10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C.20549

FORM 10-Q

(Mark One)

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

For the three months period ended March 31, 2015

or

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

For the transition period from _______________________ to _______________________

Commission File Number: 000-53769

LiqTech International, Inc.

(Exact name of registrant as specified in its charter)

Nevada	20-1431677
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)
Industriparken 22C, DK2750 Ballerup, Denmark
(Address of principal executive offices)	(Zip Code)

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

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes ☒ No ☐.

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

Large accelerated filer		Accelerated filer
Non-accelerated filer	(Do not check if a smaller reporting company)	Smaller reporting company	☒

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

The number of shares outstanding of the registrant’s common stock, par value $0.001 per share, at May 12, 2015, was 39,404,782 shares.  

1

LIQTECH INTERNATIONAL, INC. AND SUBSIDIARIES

Quarterly Report on Form 10-Q

For the Period Ended March 31, 2015

TABLE OF CONTENTS

	Page
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements	4
Consolidated Balance Sheets as of March 31, 2015 (unaudited) and December 31, 2014	5
Consolidated Statements of Operations and Comprehensive Income for the Three Months Ended March 31, 2015 and March 31, 2014 (unaudited)	6
Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2015 and March 31, 2014 (unaudited)	8
Notes to Consolidated Financial Statements (unaudited)	10
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operation	25
Item 3. Quantitative and Qualitative Disclosures About Market Risk	32
Item 4. Controls and Procedures	32
PART II. OTHER INFORMATION
Item 1A. Risk Factors	32
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds	32
Item 3. Defaults Upon Senior Securities	32
Item 4. Mine Safety Disclosures	32
Item 5. Other Information	32
Item 6. Exhibits	33
SIGNATURES	37

2

FORWARD-LOOKING STATEMENTS

Certain statements made in this Quarterly Report on Form 10-Q are “forward-looking statements” regarding the plans and objectives of management for future operations and market trends and expectations.  Such statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements.  The forward-looking statements included herein are based on current expectations that involve numerous risks and uncertainties.  Our plans and objectives are based, in part, on assumptions involving the continued expansion of our business. Assumptions relating to the foregoing involve judgments with respect to, among other things, future economic, competitive and market conditions and future business decisions, all of which are difficult or impossible to predict accurately and many of which are beyond our control.  Although we believe that our assumptions underlying the forward-looking statements are reasonable, any of the assumptions could prove inaccurate and, therefore, there can be no assurance that the forward-looking statements included in this report will prove to be accurate.  In light of the significant uncertainties inherent in the forward-looking statements included herein, the inclusion of such information should not be regarded as a representation by us or any other person that our objectives and plans will be achieved.  We undertake no obligation to revise or update publicly any forward-looking statements for any reason.

3

PART I - FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

LIQTECH INTERNATIONAL, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

	As of		As of
	March 31,		December 31,
	2015		2014
	UNAUDITED
Current Assets:
Cash	$	3,079,788	$	5,853,752
Restricted cash balances		193,662		218,879
Accounts receivable, net		1,841,277		1,992,206
Other receivables		167,206		344,331
Cost in excess of billing		742,757		1,172,658
Inventories		4,763,769		4,914,866
Prepaid expenses		110,832		55,990
Current deferred tax asset		71,340		109,637
Total Current Assets		10,970,631		14,662,319
Property and Equipment, net accumulated depreciation		4,027,685		4,524,386
Other Assets:
Other investments		5,365		6,085
Long term deferred tax asset		3,696,780		3,496,459
Goodwill		7,459,659		8,460,512
Other intangible assets		13,603		16,708
Deposits		229,116		259,070
Total Other Assets		11,404,523		12,238,834
Total Assets	$	26,402,839	$	31,425,539

(Continued) 

