers use filtration systems, the systems integrators often are required by such end customers to receive approval of their systems, including the components used in such systems, which requires the use of time and money. As a result, we believe that certain of the systems integrators that use our products will not replace our filters unless there is good reason.

Intellectual Property

Our success depends in part upon our ability to obtain, maintain and protect intellectual property rights that cover our silicon carbide product forms, applications and/or manufacturing processes and specifications and the technology or know-how that enables these product forms, applications, processes and specifications, and to avoid and defend against claims that we infringe upon  the intellectual property rights of others and to prevent the unauthorized use of our intellectual property. Silicon carbide is a well known material which was developed over 100 years ago, and thus, extensive research, development and publication on this material exists, making it difficult to obtain intellectual property rights to key elements of silicon carbide technology. Accordingly, at least some of the technology used in the manufacture of our re-crystallized silicon carbide products is not protected by patents. Where we consider it appropriate, we seek to protect our proprietary rights by filing United States and foreign patent applications related to technology, inventions and improvements that we consider patentable and important to the development and conduct of our business. We also rely on trade secrets, trademarks, licensing agreements, confidentiality and nondisclosure agreements, business partnerships and continuing technological innovation to safeguard our intellectual property rights and develop and maintain our competitive advantage.
 
 
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As of March 19, 2012, we had one issued United States patent that we co-own with a third party, one pending United States patent application, three issued foreign patents (in Germany, China and Korea) that we co-own with a third party and two pending European patent applications, one of which we co-own with a third party. The United States patent that we co-own is generally effective for 20 years from the filing date of the earliest U.S. or international application to which it claims priority. The scope and duration of each of our foreign patents varies in accordance with local law. The patent strategy of companies such as ours is generally uncertain and involves complex legal and factual questions. Our ability to maintain and solidify our proprietary technology may depend in part upon our success in obtaining patent rights and enforcing those rights once granted or licensed. We do not know whether any of our pending patent applications will result in the issuance of any patents. Our issued patents and those that may issue in the future may be challenged, invalidated, rendered unenforceable or circumvented, which could limit our ability to prevent competitors from marketing similar or related products, or shorten the term of patent protection that we may have for our products, processes and enabling technologies. In addition, the rights granted under any issued patents may not provide us with competitive advantages against competitors with similar technology. Furthermore, our competitors may independently develop similar technologies, duplicate technology developed by us or otherwise possess intellectual property rights that could limit our ability to manufacture our products and operate our business.
 
We also rely on trade secret protection for our confidential and proprietary information. Trade secrets, however, can be difficult to protect. We may not be able to maintain our technology or know-how as trade secrets, and competitors may develop or acquire equally valuable or more valuable technology or know-how related to the manufacture of comparable silicon carbide products. We also seek to protect our confidential and proprietary information, in part, by requiring all employees, consultants and business partners to execute confidentiality and/or nondisclosure agreements upon the commencement of any employment, consulting arrangement or engagement with us. These agreements generally require that all confidential and proprietary information developed by the employee, consultant or business partner, or made known to the employee, consultant or business partner by us, during the course of the relationship with us, be kept confidential and not disclosed to third parties. These agreements may be breached and may not provide adequate remedies in the event of breach. To the extent that our employees, consultants or business partners use intellectual property owned by others in their work for and/or with us, disputes could arise as to the rights in related or resulting technologies, know-how or inventions. Moreover, while we also require customers and vendors to execute agreements containing confidentiality and/or nondisclosure provisions, we may not have obtained such agreements from all of our customers and vendors. In addition, our trade secrets may otherwise become known or be independently discovered by competitors, customers or vendors. Such customers or vendors may also be subject to laws and regulations that require them to disclose information that we would otherwise seek to keep confidential.

We also believe that having distinctive names may be an important factor in marketing our products, and therefore use trademarks to brand some of our products. As of January 23, 2012, we had one trademark registration in the United States (Liqtech NA) and four trademark registrations in the European Union (AQUA SOLUTION, CoMem, CDPX, and FUTURE FILTRATION).

Government Regulation
 
We do not believe that we are subject to any special governmental regulations affecting our products in the countries in which we have operations, except that in Minnesota, we are required to comply with the Minnesota Air Pollution standards related to the use of our incinerator located in our Minnesota facilities. We are subject to numerous health and safety laws and regulations. In the United States, these laws and regulations include the Federal Occupation Safety and Health Act and comparable state legislation. We are also subject to similar requirements in other countries in which we have extensive operations, including Denmark, where we are subject to various regulations. These regulations are frequently changing, and it is impossible to predict the effect of such laws and regulations on us in the future. We actively seek to maintain a safe, healthy and environmentally friendly workplace for all of our employees and those who work with us.

 
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Environmental Matters

We are subject to a broad range of federal, state, local and foreign environmental laws and regulations which govern, among other things, air emissions, wastewater discharges and the handling, storage, disposal and release of wastes and hazardous substances. It is our policy to comply with applicable environmental requirements at all of our facilities. We are also subject to laws such as the Comprehensive Environmental Response, Compensation and Liability Act (“CERCLA”), that may impose liability retroactively and without fault for releases or threatened releases of hazardous substances at on-site or off-site locations. We are subject to similar requirements in Denmark and other European countries. From time to time, we have identified environmental compliance issues at our facilities. To date, compliance with environmental matters has not had a material effect upon the Company’s capital expenditures or competitive position.

Research and Development
 
We currently have five full-time employees spending a majority of their working hours on research and development. For the years ended December 31, 2011 and 2010, we spent $502,413and $421,518, respectively, for research and development.
 
In 2011, we entered into a joint development agreement with Aalborg University (“Aalborg”) and The Danish National Advanced Technology Foundation to develop a SiC-based membrane that can perform reverse osmosis. In connection with the agreement, we were approved for a grant of $2 million, and we are entitled to receive additional funding upon reaching certain milestones as provided in the agreement. Pursuant to a related agreement with Aalborg, any intellectual property produced during the project will be owned by Aalborg. However, we will retain the right to obtain an exclusive license to this intellectual property, provided the use is related to our business. If successful, we believe that this will be the first inorganic reverse osmosis membrane ever developed. The goal is to produce clean drinking water from sea water.

Competition

Our products compete with other filters that are made using both ceramic and plastic membranes. Most of our competitors are large industrial companies. However, we believe our patented technology allows us to produce high quality, low cost products that give us an advantage over many of our competitors, many of which have greater financial, technological, manufacturing and personnel resources. We intend to continue to devote resources to improving our products in order to maintain our existing customers and to add new customers.

Employees

As of March 15, 2012, we had 87 employees, 69 of whom are full time employees.  We have 49 employees at our operations in Denmark, including six in Research and Development, six in sales and two in executive management. We also have 38 employees in the United States, one of whom is in executive management; the others are employed in sales and production.
 
Approximately 24% of our employees (0 in the United States and 21 in Europe) are members of a labor union or are represented by workers’ councils that have collective bargaining agreements. Such collective bargaining agreements expire in 2012. We believe that our relations with our employees are good.
 
Item 1A.     Risk Factors

RISKS RELATED TO OUR BUSINESS

 
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We may be adversely affected by global and regional economic conditions and legislative, regulatory and political developments.
 
We sell our products around the world, and we expect to continue to derive a substantial portion of sales from outside the U.S. The recent worldwide recession has had, and the European debt crisis and the continuing uncertainty as to economic recovery may have, adverse consequences for our customers and our business. The uncertain macroeconomic environment in the U.S. and other countries around the globe from which we derive significant sales may adversely affect our results and could have a negative impact on demand for our products as the prospects, strength and timing of the current recovery remain uncertain as well as the possibility of a return to a recession in the U.S. and other countries around the globe. Customers or suppliers may experience cash flow problems and as a result, may modify, delay or cancel plans to purchase our products, and suppliers may significantly and quickly increase their prices or reduce their output. Additionally, if customers are not successful in generating sufficient revenue or are precluded from securing financing, they may not be able to pay, or may delay payment of, amounts owed to us. Any inability of current and/or potential customers to purchase our products and/or to pay us for our products may adversely affect our sales, earnings and cash flow. Sales and earnings could also be affected by our ability to manage the risks and uncertainties associated with the application of local legal requirements or the enforceability of laws and contractual obligations, trade protection measures, changes in tax laws, regional political instability, war, terrorist activities, severe or prolonged adverse weather conditions and natural disasters as well as health epidemics or pandemics.
 
Our inability to protect our intellectual property rights could negatively affect our business and results of operations.
 
Our ability to compete effectively depends in part upon developing, maintaining and/or protecting intellectual property rights relevant to our re-crystallized silicon carbide product forms, applications and manufacturing processes. We rely principally on a combination of patent protection, trade secret laws, confidentiality and non-disclosure agreements and trusted business relationships to establish, maintain and protect the intellectual property rights relevant to our business. These measures, however, may not be adequate in every given case to permit us to gain or keep any competitive advantage, particularly in those countries where the laws do not protect our proprietary rights as fully as in the United States. In particular, because silicon carbide is a well known material (developed over 100 years ago), and there has been extensive research, development and publication related to this material and its wide range of applications, obtaining intellectual property rights to key elements of silicon carbide technology can be challenging . Accordingly, at least some of the technology employed in our manufacture of re-crystallized silicon carbide products is not protected by patents.
 
Where we consider it appropriate, however, we seek patent protection in the United States and other countries on technologies used in or relating to our re-crystallized silicon carbide product forms, applications and manufacturing processes. As of March 19, 2012, we had one issued United States patent and three issued foreign patents, all of which we co-own with a third party. The issuance of a patent is not conclusive as to its scope, validity and enforceability. Thus, any patent, or patent application which may issue into a patent held by us could be challenged, invalidated or held unenforceable in litigation or proceedings before the U.S. Patent and Trademark Office and/or other patent tribunals, or circumvented by others. No consistent policy regarding the breadth of patent claims has emerged to date in the United States and the landscape could become more uncertain in view of future rule changes by the United States Patent and Trademark Office, the introduction of patent reform legislation and decisions in patent law cases by United States federal courts. The patent landscape outside the United States is even less predictable. As a result, the validity and enforceability of patents cannot be predicted with certainty. In addition, we may fail to apply for patents on important technologies or product candidates in a timely fashion, if at all, and our existing and future patents may not be sufficiently broad to prevent others from practicing our technologies or from developing competing products or technologies, especially given the long history of silicon carbide development.
 
 
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As of March 19, 2012, we had one pending United States patent application and two pending foreign patent applications. The issuance of patents from these applications involves complex legal and factual questions and, thus, we cannot assure that any of our pending patent applications will result in the issuance of patents to us. The United States Patent and Trademark Office and relevant foreign patent tribunals may deny or require significant narrowing of claims in our pending patent applications. Patents issued as a result of any of our pending patent applications may not cover our enabling technology and/or the products or processes that support our current or future business or afford us with significant commercial protection against others with similar technology. Proceedings before the United States Patent and Trademark Office could result in adverse decisions as to the priority of our inventions and the narrowing or invalidation of claims in issued patents. In addition, our pending patent applications filed in foreign countries are subject to laws, rules and procedures that differ from those of the United States, and thus foreign patent applications may not be granted even if counterpart United States patents are issued.
 
Moreover, others may independently develop and obtain patents covering technologies that are similar or superior to the product forms, applications or manufacturing processes that we employ. If that happens, we may need to obtain licenses for these technologies and may not be able to obtain licenses on reasonable terms, if at all, which could limit our ability to manufacture our current and/or future products and operate our business. In addition, third parties could practice our intellectual property rights in territories where we do not have intellectual property protection. Such third parties may then try to import products made using our intellectual property rights into the United States or other countries.
 
Our contracts with third parties could negatively affect our intellectual property rights.
 
To further our product development efforts, we have and/or continue to work closely with customers, the Danish government and other third parties to research and develop advancements in silicon carbide product forms, applications, manufacturing processes and related products and technologies. We have entered into agreements with private third parties and have been awarded a research and development contract with the Danish government to independently and jointly research, design and develop new devices and systems that incorporate our silicon carbide technologies. We expect to enter into similar private agreements and be awarded similar government contracts in the future. In some instances, the research and development activities that we conduct under these contracts may produce intellectual property to which we may not have ownership or exclusive rights and will be unable to protect or monetize. Furthermore, there could be disputes between us and a private third party as to the ownership rights to any inventions that we develop in collaboration with such third party. Any such dispute may cause us to incur substantial costs and could place a significant strain on our financial resources, divert the attention of management from our core business or harm our reputation.
 
We rely on trade secrets to protect our technology, and our failure to obtain or maintain trade secret protection could adversely affect our competitive business position.
 
We rely in part on trade secret protection to protect confidential and proprietary information relating to our technology, particularly where we do not believe patent protection is appropriate or obtainable. We continue to develop and refine the manufacturing processes used to produce our re-crystallized silicon carbide products and believe that we have already developed, and will continue to develop, significant know-how related to these processes. Trade secrets however can be difficult to protect. We may not be able to maintain the secrecy of our know-how, and competitors may develop or acquire equally or more valuable know-how related to the manufacture of comparable silicon carbide products. Our strategy for scale-up of commercial production will continue to require us to share confidential and proprietary information with third parties. While we take reasonable efforts to protect our trade secrets, our employees, consultants, contractors or scientific and other advisors, or those of our business partners, may intentionally or inadvertently disclose our confidential and proprietary information to competitors.  Any enforcement of claims by us that a third party has obtained and is using our trade secrets is expensive, time consuming and uncertain. In addition, foreign courts are sometimes less willing than United States courts to protect trade secrets.
 
 
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We also require all employees, consultants and business partners to execute confidentiality and/or nondisclosure agreements upon the commencement of  employment, consulting arrangement or other engagement with us, which agreements generally require that all confidential and proprietary information developed by such employee, consultant or business partner, or made known to such employee, consultant or business partner by us during the course of the relationship with us, be kept confidential and not disclosed to third parties. These agreements generally provide, with respect to employees, that inventions conceived by an individual in the course of rendering services to us will be our exclusive property. Nevertheless, these agreements may not be honored and our confidential and proprietary information may be disclosed, or these agreements may be unenforceable or difficult to enforce. We also require customers and vendors to execute agreements containing confidentiality and/or nondisclosure provisions. However, we may not have obtained such agreements from all of our customers and vendors. Some of our customers may also be subject to laws and regulations that require them to disclose information that we would otherwise seek to keep confidential. Our confidential and proprietary information may be otherwise disclosed without our authorization. For example, third parties might reverse engineer our manufacturing processes, independently develop substantially equivalent confidential and proprietary information or otherwise gain access to our trade secrets. Failure to maintain trade secret protection could enable others to produce competing products and adversely affect our competitive business position.
 
We could become subject to intellectual property litigation that could be costly, limit or cancel our intellectual property rights, divert time and efforts away from business operations, require us to pay damages and/or otherwise have an adverse material impact on our business.
 
The success of our business is highly dependent on protecting our intellectual property rights. Unauthorized parties may attempt to copy or otherwise obtain and use our products and/or enabling technology. Policing the unauthorized use of our intellectual property rights is difficult and expensive, as is enforcing these rights against unauthorized use by others. Identifying unauthorized use of our intellectual property rights is difficult because we may be unable to monitor the processes and/or materials being employed by other parties. The steps we have taken may not prevent unauthorized use of our intellectual property rights, particularly in foreign countries where enforcement of intellectual property rights may be more difficult than in the United States.
 
Our continued commercial success will also depend in part upon not infringing the patents or violating the intellectual property rights of third parties. We are aware of patents and patent applications generally relating to aspects of our technologies filed by, and issued to, third parties. Nevertheless, we cannot determine with certainty whether such patents or patent applications of other parties may materially affect our ability to conduct our business. There may be existing patents of which we are unaware that we may inadvertently infringe, resulting in claims against us or our customers. In the event that the manufacture, use and/or sale of our products or processes is challenged, or if our product forms or processes conflict with the patent rights of others, third parties could bring legal actions against us in the United States, Europe or other countries, claiming damages and seeking to enjoin the manufacturing and/or marketing of our products. Additionally, it is not possible to predict with certainty what patent claims may issue from any relevant third-party pending patent applications. Third parties may be able to obtain patents with claims relating to our product forms, applications and/or manufacturing processes which they could attempt to assert against us.
 
 
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In either case, litigation may be necessary to enforce, protect or defend our intellectual property rights or to determine the validity and scope of the intellectual property rights of others. Any litigation could be unsuccessful, cause us to incur substantial costs, divert resources and the efforts of our personnel away from daily operations, harm our reputation and/or result in the impairment of our intellectual property rights. In some cases, litigation may be threatened or brought by a patent holding company or other adverse patent owner who has no relevant product revenues and against which our patents may provide little or no deterrence. If we are found to infringe any patents, we could be required to (1) pay substantial monetary damages, including lost profits, reasonable royalties and/or treble damages if an infringement is found to be willful and/or (2) totally discontinue or substantially modify any products or processes that are found to be in violation of another party’s intellectual property rights. If our competitors are able to use our technology without payment to us, our ability to compete effectively could be harmed.
 
We face competition and technological advances by competitors which could adversely affect the sales of our products.
 
The growth of our company depends in part on maintaining and growing the sales of our current products in our markets, but also in developing new products and technologies. There is significant competition among companies that provide solutions for pollutant emissions from diesel engines and water purification solutions. Several companies market products that compete directly with our products. Other companies offer products that potential customers may consider to be acceptable alternatives to our products and services, including products that are verified by the EPA or other environmental authorities. We face direct competition from companies with greater financial, technological, manufacturing and personnel resources. Newly developed products could be more effective and cost efficient than our current or future products.
 
Failure to obtain required raw materials could affect our ability to supply products to our customers.
 
We use silicon carbide, platinum and palladium in the manufacture of our products. There is a limited supply of silicon carbide available to us. As other industries develop products utilizing silicon carbide, we may not be able to obtain adequate supplies of silicon carbide required for the manufacture of our existing and planned future water filtration products. Any increased demand for silicon carbide, platinum or palladium could increase the price we must pay to obtain it and could adversely affect our profitability.
 
We rely on sub-contractors to meet current demand for our products and we will need to obtain additional manufacturing capacity in order to increase production of our existing products or to produce our proposed new products.
 
We do not have sufficient internal manufacturing capacity to meet the current demand for our products, and we rely on a two subcontractors to enable us to meet this demand. Since we rely on our subcontractors for a significant amount of our production capacity, the loss of the services of our subcontractors would have a material adverse effect on our business. Our plans for the growth of our business rely upon increasing sales of our existing products and developing and marketing new products. We do not have adequate internal manufacturing facilities to substantially increase production of our products and obtaining additional manufacturing capacity in-house will require substantial capital expenditures. We may not be able to locate such additional facilities, and, if located, we may not have the capital resources to obtain or construct them.
 
Historically, we have been dependent on a few major customers for a significant portion of our company’s revenue. Our revenue could decline if we are unable to maintain or develop relationships with additional customers and our results of operations could be adversely affected if any one of these customers is unable to meet their financial obligations to us.
 
During the year ended December 31, 2010, we had four customers who accounted for approximately 67% of our total revenues. For the year ended December 31, 2011, we had four customers who accounted for approximately 39% of our total revenues. If we are unable to diversify our customer base, our future results will be heavily dependent on these customers. If any one of these customers reduces their demand for our products, it will have a material adverse effect on our operations.
 
 
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A significant portion of our account receivables is concentrated with these major customers, some of whom have limited working capital resources. The failure of any such customers to pay amounts owed to us in a timely fashion could have an adverse effect on our results of operations.
 
Foreign currency fluctuations could adversely impact financial performance.
 
Our reporting currency is the United States dollar. Because of our activities in Denmark, the United Kingdom, the European Continent, and Korea, we are exposed to fluctuations in foreign currency rates. We may manage the risk to such exposure by entering into foreign currency futures and option contracts. Foreign currency fluctuations may have a significant effect on our operations in the future.
 
The recent European debt crisis could have a material adverse effect on our European operations.
 
The recent European debt crisis and related European financial restructuring efforts have contributed to instability in the global credit markets and may cause the value of the Euro to further deteriorate. If global economic and market conditions, or economic conditions in Europe, the United States or other key markets remain uncertain or deteriorate further, the value of the Euro and the credit market may weaken. While we do not transact a significant amount of business in Greece or Italy, the general financial instability in those countries could have a contagion effect on the region and contribute to the general instability and uncertainty in the European Union. If this were to occur, it could adversely affect our European customers and suppliers and in turn have a materially adverse effect on our European business and results of operations.
 
Future growth of our business depends in part, on the general availability of funding for emissions control programs, as well as enforcement of existing emissions-related environmental regulations and further tightening of emission standards worldwide.
 
Future growth of our business depends in part on the general availability of funding for emissions control programs, which can be affected by economic as well as political reasons. For example, in light of the recent budget crisis in California, funding was not available for a state-funded emissions control project and its start date was pushed back. A recent budget proposal put forth by the Obama administration did not include funding for the EPA’s Diesel Emissions Reduction Act program in fiscal 2012. Funding for these types of emissions control projects drives the demand for our diesel particulate filters. If such funding is not available, it can negatively affect our future growth prospects. In addition to funding, we also expect that our future business growth will be driven, in part, by the enforcement of existing emissions-related environmental regulations and tightening of emissions standards worldwide. If such standards do not continue to become stricter,  are loosened or are not enforced by governmental authorities due to commercial and business pressure or otherwise, it could have a material adverse effect on our business, operating results, financial condition and long-term prospects.
 
We face constant changes in governmental standards by which our products are evaluated, and if we cannot meet any such changes, some of our products could become obsolete.
 
We believe that, due to the constant focus on the environment and clean air and clean water standards throughout the world, a requirement in the future to adhere to new and more stringent regulations both in the U.S. and abroad is possible as governmental agencies seek to improve standards required for certification of products intended to promote clean air and water. In the event our products fail to meet these ever-changing standards, some or all of our products may become obsolete, which could have an adverse effect on our business, operating results, financial condition and long-term prospects.
 
 
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Our results may fluctuate due to certain regulatory, marketing and competitive factors over which we have little or no control.
 
The factors listed below, some of which we cannot control, may cause our revenue and results of operations to fluctuate significantly:
 
 
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Actions taken by regulatory bodies relating to the verification, registration or health effects of our products;
 
 
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The extent to which existing and newly developed products obtain market acceptance;
 
 
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The timing and size of customer purchases;
 
 
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Customer concerns about the stability of our business, which could cause them to seek alternatives to our solutions and products; and
 
 
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Increases in raw material costs.
 
Any liability for environmental harm or damages resulting from technical faults or failures of our products could be substantial and could materially adversely affect our business and results of operations.
 
Customers rely upon our products to meet emissions control standards imposed upon them by the government. Failure of our products to meet such standards could expose us to claims from customers. Our products are also integrated into goods used by consumers, and therefore a malfunction or the inadequate design of our products could result in product liability claims. Any liability for environmental harm or damages resulting from technical faults or failures could be substantial and could materially adversely affect our business and results of operations. In addition, a well-publicized actual or perceived problem could adversely affect the market’s perception of our products, which would materially impact our financial condition and operating results.
 
We could become liable for damages resulting from our manufacturing activities.
 
The nature of our manufacturing operations exposes us to potential claims and liability for environmental damage, personal injury, loss of life and damage to, or destruction of, property. Our manufacturing operations are subject to numerous laws and regulations that govern environmental protection and human health and safety. These laws and regulations have changed frequently in the past and it is reasonable to expect additional and more stringent changes in the future. Our manufacturing operations may not comply with future laws and regulations, and we may be required to make significant unanticipated capital and operating expenditures to bring our operations within compliance with such regulations. If we fail to comply with applicable environmental laws and regulations, manufacturing guidelines, and workplace safety requirements, governmental authorities may seek to impose fines and penalties on us or to revoke or deny the issuance or renewal of operating permits, and private parties may seek damages from us. Under such circumstances, we could be required to curtail or cease operations, conduct site remediation or other corrective action, or pay substantial damage claims for which may not have sufficient or any insurance coverage for claims.
 
We will incur significant costs as a result of operating as a public company, and our management may be required to devote substantial time to compliance initiatives.
 
 
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As a public company, we will incur significant legal, accounting and other expenses which we estimate to be in excess of $300,000 annually. In addition, the Sarbanes-Oxley Act, as well as rules subsequently implemented by the SEC, have imposed various requirements on public companies, including requiring establishment and maintenance of effective disclosure and financial controls as well as mandating certain corporate governance practices. Our management and other personnel will devote a substantial amount of time and financial resources to these compliance initiatives.
 
If we fail to staff our accounting and finance function adequately, or maintain internal control systems adequate to meet the demands that are placed upon us as a public company, we may be unable to report our financial results accurately or in a timely manner and our business and stock price may suffer. The costs of being a public company, as well as diversion of management’s time and attention, may have a material adverse effect on our future business, financial condition and results of operations.
 
We will need to add qualified additional personnel as we expand our business, and we may not be able to employ such persons, which will affect our ability to expand.
 
Our current employees are spending virtually all of their time on our existing products and customers. In order to expand our product offerings and customer base, we will need to hire additional qualified personnel. We may not be able to locate such persons, and even if we locate them, we may not have the funds to employ them.
 
We may depend upon outside advisors, who may not be available on reasonable terms and as needed.
 
To supplement the business experience of our officers and directors, we may be required to employ accountants, technical experts, attorneys, or other consultants or advisors. Our Board, without any input from stockholders, will make the selection of any such advisors. Furthermore, we anticipate that such persons will be engaged on an “as needed” basis without a continuing fiduciary or other obligation to us, and we cannot assure you that their services will be available to us on a timely basis.
 
Our success will depend, to a large degree, on the expertise and experience of the members of our management team.
 
Our success is, to a large degree, dependent upon the expertise and experience of the management team and its ability to attract and retain quality personnel. The loss of the services of one or more of such personnel could have a material adverse effect on our business. Our business may be adversely affected if we are unable to continue to attract and retain such personnel.
 
A significant portion of our assets and the majority of our officers and directors are located outside of the United States of America, and therefore it may be difficult for an investor to enforce within the United States any judgments obtained against us or such officers and directors.
 
A significant portion of our assets are located outside of the United States. In addition, the majority of our officers and directors are nationals and/or residents of countries other than the United States, and all or a substantial portion of such persons’ assets are located outside the United States. As a result, it may be difficult for an investor to affect service of process or enforce within the United States any judgments obtained against us or such officers or directors, including judgments predicated upon the civil liability provisions of the securities laws of the United States or any state thereof. In addition, there is uncertainty as to whether the courts of other jurisdictions would recognize or enforce judgments of United States courts obtained against us or our directors and officers predicated upon the civil liability provisions of the securities laws of the United States or any state thereof, or be competent to hear original actions brought in other jurisdictions against us, or such officers and directors predicated upon the securities laws of the United States or any state thereof.
 
 
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We may have insufficient funds to develop our business, which may adversely affect our future growth.
 
On March 2, 2012, we completed the initial closing of a registered public offering of our common stock whereby we issued and sold 2,511,500 shares at a per share price of $3.25 and generated net proceeds of approximately $7.4 million. We also issued to the placement agent and certain of its agents for $100, warrants to purchase an aggregate of 125,575 shares of our common stock with an exercise price equal to $4.06 which are exercisable for a period of five years commencing after the effective date of the registration statement related to the offering.  We intend to use the net proceeds from the offering for the development and marketing of our products, the engineering, development and testing of our membranes, and the opening of local sales offices in certain countries outside of the U.S. and Denmark.  However, we can provide no assurance that the net proceeds will be adequate to achieve our long term goals.  The continued growth of our business will depend in part upon our ability to continue to develop new products and to make strategic acquisitions. We may not generate sufficient cash flow from our operations to allow us to fund these activities. We may need to sell additional equity or borrow funds in order to develop these growth strategies and our inability to raise the additional capital and/or borrow the funds needed to implement these plans may adversely affect our business and future growth.
 
RISKS RELATED TO OUR COMMON STOCK

There is a limited trading market for our common stock, which could make it difficult for you to liquidate an investment in our common stock in a timely manner.

Our common stock is currently quoted on the Over the Counter Bulletin Board (“OTCBB”) and the OTC Markets — OTCQX tier. Because there is a limited public market for our common stock, you may not be able to liquidate your investment when you want. An active trading market for our common stock may not develop.

The lack of an active public trading market means that you may not be able to sell your shares of common stock when you want, thereby increasing your market risk. Until our common stock is listed on a securities exchange, we expect that it will continue to be traded on the OTCBB and the OTC Markets — OTCQX tier, on another over-the-counter quotation system, or in the “pink sheets.” However, an investor may find it difficult to obtain accurate quotations regarding the common stock’s market value. In addition, if we fail to meet the criteria set forth in SEC regulations, various requirements would be imposed by law on broker-dealers who sell our securities to persons other than established customers and accredited investors. Consequently, such regulations may deter broker-dealers from recommending or selling our common stock, which may further affect its liquidity.

If securities analysts do not publish research or reports about our business or if they downgrade us or our sector, the price of our common stock could decline.

The trading market for our common stock will depend in part on research and reports that industry or financial analysts publish about us or our business. We do not control these analysts. Furthermore, if one or more of the analysts who cover us downgrades us or the industry in which we operate or the stock of any of our competitors, the price of our common stock will probably decline. If one or more of these analysts ceases coverage altogether, we could lose visibility, which could also lead to a decline in the price of the common stock.

Approximately 34.7% of our common stock is controlled by our officers and directors, who have the ability to substantially influence the election of directors and other matters submitted to stockholders.
 
As of March 12, 2012, 9,113,291 shares, or 34.7%, of our common stock, including stock options and warrants, were beneficially owned by our officers and directors, including 5,703,541 shares, or 21.9%, of our common stock beneficially owned by Aldo Petersen, our Chairman of the Board. As a result, our officers and directors and Aldo Petersen, in particular, are expected to continue to have the ability to significantly influence the election of our Board of Directors and the outcome of all other issues submitted to our stockholders. The interests of these principal stockholders may not always coincide with our interests or the interests of other stockholders, and they may act in a manner that advances their best interests and not necessarily those of other stockholders. One consequence to this substantial influence or control is that it may be difficult for investors to remove our management. This could also deter unsolicited takeovers, including transactions in which stockholders might otherwise receive a premium for their shares over then current market prices.
 
 
18
 
 
We cannot assure you that our common stock will become listed on a securities exchange and the failure to do so may adversely affect your ability to dispose of our common stock in a timely fashion.

The New York Stock Exchange, the NYSE AMEX (“AMEX”) and the Nasdaq Stock Market recently amended their listing rules to restrict the ability of companies that have completed reverse mergers to list their securities on such exchanges. In order to become eligible to list their securities on such exchanges, reverse merger companies must have had their securities traded on an over-the-counter market (for example, the OTCBB) for at least one year, maintained a closing price of $4.00 or higher for not less than 30 of the most recent 60 days prior to the filing of an initial listing application and prior to listing, and timely filed with the SEC all required reports since the consummation of the reverse merger, including one annual report containing audited financial statements for a full fiscal year commencing after the date of the filing of the Form 8-K containing the company’s Form 10 information. As such, although we plan to seek listing of our common stock on the AMEX or a Nasdaq exchange as soon as reasonably practicable, we do not currently meet the new listing standards. We may not be able to satisfy the initial listing standards of the AMEX or Nasdaq exchanges in the foreseeable future or at all. Even if we are able to list our common stock on such exchanges, we may not be able to maintain a listing of the common stock on such stock exchange.

The market price and trading volume of our common stock may be volatile, which may adversely affect its market price.

The market price of our common stock could be subject to significant fluctuations due to factors such as:

 
•
actual or anticipated fluctuations in our financial condition or results of operations;
 
 
•
the success or failure of our operating strategies and our perceived prospects; realization of any of the risks described in this section; failure to be covered by securities analysts or failure to meet the expectations of securities analysts;
 
 
•
a decline in the stock prices of peer companies; and
 
 
•
a discount in the trading multiple of our common stock relative to that of common stock of certain of our peer companies due to perceived risks associated with our smaller size.

As a result, shares of our common stock may trade at prices significantly below the price you paid to acquire them. Furthermore, declines in the price of our common stock may adversely affect our ability to conduct future offerings or to recruit and retain key employees, including our managing directors and other key professional employees.

You may experience dilution as a result of future issuances of our securities.
 
In general, stockholders do not have preemptive rights to any common stock issued by us in the future. Therefore, stockholders may experience additional dilution of their equity investment if we issue additional shares of common stock in the future, including shares issuable under equity incentive plans, or if we issue securities that are convertible into shares of our common stock.
 
 
19
 
 
Our common stock is considered a “penny stock” and may be difficult to sell.
 
Trades of our common stock are subject to Rule 15g-9 promulgated by the SEC under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), which imposes certain requirements on broker-dealers who sell securities subject to the rule to persons other than established customers and accredited investors. For transactions covered by the rule, broker-dealers must make a special suitability determination for purchasers of the securities and receive the purchaser’s written agreement to the transaction prior to sale. The SEC also has other rules that regulate broker-dealer practices in connection with transactions in “penny stocks”. Penny stocks generally are equity securities with a price of less than $5.00 (other than securities listed on a national securities exchange, provided that current price and volume information with respect to transactions in that security is provided by the exchange or system). The penny stock rules require a broker-dealer, prior to a transaction in a penny stock not otherwise exempt from the rules, to deliver a standardized risk disclosure document prepared by the SEC that provides information about penny stocks and the nature and level of risks in the penny stock market. The broker-dealer also must provide the customer with current bid and offer quotations for the penny stock, the compensation of the broker-dealer and its salesperson in the transaction, and monthly account statements showing the market value of each penny stock held in the customer’s account. The bid and offer quotations, and the broker-dealer and salesperson compensation information, must be given to the customer orally or in writing prior to effecting the transaction and must be given to the customer in writing before or with the customer’s confirmation. These disclosure requirements have the effect of reducing the level of trading activity in the secondary market for our common stock. As a result of the foregoing, investors may find it difficult to sell their shares.
 
We have no current plan to pay dividends on our common stock, and investors may lose the entire amount of their investment.

We have no current plans to pay dividends on our common stock. Therefore, investors will not receive any funds absent a sale of their shares. We cannot assure investors of a positive return on their investment when they sell their shares nor can we assure that investors will not lose the entire amount of their investment.

Provisions in our certificate of incorporation and bylaws could discourage a change in control, or an acquisition of us by a third party, even if the acquisition would be favorable to you, thereby adversely affecting existing stockholders.

Our certificate of incorporation and bylaws contain provisions that may have the effect of making more difficult or delaying attempts by others to obtain control of our Company, even when these attempts may be in the best interests of stockholders. For example, our certificate of incorporation authorizes our Board of Directors, without stockholder approval, to issue one or more series of preferred stock, which could have voting and conversion rights that adversely affect or dilute the voting power of the holders of common stock. These provisions and others that could be adopted in the future could deter unsolicited takeovers or delay or prevent changes in our control or management, including transactions in which stockholders might otherwise receive a premium for their shares over then current market prices. These provisions may also limit the ability of stockholders to approve transactions that they may deem to be in their best interests.
 
Item 1B.   Unresolved Staff Comments
 
None.
 
Item 2.  Properties
 
Our corporate headquarters are located in Industriparken 22C, 2750 Ballerup, Denmark. We lease approximately 35,000 square feet at our Ballerup location, of which approximately 10,000 square feet is used for office space and 25,000 square feet is used for production. The lease is for a term of five years until August, 2016. We also currently occupy approximately 17,000 square feet at our previous headquarters in Grusbakken 12, DK-2820 Gentofte, Denmark. We have terminated our lease and the termination will become effective no later than August 31, 2012. Our U.S. operations are located at 1800 - 1810 Buerkle Road White Bear Lake, Minnesota 55110 where we lease approximately an aggregate of 30,000 square feet, of which 6,000 square feet is used for office space and 24,000 square feet is used for production. We are increasing our space at this location, so that by January 15, 2012, we will have 35,000 square feet and by March 1, 2012, we will have 45,000 square feet. In addition, on March 1, 2012, a new lease will become effective that will consolidate the leases for all of the properties at this location. Such lease will expire on February 28, 2017.
 
 
20
 
 
Item 3.  Legal Proceedings
 
From time to time, we may be involved in litigation relating to claims arising out of our operations in the normal course of business. As of December 31, 2011, we were not currently a party to in any legal proceeding that we believe would have a material adverse effect on our business, financial condition or operating results.
 
Item 4.  Mine Safety Disclosures.
 
Not applicable.
 
Item 5.  Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities
 
Our common stock is currently quoted on the OTCBB and the OTC Markets — OTCQX tier. Prior to the Merger, there was not an active market and no trading volume during fiscal year 2010. The following table sets forth the high and low sales prices for the common stock as reported to OTCBB for the periods indicated:
 
2012
  
High
    
Low
  
1st Quarter (through March 26, 2012)
   $ 4.95     $ 3.13  
                 
2011
  
High
    
Low
  
4th Quarter
   $ 3.90     $ 3.11  
3rd Quarter
     3.5       3.1  
2nd Quarter
     —       —  
1st Quarter
     —       —  
                 
2010
  
High
    
Low
  
4th Quarter
   $ —     $ —  
3rd Quarter
     —       —  
2nd Quarter
     —       —  
1st Quarter
     —       —  
 
Based upon information supplied to us by our transfer agent as of March 15, 2012, we had approximately 101 stockholders of record.

We do not intend to declare or pay dividends on our common stock in the foreseeable future. Instead, we generally intend to invest any future earnings in our business. Subject to Nevada law, our Board of Directors will determine the payment of future dividends on our common stock, if any, and the amount of any dividends in light of:
 
 
21
 
 
 
●
any contractual restrictions limiting our ability to pay dividends that may be applicable at such time;
 
 
●
our earnings and cash flow;
 
 
●
our capital requirements;
 
 
●
our financial condition; and
 
 
●
other factors our board of directors deems relevant.
 
Item 6.  Selected Financial Data
 
We are not required to provide selected financial data disclosures because we are a smaller reporting company.
 
Item 7.  Management’s Discussion and Analysis of Financial Condition and Results of Operations
 
Forward Looking Statements
 
Certain statements made in this Annual Report on Form 10-K are “forward-looking statements” regarding the plans and objectives of management for future operations and market trends and expectations.  Such statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements.  The forward-looking statements included herein are based on current expectations that involve numerous risks and uncertainties.  Our plans and objectives are based, in part, on assumptions involving the continued expansion of our business. Assumptions relating to the foregoing involve judgments with respect to, among other things, future economic, competitive and market conditions and future business decisions, all of which are difficult or impossible to predict accurately and many of which are beyond our control.  Although we believe that our assumptions underlying the forward-looking statements are reasonable, any of the assumptions could prove inaccurate and, therefore, there can be no assurance that the forward-looking statements included in this report will prove to be accurate.  In light of the significant uncertainties inherent in the forward-looking statements included herein, the inclusion of such information should not be regarded as a representation by us or any other person that our objectives and plans will be achieved.  We undertake no obligation to revise or update publicly any forward-looking statements for any reason.  
 
Overview

We are a Nevada corporation, formerly named Blue Moose Media, Inc. In October,,2011, we changed our name to LiqTech International, Inc. We have for more than a decade developed and manufactured products of re-crystallized silicon carbide. Among these, we have been specializing in three business areas: diesel particulate filters for the control of soot exhaust particles from diesel engines, ceramic membranes for liquid filtration and kiln furniture for the refractory industry. We are a cleantech company that provides state-of-the-art technologies for gas and liquid purification by manufacturing ceramic silicon carbide filters. Using nanotechnology, we develop proprietary products using patented silicon carbide technology. Our products are based on unique silicon carbide membranes which facilitate new applications and improve existing technologies.

Reverse Acquisition
 
Prior to August 24, 2011, Blue Moose was a “shell” company with no business or operations. On August 24, 2011, pursuant to the Merger Agreement by and among Blue Moose, BMD Sub and LiqTech USA, BMD Sub was merged with and into LiqTech USA and, as a result of the Merger, LiqTech USA became a wholly owned subsidiary of Blue Moose. Pursuant to the Merger, (a) each of the 17,444.75 outstanding shares of the common stock of LiqTech USA was exchanged for 1,000 shares of our common stock, for a total of 17,444,750 shares of our common stock resulting in 21,600,000 shares of our common stock being outstanding immediately following the Merger and (b) warrants to acquire up to 6,500 shares of LiqTech USA’s common stock at a price of $1,500 per share, were by their terms, converted into warrants to acquire up to 6,500,000 shares of our common stock at a price of $1.50 per share.

 
22
 
 
LiqTech USA owns all of the outstanding equity interests in LiqTech Denmark, LiqTech Int. DK (formerly known as Cometas) and LiqTech Delaware. In June and July 2011, LiqTech USA entered into agreements to acquire (i) all of the outstanding equity interests in LiqTech Denmark and (ii) all of the outstanding equity interests in Cometas and LiqTech Delaware not owned by LiqTech Denmark, directly from the holders of such equity interests (the “LiqTech Acquisition Agreements”). In exchange for such equity interests, LiqTech USA agreed to pay to such holders in the aggregate (i) $4,637,315 in cash, (ii) promissory notes in the principal amounts of DKK 19,500,000 (which was equal to $3,765,351 based upon the currency exchange rate of $1.00 = DKK 5.1788 as of August 22, 2011) and (iii) 9,308.333 shares of LiqTech USA’s common stock.

Prior to completion of the Merger, LiqTech USA completed a private placement offering of 63 units at $100,000 per unit, each such unit consisting of 40 shares of LiqTech USA’s common stock and 20 warrants to purchase LiqTech USA common stock, and received $4,800,000 in cash and a promissory note for $1,500,000 payable on September 7, 2011. Thereafter, in August 2011, LiqTech USA closed the transactions contemplated by the LiqTech Acquisition Agreements.
 
  As a result of the Merger, Blue Moose changed its management and reconstituted its board of directors. As of the effective time of the Merger, Gordon Tattarsall, the president, the chief financial officer and the sole director of Blue Moose, resigned as president and chief financial officer. As Blue Moose’s sole director, Mr. Tattersall appointed Aldo Petersen as a director of Blue Moose.  The Directors then appointed Lasse Andreassen and Soren Degn as the officers of Blue Moose, and Lasse Andreassen, Paul Burgon, John Nemelka and Michael Sonneland as directors of Blue Moose. However, in accordance with the rules and regulations of the SEC, the other new directors did not take office until September 5, 2011, which is ten days after we filed an Information Statement pursuant to Rule 14f-1 of the Securities and Exchange Act of 1934, as amended, and mailed that statement to our stockholders of record. In addition, at the effective time of the Merger, Mr. Tattarsall resigned as a director of Blue Moose effective as of September 5, 2011.
 
Recent Developments
 
Letter of Intent with Pirelli & C. Eco Technology S.p.A.
 
On February 29, 2012, we entered into a non-binding letter of intent with Pirelli & C. Eco Technology S.p.A. (“Pirelli”) to acquire all of the outstanding equity interests in S.C. Pirelli & C. Eco Technology RO SRL (“S.C. Pirelli”), Pirelli’s Romanian subsidiary, which, among other assets, has a manufacturing facility in Bumbesti, Romania. The fixed assets of S.C. Pirelli that are used for its diesel particulate filter business, including the buildings at the Romanian manufacturing facility, are anticipated to have a net book value of Romanian Leu (RON) 66,978,129 (equivalent to approximately Euro 15.6 million or $21 million) at December 31, 2011 as determined in accordance with International Financial Reporting Standards (IFRS). The land on which the manufacturing facility is located is under a long-term lease, and S.C. Pirelli will have the right to recover the investment made with respect to the buildings at the manufacturing site (net of accumulated depreciation over a period of 30 years). The letter of intent contemplates that we will pay $15 million in cash to Pirelli as consideration for such purchase. At the time of the purchase, it is contemplated that the subsidiary will have no debt or other liabilities and that Pirelli will indemnify us against any such pre-closing debt and liabilities to the extent not reflected on the closing balance sheet.
 
 
23
 
 
The letter of intent also contemplates that Pirelli will invest $19 million in shares of our common stock at a per share price equal to the lower of $3.90 and the weighted average price of a share of our common stock for the 10 business days preceding the closing date of the transactions contemplated by the letter of intent. Pirelli will also receive one share of voting preferred stock, which will permit Pirelli to appoint one member of our board of directors. This share of preferred stock will automatically convert into one share of our common stock upon Pirelli ceasing to own in the aggregate 50% of the shares (as adjusted for stock splits and stock dividends) of our common stock acquired in connection with these transactions. If the maximum number of shares offered in this offering are sold, and assuming that the shares will be issued to Pirelli at a per share price of $3.90, Pirelli will beneficially own approximately 14.0% of our outstanding shares of common stock.
 
