0001437749-18-020850.txt : 20181114 0001437749-18-020850.hdr.sgml : 20181114 20181114170151 ACCESSION NUMBER: 0001437749-18-020850 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 70 CONFORMED PERIOD OF REPORT: 20180930 FILED AS OF DATE: 20181114 DATE AS OF CHANGE: 20181114 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-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-36210 FILM NUMBER: 181184925 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-Q 1 liqt20180930_10q.htm FORM 10-Q liqt20180930_10q.htm
 

Table of Contents

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C.20549

 

FORM 10-Q

(Mark One) 

 

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the nine months period ended September 30, 2018

or

 

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the transition period from _______________________ to _______________________

 

Commission File Number:001-36210

 

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, DK2750 Ballerup, Denmark 

  

(Address of principal executive offices)

(Zip Code)

 

Registrant’s telephone number, including area code: +4544986000

 

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 ☒ No ☐

 

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, 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 ☒ No ☐

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act (Check one):

 

Large accelerated filer

Accelerated filer

  

 

  

 

Non-accelerated filer

(Do not check if a smaller

 reporting company)

Smaller reporting company

 

 

 

 

 

Emerging growth company

 

 

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act): Yes ☐ No ☒

 

The number of shares outstanding of the registrant’s common stock, par value $0.001 per share, at November 14, 2018, was 72,905,547 shares.  

 

 

 

LIQTECH INTERNATIONAL, INC. AND SUBSIDIARIES

Quarterly Report on Form 10-Q

For the Period Ended September 30, 2018

 

TABLE OF CONTENTS

 

 

Page

PART I. FINANCIAL INFORMATION

 

 

 

Item 1. Financial Statements

4

 

 

Condensed consolidated Balance Sheets as of September 30, 2018 (unaudited) and December 31, 2017

4

 

 

Condensed consolidated Statements of Operations and Comprehensive Income for the Three and Nine Months Ended September 30, 2018 and September 30, 2017 (unaudited)

6

 

 

Condensed consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2018 and September 30, 2017 (unaudited)

8

 

 

Notes to Condensed consolidated Financial Statements (unaudited)

10

 

 

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operation

22

 

 

Item 3. Quantitative and Qualitative Disclosures About Market Risk

29

 

 

Item 4. Controls and Procedures

30

 

 

PART II. OTHER INFORMATION

 

 

 

Item 1A. Risk Factors

31

 

 

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

31

 

 

Item 3. Defaults Upon Senior Securities

31

 

 

Item 4. Mine Safety Disclosures

31

 

 

Item 5. Other Information

31

 

 

Item 6. Exhibits

32

 

 

SIGNATURES

33

 

 

FORWARD-LOOKING STATEMENTS

 

Certain statements made in this Quarterly Report on Form 10-Q 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, including but not limited to the risks described under the caption “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2017. 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.

  

 

 

PART I - FINANCIAL INFORMATION

 

ITEM 1. FINANCIAL STATEMENTS

 

LIQTECH INTERNATIONAL, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

 

   

As of

   

As of

 
   

September 30,

   

December 31,

 
   

2018

   

2017

 
   

Unaudited

         

Current Assets:

               

Cash

  $ 3,861,595     $ 2,486,199  

Accounts receivable, net

    2,453,293       1,124,842  

Other receivables

    677,295       636,539  

Contract assets

    703,971       490,100  

Inventories, net

    4,253,149       4,661,866  

Prepaid expenses

    38,162       28,151  
                 

Total Current Assets

    11,987,465       9,427,697  
                 

Property and Equipment, net accumulated depreciation

    1,605,831       1,959,205  
                 

Other Assets:

               

Investments at cost

    5,783       6,001  

Intangible assets

    1,363       3,349  

Deposits

    350,950       283,686  
                 

Total Other Assets

    358,096       293,036  
                 

Total Assets

  $ 13,951,392     $ 11,679,938  

  

(Continued)

 

The accompanying notes are an integral part of these unaudited financial statements.

 

 

LIQTECH INTERNATIONAL, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

 

   

As of

   

As of

 
   

September 30,

   

December 31,

 
   

2018

   

2017

 
   

Unaudited

         

Current Liabilities:

               

Current portion of capital lease obligations

  $ 74,313     $ 26,186  

Accounts payable

    1,474,214       1,775,230  

Accrued expenses

    1,607,675       1,724,986  

Contract liabilities

    440,378       306,845  

Accrued income taxes payable

    570       580  

Deferred revenue / customers deposits

    724,382       933,994  
                 

Total Current Liabilities

    4,321,532       4,767,821  
                 

Total Liabilities

    4,321,532       4,767,821  
                 

Agreements and Contingencies See Note 9

    -       -  
                 

Stockholders' Equity:

               

Series A Convertible Preferred Stock; par value $0.001, 0 and 2,200,837 shares issued and outstanding at September 30, 2018 and December 31, 2017 respectively

    -       2,201  

Common stock; par value $0,001, 100,000,000 shares authorized, 72,740,547 and 44,429,264 shares issued and outstanding at September 30, 2018 and December 31, 2017, respectively

    72,741       44,430  

Additional paid-in capital

    46,356,874       40,457,907  

Accumulated deficit

    (31,190,458

)

    (28,471,696

)

Deferred compensation

    (46,666

)

    (79,933

)

Other comprehensive income, net

    (5,562,631

)

    (5,040,792

)

                 

Total Stockholders' Equity

    9,629,860       6,912,117  
                 

Total Liabilities and Stockholders' Equity

  $ 13,951,392     $ 11,679,938  

 

The accompanying notes are an integral part of these unaudited financial statements. 

 

 

 

LIQTECH INTERNATIONAL, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(UNAUDITED)

 

 

   

For the Three Months Ended

   

For the Nine Months Ended

 
   

September 30,

   

September 30,

 
   

2018

   

2017

   

2018

   

2017

 

Net Sales

  $ 3,347,204     $ 2,456,484     $ 9,336,614     $ 8,350,758  
                                 

Cost of Goods Sold

    3,058,465       2,772,451       8,447,645       8,202,634  
                                 

Gross Profit (Loss)

    288,739       (315,967 )     888,969       148,124  
                                 

Operating Expenses:

                               

Selling expenses

    414,504       521,627       1,288,294       1,506,329  

General and administrative expenses

    657,714       433,368       1,914,927       1,518,935  

Non-cash compensation expenses

    5,833       24,055       93,267       150,013  

Research and development expenses

    152,849       121,680       498,526       375,026  
                                 

Total Operating Expenses

    1,230,900       1.100,730       3,795,014       3,550,343  
                                 

Loss from Operations

    (942,161

)

    (1,416,697

)

    (2,906,045

)

    (3,402,219

)

                                 

Other Income (Expense)

                               

Interest and other income

    1,814       2,790       12,271       3,093  

Interest expense

    (5,463

)

    (3,781

)

    (65,937

)

    (23,308

)

Gain (loss) on currency transactions

    23,861       (26,913

)

    240,947       (54,600

)

Loss on sale of equipment

    -       (34,824

)

    -       (28,056

)

                                 

Total Other Income (Expense)

    20,212       (62,728

)

    187,281       (102,871

)

                                 

Loss Before Income Taxes

    (921,949

)

    (1,479,425

)

    (2,718,764

)

    (3,505,090

)

                                 

Income Tax Expense

    -       -       -       -  
                                 

Net Loss

  $ (921,949

)

  $ (1,479,425

)

  $ (2,718,764

)

  $ (3,505,090

)

                                 

Basic and Diluted Loss Per Share

  $ (0.013

)

  $ (0.03

)

  $ (0.04

)

  $ (0.09

)

                                 

Basic and Diluted Weighted Average Common Shares Outstanding

    72,740,547       44,229,264       60,799,235       40,604,129  

 

The accompanying notes are an integral part of these condensed consolidated financial statements.

 

 

 

LIQTECH INTERNATIONAL, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OTHER

COMPREHENSIVE INCOME

(UNAUDITED)

 

 

   

For the Three Months Ended

   

For the Nine Months Ended

 
   

September 30,

   

September 30,

 
   

2018

   

2017

   

2018

   

2017

 
                                 

Net Loss

    (921,949

)

    (1,479,425

)

    (2,718,764

)

    (3,505,090

)

                                 

Currency Translation, Net of Taxes

    (63,279

)

    142,599       (521,839

)

    454,487  
                                 

Other Comprehensive Loss

  $ (985,228

)

  $ (1,336,826

)

  $ (3,240,603

)

  $ (3,050,603

)

 

The accompanying notes are an integral part of these financial statements.

 

 

 

LIQTECH INTERNATIONAL, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(UNAUDITED)

Increase (Decrease) in Cash and Cash Equivalents

 

   

For the Nine months ended

 
   

September 30,

 
   

2018

   

2017

 

Cash Flows from Operating Activities:

               

Net Loss

  $ (2,718,764

)

  $ (3,505,090

)

Adjustments to reconcile net loss to net cash provided (used) by operations:

               

Depreciation and amortization

    621,460       732,963  

Stock-based compensation

    93,267       150,013  

Bad debt expense

    -       (59,409

)

Reserve for obsolete inventory

    (163,671

)

    -  

Loss on sale of equipment

    -       (28,056

)

Changes in assets and liabilities:

               

Accounts receivable

    (1,369,207

)

    (478,879

)

Inventory

    454,238       238,986  

Prepaid expenses/deposits

    (47,243

)

    26,817  

Accounts payable

    (301,016

)

    27,657  

Accrued expenses

    (326,932

)

    340,371  

Long-term contracts

    (80,338

)

    (202,066

)

                 

Total Adjustments

    (1,119,442

)

    804,510  
                 

Net Cash Used in Operating Activities

    (3,838,206

)

    (2,700,580

)

                 

Cash Flows from Investing Activities:

               

Purchase of property and equipment

    (145,984

)

    (94,950

)

Proceeds from sale/recovery of property and equipment

    -       12,827  
                 

Net Cash Used in Investing Activities

    (145,984

)

    (82,124

)

                 

Cash Flows from Financing Activities:

               

Net proceeds/payments on capital lease obligation

    48,127       (110,963

)

Payments on loans payable

    -       (6,347

)

Proceeds from issuance of common stock

    6,612,500       1,825,000  

Payment of stock offering costs

    (747,423

)

    -  
                 

Net Cash Provided by Financing Activities

    5,913,204       1,707,690  
                 

Gain (Loss) on Currency Translation

    (553,618

)

    394,930  
                 

Net Change in Cash and Cash Equivalents

    1,375,396       (680,084

)

                 

Cash and Cash Equivalents at Beginning of Period

    2,486,199       1,208,650  
                 

Cash and Cash Equivalents at End of Period

  $ 3,861,595     $ 528,566  

 

The accompanying notes are an integral part of these financial statements.

 

 

LIQTECH INTERNATIONAL, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(UNAUDITED)

Increase (Decrease) in Cash and Cash Equivalents

 

   

For the Nine Months

Ended September 30,

 
   

2018

   

2017

 

Supplemental Disclosures of Cash Flow Information:

               

Cash paid during the period for:

               

Interest Paid

  $ 65,937     $ 23,308  

Income Taxes

  $ -     $ -  
                 

Supplemental Disclosures of Non-Cash Investing and Financing Activities:

               
                 

Common stock issued for conversion of mandatory preferred stock

  $ 8,803     $ -  
                 

Compensation upon vesting of stock options granted to employees

    15,767       58,038  

Compensation for vesting of restricted stock awards issued to the board of directors

    77,500       78,750  

Value of warrants issued for services

    -       13,225  

Total

  $ 93,267     $ 150,013  

 

The accompanying notes are an integral part of these financial statements.

 

 

LIQTECH INTERNATIONAL, INC. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

 

 

NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

 

Business and Basis of Presentation

 

Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America ("US GAAP") have been condensed or omitted. These condensed consolidated financial statements should be read in conjunction with the Company's audited financial statements contained in its annual report on Form 10-K for the year ended December 31, 2017 ("Form 10-K"). The results of operations for the periods ended September 30, 2018 and 2017 are not necessarily indicative of the operating results for the full years.

 

The condensed consolidated financial statements include the accounts of LiqTech International, Inc. (“Parent”) and its subsidiaries. The terms "Company", “us", "we" and "our" as used in this report refer to Parent and its subsidiaries, which are set forth below. The Company engages in the development, design, production, marketing and sale of automated filtering systems, ceramic silicon carbide liquid and diesel particulate air filters in United States, Canada, Europe, Asia and South America. Set forth below is a description of Parent and each of its subsidiaries:

 

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

 

LiqTech USA, a Delaware corporation and a wholly-owned subsidiary of Parent formed in May 2011.

 

LiqTech International AS, a Danish corporation, incorporated on January 15, 2000 (“LiqTech Int. DK”), a wholly-owned subsidiary of LiqTech USA, engages in development, design, application, marketing and sales of membranes on ceramic diesel particulate and liquid filters and catalytic converters in Europe, Asia and South America.

 

LiqTech NA, Inc. (“LiqTech NA”), incorporated in Delaware on July 1, 2005, a wholly-owned subsidiary of LiqTech USA. LiqTech NA, Inc. engages in the production, marketing and sale of ceramic diesel particulate and liquid filters and kiln furniture in United States and Canada.

 

LiqTech Systems AS, a Danish Corporation ("LiqTech Systems") (Formerly Provital Solutions AS) was incorporated on September 1, 2009 and engages in the manufacture of fully automated filtering systems for application within the pool and spa markets, marine applications, and a number of industrial applications within Denmark and international markets.

 

LiqTech Germany (“LiqTech Germany”), a 100% owned subsidiary of LiqTech Int. DK, incorporated in Germany on December 9, 2011, engaged in marketing and sale of liquid filters in Germany. The Company is in the process of closing operations, which is expected to be completed during 2018.

 

LiqTech PTE Ltd (“LiqTech Sing”), a 95% owned subsidiary of LiqTech Int. DK, incorporated in Singapore on January 19, 2012, engaged in marketing and sale of liquid filters in Singapore and other countries in the area. The Company is in the process of closing operations, which is expected to be completed during 2018.

 

Consolidation -- The condensed 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 functional currency of LiqTech International, Inc., LiqTech USA, Inc. and LiqTech NA is the U.S. Dollar. The Functional Currency of LiqTech Int. DK and LiqTech Systems AS is the Danish Krone (“DKK”), the functional currency of LiqTech Germany is the Euro and the functional currency of LiqTech Singapore is the Singapore Dollar. The Company’s reporting currency is U.S. Dollar for the purpose of these condensed consolidated financial statements. The foreign subsidiaries balance sheet accounts are translated into U.S. Dollars at the period-end exchange rates and all revenue and expenses are translated into U.S. Dollars at the average exchange rates prevailing during the three and nine months ended September 30, 2018 and 2017. Translation gains and losses are deferred and accumulated as a component of other comprehensive income in stockholders’ equity. Transaction gains and losses that arose 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, Cash Equivalents and Restricted Cash -- The Company considers all highly liquid debt instruments purchased with a maturity of three months or less to be cash equivalents. The Company had no balances held in a financial institution in the United States in excess of federally insured amounts at September 30, 2018 and December 31, 2017.

 

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 nine months ended September 30, 2018 and the year ended December 31, 2017 is as follows:

 

   

2018

   

2017

 

Allowance for doubtful accounts at the beginning of the period

  $ 660,581     $ 2,128,452  

Bad debt expense

    82,776       (102,189

)

Receivables written off during the periods

    0       (1,678,856

)

Effect of currency translation

    (26,372

)

    313,174  

Allowance for doubtful accounts at the end of the period

  $ 716,985     $ 660,581  

  

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 ten years (See Note 4).

 

Long-Term Investments -- Investments in non-consolidated 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 

 

Revenue Recognition -- Adoption of the new revenue standard: On January 1, 2018, the Company adopted Accounting Standards Codification Topic 606, “Revenue from Contracts with Customers,” which includes clarifying ASUs issued in 2015, 2016 and 2017 (“new revenue standard”). The new revenue standard was applied to all open revenue contracts using the modified-retrospective method as of January 1, 2018. The new revenue standard did not have a material impact on revenue recognition. The Company does not expect the impact of the adoption of the new standard to be material to net income on an ongoing basis.

 

 

Accounting policy: Revenue is recognized when performance obligations under the terms of a contract with the customer are satisfied which occurs when control of the system, membrane, DPF or services are transferred to the customer. The majority of the Company's sales contracts contain performance obligations satisfied at a point in time when title and risks and rewards of ownership have transferred to the customer. This generally occurs when the product is shipped or accepted by the customer.  Revenue for service contracts are recognized as the services are provided. Revenue is measured as the amount of consideration expected to be received in exchange for transferring the goods or providing services. The satisfaction of performance obligations under the terms of a revenue contract generally gives rise for the right to payment from the customer. The Company's standard payment terms vary by the type and location of the customer and the products or services offered. Generally, the time between when revenue is recognized and when payment is due is not significant. Pre-Payments received prior to satisfaction of performance obligations are recorded as a customer deposit liability. Given the insignificant days between revenue recognition and receipt of payment, financing components do not exist between the Company and its customers. In Denmark, Value Added Tax (“VAT”) of 25% of the invoice amount is collected in respect of the sales of goods on behalf of tax authorities. The VAT collected is not revenue of the Company; instead, the amount is recorded as a liability on the balance sheet until such VAT is paid to the authorities.   The estimated costs of product warranties are recognized as expense when the products are sold. See Note 9 for further information on product warranties. 

 

For contracts with customers that include multiple performance obligations, judgment is required to determine whether performance obligations specified in these contracts are distinct and should be accounted for as separate revenue transactions for recognition purposes. For such arrangements, revenue is allocated to each performance obligation based on its relative standalone selling price. Standalone selling prices are generally determined based on the prices charged to customers or using expected cost plus margin. Impairment losses recognized on receivables or contract assets were not significant for the nine months ended September 30, 2018.

 

The customer generally arranges and pays for shipping activities.  When the Company does arrange for shipping, it is billed to the Customer. The Cost to prepare the product for shipment handling are paid by the Company and reported on the line “Cost of goods sold” in the unaudited consolidated statements of operations.

 

System sales are recognized when the Company transfers control based upon signed acceptance of the system by the customer, upon shipment or upon final installation of the system based on the terms of the contract. For the majority of Liquid Membrane Filters and Diesel Particulate Filters, the Company transfers control and recognizes revenue when products are shipped to the customer according to the terms of the contract or purchase order. Aftermarket sales represent part sales, extended warranty and maintenance services. For the sale of aftermarket parts, the Company transfers control and recognizes revenue when parts are shipped to the customer or services are provided. When customers are given the right to return eligible parts and accessories, the Company estimates the expected returns based on an analysis of historical experience. The Company adjusts estimated revenues at the earlier of when the most likely amount of consideration expected to be received changes or when the consideration becomes fixed. The Company recognizes revenue for extended warranty and maintenance agreements based on the standalone selling price over the life of the contract, which reflects the costs to perform under these contracts, which corresponds with, and thereby depicts the transfer of control to the customer. For invoicing to customers where the transfer of control has not occurred (prepayments), the invoiced amount is recognized as Deferred revenue / Customer deposits.

 

The Company has received long-term contracts for grants from government entities for development and use of silicon carbide membranes in various water filtration and treatment applications and historically in the installation of various water filtrations systems. We measure transfer of control of the performance obligation on long-term contracts utilizing the cost-to-cost measure of progress, with cost of revenue including direct costs, such as labor and materials. Under the cost-to-cost approach, the use of estimated costs to complete each performance obligation is a significant variable in the process of determining recognized revenue and a significant factor in the accounting for such performance obligations. The timing of when we bill our customers is generally dependent upon advance billings terms, milestone billings based on completion of certain phases of the work or when services are provided, or products are shipped. Projects with performance obligations recognized over time that have costs and estimated earnings recognized to date in excess of cumulative billings are reported on our Balance Sheets as contract assets. Projects with performance obligations recognized over time that have cumulative billings in excess of costs and estimated earnings recognized to date are reported on our Balance Sheets as contract liabilities.   

 

The two tables below set forth the costs incurred, and earnings accrued on uncompleted contracts compared with the billings on those contracts through September 30, 2018 and December 31, 2017 and reconcile the net excess billings to the amounts included in the balance sheets at those dates.

 

 

   

September 30,

   

December 31,

 
   

2018

   

2017

 

Cost incurred on uncompleted contracts

  $ 2,729,799     $ 507,633  

Estimated earnings

    2,000,477       651,304  
      4,730,276       1,158,937  

Billings on uncompleted contracts

    (4,466,683

)

    (975,682

)

Contract asset (liabilities)

  $ 263,593     $ 183,255  

 

   

September 30,

   

December 31,

 
   

2018

   

2017

 

Contract assets

  $ 703,971     $ 490,100  

Contract liabilities

    (440,378

)

    (306,845

)

Contract assets (liabilities)

  $ 263,593     $ 183,255  

 

The Company’s disaggregated revenue is reported in Note 12.

  

Advertising Cost -- Costs incurred in connection with advertising of the Company’s products is expensed as incurred. Such costs amounted to $25,018 and $9,270 for the nine months ended September 30, 2018 and 2017, 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 nine months ended September 30, 2018 and 2017 were $498,526 and $375,026, 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.

  

Income (Loss) Per Share -- The Company calculates earnings (loss) 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 and warrants that have been granted but have not been exercised.

 

Stock Options and Awards -- The Company has granted stock options to certain key employees during the years presented in the accompanying condensed consolidated financial statements (see note 11). The Company accounts for options in accordance with the provisions of FASB ASC Topic 718, Compensation – Stock Compensation. Non-cash compensation costs of $93,267 and $150,013 have been recognized for the vesting of options and stock awards granted to employees.

 

Fair Value of Financial Instruments -- The Company accounts for fair value measurements for financial assets and liabilities in accordance with FASB ASC Topic 820. The authoritative guidance that, 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 including accounts receivable, allowance for doubtful accounts, cost in excess of billings, reserve for obsolete inventory, depreciation and impairment of property plant and equipment, and goodwill; liabilities including billings in excess of costs and contingencies; 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 -- On February 25, 2016, the FASB issued ASU 2016-02, "Leases," which makes many changes to accounting for leases. The standard will be effective for public companies with interim and annual periods beginning after December 15, 2018. One of the most notable changes is many of the leases that are currently accounted for as operating leases will have to be capitalized and accounted for similarly to how capital leases are currently accounted for, unless certain criteria are met. We have begun evaluating the impact this standard will have on our lease accounting. The standard will require us to capitalize a right-of use asset and lease liability equal to the present value of the future minimum lease payments disclosed in Note 8. We will continue to evaluate the impact of this standard as the effective date approaches.   

 

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

   

 

 

NOTE 2 - GOING CONCERN

 

The accompanying condensed consolidated financial statements have been prepared in conformity with generally accepted accounting principles of the United States of America, which contemplate continuation of the Company as a going concern. However, the Company has limited cash and has recently incurred significant losses. These factors raise substantial doubt about the ability of the Company to continue as a going concern for a period of one year from the issuance of these financial statements. There is no assurance that the Company will be successful in raising additional cash through the issuance of debt or equity instruments or return to profitable operations in the future. The financial statements do not include any adjustments that might result from the outcome of these uncertainties. 

 

Management believes the Company is progressing toward alleviating this substantial doubt as to the Company’s ability to continue as a going concern for a period of one year from the issuance of these financial statements. During April of 2018, the Company raised $6.6 million through the sale of 19,448,529 common shares, and the Company has signed framework agreements with a total of three large marine scrubber manufacturers for the potential future sale of a significant number of filtration systems in late 2018 and 2019.

 

 

 

NOTE 3 - INVENTORY

 

Inventory consisted of the following at September 30, 2018 and December 31, 2017:

 

   

2018

   

2017

 

Furnace parts and supplies

  $ 362,046     $ 400,589  

Raw materials

    1,111,863       1,260,209  

Work in process

    2,390,461       2,123,418  

Finished goods and filtration systems

    1,598,881       2,297,743  

Reserve for obsolescence

    (1,210,102

)

    (1,420,093

)

Net Inventory

  $ 4,253,149     $ 4,661,866  

  

 

 

NOTE 4 - PROPERTY AND EQUIPMENT

 

Property and equipment consisted of the following at September 30, 2018 and December 31, 2017:

 

 

Useful Life

   

2018

   

2017

 

Production equipment

3 - 10     $ 9,727,241     $ 10,114,398  

Lab equipment

3 - 10       83,935       87,094  

Computer equipment

 3 - 5       200,642       204,553  

Vehicles

3 - 5       72,581       75,312  

Furniture and fixture

  5         102,828       106,047  

Leasehold improvements

  10         1,047,583       1,076,731  
              11,234,810       11,664,135  

Less Accumulated Depreciation

            (9,628,979

)

    (9,704,930

)

Net Property and Equipment

          $ 1,605,831     $ 1,959,205  

 

Depreciation expense amounted to $619,536 and $731,312 for the nine months ended September 30, 2018 and 2017, respectively. The property and equipment are held as collateral on lines of credit and guarantees with financial institutions. See Note 7.  

 

 

NOTE 5 - INVESTMENTS AT COSTS

 

The following tables summarize Level 1, 2 and 3 financial assets and financial (liabilities) by their classification in the Statement of Financial Position:

 

As of September 30, 2018

 

Level 1

   

Level 2

   

Level 3

 
                         

Investments

    -       -       5,783  
                         

Total

    -       -       5,783  

    

 

As of December 31, 2017

 

Level 1

   

Level 2

   

Level 3

 
                         

Investments

    -       -       6,001  
                         

Total

    -       -       6,001  

 

At September 30, 2018, our total investments of $5,783 consisted of an investment of $5,783 in LEA Technology in France to strengthen our sales channels in the French market.

 

At December 31, 2017, our total investments of $6,001 consisted of an investment of $6,001 in LEA Technology in France to strengthen our sales channels in the French market.

 

 

 NOTE 6 - DEFINITE-LIFE INTANGIBLE ASSETS

 

At September 30, 2018 and December 31, 2017, definite-life intangible assets, net of accumulated amortization, consisted of patents on the Company’s products of $1,363 and $3,349, respectively. The patents are recorded at cost and amortized over two to ten years. Amortization expense for the nine months ended September 30, 2018 and 2017 was $1,924 and $1,651, respectively. Expected future amortization expense for the years ended are as follows: 

 

Year ending December 31,

 

Amortization

Expenses

 

2018

    606  

2019

    757  

Thereafter

    -  
    $ 1,363  

 

 

 

NOTE 7 - LINES OF CREDIT

 

In connection with certain orders, the Company may provide a working guarantee, prepayment guarantee or security bond. For that purpose, we have a guarantee credit line of DKK 94,620 (approximately $14,690 at September 30, 2018) with a bank, subject to certain base limitations. As of September 30, 2018, we had DKK 94,620 (approximately $14,690) in working guarantee against the line. This line of credit is guaranteed by Vækstfonden (the Danish state's investments fund) and is secured by certain assets of LiqTech Systems such as receivables, inventory and equipment. The Company has no other available lines of credit.

 

 

NOTE 8 - LEASES

 

Operating Leases -- The Company leases office and production facilities under operating lease agreements expiring in November 2018, March 2019 and March 2021. In some of these lease agreements, the Company has the right to extend.

 

The future minimum lease payments for non-cancelable operating leases having remaining terms in excess of one year as of September 30, 2018 are as follows:

 

Year ending December 31,

 

Lease

Payments

 

2018

    151,200  

2019

    268,862  

2020

    182,676  

2021

    30,548  

Thereafter

    -  

Total Minimum Lease Payments

  $ 633,286  

 

Lease expense charged to operations was $490,700 and $481,001 for the nine months ended September 30, 2018 and 2017, respectively.

 

Capital Leases - The Company leases equipment on various variable rate capital leases currently calling for monthly payments of approximately $1,376, which expires in February and July of 2019 whereupon we are subject to a balloon payment of $9,231 to purchase the equipment.

  

The following represents future minimum capital lease payments as of September 30, 2018: 

 

Year ending December 31,

 

Lease

Payments

 

2018

    4,129  

Thereafter

    72,227  

Total minimum lease payments

    76,356  

Less amount representing interest

    (2,043

)

Present value of minimum lease payments

    74,313  

Less Current Portion

    (74,313

)

    $ -  

 

 

NOTE 9 - COMMITMENTS AND CONTINGENCIES

 

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 nine months ended September 30, 2018 and 2017, matching contributions were expensed and totaled $8,275 and $8,636, respectively.

 

Contingencies -- From time to time, we may be involved in litigation relating to claims arising out of our operations in the normal course of business.

 

On September 9, 2014, Mr. Raffaele Bruno Tronchetti Provera (“Plaintiff”), the 60% owner of LiqTech Italy s.r.l. (the “Venture”), sued LiqTech Int. DK, the 40% owner of the Venture (“Defendant”), for damages of €750,000 before the Court of Como, Italy, alleging, among other things, that certain products provided by Defendant to the Venture were defective. On July 31, 2018, the Judge rejected the Plaintiff’s claim and his request of compensation of €750,000, ordering the Plaintiff to pay the Company’s legal expenses.

 

 

On December 20, 2017, the Company received a demand for approximately $1,098,678 from the previous installation of a water treatment system. The customer is disputing that the system complies with the contact based on testing inputs to the system outside the parameters of the contract. The Company has completed the installation of the system, tested the system, and contends it is compliance with the contract’s requirements. On September 28, 2018 the Company entered an agreement with the customer resulting in the customer paying $437,000 as final payment of outstanding unpaid balances and foregoing any further demands.

 

In connection with certain orders, the Company may provide a working guarantee, prepayment guarantee, or security bond. For that purpose, we have a guarantee credit line of DKK 94,620 (approximately $14,690 at September 30, 2018) with a bank, subject to certain base limitations. As of September 30, 2018, we had DKK 94,620 (approximately $14,690) in working guarantee against the line. 

 

Product Warranties - The Company provides a standard warranty on its systems, generally for one to three years. The Company estimates the costs which may be incurred under its standard warranty programs and records a liability for such costs at the time product revenue is recognized.

 

In addition, the Company sells an extended warranty for certain systems, which generally provide a warranty for up to four years from the date of commissioning. The specific terms and conditions of those warranties vary depending upon the product sold and the country in which the Company does business. Revenue received for the sale of extended warranty contracts is deferred and recognized in the same manner as the costs incurred to perform under the warranty contracts.

 

The Company periodically assesses the adequacy of its recorded warranty liabilities and adjusts the amounts as necessary. Factors that affect the warranty liability include the number of units sold, historical and anticipated rates of warranty claims and the cost per claim.

 

Changes in the Company's current and long-term warranty obligations, including deferred revenue on extended warranty contracts included in accrued expenses on the balance sheet, are as follows:

 

   

2018

 

Balance at December 31, 2017

  $ 189,901  

Current year warranty expense

    102,286  

Change in estimate related to pre-existing warranties

    -  

Payments made

    (10,927

)

Foreign currency effect

    (9,693

)

Balance at September 30, 2018

  $ 271,567  

 

 

 NOTE 10 - EARNINGS PER SHARE

 

For the nine months ended September 30, 2018, Parent had 380,000 options outstanding to purchase common stock of Parent at $0.74 to $1.01 per share, and Parent had 400,000 warrants outstanding to purchase common stock of Parent at $1.65 per share, which were not included in the loss per share computation because their effect would be anti-dilutive.

 

As of September 30, 2018, there were 780,000 common stock equivalents from options and warrants that were excluded from the diluted EPS (earnings per share) calculation as their effect is anti-dilutive.

 

 

 

NOTE 11 - STOCKHOLDERS' EQUITY

 

Preferred Stock -- Our Board of Directors has the authority to issue Parent preferred stock in one or more classes or series and to fix the designations, powers, preferences and rights, 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 Parent preferred stock may have the effect of delaying, deferring or preventing a change in control without further action by the stockholders and may adversely affect the voting and other rights of the holders of common stock.

 

Parent has 10,000,000 authorized shares of preferred stock, $0.001 par value. As of September 30, 2018, and December 31, 2017, respectively, there were 0 and 2,200,837 mandatory convertible preferred shares of Series A Convertible Preferred Stock issued and outstanding. 

 

Common Stock -- Parent has 100,000,000 authorized shares of common stock, $0.001 par value. As of September 30, 2018 and December 31, 2017, respectively, there were 72,740,547 and 44,429,264 common shares issued and outstanding.      

 

Voting -- Holders of Parent 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, if any, which may at the time be outstanding, holders of Parent 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 affairs of Parent, 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 Parent common stock will be entitled to share ratably in the distribution of any of our remaining assets.  

 

Other Matters -- Holders of Parent common stock have no conversion, preemptive or other subscription rights, and there are no redemption rights or sinking fund provisions with respect to our 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.

 

Stock Issuances 

 

On April 16, 2018, Parent completed a registered public offering of its common stock. At closing, Parent issued 19,448,529 shares of common stock at a per share price of $0.34 and generated net proceeds of $5,865,077.  

 

On January 2, 2018, Parent issued 59,406 shares of restricted stock valued at $60,000 for services provided by the Board of Directors. The Company recognized the non-cash compensation during the period ending September 30, 2018. The shares vested immediately.

 

On November 22, 2017, the Parent completed a private placement of 2,200,837 shares of mandatory convertible preferred stock (1 to 4 conversion rate) or 8,803,348 shares of common stock at a per share price of $1.20 per preferred share for aggregate proceeds to the Parent of $2,641,004, net of offering costs of $127,736.  During the period ending September 30, 2018, 2,200,837 mandatory convertible preferred shares of Series A Convertible Preferred Stock were converted into 4 common shares per share, or 8,803,348 common shares.

 

  

Common Stock Purchase Warrants 

 

A summary of the status of the warrants outstanding at September 30, 2018 is presented below:

 

       

Warrants Outstanding

   

Warrants Exercisable

 

Exercise Prices

   

Number
Outstanding

   

Weighted
Average
Remaining
Contractual Life
(years)

   

Weighted
Average

Exercise
Price

   

Number
Exercisable

   

Weighted
Average
Exercise
Price

 
$ 1.65       400,000       0.82     $ 1.65       400,000     $ 1.65  

Total

      400,000       0.82     $ 1.65       400,000     $ 1.65  

    

At September 30, 2018 and 2017, the Company had zero non-vested warrants. We have recorded non-cash compensation expense of $0 and $13,225 for the period ended September 30, 2018 and 2017 related to the warrants issued.

 

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. For so long as the warrants remain outstanding, we are required to keep reserved from our authorized and unissued shares of common stock a sufficient number of shares to provide for the issuance of the shares underlying the warrants.

 

Stock Options 

 

In August 2011, Parent’s Board of Directors adopted a Stock Option Plan (the “Plan”). Under the terms and conditions of the Plan, the Board of Directors is empowered to grant stock options to employees, officers, and directors of the Company. At September 30, 2018, 380,000 options were granted and outstanding under the Plan. 

 

The Company recognizes stock based compensation costs for stock option awards to employees based on their grant-date fair value. The value of each stock option is estimated on the date of grant using the Black-Scholes option pricing model.

 

The Company recognized stock based compensation expense related to the options of $33,267 and $58,038 for the nine months ended September 30, 2018 and 2017, respectively. At September 30, 2018, the Company had $46,666 unrecognized compensation cost related to non-vested options expected to be recognized through August 14, 2020.

 

A summary of the status of the options outstanding under the Company’s stock option plans at September 30, 2018 is presented below: 

 

       

Options Outstanding

   

Options Exercisable

 

Exercise
Prices

   

Number
Outstanding

   

Weighted
Average
Remaining
Contractual

Life (years)

   

Weighted
Average
Exercise
Price

   

Number
Exercisable

   

Weighted
Average
Exercise
Price

 
$ 0.74       250,000       1.87     $ 0.74       250,000     $ 0.74  
$ 1.01       130,000       7.23     $ 1.01       130,000     $ 1.01  

Total

      380,000       4.02     $ 0.86       380,000     $ 0.86  

 

 

 

A summary of the status of the options at September 30, 2018, and changes during the period is presented below:

 

   

September 30, 2018

 
   

Shares

   

Weighted
Average
Exercise
Price

   

Average
Remaining
Life

   

Weighted
Average
Intrinsic
Value

 
                                 

Outstanding at beginning of period

    455,000     $ 0.82       4.15     $ -  

Granted

    -       -       -       -  

Exercised

    -       -       -       -  

Forfeited

    (75,000

)

    0.74       -       -  

Expired

    -       -       -       -  

Outstanding at end of period

    380,000     $ 0.83       3.70     $ 314,500  

Vested and expected to vest

    380,000     $ 0.83       3.70     $ 314,500  

Exercisable end of period

    380,000     $ 0.83       3.70     $ 314,500  

 

The total intrinsic value of options at September 30, 2018 was $314,500. Intrinsic value is measured using the fair market value at the date of exercise (for shares exercised) or at September 30, 2018 (for outstanding options), less the applicable exercise price.  

 

 

 

NOTE 12 - SIGNIFICANT CUSTOMERS / CONCENTRATION / DISAGGREGATED REVENUE

 

For the nine months ended September 30, 2018, our largest customer accounted for approximately 9% of our net sales.

 

For the nine months ended September 30, 2017, our four largest customers accounted for approximately 13%, 12%, 9% and 5% of our net sales.

 

The Company sells products throughout the world; disaggregated revenue by geographical region is as follows for the three and nine months ended September 30, 2018 and 2017:

 

   

For the Three Months

   

For the Nine Months

 
   

Ended September 30,

   

Ended September 30,

 
   

2018

   

2017

   

2018

   

2017

 

United States and Canada

  $ 273,806     $ 271,434     $ 643,556     $ 835,602  

Australia

    181,174       215,713       463,967       502,895  

South America

    22,775       -       50,452       -  

Asia

    154,715       253,460       1,083,332       1,379,607  

Europe

    2,714,734       1,715,877       7,095,307       5,632,654  
    $ 3,347,204     $ 2,456,484     $ 9,336,614     $ 8,350,758  

 

The Company’s disaggregated revenue by product line is as follows for the three and nine months ended September 30, 2018 and 2017:

 

   

For the Three Months

   

For the Nine Months

 
   

Ended September 30,

   

Ended September 30,

 
   

2018

   

2017

   

2018

   

2017

 

Ceramic diesel particulate

  $ 1,921,097     $ 1,519,920     $ 5,458,260     $ 5,677,005  

Liquid filters and systems

    1,426,107       933,182       3,878,354       2,550,144  

Kiln furniture

    -       3,382       -       123,609  
    $ 3,347,204     $ 2,456,484     $ 9,336,614     $ 8,350,758  

 

 

As of September 30, 2018, approximately 91% and 9% of the Company’s assets were located in Denmark and the United States, respectively. As of September 30, 2017, approximately 85% and 15% of the Company’s assets were located in Denmark and the United States, respectively.

 

 

 

NOTE 13 - SUBSEQUENT EVENTS

 

The Company’s management reviewed material events through November 14, 2018 and there were no material subsequent events.

 

 

 

ITEM 2.    MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

 

The following discussion should be read in conjunction with our unaudited condensed consolidated financial statements and the related notes included elsewhere in this quarterly report. In addition, the following discussion should be read in conjunction with our annual report on Form 10-K filed with the U.S. Securities and Exchange Commission on March 23, 2018, and the financial statements and notes thereto. We undertake no obligation to revise or publicly release the results of any revision to these forward-looking statements. Given these risks and uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements.

 

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 two business areas: ceramic membranes for liquid filtration and diesel particulate filters (“DPFs“ ) for the control of soot exhaust particles from diesel engines. 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. 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 (”Parent”), together with its direct and indirect wholly owned subsidiaries. The subsidiaries include LiqTech USA, Inc., a Delaware corporation (“LiqTech USA”), which owns all of the outstanding equity interest in LiqTech International A/S, a Danish limited company, organized under the Danish Act on Limited Companies of the Kingdom of Denmark (“LiqTech Int. DK”), which in turn owns LiqTech Systems A/S, a Danish limited company, organized under the Danish Act on Limited Companies of the Kingdom of Denmark (formerly known as Provital, “LiqTech Systems”). Parent also owns LiqTech NA, Inc., a Delaware corporation (“LiqTech Delaware”). Collectively, LiqTech USA, LiqTech Int. DK, LiqTech Systems 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 located in the Copenhagen area, LiqTech Systems’ operations are located in Hobro in Jutland, Denmark, and our U.S. operations are conducted by LiqTech Delaware located in White Bear Lake, Minnesota.

 

Going Concern 

 

The accompanying condensed consolidated financial statements have been prepared in conformity with generally accepted accounting principles of the United States of America, which contemplate continuation of the Company as a going concern. However, the Company has limited cash and recently incurred significant losses. These factors raise substantial doubt about the ability of the Company to continue as a going concern for a period of one year from the issuance of these financial statements. There is no assurance that the Company will be successful in raising additional cash through the issuance of debt or equity instruments or return to profitable operations in the future. The financial statements do not include any adjustments that might result from the outcome of these uncertainties. 

 

Management believes the Company is progressing toward alleviating this substantial doubt as to the Company’s ability to continue as a going concern for a period of one year from the issuance of these financial statements. During April of 2018, the Company raised $6.6 million through the sale of 19,448,529 common shares, and the Company has signed framework agreements with a total of three large marine scrubber manufacturers for the potential future sale of a significant number of filtration systems in late 2018 and 2019.

 

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:

 

 

Retain and grow business with new Marine customers, including scrubber technology providers and ship-owners/operators.  

 

 

Enter New Geographic Markets and Expand Existing Markets. We plan to continue to manufacture and sell our products out of Denmark and the United States, with organization development in those locations to support our growth strategy We intend to work with agents and partners to access appropriate markets.

 

 

 

Continue to Strengthen Position in DPF Market. We believe that we have a strong position in the retrofit market for DPFs. 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 this market with new products relating to diesel particulate filter systems.

 

 

Continue to Develop and Improve Technologies and Open New End Markets. We intend to continuously develop our ceramic membranes and improve the efficiency of our filtration products. Through continuous development, we intend to identify 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 particulate filters with asymmetric design for the OEM market.

 

 

Continue Our Focus on Selling and on Development of New Standard Units. We will continue our focus on selling systems based on our unique SIC Filters. We will also combine the ceramic membranes with other technologies to be able to offer our customers a complete solution. We will continue our focus to develop smaller standard systems, like our groundwater treatment unit and our residential swimming pool units. These units will be sold through a network of agents and partnerships.

 

Developments

 

Signed Contracts

 

On January 9, 2018, we announced that we had received three new orders for the Company´s standardized systems for swimming pool water treatment. The systems will be delivered to three new spas in Australia.

 

On February 22, 2018, we announced that we had received a $440,000 order for DPFs from a Chinese customer. 

 

On March 21, 2018, we announced that we had signed a framework agreement with one of the world's largest manufacturers of marine scrubbers. The framework agreement has an initial term for 2018 and 2019 and provides that more than 95 systems are estimated to be delivered during the initial term. The framework agreement may be renewed for an additional one-year term at the end of 2019.

 

On April 11, 2018, we announced that we had signed another framework agreement with a large marine scrubber manufacturer. The framework agreement has an initial term for 2018 and 2019 and provides that a minimum of 35 systems are estimated to be delivered during the initial term. The first 14 systems to be purchased under the framework agreement have already been identified. 

 

On May 29, 2018, we announced that we had received a $490,000 order for DPFs from a European customer. 

 

On October 1, 2018, we announced that we had signed another framework agreement with one of the worlds largest marine scrubber manufacturer to develop a new product for the treatment of marine scrubber wastewater. 

 

 

Results of Operations

 

The financial information below is derived from our unaudited condensed consolidated financial statements included elsewhere in this report. 