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

4

LIQTECH INTERNATIONAL, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

	As of			As of
	March 31,			December 31,
	2015			2014
	UNAUDITED
Current Liabilities:
Current portion of capital lease obligations	$	147,710		$	170,187
Accounts payable		1,430,807			2,336,942
Accrued expenses		1,029,412			1,439,735
Accrued income taxes payable		-			570
Deferred revenue / customers deposits		71,727			144,476
Total Current Liabilities		2,679,656			4,091,910
Long-term capital lease obligations, less current portion		272,873			368,614
Total Long-Term Liabilities		272,873			368,614
Total Liabilities		2,952,529			4,460,524
Stockholders' Equity:
Common stock; par value $0,001, 100,000,000 shares authorized, 39,404,782 and 39,404,782 shares issued and outstanding at March 31, 2015 and December 31, 2014, respectively		39,405			39,405
Additional paid-in capital		35,632,410			35,632,410
Accumulated deficit		(6,554,264	)		(5,382,852	)
Deferred compensation		(431,826	)		(504,748	)
Other comprehensive income, net		(5,215,177	)		(2,835,917	)
Non-controlled interest in subsidiaries		(20,238	)		16,717
Total Stockholders' Equity		23,450,310			26,965,015
Total Liabilities and Stockholders' Equity	$	26,402,839		$	31,425,539

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

5

LIQTECH INTERNATIONAL, INC. AND SUBSIDIARIES

(UNAUDITED) CONSOLIDATED STATEMENTS OF OPERATIONS

	For the Three Months Ended
	March 31,
	2015			2014
Net Sales	$	2,104,501		$	3,197,502
Cost of Goods Sold		2,151,467			2,642,374
Gross Profit		(46,966	)		555,128
Operating Expenses:
Selling expenses		692,723			669,547
General and administrative expenses		816,067			672,657
Non-cash compensation expenses		72,922			220,418
Research and development expenses		162,473			100,586
Total Operating Expense		1,744,185			1,663,208
Loss from Operations		(1,791,151	)		(1,108,080	)
Other Income (Expense)
Interest and other income		243			3,195
Interest expense		(15,186	)		(11,521	)
Gain (loss) on investments		7,366			(2,119	)
Gain on currency transactions		233,191			2,787
Total Other Income (Expense)		225,614			(7,658	)
Loss Before Income Taxes		(1,565,537	)		(1,115,738	)
Income Tax Benefit		(391,529	)		(358,442	)
Net Loss		(1,174,008	)		(757,296	)
Less Net Loss Attributable To Non-Controlled Interests in Subsidiaries		(2,596	)		(1,861	)
Net Loss Attributable To LiqTech	$	(1,171,412	)	$	(755,435	)
Basic Loss Per Share	$	(0.03	)	$	(0.03	)
Weighted Average Common Shares Outstanding		39,404,782			27,212,500
Diluted Loss Per Share	$	(0.03	)	$	(0.03	)
Weighted Average Common Shares Outstanding Assuming Dilution		39,404,782			27,212,500

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

6

LIQTECH INTERNATIONAL, INC. AND SUBSIDIARIES

(UNAUDITED) CONSOLIDATED STATEMENTS OF OTHER

COMPREHENSIVE INCOME 

	For the Three Months Ended
	March 31,
	2015			2014
Net Loss		(1,174,008	)		(757,296	)
Currency Translation, Net of Taxes		(2,379,260	)		(8,197	)
Other Comprehensive Loss	$	(3,553,268	)	$	(765,493	)
Comprehensive Loss Attributable To Non-controlling Interest in Subsidiaries		(2,394	)		(9	)
Comprehensive Loss Attributable To LiqTech International Inc.	$	(3,550,874	)	$	(765,484	)

