$LIQT
LIQTECH INTERNATIONAL INC

2015 Form 10-K Financial Statement

#000143774916028290 Filed on March 23, 2016

View on sec.gov

Income Statement

Concept 2015 2014 Q4 2014
Revenue $15.81M $2.460M $14.56M
YoY Change 8.59% -32.97% 13.49%
Cost Of Revenue $12.60M $3.230M $12.46M
YoY Change 1.08% -7.45% 8.29%
Gross Profit $3.214M -$780.0K $2.097M
YoY Change 53.27% -533.33% 60.09%
Gross Profit Margin 20.33% -31.71% 14.4%
Selling, General & Admin $5.537M $1.970M $6.380M
YoY Change -13.22% -12.83% -9.25%
% of Gross Profit 172.24% 304.19%
Research & Development $707.8K $110.0K $336.1K
YoY Change 110.63% -26.67% -32.79%
% of Gross Profit 22.02% 16.02%
Depreciation & Amortization $1.444M $370.0K $1.631M
YoY Change -11.43% -21.28% -3.52%
% of Gross Profit 44.93% 77.75%
Operating Expenses $6.614M $2.090M $7.289M
YoY Change -9.26% -13.28% -3.33%
Operating Profit -$3.399M -$2.870M -$5.192M
YoY Change -34.52% 28.7% -16.67%
Interest Expense $51.23K $220.0K $53.38K
YoY Change -4.02% -175.86% -122.24%
% of Operating Profit
Other Income/Expense, Net $513.5K $10.00K $406.5K
YoY Change 26.33%
Pretax Income -$2.886M -$2.640M -$4.785M
YoY Change -39.69% 4.76% -25.93%
Income Tax -$697.8K -$730.0K -$1.703M
% Of Pretax Income
Net Earnings -$2.210M -$1.900M -$3.066M
YoY Change -27.93% -2.56% -36.52%
Net Earnings / Revenue -13.98% -77.24% -21.06%
Basic Earnings Per Share -$0.06 -$0.09
Diluted Earnings Per Share -$0.06 -$192.5K -$0.09
COMMON SHARES
Basic Shares Outstanding 36.79M 32.40M
Diluted Shares Outstanding 36.79M 32.40M

Balance Sheet

Concept 2015 2014 Q4 2014
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.370M $5.850M $5.850M
YoY Change -76.58% 19.88% 19.88%
Cash & Equivalents $5.854M
Short-Term Investments
Other Short-Term Assets $470.0K $390.0K $390.0K
YoY Change 20.51% 254.55% 254.55%
Inventory $7.440M $4.915M $6.090M
Prepaid Expenses $55.99K
Receivables $3.190M $1.992M $1.990M
Other Receivables $510.0K $344.3K $350.0K
Total Short-Term Assets $12.98M $14.66M $14.66M
YoY Change -11.46% 19.79% 19.77%
LONG-TERM ASSETS
Property, Plant & Equipment $3.540M $4.524M $4.520M
YoY Change -21.68% -22.39% -22.47%
Goodwill $8.461M
YoY Change
Intangibles $16.71K
YoY Change
Long-Term Investments $20.00K $10.00K $10.00K
YoY Change 100.0% 0.0% 0.0%
Other Assets $3.940M $3.760M $3.760M
YoY Change 4.79% 75.7% 75.7%
Total Long-Term Assets $15.09M $16.76M $16.77M
YoY Change -10.02% 109.54% 109.63%
TOTAL ASSETS
Total Short-Term Assets $12.98M $14.66M $14.66M
Total Long-Term Assets $15.09M $16.76M $16.77M
Total Assets $28.07M $31.43M $31.43M
YoY Change -10.69% 55.26% 55.29%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.460M $2.340M $2.340M
YoY Change 47.86% 47.17% 47.17%
Accrued Expenses $1.440M $1.440M $1.440M
YoY Change 0.0% -0.02% 0.0%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $150.0K $170.0K $170.0K
YoY Change -11.76% -19.05% -19.05%
Total Short-Term Liabilities $5.340M $4.092M $4.090M
YoY Change 30.56% -10.07% -10.11%
LONG-TERM LIABILITIES
Long-Term Debt $170.0K $370.0K $370.0K
YoY Change -54.05% -32.73% -32.73%
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $170.0K $368.6K $370.0K
YoY Change -54.05% -32.98% -32.73%
TOTAL LIABILITIES
Total Short-Term Liabilities $5.340M $4.092M $4.090M
Total Long-Term Liabilities $170.0K $368.6K $370.0K
Total Liabilities $5.510M $4.461M $4.480M
YoY Change 22.99% -13.05% -12.67%
SHAREHOLDERS EQUITY
Retained Earnings -$5.383M
YoY Change
Common Stock $39.41K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $22.57M $26.95M $26.95M
YoY Change
Total Liabilities & Shareholders Equity $28.07M $31.43M $31.43M
YoY Change -10.69% 55.26% 55.29%