 

The following tables sets forth our revenues, expenses and net income for the three and nine months ended September 30, 2018 and 2017:  

 

   

Three Months Ended September 30,

 
                                   

Period to Period Change

 
   

2018

   

As a %

of Sales

   

2017

   

As a %

of Sales

   

US$

   

Percent

%

 

Net Sales

    3,347,204       100.0

%

    2,456,484       100.0

%

    890,720       36.3

%

Cost of Goods Sold

    3,058,465       91.4       2,772,451       112.9       286,014       10.3  

Gross Profit (Loss)

    288,739       8.6       (315,967

)

    (12.9

)

    604,706       (191.4

)

                                                 

Operating Expenses

                                               

Selling expenses

    414,504       12.4       521,627       21.2       (107,123

)

    (20.5

)

General and administrative expenses

    657,714       19.6       433,368       17.6       224,346       51.8  

Non-cash compensation expenses

    5,833       0.2       24,055       1.0       (18,222

)

    (75.8

)

Research and development expenses

    152,849       4.6       121,680       5.0       31,169       25.6  

Total Operating Expenses

    1,230,900       36.8       1,100,730       44.8       130,170       11.8  
                                                 

Loss from Operations

    (942,161

)

    (28.1

)

    (1,416,697

)

    (57.7

)

    474,536       (33.5

)

                                                 

Other Income (Expense)

                                               

Interest and other income

    1,814       0.1       2,790       0.1       (976

)

    (35.0

)

Interest (expense)

    (5,463

)

    (0.2

)

    (3,781

)

    (0.2

)

    (1,682

)

    44.5  

Gain (loss) on currency transactions

    23,861       0.7       (26,913

)

    (1.1

)

    50,774       (188.7

)

Loss on sale of equipment     -       -       (34,824

)

    (1.4

)

    34,824       (100.0

)

Total Other Income (Expense)

    20,212       0.6       (62,728

)

    (2.6

)

    82,940       (132.2

)

                                                 

Loss Before Income Taxes

    (921,949

)

    (27.5

)

    (1,479,425

)

    (60.2

)

    557,476       (37.7

)

Income Taxes Expense (Income)

    -       -       -       -       -       -  
                                                 

Net Loss

    (921,949

)

    (27.5

)

    (1,479,425

)

    (60.2

)

    557,476       (37.7

)

 

 

 

 

Nine Months Ended September 30,

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Period to Period Change

 

 

 

2018

 

 

As a %

of Sales

 

 

2017

 

 

As a %

of Sales

 

 

$  

 

 

Percent

%

 

Net Sales

 

 

9,336,614

 

 

 

100.0

%

 

 

8,350,758

 

 

 

100.0

%

 

 

985,856

 

 

 

11.8

 

Cost of Goods Sold

 

 

8,447,645

 

 

 

90.5

 

 

 

8,202,634

 

 

 

98.2

 

 

 

245,011

 

 

 

3.0

 

Gross Profit

 

 

888,969

 

 

 

9.5

 

 

 

148,124

 

 

 

1.8

 

 

 

740,845

 

 

 

500.2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating Expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Selling expenses

 

 

1,288,294

 

 

 

13.8

 

 

 

1,506,369

 

 

 

18.0

 

 

 

(218,075

)

 

 

(14.5

)

General and administrative expenses

 

 

1,914,927

 

 

 

20.5

 

 

 

1,518,935

 

 

 

18.2

 

 

 

395,992

 

 

 

26.1

 

Non-cash compensation expenses

 

 

93,267

 

 

 

1.0

 

 

 

150,013

 

 

 

1.8

 

 

 

(56,746

)

 

 

(37.8

)

Research and development expenses

 

 

498,526

 

 

 

5.3

 

 

 

375,026

 

 

 

4.5

 

 

 

123,500

 

 

 

32.9

 

Total Operating Expenses

 

 

3,795,014

 

 

 

40.6

 

 

 

3,550,343

 

 

 

42.5

 

 

 

244,671

 

 

 

6.9

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loss from Operations

 

 

(2,906,045

)

 

 

(31.1

)

 

 

(3,402,219

)

 

 

(40.7

)

 

 

496,174

 

 

 

(14.6

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other Income (Expense)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest and other income

 

 

12,271

 

 

 

0.1

 

 

 

3,093

 

 

 

0.0

 

 

 

9,178

 

 

 

296.7

 

Interest (expense)

 

 

(65,937

)

 

 

(0.7

)

 

 

(23,308

)

 

 

(0.3

)

 

 

(42,629

)

 

 

182.9

 

Gain (Loss) on currency transactions

 

 

240,947

 

 

 

2.6

 

 

 

(54,600

)

 

 

(0.7

 

 

295,547

 

 

 

(541.3

)

Loss on sale of equipment

 

 

-

 

 

 

-

 

 

 

(28,056

 

 

(0.3

 

 

28,056

 

 

 

(100.0

)

Total Other Income (Expense)

 

 

187,281

 

 

 

2.0

 

 

 

(102,871

)

 

 

(1.2

)

 

 

290,152

 

 

 

(282.1

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loss Before Income Taxes

 

 

(2,718,764

)

 

 

(29.1

)

 

 

(3,505,090

)

 

 

(42.0

)

 

 

786,326

 

 

 

(22.4

)

Income Taxes Expense (Income)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Loss

 

 

(2,718,764

)

 

 

(29.1

)

 

 

(3,505,090

)

 

 

(42.0

)

 

 

786,326

 

 

 

(22.4

)

 

 

Comparison of the Three Months Ended September 30, 2018 and September 30, 2017
 

Revenues 

 

Net sales for the three months ended September 30, 2018 were $3,347,204 compared to $2,456,484 for the same period in 2017, representing an increase of $890,720 or 36.3%. The increase in sales consisted of an increase in sales of liquid filters and systems of $492,924, an increase in sales of DPFs of $401,177 and a decrease in sales of kiln furniture of $3,382. The increase in demand for our liquid filters and systems is mainly due to realization of certain business opportunities compared to the same period last year when various projects were delayed. The increase in demand for our DPFs is mainly due to a special order as the market activity is stabile compared to the same period in 2017. The decrease in demand for our kiln furniture is due to the decision to discontinue this product line.

 

Gross Profit

 

Gross profit for the three months ended September 30, 2018 was $288,739 compared to a negative gross profit of $(315,967) for the same period in 2017, representing an increase of $604,706 or 191.4%. The increase in gross profit was due to higher sales activity and a better product mix with increased sales of liquid filters and systems, which historically have a higher gross margin. Included in gross profit is depreciation of $189,455 and $268,872 for the three months ended September 30, 2018 and 2017, respectively.

 

Expenses

 

Total operating expenses for the three months ended September 30, 2018 were $1,230,900 representing an increase of $130,170 or 11.8%, compared to $1,100,730 for the same period in 2017. This increase in operating expenses is attributable to an increase in general and administrative expenses of $224,346, or 51.8%, and an increase in research and development expenses of $31,169, or 25.6%, compared to the same period in 2017, partially offset by a decrease in selling expenses of $107,123, or 20.5% and a decrease in non-cash compensation expenses of $18,222, or 75.8%.   

 

Selling expenses for the three months ended September 30, 2018 were $414,504, compared to $521,627 for the same period in 2017, representing a decrease of $107,123, or 20.5%. This decrease is due to a cost reduction in selling expenses in general and a centralization of the sales structure for the three months ending September 30, 2018, compared to the same period in 2017.

 

General and administrative expenses for the three months ended September 30, 2018 were $657,714 compared to $433,368 for the same period in 2017, representing an increase of $224,346, or 51.8%. This increase is attributable to an increase in costs in general and to hiring of additional employees, compared to the same period in 2017.

 

Non-cash compensation expenses for the three months ended September 30, 2018 were $5,833, compared to $24,055 for the same period in 2017, representing a decrease of $18,222, or 75.8%. This decrease is attributable to decreased non-cash compensation expense for options, shares and warrants granted to directors, employees and management for services performed, compared to the same period in 2017.

 

The following is a summary of our non-cash compensation: 

 

   

For the Three Months Ended

 
   

September 30,

   

September 30,

 
   

2018

   

2017

 

Compensation upon vesting of stock options granted to employees

  $ -     $ 13,397  

Compensation for vesting of restricted stock awards issued to the board of directors

    5,833       6,250  

Value of Warrants granted for services

    -       4,408  

Total Non-Cash Compensation

  $ 5,833     $ 24,055  

 

Research and development expenses for the three months ended September 30, 2018 were $152,849 compared to $121,680 for the same period in 2017, representing an increase of $31,169, or 25.6%. This increase is attributable to additional investment in our scrubber solution to satisfy what we believe is a large, imminent growth opportunity.

 

Net Income

 

Net loss for the three months ended September 30, 2018 was $921,949 compared to a loss of $1,479,425 for the comparable period in 2017, representing a decrease in loss of $557,476, or 37.7%. This improvement was primarily attributable to higher gross profit and increase in other income, partially offset by an increase in total operating expenses for the three months ending September 30, 2018, compared to the same period in 2017.

 

 

Comparison of the Nine Months Ended September 30, 2018 and September 30, 2017
 

Revenues 

 

Net sales for the nine months ended September 30, 2018 were $9,336,614 compared to $8,350,758 for the same period in 2017, representing an increase of 985,856 or 11.8%. The increase in sales consisted of an increase in sales of liquid filters and systems of $1,328,210, a decrease in sales of DPFs of $218,745 and a decrease in sales of kiln furniture of $123,609. The increase in demand for our liquid filters and systems is mainly due to realization of certain business opportunities compared to the same period last year when various projects were delayed. The decrease in demand for our DPFs is mainly due to a decrease in market activity compared to the same period last year. The decrease in demand for our kiln furniture is due to the decision to discontinue this product line.

 

Gross Profit

 

Gross profit for the nine months ended September 30, 2018 was $888,969 compared to a gross profit of $148,124 for same period in 2017, representing an increase of $740,845 or 500.2%. The increase in gross profit was primarily due to higher sales activity for our liquid filters and systems, which historically have a higher gross margin. Included in gross profit is depreciation of $619,536 and $732,963 for the nine months ended September 30, 2018 and 2017, respectively.

 

Expenses

 

Total operating expenses for the nine months ended September 30, 2018 were $3,795,014 representing an increase of $244,671 or 6.9%, compared to $3,550,343 for the same period in 2017. This increase in operating expenses is attributable to an increase in general and administrative expenses of $395,992, or 26.1% and an increase in research and development expenses of $123,500, or 32.9%, partially offset by a decrease in selling expenses of $218,075, or 14.5%, and a decrease in non-cash compensation expenses of $56,746, or 37.8%, compared to the same period in 2017.   

 

Selling expenses for the nine months ended September 30, 2018 were $1,288,294 compared to $1,506,369 for the same period in 2017, representing a decrease of $218,075, or 14.5%. This decrease is attributable to a cost reduction in selling expenses in general and a centralization of the sales structure for the nine months ending September 30, 2018, compared to the same period in 2017.

 

General and administrative expenses for the nine months ended September 30, 2018 were $1,914,927 compared to $1,518,935 for the same period in 2017, representing an increase of 26.1%. This increase is attributable to an increase in the number of employees, increasing costs in general and some timing issues for the nine months ending September 30, 2018, compared to the same period in 2017.

 

Non-cash compensation expenses for the nine months ended September 30, 2018 were $93,267, compared to $150,013 for the same period in 2017, representing a decrease of $56,746, or 37.8%. This decrease is attributable to decreased non-cash compensation expense for options, shares and warrants granted to directors, employees and management for services performed as compared to the same period in 2017.

 

The following is a summary of our non-cash compensation: 

 

   

For the Nine Months Ended

 
   

September 30,

   

September 30,

 
   

2018

   

2017

 

Compensation upon vesting of stock options granted to employees

  $ 15,767     $ 58,038  

Compensation for vesting of restricted stock awards issued to the board of directors

    77,500       78,750  

Value of Warrants granted for services

    -       13,225  

Total Non-Cash Compensation

  $ 93,267     $ 150,013  

  

Research and development expenses for the nine months ended September 30, 2018 were $498,526, compared to $375,026 for the same period in 2017. This increase is attributable to additional investment in our scrubber solution to satisfy what we believe is a large, imminent growth opportunity.

 

Net Income

 

Net loss for the nine months ended September 30, 2018 was $2,718,764, compared to a loss of $3,505,090 for the same period in 2017, representing a decrease in net loss of $786,326, or 22.4%. This improvement was primarily attributable to higher gross profit and an increase in other income, partially offset by an increase in total operating expenses for the nine months ending September 30, 2018, compared to the same period in 2017.

 

 

Liquidity and Capital Resources 

 

We have historically satisfied our capital and liquidity requirements through offerings of equity instruments and our available lines of credit. At September 30, 2018, the Company did not have any available lines of credit with any lender. At September 30, 2018, we had a cash balance of $3,861,595 and working capital of $7,665,933 and at December 31, 2017, we had cash balance of $2,486,199 and working capital of $4,659,876. At September 30, 2018, our working capital increased by $3,006,056 compared to December 31, 2017 due to a registered public offering of common stock in the second quarter of 2018 and an increase in accounts receivable. Total current assets were $11,987,465 and $9,427,697 at September 30, 2018 and at December 31, 2017, respectively, and total current liabilities were $4,321,532 and $4,767,821 at September 30, 2018 and at December 31, 2017, respectively. 

  

In connection with certain orders, we may provide customers a working guarantee, prepayment guarantee, or security bond. For that purpose, we have a guarantee credit line of DKK 94,620 (approximately $14,690 at September 30, 2018) with a bank, subject to certain base limitations. As of September 30, 2018, we had DKK 94,620 (approximately $14,690) in working guarantee against the line. This line of credit is guaranteed by Vækstfonden (the Danish state's investments fund) and is secured by certain assets of LiqTech Systems such as receivables, inventory and equipment.

 

On April 12, 2018, we issued 19,448,529 shares of common stock in a public offering for gross proceeds of approximately $6.6 million, which has improved our liquidity. We may need additional funds to sustain and grow our business, and 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 and adversely impact 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 

 

Nine months ended September 30, 2018 Compared to nine months ended September 30, 2017

 

Cash provided (used) by operating activities is net income (losses) adjusted for certain non-cash items and changes in assets and liabilities. Cash used by operating activities for the nine months ended September 30, 2018 was $3,838,206, representing an increase of $1,137,626 compared to cash used by operating activities of $2,700,580 for the nine months ended September 30, 2017. The $1,137,626 increase in cash used by operating activities for the nine months ended September 30, 2018 was mainly due to a decrease of $667,303 in accrued expenses, a decrease of $328,673 in accounts payable and an increase of $890,328 in account receivables. This was partially offset by a increase in cash flow from inventories of $215,252.

 

The increase in accounts receivable, the decrease in accrued expenses, the decrease in accounts payable, the decrease in inventories and the increase in contract liabilities were all due to normal variations in the ordinary course of business.

 

Cash used in investing activities was $145,984 for the nine months ended September 30, 2018, as compared to cash used in investing activities of $82,124 for the nine months ended September 30, 2017. Cash used in investing activities increased by $63,860 for the nine months ended September 30, 2018, compared to the nine months ended September 30, 2017. This increase was due to $51,034 in the purchase of equipment for the nine months ended September 30, 2018 and the sale of equipment of $12,827 for the nine months ended September 30, 2017.

 

Cash provided by financing activities was $5,913,204 for the nine months ended September 30, 2018, as compared to cash provided by financing activities of $1,707,690 for the nine months ended September 30, 2017. This increase of $4,205,514 in cash provided by financing activities was mainly due to a public offering that raised $6,612,500 less offering costs of $747,423 during the nine months ended September 30, 2018.

 

Off Balance Sheet Arrangements

 

As of September 30, 2018, we had no off-balance sheet arrangements other than normal operating leases. We are not aware of any material transactions that are not disclosed in our condensed consolidated financial statements. 

 

Operating Leases - The Company leases office and production facilities under operating lease agreements expiring in August 2018 and March 2021. In some of these lease agreements, the Company has the right to extend.

 

 

The future minimum lease payments for non-cancelable operating leases having remaining terms in excess of one year as of September 30, 2018 are as follows:

 

Year ending December 31,

 

Lease

Payments

 

2018

    151,200  

2019

    268,862  

2020

    182,676  

2021

    30,546  

Thereafter

    -  

Total Minimum Lease Payments

  $ 633,284  

 

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 condensed 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,

 

Recently Enacted Accounting Standards

 

For a description of accounting changes and recent accounting standards, including the expected dates of adoption and estimated effects, if any, on our condensed consolidated financial statements, see “Note 1: Recently Enacted Accounting Standards” in the accompanying Financial Statements.

 

Subsequent Events

 

The Company’s management reviewed material events through November 14, 2018 and there were no material subsequent events.

 

 

ITEM 3.  QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

 

Not applicable. 

 

 

ITEM 4.  CONTROLS AND PROCEDURES

 

Evaluation of Disclosure Controls and Procedures

 

Our Management, with the participation of the Principal Executive Officer and Principal Financial Officer, evaluated the effectiveness of the design and operation of our disclosure controls and procedures pursuant to Rule 13a-15(b) under the Securities Exchange Act of 1934 as of the end of the period covered by this Report. Based on this evaluation, the Principal Executive Officer and Principal Financial Officer concluded that as of the end of the period covered by this Report, our disclosure controls and procedures were not effective due to material weaknesses identified as part of our 2017 audit. A material weakness is a control deficiency, or combination of control deficiencies, in internal control over financial reporting such that there is a reasonable possibility that a material misstatement of the registrant's annual or interim financial statements will not be prevented or detected on a timely basis. For more information on material weaknesses identified by Management, please reference our Form 10-K for the year ended December 31, 2017.

 

Management's Remediation Initiatives

 

Management, including our new Chief Financial Officer hired in August 2018, is actively developing a remediation plan and implementing new controls and processes to address the deficiencies more fully set forth in our Form 10-K for the year ended December 31, 2017. Upon identifying the material weakness in of our internal controls, we have taken actions to strengthen our internal control structure.

 

Management continues to meet with key managers and control owners to evaluate the effectiveness of internal controls and to ensure implementation of remediation initiatives.

 

Changes in Internal Control over Financial Reporting

 

Other than as described above, there was no change in our internal control over financial reporting during the period covered by this report that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

 

Limitations on the Effectiveness of Internal Controls

 

An internal control system, no matter how well-conceived and operated, can provide only reasonable, not absolute, assurance that the objectives of the control system are met. Further, the design of a control system must reflect the fact that there are resource constraints, and the benefits of controls must be considered relative to their costs. Because of the inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, within the Company have been detected. These inherent limitations include the realities that judgments in decision-making can be faulty, and that breakdowns can occur because of simple error or mistake. Additionally, controls can be circumvented by the individual acts of some persons, by collusion of two or more people, or by Management override of the internal control. The design of any system of controls also is based in part upon certain assumptions about the likelihood of future events, and there can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions. Over time, a control may become inadequate because of changes in conditions, or the degree of compliance with the policies or procedures may deteriorate.

 

 

PART II - OTHER INFORMATION

 

ITEM 1. LEGAL PROCEEDINGS

 

None.

 

ITEM 1A. RISK FACTORS

 

Not required for a “smaller reporting company.”  

 

ITEM 2.    UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS 

 

None.

 

ITEM 3.    DEFAULTS UPON SENIOR SECURITIES

 

 None.

  

ITEM 4.    MINE SAFETY DISCLOSURES

 

 None.  

  

ITEM 5.    OTHER INFORMATION

 

 None.  

 

 

ITEM 6.

EXHIBITS

 

 

 

 

31.1

Certifications of the Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

Filed herewith

  

  

  

31.2

Certifications of the Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

Filed 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 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 herewith

 

 

 

101. INS

XBRL Instance Document

Filed herewith

 

 

 

101. CAL

XBRL Taxonomy Extension Calculation Link base Document

Filed herewith

  

  

  

101. DEF

XBRL Taxonomy Extension Definition Link base Document

Filed herewith

  

  

  

101. LAB

XBRL Taxonomy Label Link base Document

Filed herewith

  

  

  

101. PRE

XBRL Extension Presentation Link base Document

Filed herewith

  

  

  

101. SCH

XBRL Taxonomy Extension Scheme Document

Filed herewith

 

 

SIGNATURES

 

In accordance with the requirements of the Securities Exchange Act of 1934, the registrant caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

  

  

LiqTech International, Inc.

  

  

  

  

  

Dated: November 14, 2018 

  

 /s/ Sune Mathiesen 

  

  

  

Sune Mathiesen, Chief Executive Officer

  

  

  

(Principal Executive Officer)

  

  

  

  

  

  

  

  

  

Dated: November 14, 2018 

  

/s/ Claus Toftegaard 

  

  

  

Claus Toftegaard, Chief Financial Officer

  

  

  

(Principal Financial and Accounting Officer)

  

 

33

EX-31.1 2 ex_129166.htm EXHIBIT 31.1 ex_129166.htm

Exhibit 31.1

 

OFFICER’S CERTIFICATE

PURSUANT TO SECTION 302

 

I, Sune Mathiesen, certify that:

 

1,

I have reviewed this Quarterly Report on Form 10-Q for the period ended September 30, 2018 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,

The registrant’s other certifying officer(s) and I are 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: November 14, 2018

By:       /s/ Sune Mathiesen  

 

Name:  Sune Mathiesen

 

Title:    Chief Executive Officer and Principal Executive Officer

 

EX-31.2 3 ex_129167.htm EXHIBIT 31.2 ex_129167.htm

Exhibit 31.2

 

OFFICER’S CERTIFICATE

PURSUANT TO SECTION 302

 

I, Claus Toftegaard, certify that:

 

1,

I have reviewed this Quarterly Report on Form 10-Q for the period ended September 30, 2018 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,

The registrant’s other certifying officer(s) and I are 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: November 14, 2018

By:       /s/ Claus Toftegaard

 

Name:  Claus Toftegaard

 

Title:    Chief Financial Officer and Principal Financial and Accounting Officer

   

 

EX-32.1 4 ex_129168.htm EXHIBIT 32.1 ex_129168.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 Quarterly Report of LiqTech International, Inc., (the “Company”) on Form 10-Q for the period ended September 30, 2018 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: November 14, 2018

By:       /s/ Sune Mathiesen

 

Name:  Sune Mathiesen

 

Title:    Chief Executive Officer and Principal Executive 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.

 

EX-32.2 5 ex_129169.htm EXHIBIT 32.2 ex_129169.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 Quarterly Report of LiqTech International, Inc., (the “Company”) on Form 10-Q for the period ended September 30, 2018 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: November 14, 2018

By:       /s/ Claus Toftegaard

 

Name:  Claus Toftegaard

 

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.