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

7

LIQTECH INTERNATIONAL, INC. AND SUBSIDIARIES

(UNAUDITED) CONSOLIDATED STATEMENTS OF CASH FLOWS

Increase (Decrease) in Cash and Cash Equivalents

	For the Three Months Period
	Ended March 31,
	2015			2014
Cash Flows from Operating Activities:
Net Loss	$	(1,174,008	)	$	(757,296	)
Adjustments to reconcile net (loss) to net cash provided (used) by operations:
Depreciation and amortization		349,377			461,748
Non-cash compensation		72,922			220,418
Bad debt expense		12,909			-
Change in deferred tax asset / liability		(162,024	)		(358,475	)
Changes in assets and liabilities:
(Increase) decrease in accounts receivable		315,145			533,859
(Increase) decrease in inventory		151,097			(496,442	)
(Increase) decrease in prepaid expenses/deposits		(24,887	)		(124,714	)
Increase (decrease) in accounts payable		(906,135	)		57,408
Increase (decrease) in accrued expenses		(483,642	)		(457,022	)
Increase (decrease) long-term contracts		429,901			(11,927	)
Total Adjustments		(245,337	)		(175,147	)
Net Cash Used by Operating Activities		(1,419,345	)		(932,443	)
Cash Flows from Investing Activities:
Purchase of property and equipment		(92,075	)		(141,680	)
Net Cash Used by Investing Activities		(92,075	)		(141,680	)
Cash Flows from Financing Activities:
Restricted Cash		25,216			-
Net payments on capital lease obligation		(118,218	)		(55,465	)
Net Cash Used by Financing Activities		(93,002	)		(55,465	)
Loss on Currency Translation		(1,169,542	)		(25,572	)
Net Decrease in Cash and Cash Equivalents		(2,773,964	)		(1,155,160	)
Cash and Cash Equivalents at Beginning of Period		5,853,752			4,884,275
Cash and Cash Equivalents at End of Period	$	3,079,788		$	3,729,115

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

8

 LIQTECH INTERNATIONAL, INC. AND SUBSIDIARIES

(UNAUDITED) CONSOLIDATED STATEMENTS OF CASH FLOWS

Increase (Decrease) in Cash and Cash Equivalents

Supplemental Disclosures of Cash Flow Information:
Cash paid during the period for:
Interest	$	15,186	$	11,521
Income Taxes		-	$	1,000
Supplemental Disclosures of Non-Cash Investing and Financing Activities:
Compensation upon vesting of stock options granted to employees and the board of directors	$	33,089	$	54,352
Compensation for vesting of restricted stock awards issued to the board of directors		39,833		106,666
Value of warrants issued for services		-		59,400
Total	$	72,922	$	220,418

9

LIQTECH INTERNATIONAL, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Business and Basis of Presentation

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

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

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

LiqTech International AS, a Danish corporation, incorporated on January 15, 2000 (“LiqTech Int. DK”), a 100% owned subsidiary of LiqTech USA, engages in development, design, application, marketing and sales of membranes on ceramic diesel particulate and liquid filters and catalytic converters in Europe, Asia and South America.

LiqTech NA, Inc. (“LiqTech NA”), incorporated in Delaware on July 1, 2005, a 100% owned subsidiary of LiqTech USA as of December 31, 2013, prior to December 31, 2013 LiqTech NA, Inc. was owned 90% by LiqTech International AS and 10% by LiqTech USA, LiqTech NA, Inc. engages in the production, marketing and sale of ceramic diesel particulate and liquid filters and kiln furniture in United States and Canada.

LiqTech Asia (“LiqTech Asia”) a 60% owned subsidiary of LiqTech Int. DK, incorporated in South Korea on July 20, 2006, is currently a dormant subsidiary. LiqTech Asia was liquidated in March 2015.

LiqTech Germany (“LiqTech Germany”) a 100% owned subsidiary of LiqTech Int. DK, incorporated in Germany on December 9, 2011, engages in marketing and sale of liquid filters in Germany.

LiqTech PTE Ltd, (“LiqTech Sing”) a 95% owned subsidiary of LiqTech Int. DK, incorporated in Singapore on January 19, 2012, engages in marketing and sale of liquid filters in Singapore and other countries in the area.

Provital Solutions AS, a Danish Corporation ("Provital") was incorporated on September 1, 2009 and engages in the manufacture of fully automated filtering systems for application within the pool and spa markets, marine applications, and a number of industrial applications within Denmark and international markets. The financial statements include the accounts of Provital from the date of acquisition on July 31st, 2014.

