0001437749-24-013778.txt : 20240430 0001437749-24-013778.hdr.sgml : 20240430 20240429173700 ACCESSION NUMBER: 0001437749-24-013778 CONFORMED SUBMISSION TYPE: 10-K/A PUBLIC DOCUMENT COUNT: 16 CONFORMED PERIOD OF REPORT: 20231231 FILED AS OF DATE: 20240430 DATE AS OF CHANGE: 20240429 FILER: COMPANY DATA: COMPANY CONFORMED NAME: LIQTECH INTERNATIONAL INC CENTRAL INDEX KEY: 0001307579 STANDARD INDUSTRIAL CLASSIFICATION: MISC INDUSTRIAL & COMMERCIAL MACHINERY & EQUIPMENT [3590] ORGANIZATION NAME: 06 Technology IRS NUMBER: 201431677 STATE OF INCORPORATION: NV FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-K/A SEC ACT: 1934 Act SEC FILE NUMBER: 001-36210 FILM NUMBER: 24893058 BUSINESS ADDRESS: STREET 1: INDUSTRIPARKEN 22C CITY: BALLERUP STATE: G7 ZIP: DK-2750 BUSINESS PHONE: 01145 2390 4545 MAIL ADDRESS: STREET 1: INDUSTRIPARKEN 22C CITY: BALLERUP STATE: G7 ZIP: DK-2750 FORMER COMPANY: FORMER CONFORMED NAME: Blue Moose Media Inc DATE OF NAME CHANGE: 20041101 10-K/A 1 liqt20231231_10ka.htm FORM 10-K/A liqt20231231_10ka.htm
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM 10-K/A
Amendment No. 1
 
☒
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended December 31, 2023
 
☐
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 
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, DK 2750 Ballerup, Denmark
    
(Address of principal executive offices)
  
(Zip Code)
 
Registrant’s telephone number, including area code: +4531315941
 
Securities registered pursuant to Section 12(b) of the Act:
 
Title of each class
  
Trading symbol(s)
  
Name of each exchange on which registered
Common Stock, $0.001 par value
  
LIQT
  
The Nasdaq Stock Market LLC
 
Securities registered pursuant to Section 12(g) of the Act: None
 
Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.    Yes ☐   No   ☒
 
Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.    Yes ☐   No   ☒
 
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 every Interactive Data File required to be submitted 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 such files).    Yes   ☒     No   ☐
 
 
Table of Contents
 
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a 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.
 
Large accelerated filer
☐
Accelerated filer
☐
Non-accelerated filer
☒
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 has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☐
 
If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements.   ☐
 
Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b).   ☐
 
Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Act).    Yes ☐   No   ☒
 
On June 30, 2023, the aggregate market value of the common stock outstanding and held by non-affiliates (as defined in Rule 405 under the Securities Act of 1933) of the registrant based on the closing price of the registrant’s common stock of $3.21 per share on June 30, 2023, was $16,158,560. As of April 29, 2024, there were 5,807,340 shares of common stock, $0.001 par value per share, outstanding.
 
DOCUMENTS INCORPORATED BY REFERENCE
 
None.
 
 
Table of Contents
 
EXPLANATORY NOTE
 
This Amendment No. 1 to the Annual Report on Form 10-K (this “Amendment No. 1”) of LiqTech International, Inc. (“LiqTech” or the “Company”) amends the Company’s Annual Report on Form 10-K for the year ended December 31, 2023, which was filed with the Securities and Exchange Commission (“SEC”) on March 21, 2024 (the “Original Filing”). The Company is filing this Amendment No. 1 solely to file Part III (Items 10 through 14). This additional disclosure does not revise or alter the Company’s financial statements and any forward-looking statements contained in the Original Filing. As required by Rule 12b-15 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), this Amendment No. 1 contains new certifications by our principal executive officer and principal financial officer, which are being filed or furnished as exhibits to this Amendment No. 1.
 
 
Table of Contents
 
LIQTECH INTERNATIONAL, INC. AND SUBSIDIARIES
 
TABLE OF CONTENTS
 
PART III
    
 
Item 10
 
Item 11
 
Item 12
 
Item 13
 
Item 14
PART IV
    
 
Item 15
 
 
 
 
Table of Contents
 
Item 10.
Directors, Executive Officers and Corporate Governance
 
Set forth below is information concerning our directors and senior executive officers as of April 29, 2024.
 
Name
  
Age
  
Titles
Alexander Buehler
    
48
  
Chairman of the Board
Fei Chen
    
60
  
Chief Executive Officer (Principal Executive Officer), Director
Phillip Massie Price
    
32
  
Interim Chief Financial Officer (Principal Financial and Accounting Officer)
Peyton Boswell
    
53
  
Director
Rich Meeusen
    
69
  
Director
Martin Kunz
    
59
  
Director
 
According to our bylaws, the number of directors at any one time may not be less than one or more than seven. The maximum number of directors at any one time may be increased by a vote of a majority of the directors then serving.
 
Our charter provides for the annual election of directors. At each annual meeting of stockholders, our directors will be elected for a one-year term and serve until their respective successors have been elected and qualified. It is anticipated that the Board of Directors will meet at least quarterly.
 
Executive officers are appointed by and serve at the pleasure of the Board of Directors. A brief biography of each director and executive officer follows:
 
Alexander Buehler. Mr. Buehler has served as a Director since August 11, 2017 and as Chairman of the Board of Directors since June 23, 2023. He is currently serving as the President & Chief Executive Officer of Integrated Water Services, Inc., a PE-backed company focused on the design-build of water and wastewater treatment systems along with the provision of MBR (membrane bioreactor) products and technologies. Beforehand, he served as the Company’s Interim CEO from March 17, 2022, to September 12, 2022, before which, he served as President and CEO of the Brock Group, a leading industrial services provider to multiple industries. Prior thereto, Mr. Buehler served as the EVP of Global Resources for Intertek, the President and CEO of Energy Maintenance Services, and the CFO of Energy Recovery. Mr. Buehler also serves on the Board of Energy Recovery, and he has previously served on the Board of Viscount Systems. He received a B.S. in Civil Engineering from the United States Military Academy at West Point and an MBA in Finance from the Wharton School at the University of Pennsylvania. 
 