EX-101.INS 6 liqt-20180930.xml XBRL INSTANCE DOCUMENT false --12-31 Q3 2018 2018-09-30 10-Q 0001307579 72905547 Yes false Non-accelerated Filer LIQTECH INTERNATIONAL INC true liqt 400000 400000 1.65 1.65 0 1.65 1.65 P299D P299D 8803 263593 183255 8803348 8803348 2729799 507633 2000477 651304 P4Y 93267 150013 4 1 0.95 48127 -110963 P1Y P3Y 0.25 1474214 1775230 2453293 1124842 570 580 1607675 1724986 9628979 9704930 -5562631 -5040792 46356874 40457907 -1119442 804510 <div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left; text-indent: 45pt;"><div style="display: inline; font-weight: bold;">Advertising Cost&nbsp;--</div>&nbsp;Costs incurred in connection with advertising of the Company&#x2019;s products is expensed as incurred. Such costs amounted to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$25,018</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$9,270</div>&nbsp;for the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">nine</div> months ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 30, 2018 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2017,</div> respectively.</div></div></div></div></div></div> 25018 9270 93267 150013 0 13225 33267 58038 5833 24055 <div style="display: inline; font-family: times new roman; font-size: 10pt"><table border="0" cellpadding="0" cellspacing="0" style="; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; text-indent: 0px; min-; min-width: 700px;"> <tr style="vertical-align: bottom;"> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td colspan="2" style="text-align: center; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">2018</div></div></div> </td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td colspan="2" style="text-align: center; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">2017</div></div></div> </td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 70%;"> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Allowance for doubtful accounts at the beginning of the period</div> </td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">660,581</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,128,452</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Bad debt expense</div> </td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">82,776</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(102,189</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">)</div> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Receivables written off during the periods</div> </td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">0</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(1,678,856</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">)</div> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Effect of currency translation</div> </td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(26,372</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">)</div> </td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">313,174</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Allowance for doubtful accounts at the end of the period</div> </td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">716,985</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">660,581</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;">&nbsp;</td> </tr> </table></div> 660581 2128452 716985 0 1678856 -26372 313174 1924 1651 380000 400000 780000 13951392 11679938 11987465 9427697 5783 6001 <div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left;"><div style="display: inline; font-weight: bold;">Business and Basis of Presentation</div></div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: center; text-indent: 45pt;">&nbsp;</div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left; text-indent: 45pt;">Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America ("US GAAP") have been condensed or omitted. These condensed consolidated financial statements should be read in conjunction with the Company's audited financial statements contained in its annual report on Form <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10</div>-K for the year ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2017 (</div>"Form <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10</div>-K"). The results of operations for the periods ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 30, 2018 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2017</div> are <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> necessarily indicative of the operating results for the full years.</div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left; text-indent: 45pt;">&nbsp;</div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left; text-indent: 45pt;">The condensed consolidated financial statements include the accounts of LiqTech International, Inc. (&#x201c;Parent&#x201d;) and its subsidiaries.&nbsp;The terms "Company", &#x201c;us", "we" and "our" as used in this report refer to Parent and its subsidiaries, which are set forth below.&nbsp;The Company engages in the development, design, production, marketing and sale of automated filtering systems, ceramic silicon carbide liquid and diesel particulate air filters in United States, Canada, Europe, Asia and South America.&nbsp;Set forth below is a description of Parent and each of its subsidiaries:</div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left; text-indent: 45pt;">&nbsp;</div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left; text-indent: 45pt;">LiqTech International, Inc., a Nevada corporation organized in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> July 2004, </div>formerly known as Blue Moose Media, Inc.</div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left; text-indent: 45pt;">&nbsp;</div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left; text-indent: 45pt;">LiqTech USA, a Delaware corporation and a wholly-owned subsidiary of Parent formed in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> May 2011.</div></div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left; text-indent: 45pt;">&nbsp;</div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left; text-indent: 45pt;">LiqTech International AS, a Danish corporation, incorporated on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 15, 2000 (</div>&#x201c;LiqTech Int. DK&#x201d;), a wholly-owned subsidiary of LiqTech USA, engages in development, design, application, marketing and sales of membranes on ceramic diesel particulate and liquid filters and catalytic converters in Europe, Asia and South America.</div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left; text-indent: 45pt;">&nbsp;</div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left; text-indent: 45pt;">LiqTech NA, Inc. (&#x201c;LiqTech NA&#x201d;), incorporated in Delaware on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> July 1, 2005, </div>a wholly-owned subsidiary of LiqTech USA. LiqTech NA, Inc. engages in the production, marketing and sale of ceramic diesel particulate and liquid filters and kiln furniture in United States and Canada.</div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left; text-indent: 45pt;">&nbsp;</div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left; text-indent: 45pt;">LiqTech Systems AS, a Danish Corporation ("LiqTech Systems") (Formerly Provital Solutions AS) was incorporated on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 1, 2009 </div>and engages in the manufacture of fully automated filtering systems for application within the pool and spa markets, marine applications, and a number of industrial applications within Denmark and international markets.</div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left; text-indent: 45pt;">&nbsp;</div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left; text-indent: 45pt;">LiqTech Germany (&#x201c;LiqTech Germany&#x201d;), a <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">100%</div> owned subsidiary of LiqTech Int. DK, incorporated in Germany on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 9, 2011, </div>engaged&nbsp;in marketing and sale of liquid filters in Germany. The Company is in the process of closing operations, which is expected to be completed during <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018.</div></div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left; text-indent: 45pt;">&nbsp;</div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left; text-indent: 45pt;">LiqTech PTE Ltd&nbsp;(&#x201c;LiqTech Sing&#x201d;), a <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">95%</div> owned subsidiary of LiqTech Int. DK, incorporated in Singapore on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 19, 2012, </div>engaged&nbsp;in marketing and sale of liquid filters in Singapore and other countries in the area. The Company is in the process of closing operations, which is expected to be completed during <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018.</div></div></div></div> 4466683 975682 74313 26186 76356 4129 72227 2043 74313 2486199 1208650 3861595 528566 1375396 -680084 <div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left; text-indent: 45pt;"><div style="display: inline; font-weight: bold;">Cash, Cash Equivalents and Restricted Cash&nbsp;--</div>&nbsp;The Company considers all highly liquid debt instruments purchased with a maturity of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div> months or less to be cash equivalents. The Company had <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">no</div></div> balances held in a financial institution in the United States in excess of federally insured amounts at <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 30, 2018 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2017.</div></div></div></div></div></div></div> 0 0 1.65 1.65 400000 400000 <div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left;"><div style="display: inline; font-weight: bold;">NOTE <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">9</div>&nbsp;- COMMITMENTS</div><div style="display: inline; font-weight: bold;"> AND CONTINGENCIES</div></div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt 37.5pt;text-align:left;">&nbsp;</div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left; text-indent: 45pt;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">401</div>(K) Profit Sharing Plan</div>&nbsp;--&nbsp;LiqTech NA has a <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">401</div>(k) profit sharing plan and trust covering certain eligible employees. The amount LiqTech NA contributes is discretionary. For the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">nine</div> months ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 30, 2018 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2017,</div> matching contributions were expensed and totaled <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$8,275</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$8,636,</div> respectively.</div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left; text-indent: 45pt;">&nbsp;</div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left; text-indent: 45pt;"><div style="display: inline; font-weight: bold;">Contingencies</div> -- From time to time, we <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may </div>be involved in litigation relating to claims arising out of our operations in the normal course of business.</div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left; text-indent: 45pt;">&nbsp;</div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt 0pt 0pt 9pt; text-align: left;">On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 9, 2014, </div>Mr. Raffaele Bruno Tronchetti Provera (&#x201c;Plaintiff&#x201d;), the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">60%</div> owner of LiqTech Italy s.r.l. (the &#x201c;Venture&#x201d;), sued LiqTech Int. DK, the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">40%</div> owner of the Venture (&#x201c;Defendant&#x201d;), for damages of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">&#x20ac;750,000</div> before the Court of Como, Italy, alleging, among other things, that certain products provided by Defendant to the Venture were defective.&nbsp;On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> July 31, 2018, </div>the Judge rejected the Plaintiff&#x2019;s claim and his request of compensation of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">&#x20ac;750,000,</div> ordering the Plaintiff to pay&nbsp;the Company&#x2019;s legal expenses.</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt 15pt;text-align:left;">&nbsp;</div> <div style=" font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left"></div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left; text-indent: 45pt;">On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 20, 2017, </div>the Company received a demand for approximately <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$1,098,678</div> from the previous installation of a water treatment system. The customer is disputing that the system complies with the contact based on testing inputs to the system outside the parameters of the contract. The Company has completed the installation of the system,&nbsp;tested the system, and contends it is compliance with the contract&#x2019;s requirements.&nbsp;On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 28, 2018 </div>the Company entered an agreement with the customer resulting in the customer paying <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$437,000</div> as final payment of outstanding unpaid balances and foregoing any further demands.</div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left; text-indent: 45pt;">&nbsp;</div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left; text-indent: 45pt;">In connection with certain orders, the Company <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may </div>provide a working guarantee, prepayment guarantee, or security bond. For that purpose, we have a guarantee credit line of DKK <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">94,620</div> (approximately <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$14,690</div> at <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 30, 2018) </div>with a bank, subject to certain base limitations. As of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 30, 2018, </div>we&nbsp;had&nbsp;DKK <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">94,620</div> (approximately <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$14,690</div>)&nbsp;in working guarantee against the line.&nbsp;</div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left; text-indent: 45pt;"><div style="display: inline; font-weight: bold;">&nbsp;</div></div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left; text-indent: 45pt;"><div style="display: inline; font-weight: bold;">Product Warranties</div> - The Company provides a standard warranty on its systems, generally for <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">one</div> to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div> years. The Company estimates the costs which <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may </div>be incurred under its standard warranty programs and records a liability for such costs at the time product revenue is recognized.</div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left; text-indent: 45pt;">&nbsp;</div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left; text-indent: 45pt;">In addition, the Company sells an extended warranty for certain systems, which generally provide a warranty for up to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">four</div> years from the date of commissioning. The specific terms and conditions of those warranties vary depending upon the product sold and the country in which the Company does business. Revenue received for the sale of extended warranty contracts is deferred and recognized in the same manner as the costs incurred to perform under the warranty contracts.</div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left; text-indent: 45pt;">&nbsp;</div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left; text-indent: 45pt;">The Company periodically assesses the adequacy of its recorded warranty liabilities and adjusts the amounts as necessary. Factors that affect the warranty liability include the number of units sold, historical and anticipated rates of warranty claims and the cost per claim.</div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left; text-indent: 45pt;">&nbsp;</div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left; text-indent: 45pt;">Changes in the Company's current and long-term warranty obligations, including deferred revenue on extended warranty contracts included in accrued expenses on the balance sheet, are as follows:</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:28.5pt;margin-right:15pt;margin-top:0pt;text-align:left;text-indent:58.5pt;">&nbsp;</div> <div> <table border="0" cellpadding="0" cellspacing="0" style="; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; text-indent: 0px; min-width: 700px;"> <tr style="vertical-align: bottom;"> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td colspan="2" style="text-align: center; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 13.5pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:13.5pt;margin-right:0pt;margin-top:0pt;text-align:center;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">2018</div></div></div> </td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 85%;"> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Balance at December 31, 2017</div> </td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">189,901</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Current year warranty expense</div> </td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">102,286</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Change in estimate related to pre-existing warranties</div> </td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Payments made</div> </td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(10,927</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">)</div> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Foreign currency effect</div> </td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(9,693</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">)</div> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="display: inline; font-weight: bold;">Balance at </div><div style="display: inline; font-weight: bold;">September</div><div style="display: inline; font-weight: bold;"> 30, 2018</div></div> </td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-weight: bold;">$</div></td> <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-weight: bold;">271,567</div></div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;">&nbsp;</td> </tr> </table> <div style=" margin: 0pt;">&nbsp;</div> </div></div> 0.001 0.001 100000000 100000000 72740547 44429264 72740547 44429264 72741 44430 0.09 0.13 0.12 0.09 0.05 0.91 0.09 0.85 0.15 <div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt">Consolidation&nbsp;--</div>&nbsp;The condensed 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.</div> <div style="display: inline; font-family: times new roman; font-size: 10pt"><table border="0" cellpadding="0" cellspacing="0" style="; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; text-indent: 0px; min-; min-width: 700px;"> <tr style="vertical-align: bottom;"> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td colspan="2" style="text-align: center; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">September 30,</div> </td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td colspan="2" style="text-align: center; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">December 31,</div> </td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom;"> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td colspan="2" style="text-align: center; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">2018</div> </td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td colspan="2" style="text-align: center; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">2017</div> </td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 70%;"> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Cost incurred on uncompleted contracts</div> </td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,729,799</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">507,633</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Estimated earnings</div> </td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,000,477</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">651,304</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4,730,276</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,158,937</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Billings on uncompleted contracts</div> </td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(4,466,683</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">)</div> </td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(975,682</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">)</div> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Contract asset (liabilities)</div> </td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">263,593</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">183,255</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;">&nbsp;</td> </tr> </table></div><div style="display: inline; font-family: times new roman; font-size: 10pt"><table border="0" cellpadding="0" cellspacing="0" style="; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; text-indent: 0px; min-; min-width: 700px;"> <tr style="vertical-align: bottom;"> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td colspan="2" style="text-align: center; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">September 30,</div> </td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td colspan="2" style="text-align: center; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">December 31,</div> </td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom;"> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td colspan="2" style="text-align: center; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">2018</div> </td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td colspan="2" style="text-align: center; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">2017</div> </td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 70%;"> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Contract assets</div> </td> <td style="width: 1%; border-bottom: 1px rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; border-bottom: 1px rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 12%; border-bottom: 1px rgb(0, 0, 0); text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">703,971</div></td> <td nowrap="nowrap" style="width: 1%; border-bottom: 1px rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; border-bottom: 1px rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; border-bottom: 1px rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 12%; border-bottom: 1px rgb(0, 0, 0); text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">490,100</div></td> <td nowrap="nowrap" style="width: 1%; border-bottom: 1px rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Contract liabilities</div> </td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(440,378</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">)</div> </td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(306,845</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">)</div> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Contract assets (liabilities)</div> </td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">263,593</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">183,255</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;">&nbsp;</td> </tr> </table></div> 703971 490100 703971 490100 440378 306845 440378 306845 4 4 3058465 2772451 8447645 8202634 4730276 1158937 <div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left;"><div style="display: inline; font-weight: bold;">NOTE <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">7</div>&nbsp;- LINES OF CREDIT</div></div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt 37.5pt;text-align:justify;text-indent:60.5pt;">&nbsp;</div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left; text-indent: 45pt;">In connection with certain orders, the Company <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may </div>provide a working guarantee, prepayment guarantee or security bond. For that purpose, we have a guarantee credit line of DKK <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">94,620</div> (approximately <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$14,690</div> at <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 30, 2018) </div>with a bank, subject to certain base limitations. As of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 30, 2018, </div>we&nbsp;had&nbsp;DKK <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">94,620</div> (approximately <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$14,690</div>)&nbsp;in working guarantee against the line.&nbsp;This line of credit is guaranteed by V&aelig;kstfonden (the Danish state's investments fund) and is secured by certain assets of LiqTech Systems such as receivables, inventory and equipment. The Company has <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">no</div> other available lines of credit.</div></div> 1376 9231 46666 79933 724382 933994 8275 8636 350950 283686 619536 731312 621460 732963 -0.013 -0.03 -0.04 -0.09 <div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left; text-indent: 45pt;"><div style="display: inline; font-weight: bold;">Income (Loss) Per Share&nbsp;--</div>&nbsp;The Company calculates earnings (loss) per share in accordance with FASB ASC <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">260,</div> 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 and warrants that have been granted but have <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> been exercised.</div></div></div></div></div></div> <div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left;">&nbsp;<div style="display: inline; font-weight: bold;">NOTE <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10</div>&nbsp;-&nbsp;EARNINGS PER SHARE</div></div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt 22.5pt;text-align:center;">&nbsp;</div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left; text-indent: 45pt;">For the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">nine</div> months ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 30, 2018, </div>Parent had <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">380,000</div> options outstanding to purchase common stock of Parent at <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$0.74</div> to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$1.01</div> per share, and Parent had <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">400,000</div>&nbsp;warrants outstanding to purchase common stock of Parent at <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$1.65</div> per share, which were <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> included in the loss per share computation because their effect would be anti-dilutive.</div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left; text-indent: 45pt;">&nbsp;</div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left; text-indent: 45pt;">As of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 30, 2018, </div>there were <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">780,000</div> common stock equivalents from options and warrants that were excluded from the diluted EPS (earnings per share) calculation as their effect is anti-dilutive.</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt 7.5pt;text-align:left;"></div></div> -553618 394930 46666 0.6 <div style="display: inline; font-family: times new roman; font-size: 10pt"><table border="0" cellpadding="0" cellspacing="0" style="; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; text-indent: 0px; min-; min-width: 700px;"> <tr style="vertical-align: bottom;"> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 55%; border-bottom: thin solid rgb(0, 0, 0);"> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">As of September 30, 2018</div> </td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td colspan="2" style="text-align: center; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">Level 1</div> </td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td colspan="2" style="text-align: center; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">Level 2</div> </td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td colspan="2" style="text-align: center; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">Level 3</div> </td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td> </tr> <tr style="vertical-align: bottom;"> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Investments</div> </td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5,783</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Total</div> </td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0);">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0);">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0);">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5,783</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;">&nbsp;</td> </tr> </table></div><div style="display: inline; font-family: times new roman; font-size: 10pt"><table border="0" cellpadding="0" cellspacing="0" style="; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; text-indent: 0px; min-; min-width: 700px;"> <tr style="vertical-align: bottom;"> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 55%; border-bottom: thin solid rgb(0, 0, 0);"> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">As of December 31, 2017</div> </td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td colspan="2" style="text-align: center; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">Level 1</div> </td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td colspan="2" style="text-align: center; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">Level 2</div> </td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td colspan="2" style="text-align: center; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">Level 3</div> </td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td> </tr> <tr style="vertical-align: bottom;"> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Investments</div> </td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">6,001</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Total</div> </td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0);">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0);">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0);">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">6,001</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;">&nbsp;</td> </tr> </table></div> <div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left; text-indent: 45pt;"><div style="display: inline; font-weight: bold;">Fair Value of Financial Instruments&nbsp;--</div>&nbsp;The Company accounts for fair value measurements for financial assets and liabilities in accordance with FASB ASC Topic <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">820.</div> The authoritative guidance that, 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 <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div>-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows:</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt 22.5pt;text-align:left;">&nbsp;</div> <table style=";text-indent:0;font-family:'Times New Roman', Times, serif;font-size:10pt; min-width: 700px;" cellspacing="0" cellpadding="0" border="0"> <tr> <td style="vertical-align:top;width:1.7%;"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</div> </td> <td style="vertical-align:top;width:3.3%;"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&#x25cf;</div> </td> <td style="vertical-align:top;width:95%;"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">Level <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1.</div> Observable inputs such as quoted prices in active markets for identical assets or&nbsp;liabilities;</div> </td> </tr> </table> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt 22.5pt;text-align:left;">&nbsp;&nbsp;&nbsp;</div> <table style=";text-indent:0;font-family:'Times New Roman', Times, serif;font-size:10pt; min-width: 700px;" cellspacing="0" cellpadding="0" border="0"> <tr> <td style="vertical-align:top;width:1.7%;"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</div> </td> <td style="vertical-align:top;width:3.3%;"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&#x25cf;</div> </td> <td style="vertical-align:top;width:95%;"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">Level <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2.</div> Inputs&nbsp;other than the quoted prices in active markets&nbsp;that are observable either directly or indirectly; and</div> </td> </tr> </table> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt 22.5pt;text-align:left;">&nbsp;</div> <table style=";text-indent:0;font-family:'Times New Roman', Times, serif;font-size:10pt; min-width: 700px;" cellspacing="0" cellpadding="0" border="0"> <tr> <td style="vertical-align:top;width:1.7%;"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</div> </td> <td style="vertical-align:top;width:3.3%;"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&#x25cf;</div> </td> <td style="vertical-align:top;width:95%;"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">Level <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3.</div> Unobservable inputs in which there is little or <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">no</div> market data, which require the&nbsp;reporting entity to develop its own assumptions.</div> </td> </tr> </table> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt 22.5pt;text-align:left;">&nbsp;</div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left; text-indent: 45pt;">Unless otherwise disclosed, the fair value of the Company&#x2019;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.</div></div></div></div></div></div> P2Y P10Y P2Y P10Y 606 757 1363 23861 -26913 240947 -54600 <div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left; text-indent: 45pt;"><div style="display: inline; font-weight: bold;">Functional Currency / Foreign currency translation&nbsp;--&nbsp;</div>The functional currency of LiqTech International, Inc., LiqTech USA, Inc. and LiqTech NA is the U.S. Dollar.&nbsp;The Functional Currency of LiqTech Int. DK and LiqTech Systems AS is the Danish Krone (&#x201c;DKK&#x201d;), the functional currency of LiqTech Germany is the Euro and the functional currency of LiqTech Singapore is the Singapore Dollar.&nbsp;The Company&#x2019;s reporting currency is U.S. Dollar for the purpose of these consolidated financial statements. The foreign subsidiaries balance sheet accounts are translated into U.S. Dollars at the period-end exchange rates and all revenue and expenses are translated into U.S. Dollars at the average exchange rates prevailing during the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">nine</div> months ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 30, 2018 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2017.</div> Translation gains and losses are deferred and accumulated as a component of other comprehensive income in stockholders&#x2019; equity. Transaction gains and losses that arose from exchange rate fluctuations from transactions denominated in a currency other than the functional currency are included in the statement of operations as incurred.</div></div></div></div></div></div> 28056 -34824 657714 433368 1914927 1518935 <div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left; text-indent: 45pt;"><div style="display: inline; font-weight: bold;">Intangible Assets&nbsp;--</div>&nbsp;Definite life intangible assets include patents. The Company accounts for definite life intangible assets in accordance with Financial Accounting Standards Board, (&#x201c;FASB&#x201d;) Accounting Standards Codification, (&#x201c;ASC&#x201d;) Topic <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">350,</div> &#x201c;Goodwill and Other Intangible Assets&#x201d; and amortized the patents on a straight-line basis over the estimated useful life of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">two</div> to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">ten</div> years.&nbsp;</div></div></div></div></div></div> 288739 -315967 888969 148124 94620 14690 -921949 -1479425 -2718764 -3505090 <div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left; text-indent: 45pt;"><div style="display: inline; font-weight: bold;">Income Taxes&nbsp;--</div>&nbsp;The Company accounts for income taxes in accordance with FASB ASC Topic <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">740</div> Accounting for Income Taxes. This statement requires an asset and liability approach for accounting for income taxes.</div></div></div></div></div></div> -301016 27657 1369207 478879 -326932 340371 -454238 -238986 -80338 -202066 47243 -26817 <div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left;">&nbsp;<div style="display: inline; font-weight: bold;">NOTE <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">6</div>&nbsp;-&nbsp;DEFINITE-LIFE INTANGIBLE ASSETS</div></div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left; text-indent: 45pt;">&nbsp;</div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left; text-indent: 45pt;">At <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 30, 2018 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2017, </div>definite-life intangible assets, net of accumulated amortization, consisted of patents on the Company&#x2019;s products of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$1,363</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$3,349,</div> respectively. The patents are recorded at cost and amortized over <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">two</div> to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">ten</div> years. Amortization expense for the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">nine</div> months ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 30, 2018 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2017</div> was <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$1,924</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$1,651,</div> respectively. Expected future amortization expense for the years ended are as follows:&nbsp;</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt 45.2pt;text-align:left;">&nbsp;</div> <div> <table border="0" cellpadding="0" cellspacing="0" style="; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; text-indent: 0px; min-width: 700px;"> <tr style="vertical-align: bottom;"> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 85%; border-bottom: thin solid rgb(0, 0, 0);"> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="display: inline; font-weight: bold;">Year ending December 31,</div></div> </td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td colspan="2" style="text-align: center; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">Amortization</div></div></div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">Expenses</div></div></div> </td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">2018</div> </td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">606</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">2019</div> </td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">757</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Thereafter</div> </td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-weight: bold;">&nbsp;</div></td> <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-weight: bold;">-</div></div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,363</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;">&nbsp;</td> </tr> </table> </div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt 7.5pt;text-align:left;"></div></div> 1363 3349 1814 2790 12271 3093 5463 3781 65937 23308 65937 23308 <div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left;"><div style="display: inline; font-weight: bold;">NOTE <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3</div> - INVENTORY</div></div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt 30pt;text-align:left;">&nbsp;</div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left; text-indent: 45pt;">Inventory consisted of the following at <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 30, 2018 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2017:</div></div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt 37.5pt;text-align:left;text-indent:60.5pt;">&nbsp;</div> <div> <table border="0" cellpadding="0" cellspacing="0" style="; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; text-indent: 0px; min-width: 700px;"> <tr style="vertical-align: bottom;"> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td colspan="2" style="text-align: center; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;text-indent:2.2pt;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">2018</div></div></div> </td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td colspan="2" style="text-align: center; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;text-indent:2.2pt;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">2017</div></div></div> </td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 70%;"> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Furnace parts and supplies</div> </td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">362,046</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">400,589</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Raw materials</div> </td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,111,863</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,260,209</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Work in process</div> </td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,390,461</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,123,418</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Finished goods and filtration systems</div> </td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,598,881</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,297,743</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Reserve for obsolescence</div> </td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(1,210,102</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">)</div> </td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(1,420,093</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">)</div> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Net Inventory</div> </td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4,253,149</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4,661,866</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;">&nbsp;</td> </tr> </table> </div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt 37.5pt;text-align:left;"></div></div> 1598881 2297743 4253149 4661866 <div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left; text-indent: 45pt;"><div style="display: inline; font-weight: bold;">Inventory&nbsp;--</div>&nbsp;Inventory is carried at the lower of cost or market, as determined on the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">first</div>-in, <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">first</div>-out method.</div></div></div></div></div></div> 1111863 1260209 1210102 1420093 2390461 2123418 -163671 <div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left; text-indent: 45pt;"><div style="display: inline; font-weight: bold;">Long-Term Investments&nbsp;--</div>&nbsp;Investments in non-consolidated 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 <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may </div>be more limited, <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may </div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> be as timely as and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may </div>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.</div></div></div></div></div></div> 5783 6001 <div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left;"><div style="display: inline; font-weight: bold;">NOTE <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5</div> - INVESTMENTS AT COSTS</div></div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt 45.2pt;text-align:left;text-indent:60.5pt;">&nbsp;</div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left; text-indent: 45pt;">The following tables summarize Level <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3</div> financial assets and financial (liabilities) by their classification in the Statement of Financial Position:</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt 45.2pt;text-align:left;">&nbsp;</div> <div> <table border="0" cellpadding="0" cellspacing="0" style="; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; text-indent: 0px; min-width: 700px;"> <tr style="vertical-align: bottom;"> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 55%; border-bottom: thin solid rgb(0, 0, 0);"> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">As of September 30, 2018</div> </td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td colspan="2" style="text-align: center; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">Level 1</div> </td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td colspan="2" style="text-align: center; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">Level 2</div> </td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td colspan="2" style="text-align: center; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">Level 3</div> </td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td> </tr> <tr style="vertical-align: bottom;"> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Investments</div> </td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5,783</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Total</div> </td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0);">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0);">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0);">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5,783</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;">&nbsp;</td> </tr> </table> </div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt 45.2pt;text-align:left;">&nbsp;&nbsp;&nbsp;&nbsp;</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt 15pt;text-align:left;">&nbsp;</div> <div> <table border="0" cellpadding="0" cellspacing="0" style="; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; text-indent: 0px; min-width: 700px;"> <tr style="vertical-align: bottom;"> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 55%; border-bottom: thin solid rgb(0, 0, 0);"> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">As of December 31, 2017</div> </td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td colspan="2" style="text-align: center; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">Level 1</div> </td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td colspan="2" style="text-align: center; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">Level 2</div> </td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td colspan="2" style="text-align: center; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">Level 3</div> </td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td> </tr> <tr style="vertical-align: bottom;"> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Investments</div> </td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">6,001</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Total</div> </td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0);">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0);">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0);">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">6,001</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;">&nbsp;</td> </tr> </table> </div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt 37.5pt;text-align:left;text-indent:57.2pt;">&nbsp;</div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left; text-indent: 45pt;">At <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 30, 2018, </div>our total investments of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$5,783</div> consisted of an investment of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$5,783</div> in LEA Technology in France to strengthen our sales channels in the French market.</div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left; text-indent: 45pt;">&nbsp;</div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left; text-indent: 45pt;">At <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2017, </div>our total investments of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$6,001</div> consisted of an investment of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$6,001</div> in LEA Technology in France to strengthen our sales channels in the French market.</div></div> 490700 481001 <div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left;"><div style="display: inline; font-weight: bold;">NOTE <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">8</div>&nbsp;- LEASES</div></div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt 37.5pt;text-align:left;">&nbsp;</div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left; text-indent: 45pt;"><div style="display: inline; font-weight: bold;">Operating Leases</div>&nbsp;-- The Company leases office and production facilities under operating lease agreements expiring in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> November 2018, </div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 2019 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 2021. </div>In some of these lease agreements, the Company has the right to extend.</div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left; text-indent: 45pt;">&nbsp;</div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left; text-indent: 45pt;">The future minimum lease payments for non-cancelable operating leases having remaining terms in excess of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">one</div> year as of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 30, 2018 </div>are as follows:</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt 37.5pt;text-align:left;">&nbsp;</div> <div> <table border="0" cellpadding="0" cellspacing="0" style="; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; text-indent: 0px; min-width: 700px;"> <tr style="vertical-align: bottom;"> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 85%; border-bottom: thin solid rgb(0, 0, 0);"> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="display: inline; font-weight: bold;">Year ending December 31,</div></div> </td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td colspan="2" style="text-align: center; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">Lease </div></div></div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">Payments</div></div></div> </td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">2018</div> </td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">151,200</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">2019</div> </td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">268,862</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">2020</div> </td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">182,676</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">2021</div> </td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">30,548</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Thereafter</div> </td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Total Minimum Lease Payments</div> </td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">633,286</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;">&nbsp;</td> </tr> </table> </div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt 37.5pt;text-align:left;">&nbsp;</div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left; text-indent: 45pt;">Lease expense charged to operations was <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$490,700</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$481,001</div> for the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">nine</div> months ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 30, 2018 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2017,</div> respectively.</div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left; text-indent: 45pt;">&nbsp;</div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left; text-indent: 45pt;"><div style="display: inline; font-weight: bold;">Capital Leases</div>&nbsp;-&nbsp;The Company leases equipment on various variable rate capital leases currently calling for monthly payments of&nbsp;approximately <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$1,376,</div> which expires in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> February </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> July </div>of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2019</div> whereupon we are subject to a balloon payment of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$9,231</div> to purchase the equipment.</div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left; text-indent: 45pt;">&nbsp;&nbsp;</div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left; text-indent: 45pt;">The following represents future minimum capital lease payments as of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 30, 2018:&nbsp;</div></div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left; text-indent: 45pt;">&nbsp;</div> <div> <table border="0" cellpadding="0" cellspacing="0" style="; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; text-indent: 0px; min-width: 700px;"> <tr style="vertical-align: bottom;"> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 85%; border-bottom: thin solid rgb(0, 0, 0);"> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="display: inline; font-weight: bold;">Year ending December 31,</div></div> </td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td colspan="2" style="text-align: center; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">Lease </div></div></div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">Payments</div></div></div> </td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">2018</div> </td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4,129</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Thereafter</div> </td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">72,227</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Total minimum lease payments</div> </td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">76,356</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Less amount representing interest</div> </td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(2,043</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">)</div> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Present value of minimum lease payments</div> </td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">74,313</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Less Current Portion</div> </td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(74,313</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">)</div> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">-</td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;">&nbsp;</td> </tr> </table> </div></div> 4321532 4767821 13951392 11679938 4321532 4767821 94620 14690 437000 <div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left; text-indent: 45pt;"><div style="display: inline; font-weight: bold;">Accounts Receivable&nbsp;--</div>&nbsp;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&#x2019;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.&nbsp;</div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left; text-indent: 45pt;">&nbsp;</div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left; text-indent: 45pt;">The roll forward of the allowance for doubtful accounts for the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">nine</div> months ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 30, 2018 </div>and the year ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2017 </div>is as follows:</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt 22.5pt;text-align:left;text-indent:48.4pt;">&nbsp;</div> <div> <table style="; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; text-indent: 0px; min-width: 700px;" cellspacing="0" cellpadding="0" border="0"> <tr style="vertical-align: bottom;"> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td colspan="2" style="text-align: center; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">2018</div></div></div> </td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td colspan="2" style="text-align: center; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">2017</div></div></div> </td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 70%;"> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Allowance for doubtful accounts at the beginning of the period</div> </td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">660,581</div></td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;" nowrap="nowrap">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,128,452</div></td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;" nowrap="nowrap">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Bad debt expense</div> </td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">82,776</div></td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;" nowrap="nowrap">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(102,189</div></td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;" nowrap="nowrap"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">)</div> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Receivables written off during the periods</div> </td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">0</div></td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;" nowrap="nowrap">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(1,678,856</div></td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;" nowrap="nowrap"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">)</div> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Effect of currency translation</div> </td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(26,372</div></td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;" nowrap="nowrap"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">)</div> </td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">313,174</div></td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;" nowrap="nowrap">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Allowance for doubtful accounts at the end of the period</div> </td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">716,985</div></td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;" nowrap="nowrap">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">660,581</div></td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;" nowrap="nowrap">&nbsp;</td> </tr> </table> </div></div></div></div></div></div> 750000 1098678 0.4 5913204 1707690 -145984 -82124 -3838206 -2700580 -2718764 -3505090 -921949 -1479425 <div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left; text-indent: 45pt;"><div style="display: inline; font-weight: bold;">Recent Accounting Pronouncements</div>&nbsp;-- On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> February 25, 2016, </div>the FASB issued ASU <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">02,</div> "Leases," which makes many changes to accounting for leases. The standard will be effective for public companies with interim and annual periods beginning after <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 15, 2018. </div>One of the most notable changes is many of the leases that are currently accounted for as operating leases will have to be capitalized and accounted for similarly to how capital leases are currently accounted for, unless certain criteria are met. We have begun evaluating the impact this standard will have on our lease accounting. The standard will require us to capitalize a right-of use asset and lease liability equal to the present value of the future minimum lease payments disclosed in Note <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">8.</div> We will continue to evaluate the impact of this standard as the effective date approaches.&nbsp;&nbsp;&nbsp;</div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left; text-indent: 45pt;">&nbsp;</div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left; text-indent: 45pt;">Other recent accounting pronouncements issued by the FASB did <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> or are <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> believed by management to have a material impact on the Company&#x2019;s present or future financial statements.&nbsp;</div></div></div></div></div></div> 20212 -62728 187281 -102871 1230900 1.10073 3795014 3550343 -942161 -1416697 -2906045 -3402219 633286 151200 30548 182676 268862 358096 293036 -63279 142599 -521839 454487 -985228 -1336826 -3240603 -3050603 362046 400589 5783 5783 6001 6001 677295 636539 127736 747423 145984 94950 0.001 0.001 0.001 10000000 0 2200837 0 2200837 0 2200837 0 2200837 2201 38162 28151 6600000 5865077 6612500 1825000 2641004 12827 189901 271567 10927 102286 <div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left;"><div style="display: inline; font-weight: bold;">NOTE <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4</div>&nbsp;- PROPERTY AND EQUIPMENT</div></div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt 37.5pt;text-align:left;">&nbsp;</div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left; text-indent: 45pt;">Property and equipment consisted of the following at <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 30, 2018 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2017:</div></div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt 37.5pt;text-align:left;text-indent:60.4pt;">&nbsp;</div> <div> <table border="0" cellpadding="0" cellspacing="0" style="; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; text-indent: 0px; min-width: 700px;"> <tr style="vertical-align: bottom;"> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 56%;">&nbsp;</td> <td colspan="3" rowspan="1" style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: thin solid rgb(0, 0, 0); width: 61%;"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">Useful Life</div></div></div></div> </td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px; width: 1%;">&nbsp;</td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 1%;">&nbsp;</td> <td colspan="2" style="text-align: center; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0); width: 1%;"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">2018</div></div></div></div> </td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px; width: 1%;">&nbsp;</td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 1%;">&nbsp;</td> <td colspan="2" style="text-align: center; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0); width: 1%;"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">2017</div></div></div></div> </td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px; width: 1%;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 56%;"> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Production equipment</div> </td> <td style="width: 6%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; text-align: right;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3</div></td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; text-align: center;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="width: 6%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">9,727,241</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10,114,398</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 56%;"> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Lab equipment</div> </td> <td style="width: 6%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; text-align: right;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3</div></td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; text-align: center;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="width: 6%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">83,935</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">87,094</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 56%;"> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Computer equipment</div> </td> <td style="width: 6%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; text-align: right;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">&nbsp;3</div></td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; text-align: center;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="width: 6%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">200,642</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">204,553</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 56%;"> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Vehicles</div> </td> <td style="width: 6%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; text-align: right;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3</div></td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; text-align: center;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="width: 6%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">72,581</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">75,312</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 56%;"> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Furniture and fixture</div> </td> <td style="width: 6%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">&nbsp;</div></td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; text-align: center;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5</div></td> <td style="width: 6%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">&nbsp;</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">102,828</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">106,047</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 56%;"> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Leasehold improvements</div> </td> <td style="width: 6%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">&nbsp;</div></td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; text-align: center;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10</div></td> <td style="width: 6%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">&nbsp;</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,047,583</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,076,731</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 56%;">&nbsp;</td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 6%;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">&nbsp;</div></td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 1%;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">&nbsp;</div></td> <td style="text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 6%;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">&nbsp;</div></td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 1%;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">11,234,810</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">11,664,135</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 56%;"> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt; margin-left: 9pt;">Less Accumulated Depreciation</div> </td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 6%;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">&nbsp;</div></td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 1%;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">&nbsp;</div></td> <td style="text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 6%;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">&nbsp;</div></td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px; width: 1%;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(9,628,979</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">)</div> </td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(9,704,930</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">)</div> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 56%;"> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Net Property and Equipment</div> </td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 6%;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">&nbsp;</div></td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 1%;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">&nbsp;</div></td> <td style="text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 6%;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">&nbsp;</div></td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px; width: 1%;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">$</td> <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,605,831</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">$</td> <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,959,205</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;">&nbsp;</td> </tr> </table> </div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:37.5pt;margin-right:45pt;margin-top:0pt;text-align:left;">&nbsp;</div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left; text-indent: 45pt;">Depreciation expense amounted to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$619,536</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$731,312</div> for the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">nine</div> months ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 30, 2018 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2017,</div> respectively.&nbsp;The property and equipment are held as collateral on lines of credit and guarantees with financial institutions. See Note <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">7.</div>&nbsp;&nbsp;</div></div> 9727241 10114398 83935 87094 200642 204553 72581 75312 102828 106047 1047583 1076731 11234810 11664135 1605831 1959205 <div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left; text-indent: 45pt;"><div style="display: inline; font-weight: bold;">Property and Equipment&nbsp;--</div>&nbsp;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 <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div> to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">ten</div> years (See Note <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4</div>).</div></div></div></div></div></div> <div style="display: inline; font-family: times new roman; font-size: 10pt"><table border="0" cellpadding="0" cellspacing="0" style="; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; text-indent: 0px; min-; min-width: 700px;"> <tr style="vertical-align: bottom;"> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 56%;">&nbsp;</td> <td colspan="3" rowspan="1" style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: thin solid rgb(0, 0, 0); width: 61%;"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">Useful Life</div></div></div></div> </td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px; width: 1%;">&nbsp;</td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 1%;">&nbsp;</td> <td colspan="2" style="text-align: center; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0); width: 1%;"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">2018</div></div></div></div> </td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px; width: 1%;">&nbsp;</td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 1%;">&nbsp;</td> <td colspan="2" style="text-align: center; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0); width: 1%;"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">2017</div></div></div></div> </td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px; width: 1%;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 56%;"> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Production equipment</div> </td> <td style="width: 6%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; text-align: right;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3</div></td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; text-align: center;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="width: 6%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">9,727,241</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10,114,398</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 56%;"> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Lab equipment</div> </td> <td style="width: 6%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; text-align: right;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3</div></td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; text-align: center;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="width: 6%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">83,935</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">87,094</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 56%;"> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Computer equipment</div> </td> <td style="width: 6%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; text-align: right;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">&nbsp;3</div></td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; text-align: center;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="width: 6%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">200,642</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">204,553</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 56%;"> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Vehicles</div> </td> <td style="width: 6%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; text-align: right;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3</div></td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; text-align: center;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="width: 6%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">72,581</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">75,312</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 56%;"> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Furniture and fixture</div> </td> <td style="width: 6%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">&nbsp;</div></td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; text-align: center;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5</div></td> <td style="width: 6%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">&nbsp;</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">102,828</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">106,047</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 56%;"> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Leasehold improvements</div> </td> <td style="width: 6%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">&nbsp;</div></td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; text-align: center;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10</div></td> <td style="width: 6%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">&nbsp;</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,047,583</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,076,731</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 56%;">&nbsp;</td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 6%;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">&nbsp;</div></td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 1%;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">&nbsp;</div></td> <td style="text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 6%;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">&nbsp;</div></td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 1%;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">11,234,810</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">11,664,135</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 56%;"> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt; margin-left: 9pt;">Less Accumulated Depreciation</div> </td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 6%;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">&nbsp;</div></td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 1%;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">&nbsp;</div></td> <td style="text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 6%;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">&nbsp;</div></td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px; width: 1%;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(9,628,979</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">)</div> </td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(9,704,930</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">)</div> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 56%;"> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Net Property and Equipment</div> </td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 6%;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">&nbsp;</div></td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 1%;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">&nbsp;</div></td> <td style="text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 6%;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">&nbsp;</div></td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px; width: 1%;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">$</td> <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,605,831</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">$</td> <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,959,205</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;">&nbsp;</td> </tr> </table></div> P3Y P10Y P3Y P10Y P3Y P10Y P3Y P5Y P3Y P5Y P5Y P10Y 82776 -102189 -59409 <div style="display: inline; font-family: times new roman; font-size: 10pt"><table border="0" cellpadding="0" cellspacing="0" style="; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; text-indent: 0px; min-; min-width: 700px;"> <tr style="vertical-align: bottom;"> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td colspan="6" style="text-align: center; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">For the Three Months</div> </td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td colspan="6" style="text-align: center; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">For the Nine Months</div> </td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom;"> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td colspan="6" style="text-align: center; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">Ended September 30,</div> </td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td colspan="6" style="text-align: center; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">Ended September 30,</div> </td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td> </tr> <tr style="vertical-align: bottom;"> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td colspan="2" style="text-align: center; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">2018</div> </td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td colspan="2" style="text-align: center; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">2017</div> </td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td colspan="2" style="text-align: center; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">2018</div> </td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td colspan="2" style="text-align: center; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">2017</div> </td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 52%;"> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Ceramic diesel particulate</div> </td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,921,097</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,519,920</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5,458,260</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5,677,005</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Liquid filters and systems</div> </td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,426,107</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">933,182</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3,878,354</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,550,144</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Kiln furniture</div> </td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3,382</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">123,609</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">$</td> <td style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3,347,204</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">$</td> <td style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,456,484</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">$</td> <td style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">9,336,614</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">$</td> <td style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">8,350,758</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;">&nbsp;</td> </tr> </table></div> 6347 498526 375026 152849 121680 <div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left; text-indent: 45pt;"><div style="display: inline; font-weight: bold;">Research and Development Cost&nbsp;--</div>&nbsp;The Company expenses research and development costs for the development of new products as incurred. Included in operating expense for the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">nine</div> months ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 30, 2018 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2017</div> were <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$498,526</div>&nbsp;and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$375,026,</div> respectively, of research and development costs.</div></div></div></div></div></div> -31190458 -28471696 3347204 2456484 9336614 8350758 273806 271434 643556 835602 181174 215713 463967 502895 22775 50452 154715 253460 1083332 1379607 2714734 1715877 7095307 5632654 1921097 1519920 5458260 5677005 1426107 933182 3878354 2550144 3382 123609 <div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt;"><div style="display: inline; font-weight: bold;">Revenue Recognition and Sales Incentives</div>&nbsp;</div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left; text-indent: 45pt;"><div style="display: inline; font-weight: bold;">&nbsp;</div></div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left; text-indent: 45pt;"><div style="display: inline; font-weight: bold;">Revenue Recognition -- Adoption of the new revenue standard: </div>On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 1, 2018, </div>the Company adopted Accounting Standards Codification Topic <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">606,</div> &#x201c;Revenue from Contracts with Customers,&#x201d; which includes clarifying ASUs issued in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2015,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2017</div> (&#x201c;new revenue standard&#x201d;). The new revenue standard was applied to all open revenue contracts using the modified-retrospective method as of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 1, 2018. </div>The new revenue standard did <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> have a material impact on revenue recognition. The Company does <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> expect the impact of the adoption of the new standard&nbsp;to be material to net income on an ongoing basis.