The accompanying financial statements are unaudited. In the opinion of management, all adjustments (which include only normal recurring adjustments) necessary to present fairly the financial position, results of operations and cash flows at March 31, 2015 and 2014 and for the periods then ended have been made. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted.

10

NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

It is suggested that these condensed financial statements be read in conjunction with the financial statements and notes thereto included in the Company’s December 31, 2014 audited financial statements. The results of operations for the periods ended March 31, 2015 and 2014 are not necessarily indicative of the operating results for the full year.

Consolidation --The consolidated financial statements include the accounts and operations of the Company. The non-controlling interests in the net assets of the subsidiaries are recorded in equity. The non-controlling interests of the results of operations of the subsidiaries are included in the results of operations and recorded as the non-controlling interest in subsidiaries. All material intercompany transactions and accounts have been eliminated in the consolidation.

Functional Currency / Foreign currency translation -- The functional currency of LiqTech International, Inc., LiqTech USA, Inc. and LiqTech NA is the U.S. Dollar. The Functional Currency of LiqTech Int. DK and Provital Solutions AS is the Danish Krone (“DKK”), the functional currency of LiqTech Germany is the Euro and the functional currency of LiqTech Singapore is the Singapore Dollar. The Company’s reporting currency is U.S. Dollar for the purpose of these financial statements. The foreign subsidiaries balance sheet accounts are translated into U.S. Dollars at the period-end exchange rates and all revenue and expenses are translated into U.S. Dollars at the average exchange rates prevailing during the years ended March 31, 2015 and 2014. Translation gains and losses are deferred and accumulated as a component of other comprehensive income in stockholders’ equity. Transaction gains and losses that arose from exchange rate fluctuations from transactions denominated in a currency other than the functional currency are included in the statement of operations as incurred.

Cash, Cash Equivalents and Restricted Cash -- The Company considers all highly liquid debt instruments purchased with a maturity of three months or less to be cash equivalents. The Company had no balances held in financial institution in the United States in excess of federally insured amounts at March 31, 2015 and December 31, 2014. At March 31, 2015, the Company had cash balances of $193,662 that are restricted to secure guarantees issued by the Company. The cash is restricted until the underlying guarantees are released.

Accounts Receivable -- Accounts receivables consist of trade receivables arising in the normal course of business. The Company establishes an allowance for doubtful accounts which reflects the Company’s best estimate of probable losses inherent in the accounts receivable balance. The Company determines the allowance based on known troubled accounts, historical experience, and other currently available evidence.

The roll forward of the allowance for doubtful accounts for the three months ended March 31, 2015 and the year ended December 31, 2014 is as follows:

	2015			2014
Allowance for doubtful accounts at the beginning of the period	$	1,654,290		$	608,356
Bad debt expense		12,909			216,919
Amount of receivables written off		(177,885	)		(42,117	)
Acquired subsidiary		-			951,354
Effect of currency translation		(166,809	)		(80,222	)
Allowance for doubtful accounts at the end of the period	$	1,322,505		$	1,654,290

11

NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

Inventory -- Inventory is carried at the lower of cost or market, as determined on the first-in, first-out method.

Property and Equipment -- Property and equipment are stated at cost. Expenditures for major renewals and betterments that extend the useful lives of property and equipment are capitalized, upon being placed in service. Expenditures for maintenance and repairs are charged to expense as incurred. Depreciation is computed for financial statement purposes on a straight-line basis over the estimated useful lives of the assets which range from three to ten years (See Note 4). 

Long-Term Investments -- Investments in non-consolidated companies are included in long-term investments in the consolidated balance sheet and are accounted for under the cost method and equity method. For these non-quoted investments, we regularly review the assumptions underlying the operating performance and cash flow forecasts based on information requested from these privately held companies. Generally, this information may be more limited, may not be as timely as and may be less accurate than information available from publicly traded companies. Assessing each investment's carrying value requires significant judgment by management. If it is determined that there is an-other-than-temporary decline in the fair value of a non-public equity security, we write-down the investment to its fair value and record the related write-down as an investment loss in the consolidated statement of operations.