Fei Chen. Ms. Chen has served as a Director and Chief Executive Officer since September 12, 2022. Ms. Chen most recently served as Senior Vice President, Global Commercials of Topsoe A/S (“Topsoe”), a world leader in catalysts and chemical processes for clean energy, with revenue of DKK 6.225 billion (approx. US$850 million) in 2021. Prior to serving as Senior Vice President of Topsoe, Ms. Chen served as its Vice President of Chemical Technology Business and Sales (2017-2020) and Vice President of Global Research and Development (2014-2017). Additionally, Ms. Chen has served as a Board Member of Liquid Wind AB (Sweden) since 2021 and a Board Member of Jiangsu JiTRI-Topsoe Clean Energy Research and Development Co. Ltd. (China) since 2018. From 2013 to 2018, Ms. Chen also served as a Board Member of Brunata International A/S (Denmark). Ms. Chen earned her Ph.D. in Polymer Materials from the Technical University of Denmark (DTU) and holds a Master of Biochemical Engineering degree and a Bachelor of Chemical Engineering from Zhejiang University in China. She also attended the IMD Business School where she received certificates in Business Financing and Advanced High-Performance Leadership. She also graduated from the Stanford Executive Program at the Stanford Graduate School of Business.
 
Peyton Boswell. Mr. Boswell has served as a Director since August 11, 2017 and currently serves as the Chairman of the Compensation Committee. Mr. Boswell is the Managing Director of Woodfield Renewables and previously served as the Chief Executive Officer of EnterSolar, LLC, a provider of commercial solar photovoltaic solutions that he co-founded in 2010. Prior to entering the solar industry, Mr. Boswell was a finance and investment banking professional for 15 years with J.P. Morgan and Bank of America. Mr. Boswell is a Chartered Financial Analyst (CFA), has earned a BA from Cornell University and holds an MBA from Columbia Business School.
 
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Richard Meeusen. Mr. Meeusen has served as a Director since August 26, 2020 and currently serves as the Chairman of the Audit Committee. Mr. Meeusen most recently served as President, Chief Executive Officer and Chairman of Badger Meter, Inc., a publicly traded international manufacturer and seller of flow measurement equipment, primarily to the water industry. Mr. Meeusen retired as Chief Executive Officer on December 31, 2018 after serving 17 years as the company’s Chief Executive Officer and, before that, 7 years as its Chief Financial Officer. Prior to Badger Meter, Mr. Meeusen was Chief Financial Officer of Zenith Sintered Products and, before that, worked for Arthur Andersen & Co as a Senior Manager. In addition to his board service at LiqTech, Mr. Meeusen previously served for 16 years as a director of Menasha Corporation, a $2 billion privately-held packaging and display equipment company and for 8 years on the board of Serigraph Corporation. Mr. Meeusen founded The Water Council in 2007, a 180-member company industry trade group where he still serves as a director. Mr. Meeusen earned an MBA degree from the Kellogg School of Management at Northwestern University.
 
Martin Kunz. Mr. Kunz has served as a Director since June 23, 2023. Mr. Kunz is currently serving as the President and CEO of Concentric AB, a publicly traded, globally operating company listed on the Swedish Stock Exchange that specializes in innovative solutions in flow control and fluid power. Prior to serving as President and CEO of Concentric AB, Mr. Kunz served between 2015 and 2021 in several Senior Commercial and General Management roles at Xylem Inc., (NYSE:XYL), a global leader in water technologies, and prior to Xylem as Vice President Supply Management Valves & Controls at Pentair PLC (NYSE:PNR), a global manufacturer of water and fluid solutions, valves and controls, equipment protection and thermal management products. Mr. Kunz holds a degree in Industrial Engineering from the University of Kaiserslautern, Germany.
 
Phillip Massie Price. Mr. Price, age 32, has served as Interim Chief Financial Officer of LiqTech International, Inc since April 1, 2024. Mr. Price has been with the Company since January 2022, initially serving as the Head of Finance. Prior to joining the Company, he held the position of Chief Accountant and Administration Manager at Vektus A/S starting from April 2021. Vektus A/S is a consultancy firm specializing in the sale and support of Dynamics NAV/Dynamics 365 Business Central, Microsoft’s business management solution. Prior to his time with Vektus A/S, from June 2020, Mr. Price was the Business Controller at K.W. Bruun Import A/S, one of the largest car importers in the Nordic region. Prior to K.W. Bruun, from 2013, Mr. Price was an auditor at inforevision, an accounting and consultancy firm. Mr. Price holds a Bsc. in Economics and Business Administration and a Msc. in Business Economics and Auditing from Copenhagen Business School.
 
Director Expertise
 
The following is a brief description of the specific experience and qualifications, attributes or skills of each director that led to the conclusion that such person should serve as a director of the Company.
 
Mr. Buehler’s experience in general management and strategic planning as well as new product development, corporate development, mergers & acquisitions, operations management, manufacturing process optimization, sales management, and back-office administration provides the Board with valuable perspective across all corporate functions and relevant industries. Mr. Buehler has substantial experience in the global water, oil & gas, and manufacturing industries. Mr. Buehler has been determined by our Board to be an Audit Committee Financial Expert. 
 
Ms. Chen’s substantial leadership experience with an emphasis on expansion and commercial scaling, and her particular industry knowledge of water treatment, chemical, and clean energy operations, make her a valuable member of the Board.
 
Mr. Boswell's experience in establishing and growing a successful renewable energy business and prior experience in investment banking provides the Board with a unique perspective on corporate finance and strategic growth matters. Further, the Board has determined that he qualifies as an Audit Committee Financial Expert.
 
Mr. Meeusen’s prior experience in finance, operations, marketing and sales along with his leadership experience as a director of a publicly traded company and his long executive management responsibility in the water industry and in developing technology growth businesses distinguish him as an integral part of the Company’s Board. Mr. Meeusen has been determined by our Board to be an Audit Committee Financial Expert. 
 
Mr. Kunz’s experience in general management of global businesses, his functional expertise in sales, marketing, operations and supply chain management, combined with his industry expertise in water and fluid management adds valuable perspectives to the board about profitable growth, strategic marketing, and business development.  
 
Family Relationships
 
None of our Directors or executive officers is related by blood, marriage or adoption.
 
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Director Attendance at Board and Stockholder Meetings
 
The Board of Directors met formally twenty times during 2023. During 2023, each director attended at least 75% of the meetings of the Board and the committees upon which he serves. We do not have a policy regarding director attendance at our annual meetings of stockholders.
 