</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt 15pt;text-align:left;"></div> <div style=" font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left">&nbsp;</div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left; text-indent: 45pt;"><div style="display: inline; font-weight: bold;">Accounting policy</div>:&nbsp;Revenue is recognized when performance obligations under the terms of a contract with the customer are satisfied which occurs when control of the system, membrane, DPF or services are transferred to the customer. The majority of the Company's sales contracts contain performance obligations satisfied at a point in time when title and risks and rewards of ownership have transferred to the customer. This generally occurs when the product is shipped or accepted by the customer.&nbsp; Revenue for service contracts are recognized as the services are provided. Revenue is measured as the amount of consideration expected to be received in exchange for transferring the goods or providing services. The satisfaction of performance obligations under the terms of a revenue contract generally gives rise for the right to payment from the customer. The Company's standard payment terms vary by the type and location of the customer and the products or services offered. Generally, the time between when revenue is recognized and when payment is due is <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> significant. Pre-Payments received prior to satisfaction of performance obligations are recorded as a customer deposit liability. Given the insignificant days between revenue recognition and receipt of payment, financing components do <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> exist between the Company and its customers. In Denmark, Value Added Tax (&#x201c;VAT&#x201d;) of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">25%</div> of the invoice amount is collected in respect of the sales of goods on behalf of tax authorities. The VAT collected is <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> revenue of the Company; instead, the amount is recorded as a liability on the balance sheet until such VAT is paid to the authorities.&nbsp; &nbsp;The estimated costs of product warranties are recognized as expense when the products are sold. See Note&nbsp;<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">9</div> for further information on product warranties.&nbsp;</div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left; text-indent: 45pt;">&nbsp;</div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left; text-indent: 45pt;">For contracts with customers that include multiple performance obligations, judgment is required to determine whether performance obligations specified in these contracts are distinct and should be accounted for as separate revenue transactions for recognition purposes. For such arrangements, revenue is allocated to each performance obligation based on its relative standalone selling price. Standalone selling prices are generally determined based on the prices charged to customers or using expected cost plus margin. Impairment losses recognized on receivables or contract assets were <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> significant for the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">nine</div> months ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 30, 2018.</div></div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left; text-indent: 45pt;">&nbsp;</div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left; text-indent: 45pt;">The customer generally arranges and pays for shipping activities.&nbsp; When the Company does arrange for shipping, it is billed to the Customer.&nbsp;The Cost to prepare the product for shipment handling are paid by the Company and reported on the line &#x201c;Cost of goods sold&#x201d; in the unaudited consolidated statements of operations.</div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left; text-indent: 45pt;">&nbsp;</div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left; text-indent: 45pt;">System sales are recognized when the Company transfers control based upon signed acceptance of the system by the customer, upon shipment or upon final installation of the system based on the terms of the contract. For the majority of Liquid Membrane Filters and Diesel Particulate Filters, the Company transfers control and recognizes revenue when products are shipped to the customer according to the terms of the contract or purchase order. Aftermarket sales represent part sales, extended warranty and maintenance services. For the sale of aftermarket parts, the Company transfers control and recognizes revenue when parts are shipped to the customer or services are provided. When customers are given the right to return eligible parts and accessories, the Company estimates the expected returns based on an analysis of historical experience. The Company adjusts estimated revenues at the earlier of when the most likely amount of consideration expected to be received changes or when the consideration becomes fixed. The Company recognizes revenue for extended warranty and maintenance agreements based on the standalone selling price over the life of the contract, which reflects the costs to perform under these contracts, which corresponds with, and thereby depicts the transfer of control to the customer. For invoicing to customers where the transfer of control has <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> occurred (prepayments), the invoiced amounts is recognized as Deferred revenue / Customer deposits.</div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left; text-indent: 45pt;">&nbsp;</div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left; text-indent: 45pt;">The Company has received long-term contracts for grants from government entities for development and use of silicon carbide membranes in various water filtration and treatment applications and historically in the installation of various water filtrations systems. We measure transfer of control of the performance obligation on long-term contracts&nbsp;utilizing the cost-to-cost measure of progress, with cost of revenue including direct costs, such as labor and materials. Under the cost-to-cost approach, the use of estimated costs to complete each performance obligation is a significant variable in the process of determining recognized revenue and a significant factor in the accounting for such performance obligations. The timing of when we bill our customers is generally dependent upon advance billings terms, milestone billings based on completion of certain phases of the work or when services are provided, or products are shipped. Projects with performance obligations recognized over time that have costs and estimated earnings recognized to date in excess of cumulative billings&nbsp;are reported on our Balance Sheets as contract assets. Projects with performance obligations recognized over time that have cumulative billings in excess of costs and estimated earnings recognized to date&nbsp;are reported on our Balance Sheets as contract liabilities. &nbsp;&nbsp;</div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left; text-indent: 45pt;">&nbsp;</div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left; text-indent: 45pt;">The <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">two</div> tables below set forth the&nbsp;costs incurred, and earnings accrued on uncompleted contracts compared with the billings on those contracts through <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 30, 2018 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2017 </div>and reconcile the net excess billings to the amounts included in the balance sheets at those dates.</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt 7.5pt;text-align:left;text-indent:45pt;"></div> <div style=" font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left">&nbsp;</div> <div> <table style="; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; text-indent: 0px; min-width: 700px;" cellspacing="0" cellpadding="0" border="0"> <tr style="vertical-align: bottom;"> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td colspan="2" style="text-align: center; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">September 30,</div> </td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td colspan="2" style="text-align: center; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">December 31,</div> </td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom;"> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td colspan="2" style="text-align: center; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">2018</div> </td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td colspan="2" style="text-align: center; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">2017</div> </td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 70%;"> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Cost incurred on uncompleted contracts</div> </td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,729,799</div></td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;" nowrap="nowrap">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">507,633</div></td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;" nowrap="nowrap">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Estimated earnings</div> </td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,000,477</div></td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;" nowrap="nowrap">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">651,304</div></td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;" nowrap="nowrap">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4,730,276</div></td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;" nowrap="nowrap">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,158,937</div></td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;" nowrap="nowrap">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Billings on uncompleted contracts</div> </td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(4,466,683</div></td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;" nowrap="nowrap"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">)</div> </td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(975,682</div></td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;" nowrap="nowrap"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">)</div> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Contract asset (liabilities)</div> </td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">263,593</div></td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;" nowrap="nowrap">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">183,255</div></td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;" nowrap="nowrap">&nbsp;</td> </tr> </table> </div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt 15pt;text-align:left;">&nbsp;</div> <div> <table style="; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; text-indent: 0px; min-width: 700px;" cellspacing="0" cellpadding="0" border="0"> <tr style="vertical-align: bottom;"> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td colspan="2" style="text-align: center; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">September 30,</div> </td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td colspan="2" style="text-align: center; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">December 31,</div> </td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom;"> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td colspan="2" style="text-align: center; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">2018</div> </td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td colspan="2" style="text-align: center; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">2017</div> </td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 70%;"> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Contract assets</div> </td> <td style="width: 1%; border-bottom: 1px rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; border-bottom: 1px rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 12%; border-bottom: 1px rgb(0, 0, 0); text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">703,971</div></td> <td style="width: 1%; border-bottom: 1px rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;" nowrap="nowrap">&nbsp;</td> <td style="width: 1%; border-bottom: 1px rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; border-bottom: 1px rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 12%; border-bottom: 1px rgb(0, 0, 0); text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">490,100</div></td> <td style="width: 1%; border-bottom: 1px rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;" nowrap="nowrap">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Contract liabilities</div> </td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0);">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(440,378</div></td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 3px;" nowrap="nowrap"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">)</div> </td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0);">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(306,845</div></td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 3px;" nowrap="nowrap"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">)</div> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Contract assets (liabilities)</div> </td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">263,593</div></td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;" nowrap="nowrap">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">183,255</div></td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;" nowrap="nowrap">&nbsp;</td> </tr> </table> </div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt 15pt;text-align:left;">&nbsp;</div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left;">The Company&#x2019;s disaggregated&nbsp;revenue is reported in Note <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">12.</div></div></div></div></div></div></div> <div style="display: inline; font-family: times new roman; font-size: 10pt"><table border="0" cellpadding="0" cellspacing="0" style="; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; text-indent: 0px; min-; min-width: 700px;"> <tr style="vertical-align: bottom;"> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 85%; border-bottom: thin solid rgb(0, 0, 0);"> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="display: inline; font-weight: bold;">Year ending December 31,</div></div> </td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td colspan="2" style="text-align: center; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">Lease </div></div></div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">Payments</div></div></div> </td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">2018</div> </td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4,129</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Thereafter</div> </td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">72,227</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Total minimum lease payments</div> </td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">76,356</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Less amount representing interest</div> </td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(2,043</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">)</div> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Present value of minimum lease payments</div> </td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">74,313</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Less Current Portion</div> </td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(74,313</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">)</div> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">-</td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;">&nbsp;</td> </tr> </table></div> <div style="display: inline; font-family: times new roman; font-size: 10pt"><table border="0" cellpadding="0" cellspacing="0" style="; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; text-indent: 0px; min-; min-width: 700px;"> <tr style="vertical-align: bottom;"> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 85%; border-bottom: thin solid rgb(0, 0, 0);"> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="display: inline; font-weight: bold;">Year ending December 31,</div></div> </td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td colspan="2" style="text-align: center; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">Lease </div></div></div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">Payments</div></div></div> </td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">2018</div> </td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">151,200</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">2019</div> </td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">268,862</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">2020</div> </td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">182,676</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">2021</div> </td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">30,548</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Thereafter</div> </td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Total Minimum Lease Payments</div> </td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">633,286</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;">&nbsp;</td> </tr> </table></div> <div style="display: inline; font-family: times new roman; font-size: 10pt"><table border="0" cellpadding="0" cellspacing="0" style="; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; text-indent: 0px; min-; min-width: 700px;"> <tr style="vertical-align: bottom;"> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td colspan="2" style="text-align: center; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;text-indent:2.2pt;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">2018</div></div></div> </td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td colspan="2" style="text-align: center; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;text-indent:2.2pt;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">2017</div></div></div> </td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 70%;"> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Furnace parts and supplies</div> </td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">362,046</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">400,589</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Raw materials</div> </td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,111,863</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,260,209</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Work in process</div> </td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,390,461</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,123,418</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Finished goods and filtration systems</div> </td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,598,881</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,297,743</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Reserve for obsolescence</div> </td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(1,210,102</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">)</div> </td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(1,420,093</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">)</div> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Net Inventory</div> </td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4,253,149</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4,661,866</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;">&nbsp;</td> </tr> </table></div> <div style="display: inline; font-family: times new roman; font-size: 10pt"><table border="0" cellpadding="0" cellspacing="0" style="; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; text-indent: 0px; min-; min-width: 700px;"> <tr style="vertical-align: bottom;"> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td colspan="2" style="text-align: center; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 13.5pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:13.5pt;margin-right:0pt;margin-top:0pt;text-align:center;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">2018</div></div></div> </td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 85%;"> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Balance at December 31, 2017</div> </td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">189,901</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Current year warranty expense</div> </td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">102,286</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Change in estimate related to pre-existing warranties</div> </td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Payments made</div> </td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(10,927</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">)</div> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Foreign currency effect</div> </td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(9,693</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">)</div> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="display: inline; font-weight: bold;">Balance at </div><div style="display: inline; font-weight: bold;">September</div><div style="display: inline; font-weight: bold;"> 30, 2018</div></div> </td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-weight: bold;">$</div></td> <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-weight: bold;">271,567</div></div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;">&nbsp;</td> </tr> </table></div> <div style="display: inline; font-family: times new roman; font-size: 10pt"><table border="0" cellpadding="0" cellspacing="0" style="; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; text-indent: 0px; min-; min-width: 700px;"> <tr style="vertical-align: bottom;"> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td colspan="6" style="text-align: center; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">For the Three Months</div> </td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td colspan="6" style="text-align: center; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">For the Nine Months</div> </td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom;"> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td colspan="6" style="text-align: center; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">Ended September 30,</div> </td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td colspan="6" style="text-align: center; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">Ended September 30,</div> </td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td> </tr> <tr style="vertical-align: bottom;"> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td colspan="2" style="text-align: center; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">2018</div> </td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td colspan="2" style="text-align: center; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">2017</div> </td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td colspan="2" style="text-align: center; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">2018</div> </td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td colspan="2" style="text-align: center; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">2017</div> </td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 52%;"> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">United States and Canada</div> </td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">273,806</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">271,434</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">643,556</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">835,602</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Australia</div> </td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">181,174</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">215,713</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">463,967</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">502,895</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">South America</div> </td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">22,775</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">50,452</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Asia</div> </td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">154,715</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">253,460</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,083,332</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,379,607</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Europe</div> </td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,714,734</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,715,877</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">7,095,307</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5,632,654</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">$</td> <td style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3,347,204</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">$</td> <td style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,456,484</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">$</td> <td style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">9,336,614</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">$</td> <td style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">8,350,758</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;">&nbsp;</td> </tr> </table></div> <div style="display: inline; font-family: times new roman; font-size: 10pt"><table border="0" cellpadding="0" cellspacing="0" style="; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; text-indent: 0px; min-; min-width: 700px;"> <tr style="vertical-align: bottom;"> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><div style="display: inline; font-weight: bold;">&nbsp;</div></td> <td style="text-align: center; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><div style="display: inline; font-weight: bold;">&nbsp;</div></td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px;"><div style="display: inline; font-weight: bold;">&nbsp;</div></td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td colspan="10" style="text-align: center; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">Options Outstanding</div></div></div> </td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td colspan="6" style="text-align: center; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">Options Exercisable</div></div></div> </td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td> </tr> <tr style="vertical-align: bottom;"> <td colspan="2" style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">Exercise<br /> Prices</div></div></div> </td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td colspan="2" style="text-align: center; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">Number<br /> Outstanding</div></div></div> </td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td colspan="2" style="text-align: center; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">Weighted<br /> Average<br /> Remaining<br /> Contractual </div></div></div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">Life (years)</div></div></div> </td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td colspan="2" style="text-align: center; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">Weighted<br /> Average<br /> Exercise<br /> Price</div></div></div> </td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td colspan="2" style="text-align: center; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">Number<br /> Exercisable</div></div></div> </td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td colspan="2" style="text-align: center; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">Weighted<br /> Average<br /> Exercise<br /> Price</div></div></div> </td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">$</td> <td style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">0.74</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">250,000</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1.87</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">0.74</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">250,000</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">0.74</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">$</td> <td style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1.01</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">130,000</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">7.23</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">$</td> <td style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1.01</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">130,000</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">$</td> <td style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1.01</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td colspan="2" style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div><div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; text-align: center;">Total</div> </td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 3px;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0);">&nbsp;</td> <td style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">380,000</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0);">&nbsp;</td> <td style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4.02</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">0.86</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0);">&nbsp;</td> <td style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">380,000</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">0.86</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;">&nbsp;</td> </tr> </table></div> <div style="display: inline; font-family: times new roman; font-size: 10pt"><table border="0" cellpadding="0" cellspacing="0" style="; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; text-indent: 0px; min-; min-width: 700px;"> <tr style="vertical-align: bottom;"> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><div style="display: inline; font-weight: bold;">&nbsp;</div></td> <td style="text-align: center; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><div style="display: inline; font-weight: bold;">&nbsp;</div></td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px;"><div style="display: inline; font-weight: bold;">&nbsp;</div></td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td colspan="10" style="text-align: center; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">Warrants Outstanding</div></div></div> </td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td colspan="6" style="text-align: center; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">Warrants Exercisable</div></div></div> </td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td> </tr> <tr style="vertical-align: bottom;"> <td colspan="2" style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">Exercise Prices</div></div></div> </td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td colspan="2" style="text-align: center; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">Number<br /> Outstanding</div></div></div> </td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td colspan="2" style="text-align: center; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">Weighted<br /> Average<br /> Remaining<br /> Contractual Life<br /> (years)</div></div></div> </td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td colspan="2" style="text-align: center; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">Weighted<br /> Average</div></div></div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">Exercise<br /> Price</div></div></div> </td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td colspan="2" style="text-align: center; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">Number<br /> Exercisable</div></div></div> </td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td colspan="2" style="text-align: center; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">Weighted<br /> Average<br /> Exercise<br /> Price</div></div></div> </td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">$</td> <td style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1.65</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">400,000</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">0.82</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">$</td> <td style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1.65</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">400,000</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">$</td> <td style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1.65</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td colspan="2" style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div><div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; text-align: center;">Total</div> </td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 3px;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0);">&nbsp;</td> <td style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">400,000</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0);">&nbsp;</td> <td style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">0.82</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1.65</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0);">&nbsp;</td> <td style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">400,000</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1.65</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;">&nbsp;</td> </tr> </table></div> <div style="display: inline; font-family: times new roman; font-size: 10pt"><table border="0" cellpadding="0" cellspacing="0" style="; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; text-indent: 0px; min-; min-width: 700px;"> <tr style="vertical-align: bottom;"> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 85%; border-bottom: thin solid rgb(0, 0, 0);"> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="display: inline; font-weight: bold;">Year ending December 31,</div></div> </td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td colspan="2" style="text-align: center; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">Amortization</div></div></div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">Expenses</div></div></div> </td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">2018</div> </td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">606</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">2019</div> </td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">757</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Thereafter</div> </td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-weight: bold;">&nbsp;</div></td> <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-weight: bold;">-</div></div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,363</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;">&nbsp;</td> </tr> </table></div> <div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left;"><div style="display: inline; font-weight: bold;">NOTE <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">12</div>&nbsp;-&nbsp;SIGNIFICANT CUSTOMERS / CONCENTRATION / DISAGGREGATED&nbsp;REVENUE</div></div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left; text-indent: 45pt;">&nbsp;</div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left; text-indent: 45pt;">For the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">nine</div> months ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 30, 2018,&nbsp;</div>our largest customer&nbsp;accounted for approximately <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">9%</div> of our net sales.</div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left; text-indent: 45pt;">&nbsp;</div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left; text-indent: 45pt;">For the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">nine</div> months ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 30, 2017,&nbsp;</div>our <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">four</div> largest customers accounted for approximately <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">13%,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">12%,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">9%</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5%</div> of our net sales.</div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left; text-indent: 45pt;">&nbsp;</div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left; text-indent: 45pt;">The Company sells products&nbsp;throughout the world; disaggregated revenue by geographical region is&nbsp;as follows for the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">nine</div> months ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 30, 2018 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2017:</div></div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt 22.5pt;text-align:left;text-indent:49.6pt;">&nbsp;</div> <div> <table border="0" cellpadding="0" cellspacing="0" style="; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; text-indent: 0px; min-width: 700px;"> <tr style="vertical-align: bottom;"> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td colspan="6" style="text-align: center; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">For the Three Months</div> </td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td colspan="6" style="text-align: center; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">For the Nine Months</div> </td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom;"> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td colspan="6" style="text-align: center; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">Ended September 30,</div> </td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td colspan="6" style="text-align: center; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">Ended September 30,</div> </td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td> </tr> <tr style="vertical-align: bottom;"> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td colspan="2" style="text-align: center; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">2018</div> </td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td colspan="2" style="text-align: center; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">2017</div> </td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td colspan="2" style="text-align: center; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">2018</div> </td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td colspan="2" style="text-align: center; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">2017</div> </td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 52%;"> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">United States and Canada</div> </td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">273,806</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">271,434</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">643,556</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">835,602</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Australia</div> </td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">181,174</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">215,713</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">463,967</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">502,895</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">South America</div> </td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">22,775</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">50,452</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Asia</div> </td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">154,715</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">253,460</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,083,332</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,379,607</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Europe</div> </td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,714,734</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,715,877</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">7,095,307</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5,632,654</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">$</td> <td style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3,347,204</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">$</td> <td style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,456,484</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">$</td> <td style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">9,336,614</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">$</td> <td style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">8,350,758</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;">&nbsp;</td> </tr> </table> </div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt 22.5pt;text-align:left;">&nbsp;</div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left; text-indent: 45pt;">The Company&#x2019;s disaggregated revenue by product line is&nbsp;as follows for the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">nine</div> months ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 30, 2018 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2017:</div></div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt 7.5pt;text-align:left;text-indent:45pt;">&nbsp;</div> <div> <table border="0" cellpadding="0" cellspacing="0" style="; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; text-indent: 0px; min-width: 700px;"> <tr style="vertical-align: bottom;"> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td colspan="6" style="text-align: center; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">For the Three Months</div> </td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td colspan="6" style="text-align: center; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">For the Nine Months</div> </td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom;"> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td colspan="6" style="text-align: center; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">Ended September 30,</div> </td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td colspan="6" style="text-align: center; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">Ended September 30,</div> </td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td> </tr> <tr style="vertical-align: bottom;"> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td colspan="2" style="text-align: center; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">2018</div> </td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td colspan="2" style="text-align: center; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">2017</div> </td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td colspan="2" style="text-align: center; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">2018</div> </td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td colspan="2" style="text-align: center; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">2017</div> </td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 52%;"> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Ceramic diesel particulate</div> </td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,921,097</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,519,920</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5,458,260</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5,677,005</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Liquid filters and systems</div> </td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,426,107</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">933,182</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3,878,354</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,550,144</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Kiln furniture</div> </td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3,382</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">123,609</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">$</td> <td style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3,347,204</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">$</td> <td style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,456,484</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">$</td> <td style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">9,336,614</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">$</td> <td style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">8,350,758</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;">&nbsp;</td> </tr> </table> </div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt 22.5pt;text-align:left;text-indent:48.4pt;">&nbsp;</div> <div style=" font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left"></div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left; text-indent: 45pt;">As of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 30, 2018, </div>approximately <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">91%</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">9%</div> of the Company&#x2019;s assets were located in Denmark and the United States, respectively.&nbsp;As of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 30, 2017, </div>approximately <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">85%</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">15%</div> of the Company&#x2019;s assets were located in Denmark and the United States, respectively.</div></div> 414504 521627 1288294 1506329 93267 150013 15767 58038 77500 78750 13225 380000 0.83 75000 314500 380000 455000 380000 0.74 1.01 0.82 0.83 314500 <div style="display: inline; font-family: times new roman; font-size: 10pt"><table border="0" cellpadding="0" cellspacing="0" style="; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; text-indent: 0px; min-; min-width: 700px;"> <tr style="vertical-align: bottom;"> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td colspan="14" style="text-align: center; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">September</div><div style="display: inline; font-weight: bold;"> 30, 2018</div></div></div> </td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td> </tr> <tr style="vertical-align: bottom;"> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td colspan="2" style="text-align: center; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">Shares</div></div></div> </td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td colspan="2" style="text-align: center; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">Weighted<br /> Average<br /> Exercise<br /> Price</div></div></div> </td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td colspan="2" style="text-align: center; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">Average<br /> Remaining<br /> Life</div></div></div> </td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td colspan="2" style="text-align: center; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">Weighted<br /> Average<br /> Intrinsic<br /> Value</div></div></div> </td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td> </tr> <tr style="vertical-align: bottom;"> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 52%;"> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Outstanding at beginning of period</div> </td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">455,000</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">0.82</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4.15</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Granted</div> </td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Exercised</div> </td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Forfeited</div> </td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(75,000</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">)</div> </td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">0.74</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Expired</div> </td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Outstanding at end of period</div> </td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">380,000</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">$</td> <td style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">0.83</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3.70</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">$</td> <td style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">314,500</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Vested and expected to vest</div> </td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">380,000</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">$</td> <td style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">0.83</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3.70</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">$</td> <td style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">314,500</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Exercisable end of period</div> </td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0);">&nbsp;</td> <td style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">380,000</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">0.83</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0);">&nbsp;</td> <td style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3.70</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">314,500</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;">&nbsp;</td> </tr> </table></div> 380000 0.83 0.74 <div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt">Stock Options and Awards&nbsp;--</div>&nbsp;The Company&nbsp;has&nbsp;granted stock options to certain key employees during the years presented in the accompanying condensed consolidated financial statements (see note <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">11</div>). The Company accounts for options in accordance with the provisions of FASB ASC Topic <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">718,</div> Compensation &#x2013; Stock Compensation. Non-cash compensation costs of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$93,267</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$150,013</div> have been recognized for the vesting of options and stock awards granted to employees.</div> 250000 130000 380000 250000 130000 380000 0.74 1.01 0.34 314500 P3Y255D P4Y54D P3Y255D P3Y255D 0.74 1.01 0.86 0.74 1.01 0.86 P1Y317D P7Y83D P4Y7D 1.20 <div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left;"><div style="display: inline; font-weight: bold;">NOTE <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1</div> - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES</div></div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: center;">&nbsp;</div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left;"><div style="display: inline; font-weight: bold;">Business and Basis of Presentation</div></div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: center; text-indent: 45pt;">&nbsp;</div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left; text-indent: 45pt;">Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America ("US GAAP") have been condensed or omitted. These condensed consolidated financial statements should be read in conjunction with the Company's audited financial statements contained in its annual report on Form <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10</div>-K for the year ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2017 (</div>"Form <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10</div>-K"). The results of operations for the periods ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 30, 2018 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2017</div> are <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> necessarily indicative of the operating results for the full years.</div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left; text-indent: 45pt;">&nbsp;</div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left; text-indent: 45pt;">The condensed consolidated financial statements include the accounts of LiqTech International, Inc. (&#x201c;Parent&#x201d;) and its subsidiaries.&nbsp;The terms "Company", &#x201c;us", "we" and "our" as used in this report refer to Parent and its subsidiaries, which are set forth below.&nbsp;The Company engages in the development, design, production, marketing and sale of automated filtering systems, ceramic silicon carbide liquid and diesel particulate air filters in United States, Canada, Europe, Asia and South America.&nbsp;Set forth below is a description of Parent and each of its subsidiaries:</div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left; text-indent: 45pt;">&nbsp;</div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left; text-indent: 45pt;">LiqTech International, Inc., a Nevada corporation organized in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> July 2004, </div>formerly known as Blue Moose Media, Inc.</div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left; text-indent: 45pt;">&nbsp;</div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left; text-indent: 45pt;">LiqTech USA, a Delaware corporation and a wholly-owned subsidiary of Parent formed in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> May 2011.</div></div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left; text-indent: 45pt;">&nbsp;</div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left; text-indent: 45pt;">LiqTech International AS, a Danish corporation, incorporated on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 15, 2000 (</div>&#x201c;LiqTech Int. DK&#x201d;), a wholly-owned subsidiary of LiqTech USA, engages in development, design, application, marketing and sales of membranes on ceramic diesel particulate and liquid filters and catalytic converters in Europe, Asia and South America.</div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left; text-indent: 45pt;">&nbsp;</div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left; text-indent: 45pt;">LiqTech NA, Inc. (&#x201c;LiqTech NA&#x201d;), incorporated in Delaware on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> July 1, 2005, </div>a wholly-owned subsidiary of LiqTech USA. LiqTech NA, Inc. engages in the production, marketing and sale of ceramic diesel particulate and liquid filters and kiln furniture in United States and Canada.</div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left; text-indent: 45pt;">&nbsp;</div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left; text-indent: 45pt;">LiqTech Systems AS, a Danish Corporation ("LiqTech Systems") (Formerly Provital Solutions AS) was incorporated on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 1, 2009 </div>and engages in the manufacture of fully automated filtering systems for application within the pool and spa markets, marine applications, and a number of industrial applications within Denmark and international markets.</div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left; text-indent: 45pt;">&nbsp;</div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left; text-indent: 45pt;">LiqTech Germany (&#x201c;LiqTech Germany&#x201d;), a <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">100%</div> owned subsidiary of LiqTech Int. DK, incorporated in Germany on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 9, 2011, </div>engaged&nbsp;in marketing and sale of liquid filters in Germany. The Company is in the process of closing operations, which is expected to be completed during <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018.</div></div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left; text-indent: 45pt;">&nbsp;</div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left; text-indent: 45pt;">LiqTech PTE Ltd&nbsp;(&#x201c;LiqTech Sing&#x201d;), a <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">95%</div> owned subsidiary of LiqTech Int. DK, incorporated in Singapore on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 19, 2012, </div>engaged&nbsp;in marketing and sale of liquid filters in Singapore and other countries in the area. The Company is in the process of closing operations, which is expected to be completed during <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018.</div></div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left; text-indent: 45pt;">&nbsp;</div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left; text-indent: 45pt;"><div style="display: inline; font-weight: bold;">Consolidation&nbsp;--</div>&nbsp;The condensed 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.</div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left; text-indent: 45pt;">&nbsp;</div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left; text-indent: 45pt;"><div style="display: inline; font-weight: bold;">Functional Currency / Foreign currency translation&nbsp;--&nbsp;</div>The functional currency of LiqTech International, Inc., LiqTech USA, Inc. and LiqTech NA is the U.S. Dollar.&nbsp;The Functional Currency of LiqTech Int. DK and LiqTech Systems AS is the Danish Krone (&#x201c;DKK&#x201d;), the functional currency of LiqTech Germany is the Euro and the functional currency of LiqTech Singapore is the Singapore Dollar.&nbsp;The Company&#x2019;s reporting currency is U.S. Dollar for the purpose of these condensed consolidated financial statements. The foreign subsidiaries balance sheet accounts are translated into U.S. Dollars at the period-end exchange rates and all revenue and expenses are translated into U.S. Dollars at the average exchange rates prevailing during the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">nine</div> months ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 30, 2018 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2017.</div> Translation gains and losses are deferred and accumulated as a component of other comprehensive income in stockholders&#x2019; equity. Transaction gains and losses that arose from exchange rate fluctuations from transactions denominated in a currency other than the functional currency are included in the statement of operations as incurred.</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt 7.5pt;text-align:center;">&nbsp;</div> <div style=" font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left">&nbsp;</div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left; text-indent: 45pt;"><div style="display: inline; font-weight: bold;">Cash, Cash Equivalents and Restricted Cash&nbsp;--</div>&nbsp;The Company considers all highly liquid debt instruments purchased with a maturity of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div> months or less to be cash equivalents. The Company had <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">no</div> balances held in a financial institution in the United States in excess of federally insured amounts at <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 30, 2018 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2017.</div></div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left; text-indent: 45pt;">&nbsp;</div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left; text-indent: 45pt;"><div style="display: inline; font-weight: bold;">Accounts Receivable&nbsp;--</div>&nbsp;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&#x2019;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.&nbsp;</div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left; text-indent: 45pt;">&nbsp;</div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left; text-indent: 45pt;">The roll forward of the allowance for doubtful accounts for the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">nine</div> months ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 30, 2018 </div>and the year ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2017 </div>is as follows:</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt 22.5pt;text-align:left;text-indent:48.4pt;">&nbsp;</div> <div> <table border="0" cellpadding="0" cellspacing="0" style="; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; text-indent: 0px; min-width: 700px;"> <tr style="vertical-align: bottom;"> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td colspan="2" style="text-align: center; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">2018</div></div></div> </td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td colspan="2" style="text-align: center; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">2017</div></div></div> </td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 70%;"> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Allowance for doubtful accounts at the beginning of the period</div> </td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">660,581</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,128,452</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Bad debt expense</div> </td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">82,776</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(102,189</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">)</div> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Receivables written off during the periods</div> </td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">0</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(1,678,856</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">)</div> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Effect of currency translation</div> </td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(26,372</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">)</div> </td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">313,174</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Allowance for doubtful accounts at the end of the period</div> </td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">716,985</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">660,581</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;">&nbsp;</td> </tr> </table> </div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt 22.5pt;text-align:left;text-indent:48.4pt;">&nbsp;&nbsp;</div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left; text-indent: 45pt;"><div style="display: inline; font-weight: bold;">Inventory&nbsp;--</div>&nbsp;Inventory is carried at the lower of cost or market, as determined on the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">first</div>-in, <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">first</div>-out method.</div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left; text-indent: 45pt;">&nbsp;</div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left; text-indent: 45pt;"><div style="display: inline; font-weight: bold;">Property and Equipment&nbsp;--</div>&nbsp;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 <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div> to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">ten</div> years (See Note <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4</div>).</div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left; text-indent: 45pt;">&nbsp;</div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left; text-indent: 45pt;"><div style="display: inline; font-weight: bold;">Long-Term Investments&nbsp;--</div>&nbsp;Investments in non-consolidated 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 <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may </div>be more limited, <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may </div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> be as timely as and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may </div>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.</div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left; text-indent: 45pt;">&nbsp;</div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left; text-indent: 45pt;"><div style="display: inline; font-weight: bold;">Intangible Assets&nbsp;--</div>&nbsp;Definite life intangible assets include patents. The Company accounts for definite life intangible assets in accordance with Financial Accounting Standards Board, (&#x201c;FASB&#x201d;) Accounting Standards Codification, (&#x201c;ASC&#x201d;) Topic <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">350,</div> &#x201c;Goodwill and Other Intangible Assets&#x201d; and amortized the patents on a straight-line basis over the estimated useful life of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">two</div> to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">ten</div> years.&nbsp;</div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left; text-indent: 45pt;">&nbsp;</div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt;"><div style="display: inline; font-weight: bold;">Revenue Recognition and Sales Incentives</div>&nbsp;</div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left; text-indent: 45pt;"><div style="display: inline; font-weight: bold;">&nbsp;</div></div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left; text-indent: 45pt;"><div style="display: inline; font-weight: bold;">Revenue Recognition -- Adoption of the new revenue standard: </div>On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 1, 2018, </div>the Company adopted Accounting Standards Codification Topic <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">606,</div> &#x201c;Revenue from Contracts with Customers,&#x201d; which includes clarifying ASUs issued in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2015,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2017</div> (&#x201c;new revenue standard&#x201d;). The new revenue standard was applied to all open revenue contracts using the modified-retrospective method as of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 1, 2018. </div>The new revenue standard did <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> have a material impact on revenue recognition. The Company does <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> expect the impact of the adoption of the new standard&nbsp;to be material to net income on an ongoing basis.</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt 15pt;text-align:left;">&nbsp;</div> <div style=" font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left">&nbsp;</div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left; text-indent: 45pt;"><div style="display: inline; font-weight: bold;">Accounting policy</div>:&nbsp;Revenue is recognized when performance obligations under the terms of a contract with the customer are satisfied which occurs when control of the system, membrane, DPF or services are transferred to the customer. The majority of the Company's sales contracts contain performance obligations satisfied at a point in time when title and risks and rewards of ownership have transferred to the customer. This generally occurs when the product is shipped or accepted by the customer.&nbsp; Revenue for service contracts are recognized as the services are provided. Revenue is measured as the amount of consideration expected to be received in exchange for transferring the goods or providing services. The satisfaction of performance obligations under the terms of a revenue contract generally gives rise for the right to payment from the customer. The Company's standard payment terms vary by the type and location of the customer and the products or services offered. Generally, the time between when revenue is recognized and when payment is due is <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> significant. Pre-Payments received prior to satisfaction of performance obligations are recorded as a customer deposit liability. Given the insignificant days between revenue recognition and receipt of payment, financing components do <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> exist between the Company and its customers. In Denmark, Value Added Tax (&#x201c;VAT&#x201d;) of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">25%</div> of the invoice amount is collected in respect of the sales of goods on behalf of tax authorities. The VAT collected is <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> revenue of the Company; instead, the amount is recorded as a liability on the balance sheet until such VAT is paid to the authorities.&nbsp; &nbsp;The estimated costs of product warranties are recognized as expense when the products are sold. See Note&nbsp;<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">9</div> for further information on product warranties.&nbsp;</div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left; text-indent: 45pt;">&nbsp;</div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left; text-indent: 45pt;">For contracts with customers that include multiple performance obligations, judgment is required to determine whether performance obligations specified in these contracts are distinct and should be accounted for as separate revenue transactions for recognition purposes. For such arrangements, revenue is allocated to each performance obligation based on its relative standalone selling price. Standalone selling prices are generally determined based on the prices charged to customers or using expected cost plus margin. Impairment losses recognized on receivables or contract assets were <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> significant for the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">nine</div> months ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 30, 2018.</div></div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left; text-indent: 45pt;">&nbsp;</div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left; text-indent: 45pt;">The customer generally arranges and pays for shipping activities.&nbsp; When the Company does arrange for shipping, it is billed to the Customer.&nbsp;The Cost to prepare the product for shipment handling are paid by the Company and reported on the line &#x201c;Cost of goods sold&#x201d; in the unaudited consolidated statements of operations.</div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left; text-indent: 45pt;">&nbsp;</div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left; text-indent: 45pt;">System sales are recognized when the Company transfers control based upon signed acceptance of the system by the customer, upon shipment or upon final installation of the system based on the terms of the contract. For the majority of Liquid Membrane Filters and Diesel Particulate Filters, the Company transfers control and recognizes revenue when products are shipped to the customer according to the terms of the contract or purchase order. Aftermarket sales represent part sales, extended warranty and maintenance services. For the sale of aftermarket parts, the Company transfers control and recognizes revenue when parts are shipped to the customer or services are provided. When customers are given the right to return eligible parts and accessories, the Company estimates the expected returns based on an analysis of historical experience. The Company adjusts estimated revenues at the earlier of when the most likely amount of consideration expected to be received changes or when the consideration becomes fixed. The Company recognizes revenue for extended warranty and maintenance agreements based on the standalone selling price over the life of the contract, which reflects the costs to perform under these contracts, which corresponds with, and thereby depicts the transfer of control to the customer. For invoicing to customers where the transfer of control has <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> occurred (prepayments), the invoiced amount is recognized as Deferred revenue / Customer deposits.</div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left; text-indent: 45pt;">&nbsp;</div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left; text-indent: 45pt;">The Company has received long-term contracts for grants from government entities for development and use of silicon carbide membranes in various water filtration and treatment applications and historically in the installation of various water filtrations systems. We measure transfer of control of the performance obligation on long-term contracts&nbsp;utilizing the cost-to-cost measure of progress, with cost of revenue including direct costs, such as labor and materials. Under the cost-to-cost approach, the use of estimated costs to complete each performance obligation is a significant variable in the process of determining recognized revenue and a significant factor in the accounting for such performance obligations. The timing of when we bill our customers is generally dependent upon advance billings terms, milestone billings based on completion of certain phases of the work or when services are provided, or products are shipped. Projects with performance obligations recognized over time that have costs and estimated earnings recognized to date in excess of cumulative billings&nbsp;are reported on our Balance Sheets as contract assets. Projects with performance obligations recognized over time that have cumulative billings in excess of costs and estimated earnings recognized to date&nbsp;are reported on our Balance Sheets as contract liabilities. &nbsp;&nbsp;</div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left; text-indent: 45pt;">&nbsp;</div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left; text-indent: 45pt;">The <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">two</div> tables below set forth the&nbsp;costs incurred, and earnings accrued on uncompleted contracts compared with the billings on those contracts through <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 30, 2018 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2017 </div>and reconcile the net excess billings to the amounts included in the balance sheets at those dates.</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt 7.5pt;text-align:left;text-indent:45pt;">&nbsp;</div> <div style=" font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left">&nbsp;</div> <div> <table border="0" cellpadding="0" cellspacing="0" style="; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; text-indent: 0px; min-width: 700px;"> <tr style="vertical-align: bottom;"> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td colspan="2" style="text-align: center; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">September 30,</div> </td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td colspan="2" style="text-align: center; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">December 31,</div> </td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom;"> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td colspan="2" style="text-align: center; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">2018</div> </td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td colspan="2" style="text-align: center; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">2017</div> </td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 70%;"> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Cost incurred on uncompleted contracts</div> </td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,729,799</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">507,633</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Estimated earnings</div> </td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,000,477</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">651,304</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4,730,276</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,158,937</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Billings on uncompleted contracts</div> </td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(4,466,683</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">)</div> </td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(975,682</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">)</div> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Contract asset (liabilities)</div> </td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">263,593</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">183,255</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;">&nbsp;</td> </tr> </table> </div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt 15pt;text-align:left;">&nbsp;</div> <div> <table border="0" cellpadding="0" cellspacing="0" style="; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; text-indent: 0px; min-width: 700px;"> <tr style="vertical-align: bottom;"> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td colspan="2" style="text-align: center; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">September 30,</div> </td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td colspan="2" style="text-align: center; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">December 31,</div> </td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom;"> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td colspan="2" style="text-align: center; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">2018</div> </td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td colspan="2" style="text-align: center; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">2017</div> </td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 70%;"> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Contract assets</div> </td> <td style="width: 1%; border-bottom: 1px rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; border-bottom: 1px rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 12%; border-bottom: 1px rgb(0, 0, 0); text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">703,971</div></td> <td nowrap="nowrap" style="width: 1%; border-bottom: 1px rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; border-bottom: 1px rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; border-bottom: 1px rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 12%; border-bottom: 1px rgb(0, 0, 0); text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">490,100</div></td> <td nowrap="nowrap" style="width: 1%; border-bottom: 1px rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Contract liabilities</div> </td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(440,378</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">)</div> </td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(306,845</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">)</div> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Contract assets (liabilities)</div> </td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">263,593</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">183,255</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;">&nbsp;</td> </tr> </table> </div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt 15pt;text-align:left;">&nbsp;</div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left;">The Company&#x2019;s disaggregated&nbsp;revenue is reported in Note <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">12.</div></div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt 15pt;text-align:left;">&nbsp;&nbsp;</div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left; text-indent: 45pt;"><div style="display: inline; font-weight: bold;">Advertising Cost&nbsp;--</div>&nbsp;Costs incurred in connection with advertising of the Company&#x2019;s products is expensed as incurred. Such costs amounted to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$25,018</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$9,270</div>&nbsp;for the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">nine</div> months ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 30, 2018 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2017,</div> respectively.</div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left; text-indent: 45pt;">&nbsp;</div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left; text-indent: 45pt;"><div style="display: inline; font-weight: bold;">Research and Development Cost&nbsp;--</div>&nbsp;The Company expenses research and development costs for the development of new products as incurred. Included in operating expense for the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">nine</div> months ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 30, 2018 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2017</div> were <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$498,526</div>&nbsp;and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$375,026,</div> respectively, of research and development costs.</div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left; text-indent: 45pt;">&nbsp;</div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left; text-indent: 45pt;"><div style="display: inline; font-weight: bold;">Income Taxes&nbsp;--</div>&nbsp;The Company accounts for income taxes in accordance with FASB ASC Topic <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">740</div> Accounting for Income Taxes. This statement requires an asset and liability approach for accounting for income taxes.</div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left; text-indent: 45pt;">&nbsp;&nbsp;</div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left; text-indent: 45pt;"><div style="display: inline; font-weight: bold;">Income (Loss) Per Share&nbsp;--</div>&nbsp;The Company calculates earnings (loss) per share in accordance with FASB ASC <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">260,</div> 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 and warrants that have been granted but have <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> been exercised.