Intangible Assets -- Definite life intangible assets include patents. The Company accounts for definite life intangible assets in accordance with Financial Accounting Standards Board, (“FASB”) Accounting Standards Codification, (“ASC”) Topic 350, “Goodwill and Other Intangible Assets” and amortized the patents on a straight line basis over the estimated useful life of two to ten years. 

Goodwill -- Goodwill is evaluated for impairment annually, and whenever events or changes in circumstances indicate the carrying value of goodwill may not be recoverable. Triggering events that may indicate impairment include, but are not limited to, a significant adverse change in customer demand or business climate that could affect the value of goodwill or a significant decrease in expected cash flows.

Revenue Recognition and Sales Incentives -- The Company accounts for revenue recognition in accordance with the Securities and Exchange Commission Staff Accounting Bulletin No. 101, “Revenue Recognition in Financial Statements” (SAB 101), FASB ASC 605 Revenue Recognition. The Company recognizes revenue when rights and risk of ownership have passed to the customer, when there is persuasive evidence of an arrangement, product has been shipped or delivered to the customer, the price and terms are finalized, and collections of resulting receivable is reasonably assured. Products are primarily shipped FOB shipping point at which time title passes to the customer. In some instances the Company uses common carriers for the delivery of products. In these arrangements, sales are recognized upon delivery to the customer. The Company's revenue arrangements with its customers often include early payment discounts and such sales incentives are recorded against sales.

The Company has received long-term contracts for the installation of various water filtrations systems and grants from government entities for development and use of silicon carbide membranes in various water filtration and treatment applications. Revenues from long-term contracts and grants are recognized on the percentage-of-completion method, measured by the percentage of project costs incurred to date to estimated total project costs for each long-term contract or grant multiplied by the long-term contract or grant income on a project by project basis. This method is used because management considers costs incurred to be the best available measure of progress on contracts in process.

Project costs of the long-term contracts and grants include all direct material and labor costs and those indirect costs related to the project. Project costs are capitalized and accreted into cost of sales based on the percentage of the project completed. Should a loss be estimated on an incomplete project it would be recorded in the period in which such a loss is determined. Changes in estimated profitability of a project are recognized in the period in which the revisions are determined. The aggregate of costs incurred and income recognized on incomplete projects are recorded as costs in excess of billings and are shown as a current asset. The aggregate of billings in excess of related costs incurred and income recognized on projects is shown as a current liability.

12

NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

In Denmark, Value Added Tax (“VAT”) of 25% of the invoice amount is collected in respect of the sales of goods on behalf of tax authorities. The VAT collected is not revenue of the Company; instead, the amount is recorded as a liability on the balance sheet until such VAT is paid to the authorities.

Advertising Cost -- Cost incurred in connection with advertising of the Company’s products is expensed as incurred. Such costs amounted to $15,465 and $3,462, for the three months ended March 31, 2015 and 2014, respectively.

Research and Development Cost -- The Company expenses research and development costs for the development of new products and systems as incurred. Included in operating expense for the three months ended March 31, 2015 and 2014 were $162,473, and $100,586, respectively, of research and development costs.

Income Taxes -- The Company accounts for income taxes in accordance with FASB ASC Topic 740 Accounting for Income Taxes. This statement requires an asset and liability approach for accounting for income taxes.

Income (Loss) Per Share -- The Company calculates earnings (loss) per share in accordance with FASB ASC 260 Earnings Per Share. Basic earnings per common share (EPS) are based on the weighted average number of common shares outstanding during each period. Diluted earnings per common share are based on shares outstanding (computed as under basic EPS) and potentially dilutive common shares. Potential common shares included in the diluted earnings per share calculation include in-the-money stock options and warrants that have been granted but have not been exercised.

Stock Options -- The Companies have granted stock options to certain key employees. See Note 13. During the years presented in the accompanying consolidated financial statements, the Company has granted options. The Company accounts for options in accordance with the provisions of FASB ASC Topic 718, Compensation – Stock Compensation. Non-cash compensation costs of $33,089 and $54,352 have been recognized for the vesting of options granted to employees with an associated recognized tax benefit of $0 for the three months ended March 31, 2015 and 2014, respectively.

