$LIQT
LIQTECH INTERNATIONAL INC

2018 Q2 Form 10-Q Financial Statement

#000143774918015619 Filed on August 14, 2018

View on sec.gov

Income Statement

Concept 2018 Q2 2017 Q2
Revenue $3.598M $2.926M
YoY Change 22.96% -27.2%
Cost Of Revenue $2.938M $2.734M
YoY Change 7.49% -5.45%
Gross Profit $659.8K $192.7K
YoY Change 242.46% -82.92%
Gross Profit Margin 18.34% 6.58%
Selling, General & Admin $1.046M $1.026M
YoY Change 1.94% -5.68%
% of Gross Profit 158.56% 532.66%
Research & Development $176.3K $114.0K
YoY Change 54.62% -30.51%
% of Gross Profit 26.72% 59.17%
Depreciation & Amortization $210.0K $240.0K
YoY Change -12.5% -25.0%
% of Gross Profit 31.83% 124.56%
Operating Expenses $1.222M $1.170M
YoY Change 4.48% -13.81%
Operating Profit -$562.7K -$977.4K
YoY Change -42.43% 326.51%
Interest Expense $4.174K $8.706K
YoY Change -52.06% 31.87%
% of Operating Profit
Other Income/Expense, Net $299.1K -$215.0K
YoY Change -239.14% 3361.46%
Pretax Income -$263.5K -$1.192M
YoY Change -77.9% 406.6%
Income Tax
% Of Pretax Income
Net Earnings -$263.5K -$1.192M
YoY Change -77.9% 262.02%
Net Earnings / Revenue -7.32% -40.75%
Basic Earnings Per Share $0.00 -$0.03
Diluted Earnings Per Share $0.00 -$0.03
COMMON SHARES
Basic Shares Outstanding 16.21M 40.67M
Diluted Shares Outstanding 16.21M 40.67M

Balance Sheet

Concept 2018 Q2 2017 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $4.490M $1.280M
YoY Change 250.78% 100.0%
Cash & Equivalents $4.492M $1.281M
Short-Term Investments
Other Short-Term Assets $70.00K $140.0K
YoY Change -50.0% -41.67%
Inventory $4.495M $5.146M
Prepaid Expenses $66.32K $139.4K
Receivables $1.445M $1.566M
Other Receivables $314.0K $331.4K
Total Short-Term Assets $12.13M $9.190M
YoY Change 32.01% -13.52%
LONG-TERM ASSETS
Property, Plant & Equipment $1.634M $2.286M
YoY Change -28.51% -26.73%
Goodwill
YoY Change
Intangibles $1.978K $4.469K
YoY Change -55.74% -45.9%
Long-Term Investments $10.00K $10.00K
YoY Change 0.0% -50.0%
Other Assets $350.0K $280.0K
YoY Change 25.0% -74.77%
Total Long-Term Assets $1.996M $2.574M
YoY Change -22.48% -78.53%
TOTAL ASSETS
Total Short-Term Assets $12.13M $9.190M
Total Long-Term Assets $1.996M $2.574M
Total Assets $14.13M $11.76M
YoY Change 20.08% -47.98%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.520M $2.070M
YoY Change -26.57% 30.19%
Accrued Expenses $1.099M $2.728M
YoY Change -59.71% 114.81%
Deferred Revenue $454.9K
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $10.00K $30.00K
YoY Change -66.67% -76.92%
Total Short-Term Liabilities $3.518M $5.202M
YoY Change -32.36% 55.28%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $60.00K
YoY Change -100.0% -64.71%
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $0.00 $56.29K
YoY Change -100.0% -67.81%
TOTAL LIABILITIES
Total Short-Term Liabilities $3.518M $5.202M
Total Long-Term Liabilities $0.00 $56.29K
Total Liabilities $3.518M $5.258M
YoY Change -33.08% 49.18%
SHAREHOLDERS EQUITY
Retained Earnings -$30.27M -$26.04M
YoY Change 16.25% 123.0%
Common Stock $72.74K $44.23K
YoY Change 64.46% 11.88%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $10.61M $6.510M
YoY Change
Total Liabilities & Shareholders Equity $14.13M $11.76M
YoY Change 20.08% -47.98%