Cashflow Statement

Concept 2015 2014 Q4 2014
OPERATING ACTIVITIES
Net Income -$2.210M -$1.900M -$3.066M
YoY Change -27.93% -2.56% -36.52%
Depreciation, Depletion And Amortization $1.444M $370.0K $1.631M
YoY Change -11.43% -21.28% -3.52%
Cash From Operating Activities -$2.090M -$2.020M -$5.730M
YoY Change -63.53% -2344.44% 167.76%
INVESTING ACTIVITIES
Capital Expenditures $576.3K -$270.0K $456.4K
YoY Change 26.26% 12.5% -172.45%
Acquisitions $1.875M
YoY Change
Other Investing Activities -$20.00K $0.00 -$1.870M
YoY Change -98.93% 9250.0%
Cash From Investing Activities -$590.0K -$260.0K -$2.330M
YoY Change -74.68% 13.04% 258.46%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -223.1K 1.600M 10.45M
YoY Change -102.13% -52.38% 184.02%
NET CHANGE
Cash From Operating Activities -2.090M -2.020M -5.730M
Cash From Investing Activities -590.0K -260.0K -2.330M
Cash From Financing Activities -223.1K 1.600M 10.45M
Net Change In Cash -223.1K -680.0K 10.45M
YoY Change -102.13% -121.12% 1074.38%
FREE CASH FLOW
Cash From Operating Activities -$2.090M -$2.020M -$5.730M
Capital Expenditures $576.3K -$270.0K $456.4K
Free Cash Flow -$2.666M -$1.750M -$6.186M
YoY Change -56.9% -630.3% 309.7%