Committees of our Board of Directors
 
Committee Composition
 
Our Board of Directors has an Audit Committee, a Compensation Committee, and a Governance and Nominating Committee. The following table sets forth the current membership of each of these committees: 
 
Audit Committee
  
Compensation Committee
  
Governance & Nominating Committee
Richard Meeusen*
  
Peyton Boswell *
  
Alexander Buehler *
Peyton Boswell
  
Alexander Buehler
  
Richard Meeusen
Martin Kunz
  
Richard Meeusen
  
Peyton Boswell
    Martin Kunz   Martin Kunz
 
* Chairman of the committee
 
Audit Committee
 
Our Audit Committee consists of Richard Meeusen (Chair), Peyton Boswell, and Martin Kunz, each of whom is an independent director as defined in the NASDAQ and SEC rules. Based upon past employment experience in finance and other business experience requiring accounting knowledge and financial sophistication, our Board has determined that Mr. Meeusen is an “Audit Committee Financial Expert” as defined in Item 407(d)(5) of Regulation S-K, and that each member of our Audit Committee is able to read and understand fundamental financial statements. We have implemented a written charter for our Audit Committee, available at www.liqtech.com, that provides that our Audit Committee is responsible for:
 
 
●
appointing, compensating, retaining, overseeing, and terminating our independent auditors and pre-approving all audit and non-audit services permitted to be performed by the independent auditors;
 
●
discussing with management and the independent auditors our annual audited financial statements, our internal control over financial reporting, and related matters;
 
●
reviewing and approving any related-party transactions;
 
●
meeting separately, periodically, with management, the internal auditors and the independent auditors;
 
●
annually reviewing and reassessing the adequacy of our Audit Committee charter;
 
●
such other matters that are specifically delegated to our Audit Committee by our Board of Directors from time to time; and
 
●
reporting regularly to the Board of Directors.
 
During the fiscal year ended December 31, 2023, the Audit Committee met four times.
 
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Report of the Audit Committee of the Board of Directors
 
The Audit Committee has reviewed and discussed the audited financial statements for the fiscal year ended December 31, 2023 with our management. The Audit Committee has discussed with the Company’s independent registered public accounting firm the matters required to be discussed by the applicable requirements of the Public Company Accounting Oversight Board (the “PCAOB”) and the Securities and Exchange Commission. The Audit Committee has also received the written disclosures and the letter from the independent registered public accounting firm required by applicable requirements of the PCAOB regarding the independent accountants’ communications with the Audit Committee concerning independence and has discussed with the independent registered public accounting firm the accounting firm’s independence. Based on the foregoing, the Audit Committee has recommended to the Board that the audited financial statements be included in our Annual Report on Form 10-K for the year ended December 31, 2023.
 
Members of the Audit Committee:
 
Richard Meeusen (Chair)
Peyton Boswell
Martin Kunz
 
Compensation Committee
 
Our Compensation Committee consists of Peyton Boswell (Chair), Richard Meeusen, Alexander Buehler, and Martin Kunz, each of whom is an independent director as defined in the NASDAQ rules, a “non-employee director” under Rule 16b-3 promulgated under the Exchange Act, and an “outside director” for purposes of Section 162(m) of the Code. We have implemented a written charter for our Compensation Committee, available at www.liqtech.com, which provides that our Compensation Committee is responsible for:
 
 
●
reviewing and making recommendations to our Board of Directors regarding our compensation policies and forms of compensation provided to our directors and officers;
 
●
reviewing and making recommendations to our Board of Directors regarding bonuses for our officers and other employees;
 
●
reviewing and making recommendations to our Board of Directors regarding stock-based compensation for our directors and officers;
 
●
administering our stock option plans in accordance with the terms thereof; and
 
●
such other matters that are specifically delegated to the Compensation Committee by our Board of Directors from time to time.
 
The Compensation Committee has the principal responsibility for the compensation plans of the Company, particularly as applied to the compensation of executive officers and directors. The Compensation Committee Charter sets forth the authority and responsibilities of the Compensation Committee for the performance evaluation and compensation of the Company’s CEO, executive officers and directors, and significant compensation arrangements, plans, policies and programs of the Company. The Compensation Committee has authority to retain such outside counsel, experts and other advisors as it determines to be necessary to carry out its responsibilities, including the authority to approve an external advisor’s fees and other retention terms on behalf of the Company. Pursuant to the Compensation Committee Charter, the Company shall provide appropriate funding to the Compensation Committee, as determined by the Compensation Committee in its capacity as a Committee of the Board, for payment of compensation to any outside advisors engaged by the Compensation Committee.
 
The Compensation Committee annually reviews and approves the corporate goals and objectives relevant to CEO compensation and evaluates the CEO’s performance in light of such goals and objectives. Based on this evaluation, the Compensation Committee makes and annually reviews decisions regarding: (i) salary paid to the CEO; (ii) the grant of all cash-based bonuses and equity compensation to the CEO; (iii) the entering into, amendment, or extension of any employment contract or similar arrangement with the CEO; (iv) any CEO severance or change in control arrangement; and (v) any other CEO compensation matters as from time to time may be directed by the Board. In determining the long-term incentive component(s) of the CEO’s compensation, the Compensation Committee considers the Company’s performance and relative stockholder return, the value of similar incentive awards to chief executive officers at companies that the Compensation Committee determines comparable based on factors it selects and the incentive awards given to the Company’s CEO in prior years.
 
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The Compensation Committee also meets with the CEO within 90 days after the commencement of each fiscal year to discuss the compensation programs to be in effect for the Company’s executive officers for such fiscal year and to review and approve the corporate goals and objectives relevant to those programs. In light of these goals and objectives, the Compensation Committee makes and annually reviews decisions regarding: (i) salary paid to the executive officers; (ii) the grant of cash-based bonuses and equity compensation provided to the executive officers; (iii) performance targets for executive officers; (iv) the entering into, amendment, or extension of any employment contract or similar arrangement with the executive officers; (v) executive officers’ severance or change in control arrangements; and (vi) any other executive officer compensation matters as from time to time may be directed by the Board. In determining the long-term incentive component(s) of the executive officer’s compensation, the Compensation Committee considers the Company’s performance and relative stockholder return, the value of similar incentive awards to executive officers at companies that the Compensation Committee determines comparable based on factors it selects and the incentive awards given to the Company’s executive officers in prior years.
 
During the fiscal year ended December 31, 2023, the Compensation Committee met three times.  
 
Governance and Nominating Committee
 
Our Governance and Nominating Committee consists of Alexander Buehler (Chair), Peyton Boswell, Richard Meeusen, and Martin Kunz, each of whom is an independent director as defined in the NASDAQ rules. We have implemented corporate governance guidelines as well as a written charter for our Governance and Nominating Committee that provides that our Governance and Nominating Committee is responsible for:
 
 
●
overseeing the process by which individuals may be nominated to our Board of Directors;
 
●
identifying potential directors and making recommendations as to the size, functions and composition of our Board of Directors and its committees;
 
●
considering nominees proposed by our stockholders;
 
●
establishing and periodically assessing the criteria for the selection of potential directors;
 
●
making recommendations to the Board of Directors on new candidates for Board membership; and
 
●
overseeing corporate governance matters.
 
In making nominations, the Governance and Nominating Committee intends to submit candidates who have high personal and professional integrity, who have demonstrated exceptional ability and judgment and who are effective, in conjunction with the other nominees to the Board, in collectively serving the long-term interests of the stockholders. In evaluating nominees, the Governance and Nominating Committee intends to take into consideration attributes such as leadership, independence, interpersonal skills, financial acumen, business experiences and industry knowledge.
 