Fair Value of Financial Instruments -- The Company accounts for fair value measurements for financial assets and financial liabilities in accordance with FASB ASC Topic 820. The authoritative guidance, which, among other things, defines fair value, establishes a consistent framework for measuring fair value and expands disclosure for each major asset and liability category measured at fair value on either a recurring or nonrecurring basis. Fair value is defined as the exit price, representing the amount that would either be received to sell an asset or be paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, the guidance establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows:

13

NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

●   Level 1. Observable inputs such as quoted prices in active markets for identical assets or liabilities;

●   Level 2. Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly; and

●   Level 3. Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions.

Unless otherwise disclosed, the fair value of the Company’s financial instruments including cash, accounts receivable, prepaid expenses, investments, accounts payable, accrued expenses, capital lease obligations and notes payable approximates their recorded values due to their short-term maturities.  

Accounting Estimates -- The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets 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.

Recent Accounting Pronouncements -- In May 2014, the Financial Accounting Standards Board issued a new standard to achieve a consistent application of revenue recognition within the U.S., resulting in a single revenue model to be applied by reporting companies under U.S. generally accepted accounting principles. Under the new model, recognition of revenue occurs when a customer obtains control of promised goods or services in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. In addition, the new standard requires that reporting companies disclose the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers. The new standard is effective beginning in the first quarter of 2017; early adoption is prohibited. The new standard is required to be applied retrospectively to each prior reporting period presented or retrospectively with the cumulative effect of initially applying it recognized at the date of initial application. We have not yet selected a transition method nor have we determined the impact of the new standard on our consolidated condensed financial statements. 

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

NOTE 2 - RELATED PARTY TRANSACTIONS

Payments to Related Parties -- On January 14, 2014, the Compensation Committee approved a special 2013-bonus payment in the amount of $175,000 to Aldo Petersen for his assistance in the successful 2013 capital raise. 

During October and December of 2014, an officer of LiqTech NA provided $25,000 and $35,000 in non-interest bearing advances to the Company totaling $60,000. These advances have been included in accounts payable at December 31, and were repaid in January 2015.

During March of 2015, an officer of LiqTech NA provided $25,000 in non-interest bearing advances to the Company. These advances have been included in accounts payable at March 31, and were repaid in May 2015.

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NOTE 3 - INVENTORY

Inventory consisted of the following at March 31, 2015 and December 31, 2014:

	2015			2014
Furnace parts and supplies	$	402,915		$	507,849
Raw materials		1,393,152			1,501,050
Work in process		1,680,604			1,326,840
Finished goods and filtration systems		1,718,663			2,028,225
Reserve for obsolescence		(431,565	)		(449,098	)
Net Inventory	$	4,763,769		$	4,914,866

NOTE 4 – PROPERTY AND EQUIPMENT

Property and equipment consisted of the following at March 31, 2015 and December 31, 2014:

	Useful Life		2015			2014
Production equipment		3 - 10	$	10,159,007		$	10,792,494
Lab equipment		3 - 10		141,449			160,427
Computer equipment		3 - 5		266,632			288,351
Vehicles		3		35,254			93,477
Furniture and fixture		5		135,331			180,138
Leasehold improvements		10		952,006			1,052,923
				11,689,679			12,567,810
Less Accumulated Depreciation				(7,661,994	)		(8,043,424	)
Net Property and Equipment			$	4,027,685		$	4,524,386

Depreciation expense amounted to $346,272 and $460,291, for the three months ended March 31, 2015 and 2014, respectively. 

NOTE 5 - INVESTMENTS AT COSTS

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

As of March 31, 2015	Level 1		Level 2		Level 3
Investments		-		-		5,365
Total		-		-		5,365

As of December 31, 2014	Level 1		Level 2		Level 3
Investments		-		-		6,085
Total		-		-		6,085

At March 31, 2015 and December 31, 2014, our total investments of $5,365 and $6,085 consisted of an investment in LEA Technology in France to strengthen our sales channels in the French market, respectively.