Cashflow Statement

Concept 2018 Q2 2017 Q2
OPERATING ACTIVITIES
Net Income -$263.5K -$1.192M
YoY Change -77.9% 262.02%
Depreciation, Depletion And Amortization $210.0K $240.0K
YoY Change -12.5% -25.0%
Cash From Operating Activities -$1.570M -$1.320M
YoY Change 18.94% 256.76%
INVESTING ACTIVITIES
Capital Expenditures -$20.00K -$10.00K
YoY Change 100.0% -50.0%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00
YoY Change
Cash From Investing Activities -$20.00K -$10.00K
YoY Change 100.0% -50.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $5.865M $1.825M
YoY Change 221.37%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 5.860M 1.740M
YoY Change 236.78% -3580.0%
NET CHANGE
Cash From Operating Activities -1.570M -1.320M
Cash From Investing Activities -20.00K -10.00K
Cash From Financing Activities 5.860M 1.740M
Net Change In Cash 4.270M 410.0K
YoY Change 941.46% -193.18%
FREE CASH FLOW
Cash From Operating Activities -$1.570M -$1.320M
Capital Expenditures -$20.00K -$10.00K
Free Cash Flow -$1.550M -$1.310M
YoY Change 18.32% 274.29%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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CY2018Q2 us-gaap Operating Leases Future Minimum Payments Due In Five Years
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us-gaap Payments Of Stock Issuance Costs
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CY2018Q2 us-gaap Preferred Stock Par Or Stated Value Per Share
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CY2018Q2 us-gaap Preferred Stock Value
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us-gaap Proceeds From Issuance Of Common Stock
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us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
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84770
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us-gaap Provision For Doubtful Accounts
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0
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RepaymentsOfLongTermDebt
us-gaap Repayments Of Long Term Debt
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us-gaap Research And Development Expense
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us-gaap Research And Development Expense
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CY2018Q2 us-gaap Research And Development Expense
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CY2017Q2 us-gaap Research And Development Expense
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CY2018Q2 us-gaap Retained Earnings Accumulated Deficit
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CY2018Q2 us-gaap Revenue From Contract With Customer Including Assessed Tax
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us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Expirations In Period
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ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
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463998
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us-gaap Share Based Compensation
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us-gaap Share Based Compensation
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ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
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CY2018Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
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CY2018Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
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ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
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CY2018Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
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CY2018Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Aggregate Intrinsic Value
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455000
CY2018Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Exercise Price
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0.82
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExpirationsInPeriodWeightedAverageExercisePrice
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
CY2018Q2 us-gaap Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Number Of Exercisable Options
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346667
CY2018Q2 us-gaap Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Number Of Outstanding Options
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455000
CY2018Q2 us-gaap Share Price
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CY2018Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
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us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
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P4Y47D
CY2018Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Number Of Shares
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedNumberOfShares
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CY2018Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Weighted Average Grant Date Fair Value
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0.46
CY2017 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P4Y54D
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P3Y237D
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageRemainingContractualTerm1
P3Y237D
CY2018Q2 us-gaap Sharebased Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Exercisable Options Weighted Average Exercise Price1
SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeExercisableOptionsWeightedAverageExercisePrice1
0.84
CY2018Q2 us-gaap Sharebased Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Outstanding Options Weighted Average Exercise Price Beginning Balance1
SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeOutstandingOptionsWeightedAverageExercisePriceBeginningBalance1
0.82
us-gaap Sharebased Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Outstanding Options Weighted Average Remaining Contractual Term2
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P3Y237D
us-gaap Standard And Extended Product Warranty Accrual Foreign Currency Translation Gain Loss
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CY2018Q2 us-gaap Stock Issued During Period Shares New Issues
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CY2018Q2 us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
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us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
CY2018Q2 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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CY2017Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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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=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left; text-indent: 45pt;"><div style="display: inline; font-weight: bold;">Accounting Estimates&nbsp;--</div>&nbsp;The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets including accounts receivable, allowance for doubtful accounts, cost in excess of billings, reserve for obsolete inventory, depreciation and impairment of property plant and equipment, and goodwill; liabilities including billings in excess of costs and contingencies; the disclosures of contingent assets and liabilities at the date of the financial statements; and the reported amount of revenues and expenses during the reporting period. Actual results could differ from those estimated.</div></div></div>
CY2018Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
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CY2017Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
40667107
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
54729618
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
38761647
CY2018Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2017Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
40667107
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
54729618
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
38761647

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