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CY2014Q4 us-gaap Goodwill
Goodwill
8460512
CY2015Q4 us-gaap Goodwill
Goodwill
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CY2015 us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
0
CY2014 us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
0
CY2015 us-gaap Goodwill Translation Adjustments
GoodwillTranslationAdjustments
-877763
CY2015 us-gaap Gross Profit
GrossProfit
3214424
CY2014 us-gaap Gross Profit
GrossProfit
2097243
CY2015Q4 us-gaap Guarantee Obligations Current Carrying Value
GuaranteeObligationsCurrentCarryingValue
473100
CY2015Q4 us-gaap Guarantee Obligations Current Carrying Value
GuaranteeObligationsCurrentCarryingValue
69000
CY2015 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
-2886008
CY2014 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
-4785048
CY2015 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-697786
CY2014 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-1702551
CY2015 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance
109842
CY2014 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance
118328
CY2015 us-gaap Income Tax Reconciliation Change In Enacted Tax Rate
IncomeTaxReconciliationChangeInEnactedTaxRate
-31748
CY2014 us-gaap Income Tax Reconciliation Change In Enacted Tax Rate
IncomeTaxReconciliationChangeInEnactedTaxRate
CY2015 us-gaap Income Tax Reconciliation Equity In Earnings Losses Of Unconsolidated Subsidiary
IncomeTaxReconciliationEquityInEarningsLossesOfUnconsolidatedSubsidiary
-50579
CY2014 us-gaap Income Tax Reconciliation Equity In Earnings Losses Of Unconsolidated Subsidiary
IncomeTaxReconciliationEquityInEarningsLossesOfUnconsolidatedSubsidiary
CY2015 us-gaap Income Tax Reconciliation Foreign Income Tax Rate Differential
IncomeTaxReconciliationForeignIncomeTaxRateDifferential
47837
CY2014 us-gaap Income Tax Reconciliation Foreign Income Tax Rate Differential
IncomeTaxReconciliationForeignIncomeTaxRateDifferential
480085
CY2015 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate
-991139
CY2014 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate
-2313668
CY2015 us-gaap Income Tax Reconciliation Nondeductible Expense
IncomeTaxReconciliationNondeductibleExpense
5291
CY2014 us-gaap Income Tax Reconciliation Nondeductible Expense
IncomeTaxReconciliationNondeductibleExpense
12711
CY2015 us-gaap Income Tax Reconciliation Nondeductible Expense Depreciation
IncomeTaxReconciliationNondeductibleExpenseDepreciation
-136572
CY2014 us-gaap Income Tax Reconciliation Nondeductible Expense Depreciation
IncomeTaxReconciliationNondeductibleExpenseDepreciation
-151131
CY2015 us-gaap Income Tax Reconciliation Nondeductible Expense Share Based Compensation Cost
IncomeTaxReconciliationNondeductibleExpenseShareBasedCompensationCost
140175
CY2014 us-gaap Income Tax Reconciliation Nondeductible Expense Share Based Compensation Cost
IncomeTaxReconciliationNondeductibleExpenseShareBasedCompensationCost
CY2015 us-gaap Income Tax Reconciliation Other Reconciling Items
IncomeTaxReconciliationOtherReconcilingItems
-8147
CY2014 us-gaap Income Tax Reconciliation Other Reconciling Items
IncomeTaxReconciliationOtherReconcilingItems
5300
CY2015 us-gaap Income Tax Reconciliation State And Local Income Taxes
IncomeTaxReconciliationStateAndLocalIncomeTaxes
-20476
CY2014 us-gaap Income Tax Reconciliation State And Local Income Taxes
IncomeTaxReconciliationStateAndLocalIncomeTaxes
-5307
CY2015 us-gaap Income Taxes Paid
IncomeTaxesPaid
570
CY2014 us-gaap Income Taxes Paid
IncomeTaxesPaid
1000
CY2015 us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
1118143
CY2014 us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
-2682139
CY2015 us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
-24671
CY2014 us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
-2152657
CY2015 us-gaap Increase Decrease In Deferred Income Taxes
IncreaseDecreaseInDeferredIncomeTaxes
250523
CY2014 us-gaap Increase Decrease In Deferred Income Taxes
IncreaseDecreaseInDeferredIncomeTaxes
1206796
CY2015 us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
175948
CY2014 us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
-712273
CY2015 us-gaap Increase Decrease In Other Noncurrent Liabilities
IncreaseDecreaseInOtherNoncurrentLiabilities
-1171325
CY2014 us-gaap Increase Decrease In Other Noncurrent Liabilities
IncreaseDecreaseInOtherNoncurrentLiabilities
-591409
CY2015 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
-49012
CY2014 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
15245
CY2015 us-gaap Increase Decrease In Receivables
IncreaseDecreaseInReceivables
1280537
CY2014 us-gaap Increase Decrease In Receivables
IncreaseDecreaseInReceivables
-877457
CY2015 us-gaap Increase Decrease In Restricted Cash
IncreaseDecreaseInRestrictedCash
73947
CY2014 us-gaap Increase Decrease In Restricted Cash
IncreaseDecreaseInRestrictedCash
218879