One of the primary responsibilities of the Governance and Nominating Committee is to make appropriate recommendations to the Board for the appointment or re-appointment of directors. The Company seeks to have directors who, in addition to relevant technical, commercial and securities expertise, meet the highest standards of personal integrity, judgment and critical thinking, and demonstrate an ability to work in an open environment with other directors to further the interests of the Company and its stockholders. In recommending appointments to the Board, the Governance and Nominating Committee is mindful of the overall balance of the skills, knowledge and experience of Board members against the current and future requirements of the Company and of the benefits of diversity. The Company recognizes the importance of diversity at all levels of the Company as well as on the Board and considers overall Board balance and diversity when appointing new directors. Board appointments are, in the final analysis, based on merit.
 
The Company employs multiple strategies in identifying director nominees, including the obtaining of recommendations from security holders, from current directors, and from the Company’s corporate advisors. The Company also utilizes professional recruitment firms, as may be required, in seeking qualified director nominees. The qualifications of director nominees are evaluated by the Governance and Nominating Committee to determine if the director nominees have the requisite technical and commercial expertise to maintain a proper balance of skills required by the Board. The Nominating and Corporate Governance Committee does not have a formal policy with respect to the consideration of director candidates recommended by stockholders, however, there are no differences in the evaluation of director nominees recommended by security holders. Director nominees are interviewed in depth by the Governance and Nominating Committee and the Board to further qualify the director nominees and evaluate the personal integrity and character of the candidate.
 
During the fiscal year ended December 31, 2023, the Governance and Nominating Committee met one time.
 
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Involvement in Certain Legal Proceedings
 
During the past ten (10) years, none of the Nominees has been involved in any legal proceeding that is material to the evaluation of their ability or integrity relating to any of the items set forth under Item 401(f) of Regulation S-K. None of the Nominees is a party adverse to the Company or any of its subsidiaries in any material proceeding or has a material interest adverse to the Company or any of its subsidiaries.
 
Code of Ethics
 
Effective January 1, 2012, the Board adopted a Code of Conduct and Ethics with the purpose of assuring that all employees and officers of the Company and its subsidiaries understand and adhere to high ethical standards of conduct. The Code of Conduct and Ethics emphasizes employees’ obligations of civic responsibility, loyalty to the Company, compliance with applicable laws, non-disclosure of trade secrets, and abstinence from improper political payments and activity. A copy of the Code of Conduct and Ethics is available on the Company website at https://liqtech.com/media/afijs2es/code_of_conduct_and_ethics.pdf.
 
Delinquent Section 16(a) Reports
 
Section 16(a) of the Exchange Act requires a company’s officers and directors, and persons who own more than ten percent (10%) of a registered class of a company’s equity securities, to file reports of ownership and changes in ownership with the SEC. Officers, directors, and greater-than-ten-percent (10%) stockholders are required by SEC regulations to furnish the Company with copies of all Section 16(a) forms they file.  
 
To our knowledge, based solely on a review of the copies of such reports furnished to us, we believe that all filing requirements applicable to our directors, executive officers, and persons who own more than 10% of our common stock were complied with during 2023, except for the following filings:
 
 
1.
Simon Seidelin Stadil filed a late Form 4 on January 5, 2023 for a transaction dated May 10, 2022
 
2.
Alexander Buehler filed a late Form 4 on January 31, 2023 for transactions dated January 1, 2023 and January 3, 2023
 
3.
Martin Kunz filed a late Form 3 on July 27, 2023 for a transaction dated June 23, 2023
 
4.
Martin Kunz filed a late Form 4 on July 27, 2023 for a transaction dated June 23, 2023
 
5.
Fei Chen filed a late Form 4 on September 5, 2023 for transactions dated May 26, 2023 and June 14, 2023
 
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Item 11.
Executive Compensation
 
Summary Compensation Table
 
The following table sets forth certain information with respect to compensation for the years ended December 31, 2023 and 2022 earned by or paid to our Chief Executive Officers and our Chief Financial Officer.
 
Summary Compensation Table
Name and Principal
Position
Year
  
Salary
($)
(1)
    
Bonus
($)
    
Stock
Awards
($)
    
Option
Awards
($)
    
Nonequity
Incentive Plan
Compensation
    
Nonqualified
Deferred
Compensation
Earnings
    
Other
($)
(6)
    
Total
  
Fei Chen, President &
Chief Executive Officer (2)
2023
   $ 397,806     $ 142,762     $ 363,248                             $ 36,995     $ 940,811  
 
2022
   $ 386,105             $ 350,000                             $ 35,857     $ 771,962  
                                                                   
Alexander Buehler,
Interim Chief Executive Officer (3)
                                                                  
 
2022
   $ 243,290             $ 549,164                                     $ 792,454  
                                                                   
Sune Mathiesen, Chief Executive Officer (4)
                                                                  
 
2022
   $ 370,758             $ 41,600                             $ 12,908     $ 425,266  
                                                                   
Simon Stadil, Chief Financial Officer (5)
2023
   $ 294,218     $ 123,317     $ 130,769                             $ 26,636     $ 574,940  
 
2022
   $ 271,363     $ 100,000     $ 375,000                             $ 24,383     $ 770,746  
 
(1)
Total salaries for Ms. Chen and Messrs. Mathiesen and Stadil for 2022 are reported on an as-converted basis from Danish Krone (DKK) to U.S. dollars ($) based on the currency exchange rate of $1.00 = DKK 6.9722, as of December 31, 2022. Total salaries for Ms. Chen and Mr. Stadil for 2023 are reported on an as-converted basis from Danish Krone (DKK) to U.S. dollars ($) based on the currency exchange rate of $1.00 = DKK 6.8928, as of December 31, 2023. We do not make any representation that the Danish Krone amounts could have been, or could be, converted into U.S. dollars at such rate on December 31, 2022 or December 31, 2023, or at any other rate.
 
 
(2)
Ms. Chen became our President & Chief Executive Officer in September 2022. Pursuant to her employment agreement, Ms. Chen is entitled to an annual base salary of approximately $369,951 based on the currency exchange rate of $1.00 = DKK 6.8928, as of December 31, 2023.
 
 
(3)
 Mr. Mathiesen became our Chief Executive Officer in August 2014. Pursuant to his employment agreement, Mr. Mathiesen was entitled to an annual base salary of approximately $387,252 based on the currency exchange rate of $1.00 = DKK 6.9722, as of December 31, 2022. Total income for the year ended December 31, 2022 also reflects terms agreed to in the separation and release agreement.
 
 
(4)
Mr. Mathiesen became our Chief Executive Officer in August 2014. Pursuant to his employment agreement, Mr. Mathiesen was entitled to an annual base salary of approximately $387,252 based on the currency exchange rate of $1.00 = DKK 6.9722, as of December 31, 2022. Total income for the year ended December 31, 2022 also reflects terms agreed in the separation and release agreement.
 