It is contemplated that Pirelli and we will enter into an agreement for the supply of diesel particulate filters to Pirelli and for the assembly of retrofit systems for Pirelli. It is also contemplated that Pirelli will guarantee to cover up to RON 6.6 million of fixed costs and Euro 560,000 of salary in 2012 and RON 6.15 million of fixed costs and Euro 660,000 of salary in 2013 if the EBITDA of S.C. Pirelli is negative for such years. Furthermore, it is contemplated that Pirelli will support our research and development and worldwide sales efforts for filters and membranes.
 
In connection with such transactions, it is contemplated that Pirelli and Aldo Petersen will enter into a shareholder agreement pursuant to which each party will have rights of first refusal and tag along rights on sales of our common stock by the other party. All shares acquired by Pirelli in connection with the transactions contemplated by the letter of intent will be subject to a lock-up provision for one year from the closing date of such transactions. Mr. Petersen is also contemplated to enter into a lock-up agreement restricting his ability to transfer the shares beneficially owned by him for one year from the closing date of the transactions contemplated by the letter of intent. It is contemplated that Pirelli will be granted registration rights in respect of the shares of our common stock that it acquires pursuant to the above transactions upon the expiration of the lock-up period. Pirelli is also contemplated to receive certain veto rights in respect of strategic decisions relating to S.C. Pirelli.
 
The transactions contemplated by the letter of intent are subject to the execution of definitive agreements mutually agreeable to both parties and there is no assurance that such agreements will be executed or that the contemplated transactions will occur as described above or at all.
 
Subcontract with Scandinavian Brake Systems
 
We have recently entered into a new subcontract agreement with Scandinavian Brake Systems to utilize the production capacity of their Notox division. The new subcontract arrangement, which extends until the end of 2014, is expected to significantly increase our production capacity. We believe that the additional production capacity provided under this subcontract will allow us to meet our capacity requirements until the end of the subcontract period.
 
Opening of Singapore Office
 
On January 17, 2012, we announced the establishment of a representative office in Singapore. The new Singapore office will service the South East Asian markets covering our entire product portfolio.
 
March 2012 Registered Offering of Common Stock
 
On March 2, 2012, we completed the initial closing of a registered public offering of our common stock.  As part of the initial closing, we issued 2,511,500 shares of our common stock in a registered direct placement of our shares at a per share price of $3.25. The net proceeds to us from the initial closing are approximately $7.4 million. We intend to use the net proceeds from the offering for the development and marketing of our products, the engineering, development and testing of our membranes, and the opening of local sales offices in certain countries outside of the U.S. and Denmark. Pending application of such proceeds, we expect to invest the proceeds in short-term, interest-bearing, investment-grade marketable securities or money market obligations.  Sunrise Securities Corp. acted as the exclusive placement agent for this transaction.  As part of the compensation for the placement agent, we also issued to the placement agent and certain of its agents for $100, warrants to purchase an aggregate of 125,575 shares of our common stock (equal to 5% of the shares of common stock sold by the placement agent and its agents in the offering). The warrants will have an exercise price equal to $4.06 (or 125% of the offering price of the shares sold in the offering) and may be exercised on a cashless basis. The warrants are exercisable for a period of five years commencing after the effective date of the registration statement related to the offering. The warrants are subject to a lock-up restriction for 180 days pursuant to FINRA Rule 5110(g). The warrants are not redeemable by us.
 
 
24
 
 
Results of Operations
 
Results of Operations for the Year Ended December 31, 2011 compared to the year ended December 31, 2010

The following table sets forth our revenues, expenses and net income for the year ended December 31, 2011 and 2010.

                           
Period to period change
  
   
2011
    
As a % of Sales
    
2010
    
As a % of Sales
    
US$
    
Percent %
  
NET SALES
     21,192,177       100 %     15,728,817       100 %     5,463,360       34.7  
Cost of Goods Sold
     16,164,366       76.3       12,054,973       76.6       4,109,393       34.1  
Gross Profit
     5,027,811       23.7       3,673,844       23.4       1,353,967       36.9  
OPERATING EXPENSE:
                                                
Selling and Marketing
     1,484,992       7.0       1,476,656       9.4       8,336       0.6  
General and Administrative Expenses
     1,943,333       9.2       1,748,596       11.1       194,737       11.1  
Research and Development
     502,413       2.4       421,518       2.7       80,895       19.2  
Total Operating Expenses
     3,930,738       18.5       3,646,770       23.2       283,968       7.8  
Income from Operations
     1,097,073       5.2       27,074       0.2       1,069,999       3952.1  
Interest and Other Income
     100,986       0.5       64,916       0.4       36,070       55.6  
Interest (Expense)
     (203,682 )     (1.0 )     (214,520 )     (1.4 )     10,838       (5.1 )
(Loss) on Investments
     (57,684 )     (0.3 )     (123,647 )     (0.8 )     65,963       (53.3 )
Gain on Currency Transactions
     10,271       0.0       86,377       0.5       (76,106 )     (88.1 )
Gain (Loss) on Sale of Fixed Assets
     411,436       2.0       (9,801 )     (0.1 )     421,237       (4297.9 )
Total Other Income (Expense)
     261,327       1.2       (196,675 )     (1.3 )     458,002       (232.9 )
Income Before Income Taxes
     1,358,400       6.4       (169,601 )     (1.1 )     1,528,001       (900.9 )
Income Taxes Expense
     359,508       1.7       145,531       0.9       213,977       147.0  
Net Income
     998,892       4.7       (315,132 )     (2.0 )     1,314,024       (417.0 )
Less Net Loss Attributable to the Non-controlled Interest in Subsidiaries
     81,681       0.4       (308,503 )     2.0       (390,184 )     (126.5 )
Net Income attributable to LiqTech
     917,211       4.3       (6,629 )     (0.04 )     923,840       (13936.3 )

 
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Revenues

Net sales for the year ended December 31, 2011 were $21,192,177 compared to $15,728,817 for the same period in 2010, representing an increase of $5,463,360, or 34.7%. The increase was mainly due to an increase in demand for our products consisting of an increase in sales of Ceramic Diesel Particulate Filters or DPFs of $3,390,695 and Ceramic Liquid Filters  or SiC Filters of $1,800,669  and kiln furniture of $271,996, which we believe are attributable to increasing demand for our DPFs and SiC Filters in North America and the adoption of the Low Emission Zone in London.

Gross Profit
 
Gross profit for the year ended December 31, 2011 was $5,027,811 compared to $3,673,844 for same period in 2010, representing an increase of $1,353,967, or 36.9%. The increase was mainly due to increasing demand for our products which we believe is primarily attributable to increasing demand for our DPFs and SiC Filters in North America and the adoption of the Low Emission Zone in London. The gross profit margin for the year ended December 31, 2011 was 23.7% compared to 23.4% for the year ended December 31, 2010. Included in the gross profit is depreciation of $1,379,667 and $1,152,099 for the year ended December 31, 2011 and 2010, respectively.

Expenses

Total operating expenses for the year ended December 31, 2011 was $3,930,738, representing an increase of $283,968, or 7.8%, compared to $3,646,770 for the same period in 2010.

Selling expenses for the year ended December 31, 2011 was $1,484,992 compared to $1,476,656 for the same period in 2010, representing an increase of $8,336 or 0.6%. The increase is due to generally increasing costs and an investment in more sales resources in the last part of the period.
 
General and administrative expenses for the year ended December 31, 2011 was $1,943,333 compared to $1,748,596 for the same period in 2010, representing an increase of $194,737, or 11.1%. The increase is mainly due to generally increasing costs including an additional $123,984 of non-cash compensation expense for options granted to employees and management which were not a part of the costs for year ended December 31, 2010. Furthermore, the Company has increasing legal and accounting costs due to the public listing of the Company in August 2011.
 
Research and development expenses for the year ended December 31, 2011 was $502,413 compared to $421,518 for the same period in 2010, representing an increase of $80,895, or 19.2%. The increase is due to general increasing costs and our increasing investments into SiC Filters, especially in North America, especially in the last part of the period.

Net Income
 
Net income attributable to the Company for the year ended December 31, 2011 was a profit of $917,211 compared to a loss of $6,629 for the comparable period in 2010, representing an increase of $923,840. This increase was primarily attributable to an increase of $1,353,967 in our gross profit and an increase in total other income of $458,002, and it was partly offset by an increase of $283,968 in operating expenses, an increase in income tax expense of $213,977 and an increase in net loss attributable to the non-controlled interest in subsidiaries of  $390,184. The largest contributor to the increase in operating expenses was an increase in administrative expenses of $194,737 or 11.1% primarily due to the non cash expense related to options issued to directors and officers.
 
 
26
 
 
Results of Operations for the Year ended December 31, 2010 compared to the year ended December 31, 2009

The following table sets forth our revenues, expenses and net income for the year ended December 31, 2010 and 2009.

   
Year ended December 31,
  
                           
Period to period change
  
   
2010
    
As a % of Sales
    
2009
    
As a % of Sales
    
US$
    
Percent %
  
NET SALES
     15,728,817       100 %     12,897,223       100 %     2,831,594       22.0  
Cost of Goods Sold
     12,054,973       76.6       9,023,289       70.0       3,031,684       33.6  
Gross Profit
     3,673,844       23.4       3,873,934       30.0       (200,090 )     (5.2 )
OPERATING EXPENSE:
                                                
Selling and Marketing
     1,476,656       9.4       1,421,246       11.0       55,410       3.9  
General and Administrative Expenses
     1,748,596       11.1       1,394,082       10.8       354,514       25.4  
Research and Development
     421,518       2.7       239,712       1.9       181,806       75.8  
Total Operating Expenses
     3,646,770       23.2       3,055,040       23.7       591,730       19.4  
Income from Operations
     27,074       0.2       818,894       6.3       (791,820 )     (96.7 )
Interest and Other Income
     64,916       0.4       37,903       0.3       27,013       71.3  
Interest (Expense)
     (214,520 )     (1.4 )     (116,919 )     (0.9 )     (97,601 )     83.5  
(Loss) on Investments
     (123,647 )     (0.8 )     (86,673 )     (0.7 )     (36,974 )     42.7  
Gain on Currency Transactions
     86,377       0.5       (26,955 )     (0.2 )     113,332       (420.4 )
Gain (Loss) on Sale of Fixed Assets
     (9,801 )     (0.1 )     (5,248 )     (0.0 )     (4,553 )     86.8  
Total Other Income (Expense)
     (196,675 )     (1.3 )     (197,892 )     (1.5 )     1,217       (0.6 )
Income Before Income Taxes
     (169,601 )     (1.1 )     621,002       4.8       (790,603 )     (127.3 )
Income Taxes Expense
     145,531       0.9       300,803       2.3       (155,272 )     (51.6 )
Net Income
     (315,132 )     (2.0 )     320,199       2.5       (635,331 )     (198.4 )
Less Net Loss Attributable to the Non-controlled Interest in Subsidiaries
     (308,503 )     (2.0 )     (9,303 )     (0.1 )     (299,200 )     3216.2  
Net Income Attributable to LiqTech
     (6,629 )     (0.0 )     329,502       2.55       (336,131 )     (102.0 )

Revenues

Our net sales for the year ended December 31, 2010 were $15,728,817 compared to $12,897,223 for the year ended December 31, 2009, representing a year over year increase in sales of $2,831,594, or 22.0%. This increase is mainly due to the expansion of our sales team and marketing efforts, which resulted in increased sales of our products including an increase in sales of DPFs of $2,739,257 and SiC Filters of $92,337 for the year ended December 31, 2010.
Gross Profit

Gross profit for the year ended December 31, 2010 was $3,673,844 compared to $3,873,934 for same period in 2009, representing a decrease of $200,090, or 5.2%. The decrease was mainly due to an increase in depreciation of $186,802 in 2010 compared to 2009 and a change in the product mix sold during the respective periods.

 
27
 
 
Expenses

Our total operating expenses for the year ended December 31, 2010 were $3,646,770, representing an increase of $591,730, or 19.4% compared to $3,055,040 for the year ended December 31, 2009. This increase is mainly due to our increased investment in additional sales and marketing personnel in an effort to increase sales of our products and in research and development.

Selling expenses for the year ended December 31, 2010 were $1,476,656 compared to $1,421,246 for the year ended December 31, 2009, representing an increase of $55,410, or 3.9%. We believe the increase was mainly due to general increases in cost levels from year to year.

General and administrative expenses for the year ended December 31, 2010 were $1,748,596 compared to $1,394,082 for the year ended December 31, 2009, representing an increase of $354,514, or 25.4%. This increase is mainly due to our increased investment in sales and marketing, which we believe will enable us to grow our business.

Research and development expenses for the year ended December 31, 2010 were $421,518 compared to $239,712 for the year ended December 31, 2009, representing an increase of $181,806, or 75.8%. These increased costs were as a result of our determination to continue to invest in improving our existing products and to develop new products using our patented technology. We believe that investing in research and development will enable us to continue to grow our business organically.

Net Income

Net income attributable to LiqTech Denmark for the year ended December 31, 2010 was a loss of $6,629 compared to a profit of $329,502 for the year ended December 31, 2009, representing a decrease of $336,131, or 102.0%. This decrease was attributable to a $200,090 decrease in our gross profit and an increase of $591,730 in total operating expenses. The largest contributor to the increase in expenses was general and administrative expenses, which increased by $354,514 or 25.4% compared to the year ended December 31, 2009.

Liquidity and Capital Resources
 
We have historically satisfied our capital and liquidity requirements through internally generated cash from operations and our available lines of credit. At December 31, 2011, we had cash of $1,033,056 and working capital of $1,878,203 and at December 31, 2010 we had cash of $559,259 and working capital of $3,028,137. At December 31, 2011, our working capital decreased by $1,149,934 due to the notes payable to related parties classified as a current liability. These notes will be paid when we collect the $3,328,183 of notes receivable classified as equity in the accompanying financial statements. Excluding these notes payable to related parties from the calculation of working capital, working capital at December 31, 2011 was $5,206,385 representing a $2,178,248 increase compared to December 31, 2010.
 
On March 2, 2012, we completed the closing of a registered public offering of our common stock.  As part of the initial closing, we issued 2,511,500 shares of our common stock in a registered direct placement of our shares at a per share price of $3.25. The net proceeds to us from the initial closing are approximately $7.4 million. We intend to use the net proceeds from the offering for the development and marketing of our products, the engineering, development and testing of our membranes, and the opening of local sales offices in certain countries outside of the U.S. and Denmark. Pending application of such proceeds, we expect to invest the proceeds in short-term, interest-bearing, investment-grade marketable securities or money market obligations
 
 
28
 
 
The notes payable to related parties at December 31, 2011 represent promissory notes issued by LiqTech USA to the previous shareholders of LiqTech Denmark as part of LiqTech USA’s acquisition of the outstanding equity interests in LiqTech Denmark, LiqTech Int. DK (formerly known as Cometas) and LiqTech Delaware in accordance with the terms of the LiqTech Acquisition Agreements, The promissory notes due to the related parties will mature on June 30, 2012 but may be prepaid at the option of LiqTech USA. The promissory notes are guaranteed by us. The promissory notes are also personally guaranteed by David Nemelka and are secured by 2,700,000 shares of company common stock owned by David Nemelka. The notes payable are offset against notes receivable from stockholders of $3,328,183 as of December 31, 2011.

LiqTech Denmark has a DKK 6,000,000 (approximately $1,044,277 at December 31, 2011) standby line of credit with Sydbank A/S. Outstanding borrowings are due on demand. Interest is calculated based on CIBOR plus a margin of 3 percentage points and is payable on each March 20, June 20, September 20 and December 20. As of December 31, 2011, the interest on this line of credit was at 4.26%. This line of credit is guaranteed by LiqTech Int. DK and LiqTech Delaware. This line of credit is also secured by certain of our receivables, inventory and equipment. There was $882,081 and $764,571 outstanding as of December 31, 2011 and December 31, 2010, respectively. At December 31, 2011, there was $162,196 available on the line. The Company has subsequently paid off the line of credit with the proceeds from the offering.
 
LiqTech Int. DK has a DKK 3,000,000 (approximately $522,139 and $534,445 at December 31, 2011 and December 31, 2010, respectively) standby line of credit with Sydbank A/S, subject to certain borrowing base limitations. Outstanding borrowing is due on demand. Interest is calculated based on CIBOR plus a margin of 2.5 percentage points and is payable on each March 20, June 20, September 20 and December 20. As of December 31, 2011, the interest on this line of credit was at 4.26%. This line of credit is guaranteed by LiqTech Denmark and LiqTech Delaware. This line of credit is also secured by certain of our receivables, inventory and equipment. There was $377,933 and $268,517 outstanding as of December 31, 2011 and December 31, 2010, respectively. As of December 31, 2011, there was $144,206 available on the line. The Company has subsequently paid off the line of credit with the proceeds from the offering.
 
In general, lines of credit in Denmark are due on demand. We do not believe that any of our lines of credit will be called but, if they were called, we believe that we could refinance with other lenders in Denmark with similar terms.
 
In September 2011, LiqTech A/S entered into a notes payable agreement with Sydbank A/S, pursuant to which LiqTech A/S drew down $475,000 through December 31, 2011. Interest is charged monthly at 4.95% as of December 31, 2011. The obligations under the notes payable agreement are guaranteed by LiqTech Int. DK and LiqTech Denmark. The notes payable agreement is secured by certain of our receivables, inventory and equipment. The notes payable agreement is payable in quarterly principal installments of $25,000 plus interest through June 30, 2016.
 
We believe that our cash flow together with currently available funds from our existing lines of credit and other potential sources of funds will be sufficient to fund our anticipated working capital needs and capital spending requirements for the foreseeable future. However, if we were to incur any unanticipated expenditures or the positive trend of our operating cash flow does not continue, such circumstances could put a substantial burden on our cash resources.
 
 
29
 
 
We may also need additional funds for possible future strategic acquisitions of businesses, products or technologies complementary to our business. If additional funds are required, we may raise such funds from time to time through public or private sales of equity or debt securities. Financing may not be available on acceptable terms, or at all, and our failure to raise capital when needed could materially adversely impact our growth plans and our financial condition and results of operations. Additional equity financing may be dilutive to holders of our common stock, and debt financing, if available, may involve significant cash payment obligations and covenants that restrict our ability to operate our business.
 
Cash Flows
 
Year ended December 31, 2011 compared to year ended December 31, 2010
 
Cash provided by operating activities is net income adjusted for certain non-cash items and changes in assets and liabilities. Cash used by operating activities for the year ended December 31, 2011 was $52,536, representing a decrease of $1,801,678, compared to cash provided by operating activities of $1,749,142 for the year period ended December 31, 2010. This decrease was due to change in working capital of $1,871,385 partly offset by adjustment for non-cash items of $1,475,148 and net income of $998,892.

Changes in assets and liabilities as of December 31, 2011 compared to December 31, 2010 included the following:

Accounts receivable and other receivable increased by $3,281,560 due to higher sales in the quarter ended December 31, 2011 compared to the year ended December 31, 2010 and  receivable resulting from the insurance claim. Accounts payable increased by $1,961,394 due to the higher activity level in the quarter ended December 31, 2011 compared to the year ended December 31, 2010.
 
Cash used in investing activities was $888,956 for the year period ended December 31, 2011, as compared to cash used in investing activities of $1,339,605 for the year period ended December 31, 2010. Cash used in investing activities decreased  in 2011, compared to 2010, primarily due to an approximately $233,000 higher investment in production equipment and intangibles offset by proceeds received on insurance claims as a result of fire. We anticipate that we will continue to invest in additional production equipment in order to meet the continuing increase in the demand for our products.
 
Cash provided by financing activities was $1,742,613 for the year period ended December 31, 2011, as compared to cash provided by financing activities of $67,179 for the year period ended December 31, 2010. The increase of approximately $1,675,000 in cash provided by financing activities in 2011, compared to 2010, was primarily due to cash received in connection with the reverse merger during 2011.

Year ended December 31, 2010 compared to the year-ended December 31, 2009
 
For the year ended December 31, 2010, cash provided by operations was $1,262,449 compared to cash used by operations of $54,256 for the year ended December 31, 2009, an increase of $1,316,705. The increase was due primarily to a decrease in our accounts receivables, partly offset by a decrease in accounts payable and accrued expenses. The decrease in accounts receivable, inventory and accounts payable is mainly due to lower than expected fourth quarter sales in our Danish subsidiaries partly offset by an increase in sales in the U.S.
 
For the year ended December 31, 2010, cash used by investing activities was $1,339,065 compared to cash used by investing activities of $1,022,240 for the year ended December 31, 2009, an increase of $316,825, or 31.0%. This increase was due to an increase in purchase of property and equipment due to the continuing increase in the demand for our products. Our capital expenditures for the year ended December 31, 2010 were $1,339,065. These expenditures primarily related to production equipment needed to increase our production capacity.

 
30
 
 
For the year ended December 31, 2010, cash provided by financing activities was $67,179 compared to cash used by financing activities of $250,019 for the year ended December 31, 2009, an increase of $317,198. This increase was primarily due to proceeds from notes payable and lines of credit in the aggregate of $618,898 in 2010 compared to payments on lines of credit of $435,251 in 2009. The increase was partly offset against net payments in 2010 on notes payable – related parties of $305,620 and proceeds received in 2009 on notes payable – related parties of $270,620.

Off Balance Sheet Arrangements

As of December 31, 2011, we had no off-balance sheet arrangements. We are not aware of any material transactions which are not disclosed in our consolidated financial statements.

Significant Accounting Policies and Critical Accounting Estimates

The methods, estimates, and judgments that we use in applying our accounting policies have a significant impact on the results that we report in our consolidated financial statements. Some of our accounting policies require us to make difficult and subjective judgments, often as a result of the need to make estimates regarding matters that are inherently uncertain. Our most critical accounting estimates include:

 
●
the assessment of collectability of accounts receivable, which impacts operating expenses when and if we record bad debt or adjust the allowance for doubtful accounts;
     
 
●
the assessment of recoverability of long-lived assets, which impacts gross margin or operating expenses when and if we record asset impairments or accelerate their depreciation;
     
 
●
the recognition and measurement of current and deferred income taxes (including the measurement of uncertain tax positions), which impact our provision for taxes;
     
 
●
the valuation of inventory, which impacts gross margin; and
     
  ● the recognition and measurement of loss contingencies, which impact gross margin or operating expenses when we recognize a loss contingency, revise the estimate for a loss contingency, or record an asset impairment.

We discuss these policies further below, as well as the estimates and judgments involved.

Accounts Receivable / Allowance for Doubtful Accounts / Bad Debt

We assess the collectability of accounts receivable on an ongoing basis and establish an allowance for doubtful accounts when collection is no longer reasonably assured. In establishing the allowance, factors we consider include known troubled accounts, historical experience, age, and other currently available evidence.

The roll forward of the allowance for doubtful accounts for the year ended December 31, 2011 and December 31, 2010 is as follows:

 
 
2011
    
2010
  
Allowance for doubtful accounts at the beginning of the period
   $ 452,266     $ 221,400  
Bad debt expense
     208,275       675,341  
Amount of receivables written off
     (257,610 )     (428,960 )
Effect of currency translation
     (13,899 )     (15,515 )
Allowance for doubtful accounts at the end of the period
   $ 389,032     $ 452,266  

 
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Long-Lived Assets

We assess the impairment of long-lived assets when events or changes in circumstances indicate that the carrying value of the assets or the asset grouping may not be recoverable. Factors that we consider in deciding when to perform an impairment review include significant under-performance of a business or product line in relation to expectations, significant negative industry or economic trends, and significant changes or planned changes in our use of the assets. We measure the recoverability of assets that will continue to be used in our operations by comparing the carrying value of the asset grouping to our estimate of the related total future undiscounted net cash flows. If an asset grouping’s carrying value is not recoverable through the related undiscounted cash flows, the asset grouping is considered to be impaired. The impairment is measured by comparing the difference between the asset grouping’s carrying value and its fair value. Long-lived assets such as goodwill, intangible assets, and property, plant and equipment are considered non-financial assets, and are recorded at fair value only if an impairment charge is recognized.

Impairments of long-lived assets are determined for groups of assets related to the lowest level of identifiable independent cash flows. Due to our asset usage model and the interchangeable nature of our ceramic filter manufacturing capacity, we must make subjective judgments in determining the independent cash flows that can be related to specific asset groupings. In addition, as we make manufacturing process conversions and other factory planning decisions, we must make subjective judgments regarding the remaining useful lives of assets, primarily process-specific filter manufacturing tools and building improvements. If we determine that the useful lives of assets are shorter than we had originally estimated, we accelerate the rate of depreciation over the assets’ new, shorter useful lives. During the years ended December 31, 2011 and 2010, no impairment charge of long-lived assets has been recorded.
 
Revenue Recognition and Sales Incentives
 
The Company's accounts for revenue recognition in accordance with the Securities and Exchange Commission Staff Accounting Bulletin No. 101, “Revenue Recognition in Financial Statements” (SAB 101), FASB ASC 605 Revenue Recognition. The Company recognizes revenue when rights and risk of ownership have passed to the customer, when there is persuasive evidence of an arrangement, product has been shipped or delivered to the customer, the price and terms are finalized, and collections of resulting receivable is reasonably assured. Products are primarily shipped FOB shipping point at which time title passes to the customer. In some instances the Company uses common carriers for the delivery of products. In these arrangements, sales are recognized upon delivery to the customer. The Company's revenue arrangements with its customers often include early payment discounts and such sales incentives are recorded against sales.
 
Income Taxes

We must make estimates and judgments in determining the provision for taxes for financial statement purposes. These estimates and judgments occur in the calculation of tax credits, benefits, and deductions, and in the calculation of certain tax assets and liabilities that arise from differences in the timing of recognition of revenue and expense for tax and financial statement purposes. Significant changes in these estimates may result in an increase or decrease to our tax provision in a subsequent period.

We must assess the likelihood that we will be able to recover our deferred tax assets. If recovery is not likely, we must increase our provision for taxes by recording a valuation allowance against the deferred tax assets that we estimate will not ultimately be recoverable. We believe that we will ultimately recover the deferred tax assets recorded on our consolidated balance sheets. However, should there be a change in our ability to recover our deferred tax assets, our tax provision would increase in the period in which we determined that the recovery was not likely. Recovery of a portion of our deferred tax assets is impacted by management's plans and methods of allocating research and development costs to the underlying reporting units.
 
The calculation of our tax liabilities involves uncertainties in the application of complex tax regulations in Denmark and the United States. When a tax position is determined uncertain, we recognize liabilities based on a two-step process. The first step is to evaluate the tax position for recognition by determining if the weight of available evidence indicates that it is more likely than not that the position will be sustained on audit, including resolution of related appeals or litigation processes, if any. If we determine that a tax position will more likely than not be sustained on audit, the second step requires us to estimate and measure the tax benefit as the largest amount that is more than 50% likely to be realized upon ultimate settlement. It is inherently difficult and subjective to estimate such amounts, as we have to determine the probability of various possible outcomes. If uncertainties arise we re-evaluate the tax positions on a quarterly basis. This evaluation is based on factors such as changes in facts or circumstances, changes in tax law, new audit activity, and effectively settled issues. Determining whether an uncertain tax position is effectively settled requires judgment. Such a change in recognition or measurement would result in the recognition of a tax benefit or an additional charge to the tax provision.

 
32
 
 
Inventory

The valuation of inventory requires us to estimate obsolete or excess inventory as well as inventory that is not of saleable quality. The determination of obsolete or excess inventory requires us to estimate the future demand for our products. The estimate of future demand is compared to work-in-process and finished goods inventory levels to determine the amount, if any, of obsolete or excess inventory. As of December 31, 2011, we had total furnace parts and supplies of $151,412, raw material of $920,064, work-in-process inventory of $867,988 and total finished goods inventory of $1,054,118. The estimated future demand is included in the development of our short-term manufacturing plans to enable consistency between inventory valuation and build decisions. Product-specific facts and circumstances reviewed in the inventory valuation process include a review of the customer base, acceptance of the product by the customer and the various environmental authorities, competitor’s products, as well as an assessment of the selling price in relation to the product cost. If our demand forecast for specific products is greater than actual demand, and we fail to reduce manufacturing output accordingly, we could be required to write off inventory, which would negatively impact our gross margin.
 
In order to determine what costs can be included in the valuation of inventory, we must determine normal capacity at our manufacturing and assembly and test facilities, based on historical production, compared to total available capacity. If the factory production is below the established normal capacity level, a portion of our manufacturing overhead costs would not be included in the cost of inventory, and therefore would be recognized as cost of sales in that period, which would negatively impact our gross margin. We refer to these costs as excess capacity charges. Over the past two years we have experienced no excess capacity charges. We have had to outsource the firing of certain kiln furniture products to meet demand.
  
Loss Contingencies
 
We are subject to various legal and administrative proceedings and asserted and potential claims, accruals related to product warranties and potential asset impairments (loss contingencies) that arise in the ordinary course of business. An estimated loss from such contingencies is recognized as a charge to income if it is probable that a liability has been incurred and the amount of the loss can be reasonably estimated. Disclosure of a loss contingency is required if there is at least a reasonable possibility that a loss has been incurred. The outcomes of legal and administrative proceedings and claims, and the estimation of product warranties and asset impairments, are subject to significant uncertainty. Significant judgment is required in both the determination of probability and the determination as to whether a loss is reasonably estimable. With respect to estimating the losses associated with repairing and replacing parts in connection with product warranty, we make judgments with respect to customer claim rates. Current warranty estimates are immaterial for accrual or further disclosure. At least quarterly, we review the status of each significant matter, and we may revise our estimates. These revisions could have a material impact on our results of operations and financial position.
 
Item 7A.     Quantitative and Qualitative Disclosures about Market Risk.
 
We are not required to provide quantitative and qualitative disclosures about market risk because we are a smaller reporting company.

 
33
 
 
Item 8.     Financial Statements and Supplementary Data.

LIQTECH INTERNATIONAL, INC. AND SUBSIDIARIES
 
Index to Consolidated Financial Statements
 
 
Page
Reports of Independent Registered Public Accounting Firm
 F1
   
Consolidated Balance Sheets at December 31, 2011 and 2010
 F2
   
Consolidated Statements of Income for the years ended December 31, 2011 and 2010
 F4
   
Consolidated Statement of Other Comprehensive Income for the years ended December 31, 2011 and 2010 F5
   
Consolidated Statement of Stockholders’ Equity for the years ended December 31, 2011 and 2010 F6
   
Consolidated Statement of Cash Flows for the years ended December 31, 2011 and 2010
 F7
   
Notes to the Consolidated Financial Statements
 F9

 
 
34
 
 
  4397 South Albright Drive, Salt Lake City, Utah 84124
(801) 277-2763 Phone • (801) 277-6509 Fax
 
 
Board of Directors
LIQTECH INTERNATIONAL, INC. AND SUBSIDIARIES
Industriparken 22C, DK
2750 Ballerup, Denmark

We have audited the accompanying consolidated balance sheets of LiqTech International, Inc. and subsidiaries as of December 31, 2011 and 2010, and the related consolidated statements of operations, other comprehensive income, stockholders’ equity and cash flows for the years ended December 31, 2011 and 2010. These financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on these financial statements based on our audit.

We conducted our audit in accordance with standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. The company is not required to have, nor were we engaged to perform, and audit of its internal controls over financial reporting for the year ended December 31, 2011 and 2010. Our audit included consideration of internal controls over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the company’s internal controls over financial reporting for the year ended December 31, 2011 and 2010. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the consolidated financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall consolidated financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

In our opinion, based on our audit, the consolidated financial statements audited by us present fairly, in all material respects, the financial position of LiqTech International, Inc. and subsidiaries as of December 31, 2011 and 2010 and the results of their operations and their cash flows for the years ended December 31, 2011, and 2010, in conformity with generally accepted accounting principles in the United States of America.

/s/ Gregory & Associates, LLC
Salt Lake City, Utah
March 29, 2012

 
F1
 
 
LIQTECH INTERNATIONAL, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS

   
As of December 31,
2011
    
As of December 31,
2010
  
Current Assets:
            
Cash
   $ 1,033,057     $ 559,259  
Accounts receivable, net
     5,299,569       3,029,075  
Other receivables
     1,528,362       517,296  
Inventories
     2,980,583       1,885,681  
Prepaid expenses
     301,375       110,552  
Current deferred tax asset
     17,786       7,000  
                 
Total Current Assets
     11,160,732       6,108,863  
                 
                 
Property and Equipment, net of
accumulated depreciation
     6,647,217       6,423,027  
                 
Other Assets:
                
Other intangible assets
     34,167       81,554  
Other investments
     6,483       -  
Deposits
     146,184       43,537  
                 
Total Other Assets
     186,834       125,091  
                 
      Total Assets
   $ 17,994,783     $ 12,656,981  


(Continued)
 
The accompanying notes are an integral part of these consolidated financial statements.

 
F2
 
 
LIQTECH INTERNATIONAL, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS

   
As of December 31,
2011
    
As of December 31,
2010
  
Current Liabilities:
            
Lines of credit
   $ 1,259,936     $ 1,033,088  
Notes payable - current portion     259,396       100,000  
Notes payable - related party, net of discount
     3,328,183       -  
Current portion of capital lease obligation
     191,444       156,204  
Accounts payable - trade
     3,026,960       1,065,567  
Accrued expenses
     1,212,746       718,712  
Accrued income taxes payable
     3,710       -  
Other accrued liabilities
     154       7,155  
                 
Total Current Liabilities
     9,282,529       3,080,726  
                 
Notes payable and long-term debt, less current portion
     350,000       400,000  
Long-term capital lease obligations, less current portion
     950,351       925,749  
Deferred tax liability
     668,484       480,040  
                 
Total Long-Term Liabilities
     1,968,835       1,805,789  
Total Liabilities
     11,251,364       4,886,515  
                 
Stockholders' Equity:
                
Common stock; par value $0.001,
  100,000,000 and 100,000,000 shares authorized,
  21,600,000 and 9,308,333 shares issued and
  outstanding at December 31, 2011 and
  December 31, 2010, respectively.
      21,600       9,309  
Additional paid-in capital
     5,603,517       2,532,776  
Treasury stock, at cost, 0 and 46,070 shares held
  at December 31, 2011 and December 31, 2010
      -        (25,019 )
Retained earnings
     5,284,583       4,367,372  
Deferred compensation
     (268,282 )     -  
Other comprehensive income, net
     (596,011 )     (256,123 )
Note receivable from a shareholder, net of discount
     (3,328,183 )     (80,000 )
Uncontrolled interest in subsidiaries
     26,195       1,222,151  
Total Stockholders' Equity
     6,743,419       7,770,466  
                 
     Total Liabilities and Stockholders' Equity
   $ 17,994,783     $ 12,656,981  
 
The accompanying notes are an integral part of these consolidated financial statements.

 
F3
 
 
LIQTECH INTERNATIONAL, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS

   
For the Year Ended
December 31,
  
   
2011
    
2010
  
Net Sales
   $ 21,192,177     $ 15,728,817  
                 
Cost of Goods Sold
     16,164,366       12,054,973  
                 
Gross Profit
     5,027,811       3,673,844  
                 
Operating Expenses:
                
Selling expense
     1,484,992       1,476,656  
General and administrative expenses
     1,943,333       1,748,596  
Research and development
     502,413       421,518  
                 
Total Operating Expense
     3,930,738       3,646,770  
                 
Income From Operations
     1,097,073       27,074  
                 
Other Income (Expense)
                
Interest and other income
     100,986       64,916  
Interest (expense)
     (203,682 )     (214,520 )
(Loss) on investments
     (57,684 )     (123,647 )
Gain on currency transactions
     10,271       86,377  
Gain (loss) on sale of fixed assets
     411,436       (9,801 )
                 
Total Other Income (Expense)
     261,327       (196,675 )
                 
Income Before Income Taxes
     1,358,400       (169,601 )
                 
Income Tax Expense
     359,508       145,531  
                 
Net Income (Loss)
     998,892       (315,132 )
   
                
Less Net Income (Loss)
  Attributable To Non Controlled Interest
  in Subsidiaries
     81,681       (308,503 )
                 
Net Income (Loss) Attributable
  To Liqtech
   $ 917,211     $ (6,629 )

   
For the Year Ended
December 31,
  
   
2011
    
2010
  
             
Basic Earnings Per Share
   $ 0.06     $ (0.00 )
                 
Weighted Average Common
Shares Outstanding
     14,165,217       9,308,333  
                 
Diluted Earnings Per Share
   $ 0.06     $ (0.00 )
   
                
Weighted Average Common
Shares Outstanding  
Assuming Dilution
     16,096,973       9,308,333  
 
The accompanying notes are an integral part of these consolidated financial statements.

 
F4
 
 
LIQTECH INTERNATIONAL, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OTHER COMPREHENSIVE INCOME

   
For the Year Ended
December 31,
  
   
2011
    
2010
  
             
Net Income (Loss)
   $ 998,892     $ (315,132 )
                 
Currency Translation Net of Taxes
     327,323       486,693  
                 
Other Comprehensive Income
   $ 1,326,215     $ 171,561  
                 
Comprehensive Income (Loss)
  Attributable to Non-Controlling Interest in 
  Subsidiaries
     94,246       (351,548 )
                 
Comprehensive Income Attributable
To Liqtech International, Inc.
   $ 1,231,969     $ 523,109  
 
The accompanying notes are an integral part of these consolidated financial statements.
 
 
F5
 
 
LIQTECH INTERNATIONAL, INC. AND SUBSIDIARIES
 
CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY
 
For the Years Ended December 31, 2011 and 2010
 
                 
Additional
      
Other
          
Noncontrolled
  
 
Common Stock
  
Treasury Stock
  
Paid-in
  
Retained
  
Comprehensive
  
Deferred
  
Shareholder
  
Interest in
  
 
Shares
  
Amount
  
Shares
  
Amount
  
Capital
  
Earnings
  
Income
  
Compensation
  
Receivable
  
Subsidiaries
  
Balance, December 31, 2009
   9,308,333   $ 9,309     46,070   $ (25,019 ) $ 2,491,830   $ 4,374,001   $ 187,524   $ -   $ (80,000 ) $ 1,573,699  
Stock based compensation
   -     -     -     -     40,946     -     -     -     -     -  
Currency translation, net
   -     -     -     -     -     -     (443,647 )   -     -     (43,045 )
Net Loss for the year ended December 31, 2010
   -     -     -     -     -     (6,629 )   -     -     -     (308,503 )
Balance, December 31, 2010
   9,308,333   $ 9,309     46,070   $ (25,019 ) $ 2,532,776   $ 4,367,372   $ (256,123 ) $ -   $ (80,000 ) $ 1,222,151  
Contribution of 15% interest of LiqTech International AS
   -     -     -     -     280,039     -     -     -     -     (325,208 )
Cancellation of shares held in treasury
   -     -     (46,070 )   25,019     (25,019 )   -     -     -     -     -  
Recapitalization of subsidiary and acquisition of non-controlled interest in LiqTech International AS and LiqTech NA
   8,136,417     8,136     -     -     2,427,610     -     -     -     (5,144,751 )   (964,994 )
Amortization of discount on shareholder receivable
   -     -     -     -     -     -     -     -     (54,882 )   -  
Currency adjustment on note receivable / payable
   -     -     -     -     -     -     -     -     371,450     -  
Recapitalization of subsidiary
   4,155,250     4,155     -     -     (4,155 )   -     -     -     -     -  
                                                             
Deferred compensation on options issued to directors and employees
   -     -     -     -     392,266     -     -     (392,266 )   -     -  
Stock based compensation expense
   -     -     -     -     -     -     -     123,984     -     -  
Payments received on shareholder receivables
   -     -     -     -     -     -     -     -     1,580,000     -  
Currency translation, net
   -     -     -     -     -     -     (339,888 )   -     -     12,565  
Net income for the year
ended December 31, 2011
   -     -     -     -     -     917,211     -     -     -     81,681  
Balance, December 31, 2011
   21,600,000   $ 21,600     -     -   $ 5,603,517   $ 5,284,583   $ (596,011 ) $ (268,282 ) $ (3,328,183 ) $ 26,195  
 
The accompanying notes are an integral part of these consolidated financial statements.
 
 
F6
 
 
Liqtech International, Inc. and Subsidiaries
Consolidated Statements of Cash Flows
Increase (Decrease) in Cash and Cash Equivalents
 
   
For the Years Ended
December 31
  
   
2011
    
2010
  
Cash Flows from Operating Activities:
            
Net Income (Loss)
   $ 998,892     $ (315,132 )
   Adjustments to reconcile net income (loss) 
to net cash provided by operations:
                
Depreciation and amortization
     1,379,667       1,152,099  
Compensation from stock options
     123,984       40,946  
Bad debt expense
     208,275       428,960  
Change in deferred tax asset / liability
     177,658       118,410  
(Gain) /loss on sale of equipment
     (411,436 )     9,801  
Loss on Long- term investments
     57,684       43,476  
Changes in assets and liabilities:
                
(Increase) decrease in accounts receivable
     (3,593,340 )     715,075  
(Increase) decrease in inventory
     (1,094,902 )     45,112  
(Increase) decrease in prepaid expenses/deposits
     (293,470 )     50,738  
Increase (decrease) in accounts payable
     1,961,393       (206,364 )
Increase (decrease) in accrued expenses
     490,743       (333,979 )
Total Adjustments
     (993,744 )     2,064,274  
Net Cash Provided by Operating Activities
     5,148       1,749,142  
Cash Flows from Investing Activities:
                
Purchase of property and equipment
     (1,572,300 )     (1,307,413 )
Proceeds from sale / recovery of property and equipment
     689,827       -  
Purchase of intangible assets
     -       (31,652 )
Purchase of long-term investments
     (64,167 )     -  
Net Cash Used by Investing Activities
     (946,640 )     (1,339,065 )
Cash Flows from Financing Activities:
                
Proceeds from notes payable
     109,396       500,000  
Net proceed  on lines of credit
     226,848       118,898  
Payments on notes payable - related party
     -       (305,620 )
Payments on capital lease obligation
     (202,719 )     (246,099 )
Proceeds from issuance of common stock and warrants
     4,607,087       -  
Repurchase of common stock
     (4,577,999 )     -  
Payments on Related Party Notes Receivable
     1,580,000       -  
Net Cash Used by Financing Activities
     1,742,613       67,179  
(Gain) on Currency translation
     (327,323 )     (486,693 )
Net Increase (Decrease) in Cash and Cash Equivalents
     473,798       (9,437 )
Cash and Cash Equivalents at Beginning of the Period
     559,259       568,696  
Cash and Cash Equivalents at the  End of Period
   $ 1,033,057     $ 559,259  

The accompanying notes are an integral part of these consolidated financial statements.
 
 
F7
 
 
LIQTECH INTERNATIONAL, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
Increase (Decrease) in Cash and Cash Equivalents
 
   
For the Years Ended
December 31
  
   
2011
    
2010
  
Supplemental Disclosures of Cash Flow Information:
  
Cash paid during the period for:
        
Interest
   $ 203,682     $ 214,520  
Income Taxes
   $ 359,508     $ 145,531  
 
Supplemental Disclosures of Non-Cash Investing and Financing Activities:

For the year ended December 31, 2011

The Company recorded a $280,039 capital contribution for the receipt of 400 shares of its subsidiary LiqTech International AS (former CoMeTas AS) with a non-controlling interest's value of $325,208.

The Company entered into a capital lease to purchase $262,561 in equipment. For the Year Ended December 31, 2010.

 
The accompanying notes are an integral part of these consolidated financial statements.
 
 
F8
 
 
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTE 1 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

REVERSE ACQUISITION

On August 24, 2011, pursuant to an Agreement and Plan of Merger, dated as of August 23, 2011, by and among, LiqTech International, Inc. (“Parent”) (formerly Blue Moose Media, Inc.), Blue Moose Delaware Merger Sub, Inc., (“BMD Sub”), a wholly owned subsidiary of Parent and LiqTech USA (the “Merger Agreement”), BMD Sub was merged with and into LiqTech USA (the “Merger”) and as a result of the Merger, LiqTech USA became a wholly owned subsidiary of Parent. Prior to the Merger there were 4,155,250 shares of the common stock, par value $.001 per share of Parent outstanding, pursuant to the Merger each of the 17,444.75 outstanding shares of the common stock of LiqTech USA, was exchanged for 1,000 shares of Parent’s common stock, for a total of 17,444,750 shares resulting in 21,600,000 shares of Parent common stock being outstanding immediately following the Merger and warrants to acquire up to 6,500 shares of LiqTech USA’s common stock at an exercise price of $1,500 per share, were by their terms, converted into warrants to acquire up to 6,500,000 shares of Parent common stock at an exercise price of $1.50 per share.