</div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left; text-indent: 45pt;">&nbsp;</div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left; text-indent: 45pt;"><div style="display: inline; font-weight: bold;">Stock Options and Awards&nbsp;--</div>&nbsp;The Company&nbsp;has&nbsp;granted stock options to certain key employees during the years presented in the accompanying condensed consolidated financial statements (see note <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">11</div>). The Company accounts for options in accordance with the provisions of FASB ASC Topic <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">718,</div> Compensation &#x2013; Stock Compensation. Non-cash compensation costs of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$93,267</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$150,013</div> have been recognized for the vesting of options and stock awards granted to employees.</div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left; text-indent: 45pt;">&nbsp;</div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left; text-indent: 45pt;"><div style="display: inline; font-weight: bold;">Fair Value of Financial Instruments&nbsp;--</div>&nbsp;The Company accounts for fair value measurements for financial assets and liabilities in accordance with FASB ASC Topic <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">820.</div> The authoritative guidance that, 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 <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div>-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows:</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt 22.5pt;text-align:left;">&nbsp;</div> <table border="0" cellpadding="0" cellspacing="0" style=";text-indent:0;font-family:'Times New Roman', Times, serif;font-size:10pt; min-width: 700px;"> <tr> <td style="vertical-align:top;width:1.7%;"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</div> </td> <td style="vertical-align:top;width:3.3%;"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&#x25cf;</div> </td> <td style="vertical-align:top;width:95%;"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">Level <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1.</div> Observable inputs such as quoted prices in active markets for identical assets or&nbsp;liabilities;</div> </td> </tr> </table> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt 22.5pt;text-align:left;">&nbsp;&nbsp;&nbsp;</div> <table border="0" cellpadding="0" cellspacing="0" style=";text-indent:0;font-family:'Times New Roman', Times, serif;font-size:10pt; min-width: 700px;"> <tr> <td style="vertical-align:top;width:1.7%;"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</div> </td> <td style="vertical-align:top;width:3.3%;"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&#x25cf;</div> </td> <td style="vertical-align:top;width:95%;"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">Level <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2.</div> Inputs&nbsp;other than the quoted prices in active markets&nbsp;that are observable either directly or indirectly; and</div> </td> </tr> </table> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt 22.5pt;text-align:left;">&nbsp;</div> <table border="0" cellpadding="0" cellspacing="0" style=";text-indent:0;font-family:'Times New Roman', Times, serif;font-size:10pt; min-width: 700px;"> <tr> <td style="vertical-align:top;width:1.7%;"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</div> </td> <td style="vertical-align:top;width:3.3%;"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&#x25cf;</div> </td> <td style="vertical-align:top;width:95%;"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">Level <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3.</div> Unobservable inputs in which there is little or <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">no</div> market data, which require the&nbsp;reporting entity to develop its own assumptions.</div> </td> </tr> </table> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt 22.5pt;text-align:left;">&nbsp;</div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left; text-indent: 45pt;">Unless otherwise disclosed, the fair value of the Company&#x2019;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.</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt 22.5pt;text-align:left;text-indent:52.8pt;">&nbsp;&nbsp;</div> <div style=" font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left">&nbsp;</div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left; text-indent: 45pt;"><div style="display: inline; font-weight: bold;">Accounting Estimates&nbsp;--</div>&nbsp;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 including accounts receivable, allowance for doubtful accounts, cost in excess of billings, reserve for obsolete inventory, depreciation and impairment of property plant and equipment, and goodwill; liabilities including billings in excess of costs and contingencies; 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.</div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left; text-indent: 45pt;">&nbsp;</div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left; text-indent: 45pt;"><div style="display: inline; font-weight: bold;">Recent Accounting Pronouncements</div>&nbsp;-- On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> February 25, 2016, </div>the FASB issued ASU <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">02,</div> "Leases," which makes many changes to accounting for leases. The standard will be effective for public companies with interim and annual periods beginning after <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 15, 2018. </div>One of the most notable changes is many of the leases that are currently accounted for as operating leases will have to be capitalized and accounted for similarly to how capital leases are currently accounted for, unless certain criteria are met. We have begun evaluating the impact this standard will have on our lease accounting. The standard will require us to capitalize a right-of use asset and lease liability equal to the present value of the future minimum lease payments disclosed in Note <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">8.</div> We will continue to evaluate the impact of this standard as the effective date approaches.&nbsp;&nbsp;&nbsp;</div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left; text-indent: 45pt;">&nbsp;</div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left; text-indent: 45pt;">Other recent accounting pronouncements issued by the FASB did <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> or are <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> believed by management to have a material impact on the Company&#x2019;s present or future financial statements.&nbsp;</div></div> 9693 19448529 19448529 2200837 2200837 59406 60000 9629860 6912117 <div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left;"><div style="display: inline; font-weight: bold;">NOTE <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">11</div>&nbsp;- STOCKHOLDERS' EQUITY</div></div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt 37.5pt;text-align:left;">&nbsp;</div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left; text-indent: 45pt;"><div style="display: inline; font-style: italic;"><div style="display: inline; font-weight: bold;">Preferred Stock</div></div><div style="display: inline; font-weight: bold;">&nbsp;--</div> Our Board of Directors has the authority to issue Parent preferred stock in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">one</div> or more classes or series and to fix the designations, powers, preferences and rights,&nbsp;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 Parent preferred stock <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may </div>have the effect of delaying, deferring or preventing a change in control&nbsp;without further action by the stockholders and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may </div>adversely affect the voting and other rights of the holders of common stock.</div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left; text-indent: 45pt;">&nbsp;</div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left; text-indent: 45pt;">Parent has <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10,000,000</div> authorized shares of preferred stock, <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$0.001</div> par value. As of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 30, 2018, </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2017, </div>respectively, there were <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">0</div></div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,200,837</div></div> mandatory convertible preferred shares of Series A Convertible Preferred Stock issued and outstanding.&nbsp;</div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left; text-indent: 45pt;">&nbsp;</div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left; text-indent: 45pt;"><div style="display: inline; font-style: italic;"><div style="display: inline; font-weight: bold;">Common Stock</div></div><div style="display: inline; font-style: italic;"> </div>-- Parent has <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">100,000,000</div> authorized shares of common stock, <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$0.001</div> par value. As of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 30, 2018 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2017, </div>respectively, there were <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">72,740,547</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">44,429,264</div> common shares issued and outstanding.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left; text-indent: 45pt;">&nbsp;</div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left; text-indent: 45pt;"><div style="display: inline; font-style: italic;"><div style="display: inline; font-weight: bold;">Voting</div></div> -- Holders of Parent common stock are entitled to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">one</div> vote for each share held of record on each matter submitted to a vote of stockholders, including the election of directors, and do <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> have any right to cumulate votes in the election of directors.&nbsp;</div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left; text-indent: 45pt;">&nbsp;</div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left; text-indent: 45pt;"><div style="display: inline; font-style: italic;"><div style="display: inline; font-weight: bold;">Dividends</div></div><div style="display: inline; font-weight: bold;"> --</div> Subject to the rights and preferences of the holders of any series of preferred stock, if any, which <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may </div>at the time be outstanding, holders of Parent common stock are entitled to receive ratably such dividends as our Board of Directors from time to time <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may </div>declare out of funds legally available.&nbsp;&nbsp;</div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left; text-indent: 45pt;">&nbsp;</div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left; text-indent: 45pt;"><div style="display: inline; font-style: italic;"><div style="display: inline; font-weight: bold;">Liquidation Rights</div></div><div style="display: inline; font-weight: bold;"> --</div> In the event of any liquidation, dissolution or winding-up of affairs of Parent, 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 Parent common stock will be entitled to share ratably in the distribution of any of our remaining assets.&nbsp;&nbsp;</div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left; text-indent: 45pt;">&nbsp;</div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left; text-indent: 45pt;"><div style="display: inline; font-style: italic;"><div style="display: inline; font-weight: bold;">Other Matters</div></div><div style="display: inline; font-weight: bold;"> --</div> Holders of Parent common stock have <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">no</div> conversion, preemptive or other subscription rights, and there are <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">no</div> redemption rights or sinking fund provisions with respect to our 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.</div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left; text-indent: 45pt;">&nbsp;</div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left;"><div style="display: inline; font-weight: bold;">Stock Issuances&nbsp;</div></div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt 22.5pt;text-align:left;text-indent:50.6pt;">&nbsp;</div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left; text-indent: 45pt;">On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> April 16, 2018, </div>Parent completed a registered public offering of its common stock.&nbsp;At&nbsp;closing, Parent issued <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">19,448,529</div> shares of common stock at a per share price of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$0.34</div> and generated net proceeds of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$5,865,077.</div>&nbsp;&nbsp;</div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left; text-indent: 45pt;">&nbsp;</div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left; text-indent: 45pt;">On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 2, 2018, </div>Parent issued&nbsp;<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">59,406</div> shares of restricted stock valued at <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$60,000</div> for services provided by the Board of Directors. The Company recognized the non-cash compensation during the period ending <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 30, 2018. </div>The shares vested immediately.</div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left; text-indent: 45pt;">&nbsp;</div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left; text-indent: 45pt;">On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> November 22, 2017, </div>the Parent completed a private placement of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,200,837</div> shares of mandatory convertible preferred stock (<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1</div> to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4</div> conversion rate) or <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">8,803,348</div> shares of common stock at a per share price of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$1.20</div> per preferred share for aggregate proceeds to the Parent of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$2,641,004,</div> net of offering costs of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$127,736.</div>&nbsp; During the period ending <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 30, 2018, </div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,200,837</div> mandatory convertible preferred shares of Series A Convertible Preferred Stock were converted into <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4</div> common shares per share, or <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">8,803,348</div> common shares.</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt 7.5pt;text-align:left;text-indent:45pt;">&nbsp;</div> <div style=" font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left"></div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left;"><div style="display: inline; font-weight: bold;">Common Stock Purchase Warrants&nbsp;</div></div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt 22.5pt;text-align:left;text-indent:60.5pt;">&nbsp;</div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left; text-indent: 45pt;">A summary of the status of the warrants outstanding at <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 30, 2018 </div>is presented below:</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt 22.5pt;text-align:left;">&nbsp;</div> <div> <table border="0" cellpadding="0" cellspacing="0" style="; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; text-indent: 0px; min-width: 700px;"> <tr style="vertical-align: bottom;"> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><div style="display: inline; font-weight: bold;">&nbsp;</div></td> <td style="text-align: center; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><div style="display: inline; font-weight: bold;">&nbsp;</div></td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px;"><div style="display: inline; font-weight: bold;">&nbsp;</div></td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td colspan="10" style="text-align: center; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">Warrants Outstanding</div></div></div> </td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td colspan="6" style="text-align: center; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">Warrants Exercisable</div></div></div> </td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td> </tr> <tr style="vertical-align: bottom;"> <td colspan="2" style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">Exercise Prices</div></div></div> </td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td colspan="2" style="text-align: center; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">Number<br /> Outstanding</div></div></div> </td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td colspan="2" style="text-align: center; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">Weighted<br /> Average<br /> Remaining<br /> Contractual Life<br /> (years)</div></div></div> </td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td colspan="2" style="text-align: center; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">Weighted<br /> Average</div></div></div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">Exercise<br /> Price</div></div></div> </td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td colspan="2" style="text-align: center; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">Number<br /> Exercisable</div></div></div> </td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td colspan="2" style="text-align: center; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">Weighted<br /> Average<br /> Exercise<br /> Price</div></div></div> </td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">$</td> <td style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1.65</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">400,000</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">0.82</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">$</td> <td style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1.65</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">400,000</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">$</td> <td style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1.65</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td colspan="2" style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div><div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; text-align: center;">Total</div> </td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 3px;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0);">&nbsp;</td> <td style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">400,000</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0);">&nbsp;</td> <td style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">0.82</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1.65</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0);">&nbsp;</td> <td style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">400,000</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1.65</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;">&nbsp;</td> </tr> </table> </div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left; text-indent: 45pt;">&nbsp;&nbsp;&nbsp;&nbsp;</div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left; text-indent: 45pt;">At <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 30, 2018 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2017,</div> the Company had <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">zero</div> non-vested warrants. We have recorded non-cash compensation expense&nbsp;of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$0</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$13,225</div> for the period ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 30, 2018 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2017</div> related to the warrants issued.</div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left; text-indent: 45pt;">&nbsp;</div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left; text-indent: 45pt;">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. For so long as the warrants remain outstanding, we are required to keep reserved from our authorized and unissued shares of common stock a sufficient number of shares to provide for the issuance of the shares underlying the warrants.</div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left; text-indent: 45pt;">&nbsp;</div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt 0pt 0pt 9pt; text-align: left;"><div style="display: inline; font-weight: bold;">Stock Options</div>&nbsp;</div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left; text-indent: 45pt;">&nbsp;</div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left; text-indent: 45pt;">In <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> August 2011, </div>Parent&#x2019;s Board of Directors adopted a Stock Option Plan (the &#x201c;Plan&#x201d;). Under the terms and conditions of the Plan, the Board of Directors is empowered to grant stock options to employees, officers, and directors of the Company.&nbsp;At <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 30, 2018, </div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">380,000</div> options were granted and outstanding under the Plan.&nbsp;</div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left; text-indent: 45pt;">&nbsp;</div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left; text-indent: 45pt;">The Company recognizes stock based 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.</div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left; text-indent: 45pt;">&nbsp;</div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left; text-indent: 45pt;">The Company recognized stock based compensation expense&nbsp;related to the options of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$33,267</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$58,038</div> for the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">nine</div> months ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 30, 2018 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2017,</div> respectively. At <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 30, 2018, </div>the Company had <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$46,666</div>&nbsp;unrecognized compensation cost related to non-vested options expected to be recognized through <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> August 14, 2020.</div></div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left; text-indent: 45pt;">&nbsp;</div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left; text-indent: 45pt;">A summary of the status of the options outstanding under the Company&#x2019;s stock option plans at <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 30, 2018 </div>is presented below:&nbsp;</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt 22.5pt;text-align:left;text-indent:49.6pt;">&nbsp;</div> <div> <table border="0" cellpadding="0" cellspacing="0" style="; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; text-indent: 0px; min-width: 700px;"> <tr style="vertical-align: bottom;"> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><div style="display: inline; font-weight: bold;">&nbsp;</div></td> <td style="text-align: center; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><div style="display: inline; font-weight: bold;">&nbsp;</div></td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px;"><div style="display: inline; font-weight: bold;">&nbsp;</div></td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td colspan="10" style="text-align: center; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">Options Outstanding</div></div></div> </td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td colspan="6" style="text-align: center; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">Options Exercisable</div></div></div> </td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td> </tr> <tr style="vertical-align: bottom;"> <td colspan="2" style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">Exercise<br /> Prices</div></div></div> </td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td colspan="2" style="text-align: center; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">Number<br /> Outstanding</div></div></div> </td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td colspan="2" style="text-align: center; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">Weighted<br /> Average<br /> Remaining<br /> Contractual </div></div></div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">Life (years)</div></div></div> </td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td colspan="2" style="text-align: center; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">Weighted<br /> Average<br /> Exercise<br /> Price</div></div></div> </td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td colspan="2" style="text-align: center; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">Number<br /> Exercisable</div></div></div> </td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td colspan="2" style="text-align: center; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">Weighted<br /> Average<br /> Exercise<br /> Price</div></div></div> </td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">$</td> <td style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">0.74</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">250,000</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1.87</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">0.74</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">250,000</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">0.74</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">$</td> <td style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1.01</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">130,000</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">7.23</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">$</td> <td style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1.01</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">130,000</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">$</td> <td style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1.01</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td colspan="2" style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div><div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; text-align: center;">Total</div> </td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 3px;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0);">&nbsp;</td> <td style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">380,000</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0);">&nbsp;</td> <td style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4.02</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">0.86</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0);">&nbsp;</td> <td style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">380,000</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">0.86</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;">&nbsp;</td> </tr> </table> </div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:15pt;margin-right:22.5pt;margin-top:0pt;text-align:left;">&nbsp;</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt 15pt;text-align:left;"></div> <div style=" font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left"></div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left; text-indent: 45pt;">A summary of the status of the options at <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 30, 2018, </div>and changes during the period is presented below:</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt 22.5pt;text-align:left;">&nbsp;</div> <div> <table border="0" cellpadding="0" cellspacing="0" style="; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; text-indent: 0px; min-width: 700px;"> <tr style="vertical-align: bottom;"> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td colspan="14" style="text-align: center; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">September</div><div style="display: inline; font-weight: bold;"> 30, 2018</div></div></div> </td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td> </tr> <tr style="vertical-align: bottom;"> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td colspan="2" style="text-align: center; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">Shares</div></div></div> </td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td colspan="2" style="text-align: center; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">Weighted<br /> Average<br /> Exercise<br /> Price</div></div></div> </td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td colspan="2" style="text-align: center; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">Average<br /> Remaining<br /> Life</div></div></div> </td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td colspan="2" style="text-align: center; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">Weighted<br /> Average<br /> Intrinsic<br /> Value</div></div></div> </td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td> </tr> <tr style="vertical-align: bottom;"> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 52%;"> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Outstanding at beginning of period</div> </td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">455,000</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">0.82</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4.15</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Granted</div> </td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Exercised</div> </td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Forfeited</div> </td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(75,000</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">)</div> </td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">0.74</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Expired</div> </td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Outstanding at end of period</div> </td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">380,000</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">$</td> <td style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">0.83</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3.70</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">$</td> <td style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">314,500</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Vested and expected to vest</div> </td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">380,000</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">$</td> <td style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">0.83</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3.70</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">$</td> <td style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">314,500</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Exercisable end of period</div> </td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0);">&nbsp;</td> <td style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">380,000</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">0.83</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0);">&nbsp;</td> <td style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3.70</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">314,500</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;">&nbsp;</td> </tr> </table> </div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left; text-indent: 45pt;">&nbsp;</div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left; text-indent: 45pt;">The total intrinsic value of options at <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 30, 2018 </div>was <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$314,500.</div>&nbsp;Intrinsic value is measured using the fair market value at the date of exercise (for shares exercised) or at <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 30, 2018 (</div>for outstanding options), less the applicable exercise price.&nbsp;&nbsp;</div></div> <div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left;"><div style="display: inline; font-weight: bold;">NOTE <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">13</div>&nbsp;-&nbsp;SUBSEQUENT EVENTS</div></div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt 22.5pt;text-align:left;text-indent:48.4pt;">&nbsp;</div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left; text-indent: 45pt;">The Company&#x2019;s management reviewed material events through <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> November 14, 2018 </div>and there were <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">no</div> material subsequent events.</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt 22.5pt;text-align:left;text-indent:49.6pt;"></div></div> <div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left;"><div style="display: inline; font-weight: bold;">NOTE <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2</div> - GOING CONCERN</div></div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt 22.5pt;text-align:left;text-indent:49.6pt;">&nbsp;</div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left; text-indent: 45pt;">The accompanying condensed consolidated financial statements have been prepared in conformity with generally accepted accounting principles of the United States of America, which contemplate continuation of the Company as a going concern. However, the Company has limited cash and has recently incurred significant losses. These factors raise substantial doubt about the ability of the Company to continue as a going concern for a period of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">one</div> year from the issuance of these financial statements. There is <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">no</div> assurance that the Company will be successful in raising additional cash through the issuance of debt or equity instruments or return to profitable operations in the future. The financial statements do <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> include any adjustments that might result from the outcome of these uncertainties.&nbsp;</div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left; text-indent: 45pt;">&nbsp;</div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left; text-indent: 45pt;">Management believes the Company is progressing toward alleviating this substantial doubt as to the Company&#x2019;s ability to continue as a going concern for a period of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">one</div>&nbsp;year from the issuance of these financial statements. During <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> April </div>of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018,</div> the Company raised <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$6.6</div> million through the sale of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">19,448,529</div> common shares, and the Company has signed framework agreements with a total of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div>&nbsp;large marine scrubber manufacturers for the potential future sale of a significant number of filtration systems in late <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2019.</div></div></div> <div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left; text-indent: 45pt;"><div style="display: inline; font-weight: bold;">Accounting Estimates&nbsp;--</div>&nbsp;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 including accounts receivable, allowance for doubtful accounts, cost in excess of billings, reserve for obsolete inventory, depreciation and impairment of property plant and equipment, and goodwill; liabilities including billings in excess of costs and contingencies; 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.</div></div></div></div></div></div> 72740547 44229264 60799235 40604129 xbrli:shares xbrli:pure iso4217:USD iso4217:DKK iso4217:USD xbrli:shares iso4217:EUR 0001307579 liqt:LiqTechItalyMember us-gaap:ChiefExecutiveOfficerMember 2014-09-09 2014-09-09 0001307579 2017-01-01 2017-09-30 0001307579 us-gaap:EmployeeStockOptionMember 2017-01-01 2017-09-30 0001307579 us-gaap:RestrictedStockMember 2017-01-01 2017-09-30 0001307579 liqt:WarrantsIssuedForServicesMember 2017-01-01 2017-09-30 0001307579 liqt:WarrantsMember 2017-01-01 2017-09-30 0001307579 us-gaap:AssetsTotalMember us-gaap:GeographicConcentrationRiskMember country:DK 2017-01-01 2017-09-30 0001307579 us-gaap:AssetsTotalMember us-gaap:GeographicConcentrationRiskMember country:US 2017-01-01 2017-09-30 0001307579 us-gaap:SalesRevenueNetMember us-gaap:CustomerConcentrationRiskMember 2017-01-01 2017-09-30 0001307579 us-gaap:SalesRevenueNetMember us-gaap:CustomerConcentrationRiskMember liqt:MajorCustomer1Member 2017-01-01 2017-09-30 0001307579 us-gaap:SalesRevenueNetMember us-gaap:CustomerConcentrationRiskMember liqt:MajorCustomer2Member 2017-01-01 2017-09-30 0001307579 us-gaap:SalesRevenueNetMember us-gaap:CustomerConcentrationRiskMember liqt:MajorCustomer3Member 2017-01-01 2017-09-30 0001307579 us-gaap:SalesRevenueNetMember us-gaap:CustomerConcentrationRiskMember liqt:MajorCustomer4Member 2017-01-01 2017-09-30 0001307579 srt:ReportableGeographicalComponentsMember country:AU 2017-01-01 2017-09-30 0001307579 srt:ReportableGeographicalComponentsMember srt:AsiaMember 2017-01-01 2017-09-30 0001307579 srt:ReportableGeographicalComponentsMember srt:EuropeMember 2017-01-01 2017-09-30 0001307579 srt:ReportableGeographicalComponentsMember srt:SouthAmericaMember 2017-01-01 2017-09-30 0001307579 srt:ReportableGeographicalComponentsMember liqt:USAndCanadaMember 2017-01-01 2017-09-30 0001307579 us-gaap:PatentsMember 2017-01-01 2017-09-30 0001307579 liqt:CeramicDieselParticulateMember 2017-01-01 2017-09-30 0001307579 liqt:KilnFurnitureMember 2017-01-01 2017-09-30 0001307579 liqt:LiquidFiltersMember 2017-01-01 2017-09-30 0001307579 2017-01-01 2017-12-31 0001307579 2017-07-01 2017-09-30 0001307579 srt:ReportableGeographicalComponentsMember country:AU 2017-07-01 2017-09-30 0001307579 srt:ReportableGeographicalComponentsMember srt:AsiaMember 2017-07-01 2017-09-30 0001307579 srt:ReportableGeographicalComponentsMember srt:EuropeMember 2017-07-01 2017-09-30 0001307579 srt:ReportableGeographicalComponentsMember srt:SouthAmericaMember 2017-07-01 2017-09-30 0001307579 srt:ReportableGeographicalComponentsMember liqt:USAndCanadaMember 2017-07-01 2017-09-30 0001307579 liqt:CeramicDieselParticulateMember 2017-07-01 2017-09-30 0001307579 liqt:KilnFurnitureMember 2017-07-01 2017-09-30 0001307579 liqt:LiquidFiltersMember 2017-07-01 2017-09-30 0001307579 us-gaap:ConvertiblePreferredStockMember 2017-11-22 2017-11-22 0001307579 us-gaap:ConvertiblePreferredStockMember us-gaap:PrivatePlacementMember 2017-11-22 2017-11-22 0001307579 liqt:CustomerDisputeInstallationOfWaterTreatmentSystemsMember 2017-12-20 2017-12-20 0001307579 us-gaap:ConvertiblePreferredStockMember 2018-01-01 2018-06-30 0001307579 us-gaap:ConvertiblePreferredStockMember us-gaap:PrivatePlacementMember 2018-01-01 2018-06-30 0001307579 2018-01-01 2018-09-30 0001307579 us-gaap:EmployeeStockOptionMember 2018-01-01 2018-09-30 0001307579 liqt:EmployeeStockOptionsAndWarrantMember 2018-01-01 2018-09-30 0001307579 us-gaap:WarrantMember 2018-01-01 2018-09-30 0001307579 us-gaap:EmployeeStockOptionMember 2018-01-01 2018-09-30 0001307579 us-gaap:EmployeeStockOptionMember liqt:The2011StockOptionsPlanMember 2018-01-01 2018-09-30 0001307579 us-gaap:RestrictedStockMember 2018-01-01 2018-09-30 0001307579 liqt:WarrantsIssuedForServicesMember 2018-01-01 2018-09-30 0001307579 liqt:WarrantsMember 2018-01-01 2018-09-30 0001307579 liqt:Warrant1Member 2018-01-01 2018-09-30 0001307579 us-gaap:AssetsTotalMember us-gaap:GeographicConcentrationRiskMember country:DK 2018-01-01 2018-09-30 0001307579 us-gaap:AssetsTotalMember us-gaap:GeographicConcentrationRiskMember country:US 2018-01-01 2018-09-30 0001307579 us-gaap:SalesRevenueNetMember us-gaap:CustomerConcentrationRiskMember 2018-01-01 2018-09-30 0001307579 srt:ReportableGeographicalComponentsMember country:AU 2018-01-01 2018-09-30 0001307579 srt:ReportableGeographicalComponentsMember srt:AsiaMember 2018-01-01 2018-09-30 0001307579 srt:ReportableGeographicalComponentsMember srt:EuropeMember 2018-01-01 2018-09-30 0001307579 srt:ReportableGeographicalComponentsMember srt:SouthAmericaMember 2018-01-01 2018-09-30 0001307579 srt:ReportableGeographicalComponentsMember liqt:USAndCanadaMember 2018-01-01 2018-09-30 0001307579 us-gaap:PatentsMember 2018-01-01 2018-09-30 0001307579 us-gaap:PatentsMember srt:MaximumMember 2018-01-01 2018-09-30 0001307579 us-gaap:PatentsMember srt:MinimumMember 2018-01-01 2018-09-30 0001307579 us-gaap:CapitalLeaseObligationsMember 2018-01-01 2018-09-30 0001307579 liqt:CeramicDieselParticulateMember 2018-01-01 2018-09-30 0001307579 liqt:KilnFurnitureMember 2018-01-01 2018-09-30 0001307579 liqt:LiquidFiltersMember 2018-01-01 2018-09-30 0001307579 us-gaap:ComputerEquipmentMember srt:MaximumMember 2018-01-01 2018-09-30 0001307579 us-gaap:ComputerEquipmentMember srt:MinimumMember 2018-01-01 2018-09-30 0001307579 us-gaap:FurnitureAndFixturesMember 2018-01-01 2018-09-30 0001307579 liqt:LabEquipmentMember srt:MaximumMember 2018-01-01 2018-09-30 0001307579 liqt:LabEquipmentMember srt:MinimumMember 2018-01-01 2018-09-30 0001307579 us-gaap:LeaseholdImprovementsMember 2018-01-01 2018-09-30 0001307579 liqt:ProductionEquipmentMember srt:MaximumMember 2018-01-01 2018-09-30 0001307579 liqt:ProductionEquipmentMember srt:MinimumMember 2018-01-01 2018-09-30 0001307579 us-gaap:VehiclesMember srt:MaximumMember 2018-01-01 2018-09-30 0001307579 us-gaap:VehiclesMember srt:MinimumMember 2018-01-01 2018-09-30 0001307579 srt:MaximumMember 2018-01-01 2018-09-30 0001307579 srt:MinimumMember 2018-01-01 2018-09-30 0001307579 liqt:PriceRange1Member 2018-01-01 2018-09-30 0001307579 liqt:PriceRange2Member 2018-01-01 2018-09-30 0001307579 us-gaap:DirectorMember 2018-01-02 2018-01-02 0001307579 2018-04-01 2018-04-30 0001307579 2018-04-16 2018-04-16 0001307579 2018-07-01 2018-09-30 0001307579 us-gaap:EmployeeStockOptionMember liqt:The2011StockOptionsPlanMember 2018-07-01 2018-09-30 0001307579 srt:ReportableGeographicalComponentsMember country:AU 2018-07-01 2018-09-30 0001307579 srt:ReportableGeographicalComponentsMember srt:AsiaMember 2018-07-01 2018-09-30 0001307579 srt:ReportableGeographicalComponentsMember srt:EuropeMember 2018-07-01 2018-09-30 0001307579 srt:ReportableGeographicalComponentsMember srt:SouthAmericaMember 2018-07-01 2018-09-30 0001307579 srt:ReportableGeographicalComponentsMember liqt:USAndCanadaMember 2018-07-01 2018-09-30 0001307579 liqt:CeramicDieselParticulateMember 2018-07-01 2018-09-30 0001307579 liqt:KilnFurnitureMember 2018-07-01 2018-09-30 0001307579 liqt:LiquidFiltersMember 2018-07-01 2018-09-30 0001307579 liqt:CustomerDisputeInstallationOfWaterTreatmentSystemsMember 2018-09-28 2018-09-28 0001307579 liqt:LiqTechItalyMember us-gaap:ChiefExecutiveOfficerMember 2014-09-09 0001307579 2016-12-31 0001307579 2017-09-30 0001307579 us-gaap:EmployeeStockOptionMember 2017-09-30 0001307579 us-gaap:ConvertiblePreferredStockMember us-gaap:PrivatePlacementMember 2017-11-22 0001307579 2017-12-31 0001307579 us-gaap:FairValueInputsLevel1Member 2017-12-31 0001307579 us-gaap:FairValueInputsLevel2Member 2017-12-31 0001307579 us-gaap:FairValueInputsLevel3Member 2017-12-31 0001307579 liqt:LEATechnologyMember 2017-12-31 0001307579 us-gaap:ComputerEquipmentMember 2017-12-31 0001307579 us-gaap:FurnitureAndFixturesMember 2017-12-31 0001307579 liqt:LabEquipmentMember 2017-12-31 0001307579 us-gaap:LeaseholdImprovementsMember 2017-12-31 0001307579 liqt:ProductionEquipmentMember 2017-12-31 0001307579 us-gaap:VehiclesMember 2017-12-31 0001307579 us-gaap:ConvertiblePreferredStockMember 2017-12-31 0001307579 2018-04-16 0001307579 us-gaap:ConvertiblePreferredStockMember us-gaap:PrivatePlacementMember 2018-06-30 0001307579 2018-09-30 0001307579 us-gaap:EmployeeStockOptionMember 2018-09-30 0001307579 liqt:Warrant1Member 2018-09-30 0001307579 liqt:LiqTechGermanyMember liqt:LiqTechInternationalDKMember 2018-09-30 0001307579 liqt:LiqTechPTEMember liqt:LiqTechInternationalDKMember 2018-09-30 0001307579 us-gaap:FairValueInputsLevel1Member 2018-09-30 0001307579 us-gaap:FairValueInputsLevel2Member 2018-09-30 0001307579 us-gaap:FairValueInputsLevel3Member 2018-09-30 0001307579 liqt:LEATechnologyMember 2018-09-30 0001307579 us-gaap:CapitalLeaseObligationsMember 2018-09-30 0001307579 liqt:The2011StockOptionsPlanMember 2018-09-30 0001307579 us-gaap:ComputerEquipmentMember 2018-09-30 0001307579 us-gaap:FurnitureAndFixturesMember 2018-09-30 0001307579 liqt:LabEquipmentMember 2018-09-30 0001307579 us-gaap:LeaseholdImprovementsMember 2018-09-30 0001307579 liqt:ProductionEquipmentMember 2018-09-30 0001307579 us-gaap:VehiclesMember 2018-09-30 0001307579 srt:MaximumMember 2018-09-30 0001307579 srt:MinimumMember 2018-09-30 0001307579 liqt:PriceRange1Member 2018-09-30 0001307579 liqt:PriceRange2Member 2018-09-30 0001307579 us-gaap:ConvertiblePreferredStockMember 2018-09-30 0001307579 2018-11-14 EX-101.SCH 7 liqt-20180930.xsd XBRL TAXONOMY EXTENSION SCHEMA 000 - Document - Document And Entity Information link:calculationLink link:definitionLink link:presentationLink 001 - Statement - Condensed Consolidated Balance Sheets (Current Period Unaudited) link:calculationLink link:definitionLink link:presentationLink 002 - Statement - Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) link:calculationLink link:definitionLink link:presentationLink 003 - Statement - Condensed Consolidated Statements of Operations (Unaudited) link:calculationLink link:definitionLink link:presentationLink 004 - Statement - Condensed Consolidated Statements of Other Comprehensive Income (Unaudited) link:calculationLink link:definitionLink link:presentationLink 005 - Statement - Condensed Consolidated Statements of Cash Flows (Unaudited) link:calculationLink link:definitionLink link:presentationLink 006 - Disclosure - Note 1 - Summary of Significant Accounting Policies link:calculationLink link:definitionLink link:presentationLink 007 - Disclosure - Note 2 - Going Concern link:calculationLink link:definitionLink link:presentationLink 008 - Disclosure - Note 3 - Inventory link:calculationLink link:definitionLink link:presentationLink 009 - Disclosure - Note 4 - Property and Equipment link:calculationLink link:definitionLink link:presentationLink 010 - Disclosure - Note 5 - Investments at Costs link:calculationLink link:definitionLink link:presentationLink 011 - Disclosure - Note 6 - Definite-life Intangible Assets link:calculationLink link:definitionLink link:presentationLink 012 - Disclosure - Note 7 - Lines of Credit link:calculationLink link:definitionLink link:presentationLink 013 - Disclosure - Note 8 - Leases link:calculationLink link:definitionLink link:presentationLink 014 - Disclosure - Note 9 - Commitments and Contingencies link:calculationLink link:definitionLink link:presentationLink 015 - Disclosure - Note 10 - Earnings Per Share link:calculationLink link:definitionLink link:presentationLink 016 - Disclosure - Note 11 - Stockholders' Equity link:calculationLink link:definitionLink link:presentationLink 017 - Disclosure - Note 12 - Significant Customers / Concentration / Disaggregated Revenue link:calculationLink link:definitionLink link:presentationLink 018 - Disclosure - Note 13 - Subsequent Events link:calculationLink link:definitionLink link:presentationLink 019 - Disclosure - Significant Accounting Policies (Policies) link:calculationLink link:definitionLink link:presentationLink 020 - Disclosure - Note 1 - Summary of Significant Accounting Policies (Tables) link:calculationLink link:definitionLink link:presentationLink 021 - Disclosure - Note 3 - Inventory (Tables) link:calculationLink link:definitionLink link:presentationLink 022 - Disclosure - Note 4 - Property and Equipment (Tables) link:calculationLink link:definitionLink link:presentationLink 023 - Disclosure - Note 5 - Investments at Costs (Tables) link:calculationLink link:definitionLink link:presentationLink 024 - Disclosure - Note 6 - Definite-life Intangible Assets (Tables) link:calculationLink link:definitionLink link:presentationLink 025 - Disclosure - Note 8 - Leases (Tables) link:calculationLink link:definitionLink link:presentationLink 026 - Disclosure - Note 9 - Commitments and Contingencies (Tables) link:calculationLink link:definitionLink link:presentationLink 027 - Disclosure - Note 11 - Stockholders' Equity (Tables) link:calculationLink link:definitionLink link:presentationLink 028 - Disclosure - Note 12 - Significant Customers / Concentration / Disaggregated Revenue (Tables) link:calculationLink link:definitionLink link:presentationLink 029 - Disclosure - Note 1 - Summary of Significant Accounting Policies (Details Textual) link:calculationLink link:definitionLink link:presentationLink 030 - Disclosure - Note 1 - Summary of Significant Accounting Policies - Allowance for Doubtful Accounts (Details) link:calculationLink link:definitionLink link:presentationLink 031 - Disclosure - Note 1 - Summary of Significant Accounting Policies - Summary of Changes in Contract Assets and Liabilities (Details) link:calculationLink link:definitionLink link:presentationLink 032 - Disclosure - Note 2 - Going Concern (Details Textual) link:calculationLink link:definitionLink link:presentationLink 033 - Disclosure - Note 3 - Inventory - Summary of Inventory (Details) link:calculationLink link:definitionLink link:presentationLink 034 - Disclosure - Note 4 - Property and Equipment (Details Textual) link:calculationLink link:definitionLink link:presentationLink 035 - Disclosure - Note 4 - Property and Equipment - Summary of Property and Equipment (Details) link:calculationLink link:definitionLink link:presentationLink 036 - Disclosure - Note 5 - Investments at Costs (Details Textual) link:calculationLink link:definitionLink link:presentationLink 037 - Disclosure - Note 5 - Investments at Costs - Financial Assets and Liabilities (Details) link:calculationLink link:definitionLink link:presentationLink 038 - Disclosure - Note 6 - Definite-life Intangible Assets (Details Textual) link:calculationLink link:definitionLink link:presentationLink 039 - Disclosure - Note 6 - Definite-life Intangible Assets - Expected Future Amortization Expense (Details) link:calculationLink link:definitionLink link:presentationLink 040 - Disclosure - Note 7 - Lines of Credit (Details Textual) link:calculationLink link:definitionLink link:presentationLink 041 - Disclosure - Note 8 - Leases (Details Textual) link:calculationLink link:definitionLink link:presentationLink 042 - Disclosure - Note 8 - Leases - Future Minimum Lease Payments for Non-cancelable Operating Leases (Details) link:calculationLink link:definitionLink link:presentationLink 043 - Disclosure - Note 8 - Leases - Future Minimum Capital Lease Payments (Details) link:calculationLink link:definitionLink link:presentationLink 044 - Disclosure - Note 9 - Commitments and Contingencies (Details Textual) link:calculationLink link:definitionLink link:presentationLink 045 - Disclosure - Note 9 - Agreements and Commitments - Product Warranties (Details) link:calculationLink link:definitionLink link:presentationLink 046 - Disclosure - Note 10 - Earnings Per Share (Details Textual) link:calculationLink link:definitionLink link:presentationLink 047 - Disclosure - Note 11 - Stockholders' Equity (Details Textual) link:calculationLink link:definitionLink link:presentationLink 048 - Disclosure - Note 11 - Stockholders' Equity - Warrants Outstanding by Exercise Price (Details) link:calculationLink link:definitionLink link:presentationLink 049 - Disclosure - Note 11 - Stockholders' Equity - Options Outstanding by Exercise Price (Details) link:calculationLink link:definitionLink link:presentationLink 050 - Disclosure - Note 11 - Stockholders' Equity - Status of Options and Changes During the Year (Details) link:calculationLink link:definitionLink link:presentationLink 051 - Disclosure - Note 12 - Significant Customers / Concentration / Disaggregated Revenue (Details Textual) link:calculationLink link:definitionLink link:presentationLink 052 - Disclosure - Note 12 - Significant Customers / Concentration / Disaggregated Revenue - Net Sales by Geographical Region (Details) link:calculationLink link:definitionLink link:presentationLink 053 - Disclosure - Note 12 - Significant Customers / Concentration / Disaggregated Revenue - Sales by Product Line (Details) link:calculationLink link:definitionLink link:presentationLink EX-101.CAL 8 liqt-20180930_cal.xml XBRL TAXONOMY EXTENSION CALCULATION LINKBASE EX-101.DEF 9 liqt-20180930_def.xml XBRL TAXONOMY EXTENSION DEFINITION LINKBASE EX-101.LAB 10 liqt-20180930_lab.xml XBRL TAXONOMY EXTENSION LABEL LINKBASE Document And Entity Information Other Income (Expense) Note To Financial Statement Details Textual Significant Accounting Policies Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range [Table Text Block] Note 1 - Summary of Significant Accounting Policies Note 3 - Inventory Note 4 - Property and Equipment Note 5 - Investments at Costs Note 6 - Definite-life Intangible Assets Note 8 - Leases Note 9 - Commitments and Contingencies Note 11 - Stockholders' Equity Note 12 - Significant Customers / Concentration / Disaggregated Revenue Note 1 - Summary of Significant Accounting Policies - Allowance for Doubtful Accounts (Details) us-gaap_GuaranteeObligationsCurrentCarryingValue Guarantor Obligations, Current Carrying Value Note 1 - Summary of Significant Accounting Policies - Summary of Changes in Contract Assets and Liabilities (Details) Note 3 - Inventory - Summary of Inventory (Details) Note 4 - Property and Equipment - Summary of Property and Equipment (Details) us-gaap_LiabilitiesCurrent Total Current Liabilities Note 5 - Investments at Costs - Financial Assets and Liabilities (Details) Note 6 - Definite-life Intangible Assets - Expected Future Amortization Expense (Details) Note 8 - Leases - Future Minimum Lease Payments for Non-cancelable Operating Leases (Details) Note 8 - Leases - Future Minimum Capital Lease Payments (Details) Note 9 - Agreements and Commitments - Product Warranties (Details) Note 11 - Stockholders' Equity - Warrants Outstanding by Exercise Price (Details) Note 11 - Stockholders' Equity - Options Outstanding by Exercise Price (Details) Note 11 - Stockholders' Equity - Status of Options and Changes During the Year (Details) Note 12 - Significant Customers / Concentration / Disaggregated Revenue - Net Sales by Geographical Region (Details) Note 12 - Significant Customers / Concentration / Disaggregated Revenue - Sales by Product Line (Details) Notes To Financial Statements Notes To Financial Statements [Abstract] us-gaap_LitigationSettlementAmountAwardedFromOtherParty Litigation Settlement, Amount Awarded from Other Party Currency Translation, Net of Taxes Vested and expected to vest, average remaining life (Year) Customer Dispute, Installation of Water Treatment Systems [Member] Information pertaining to a customer dispute concerning the installation of a water treatment system. Current portion of capital lease obligations Less Current Portion Vested and expected to vest, shares (in shares) Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding and Exercisable [Table Text Block] Vested and expected to vest, weighted average exercise price (in dollars per share) Vested and expected to vest, weighted average intrinsic value Exercisable end of period, weighted average exercise price (in dollars per share) Exercisable end of period, average remaining life (Year) Exercisable end of period, weighted average intrinsic value Exercisable end of period, shares (in shares) us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest Total Stockholders' Equity Outstanding, average remaining life (Year) Outstanding, weighted average intrinsic value Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price, Ending Balance Outstanding, weighted average exercise price (in dollars per share) Outstanding, weighted average exercise price (in dollars per share) Forfeited, weighted average exercise price (in dollars per share) Expired, weighted average exercise price (in dollars per share) Contract liabilities Granted, weighted average exercise price (in dollars per share) Exercised, weighted average exercise price (in dollars per share) Accrued expenses Accrued income taxes payable us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number, Ending Balance Outstanding, shares (in shares) Outstanding, shares (in shares) us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExpirationsInPeriod Expired, shares (in shares) Proceeds from sale/recovery of property and equipment us-gaap_PolicyTextBlockAbstract Accounting Policies us-gaap_PaymentsToAcquirePropertyPlantAndEquipment Purchase of property and equipment Accounts payable Current Liabilities: liqt_ClassOfWarrantOrRightOutstandingNonvestedWarrants Class of Warrant or Right, Outstanding, Non-vested Warrants The amount of non-vested warrants outstanding at the end of the period. Supplemental Disclosures of Cash Flow Information: us-gaap_Assets Total Assets Patents [Member] Plan Name [Axis] Plan Name [Domain] us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Stock Options us-gaap_LossContingencyDamagesSoughtValue Loss Contingency, Damages Sought, Value Finite-Lived Intangible Assets by Major Class [Axis] Finite-Lived Intangible Assets, Major Class Name [Domain] LiqTech Germany [Member] Represents information about LiqTech Germany. LiqTech PTE [Member] LiqTech PTE liqt_ValueAddedTaxOfInvoicePercentage Value Added Tax Of Invoice, Percentage Value added tax of invoice, percentage. us-gaap_ContractWithCustomerAssetNet Contract assets us-gaap_OtherAssets Total Other Assets Production Equipment [Member] Production equipment Equity Award [Domain] Lab Equipment [Member] Lab equipment LEA Technology [Member] LEA Technology Award Type [Axis] Net Loss Net Loss Net Loss us-gaap_FiniteLivedIntangibleAssetsNet Intangible assets Intangible Assets, Net (Excluding Goodwill), Total Restricted Stock [Member] Price Range 1 [Member] Price range 1 Price Range 2 [Member] Price range 2 Employee Stock Option [Member] Warrant [Member] Loss Contingency, Nature [Domain] Antidilutive Securities [Axis] liqt_NumberOfMajorCustomers Number of Major Customers Represents the number of major customers accounting for 10% or more of the specified concentration risk benchmark, which includes, but not limited to, sales revenue, accounts receivable, etc. Antidilutive Securities, Name [Domain] Major Customer 1 [Member] Major customer 1 Major Customer 2 [Member] Major customer 2 Major Customer 3 [Member] Major customer 3 Major Customer 4 [Member] Major customer 4 Loss Contingency Nature [Axis] US And Canada [Member] US and Canada Ceramic Diesel Particulate [Member] Ceramic diesel particulate Liquid Filters [Member] Liquid filters Kiln Furniture [Member] Kiln furniture Commitments and Contingencies Disclosure [Text Block] us-gaap_AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment Less Accumulated Depreciation Property and Equipment, net accumulated depreciation Net Property and Equipment Property and equipment, gross Long-term Debt, Type [Axis] Long-term Debt, Type [Domain] Capital Lease Obligations [Member] us-gaap_CapitalLeasesFutureMinimumPaymentsDueThereafter Thereafter us-gaap_CapitalLeasesFutureMinimumPaymentsDue Total minimum lease payments us-gaap_EquityMethodInvestmentOwnershipPercentage Equity Method Investment, Ownership Percentage AUSTRALIA Leases of Lessee Disclosure [Text Block] us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivities Total Adjustments us-gaap_CapitalLeasesFutureMinimumPaymentsDueCurrent 2018 Cash Flows from Investing Activities: Investments at cost Other Long-term Investments Earnings Per Share [Text Block] us-gaap_CapitalLeasesFutureMinimumPaymentsInterestIncludedInPayments Less amount representing interest us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments Loss Before Income Taxes us-gaap_CapitalLeasesFutureMinimumPaymentsPresentValueOfNetMinimumPayments Present value of minimum lease payments us-gaap_IncreaseDecreaseInAccruedLiabilities Accrued expenses Income Tax Expense us-gaap_IncreaseDecreaseInAccountsPayable Accounts payable DENMARK us-gaap_OperatingExpenses Total Operating Expenses us-gaap_DefinedContributionPlanCostRecognized Defined Contribution Plan, Cost General and administrative expenses us-gaap_LeaseAndRentalExpense Operating Leases, Rent Expense, Total Cash Cash and Cash Equivalents at Beginning of Period Cash and Cash Equivalents at End of Period Long-term contracts Non-cash compensation expenses Allocated Share-based Compensation Expense, Total Amendment Flag Use of Estimates, Policy [Policy Text Block] us-gaap_DebtInstrumentPeriodicPayment Debt Instrument, Periodic Payment, Total New Accounting Pronouncements, Policy [Policy Text Block] us-gaap_DebtInstrumentPeriodicPaymentTermsBalloonPaymentToBePaid Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid Common stock, shares outstanding (in shares) Preferred stock, shares outstanding (in shares) Preferred Stock, Shares Outstanding, Ending Balance Allowance for Credit Losses on Financing Receivables [Table Text Block] Current Fiscal Year End Date us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets Prepaid expenses/deposits Document Fiscal Period Focus Document Fiscal Year Focus Consolidation, Policy [Policy Text Block] Effect of currency translation Document Period End Date Entity Emerging Growth Company Document Type Entity Small Business Document Information [Line Items] Document Information [Table] Entity Filer Category Entity Current Reporting Status us-gaap_ConcentrationRiskPercentage1 Concentration Risk, Percentage us-gaap_IncreaseDecreaseInAccountsReceivable Accounts receivable Statement of Comprehensive Income [Abstract] Entity Central Index Key Entity Registrant Name Entity [Domain] Legal Entity [Axis] Customer Concentration Risk [Member] us-gaap_AmortizationOfIntangibleAssets Amortization of Intangible Assets, Total Geographic Concentration Risk [Member] Concentration Risk Type [Axis] Concentration Risk Type [Domain] us-gaap_AllowanceForDoubtfulAccountsReceivable Allowance for doubtful accounts at the beginning of the period Allowance for doubtful accounts at the end of the period Entity Common Stock, Shares Outstanding (in shares) Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] us-gaap_AdvertisingExpense Advertising Expense The 2011 Stock Options Plan [Member] Represents the 2011 stock options plan. Sales Revenue, Net [Member] Estimated earnings The estimated amount of receivables reflecting the cost incurred on uncompleted contracts in excess of related billings. liqt_ContractWithCustomerAssetLiabilityNetTotal Contract asset (liabilities) Contract assets (liabilities) The amount of assets (liabilities), after allowance for credit loss, for good or service transferred to customer when right is conditioned on something other than passage of time. Investments [Domain] us-gaap_IncreaseDecreaseInInventories Inventory Trading Symbol Assets, Total [Member] Concentration Risk Benchmark [Axis] Concentration Risk Benchmark [Domain] Investment Type [Axis] Exercised, shares (in shares) us-gaap_TableTextBlock Notes Tables us-gaap_GainLossOnDispositionOfAssets1 Loss on sale of equipment Loss on sale of equipment us-gaap_StockIssuedDuringPeriodSharesRestrictedStockAwardGross Stock Issued During Period, Shares, Restricted Stock Award, Gross us-gaap_LineOfCreditFacilityMaximumBorrowingCapacity Line of Credit Facility, Maximum Borrowing Capacity Director [Member] us-gaap_StockIssuedDuringPeriodValueRestrictedStockAwardGross Stock Issued During Period, Value, Restricted Stock Award, Gross Chief Executive Officer [Member] Related Party [Axis] Related Party [Domain] Bad debt expense Bad debt expense Granted, shares (in shares) us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod Forfeited, shares (in shares) Cost incurred on uncompleted contracts The amount cost incurred on uncompleted contracts in excess of related billings. us-gaap_StockIssuedDuringPeriodSharesNewIssues Stock Issued During Period, Shares, New Issues Selling expenses us-gaap_LiabilitiesAndStockholdersEquity Total Liabilities and Stockholders' Equity us-gaap_CashUninsuredAmount Cash, Uninsured Amount UNITED STATES Research and development expenses Research and Development Expense, Total Accumulated deficit Other comprehensive income, net Debt Disclosure [Text Block] us-gaap_InterestExpense Interest expense Changes in assets and liabilities: us-gaap_DisclosureTextBlockAbstract Notes to Financial Statements Substantial Doubt about Going Concern [Text Block] Inventory Disclosure [Text Block] Schedule of Inventory, Current [Table Text Block] Subsequent Events [Text Block] Deposits Fair Value Measurement, Policy [Policy Text Block] us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo 2019 us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseYearThree Thereafter Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths 2018 Foreign Currency Transactions and Translations Policy [Policy Text Block] Non-cash compensation Stock-based compensation Title of Individual [Axis] us-gaap_FiniteLivedIntangibleAssetUsefulLife Finite-Lived Intangible Asset, Useful Life Relationship to Entity [Domain] Earnings Per Share, Policy [Policy Text Block] Operating Expenses: Income Tax, Policy [Policy Text Block] Total us-gaap_AssetsFairValueDisclosure Research, Development, and Computer Software, Policy [Policy Text Block] Warrants outstanding, weighted average remaining contractual life (Year) Weighted average remaining contractual term for a class of warrant or right. Warrants exercisable (in shares) Number of warrants or rights exercisable. us-gaap_Depreciation Depreciation, Total Warrants outstanding, weighted average exercise price (in dollars per share) The weighted average exercise price per share or per unit of warrants or rights outstanding. Warrant 1 [Member] Refers to information regarding the first set of warrants' exercise price range. Warrants exercisable, weighted average exercise price (in dollars per share) The weighted average exercise price per share or per unit of warrants or rights exercisable. Depreciation and amortization Intangible Assets Disclosure [Text Block] us-gaap_SharesIssuedPricePerShare Shares Issued, Price Per Share us-gaap_AssetsCurrent Total Current Assets Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] Stockholders' Equity Note Disclosure [Text Block] Investments us-gaap_InvestmentsFairValueDisclosure Advertising Costs, Policy [Policy Text Block] Common stock; par value $0,001, 100,000,000 shares authorized, 72,740,547 and 44,429,264 shares issued and outstanding at September 30, 2018 and December 31, 2017, respectively Adjustments to reconcile net loss to net cash provided (used) by operations: Common stock, shares authorized (in shares) Common Stock, Shares Authorized Common stock, shares issued (in shares) Common Stock, Shares, Issued, Total Common stock, par value (in dollars per share) Common Stock, Par or Stated Value Per Share Asia [Member] Range [Domain] Maximum [Member] Minimum [Member] Product and Service [Axis] Product and Service [Domain] Range [Axis] liqt_ConvertiblePreferredStockAggregateSharesIssuedUponConversion Convertible Preferred Stock, Aggregate Shares Issued upon Conversion Aggregate number of shares issued for convertible preferred stock that is converted. Contract assets Series A Convertible Preferred Stock; par value $0.001, 0 and 2,200,837 shares issued and outstanding at September 30, 2018 and December 31, 2017 respectively Preferred stock, shares issued (in shares) Preferred Stock, Shares Issued, Total Interest Paid South America [Member] Income Taxes Prepaid expenses Property, Plant and Equipment Disclosure [Text Block] Geographical [Axis] Goodwill and Intangible Assets, Policy [Policy Text Block] Geographical [Domain] Property, Plant and Equipment [Table Text Block] us-gaap_PreferredStockSharesAuthorized Preferred Stock, Shares Authorized Europe [Member] Inventories, net Net Inventory Preferred stock, par value (in dollars per share) Preferred Stock, Par or Stated Value Per Share Work in process us-gaap_ConvertiblePreferredStockSharesIssuedUponConversion Convertible Preferred Stock, Shares Issued upon Conversion Net Sales us-gaap_InventoryValuationReserves Reserve for obsolescence liqt_ExtendedProductWarrantyTerm Extended Product Warranty, Term The period for the extended product warranty, in PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days. Fair Value, Inputs, Level 3 [Member] liqt_StandardProductWarrantyTerm Standard Product Warranty, Term The period of the standard product warranty, in PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days. Gain (loss) on currency transactions Finished goods and filtration systems Fair Value Hierarchy and NAV [Domain] Customer [Axis] Customer [Domain] Fair Value, Inputs, Level 1 [Member] Common stock issued for conversion of mandatory preferred stock The value of stock issued for conversion of mandatory preferred stock in a noncash transaction. Employee Stock Options and Warrant [Member] Represents the information pertaining to employee stock options and warrants. Fair Value, Inputs, Level 2 [Member] Fair Value Hierarchy and NAV [Axis] us-gaap_ProductWarrantyAccrualPayments Payments made Reconciliation of Revenue from Segments to Consolidated [Table Text Block] us-gaap_StandardAndExtendedProductWarrantyAccrualForeignCurrencyTranslationGainLoss Foreign currency effect Raw materials Current year warranty expense Furnace parts and supplies Change in estimate related to pre-existing warranties Useful Life (Year) Property, Plant and Equipment, Useful Life Cash Flows from Operating Activities: Revenue Recognition, Policy [Policy Text Block] Statement [Line Items] Furniture and Fixtures [Member] Accounts receivable, net Additional paid-in capital us-gaap_DeferredCompensationEquity Deferred compensation Schedule of Product Warranty Liability [Table Text Block] Stockholders' Equity: Leasehold Improvements [Member] Property, Plant and Equipment, Policy [Policy Text Block] Property, Plant and Equipment, Type [Axis] us-gaap_NonoperatingIncomeExpense Total Other Income (Expense) Segment Reporting Disclosure [Text Block] Property, Plant and Equipment, Type [Domain] Current Assets: Fair Value, by Balance Sheet Grouping [Table Text Block] Inventory, Policy [Policy Text Block] Private Placement [Member] us-gaap_NetCashProvidedByUsedInFinancingActivities Net Cash Provided by Financing Activities Other Assets: us-gaap_Liabilities Total Liabilities Agreements and Contingencies See Note 9 Sale of Stock [Axis] Sale of Stock [Domain] us-gaap_OperatingIncomeLoss Loss from Operations us-gaap_NetCashProvidedByUsedInOperatingActivities Net Cash Used in Operating Activities us-gaap_NetCashProvidedByUsedInInvestingActivities Net Cash Used in Investing Activities Gain (Loss) on Currency Translation us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease Net Change in Cash and Cash Equivalents us-gaap_GrossProfit Gross Profit (Loss) Cost of Goods Sold Counterparty Name [Axis] Counterparty Name [Domain] Schedule of Stockholders' Equity Note, Warrants or Rights [Table Text Block] Consolidation Items [Domain] Reportable Geographical Components [Member] Reserve for obsolete inventory us-gaap_ContractWithCustomerLiability Contract liabilities Consolidation Items [Axis] LiqTech Italy [Member] Information pertaining to LiqTech Italy. Investment, Policy [Policy Text Block] us-gaap_PaymentsOfStockIssuanceCosts Payments of Stock Issuance Costs Payment of stock offering costs us-gaap_BillingsInExcessOfCost Billings on uncompleted contracts Interest and other income us-gaap_ProductWarrantyAccrual Balance Balance us-gaap_CostsInExcessOfBillingsOnUncompletedContractsOrPrograms us-gaap_ProceedsFromIssuanceOfPrivatePlacement Proceeds from Issuance of Private Placement Proceeds from issuance of common stock Proceeds from Issuance of Common Stock Net proceeds/payments on capital lease obligation Amount of cash inflow (outflow) from long-term capital lease obligations. Warrants [Member] Information pertaining to warrants. Equity Components [Axis] Equity Component [Domain] Exercise prices of warrants (in dollars per share) Class of Warrant or Right, Exercise Price of Warrants or Rights Class of Warrant or Right [Axis] Class of Warrant or Right [Domain] Warrants outstanding (in shares) Deferred revenue / customers deposits Warrants Issued for Services [Member] Represents warrants issued for services. Vehicles [Member] Loans and Leases Receivable, Allowance for Loan Losses Policy [Policy Text Block] us-gaap_RepaymentsOfLongTermDebt Payments on loans payable Total The total value of significant noncash (or part noncash) investing and financing activities. Computer Equipment [Member] Cash and Cash Equivalents, Policy [Policy Text Block] Accounting Policies [Abstract] Significant Accounting Policies [Text Block] Basis of Accounting, Policy [Policy Text Block] liqt_PercentageOfSubsidiaryOwned Percentage of Subsidiary Owned Represents the percentage of subsidiary owned by the parent company. us-gaap_AllowanceForDoubtfulAccountsReceivableWriteOffs Receivables written off during the periods LiqTech International DK [Member] Represents the legal entity of LiqTech International DK. us-gaap_MinorityInterestOwnershipPercentageByNoncontrollingOwners Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners Basic and Diluted Weighted Average Common Shares Outstanding (in shares) us-gaap_SharePrice Share Price us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount Basic and Diluted Loss Per Share (in dollars per share) Statement [Table] Scenario [Axis] Statement of Financial Position [Abstract] Scenario, Unspecified [Domain] us-gaap_OperatingLeasesFutureMinimumPaymentsDue Total Minimum Lease Payments us-gaap_OperatingLeasesFutureMinimumPaymentsDueInFourYears 2021 Contract with Customer, Asset and Liability [Table Text Block] us-gaap_OperatingLeasesFutureMinimumPaymentsDueInFiveYears Thereafter us-gaap_OperatingLeasesFutureMinimumPaymentsDueInTwoYears 2019 Statement of Cash Flows [Abstract] us-gaap_OperatingLeasesFutureMinimumPaymentsDueInThreeYears 2020 Schedule of Revenue from External Customers Attributed to Foreign Countries by Geographic Area [Table Text Block] us-gaap_OperatingLeasesFutureMinimumPaymentsDueCurrent 2018 Income Statement [Abstract] us-gaap_OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent Other Comprehensive Loss Schedule of Future Minimum Lease Payments for Capital Leases [Table Text Block] Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] Cash Flows from Financing Activities: Convertible Preferred Stock [Member] Class of Stock [Axis] Class of Stock [Domain] Options outstanding, weighted average exercise price (in dollars per share) Options outstanding, weighted average remaining contractual life (Year) Options exercisable (in shares) Options exercisable, weighted average exercise price (in dollars per share) Exercise prices of options (in dollars per share) Options outstanding (in shares) Exercise Price Range [Axis] Other receivables Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Domain] EX-101.PRE 11 liqt-20180930_pre.xml XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE XML 12 R1.htm IDEA: XBRL DOCUMENT v3.10.0.1
Document And Entity Information - shares
9 Months Ended
Sep. 30, 2018
Nov. 14, 2018
Document Information [Line Items]    
Entity Registrant Name LIQTECH INTERNATIONAL INC  
Entity Central Index Key 0001307579  
Trading Symbol liqt  
Current Fiscal Year End Date --12-31  
Entity Filer Category Non-accelerated Filer  
Entity Current Reporting Status Yes  
Entity Emerging Growth Company false  
Entity Small Business true  
Entity Common Stock, Shares Outstanding (in shares)   72,905,547
Document Type 10-Q  
Document Period End Date Sep. 30, 2018  
Document Fiscal Year Focus 2018  
Document Fiscal Period Focus Q3  
Amendment Flag false  
XML 13 R2.htm IDEA: XBRL DOCUMENT v3.10.0.1
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($)
Sep. 30, 2018
Dec. 31, 2017
Current Assets:    
Cash $ 3,861,595 $ 2,486,199
Accounts receivable, net 2,453,293 1,124,842
Other receivables 677,295 636,539
Contract assets 703,971 490,100
Inventories, net 4,253,149 4,661,866
Prepaid expenses 38,162 28,151
Total Current Assets 11,987,465 9,427,697
Property and Equipment, net accumulated depreciation 1,605,831 1,959,205
Other Assets:    
Investments at cost 5,783 6,001
Intangible assets 1,363 3,349
Deposits 350,950 283,686
Total Other Assets 358,096 293,036
Total Assets 13,951,392 11,679,938
Current Liabilities:    
Current portion of capital lease obligations 74,313 26,186
Accounts payable 1,474,214 1,775,230
Accrued expenses 1,607,675 1,724,986
Contract liabilities 440,378 306,845
Accrued income taxes payable 570 580
Deferred revenue / customers deposits 724,382 933,994
Total Current Liabilities 4,321,532 4,767,821
Total Liabilities 4,321,532 4,767,821
Agreements and Contingencies See Note 9
Stockholders' Equity:    
Series A Convertible Preferred Stock; par value $0.001, 0 and 2,200,837 shares issued and outstanding at September 30, 2018 and December 31, 2017 respectively 2,201
Common stock; par value $0,001, 100,000,000 shares authorized, 72,740,547 and 44,429,264 shares issued and outstanding at September 30, 2018 and December 31, 2017, respectively 72,741 44,430
Additional paid-in capital 46,356,874 40,457,907
Accumulated deficit (31,190,458) (28,471,696)
Deferred compensation (46,666) (79,933)
Other comprehensive income, net (5,562,631) (5,040,792)
Total Stockholders' Equity 9,629,860 6,912,117
Total Liabilities and Stockholders' Equity $ 13,951,392 $ 11,679,938
XML 14 R3.htm IDEA: XBRL DOCUMENT v3.10.0.1
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares
Sep. 30, 2018
Dec. 31, 2017
Preferred stock, par value (in dollars per share) $ 0.001 $ 0.001
Preferred stock, shares issued (in shares) 0 2,200,837
Preferred stock, shares outstanding (in shares) 0 2,200,837
Common stock, par value (in dollars per share) $ 0.001 $ 0.001
Common stock, shares authorized (in shares) 100,000,000 100,000,000
Common stock, shares issued (in shares) 72,740,547 44,429,264
Common stock, shares outstanding (in shares) 72,740,547 44,429,264
XML 15 R4.htm IDEA: XBRL DOCUMENT v3.10.0.1
Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2018
Sep. 30, 2017
Sep. 30, 2018
Sep. 30, 2017
Net Sales $ 3,347,204 $ 2,456,484 $ 9,336,614 $ 8,350,758
Cost of Goods Sold 3,058,465 2,772,451 8,447,645 8,202,634
Gross Profit (Loss) 288,739 (315,967) 888,969 148,124
Operating Expenses:        
Selling expenses 414,504 521,627 1,288,294 1,506,329
General and administrative expenses 657,714 433,368 1,914,927 1,518,935
Non-cash compensation expenses 5,833 24,055 93,267 150,013
Research and development expenses 152,849 121,680 498,526 375,026
Total Operating Expenses 1,230,900 1.10073 3,795,014 3,550,343
Loss from Operations (942,161) (1,416,697) (2,906,045) (3,402,219)
Other Income (Expense)        
Interest and other income 1,814 2,790 12,271 3,093
Interest expense (5,463) (3,781) (65,937) (23,308)
Gain (loss) on currency transactions 23,861 (26,913) 240,947 (54,600)
Loss on sale of equipment (34,824) 28,056
Total Other Income (Expense) 20,212 (62,728) 187,281 (102,871)
Loss Before Income Taxes (921,949) (1,479,425) (2,718,764) (3,505,090)
Income Tax Expense
Net Loss $ (921,949) $ (1,479,425) $ (2,718,764) $ (3,505,090)
Basic and Diluted Loss Per Share (in dollars per share) $ (0.013) $ (0.03) $ (0.04) $ (0.09)
Basic and Diluted Weighted Average Common Shares Outstanding (in shares) 72,740,547 44,229,264 60,799,235 40,604,129
XML 16 R5.htm IDEA: XBRL DOCUMENT v3.10.0.1
Condensed Consolidated Statements of Other Comprehensive Income (Unaudited) - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2018
Sep. 30, 2017
Sep. 30, 2018
Sep. 30, 2017
Net Loss $ (921,949) $ (1,479,425) $ (2,718,764) $ (3,505,090)
Currency Translation, Net of Taxes (63,279) 142,599 (521,839) 454,487
Other Comprehensive Loss $ (985,228) $ (1,336,826) $ (3,240,603) $ (3,050,603)
XML 17 R6.htm IDEA: XBRL DOCUMENT v3.10.0.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
9 Months Ended
Sep. 30, 2018
Sep. 30, 2017
Cash Flows from Operating Activities:    
Net Loss $ (2,718,764) $ (3,505,090)
Adjustments to reconcile net loss to net cash provided (used) by operations:    
Depreciation and amortization 621,460 732,963
Stock-based compensation 93,267 150,013
Bad debt expense 82,776 (59,409)
Reserve for obsolete inventory (163,671)
Loss on sale of equipment (28,056)
Changes in assets and liabilities:    
Accounts receivable (1,369,207) (478,879)
Inventory 454,238 238,986
Prepaid expenses/deposits (47,243) 26,817
Accounts payable (301,016) 27,657
Accrued expenses (326,932) 340,371
Long-term contracts (80,338) (202,066)
Total Adjustments (1,119,442) 804,510
Net Cash Used in Operating Activities (3,838,206) (2,700,580)
Cash Flows from Investing Activities:    
Purchase of property and equipment (145,984) (94,950)
Proceeds from sale/recovery of property and equipment 12,827
Net Cash Used in Investing Activities (145,984) (82,124)
Cash Flows from Financing Activities:    
Net proceeds/payments on capital lease obligation 48,127 (110,963)
Payments on loans payable (6,347)
Proceeds from issuance of common stock 6,612,500 1,825,000
Payment of stock offering costs (747,423)
Net Cash Provided by Financing Activities 5,913,204 1,707,690
Gain (Loss) on Currency Translation (553,618) 394,930
Net Change in Cash and Cash Equivalents 1,375,396 (680,084)
Cash and Cash Equivalents at Beginning of Period 2,486,199 1,208,650
Cash and Cash Equivalents at End of Period 3,861,595 528,566
Supplemental Disclosures of Cash Flow Information:    
Interest Paid 65,937 23,308
Income Taxes
Non-cash compensation 93,267 150,013
Total 93,267 150,013
Employee Stock Option [Member]    
Adjustments to reconcile net loss to net cash provided (used) by operations:    
Stock-based compensation 15,767 58,038
Supplemental Disclosures of Cash Flow Information:    
Common stock issued for conversion of mandatory preferred stock 8,803
Non-cash compensation 15,767 58,038
Restricted Stock [Member]    
Adjustments to reconcile net loss to net cash provided (used) by operations:    
Stock-based compensation 77,500 78,750
Supplemental Disclosures of Cash Flow Information:    
Non-cash compensation 77,500 78,750
Warrants Issued for Services [Member]    
Adjustments to reconcile net loss to net cash provided (used) by operations:    
Stock-based compensation 13,225
Supplemental Disclosures of Cash Flow Information:    
Non-cash compensation $ 13,225
XML 18 R7.htm IDEA: XBRL DOCUMENT v3.10.0.1
Note 1 - Summary of Significant Accounting Policies
9 Months Ended
Sep. 30, 2018
Notes to Financial Statements  
Significant Accounting Policies [Text Block]
NOTE
1
- SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
 