 
(5)
Mr. Stadil served as the Company’s Chief Financial Officer from November 2021 through March 31, 2024. Pursuant to his employment agreement, Mr. Stadil was entitled to an annual base salary of approximately $266,364 based on the currency exchange rate of $1.00 = DKK 6.8928, as of December 31, 2023.
 
 
(6)
Pursuant to Ms. Chen’s employment agreement, Ms. Chen received $36,995 and $35,857 of contribution from the Company to her individual retirement account in 2023 and 2022. Pursuant to Mathiesen’s employment agreement, Mr. Mathiesen’s received $12,908 of contributions from the Company to his individual retirement account in 2022. Pursuant to Mr. Stadil’s employment agreement, Mr. Stadil received $26,636 and $24,383 of contributions from the Company to his retirement account in 2023 and 2022.
 
7
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Employment Arrangements 
 
During the year ended December 31, 2023, we had employment agreements with Ms. Chen and Mr. Stadil. A description of each agreement is set forth below.
 
Chen Agreement
 
Effective September 12, 2022, the Company’s Board of Directors appointed Ms. Fei Chen to serve as President and Chief Executive Officer of the Company and as a Director of the Company pursuant to an Executive Services Agreement, dated July 26, 2022, by and between Ms. Chen and LiqTech Holding (the “Chen Agreement”). The Chen Agreement provided, as of December 31, 2023, for an annual base salary set at DKK 2,550,000 (or approximately $369,951 based on the currency exchange rate of $1 = DKK 6.8928 as of December 31, 2023), a taxable car allowance of DKK 192,000 (or approximately $27,855 based on the currency exchange rate of $1 = DKK 6.8928 as of December 31, 2023), and an annual cash bonus of up to 150% of her annual salary if certain performance targets are met, as determined annually by the Company’s Compensation Committee. Ms. Chen is entitled to an annual grant of up to 100% of the base salary payable in restricted stock units vesting over a 3-year period.  The Chen Agreement also provides that Ms. Chen received on her employment start date a grant of restricted stock equal to $350,000, which shall vest in three equal annual installments over the next three years so long as Ms. Chen remains employed by the Company. Ms. Chen is entitled to six weeks of vacation, home internet service, a company car or comparable taxable allowance, a Company mobile phone, a Company laptop and reimbursement of Company-related travel expenses. The Company may terminate the Chen Agreement upon not less than twelve months prior notice, and Ms. Chen may terminate the Chen Agreement with six months’ prior notice.
 
Stadil Agreement
 
On November 23, 2021, Mr. Simon Stadil was appointed to serve as Chief Financial Officer of the Company. Pursuant to the terms of his executive services contract (the “Stadil Executive Agreement”), in consideration for his services, Mr. Stadil  received a base salary of DKK 1,835,991 (or approximately $266,364 based on the currency exchange rate of $1 = DKK 6.8928 as of December 31, 2023), a taxable car allowance set at DKK 192,000 (or approximately $27,855 based on the currency exchange rate of $1 = DKK 6.8928 as of December 31, 2023), and was eligible for a discretionary annual performance bonus of up to 75% of base salary if certain performance targets were met. Mr. Stadil was entitled to an annual grant of up to 50% of the base salary payable in restricted stock units vesting over a 3-year period. Mr. Stadil was entitled to six weeks of vacation, home internet service, a Company car or comparable taxable allowance, a mobile phone, laptop and reimbursement of travel expenses. The Stadil Executive Agreement was terminated on March 31, 2024.
 
8
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Outstanding Equity Awards at Last Fiscal Year End
 
The following table sets forth all outstanding equity awards held by our named executive officers as of December 31, 2023.
 
   
Option Awards
    
Stock Awards
  
Name
  
Number of
Securities
Underlying
Unexercised
Options
Exercisable
(#)
    
Number of
Securities
Underlying
Unexercised
Options
Unexercisable
(#)
    
Equity
Incentive
Plan
Awards:
No. of
Securities
Underlying
Unexercised
Unearned
Options
    
Option
Exercise
Price
    
Option
Expiration
Date
    
Number
of Shares
or Units
of Stock
That
Have
Not
Vested
    
Market
Value of
Shares
or Units
of Stock
That
Have Not
Vested
    
Equity
Incentive
Plan
Awards:
Number
of
Unearned
Shares,
Units, or
Other
Rights
That
Have Not
Vested
    
Equity
Incentive
Plan
Awards:
Market
or
Payout
Value of
Unearned
Shares,
Units, or
Other
Rights
That
Have
Not
Vested
  
Fei Chen, CEO
    
-
      
-
      
-
    
$
-
      
-
      
121,083
    
$
363,248
      
-
      
-
  
Simon Stadil, CFO
    
-
      
-
      
-
    
$
-
      
-
      
43,590
    
$
130,769
      
-
      
-
  
 
Compensation of Directors
 
For 2023, the Chairman of the Board was entitled to an annual fee of $63,000; each non-executive director was entitled to $31,500 for services on the Board of Directors; the Audit Committee Chairman was paid an additional annual fee of $11,000 per year; and the Compensation Committee Chairman was paid an additional annual fee of $6,500. The Chairman of the Board also receives an automatic annual stock grant in the amount of $73,500 in January each year, vesting over one year. Each qualifying non-executive director receives an automatic annual stock grant in January each year in the amount of $36,750, vesting over one year. The Company has not entered into any agreements with the Directors of any special compensation in relation to retirement, resignation, change of control or other kinds of events that might lead to the Director leaving the Board of LiqTech International, Inc.
 
9
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The following table provides information regarding compensation that was earned or paid to the individuals who served as non-employee directors during the year ended December 31, 2023.
 
Name
  
Fees
earned
or
paid in
cash
(1)($)
    
Stock
Awards
(2)($)
    
Option
awards
(3)
    
Non-equity
incentive
plan
compensation
    
Non-qualified
deferred
compensation
earnings
    
All other
compensation
    
Total
  
Mark Vernon (3)
    
31,500
      
73,500
      
-
      
-
      
-
      
-
      
105,000
  
Alexander Buehler
    
47,250
      
36,750
                                      
84,000
  
Peyton Boswell
    
33,668
      
36,750
      
-
      
-
      
-
      
-
      
70,418
  
Richard Meeusen
    
46,832
      
-
      
-
      
-
      
-
      
-
      
46,832
  
Martin Kunz (4)
    
15,750
      
36,750
                                      
52,500
  
 
(1)
Our independent directors are entitled to cash compensation of $31,500 per year, the Chairman of our Board is entitled to an additional $31,500 per year, the Chairman of our Audit Committee is entitled to an additional $11,000 per year and the Chairman of our Compensation Committee is entitled to an additional $6,500 per year.
 