Business and Basis of Presentation — The consolidated financial statements include the accounts of LiqTech International, Inc., “Company”, “us”, “we” and “our” as used in this report refer to LiqTech International, Inc. and its subsidiaries (set forth below), which engages in the development, design, production, marketing and sale of diesel particulate air and liquid filters and kiln furniture in United States of America, Canada, Europe, Asia and Brazil.

LiqTech International, Inc., a Nevada corporation organized in July 2004, formerly Blue Moose Media, Inc.

LiqTech USA, Inc. (“LiqTech USA”), a Delaware corporation and a wholly-owned subsidiary of Parent formed in May 2011.

LiqTech A/S (“LiqTech AS”), a Danish Corporation, incorporated on March 15, 1999, a wholly-owned subsidiary of LiqTech USA, engages in the development, design, production, marketing and sale of ceramic diesel particulate and liquid filters and kiln furniture in Europe, Asia and Brazil.

LiqTech International A/S, a Danish Corporation, incorporated on January 15, 2000, formerly known as CoMeTas A/S (“LiqTech Int. DK”), a 100% owned subsidiary of LiqTech AS, engages in development, design, application, marketing and sale of membranes on ceramic diesel particulate and liquid filters and catalytic converters in Europe, Asia and Brazil. LiqTech Int. DK was a 75% owned subsidiary from August 24, 2011 to March 2011 and a 60% owned subsidiary prior to March 2011.

LiqTech NA, Inc. (“LiqTech NA”) a 100% owned subsidiary of LiqTech AS, incorporated in Delaware on July 1, 2005, engages in the production, marketing and sale of ceramic diesel particulate and liquid filters and kiln furniture in United States of America and Canada. Prior to August 2011, LiqTech held a 90% interest in LiqTech NA.

LiqTech Asia (“LiqTech Asia”) a 60% owned subsidiary of LiqTech AS, incorporated in Korea on July 20, 2006, is currently a dormant subsidiary.

Consolidation — The consolidated financial statements include the accounts and operations of the Company. The non-controlling interests in the net assets of the subsidiaries are recorded in equity. The non-controlling interests of the results of operations of the subsidiaries are included in the results of operations and recorded as the non-controlling interest in subsidiaries. All material inter-company transactions and accounts have been eliminated in the consolidation.
 
 
F9
 
 
Functional Currency / Foreign currency translation — The Group functional currency is the Danish Krone (“DKK”) and its reporting currency is U.S. dollars for the purpose of these financial statements. The Company’s consolidated balance sheet accounts are translated into U.S. dollars at the period-end exchange rates (5.7456DKK and 5.6133 DKK to $1 at December 31, 2011 and at December 31, 2010, respectively) and all revenue and expenses are translated into U.S. dollars at the average exchange rates prevailing during the years 2011 and 2010 (5.3621DKK and 5.6257DKK to $1) in which these items arise. Translation gains and losses are deferred and accumulated as a component of other comprehensive income in stockholders’ equity. Transaction gains and losses that arise from exchange rate fluctuations from transactions denominated in a currency other than the functional currency are included in the statement of operations as incurred.

Cash and Cash Equivalents — The Company considers all highly liquid debt instruments purchased with a maturity of three months or less to be cash equivalents. The Company had no balances held in financial institution in the United States in excess of federally insured amounts at December 31, 2011 and December 31, 2010.

Accounts Receivable — Accounts receivables consist of trade receivables arising in the normal course of business. The Company establishes an allowance for doubtful accounts which reflects the Company’s best estimate of probable losses inherent in the accounts receivable balance. The Company determines the allowance based on known troubled accounts, historical experience, and other currently available evidence.
 
The roll forward of the allowance for doubtful accounts for the year ended December 31, 2011 and December 31, 2010 is as follows:

 
 
2011
    
2010
  
Allowance for doubtful accounts at the beginning of the period
   $ 452,266     $ 221,400  
Bad debt expense
     208,275       675,341  
Amount of receivables written off
     (257,610 )     (428,960 )
Effect of currency translation
     (13,899 )     (15,515 )
Allowance for doubtful accounts at the end of the period
   $ 389,032     $ 452,266  

Inventory — Inventory is carried at the lower of cost or market, as determined on the first-in, first-out method.

Property and Equipment — Property and equipment are stated at cost. Expenditures for major renewals and betterments that extend the useful lives of property and equipment are capitalized, upon being placed in service. Expenditures for maintenance and repairs are charged to expense as incurred. Depreciation is computed for financial statement purposes on a straight-line basis over the estimated useful lives of the assets which range from three to twenty years (See Note 4).

Long-Term Investments — Investments in non-public companies are included in long-term investments in the consolidated balance sheet and are accounted for under the cost method and equity method. For these non-quoted investments, we regularly review the assumptions underlying the operating performance and cash flow forecasts based on information requested from these privately held companies. Generally, this information may be more limited, may not be as timely as and may be less accurate than information available from publicly traded companies. Assessing each investment's carrying value requires significant judgment by management. If it is determined that there is an-other-than-temporary decline in the fair value of a non-public equity security, we write-down the investment to its fair value and record the related write-down as an investment loss in the consolidated statement of operations.

Intangible Assets — Definite life intangible assets include patents. The Company accounts for definite life intangible assets in accordance with Financial Accounting Standards Board, (“FASB”) Accounting Standards Codification, (“ASC”) Topic 350, “Goodwill and Other Intangible Assets” and amortized the patents on a straight line basis over the estimated useful life of two to ten years.
 
 
F10
 
 
Revenue Recognition and Sales Incentives — The Company's accounts for revenue recognition in accordance with the Securities and Exchange Commission Staff Accounting Bulletin No. 101, “Revenue Recognition in Financial Statements” (SAB 101), FASB ASC 605 Revenue Recognition. The Company recognizes revenue when rights and risk of ownership have passed to the customer, when there is persuasive evidence of an arrangement, product has been shipped or delivered to the customer, the price and terms are finalized, and collections of resulting receivable is reasonably assured. Products are primarily shipped FOB shipping point at which time title passes to the customer. In some instances the Company uses common carriers for the delivery of products. In these arrangements, sales are recognized upon delivery to the customer. The Company's revenue arrangements with its customers often include early payment discounts and such sales incentives are recorded against sales.

Advertising Cost — Cost incurred in connection with advertising of the Company’s products are expensed as incurred. Such costs amounted to $47,645 and $31,329, for the year ended December 31, 2011 and 2010, respectively.

Research and Development Cost — The Company expenses research and development costs for the development of new products as incurred. Included in operating expense for the year ended December 31, 2011 and 2010 are $502,413, and $421,518, respectively, of research and development costs.

Income Taxes — The Company accounts for income taxes in accordance with FASB ASC Topic 740 Accounting for Income Taxes. This statement requires an asset and liability approach for accounting for income taxes.

Earnings Per Share — The Company calculates earnings per share in accordance with FASB ASC 260 Earnings Per Share. Basic earnings per common share (EPS) are based on the weighted average number of common shares outstanding during each period. Diluted earnings per common share are based on shares outstanding (computed as under basic EPS) and potentially dilutive common shares. Potential common shares included in the diluted earnings per share calculation include in-the-money stock options that have been granted but have not been exercised.

Stock Options — The Companies have granted stock options to certain key employees. See Note 12. During the years presented in the accompanying consolidated financial statements, the Company has granted options. The Company accounts for options in accordance with the provisions of FASB ASC Topic 718, Compensation – Stock Compensation. Non-cash compensation costs of $123,984 and $40,946 have been recognized for the vesting of options granted to employees with an associated recognized tax benefit of $0 for the years ended December 31, 2011 and 2010, respectively.

Fair Value of Financial Instruments — The Company accounts for fair value measurements for financial assets and financial liabilities in accordance with FASB ASC Topic 820. The authoritative guidance, which, among other things, defines fair value, establishes a consistent framework for measuring fair value and expands disclosure for each major asset and liability category measured at fair value on either a recurring or nonrecurring basis. Fair value is defined as the exit price, representing the amount that would either be received to sell an asset or be paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, the guidance establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows:
 
 
●
Level 1. Observable inputs such as quoted prices in active markets for identical assets or liabilities;
 
 
●
Level 2. Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly; and

 
●
Level 3. Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions.
 
Unless otherwise disclosed, the fair value of the Company’s financial instruments including cash, accounts receivable, prepaid expenses, investments, accounts payable, accrued expenses, capital lease obligations and notes payable approximates their recorded values due to their short-term maturities.
 
 
F11
 
 
Accounting Estimates — The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosures of contingent assets and liabilities at the date of the financial statements and the reported amount of revenues and expenses during the reporting period. Actual results could differ from those estimated.

Recent Accounting Pronouncements — In May 2011, the Financial Accounting Standards Board (FASB) issued amended standards to achieve a consistent definition of fair value and common requirements for measurement of and disclosure about fair value between U.S. GAAP and International Financial Reporting Standards. For assets and liabilities categorized as Level 3 and recognized at fair value, these amended standards require disclosure of quantitative information about unobservable inputs, a description of the valuation processes used by the entity, and a qualitative discussion about the sensitivity of the measurements. In addition, these amended standards require that we disclose the level in the fair value hierarchy for financial instruments disclosed at fair value but not recorded at fair value. These new standards are effective for us beginning in the first quarter of 2012; early adoption of these standards is prohibited. We do not expect these new standards to significantly impact our consolidated condensed financial statements.

In June 2011, the FASB issued amended standards to increase the prominence of items reported in other comprehensive income. These amendments eliminate the option to present components of other comprehensive income as part of the statement of changes in stockholders’ equity and require that all changes in stockholders’ equity — except investments by, and distributions to, owners — be presented either in a single continuous statement of comprehensive income or in two separate but consecutive statements. In addition, these amendments require that we present on the face of the financial statements reclassification adjustments for items that are reclassified from other comprehensive income to net income in the statement(s) where the components of net income and the components of other comprehensive income are presented. These new standards are effective for us beginning in the first quarter of 2012 and are to be applied retrospectively.
 
In June 2011, the FASB issued ASU No. 2011-04, “Fair Value Measurement (Topic 820) – Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRS.” The amendments provide a consistent definition of fair value and ensure that the fair value measurement and disclosure requirements are similar between U.S. GAAP and International Financial Reporting Standards. The amendments also change certain fair value measurement principles and enhance the disclosure requirements, particularly for Level 3 fair value measurements. The amendments are effective during interim and annual periods beginning after December 15, 2011 and should be applied prospectively. Early adoption is not permitted. We will adopt this standard when they apply. Other than requiring additional disclosures, the adoption of this amendment will not have a material impact on our consolidated financial statements.

These amended standards will impact the presentation of other comprehensive income but will not impact our financial position or results of operations.

Other recent accounting pronouncements issued by the FASB did not or are not believed by management to have a material impact on the Company’s present or future financial statements.

Restatement — The common shares outstanding, common stock and additional paid in capital have been restated in the December 31, 2010 financial statements to reflect the 9,308,333 shares par value of $0.001 per share issued for the 1,560 shares par value of DKK 1,000 per share of LiqTech AS in connection with the Merger.

NOTE 2 — RELATED PARTY TRANSACTIONS

Notes Receivable from Related Parties — At December 31, 2010, LiqTech NA had a note receivable of $80,000 from an officer bearing interest at 4%. The note was secured by the officer’s stock in the Company and was due on demand. The note was paid in full as of December 31, 2011. Interest income of $1,600 and $3,200 was recorded and received for the year ended December 31, 2011 and 2010, respectively.

The Company has a 19,500,000 DKK (approximately $3,393,901)  note receivable, net of a discount of $65,718 as of December 31, 2011, from a shareholder resulting from the purchase of common shares and classified as equity in the accompanying financial statements. The note was discounted $120,600 as the note does not accrue interest and is payable on June 30, 2012. During the year ended December 31, 2011 the Company recorded interest income of $54,882 as a result of amortization of the discount.
 
 
F12
 
 
Notes Payable to Related Party — The Company has a19,500,000 DKK (approximately $3,393,901) note payable, net of a discount of $65,718 as of December 31, 2011, to current and former shareholders of LiqTech AS in connection with the LiqTech AS’s reverse acquisition of LiqTech USA, concurrently with the Merger. The note was discounted $120,600 as the note does not accrue interest and is payable on June 30, 2012. During the three and year ended December 31, 2011 the Company record interest expense of $54,882 as a result of amortization of the discount.

During, 2010, the Company paid DKK1,586,200 the remaining balance of a note payable plus interest accruing at 6% to an entity controlled by the majority shareholder.

NOTE 3 — INVENTORY

Inventory consists of the following at December 31, 2011 and December 31, 2010:

   
2011
    
2010
  
Furnace parts and supplies
   $ 151,412     $ 250,526  
Raw materials
     920,064       397,634  
Work in process
     867,988       529,253  
Finished goods
     1,054,118       721,268  
Reserve for obsolescence
     (13,000 )     (13,000 )
Net Inventory
   $ 2,980,583     $ 1,885,681  
 
The Company’s inventory is held as collateral on the Company’s line of credits.


NOTE 4 — PROPERTY AND EQUIPMENT

Property and equipment consists of the following at December 31, 2011 and December 31, 2010:

   
Useful Life
    
2011
    
2010
  
Production equipment
     3 - 10     $ 10,025,051     $ 9,177,522  
Lab equipment
     3 - 10       349,750       354,435  
Computer equipment
     3 - 10       236,155       171,232  
Vehicles
     3       10,565       10,814  
Furniture and fixture
     5       47,898       -  
Building
     20       -       214,807  
Leasehold improvements
     10       443,448       573,650  
              11,112,867       10,502,460  
Less Accumulated Depreciation
             (4,465,650 )     (4,079,433 )
Net Property and Equipment
           $ 6,647,217     $ 6,423,027  
 
Depreciation expense amounted to $1,332,280 and $1,110,017, for the year ended December 31, 2011 and 2010, respectively. The Company’s property and equipment is held as collateral on the lines of credit.
 
 
F13
 
 
NOTE 5 — DEFINITE-LIFE INTANGIBLE ASSETS
 
At December 31, 2011 and December 31, 2010, definite-life intangible assets, net of accumulated amortization, consist of patents on the Company’s products of $34,166 and $81,554, respectively. The patents are recorded at cost and amortized over two to ten years. Amortization expense for the year ended December 31, 2011 and 2010 is $47,387and $42,082, respectively. Expected future amortization expense for the years ended are as follows:

Year ending December 31,
      
2012
   $ 5,455  
2013
     5,455  
2014
     5,455  
2015
     5,455  
2016
     5,455  
Thereafter
     6,891  
 
  $ 34,166  

NOTE 6 — LINES OF CREDIT

LiqTech AS has a DKK 6,000,000 (Approximately $1,044,277 at December 31, 2011) standby line of credit with a bank, subject to certain borrowing base limitations. Outstanding borrowings are due on demand. There was $882,081 and $764,571 outstanding as of December 31, 2011 and December 31, 2010, respectively. Interest is charged monthly at 4.26% per annum at December 31, 2011, the line is secured by certain of the Company’s receivables, inventory and equipment. At December 31, 2011, there was $162,196 available on the line. During March 2012, the line was paid off.

LiqTech Int. DK has a DKK 3,000,000 ($522,139 and $534,445 at December 31, 2011 and December 31, 2010, respectively) standby line of credit with a bank, subject to certain borrowing base limitations. Outstanding borrowing is due on demand. There was $377,933 and $268,517 outstanding as of December 31, 2011 and December 31, 2010, respectively. Interest is charged monthly at 4.26% per annum at December 31, 2011, the line is secured by certain of the Company’s receivables, inventory and equipment. As of December 31, 2011, there was $144,206 available on the line. During March 2012, the line was paid off.

NOTE 7 — NOTES PAYABLE
 
  Note Payable — In September 2011 LiqTech AS entered into a notes payable agreement with a financial institution, wherein LiqTech AS drew down $450,000 through December 31, 2011. Interest is charged monthly at 4.95%  per annum at December 31, 2011. The line is secured by certain of the Company’s receivables, inventory and equipment. The line is payable in quarterly principal installments of $25,000 plus interest through June 30, 2016.

Maturities of notes payable as stipulated in the agreements, at December 31, 2011 are as follows:

Year ending December 31,
      
2012
   $ 100,000  
2013
     100,000  
2014
     100,000  
2015
     100,000  
2016
     50,000  
Thereafter
     -  
 
  $ 450,000  

 
F14
 

NOTE 8 — LEASES

Operating Leases — The Company leases office and production facilities under operating lease agreements expiring in August 31, 2013, March 2014, July 2016. Some of these lease agreements have a right to extend.

The future minimum lease payments for non-cancelable operating leases having remaining terms in excess of one year as of December 31, 2011 are as follows:

Year ending December 31,
  
Lease Payments
  
2012
   $ 552,968  
2013
   $ 537,435  
2014
   $ 571,103  
2015
   $ 585,292  
2016
   $ 475,369  
Thereafter
   $ 51,196  
Total Minimum Lease Payments
   $ 2,773,363  
 
Lease expense charged to operations was $565,412 and $537,657, for the year ended December 31, 2011, and 2010.

Capital Lease — The Company leases equipment on various variable rate capital leases currently calling for monthly payments of $2,045, $2,871, $11,440, $4,433 and $673 expiring through April 2017. At December 31, 2011 and at December 2010, the Company had recorded equipment on capital lease at $1,546,696 and $1,433,440, respectively, with related accumulated depreciation of $430,070 and $317,247, respectively.

During the year ended December 31, 2011 and 2010, depreciation expense for equipment on capital lease amounted to $153,762, and $185,513, respectively, and has been included in depreciation expense. During the year ended December 31, 2011 and 2010, interest expense on capital lease obligation amounted to $49,405, and $83,528, respectively. In August 2011, the Company purchased an additional furnace to increase their production capacity for $262,561 financed under a capital lease plus installation cost of $150,000.

Future minimum capital lease payments are as follows for the periods ended December 31:
 
   
As of December 31, 2011
  
2012
   $ 287,511  
2013
     249,455  
2014
     244,880  
2015
     213,618  
2016
     206,790  
Thereafter
     132,781  
Total minimum lease payments
     1,335,035  
Less amount representing interest
     (193,240 )
Present value of minimum lease payments
     1,141,795  
Less Current Portion
     (191,444 )
 
  $ 950,351  
 
 
F15
 
 
NOTE 9 — AGREEMENTS AND COMMITMENTS
 
401(K) Profit Sharing Plan — LiqTech NA has a 401(k) profit sharing plan and trust covering certain eligible employees. The amount LiqTech NA contributes is discretionary. For the year ending December 31, 2011 and 2010, matching contributions were expensed and totaled $20,879 and $14,682, respectively.

NOTE 10 — INCOME TAXES
 
The Company accounts for income taxes in accordance with FASB ASC Topic 740, Accounting for Income Taxes; which requires the Company to provide a net deferred tax asset or liability equal to the expected future tax benefit or expense of temporary reporting differences between book and tax accounting and any available operating loss or tax credit carry forwards. The amount of and ultimate realization of the benefits from the deferred tax assets for income tax purposes is dependent, in part, upon the tax laws in effect, the Company’s future earnings, and other future events, the effects of which cannot be determined.
 
The temporary differences, tax credits and carry forwards gave rise to the following deferred tax asset (liabilities) at December 31, 2011 and 2010:
 
   
2011
    
2010
  
Deferred rent
   $ -     $ 2,506  
Vacation Accrual
     13,234       -  
Reserve for obsolete inventory
     4,552       4,494  
Net current tax assets
   $ 17,786     $ 7,000  
                 
Business tax credit carryover
     -       2,528  
Net operating loss carryover
     130,118       307,227  
Excess of book over tax depreciation
     (798,602 )     (789,795 )
Net deferred tax liability
     (668,484 )   $ (480,040 )
 
In accordance with prevailing accounting guidance, the Company is required to recognize and disclose any income tax uncertainties. The guidance provides a two-step approach to recognizing and measuring tax benefits and liabilities when realization of the tax position is uncertain.  The first step is to determine whether the tax position meet the more-likely-than-not condition for recognition and the second step is to determine the amount to be recognized based on the cumulative probability that exceeds 50%.
 
The amount of and ultimate realization of the benefits from the deferred tax assets for income tax purposes is dependent, in part, upon the tax laws in effect, the Company’s future earnings, and other future events, the effects of which can difficult to determine and can only be estimated. Management estimates that it is more likely than not that the Company will generate adequate net profits to use the deferred tax assets; management has estimated that all of the deferred tax will be realized and consequently, a valuation allowance was not recorded.
 
As of December 31, 2011 the Company had net operating loss carryovers of $130,118 for U.S. Federal purposes expiring through 2032
 
 
F16
 
 
A reconciliation of income tax expense at the federal statutory rate to income tax expense at the Company’s effective rate is as follows at December 31, 2011 and 2010:
 
   
2011
    
2010
  
Computed tax at expected statutory rate
   $ 444,553     $ (57,664 )
State and local income taxes, net of federal benefits
     6,945       63,586  
Non-deductible expenses
     26,269       1,723  
Non-US income taxed at different rates
     (87,033 )     105,892  
Manufacture and other tax credits
     (30,974 )     -  
Other items
     (252 )     31,994  
Income tax expense
   $ 359,508     $ 145,531  
 
 The components of income tax expense (benefit) from continuing operations for the years ended December 31, 2011 and 2010 consist of the following:
 
   
2011
    
2010
  
Current income tax expense (benefit)
            
Danish
   $ 25,665     $ 8,783  
Federal
     145,662       -  
State
     10,523       13,992  
Current tax expense
   $ 181,850     $ 22,775  
                 
Deferred tax expense (benefit) arising from:
                
Excess of tax over financial accounting depreciation
   $ 8,749     $ 386,109  
Deferred rent
     2,506       (2,506 )
Business tax credit carryover
     2,528       -  
Net operating loss carryover
     177,109       (303,921 )
Allowance for doubtful accounts
     -       47,568  
Accrued Rent
     (13,234 )     -  
Reserve for obsolete inventory
     -       (4,494 )
Current tax expense
   $ 177,658     $ 122,756  
 
Deferred income tax expense / (benefit) results primarily from the reversal of temporary timing differences between tax and financial statement income.
 
The Company files Danish  and U.S. federal, and Minnesota state income tax returns, and LiqTech AS and LiqTech International AS are generally no longer subject to tax examinations for years prior to 2006 for their Danish tax returns.  LiqTech NA is generally no longer subject to tax examinations for years prior to 2008 for U.S. federal and U.S. states tax returns.
 
NOTE 11 — ACQUISITIONS

On August 24, 2011, pursuant to the Merger Agreement, BMD Sub was merged with and into LiqTech USA, and as a result of the Merger, LiqTech USA became a wholly owned subsidiary of Parent. Prior to the Merger there were 4,155,250 shares of the common stock, par value $.001 per share of Parent outstanding, pursuant to the Merger each of the 17,444.75 outstanding shares of the common stock of LiqTech USA was exchanged for 1,000 shares of Parent common stock, for a total of 17,444,750 shares resulting in 21,600,000 shares of Parent common stock being outstanding immediately following the Merger and warrants to acquire up to 6,500 shares of LiqTech USA’s common stock at an exercise price of $1,500 per share, were by their terms, converted into warrants to acquire up to 6,500,000 shares of Parent common stock at an exercise price of $1.50 per share.
 
 
F17
 
 
In connection with the Merger, shareholders of Parent contributed and cancelled 89,960,000 common shares of the Parent thereby reducing the common share outstanding to 4,155,250. Prior to the Merger, LiqTech USA completed a private placement offering of 63 Units at $100,000 per Unit (the “Offering”,) each such Unit consisting of 40 shares of LiqTech USA common stock (2,520,000 common shares of Parent after giving effect to the 1,000 for 1 share conversion into Parent upon the closing of the Merger) and a LiqTech USA Warrant for 20 shares of LiqTech USA common stock (1,260,000 warrants to purchase common shares of Parent after giving effect to the 1,000 for 1 share conversion into Parent upon closing of the Merger,) for gross proceeds of $4,800,000 in cash and a promissory note for $1,500,000 payable on September 7, 2011. Prior to the Offering, LiqTech USA issued 2,946.417 common shares (2,949,417 common shares of Parent after giving effect to the 1,000 for 1 shares conversion into Parent upon the closing of the Merger) and warrants to purchase 1,440 common shares at an exercise price of $1,500 per share (warrants to purchase 1,440,000 common shares of Parent at an exercise price of $1.50 per share after giving effect to the 1,000 for 1 share conversion into Parent upon closing of the Merger) for gross proceeds of $50,000 in cash and 19,500,000 DKK notes payable ($3,765,351 based upon the currency exchange rate of $1.00 = 5.1788 DKK as August 22, 2011.) The note was discounted $120,600 as the note does not accrue interest and is payable on June 30, 2012. In connection with the Merger, LiqTech, USA acquired all of the outstanding equity interests in LiqTech AS and all of the outstanding equity interests in LiqTech Int. DK and LiqTech NA not owned by LiqTech AS, directly from the holders of such equity interests. In exchange for such equity interests LiqTech USA paid the holders, in the aggregate of $4,577,999, promissory notes in the aggregate principal amount of 19,500,000 DKK ($3,765,351 based upon the currency exchange rate of $1.00 = 5.1788 DKK as August 22, 2011) and 9,308.333 common shares of LiqTech USA (9,308,333 common shares of Parent after giving effect to the 1,000 for 1 shares conversion into Parent upon closing of the Merger.)

NOTE 12 — EARNINGS PER SHARE

The following data shows the amounts used in computing earnings per share and the effect on income and the weighted average number of shares of potential dilutive common stock for the year ended December 31, 2011 and 2010:
 
   
For the Year Ended December 31
  
   
2011
    
2010
  
Net Income (Loss) attributable to LiqTech International Inc.
   $ 0.06       (0.00 )
Weighted average number of common shares used in basic earnings per share
     14,165,217       9,308,333  
Effect of dilutive securities, stock options and warrants
   $ 0.06       (0.00 )
Weighted average number of common shares and potential dilutive common shares outstanding used in dilutive earnings per share
     16,096,973       9,308,333  
 
The Company included all outstanding common stock equivalents in the calculation of weighted average common shares and potential dilutive common shares outstanding.

The weighted average common shares outstanding used in the calculation of earning per shares for the year ended December 31, 2011, reflects the 9,308,333 issued to the former shareholders of LiqTech AS in connection with the reverse acquisition.

NOTE 13 — STOCKHOLDERS’ EQUITY

Common Stock — The Company has authorized 100,000,000 shares of common stock, $0.001 par value. As of December 31, 2011 and 2010, respectively, there were 21,600,000 and 9,308,333 common shares issued, and 21,600,000 and 9,262,263 common shares outstanding.

On April 19, 2011, the Company received 400 common shares, with an uncontrolled interest value of $325,208, (15% of the outstanding common shares) of LiqTech Int. DK (formerly CoMeTas AS) upon the departure of the Chief Executive Officer and recorded a capital contribution of $280,039.
 
 
F18
 
 
  Voting

Holders of common stock are entitled to one vote for each share held of record on each matter submitted to a vote of stockholders, including the election of directors, and do not have any right to cumulate votes in the election of directors.
 
  Dividends
 
Subject to the rights and preferences of the holders of any series of preferred stock which may at the time be outstanding, holders of common stock are entitled to receive ratably such dividends as our Board of Directors from time to time may declare out of funds legally available.

  Liquidation Rights

In the event of any liquidation, dissolution or winding-up of our affairs, after payment of all of our debts and liabilities and subject to the rights and preferences of the holders of any outstanding shares of any series of our preferred stock, the holders of common stock will be entitled to share ratably in the distribution of any of our remaining assets.

  Other Matters

Holders of common stock have no conversion, preemptive or other subscription rights, and there are no redemption rights or sinking fund provisions with respect to the common stock. All of the issued and outstanding shares of common stock on the date of this report are validly issued, fully paid and non-assessable.

Preferred Stock

Our Board of Directors has the authority to issue preferred stock in one or more classes or series and to fix the designations, powers, preferences and rights, and the qualifications, limitations or restrictions thereof, including dividend rights, dividend rates, conversion rights, voting rights, terms of redemption, redemption prices, liquidation preferences and the number of shares constituting any class or series, without further vote or action by the stockholders. The issuance of preferred stock may have the effect of delaying, deferring or preventing a change in control of us without further action by the stockholders and may adversely affect the voting and other rights of the holders of common stock.

Common Stock Purchase Warrants

We have outstanding warrants to purchase 6,500,000 shares of common stock. The warrants are exercisable for cash at a price of $1.50 per share of common stock and will expire on December 31, 2016. The exercise price of the warrants and the number of shares underlying the warrants are subject to adjustment for stock dividends, subdivisions of the outstanding shares of common stock and combinations of the outstanding shares of common stock. While the warrants remain outstanding, we are required to keep reserved from our authorized and unissued shares of common stock a sufficient number of share to provide for the issuance of the shares underlying the warrants.

Stock Options — In August 2011, the Company’s Board of Directors adopted a Stock Option Plan. Under the terms and conditions of the Plan, the board is empowered to grant stock options to employees, officers, and directors of the Companies. At December 31, 2011, the total number of shares of common stock granted under the Plan was 2,060,000 options.
 
 
F19
 
 
The Company recognizes compensation costs for stock option awards to employees based on their grant-date fair value. The value of each stock option is estimated on the date of grant using the Black-Scholes option-pricing model. The weighted-average assumptions used to estimate the fair values of the stock options granted using the Black-Scholes option-pricing model are as follows:

 
LiqTech International, Inc.
Expected term
3.0 - 3.5 Years
Volatility
0.07% - 52.69%
Risk free interest rate
2.33%
Dividend yield
0%


The Company recognized employee stock based compensation expense of $123,984 and $40,946 for the year end December 31, 2011 and 2010, respectively. At December 31, 2011 the Company had approximately $268,282 of unrecognized compensation cost related to Non-vested options expected to be recognized through December 15, 2013.

A summary of the status of the options outstanding at December 31, 2011 is presented below:
 
     
Options Outstanding
    
Options Exercisable
  
Range of Exercise Prices
    
Number Outstanding
  
Weighted Average
Remaining Contractual Life
  
Weighted Average
 Exercise Price
    
Number Exercisable
    
Weighted Average Exercise Price
  
                             
$ 1.50-$3.60       2,060,000  
3.11 years
   $ 2.653       686,667     $ 2.653  
 
A summary of the status of the options at December 31, 2011, and changes during the year is presented below:
 
   
December 31, 2011
  
   
Shares
    
Weighted Average Exercise Price
    
Average
Remaining Life
    
Weighted Average Intrinsic Value
  
Outstanding at beginning of period
     -     $ -       -     $ -  
Granted
     2,060,000       2.653       3.11       -  
Exercised
     -       -       -       -  
Forfeited
     -       -       -       -  
Expired
     -       -       -       -  
Outstanding at end of period
     2,060,000     $ 2.653       3.11     $ 2,341,400  
Vested and Expected to Vest
     686,667     $ 2.653       3.11     $ 780,467  
Exercisable end of period
     2,060,000     $ 2.653       3.11     $ 583,334  
 
The Company had no non-vested options at the beginning of the period. At December 31, 2011 the Company 2,060,000 non-vested options with a weighted average exercise price of $2.653 and with a weighted average grant date fair value of $0.18, resulting in unrecognized compensation expense of $268,282, which is expected to be expensed over a weighted-average period of 2 years.
 
The total intrinsic value of options exercised during the year ended December 31, 2011 was $0. Intrinsic value is measured using the fair market value at the date of exercise (for shares exercised) or at December 31, 2011 (for outstanding options), less the applicable exercise price.
 
 
F20
 
 
NOTE 14 — SIGNIFICANT CUSTOMERS / CONCENTRATION

The Company had four customers who accounted for 11%, 10%, 10% and 7% of total sales at December 31, 2011. The Company had four significant customers who accounted for 29%, 15%, 14% and 9% of total sales at December 31, 2010.

The Company sells filters throughout the world; sales by geographical region are as follows for the three and year ended December 31, 2011 and 2010:

   
For the Year Ended December 31
  
   
2011
    
2010
  
United States and Canada
   $ 6,640,642     $ 5,593,498  
South America
     17,949       76,121  
Asia
     1,292,143       2,514,095  
Europe
     13,241,443       7,545,103  
    $ 21,192,177     $ 15,728,817  

The Company’s sales by product line are as follows for the three and year ended December 31, 2011 and 2010:

   
For the Year Ended December 31
  
   
2011
    
2010
  
Ceramic diesel particulate
   $ 17,211,557     $ 13,820,862  
Liquid filters
     3,708,624       1,907,955  
Kiln furniture
     271,996       -  
    $ 21,192,177     $ 15,728,817  

NOTE 15 — INSURANCE CLAIMS

On July 19, 2011, the building housing LiqTech Int. DK (formerly CoMeTas AS) corporate office and production facility suffered damages resulting from a fire in the roof structure and portions of the corporate offices. The Production facility suffered structural and water damages making the facility unsafe for future use. The Company located a new facility and moved their operations and usable equipment. The Company filed claims under two insurance policies on LiqTech Int. DK, a DKK 15,500,000 (approximately $2,750,000 USD) policy for casualty losses and a DKK 10,000,000 (approximately $1,800,000 USD) policy for business interruptions.
 
The business interruption policy covered a period of twelve months from the date of the fire.  The Company settled with the insurance company and will receive 5,408,000 DKK (approximately $1,000,000USD) under the business interruption policy. The Company will record the proceeds from the policy ratably over twelve month period covered. As of December 31, 2011, the Company recorded 3,201,806 DKK (approximately $600,000 USD) as an increase in sales, 497,806DKK (approximately $100,000) as an increase in costs of goods sold and 2,704,000DKK (approximately $500,000USD) as a deferral under the business interruption policy.
 
The Company will receive 5,584,015DKK (approximately $1,040,000 USD) under the casualty loss policy and has written off production equipment and leasehold improvements with a net book value of 1,519,532 DKK (approximately $285,000USD) resulting in a 2,284,112 DKK (approximately $425,000) gain from the loss. The proceeds from the policy were used to replace the equipment and leasehold improvements in the new facility.
 
 
F21
 
 
The remaining amount received 1,780,371DKK (approximately $330,000USD) are recovering of  expenses held as a consequent of the fire. There is no gain or loss booked as a consequent of that.
 
Included in other receivables as of December 31, 2011, is 4,205,604DKK, (approximately $730,000UDS) which was subsequently collected in 2012 and 2,704,000 (approximately $470,000USD) in accrued liability, which will be ratably recorded to income through July 2012.
 
NOTE 16 — SUBSEQUENT EVENT

The Company’s management reviewed material events through March 19, 2012.

On March 2, 2012, we completed the initial closing of a registered public offering of our common stock.  As part of the initial closing, we issued 2,511,500 shares of our common stock in a registered direct placement of our shares at a per share price of $3.25. The net proceeds to us from the initial closing are approximately $7.4 million. We intend to use the net proceeds from the offering for the development and marketing of our products, the engineering, development and testing of our membranes, and the opening of local sales offices in certain countries outside of the U.S. and Denmark. Pending application of such proceeds, we expect to invest the proceeds in short-term, interest-bearing, investment-grade marketable securities or money market obligations.  Sunrise Securities Corp. acted as the exclusive placement agent for this transaction.  As part of the compensation for the placement agent, we also issued to the placement agent and certain of its agents for $100, warrants to purchase an aggregate of 125,575 shares of our common stock (equal to 5% of the shares of common stock sold by the placement agent and its agents in the offering). The warrants will have an exercise price equal to $4.06 (or 125% of the offering price of the shares sold in the offering) and may be exercised on a cashless basis. The warrants are exercisable for a period of five years commencing after the effective date of the registration statement related to the offering. The warrants are subject to a lock-up restriction for 180 days pursuant to FINRA Rule 5110(g). The warrants are not redeemable by us.
 
On March 13, 2012, the Company repaid lines of credits with balance of $882,081 and $377,933 as December 31, 2011.
 
On February 29, 2012, we entered into a non-binding letter of intent with Pirelli & C. Eco Technology S.p.A. (“Pirelli”) to acquire all of the outstanding equity interests in S.C. Pirelli & C. Eco Technology RO SRL (“S.C. Pirelli”), Pirelli’s Romanian subsidiary, which, among other assets, has a manufacturing facility in Bumbesti, Romania. The fixed assets of S.C. Pirelli that are used for its diesel particulate filter business, including the buildings at the Romanian manufacturing facility, are anticipated to have a net book value of Romanian Leu (RON) 66,978,129 (equivalent to approximately Euro 15.6 million or $21 million) at December 31, 2011 as determined in accordance with International Financial Reporting Standards (IFRS). The land on which the manufacturing facility is located is under a long-term lease, and S.C. Pirelli will have the right to recover the investment made with respect to the buildings at the manufacturing site (net of accumulated depreciation over a period of 30 years). The letter of intent contemplates that we will pay $15 million in cash to Pirelli as consideration for such purchase. At the time of the purchase, it is contemplated that the subsidiary will have no debt or other liabilities and that Pirelli will indemnify us against any such pre-closing debt and liabilities to the extent not reflected on the closing balance sheet.
 
The letter of intent also contemplates that Pirelli will invest $19 million in shares of our common stock at a per share price equal to the lower of $3.90 and the weighted average price of a share of our common stock for the 10 business days preceding the closing date of the transactions contemplated by the letter of intent. Pirelli will also receive one share of voting preferred stock, which will permit Pirelli to appoint one member of our board of directors. This share of preferred stock will automatically convert into one share of our common stock upon Pirelli ceasing to own in the aggregate 50% of the shares (as adjusted for stock splits and stock dividends) of our common stock acquired in connection with these transactions. If the maximum number of shares offered in this offering are sold, and assuming that the shares will be issued to Pirelli at a per share price of $3.90, Pirelli will beneficially own approximately 14.0% of our outstanding shares of common stock.
 
It is contemplated that Pirelli and we will enter into an agreement for the supply of diesel particulate filters to Pirelli and for the assembly of retrofit systems for Pirelli. It is also contemplated that Pirelli will guarantee to cover up to RON 6.6 million of fixed costs and Euro 560,000 of salary in 2012 and RON 6.15 million of fixed costs and Euro 660,000 of salary in 2013 if the EBITDA of S.C. Pirelli is negative for such years. Furthermore, it is contemplated that Pirelli will support our research and development and worldwide sales efforts for filters and membranes.
 
 
F22
 
 
In connection with such transactions, it is contemplated that Pirelli and Aldo Petersen will enter into a shareholder agreement pursuant to which each party will have rights of first refusal and tag along rights on sales of our common stock by the other party. All shares acquired by Pirelli in connection with the transactions contemplated by the letter of intent will be subject to a lock-up provision for one year from the closing date of such transactions. Mr. Petersen is also contemplated to enter into a lock-up agreement restricting his ability to transfer the shares beneficially owned by him for one year from the closing date of the transactions contemplated by the letter of intent. It is contemplated that Pirelli will be granted registration rights in respect of the shares of our common stock that it acquires pursuant to the above transactions upon the expiration of the lock-up period. Pirelli is also contemplated to receive certain veto rights in respect of strategic decisions relating to S.C. Pirelli.
 
The transactions contemplated by the letter of intent are subject to the execution of definitive agreements mutually agreeable to both parties and there is no assurance that such agreements will be executed or that the contemplated transactions will occur as described above or at all.
 
 
F23
 
 
Item 9.     Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

Blue Moose historically retained Pritchett, Siler & Hardy, P.C. (“PSH”) as its principal accountant. In connection with the closing of the Merger, we terminated PSH and retained Gregory & Associates, LLC as our principal accountant. Our Board of Directors approved the change, effective August 24, 2012.

PSH’s reports on our financial statements for the years ended December 31, 2010 and 2009 included in the Annual Report on Form 10-K for the year ended December 31, 2010 as filed with the SEC did not contain an adverse opinion or a disclaimer of opinion, nor were they qualified or modified as to uncertainty, audit scope, or accounting principles, except that their reports included disclosure of uncertainty regarding Blue Moose’s ability to continue as a going concern.

From inception through August 24, 2011, Blue Moose had no disagreements with PSH on matters of accounting principles or practices, financial statement disclosure, or auditing scope or procedure. Blue Moose had not consulted with Gregory & Associates, LLC on any matter prior to the Merger.

We have authorized PSH to respond fully to the inquiries of Gregory & Associates, LLC concerning any matters discussed above. We have provided PSH with a copy of the above statements. We have requested that PSH furnish us with a letter addressed to the SEC stating whether PSH agrees with the above statements and, if not, stating the respects in which it does not agree. A copy of such letter from PSH is filed as Exhibit 16 hereto.

Item 9A.     Controls and Procedures
 
Evaluation of Disclosure Controls and Procedures
 
Our management, with the participation of both of our president and chief financial officer, carried out an evaluation of the effectiveness of our “disclosure controls and procedures” (as defined in the Securities Exchange Act of 1934 (the “Exchange Act”) Rules 13a-15(e) and 15-d-15(e)) as of the end of the period covered by this report (the “Evaluation Date”),  Based upon that evaluation, both of our president and chief financial officer concluded that as of the Evaluation Date, our disclosure controls and procedures are effective to ensure that information required to be disclosed by us in the reports that we file or submit under the Exchange Act (i) is recorded, processed, summarized and reported, within the time periods specified in the SEC’s rules and forms and (ii) is accumulated and communicated to our management, including our president and our chief financial officer, as appropriate to allow timely decisions regarding required disclosure.
 
Changes in Internal Control over Financial Reporting
 
There were no changes in our internal controls over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.
 
Management’s Report on International Control Over Financial Reporting
 
Management of the company is responsible for establishing and maintaining adequate internal control over financial reporting as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act. The company’s internal control over financial reporting is designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. The company’s internal control over financial reporting includes those policies and procedures that:
 
 
●
pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company;
 
 
●
provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and
 
 
●
provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of the company’s assets that could have a material effect on the financial statements.
 
 
35
 
 
Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
 
Management assessed the effectiveness of the company’s internal control over financial reporting as of December 31, 2011. In making this assessment, management used the criteria set forth by the Committee of Sponsoring Organizations of the Treadway Commission (COSO) in Internal Control—Integrated Framework.
 
Based on its assessment and those criteria, management believes that the company maintained effective internal control over financial reporting as of December 31, 2011.
 
This annual report does not include an attestation report of the Company’s registered public accounting firm regarding internal control over financial reporting. Management’s report was not subject to attestation by the Company’s registered public accounting firm pursuant to the permanent exemption of the Commission which require the Company to provide only management’s report in this report. 
 
Item 9B.     Other Information
 
None.
 
Item 10.    Directors, Executive Officers and Corporate Governance

Set forth below is information concerning our directors, senior executive officers and other key employees.

Name
  
Age
  
Titles
Aldo Petersen
  
50
  
Chairman of the Board
Lasse Andreassen
  
59
  
Chief Executive Officer (Principal Executive Officer) and Director
Soren Degn
  
42
  
Chief Financial Officer (Principal Financial and Accounting Officer)
Donald S. Debelak
  
62
  
Head of U.S. Operations
Paul Burgon
  
41
  
Director
John F. Nemelka
  
46
  
Director
Michael Sonneland
  
43
  
Director
 
Executive officers are appointed by and serve at the pleasure of the Board of Directors. A brief biography of each director and executive officer follows:
 
 
36
 
 
Aldo Petersen.  Aldo Petersen has been Chairman of the Board of LiqTech International, Inc. since August 2011. He has been the Chief Executive Officer of APE Invest A/S, a private Danish investment company, since 1996. Until 2006, Mr. Petersen was also the chief executive officer of EuroTrust (formerly known as Telepartner), a formerly NASDAQ-listed company that he founded in 1986. Prior to EuroTrust, he started and sold one of Denmark’s first hedge funds, Dansk Fromue Invest. Mr. Petersen was a major investor in Greentech, a renewable energy company that builds wind farms in Denmark, Germany, Poland and Italy. He is a private investor in wind farms in Germany and France, and was also a major investor in Football Club Copenhagen (listed on the Copenhagen Stock Exchange). Mr. Petersen has a B.A. degree in Economics from Copenhagen Business School.

Lasse Andreassen.  Mr. Andreassen has served as Chief Executive Officer and as a Director of LiqTech International, Inc. since August 2011.  In 1999, Mr. Andreassen co-founded LiqTech and has served as its CEO since 2002. From 1997 to 2001, Mr. Andreassen held Director positions at Kampsax (a consulting firm). From 1995 to 1997, Mr. Andreassen worked as the Director of Operations for Hydro Texaco Denmark. Previously, he also was Vice President of Danfoss’s system control business and Director of Operations for the Mexican division of Niro Atomizers. Mr. Andreassen has a B.S. degree in Mechanical Engineering from Københavns Teknikum.