Business and Basis of Presentation
 
Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America ("US GAAP") have been condensed or omitted. These condensed consolidated financial statements should be read in conjunction with the Company's audited financial statements contained in its annual report on Form
10
-K for the year ended
December 31, 2017 (
"Form
10
-K"). The results of operations for the periods ended
September 30, 2018
and
2017
are
not
necessarily indicative of the operating results for the full years.
 
The condensed consolidated financial statements include the accounts of LiqTech International, Inc. (“Parent”) and its subsidiaries. The terms "Company", “us", "we" and "our" as used in this report refer to Parent and its subsidiaries, which are set forth below. The Company engages in the development, design, production, marketing and sale of automated filtering systems, ceramic silicon carbide liquid and diesel particulate air filters in United States, Canada, Europe, Asia and South America. Set forth below is a description of Parent and each of its subsidiaries:
 
LiqTech International, Inc., a Nevada corporation organized in
July 2004,
formerly known as Blue Moose Media, Inc.
 
LiqTech USA, a Delaware corporation and a wholly-owned subsidiary of Parent formed in
May 2011.
 
LiqTech International AS, a Danish corporation, incorporated on
January 15, 2000 (
“LiqTech Int. DK”), a wholly-owned subsidiary of LiqTech USA, engages in development, design, application, marketing and sales of membranes on ceramic diesel particulate and liquid filters and catalytic converters in Europe, Asia and South America.
 
LiqTech NA, Inc. (“LiqTech NA”), incorporated in Delaware on
July 1, 2005,
a wholly-owned subsidiary of LiqTech USA. LiqTech NA, Inc. engages in the production, marketing and sale of ceramic diesel particulate and liquid filters and kiln furniture in United States and Canada.
 
LiqTech Systems AS, a Danish Corporation ("LiqTech Systems") (Formerly Provital Solutions AS) was incorporated on
September 1, 2009
and engages in the manufacture of fully automated filtering systems for application within the pool and spa markets, marine applications, and a number of industrial applications within Denmark and international markets.
 
LiqTech Germany (“LiqTech Germany”), a
100%
owned subsidiary of LiqTech Int. DK, incorporated in Germany on
December 9, 2011,
engaged in marketing and sale of liquid filters in Germany. The Company is in the process of closing operations, which is expected to be completed during
2018.
 
LiqTech PTE Ltd (“LiqTech Sing”), a
95%
owned subsidiary of LiqTech Int. DK, incorporated in Singapore on
January 19, 2012,
engaged in marketing and sale of liquid filters in Singapore and other countries in the area. The Company is in the process of closing operations, which is expected to be completed during
2018.
 
Consolidation --
 The condensed 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 functional currency of LiqTech International, Inc., LiqTech USA, Inc. and LiqTech NA is the U.S. Dollar. The Functional Currency of LiqTech Int. DK and LiqTech Systems AS is the Danish Krone (“DKK”), the functional currency of LiqTech Germany is the Euro and the functional currency of LiqTech Singapore is the Singapore Dollar. The Company’s reporting currency is U.S. Dollar for the purpose of these condensed consolidated financial statements. The foreign subsidiaries balance sheet accounts are translated into U.S. Dollars at the period-end exchange rates and all revenue and expenses are translated into U.S. Dollars at the average exchange rates prevailing during the
three
and
nine
months ended
September 30, 2018
and
2017.
Translation gains and losses are deferred and accumulated as a component of other comprehensive income in stockholders’ equity. Transaction gains and losses that arose 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, Cash Equivalents and Restricted Cash --
 The Company considers all highly liquid debt instruments purchased with a maturity of
three
months or less to be cash equivalents. The Company had
no
balances held in a financial institution in the United States in excess of federally insured amounts at
September 30, 2018
and
December 31, 2017.
 
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
nine
months ended
September 30, 2018
and the year ended
December 31, 2017
is as follows:
 
   
2018
   
2017
 
Allowance for doubtful accounts at the beginning of the period
  $
660,581
    $
2,128,452
 
Bad debt expense
   
82,776
     
(102,189
)
Receivables written off during the periods
   
0
     
(1,678,856
)
Effect of currency translation
   
(26,372
)
   
313,174
 
Allowance for doubtful accounts at the end of the period
  $
716,985
    $
660,581
 
  
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
ten
years (See Note
4
).
 
Long-Term Investments --
 Investments in non-consolidated 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
 
 
Revenue Recognition -- Adoption of the new revenue standard:
On
January 1, 2018,
the Company adopted Accounting Standards Codification Topic
606,
“Revenue from Contracts with Customers,” which includes clarifying ASUs issued in
2015,
2016
and
2017
(“new revenue standard”). The new revenue standard was applied to all open revenue contracts using the modified-retrospective method as of
January 1, 2018.
The new revenue standard did
not
have a material impact on revenue recognition. The Company does
not
expect the impact of the adoption of the new standard to be material to net income on an ongoing basis.
 
 
Accounting policy
: Revenue is recognized when performance obligations under the terms of a contract with the customer are satisfied which occurs when control of the system, membrane, DPF or services are transferred to the customer. The majority of the Company's sales contracts contain performance obligations satisfied at a point in time when title and risks and rewards of ownership have transferred to the customer. This generally occurs when the product is shipped or accepted by the customer.  Revenue for service contracts are recognized as the services are provided. Revenue is measured as the amount of consideration expected to be received in exchange for transferring the goods or providing services. The satisfaction of performance obligations under the terms of a revenue contract generally gives rise for the right to payment from the customer. The Company's standard payment terms vary by the type and location of the customer and the products or services offered. Generally, the time between when revenue is recognized and when payment is due is
not
significant. Pre-Payments received prior to satisfaction of performance obligations are recorded as a customer deposit liability. Given the insignificant days between revenue recognition and receipt of payment, financing components do
not
exist between the Company and its customers. In Denmark, Value Added Tax (“VAT”) of
25%
of the invoice amount is collected in respect of the sales of goods on behalf of tax authorities. The VAT collected is
not
revenue of the Company; instead, the amount is recorded as a liability on the balance sheet until such VAT is paid to the authorities.   The estimated costs of product warranties are recognized as expense when the products are sold. See Note 
9
for further information on product warranties. 
 
For contracts with customers that include multiple performance obligations, judgment is required to determine whether performance obligations specified in these contracts are distinct and should be accounted for as separate revenue transactions for recognition purposes. For such arrangements, revenue is allocated to each performance obligation based on its relative standalone selling price. Standalone selling prices are generally determined based on the prices charged to customers or using expected cost plus margin. Impairment losses recognized on receivables or contract assets were
not
significant for the
nine
months ended
September 30, 2018.
 
The customer generally arranges and pays for shipping activities.  When the Company does arrange for shipping, it is billed to the Customer. The Cost to prepare the product for shipment handling are paid by the Company and reported on the line “Cost of goods sold” in the unaudited consolidated statements of operations.
 
System sales are recognized when the Company transfers control based upon signed acceptance of the system by the customer, upon shipment or upon final installation of the system based on the terms of the contract. For the majority of Liquid Membrane Filters and Diesel Particulate Filters, the Company transfers control and recognizes revenue when products are shipped to the customer according to the terms of the contract or purchase order. Aftermarket sales represent part sales, extended warranty and maintenance services. For the sale of aftermarket parts, the Company transfers control and recognizes revenue when parts are shipped to the customer or services are provided. When customers are given the right to return eligible parts and accessories, the Company estimates the expected returns based on an analysis of historical experience. The Company adjusts estimated revenues at the earlier of when the most likely amount of consideration expected to be received changes or when the consideration becomes fixed. The Company recognizes revenue for extended warranty and maintenance agreements based on the standalone selling price over the life of the contract, which reflects the costs to perform under these contracts, which corresponds with, and thereby depicts the transfer of control to the customer. For invoicing to customers where the transfer of control has
not
occurred (prepayments), the invoiced amount is recognized as Deferred revenue / Customer deposits.
 
The Company has received long-term contracts for grants from government entities for development and use of silicon carbide membranes in various water filtration and treatment applications and historically in the installation of various water filtrations systems. We measure transfer of control of the performance obligation on long-term contracts utilizing the cost-to-cost measure of progress, with cost of revenue including direct costs, such as labor and materials. Under the cost-to-cost approach, the use of estimated costs to complete each performance obligation is a significant variable in the process of determining recognized revenue and a significant factor in the accounting for such performance obligations. The timing of when we bill our customers is generally dependent upon advance billings terms, milestone billings based on completion of certain phases of the work or when services are provided, or products are shipped. Projects with performance obligations recognized over time that have costs and estimated earnings recognized to date in excess of cumulative billings are reported on our Balance Sheets as contract assets. Projects with performance obligations recognized over time that have cumulative billings in excess of costs and estimated earnings recognized to date are reported on our Balance Sheets as contract liabilities.   
 
The
two
tables below set forth the costs incurred, and earnings accrued on uncompleted contracts compared with the billings on those contracts through
September 30, 2018
and
December 31, 2017
and reconcile the net excess billings to the amounts included in the balance sheets at those dates.
 
 
   
September 30,
   
December 31,
 
   
2018
   
2017
 
Cost incurred on uncompleted contracts
  $
2,729,799
    $
507,633
 
Estimated earnings
   
2,000,477
     
651,304
 
     
4,730,276
     
1,158,937
 
Billings on uncompleted contracts
   
(4,466,683
)
   
(975,682
)
Contract asset (liabilities)
  $
263,593
    $
183,255
 
 
   
September 30,
   
December 31,
 
   
2018
   
2017
 
Contract assets
  $
703,971
    $
490,100
 
Contract liabilities
   
(440,378
)
   
(306,845
)
Contract assets (liabilities)
  $
263,593
    $
183,255
 
 
The Company’s disaggregated revenue is reported in Note
12.
  
Advertising Cost --
 Costs incurred in connection with advertising of the Company’s products is expensed as incurred. Such costs amounted to
$25,018
and
$9,270
 for the
nine
months ended
September 30, 2018
and
2017,
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
nine
months ended
September 30, 2018
and
2017
were
$498,526
 and
$375,026,
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.
  
Income (Loss) Per Share --
 The Company calculates earnings (loss) 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 and warrants that have been granted but have
not
been exercised.
 
Stock Options and Awards --
 The Company has granted stock options to certain key employees during the years presented in the accompanying condensed consolidated financial statements (see note
11
). The Company accounts for options in accordance with the provisions of FASB ASC Topic
718,
Compensation – Stock Compensation. Non-cash compensation costs of
$93,267
and
$150,013
have been recognized for the vesting of options and stock awards granted to employees.
 
Fair Value of Financial Instruments --
 The Company accounts for fair value measurements for financial assets and liabilities in accordance with FASB ASC Topic
820.
The authoritative guidance that, 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 including accounts receivable, allowance for doubtful accounts, cost in excess of billings, reserve for obsolete inventory, depreciation and impairment of property plant and equipment, and goodwill; liabilities including billings in excess of costs and contingencies; 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
 -- On
February 25, 2016,
the FASB issued ASU
2016
-
02,
"Leases," which makes many changes to accounting for leases. The standard will be effective for public companies with interim and annual periods beginning after
December 15, 2018.
One of the most notable changes is many of the leases that are currently accounted for as operating leases will have to be capitalized and accounted for similarly to how capital leases are currently accounted for, unless certain criteria are met. We have begun evaluating the impact this standard will have on our lease accounting. The standard will require us to capitalize a right-of use asset and lease liability equal to the present value of the future minimum lease payments disclosed in Note
8.
We will continue to evaluate the impact of this standard as the effective date approaches.   
 
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. 
XML 19 R8.htm IDEA: XBRL DOCUMENT v3.10.0.1
Note 2 - Going Concern
9 Months Ended
Sep. 30, 2018
Notes to Financial Statements  
Substantial Doubt about Going Concern [Text Block]
NOTE
2
- GOING CONCERN
 
The accompanying condensed consolidated financial statements have been prepared in conformity with generally accepted accounting principles of the United States of America, which contemplate continuation of the Company as a going concern. However, the Company has limited cash and has recently incurred significant losses. These factors raise substantial doubt about the ability of the Company to continue as a going concern for a period of
one
year from the issuance of these financial statements. There is
no
assurance that the Company will be successful in raising additional cash through the issuance of debt or equity instruments or return to profitable operations in the future. The financial statements do
not
include any adjustments that might result from the outcome of these uncertainties. 
 
Management believes the Company is progressing toward alleviating this substantial doubt as to the Company’s ability to continue as a going concern for a period of
one
 year from the issuance of these financial statements. During
April
of
2018,
the Company raised
$6.6
million through the sale of
19,448,529
common shares, and the Company has signed framework agreements with a total of
three
 large marine scrubber manufacturers for the potential future sale of a significant number of filtration systems in late
2018
and
2019.
XML 20 R9.htm IDEA: XBRL DOCUMENT v3.10.0.1
Note 3 - Inventory
9 Months Ended
Sep. 30, 2018
Notes to Financial Statements  
Inventory Disclosure [Text Block]
NOTE
3
- INVENTORY
 
Inventory consisted of the following at
September 30, 2018
and
December 31, 2017:
 
   
2018
   
2017
 
Furnace parts and supplies
  $
362,046
    $
400,589
 
Raw materials
   
1,111,863
     
1,260,209
 
Work in process
   
2,390,461
     
2,123,418
 
Finished goods and filtration systems
   
1,598,881
     
2,297,743
 
Reserve for obsolescence
   
(1,210,102
)
   
(1,420,093
)
Net Inventory
  $
4,253,149
    $
4,661,866
 
XML 21 R10.htm IDEA: XBRL DOCUMENT v3.10.0.1
Note 4 - Property and Equipment
9 Months Ended
Sep. 30, 2018
Notes to Financial Statements  
Property, Plant and Equipment Disclosure [Text Block]
NOTE
4
 - PROPERTY AND EQUIPMENT
 
Property and equipment consisted of the following at
September 30, 2018
and
December 31, 2017:
 
 
Useful Life
   
2018
   
2017
 
Production equipment
3
-
10
    $
9,727,241
    $
10,114,398
 
Lab equipment
3
-
10
     
83,935
     
87,094
 
Computer equipment
 3
-
5
     
200,642
     
204,553
 
Vehicles
3
-
5
     
72,581
     
75,312
 
Furniture and fixture
 
5
 
     
102,828
     
106,047
 
Leasehold improvements
 
10
 
     
1,047,583
     
1,076,731
 
 
 
 
 
     
11,234,810
     
11,664,135
 
Less Accumulated Depreciation
 
 
 
     
(9,628,979
)
   
(9,704,930
)
Net Property and Equipment
 
 
 
    $
1,605,831
    $
1,959,205
 
 
Depreciation expense amounted to
$619,536
and
$731,312
for the
nine
months ended
September 30, 2018
and
2017,
respectively. The property and equipment are held as collateral on lines of credit and guarantees with financial institutions. See Note
7.
  
XML 22 R11.htm IDEA: XBRL DOCUMENT v3.10.0.1
Note 5 - Investments at Costs
9 Months Ended
Sep. 30, 2018
Notes to Financial Statements  
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block]
NOTE
5
- INVESTMENTS AT COSTS
 
The following tables summarize Level
1,
2
and
3
financial assets and financial (liabilities) by their classification in the Statement of Financial Position:
 
As of September 30, 2018
 
Level 1
   
Level 2
   
Level 3
 
                         
Investments
   
-
     
-
     
5,783
 
                         
Total
   
-
     
-
     
5,783
 
    
 
As of December 31, 2017
 
Level 1
   
Level 2
   
Level 3
 
                         
Investments
   
-
     
-
     
6,001
 
                         
Total
   
-
     
-
     
6,001
 
 
At
September 30, 2018,
our total investments of
$5,783
consisted of an investment of
$5,783
in LEA Technology in France to strengthen our sales channels in the French market.
 
At
December 31, 2017,
our total investments of
$6,001
consisted of an investment of
$6,001
in LEA Technology in France to strengthen our sales channels in the French market.
XML 23 R12.htm IDEA: XBRL DOCUMENT v3.10.0.1
Note 6 - Definite-life Intangible Assets
9 Months Ended
Sep. 30, 2018
Notes to Financial Statements  
Intangible Assets Disclosure [Text Block]
 
NOTE
6
 - DEFINITE-LIFE INTANGIBLE ASSETS
 
At
September 30, 2018
and
December 31, 2017,
definite-life intangible assets, net of accumulated amortization, consisted of patents on the Company’s products of
$1,363
and
$3,349,
respectively. The patents are recorded at cost and amortized over
two
to
ten
years. Amortization expense for the
nine
months ended
September 30, 2018
and
2017
was
$1,924
and
$1,651,
respectively. Expected future amortization expense for the years ended are as follows: 
 
Year ending December 31,
 
Amortization
Expenses
 
2018
   
606
 
2019
   
757
 
Thereafter
 
 
-
 
    $
1,363
 
XML 24 R13.htm IDEA: XBRL DOCUMENT v3.10.0.1
Note 7 - Lines of Credit
9 Months Ended
Sep. 30, 2018
Notes to Financial Statements  
Debt Disclosure [Text Block]
NOTE
7
 - LINES OF CREDIT
 
In connection with certain orders, the Company
may
provide a working guarantee, prepayment guarantee or security bond. For that purpose, we have a guarantee credit line of DKK
94,620
(approximately
$14,690
at
September 30, 2018)
with a bank, subject to certain base limitations. As of
September 30, 2018,
we had DKK
94,620
(approximately
$14,690
) in working guarantee against the line. This line of credit is guaranteed by Vækstfonden (the Danish state's investments fund) and is secured by certain assets of LiqTech Systems such as receivables, inventory and equipment. The Company has
no
other available lines of credit.
XML 25 R14.htm IDEA: XBRL DOCUMENT v3.10.0.1
Note 8 - Leases
9 Months Ended
Sep. 30, 2018
Notes to Financial Statements  
Leases of Lessee Disclosure [Text Block]
NOTE
8
 - LEASES
 
Operating Leases
 -- The Company leases office and production facilities under operating lease agreements expiring in
November 2018,
March 2019
and
March 2021.
In some of these lease agreements, the Company has the right to extend.
 
The future minimum lease payments for non-cancelable operating leases having remaining terms in excess of
one
year as of
September 30, 2018
are as follows:
 
Year ending December 31,
 
Lease
Payments
 
2018
   
151,200
 
2019
   
268,862
 
2020
   
182,676
 
2021
   
30,548
 
Thereafter
   
-
 
Total Minimum Lease Payments
  $
633,286
 
 
Lease expense charged to operations was
$490,700
and
$481,001
for the
nine
months ended
September 30, 2018
and
2017,
respectively.
 
Capital Leases
 - The Company leases equipment on various variable rate capital leases currently calling for monthly payments of approximately
$1,376,
which expires in
February
and
July
of
2019
whereupon we are subject to a balloon payment of
$9,231
to purchase the equipment.
  
The following represents future minimum capital lease payments as of
September 30, 2018: 
 
Year ending December 31,
 
Lease
Payments
 
2018
   
4,129
 
Thereafter
   
72,227
 
Total minimum lease payments
   
76,356
 
Less amount representing interest
   
(2,043
)
Present value of minimum lease payments
   
74,313
 
Less Current Portion
   
(74,313
)
    $ -  
XML 26 R15.htm IDEA: XBRL DOCUMENT v3.10.0.1
Note 9 - Commitments and Contingencies
9 Months Ended
Sep. 30, 2018
Notes to Financial Statements  
Commitments and Contingencies Disclosure [Text Block]
NOTE
9
 - COMMITMENTS
AND CONTINGENCIES
 
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
nine
months ended
September 30, 2018
and
2017,
matching contributions were expensed and totaled
$8,275
and
$8,636,
respectively.
 
Contingencies
-- From time to time, we
may
be involved in litigation relating to claims arising out of our operations in the normal course of business.
 
On
September 9, 2014,
Mr. Raffaele Bruno Tronchetti Provera (“Plaintiff”), the
60%
owner of LiqTech Italy s.r.l. (the “Venture”), sued LiqTech Int. DK, the
40%
owner of the Venture (“Defendant”), for damages of
€750,000
before the Court of Como, Italy, alleging, among other things, that certain products provided by Defendant to the Venture were defective. On
July 31, 2018,
the Judge rejected the Plaintiff’s claim and his request of compensation of
€750,000,
ordering the Plaintiff to pay the Company’s legal expenses.
 
On
December 20, 2017,
the Company received a demand for approximately
$1,098,678
from the previous installation of a water treatment system. The customer is disputing that the system complies with the contact based on testing inputs to the system outside the parameters of the contract. The Company has completed the installation of the system, tested the system, and contends it is compliance with the contract’s requirements. On
September 28, 2018
the Company entered an agreement with the customer resulting in the customer paying
$437,000
as final payment of outstanding unpaid balances and foregoing any further demands.
 
In connection with certain orders, the Company
may
provide a working guarantee, prepayment guarantee, or security bond. For that purpose, we have a guarantee credit line of DKK
94,620
(approximately
$14,690
at
September 30, 2018)
with a bank, subject to certain base limitations. As of
September 30, 2018,
we had DKK
94,620
(approximately
$14,690
) in working guarantee against the line. 
 
Product Warranties
- The Company provides a standard warranty on its systems, generally for
one
to
three
years. The Company estimates the costs which
may
be incurred under its standard warranty programs and records a liability for such costs at the time product revenue is recognized.
 
In addition, the Company sells an extended warranty for certain systems, which generally provide a warranty for up to
four
years from the date of commissioning. The specific terms and conditions of those warranties vary depending upon the product sold and the country in which the Company does business. Revenue received for the sale of extended warranty contracts is deferred and recognized in the same manner as the costs incurred to perform under the warranty contracts.
 
The Company periodically assesses the adequacy of its recorded warranty liabilities and adjusts the amounts as necessary. Factors that affect the warranty liability include the number of units sold, historical and anticipated rates of warranty claims and the cost per claim.
 
Changes in the Company's current and long-term warranty obligations, including deferred revenue on extended warranty contracts included in accrued expenses on the balance sheet, are as follows:
 
   
2018
 
Balance at December 31, 2017
  $
189,901
 
Current year warranty expense
   
102,286
 
Change in estimate related to pre-existing warranties
   
-
 
Payments made
   
(10,927
)
Foreign currency effect
   
(9,693
)
Balance at
September
30, 2018
 
$
271,567
 
 
XML 27 R16.htm IDEA: XBRL DOCUMENT v3.10.0.1
Note 10 - Earnings Per Share
9 Months Ended
Sep. 30, 2018
Notes to Financial Statements  
Earnings Per Share [Text Block]
 
NOTE
10
 - EARNINGS PER SHARE
 
For the
nine
months ended
September 30, 2018,
Parent had
380,000
options outstanding to purchase common stock of Parent at
$0.74
to
$1.01
per share, and Parent had
400,000
 warrants outstanding to purchase common stock of Parent at
$1.65
per share, which were
not
included in the loss per share computation because their effect would be anti-dilutive.
 
As of
September 30, 2018,
there were
780,000
common stock equivalents from options and warrants that were excluded from the diluted EPS (earnings per share) calculation as their effect is anti-dilutive.
XML 28 R17.htm IDEA: XBRL DOCUMENT v3.10.0.1
Note 11 - Stockholders' Equity
9 Months Ended
Sep. 30, 2018
Notes to Financial Statements  
Stockholders' Equity Note Disclosure [Text Block]
NOTE
11
 - STOCKHOLDERS' EQUITY
 
Preferred Stock
 --
Our Board of Directors has the authority to issue Parent preferred stock in
one
or more classes or series and to fix the designations, powers, preferences and rights, 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 Parent preferred stock
may
have the effect of delaying, deferring or preventing a change in control without further action by the stockholders and
may
adversely affect the voting and other rights of the holders of common stock.
 
Parent has
10,000,000
authorized shares of preferred stock,
$0.001
par value. As of
September 30, 2018,
and
December 31, 2017,
respectively, there were
0
and
2,200,837
mandatory convertible preferred shares of Series A Convertible Preferred Stock issued and outstanding. 
 
Common Stock
-- Parent has
100,000,000
authorized shares of common stock,
$0.001
par value. As of
September 30, 2018
and
December 31, 2017,
respectively, there were
72,740,547
and
44,429,264
common shares issued and outstanding.      
 
Voting
-- Holders of Parent 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, if any, which
may
at the time be outstanding, holders of Parent 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 affairs of Parent, 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 Parent common stock will be entitled to share ratably in the distribution of any of our remaining assets.  
 
Other Matters
--
Holders of Parent common stock have
no
conversion, preemptive or other subscription rights, and there are
no
redemption rights or sinking fund provisions with respect to our 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.
 
Stock Issuances 
 
On
April 16, 2018,
Parent completed a registered public offering of its common stock. At closing, Parent issued
19,448,529
shares of common stock at a per share price of
$0.34
and generated net proceeds of
$5,865,077.
  
 
On
January 2, 2018,
Parent issued 
59,406
shares of restricted stock valued at
$60,000
for services provided by the Board of Directors. The Company recognized the non-cash compensation during the period ending
September 30, 2018.
The shares vested immediately.
 
On
November 22, 2017,
the Parent completed a private placement of
2,200,837
shares of mandatory convertible preferred stock (
1
to
4
conversion rate) or
8,803,348
shares of common stock at a per share price of
$1.20
per preferred share for aggregate proceeds to the Parent of
$2,641,004,
net of offering costs of
$127,736.
  During the period ending
September 30, 2018,
2,200,837
mandatory convertible preferred shares of Series A Convertible Preferred Stock were converted into
4
common shares per share, or
8,803,348
common shares.
 
Common Stock Purchase Warrants 
 
A summary of the status of the warrants outstanding at
September 30, 2018
is presented below:
 
 
 
 
 
Warrants Outstanding
   
Warrants Exercisable
 
Exercise Prices
   
Number
Outstanding
   
Weighted
Average
Remaining
Contractual Life
(years)
   
Weighted
Average
Exercise
Price
   
Number
Exercisable
   
Weighted
Average
Exercise
Price
 
$
1.65
     
400,000
     
0.82
    $
1.65
     
400,000
    $
1.65
 
Total
     
400,000
     
0.82
    $
1.65
     
400,000
    $
1.65
 
    
At
September 30, 2018
and
2017,
the Company had
zero
non-vested warrants. We have recorded non-cash compensation expense of
$0
and
$13,225
for the period ended
September 30, 2018
and
2017
related to the warrants issued.
 
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. For so long as the warrants remain outstanding, we are required to keep reserved from our authorized and unissued shares of common stock a sufficient number of shares to provide for the issuance of the shares underlying the warrants.
 
Stock Options
 
 
In
August 2011,
Parent’s Board of Directors adopted a Stock Option Plan (the “Plan”). Under the terms and conditions of the Plan, the Board of Directors is empowered to grant stock options to employees, officers, and directors of the Company. At
September 30, 2018,
380,000
options were granted and outstanding under the Plan. 
 
The Company recognizes stock based compensation costs for stock option awards to employees based on their grant-date fair value. The value of each stock option is estimated on the date of grant using the Black-Scholes option pricing model.
 
The Company recognized stock based compensation expense related to the options of
$33,267
and
$58,038
for the
nine
months ended
September 30, 2018
and
2017,
respectively. At
September 30, 2018,
the Company had
$46,666
 unrecognized compensation cost related to non-vested options expected to be recognized through
August 14, 2020.
 
A summary of the status of the options outstanding under the Company’s stock option plans at
September 30, 2018
is presented below: 
 
 
 
 
 
Options Outstanding
   
Options Exercisable
 
Exercise
Prices
   
Number
Outstanding
   
Weighted
Average
Remaining
Contractual
Life (years)
   
Weighted
Average
Exercise
Price
   
Number
Exercisable
   
Weighted
Average
Exercise
Price
 
$
0.74
     
250,000
     
1.87
    $
0.74
     
250,000
    $
0.74
 
$
1.01
     
130,000
     
7.23
    $
1.01
     
130,000
    $
1.01
 
Total
     
380,000
     
4.02
    $
0.86
     
380,000
    $
0.86
 
 
A summary of the status of the options at
September 30, 2018,
and changes during the period is presented below:
 
   
September
30, 2018
 
   
Shares
   
Weighted
Average
Exercise
Price
   
Average
Remaining
Life
   
Weighted
Average
Intrinsic
Value
 
                                 
Outstanding at beginning of period
   
455,000
    $
0.82
     
4.15
    $
-
 
Granted
   
-
     
-
     
-
     
-
 
Exercised
   
-
     
-
     
-
     
-
 
Forfeited
   
(75,000
)
   
0.74
     
-
     
-
 
Expired
   
-
     
-
     
-
     
-
 
Outstanding at end of period
   
380,000
    $
0.83
     
3.70
    $
314,500
 
Vested and expected to vest
   
380,000
    $
0.83
     
3.70
    $
314,500
 
Exercisable end of period
   
380,000
    $
0.83
     
3.70
    $
314,500
 
 
The total intrinsic value of options at
September 30, 2018
was
$314,500.
 Intrinsic value is measured using the fair market value at the date of exercise (for shares exercised) or at
September 30, 2018 (
for outstanding options), less the applicable exercise price.  
XML 29 R18.htm IDEA: XBRL DOCUMENT v3.10.0.1
Note 12 - Significant Customers / Concentration / Disaggregated Revenue
9 Months Ended
Sep. 30, 2018
Notes to Financial Statements  
Segment Reporting Disclosure [Text Block]
NOTE
12
 - SIGNIFICANT CUSTOMERS / CONCENTRATION / DISAGGREGATED REVENUE
 
For the
nine
months ended
September 30, 2018, 
our largest customer accounted for approximately
9%
of our net sales.
 
For the
nine
months ended
September 30, 2017, 
our
four
largest customers accounted for approximately
13%,
12%,
9%
and
5%
of our net sales.
 
The Company sells products throughout the world; disaggregated revenue by geographical region is as follows for the
three
and
nine
months ended
September 30, 2018
and
2017:
 
   
For the Three Months
   
For the Nine Months
 
   
Ended September 30,
   
Ended September 30,
 
   
2018
   
2017
   
2018
   
2017
 
United States and Canada
  $
273,806
    $
271,434
    $
643,556
    $
835,602
 
Australia
   
181,174
     
215,713
     
463,967
     
502,895
 
South America
   
22,775
     
-
     
50,452
     
-
 
Asia
   
154,715
     
253,460
     
1,083,332
     
1,379,607
 
Europe
   
2,714,734
     
1,715,877
     
7,095,307
     
5,632,654
 
    $
3,347,204
    $
2,456,484
    $
9,336,614
    $
8,350,758
 
 
The Company’s disaggregated revenue by product line is as follows for the
three
and
nine
months ended
September 30, 2018
and
2017:
 
   
For the Three Months
   
For the Nine Months
 
   
Ended September 30,
   
Ended September 30,
 
   
2018
   
2017
   
2018
   
2017
 
Ceramic diesel particulate
  $
1,921,097
    $
1,519,920
    $
5,458,260
    $
5,677,005
 
Liquid filters and systems
   
1,426,107
     
933,182
     
3,878,354
     
2,550,144
 
Kiln furniture
   
-
     
3,382
     
-
     
123,609
 
    $
3,347,204
    $
2,456,484
    $
9,336,614
    $
8,350,758
 
 
As of
September 30, 2018,
approximately
91%
and
9%
of the Company’s assets were located in Denmark and the United States, respectively. As of
September 30, 2017,
approximately
85%
and
15%
of the Company’s assets were located in Denmark and the United States, respectively.
XML 30 R19.htm IDEA: XBRL DOCUMENT v3.10.0.1
Note 13 - Subsequent Events
9 Months Ended
Sep. 30, 2018
Notes to Financial Statements  
Subsequent Events [Text Block]
NOTE
13
 - SUBSEQUENT EVENTS
 
The Company’s management reviewed material events through
November 14, 2018
and there were
no
material subsequent events.
XML 31 R20.htm IDEA: XBRL DOCUMENT v3.10.0.1
Significant Accounting Policies (Policies)
9 Months Ended
Sep. 30, 2018
Accounting Policies [Abstract]  
Basis of Accounting, Policy [Policy Text Block]
Business and Basis of Presentation
 
Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America ("US GAAP") have been condensed or omitted. These condensed consolidated financial statements should be read in conjunction with the Company's audited financial statements contained in its annual report on Form
10
-K for the year ended
December 31, 2017 (
"Form
10
-K"). The results of operations for the periods ended
September 30, 2018
and
2017
are
not
necessarily indicative of the operating results for the full years.
 
The condensed consolidated financial statements include the accounts of LiqTech International, Inc. (“Parent”) and its subsidiaries. The terms "Company", “us", "we" and "our" as used in this report refer to Parent and its subsidiaries, which are set forth below. The Company engages in the development, design, production, marketing and sale of automated filtering systems, ceramic silicon carbide liquid and diesel particulate air filters in United States, Canada, Europe, Asia and South America. Set forth below is a description of Parent and each of its subsidiaries:
 
LiqTech International, Inc., a Nevada corporation organized in
July 2004,
formerly known as Blue Moose Media, Inc.
 
LiqTech USA, a Delaware corporation and a wholly-owned subsidiary of Parent formed in
May 2011.
 
LiqTech International AS, a Danish corporation, incorporated on
January 15, 2000 (
“LiqTech Int. DK”), a wholly-owned subsidiary of LiqTech USA, engages in development, design, application, marketing and sales of membranes on ceramic diesel particulate and liquid filters and catalytic converters in Europe, Asia and South America.
 
LiqTech NA, Inc. (“LiqTech NA”), incorporated in Delaware on
July 1, 2005,
a wholly-owned subsidiary of LiqTech USA. LiqTech NA, Inc. engages in the production, marketing and sale of ceramic diesel particulate and liquid filters and kiln furniture in United States and Canada.
 
LiqTech Systems AS, a Danish Corporation ("LiqTech Systems") (Formerly Provital Solutions AS) was incorporated on
September 1, 2009
and engages in the manufacture of fully automated filtering systems for application within the pool and spa markets, marine applications, and a number of industrial applications within Denmark and international markets.
 
LiqTech Germany (“LiqTech Germany”), a
100%
owned subsidiary of LiqTech Int. DK, incorporated in Germany on
December 9, 2011,
engaged in marketing and sale of liquid filters in Germany. The Company is in the process of closing operations, which is expected to be completed during
2018.
 
LiqTech PTE Ltd (“LiqTech Sing”), a
95%
owned subsidiary of LiqTech Int. DK, incorporated in Singapore on
January 19, 2012,
engaged in marketing and sale of liquid filters in Singapore and other countries in the area. The Company is in the process of closing operations, which is expected to be completed during
2018.
Consolidation, Policy [Policy Text Block]
Consolidation --
 The condensed 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.
Foreign Currency Transactions and Translations Policy [Policy Text Block]
Functional Currency / Foreign currency translation -- 
The functional currency of LiqTech International, Inc., LiqTech USA, Inc. and LiqTech NA is the U.S. Dollar. The Functional Currency of LiqTech Int. DK and LiqTech Systems AS is the Danish Krone (“DKK”), the functional currency of LiqTech Germany is the Euro and the functional currency of LiqTech Singapore is the Singapore Dollar. The Company’s reporting currency is U.S. Dollar for the purpose of these consolidated financial statements. The foreign subsidiaries balance sheet accounts are translated into U.S. Dollars at the period-end exchange rates and all revenue and expenses are translated into U.S. Dollars at the average exchange rates prevailing during the
three
and
nine
months ended
September 30, 2018
and
2017.
Translation gains and losses are deferred and accumulated as a component of other comprehensive income in stockholders’ equity. Transaction gains and losses that arose 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, Policy [Policy Text Block]
Cash, Cash Equivalents and Restricted Cash --
 The Company considers all highly liquid debt instruments purchased with a maturity of
three
months or less to be cash equivalents. The Company had
no
balances held in a financial institution in the United States in excess of federally insured amounts at
September 30, 2018
and
December 31, 2017.
Loans and Leases Receivable, Allowance for Loan Losses Policy [Policy Text Block]
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
nine
months ended
September 30, 2018
and the year ended
December 31, 2017
is as follows:
 
   
2018
   
2017
 
Allowance for doubtful accounts at the beginning of the period
  $
660,581
    $
2,128,452
 
Bad debt expense
   
82,776
     
(102,189
)
Receivables written off during the periods
   
0
     
(1,678,856
)
Effect of currency translation
   
(26,372
)
   
313,174
 
Allowance for doubtful accounts at the end of the period
  $
716,985
    $
660,581
 
Inventory, Policy [Policy Text Block]
Inventory --
 Inventory is carried at the lower of cost or market, as determined on the
first
-in,
first
-out method.
Property, Plant and Equipment, Policy [Policy Text Block]
Property and Equipment --
 Property and equipment are stated at cost. Expenditures for major renewals and betterments that extend the useful lives of property and equipment are capitalized, upon being placed in service. Expenditures for maintenance and repairs are charged to expense as incurred. Depreciation is computed for financial statement purposes on a straight-line basis over the estimated useful lives of the assets, which range from
three
to
ten
years (See Note
4
).
Investment, Policy [Policy Text Block]
Long-Term Investments --
 Investments in non-consolidated 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.
Goodwill and Intangible Assets, Policy [Policy Text Block]
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, Policy [Policy Text Block]
Revenue Recognition and Sales Incentives
 
 
Revenue Recognition -- Adoption of the new revenue standard:
On
January 1, 2018,
the Company adopted Accounting Standards Codification Topic
606,
“Revenue from Contracts with Customers,” which includes clarifying ASUs issued in
2015,
2016
and
2017
(“new revenue standard”). The new revenue standard was applied to all open revenue contracts using the modified-retrospective method as of
January 1, 2018.
The new revenue standard did
not
have a material impact on revenue recognition. The Company does
not
expect the impact of the adoption of the new standard to be material to net income on an ongoing basis.
 
Accounting policy
: Revenue is recognized when performance obligations under the terms of a contract with the customer are satisfied which occurs when control of the system, membrane, DPF or services are transferred to the customer. The majority of the Company's sales contracts contain performance obligations satisfied at a point in time when title and risks and rewards of ownership have transferred to the customer. This generally occurs when the product is shipped or accepted by the customer.  Revenue for service contracts are recognized as the services are provided. Revenue is measured as the amount of consideration expected to be received in exchange for transferring the goods or providing services. The satisfaction of performance obligations under the terms of a revenue contract generally gives rise for the right to payment from the customer. The Company's standard payment terms vary by the type and location of the customer and the products or services offered. Generally, the time between when revenue is recognized and when payment is due is
not
significant. Pre-Payments received prior to satisfaction of performance obligations are recorded as a customer deposit liability. Given the insignificant days between revenue recognition and receipt of payment, financing components do
not
exist between the Company and its customers. In Denmark, Value Added Tax (“VAT”) of
25%
of the invoice amount is collected in respect of the sales of goods on behalf of tax authorities. The VAT collected is
not
revenue of the Company; instead, the amount is recorded as a liability on the balance sheet until such VAT is paid to the authorities.   The estimated costs of product warranties are recognized as expense when the products are sold. See Note 
9
for further information on product warranties. 
 
For contracts with customers that include multiple performance obligations, judgment is required to determine whether performance obligations specified in these contracts are distinct and should be accounted for as separate revenue transactions for recognition purposes. For such arrangements, revenue is allocated to each performance obligation based on its relative standalone selling price. Standalone selling prices are generally determined based on the prices charged to customers or using expected cost plus margin. Impairment losses recognized on receivables or contract assets were
not
significant for the
nine
months ended
September 30, 2018.
 
The customer generally arranges and pays for shipping activities.  When the Company does arrange for shipping, it is billed to the Customer. The Cost to prepare the product for shipment handling are paid by the Company and reported on the line “Cost of goods sold” in the unaudited consolidated statements of operations.
 
System sales are recognized when the Company transfers control based upon signed acceptance of the system by the customer, upon shipment or upon final installation of the system based on the terms of the contract. For the majority of Liquid Membrane Filters and Diesel Particulate Filters, the Company transfers control and recognizes revenue when products are shipped to the customer according to the terms of the contract or purchase order. Aftermarket sales represent part sales, extended warranty and maintenance services. For the sale of aftermarket parts, the Company transfers control and recognizes revenue when parts are shipped to the customer or services are provided. When customers are given the right to return eligible parts and accessories, the Company estimates the expected returns based on an analysis of historical experience. The Company adjusts estimated revenues at the earlier of when the most likely amount of consideration expected to be received changes or when the consideration becomes fixed. The Company recognizes revenue for extended warranty and maintenance agreements based on the standalone selling price over the life of the contract, which reflects the costs to perform under these contracts, which corresponds with, and thereby depicts the transfer of control to the customer. For invoicing to customers where the transfer of control has
not
occurred (prepayments), the invoiced amounts is recognized as Deferred revenue / Customer deposits.
 
The Company has received long-term contracts for grants from government entities for development and use of silicon carbide membranes in various water filtration and treatment applications and historically in the installation of various water filtrations systems. We measure transfer of control of the performance obligation on long-term contracts utilizing the cost-to-cost measure of progress, with cost of revenue including direct costs, such as labor and materials. Under the cost-to-cost approach, the use of estimated costs to complete each performance obligation is a significant variable in the process of determining recognized revenue and a significant factor in the accounting for such performance obligations. The timing of when we bill our customers is generally dependent upon advance billings terms, milestone billings based on completion of certain phases of the work or when services are provided, or products are shipped. Projects with performance obligations recognized over time that have costs and estimated earnings recognized to date in excess of cumulative billings are reported on our Balance Sheets as contract assets. Projects with performance obligations recognized over time that have cumulative billings in excess of costs and estimated earnings recognized to date are reported on our Balance Sheets as contract liabilities.   
 
The
two
tables below set forth the costs incurred, and earnings accrued on uncompleted contracts compared with the billings on those contracts through
September 30, 2018
and
December 31, 2017
and reconcile the net excess billings to the amounts included in the balance sheets at those dates.
 
   
September 30,
   
December 31,
 
   
2018
   
2017
 
Cost incurred on uncompleted contracts
  $
2,729,799
    $
507,633
 
Estimated earnings
   
2,000,477
     
651,304
 
     
4,730,276
     
1,158,937
 
Billings on uncompleted contracts
   
(4,466,683
)
   
(975,682
)
Contract asset (liabilities)
  $
263,593
    $
183,255
 
 
   
September 30,
   
December 31,
 
   
2018
   
2017
 
Contract assets
  $
703,971
    $
490,100
 
Contract liabilities
   
(440,378
)
   
(306,845
)
Contract assets (liabilities)
  $
263,593
    $
183,255
 
 
The Company’s disaggregated revenue is reported in Note
12.
Advertising Costs, Policy [Policy Text Block]
Advertising Cost --
 Costs incurred in connection with advertising of the Company’s products is expensed as incurred. Such costs amounted to
$25,018
and
$9,270
 for the
nine
months ended
September 30, 2018
and
2017,
respectively.
Research, Development, and Computer Software, Policy [Policy Text Block]
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
nine
months ended
September 30, 2018
and
2017
were
$498,526
 and
$375,026,
respectively, of research and development costs.
Income Tax, Policy [Policy Text Block]
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, Policy [Policy Text Block]
Income (Loss) Per Share --
 The Company calculates earnings (loss) 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 and warrants that have been granted but have
not
been exercised.
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block]
Stock Options and Awards --
 The Company has granted stock options to certain key employees during the years presented in the accompanying condensed consolidated financial statements (see note
11
). The Company accounts for options in accordance with the provisions of FASB ASC Topic
718,
Compensation – Stock Compensation. Non-cash compensation costs of
$93,267
and
$150,013
have been recognized for the vesting of options and stock awards granted to employees.
Fair Value Measurement, Policy [Policy Text Block]
Fair Value of Financial Instruments --
 The Company accounts for fair value measurements for financial assets and liabilities in accordance with FASB ASC Topic
820.
The authoritative guidance that, 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.
Use of Estimates, Policy [Policy Text Block]
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 including accounts receivable, allowance for doubtful accounts, cost in excess of billings, reserve for obsolete inventory, depreciation and impairment of property plant and equipment, and goodwill; liabilities including billings in excess of costs and contingencies; 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.
New Accounting Pronouncements, Policy [Policy Text Block]
Recent Accounting Pronouncements
 -- On
February 25, 2016,
the FASB issued ASU
2016
-
02,
"Leases," which makes many changes to accounting for leases. The standard will be effective for public companies with interim and annual periods beginning after
December 15, 2018.
One of the most notable changes is many of the leases that are currently accounted for as operating leases will have to be capitalized and accounted for similarly to how capital leases are currently accounted for, unless certain criteria are met. We have begun evaluating the impact this standard will have on our lease accounting. The standard will require us to capitalize a right-of use asset and lease liability equal to the present value of the future minimum lease payments disclosed in Note
8.
We will continue to evaluate the impact of this standard as the effective date approaches.   
 