 
(2)
These amounts represent the aggregate grant date fair value for stock awards granted in 2023, computed in accordance with FASB ASC Topic 718. As such, these amounts do not correspond to the compensation actually realized by each director for the period.
 
 
(3)
Mr. Vernon left the board in June 2023.
 
 
(4)
Mr. Kunz joined the board in June 2023.
 
 
Item 12.
Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters
 
The following table sets forth, as of April 29, 2024, certain information regarding the beneficial ownership of our common stock, the only class of capital stock we have currently outstanding, of (i) each director and “named executive officers”  (as defined in the section titled “Executive Compensation — Summary Compensation Table”) individually, (ii) all directors and executive officers as a group, and (iii) each person known to us to be the beneficial owner of more than 5% of our common stock. In accordance with the rules of the SEC, “beneficial ownership” includes voting or investment power with respect to securities. To our knowledge, except as indicated in the footnotes to this table and pursuant to applicable community property laws, the persons named in the table have sole voting and investment power with respect to all shares of common stock beneficially owned by them. 
 
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Name of Beneficial Owner(1)
  
Shares of
Common Stock
Beneficially
Owned (2)
    
Percentage of
Common Stock
Beneficially
Owned (3)
  
Directors and NEOs
                
Alexander Buehler
    
393,653
      
6.8
%
Fei Chen
    
99,187
      
1.7
  
Peyton Boswell
    
82,677
      
1.4
  
Richard Meeusen
    
27,517
      
*
  
Martin Kunz
    
-
      
*
  
Phillip Massie Price
    
-
      
*
  
All executive officers and directors as a group (7 persons)
    
614,966
      
10.6
%
                 
5% Shareholders:
                
Bleichroeder LP (4)
    
580,153
      
9.99
%
Laurence W. Lytton (5)
    
580,153
      
9.99
%
 
*
Less than one percent.
 
 
(1)
Unless otherwise indicated, the address for each person listed above is: c/o LiqTech Holding A/S, Industriparken 22C, DK-2750 Ballerup, Denmark.
   
 
 
(2)
 Under the rules and regulations of the SEC, beneficial ownership includes (i) shares actually owned, (ii) shares underlying preferred stock, options and warrants that are currently exercisable and (iii) shares underlying options and warrants that are exercisable within 60 days of April 29, 2024. All shares beneficially owned by a particular person under clauses (ii) and (iii) of the previous sentence are deemed to be outstanding for the purpose of computing the percentage ownership of that person but are not deemed outstanding for the purpose of computing the percentage ownership of any other person.
   
 
 
(3)
 Based on 5,807,340 shares issued and outstanding as of April 30, 2024.
   
 
 
(4)
 Bleichroeder LP is deemed to be the beneficial owner of 580,153 shares, or 9.99%, of the common stock outstanding. The 580,153 shares include 557,110 shares of Common Stock and 23,043 shares of Common Stock issuable upon exercise of warrants. In accordance with the Warrant Agreement, exercise of the warrants is subject to a Beneficial Ownership Limitation (as defined in the agreement) of 9.99% of the number of shares of Common Stock outstanding immediately after giving effect to the issuance of shares of Common Stock issuable upon exercise. If there was no 9.99% limit on the exercise of warrants, Bleichroeder LP would be deemed to be the beneficial owner of 4,094,618 shares of Common Stock, representing 43.8% of the outstanding shares of Common Stock.
   
 
 
(5)
 Laurence W. Lytton is deemed to be the beneficial owner of 580,153 shares, or 9.99%, of the common stock outstanding. The 580,153 shares include 414,524 shares of Common Stock and 165,629 shares of Common Stock issuable upon exercise of warrants. In accordance with the Warrant Agreement, exercise of the warrants is subject to a Beneficial Ownership Limitation (as defined in the agreement) of 9.99% of the number of shares of Common Stock outstanding immediately after giving effect to the issuance of shares of Common Stock issuable upon exercise. If there was no 9.99% limit on the exercise of warrants, Laurence W. Lytton would be deemed to be the beneficial owner of 1,919,524 shares of Common Stock, representing 26.3% of the outstanding shares of Common Stock.
 
We know of no arrangements, including pledges, by or among any of the forgoing persons, the operation of which could result in a change of control of the Company.
 
The following table provides information, as of December 31, 2023, regarding the number of shares of Company common stock that may be issued from outstanding stock options.
 
11
Table of Contents
 
Plan Category
  
Number of
securities
to be issued upon
exercise of
outstanding
options,
warrants and
rights
    
Weighted average
exercise price of
outstanding
options,
warrants and
rights
    
Number of
securities
remaining
available
for future issuance
under equity
compensation
plans
  
Equity compensation plans approved by security holders:
    
-
      
-
      
-
  
Equity compensation plans not approved by security holders
    
-
    
 
-
      
396,111
(1)
Total
    
-
              
396,111
(1)
 
(1) On November 17, 2022, The Company’s Board of Directors adopted an Equity Incentive Plan (the “2022 Plan”). The 2022 Plan authorizes future awards of up to 1,000,000 additional shares of Common Stock. On December 31, 2023, there were 396,111 shares of Common Stock available for future issuance under the 2022 Plan.
 
 
 
Item 13.
Certain Relationships and Related Transactions, and Director Independence
 
Transactions with Related Persons
 
The following discussion relates to types of transactions involving the Company and any of our executive officers, directors, director nominees or five percent stockholders, each of whom we refer to as a "related party." For purposes of this discussion, a "related-party transaction" is a transaction, arrangement, or relationship:
 
 
●
in which we participate;
 
 
●
that involves an amount in excess of the lesser of $120,000 or 1% of the average of our total assets at year-end for the last two completed fiscal years; and
 
 
●
in which a related party has a direct or indirect material interest.
 
From January 1, 2023 through the date of this Annual Report on Form 10-K/A, there have been no related-party transactions, except for the executive officer and director compensation arrangements described in the section "Executive Compensation" and as described below.
 
Policies and Procedures for Related Party Transactions
 
Any request for us to enter into a transaction with an executive officer, director, principal stockholder, or any of such persons’ immediate family members or affiliates, in which the amount involved exceeds $120,000, or 1% of the average of our total assets at year-end for the last two completed fiscal years, must first be presented to our Audit Committee for review, consideration and approval. All of our directors, executive officers and employees will be required to report to our Audit Committee any such related-party transaction. In approving or rejecting the proposed agreement, our Audit Committee will consider the relevant facts and circumstances available and deemed relevant to the Audit Committee, including, but not limited to, the risks, costs and benefits to us, the terms of the transaction, the availability of other sources for comparable services or products, and, if applicable, the impact on a director’s independence. Our Audit Committee will approve only those agreements that, in light of known circumstances, are in, or are not inconsistent with, our best interests, as our Audit Committee determines in the good faith exercise of its discretion.
 