Soren Degn.  Mr. Degn has served as CFO of LiqTech International, Inc. since August 2011. From 2008 until 2011, he was the CFO of Guava, a publicly listed internet advertising company. From 2007 to 2008, Mr. Degn served as CFO of Advance Renewable Energy Ltd. From 2001 to 2006, he was the CFO of EuroTrust (a NASDAQ/AIM listed Company, formerly known as Telepartner). From 1996 to 2001, he was the financial controller at Kampsax (a consulting company). From 1989 to 1996, he worked at KPMG in Denmark. Mr. Degn has a B.A. degree in Business Administration and an M.B.A. from the Copenhagen Business School.

Donald S. Debelak.  Mr. Debelak has served as Head of LiqTech International, Inc.’s U.S. Operations. In 2004, Mr. Debelak started working for the Company as the exclusive North American Representative and became President when the Company started its U.S. manufacturing facility in late 2005. Prior to working with LiqTech, from 2000 to 2004, Mr. Debelak was Director of Marketing and Business Development for Chart Industries’ NexGen Fueling Division, which provides clean burning liquid natural gas (LNG) vehicle tanks and fueling stations primarily to Arizona and California customers. Previous positions include Director of Marketing and Sales for Magnetic Processing Systems, a metal working start-up company, and Marketing Director for Philtech Instrument Company and Director of Product Management for Syntex Dental Products. Mr. Debelak is also the author of 15 business books, primarily related to new product introductions and marketing, published by McGraw Hill, Entrepreneur Media, John Wiley and Sons and Adams Media. Mr. Debelak has a B.A. degree in Chemistry from the University of Minnesota and an M.B.A. from Rutgers University.
 
Paul Burgon.  Mr. Burgon has served as a Director of LiqTech International, Inc. since September 5, 2011. Mr. Burgon is the interim Chief Financial Officer of SWK Holdings Corporation (OTCBB: SWKH). Mr. Burgon has served as a Principal and CFO of NightWatch Capital Advisors, LLC since March 2005. Mr. Burgon was a Manager and then Director of Corporate Development for Danaher Corporation from 1998 to 2005, where he completed approximately 50 transactions with a value of almost $2 billion. Mr. Burgon led corporate development at Fluke Corporation from 1997 to 1998 and worked at Coopers and Lybrand from 1994 to 1997. Mr. Burgon holds a B.S.BA. degree (cum laude) in Finance and International Business and an M.B.A. degree from the McDonough School of Business at Georgetown University.
 
John F. Nemelka.  Mr. Nemelka has served as a Director of LiqTech International, Inc. since September 5, 2011. Mr. Nemelka has been serving as the interim CEO of SWK Holdings, a publicly traded company, since January 2010 and a director since October 2005. He founded NightWatch Capital Group, LLC, an investment management business, and has served as its managing principal since its formation in July 2001. Since October 2009, Mr. Nemelka has also been serving on the Board of Directors of SANUWAVE Health, Inc., a publicly traded company. Mr. Nemelka holds a B.S. degree in Business Administration from Brigham Young University and an M.B.A. degree from the Wharton School at the University of Pennsylvania.

Michael Sonneland.  Mr. Sonneland has served as a Director of LiqTech International, Inc. since September 5, 2011. From 1997 until 2011, Mr. Sonneland has been the CEO of Narum Stormarked A/S, a Danish supermarket. From 1995 to 1997, he served as a management consultant for Arthur Andersen. Mr. Sonneland has a B.A. degree in Business Administration and an M.B.A. from the Copenhagen Business School.

According to our bylaws, the number of directors at any one time may not be less than one or more than seven. The maximum number of directors at any one time may be increased by a vote of a majority of the directors then serving.
 
 
37
 
 
Our charter provides for the annual election of directors. At each annual meeting of stockholders, our directors will be elected for a one-year term and serve until their respective successors have been elected and qualified. It is anticipated that the Board of Directors will meet at least quarterly.
 
The following is a brief description of the specific experience and qualifications, attributes or skills of each director that led to the conclusion that such person should serve as a director of the Company.
 
Mr. Andreassen’s knowledge regarding our operations and the markets in which we compete provides a critical link between management and the Board, enabling the Board to provide its oversight function with the benefit of management’s perspective of the business.
 
Mr. Burgon’s hands-on experience in public company corporate governance and corporate finance provides the Board with a unique perspective on corporate governance matters and corporate finance matters. Given his financial experience, Mr. Burgon has been determined by our Board to be an Audit Committee Financial Expert.
 
Mr. Nemelka’s experience is investment management and his hands-on experience in public company corporate governance provides the Board with the perspective of an active investor with a critical understanding of the capital raising markets and corporate governance matters.
 
Mr. Peterson’s knowledge regarding our history and operations provides a critical link between management and the Board, enabling the Board to provide its oversight function with the benefit of management’s perspective of the business.
 
Mr. Sonneland’s experience as a corporate executive and management consultant for Arthur Andersen, which at that time was one of the “Big Five” accounting firms providing auditing, tax, and consulting services to large corporations, and his educational background in business administration provides the Board with valuable management and leadership skills and an understanding of corporate governance matters.

Family Relationships

None of our Directors or executive officers is related by blood, marriage or adoption.

Director Independence
 
Our Board of Directors has determined that Messrs. Burgon, Nemelka and Sonneland are independent as that term is defined in the listing standards of the NYSE Amex. In making these determinations, our Board of Directors has concluded that none of our independent directors has an employment, business, family or other relationship which, in the opinion of our Board of Directors, would interfere with the exercise of independent judgment in carrying out the responsibilities of a director. Our other directors, Messrs. Andreassen and Peterson, are not considered independent under these rules because Mr. Andreassen serves as an executive officer and Mr. Peterson has influence as a significant stockholder. We expect that our independent directors will meet in executive session (without the participation of executive officers or other non-independent directors) at least two times each year.
 
 
38
 
 
Committees of our Board of Directors

Committee Composition

Our Board of Directors has an audit committee, a compensation committee, and a governance committee. The following table sets forth the current membership of each of these committees:
 
Audit Committee
  
Compensation Committee
  
Governance Committee
Paul Burgon*
  
John F. Nemelka*
  
Aldo Petersen*
Michael Sonneland
  
Paul Burgon
  
John F. Nemelka
  
  
Michael Sonneland
  
  
* Chairman of the committee
  
  
  
  
 
Audit Committee

Our audit committee consists of Paul Burgon (Chair) and Michael Sonneland, each of whom is an independent director as defined in the NYSE Amex rules and SEC rules. Based upon past employment experience in finance and other business experience requiring accounting knowledge and financial sophistication, our Board of Directors has determined that Mr. Burgon is an “Audit Committee Financial Expert” as defined in Item 407(d)(5) of Regulation S-K, and that each member of our audit committee is able to read and understand fundamental financial statements. We have implemented a written charter for our audit committee that provides that our audit committee is responsible for:
 
 
●
appointing, compensating, retaining, overseeing and terminating our independent auditors and pre-approving all audit and non-audit services permitted to be performed by the independent auditors;
 
 
●
discussing with management and the independent auditors our annual audited financial statements, our internal control over financial reporting, and related matters;
 
 
●
reviewing and approving any related party transactions;

 
●
meeting separately, periodically, with management, the internal auditors and the independent auditors;

 
●
annually reviewing and reassessing the adequacy of our audit committee charter;

 
●
such other matters that are specifically delegated to our audit committee by our Board of Directors from time to time; and

 
●
reporting regularly to the Board of Directors.
 
During the fiscal year ended December 31, 2011, the Audit Committee met one time.

Compensation Committee

Our compensation committee consists of John F. Nemelka (Chair), Paul Burgon and Michael Sonneland, each of whom is an independent director as defined in the NYSE Amex rules, a “non-employee director” under Rule 16b-3 promulgated under the Exchange Act, and an “outside director” for purposes of Section 162(m) of the Code.  We have implemented a written charter for our compensation committee that provides that our compensation committee is responsible for:
 
 
●
reviewing and making recommendations to our Board Directors regarding our compensation policies and forms of compensation provided to our directors and officers;
 
 
●
reviewing and making recommendations to our Board of Directors regarding bonuses for our officers and other employees;
 
 
39
 
 
 
●
reviewing and making recommendations to our Board of Directors regarding stock-based compensation for our directors and officers;

 
●
administering our stock option plans in accordance with the terms thereof; and

 
●
such other matters that are specifically delegated to the compensation committee by our Board of Directors after the business combination from time to time.
 
During the fiscal year ended December 31, 2011, the Compensation Committee did not meet. The options issued during the year were granted by the Board since the Compensation Committee was not officially formed yet at that time.
 
Governance Committee
 
Our governance committee consists of Aldo Petersen (Chair) and John F. Nemelka. Mr. Nemelka is an independent director as defined in the NYSE Amex rules. We have implemented a written charter for our governance committee that provides that our governance committee is responsible for:
 
 
●
overseeing the process by which individuals may be nominated to our Board of Directors;
 
 
●
identifying potential directors and making recommendations as to the size, functions and composition of our Board of Directors and its committees;
 
 
●
considering nominees proposed by our stockholders;
 
 
●
establishing and periodically assessing the criteria for the selection of potential directors;
 
 
●
making recommendations to the Board of Directors on new candidates for Board membership; and

 
●
overseeing corporate governance matters.
 
In making nominations, the governance committee intends to submit candidates who have high personal and professional integrity, who have demonstrated exceptional ability and judgment and who are effective, in conjunction with the other nominees to the Board of Directors, in collectively serving the long-term interests of the stockholders. In evaluating nominees, the governance committee intends to take into consideration attributes such as leadership, independence, interpersonal skills, financial acumen, business experiences, industry knowledge, and diversity of viewpoints.

During the fiscal year ended December 31, 2011, the Governance Committee did not meet.
 
 
40
 
 
Legal Proceedings Involving Officers and Directors

To the knowledge of the Company after reasonable inquiry, no current director or executive officer of the Company during the past ten years, has (i) been convicted in a criminal proceeding (excluding traffic violations or other minor offenses), (ii) been a party to any judicial or administrative proceeding (except for any matters that were dismissed without sanction or settlement) that resulted in a judgment, decree or final order enjoining the person from future violations of, or prohibiting activities subject to, U.S. federal or state securities laws, or a finding of any violation of U.S. federal or state securities laws, (iii) filed a petition under federal bankruptcy laws or any state insolvency laws or has had a receiver appointed for the person’s property or (iv) been subject to any judgment, decree or final order enjoining, suspending or otherwise limiting for more than 60 days, the person from engaging in any type of business practice , acting as a futures commission merchant, introducing broker, commodity trading advisor, commodity pool operator, floor broker, leverage transaction merchant, any other person regulated by the Commodity Futures Trading Commission, or an associated person of any of the foregoing, or as an investment adviser, underwriter, broker or dealer in securities, or as an affiliated person, director or employee of any investment company, bank, savings and loan association or insurance company, or engaging in or continuing any conduct or practice in connection with such activity or engaging in any activity in connection with the purchase or sale of any security or commodity or in connection with any violation of Federal or State securities laws or Federal commodities laws, (v) been found by a court of competent jurisdiction in a civil action or by the Commission to have violated any Federal or State securities law, and the judgment in such civil action or finding by the Commission has not been subsequently reversed, suspended, or vacated, (vi) been found by a court of competent jurisdiction in a civil action or by the Commodity Futures Trading Commission to have violated any Federal commodities law, and the judgment in such civil action or finding by the Commodity Futures Trading Commission has not been subsequently reversed, suspended or vacated, (vii) been the subject of, or a party to, any Federal or State judicial or administrative order, judgment, decree, or finding, not subsequently reversed, suspended or vacated, relating to an alleged violation of: (a) any Federal or State securities or commodities law or regulation, (b) any law or regulation respecting financial institutions or insurance companies including, but not limited to, a temporary or permanent injunction, order of disgorgement or restitution, civil money penalty or temporary or permanent cease-and-desist order, or removal or prohibition order, or (c) any law or regulation prohibiting mail or wire fraud or fraud in connection with any business entity, or (viii) been the subject of, or a party to, any sanction or order, not subsequently reversed, suspended or vacated, of any self-regulatory organization (as defined in Section 3(a)(26) of the Exchange Act (15 U.S.C. 78c(a)(26))), any registered entity (as defined in Section 1(a)(29) of the Commodity Exchange Act (7 U.S.C. 1(a)(29))), or any equivalent exchange, association, entity or organization that has disciplinary authority over its members or persons associated with a member.
 
Code of Ethics
 
We have not adopted any code of business ethics; however the Company intends to do so in the near future.

Section 16(a) Beneficial Ownership Reporting Compliance

Section 16(a) of the Exchange Act requires a company’s officers and directors, and persons who own more than ten percent (10%) of a registered class of a company’s equity securities, to file reports of ownership and changes in ownership with the SEC. Officers, directors, and greater than ten percent (10%) stockholders are required by SEC regulation to furnish the Company with copies of all Section 16(a) forms they file.

To our knowledge, based solely on a review of the copies of such reports furnished to us, we believe that all reports under Section 16(a) required to be filed by its officers and directors and greater than ten percent (10%) beneficial owners were timely filed.

Item 11.    Executive Compensation

Summary Compensation Table

The following table sets forth certain information with respect to compensation for the years ended December 31, 2011 and 2010 earned by or paid to our chief executive officer and our most highly compensated executive officer in 2011 whose total compensation exceeded $100,000 (the “named executive officers”). Although Soren Degn, our Chief Financial Officer, is included in the disclosure below, he was not a named executive officer in fiscal year 2011 because he received less than $100,000 in total compensation during 2011. Furthermore, Jens Kjær, the former CEO of Cometas A/S (now known as LiqTech Denmark International), is not a named executive officer for 2011 because he was not an executive officer at the end of fiscal year 2011.
 
 
41
 
 
Summary Compensation Table
 
Name and
Principal Position
  
Year
  
Salary
($)(1)
  
Bonus
($)
  
Stock
Awards
($)
  
Option
Awards
($)(2)
  
Nonequity
Incentive
Plan
Compensation
  
Nonqualified
Deferred
Compensation
Earnings
  
Other
  
Total
($)
Lasse Andreassen,
  
2011
  
$
104,428
    
—
    
—
  
$
3,139
    
—
    
—
  
$
7,832 (4)
  
$
115,399
Chief executive officer (3)
  
2010
    
147,438
    
—
    
—
    
—
    
—
    
—
    
—
    
147,438
   
2009
    
166,034
    
—
    
—
    
—
    
—
    
—
    
—
    
166,034
                                                     
Donald S. Debelak,
  
2011
    
162,000
    
—
    
—
    
2,485
    
—
    
—
    
—
    
164,485
Head of U.S. Operations
  
2010
    
162,000
    
—
    
—
    
—
    
—
    
—
    
—
    
162,000
   
2009
    
144,000
    
—
    
—
    
—
    
—
    
—
    
—
    
144,000
                                                     
Soren Degn,
  
2011
    
64,397
    
—
    
—
    
2,616
    
—
    
—
    
—
    
67,013
Chief Financial Officer (5)
  
2010
    
—
    
—
    
—
    
—
    
—
    
—
    
—
    
—
   
2009
    
—
    
—
    
—
    
—
    
—
    
—
    
—
    
—
                                                     
Jens Husted Kjær, CEO of
  
2011
    
45,027
    
—
    
—
    
—
    
—
    
—
    
—
    
45,027
Cometas (6)
  
2010
    
166,568
    
—
    
—
    
—
    
—
    
—
    
—
    
166,568
   
2009
    
173,516
    
—
    
—
    
—
    
—
    
—
    
—
    
173,516
 
(1)
Total salaries for Messrs. Andreassen and Kjær for 2009 and 2010 are reported on an as-converted basis from Danish Krone (DKK) to U.S. dollars ($) based on the currency exchange rate of $1.00 = DKK 5.6133, as of December 31, 2010. Total salaries for Messrs. Andreassen, Degn and Kjær for 2011 are reported on an as-converted basis from Danish Krone (DKK) to U.S. dollars ($) based on the currency exchange rate of $1.00 = DKK 5.7456, as of December 31, 2011. We do not make any representation that the Danish Krone amounts could have been, or could be, converted into U.S. dollars at such rate on December 30, 2010 or December 31, 2011, or at any other rate.
 
(2)
These amounts represent the aggregate grant date fair value for stock awards granted in fiscal year 2011, computed in accordance with FASB ASC Topic 718. See notes to consolidated financial statements contained elsewhere in this report for further information on the assumptions used to value stock options. On August 24, 2011, Messrs. Andreassen, Debelak and Degn were granted stock options to purchase 180,000, 142,500 and 150,000 shares of common stock, respectively, at $3.00 per share. On August 24, 2011, Messrs. Andreassen, Debelak, and Degn were granted stock options to purchase 60,000, 47,500 and 50,000 shares of common stock, respectively, at $1.50 per share. The vesting schedule of such options is as follows: one-third of the options vested immediately, one third of such options vest on September 1, 2012 and one third of such options vest on September 1, 2013. All of these options will expire on February 28, 2015.
 
(3)
For the years ended December 31, 2011, 2010 and 2009, Mr. Andreassen was entitled to an annual base salary of approximately $182,749, $178,000 and $178,000, respectively. From January 2011 until October 2011, Mr. Andreassen was entitled to an annual base salary of DKK 1,000,000. From October 2011 until December 2011, Mr. Andreassen was entitled to an annual base salary of DKK 1,200,000.
 
(4)
Pursuant to Mr. Andreassen’s employment agreement, Mr. Andreassen received $7,832 of contributions from the Company to his individual retirement account in 2011.
 
 
42
 
 
 
(5)
Mr. Degn became our chief financial officer in August 2011. Pursuant to his employment agreement, Mr. Degn is entitled to an annual base salary of approximately $177,527. Mr. Degn was not an executive officer of the Company in fiscal year 2010 or 2009.
 
(6)
Resigned from his position in April 2011.

Employment Arrangements

We have employment agreements with Messrs. Andreassen, Debelak and Degn.

Effective upon the closing of the Merger, we entered into a new employment agreement with Lasse Andreassen for his continued employment as our chief executive officer. Under the agreement, Mr. Andreassen will (i) through January 2013, earn a base annual salary of approximately DKK 1,200,000 (or approximately $208,856 based on the currency exchange rate of $1 = DKK 5.7456 as of December 31, 2011); (ii) be entitled to an annual bonus of three year options exercisable for the number of shares of our common stock determined by multiplying earnings before interest expense and taxes (EBIT) by a factor of 0.25 and dividing the resulting product by the average price per share of our common stock during the 10 days before the publication of our results of operations for the last completed fiscal year; (iii) be entitled to monthly contributions from us into his retirement plan of an amount equal to 10% of his monthly salary; (iv) be entitled to participate in all of our employee benefit programs available to management executives, including health and long-term disability insurance; (v) upon termination by us for any reason other than for “Cause,” as defined in his employment agreement, be entitled to a severance payment equal to 36 months of his salary; and (vi) provide us with 24 months prior notice upon his voluntary termination of employment.

Mr. Andreassen’s previous employment agreement was terminated in October 2011. Under that agreement, Mr. Andreassen’s annual compensation included an annual base salary of approximately DKK 1,000,000 (or approximately $178,148 based on the currency exchange rate of $1.00 = DKK 5.6133 as of December 31, 2010) plus an annual bonus in an amount equal to 10% of our annual net profit. In addition, upon termination of his employment (i) by us for any reason, other than for Cause, be was entitled to a severance payment equal to 24 months of his salary; and (ii) by him voluntarily, he was required to provide us with 12 months prior notice.
 
The employment agreement with Mr. Debelak was entered into on, and became effective as of, November 16, 2005. Mr. Debelak’s employment agreement was amended on December 15, 2011, effective as of November 16, 2011. The term of the employment agreement ends on November 1, 2014 due to the exercise of an extension option. Mr. Debelak’s annual compensation includes an annual base salary of $162,000. Mr. Debelek is entitled to receive annually the number of options equal to 0.15 multiplied by our EBIT, divided by our average share price during the ten days prior to the publication of our financial results. One-third of the options will vest immediately, one-third of such options may be exercised after 12 months of the grant and one-third of such options may be exercised after 24 months of the grant. He is also entitled to participate in all of our employee benefit programs available to management executives, including health and long-term disability insurance. We may terminate Mr. Debelak’s employment as a result of a “Permanent Disability,” “for Cause,” or “without Cause,” as defined in his employment agreement. Mr. Debelak may be terminated without Cause only upon 12 months’ prior written notice by us, and he may not resign from his position unless he provides us with six months’ prior written notice. Upon termination of his employment without Cause, Mr. Debelak will be entitled to his annual compensation and continuation of his health insurance coverage for a period of 12 weeks after the termination date in return for a Release of Claims. In addition, Mr. Debelak has agreed not to solicit our customers or compete with us for a period of two (2) years from the date of termination.

Effective upon the closing of the Merger, we entered into an employment agreement with Soren Degn for his employment as our Finance Director/CFO. Under the agreement, Mr. Degn will (i) through January 2013, earn a base annual salary of approximately DKK 1,020,000 (or approximately $177,527 based on the currency exchange rate of $1 = DKK 5.7456 as of December 31, 2011); (ii) be entitled to an annual bonus of three year options exercisable for the number of shares of our common stock determined by multiplying earnings before interest expense and taxes (EBIT) by a factor of 0.15 and dividing the resulting product by the average price per share of our common stock during the 10 days before the publication of our results of operations for the last completed fiscal year; (iii) be entitled to monthly contributions from us into his retirement plan of an amount equal to 10% of his monthly salary; (iv) be entitled to participate in all of our employee benefit programs available to management executives, including health and long-term disability insurance; (v) upon termination by us for any reason other than for “Cause,” as defined in his employment agreement, be entitled to a severance payment equal to 24 months of his salary; and (vi) provide us with 12 months prior notice upon his voluntary termination of employment
 
 
43
 

Outstanding Equity Awards at Last Fiscal Year End

The following table sets forth all outstanding equity awards held by our named executive officers as of December 31, 2011. In addition, although Soren Degn, our chief financial officer, was not a named executive officer in fiscal year 2011, we have included him in the table below.

   
Option Awards
  
Stock Awards
Name
  
Number of
Securities
Underlying
Unexercised
Exercisable
(1)
  
Number of
Securities
Underlying
Unexercised
Unexercisable
  
Equity
Incentive
Plan
Awards:
No. of
Securities
Underlying
Unexercised
Unearned
Options
(1)
  
Option
Exercise
Price
  
Option
Expiration
Date
  
Number
of Shares
or Units
of Stock
That Have
Not Vested
  
Market
Value of
Shares
or Units
of Stock
That
Have Not
Vested
 
  
Equity
Incentive
Plan
Awards:
Number of
Unearned
Shares,
Units, or
Other
Rights That
Have Not
Vested
  
Equity
Incentive
Plan Awards:
Market or
Payout
Value of
Unearned
Shares,
Units, or
Other Rights
That Have
Not Vested
Lasse Andreassen
    
180,000
      
—
      
120,000
    
$
3.00
      
02/28/15
      
—
      
—
      
—
      
—
  
     
60,000
      
—
      
40,000
    
$
1.50
      
02/28/15
      
—
      
—
      
—
      
—
  
Donald S. Debelak
    
142,500
      
—
      
95,000
    
$
3.00
      
02/28/15
      
—
      
—
      
—
      
—
  
     
47,500
      
—
      
31,667
    
$
1.50
      
02/28/15
      
—
      
—
      
—
      
—
  
Soren Degn
    
150,000
      
—
      
100,000
    
$
3.00
      
02/28/15
      
—
      
—
      
—
      
—
  
     
50,000
      
—
      
33,334
    
$
1.50
      
02/28/15
      
—
      
—
      
—
      
—
  
 
Compensation of Directors

In order to attract and retain qualified independent directors, in November, 2011, we adopted a compensation plan for non-employee directors.  Such plan includes cash as well as equity-based compensation. As part of this compensation plan, annually each independent director is to receive $10,000, and the chairman of the audit committee is to receive $20,000. In addition, on December 16, 2011, each independent director received 20,000 options with one-third to vest immediately, one-third to vest on September 1, 2012, and one-third to vest on September 1, 2013. The options also include a three-year expiration period.
 
 
44
 
 
The following table provides information regarding compensation that was earned or paid to the individuals who served as non-employee directors during the year ended December 31, 2011. Except as set forth in the table, during 2011, directors did not earn nor receive cash compensation or compensation in the form of stock awards, option awards or any other form.

Name
  
Fees
earned or
paid in cash
(1)
  
Stock
awards
  
Option
awards
(2)(3)
  
Non-equity
incentive plan
compensation
  
Non-qualified
deferred
compensation
earnings
  
All other
compensation
  
Total
John Nemelka
  
$
4,167
      
—
    
$
6,407
      
—
      
—
      
—
    
$
10,574
  
Michael Sonneland
    
4,167
      
—
      
6,407
      
—
      
—
      
—
      
10,574
  
Paul Burgon
    
8,333
      
—
      
6,407
      
—
      
—
      
—
      
14,740
  
 
 
(1)
Of the stock options granted on August 24, 2011, one-third of the options vested immediately, one third of such options vest on September 1, 2012 and one third of such options vest on September 1, 2013. Messrs. Nemelka, Sonneland and Burgon joined our Board of directors in August 2011. Although our independent directors are entitled to cash compensation of $10,000 per year and the chairman of our audit committee is entitled to $20,000 per year, the actual cash amounts paid to such directors in 2011 reflect the fact that such annual compensation was pro rated for the number of months of service actually provided to us.
  
 
(2)
These amounts represent the aggregate grant date fair value for stock awards granted in fiscal year 2011, computed in accordance with FASB ASC Topic 718. As such, these amounts do not correspond to the compensation actually realized by each director for the period. See notes to consolidated financial statements contained elsewhere in this report for further information on the assumptions used to value stock options.
  
 
(3)
There were a total of 60,000 stock options granted to non-employee directors outstanding at December 31, 2011 with an aggregate grant date fair value of approximately $19,221. The options vest in three equal annual installments on December 16, 2011, September 1, 2012 and September 1, 2013.
  
 
Item 12.    Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters
 
The following table sets forth, as of March 1, 2012, certain information regarding the beneficial ownership of our common stock, the only class of capital stock we have currently outstanding, of (i) each director and ”named executive officers” (as defined in the section titled “Executive Compensation — Summary Compensation Table”) individually, (ii) our chief financial officer, (iii) all directors and executive officers as a group, and (iv) each person known to us who is known to be the beneficial owner of more than 5% of our common stock. In accordance with the rules of the SEC, “beneficial ownership” includes voting or investment power with respect to securities. To our knowledge, except as indicated in the footnotes to this table and pursuant to applicable community property laws, the persons named in the table have sole voting and investment power with respect to all shares of common stock beneficially owned by them.
 
 
45
 
 
Name of Beneficial Owner(1)
  
Shares of
Common
Stock
Beneficially
Owned (2)
  
Percentage
of Common
Stock
Beneficially
Owned (3)
Lasse Andreassen(4)
    
1,955,000
      
8.1
%
Donald S. Debelak(5)
    
463,333
      
1.9
%
Soren Degn(6)
    
384,667
      
1.6
%
Aldo Petersen(7)
    
5,703,541
      
21.9
%
Paul Burgon(8)
    
14,167
      
*
  
John F. Nemelka(9)
    
108,667
      
*
  
Michael Sonneland(10)
    
483,917
      
2.0
%
All executive officers and directors as a group (7 persons)(11)
    
9,113,291
      
34.7
%
5% Shareholders:
    
 
     
 
 
LaksyaVentures, Inc.(12)
    
3,199,792
      
13.3
%
David Nemelka(13)
    
4,666,417
      
19.4
%
 
*
Less than one percent.
 
 
(1)
Unless otherwise indicated, the address for each person listed above is: c/o LiqTech, Grusbakken 12, DK-2820 Gentofte, Denmark.
     
  (2) Under the rules and regulations of the SEC, beneficial ownership includes (i) shares actually owned, (ii) shares underlying options and warrants that are currently exercisable and (iii) shares underlying options and warrants that are exercisable within 60 days of March 1, 2012. All shares beneficially owned by a particular person under clauses (ii) and (iii) of the previous sentence are deemed to be outstanding for the purpose of computing the percentage ownership of that person but are not deemed outstanding for the purpose of computing the percentage ownership of any other person.
     
  (3) Based on 24,111,500 shares issued and outstanding as of March 19, 2012.
     
  (4) Shares are owned by El Salto ApS, a Danish entity. The voting and disposition of the shares owned by El Salto is controlled by Mr. Andreassen. Includes 240,000 stock options, of which 60,000 stock options have an exercise price of $1.50 per share and vest in three equal annual installments on August 24, 2011, September 1, 2012 and September 1, 2013, and 180,000 stock options have an exercise price of $3.00 and vest in three equal annual installments on August 24, 2011, September 1, 2012 and September 1, 2013.
     
  (5) Includes 190,000 stock options, of which 47,500 stock options have an exercise price of $1.50 per share and vest in three equal annual installments on August 24, 2011, September 1, 2012 and September 1, 2013, and 142,500 stock options have an exercise price of $3.00 and vest in three equal annual installments on August 24, 2011, September 1, 2012 and September 1, 2013.
     
  (6) Includes 205,000 shares and 113,000 shares owned by SHD Invest ApS and LHD Invest ApS, respectively, each of which is a Danish entity. The voting and disposition of the shares owned by SHD Invest ApS and LHD Invest ApS are controlled by Mr. Degn. Also includes 200,000 stock options. 50,000 stock options have an exercise price of $1.50 and vest in three equal annual installments on August 24, 2011, September 1, 2012 and September 1, 2013. 150,000 stock options have an exercise price of $3.00 and vest in three equal annual installments on August 24, 2011, September 1, 2012 and September 1, 2013.
     
  (7) Includes (i) 3,428,541 shares owned by APE Invest A/S, a Danish entity controlled by Mr. Petersen, of which 900,000 shares underlie a 5-year warrant immediately exercisable at an exercise price of $1.50 per share; and (ii) 2,275,000 shares owned by four entities controlled by Mr. Petersen’s spouse of which 1,000,000 shares underlie a 5-year warrant immediately exercisable at an exercise price of $1.50 per share. Mr. Petersen disclaims beneficial ownership of the 2,275,000 shares owned by the four entities controlled by Mr. Petersen’s spouse.
 
 
46
 
 
 
(8)
Includes 20,000 stock options at an exercise price of $3.60. The options vest in three equal annual installments on December 16, 2011, September 1, 2012 and September 1, 2013.
     
  (9) Includes 20,000 stock options at an exercise price of $3.60. The options vest in three equal annual installments on December 16, 2011, September 1, 2012 and September 1, 2013.
     
  (10) Shares are owned by NSMSO Holding ApS, a Danish entity. The voting and disposition of the shares owned by NSMSO are controlled by Mr. Sonneland. Includes 20,000 stock options at an exercise price of $3.60. The options vest in three equal annual installments on December 16, 2011, September 1, 2012 and September 1, 2013.
     
  (11) Includes five-year warrants immediately exercisable for an aggregate of 1,900,000 shares at an exercise price of $1.50 per share.
     
  (12) Includes five-year warrants immediately exercisable for an aggregate of 1,900,000 shares at an exercise price of $1.50 per share. The voting and disposition of the shares owned by Laksya Ventures is controlled by Neil Persh.
     
  (13) Includes five-year warrants immediately exercisable for an aggregate of 1,135,000 shares at an exercise price of $1.50 per share.
 
We know of no arrangements, including pledges, by or among any of the forgoing persons, the operation of which could result in a change of control of us.

Item 13.   Certain Relationships and Related Transactions, and Director Independence

Transactions with Related Persons

In the year ended December 31, 2009, we had a note payable in the principal amount of DKK 1,586,200, accruing interest at a rate of 6% per annum, to an entity that was a significant stockholder of LiqTech Denmark and that was controlled by a person related to one of our officers. This note payable was fully paid and satisfied on July 15, 2010. Pan Management ApS owned at that time 19.23% of the shares in LiqTech Denmark. The owner of Pan Management ApS was Poul Andreassen, who was the father of Lasse Andreassen, our chief executive officer. Interest paid in 2009 was DKK 76,336 and interest paid in 2010 was DKK 6,164.

In the year ended December 31, 2010, LiqTech Delaware had a note receivable of $80,000 from Don Debelak, an officer of the Company, bearing interest at 4%. The note was secured by the officer’s stock in our Company and was due on demand. The note was paid in full as of December 31, 2011. Interest income of $1,600 and $3,200 was recorded and received for the year ended December 31, 2011 and 2010, respectively.
 
The Company had a DKK 19,500,000 (approximately $3,765,351) note receivable, net of a discount of $65,718 as of December 31, 2011, from David Nemelka, a significant shareholder and a relative of one of our directors, resulting from the purchase of common shares and classified as equity in the accompanying financial statements. The note was discounted $120,600 as the note does not accrue interest and is payable on June 30, 2012. During the year ended December 31, 2011 the Company recorded interest income of $54,882 as a result of amortization of the discount.
 
We recorded a $1,500,000 note receivable from the sale of common shares with $52,912 remaining outstanding as of September 30, 2011. The $52,912 was collected in October 2011.
 
 
47
 
 
As of December 31, 2011, the Company had a DKK 19,500,000 (approximately $3,765,351) note payable, net of a discount of $65,718, to current and former stockholders of LiqTech Denmark in connection with LiqTech Denmark's reverse acquisition of LiqTech USA, concurrently with the Merger.  The note was discounted $120,600 as the note does not accrue interest and is payable on June 30, 2012.  During the year ended December 31, 2011, our recorded interest expense was $54,822 as a result of amortization of the discount.  El Salto ApS, controlled by Lasse Andreassen, had a receivable of DKK 13,000,000 ($2,262,601), APE Invest ApS, controlled by Aldo Petersen, had a receivable of DKK 1,900,000 ($330,688), LaksyaVentures, Inc., controlled by Neil Persh, had a receivable of DKK 1,900,000 ($330,688) and SHD Invest ApS, controlled by Soren Degn, had a receivable of DKK 492,000 ($85,631).
 
Policies and Procedures for Related Party Transactions

Any request for us to enter into a transaction with an executive officer, director, principal stockholder, or any of such persons’ immediate family members or affiliates, in which the amount involved exceeds $120,000 must first be presented to our audit committee for review, consideration and approval. All of our directors, executive officers and employees will be required to report to our audit committee any such related party transaction. In approving or rejecting the proposed agreement, our audit committee will consider the relevant facts and circumstances available and deemed relevant to the audit committee, including, but not limited to, the risks, costs and benefits to us, the terms of the transaction, the availability of other sources for comparable services or products, and, if applicable, the impact on a director’s independence. Our audit committee will approve only those agreements that, in light of known circumstances, are in, or are not inconsistent with, our best interests, as our audit committee determines in the good faith exercise of its discretion.

Item 14.   Principal Accountant Fees and Services
 
Audit and Audit-Related Fees
 
The aggregate fees billed or expected to be billed by our independent auditors for the audit of our annual consolidated financial statements for the year ended December 31, 2011 and for the review of our quarterly financial statements during 2011was $103,394. Our auditors did not provide any tax compliance or planning services or any services other than those described above. The aggregate fees billed by our principal auditors for the audit of our annual consolidated financial statements for the year ended December 31, 2010 was $67,320. Our auditors did not provide any tax compliance or planning services or any services other than those described above.

Audit Committee Pre-approval

The policy of the Audit Committee is to pre-approve all audit and non-audit services provided by the independent accountants. These services may include audit services, audit-related services, tax fees, and other services. Pre-approval is generally provided for up to one year and any pre-approval is detailed as to the particular service or category of services. The Audit Committee has delegated pre-approval authority to certain committee members when expedition of services is necessary. The independent accountants and management are required to periodically report to the full Audit Committee regarding the extent of services provided by the independent accountants in accordance with this pre-approval delegation, and the fees for the services performed to date. All of the services described above in this Item 14 were approved in advance by the Audit Committee during the fiscal year ended December 31, 2011.

Item 15.    Exhibits and Financial Statement Schedules

(a)           Financial Statements and Schedules

The financial statements are set forth under Item 8 of this Annual Report. The following financial statement schedule for the years ended December 31, 2011 and December 31, 2010 is included in this Annual Report on Form 10-K:
 
a.           Valuation and Qualifying Accounts for the years ended December 31, 2011 and December 31, 2010.
 
 
48
 

   
Balance Beginning of Year
    
Charges to Costs and Expenses
    
Deductions (1)
    
Balance End of Year
  
Year Ended December 31, 2011
                        
Allowance for inventory obsolescense
   $ 13,000     $ -     $ -     $ 13,000  
Allowance for doubtful accounts
     452,266       208,275       (271,509 )     389,032  
Totals
   $ 465,266     $ 208,275     $ (271,509 )   $ 402,032  
 
 
   
Balance Beginning of Year
    
Charges to Costs and Expenses
    
Deductions (1)
    
Balance End of Year
  
Year Ended December 31, 2010
                        
Allowance for inventory obsolescense
   $ 13,000     $ -     $ -     $ 13,000  
Allowance for doubtful accounts
     221,400       675,341       (444,475 )     452,266  
Totals
   $ 234,400     $ 675,341     $ (444,475 )   $ 465,266  
 
(1)
Includes writeoffs and the impact of foreign currency exchange rates.
 
Schedules other than that listed above are omitted because the conditions requiring their filing do not exist or because the required information is provided in the Consolidated Financial Statements, including the Notes thereto. Financial statement schedules have been omitted since they are either not required, not applicable, or the information is otherwise included.
 
(b)           Exhibits

Exhibit No.
  
Description
  
Location
1.1
  
Placement Agency Agreement, dated March 2, 2012, by and between LiqTech International, Inc. and Sunrise Securities Corp.
  
Incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K as filed with the SEC on March 8, 2012
         
2.1
  
Agreement and Plan of Merger dated as of August 23, 2011 by and among Blue Moose Media, Inc., LiqTech USA, Inc. and BMD Sub
  
Incorporated by reference to Exhibit 2.1 to the Company’s Current Report on Form 8-K/A as filed with the SEC on October 11, 2011
         
3.1
  
Articles of Incorporation
  
Incorporated by reference to Exhibit 3(i) to the Company’s Registration Statement on Form 10 (SEC Accession No. 0001078782-09-001287) as filed with the SEC on August 19, 2009
         
3.2
  
Certificate of Amendment to the Articles of Incorporation
  
Incorporated by reference to Exhibit A to the Company’s Information Statement on Schedule 14C as filed with the SEC on September 20, 2011
 
 
49
 
 
3.3
  
Bylaws
  
Incorporated by reference to Exhibit 3(ii) to the Company’s Registration Statement on Form 10 (SEC Accession No. 0001078782-09-001287) as filed with the SEC on August 19, 2009
         
4.1
  
Form of Common Stock Certificate
  
Provided herewith
         
4.2
  
Form of Warrant issued to Investors in the Private Placement
  
Incorporated by reference to Exhibit 4.2 to the Company’s Current Report on Form 8-K as filed with the SEC on August 25, 2011
         
4.3
  
Form of Warrant issued to Sunrise Securities Corp.
  
Incorporated by reference to Exhibit 4.1 to the Company’s Current Report on Form 8-K as filed with the SEC on March 8, 2012
         
10.1
  
Form of Securities Purchase Agreement by and between LiqTech USA, Inc. and each of the investors in the Private Placement
  
Incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K as filed with the SEC on August 25, 2011
         
10.2
  
Employment Agreement dated July 29, 2011 between LiqTech A/S and Lasse Andreasson
  
Incorporated by reference to Exhibit 10.2 to the Company’s Current Report on Form 8-K/A as filed with the SEC on October 11, 2011 (translated in English)
         
10.3
  
Employment Agreement dated November 16, 2005 between LiqTech NA, Inc. and Donald S. Debelak
  
Incorporated by reference to Exhibit 10.3 to the Company’s Current Report on Form 8-K/A as filed with the SEC on October 11, 2011
         
10.4
  
Addendum to Employment Agreement, dated December 15, 2011, between LiqTech NA, Inc. and Donald S. Debelak
  
Provided herewith
 
 
50
 
 
10.5
  
Employment Agreement, dated July 29, 2011, between LiqTech International Inc. and Soren Degn (translated in English)
  
Provided herewith
         
10.6
  
Lease Agreements for 1800 - 1810 Buerkle Road, White Bear Lake, Minnesota 55110
  
Incorporated by reference to Exhibit 10.4 to the Company’s Current Report on Form 8-K/A as filed with the SEC on November 15, 2011
         
10.7
  
Lease Agreement for 1800 - 1816 Buerkle Road, White Bear Lake, Minnesota 55110
  
Provided herewith
         
10.8
  
Lease Agreement for Grusbakken 12, DK-2820 Gentofte Denmark
  
Incorporated by reference to Exhibit 10.5 to the Company’s Current Report on Form 8-K/A as filed with the SEC on November 15, 2011 (translated in English)
         
10.9
  
Lease Agreement for Industriparken 22C, 2750 Ballerup, Denmark
  
Incorporated by reference to Exhibit 10.6 to the Company’s Current Report on Form 8-K/A as filed with the SEC on November 15, 2011 (translated in English)
         
10.10
  
DKK 6,000,000 Line of Credit Agreement, between LiqTech A/S and Sydbank A/S
  
Incorporated by reference to Exhibit 10.7 to the Company’s Current Report on Form 8-K/A as filed with the SEC on November 15, 2011 (translated in English)
         
10.11
  
DKK 3,000,000 Line of Credit Agreement, between LiqTech A/S and Sydbank A/S
  
Incorporated by reference to Exhibit 10.8 to the Company’s Current Report on Form 8-K/A as filed with the SEC on November 15, 2011 (translated in English)
         
10.12
  
Note Payable Agreement between LiqTech A/S and Sydbank A/S, for the principal amount of $475,000 USD
  
Incorporated by reference to Exhibit 10.9 to the Company’s Quarterly Report on Form 10-Q as filed with the SEC on November 15, 2011 (translated in English)
 
 
51
 
 
10.13
  
Form of Guarantee in respect of obligations of LiqTech A/S (translated in English)
  
Provided herewith
         
10.14
  
Form of Guarantee in respect of obligations of LiqTech International A/S (translated in English)
  
Provided herewith
         
10.15
  
Form of Guarantee in respect of obligations of LiqTech NA, Inc. (translated in English)
  
Provided herewith
         
10.16
  
Form of Promissory Note payable to certain related parties
  
Provided herewith
         
10.17
  
Business Mortgage of LiqTech A/S (translated in English)
  
Provided herewith
         
10.18
  
Business Mortgage of LiqTech International A/S (translated in English)
  
Provided herewith
         
21
  
List of Subsidiaries
  
Provided herewith
         
31.1
  
Certifications of the Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
  
Provided herewith
         
31.2
  
Certifications of the Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
  
Provided herewith
         
32.1
  
Certification Pursuant To 18 U.S.C. Section 1350, As Adopted Pursuant To Section 906 of the Sarbanes-Oxley Act Of 2002
  
Furnished, not filed herewith
         
32.2
  
Certification Pursuant To 18 U.S.C. Section 1350, As Adopted Pursuant To Section 906 of the Sarbanes-Oxley Act Of 2002
  
Furnished, not filed herewith
         
101. INS
  
XBRL Instance Document
  
Provided herewith
         
101. CAL
  
XBRL Taxonomy Extension Calculation Link base Document
  
Provided herewith
         
101. DEF
  
XBRL Taxonomy Extension Definition Link base Document
  
Provided herewith
         
101. LAB
  
XBRL Taxonomy Label Link base Document
  
Provided herewith
         
101. PRE
  
XBRL Extension Presentation Link base Document
  
Provided herewith
         
101. SCH
  
XBRL Taxonomy Extension Scheme Document
  
Provided herewith
 
 
52
 
 
SIGNATURES
 
In accordance with Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
 
 
LIQTECH INTERNATIONAL, INC.
  
Date: March 29, 2012
      
 
By:
/s/ Lasse Andreassen
   
Lasse Andreassen, Chief Executive Officer, Principal Executive Officer and Director
 
 
 
In accordance with the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities indicated on the dates indicated.
 