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NOTE 6 - DEFINITE-LIFE INTANGIBLE ASSETS

At March 31, 2015 and December 31, 2014, definite-life intangible assets, net of accumulated amortization, consisted of patents on the Company’s products of $13,603 and $16,708, respectively. The patents are recorded at cost and amortized over two to ten years. Amortization expense for the period ended March 31, 2015 and 2014 was $3,105 and $1,457, respectively. Expected future amortization expense for the years ended are as follows: 

Year ending December 31,	Amortization Expenses
2015	$	3,386
2016		4,515
2017		2,741
2018		2,306
2019		655
Thereafter		-
	$	13,603

NOTE 7 - GOODWILL

The following is a summary of goodwill:

	March 31, 2015
Goodwill at beginning of period	$	8,460,512
Acquisition of Provital Solutions A/S		-
Adjustment made to opening goodwill		-
Effect of currency translation		(1,000,853	)
Goodwill at end of period	$	7,459,659

Goodwill consists of:	March 31, 2015
Provital Solutions A/S	$	7,459,659

Impairment -- During December, 2014, management performed its annual test of impairment of goodwill by comparing the net carrying value of the intangible asset with the fair value of the reporting unit. Based upon the results of this analysis, it was determined that the goodwill was not impaired. During December 2014, an adjustment was made to the goodwill acquired in the acquisition of Provital Solutions AS for $775,788 in allowances established against acquired receivables and $196,255 in additional cost on record on long-term contacts net of $135,990 in taxes.

NOTE 8 - LINES OF CREDIT

Provital Solutions AS has a DKK 2,000,000 (approximately $290,000 at March 31, 2015) standby line of credit with a bank, subject to certain borrowing base limitations. Outstanding borrowings are due on demand. Interest is calculated based on a variable interest rate and is payable quarterly. As of March 31, 2015, the interest on this line of credit was at 3.50%. This line of credit is guaranteed by Vækstfonden (the Danish state's investments fund) and is also secured by certain of Provital Solutions AS’ assets like receivables, inventory, equipment etc. There was $0 outstanding as of March 31, 2015. At March 31, 2015, there was approximately $290,000 available under this credit line. In general, lines of credit in Denmark are due on demand.

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In connection with certain orders, we have to give the customer a working guarantee or a prepayment guarantee or security bond. For that purpose, we have a credit line of DKK 5,000,000 (approximately $720,000 at March 31, 2015) with a bank, subject to certain base limitations. As March 31, 2015, we had DKK 473,100 (approximately $68,000) in working guarantee against the line. This line of credit is guaranteed by Vækstfonden (the Danish state's investments fund) and is also secured by certain of Provital Solutions AS’ assets like receivables, inventory, equipment etc.

NOTE 9 – LEASES

Operating Leases -- The Company leases office and production facilities under operating lease agreements expiring in August 2018, March 2017, February 2017, June 2017, December 2016 and June 2016. In some of these lease agreements, the Company has the right to extend.

The future minimum lease payments for non-cancelable operating leases having remaining terms in excess of one year as of March 31, 2015 are as follows:

Year ending December	Operating Lease Payments
2015	$	499,050
2016		643,157
2017		416,184
2018		245,345
2019		-
Thereafter		-
Total Minimum Lease Payments	$	1,803,736

Lease expense charged to operations was $189,404 and $173,755 for the three months ended March 31, 2015 and 2014, respectively.

Capital Leases -- The Company leases equipment on various variable rate capital leases currently calling for monthly payments of approximately $9,467, $3,669, $600 and $540 expiring through July 2018. Included in property and equipment, at March 31, 2015 and December 31, 2014, the Company had recorded equipment on capital lease at $1,280,870 and $1,599,633, respectively, with related accumulated depreciation of $917,033 and $963,467, respectively. 