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. 
XML 32 R21.htm IDEA: XBRL DOCUMENT v3.10.0.1
Note 1 - Summary of Significant Accounting Policies (Tables)
9 Months Ended
Sep. 30, 2018
Notes Tables  
Allowance for Credit Losses on Financing Receivables [Table Text Block]
   
2018
   
2017
 
Allowance for doubtful accounts at the beginning of the period
  $
660,581
    $
2,128,452
 
Bad debt expense
   
82,776
     
(102,189
)
Receivables written off during the periods
   
0
     
(1,678,856
)
Effect of currency translation
   
(26,372
)
   
313,174
 
Allowance for doubtful accounts at the end of the period
  $
716,985
    $
660,581
 
Contract with Customer, Asset and Liability [Table Text Block]
   
September 30,
   
December 31,
 
   
2018
   
2017
 
Cost incurred on uncompleted contracts
  $
2,729,799
    $
507,633
 
Estimated earnings
   
2,000,477
     
651,304
 
     
4,730,276
     
1,158,937
 
Billings on uncompleted contracts
   
(4,466,683
)
   
(975,682
)
Contract asset (liabilities)
  $
263,593
    $
183,255
 
   
September 30,
   
December 31,
 
   
2018
   
2017
 
Contract assets
  $
703,971
    $
490,100
 
Contract liabilities
   
(440,378
)
   
(306,845
)
Contract assets (liabilities)
  $
263,593
    $
183,255
 
XML 33 R22.htm IDEA: XBRL DOCUMENT v3.10.0.1
Note 3 - Inventory (Tables)
9 Months Ended
Sep. 30, 2018
Notes Tables  
Schedule of Inventory, Current [Table Text Block]
   
2018
   
2017
 
Furnace parts and supplies
  $
362,046
    $
400,589
 
Raw materials
   
1,111,863
     
1,260,209
 
Work in process
   
2,390,461
     
2,123,418
 
Finished goods and filtration systems
   
1,598,881
     
2,297,743
 
Reserve for obsolescence
   
(1,210,102
)
   
(1,420,093
)
Net Inventory
  $
4,253,149
    $
4,661,866
 
XML 34 R23.htm IDEA: XBRL DOCUMENT v3.10.0.1
Note 4 - Property and Equipment (Tables)
9 Months Ended
Sep. 30, 2018
Notes Tables  
Property, Plant and Equipment [Table Text Block]
 
Useful Life
   
2018
   
2017
 
Production equipment
3
-
10
    $
9,727,241
    $
10,114,398
 
Lab equipment
3
-
10
     
83,935
     
87,094
 
Computer equipment
 3
-
5
     
200,642
     
204,553
 
Vehicles
3
-
5
     
72,581
     
75,312
 
Furniture and fixture
 
5
 
     
102,828
     
106,047
 
Leasehold improvements
 
10
 
     
1,047,583
     
1,076,731
 
 
 
 
 
     
11,234,810
     
11,664,135
 
Less Accumulated Depreciation
 
 
 
     
(9,628,979
)
   
(9,704,930
)
Net Property and Equipment
 
 
 
    $
1,605,831
    $
1,959,205
 
XML 35 R24.htm IDEA: XBRL DOCUMENT v3.10.0.1
Note 5 - Investments at Costs (Tables)
9 Months Ended
Sep. 30, 2018
Notes Tables  
Fair Value, by Balance Sheet Grouping [Table Text Block]
As of September 30, 2018
 
Level 1
   
Level 2
   
Level 3
 
                         
Investments
   
-
     
-
     
5,783
 
                         
Total
   
-
     
-
     
5,783
 
As of December 31, 2017
 
Level 1
   
Level 2
   
Level 3
 
                         
Investments
   
-
     
-
     
6,001
 
                         
Total
   
-
     
-
     
6,001
 
XML 36 R25.htm IDEA: XBRL DOCUMENT v3.10.0.1
Note 6 - Definite-life Intangible Assets (Tables)
9 Months Ended
Sep. 30, 2018
Notes Tables  
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block]
Year ending December 31,
 
Amortization
Expenses
 
2018
   
606
 
2019
   
757
 
Thereafter
 
 
-
 
    $
1,363
 
XML 37 R26.htm IDEA: XBRL DOCUMENT v3.10.0.1
Note 8 - Leases (Tables)
9 Months Ended
Sep. 30, 2018
Notes Tables  
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block]
Year ending December 31,
 
Lease
Payments
 
2018
   
151,200
 
2019
   
268,862
 
2020
   
182,676
 
2021
   
30,548
 
Thereafter
   
-
 
Total Minimum Lease Payments
  $
633,286
 
Schedule of Future Minimum Lease Payments for Capital Leases [Table Text Block]
Year ending December 31,
 
Lease
Payments
 
2018
   
4,129
 
Thereafter
   
72,227
 
Total minimum lease payments
   
76,356
 
Less amount representing interest
   
(2,043
)
Present value of minimum lease payments
   
74,313
 
Less Current Portion
   
(74,313
)
    $ -  
XML 38 R27.htm IDEA: XBRL DOCUMENT v3.10.0.1
Note 9 - Commitments and Contingencies (Tables)
9 Months Ended
Sep. 30, 2018
Notes Tables  
Schedule of Product Warranty Liability [Table Text Block]
   
2018
 
Balance at December 31, 2017
  $
189,901
 
Current year warranty expense
   
102,286
 
Change in estimate related to pre-existing warranties
   
-
 
Payments made
   
(10,927
)
Foreign currency effect
   
(9,693
)
Balance at
September
30, 2018
 
$
271,567
 
XML 39 R28.htm IDEA: XBRL DOCUMENT v3.10.0.1
Note 11 - Stockholders' Equity (Tables)
9 Months Ended
Sep. 30, 2018
Notes Tables  
Schedule of Stockholders' Equity Note, Warrants or Rights [Table Text Block]
 
 
 
 
Warrants Outstanding
   
Warrants Exercisable
 
Exercise Prices
   
Number
Outstanding
   
Weighted
Average
Remaining
Contractual Life
(years)
   
Weighted
Average
Exercise
Price
   
Number
Exercisable
   
Weighted
Average
Exercise
Price
 
$
1.65
     
400,000
     
0.82
    $
1.65
     
400,000
    $
1.65
 
Total
     
400,000
     
0.82
    $
1.65
     
400,000
    $
1.65
 
Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range [Table Text Block]
 
 
 
 
Options Outstanding
   
Options Exercisable
 
Exercise
Prices
   
Number
Outstanding
   
Weighted
Average
Remaining
Contractual
Life (years)
   
Weighted
Average
Exercise
Price
   
Number
Exercisable
   
Weighted
Average
Exercise
Price
 
$
0.74
     
250,000
     
1.87
    $
0.74
     
250,000
    $
0.74
 
$
1.01
     
130,000
     
7.23
    $
1.01
     
130,000
    $
1.01
 
Total
     
380,000
     
4.02
    $
0.86
     
380,000
    $
0.86
 
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding and Exercisable [Table Text Block]
   
September
30, 2018
 
   
Shares
   
Weighted
Average
Exercise
Price
   
Average
Remaining
Life
   
Weighted
Average
Intrinsic
Value
 
                                 
Outstanding at beginning of period
   
455,000
    $
0.82
     
4.15
    $
-
 
Granted
   
-
     
-
     
-
     
-
 
Exercised
   
-
     
-
     
-
     
-
 
Forfeited
   
(75,000
)
   
0.74
     
-
     
-
 
Expired
   
-
     
-
     
-
     
-
 
Outstanding at end of period
   
380,000
    $
0.83
     
3.70
    $
314,500
 
Vested and expected to vest
   
380,000
    $
0.83
     
3.70
    $
314,500
 
Exercisable end of period
   
380,000
    $
0.83
     
3.70
    $
314,500
 
XML 40 R29.htm IDEA: XBRL DOCUMENT v3.10.0.1
Note 12 - Significant Customers / Concentration / Disaggregated Revenue (Tables)
9 Months Ended
Sep. 30, 2018
Notes Tables  
Schedule of Revenue from External Customers Attributed to Foreign Countries by Geographic Area [Table Text Block]
   
For the Three Months
   
For the Nine Months
 
   
Ended September 30,
   
Ended September 30,
 
   
2018
   
2017
   
2018
   
2017
 
United States and Canada
  $
273,806
    $
271,434
    $
643,556
    $
835,602
 
Australia
   
181,174
     
215,713
     
463,967
     
502,895
 
South America
   
22,775
     
-
     
50,452
     
-
 
Asia
   
154,715
     
253,460
     
1,083,332
     
1,379,607
 
Europe
   
2,714,734
     
1,715,877
     
7,095,307
     
5,632,654
 
    $
3,347,204
    $
2,456,484
    $
9,336,614
    $
8,350,758
 
Reconciliation of Revenue from Segments to Consolidated [Table Text Block]
   
For the Three Months
   
For the Nine Months
 
   
Ended September 30,
   
Ended September 30,
 
   
2018
   
2017
   
2018
   
2017
 
Ceramic diesel particulate
  $
1,921,097
    $
1,519,920
    $
5,458,260
    $
5,677,005
 
Liquid filters and systems
   
1,426,107
     
933,182
     
3,878,354
     
2,550,144
 
Kiln furniture
   
-
     
3,382
     
-
     
123,609
 
    $
3,347,204
    $
2,456,484
    $
9,336,614
    $
8,350,758
 
XML 41 R30.htm IDEA: XBRL DOCUMENT v3.10.0.1
Note 1 - Summary of Significant Accounting Policies (Details Textual) - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2018
Sep. 30, 2017
Sep. 30, 2018
Sep. 30, 2017
Dec. 31, 2017
Cash, Uninsured Amount $ 0   $ 0   $ 0
Value Added Tax Of Invoice, Percentage     25.00%    
Advertising Expense     $ 25,018 $ 9,270  
Research and Development Expense, Total 152,849 $ 121,680 498,526 375,026  
Allocated Share-based Compensation Expense, Total $ 5,833 $ 24,055 $ 93,267 $ 150,013  
Minimum [Member]          
Property, Plant and Equipment, Useful Life     3 years    
Finite-Lived Intangible Asset, Useful Life     2 years    
Maximum [Member]          
Property, Plant and Equipment, Useful Life     10 years    
Finite-Lived Intangible Asset, Useful Life     10 years    
LiqTech International DK [Member] | LiqTech Germany [Member]          
Percentage of Subsidiary Owned 100.00%   100.00%    
LiqTech International DK [Member] | LiqTech PTE [Member]          
Percentage of Subsidiary Owned 95.00%   95.00%    
XML 42 R31.htm IDEA: XBRL DOCUMENT v3.10.0.1
Note 1 - Summary of Significant Accounting Policies - Allowance for Doubtful Accounts (Details) - USD ($)
9 Months Ended 12 Months Ended
Sep. 30, 2018
Sep. 30, 2017
Dec. 31, 2017
Allowance for doubtful accounts at the beginning of the period $ 660,581 $ 2,128,452 $ 2,128,452
Bad debt expense 82,776 $ (59,409) (102,189)
Receivables written off during the periods 0   (1,678,856)
Effect of currency translation (26,372)   313,174
Allowance for doubtful accounts at the end of the period $ 716,985   $ 660,581
XML 43 R32.htm IDEA: XBRL DOCUMENT v3.10.0.1
Note 1 - Summary of Significant Accounting Policies - Summary of Changes in Contract Assets and Liabilities (Details) - USD ($)
Sep. 30, 2018
Dec. 31, 2017
Cost incurred on uncompleted contracts $ 2,729,799 $ 507,633
Estimated earnings 2,000,477 651,304
4,730,276 1,158,937
Billings on uncompleted contracts (4,466,683) (975,682)
Contract asset (liabilities) 263,593 183,255
Contract assets 703,971 490,100
Contract liabilities (440,378) (306,845)
Contract assets (liabilities) $ 263,593 $ 183,255
XML 44 R33.htm IDEA: XBRL DOCUMENT v3.10.0.1
Note 2 - Going Concern (Details Textual) - USD ($)
1 Months Ended 9 Months Ended
Apr. 16, 2018
Apr. 30, 2018
Sep. 30, 2018
Sep. 30, 2017
Proceeds from Issuance of Common Stock $ 5,865,077 $ 6,600,000 $ 6,612,500 $ 1,825,000
Stock Issued During Period, Shares, New Issues 19,448,529 19,448,529    
XML 45 R34.htm IDEA: XBRL DOCUMENT v3.10.0.1
Note 3 - Inventory - Summary of Inventory (Details) - USD ($)
Sep. 30, 2018
Dec. 31, 2017
Furnace parts and supplies $ 362,046 $ 400,589
Raw materials 1,111,863 1,260,209
Work in process 2,390,461 2,123,418
Finished goods and filtration systems 1,598,881 2,297,743
Reserve for obsolescence (1,210,102) (1,420,093)
Net Inventory $ 4,253,149 $ 4,661,866
XML 46 R35.htm IDEA: XBRL DOCUMENT v3.10.0.1
Note 4 - Property and Equipment (Details Textual) - USD ($)
9 Months Ended
Sep. 30, 2018
Sep. 30, 2017
Depreciation, Total $ 619,536 $ 731,312
XML 47 R36.htm IDEA: XBRL DOCUMENT v3.10.0.1
Note 4 - Property and Equipment - Summary of Property and Equipment (Details) - USD ($)
9 Months Ended
Sep. 30, 2018
Dec. 31, 2017
Property and equipment, gross $ 11,234,810 $ 11,664,135
Less Accumulated Depreciation (9,628,979) (9,704,930)
Net Property and Equipment 1,605,831 1,959,205
Production Equipment [Member]    
Property and equipment, gross 9,727,241 10,114,398
Lab Equipment [Member]    
Property and equipment, gross 83,935 87,094
Computer Equipment [Member]    
Property and equipment, gross 200,642 204,553
Vehicles [Member]    
Property and equipment, gross $ 72,581 75,312
Furniture and Fixtures [Member]    
Useful Life (Year) 5 years  
Property and equipment, gross $ 102,828 106,047
Leasehold Improvements [Member]    
Useful Life (Year) 10 years  
Property and equipment, gross $ 1,047,583 $ 1,076,731
Minimum [Member]    
Useful Life (Year) 3 years  
Minimum [Member] | Production Equipment [Member]    
Useful Life (Year) 3 years  
Minimum [Member] | Lab Equipment [Member]    
Useful Life (Year) 3 years  
Minimum [Member] | Computer Equipment [Member]    
Useful Life (Year) 3 years  
Minimum [Member] | Vehicles [Member]    
Useful Life (Year) 3 years  
Maximum [Member]    
Useful Life (Year) 10 years  
Maximum [Member] | Production Equipment [Member]    
Useful Life (Year) 10 years  
Maximum [Member] | Lab Equipment [Member]    
Useful Life (Year) 10 years  
Maximum [Member] | Computer Equipment [Member]    
Useful Life (Year) 5 years  
Maximum [Member] | Vehicles [Member]    
Useful Life (Year) 5 years  
XML 48 R37.htm IDEA: XBRL DOCUMENT v3.10.0.1
Note 5 - Investments at Costs (Details Textual) - USD ($)
Sep. 30, 2018
Dec. 31, 2017
Other Long-term Investments $ 5,783 $ 6,001
LEA Technology [Member]    
Other Long-term Investments $ 5,783 $ 6,001
XML 49 R38.htm IDEA: XBRL DOCUMENT v3.10.0.1
Note 5 - Investments at Costs - Financial Assets and Liabilities (Details) - USD ($)
Sep. 30, 2018
Dec. 31, 2017
Fair Value, Inputs, Level 1 [Member]    
Investments
Total
Fair Value, Inputs, Level 2 [Member]    
Investments
Total
Fair Value, Inputs, Level 3 [Member]    
Investments 5,783 6,001
Total $ 5,783 $ 6,001
XML 50 R39.htm IDEA: XBRL DOCUMENT v3.10.0.1
Note 6 - Definite-life Intangible Assets (Details Textual) - USD ($)
9 Months Ended
Sep. 30, 2018
Sep. 30, 2017
Dec. 31, 2017
Intangible Assets, Net (Excluding Goodwill), Total $ 1,363   $ 3,349
Minimum [Member]      
Finite-Lived Intangible Asset, Useful Life 2 years    
Maximum [Member]      
Finite-Lived Intangible Asset, Useful Life 10 years    
Patents [Member]      
Amortization of Intangible Assets, Total $ 1,924 $ 1,651  
Patents [Member] | Minimum [Member]      
Finite-Lived Intangible Asset, Useful Life 2 years    
Patents [Member] | Maximum [Member]      
Finite-Lived Intangible Asset, Useful Life 10 years    
XML 51 R40.htm IDEA: XBRL DOCUMENT v3.10.0.1
Note 6 - Definite-life Intangible Assets - Expected Future Amortization Expense (Details)
Sep. 30, 2018
USD ($)
2018 $ 606
2019 757
Thereafter
$ 1,363
XML 52 R41.htm IDEA: XBRL DOCUMENT v3.10.0.1
Note 7 - Lines of Credit (Details Textual) - Sep. 30, 2018
USD ($)
DKK (kr)
Line of Credit Facility, Maximum Borrowing Capacity $ 14,690 kr 94,620
Guarantor Obligations, Current Carrying Value $ 14,690 kr 94,620
XML 53 R42.htm IDEA: XBRL DOCUMENT v3.10.0.1
Note 8 - Leases (Details Textual) - USD ($)
9 Months Ended
Sep. 30, 2018
Sep. 30, 2017
Operating Leases, Rent Expense, Total $ 490,700 $ 481,001
Capital Lease Obligations [Member]    
Debt Instrument, Periodic Payment, Total 1,376  
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid $ 9,231  
XML 54 R43.htm IDEA: XBRL DOCUMENT v3.10.0.1
Note 8 - Leases - Future Minimum Lease Payments for Non-cancelable Operating Leases (Details)
Sep. 30, 2018
USD ($)
2018 $ 151,200
2019 268,862
2020 182,676
2021 30,548
Thereafter
Total Minimum Lease Payments $ 633,286
XML 55 R44.htm IDEA: XBRL DOCUMENT v3.10.0.1
Note 8 - Leases - Future Minimum Capital Lease Payments (Details) - USD ($)
Sep. 30, 2018
Dec. 31, 2017
2018 $ 4,129  
Thereafter 72,227  
Total minimum lease payments 76,356  
Less amount representing interest (2,043)  
Present value of minimum lease payments 74,313  
Less Current Portion $ (74,313) $ (26,186)
XML 56 R45.htm IDEA: XBRL DOCUMENT v3.10.0.1
Note 9 - Commitments and Contingencies (Details Textual)
9 Months Ended
Sep. 28, 2018
USD ($)
Dec. 20, 2017
USD ($)
Sep. 09, 2014
EUR (€)
Sep. 30, 2018
USD ($)
Sep. 30, 2017
USD ($)
Sep. 30, 2018
DKK (kr)
Defined Contribution Plan, Cost       $ 8,275 $ 8,636  
Line of Credit Facility, Maximum Borrowing Capacity       14,690   kr 94,620
Guarantor Obligations, Current Carrying Value       $ 14,690   kr 94,620
Minimum [Member]            
Standard Product Warranty, Term       1 year    
Maximum [Member]            
Standard Product Warranty, Term       3 years    
Extended Product Warranty, Term       4 years    
Customer Dispute, Installation of Water Treatment Systems [Member]            
Loss Contingency, Damages Sought, Value   $ 1,098,678        
Litigation Settlement, Amount Awarded from Other Party $ 437,000          
Chief Executive Officer [Member] | LiqTech Italy [Member]            
Equity Method Investment, Ownership Percentage     60.00%      
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners     40.00%      
Loss Contingency, Damages Sought, Value | €     € 750,000      
XML 57 R46.htm IDEA: XBRL DOCUMENT v3.10.0.1
Note 9 - Agreements and Commitments - Product Warranties (Details)
9 Months Ended
Sep. 30, 2018
USD ($)
Balance $ 189,901
Current year warranty expense 102,286
Change in estimate related to pre-existing warranties
Payments made (10,927)
Foreign currency effect (9,693)
Balance $ 271,567
XML 58 R47.htm IDEA: XBRL DOCUMENT v3.10.0.1
Note 10 - Earnings Per Share (Details Textual) - $ / shares
9 Months Ended
Sep. 30, 2018
Dec. 31, 2017
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price, Ending Balance $ 0.83 $ 0.82
Class of Warrant or Right, Exercise Price of Warrants or Rights 1.65  
Minimum [Member]    
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price, Ending Balance 0.74  
Maximum [Member]    
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price, Ending Balance $ 1.01  
Employee Stock Option [Member]    
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount 380,000  
Warrant [Member]    
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount 400,000  
Employee Stock Options and Warrant [Member]    
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount 780,000  
XML 59 R48.htm IDEA: XBRL DOCUMENT v3.10.0.1
Note 11 - Stockholders' Equity (Details Textual) - USD ($)
1 Months Ended 3 Months Ended 6 Months Ended 9 Months Ended
Apr. 16, 2018
Jan. 02, 2018
Nov. 22, 2017
Apr. 30, 2018
Sep. 30, 2018
Sep. 30, 2017
Jun. 30, 2018
Sep. 30, 2018
Sep. 30, 2017
Dec. 31, 2017
Preferred Stock, Par or Stated Value Per Share         $ 0.001     $ 0.001   $ 0.001
Preferred Stock, Shares Issued, Total         0     0   2,200,837
Preferred Stock, Shares Outstanding, Ending Balance         0     0   2,200,837
Common Stock, Shares Authorized         100,000,000     100,000,000   100,000,000
Common Stock, Par or Stated Value Per Share         $ 0.001     $ 0.001   $ 0.001
Common Stock, Shares, Issued, Total         72,740,547     72,740,547   44,429,264
Stock Issued During Period, Shares, New Issues 19,448,529     19,448,529            
Share Price $ 0.34                  
Proceeds from Issuance of Common Stock $ 5,865,077     $ 6,600,000       $ 6,612,500 $ 1,825,000  
Payments of Stock Issuance Costs               $ 747,423  
Class of Warrant or Right, Outstanding, Non-vested Warrants         0     0    
Allocated Share-based Compensation Expense, Total         $ 5,833 $ 24,055   $ 93,267 150,013  
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number, Ending Balance         380,000     380,000   455,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value         $ 314,500     $ 314,500    
The 2011 Stock Options Plan [Member]                    
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number, Ending Balance         380,000     380,000    
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Stock Options         $ 46,666     $ 46,666    
Warrants [Member]                    
Allocated Share-based Compensation Expense, Total               0 $ 13,225  
Employee Stock Option [Member] | The 2011 Stock Options Plan [Member]                    
Allocated Share-based Compensation Expense, Total         $ 33,267     $ 58,038    
Director [Member]                    
Stock Issued During Period, Shares, Restricted Stock Award, Gross   59,406                
Stock Issued During Period, Value, Restricted Stock Award, Gross   $ 60,000                
Convertible Preferred Stock [Member]                    
Preferred Stock, Shares Authorized         10,000,000     10,000,000    
Preferred Stock, Par or Stated Value Per Share         $ 0.001     $ 0.001    
Preferred Stock, Shares Issued, Total         0     0   2,200,837
Preferred Stock, Shares Outstanding, Ending Balance         0     0   2,200,837
Convertible Preferred Stock, Aggregate Shares Issued upon Conversion     8,803,348       8,803,348      
Convertible Preferred Stock [Member] | Private Placement [Member]                    
Stock Issued During Period, Shares, New Issues     2,200,837       2,200,837      
Convertible Preferred Stock, Shares Issued upon Conversion     4       4      
Shares Issued, Price Per Share     $ 1.20              
Proceeds from Issuance of Private Placement     $ 2,641,004              
Payments of Stock Issuance Costs     $ 127,736              
XML 60 R49.htm IDEA: XBRL DOCUMENT v3.10.0.1
Note 11 - Stockholders' Equity - Warrants Outstanding by Exercise Price (Details)
9 Months Ended
Sep. 30, 2018
$ / shares
shares
Exercise prices of warrants (in dollars per share) $ 1.65
Warrants outstanding (in shares) | shares 400,000
Warrants outstanding, weighted average remaining contractual life (Year) 299 days
Warrants outstanding, weighted average exercise price (in dollars per share) $ 1.65
Warrants exercisable (in shares) | shares 400,000
Warrants exercisable, weighted average exercise price (in dollars per share) $ 1.65
Warrant 1 [Member]  
Exercise prices of warrants (in dollars per share) $ 1.65
Warrants outstanding (in shares) | shares 400,000
Warrants outstanding, weighted average remaining contractual life (Year) 299 days
Warrants outstanding, weighted average exercise price (in dollars per share) $ 1.65
Warrants exercisable (in shares) | shares 400,000
Warrants exercisable, weighted average exercise price (in dollars per share) $ 1.65
XML 61 R50.htm IDEA: XBRL DOCUMENT v3.10.0.1
Note 11 - Stockholders' Equity - Options Outstanding by Exercise Price (Details)
9 Months Ended
Sep. 30, 2018
$ / shares
shares
Options outstanding (in shares) | shares 380,000
Options outstanding, weighted average remaining contractual life (Year) 4 years 7 days
Options outstanding, weighted average exercise price (in dollars per share) $ 0.86
Options exercisable (in shares) | shares 380,000
Options exercisable, weighted average exercise price (in dollars per share) $ 0.86
Price Range 1 [Member]  
Exercise prices of options (in dollars per share) $ 0.74
Options outstanding (in shares) | shares 250,000
Options outstanding, weighted average remaining contractual life (Year) 1 year 317 days
Options outstanding, weighted average exercise price (in dollars per share) $ 0.74
Options exercisable (in shares) | shares 250,000
Options exercisable, weighted average exercise price (in dollars per share) $ 0.74
Price Range 2 [Member]  
Exercise prices of options (in dollars per share) $ 1.01
Options outstanding (in shares) | shares 130,000
Options outstanding, weighted average remaining contractual life (Year) 7 years 83 days
Options outstanding, weighted average exercise price (in dollars per share) $ 1.01
Options exercisable (in shares) | shares 130,000
Options exercisable, weighted average exercise price (in dollars per share) $ 1.01
XML 62 R51.htm IDEA: XBRL DOCUMENT v3.10.0.1
Note 11 - Stockholders' Equity - Status of Options and Changes During the Year (Details) - USD ($)
9 Months Ended 12 Months Ended
Sep. 30, 2018
Dec. 31, 2017
Outstanding, shares (in shares) 455,000  
Outstanding, weighted average exercise price (in dollars per share) $ 0.82  
Outstanding, average remaining life (Year) 3 years 255 days 4 years 54 days
Granted, shares (in shares)  
Granted, weighted average exercise price (in dollars per share)  
Exercised, shares (in shares)  
Exercised, weighted average exercise price (in dollars per share)  
Forfeited, shares (in shares) (75,000)  
Forfeited, weighted average exercise price (in dollars per share) $ 0.74  
Expired, shares (in shares)  
Expired, weighted average exercise price (in dollars per share)  
Outstanding, shares (in shares) 380,000 455,000
Outstanding, weighted average exercise price (in dollars per share) $ 0.83 $ 0.82
Outstanding, weighted average intrinsic value $ 314,500  
Vested and expected to vest, shares (in shares) 380,000  
Vested and expected to vest, weighted average exercise price (in dollars per share) $ 0.83  
Vested and expected to vest, average remaining life (Year) 3 years 255 days  
Vested and expected to vest, weighted average intrinsic value $ 314,500  
Exercisable end of period, shares (in shares) 380,000  
Exercisable end of period, weighted average exercise price (in dollars per share) $ 0.83  
Exercisable end of period, average remaining life (Year) 3 years 255 days  
Exercisable end of period, weighted average intrinsic value $ 314,500  
XML 63 R52.htm IDEA: XBRL DOCUMENT v3.10.0.1
Note 12 - Significant Customers / Concentration / Disaggregated Revenue (Details Textual)
9 Months Ended
Sep. 30, 2018
Sep. 30, 2017
Customer Concentration Risk [Member] | Sales Revenue, Net [Member]    
Concentration Risk, Percentage 9.00%  
Number of Major Customers   4
Customer Concentration Risk [Member] | Sales Revenue, Net [Member] | Major Customer 1 [Member]    
Concentration Risk, Percentage   13.00%
Customer Concentration Risk [Member] | Sales Revenue, Net [Member] | Major Customer 2 [Member]    
Concentration Risk, Percentage   12.00%
Customer Concentration Risk [Member] | Sales Revenue, Net [Member] | Major Customer 3 [Member]    
Concentration Risk, Percentage   9.00%
Customer Concentration Risk [Member] | Sales Revenue, Net [Member] | Major Customer 4 [Member]    
Concentration Risk, Percentage   5.00%
Geographic Concentration Risk [Member] | Assets, Total [Member] | DENMARK    
Concentration Risk, Percentage 91.00% 85.00%
Geographic Concentration Risk [Member] | Assets, Total [Member] | UNITED STATES    
Concentration Risk, Percentage 9.00% 15.00%
XML 64 R53.htm IDEA: XBRL DOCUMENT v3.10.0.1
Note 12 - Significant Customers / Concentration / Disaggregated Revenue - Net Sales by Geographical Region (Details) - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2018
Sep. 30, 2017
Sep. 30, 2018
Sep. 30, 2017
Net Sales $ 3,347,204 $ 2,456,484 $ 9,336,614 $ 8,350,758
Reportable Geographical Components [Member] | US And Canada [Member]        
Net Sales 273,806 271,434 643,556 835,602
Reportable Geographical Components [Member] | AUSTRALIA        
Net Sales 181,174 215,713 463,967 502,895
Reportable Geographical Components [Member] | South America [Member]        
Net Sales 22,775 50,452
Reportable Geographical Components [Member] | Asia [Member]        
Net Sales 154,715 253,460 1,083,332 1,379,607
Reportable Geographical Components [Member] | Europe [Member]        
Net Sales $ 2,714,734 $ 1,715,877 $ 7,095,307 $ 5,632,654
XML 65 R54.htm IDEA: XBRL DOCUMENT v3.10.0.1
Note 12 - Significant Customers / Concentration / Disaggregated Revenue - Sales by Product Line (Details) - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2018
Sep. 30, 2017
Sep. 30, 2018
Sep. 30, 2017
Net Sales $ 3,347,204 $ 2,456,484 $ 9,336,614 $ 8,350,758
Ceramic Diesel Particulate [Member]        
Net Sales 1,921,097 1,519,920 5,458,260 5,677,005
Liquid Filters [Member]        
Net Sales 1,426,107 933,182 3,878,354 2,550,144
Kiln Furniture [Member]        
Net Sales $ 3,382 $ 123,609
EXCEL 66 Financial_Report.xlsx IDEA: XBRL DOCUMENT begin 644 Financial_Report.xlsx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end XML 67 Show.js IDEA: XBRL DOCUMENT // Edgar(tm) Renderer was created by staff of the U.S. Securities and Exchange Commission. Data and content created by government employees within the scope of their employment are not subject to domestic copyright protection. 17 U.S.C. 105. var Show={};Show.LastAR=null,Show.showAR=function(a,r,w){if(Show.LastAR)Show.hideAR();var e=a;while(e&&e.nodeName!='TABLE')e=e.nextSibling;if(!e||e.nodeName!='TABLE'){var ref=((window)?w.document:document).getElementById(r);if(ref){e=ref.cloneNode(!0); e.removeAttribute('id');a.parentNode.appendChild(e)}} if(e)e.style.display='block';Show.LastAR=e};Show.hideAR=function(){Show.LastAR.style.display='none'};Show.toggleNext=function(a){var e=a;while(e.nodeName!='DIV')e=e.nextSibling;if(!e.style){}else if(!e.style.display){}else{var d,p_;if(e.style.display=='none'){d='block';p='-'}else{d='none';p='+'} e.style.display=d;if(a.textContent){a.textContent=p+a.textContent.substring(1)}else{a.innerText=p+a.innerText.substring(1)}}} XML 68 report.css IDEA: XBRL DOCUMENT /* Updated 2009-11-04 */ /* v2.2.0.24 */ /* DefRef Styles */ ..report table.authRefData{ background-color: #def; border: 2px solid #2F4497; font-size: 1em; position: absolute; } ..report table.authRefData a { display: block; font-weight: bold; } ..report table.authRefData p { margin-top: 0px; } ..report table.authRefData .hide { background-color: #2F4497; padding: 1px 3px 0px 0px; text-align: right; } ..report table.authRefData .hide a:hover { background-color: #2F4497; } ..report table.authRefData .body { height: 150px; overflow: auto; width: 400px; } ..report table.authRefData table{ font-size: 1em; } /* Report Styles */ ..pl a, .pl a:visited { color: black; text-decoration: none; } /* table */ ..report { background-color: white; border: 2px solid #acf; clear: both; color: black; font: normal 8pt Helvetica, Arial, san-serif; margin-bottom: 2em; } ..report hr { border: 1px solid #acf; } /* Top labels */ ..report th { background-color: #acf; color: black; font-weight: bold; text-align: center; } ..report th.void { background-color: transparent; color: #000000; font: bold 10pt Helvetica, Arial, san-serif; text-align: left; } ..report .pl { text-align: left; vertical-align: top; white-space: normal; width: 200px; white-space: normal; /* word-wrap: break-word; */ } ..report td.pl a.a { cursor: pointer; display: block; width: 200px; overflow: hidden; } ..report td.pl div.a { width: 200px; } ..report td.pl a:hover { background-color: #ffc; } /* Header rows... */ ..report tr.rh { background-color: #acf; color: black; font-weight: bold; } /* Calendars... */ ..report .rc { background-color: #f0f0f0; } /* Even rows... */ ..report .re, .report .reu { background-color: #def; } ..report .reu td { border-bottom: 1px solid black; } /* Odd rows... */ ..report .ro, .report .rou { background-color: white; } ..report .rou td { border-bottom: 1px solid black; } ..report .rou table td, .report .reu table td { border-bottom: 0px solid black; } /* styles for footnote marker */ ..report .fn { white-space: nowrap; } /* styles for numeric types */ ..report .num, .report .nump { text-align: right; white-space: nowrap; } ..report .nump { padding-left: 2em; } ..report .nump { padding: 0px 0.4em 0px 2em; } /* styles for text types */ ..report .text { text-align: left; white-space: normal; } ..report .text .big { margin-bottom: 1em; width: 17em; } ..report .text .more { display: none; } ..report .text .note { font-style: italic; font-weight: bold; } ..report .text .small { width: 10em; } ..report sup { font-style: italic; } ..report .outerFootnotes { font-size: 1em; } XML 70 FilingSummary.xml IDEA: XBRL DOCUMENT 3.10.0.1 html 132 248 1 false 53 0 false 6 false false R1.htm 000 - Document - Document And Entity Information Sheet http://liqtech.com/20180930/role/statement-document-and-entity-information Document And Entity Information Cover 1 false false R2.htm 001 - Statement - Condensed Consolidated Balance Sheets (Current Period Unaudited) Sheet http://liqtech.com/20180930/role/statement-condensed-consolidated-balance-sheets-current-period-unaudited Condensed Consolidated Balance Sheets (Current Period Unaudited) Statements 2 false false R3.htm 002 - Statement - Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) Sheet http://liqtech.com/20180930/role/statement-condensed-consolidated-balance-sheets-current-period-unaudited-parentheticals Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) Statements 3 false false R4.htm 003 - Statement - Condensed Consolidated Statements of Operations (Unaudited) Sheet http://liqtech.com/20180930/role/statement-condensed-consolidated-statements-of-operations-unaudited Condensed Consolidated Statements of Operations (Unaudited) Statements 4 false false R5.htm 004 - Statement - Condensed Consolidated Statements of Other Comprehensive Income (Unaudited) Sheet http://liqtech.com/20180930/role/statement-condensed-consolidated-statements-of-other-comprehensive-income-unaudited Condensed Consolidated Statements of Other Comprehensive Income (Unaudited) Statements 5 false false R6.htm 005 - Statement - Condensed Consolidated Statements of Cash Flows (Unaudited) Sheet http://liqtech.com/20180930/role/statement-condensed-consolidated-statements-of-cash-flows-unaudited Condensed Consolidated Statements of Cash Flows (Unaudited) Statements 6 false false R7.htm 006 - Disclosure - Note 1 - Summary of Significant Accounting Policies Sheet http://liqtech.com/20180930/role/statement-note-1-summary-of-significant-accounting-policies Note 1 - Summary of Significant Accounting Policies Notes 7 false false R8.htm 007 - Disclosure - Note 2 - Going Concern Sheet http://liqtech.com/20180930/role/statement-note-2-going-concern- Note 2 - Going Concern Notes 8 false false R9.htm 008 - Disclosure - Note 3 - Inventory Sheet http://liqtech.com/20180930/role/statement-note-3-inventory Note 3 - Inventory Notes 9 false false R10.htm 009 - Disclosure - Note 4 - Property and Equipment Sheet http://liqtech.com/20180930/role/statement-note-4-property-and-equipment Note 4 - Property and Equipment Notes 10 false false R11.htm 010 - Disclosure - Note 5 - Investments at Costs Sheet http://liqtech.com/20180930/role/statement-note-5-investments-at-costs Note 5 - Investments at Costs Notes 11 false false R12.htm 011 - Disclosure - Note 6 - Definite-life Intangible Assets Sheet http://liqtech.com/20180930/role/statement-note-6-definitelife-intangible-assets Note 6 - Definite-life Intangible Assets Notes 12 false false R13.htm 012 - Disclosure - Note 7 - Lines of Credit Sheet http://liqtech.com/20180930/role/statement-note-7-lines-of-credit Note 7 - Lines of Credit Notes 13 false false R14.htm 013 - Disclosure - Note 8 - Leases Sheet http://liqtech.com/20180930/role/statement-note-8-leases Note 8 - Leases Notes 14 false false R15.htm 014 - Disclosure - Note 9 - Commitments and Contingencies Sheet http://liqtech.com/20180930/role/statement-note-9-commitments-and-contingencies Note 9 - Commitments and Contingencies Notes 15 false false R16.htm 015 - Disclosure - Note 10 - Earnings Per Share Sheet http://liqtech.com/20180930/role/statement-note-10-earnings-per-share Note 10 - Earnings Per Share Notes 16 false false R17.htm 016 - Disclosure - Note 11 - Stockholders' Equity Sheet http://liqtech.com/20180930/role/statement-note-11-stockholders-equity Note 11 - Stockholders' Equity Notes 17 false false R18.htm 017 - Disclosure - Note 12 - Significant Customers / Concentration / Disaggregated Revenue Sheet http://liqtech.com/20180930/role/statement-note-12-significant-customers-concentration-disaggregated-revenue Note 12 - Significant Customers / Concentration / Disaggregated Revenue Notes 18 false false R19.htm 018 - Disclosure - Note 13 - Subsequent Events Sheet http://liqtech.com/20180930/role/statement-note-13-subsequent-events Note 13 - Subsequent Events Notes 19 false false R20.htm 019 - Disclosure - Significant Accounting Policies (Policies) Sheet http://liqtech.com/20180930/role/statement-significant-accounting-policies-policies Significant Accounting Policies (Policies) Policies http://liqtech.com/20180930/role/statement-note-1-summary-of-significant-accounting-policies 20 false false R21.htm 020 - Disclosure - Note 1 - Summary of Significant Accounting Policies (Tables) Sheet http://liqtech.com/20180930/role/statement-note-1-summary-of-significant-accounting-policies-tables Note 1 - Summary of Significant Accounting Policies (Tables) Tables http://liqtech.com/20180930/role/statement-note-1-summary-of-significant-accounting-policies 21 false false R22.htm 021 - Disclosure - Note 3 - Inventory (Tables) Sheet http://liqtech.com/20180930/role/statement-note-3-inventory-tables Note 3 - Inventory (Tables) Tables http://liqtech.com/20180930/role/statement-note-3-inventory 22 false false R23.htm 022 - Disclosure - Note 4 - Property and Equipment (Tables) Sheet http://liqtech.com/20180930/role/statement-note-4-property-and-equipment-tables Note 4 - Property and Equipment (Tables) Tables http://liqtech.com/20180930/role/statement-note-4-property-and-equipment 23 false false R24.htm 023 - Disclosure - Note 5 - Investments at Costs (Tables) Sheet http://liqtech.com/20180930/role/statement-note-5-investments-at-costs-tables Note 5 - Investments at Costs (Tables) Tables http://liqtech.com/20180930/role/statement-note-5-investments-at-costs 24 false false R25.htm 024 - Disclosure - Note 6 - Definite-life Intangible Assets (Tables) Sheet http://liqtech.com/20180930/role/statement-note-6-definitelife-intangible-assets-tables Note 6 - Definite-life Intangible Assets (Tables) Tables http://liqtech.com/20180930/role/statement-note-6-definitelife-intangible-assets 25 false false R26.htm 025 - Disclosure - Note 8 - Leases (Tables) Sheet http://liqtech.com/20180930/role/statement-note-8-leases-tables Note 8 - Leases (Tables) Tables http://liqtech.com/20180930/role/statement-note-8-leases 26 false false R27.htm 026 - Disclosure - Note 9 - Commitments and Contingencies (Tables) Sheet http://liqtech.com/20180930/role/statement-note-9-commitments-and-contingencies-tables Note 9 - Commitments and Contingencies (Tables) Tables http://liqtech.com/20180930/role/statement-note-9-commitments-and-contingencies 27 false false R28.htm 027 - Disclosure - Note 11 - Stockholders' Equity (Tables) Sheet http://liqtech.com/20180930/role/statement-note-11-stockholders-equity-tables Note 11 - Stockholders' Equity (Tables) Tables http://liqtech.com/20180930/role/statement-note-11-stockholders-equity 28 false false R29.htm 028 - Disclosure - Note 12 - Significant Customers / Concentration / Disaggregated Revenue (Tables) Sheet http://liqtech.com/20180930/role/statement-note-12-significant-customers-concentration-disaggregated-revenue-tables Note 12 - Significant Customers / Concentration / Disaggregated Revenue (Tables) Tables http://liqtech.com/20180930/role/statement-note-12-significant-customers-concentration-disaggregated-revenue 29 false false R30.htm 029 - Disclosure - Note 1 - Summary of Significant Accounting Policies (Details Textual) Sheet http://liqtech.com/20180930/role/statement-note-1-summary-of-significant-accounting-policies-details-textual Note 1 - Summary of Significant Accounting Policies (Details Textual) Details http://liqtech.com/20180930/role/statement-note-1-summary-of-significant-accounting-policies-tables 30 false false R31.htm 030 - Disclosure - Note 1 - Summary of Significant Accounting Policies - Allowance for Doubtful Accounts (Details) Sheet http://liqtech.com/20180930/role/statement-note-1-summary-of-significant-accounting-policies-allowance-for-doubtful-accounts-details Note 1 - Summary of Significant Accounting Policies - Allowance for Doubtful Accounts (Details) Details 31 false false R32.htm 031 - Disclosure - Note 1 - Summary of Significant Accounting Policies - Summary of Changes in Contract Assets and Liabilities (Details) Sheet http://liqtech.com/20180930/role/statement-note-1-summary-of-significant-accounting-policies-summary-of-changes-in-contract-assets-and-liabilities-details Note 1 - Summary of Significant Accounting Policies - Summary of Changes in Contract Assets and Liabilities (Details) Details 32 false false R33.htm 032 - Disclosure - Note 2 - Going Concern (Details Textual) Sheet http://liqtech.com/20180930/role/statement-note-2-going-concern-details-textual Note 2 - Going Concern (Details Textual) Details http://liqtech.com/20180930/role/statement-note-2-going-concern- 33 false false R34.htm 033 - Disclosure - Note 3 - Inventory - Summary of Inventory (Details) Sheet http://liqtech.com/20180930/role/statement-note-3-inventory-summary-of-inventory-details Note 3 - Inventory - Summary of Inventory (Details) Details 34 false false R35.htm 034 - Disclosure - Note 4 - Property and Equipment (Details Textual) Sheet http://liqtech.com/20180930/role/statement-note-4-property-and-equipment-details-textual Note 4 - Property and Equipment (Details Textual) Details http://liqtech.com/20180930/role/statement-note-4-property-and-equipment-tables 35 false false R36.htm 035 - Disclosure - Note 4 - Property and Equipment - Summary of Property and Equipment (Details) Sheet http://liqtech.com/20180930/role/statement-note-4-property-and-equipment-summary-of-property-and-equipment-details Note 4 - Property and Equipment - Summary of Property and Equipment (Details) Details 36 false false R37.htm 036 - Disclosure - Note 5 - Investments at Costs (Details Textual) Sheet http://liqtech.com/20180930/role/statement-note-5-investments-at-costs-details-textual Note 5 - Investments at Costs (Details Textual) Details http://liqtech.com/20180930/role/statement-note-5-investments-at-costs-tables 37 false false R38.htm 037 - Disclosure - Note 5 - Investments at Costs - Financial Assets and Liabilities (Details) Sheet http://liqtech.com/20180930/role/statement-note-5-investments-at-costs-financial-assets-and-liabilities-details Note 5 - Investments at Costs - Financial Assets and Liabilities (Details) Details 38 false false R39.htm 038 - Disclosure - Note 6 - Definite-life Intangible Assets (Details Textual) Sheet http://liqtech.com/20180930/role/statement-note-6-definitelife-intangible-assets-details-textual Note 6 - Definite-life Intangible Assets (Details Textual) Details http://liqtech.com/20180930/role/statement-note-6-definitelife-intangible-assets-tables 39 false false R40.htm 039 - Disclosure - Note 6 - Definite-life Intangible Assets - Expected Future Amortization Expense (Details) Sheet http://liqtech.com/20180930/role/statement-note-6-definitelife-intangible-assets-expected-future-amortization-expense-details Note 6 - Definite-life Intangible Assets - Expected Future Amortization Expense (Details) Details 40 false false R41.htm 040 - Disclosure - Note 7 - Lines of Credit (Details Textual) Sheet http://liqtech.com/20180930/role/statement-note-7-lines-of-credit-details-textual Note 7 - Lines of Credit (Details Textual) Details http://liqtech.com/20180930/role/statement-note-7-lines-of-credit 41 false false R42.htm 041 - Disclosure - Note 8 - Leases (Details Textual) Sheet http://liqtech.com/20180930/role/statement-note-8-leases-details-textual Note 8 - Leases (Details Textual) Details http://liqtech.com/20180930/role/statement-note-8-leases-tables 42 false false R43.htm 042 - Disclosure - Note 8 - Leases - Future Minimum Lease Payments for Non-cancelable Operating Leases (Details) Sheet http://liqtech.com/20180930/role/statement-note-8-leases-future-minimum-lease-payments-for-noncancelable-operating-leases-details Note 8 - Leases - Future Minimum Lease Payments for Non-cancelable Operating Leases (Details) Details 43 false false R44.htm 043 - Disclosure - Note 8 - Leases - Future Minimum Capital Lease Payments (Details) Sheet http://liqtech.com/20180930/role/statement-note-8-leases-future-minimum-capital-lease-payments-details Note 8 - Leases - Future Minimum Capital Lease Payments (Details) Details 44 false false R45.htm 044 - Disclosure - Note 9 - Commitments and Contingencies (Details Textual) Sheet http://liqtech.com/20180930/role/statement-note-9-commitments-and-contingencies-details-textual Note 9 - Commitments and Contingencies (Details Textual) Details http://liqtech.com/20180930/role/statement-note-9-commitments-and-contingencies-tables 45 false false R46.htm 045 - Disclosure - Note 9 - Agreements and Commitments - Product Warranties (Details) Sheet http://liqtech.com/20180930/role/statement-note-9-agreements-and-commitments-product-warranties-details Note 9 - Agreements and Commitments - Product Warranties (Details) Details 46 false false R47.htm 046 - Disclosure - Note 10 - Earnings Per Share (Details Textual) Sheet http://liqtech.com/20180930/role/statement-note-10-earnings-per-share-details-textual Note 10 - Earnings Per Share (Details Textual) Details http://liqtech.com/20180930/role/statement-note-10-earnings-per-share 47 false false R48.htm 047 - Disclosure - Note 11 - Stockholders' Equity (Details Textual) Sheet http://liqtech.com/20180930/role/statement-note-11-stockholders-equity-details-textual Note 11 - Stockholders' Equity (Details Textual) Details http://liqtech.com/20180930/role/statement-note-11-stockholders-equity-tables 48 false false R49.htm 048 - Disclosure - Note 11 - Stockholders' Equity - Warrants Outstanding by Exercise Price (Details) Sheet http://liqtech.com/20180930/role/statement-note-11-stockholders-equity-warrants-outstanding-by-exercise-price-details Note 11 - Stockholders' Equity - Warrants Outstanding by Exercise Price (Details) Details 49 false false R50.htm 049 - Disclosure - Note 11 - Stockholders' Equity - Options Outstanding by Exercise Price (Details) Sheet http://liqtech.com/20180930/role/statement-note-11-stockholders-equity-options-outstanding-by-exercise-price-details Note 11 - Stockholders' Equity - Options Outstanding by Exercise Price (Details) Details 50 false false R51.htm 050 - Disclosure - Note 11 - Stockholders' Equity - Status of Options and Changes During the Year (Details) Sheet http://liqtech.com/20180930/role/statement-note-11-stockholders-equity-status-of-options-and-changes-during-the-year-details Note 11 - Stockholders' Equity - Status of Options and Changes During the Year (Details) Details 51 false false R52.htm 051 - Disclosure - Note 12 - Significant Customers / Concentration / Disaggregated Revenue (Details Textual) Sheet http://liqtech.com/20180930/role/statement-note-12-significant-customers-concentration-disaggregated-revenue-details-textual Note 12 - Significant Customers / Concentration / Disaggregated Revenue (Details Textual) Details http://liqtech.com/20180930/role/statement-note-12-significant-customers-concentration-disaggregated-revenue-tables 52 false false R53.htm 052 - Disclosure - Note 12 - Significant Customers / Concentration / Disaggregated Revenue - Net Sales by Geographical Region (Details) Sheet http://liqtech.com/20180930/role/statement-note-12-significant-customers-concentration-disaggregated-revenue-net-sales-by-geographical-region-details Note 12 - Significant Customers / Concentration / Disaggregated Revenue - Net Sales by Geographical Region (Details) Details 53 false false R54.htm 053 - Disclosure - Note 12 - Significant Customers / Concentration / Disaggregated Revenue - Sales by Product Line (Details) Sheet http://liqtech.com/20180930/role/statement-note-12-significant-customers-concentration-disaggregated-revenue-sales-by-product-line-details Note 12 - Significant Customers / Concentration / Disaggregated Revenue - Sales by Product Line (Details) Details 54 false false All Reports Book All Reports liqt-20180930.xml liqt-20180930.xsd liqt-20180930_cal.xml liqt-20180930_def.xml liqt-20180930_lab.xml liqt-20180930_pre.xml http://xbrl.sec.gov/dei/2018-01-31 http://fasb.org/us-gaap/2018-01-31 http://fasb.org/srt/2018-01-31 http://xbrl.sec.gov/country/2017-01-31 true true ZIP 72 0001437749-18-020850-xbrl.zip IDEA: XBRL DOCUMENT begin 644 0001437749-18-020850-xbrl.zip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