CY2015Q4 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
10386
CY2014Q4 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
16708
CY2015 us-gaap Interest And Other Income
InterestAndOtherIncome
98171
CY2014 us-gaap Interest And Other Income
InterestAndOtherIncome
10511
CY2015 us-gaap Interest Expense
InterestExpense
51232
CY2014 us-gaap Interest Expense
InterestExpense
53379
CY2015 us-gaap Interest Expense Lessee Assets Under Capital Lease
InterestExpenseLesseeAssetsUnderCapitalLease
26840
CY2014 us-gaap Interest Expense Lessee Assets Under Capital Lease
InterestExpenseLesseeAssetsUnderCapitalLease
43595
CY2015 us-gaap Interest Paid
InterestPaid
51232
CY2014 us-gaap Interest Paid
InterestPaid
53379
CY2015Q4 us-gaap Inventory Finished Goods
InventoryFinishedGoods
1788161
CY2014Q4 us-gaap Inventory Finished Goods
InventoryFinishedGoods
2028225
CY2015Q4 us-gaap Inventory Net
InventoryNet
4916671
CY2014Q4 us-gaap Inventory Net
InventoryNet
4914866
CY2015Q4 us-gaap Inventory Raw Materials
InventoryRawMaterials
1498406
CY2014Q4 us-gaap Inventory Raw Materials
InventoryRawMaterials
1501050
CY2015Q4 us-gaap Inventory Valuation Reserves
InventoryValuationReserves
606504
CY2014Q4 us-gaap Inventory Valuation Reserves
InventoryValuationReserves
449098
CY2015Q4 us-gaap Inventory Work In Process
InventoryWorkInProcess
1770070
CY2014Q4 us-gaap Inventory Work In Process
InventoryWorkInProcess
1326840
CY2015 us-gaap Inventory Write Down
InventoryWriteDown
174143
CY2014 us-gaap Inventory Write Down
InventoryWriteDown
203996
CY2015 us-gaap Lease And Rental Expense
LeaseAndRentalExpense
697736
CY2014 us-gaap Lease And Rental Expense
LeaseAndRentalExpense
747558
CY2015Q4 us-gaap Liabilities
Liabilities
5506262
CY2014Q4 us-gaap Liabilities
Liabilities
4460524
CY2015Q4 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
28073546
CY2014Q4 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
31425539
CY2015Q4 us-gaap Liabilities Current
LiabilitiesCurrent
5340690
CY2014Q4 us-gaap Liabilities Current
LiabilitiesCurrent
4091910
CY2015Q4 us-gaap Liabilities Noncurrent
LiabilitiesNoncurrent
165572
CY2014Q4 us-gaap Liabilities Noncurrent
LiabilitiesNoncurrent
368614
CY2015Q4 us-gaap Line Of Credit Facility Maximum Borrowing Capacity
LineOfCreditFacilityMaximumBorrowingCapacity
473100
CY2015Q4 us-gaap Line Of Credit Facility Maximum Borrowing Capacity
LineOfCreditFacilityMaximumBorrowingCapacity
69000
CY2015Q4 us-gaap Other Receivables Net Current
OtherReceivablesNetCurrent
505945
CY2014Q4 us-gaap Other Receivables Net Current
OtherReceivablesNetCurrent
344331
CY2014Q3 us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
1263722
CY2015 us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
CY2015Q4 us-gaap Minority Interest
MinorityInterest
CY2014Q4 us-gaap Minority Interest
MinorityInterest
16717
CY2015 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-223072
CY2014 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
10451991
CY2015 us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-592656
CY2014 us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-2331116
CY2015 us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
-2090964
CY2014 us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
-5733674
CY2015 us-gaap Net Income Loss
NetIncomeLoss
-2209857
CY2014 us-gaap Net Income Loss
NetIncomeLoss
-3066068
CY2015 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
-21635
CY2014 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
16429
CY2015 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
513471
CY2014 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
406464
CY2015 us-gaap Operating Expenses
OperatingExpenses
6613903
CY2014 us-gaap Operating Expenses
OperatingExpenses
7288755
CY2015 us-gaap Operating Income Loss
OperatingIncomeLoss
-3399479
CY2014 us-gaap Operating Income Loss
OperatingIncomeLoss
-5191512
CY2015Q4 us-gaap Operating Leases Future Minimum Payments Due
OperatingLeasesFutureMinimumPaymentsDue
1527767
CY2015Q4 us-gaap Operating Leases Future Minimum Payments Due Current
OperatingLeasesFutureMinimumPaymentsDueCurrent
715965
CY2015Q4 us-gaap Operating Leases Future Minimum Payments Due In Three Years
OperatingLeasesFutureMinimumPaymentsDueInThreeYears
294853
CY2015Q4 us-gaap Operating Leases Future Minimum Payments Due In Two Years
OperatingLeasesFutureMinimumPaymentsDueInTwoYears
516949
CY2015Q4 us-gaap Operating Leases Future Minimum Payments Due Thereafter
OperatingLeasesFutureMinimumPaymentsDueThereafter
0
CY2015Q4 us-gaap Other Assets
OtherAssets
11551848
CY2014Q4 us-gaap Other Assets
OtherAssets
12238834
CY2015 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
-2540688
CY2014 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
-2543352
CY2015Q4 us-gaap Other Inventory Supplies
OtherInventorySupplies
466538
CY2014Q4 us-gaap Other Inventory Supplies
OtherInventorySupplies
507849
CY2015Q4 us-gaap Other Long Term Investments
OtherLongTermInvestments
21838