Signatures
  
Title
  
Date
         
         
/s/ Lasse Andreassen
      
March 29, 2012
Lasse Andreassen
  
Chief Executive Officer, Principal Executive Officer and Director
    
         
         
/s/ Aldo Peterson
      
March 29, 2012
Aldo Peterson
  
Chairman of the Board of Directors
    
         
         
/s/ Soren Degn
      
March 29, 2012
Soren Degn
  
Chief Finacial Officer, Principal Financial and Accounting Officer
    
         
         
/s/ Paul Burgon
      
March 29, 2012
Paul Burgon
  
 Director
    
         
         
/s/ John F. Nemelka
      
March 29, 2012
John F. Nemelka
  
Director
    
         
         
/s/ Michael Sonneland
      
March 29, 2012
Michael Sonneland
   Director    
EX-4.1 2 ex4-1.htm EXHIBIT 4.1
 
Exhibit 4.1
 
 
INCORPORATED UNDER THE LAWS OF NEVADA
 
   
NUMBER
SHARES
   
   
   
 
 
   
   
   
 
Fully Paid Non Assessable $0.001 Par Value COMMON STOCK
CUSIP NO. 53632A 102
 
THIS CERTIFIES THAT
 
IS THE RECORD HOLDER OF
 
Shares of
LiqTech International, Inc.
Common Stock
transferable on the books of the Corporation by the holder in person or by duly authorized attorney upon surrender of this Certificate properly endorsed. This Certificate is not valid until countersigned by the Transfer Agent and registered by the Registrar.
WITNESS the facsimile seal of the Corporation and the facsimile signature of its duly authorized officers.
 
Dated:
COUNTERSIGNED AND REGISTERED
 
ACTION STOCK TRANSFER CORP.
 
2469 E Ft. Union Blvd., #214, Salt Lake City, UT 84121
   
 
By:
    
 
TRANSFER AGENT-AUTHORIZED SIGNATURE
 
 
 
 
CEO
CFO
  
 
 
 
 
 
The following abbreviations, when used in the inscription on the face of this certificate, shall be construed as though they were written out in full according to applicable laws or regulations:
 
TEN COM  -
as tenants in common
UNIF GIFT MIN ACT -
 .......................Custodian..................
TEN ENT   -
as tenants by the entireties
  
(Cust)
(Minor)
JT TEN       -
as joint tenants with rights of
  
under Uniform Gifts to Minors
 
survivorship and not as tenants
  
Act .....................................................
 
in common
  
(State)
   
UNIF TRF MIN ACT -
............Custodian (until age.........)
     
  (Cust)
      ................ under Uniform Transfers
     
(Minor)
     
to Minors Act
 .................................. 
       
(State)
 
Additional abbreviations may also be used though not in the above list.
 
FOR VALUE RECEIVED, 
  
  hereby sell, assign and transfer unto

PLEASE INSERT SOCIAL SECURITY OR OTHER
  
IDENTIFYING NUMBER OF ASSIGNEE 
      

 
(PLEASE PRINT OR TYPE NAME AND ADDRESS, INCLUDING ZIP CODE, OF ASSIGNEE)
 
 
 
 

 
  Shares
of the capital stock represented by the within Certificate, and do hereby irrevocably constitute and appoint
 
 
  Attorney
to transfer the said stock on the books of the within named Corporation with full power of substitution in the premises.
 
Dated
    

X
 
  
     
X
 
  
     
NOTICE:
  
THE SIGNATURE(S) TO THIS ASSIGNMENT MUST CORRESPOND WITH THE NAME(S) AS WRITTEN UPON THE FACE OF THE CERTIFICATE IN EVERY PARTICULAR, WITHOUT ALTERATION OR ENLARGEMENT OR ANY CHANGE WHATEVER.

 
 
 
EX-10.4 3 ex10-4.htm EXHIBIT 10.4 ex10-4.htm
Exhibit 10.4
 
ADDENDUM TO EMPLOYMENT AGREEMENT

THIS ADDENDUM TO EMPLOYMENT AGREEMENT (“Addendum”), is entered into December 15, 2011, but made effective retroactive to November 16, 2011, by and between LiqTech NA, Inc., a Delaware corporation (the “Company”), and Donald S. Debelak (the “Employee”).

RECITALS

WHEREAS, the Company and the Employee are parties to that certain employment agreement dated November 16, 2005 (the “Employment Agreement”); and

WHEREAS, the Company and the Employee have mutually agreed to exercise the Second Option term of the Employment Agreement as described in Section 1.3 of the Employment Agreement; and

WHEREAS, the Company and the Employee, as a condition to their mutual agreement to the Second Option term, have agreed to be bound by the terms of this Addendum.

NOW THEREFORE, in consideration of the premises set forth above and the mutual covenants set forth below, the Company and the Employee agree that the Employment Agreement shall be modified as follows:

 
1.
Section 3.4 of the Employment Agreement shall be replaced with the following:

3.4 Termination by the Company Without Cause.  The Company may terminate the Employee’s employment without Cause upon twelve (12) months prior written notice to the Employee.

 
2.
Section 3.5 of the Employment Agreement shall be replaced with the following:

3.5 Resignation by the Employee.  The Employee may terminate his employment upon six (6) months prior written notice to the Company (the “Resignation Notice Period”).

3.           Until further agreement between the Company and the Employee, the Employee’s annual salary described in Section 2.2 of the Employment Agreement shall be fixed at $162,000.00.

 
4.
A new Section 2.7 shall be added to the Employment Agreement, as follows:

2.7 Incentive Compensation.  The Employee shall receive additional yearly warrants based on LiqTech International, Inc.’s EBIT as established by its financial statements.  The number of warrants is equal to 0.15 EBIT divided by that company’s average share price during the ten (10) days before the publication of that company’s financial results.  One-third (1/3) of such warrants may be exercised immediately, one-third (1/3) after twelve (12) months, and one-third (1/3) after twenty-four (24) months.
 
 
1
 

IN WITNESS WHEREOF, the undersigned parties hereto execute this Addendum effective as of the date written in the preamble above.

 
COMPANY
   
 
LIQTECH NA, INC.,
 
  a Delaware corporation
   
 
By: 
/s/ Lasse Andreassen
     
Lasse Andreassen
 
Title: 
Director, on behalf of the Board of Directors
   
 
EMPLOYEE
   
 
/s/ Donald S. Debelak
 
Donald S. Debelak
 
 
2
 EX-10.5 4 ex10-5.htm EXHIBIT 10.5 ex10-5.htm
Exhibit 10.5
 
DIRECTOR’S CONTRACT
 
Between the undersigned
 
Søren Degn
Ved Lindelund 283
2605 Brøndby
CBR-no.:040469-0329
 
(subsequently called the Director)
 
and co-signatory
 
LiqTech A/S
Grusbakken 12
2820 Gentofte
CBR-no.: 21 50 36 49
 
(subsequently called the Company)
 
has today entered into the following director’s contract:
 
1.
COMMENCEMENT
   
1.1
The Director is employed in the Company as Finance Director/CFO. This employment agreement comes into force in the same month as the Company has a minimum of 1,500,000 USD injected into it, minus any additional costs, by an injection of capital from external investors. This is expected to occur in August 2011 at the latest. If the contract does not come into force by 20th August 2011 at the latest none of the parties are obligated to each other in accordance with this agreement.
   
2.
EMPLOYMENT AND AREA OF RESPONSIBILITY
   
2.1
The Director has, under observance of the legislation’s rules, a responsibility to the board of directors to perform normal tasks and those with responsibility, which can be expected by a CFO in a company of LiqTech’s size and scope.
   
2.2
The Director is to be registered with the Danish Business Authority.
 
 
 
 
 
3.
SALARY, BONUS, PENSION AND REGULATION OF SALARY
   
3.1
On commencing the position the Director’s annual pay constitutes kr. 1,020,000 annually corresponding to 85,000 kr. per month. 1/12 is to be paid monthly in arrears on the last banking day in the month. Due to the previous terms of employment the Director will up until 31.12.2011 send the company an invoice every month of 85,000 kr. including VAT from one of the director’s companies.
   
3.2
The Director receives a bonus from the companies’ EBIT in accordance with the Company’s official annual accounts for the first time after approval of the 2011 annual accounts according to the following model:
   
 
The Director is allocated warrants in the Company according to the following calculation model:
   
 
The company’s EBIT in accordance with the approved annual accounts * 0.15/ the average share price for 10 days before the publication of the profit = the number of warrants.
   
 
For example, EBIT = 2,212,000 USD * 0.15 = 331,800/3 (share price) = 110,600 warrants. 1/3 of the allocated warrants can be made use of immediately, 1/3 after 1 year and 1/3 after 2 years. The allocated warrants automatically expire 3 years after the allocation, if one is not made use of.
   
3.3
The company pays 10% of the monthly salary, cf. § 3.1 into a pension for the Director. The amount is paid into the pension fund chosen by the Director. The Director can in addition choose to take out a health insurance, and the Director can ask the company to pay the annual premium for this.
   
3.4
The Director’s fee is negotiated each year in January, for the first time in January 2013.
   
4.
OTHER BENEFITS
   
4.1
The company provides a broadband connection at the Director’s address and at the same time pays all installation and operating costs for this purpose.
   
4.2
The company provides a mobile telephone for the Director and pays the call charges.
   
4.3
The taxable consequences for the Director of the private availability of the abovementioned facilities are handled by the Company in accordance with applicable legislation.
   
4.4
The company provides a laptop for the Director.
 
 
 
 
 
5.
ILLNESS
   
5.1
Any illness the Director has is not to be considered to be a violation of this contract, and the Director is entitled to full pay whilst ill.
   
6.
TRAVEL AND ENTERTAINMENT EXPENSES
   
6.1
The Director’s travel expenses in connection with trips and entertainment expenses in the Company’s interest are refunded by the Company as per the account rendered or in accordance with the agreement.
   
7.
FURTHER TRAINING
   
7.1
The Director is entitled to appropriate further training relative to his position, which is paid for by the Company.  The Director plans his own further training and informs the board of directors’ chairman about this.
   
8.
HOLIDAY
   
8.1
Holiday is earned and taken in accordance with the rules in the Danish Holiday Act, however, 2½ days holiday are earned per month corresponding to 6 weeks annually.
   
 
The specific holiday supplement with reference to the Danish Holiday Act is paid at 1.5% and included at the same percentage rate when calculating holiday allowance on retirement. The Director is entitled to full pay whilst on holiday from the start date. The Director cannot be required to take a holiday in the notice period. This is regardless of the Director’s possible gardening leave.
   
8.2
The Director himself decides when his holidays are to be taken, taking into consideration the Company’s interests, and informs the chairman of the board of directors about this.
   
8.3
In the case of retirement the Director is entitled to 12.5 % holiday allowance. The holiday allowance is paid in cash on retirement together with the last salary payment.
   
9.
TERMINATION
   
9.1
The present director’s contract can be terminated by the Company with 24 months’ notice and by the Director with 12 months’ notice to the end of a month.
   
 
The Director is entitled to have at his disposal the § 4 abovementioned mobile telephone, PCs etc., regardless of gardening leave.
 
 
 
 
 
9.2
If the Director, within a period of 12 successive months, has been in receipt of a salary whilst ill for a total of 120 days (including Sundays and public holidays), termination can occur with 1 month’s notice for termination to a month’s end. Termination must occur in direct association to the expiry of the 120 sick days, and whilst you are still absent owing to illness.
   
9. 3
In the case of retirement the Director is obliged to return all material including copies as well as effects which belong to the Company and which are in the Director’s possession. This also applies to credit cards, keys etc. You cannot exercise right of retention to any of this material.
   
9.4
Moreover termination occurs according to the Danish Employers’ and Salaried Employees’ Act rules.
   
10.
DUTY OF PROFESSIONAL SECRECY
   
10.1
The Director has a duty of professional secrecy with regard to everything he discovers in connection with the carrying out of his work as director, unless it is a question of circumstances, which according to their nature must be brought to the attention of a third party. This duty of professional secrecy is also applicable after the Director’s retirement.
   
10.2
When the Director leaves his position – regardless of the reason – all material, which belongs to the company and which is in the Director’s possession, must be returned to the company.
   
11.
CONTRACT COPIES, CHOICE OF COURT ETC.
   
11.1
Any dispute between the Company and the Director on account of the established terms of employment in the present contract must be decided by the ordinary courts of first instance if the parties cannot reach agreement by negotiation/mediation.
   
11.2
The present contract has been drawn up in 2 identical signed copies, of which one remains with the Company, whilst the other is handed over to the Director.
 
*****
 
THE PARTIES’ SIGNATURES
    
     
Copenhagen, on 29th July 2011
  
Copenhagen, on 29th July 2011
/s/ Søren Degn
  
/s/ Lasse Andreassen            /s/ Michael Sonneland
Søren Degn
  
For the Company
EX-10.7 5 ex10-7.htm EXHIBIT 10.7 ex10-7.htm
 
Exhibit 10.7
 
LEASE AGREEMENT
 
THIS LEASE, made the 11/08/2011 day of November, 2011 between ROBERTS COMMERCIAL PROPERTIES, LLC, a Minnesota limited liability company, having its place of business at 1851 Buerkle Road, White Bear Lake, Minnesota 55110 ("the Lessor") and LiqTech NA, Inc., a Delaware Corporation, having its place of business at 1804 Buerkle Road, White Bear Lake, MN 55110 ("the Lessee')
 
ARTICLE I
Description - Term - Rent - Use
 
Section 1.1.            The Lessor, in consideration of the rents and agreements hereinafter reserved on the part of the Lessee to be paid and performed, leases to Lessee, and Lessee hereby leases from Lessor, subject to the covenants and conditions hereinafter expressed which the Lessee agrees to keep and perform, the space (the "Premises") described on Exhibit A attached hereto in the building located at:
 
1800-1816 Buerkle Road, White Bear Lake, MN 55110 (Approx. 45,700 s.f.)                        (the "Building") with right to use (subject to such rules and regulations as the Lessor may from time to time prescribe) the necessary entrances and appurtenances to the Building.
 
TOGETHER with all equipment and fixtures now or hereafter, owned by the Lessor and located in the Premises and used exclusively for the operation and maintenance of the Premises (the "Building Equipment").
 
SUBJECT, however, to any and all existing leases, encumbrances, conditions, easements, restrictions and rights-of-way, whether or not of record, and other matters of record, if any, and to such matters as may be disclosed by inspection or survey.
 
TO HAVE AND TO HOLD the Premises and Building Equipment unto the Lessee for a term of five (5) years commencing on the first day of March, 2012 and expiring on the last day of February, 2017. Lessee agrees to pay Lessor the following monthly base rent:
 
Base Rent Months 1-12
$23,607.00 per month
(3/01/2012 – 2/28/2013)
Base Rent Months 12-24
$24,122.00 per month
(3/01/2013 – 2/28/2014)
Base Rent Months 25-36
$24,604.00 per month
(3/01/2014 – 2/28/2015)
Base Rent Months 37-48
$25,096.00 per month
(3/01/2015 – 2/29/2016)
Base Rent Months 49-60
$25,598.00 per month
(3/01/2016 – 2/28/2017)
 
Said base rent shall be paid in equal monthly installments in advance on the first day of each and every calendar month during the term of this Lease, except that the first Month's rent shall be due and payable when this Lease is executed. If the term does not commence on the first day of a month, the monthly installment of base rental payable for the period from the commencement occurs shall be prorated and paid on the date of such commencement. (Said base rental is hereinafter sometimes referred to as the "base rental.") In addition said base rent, Lessee shall also promptly pay the additional payments to Lessor as provided herein (said additional payments shall be deemed to be additional rent payments).
 
At the beginning of each new lease year that this lease remains in effect the monthly rent to be paid by the Lessee, shall be increased in the percentage that the Consumers Price Index (national) of the Bureau of Labor Statistics has increased over the preceding lease year. The percentage increase shall be determined by comparing the last published Price Index with the Index published for one year prior to the latest one being used in the determination and then applying that percentage increase to the monthly rent being paid to the Lessor to determine the amount of rent increase the Lessee is to pay during the next lease year of the lease. If there has been no increase in cost of living during lease year, then the rent shall remain at the same monthly rate the Lessee was obliged to pay during the last year this lease was in effect.
 
A late fee of five percent (5%) of the amount due will be charged retroactive to the first day of the month for rents not paid by the fifth (5th) of the calendar month.
 
Section 1.2.            The Lessee agrees that it will use and occupy the Premises for the following purposes:
 
General Office, Manufacturing, and Warehouse                                   
 
The Lessee covenants that it will not use or permit to be used any part of the Premises for any dangerous, noxious or offensive trade or business and will not cause or maintain any nuisance in, at, or on the Premises.
 
 
 
1
 

ARTICLE II
Covenant to Pay Rent and Net Lease
 
Section 2.1.            The Lessee covenants to pay, without notice or demand and without deduction or set-off for any reason whatsoever, the base rent and all other sums to be paid by Lessee as herein provided.
 
Section 2.2.            It is the intention and purpose of the parties that this lease shall be an entirely "net lease" to the Lessor, except for limited maintenance obligations of Lessor contained in Article III hereof. Accordingly, all costs or expenses of whatever character, nature or kind, general and special, ordinary and extraordinary, foreseen or unforeseen, that may be necessary with respect to operation of the said Premises, and Lessee's authorized use thereof during the entire term of this lease, shall be paid by Lessee. All provisions of this lease relating to costs and expenses are to be construed in light of such intention and purpose to construe this lease as a "net lease."

ARTICLE III
Real Estate Taxes and Common Area Expenses
 
Section 3.1.           (a) The Lessor shall pay, when due, all real estate taxes and annual installments of special assessments levied against the Building, appurtenances to the Building and the land underlying the same (the "Taxes"). Provided however, in the event that the Premises is assessed as a separate tax parcel, Lessee shall pay all said taxes, charges and assessments in each and every instance as the same become due and payable and before any fine, penalty, interest or costs may be added thereto for non-payment. Lessee shall deliver to Lessor receipts (or duplicate receipts) showing the full and prompt payment of all such taxes, charges and assessments within ten (10) days after payment thereof.
 
 (b) Lessor shall provide, when considered reasonably necessary at Lessor's sole discretion, maintenance, repairs and replacements of and for the exterior of the Premises, including but not limited to, lawn and shrubbery maintenance, parking lot maintenance, common area lighting including electricity, re-lamping and fixture maintenance, reasonable snow removal, common area policing, trash removal, exterminating, roof and structural work, management and administrative services.
 
 (c) In the event that Lessee shares any interior common areas with other tenants, then Lessor shall provide for the maintenance, repairs and replacements of such common areas including, but not limited to, heating, air conditioning, cleaning, periodic remodeling and decorating, exterminating and replacement or rental of decorative plants and furniture.
 
 (d) Lessor shall pay all insurance premiums to cover the Premises, excluding Lessee's leasehold improvements, trade fixtures and personal property, for loss due to any broad form coverage casualty loss and public liability coverage up to a combined single limit loss of at least $1,000,000.00 and loss of rents insurance.
 
 (e) Where there are not separate meters for utilities Lessor shall pay such utility bills as received.
 
 (f) Lessee shall pay to Lessor, as "additional rent", its pro-rata share of the above referenced ([a],[b],[c],[d], and [e] above) real estate taxes and common area expenses, all hereinafter referred to as "Common Area Expenses".
 
The Lessee shall pay its prorata share of Common Area Expenses to Lessor in equal monthly installments. Prior to the commencement of the lease term and prior to the first day of each calendar year thereafter, Lessor shall furnish Lessee with an estimate of the per square foot Common Area Expenses for the ensuing calendar year, and the additional rent payable each month in such calendar year shall be increased or decreased by 1/12th of the product of the number of square feet of rentable area in the Premises multiplied by the difference, if any, between such estimate and the Common Area Expenses estimate provided herein. After the expiration of each calendar year, Lessor shall furnish Lessee with a statement of the actual per square foot Common Area Expenses for the preceding calendar year, and if the actual square foot Common Area Expenses for such preceding calendar year is more or less than the estimate, a corresponding adjustment shall be made.
 
Section 3.2.           Lessee agrees to pay, in the same manner as set forth in Article III, as additional rent, an amount equal to any additional tax due and payable with respect to improvements made to the Premises by Lessee.
 
Section 3.3.           The obligations of Lessee to pay the additional rent provided for in this Section 3 shall survive the termination of this Lease. Except as otherwise provided in this Lease, the common areas shall at all times be subject to the exclusive control and management of Lessor and may be expanded, contracted or changed by Lessor from time to time as it in its sole discretion deems desirable.
 
ARTICLE IV
Insurance
 
Section 4.1.           The Lessee, at the Lessee's sole cost and expense, shall maintain for the mutual benefit of the Lessor and the Lessee general public liability insurance against claims for personal injury, death or property damage occurring upon, in or about the Premises or any elevators or escalators therein and on, in or about the adjoining streets and passageways, if any. If Lessee uses, handles or stores hazardous chemicals, or uses, generates, stores, or disposes of hazardous substances or wastes, Lessee's insurance requirements hereunder shall include coverage sufficient to protect against any and all liability for said use, handling generation, storage or disposal, including, without limitation, coverage which does not exclude liability for environmental incidences or events. Such insurance shall afford protection in a combined single limit of not less than $1,000,000.00.
 
Section 4.2.           All policies of insurance shall be in form and substance satisfactory to the Lessor, shall be written with companies satisfactory to the Lessor, in amounts satisfactory to the Lessor, and shall provide for at least thirty (30) days notice to Lessor prior to cancellation. Such policies, or certificates thereof, shall be delivered to Lessor prior to the commencement of the Lease term; and evidence of any renewal of such insurance shall be delivered to Lessor no less than thirty (30) days prior to the expiration of the term of such coverage.
 
 
 
2
 
 
Section 4.3.            The Lessee covenants that it will not do or permit to be done, nor keep or permit to be kept upon the Premises, anything that will contravene the policy or policies of insurance against loss by fire or other causes, or which will increase the rate of fire or other insurance on the Building or the Premises beyond the rate chargeable at the commencement of this Lease. Should any act of the Lessee so increase said rate, then, in addition to the rentals herein above provided for, the Lessee shall be liable for such additional premium, which shall be payable when billed as additional rent, collectible in the same manner as the rents herein above provided for. Lessee covenants that under no circumstances will it keep or permit to be kept, do or permit to be done in or about said Premises, anything of a character so hazardous as to render it difficult, impracticable or impossible to secure such insurance from companies acceptable to the Lessor, and further, immediately upon notice, to remove from the Premises and/or to desist from any practice deemed by the insurance companies or the Association of Fire Underwriters as so affecting the insurance risk.
 
ARTICLE V
Lessor's Right to Perform Lessee's Covenants
 
Section 5.1.           The Lessee covenants that if the Lessee shall at any time fail to make any payment or perform any other act on its part to be made or performed under this Lease, the Lessor may, but shall not be obligated to, and without notice or demand and without waiving or releasing the Lessee from any obligation of the Lessee under this Lease, make such payment or perform such other act to the extent the Lessor may deem desirable, and in connection therewith to pay expenses and employ counsel. All sums so paid by the Lessor and all expenses incurred in connection therewith, together with interest thereon at the rate of the lessor of 12% per annum or the highest rate permitted by law, from the date of such payment, shall be deemed additional rent hereunder and be payable to the Lessor on demand.
 
ARTICLE VI
Repairs and Maintenance of Premises-Surrender of Premises-Waste
 
Section 6.1.           The Lessee will, during the term of this Lease, keep the Premises and appurtenances thereto (including glass, exterior doors and related hardware, plumbing, heating, electrical, sprinkler and air conditioning systems thereof) in good order and condition and will make, at Lessee's sole expense and not as part of the Common Area Expense as indicated in Article III, all necessary repairs and replacements thereto, including repairs to and replacement of, any damage caused by any waste, misuse or neglect of the Premises, its apparatus or appurtenances by Lessee, its agents, servants or invitees, at Lessee's own expense, except that the Lessor will make all necessary repairs (except painting and glass) to the exterior walls, roofs, gutters and down spouts of the Premises (subject to reimbursement as a Common Area Expense pursuant to Article III). Lessee will also maintain any driveways and parking areas designated for its exclusive use.
 
Section 6.2.           The Lessee covenants that upon termination of its Lease for any reason whatsoever, the Lessee will surrender to the Lessor the Premises, together with all improvements, alterations, replacements thereto, and the building equipment in good order, condition and repair, except for reasonable wear and tear, provided, however, that if Lessor requests Lessee to remove any such improvements, alterations or replacements, the Lessee shall remove same and restore the Premises to their condition prior to the installation thereof.
 
Section 6.3.           When Lessor has provided a "sprinkler system" in the Building, Lessee agrees to keep the appliances thereto in the Building in repair and good working condition. If the Fire Underwriters Inspection Bureau, or any other department, or official of local government, or of the State, shall require or recommend that any changes, modifications, alterations or additional sprinkler heads or other equipment, shall be made by reasons of Lessee's business or the location of partitions, trade fixtures or other contents of the Building, the Lessee shall at its own expense, promptly make and supply such changes, modifications, alterations, additional sprinkler heads or other equipment. Lessee also agrees to pay any standby charge or service charge or any other charge made by a city, village or municipality for such service.
 
Section 6.4.           Lessee shall be charged with the protection of its own property, and in no event shall Lessor be liable for any damage to such property by reason of fire, other casualty or the elements, leakage of water or steam or the acts of neglect of any other tenant in the Building. In the event of damage or injury caused by another tenant in the Building, Lessee's sole cause of action and remedy shall be against such other tenant.
 
Section 6.5.           Lessee agrees to use the Premises in a clean, orderly and sanitary manner solely for the purposes above described, in a safe and careful manner, and Lessee agrees that it will not overload the Premises or the utility lines serving it. Lessee will keep all sidewalks, driveways, and parking areas included in the Premises, or the Building of which the Premises are a part, free of trash, debris, by-products or any material resulting from or associated with Lessee's business. The Lessee covenants not to do or suffer any waste or damage, disfigurement or injury to the Premises.
 
ARTICLE VII
Compliance with Law and Insurance Requirements
 
Section 7.1.           The Lessee covenants, at the Lessee's sole cost and expense and in accordance with the requirements of Section 11.1, that Lessee shall not use or occupy the Premises or permit the Premises to be used or occupied contrary to any statute, rule, order, ordinance, requirement or regulation applicable thereto or in a manner which would violate any certificate of occupancy affecting the same, or for illegal purposes. Lessee shall observe and comply with all conditions and requirements necessary to preserve and extend any and all rights, licenses, permits (including but not limited to zoning variances, special exemptions and nonconforming uses), privileges, franchises and concessions which are now applicable to the Premises, or which have been granted to or contracted for by Lessee or Lessor in connection with any existing or presently contemplated use of the Premises. Lessee further covenants to comply promptly with all laws and ordinances and the orders, regulations and requirements of all federal, state and local government agencies including, but not limited to, the Americans With Disabilities Act, the Resource Conservation and Recovery Act, the Comprehensive Environmental Response, Compensation and Liability Act of 1980 (Superfund) and any rules, regulations or directives of the U.S. Environmental Protection Agency, and the recommendations of any insurer, foreseen or unforeseen, ordinary as well as extraordinary, which may applicable to the Premises or the sidewalks, curbs, tunnels, bridges or sub-sidewalk space, if any, adjoining the Premises, by reason of the Lessee's use thereof. In the event Lessee does not comply with the recommendations of any insurer, Lessee shall be liable for the payment of any increase in the amount of any insurance premium caused by any such non-compliance; provided, however, in no event shall any activity be conducted by Lessee on the Premises which may rise to any cancellation of any insurance policy or make any insurance unobtainable. If any use permitted hereunder becomes uninsurable, Lessor may cancel and terminate this Lease immediately upon written notice; provided, however, in the event any use permitted hereunder becomes uninsurable, Lessee shall spend reasonable amounts to cause such use to be insurable.
 
 
 
3
 
 
Section 7.2.           The Lessee shall have the right, provided it does so with due diligence and dispatch, to contest by appropriate legal proceeding, without cost of expense to the Lessor, the validity of any law, ordinance, order, regulation or requirement of the nature referred to Section 7.1, and if compliance therewith may legally be held in abeyance without the incurrence of any lien, charge or liability of any kind against the fee of the Building and the land on which it is located or the Lessee's leasehold interest in the Premises, and without subjecting the Lessee or the Lessor to any liability for failure to comply therewith, the Lessee may postpone compliance until the final determination of any such proceeding.
 
ARTICLE VIII
Changes and Alterations by Lessee
 
Section 8.1.            The Lessee shall not make any changes or alterations, structural or otherwise, to the Premises without the Lessor's prior written consent.
 
Section 8.2.           Subject to the provisions of Section 6.2, all repairs, improvements, changes or alterations made or installed by the Lessee or with the use of Lessee's insurance proceeds pursuant to Section 9.2 hereof, shall immediately upon completion or installation thereof be and become the property of the Lessor without payment therefor by the Lessor.
 
ARTICLE IX
Damage or Destruction
 
Section 9.1.           The Lessee covenants and agrees that in case of damage to or destruction of the Premises by fire or other casualty, the Lessee will promptly give written notice thereof to Lessor, and the Lessor, at the Lessor's expense, will repair, and rebuild the same as nearly as possible to the condition the Premises were in immediately prior to such damage or destruction.
 
Section 9.2.           At the time of any damage to or destruction of the Premises as a result of which the Lessee shall become entitled to payment under any policy or policies of rent or use and occupancy insurance, the Lessee, provided Lessor has not terminated this Lease pursuant to Section 9.3, shall assign to the Lessor all of the Lessee's right, title and interest in and to the proceeds of such policy or policies, and the Lessee shall be entitled to an abatement of the basic rent and of any charges payable by the Lessee under Article III or IV to the extent of the amount received by the Lessor as the proceeds of such policy or policies. The Lessor shall apply the proceeds of such insurance, to the extent available and in such order of priority as the Lessor in its sole discretion may determine, to the payment of the basic rent for the period required for reconstruction, impositions becoming due during such period, and insurance premiums. Upon the completion of all repair, restoration, and rebuilding in the manner required by Section 9.1, and provided the Lessee is not in default under any provision of this Lease, the Lessor will pay over the Lessee any proceeds of such insurance received by the Lessor and not applied under the provisions of this Section. The Lessee hereby waives the provisions of any law now or hereafter in effect which would relieve the Lessee from an obligation to pay rent or additional rent under this Lease, except to the extent provided by this Section.
 
Section 9.3.           Anything in Section 9.1 to the contrary notwithstanding, if the Premises or Building shall be substantially damaged or destroyed by fire or otherwise, the Lessor shall have the option of terminating this Lease as of the date of such damage or destruction by written notice to Lessee given within thirty (30) days after such damage or destruction, in which event Lessor shall make a proportionate refund to Lessee of such rent as may have been paid in advance.
 
ARTICLE X
Condemnation
 
Section 10.1.         If, as a result of the exercise of the power of eminent domain (hereinafter in this Article referred to as a "Proceeding"), the entire Premises shall be taken, this Lease and all right, title and interest of the Lessee hereunder shall cease and come to an end on the date condemnor takes possession pursuant to the Proceeding. The basic rent shall be apportioned as of the date of such transfer of possession and the Lessor shall be entitled to and shall receive the total award made in the Proceeding, and the Lessee hereby assigns such award to the Lessor, except that Lessee shall be entitled to receive such portion thereof as may be allocated to compensation paid for Lessee's Trade Fixtures, provided Lessee so proves in the Proceeding. The Lessee shall be entitled to keeo any condemnation compensation awarded to the Lessee.
 
Section 10.2.         If less than the entire Premises shall be taken in any proceeding, this Lease shall terminate as to portion of the Premises so taken upon the date the condemnor takes possession, and in the event, and only in the event, that the remainder of the Premises not so taken is not reasonably fit or suited to being used and employed by Lessee to enable Lessee to discharge and satisfy the purposes for which the Premises are leased hereunder to Lessee and to carry on its business as conducted thereon at the time of such taking, Lessee, provided that Lessee is not in default under this Lease, may in such event terminate this Lease as to the remainder of the Premises by giving a notice in writing not later than thirty (30) days after the date of such vesting, specifying as the date for termination a date not later than thirty (30) days after the giving of such notice. Upon the date specified in such notice, the term of this Lease and all right, title and interest of Lessee hereunder shall cease and come to an end, provided Lessee is not in default under this Lease on such date, and the basic rent shall be apportioned as of the date of such termination.
 
 
 
4
 
 
Section 10.3.           If less than the entire Premises shall be taken in a proceeding and this Lease is not terminated as permitted by and as in Section 10.2 provided, this Lease shall terminate as to the portion of the premises so taken upon the transfer of possession. In any such case, Lessor covenants and agrees at Lessor's cost and expense to restore that portion of the Premises not so taken to a complete architectural unit for the use and occupancy of the Lessee as expressed in Section 1.2. If less than the entire Premises shall be taken in any proceeding, and whether or not the Lessee shall exercise its right to terminate this Lease under Section 10.2, the Lessor shall be entitled to and shall receive the total award made in any proceeding and the Lessee hereby assigns such award to the Lessor (except as in Section 10.1 provided), but after and as of the date of transfer of possession to the condemnor, the basic rent shall be reduced by an amount based upon the proportion which the square footage area of usable floor space of the Premises, including space occupied by interior walls and columns remaining after the taking, bears to the total floor space of the Premises prior to the taking.
 
Section 10.4.           Anything in this Article X to the contrary notwithstanding, if a portion of the Premises shall be taken in any Proceeding, the Lessor shall have the option of terminating this Lease as of the date of vesting of title in the Proceeding by written notice to Lessee given within thirty (30) days after transfer of possession to the condemnor, in which event Lessor shall make a proportionate refund to Lessee of such rent as may have been paid in advance.
 
ARTICLE XI
Conditions of Work for Repairs, Alterations
Restoration, Disbursement of Deposit
 
Section 11.1.           All work for the making of repairs as required by Section 6.1, for complying with laws, ordinances, orders, regulations or requirements as required by Section 7.1, for making changes or alterations if permitted by Lessor pursuant to Section 8.1 (each hereinafter in this Article called "the Work") shall be done in all cases subject to the following conditions which the Lessee covenants to observe and perform:
 
A.     No Work involving structural change, alteration, restoration or rebuilding shall be undertaken until detailed plans specifications have first been submitted to and approved in writing by the Lessor.
 
B.     No Work involving a cost, as reasonably estimated by Lessor, of more than $10,000.00 shall be undertaken except under the supervision of an architect or engineer who shall have been approved by the Lessor, which approval will not be unreasonably withheld.
 
C.     All Work shall be commenced only after all required local and other governmental permits and authorizations have been obtained (the Lessor agreeing to join in any application therefor, at the Lessee's expense, whenever necessary) and shall be done in a good and workmanlike manner and in compliance with the building and zoning laws and with all other laws, ordinances, regulations and requirements of all federal, state and local governmental agencies, and in accordance with the recommendations of any insurer. The cost of the Work shall be paid in cash so that the Premises and the Building shall be free at all times from liens for labor and materials supplied or claimed to have been supplied to the Premises. The Work shall be prosecuted with reasonable dispatch, except for Unavoidable Delays (as hereinafter defined). At all times when any Work is in progress, the Lessee shall maintain or cause to be maintained (i) adequate workers' compensation insurance covering all persons employed in connection with the Work and with respect to whom death or injury claims could be asserted against the Lessor, the Lessee, or the Premises and (ii), for the mutual benefit of the Lessee and the Lessor, comprehensive general liability insurance against all hazards, including liability assumed under contract such as under Section 17.1, to the same limits and with the same coverage as the policy referred to in Section 4.1. Such comprehensive general liability insurance shall be in addition to the insurance required under Section 4.1, but may be affected by an appropriate endorsement, if obtainable, upon the insurance policy referred to in said clause. All policies of such insurance shall comply with provisions of Section 4.2.
 
ARTICLE XII
Liens
 
Section 12.1.           The Lessee shall not suffer or permit any mechanic's liens or other liens to be filed against the Building or Premises nor against the Lessee's leasehold interest in the Premises by reason of work, labor, services or materials supplied or claimed to have been supplied to the Lessee or anyone holding the Premises or any part thereof through or under the Lessee, or any other liens or encumbrances, including without limitation, any judgment liens, tax liens or liens for the cost of environmental remediation arising from its acts or omissions or those of its employees, agents, contractors, suppliers, customers, to the Premises, or Lessor's or Lessee's interest therein. The Lessor shall have the right at all reasonable times to post and keep posted on the Premises any notices which the Lessor may deem to be necessary or advisable for the protection of the Lessor and the Building or any part thereof from mechanic's liens. If any such lien shall at any time be filed against the Premises, the Lessee shall cause the same to be discharged of record within twenty (20) days after the date of filing. If the Lessee shall fail to discharge such lien within such period, then, in addition to any other right or remedy of the Lessor, the Lessor may, but shall not be obligated to, procure its discharge by paying the amount claimed to be due, or by deposit in court, or by bonding, and in any such event the Lessor shall be entitled, if the Lessor so elects, to compel the prosecution of an action for the foreclosure of such lien by the lienor and to pay the amount of the judgment, if any, in favor of the lienor with interest, costs and allowances. Any amount paid by the Lessor for any of the aforesaid purposes, and all legal and other expenses of the Lessor, including counsel fees, with interest thereon at the rate of the lessor of 12% per annum or the highest rate permitted by law, from the date of payment, shall be deemed additional rent hereunder and be payable by the Lessee to the Lessor on demand.
 
ARTICLE XIII
Lessor's Right to Enter Premises
 
Section 13.1.           The Lessee agrees to permit the Lessor and any authorized representatives of the Lessor to enter the premises at all times during usual business hours or at any other time in case of emergency, to inspect the same and if the Lessor shall desire, but without implying any obligation on the Lessor so to do, to make any repairs deemed necessary or desirable by the Lessor and to perform any work in the Premises deemed necessary by the Lessor to comply with any laws, ordinances, orders, regulations or requirements or any governmental authority or the recommendations of any insurer. During the progress of any such work, the Lessor may keep and store upon the Premises all necessary materials, tools and equipment. The Lessor shall not in any event be liable for inconvenience, annoyance, disturbance, loss of business or other damage to the Lessee.
 
 
 
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Section 13.2.           The Lessee agrees to permit the Lessor and any authorized representatives of the Lessor to enter the Premises at all times during usual business hours to exhibit the same for the purpose of sale or mortgage, and, during the final six (6) months of the term of this Lease, for purposes of lease of sale, during which period the Lessor may display on the premises, usual "For Sale" or "For Lease" signs.
 
ARTICLE XIV
Assignment and Subletting
 
Section 14.1.           Lessee shall have the right to sublet Premises with the prior written consent of the Lessor Consent cannot be unreasonably withheld.
 
Section 14.2.           No assignment or subletting made with the consent of Lessor shall relieve Lessee of its obligations hereunder and Lessee shall continue to be liable as a principal, and not as a guarantor or surety, to the same extent as though no assignment or sublease had been made. Consent by Lessor shall not be deemed, construed or held to be consent to any additional assignment or subletting, but each successive act shall require similar consent of the Lessor. Lessor shall be reimbursed by Lessee for any costs or expenses incurred pursuant to any request by Lessee for consent to any such assignment or subletting.
 
Section 14.3.           In the event Lessee subleases the Premises, or any portion thereof, or assigns this Lease with the consent of the Lessor at an annual basic rental in excess of that provided for herein, one-half of such excess shall be paid by the Lessee to the Lessor within ten (10) days after such excess is received by Lessee.
 
ARTICLE XV
Excavations on Adjoining Property
 
Section 15.1.           If any excavation or other building operation shall be about to be made or shall be made upon any adjoining property or streets, the Lessee shall permit the owner or lessee of such adjoining property and their respective representatives to enter the Premises and to shore the foundations and walls thereof, and to do any other act or thing necessary for the safety or preservation of the Building and Premises. The Lessor shall not be liable for any inconvenience, annoyance, disturbance, loss of business or other damage arising therefrom and the Lessee's obligations hereunder shall not thereby be affected. Nothing in this Section shall be construed as a waiver of any rights of Lessee against persons other than Lessor.
 
ARTICLE XVI
Rights of Mortgagee
 
Section 16.1.           In the event of any act or omission by the Lessor which would give the Lessee the right to terminate this Lease, the Lessee shall not exercise any such right (a) until it shall have given written notice, by certified mail, of such act or omission to the holder of any deed of trust or mortgage encumbering the Premises whose name and address shall have been furnished to the Lessee in writing, at the last address so furnished, and (b) until a reasonable period of time for remedying such act or omission shall have elapsed following the giving of such notice, provided that following the giving of such notice, the Lessor or said holder shall, with reasonable diligence, have commenced and continued to remedy such act or omission or to cause the same to be remedied.
 
Section 16.2.           In the event any proceedings are brought for the foreclosure of, or in the event of exercise of the power of sale under any mortgage or deed of trust encumbering the Premises, or any part thereof, Lessee shall agree to and shall attorn to the purchaser upon such foreclosure or sale or upon any grant of a deed in lieu of foreclosure, and recognize such purchaser as the Lessor under this Lease if so requested by such purchaser.
 
Section 16.3.           Lessee's rights hereunder shall be expressly subordinate to the lien of any mortgage or lien of any other method of financing now or hereafter in force with respect to the Premises, provided that such mortgage or some other appropriate instrument of financing or refinancing shall recognize Lessee's right to use and quiet possession of the Premises upon the terms of this Lease so long as Lessee shall not be in default hereunder.
 
ARTICLE XVII
Indemnification of Lessor - No Representations by Lessor
 
Section 17.1.           The Lessee agrees to indemnify and save harmless the Lessor against and from any and all claims by or on behalf of any persons, firms or corporations, arising from the conduct or management of, or from any work or thing whatsoever done in or about the Premises during the term of this Lease, and will further indemnify and save the Lessor harmless against and from any and all claims arising during the term of this Lease from any condition of the Premises, or any street curb or sidewalk, if any, adjoining the Premises, or of any passageways or spaces therein or appurtenant thereto, or arising from any breach or default on the part of the Lessee in the performance of any covenant or agreement on the part of the Lessee to be performed pursuant to the terms of this Lease, or arising from any act or negligence of the Lessee, or any of its agents, contractors, servants, employees or licensees, or arising from any accident, injury or damage whatsoever caused to any person, firm or corporation occurring during the term of this Lease, in or about the Premises, or upon or under the sidewalks and the land adjacent thereto, if any, and from and against all costs, counsel fees, expenses and liabilities incurred in connection with any such claim or action or proceeding brought thereon; and in case any action or proceeding be brought against the Lessor by reason of any such claim, the Lessee upon notice from the Lessor covenants to resist or defend such action or proceeding by counsel satisfactory to the Lessor.
 
Section 17.2.          The Lessee covenants and agrees to pay, and to indemnify the Lessor against, all legal costs and charges, including counsel fees incurred in obtaining possession of the Premises after default by the Lessee or upon expiration or earlier termination of the term of this Lease or in enforcing any covenant or agreement of the Lessee herein contained, or in the defense of any suit arising out of the occupancy or operation of the Premises by the Lessee.
 
Section 17.3.            THE Lessee IS FULLY FAMILIAR WITH THE PHYSICAL CONDITION OF THE PREMISES AND EVERY PART THEREOF AND IS LEASING THE SAME "AS IS. The Lessor has made no representations of any nature in connection with the condition of the Premises or any part thereof, and the Lessor shall not be liable for any latent or patent defects therein. Lessee acknowledges delivery of the Premises in the condition as delivered hereunder.
 
 
 
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ARTICLE XVIII
Maintenance of Rail Siding
 
Section 18.1.           Intentionally Deleted, not applicable.
 
ARTICLE XIX
Conditional Limitations - Default Provisions
 
Section 19.1.           In the event Lessee shall violate, fail to perform or be in breach of: (a) any covenant to pay base rent, additional rent, or any other amount due hereunder and for more than five (5) days after the same is due, or (b) any other term, condition or covenant hereof and shall fail to cure the same within thirty (30) days after being given notice by Lessor, then Lessor may, without further notice to Lessee, either (c) re-enter the Premises and terminate Lessee's right to possession thereof, without terminating this lease or (d) re-enter the Premises and terminate both Lessee's right to possession thereof and this lease. Such re-entry may be affected without further notice to Lessee or judicial proceedings and upon such re-entry The Lessor shall have the right to remove all persons and personal property from the Premises. Lessor may, in its sole discretion, store any personal property so removed at the sole cost and expense of Lessee.
 
Section 19.2.           Upon such re-entry, whether or not Lessor shall terminate this lease, Lessee shall pay to Lessor upon demand (a) all base rent, additional rent and any other amount due to Lessor at the time of such re-entry and (b) all costs and expenses incurred by Lessor to effect such re-entry, including, without limitation, reasonable attorneys' fees, and costs to repair the Premises and remodel it for re-letting (hereinafter "Re-entry Costs"). No such re-entry shall be deemed a termination of this lease unless Lessor notifies Lessee that this lease is terminated; and any such termination shall be effective only as of the date set forth in such notice.
 
