$LIQT
LIQTECH INTERNATIONAL INC

2018 Q1 Form 10-Q Financial Statement

#000143774918010020 Filed on May 15, 2018

View on sec.gov

Income Statement

Concept 2018 Q1 2017 Q2 2017 Q1
Revenue $2.391M $2.926M $2.968M
YoY Change -19.43% -27.2% -18.23%
Cost Of Revenue $2.451M $2.734M $2.697M
YoY Change -9.11% -5.45% -6.5%
Gross Profit -$59.59K $192.7K $271.4K
YoY Change -121.96% -82.92% -63.61%
Gross Profit Margin -2.49% 6.58% 9.14%
Selling, General & Admin $1.172M $1.026M $1.044M
YoY Change 12.28% -5.68% -22.5%
% of Gross Profit 532.66% 384.66%
Research & Development $169.4K $114.0K $139.3K
YoY Change 21.57% -30.51% -26.09%
% of Gross Profit 59.17% 51.34%
Depreciation & Amortization $217.5K $240.0K $259.5K
YoY Change -16.18% -25.0% -26.38%
% of Gross Profit 124.56% 95.61%
Operating Expenses $1.342M $1.170M $1.280M
YoY Change 4.85% -13.81% -24.86%
Operating Profit -$1.401M -$977.4K -$1.008M
YoY Change 38.99% 326.51% 5.35%
Interest Expense $56.30K $8.706K $10.82K
YoY Change 420.28% 31.87% 9.37%
% of Operating Profit
Other Income/Expense, Net -$132.1K -$215.0K $174.8K
YoY Change -175.53% 3361.46% -879.04%
Pretax Income -$1.533M -$1.192M -$833.3K
YoY Change 84.01% 406.6% -14.92%
Income Tax
% Of Pretax Income
Net Earnings -$1.533M -$1.192M -$833.3K
YoY Change 84.01% 262.02% -77.8%
Net Earnings / Revenue -64.12% -40.75% -28.07%
Basic Earnings Per Share -$0.03 -$0.03 -$0.02
Diluted Earnings Per Share -$0.03 -$0.03 -$0.02
COMMON SHARES
Basic Shares Outstanding 11.12M 40.67M 36.93M
Diluted Shares Outstanding 11.12M 40.67M 36.93M

Balance Sheet

Concept 2018 Q1 2017 Q2 2017 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $830.0K $1.280M $520.0K
YoY Change 59.62% 100.0% -60.61%
Cash & Equivalents $827.1K $1.281M $515.5K
Short-Term Investments
Other Short-Term Assets $130.0K $140.0K $120.0K
YoY Change 8.33% -41.67% -45.45%
Inventory $4.844M $5.146M $5.224M
Prepaid Expenses $126.7K $139.4K $123.0K
Receivables $1.144M $1.566M $1.269M
Other Receivables $386.7K $331.4K $310.4K
Total Short-Term Assets $7.862M $9.190M $8.057M
YoY Change -2.42% -13.52% -23.84%
LONG-TERM ASSETS
Property, Plant & Equipment $1.811M $2.286M $2.483M
YoY Change -27.06% -26.73% -27.32%
Goodwill
YoY Change
Intangibles $2.770K $4.469K $4.775K
YoY Change -41.99% -45.9% -50.47%
Long-Term Investments $10.00K $10.00K $10.00K
YoY Change 0.0% -50.0% -50.0%
Other Assets $330.0K $280.0K $260.0K
YoY Change 26.92% -74.77% -78.86%
Total Long-Term Assets $2.153M $2.574M $2.757M
YoY Change -21.92% -78.53% -78.1%
TOTAL ASSETS
Total Short-Term Assets $7.862M $9.190M $8.057M
Total Long-Term Assets $2.153M $2.574M $2.757M
Total Assets $10.02M $11.76M $10.81M
YoY Change -7.39% -47.98% -53.33%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.070M $2.070M $2.490M
YoY Change -16.87% 30.19% 60.65%
Accrued Expenses $1.292M $2.728M $2.527M
YoY Change -48.88% 114.81% 98.2%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $10.00K $30.00K $110.0K
YoY Change -90.91% -76.92% -31.25%
Total Short-Term Liabilities $4.383M $5.202M $5.312M
YoY Change -17.49% 55.28% 63.68%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $60.00K $60.00K
YoY Change -100.0% -64.71% -68.42%
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $0.00 $56.29K $57.81K
YoY Change -100.0% -67.81% -70.1%
TOTAL LIABILITIES
Total Short-Term Liabilities $4.383M $5.202M $5.312M
Total Long-Term Liabilities $0.00 $56.29K $57.81K
Total Liabilities $4.383M $5.258M $5.370M
YoY Change -18.38% 49.18% 56.16%
SHAREHOLDERS EQUITY
Retained Earnings -$30.00M -$26.04M -$24.78M
YoY Change 21.06% 123.0% 118.44%
Common Stock $44.49K $44.23K $36.84K
YoY Change 20.78% 11.88% -6.82%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $5.630M $6.510M $5.440M
YoY Change
Total Liabilities & Shareholders Equity $10.02M $11.76M $10.81M
YoY Change -7.39% -47.98% -53.33%