CY2014Q4 us-gaap Other Long Term Investments
OtherLongTermInvestments
6085
CY2014 us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
1263722
CY2014 us-gaap Payments To Acquire Businesses Gross
PaymentsToAcquireBusinessesGross
2300000
CY2015 us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
CY2014 us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
1874684
CY2015 us-gaap Payments To Acquire Investments
PaymentsToAcquireInvestments
16378
CY2014 us-gaap Payments To Acquire Investments
PaymentsToAcquireInvestments
CY2015 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
576278
CY2014 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
456432
CY2015Q4 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
13670
CY2014Q4 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
55990
CY2014Q3 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
10736278
CY2015 us-gaap Proceeds From Issuance Or Sale Of Equity
ProceedsFromIssuanceOrSaleOfEquity
CY2014 us-gaap Proceeds From Issuance Or Sale Of Equity
ProceedsFromIssuanceOrSaleOfEquity
12071250
CY2015 us-gaap Profit Loss
ProfitLoss
-2188222
CY2014 us-gaap Profit Loss
ProfitLoss
-3082497
CY2015Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
12103576
CY2014Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
12567810
CY2015Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
3538694
CY2014Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
4524386
CY2015 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
80729
CY2014 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
216919
CY2015 us-gaap Repayments Of Long Term Capital Lease Obligations
RepaymentsOfLongTermCapitalLeaseObligations
223072
CY2014 us-gaap Repayments Of Long Term Capital Lease Obligations
RepaymentsOfLongTermCapitalLeaseObligations
223978
CY2015 us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
CY2014 us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
131559
CY2015 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
707844
CY2014 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
336066
CY2015Q4 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
292826
CY2014Q4 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
218879
CY2015Q4 us-gaap Restricted Cash And Cash Equivalents At Carrying Value
RestrictedCashAndCashEquivalentsAtCarryingValue
292826
CY2014Q4 us-gaap Restricted Cash And Cash Equivalents At Carrying Value
RestrictedCashAndCashEquivalentsAtCarryingValue
218879
CY2015Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-7592709
CY2014Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-5382852
CY2015 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
15812587
CY2014 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
14561192
CY2015 us-gaap Selling Expense
SellingExpense
2721781
CY2014 us-gaap Selling Expense
SellingExpense
3360566
CY2015 us-gaap Share Based Compensation
ShareBasedCompensation
369531
CY2014 us-gaap Share Based Compensation
ShareBasedCompensation
573029
CY2015 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0
CY2015Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
440667
CY2015Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
1.56
CY2015 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExpirationsInPeriod
1456630
CY2015 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
87500
CY2015 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
655000
CY2015Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
140750
CY2014Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
1960130
CY2015Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
1071000
CY2014Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
2.55
CY2015Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
1.19
CY2015Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingAggregateIntrinsicValue
67250
CY2015Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber
1071000
CY2015Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageExercisePrice
1.27
CY2014Q3 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
1.50
CY2015 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExpirationsInPeriodWeightedAverageExercisePrice
2.79
CY2015 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
1.90
CY2015 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
0.80
CY2015Q4 us-gaap Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Number Of Exercisable Options
ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeNumberOfExercisableOptions
440667
CY2015Q4 us-gaap Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Number Of Outstanding Options
ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeNumberOfOutstandingOptions
1071000
CY2014Q3 us-gaap Share Price
SharePrice
1.50
CY2015 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P3Y313D
CY2015Q4 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Number Of Shares
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedNumberOfShares
630333