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Item 14.
Principal Accountant Fees and Services
 
Audit and Audit-Related Fees
 
Our independent public accounting firm is Sadler, Gibb & Associates, LLC, Draper, UT, PCAOB Auditor ID PCAOB ID NO: 3627. The aggregate fees billed or expected to be billed by our independent auditors for the audit of our annual consolidated financial statements for the year ended December 31, 2023 and 2022 and for the review of our quarterly financial statements were $173,500 and $169,000, respectively. Our auditors did not provide any tax compliance, planning services, audit-related services, or other services for the Company other than those described above. 
 
Audit Committee Pre-approval
 
The policy of the Audit Committee is to pre-approve all audit and non-audit services provided by the independent accountants. These services may include audit services, audit-related services, tax services and other services. Pre-approval is generally provided for up to one year, and any pre-approval is detailed as to the particular service or category of services. The Audit Committee has delegated pre-approval authority to certain committee members when expedition of services is necessary. The independent accountants and management are required to periodically report to the full Audit Committee regarding the extent of services provided by the independent accountants in accordance with this pre-approval delegation and the fees for the services performed to date. The Audit Committee approved all of the services described above in this Item 14 in advance during the fiscal year ended December 31, 2023. 
 
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Table of Contents
 
Item 15.
Exhibits, Financial Statement Schedules
 
(b)           Exhibits
 
Exhibit
No.
  
Description
  
Location
         
3.1
    
Previously filed or furnished, as required with the Company’s Annual Report on 10-K for the fiscal year ended December 31, 2023, filed with the Securities and Exchange Commission on March 22, 2024.
         
3.2
    
Incorporated by reference to Exhibit 3.4 to the Company’s Quarterly Report on Form 10-Q as filed with the SEC on May 15, 2012
         
4.1
    
Incorporated by reference to Exhibit 4.1 to the Company’s Current Report on Form 8-K as filed with the SEC on June 2, 2020
         
4.2
    
Incorporated by reference to Exhibit 4.1 to the Company’s Quarterly Report on Form 10-Q as filed with the SEC on November 9, 2020
         
4.3
    
Incorporated by reference to Exhibit 4.3 to the Company’s Annual Report on Form 10-K as filed with the SEC on March 30, 2020
         
4.4
    
Incorporated by reference to Exhibit 4.1 to the Company's Current Report on Form 8-K as filed with the SEC on August 20, 2021
         
4.5
    
Incorporated by reference to Exhibit 4.1 to the Company's Current Report on Form 8-K as filed with the SEC on May 17, 2022
         
4.6
    
Incorporated by reference to Exhibit 4.1 to the Company's Current Report on Form 8-K as filed with the SEC on June 27. 2022
         
4.7
    
Incorporated by reference to Exhibit 4.1 to the Company's Current Report on Form 8-K as filed with the SEC on October 19, 2023
         
10.1
    
Incorporated by reference to Exhibit 10.6 to the Company’s Current Report on Form 8-K/A as filed with the SEC on November 15, 2011 (translated in English)
         
10.2
    
Incorporated by reference to Exhibit 10.1 to the Company’s Form 8-K as filed with the SEC on June 2, 2020
         
10.3
    
Incorporated by reference to Exhibit 10.2 to the Company’s Form 8-K as filed with the SEC on June 2, 2020
         
10.4
    
Incorporated by reference to the Company’s Form 8-K as filed with the SEC on December 5, 2019
         
10.5
    
Incorporated by reference to the Company’s Form 8-K as filed with the SEC on August 20, 2021
 
14
Table of Contents
 
10.6
    
Incorporated by reference to the Company’s Form 8-K as filed with the SEC on September 28, 2021
         
10.7
    
Incorporated by reference to the Company’s Form 8-K as filed with the SEC on November 30, 2021
         
10.8
    
Incorporated by reference to the Company’s Form S-8 as filed with the SEC on January 27, 2014
         
10.9
    
Incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K as filed with the SEC on June 24, 2022
         
10.10
    
Incorporated by reference to Exhibit 10.2 to the Company's Current Report on Form 8-K as filed with the SEC on June 24, 2022
         
10.11
    
Incorporated by reference to Exhibit 10.3 to the Company's Current Report on Form 8-K as filed with the SEC on June 24, 2022
         
10.12
    
Included in Exhibit 10.10
         
10.13*
    
Incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K as filed with the SEC on August 1, 2022
         
10.14*
    
Incorporated by reference to Annex A to the Company’s Proxy Statement pursuant to Section 14(a) of the Exchange Act filed with the SEC on October 3, 2022
         
10.15
    
Incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K as filed with the SEC on November 17, 2022
         
10.15*
    
Previously filed or furnished, as required with the Company’s Annual Report on 10-K for the fiscal year ended December 31, 2023, filed with the Securities and Exchange Commission on March 22, 2024
         
10.16*
    
Previously filed or furnished, as required with the Company’s Annual Report on 10-K for the fiscal year ended December 31, 2023, filed with the Securities and Exchange Commission on March 22, 2024
         
21.1
    
Previously filed or furnished, as required with the Company’s Annual Report on 10-K for the fiscal year ended December 31, 2023, filed with the Securities and Exchange Commission on March 22, 2024.
         
23.1
    
Previously filed or furnished, as required with the Company’s Annual Report on 10-K for the fiscal year ended December 31, 2023, filed with the Securities and Exchange Commission on March 22, 2024.
 
15
Table of Contents
 
31.1
     Furnished herewith
         
31.2
     Furnished herewith
         
32.1
    
Previously filed or furnished, as required with the Company’s Annual Report on 10-K for the fiscal year ended December 31, 2023, filed with the Securities and Exchange Commission on March 22, 2024.
         
32.2
     Previously filed or furnished, as required with the Company’s Annual Report on 10-K for the fiscal year ended December 31, 2023, filed with the Securities and Exchange Commission on March 22, 2024.
         
97.1
  
Clawback Policy
  
Previously filed or furnished, as required with the Company’s Annual Report on 10-K for the fiscal year ended December 31, 2023, filed with the Securities and Exchange Commission on March 22, 2024
         
101. INS
  
Inline XBRL Instance Document (the Instance Document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document)
  
Previously filed or furnished, as required with the Company’s Annual Report on 10-K for the fiscal year ended December 31, 2023, filed with the Securities and Exchange Commission on March 22, 2024.
         
101. CAL
  
Inline XBRL Taxonomy Extension Calculation Link base Document
  
Previously filed or furnished, as required with the Company’s Annual Report on 10-K for the fiscal year ended December 31, 2023, filed with the Securities and Exchange Commission on March 22, 2024.
         