Cashflow Statement

Concept 2018 Q1 2017 Q2 2017 Q1
OPERATING ACTIVITIES
Net Income -$1.533M -$1.192M -$833.3K
YoY Change 84.01% 262.02% -77.8%
Depreciation, Depletion And Amortization $217.5K $240.0K $259.5K
YoY Change -16.18% -25.0% -26.38%
Cash From Operating Activities -$1.763M -$1.320M -$512.3K
YoY Change 244.05% 256.76% 76.66%
INVESTING ACTIVITIES
Capital Expenditures $59.94K -$10.00K $58.95K
YoY Change 1.67% -50.0% 13.49%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00 $10.00K
YoY Change -100.0%
Cash From Investing Activities -$59.94K -$10.00K -$48.60K
YoY Change 23.32% -50.0% -2.8%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $0.00 $1.825M
YoY Change
Debt Paid & Issued, Net $3.865K
YoY Change -69.86%
Cash From Financing Activities -12.32K 1.740M -31.29K
YoY Change -60.63% -3580.0% -20.11%
NET CHANGE
Cash From Operating Activities -1.763M -1.320M -512.3K
Cash From Investing Activities -59.94K -10.00K -48.60K
Cash From Financing Activities -12.32K 1.740M -31.29K
Net Change In Cash -1.659M 410.0K -592.2K
YoY Change 180.15% -193.18% 1411.87%
FREE CASH FLOW
Cash From Operating Activities -$1.763M -$1.320M -$512.3K
Capital Expenditures $59.94K -$10.00K $58.95K
Free Cash Flow -$1.823M -$1.310M -$571.3K
YoY Change 219.04% 274.29% 67.07%

Facts In Submission

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CY2018Q1 us-gaap Lease And Rental Expense
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CY2018Q1 us-gaap Operating Expenses
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CY2018Q1 us-gaap Operating Leases Future Minimum Payments Due In Five Years
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CY2018Q1 us-gaap Other Assets
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CY2018Q1 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
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386738
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PreferredStockSharesAuthorized
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CY2018Q1 us-gaap Preferred Stock Shares Issued
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28151
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ProceedsFromSaleOfPropertyPlantAndEquipment
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ProceedsFromSaleOfPropertyPlantAndEquipment
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ProductWarrantyAccrualPreexistingIncreaseDecrease
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RepaymentsOfLongTermCapitalLeaseObligations
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CY2018Q1 us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
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CY2018Q1 us-gaap Share Based Compensation
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CY2017Q1 us-gaap Share Based Compensation
ShareBasedCompensation
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CY2018Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
346667
CY2018Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
0.84
CY2018Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExpirationsInPeriod
CY2018Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
CY2018Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
CY2018Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
0
CY2017Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
455000
CY2018Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
455000
CY2017Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
0.82
CY2018Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
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CY2018Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingAggregateIntrinsicValue
CY2018Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber
455000
CY2018Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageExercisePrice
0.82
CY2018Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
CY2018Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExpirationsInPeriodWeightedAverageExercisePrice
CY2018Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
CY2018Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
CY2017 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P4Y54D
CY2018Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P4Y229D
CY2018Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Number Of Shares
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedNumberOfShares
108333
CY2018Q1 us-gaap Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Number Of Exercisable Options
ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeNumberOfExercisableOptions
346667
CY2018Q1 us-gaap Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Number Of Outstanding Options
ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeNumberOfOutstandingOptions
455000
CY2018Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
CY2018Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Weighted Average Grant Date Fair Value
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedWeightedAverageGrantDateFairValue
0.46
CY2018Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P4Y54D
CY2018Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageRemainingContractualTerm1
P4Y54D
CY2018Q1 us-gaap Sharebased Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Exercisable Options Weighted Average Exercise Price1
SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeExercisableOptionsWeightedAverageExercisePrice1
0.84
CY2018Q1 us-gaap Sharebased Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Outstanding Options Weighted Average Exercise Price Beginning Balance1
SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeOutstandingOptionsWeightedAverageExercisePriceBeginningBalance1
0.82
CY2018Q1 us-gaap Sharebased Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Outstanding Options Weighted Average Remaining Contractual Term2
SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeOutstandingOptionsWeightedAverageRemainingContractualTerm2
P3Y328D
CY2018Q1 us-gaap Standard And Extended Product Warranty Accrual Foreign Currency Translation Gain Loss
StandardAndExtendedProductWarrantyAccrualForeignCurrencyTranslationGainLoss
2537
CY2018Q1 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
CY2018Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
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CY2017Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
6912117
CY2018Q1 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="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt 7.5pt;text-align:left;text-indent:52.8pt;"><div style="display: inline; font-weight: bold;">Accounting Estimates&nbsp;--</div>&nbsp;The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets 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></div>
CY2018Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
0
CY2017Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
CY2018Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
44487350
CY2017Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
36929264
CY2018Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
44487350
CY2017Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
36929264

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