Section 19.3.           If Lessor, following such reentry, shall terminate this lease by such notice, or if this lease shall be terminated by the order or decree of any court of competent jurisdiction, Lessee shall pay the Lessor upon demand, in addition to the amounts set forth in (a) and (b) of the preceding paragraph hereof, base rent and additional rent for the period between such re-entry and such termination, including, but not by way of limitation, payment by Lessee of all rent payments that are then due, and an aggregate sum which at the time of such termination of this Lease represents the then present worth, discounted at the rate of 4% per annum, of the excess of (a) the amount of the basic rent and additional rent that would have accrued for the balance of the term of this Lease, over (b) the aggregate rental value of the Premises for the balance for such term, unless any statute or rule of law governing the proceeding in which such damages are to be proved shall limit the amount of such claim capable of being so proved, in which case, the Lessor shall be entitled to prove and as for liquidated damages by reason of such breach and termination of this Lease, the maximum amount which may be allowed by or under any such statute or rule of law.
 
Section 19.4.           Following any re-entry, Lessor may, if it does not terminate this lease, re-let the Premises or any part thereof for the account of Lessee for such term or terms (whether longer or shorter than the unexpired initial or option period term of this lease), at such rent and upon such conditions and covenants as Lessor, in its sole discretion, may reasonably deem advisable. Upon each such re-letting, all rent received by Lessor shall be applied to the following obligations of Lessee to the extent not then satisfied: first, to Re-entry Costs; second, to any costs and expenses incurred by Lessor in re-letting the Premises or part thereof, including, without limitation, the costs of reasonable brokers' and attorneys' fees; third, to the payments of base rent, additional rent and liquidated damages unpaid and due to Lessor at the time of such re-letting; fourth, to any other unpaid amount then due from Lessee to Lessor; and the balance, if any, shall be held by Lessor and applied in payment of base rent, additional rent and liquidated damages as the same shall become due hereunder. If the rent received upon such re-letting during any calendar month shall be less than the total of (i) base rent that would have been paid by Lessee for that month plus (ii) the liquidated damage amount payable therewith, Lessee shall pay the deficiency to Lessor, such deficiency being calculated and paid monthly.
 
Section 19.5.          Lessee hereby grants to Lessor a lien and security interest under the Uniform Commercial Code in all property of Lessee now or hereafter placed on the Premises, including but not limited to leasehold improvements, trade fixtures, furnishings and inventory. Lessee agrees to execute such financing statements as Lessor may from time to time request in order to perfect this security interest. Lessor may at its election file a copy of this Lease as a financing statement. Lessor, as secured party, shall be entitled to all of the rights and remedies available to a secured party under the Uniform Commercial Code.  Lessor's lien and security interest is and shall remain subject and subordinate to any lien securing bona fide purchase money financing of any of the property in question in favor of a party unaffiliated with Lessee.
 
Section 19.6.           No remedy provided to Lessor hereunder shall be deemed an exclusive remedy and the election by Lessor of any such remedy shall not bar Lessor from pursuing any other remedy, for damages or otherwise, whether available to Lessor hereunder or existing at law or in equity.
 
Section 19.7.           In the event Lessee's interest under this lease be assigned by operation of law, or in event of the bankruptcy, insolvency, voluntary or involuntary liquidation or winding up of the affairs of Lessee, or in event of any corporate reorganizations or arrangements under the bankruptcy or insolvency laws of the United States of any State involving the interest of Lessee hereunder, Lessor may, at its election, by thirty (30) days' written notice to Lessee, the trustee in bankruptcy, the receiver, or other legal representative in charge of the interest of Lessee hereunder, terminate and cancel this lease.
 
ARTICLE XX
Invalidity of Particular Provisions
 
Section 20.1.           If any covenant, agreement or condition of this Lease or the application thereof to any person, firm or corporation or to any circumstance shall to any extent be valid or unenforceable, the remainder of this Lease, or the application of such covenant, agreement or condition to persons, firms or corporations or to circumstances other than those as to which it is invalid or unenforceable, shall not be affected thereby. Each covenant, agreement or condition of this Lease shall be valid, and enforceable to the fullest extent permitted by law.
 
 
 
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ARTICLE XXI
Holding Over
 
Section 21.1.           Lessee covenants that it will vacate the Premises immediately upon the expiration or sooner termination of the Lease. If the Lessee retains possession of the Premises or any part thereof after the termination of the term, the Lessee shall pay the Lessor rent at 125% the monthly rate specified in Section 1.1 for the time the Lessee thus remains in possession and, in addition thereto, shall pay the Lessor for all damages, consequential as well as direct, sustained by reason of the Lessee's retention of possession. The provisions of this Section do not exclude the Lessor's rights of re-entry or any other right hereunder, including without limitation, the right to refuse 125% the monthly rent and instead to remove Lessee through summary proceedings for holding over beyond the expiration of the term of this Lease.
 
ARTICLE XXII
Notices
 
Section 22.1.           All Notices, demands and requests which may or are required to be given by either party to the other shall be in writing and shall be deemed given when delivered personally to Lessor or Lessee or sent by United States certified mail, postage prepaid, (a) if for the Lessee, addressed to the Lessee at the Premises or at such other place as the Lessee may from time to time designate by ten (10) days written notice to the Lessor, or (b) if for the Lessor, addressed to Roberts Commercial Properties, LLC, 1851 Buerkle Road, White Bear Lake, Minnesota 55110 or at such other places as the Lessor may from time to time designate by ten (10) days advance written notice to the Lessee.
 
ARTICLE XXIII
Quiet Enjoyment
 
Section 23.1.           The Lessor covenants and agrees that the Lessee upon paying the basic rent, and all other charges herein provided for and performing and fulfilling the covenants, agreements and conditions of this Lease on the Lessee's part to be performed and fulfilled, shall lawfully and quietly hold, occupy and enjoy the Premises during the term of this Lease without hindrance or molestation by the Lessor or by any person or persons claiming under the Lessor, subject, however, to the matters herein set forth.
 
ARTICLE XXIV
Limitation of Lessor's Liability
 
Section 24.1.           The term "Lessor" as used in this Lease shall be limited to mean and include only the owner or owners of the Lessor's interest in this Lease at the time in question, and in the event of any transfer or transfers of such interest, the Lessor herein named (and in case of any subsequent transfer, the then transferor) shall be automatically freed and relieved from and after the date of such transfer of all personal liability as respects the performance of any covenants or agreements on the part of the Lessor contained in this Lease thereafter to be performed, provided that any funds in the hands of such Lessor or the then transferor at the time of such transfer in which the Lessee has an interest, shall be turned over to the transferee and provided further that upon any such transfer, the transferee shall be deemed to have assumed, subject to the limitations of this Section, all of the covenants, agreements and conditions in this Lease contained to be performed on the part of the Lessor, it being intended hereby that the covenants and agreements contained in this Lease on the part of the Lessor to be performed shall, subject as aforesaid, be binding on the Lessor, its successors and assigns, only during and in respect of their respective periods of ownership.
 
ARTICLE XXV
Estoppel Certificate by Lessee
 
Section 25.1.           At any time and from time to time upon not less than ten (10) days prior request by the Lessor, the Lessee agrees to execute, acknowledge and deliver to the Lessor a statement in writing certifying (a) that this Lease is unmodified and in full force and effect or if there have been modifications, that the same is in full force and effect as modified and identifying the modifications, (b) the dates to which the basic rent, additional rent and other charges have been paid, and (c) that, so far as the person making the certificate knows, the Lessor is not in default under any provisions of this Lease. It is intended that any such statement may be relied upon by any person proposing to acquire the Lessor's interest in this Lease or any prospective mortgagee of, or assignee of any mortgage upon, such interest.
 
ARTICLE XXVI
Cumulative Remedies - No Waiver - No Oral Change
 
Section 26.1.           The specified remedies to which the Lessor may resort under the terms of this Lease are cumulative and are not intended to be exclusive of any other remedies or means of redress to which the Lessor may be lawfully entitled and in case of any breach by the Lessee of any covenant, agreement or condition of this Lease. The failure of the Lessor to insist in any one or more cases upon the strict performance or observance of any of the covenants, agreements or conditions of this Lease or to exercise any option herein contained shall not be construed as a waiver for the future of such covenant, agreement, condition or option. A receipt by the Lessor of rent with knowledge of the breach of any covenant, agreement or condition hereof shall not be deemed to have been made unless expressed in writing and signed by the Lessor. In addition to the other remedies in this Lease provided, the Lessor shall be entitled to the restraint by injunction of the violation, or attempted or threatened violation, of any of the covenants, agreements or conditions of this Lease. No receipt of moneys by Lessor from Lessee after the termination or cancellation hereof in any lawful manner shall reinstate, continue or extent the term hereof, or affect any notice theretofore given to Lessee, or operate as a waiver of the right of the Lessor to enforce the payment of rent or additional rent or other charges then due or thereafter falling due, or operate as a waiver of the right of the Lessor to recover possession of the Premises by proper suit, action, proceedings or remedy; it being agreed that, after the service of notice to terminate or cancel this Lease, and the expiration of the time therein specified, if the default has not been cured in the meantime, or after the commencement of suit, action or summary proceedings or of any other remedy or after a final order, warrant or judgment for the possession of the Premises, Lessor may demand, receive and collect rent on additional unit or other charges under this Lease, and moneys so collected shall be deemed to be payments on account for use and occupation of the Premises, or at the election of Lessor, on account of Lessee's liability hereunder. Acceptance of the keys to the Premises, or any similar act by Lessor, or any agent or employee of Lessor during the term hereof, shall not be deemed to be an acceptance of a surrender of the Premises unless Lessor shall consent thereto in writing.
 
 
 
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Section 26.2.           This Lease cannot be changed orally, but only by agreement in writing signed by both parties.
 
Section 26.3.           In the event of any default by the Lessee under this Lease, the Lessor is authorized, at the Lessor's option, to apply any moneys deposited by or for the account of the Lessee under any provision of this Lease on account of such default. The Lessee shall not be entitled to interest on any monies so deposited.
 
ARTICLE XXVII
Financial Statements
 
Section 27.1.           The Lessee will furnish to the Lessor at Lessor's written request within one hundred twenty (120) days after the end of each fiscal year of the Lessee, copies of consolidated balance sheets of the Lessee and its subsidiaries, all as of the end of such fiscal year and copies of statements of income and expense of the Lessee and its subsidiaries for such fiscal year, all in reasonable detail and stating in comparative form the figures as of the end of and for the previous fiscal year and certified by independent public accountants of recognized standing.
 
ARTICLE XXVIII
Brokerage
 
Section 28.1.           Lessee represents that Lessor will not pay any additional broker's commissions, finder's fees, or any other fees to renegotiate the terms of this lease, or any extensions, renewals or modifications thereof. The provision of this Article shall survive the termination of this lease.
 
ARTICLE XXIX
Security Deposit
 
Section 29.1.           Lessee shall deposit with Lessor the sum of $20,000.00 as security for the full performance of every provision of this Lease to be performed by Lessee. If Lessee defaults with respect to any provision of this Lease, Lessor may use, apply or retain all or any part of this security deposit for the payment of any basic rent and additional rent or any other sum in default, or for the payment of any other amount which Lessor may spend or become obligated to spend by reason of Lessee's default, or to compensate Lessor for any other loss, cost or damage which Lessor may suffer by reason of Lessee's default. If any portion of said deposit is so used or applied, Lessee shall, within five (5) days after written demand therefore, deposit cash with Lessor in an amount sufficient to restore the security deposit to its original amount and Lessee's failure to do so shall be a breach of this Lease. Lessor shall not, unless otherwise required by law, be required to keep this security deposit separate from its general funds nor pay interest to its Lessee. If Lessee shall fully and faithfully perform every provision of this Lease to be performed by it, the security deposit or any balance thereof shall be returned to Lessee (or, at Lessor's option, to the last transferee of Lessee's interest hereunder) at the expiration of the Lease Term and upon Lessee's vacation of the Premises.
 
ARTICLE XXX
Hazardous Wastes
 
Section 30.1.           Lessee represents, covenants, and warrants that:
 
(a)       Lessee will cause the Premises at all times during the term of this Lease to be and remain in compliance with all applicable laws, ordinances, and regulations (including consent decrees and administrative orders) relating to public health and safety and protection of the environment, including those statutes, laws, regulations, and ordinances identified in subparagraph (g), all as amended and modified from time to time (collectively, "environmental laws"). Lessee agrees to keep in effect all governmental permits and approvals relating to the use or operation of the Premises required by applicable environmental laws, and Lessee agrees to comply with the terms of the same.
 
(b)       Lessee will not cause or permit to occur any generation, manufacture, storage, treatment, transportation, release, or disposal of "hazardous material," as that term is defined in subparagraph (g), on, in, under, about or from the Premises except in minor quantities required for the conduct of Lessee's business and pursuant to handling practices permitted by law. If any hazardous material (other than as so permitted by law) is found on the Premises, or if Lessee or any one of its employees, agents, contractors, suppliers or invitees causes, contributes to or aggravates any release or disposal of any hazardous material on, in, under or about the Premises, Lessee, at its own cost and expense, will immediately take such action as is necessary to detain the spread of and remove the hazardous material to the complete satisfaction of Lessor and the appropriate governmental authorities.
 
(c)       Lessee will immediately notify Lessor and provide copies upon receipt of all written complaints, claims, citations, demands, inquiries, reports, or notices relating to compliance with environmental laws. Lessee will, at its sole cost, promptly cure and have dismissed with prejudice any such actions resulting from activities or omissions of the Lessee or its successors, sublessees or assigns, and their respective employees, agents, contractors, suppliers and customers. Lessee will keep the Premises free of any lien imposed pursuant to any environmental laws resulting from activities or omissions of Lessee and its successors, sublessees or assigns, and their respective employees, agents, contractors, suppliers and customers.
 
(d)       Lessor shall have the right at all reasonable times and from time to time to conduct environmental audits of the Premises, and Lessee will cooperate in the conduct of those audits. The audits will be conducted by a consultant of Lessor's choosing, and if any hazardous material (other than minor quantities handled as permitted by law) is detected or if a violation of any of the Lessee's warranties, representations, or covenants contained in this Article is discovered, the fees and expenses of such consultant will be borne by Lessee and will be paid as additional rent under this Lease on demand by Lessor. Provided further, at the termination of this lease Lessee will promptly pay and reimburse Lessor for all costs related to an environmental audit of the Premises, in as many phases as reasonably deemed necessary by the environmental consultant.
 
 
 
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(e)       If Lessee breaches or fails to comply with any of the foregoing warranties, representations, and covenants, Lessor may, after thirty (30) days prior notice to Lessee without cure, cause the removal (or other cleanup acceptable to Lessor) of any hazardous material from the Premises. The costs of such hazardous material removal and any other cleanup (including transportation and storage costs) will be additional rent under this Lease, whether or not a court or administrative agency has ordered the cleanup, due and payable on Lessor's demand. Lessee hereby grants Lessor, its employees, agents and contractors, access to the Premises to remove or otherwise clean up any hazardous material. Lessor, however, has no affirmative obligation to remove or otherwise clean up any hazardous material, from the Premises, and nothing in this Lease will be construed as creating any such obligation.
 
(f)       Lessee agrees to indemnify, defend, and hold the Premises and Lessor, and Lessor's heirs, devisees, successors and assigns, affiliates, employees and agents free and harmless from and against all losses, liabilities, obligations, penalties, claims, litigation, demands, defenses, costs, judgments, suits, proceedings, damages (including consequential damages), disbursements, or expenses of any kind (including attorneys' and experts' fees and expenses and fees and expenses incurred in investigating, defending, or prosecuting any litigation, claim, or proceeding) that may at any time be imposed upon, incurred by, asserted, or awarded against Lessor or any of them in connection with or arising from or out of: (i) any hazardous material on, in, under, or affecting all or any portion of the Premises resulting from activities or omissions of Lessee and its successors, sublessees or assigns, and their respective employees, agents, contractors, suppliers and customers; (ii) any misrepresentation, inaccuracy, or breach of any warranty, covenant, or agreement contained or referred to in this Paragraph 23.22; (iii) any violation or claim of violation by Lessee, its employees, agents, contractors, suppliers or invitees of any environmental law; or (iv) the imposition of any lien against the Premises for the recovery of any costs for environmental cleanup or other response costs relating to the release or threatened release of hazardous material resulting from activities or omissions of Lessees or its successors, sublessees or assigns, and their respective employees, agents, contractors, suppliers and customers.
 
This indemnification shall survive termination or expiration of this Lease. Lessee, its successors, assigns and sublessees waive, release, and agree not to make any claim or bring any cost recovery action against Lessor under CERCLA, as that term is defined in subparagraph (g), or any state equivalent or any similar law now existing or enacted after this date resulting from activities or omissions of Lessees or its successors, sublessees or assigns, and their respective employees, agents, contractors, suppliers and customers.
 
(g)       For purposes of this Lease, "hazardous material" means: (i) "hazardous substances" or "toxic substances" as those terms are defined by the Comprehensive Environmental Response, Compensation, and Liability Act (CERCLA), 42 U.S.C. e 9601, et seq., or the Hazardous Materials Transportation Act, 49 U.S.C. e 1801, et seq., both as amended to and after this date; (ii) "hazardous wastes," as that term is defined by the Resource Conservation and Recovery Act ("RCRA"), 42 U.S.C. e 6901, et seq., as amended to and after this date; (iii) any pollutant or contaminant or hazardous, dangerous, or toxic chemicals, materials, or substances within the meaning of any other applicable federal, state, or local law, regulation, ordinance, or requirement (including consent decrees and administrative orders) relating to or imposing liability or standards of conduct concerning any hazardous, toxic, or dangerous waste substance or material, all as amended to and after this date; (iv) crude oil or any fraction of it that is liquid at standard conditions of temperature and pressure (60 degrees Fahrenheit and 14.7 pounds per square inch absolute); (v) any radioactive material, including any source, special nuclear, or by-product material as defined at 42 U.S.C. # 2011, et seq., as amended to and after this date; (vi) asbestos in any form or condition; and (vii) polychlorinated biphenyls (PCBs) or substances or compounds containing PCBs.
 
ARTICLE XXXI
Miscellaneous Provisions
 
Section 31.1.           (a) Lessee covenants to pay, when billed, as further additional rent, collectible in the same manner as the rents herein above provided for, all licenses, fees and charges arising out of its use of the Premises, all charges occasioned by the occupancy of the Lessee, and any tax on rents paid Lessor. The Lessee also covenants and agrees to apply for and to pay all charges for gas, electric current, heating fuel, water, sewer service and any other utility used in or on the Premises during the term hereof, and also to pay any governmental charge imposed on the Premises measured by the rate of utility consumed. If any such services are not separately metered to Lessee, Lessee shall pay a reasonable prorate share (based on Lessee's square footage of the Premises in relation to the total building square footage) to be determined by Lessor, of all charges jointly metered with other premises.
 
(b)     If Lessee installs equipment requiring above average use of utilities (including but not limited to, electricity, gas, sewer and water) such utilities shall be separately metered, and Lessee shall pay all separately metered utility charges as additional rent at the rates generally charged from time to time for similar services by the supplier of such utilities, with such payments to be made to the Lessor or to such supplier in accordance with written instructions from time to time given by Lessor to Lessee. Charges payable to Lessor shall be paid to Lessor in the manner and at the place designated for payment of monthly rental on or before ten (10) days after each statement for such charges is given Lessee by Lessor.
 
Section 31.2.           Lessee shall not place on the outside of the Building any sign, advertisement, illumination or projection, unless the same shall first have been approved in writing by Lessor.
 
Section 31.3.           The commencement date of this Lease shall be defined as above, or on the date when the Lessee shall take possession of the Premises, if said date is earlier than that defined above. In such event, the expiration of the term of this Lease shall remain unchanged. In the event of Lessor's inability to tender possession of the Premises and have same ready for occupancy at the commencement of the Lease Term, Lessor shall not be liable for any damage caused thereby, nor shall this Lease be void or voidable by Lessee, but in such event, no rental shall be payable by Lessee prior to actual tender to Lessee of possession of the Premises. In the event the delay results from failure of Lessee to provide plans or otherwise perform in accordance with the requirements of the Lease, then there shall be no abatement of rent. In any event, late delivery of the Premises will not extend the term.
 
Section 31.4.           This Lease shall be construed and enforced in accordance with laws of Minnesota.
 
Section 31.5.           The parties hereto agree that the covenants and agreements herein contained shall bind and inure to the benefit of the Lessor and its successors and assigns, and the Lessee and its successors and assigns.
 
 
 
10
 
 
Section 31.6.           Lessee agrees that it will abide by, keep and observe all reasonable rules and regulations which Lessor may make from time to time for the management, safety, care and cleanliness of the Building and grounds, the parking of vehicles and the preservation of good order therein as well as for the convenience of other occupants and tenants of the Building without limiting the generality of the foregoing, Lessee shall not cause or create a nuisance to any other tenant by noise or noxious odor. Further, Lessee will, pursuant to Article III herein, promptly pay its prorata share, as reasonably determined by Lessor, of any maintenance or repair of such portion of the Premises or such portion of the property of which the Premises are a part, which are common areas or used by Lessee and other occupants thereof. The violation of any such rules and regulations or the failure to pay such prorata share of costs, shall be deemed a material breach-of this Lease by Lessee.
 
Section 31.7.           The use of the singular herein shall include the plural and vice versa, and the use of pronouns shall include all genders. The covenants herein shall be binding upon, and the rights hereunder shall inure to the benefit of, the parties, their personal representatives, successors and assigns, except that the Lessee's rights hereunder shall inure only to such assigns as are consented by the Lessor pursuant to Section 14. 1. hereof. THIS LEASE CONSTITUTES THE ENTIRE AGREEMENT BETWEEN THE PARTIES IN RESPECT TO THE PREMISES, AND THERE ARE NO WARRANTIES, GUARANTEES, AGREEMENTS OR PRIOR LEASES, EXPRESS OR IMPLIED BETWEEN THE PARTIES EXCEPT AS PREVIOUSLY STATED IN THIS LEASE. NO PRIOR AGREEMENT OR UNDERSTANDING BETWEEN PARTIES PERTAINING TO ANY MATTER SHALL BE EFFECTIVE.
 
Section 31.8.           Whenever any payment is to be made under this lease by Lessee at or within a specified time, or whenever any act is to be done under this lease by either party at or within a stated time, time is of the essence. Neither party shall record this lease without the prior written consent of the other.
 
Section 31.9.           If Lessor makes any capital improvements during the term of this Lease, including but not limited to an order to comply with any federal, state or local law or governmental regulation, then the Lessee’s proportional share of the reasonable annual amortization of the cost of such improvement, with interest at the lesser of 12% per annum or the highest rate permitted by applicable law, shall be deemed a Common Area Expense in each calendar years during which such amortization occurs, and the Lessee shall be responsible for its proportionate share of any such charges as determined in accordance with Article III.
 
Section 31.10.         If this Lease is signed by more than one person or entity as "Lessee", the covenants and obligations of the Lessee under this Lease shall be the joint and several obligation of each such signatory.
 
Section 31.11.         It is understood and agreed that this Lease shall not be binding until and unless all parties have signed it.
 
*The rider(s) and/or exhibit(s) attached to this Lease, consisting of RIDER (1), Building Rules and Regulations, and Property Management Disclosure, which are hereby made a part of this Lease.
 
IN WITNESS WHEREOF, the Lessor and the Lessee have executed this agreement the day and year first above written.
 
LESSOR:
Roberts Commercial Properties, LLC
 
By:
  
     
Its:
Vice President
  
 
Dated:
November 8, 2011
 
LESSEE:
LiqTech NA, Inc.
 
By:
  
   
Its:
President
   
Dated:
11-08-2011
 

 
11
 
 
BUILDING RULES AND REGULATIONS
 
1.       Any sign, lettering, picture, notice, or advertisement installed on or in any part of the Premises and visible from the exterior of the Premises shall be installed at Lessee's sole cost and expense, and in such manner, character, and style as Lessor may approve in advance in writing. In the event of a violation of the foregoing by Lessee, Lessor may remove the same without any liability and may charge the expense incurred by such removal to Lessee.
 
2.       No awning or other projection shall be attached to the outside walls of the Office-Warehouse Complex. No curtains, blinds, shades, or screens visible from the exterior of the Premises shall be attached to or hung in, or used in connection with any window or door of the Premises without the prior written consent of Lessor. Such curtains, blinds, shades, screens, or other fixtures must be of a quality, type, design, and color and attached in the manner approved in advance by Lessor.
 
3.       Lessee, its servants, employees, customers, invitees, and guests shall not obstruct sidewalks, entrances, passages, corridors, vestibules, or halls in and about the Office-Warehouse Complex which are used in common with other tenants and their servants, employees, customers, guests and invitees, and which are not a part of the Premises of Lessee.
 
4.       Lessee shall not make excessive noises, cause disturbances or vibrations, or used or operate any electrical or mechanical devices that emit excessive sound or other waves or disturbances or create obnoxious odors, any of which may be offensive to the other tenants and occupants of the Office-Warehouse Complex.
 
5.       Lessee assumes full responsibility for protecting its space from theft, robbery, and pilferage; which includes keeping doors locked and other means of entry to the Premises closed and secured after normal business hours.
 
6.       In no event shall Lessee bring into the Office-Warehouse Complex inflammables, such as gasoline, kerosene, naphtha, and benzene, or explosives or any other article of intrinsically dangerous nature. If, by reason of the failure of Lessee to comply with the provisions of this subparagraph, any insurance premium for all or any part of the Office-Warehouse Complex shall at any time be increased. Lessee shall be required to make immediate payment of the whole of the increased insurance premium.
 
7.       The water and wash closets, drinking fountains and other plumbing fixtures shall not be used for any purpose other than those for which they were constructed, and no sweepings, rubbish, rags, coffee grounds, or other substances shall be thrown therein. All damages resulting from any misuse of the fixtures shall be borne by the Lessee who; or in whose servants, employees, agents, visitors, or licensees; shall have caused the same. No person shall waste water by interfering or tampering with the faucets or otherwise.
 
8.       Lessee shall keep the Premises at a temperature sufficiently high to prevent freezing of water in pipes and fixtures.
 
9.       The outside areas immediately adjoining the Premises shall be kept clean by Lessee and Lessee shall not place or permit any obstructions or merchandise in such areas.
 
10.     The use of parking shall be subject to reasonable regulations as Lessor may promulgate from time to time uniformly to all tenants. Lessee agrees that it will not use more than its prescribed number of stalls at any one time, and will not use or permit the use by its employees of the parking area for the overnight storage of automobiles or other vehicles. There will not be any assigned exclusive parking spaces available to any tenant of the building except with prior, written consent of the Lessor.
 
11.     Lessee and its servants, employees, agents, visitors, and licensees shall observe faithfully and comply strictly with the foregoing rules and regulations and such other and further appropriate rules and regulations as Lessor or its agent may from time to time adopt. Lessor shall give written notice of any additional rules and regulations.
 
12.     Lessor reserves the right at any time and from time to time as reasonably necessary to rescind, alter, or waive, in whole or in part, any of these Rules and Regulations when it is deemed necessary, desirable, or proper, in Lessor's judgment, for its best interest or for the best interest of the tenants of the Office-Warehouse Complex.
 
Initialed as to:
 
 
 
12
 
 

PROPERTY MANAGEMENT DISCLOSURE

LiqTech NA, Inc. acknowledges the leased Premises at 1800-1816 Buerkle Road, White Bear Lake, MN is managed by Roberts Management Group, LLC.

Roberts Management Group, LLC Address:
  
   
Roberts Commercial Properties, LLC
  
1851 Buerkle Rd.
  
White Bear Lake, MN 55110
  
   
Roberts Management Group, LLC Phone Number:
  
   
(651) 773-3485
Fax: (651) 773-3490
  
   
Property Manager:
  
   
Tim Gilbert
  
   
Lessee,
  
   
Signature:
  
Date:
 11-18-2011  
 
 
 
 
 

RIDER (1) to LEASE AGREEMENT

RIDER (1) to lease dated 11/08/2011 between Roberts Commercial Properties, LLC as LESSOR and LiqTech NA, Inc., as LESSEE: pertaining to the 45,700 s.f. area commonly known as 1800-1816 Buerkle Road, White Bear Lake, MN 55110.

Wherever there is a discrepancy between pages 1-13 of the LEASE AGREEMENT and the RIDER (1), the RIDER (1) shall govern.

IN CONSIDERATION OF THE MUTUAL AGREEMENT of the above named parties, said parties have agreed as follows:

1)
Security Deposit: Lessee shall provide Lessor with a security deposit in the amount of $20,000.00 for the LEASE AGREEMENT for the 45,700 s.f. Premises located at 1800-1816 Buerkle Road, White Bear Lake, MN. Lessee shall provide Lessor with a check in the amount of $6,437.14 upon the execution of the lease as a portion of the security deposit for the LEASE AGREEMENT.

Lessee's current security deposit with Lessor, in the amount of $3,504.78 for the LEASE AGREEMENT for the 5,700 s.f. Premises located at 1800 Buerkle Road, White Bear Lake, MN shall be transferred and become part of the security deposit for the LEASE AGREEMENT for the 45,700 s.f. Premises at 1800-1816 White Bear Lake, MN upon the full performance of all provisions of the LEASE AGREEMENT to be performed by Lessee with respect to the 5,700 s.f. Premises located at 1800 Buerkle Road, White Bear Lake, MN.

Lessee's current security deposit with Lessor, in the amount of $3,268.00 for the LEASE AGREEMENT for the 5,000 s.f. Premises located at 1804 Buerkle Road, White Bear Lake, MN shall be transferred and become part of the security deposit for the LEASE AGREEMENT for the 45,700 s.f. Premises at 1800-1816 White Bear Lake, MN upon the full performance of all provisions of the LEASE AGREEMENT to be performed by Lessee with respect to the 5,000 s.f. Premises located at 1804 Buerkle Road, White Bear Lake, MN.

Lessee's current security deposit with Lessor, in the amount of $3,763.33 for the LEASE AGREEMENT for the 5,000 s.f. Premises located at 1808 Buerkle Road, White Bear Lake, MN shall be transferred and become part of the security deposit for the LEASE AGREEMENT for the 45,700 s.f. Premises at 1800-1816 White Bear Lake, MN upon the full performance of all provisions of the LEASE AGREEMENT to be performed by Lessee with respect to the 5,000 s.f. Premises located at 1808 Buerkle Road, White Bear Lake, MN.

Lessee's current security deposit with Lessor, in the amount of $3,026.75 for the LEASE AGREEMENT for the 5,000 s.f. Premises located at 1810 Buerkle Road, White Bear Lake, MN shall be transferred and become part of the security deposit for the LEASE AGREEMENT for the 45,700 s.f. Premises at 1800-1816 White Bear Lake, MN upon the full performance of all provisions of the LEASE AGREEMENT to be performed by Lessee with respect to the 5,000 s.f. Premises located at 1810 Buerkle Road, White Bear Lake, MN.

2)
Lessee agrees to pay Lessor its pro rata share of Real Estate Taxes and Common Area Maintenance charges on a monthly basis for the 45,700 s.f. Premises. The estimated Real Estate Taxes are currently $6333.26 per month for the Premises. The estimated Common Area Maintenance charges are currently $1,637.58 per month for the Premises.

3)
Lessee shall have an Option to Renew this LEASE AGREEMENT for a period of three (3) years. The base rent for the first year shall be $26,110.00 per month. The base rent for the second year shall be $26,632.00 per month. The base rent for the third year shall be $27,165.00 per month. Lessor must receive from Lessee written notice 150 days prior to the end of the lease in order to exercise this option.
 
 
 
 
 

4)
Lessee shall have a second Option to Renew this LEASE AGREEMENT for a period of three (3) years. The base rent for the first year shall be $27,708.00 per month. The base rent for the second year shall be $28,262.00 per month. The base rent for the third year shall be $28,827.00 per month. Lessor must receive from Lessee written notice 150 days prior to the end of the lease in order to exercise this option.

5) 
Lessor agrees to construct the following improvements to the Premises at the Lessor's expense:

 
·
Construct one 10' x 10' opening between 1810 and 1812 spaces and install a steel double-door

Agreed,
    
     
LESSOR:
  
LESSEE:
Roberts Commercial Properties, LLC
  
LiqTech NA, Inc.
     
By:
  
By:
     
Date:
 November 8, 2011
  
Date:
 11/08/2011
 
 EX-10.13 6 ex10-13.htm EXHIBIT 10.13 ex10-13.htm
Translation:
Exhibit 10.13
Guarantee

 
As security for the performance of any and all obligations concerning the debts described below which
   
Debtor
Liqtech A/S
 
Grusbakken 12
 
2820 Gentofte
   
Time
has or may later acquire with respect to
   
Creditor
Sydbank A/S (hereinafter referred to as “the Bank”)
   
Guarantors
We agree to hold ourselves primary liable as guarantors:
   
 
Cometas A/S c/o Liqtech A/S, Industriparken 22 C, DK-2750 Ballerup
 
Liqtech NA 1804 Buerkle Road, White Bear lake, MN 55110
   
Notification
On behalf of all guarantors all notifications, including notifications in accordance with section 47 of the Danish Financial Business Act, must be sent to:
   
 
Cometas A/S c/o Liqtech A/S, Industriparken 22 C, DK-2750 Ballerup
 
Liqtech NA 1804 Buerkle Road, White Bear lake, MN 55110
   
Debts
Any outstanding balances with the Bank.
   
Recourse
The guarantors hereby acknowledge and accept that the Bank reserves the right to realise or release any other items of collateral and to write off the proceeds at the Bank’s discretion.
 
Consequently the guarantors will have no right of recourse against any other items of collateral.
   
Terms and conditions
In addition to the general terms and conditions overleaf, the Bank’s Terms and Conditions will apply.
   
 
I/We the guarantors have received a copy of these presents and a copy of the debt agreement between the Bank and the debtor as well as a copy of the Bank’s Terms and Conditions.

Signature
As guarantor assuming primary liability:
       
 
  
  
  
 
Place and date
  
Cometas A/S

Signed in
Name:
  
Name:
the presence of
Address:
  
Address:
 
Postal code/Town:
  
Postal code/Town:
 
 
 
 

Translation:

Guarantee

Signature
As guarantor assuming primary liability:
       
       
 
Place and date
  
Liqtech NA

Signed in
Name:
  
Name:
the presence of
Address:
  
Address:
 
Postal code/Town:
  
Postal code/Town:
 
 
 
 

Translation:

Guarantee

General terms and conditions of guarantee (primary liability)

 
1.
The guarantee serves as security for all debts owing to the Bank at any time in respect of the debts described herein.

 
2.
The Bank’s failure to file its claim against the estate of the debtor or a guarantor will not affect the Bank’s claim against the guarantors or the co-guarantors, respectively.

 
3.
The guarantor(s) will waive any reciprocal right of recourse against collateral provided by the guarantors to the Bank.

 
4.
Claims as regards guarantee provided under these presents may be asserted with respect to the obligations of the debtor(s) to the Bank, including any and all of the Bank’s branches and departments, domestic as well as foreign, and the Bank’s subsidiaries.

 
5.
The release of any guarantors will become effective only when they have received written notice thereof from the Bank. If payments made are invalidated at a later date, the obligations of the guarantor(s) will nevertheless remain effective irrespective of such notice having been given. However, if the guarantee has been provided outside a commercial relationship, the guarantee obligation will terminate on expiry of the guarantee agreement, unless the Bank has asserted a claim to the guarantor(s) before such time or the guarantee agreement has been extended.

 
6.
The Bank may grant the debtor a respite without the permission of the guarantor(s) and co-debtor(s). Respite may be granted with respect to instalments, interest and commission.

 
7.
If the debtor(s) and/or guarantor(s) are subjected to administration procedures, the Bank will be entitled to claim dividend until it has been fully covered, including dividend on claims which may accrue to the guarantor(s) through their right of recourse, irrespective of whether the recourse claim has come into effect before or after the commencement of such administration procedures.

Translation
The above is a translation of the Danish “Kautionserklæring”. In case of doubt the Danish original will apply.
 EX-10.14 7 ex10-14.htm EXHIBIT 10.14 ex10-14.htm
 
Translation: Kautionserklæring
Exhibit 10.14
 
Guarantee

 
As security for the performance of any and all obligations concerning the debts described below which
   
Debtor
Cometas A/S
 
C/o Liqtech A/S
 
Industriparken 22C
 
2750 Ballerup
   
Time
has or may later acquire with respect to
   
Creditor
Sydbank A/S (hereinafter referred to as “the Bank”)
   
Guarantors
We agree to hold ourselves primary liable as guarantors:
   
 
Liqtech A/S, Grusbakken 12, 2820 Gentofte
 
Liqtech NA, 1804 Buerkele Road, White Bear Lake, MN 55110
   
Notification
On behalf of all guarantors all notifications, including notifications in accordance with section 47 of the Danish Financial Business Act, must be sent to:
   
 
Liqtech A/S, Grusbakken 12, 2820 Gentofte
 
Liqtech NA, 1804 Buerkele Road, White Bear Lake, MN 55110
   
Debts
Any outstanding balances with the Bank.
   
Recourse
The guarantors hereby acknowledge and accept that the Bank reserves the right to realise or release any other items of collateral and to write off the proceeds at the Bank’s discretion.
 
Consequently the guarantors will have no right of recourse against any other items of collateral.
   
Terms and conditions
In addition to the general terms and conditions overleaf, the Bank’s Terms and Conditions will apply.
   
 
I/We the guarantors have received a copy of these presents and a copy of the debt agreement between the Bank and the debtor as well as a copy of the Bank’s Terms and Conditions.
   
Signature
As guarantor assuming primary liability:
   
       
 
Place and date
  
Liqtech A/S
       
       
Signed in
Name:
  
Name:
the presence of
Address:
  
Address:
 
Postal code/Town:
  
Postal code/Town:
       
Signature
As guarantor assuming primary liability:
 
 
 
 
 
Translation: Kautionserklæring
 
Guarantee
       
 
Place and date
  
Liqtech NA
       
       
Signed in
Name:
  
Name:
the presence of
Address:
  
Address:
 
Postal code/Town:
  
Postal code/Town:
 
 
 
 
Translation: Kautionserklæring
 
Guarantee

General terms and conditions of guarantee (primary liability)

 
1.
The guarantee serves as security for all debts owing to the Bank at any time in respect of the debts described herein.

 
2.
The Bank’s failure to file its claim against the estate of the debtor or a guarantor will not affect the Bank’s claim against the guarantors or the co-guarantors, respectively.

 
3.
The guarantor(s) will waive any reciprocal right of recourse against collateral provided by the guarantors to the Bank.

 
4.
Claims as regards guarantee provided under these presents may be asserted with respect to the obligations of the debtor(s) to the Bank, including any and all of the Bank’s branches and departments, domestic as well as foreign, and the Bank’s subsidiaries.

 
5.
The release of any guarantors will become effective only when they have received written notice thereof from the Bank. If payments made are invalidated at a later date, the obligations of the guarantor(s) will nevertheless remain effective irrespective of such notice having been given. However, if the guarantee has been provided outside a commercial relationship, the guarantee obligation will terminate on expiry of the guarantee agreement, unless the Bank has asserted a claim to the guarantor(s) before such time or the guarantee agreement has been extended.

 
6.
The Bank may grant the debtor a respite without the permission of the guarantor(s) and co-debtor(s). Respite may be granted with respect to instalments, interest and commission.

 
7.
If the debtor(s) and/or guarantor(s) are subjected to administration procedures, the Bank will be entitled to claim dividend until it has been fully covered, including dividend on claims which may accrue to the guarantor(s) through their right of recourse, irrespective of whether the recourse claim has come into effect before or after the commencement of such administration procedures.

Translation
The above is a translation of the Danish “Kautionserklæring”. In case of doubt the Danish original will apply.
  
EX-10.15 8 ex10-15.htm EXHIBIT 10.15 ex10-15.htm
Translation:
Exhibit 10.15
Guarantee
 
 
As security for the performance of any and all obligations concerning the debts described below which
   
Debtor
Liqtech NA
 
1804 Buerkle Road
 
White Bear Lake
 
MN 55110
   
Time
has or may later acquire with respect to
   
Creditor
Sydbank A/S (hereinafter referred to as “the Bank”)
   
Guarantors
We agree to hold ourselves primary liable as guarantors:
   
 
Cometas A/S c/o Liqtech A/S, Industriparken 22 C, DK-2750 Ballerup
 
Liqtech A/S, Grusbakken 12, 2820 Gentofte
   
Notification
On behalf of all guarantors all notifications, including notifications in accordance with section 47 of the Danish Financial Business Act, must be sent to:
   
 
Cometas A/S c/o Liqtech A/S, Industriparken 22 C, DK-2750 Ballerup
 
Liqtech A/S, Grusbakken 12, 2820 Gentofte
   
Debts
Any outstanding balances with the Bank.
   
Recourse
The guarantors hereby acknowledge and accept that the Bank reserves the right to realise or release any other items of collateral and to write off the proceeds at the Bank’s discretion.
 
Consequently the guarantors will have no right of recourse against any other items of collateral.
   
Terms and conditions
In addition to the general terms and conditions overleaf, the Bank’s Terms and Conditions will apply.
   
 
I/We the guarantors have received a copy of these presents and a copy of the debt agreement between the Bank and the debtor as well as a copy of the Bank’s Terms and Conditions.
   
Signature
As guarantor assuming primary liability:

 
____________________________
_________________________________
 
Place and date
Cometas A/S

Signed in
Name:
Name:
the presence of
Address:
Address:
 
Postal code/Town:
Postal code/Town:
 
Signature
As guarantor assuming primary liability:
 
 
 
 
 
Translation:
 
Guarantee
 
 
 
  
 
 
Place and date
  
Liqtech NA
       
Signed in
Name:
  
Name:
the presence of
Address:
  
Address:
 
Postal code/Town:
  
Postal code/Town:
 
 
 
 
 
Translation:
 
Guarantee
 
General terms and conditions of guarantee (primary liability)

 
1.
The guarantee serves as security for all debts owing to the Bank at any time in respect of the debts described herein.

 
2.
The Bank’s failure to file its claim against the estate of the debtor or a guarantor will not affect the Bank’s claim against the guarantors or the co-guarantors, respectively.

 
3.
The guarantor(s) will waive any reciprocal right of recourse against collateral provided by the guarantors to the Bank.

 
4.
Claims as regards guarantee provided under these presents may be asserted with respect to the obligations of the debtor(s) to the Bank, including any and all of the Bank’s branches and departments, domestic as well as foreign, and the Bank’s subsidiaries.

 
5.
The release of any guarantors will become effective only when they have received written notice thereof from the Bank. If payments made are invalidated at a later date, the obligations of the guarantor(s) will nevertheless remain effective irrespective of such notice having been given. However, if the guarantee has been provided outside a commercial relationship, the guarantee obligation will terminate on expiry of the guarantee agreement, unless the Bank has asserted a claim to the guarantor(s) before such time or the guarantee agreement has been extended.

 
6.
The Bank may grant the debtor a respite without the permission of the guarantor(s) and co-debtor(s). Respite may be granted with respect to instalments, interest and commission.

 
7.
If the debtor(s) and/or guarantor(s) are subjected to administration procedures, the Bank will be entitled to claim dividend until it has been fully covered, including dividend on claims which may accrue to the guarantor(s) through their right of recourse, irrespective of whether the recourse claim has come into effect before or after the commencement of such administration procedures.

Translation
The above is a translation of the Danish “Kautionserklæring”. In case of doubt the Danish original will apply.
 EX-10.16 9 ex10-16.htm EXHIBIT 10.16 ex10-16.htm
Exhibit 10.16

 
EXHIBIT A

DKK ____________
______________, 2011

LIQTECH USA, INC.

PROMISSORY NOTE

FOR VALUE RECEIVED, Liqtech USA, Inc. a Delaware corporation, (the “Company”) hereby promises to pay to the order of ____________ (the “Holder”) at the offices of Morse, Zelnick Rose & Lander, LLP, 405 Park Avenue, Suite 1401, New York, New York 10022, the principal sum of __________ DKK (Danish Kroner) in lawful money of the Kingdom of Denmark on June 30, 2012, without interest.

This Note may be prepaid by the Company at any time.

If this Note is not paid when due the entire balance of the unpaid principal on this Note shall immediately become due and payable without presentation, demand, protest or other notice of any kind, all of which are hereby expressly waived by the Company.