/;Z*0I&NYGV8_,'(O@R]> M $P,[YR1MG6KM0&8J:+,7&U;5EADH-NR"B;'8FWU@=K=8LS%8LP:BV&7%C E MLY0*O>/%7 :/)#UPESLCR:S%#&1-MZW-.U,!U.X6TVQG)":9#2Q%5O:WENNT MS^@.-\:RF14A!JJE6HID;%Q-!52[6TVCG;'8Y\! ,25)MS8S39W57(+(FR!R MDFR+?H.9MP\ RY9IE(EI,7$CF)HAT6!6O!BHNJ1+2Y*G)4R '+,^GC2V_+ 5 MV=;L':')K(\FC2T%9,VT-46O"=-3ED\.- ?$&,#'(:W*D*FTZ?_.B_LT+J=@ M:KR"D>'IPBG%\^*? *%F/L>($P!!0! MFASZT@3%I\*_4 H);$@2"(B4K4YA)8OT8#M)I^ Q++Y, ?2=,!#")*.3 O%4 M44Q$&OK"G DEM,6"!2=U(@X K0D9!6,44R2DH_I9Q:T9Z0@,:X:7Z3W)!X=%;2T?!:ME@-$6!";T])AF!\S M]S-A?O*X7A>U04!XE=!(!%'42:66I8GOD>^AQQ0'L#'. \4,E61$@C@"*5$$ M LF?TW[ KFN4H @=>!5^(4ZXQ:0;MQ63=5YI=, 7@^/PQ2<^$B M3:':UGI2F.4S%4F1"S45F1"T!K293:4RB_\-#,54K'U"VLQP5YD&*5CMBB7O M&:<-S'EUC9TJ*9;9'-2YBR3[=6OK7F*7)554R2[>;JS,W1BT9A0IL6\63F5) M,M5=@M:,!"6F[T@U;5V2M1UCK0'-24P7DJKKDJJUP-KN?$D2LZ#QP(;/AEP! M',M[4PN\AA3'%-8#69,-PS9W#5\SLI/9,EJQ)4/2]#W@KP'MR6Q7H:I)BB+; M;>!++>0O5*_XEIH0>=?OSTMWI'4KW9I,)C%45;&,"C#70]$*]/;5FF$%S*-% MUF6E4FS7 J;50LA]UR/Z-W*J[EY7':, /4M^"L_X?>#YOY[$48).WK6%!HS? M3="L02WSW%$E7;,:8[8 3\OUW(TCM!&]:Q;$/N,MQ3";4WL1HK9+>@JW6!#S M?E8Q+,M0VBPH@V=I.<2:/".>CW8%_&7F@:+J<-H4,;^8J0$(-8JH*\PS0[%5 M2:T- K'[(C0&/0%8?2&SOX016*#!>9:$4XB8. O*HV9*567E_I2.=$6V MU!>*I(87TTPIHNF:9IG]P5'^1M8Q[2R.(^\^H3<&=^&-LZ)PM9 \QIH;<4M7 MBKZ2+2'=\[*;"1-CC3=#50U0)8YEW0T#19C:QD!5-#"[U&-9=T.>7Q.?).G[ M7C<)U KB,)K=)M.IWZZ#DBRQ:58U%$E;IMB52=L!ME$M \"81*618*GE0Z<. M8%_#X.$.19,TQ"V]YVBC7;-=UKII+>]YQ:1;@O;'XJ&[V12E<;H79R1.-PC] M\&&V.2:9[[PHV[[O,=EX;DB3O';1=()?)4JU74*BF0T(#MVAB)3%WWC!- MQ=:7P*NT49AEQ@G)$/C/,1QI4-/E@>* M4OQXFU_0G?L.SH=) ]S#@*:6PO0W$1HAF#WM1I;%RM\F]]AS/0?$DN.CXILW M$4 =HQO?2>_@-I*5HC%=ZK)BFD4[==V"MT%-PX!W)J69FJDIZO[AK3K-BP"R M*&VMCRT'X2X\&]+ D)N(W$O%,]C*( 8UG72@FTYVH%;93/M].2R]/DR[6TO# MX&>FG6UKMB[M8"DE]@.EZ3JB;.O2O)D;%-V.:;01ZTQMS>/K6%9AG 0#6-$@ M36W!!"Q,DEM*9T.]Y>P4!>N$LL;P^/9K(35.%Y80[6(A] %\EL3C,*(!5*X_[69;.7):B2)*E MFOM=7!WY8!\8\^N TZ5N\'>=Q#3LD433=4SX6EOT%V#>!T]4\;<:E-T@1ELMGO4)>9[HZJ@'3FP?H8"H"%6G9 M\,#4\=PL9F@K8YT=167)Q5O1%U)@8-8T7EV0#*;B"7C<+'=3*/W=Q;MPQ= M,LV.06^24EZ(Y@[?*&DV8+B!J2(;O3O&(I#-;? -/*8MQD&/_+B2)X;G8V M'$:)X[=QV2MK0J0!T^6SLVK2=H!MOJA1V,RLF+)NF+L +'=8;2I767AN4KJF\HY2" M6.O!L[*&:C[[G*;K)1%JD1B/94FS3#" MS??KFXOO=_\6SJX^"Q?_\^/RYMO%U1TKZ6I/;:I5L[)-]1$F(>:\0]-E4?'0 MQ""7T+RH:-H#G.9:QSUIEMYENG?>'?U]/PBMN)F&U+(?^J+A^$HO\N5>Y=FB M*JAN6S*NTSJ=PMV?ANAY2UK=^%N-DIWS?L[J"9P(3^EG^61OP"T5N8S'7E!5 MXCI?A"'7Z:M[Y"V<6[[V R-2:OFK-T)-DWT/W0Q:6!0,/5BO\T8P'%O;\^7% MC%A&9S\0+@X4%UZS]@[&/NN*K M1=Z[ZJMR^)KJ%3*XH\4/&BU^+QM_J%Y_\J9.E4L5[ _3\Z^N6O'J&DWTOH%$ M1V1LBZ9BBHJVJ34$IV9.S?VG9ED295D357O5%CPZ5* M*U=:CUDNOIIC_G@ZG79$O98JVNJFIG^<@CD%]Y>"35&R-_7@/0(*YG[5G>NF MI$A(0AH+< 6U1'I<57V=JBH_Y_DY?[3$JTB2:&@*)V%.PL=+PIJHZYM.WR,@ M8>Y'W;FN^D\T]H8^*O5.>VT:*M=+N5YZI!*QGP=J'V!XZ8>ZJ8BZQ:_Z.04? M+P7KHBJ_ ,.*>U!WKI5^2:+ HTWV2,+>R'LFGP^OHG;N,7W-BNDF[6QUNU^R ML*Q-$T<@,/MYW/8!AI=^Y,N2(EK*"XCHZR?Y] &&ET_"ABAIJXE61T?"W)FZ M^Z!44H!G'/HN:2@=A8]I;V:NM[XJO75C8"977/LB,BLS4KDJ4+-$""-3^W@T MAD8+VK_<(&J%J%L]O*?E?,+YI$]\8AJBJ?;P[F,G?/)2W,EU2'M?0,QAZ(]Z ML^<5R[U=<16;S.;N3(J=_)CCV1K-TNK?-;BHY;W+> M;,>;IJ2)MGH,9NDA>7/1&F0]8[X4AW&/ CFN4"R4.IQ<-*SDP#5);D#P;><& M1)='58-3OL_U1?NEKFB]6)OFSG#<(;9,^@-*. MY((S 4N&./GC;,JWND.E$2!@C MWQ4,+0-,$2DSZ9@XCY'HQ?>\A<4@#6P0_/'GQ6!AY@1, $_@ M+(Z]."'<@$\!/4BX"N,N2,$\+4GVA0QA6P[9YU*WWMJ==VOV[/TM"C%F]IC^ M@_G>I]G=;(JR!NIY/YSYKQM[J$N6RFI1;)N*J6ARC553V+=;9];D>X_K9+<( MEV194VVKFX4VV="OSGV3%5JL%5JJK>K]V\>&RV.V4K=,R=;ZMWMY&=4&:[29 MS*A(DJ$I_=O#-HMDRM(&2V/RGZF#8M>_ M79L7X8#?OZ0E.#8O4Y:8+"A+BJ5T=$HTV<*6ZUQS'AJ29O9O/^?9J9>%Y-0: M"V6R).# U*V.Y$VC@['E2ID<"C\;8(!UNJ?K()793"8KJF;)4J>;LA94-I_( MAJ').U>LR-U=&YPJ;)P:$I!YG=V'N;>!L@8Z%38Z;=U6I#K8K _E30@&XFQN MBI4@=C.\RO#_)13/H95L73GY6,LBS=U+,74J!>A)B(A3:<5Y5-^)R4=L.F)? M''VU%KK:_IAQ7S_W2@P&U7Z+TGME/PV.:0"Q0U@5QZ?"!?$ZNE17P-3Y-G'^ MA/^-$" :N)6.<(]B4.?IB2/$8W@5%@DO43]=@M$H\07?>TP=/6M<1$-G2MTS M_XM<44BF80 #>\&# *@8 DA>0)#^Z U1)50>L"EQ%*7UTR(T=;P(I^..84]2 M?^GG "^\3Q0P%=II$TQ"3]02" ]]'#MF8 M =DJX=[!, 0G0EU?J7_/VE.6X:_JYQAFT=++4/(_:G$0#V=[7 M(41O?[+KMU]/8,(A\OWLEFG^-YXZP_SO;/H*4;FM["W)4HE>;'G!(/W?[$[- ME*12\-K&6+'^I0T/0X+.X-<3T-6B\"G]+)_L#;BEF]5X3.3NZM7J/$Q'KA/* MMI/@P,8U;58/S&Y?^Y&*_*_>"#45)UW&V>TJ_&COX7"UV$29LT9%/:3^A"8L M+XZSS\IKY%CC?,/YAO--8[Y9K=7X8OB&A_[O//1_<3G.VS>2&7ASG-?9'(=7 M#3GJX.;>1RUW1,:V:"JFJ&@]C-_GU,RIN;%0%F59$U7[!930Y\5P=JZ[?G7N MN=+*E5:NM!ZS7'PUQ_SQ%-#HB'HM5;1?0IF[?E)/'V!X\11LBI*M'3\%<[_J MSG73/-&!*ZAETN.JZNM45?DYS\_YHR5>19)$0WL!O9O[23Y]@.'ED[ FZGH/ MFRUQ/^K!==4\J?,U:ZA<+^5ZZ9%*Q'X>J'V X:4?ZJ8BZA:_ZN<4?+P4K"]7 M^3I."N8>U)UKI?,Z%32IF[CXH-2_&)7B%:EQ< M;WU5>NO&P$RNN/9%9/*V$KQ97(^Z28!:(>I6#^]I.9]P/ND3GYB&:+[8-D4O MQ9UP?R;3_XD7>4,+QX3Y4L*JHF6CQ3D%/Q45.Q86BB_!*R M!;G+M2%FBQY6IALV1;^]<,)B+)P-A\DD\6D%YF*=YYJ^6*Z@<+V4;_LABV/V MZ8CE/J)C\Q&]L45#L43;M(] ::CDF2\R7FS M'6^:DB;:ZC&8I8?DS47WZO6,^5(O%WC9SAN$,LV.&L75;5*0>NNMW'I[QCG9%FR_0K=T2 MKFDSN+2C%&DH5:<;W!_?24=!VA[XFQ=XDV22-P0N]"LU]9./-^J_:P"[F'SO MT#K/+&@-@%:6^@!NG:[,B\X:2\WN:VR-+%E27[9F9VME;"RL53FJC?WJW+?: MT=XPV_:+9&^E>51;F5=I;+.?]E%Q:(V5,C?5)ORI'\M*\VI&3;;RJ%B3O4#V M#IK'M(/SS'_X_4N:]X]7%R5+\C$M:IX7=EE("ZM:U4ZTG$]W M!$ -/3\-?[D>?4>/*$C0ERBT[?;!H M_,T3S[N0&@?N0MK1E5XQ$Q585XC'2+@;1P@)W^#U<=U484XAKXI"KD!^]II M&MU *AK=V;X!R@%= MX7I)/7V X:53L"I:IB6JNL9IF-/PD=*P(NJZ),K:"Z#A([U)Z9LM\KOG!\(H M3\[A]D?CQ/LC$"[]*B2PJ3']L180X.S!V6,G:J;:1S.)LPAGD;ZP"#]!.'MP M]F"[BQ55-*0>5DCN3QNM ]U!<=;?>[DV+@-R+5(S147JH:.''Y6<7WK'+XJH MZ8:H69Q?.+]P?JEQG2NJJB$:,N<7SB^<7S;S"[DXED13MUXHOS2IGMN^=-5R M":RI,Z./7X^^AL'#'8HFG]%]W*# 55J$5F+5/Q.>\?O \W\]B:,$G;QK.WVC M:F&VQ"QO9H!.7T1C]?S+4&+D1,/Q6>!^!CS[(:TR=_$\10&N50AO724VB5G8 M3+,M73&*P*X!8RN(FR 7(-99$*NF+G4#,2#6K(MCR9(D%L2RKEB:W1&.S?KE M[B29";$B&Y:T%<2%Y^"MO +J;3B*GYP(W8#(&,[:E+I+><]0]E7OCH^X\Q'W MI41D^D-1:Z$MF\J% C6]4=A.KBG''2#LJW'?/O M[\9((.3O!#,!I1R#A:@XIEL8 M/<7!-)BJSD"595O2=*NXC$TP; _SQM*^ #.S$O$ =!U3-FQC&YCG=@98%W'D M#.-_>?'X/,%@]Z HE74PT!D&48K!['">MU3>3).M;H(NKTA:<36-H=O#\AII M>J;)W"Y%TPW-ZMWRFI@WL#RF)6:KJF'(O5M>(T/3-"UFV6]5E\RR>.C#\E9Y M[X^%F\ +@TN20D<+LX-M'$;4#?$;"A\B9SHFE\-$*H?!HD;['[P8ED>)$W5]3[2H]Q'>C34-0+2D)2^X;%#^7CV8RTC,PE0MF39[!TC=R@0 M-R".27&*K,/O?4-(,MB?:4&W#[!OB.A1Y&Q#'M%!T2;%LO6^(ZU#& MW89)/#X#R.";&LH+DP(5!>S ON&Q0Y%7A<Z=X="C--A"3P3+9.R&FSK0O[-612$PBDG7-E%^S2*J)0*;_1]%5S9#ZAL N MM;%:"#28'B99LE15?MP2UL.U%3#+F7YU(M =(4#^NN^V6K=\9*7:'1$ T6\SQ1+=-2^W?$ MUI443?' /$0479=DK7=XJ"L>2,FO+WG%KPH?&C,N9/\^M+J<7;F$-9S-M%Y4 M]7CY>M,^6BW36CIDR8;[:#$EM*RHAF3O?B=)KM(#S C6SK:Y!;K%I@[94"C_\_>]_:W+:QI/U]J_8_ MH+0G=9PJ4.;]XIRX2I;EK#:.K=>2DSJ?4A Q%!&# (,!).O\^K>[9W C08F4 M2!"@>BOK(Y*XS/0\?9V>[L,Y3U$\R0.>Z.ESD^8N2&$F=,L%DY V,;)>.Q''ITXN=3C MEG"1[4R<,<6?C"M_[HQ+&'N_N7#N@"#Q/]]A'N-D&28@78Q8V4CC#M2-$>L; M::9WV#\9=U-G/,5C-GBX1AICUP(XW>-$3RZ_2L.1,E)G;DHY4]);;I2]\W?F MSI(8>SH^\RJ[C$5LDEVT'X^-JQ7<9-Q9TK#F<]>!50M]PW)=/"WE)1>.$U1$ M$E<9T3XC( N[$8@P\.-C+,9,A%/?QE-8P+[E<^5QCBM73MAVRE@PSP]SZS6U M@$ 6"%EPX!S+-1R0%^/0\%-"!ZDH5,L5RQ3;!SXK?\1X4@Y&B.L=#U8)9:M M2.=01XH,L'0MTOG"1T^$*#= IABD]^'?&Q\A=6U))W^^:3=]6(T6JJV,:B/- M=K29JGWL[1LJU@?4_X&I_(Q*G),[DIWKFY0$L4YR9,P2_P'1=#<%F307P001 M"X:BX5_#4$F5@F2",:KCG("V&8D?*Q%<2IOACV.MT0PK 'D ]TH48EJC^>-Q M%$CU'KK5=V. JP9')LBWV75@><(TWE]\,/P Z8KNH*0'PLL\.1%X^!31GGVA MXN>9]9 ;KC/T0DOU(=O<;GP M@7-X!%#&&H\%&4+7]_G'I>ML),9'2LD,#9"DF?4'I4)+D:4XO/K6L?&L;P8S M,V')*$COL&:(.IPT/%O"Y8&ROY1X4Q.^IE<)T&%DN8COXZGEW>A#PC%M8N5W MX_M(Q$"_'K^.1Z766:T.3$++R(U0NZAV,Y2_0=<(US,]O4P5:7 &NIR&,N26 MH9>!6JP&XSO4NV]1C^JU"N_G"CJNKVU5#=B4?^#'S-K+'"_X$Z 6+LHO\/\ MQGOA@<;Z9AJ_6RY,]L1& F(,+V<,_WYRE;-]RS%&V[T?,!<::6.Z'?89Y6! 8V#,.)10W,-?O ?7!( M#+V\4OL)T1H*RS:S0E@S>@K\!.[@L6I=1@(Y06LLT(8@V_'V F43UXE8U'/J6@E6S;%Q M*83QR0]%WGS;5PS,[-6H_T *Y$:+V1R M)L(+\&.%<\B@ D[;&.MRW_HB:>FE,)->WT%8K1Z6(P 8,; M-;IT(6%6*@J26(\H58RY&TF-&U!4( "=@-;/]:6J;)-(%O+WT7# ?#-Z7F+H M67 M0J>KQ<[)J+8DQT*.UTE&* M.EP(3ND>W[_I<)?Q(=/L6^4J&IEDQ?AG\Q$":']4D4PFIH!R]7/&M0XC+42B MR#@)*-ZB?RF<$D5FH@#4-Q@]5$;WV#B9X*7@.H)/H=8/N!++;0$U@<7UER9H M]5!I'FTT*PZ>60Z81)[R2Y)(3TPXO)5"-YEWX#.?1P]\P(/$6(P^IK$PDHJI MR4)&3Q)#2 )&@0BCP#,$ -^Y1F-4O=%3L)02P" 6IA"[4BJNEEA ZDDR19N% M_UGNO71H<:9@:OIXY-&E>^"Y'IIIV1T.R_XK0N>!P]UDT@ MM+3.\>8J8];P;W6$T'4F8A'IIHY4)%/#27IC"\PV>N?!(PZQYL M7@IEHV_UBE2]"NS]:&8#-[9&EEP,4DKCO= 1\Q@#KQ.#(H[CL1K>C0$9,R+" M)F%I8)^;!LK@C*N+;'F#O"A59/P&&H0W9Q,F/$Q4-VPDPRDFRR=1Q 6FXUK4?:!FI=HEA M6E^339'<6X&*@6^-IXHY]?(LQO90X R7'#L'XPH8/0AY_ BN=$ACY<#WH4Z M$-\11PEP&AG^C^=("C/O/ ,E20RJ&&6ZZ3F)0R(K@C9*Q\",\.)8S]T)\ED, M/PHRPC2W(0>R1A"7**O0LF_IR7@;5I945I)I -\"O5#%)+\D.DA338-O+ *U M^X@F5&)?W?G!MT1=%IH>IMX46[+D<.?$_TLD@;%54:MLG(04'^X84>R,=BG5 M(B/%TX47NGYF]EZ,E*%=JG;R]#KJ\IH8.HKGGRD#2]9\ZJV,+(-YOVDV<5Q^)IHUVJM2@FSAG9\C1JABC]>@ M\>Y@0A344!D2*?44Z.)BVLHL3$ '0BV(%*8B+Y:X=BY_88:1$SM-O4B@31:O MGXM'A]/ CVZF+Z84-EB.8ST(E;DV6!I$H-N,")U@%<;R()7J?F9C3<:;"W&\ M/[^/IKTHI#I*B%)2K0;'1;E663[()Q15-?DJ;7!#!H(>5<&+GBM221#!\Y=W!3 7NQ3MAANS?*@GI$*:67&XA/ZJK!!#8P_0 MR.JH:B)CHV;*+.2J@>1-.MN5"W@T!O<$],(V=HRFFJ-I4",T;:4Q?;,+WDQG M6&)C>B,QCW]88Y&WB<'0GVL(ZB]B8B<<1-OZL0.]TE5>$R,OKI'KFAU:6^U] MM6@MK;?WH#TR!Z-BK[L]4A5 MEJ@OJZ8CSY8V-%@?;MS_>X.A[DV^5*NA>=ML-IMF=S#8OR!:LX$Y:UKFD_+Y MI-]KF9UF]T"YI*8^;Q7XKI9C.'3CNFL..DVS/>COGU]9@3&(GP;BEMGJ#A:+:\J5#L@5VX\P MZW99L%1Y,VVCB900[>YWS-ZH G;+HCCL<*R;&::"#-,:=DS07 ?*,%D-_YH. M-:0?]U9]-S]:/H+!VCV P-/@(!B.9D^;Y" :CB8]@U"WR5NTC&+F" M'9L'W@JPG4-U)0(-I0_R>?GMCP[WD-,;!LV..1JT-@XM5&&-MQ"78WYB?MIN MSMNH:;::S1? 3YQ-M%V3(+,CQQMRFP?AZYBHL.=MA5?=;M/L#(8;"ZL]9"IT MJI^IP(S)C+DEQNPT^^:P6X$-OX-@S)H&,BIKJ>B^,)Q#Q"D1G$/$.43,,'5@ M&,XAJE8.T:X5^JK*SS2T3,L">C"U=AK])+$+GW5S$X@;K(&13B#7%U?7[W8\ M:C6Y.)]=0+>]L@7:<_[^U^M(-FXL:_Y&-VO^DC8.O*!^X%= O'>N/_[V]K__ MRS#^%5]^.9X*.W+%Y\F'*(P"\9OC.;-H]E%84L3=>#_XP:DUQ_G2U_(*,9D\ MC\Z*P8ENU4KOB#<;A[WE&&XX!19YTLYSN7;] M6N"*F?7:=VUUV[^%%6!;1&P.L2HQJ)I)0IRML$ZVPA-A\<3;2$H:ZXCM0Z9" MK#W6I@-GCQQXT&6##+0#=Q7K$TTNK;Q*J_U8%+BTT-JUI(E6J=Y ^:Q9F8]NE#)'D [30AG$UANW*.!TR_U,I%$-$;!F M*N3Z!DJ:^ICEXC31[?F9:VMEPGV!YUANYH&?YR*P,'#S[&2X-B?#<3(<)\-Q M,MPAIX%Q,AR%N#@9K@IF_U6N9[4?KKE3!S>=X8TFB8L2B M@D5%@:AH]X?FL/]8?Y:7(BK8JF@WVTT6%2PJBJR*8=OL/]J_]*6("K8J0%2T M6%2PJ"@0%9VFV>L^5DKMI4@*-BKX. YG.928Y="HGN#A[*L*22,ZB:-W9PVU MO5 47G_!\HDS(TH25?U.QVP/*^A3524;8[/LB54)&>?>+=SN!_M M(>=<5#;G8FW9R6D%U4HKR *N?=Q^9O[)$V];W%"MZ?8ZHYQ1_C#*ERL5U _E M-8W,5+D?UX'>/AX*KJ 7LZG# MPEA^\5CN-IMF;\BEQ#A:J(;RQ;J#W\!\^;ZMPZ,1Q0]Q[ M]CU#WLM0S%@ELC0I-J5[HZ$Y'+)*9!#7%L1MLST:F(-:U/ID?["44*B 1]P* M>$)@^-?2=X4<"V\L6 MR4O?.Q=&KEMEN-M0O8X9DQES2XS9;3?- MYJ/]IYDQ2RPKR0[\)Q$:2=XW2T(^UU&F4.R:[5[';'4KN)FVE9,=S#+,,EMG MF7X?DR@JF$:XQ\-0#Y]<6G7>Z2+P[6@<_F$%@>6%]Q\=Z]IQG?#^&;5FNWSN MB<\];?[B2IP(:76.>WL_%!*_-O,-C4X/3G]%TC][#1JZQ<=)^(C4"ST\@B6E MJ^9MO;--&['QQROUR8;&1.6H>P&8I1VZV(DOBSDCW6$?^ M3MNPAO@^%Y[DS2;>K2Z4(4:&Q65&0>V[\V6SP<_ *AZQIB\J#$X3I.)&(R;V3V.0^H2O*0 M;;8G;G5D MJ+>'["TR[%/*2@^!:>972:%%=?N1/S@L5["4D.RPORCT<$7E5U MQ9X3/IZZ!SEHF;W^PS7L]JYP]I@QLE[NQZK,D2_B5GB1^!#XL[/OH0@\RSV- M),Q!!/(D# /G.@J%?>5K*_,4% Y\*>2[^U^$?P/DG3KCDT!83TLRX>*ZG&3R MG"23_I[+CI9D06830( 1C7 JC*MI((3Q&]P^73>.S0AY40CY!/*ST@#9R.%A MD5<-0%>RTC*][0QTK&TDGA>Z37O"?6W+>#.X#A-<+&EKEL%<;6;8H!5]%=#/ M:*HZFM9-&68T,9I8-C&:6#8=5#)I?-"EUZ[>09>OGH-)I)>A%0I5%O#4\BS; MX@VX9QUR&1UX5EA[T#&'S0/(3VU6SQRT MZG#8H([HJ<(8#AW!W7[''!5D,C."&<'U0'"OV3:'HU[]$5S3C9*J.1V7?A1. MC9,9/&?,C@>+C"*SK6T.!@<@,2H)GBJ,X= !? #58"J)FRJ,X="QVVN:W=X! MQ(@K"9XJC.'0 7P PI?W-[:SOR%Y:X-E1.'61J]K#EKL8C""ZXI@[!W4[3<9 MP8S@FB*X93:'';/385^#,5Q?#'<&([/?/( -.M[>V(K/<18%_ISK_NZRDN;> MA$JU"FFVP8,!+Z:*6?9%Q]!8J3*;[(--6NCHF\-!!54TLPFS25789& V1SVS M4T5+EMF$V:0J;-(S^YVVV>\=JM%5YYTG9OYGLD^%3\A52PITS$YW8+:;ARH% MF%^87[8;JNCV^F9WR/S"_,+\\CB_C,Q.IV_V6\POS"_,+VL4-C [O:8YZ"VW MNSD,?GE:EX^M]^E8U1#D!,Q9?L"/OT_J"]+DO2,7[@JRS.LN]?!:X MXM$62F64HRQS/J5(I#I/Z'$]GQ0M;36Y:NF*JJ5/7?RGW:8T@#0^1Z$,+0_Q MN 2>S;K6E<@F:YB4>\0X]V.H%L2U?4-&6_TA_O2N$ 65H_>Y]77(T(M-:KS] M.C!>TWS)OI8' ,%*2%DN?UX-J'^*XHZY"=#9IF"T'RC:_Z!OA)W#^PEH7^LF M+^R_B)GE>)H#DF]/X:F!-0XCRS769HT#)>5'9R*,5_?""N2/+"983!P2MM<6 M$ZL-168)9HE#8HD"._&P''-&.Z.=%< ^3C3N.H6APED )6WO-X^Y"GF-DEYJ M<[2@M%(=3;/9Y%(=C."Z(KAU/*S@N3"&[V:484."#8E:X9C%,!L2]48P2^*# MEL0EG9;E",/N#=QFJWIPY+,V7/B@*D=L6IV*VA[,),PD56&2P7&[@LT&F4/X MR&;E6(4MK@-@%58F;'$QD[ ^J0*W'*X^V74>2PDGLTH"P5)6^]YK@AL%B7 T MU"L?9I@=[CZ3J3J;Y!<>NKQ>$&M &\/V(ZP!<1A6S<,3VCF/=H8U,6LZ;-8P MF^R-3;K'S0HVQF$>*1%D-;+]]\PLS>-AGYFEYLS""H7M+F83UBD5X9<#UBE/ M*R>YJRJ/*ZM*XD.FO@O/DV=_1TYX_\D/Q1]6$%A>*#\'7W AY=.*1?:X6"07 MBRSIF&J9\RDE@%WG"6UPF)F+15;E-+,6^5S9:?L@YVJ1% M;)MSB4@NAG* \.82D8SVEX/V+9:(Q!*)N1^Y7"*SS MDF9=<)O6@"X2Q%& I MP!4B&>TO$.U<(7+C\!17B*QR_89^[Y$-I0ILUO-!J6V%8S<8:F7R6?9[/JK; MK$GZ%S,),\F^F*1Y/*Q!TCUSR.XP5F%3JEJLPA;7 ; **Q.VN)A)6)]4@%L. M6)_LNDHHUV_@^@UZ'EW3CP_A,I M12@_1&$4B).9'X3.?Z@ZQ-EW+!0AKG",3ZO4T.)*#96MU&#HP0U[/RQQ?SAU MO*=E5I86VWM._N2_A148@DZ0&>_%6&#NL-%IF4L2I_SH(&?CUBX;-RLR5R%H M"4T'2@NM,@[A&'))Z<4[$2 5$M%H%:RYZ@?N/&P\AO:!YWWWFQ6LT5:U_>&7 M(R9&+"983!2(B4'O -K7LS6Q%3%Q!5@1UB149SU96&P]#>SY1?_V+I:JE1KW M1*HW'O2@]B[^:I%:M[<0S0N1/;O>#*F."-GW;HC9Z=>@-6UIVR';V,=8V"$1 M-S/AA5_$'&_S;MX[;'R688@7YL[BBSU)IGSY? MG2V:DKM@EGSF5@*\1OKGY?DOG\X_G)^>?+HR3K]>7GW^[>S+I?':./W\Z?3L MT]67DZOSSY_@\_OSRY-??OER]LO)U=G[]/8O9[^???IZ]J3X;@EKE-^1ZO96 M\&#%1_O!#XQP*DH C ?/R5%D!A=.)6X0";N$]QN78A[J/2A0*RA-S.*U\J/ M<(&:0H;&.)(@=,$/2JZTQF.PCD(8\P1H9\WG@?_=F5FA<.]+F,7HAQP-_8F! MH_5$:$C+%?*X#IAC#JD+APP>X)#=CV<"K\G18Y$II;%?9FQU?C ?@O!.U&[I MKUP0.997!A9[+.=*'NT5R#AL6F-Y]_!DUY4&,),=C4.9SB. M=?T[2>Q;CI2%.0BQ!T173[H/,WDE!K;@$Q0EX4 M0CZ!0J@T0)[>5H4!SUK6O,X#I,<+&DY6,%6V2*9 MJX!^1E/5T31@-#&:6#8QFBJ(ICK)IIHF5\99MK8F*%Y?Z6/7Z#B5E*K8''7-X",>Z&,H,Y9;9[709R@SEND.Y MW^V8O1Y+989R[:$\[/3,?K."Q3E?TN&G"ODI)Y$, R 6.R9/&L.ABXO6L&6V M!FS$,8+KBN!VJV<.6A4\_<<(9@2O5_NVWS%'_0.HX5%)]%1A#(>.X%ZS;0Y' M%2Q(RU5H]N)T7/I1.#5.9O"<,3L>+#**S+:V.1@<@,2H)'BJ,(9#!_!R 2+& M+F.W'MCM-V,K M/L=9%/CS?$FH6G#JW@OLUT"H5*LX?AL\&/!BJIAEOY4*]\PFS"9;4='@Z)O# M0055-+,)LTE5V&1@-D<]LU-%2Y;9A-FD*FS2,_N=MMGO':K15>>=)V;^9[)/ MA4_(54L*=,Q.=V"VFXX6;,M52H$N;_-@9<@WW<]_L<3,KB_ M#2-D3PCA_C8,Z/TZ0^7BOMXM2!A<#*Z=@8LE[1.8@:O^T&QS01$&\R& N3\8 MF,WF =1WJO-YG IY+!^=OR-PG2>."VZL:LDI[V4H9NMN Q^X**G-:<#2;+MN MNV^VJG@:EM4A8WB]0P2=CMD:, MXQX:(E.Y=!%:R(S\=(F3VJPAX=LU-% M-XE9A%FD*BS"&H39@]EC=;BXW3'[S=&!,DF=]Z"8];D&26E6)->$8WYA?N&: M<,POS"]<$X[YA?F%:\*]H)IPN<)4P^/NBCFL52;NL<&M@N.*HG )YJI>I.Y$ M&OYD<7#E%%4S<]"QYO/ _^[,K%"X]R4,:-3Z(;<^Y51U&^5?"J0/5U4)M*04 MH33N1" ,UQ]3K4#',]X+#U;Z&XT7[_WJ.?C+90@7 #H"(>=B'#JW0,7CE!'V MM\R#_2[SL+>/96[UREWG18VC__[7ZT@V;BQK_N92W,R \[^(N1^$H K>.W+L M^C(*Q!7(A7?PWF]O__N_#.-?Z0TN$./F[/M<>%(88Y@H7/A%3(!>?R+W-IJ# M1K.E_QPU.LTCPQ9C6%A7_GQT_NG#D>'8/Q^-NZWFH#D8#H^,""9 ]SO2[[9; M@T8D[:.WW5:WU^QF!YI][V9C&J1C&JPQIM&J,?7:K7Y[L)TQ 7%:Z]-IU%PU MIE9[.&R/MD>HUOJ$&K56#JK7['?:HS4'-;4"\@W'+0?H%^SU=G-&)?)^.?)G1785_=S>QI-?ZP@L#R0GDN923L#WYP*8);9RQD M/*'L#'HK9F!\EV\\Q_WY* PB:HUCX>/ M*JJM3VK;E)P[ =TCS[T+,.!]>SWK(T.Q5F<5KI[ Y>L/'=AY(BA]=\.AKU[[ MYF@EAZ#>V"*#% Q^N]3Y10D^_>Q? E_*C1>VV=K+PGZ.0AF"BP=&\[D'&M.3 MSOAWRXV>Q,_M_DKKK(-NUA;7=.6X=T:>1Y3!GQ>NY7VR9DH97DT%_-3*V(,2 M?W],%;;:O?+TQM+<2B?=H-%J-]"B7TV/T6 E/;J][8J)_=-C#:G96DV/^N+C M27;%GU_P1<1MOSF>,XMFCW-7:X6O4FAO#+H[H65Y]L8V*6Q]7Y/"*]RH @JW MCINMETKA=23?BI!EL6WZ'D[T+B>SP;@Z 8 +GR\:O, M6$[BWD_/M_@Z[95ADVU;?$^>5^GDQ=\2]_**_HGW.#9P"QKMP=';M7:*XDW< MD+9N/7%G!+AUN[1%F^P)5[XGTLK.2&ME9%;;WV7?M9MR5[THO[I$]X5I*]L&K/=?AT8KVF^VFG)?1=[,+DOR9UAEF"6."26*$+_%S&S' ]0 ME?OVHS-A]#/Z#PK]:RN$).B2^Y8B, ? $T]V51Y#//_^DG^O:86Y*O?JR41B M#2LTK@5Q6]Z<@X[%RPHB@3%JT&M4J9VGZ9-E:[I M73\RQS#'%&5F#2K8SH(M0X;O2[$,*XF;*HR!L5MY[/*6R9:V3.9.P#Z-P7UR M7Z+0X=YES![,'LP>S![,'LP>S![,'E5C#]Z\VD4A .'97 * Q5-YXJDS;%9S M=XQU.'>OKARW8.5U9I6:LPKKDUWJD^,!*Y.ZP=K>O$VX%;\ M0]7)@_J;"]W+PPA]XQ:^9O>0U3F[AZS16:-7A5O8/3P 5F%]PNXAX>/*O,.<+3M1TBMP]#F#T^(W<,,G5BC[PIG-5+I>^:7 M>CB(S"RL4_:H4VKA(C*/L$*I K/4Q4E\$K]DG<37U \^F:">[+]>1[)Q8UGS M-]3I]ITEA7WJS^;"DU;H^-Y)$%C>C9@)+WQWGUYR8=WC5R=W5F!_GN.%4FVT MG7CVF=YFN_+QJTQ^)OV6N%M7] ] \)WKC[^]_>__,HQ_E3>63Q%VZC;&0'88 MPA:HT:G>6388NP 2N3/1^>?/AP9COWST;C;:@Y:G7;KR(@\ M1]WT_3IPG8:D+L%';\&JUFHU=R MA0;=#5AHRQ/=,IFIZ\:..&9MJ?0$)*GA@^0Y][#OJW,K+ES+DQ<^6#'W&PZU MT^L/CMZN92W%-DI(EHD'EDF ELF2!;*^_;71$R]#4/:&7CK*RJ&UE*D-T\@? M^$F^OYH* ^EG>??IEU,K<^>-ZK\"H\5W^/H=H6^,11!:CF=\$_>&F,U=_U[ M2.THP$,C(3SW7EB!-.:PDH*> -?BU]9XK%Z(U\&*V+!V KL7>[2K8>&E$\>S MO+%CN?!:^((0:[R20H#1&(K%2/<.+-A6*TNO'X^-#*%H!A&.:.('"45@=OA] M8,/ A7'GA%.:[3SP;QU)5_@3X\/)Y3OCY/+4N/+GSKB$>0Q:0S,7=,\RBS*I M_^<[H+_SDZ% E/W]V/CD>XVQ):?&.'O;V)9+Q-6)Y ML\HT_?,9 WAWOSR$D^^.;*0?6[\)'-(#VKL][*QT*MJ]=9R*K1/K1:U0>XT5 M&JU<(; 4>(4>HMVH]TR7N8ZTR_B0-9 _S?W*GV5BO:@56D?^]/4_OKHS)QP'5=R__)G,-IJ]&([I'M1B[2.".JMO4BMXV9K M;XNT.@[=;;3Z#\VPLW:,%⇫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�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ƅ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