101. DEF
  
Inline XBRL Taxonomy Extension Definition Link base Document
  
Previously filed or furnished, as required with the Company’s Annual Report on 10-K for the fiscal year ended December 31, 2023, filed with the Securities and Exchange Commission on March 22, 2024.
         
101. LAB
  
Inline XBRL Taxonomy Label Link base Document
  
Previously filed or furnished, as required with the Company’s Annual Report on 10-K for the fiscal year ended December 31, 2023, filed with the Securities and Exchange Commission on March 22, 2024.
         
101. PRE
  
Inline XBRL Extension Presentation Link base Document
  
Previously filed or furnished, as required with the Company’s Annual Report on 10-K for the fiscal year ended December 31, 2023, filed with the Securities and Exchange Commission on March 22, 2024.
         
101. SCH
  
Inline XBRL Taxonomy Extension Scheme Document
  
Previously filed or furnished, as required with the Company’s Annual Report on 10-K for the fiscal year ended December 31, 2023, filed with the Securities and Exchange Commission on March 22, 2024.
         
104
  
Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101).
  
Provided herewith
 
16
Table of Contents
 
SIGNATURES
 
In accordance with Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
 
 
LIQTECH INTERNATIONAL, INC.
Date: April 29, 2024
    
 
By:
/s/ Fei Chen
   
Fei Chen 
Chief Executive Officer and Principal Executive Officer
 
In accordance with the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities indicated on the dates indicated.
 
 
Signatures
  
Title
  
Date
         
         
         
/s/ Alexander Buehler
  
Chairman of the Board of Directors
  
April 29, 2024
Alexander Buehler
        
         
         
/s/ Fei Chen
  
President, Chief Executive Officer, Principal Executive Officer and Director
   April 29, 2024
Fei Chen
        
         
         
/s/ Phillip Massie Price
  
Interim Chief Financial Officer, Principal Financial and Accounting Officer
   April 29, 2024
Phillip Massie Price
        
         
         
/s/ Peyton Boswell
  
Director
   April 29, 2024
Peyton Boswell
        
         
         
/s/ Richard Meeusen
  
Director
   April 29, 2024
Richard Meeusen
        
         
         
/s/ Martin Kunz
  
Director
   April 29, 2024
Martin Kunz
        
 
17
EX-31.1 2 ex_662545.htm EXHIBIT 31.1 ex_662545.htm

Exhibit 31.1

 

OFFICER’S CERTIFICATE

PURSUANT TO SECTION 302

 

I, Fei Chen, certify that:

 

1.          I have reviewed this Amendment No. 1 to the Annual Report on Form 10-K for the year ended December 31, 2023 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: April 29, 2024

By:

/s/ Fei Chen
 

Name:

Fei Chen
 

Title:

Chief Executive Officer and Principal

Executive Officer

 

 

 
 EX-31.2 3 ex_662546.htm EXHIBIT 31.2 ex_662546.htm

Exhibit 31.2

 

OFFICER’S CERTIFICATE

PURSUANT TO SECTION 302

 

I, Phillip Massie Price, certify that:

 

1.          I have reviewed this Amendment No. 1 to the Annual Report on Form 10-K for the year ended December 31, 2023 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: April 29, 2024

By:

/s/ Phillip Massie Price
 

Name:

Phillip Massie Price
 

Title:

Chief Financial Officer and Principal

Financial and Accounting Officer

 

 

 
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Document And Entity Information - USD ($)
 12 Months Ended
Dec. 31, 2023
Apr. 29, 2024
Jun. 30, 2023
Document Information [Line Items]      
Entity, Registrant Name LiqTech International, Inc.    
Current Fiscal Year End Date --12-31    
Document, Fiscal Period Focus FY    
Document, Fiscal Year Focus 2023    
Document, Type 10-K/A    
Document, Annual Report true    
Document, Period End Date Dec. 31, 2023    
Document, Transition Report false    
Entity, File Number 001-36210    
Entity, Incorporation, State or Country Code NV    
Entity, Tax Identification Number 20-1431677    
Entity, Address, Address Line One Industriparken 22C    
Entity, Address, Postal Zip Code DK 2750    
Entity, Address, City or Town Ballerup    
Entity, Address, Country DK    
City Area Code 453    
Local Phone Number 1315941    
Title of 12(b) Security Common Stock, $0.001 par value    
Trading Symbol LIQT    
Security Exchange Name NASDAQ    
Entity, Well-known Seasoned Issuer No    
Entity, Voluntary Filers No    
Entity, Current Reporting Status Yes    
Entity, Interactive Data, Current Yes    
Entity, Filer Category Non-accelerated Filer    
Entity, Small Business true    
Entity, Emerging Growth Company false    
ICFR Auditor Attestation Flag false    
Document, Financial Statement Error Correction Flag false    
Entity, Shell Company false    
Entity, Public Float     $ 16,158,560
Entity, Common Stock Shares, Outstanding   5,807,340  
Amendment Description This Amendment No. 1 to the Annual Report on Form 10-K (this “Amendment No. 1”) of LiqTech International, Inc. (“LiqTech” or the “Company”) amends the Company’s Annual Report on Form 10-K for the year ended December 31, 2023, which was filed with the Securities and Exchange Commission (“SEC”) on March 21, 2024 (the “Original Filing”). The Company is filing this Amendment No. 1 solely to file Part III (Items 10 through 14). This additional disclosure does not revise or alter the Company’s financial statements and any forward-looking statements contained in the Original Filing. As required by Rule 12b-15 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), this Amendment No. 1 contains new certifications by our principal executive officer and principal financial officer, which are being filed or furnished as exhibits to this Amendment No. 1.    
Auditor Name Sadler, Gibb & Associates, LLC    
Auditor Location Draper, UT    
Auditor Firm ID 3627    
Amendment Flag true    
Entity, Central Index Key 0001307579    
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NV 20-1431677 Industriparken 22C DK 2750 Ballerup DK 453 1315941 Common Stock, $0.001 par value LIQT NASDAQ No No Yes Yes Non-accelerated Filer true false false false false 16158560 5807340 This Amendment No. 1 to the Annual Report on Form 10-K (this “Amendment No. 1”) of LiqTech International, Inc. (“LiqTech” or the “Company”) amends the Company’s Annual Report on Form 10-K for the year ended December 31, 2023, which was filed with the Securities and Exchange Commission (“SEC”) on March 21, 2024 (the “Original Filing”). The Company is filing this Amendment No. 1 solely to file Part III (Items 10 through 14). This additional disclosure does not revise or alter the Company’s financial statements and any forward-looking statements contained in the Original Filing. As required by Rule 12b-15 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), this Amendment No. 1 contains new certifications by our principal executive officer and principal financial officer, which are being filed or furnished as exhibits to this Amendment No. 1. Sadler, Gibb & Associates, LLC Draper, UT 3627