 
LIQTECH USA, INC.
   
 
By:
  
EX-10.17 10 ex10-17.htm EXHIBIT 10.17 ex10-17.htm
Exhibit 10.17
 
 
Reviewer
 
Sydbank
 
Nytorv 11 A
 
4200 Slagelse
 
Telephone 74 37 94 00
 
HARMLESS LETTER (BUSINESS MORTGAGE)
 
Debtor:
The undersigned
   
CVR.nr.
21503649
Name:
Liqtech A/S
Adr.:
Grusbakken 12, 2820 Gentofte
 
Provides hereby
 
Vendor:
DK – 12626509
 
Sydbank
 
Nytorv 11 A
 
4200 Slagelse
 
Phone 74 37 94 00
 
Lien on everything the debtor owns and future acquires in one or more of the listed asset types, see Land Registration Act § 47 c, paragraph. 3, No. 1-7, as security for the indemnity payment of what I at any time any must be creditor guilty, but not beyond:
 
Amount
DKK 1.500.000,00
   
Writes
DKK onemillionfivehundred 00/100
 
Mortgage law covers the following ticked asset types:
 
x Simple receivables generated from sales of goods and services (Land Registration Act § 47 c, paragraph. 3, No. 1)
 
x Stocks of raw materials, intermediate products and finished goods (Land Registration Act § 47 c, paragraph. 3, No 2)
 
x The Land Registration Act § 42 C mentioned vehicles that are not and never has been registered in the Central Registry of Motor Vehicles or a corresponding foreign register (Land Registration Act § 47 c, paragraph. 3, No. 3)
 
x Operations Furniture and fixtures (Land Registration Act § 47 c, paragraph. 3, No. 4)
 
x Propellants and other aids (Land Registration Act § 47 c, paragraph. 3, No. 5)
 
x Goodwill, domain names and rights under patent law, trademark law, design law, utility model law, design law, copyright law and the Act on the Protection of Semiconductor Products (topography) (Land Registration Act § 47 c, paragraph. 3, No. 7)
 
 
 
 
 
The above liabilities:
 
1.              None
 
It is declared that the mortgage is not made ​​for the benefit of the debtor (the debtor or mortgagors) allied, see Land Registration Act § 47 c, paragraph. 1, and section. 5 of the following mortgage form HARMLESS LETTER COMPANY PLEDGE.
 
Special provisions:
 
Sydbank is authorized to sign digitally and things bright a similar digital document.
 
Besides in the Ministry of Justice following mortgage form HARMLESS LETTER COMPANY PANT, see page 3/last page.
 
Date:
    
 
debtor's signature
 
   
Liqtech A/S
 
 
 
 
 
The Ministry of Justice’s form for HARMLESS LETTER (BUSINESS MORTGAGE)
 
1)
Debtors have a duty to inform creditors of address change. Such notification may not be at a payment form, if the form's text states that notices to the payee must not be stated in this. Demand from the creditor, including termination, may be sent to or made by the debtor within the latest stated, unless the creditor is aware of the debtor's new address. Will creditors be aware that a termination has not arrived due to change of address of the debtor, a creditor shall immediately give the debtor notice of termination if the debtor's new address is shown in the national register or other easily accessible source.
 
2)
The mortgage includes compensation and insurance sums in lieu of the pledged but no other surrogates. The mortgage does not include assets arising from collateral normal use and that are destined for excretion, without talking about an actual consumption of the mortgage, unless the assets are of a type that is itself subject to the lien.
 
3)
The debtor undertakes to keep the mortgage if it is provided under (Land Registration Act § 47 c, paragraph. 3, 2, 3, 4, 5 or 6, due fire insurance.
 
4)
Regardless of tenure or termination date, the creditor may require capital repaid in the following cases:
 
a) if the collateral is deteriorated significantly or neglected, without providing the demanded adequate security.
 
b) If the debtor refuses creditor or his agent access to inspect the mortgage.
 
c) If the debtor does not on request prove that the mortgage provided under (Land Registration Act § 47c, paragraph. 3, nr. 2, 3, 4, 5, or 6 is suitably insured against fire and
 
d) If the mortgage or a major portion of the mortgage is transferred to third parties without it being regarded as excretion under regular operation of the company, or sold at auction.
 
5)
The mortgage cannot be made in favor of the debtor (the debtor or pledger) allied as per the Land Registration Act § 47 e, paragraph 1. By allied means, Bankruptcy Act § 2:
 
a) Spouses, relatives in ascending and descending lines, siblings, these people’s spouses and other persons who have been particularly close to each other,
 
b) A corporation and a person if the person or his allied directly or indirectly owns a significant portion of its capital.
 
c) Two companies if one or its allied directly or indirectly owns a significant portion of the second company, or if a significant part of both companies' capital directly or indirectly is owned by the same person or company or by themselves or allied persons or companies.
 
d) Other persons, companies or organizations that have similar interests as indicated in point b or c.
 
 EX-10.18 11 ex10-18.htm EXHIBIT 10.18 ex10-18.htm
Exhibit 10.18
 
 
Reviewer
 
Sydbank
 
Storegade 18
 
6200 Aabenraa
 
Telephone 74 37 30 00
 
HARMLESS LETTER (BUSINESS MORTGAGE)
 
Debtor:
The undersigned
   
CVR.nr.
25121031
Name:
Cometas A/S
Adr.:
Lerhøj 10, 2880 Bagsværd
 
Provides hereby
 
Vendor:
DK – 12626509
 
Sydbank 
 
Storegade 18 
 
6200 Aabenraa 
 
Phone 74 27 30 00 
 
Lien on everything the debtor owns and future acquires in one or more of the listed asset types, see Land Registration Act § 47 c, paragraph. 3, No. 1-7, as security for the indemnity payment of what I at any time any must be creditor guilty, but not beyond:
 
Amount
DKK 3.000.000,00
   
Writes
DKK three million 00/100
 
Mortgage law covers the following ticked asset types:
 
x Simple receivables generated from sales of goods and services (Land Registration Act § 47 c, paragraph. 3, No. 1)
 
x Stocks of raw materials, intermediate products and finished goods (Land Registration Act § 47 c, paragraph. 3, No 2)
 
x The Land Registration Act § 42 C mentioned vehicles that are not and never has been registered in the Central Registry of Motor Vehicles or a corresponding foreign register (Land Registration Act § 47 c, paragraph. 3, No. 3)
 
x Operations Furniture and fixtures (Land Registration Act § 47 c, paragraph. 3, No. 4)
 
x Propellants and other aids (Land Registration Act § 47 c, paragraph. 3, No. 5)
 
x Goodwill, domain names and rights under patent law, trademark law, design law, utility model law, design law, copyright law and the Act on the Protection of Semiconductor Products (topography) (Land Registration Act § 47 c, paragraph. 3, No. 7)
 
 
 
 
 
The above liabilities:
 
1.                None
 
It is declared that the mortgage is not made ​​for the benefit of the debtor (the debtor or mortgagors) allied, see Land Registration Act § 47 c, paragraph. 1, and section. 5 of the following mortgage form HARMLESS LETTER COMPANY PLEDGE.
 
Special provisions:
 
Besides in the Ministry of Justice following mortgage form HARMLESS LETTER COMPANY PANT, see page 3/last page.
 
Date:
    
 
debtor's signature
 
   
Cometas A/S
 
In witness of genuine signature (s), dated the correctness and issuer (s) within the authority:
 
position:
name:
address:
Postcode / City:
signature
 
 
 
 
 
The Ministry of Justice’s form for HARMLESS LETTER (BUSINESS MORTGAGE)
 
1)
Debtors have a duty to inform creditors of address change. Such notification may not be at a payment form, if the form's text states that notices to the payee must not be stated in this. Demand from the creditor, including termination, may be sent to or made by the debtor within the latest stated, unless the creditor is aware of the debtor's new address. Will creditors be aware that a termination has not arrived due to change of address of the debtor, a creditor shall immediately give the debtor notice of termination if the debtor's new address is shown in the national register or other easily accessible source.
 
2)
The mortgage includes compensation and insurance sums in lieu of the pledged but no other surrogates. The mortgage does not include assets arising from collateral normal use and that are destined for excretion, without talking about an actual consumption of the mortgage, unless the assets are of a type that is itself subject to the lien.
 
3)
The debtor undertakes to keep the mortgage if it is provided under (Land Registration Act § 47 c, paragraph. 3, 2, 3, 4, 5 or 6, due fire insurance.
 
4)
Regardless of tenure or termination date, the creditor may require capital repaid in the following cases:
 
a) if the collateral is deteriorated significantly or neglected, without providing the demanded adequate security.
 
b) If the debtor refuses creditor or his agent access to inspect the mortgage.
 
c) If the debtor does not on request prove that the mortgage provided under (Land Registration Act § 47c, paragraph. 3, nr. 2, 3, 4, 5, or 6 is suitably insured against fire and
 
d) If the mortgage or a major portion of the mortgage is transferred to third parties without it being regarded as excretion under regular operation of the company, or sold at auction.
 
5)
The mortgage cannot be made in favor of the debtor (the debtor or pledger) allied. By allied means, Bankruptcy Act § 2:
 
a) Spouses, relatives in ascending and descending lines, siblings, these people’s spouses and other persons who have been particularly close to each other,
 
b) A corporation and a person if the person or his allied directly or indirectly owns a significant portion of its capital.
 
c) Two companies if one or its allied directly or indirectly owns a significant portion of the second company, or if a significant part of both companies' capital directly or indirectly is owned by the same person or company or by themselves or allied persons or companies.
 
d) Other persons, companies or organizations that have similar interests as indicated in point b or c.
 EX-21.1 12 ex21-1.htm EXHIBIT 21.1 ex21-1.htm
Exhibit 21.1

Subsidiaries

1) LiqTech USA, Inc., a Delaware corporation;

2) Liqtech A/S, a Danish limited company, organized under the Danish Act on Limited Companies of the Kingdom of Denmark;

3) LiqTech International A/S, a Danish limited company, organized under the Danish Act on Limited Companies of the Kingdom of Denmark; and

4) Liqtech NA, Inc., a Delaware corporation.
 EX-31.1 13 ex31-1.htm EXHIBIT 31.1 ex31-1.htm
EXHIBIT 31.1
 
OFFICER’S CERTIFICATE
PURSUANT TO SECTION 302
 
I, Lasse Andreassen, certify that:
 
1. I have reviewed this Annual Report on Form 10-K for the year ended December 31, 2011 of Liqtech International, Inc.;
 
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
 
3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
 
4. I am responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
 
(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
 
(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
 
(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
 
(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
 
5. The registrant’s other certifying officer (s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s Board of directors (or persons performing the equivalent functions):
 
(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
 
(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
 
 
 
Date:           March 29, 2012
By:
/s/ Lasse Andreassen  
       
  Name: Lasse Andreassen  
       
  Title: Chief Executive Officer, Principal Executive Officer and  
    Director  
EX-31.2 14 ex31-2.htm EXHIBIT 31.2 ex31-2.htm
EXHIBIT 31.2
 
OFFICER’S CERTIFICATE
PURSUANT TO SECTION 302
 
I, Soren Degn, certify that:
 
1. I have reviewed this Annual Report on Form 10-K for the year ended December 31, 2011 of Liqtech International, Inc.;
 
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
 
3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
 
4. I am responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
 
(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
 
(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
 
(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
 
(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
 
5. The registrant’s other certifying officer (s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s Board of directors (or persons performing the equivalent functions):
 
(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
 
(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
 
 
Date: March 29, 2012
By:
/s/ Soren Degn  
       
  Name: Soren Degn  
       
  Title: Chief Financial Officer and Principal Financial and  
    Accounting Officer  
EX-32.1 15 ex32-1.htm EXHIBIT 32.1 ex32-1.htm
EXHIBIT 32.1
 
CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
 

 
In connection with the Annual Report of Liqtech International, Inc. (the “Company”) on Form 10-K for the year ended December 31, 2011 as filed with the U.S. Securities and Exchange Commission on the date hereof (the “Report”), the undersigned hereby certifies pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to his knowledge:
 
1.           The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and
 
2.           The information contained in the Report fairly presents, in all material respects, the financial condition and results of operation of the Company.
 
Date: March 29, 2012
By:
/s/ Lasse Andreassen  
       
  Name: Lasse Andreassen  
       
  Title: Chief Executive Officer, Principal Executive  
    Officer and Director  
 
A signed original of this written statement required by Section 906, or other document authentications, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided to the Company and will be retained by the Company and furnished to the U.S. Securities and Exchange Commission or its staff upon request.
 EX-32.2 16 ex32-2.htm EXHIBIT 32.2 ex32-2.htm
EXHIBIT 32.2
 
CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
 
 
 
In connection with the Annual Report of Liqtech International, Inc. (the “Company”) on Form 10-K for the year ended December 31, 2011 as filed with the U.S. Securities and Exchange Commission on the date hereof (the “Report”), the undersigned hereby certifies pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to his knowledge:
 
1.           The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and
 
2.           The information contained in the Report fairly presents, in all material respects, the financial condition and results of operation of the Company.
 
Date: March 29, 2012
By:
/s/ Soren Degn  
       
  Name: Soren Degn  
       
  Title: Chief Financial Officer and Principal Financial  
    and Accounting Officer  
 
A signed original of this written statement required by Section 906, or other document authentications, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided to the Company and will be retained by the Company and furnished to the U.S. Securities and Exchange Commission or its staff upon request.
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TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 27pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Supplemental Disclosures of Non-Cash Investing and Financing Activities:</font> </div><br/><div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 45pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">For the year ended December 31, 2011</font> </div><br/><div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 18pt; DISPLAY: block; MARGIN-LEFT: 45pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Company recorded a $280,039 capital contribution for the receipt of 400 shares of its subsidiary LiqTech</font> </div><br/><div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 45pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;International AS (former CoMeTas AS) with a non-controlling interest's value of $325,208.</font> </div><br/><div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 18pt; DISPLAY: block; MARGIN-LEFT: 45pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Company entered into a capital lease to purchase $262,561 in equipment.</font> </div><br/><div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 45pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">For the Year Ended December 31, 2010</font> </div><br/><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">None</font><br/> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">NOTE 1 &#8212; SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES</font> </div><br/><div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">REVERSE ACQUISITION</font> </div><br/><div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 18pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1-108" style="MARGIN-LEFT: 22.4pt"></font>On August 24, 2011, pursuant to an Agreement and Plan of Merger, dated as of August 23, 2011, by and among, LiqTech International, Inc. (&#8220;Parent&#8221;) (formerly Blue Moose Media, Inc.), Blue Moose Delaware Merger Sub, Inc., (&#8220;BMD Sub&#8221;), a wholly owned subsidiary of Parent and LiqTech USA (the &#8220;Merger Agreement&#8221;), BMD Sub was merged with and into LiqTech USA (the &#8220;Merger&#8221;) and as a result of the Merger, LiqTech USA became a wholly owned subsidiary of Parent. Prior to the Merger there were 4,155,250 shares of the common stock, par value $.001 per share of Parent outstanding, pursuant to the Merger each of the 17,444.75 outstanding shares of the common stock of LiqTech USA, was exchanged for 1,000 shares of Parent&#8217;s common stock, for a total of 17,444,750 shares resulting in 21,600,000 shares of Parent common stock being outstanding immediately following the Merger and warrants to acquire up to 6,500 shares of LiqTech USA&#8217;s common stock at an exercise price of $1,500 per share, were by their terms, converted into warrants to acquire up to 6,500,000 shares of Parent common stock at an exercise price of $1.50 per share.</font> </div><br/><div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 18pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1-109" style="MARGIN-LEFT: 22.4pt"></font><font style="DISPLAY: inline; FONT-WEIGHT: bold">Business and Basis of Presentation</font>&#160;&#8212;&#160;The consolidated financial statements include the accounts of LiqTech International, Inc., &#8220;Company&#8221;, &#8220;us&#8221;, &#8220;we&#8221; and &#8220;our&#8221; as used in this report refer to LiqTech International, Inc. and its subsidiaries (set forth below), which engages in the development, design, production, marketing and sale of diesel particulate air and liquid filters and kiln furniture in United States of America, Canada, Europe, Asia and Brazil.</font> </div><br/><div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 18pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1-110" style="MARGIN-LEFT: 22.4pt"></font>LiqTech International, Inc., a Nevada corporation organized in July 2004, formerly Blue Moose Media, Inc.</font> </div><br/><div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 18pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1-111" style="MARGIN-LEFT: 22.4pt"></font>LiqTech USA, Inc. (&#8220;LiqTech USA&#8221;), a Delaware corporation and a wholly-owned subsidiary of Parent formed in May 2011.</font> </div><br/><div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 18pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1-112" style="MARGIN-LEFT: 22.4pt"></font>LiqTech A/S (&#8220;LiqTech AS&#8221;), a Danish Corporation, incorporated on March 15, 1999, a wholly-owned subsidiary of LiqTech USA, engages in the development, design, production, marketing and sale of ceramic diesel particulate and liquid filters and kiln furniture in Europe, Asia and Brazil.</font> </div><br/><div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 18pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1-113" style="MARGIN-LEFT: 22.4pt"></font>LiqTech International A/S, a Danish Corporation, incorporated on January 15, 2000, formerly known as CoMeTas A/S (&#8220;LiqTech Int. DK&#8221;), a 100% owned subsidiary of LiqTech AS, engages in development, design, application, marketing and sale of membranes on ceramic diesel particulate and liquid filters and catalytic converters in Europe, Asia and Brazil. LiqTech Int. DK was a 75% owned subsidiary from August 24, 2011 to March 2011 and a 60% owned subsidiary prior to March 2011.</font> </div><br/><div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 18pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1-114" style="MARGIN-LEFT: 22.4pt"></font>LiqTech NA, Inc. (&#8220;LiqTech NA&#8221;) a 100% owned subsidiary of LiqTech AS, incorporated in Delaware on July 1, 2005, engages in the production, marketing and sale of ceramic diesel particulate and liquid filters and kiln furniture in United States of America and Canada. 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For these non-quoted investments, we regularly review the assumptions underlying the operating performance and cash flow forecasts based on information requested from these privately held companies. Generally, this information may be more limited, may not be as timely as and may be less accurate than information available from publicly traded companies. Assessing each investment's carrying value requires significant judgment by management. 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Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly; and</font></font></font> </div> </td> </tr> </table><br/><table border="0" cellpadding="0" cellspacing="0" id="hangingindent-1" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr valign="top" style="LINE-HEIGHT: 1.25;"> <td style="WIDTH: 18pt"> &#160; </td> <td align="right" style="WIDTH: 18pt"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#9679;</font></font></font> </div> </td> <td align="left"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Level 3. Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions.</font></font></font> </div> </td> </tr> </table><br/><div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 18pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1-131" style="MARGIN-LEFT: 22.4pt"></font>Unless otherwise disclosed, the fair value of the Company&#8217;s financial instruments including cash, accounts receivable, prepaid expenses, investments, accounts payable, accrued expenses, capital lease obligations and notes payable approximates their recorded values due to their short-term maturities.</font> </div><br/><div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 18pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1-132" style="MARGIN-LEFT: 22.4pt"></font><font style="DISPLAY: inline; FONT-WEIGHT: bold">Accounting Estimates</font>&#160;&#8212;&#160;The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosures of contingent assets and liabilities at the date of the financial statements and the reported amount of revenues and expenses during the reporting period. Actual results could differ from those estimated.</font> </div><br/><div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 18pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1-133" style="MARGIN-LEFT: 22.4pt"></font><font style="DISPLAY: inline; FONT-WEIGHT: bold">Recent Accounting Pronouncements</font>&#160;&#8212;&#160;In May 2011, the Financial Accounting Standards Board (FASB) issued amended standards to achieve a consistent definition of fair value and common requirements for measurement of and disclosure about fair value between U.S. GAAP and International Financial Reporting Standards. For assets and liabilities categorized as Level 3 and recognized at fair value, these amended standards require disclosure of quantitative information about unobservable inputs, a description of the valuation processes used by the entity, and a qualitative discussion about the sensitivity of the measurements. In addition, these amended standards require that we disclose the level in the fair value hierarchy for financial instruments disclosed at fair value but not recorded at fair value. These new standards are effective for us beginning in the first quarter of 2012; early adoption of these standards is prohibited. 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In addition, these amendments require that we present on the face of the financial statements reclassification adjustments for items that are reclassified from other comprehensive income to net income in the statement(s) where the components of net income and the components of other comprehensive income are presented. 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The amendments are effective during interim and annual periods beginning after December&#160;15, 2011 and should be applied prospectively. Early adoption is not permitted. We will adopt this standard when they apply. 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Prior to the Merger there were 4,155,250 shares of the common stock, par value $.001 per share of Parent outstanding, pursuant to the Merger each of the 17,444.75 outstanding shares of the common stock of LiqTech USA was exchanged for 1,000 shares of Parent common stock, for a total of 17,444,750 shares resulting in 21,600,000 shares of Parent common stock being outstanding immediately following the Merger and warrants to acquire up to 6,500 shares of LiqTech USA&#8217;s common stock at an exercise price of $1,500 per share, were by their terms, converted into warrants to acquire up to 6,500,000 shares of Parent common stock at an exercise price of $1.50 per share.</font> </div><br/><div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 18pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1-158" style="MARGIN-LEFT: 22.4pt"></font>In connection with the Merger, shareholders of Parent contributed and cancelled 89,960,000 common shares of the Parent thereby reducing the common share outstanding to 4,155,250. Prior to the Merger, LiqTech USA completed a private placement offering of 63 Units at $100,000 per Unit (the &#8220;Offering&#8221;,) each such Unit consisting of 40 shares of LiqTech USA common stock (2,520,000 common shares of Parent after giving effect to the 1,000 for 1 share conversion into Parent upon the closing of the Merger) and a LiqTech USA Warrant for 20 shares of LiqTech USA common stock (1,260,000 warrants to purchase common shares of Parent after giving effect to the 1,000 for 1 share conversion into Parent upon closing of the Merger,) for gross proceeds of $4,800,000 in cash and a promissory note for $1,500,000 payable on September 7, 2011. Prior to the Offering, LiqTech USA issued 2,946.417 common shares (2,949,417 common shares of Parent after giving effect to the 1,000 for 1 shares conversion into Parent upon the closing of the Merger) and warrants to purchase 1,440 common shares at an exercise price of $1,500 per share (warrants to purchase 1,440,000 common shares of Parent at an exercise price of $1.50 per share after giving effect to the 1,000 for 1 share conversion into Parent upon closing of the Merger) for gross proceeds of $50,000 in cash and 19,500,000 DKK notes payable ($3,765,351 based upon the currency exchange rate of $1.00 = 5.1788 DKK as August 22, 2011.) The note was discounted $120,600 as the note does not accrue interest and is payable on June 30, 2012. In connection with the Merger, LiqTech, USA acquired all of the outstanding equity interests in LiqTech AS and all of the outstanding equity interests in LiqTech Int. DK and LiqTech NA not owned by LiqTech AS, directly from the holders of such equity interests. 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DK (formerly CoMeTas AS) corporate office and production facility suffered damages resulting from a fire in the roof structure and portions of the corporate offices. The Production facility suffered structural and water damages making the facility unsafe for future use. The Company located a new facility and moved their operations and usable equipment. The Company filed claims under two insurance policies on LiqTech Int. DK, a DKK 15,500,000 (approximately $2,750,000 USD) policy for casualty losses and a DKK 10,000,000 (approximately $1,800,000 USD) policy for business interruptions.</font></font> </div><br/><div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The business interruption policy covered a period of twelve months from the date of the fire.&#160;&#160;The Company settled with the insurance company and will receive 5,408,000 DKK (approximately $1,000,000USD) under the business interruption policy. The Company will record the proceeds from the policy ratably over twelve month period covered. As of December 31, 2011, the Company recorded 3,201,806 DKK (approximately $600,000 USD) as an increase in sales, 497,806DKK (approximately $100,000) as an increase in costs of goods sold and 2,704,000DKK (approximately $500,000USD) as a deferral under the business interruption policy.</font></font></font> </div><br/><div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Company will receive 5,584,015DKK (approximately $1,040,000 USD) under the casualty loss policy and has written off production equipment and leasehold improvements with a net book value of 1,519,532 DKK (approximately $285,000USD) resulting in a 2,284,112 DKK (approximately $425,000) gain from the loss. The proceeds from the policy were used to replace the equipment and leasehold improvements in the new facility.</font></font></font> </div><br/><div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 18pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1-182" style="FONT-FAMILY: Times New Roman; MARGIN-LEFT: 22.4pt; FONT-SIZE: 10pt"></font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The remaining amount received 1,780,371DKK (approximately $330,000USD) are recovering of&#160;&#160;expenses held as a consequent of the fire. 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The net proceeds to us from the initial closing are approximately $7.4 million. We intend to use the net proceeds from the offering for the development and marketing of our products, the engineering, development and testing of our membranes, and the opening of local sales offices in certain countries outside of the U.S. and Denmark. Pending application of such proceeds, we expect to invest the proceeds in short-term, interest-bearing, investment-grade marketable securities or money market obligations.&#160;&#160;Sunrise Securities Corp. acted as the exclusive placement agent for this transaction.&#160;&#160;As part of the compensation for the placement agent, we also issued to the placement agent and certain of its agents for $100, warrants to purchase an aggregate of 125,575 shares of our common stock (equal to 5% of the shares of common stock sold by the placement agent and its agents in the offering). The warrants will have an exercise price equal to $4.06 (or 125% of the offering price of the shares sold in the offering) and may be exercised on a cashless basis. The warrants are exercisable for a period of five years commencing after the effective date of the registration statement related to the offering. The warrants are subject to a lock-up restriction for 180 days pursuant to FINRA Rule 5110(g). 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Pirelli that are used for its diesel particulate filter business, including the buildings at the Romanian manufacturing facility, are anticipated to have a net book value of Romanian Leu (RON) 66,978,129 (equivalent to approximately Euro 15.6 million or $21 million) at December 31, 2011 as determined in accordance with International Financial Reporting Standards (IFRS). The land on which the manufacturing facility is located is under a long-term lease, and S.C. Pirelli will have the right to recover the investment made with respect to the buildings at the manufacturing site (net of accumulated depreciation over a period of 30 years). The letter of intent contemplates that we will pay $15 million in cash to Pirelli as consideration for such purchase. At the time of the purchase, it is contemplated that the subsidiary will have no debt or other liabilities and that Pirelli will indemnify us against any such pre-closing debt and liabilities to the extent not reflected on the closing balance sheet.</font> </div><br/><div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1-187" style="MARGIN-LEFT: 36pt"></font>The letter of intent also contemplates that Pirelli will invest $19 million in shares of our common stock at a per share price equal to the lower of $3.90 and the weighted average price of a share of our common stock for the 10 business days preceding the closing date of the transactions contemplated by the letter of intent. Pirelli will also receive one share of voting preferred stock, which will permit Pirelli to appoint one member of our board of directors. This share of preferred stock will automatically convert into one share of our common stock upon Pirelli ceasing to own in the aggregate 50% of the shares (as adjusted for stock splits and stock dividends) of our common stock acquired in connection with these transactions. If the maximum number of shares offered in this offering are sold, and assuming that the shares will be issued to Pirelli at a per share price of $3.90, Pirelli will beneficially own approximately 14.0% of our outstanding shares of common stock.</font> </div><br/><div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1-188" style="MARGIN-LEFT: 36pt"></font>It is contemplated that Pirelli and we will enter into an agreement for the supply of diesel particulate filters to Pirelli and for the assembly of retrofit systems for Pirelli. It is also contemplated that Pirelli will guarantee to cover up to RON 6.6 million of fixed costs and Euro 560,000 of salary in 2012 and RON 6.15 million of fixed costs and Euro 660,000 of salary in 2013 if the EBITDA of S.C. Pirelli is negative for such years. Furthermore, it is contemplated that Pirelli will support our research and development and worldwide sales efforts for filters and membranes.</font> </div><br/><div style="TEXT-ALIGN: center; WIDTH: 100%"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">F22</font> </div><br/><div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1-189" style="MARGIN-LEFT: 36pt"></font>In connection with such transactions, it is contemplated that Pirelli and Aldo Petersen will enter into a shareholder agreement pursuant to which each party will have rights of first refusal and tag along rights on sales of our common stock by the other party. All shares acquired by Pirelli in connection with the transactions contemplated by the letter of intent will be subject to a lock-up provision for one year from the closing date of such transactions. Mr. Petersen is also contemplated to enter into a lock-up agreement restricting his ability to transfer the shares beneficially owned by him for one year from the closing date of the transactions contemplated by the letter of intent. It is contemplated that Pirelli will be granted registration rights in respect of the shares of our common stock that it acquires pursuant to the above transactions upon the expiration of the lock-up period. Pirelli is also contemplated to receive certain veto rights in respect of strategic decisions relating to S.C. Pirelli.</font> </div><br/><div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1-190" style="MARGIN-LEFT: 36pt"></font>The transactions contemplated by the letter of intent are subject to the execution of definitive agreements mutually agreeable to both parties and there is no assurance that such agreements will be executed or that the contemplated transactions will occur as described above or at all.</font> </div><br/> EX-101.SCH 18 liqt-20111231.xsd XBRL TAXONOMY EXTENSION SCHEMA 001 - Statement - Consolidated Balance Sheets link:presentationLink link:definitionLink link:calculationLink 002 - Statement - Consolidated Balance Sheets (Parentheticals) link:presentationLink link:definitionLink link:calculationLink 003 - Statement - Consolidated Statements of Operations link:presentationLink link:definitionLink link:calculationLink 004 - Statement - Consolidated Statements of Other Comprehensive Income link:presentationLink link:definitionLink link:calculationLink 005 - Statement - Consolidated Statements of Stockholders' Equity link:presentationLink link:definitionLink link:calculationLink 006 - Statement - Consolidated Statements of Cash Flows link:presentationLink link:definitionLink link:calculationLink 007 - Disclosure - Supplemental Disclosures of Non-Cash Investing and Financing Activities link:presentationLink link:definitionLink link:calculationLink 008 - Disclosure - Note 1 - Summary of Significant Accounting Policies link:presentationLink link:definitionLink link:calculationLink 009 - Disclosure - Note 2 - Related Party Transactions link:presentationLink link:definitionLink link:calculationLink 010 - Disclosure - Note 3 - Inventories link:presentationLink link:definitionLink link:calculationLink 011 - Disclosure - Note 4 - Property and Equipment link:presentationLink link:definitionLink link:calculationLink 012 - Disclosure - Note 5 - Definite-Life Intangible Assets link:presentationLink link:definitionLink link:calculationLink 013 - Disclosure - Note 6 - Lines of Credit link:presentationLink link:definitionLink link:calculationLink 014 - Disclosure - Note 7 - Notes Payable link:presentationLink link:definitionLink link:calculationLink 015 - Disclosure - Note 8 - Leases link:presentationLink link:definitionLink link:calculationLink 016 - Disclosure - Note 9 - Agreements and Commitments link:presentationLink link:definitionLink link:calculationLink 017 - Disclosure - Note 10 - Income Taxes link:presentationLink link:definitionLink link:calculationLink 018 - Disclosure - Note 11 - Acquisitions link:presentationLink link:definitionLink link:calculationLink 019 - Disclosure - Note 12 - Earning Per Share link:presentationLink link:definitionLink link:calculationLink 020 - Disclosure - Note 13 - Stockholders' Equity link:presentationLink link:definitionLink link:calculationLink 021 - Disclosure - Note 14 - Significant Customers/Concentration link:presentationLink link:definitionLink link:calculationLink 022 - Disclosure - Note 15 - Insurance Claims link:presentationLink link:definitionLink link:calculationLink 023 - Disclosure - Note 16 - Subsequent Event link:presentationLink link:definitionLink link:calculationLink 000 - Disclosure - Document And Entity Information link:presentationLink link:definitionLink link:calculationLink EX-101.CAL 19 liqt-20111231_cal.xml XBRL TAXONOMY EXTENSION CALCULATION EX-101.DEF 20 liqt-20111231_def.xml XBRL TAXONOMY EXTENSION DEFINITION EX-101.LAB 21 liqt-20111231_lab.xml XBRL TAXONOMY EXTENSION LABELS EX-101.PRE 22 liqt-20111231_pre.xml XBRL TAXONOMY EXTENSION PRESENTATION GRAPHIC 23 footer.jpg begin 644 footer.jpg M_]C_X``02D9)1@`!`@``9`!D``#_[``11'5C:WD``0`$````9```_^X`#D%D M;V)E`&3``````?_;`(0``0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$! 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Note 1 - Summary of Significant Accounting Policies
 12 Months Ended
Dec. 31, 2011
Significant Accounting Policies [Text Block]
NOTE 1 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

REVERSE ACQUISITION

On August 24, 2011, pursuant to an Agreement and Plan of Merger, dated as of August 23, 2011, by and among, LiqTech International, Inc. (“Parent”) (formerly Blue Moose Media, Inc.), Blue Moose Delaware Merger Sub, Inc., (“BMD Sub”), a wholly owned subsidiary of Parent and LiqTech USA (the “Merger Agreement”), BMD Sub was merged with and into LiqTech USA (the “Merger”) and as a result of the Merger, LiqTech USA became a wholly owned subsidiary of Parent. Prior to the Merger there were 4,155,250 shares of the common stock, par value $.001 per share of Parent outstanding, pursuant to the Merger each of the 17,444.75 outstanding shares of the common stock of LiqTech USA, was exchanged for 1,000 shares of Parent’s common stock, for a total of 17,444,750 shares resulting in 21,600,000 shares of Parent common stock being outstanding immediately following the Merger and warrants to acquire up to 6,500 shares of LiqTech USA’s common stock at an exercise price of $1,500 per share, were by their terms, converted into warrants to acquire up to 6,500,000 shares of Parent common stock at an exercise price of $1.50 per share.

Business and Basis of Presentation — The consolidated financial statements include the accounts of LiqTech International, Inc., “Company”, “us”, “we” and “our” as used in this report refer to LiqTech International, Inc. and its subsidiaries (set forth below), which engages in the development, design, production, marketing and sale of diesel particulate air and liquid filters and kiln furniture in United States of America, Canada, Europe, Asia and Brazil.

LiqTech International, Inc., a Nevada corporation organized in July 2004, formerly Blue Moose Media, Inc.

LiqTech USA, Inc. (“LiqTech USA”), a Delaware corporation and a wholly-owned subsidiary of Parent formed in May 2011.

LiqTech A/S (“LiqTech AS”), a Danish Corporation, incorporated on March 15, 1999, a wholly-owned subsidiary of LiqTech USA, engages in the development, design, production, marketing and sale of ceramic diesel particulate and liquid filters and kiln furniture in Europe, Asia and Brazil.

LiqTech International A/S, a Danish Corporation, incorporated on January 15, 2000, formerly known as CoMeTas A/S (“LiqTech Int. DK”), a 100% owned subsidiary of LiqTech AS, engages in development, design, application, marketing and sale of membranes on ceramic diesel particulate and liquid filters and catalytic converters in Europe, Asia and Brazil. LiqTech Int. DK was a 75% owned subsidiary from August 24, 2011 to March 2011 and a 60% owned subsidiary prior to March 2011.

LiqTech NA, Inc. (“LiqTech NA”) a 100% owned subsidiary of LiqTech AS, incorporated in Delaware on July 1, 2005, engages in the production, marketing and sale of ceramic diesel particulate and liquid filters and kiln furniture in United States of America and Canada. Prior to August 2011, LiqTech held a 90% interest in LiqTech NA.

LiqTech Asia (“LiqTech Asia”) a 60% owned subsidiary of LiqTech AS, incorporated in Korea on July 20, 2006, is currently a dormant subsidiary.

Consolidation — The consolidated financial statements include the accounts and operations of the Company. The non-controlling interests in the net assets of the subsidiaries are recorded in equity. The non-controlling interests of the results of operations of the subsidiaries are included in the results of operations and recorded as the non-controlling interest in subsidiaries. All material inter-company transactions and accounts have been eliminated in the consolidation.

Functional Currency / Foreign currency translation — The Group functional currency is the Danish Krone (“DKK”) and its reporting currency is U.S. dollars for the purpose of these financial statements. The Company’s consolidated balance sheet accounts are translated into U.S. dollars at the period-end exchange rates (5.7456DKK and 5.6133 DKK to $1 at December 31, 2011 and at December 31, 2010, respectively) and all revenue and expenses are translated into U.S. dollars at the average exchange rates prevailing during the years 2011 and 2010 (5.3621DKK and 5.6257DKK to $1) in which these items arise. Translation gains and losses are deferred and accumulated as a component of other comprehensive income in stockholders’ equity. Transaction gains and losses that arise from exchange rate fluctuations from transactions denominated in a currency other than the functional currency are included in the statement of operations as incurred.

Cash and Cash Equivalents — The Company considers all highly liquid debt instruments purchased with a maturity of three months or less to be cash equivalents. The Company had no balances held in financial institution in the United States in excess of federally insured amounts at December 31, 2011 and December 31, 2010.

Accounts Receivable — Accounts receivables consist of trade receivables arising in the normal course of business. The Company establishes an allowance for doubtful accounts which reflects the Company’s best estimate of probable losses inherent in the accounts receivable balance. The Company determines the allowance based on known troubled accounts, historical experience, and other currently available evidence.

The roll forward of the allowance for doubtful accounts for the year ended December 31, 2011 and December 31, 2010 is as follows:

 
 
2011
   
2010
 
Allowance for doubtful accounts at the beginning of the period
  $ 452,266     $ 221,400  
Bad debt expense
    208,275       675,341  
Amount of receivables written off
    (257,610 )     (428,960 )
Effect of currency translation
    (13,899 )     (15,515 )
Allowance for doubtful accounts at the end of the period
  $ 389,032     $ 452,266  

Inventory — Inventory is carried at the lower of cost or market, as determined on the first-in, first-out method.

Property and Equipment — Property and equipment are stated at cost. Expenditures for major renewals and betterments that extend the useful lives of property and equipment are capitalized, upon being placed in service. Expenditures for maintenance and repairs are charged to expense as incurred. Depreciation is computed for financial statement purposes on a straight-line basis over the estimated useful lives of the assets which range from three to twenty years (See Note 4).

Long-Term Investments — Investments in non-public companies are included in long-term investments in the consolidated balance sheet and are accounted for under the cost method and equity method. For these non-quoted investments, we regularly review the assumptions underlying the operating performance and cash flow forecasts based on information requested from these privately held companies. Generally, this information may be more limited, may not be as timely as and may be less accurate than information available from publicly traded companies. Assessing each investment's carrying value requires significant judgment by management. If it is determined that there is an-other-than-temporary decline in the fair value of a non-public equity security, we write-down the investment to its fair value and record the related write-down as an investment loss in the consolidated statement of operations.

Intangible Assets — Definite life intangible assets include patents. The Company accounts for definite life intangible assets in accordance with Financial Accounting Standards Board, (“FASB”) Accounting Standards Codification, (“ASC”) Topic 350, “Goodwill and Other Intangible Assets” and amortized the patents on a straight line basis over the estimated useful life of two to ten years.

Revenue Recognition and Sales Incentives — The Company's accounts for revenue recognition in accordance with the Securities and Exchange Commission Staff Accounting Bulletin No. 101, “Revenue Recognition in Financial Statements” (SAB 101), FASB ASC 605 Revenue Recognition. The Company recognizes revenue when rights and risk of ownership have passed to the customer, when there is persuasive evidence of an arrangement, product has been shipped or delivered to the customer, the price and terms are finalized, and collections of resulting receivable is reasonably assured. Products are primarily shipped FOB shipping point at which time title passes to the customer. In some instances the Company uses common carriers for the delivery of products. In these arrangements, sales are recognized upon delivery to the customer. The Company's revenue arrangements with its customers often include early payment discounts and such sales incentives are recorded against sales.

Advertising Cost — Cost incurred in connection with advertising of the Company’s products are expensed as incurred. Such costs amounted to $47,645 and $31,329, for the year ended December 31, 2011 and 2010, respectively.

Research and Development Cost — The Company expenses research and development costs for the development of new products as incurred. Included in operating expense for the year ended December 31, 2011 and 2010 are $502,413, and $421,518, respectively, of research and development costs.

Income Taxes — The Company accounts for income taxes in accordance with FASB ASC Topic 740 Accounting for Income Taxes. This statement requires an asset and liability approach for accounting for income taxes.

Earnings Per Share — The Company calculates earnings per share in accordance with FASB ASC 260 Earnings Per Share. Basic earnings per common share (EPS) are based on the weighted average number of common shares outstanding during each period. Diluted earnings per common share are based on shares outstanding (computed as under basic EPS) and potentially dilutive common shares. Potential common shares included in the diluted earnings per share calculation include in-the-money stock options that have been granted but have not been exercised.

Stock Options — The Companies have granted stock options to certain key employees. See Note 12. During the years presented in the accompanying consolidated financial statements, the Company has granted options. The Company accounts for options in accordance with the provisions of FASB ASC Topic 718, Compensation – Stock Compensation. Non-cash compensation costs of $123,984 and $40,946 have been recognized for the vesting of options granted to employees with an associated recognized tax benefit of $0 for the years ended December 31, 2011 and 2010, respectively.

Fair Value of Financial Instruments — The Company accounts for fair value measurements for financial assets and financial liabilities in accordance with FASB ASC Topic 820. The authoritative guidance, which, among other things, defines fair value, establishes a consistent framework for measuring fair value and expands disclosure for each major asset and liability category measured at fair value on either a recurring or nonrecurring basis. Fair value is defined as the exit price, representing the amount that would either be received to sell an asset or be paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, the guidance establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows:

 
●
Level 1. Observable inputs such as quoted prices in active markets for identical assets or liabilities;

 
●
Level 2. Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly; and

 
●
Level 3. Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions.

Unless otherwise disclosed, the fair value of the Company’s financial instruments including cash, accounts receivable, prepaid expenses, investments, accounts payable, accrued expenses, capital lease obligations and notes payable approximates their recorded values due to their short-term maturities.

Accounting Estimates — The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosures of contingent assets and liabilities at the date of the financial statements and the reported amount of revenues and expenses during the reporting period. Actual results could differ from those estimated.

Recent Accounting Pronouncements — In May 2011, the Financial Accounting Standards Board (FASB) issued amended standards to achieve a consistent definition of fair value and common requirements for measurement of and disclosure about fair value between U.S. GAAP and International Financial Reporting Standards. For assets and liabilities categorized as Level 3 and recognized at fair value, these amended standards require disclosure of quantitative information about unobservable inputs, a description of the valuation processes used by the entity, and a qualitative discussion about the sensitivity of the measurements. In addition, these amended standards require that we disclose the level in the fair value hierarchy for financial instruments disclosed at fair value but not recorded at fair value. These new standards are effective for us beginning in the first quarter of 2012; early adoption of these standards is prohibited. We do not expect these new standards to significantly impact our consolidated condensed financial statements.

In June 2011, the FASB issued amended standards to increase the prominence of items reported in other comprehensive income. These amendments eliminate the option to present components of other comprehensive income as part of the statement of changes in stockholders’ equity and require that all changes in stockholders’ equity — except investments by, and distributions to, owners — be presented either in a single continuous statement of comprehensive income or in two separate but consecutive statements. In addition, these amendments require that we present on the face of the financial statements reclassification adjustments for items that are reclassified from other comprehensive income to net income in the statement(s) where the components of net income and the components of other comprehensive income are presented. These new standards are effective for us beginning in the first quarter of 2012 and are to be applied retrospectively.

           In June 2011, the FASB issued ASU No. 2011-04, “Fair Value Measurement (Topic 820) – Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRS.” The amendments provide a consistent definition of fair value and ensure that the fair value measurement and disclosure requirements are similar between U.S. GAAP and International Financial Reporting Standards. The amendments also change certain fair value measurement principles and enhance the disclosure requirements, particularly for Level 3 fair value measurements. The amendments are effective during interim and annual periods beginning after December 15, 2011 and should be applied prospectively. Early adoption is not permitted. We will adopt this standard when they apply. Other than requiring additional disclosures, the adoption of this amendment will not have a material impact on our consolidated financial statements.

These amended standards will impact the presentation of other comprehensive income but will not impact our financial position or results of operations.

Other recent accounting pronouncements issued by the FASB did not or are not believed by management to have a material impact on the Company’s present or future financial statements.

Restatement — The common shares outstanding, common stock and additional paid in capital have been restated in the December 31, 2010 financial statements to reflect the 9,308,333 shares par value of $0.001 per share issued for the 1,560 shares par value of DKK 1,000 per share of LiqTech AS in connection with the Merger.