CY2015Q4 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Weighted Average Grant Date Fair Value
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedWeightedAverageGrantDateFairValue
0.49
CY2014 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P255D
CY2015 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P3Y339D
CY2015 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageRemainingContractualTerm1
P3Y73D
CY2015Q4 us-gaap Sharebased Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Exercisable Options Weighted Average Exercise Price1
SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeExercisableOptionsWeightedAverageExercisePrice1
1.56
CY2015Q4 us-gaap Sharebased Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Outstanding Options Weighted Average Exercise Price Beginning Balance1
SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeOutstandingOptionsWeightedAverageExercisePriceBeginningBalance1
1.19
CY2015 us-gaap Sharebased Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Outstanding Options Weighted Average Remaining Contractual Term2
SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeOutstandingOptionsWeightedAverageRemainingContractualTerm2
P3Y339D
CY2014Q3 us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
47500
CY2014Q3 us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
8000000
CY2014Q3 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
47500
CY2015Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
22567284
CY2014Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
26965015
CY2015 us-gaap Unrealized Gain Loss On Investments
UnrealizedGainLossOnInvestments
CY2014 us-gaap Unrealized Gain Loss On Investments
UnrealizedGainLossOnInvestments
-797
CY2015 us-gaap Use Of Estimates
UseOfEstimates
<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=" TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25; TEXT-INDENT: 48.4pt"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><div style="display: inline; font-weight: bold;">Accounting Estimates</div></div><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;<div style="display: inline; font-weight: bold;">--</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 allowance for doubtful accounts receivable, cost in excess of billings, reserve for obsolete inventory, depreciation and impairment of property plant and equipment and impairment of goodwill and liabilities billings in excess of cost commitment 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>
CY2015 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
109842
CY2014 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
118328
CY2014Q4 us-gaap Valuation Allowances And Reserves Balance
ValuationAllowancesAndReservesBalance
2103388
CY2015Q4 us-gaap Valuation Allowances And Reserves Balance
ValuationAllowancesAndReservesBalance
1694375
CY2013Q4 us-gaap Valuation Allowances And Reserves Balance
ValuationAllowancesAndReservesBalance
869253
CY2015 us-gaap Valuation Allowances And Reserves Charged To Cost And Expense
ValuationAllowancesAndReservesChargedToCostAndExpense
93414
CY2014 us-gaap Valuation Allowances And Reserves Charged To Cost And Expense
ValuationAllowancesAndReservesChargedToCostAndExpense
420915
CY2015 us-gaap Valuation Allowances And Reserves Deductions
ValuationAllowancesAndReservesDeductions
-502427
CY2014 us-gaap Valuation Allowances And Reserves Deductions
ValuationAllowancesAndReservesDeductions
813220
CY2015 us-gaap Valuation Allowances And Reserves Reserves Of Businesses Acquired
ValuationAllowancesAndReservesReservesOfBusinessesAcquired
CY2014 us-gaap Valuation Allowances And Reserves Reserves Of Businesses Acquired
ValuationAllowancesAndReservesReservesOfBusinessesAcquired
951354
CY2015 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
0
CY2014 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
0
CY2015 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
39486941
CY2014 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
32398941
CY2015 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
39486941
CY2014 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
32398941

Files In Submission

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0001437749-16-028290-index-headers.html Edgar Link pending
0001437749-16-028290-index.html Edgar Link pending
0001437749-16-028290.txt Edgar Link pending
0001437749-16-028290-xbrl.zip Edgar Link pending
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FilingSummary.xml Edgar Link unprocessable
Financial_Report.xlsx Edgar Link pending
liqt-20151231.xml Edgar Link completed
liqt-20151231.xsd Edgar Link pending
liqt-20151231_cal.xml Edgar Link unprocessable
liqt-20151231_def.xml Edgar Link unprocessable
liqt-20151231_lab.xml Edgar Link unprocessable
liqt-20151231_pre.xml Edgar Link unprocessable
liqt20151231_10k.htm Edgar Link pending
liqt20151231_10kimg002.jpg Edgar Link pending
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