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M1$5.5#H@,'!T.R!$25-03$%9.B!B;&]C:SL@34%21TE.+4Q%1E0Z(#!P=#L@ M34%21TE.+5))1TA4.B`P<'0G(&%L:6=N/3-$:G5S=&EF>3X-"B`-"B`@("`@ M(#QF;VYT('-T>6QE/3-$)T1)4U!,05DZ(&EN;&EN93L@1D].5"U&04U)3%DZ M(%1I;65S($YE=R!2;VUA;CL@1D].5"U325I%.B`Q,'!T)SX\9F]N="!I9#TS M1%1!0C$M,3@Y('-T>6QE/3-$)TU!4D=)3BU,1494.B`S-G!T)SX\+V9O;G0^ M26X@8V]N;F5C=&EO;@T*("`@#0H@("`@("!W:71H('-U8V@@=')A;G-A8W1I M;VYS+"!I="!I0T*("`-"B`@("`@('1H92!O=&AE2X@06QL('-H87)E2!0:7)E;&QI(&EN(&-O;FYE8W1I M;VX-"B`@(`T*("`@("`@=VET:"!T:&4@=')A;G-A8W1I;VYS(&-O;G1E;7!L M871E9"!B>2!T:&4@;&5T=&5R(&]F(&EN=&5N=`T*("`@("`-"B`@("`@('=I M;&P@8F4@65A'!I6QE/3-$)T1)4U!,05DZ(&EN;&EN93L@1D].5"U&04U)3%DZ(%1I;65S M($YE=R!2;VUA;CL@1D].5"U325I%.B`Q,'!T)SX\9F]N="!I9#TS1%1!0C$M M,3DP('-T>6QE/3-$)TU!4D=)3BU,1494.B`S-G!T)SX\+V9O;G0^5&AE('1R M86YS86-T:6]N3X-"CPO:'1M;#X-"@T*+2TM+2TM/5].97AT4&%R=%]A M8V)A-#EC,E\T,38V7S0X,S5?838V9%]D.3(U.&-F,F4R93`-"D-O;G1E;G0M M3&]C871I;VXZ(&9I;&4Z+R\O0SHO86-B830Y8S)?-#$V-E\T.#,U7V$V-F1? M9#DR-3AC9C)E,F4P+U=O&UL#0I#;VYT96YT M+51R86YS9F5R+45N8V]D:6YG.B!Q=6]T960M<')I;G1A8FQE#0I#;VYT96YT M+51Y<&4Z('1E>'0O:'1M;#L@8VAA&UL;G,Z;STS1")U'1087)T7V%C8F$T.6,R @7S0Q-C9?-#@S-5]A-C9D7V0Y,C4X8V8R93)E,"TM#0H` ` end XML 34 R8.htm IDEA: XBRL DOCUMENT v2.4.0.6
Supplemental Disclosures of Non-Cash Investing and Financing Activities
 12 Months Ended
Dec. 31, 2011
Schedule of Cash Flow, Supplemental Disclosures [Table Text Block]
Supplemental Disclosures of Non-Cash Investing and Financing Activities:

For the year ended December 31, 2011

The Company recorded a $280,039 capital contribution for the receipt of 400 shares of its subsidiary LiqTech

 International AS (former CoMeTas AS) with a non-controlling interest's value of $325,208.

The Company entered into a capital lease to purchase $262,561 in equipment.

For the Year Ended December 31, 2010

None
XML 35 R2.htm IDEA: XBRL DOCUMENT v2.4.0.6
Consolidated Balance Sheets (USD $)
Dec. 31, 2011
Dec. 31, 2010
Current Assets:    
Cash $ 1,033,057 $ 559,259
Accounts receivable, net 5,299,569 3,029,075
Other receivables 1,528,362 517,296
Inventories 2,980,583 1,885,681
Prepaid expenses 301,375 110,552
Current deferred tax asset 17,786 7,000
Total Current Assets 11,160,732 6,108,863
Property and Equipment, net of accumulated depreciation 6,647,217 6,423,027
Other Assets:    
Other intangible assets 34,167 81,554
Other investments 6,483  
Deposits 146,184 43,537
Total Other Assets 186,834 125,091
Total Assets 17,994,783 12,656,981
Lines of credit 1,259,936 1,033,088
Notes payable - current portion 259,396 100,000
Notes payable - related party, net of discount 3,328,183  
Current portion of capital lease obligation 191,444 156,204
Accounts payable trade 3,026,960 1,065,567
Accrued expenses 1,212,746 718,712
Accrued income taxes payable 3,710  
Other accrued liabilities 154 7,155
Total Current Liabilities 9,282,529 3,080,726
Notes payable and long-term debt, less current portion 350,000 400,000
Long-term capital lease obligations, less current portion 950,351 925,749
Deferred tax liability 668,484 480,040
Total Long-Term Liabilities 1,968,835 1,805,789
Total Liabilities 11,251,364 4,886,515
Common stock; par value $0.001, 100,000,000 and 100,000,000 shares authorized, 21,600,000 and 9,308,333 shares issued and outstanding at December 31, 2011 and December 31, 2010, respectively. 21,600 9,309
Additional paid-in capital 5,603,517 2,532,776
Treasury stock, at cost, 0 and 46,070 shares held at December 31, 2011 and December 31, 2010   (25,019)
Retained earnings 5,284,583 4,367,372
Deferred compensation (268,282)  
Other comprehensive Income, net (596,011) (256,123)
Note receivable from a shareholder, net of discount (3,328,183) (80,000)
Uncontrolled interest in subsidiaries 26,195 1,222,151
Total Stockholders' Equity 6,743,419 7,770,466
Total Liabilities and Stockholders' Equity $ 17,994,783 $ 12,656,981
XML 36 R6.htm IDEA: XBRL DOCUMENT v2.4.0.6
Consolidated Statements of Stockholders' Equity (USD $)
Common Stock [Member]
Treasury Stock [Member]
Additional Paid-in Capital [Member]
Retained Earnings [Member]
Accumulated Other Comprehensive Income (Loss) [Member]
Deferred Compensation, Share-based Payments [Member]
Shareholder Receivable [Member]
Subsidiaries [Member]
Total
Balance, December 31, 2009 at Dec. 31, 2009 $ 9,309 $ (25,019) $ 2,491,830 $ 4,374,001 $ 187,524   $ (80,000) $ 1,573,699  
Balance, December 31, 2009 (in Shares) at Dec. 31, 2009 9,308,333 46,070              
Stock based compensation     40,946           40,946
Currency translation, net         (443,647)     (43,045) 486,693
Net Income       (6,629)       (308,503) (315,132)
BALANCE at Dec. 31, 2010 9,309 (25,019) 2,532,776 4,367,372 (256,123)   (80,000) 1,222,151 7,770,466
Balance, December 31, 2009 (in Shares) at Dec. 31, 2010 9,308,333 46,070              
Contribution of 15% interest of LiqTech International AS     280,039         (325,208)  
Cancellation of shares held in treasury   25,019 (25,019)            
Cancellation of shares held in treasury (in Shares)   (46,070)              
Recapitalization of subsidiary and acquisition of non-controlled interest in LiqTech International AS and LiqTech NA 8,136   2,427,610       (5,144,751) (964,994)  
Recapitalization of subsidiary and acquisition of non-controlled interest in LiqTech International AS and LiqTech NA (in Shares) 8,136,417                
Amortization of discount on shareholder receivable             (54,882)    
Currency adjustment on note receivable / payable             371,450    
Recapitalization of subsidiary 4,155   (4,155)            
Recapitalization of subsidiary (in Shares) 4,155,250                
Deferred compensation on options issued to directors and employees     392,266     (392,266)      
Stock based compensation           123,984     123,984
Payments received on shareholder receivables             1,580,000    
Currency translation, net         (339,888)     12,565 327,323
Net Income       917,211       81,681 998,892
BALANCE at Dec. 31, 2011 $ 21,600   $ 5,603,517 $ 5,284,583 $ (596,011) $ (268,282) $ (3,328,183) $ 26,195 $ 6,743,419
BALANCE (in Shares) at Dec. 31, 2011 21,600,000                
XML 37 R22.htm IDEA: XBRL DOCUMENT v2.4.0.6
Note 14 - Significant Customers/Concentration
 12 Months Ended
Dec. 31, 2011
Segment Reporting Disclosure [Text Block]
NOTE 14 — SIGNIFICANT CUSTOMERS / CONCENTRATION

The Company had four customers who accounted for 11%, 10%, 10% and 7% of total sales at December 31, 2011. The Company had four significant customers who accounted for 29%, 15%, 14% and 9% of total sales at December 31, 2010.

The Company sells filters throughout the world; sales by geographical region are as follows for the three and year ended December 31, 2011 and 2010:

   
For the Year Ended December 31
 
   
2011
   
2010
 
United States and Canada
  $ 6,640,642     $ 5,593,498  
South America
    17,949       76,121  
Asia
    1,292,143       2,514,095  
Europe
    13,241,443       7,545,103  
    $ 21,192,177     $ 15,728,817  

The Company’s sales by product line are as follows for the three and year ended December 31, 2011 and 2010:

   
For the Year Ended December 31
 
   
2011
   
2010
 
Ceramic diesel particulate
  $ 17,211,557     $ 13,820,862  
Liquid filters
    3,708,624       1,907,955  
Kiln furniture
    271,996       -  
    $ 21,192,177     $ 15,728,817  

XML 38 R24.htm IDEA: XBRL DOCUMENT v2.4.0.6
Note 16 - Subsequent Event
 12 Months Ended
Dec. 31, 2011
Subsequent Events [Text Block]
NOTE 16 — SUBSEQUENT EVENT

The Company’s management reviewed material events through March 19, 2012.

On March 2, 2012, we completed the initial closing of a registered public offering of our common stock.  As part of the initial closing, we issued 2,511,500 shares of our common stock in a registered direct placement of our shares at a per share price of $3.25. The net proceeds to us from the initial closing are approximately $7.4 million. We intend to use the net proceeds from the offering for the development and marketing of our products, the engineering, development and testing of our membranes, and the opening of local sales offices in certain countries outside of the U.S. and Denmark. Pending application of such proceeds, we expect to invest the proceeds in short-term, interest-bearing, investment-grade marketable securities or money market obligations.  Sunrise Securities Corp. acted as the exclusive placement agent for this transaction.  As part of the compensation for the placement agent, we also issued to the placement agent and certain of its agents for $100, warrants to purchase an aggregate of 125,575 shares of our common stock (equal to 5% of the shares of common stock sold by the placement agent and its agents in the offering). The warrants will have an exercise price equal to $4.06 (or 125% of the offering price of the shares sold in the offering) and may be exercised on a cashless basis. The warrants are exercisable for a period of five years commencing after the effective date of the registration statement related to the offering. The warrants are subject to a lock-up restriction for 180 days pursuant to FINRA Rule 5110(g). The warrants are not redeemable by us.

On March 13, 2012, the Company repaid lines of credits with balance of $882,081 and $377,933 as December 31, 2011.

On February 29, 2012, we entered into a non-binding letter of intent with Pirelli & C. Eco Technology S.p.A. (“Pirelli”) to acquire all of the outstanding equity interests in S.C. Pirelli & C. Eco Technology RO SRL (“S.C. Pirelli”), Pirelli’s Romanian subsidiary, which, among other assets, has a manufacturing facility in Bumbesti, Romania. The fixed assets of S.C. Pirelli that are used for its diesel particulate filter business, including the buildings at the Romanian manufacturing facility, are anticipated to have a net book value of Romanian Leu (RON) 66,978,129 (equivalent to approximately Euro 15.6 million or $21 million) at December 31, 2011 as determined in accordance with International Financial Reporting Standards (IFRS). The land on which the manufacturing facility is located is under a long-term lease, and S.C. Pirelli will have the right to recover the investment made with respect to the buildings at the manufacturing site (net of accumulated depreciation over a period of 30 years). The letter of intent contemplates that we will pay $15 million in cash to Pirelli as consideration for such purchase. At the time of the purchase, it is contemplated that the subsidiary will have no debt or other liabilities and that Pirelli will indemnify us against any such pre-closing debt and liabilities to the extent not reflected on the closing balance sheet.

The letter of intent also contemplates that Pirelli will invest $19 million in shares of our common stock at a per share price equal to the lower of $3.90 and the weighted average price of a share of our common stock for the 10 business days preceding the closing date of the transactions contemplated by the letter of intent. Pirelli will also receive one share of voting preferred stock, which will permit Pirelli to appoint one member of our board of directors. This share of preferred stock will automatically convert into one share of our common stock upon Pirelli ceasing to own in the aggregate 50% of the shares (as adjusted for stock splits and stock dividends) of our common stock acquired in connection with these transactions. If the maximum number of shares offered in this offering are sold, and assuming that the shares will be issued to Pirelli at a per share price of $3.90, Pirelli will beneficially own approximately 14.0% of our outstanding shares of common stock.

It is contemplated that Pirelli and we will enter into an agreement for the supply of diesel particulate filters to Pirelli and for the assembly of retrofit systems for Pirelli. It is also contemplated that Pirelli will guarantee to cover up to RON 6.6 million of fixed costs and Euro 560,000 of salary in 2012 and RON 6.15 million of fixed costs and Euro 660,000 of salary in 2013 if the EBITDA of S.C. Pirelli is negative for such years. Furthermore, it is contemplated that Pirelli will support our research and development and worldwide sales efforts for filters and membranes.

F22

In connection with such transactions, it is contemplated that Pirelli and Aldo Petersen will enter into a shareholder agreement pursuant to which each party will have rights of first refusal and tag along rights on sales of our common stock by the other party. All shares acquired by Pirelli in connection with the transactions contemplated by the letter of intent will be subject to a lock-up provision for one year from the closing date of such transactions. Mr. Petersen is also contemplated to enter into a lock-up agreement restricting his ability to transfer the shares beneficially owned by him for one year from the closing date of the transactions contemplated by the letter of intent. It is contemplated that Pirelli will be granted registration rights in respect of the shares of our common stock that it acquires pursuant to the above transactions upon the expiration of the lock-up period. Pirelli is also contemplated to receive certain veto rights in respect of strategic decisions relating to S.C. Pirelli.

The transactions contemplated by the letter of intent are subject to the execution of definitive agreements mutually agreeable to both parties and there is no assurance that such agreements will be executed or that the contemplated transactions will occur as described above or at all.

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Consolidated Statements of Cash Flows (USD $)
 12 Months Ended
Dec. 31, 2011
Dec. 31, 2010
Cash Flows from Operating Activities:    
Net Income (Loss) $ 998,892 $ (315,132)
Adjustments to reconcile net income (loss) to net cash provided by operations:    
Depreciation and amortization 1,379,667 1,152,099
Compensation from stock options 123,984 40,946
Bad debt expense 208,275 428,960
Change in deferred tax asset / liability 177,658 118,410
(Gain) /loss on sale of equipment (411,436) 9,801
Loss on Long- term investments 57,684 43,476
Changes in assets and liabilities:    
(Increase) decrease in accounts receivable (3,593,340) 715,075
(Increase) decrease in inventory (1,094,902) 45,112
(Increase) decrease in prepaid expenses/deposits (293,470) 50,738
Increase (decrease) in accounts payable 1,961,393 (206,364)
Increase (decrease) in accrued expenses 490,743 (333,979)
Total Adjustments (993,744) 2,064,274
Net Cash Provided by Operating Activities 5,148 1,749,142
Cash Flows from Investing Activities:    
Purchase of property and equipment (1,572,300) (1,307,413)
Proceeds from sale / recovery of property and equipment 689,827  
Purchase of intangible assets   (31,652)
Purchase of long-term investments (64,167)  
Net Cash Used by Investing Activities (946,640) (1,339,065)
Cash Flows from Financing Activities:    
Proceeds from notes payable 109,396 500,000
Net proceed on lines of credit 226,848 118,898
Payments on notes payable - related party   (305,620)
Payments on capital lease obligation (202,719) (246,099)
Proceeds from issuance of common stock and warrants 4,607,087  
Repurchase of common stock (4,577,999)  
Payments on Related Party Notes Receivable 1,580,000  
Net Cash Used by Financing Activities 1,742,613 67,179
(Gain) on Currency translation (327,323) (486,693)
Net Increase (Decrease) in Cash and Cash Equivalents 473,798 (9,437)
Cash and Cash Equivalents at Beginning of the Period 559,259 568,696
Cash and Cash Equivalents at the End of Period 1,033,057 559,259
Cash paid during the period for:    
Interest 203,682 214,520
Income Taxes $ 359,508 $ 145,531
XML 41 R3.htm IDEA: XBRL DOCUMENT v2.4.0.6
Consolidated Balance Sheets (Parentheticals) (USD $)
Dec. 31, 2011
Dec. 31, 2010
Common Stock, par value (in Dollars per share) $ 0.001 $ 0.001
Common Stock, shares authorized 100,000,000 100,000,000
Common Stock, shares issued 21,600,000 9,308,333
Common Stock, shares outstanding 21,600,000 9,308,333
Treasury Stock, shares held 0 46,070
XML 42 R17.htm IDEA: XBRL DOCUMENT v2.4.0.6
Note 9 - Agreements and Commitments
 12 Months Ended
Dec. 31, 2011
Commitments Disclosure [Text Block]
NOTE 9 — AGREEMENTS AND COMMITMENTS

401(K) Profit Sharing Plan — LiqTech NA has a 401(k) profit sharing plan and trust covering certain eligible employees. The amount LiqTech NA contributes is discretionary. For the year ending December 31, 2011 and 2010, matching contributions were expensed and totaled $20,879 and $14,682, respectively.

XML 43 R1.htm IDEA: XBRL DOCUMENT v2.4.0.6
Document And Entity Information (USD $)
 12 Months Ended
Dec. 31, 2011
Mar. 23, 2012
Jun. 30, 2011
Document and Entity Information [Abstract]      
Entity Registrant Name LIQTECH INTERNATIONAL INC    
Document Type 10-K    
Current Fiscal Year End Date --12-31    
Entity Common Stock, Shares Outstanding   24,111,500  
Entity Public Float     $ 0
Amendment Flag false    
Entity Central Index Key 0001307579    
Entity Current Reporting Status Yes    
Entity Voluntary Filers No    
Entity Filer Category Smaller Reporting Company    
Entity Well-known Seasoned Issuer No    
Document Period End Date Dec. 31, 2011    
Document Fiscal Year Focus 2011    
Document Fiscal Period Focus FY    
XML 44 R18.htm IDEA: XBRL DOCUMENT v2.4.0.6
Note 10 - Income Taxes
 12 Months Ended
Dec. 31, 2011
Income Tax Disclosure [Text Block]
NOTE 10 — INCOME TAXES

     The Company accounts for income taxes in accordance with FASB ASC Topic 740, Accounting for Income Taxes; which requires the Company to provide a net deferred tax asset or liability equal to the expected future tax benefit or expense of temporary reporting differences between book and tax accounting and any available operating loss or tax credit carry forwards. The amount of and ultimate realization of the benefits from the deferred tax assets for income tax purposes is dependent, in part, upon the tax laws in effect, the Company’s future earnings, and other future events, the effects of which cannot be determined.

     The temporary differences, tax credits and carry forwards gave rise to the following deferred tax asset (liabilities) at December 31, 2011 and 2010:

   
2011
   
2010
 
Deferred rent
  $ -     $ 2,506  
Vacation Accrual
    13,234       -  
Reserve for obsolete inventory
    4,552       4,494  
Net current tax assets
  $ 17,786     $ 7,000  
                 
Business tax credit carryover
    -       2,528  
Net operating loss carryover
    130,118       307,227  
Excess of book over tax depreciation
    (798,602 )     (789,795 )
Net deferred tax liability
    (668,484 )   $ (480,040 )

     In accordance with prevailing accounting guidance, the Company is required to recognize and disclose any income tax uncertainties. The guidance provides a two-step approach to recognizing and measuring tax benefits and liabilities when realization of the tax position is uncertain.  The first step is to determine whether the tax position meet the more-likely-than-not condition for recognition and the second step is to determine the amount to be recognized based on the cumulative probability that exceeds 50%.

     The amount of and ultimate realization of the benefits from the deferred tax assets for income tax purposes is dependent, in part, upon the tax laws in effect, the Company’s future earnings, and other future events, the effects of which can difficult to determine and can only be estimated. Management estimates that it is more likely than not that the Company will generate adequate net profits to use the deferred tax assets; management has estimated that all of the deferred tax will be realized and consequently, a valuation allowance was not recorded.

     As of December 31, 2011 the Company had net operating loss carryovers of $130,118 for U.S. Federal purposes expiring through 2032

     A reconciliation of income tax expense at the federal statutory rate to income tax expense at the Company’s effective rate is as follows at December 31, 2011 and 2010:

   
2011
   
2010
 
Computed tax at expected statutory rate
  $ 444,553     $ (57,664 )
State and local income taxes, net of federal benefits
    6,945       63,586  
Non-deductible expenses
    26,269       1,723  
Non-US income taxed at different rates
    (87,033 )     105,892  
Manufacture and other tax credits
    (30,974 )     -  
Other items
    (252 )     31,994  
Income tax expense
  $ 359,508     $ 145,531  

 The components of income tax expense (benefit) from continuing operations for the years ended December 31, 2011 and 2010 consist of the following:

   
2011
   
2010
 
Current income tax expense (benefit)
           
Danish
  $ 25,665     $ 8,783  
Federal
    145,662       -  
State
    10,523       13,992  
Current tax expense
  $ 181,850     $ 22,775  
                 
Deferred tax expense (benefit) arising from:
               
Excess of tax over financial accounting depreciation
  $ 8,749     $ 386,109  
Deferred rent
    2,506       (2,506 )
Business tax credit carryover
    2,528       -  
Net operating loss carryover
    177,109       (303,921 )
Allowance for doubtful accounts
    -       47,568  
Accrued Rent
    (13,234 )     -  
Reserve for obsolete inventory
    -       (4,494 )
Current tax expense
  $ 177,658     $ 122,756  

     Deferred income tax expense / (benefit) results primarily from the reversal of temporary timing differences between tax and financial statement income.

     The Company files Danish  and U.S. federal, and Minnesota state income tax returns, and LiqTech AS and LiqTech International AS are generally no longer subject to tax examinations for years prior to 2006 for their Danish tax returns.  LiqTech NA is generally no longer subject to tax examinations for years prior to 2008 for U.S. federal and U.S. states tax returns.

XML 45 R4.htm IDEA: XBRL DOCUMENT v2.4.0.6
Consolidated Statements of Operations (USD $)
 12 Months Ended
Dec. 31, 2011
Dec. 31, 2010
Net Sales $ 21,192,177 $ 15,728,817
Cost of Goods Sold 16,164,366 12,054,973
Gross Profit 5,027,811 3,673,844
Operating Expenses:    
Selling expense 1,484,992 1,476,656
General and administrative expenses 1,943,333 1,748,596
Research and development 502,413 421,518
Total Operating Expense 3,930,738 3,646,770
Income From Operations 1,097,073 27,074
Other Income (Expense)    
Interest and other Income 100,986 64,916
Interest (expense) (203,682) (214,520)
(Loss) on investments (57,684) (123,647)
Gain on currency transactions 10,271 86,377
Gain (loss) on sale of fixed assets 411,436 (9,801)
Total Other Income (Expense) 261,327 (196,675)
Income Before Income Taxes 1,358,400 (169,601)
Income Tax Expense 359,508 145,531
Net Income (Loss) 998,892 (315,132)
Less Net Income (Loss) Attributable To Non Controlled Interest in Subsidiaries 81,681 (308,503)
Net Income (Loss) Attributable To Liqtech $ 917,211 $ (6,629)
Basic Earnings Per Share (in Dollars per share) $ 0.06 $ 0.00
Weighted Average Common Shares Outstanding (in Shares) 14,165,217 9,308,333
Diluted Earnings Per Share (in Dollars per share) $ 0.06 $ 0.00
Weighted Average Common Shares Outstanding Assuming Dilution (in Shares) 16,096,973 9,308,333
XML 46 R12.htm IDEA: XBRL DOCUMENT v2.4.0.6
Note 4 - Property and Equipment
 12 Months Ended
Dec. 31, 2011
Property, Plant and Equipment Disclosure [Text Block]
NOTE 4 — PROPERTY AND EQUIPMENT

Property and equipment consists of the following at December 31, 2011 and December 31, 2010:

   
Useful Life
   
2011
   
2010
 
Production equipment
    3 - 10     $ 10,025,051     $ 9,177,522  
Lab equipment
    3 - 10       349,750       354,435  
Computer equipment
    3 - 10       236,155       171,232  
Vehicles
    3       10,565       10,814  
Furniture and fixture
    5       47,898       -  
Building
    20       -       214,807  
Leasehold improvements
    10       443,448       573,650  
              11,112,867       10,502,460  
Less Accumulated Depreciation
            (4,465,650 )     (4,079,433 )
Net Property and Equipment
          $ 6,647,217     $ 6,423,027  

Depreciation expense amounted to $1,332,280 and $1,110,017, for the year ended December 31, 2011 and 2010, respectively. The Company’s property and equipment is held as collateral on the lines of credit.

XML 47 R11.htm IDEA: XBRL DOCUMENT v2.4.0.6
Note 3 - Inventories
 12 Months Ended
Dec. 31, 2011
Inventory Disclosure [Text Block]
NOTE 3 — INVENTORY

Inventory consists of the following at December 31, 2011 and December 31, 2010:

   
2011
   
2010
 
Furnace parts and supplies
  $ 151,412     $ 250,526  
Raw materials
    920,064       397,634  
Work in process
    867,988       529,253  
Finished goods
    1,054,118       721,268  
Reserve for obsolescence
    (13,000 )     (13,000 )
Net Inventory
  $ 2,980,583     $ 1,885,681  

The Company’s inventory is held as collateral on the Company’s line of credits.

XML 48 R23.htm IDEA: XBRL DOCUMENT v2.4.0.6
Note 15 - Insurance Claims
 12 Months Ended
Dec. 31, 2011
Insurance Disclosure [Text Block]
NOTE 15 — INSURANCE CLAIMS

On July 19, 2011, the building housing LiqTech Int. DK (formerly CoMeTas AS) corporate office and production facility suffered damages resulting from a fire in the roof structure and portions of the corporate offices. The Production facility suffered structural and water damages making the facility unsafe for future use. The Company located a new facility and moved their operations and usable equipment. The Company filed claims under two insurance policies on LiqTech Int. DK, a DKK 15,500,000 (approximately $2,750,000 USD) policy for casualty losses and a DKK 10,000,000 (approximately $1,800,000 USD) policy for business interruptions.

The business interruption policy covered a period of twelve months from the date of the fire.  The Company settled with the insurance company and will receive 5,408,000 DKK (approximately $1,000,000USD) under the business interruption policy. The Company will record the proceeds from the policy ratably over twelve month period covered. As of December 31, 2011, the Company recorded 3,201,806 DKK (approximately $600,000 USD) as an increase in sales, 497,806DKK (approximately $100,000) as an increase in costs of goods sold and 2,704,000DKK (approximately $500,000USD) as a deferral under the business interruption policy.

The Company will receive 5,584,015DKK (approximately $1,040,000 USD) under the casualty loss policy and has written off production equipment and leasehold improvements with a net book value of 1,519,532 DKK (approximately $285,000USD) resulting in a 2,284,112 DKK (approximately $425,000) gain from the loss. The proceeds from the policy were used to replace the equipment and leasehold improvements in the new facility.

The remaining amount received 1,780,371DKK (approximately $330,000USD) are recovering of  expenses held as a consequent of the fire. There is no gain or loss booked as a consequent of that.

Included in other receivables as of December 31, 2011, is 4,205,604DKK, (approximately $730,000UDS) which was subsequently collected in 2012 and 2,704,000 (approximately $470,000USD) in accrued liability, which will be ratably recorded to income through July 2012.

XML 49 R19.htm IDEA: XBRL DOCUMENT v2.4.0.6
Note 11 - Acquisitions
 12 Months Ended
Dec. 31, 2011
Business Combination Disclosure [Text Block]
NOTE 11 — ACQUISITIONS

On August 24, 2011, pursuant to the Merger Agreement, BMD Sub was merged with and into LiqTech USA, and as a result of the Merger, LiqTech USA became a wholly owned subsidiary of Parent. Prior to the Merger there were 4,155,250 shares of the common stock, par value $.001 per share of Parent outstanding, pursuant to the Merger each of the 17,444.75 outstanding shares of the common stock of LiqTech USA was exchanged for 1,000 shares of Parent common stock, for a total of 17,444,750 shares resulting in 21,600,000 shares of Parent common stock being outstanding immediately following the Merger and warrants to acquire up to 6,500 shares of LiqTech USA’s common stock at an exercise price of $1,500 per share, were by their terms, converted into warrants to acquire up to 6,500,000 shares of Parent common stock at an exercise price of $1.50 per share.

In connection with the Merger, shareholders of Parent contributed and cancelled 89,960,000 common shares of the Parent thereby reducing the common share outstanding to 4,155,250. Prior to the Merger, LiqTech USA completed a private placement offering of 63 Units at $100,000 per Unit (the “Offering”,) each such Unit consisting of 40 shares of LiqTech USA common stock (2,520,000 common shares of Parent after giving effect to the 1,000 for 1 share conversion into Parent upon the closing of the Merger) and a LiqTech USA Warrant for 20 shares of LiqTech USA common stock (1,260,000 warrants to purchase common shares of Parent after giving effect to the 1,000 for 1 share conversion into Parent upon closing of the Merger,) for gross proceeds of $4,800,000 in cash and a promissory note for $1,500,000 payable on September 7, 2011. Prior to the Offering, LiqTech USA issued 2,946.417 common shares (2,949,417 common shares of Parent after giving effect to the 1,000 for 1 shares conversion into Parent upon the closing of the Merger) and warrants to purchase 1,440 common shares at an exercise price of $1,500 per share (warrants to purchase 1,440,000 common shares of Parent at an exercise price of $1.50 per share after giving effect to the 1,000 for 1 share conversion into Parent upon closing of the Merger) for gross proceeds of $50,000 in cash and 19,500,000 DKK notes payable ($3,765,351 based upon the currency exchange rate of $1.00 = 5.1788 DKK as August 22, 2011.) The note was discounted $120,600 as the note does not accrue interest and is payable on June 30, 2012. In connection with the Merger, LiqTech, USA acquired all of the outstanding equity interests in LiqTech AS and all of the outstanding equity interests in LiqTech Int. DK and LiqTech NA not owned by LiqTech AS, directly from the holders of such equity interests. In exchange for such equity interests LiqTech USA paid the holders, in the aggregate of $4,577,999, promissory notes in the aggregate principal amount of 19,500,000 DKK ($3,765,351 based upon the currency exchange rate of $1.00 = 5.1788 DKK as August 22, 2011) and 9,308.333 common shares of LiqTech USA (9,308,333 common shares of Parent after giving effect to the 1,000 for 1 shares conversion into Parent upon closing of the Merger.)

XML 50 R15.htm IDEA: XBRL DOCUMENT v2.4.0.6
Note 7 - Notes Payable
 12 Months Ended
Dec. 31, 2011
Debt Disclosure [Text Block]
NOTE 7 — NOTES PAYABLE

  Note Payable — In September 2011 LiqTech AS entered into a notes payable agreement with a financial institution, wherein LiqTech AS drew down $450,000 through December 31, 2011. Interest is charged monthly at 4.95%  per annum at December 31, 2011. The line is secured by certain of the Company’s receivables, inventory and equipment. The line is payable in quarterly principal installments of $25,000 plus interest through June 30, 2016.

Maturities of notes payable as stipulated in the agreements, at December 31, 2011 are as follows:

Year ending December 31,
     
2012
  $ 100,000  
2013
    100,000  
2014
    100,000  
2015
    100,000  
2016
    50,000  
Thereafter
    -  
 
  $ 450,000  

XML 51 R13.htm IDEA: XBRL DOCUMENT v2.4.0.6
Note 5 - Definite-Life Intangible Assets
 12 Months Ended
Dec. 31, 2011
Intangible Assets Disclosure [Text Block]
NOTE 5 — DEFINITE-LIFE INTANGIBLE ASSETS

At December 31, 2011 and December 31, 2010, definite-life intangible assets, net of accumulated amortization, consist of patents on the Company’s products of $34,166 and $81,554, respectively. The patents are recorded at cost and amortized over two to ten years. Amortization expense for the year ended December 31, 2011 and 2010 is $47,387and $42,082, respectively. Expected future amortization expense for the years ended are as follows:

Year ending December 31,
     
2012
  $ 5,455  
2013
    5,455  
2014
    5,455  
2015
    5,455  
2016
    5,455  
Thereafter
    6,891  
 
  $ 34,166  

XML 52 R14.htm IDEA: XBRL DOCUMENT v2.4.0.6
Note 6 - Lines of Credit
 12 Months Ended
Dec. 31, 2011
Long-term Debt [Text Block]
NOTE 6 — LINES OF CREDIT

LiqTech AS has a DKK 6,000,000 (Approximately $1,044,277 at December 31, 2011) standby line of credit with a bank, subject to certain borrowing base limitations. Outstanding borrowings are due on demand. There was $882,081 and $764,571 outstanding as of December 31, 2011 and December 31, 2010, respectively. Interest is charged monthly at 4.26% per annum at December 31, 2011, the line is secured by certain of the Company’s receivables, inventory and equipment. At December 31, 2011, there was $162,196 available on the line. During March 2012, the line was paid off.

LiqTech Int. DK has a DKK 3,000,000 ($522,139 and $534,445 at December 31, 2011 and December 31, 2010, respectively) standby line of credit with a bank, subject to certain borrowing base limitations. Outstanding borrowing is due on demand. There was $377,933 and $268,517 outstanding as of December 31, 2011 and December 31, 2010, respectively. Interest is charged monthly at 4.26% per annum at December 31, 2011, the line is secured by certain of the Company’s receivables, inventory and equipment. As of December 31, 2011, there was $144,206 available on the line. During March 2012, the line was paid off.

XML 53 R16.htm IDEA: XBRL DOCUMENT v2.4.0.6
Note 8 - Leases
 12 Months Ended
Dec. 31, 2011
Leases of Lessee Disclosure [Text Block]
NOTE 8 — LEASES

Operating Leases — The Company leases office and production facilities under operating lease agreements expiring in August 31, 2013, March 2014, July 2016. Some of these lease agreements have a right to extend.

The future minimum lease payments for non-cancelable operating leases having remaining terms in excess of one year as of December 31, 2011 are as follows:

Year ending December 31,
 
Lease Payments
 
2012
  $ 552,968  
2013
  $ 537,435  
2014
  $ 571,103  
2015
  $ 585,292  
2016
  $ 475,369  
Thereafter
  $ 51,196  
Total Minimum Lease Payments
  $ 2,773,363  

Lease expense charged to operations was $565,412 and $537,657, for the year ended December 31, 2011, and 2010.

Capital Lease — The Company leases equipment on various variable rate capital leases currently calling for monthly payments of $2,045, $2,871, $11,440, $4,433 and $673 expiring through April 2017. At December 31, 2011 and at December 2010, the Company had recorded equipment on capital lease at $1,546,696 and $1,433,440, respectively, with related accumulated depreciation of $430,070 and $317,247, respectively.

During the year ended December 31, 2011 and 2010, depreciation expense for equipment on capital lease amounted to $153,762, and $185,513, respectively, and has been included in depreciation expense. During the year ended December 31, 2011 and 2010, interest expense on capital lease obligation amounted to $49,405, and $83,528, respectively. In August 2011, the Company purchased an additional furnace to increase their production capacity for $262,561 financed under a capital lease plus installation cost of $150,000.

Future minimum capital lease payments are as follows for the periods ended December 31:

   
As of December 31, 2011
 
2012
  $ 287,511  
2013
    249,455  
2014
    244,880  
2015
    213,618  
2016
    206,790  
Thereafter
    132,781  
Total minimum lease payments
    1,335,035  
Less amount representing interest
    (193,240 )
Present value of minimum lease payments
    1,141,795  
Less Current Portion
    (191,444 )
 
  $ 950,351  

XML 54 R21.htm IDEA: XBRL DOCUMENT v2.4.0.6
Note 13 - Stockholders' Equity
 12 Months Ended
Dec. 31, 2011
Stockholders' Equity Note Disclosure [Text Block]
NOTE 13 — STOCKHOLDERS’ EQUITY

Common Stock — The Company has authorized 100,000,000 shares of common stock, $0.001 par value. As of December 31, 2011 and 2010, respectively, there were 21,600,000 and 9,308,333 common shares issued, and 21,600,000 and 9,262,263 common shares outstanding.

On April 19, 2011, the Company received 400 common shares, with an uncontrolled interest value of $325,208, (15% of the outstanding common shares) of LiqTech Int. DK (formerly CoMeTas AS) upon the departure of the Chief Executive Officer and recorded a capital contribution of $280,039.

  Voting

Holders of common stock are entitled to one vote for each share held of record on each matter submitted to a vote of stockholders, including the election of directors, and do not have any right to cumulate votes in the election of directors.

  Dividends

Subject to the rights and preferences of the holders of any series of preferred stock which may at the time be outstanding, holders of common stock are entitled to receive ratably such dividends as our Board of Directors from time to time may declare out of funds legally available.

  Liquidation Rights

In the event of any liquidation, dissolution or winding-up of our affairs, after payment of all of our debts and liabilities and subject to the rights and preferences of the holders of any outstanding shares of any series of our preferred stock, the holders of common stock will be entitled to share ratably in the distribution of any of our remaining assets.

  Other Matters

Holders of common stock have no conversion, preemptive or other subscription rights, and there are no redemption rights or sinking fund provisions with respect to the common stock. All of the issued and outstanding shares of common stock on the date of this report are validly issued, fully paid and non-assessable.

Preferred Stock

Our Board of Directors has the authority to issue preferred stock in one or more classes or series and to fix the designations, powers, preferences and rights, and the qualifications, limitations or restrictions thereof, including dividend rights, dividend rates, conversion rights, voting rights, terms of redemption, redemption prices, liquidation preferences and the number of shares constituting any class or series, without further vote or action by the stockholders. The issuance of preferred stock may have the effect of delaying, deferring or preventing a change in control of us without further action by the stockholders and may adversely affect the voting and other rights of the holders of common stock.

Common Stock Purchase Warrants

We have outstanding warrants to purchase 6,500,000 shares of common stock. The warrants are exercisable for cash at a price of $1.50 per share of common stock and will expire on December 31, 2016. The exercise price of the warrants and the number of shares underlying the warrants are subject to adjustment for stock dividends, subdivisions of the outstanding shares of common stock and combinations of the outstanding shares of common stock. While the warrants remain outstanding, we are required to keep reserved from our authorized and unissued shares of common stock a sufficient number of share to provide for the issuance of the shares underlying the warrants.

Stock Options — In August 2011, the Company’s Board of Directors adopted a Stock Option Plan. Under the terms and conditions of the Plan, the board is empowered to grant stock options to employees, officers, and directors of the Companies. At December 31, 2011, the total number of shares of common stock granted under the Plan was 2,060,000 options.

The Company recognizes compensation costs for stock option awards to employees based on their grant-date fair value. The value of each stock option is estimated on the date of grant using the Black-Scholes option-pricing model. The weighted-average assumptions used to estimate the fair values of the stock options granted using the Black-Scholes option-pricing model are as follows:

 
LiqTech International, Inc.
Expected term
3.0 - 3.5 Years
Volatility
0.07% - 52.69%
Risk free interest rate
2.33%
Dividend yield
0%

The Company recognized employee stock based compensation expense of $123,984 and $40,946 for the year end December 31, 2011 and 2010, respectively. At December 31, 2011 the Company had approximately $268,282 of unrecognized compensation cost related to Non-vested options expected to be recognized through December 15, 2013.

A summary of the status of the options outstanding at December 31, 2011 is presented below:

     
Options Outstanding
   
Options Exercisable
 
Range of Exercise Prices
   
Number Outstanding
 
Weighted Average
Remaining Contractual Life
 
Weighted Average
 Exercise Price
   
Number Exercisable
   
Weighted Average Exercise Price
 
                             
$ 1.50-$3.60       2,060,000  
3.11 years
  $ 2.653       686,667     $ 2.653  

A summary of the status of the options at December 31, 2011, and changes during the year is presented below:

   
December 31, 2011
 
   
Shares
   
Weighted Average Exercise Price
   
Average
Remaining Life
   
Weighted Average Intrinsic Value
 
Outstanding at beginning of period
    -     $ -       -     $ -  
Granted
    2,060,000       2.653       3.11       -  
Exercised
    -       -       -       -  
Forfeited
    -       -       -       -  
Expired
    -       -       -       -  
Outstanding at end of period
    2,060,000     $ 2.653       3.11     $ 2,341,400  
Vested and Expected to Vest
    686,667     $ 2.653       3.11     $ 780,467  
Exercisable end of period
    2,060,000     $ 2.653       3.11     $ 583,334  

The Company had no non-vested options at the beginning of the period. At December 31, 2011 the Company 2,060,000 non-vested options with a weighted average exercise price of $2.653 and with a weighted average grant date fair value of $0.18, resulting in unrecognized compensation expense of $268,282, which is expected to be expensed over a weighted-average period of 2 years.

The total intrinsic value of options exercised during the year ended December 31, 2011 was $0. Intrinsic value is measured using the fair market value at the date of exercise (for shares exercised) or at December 31, 2011 (for outstanding options), less the applicable exercise price.

XML 55 R5.htm IDEA: XBRL DOCUMENT v2.4.0.6
Consolidated Statements of Other Comprehensive Income (USD $)
 12 Months Ended
Dec. 31, 2011
Dec. 31, 2010
Net Income (Loss) $ 998,892 $ (315,132)
Currency Translation Net of Taxes 327,323 486,693
Other Comprehensive Income (Loss) 1,326,215 171,561
Comprehensive Income (Loss) Attributable to Non Controlling Interest in Subsidiaries 94,246 (351,548)
Comprehensive Income Attributable To Liqtech International, Inc. $ 1,231,969 $ 523,109
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Note 2 - Related Party Transactions
 12 Months Ended
Dec. 31, 2011
Related Party Transactions Disclosure [Text Block]
NOTE 2 — RELATED PARTY TRANSACTIONS

Notes Receivable from Related Parties — At December 31, 2010, LiqTech NA had a note receivable of $80,000 from an officer bearing interest at 4%. The note was secured by the officer’s stock in the Company and was due on demand. The note was paid in full as of December 31, 2011. Interest income of $1,600 and $3,200 was recorded and received for the year ended December 31, 2011 and 2010, respectively.

The Company has a 19,500,000 DKK (approximately $3,393,901)  note receivable, net of a discount of $65,718 as of December 31, 2011, from a shareholder resulting from the purchase of common shares and classified as equity in the accompanying financial statements. The note was discounted $120,600 as the note does not accrue interest and is payable on June 30, 2012. During the year ended December 31, 2011 the Company recorded interest income of $54,882 as a result of amortization of the discount.

Notes Payable to Related Party — The Company has a19,500,000 DKK (approximately $3,393,901) note payable, net of a discount of $65,718 as of December 31, 2011, to current and former shareholders of LiqTech AS in connection with the LiqTech AS’s reverse acquisition of LiqTech USA, concurrently with the Merger. The note was discounted $120,600 as the note does not accrue interest and is payable on June 30, 2012. During the three and year ended December 31, 2011 the Company record interest expense of $54,882 as a result of amortization of the discount.

During, 2010, the Company paid DKK1,586,200 the remaining balance of a note payable plus interest accruing at 6% to an entity controlled by the majority shareholder.

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Note 12 - Earning Per Share
 12 Months Ended
Dec. 31, 2011
Earnings Per Share [Text Block]
NOTE 12 — EARNINGS PER SHARE

The following data shows the amounts used in computing earnings per share and the effect on income and the weighted average number of shares of potential dilutive common stock for the year ended December 31, 2011 and 2010:

   
For the Year Ended December 31
 
   
2011
   
2010
 
Net Income (Loss) attributable to LiqTech International Inc.
  $ 0.06       (0.00 )
Weighted average number of common shares used in basic earnings per share
    14,165,217       9,308,333  
Effect of dilutive securities, stock options and warrants
  $ 0.06       (0.00 )
Weighted average number of common shares and potential dilutive common shares outstanding used in dilutive earnings per share
    16,096,973       9,308,333  

The Company included all outstanding common stock equivalents in the calculation of weighted average common shares and potential dilutive common shares outstanding. \

The weighted average common shares outstanding used in the calculation of earning per shares for the year ended December 31, 2011, reflects the 9,308,333 issued to the former shareholders of LiqTech AS in connection with the reverse acquisition.