During the three months ended March 31, 2015 and 2014, depreciation expense for equipment on capital lease amounted to $39,659, and $55,742, respectively, and has been included in depreciation expense. During the three months ended March 31, 2015 and 2014, interest expense on a capital lease obligation amounted to $8,031 and $10,936, respectively.

Future minimum capital lease payments are as follows for the periods ended December 31: 

	Capital Lease Payments
2015	$	128,481
2016		184,813
2017		123,565
2018		24,096
2019		-
Thereafter		-
Total minimum lease payments		460,955
Less amount representing interest		(40,372	)
Present value of minimum lease payments		420,583
Less current portion		(147,710	)
Long-term lease payments	$	272,873

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NOTE 10 – AGREEMENTS AND COMMITMENTS

401(K) Profit Sharing Plan -- LiqTech NA has a 401(k) profit sharing plan and trust covering certain eligible employees. The amount LiqTech NA contributes is discretionary. For the three months ended March 31, 2015 and 2014, matching contributions were expensed and totaled $3,934 and $3,692, respectively.

In connection with some orders, we have to give the customer a working guarantee or a prepayment guarantee or security bond. For that purpose, we have a credit line of DKK 5,000,000 (approximately $720,000 at March 31, 2015) with a bank, subject to certain base limitations. As of March 31, 2015, we had DKK 473,100 (approximately $68,000) in working guarantee against the line. 

 NOTE 11 – INCOME TAXES

The Company accounts for income taxes in accordance with FASB ASC Topic 740, Accounting for Income Taxes; which requires the Company to provide a net deferred tax asset or liability equal to the expected future tax benefit or expense of temporary reporting differences between book and tax accounting and any available operating loss or tax credit carry forwards. The amount of and ultimate realization of the benefits from the deferred tax assets for income tax purposes is dependent, in part, upon the tax laws in effect, the Company’s future earnings, and other future events, the effects of which cannot be determined.

The temporary differences, tax credits and carry forwards gave rise to the following deferred tax asset (liabilities) at March 31, 2015 and December 31, 2014:  

	2015			2014
Vacation accrual	$	5,077		$	5,077
Allowance for doubtful accounts		13,955			13,955
Long term contracts		-			-
Reserve for obsolete inventory		52,308			90,605
Net current tax assets	$	71,340		$	109,637
Business tax credit carryover		25,709			25,709
Deferred compensation		171,615			171,615
Net operating loss carryover		4,207,651			4,001,198
Excess of book over tax depreciation		(588,042	)		(583,735	)
Valuation Allowance		(120,153	)		(118,328	)
Long term deferred tax asset	$	3,696,780		$	3,496,459

In accordance with prevailing accounting guidance, the Company is required to recognize and disclose any income tax uncertainties. The guidance provides a two-step approach to recognizing and measuring tax benefits and liabilities when realization of the tax position is uncertain. The first step is to determine whether the tax position meets the more-likely-than-not condition for recognition and the second step is to determine the amount to be recognized based on the cumulative probability that exceeds 50%.

The amount of and ultimate realization of the benefits from the deferred tax assets for income tax purposes is dependent, in part, upon the tax laws in effect, the Company’s future earnings, and other future events, the effects of which can difficult to determine and can only be estimated. Management estimates that it is more likely than not that the Company will generate adequate net profits to use the deferred tax assets; management has estimated that all of the deferred tax will be realized and consequently, a valuation allowance was not recorded.

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A reconciliation of income tax expense at the federal statutory rate to income tax expense at the Company’s effective rate is as follows for the three months ended March 31, 2015 and 2014: 

	2015			2014
Computed tax at expected statutory rate	$	(531,400	)	$	(378,718	)
State and local income taxes, net of federal benefits		-			(24,703	)
Non-deductible expenses		24,793			18,480
Non-US income taxed at different rates		95,750			26,499
Valuation Allowance		19,328			-
Income tax expense (benefit)	$	(391,529	)	$	(358,442	)

The components of income tax expense (benefit) from continuing operations for the three months ended March 31, 2015 and 2014 consisted of the following:

	2015			2014
Current income tax expense:
Danish	$	-		$	-
Korean		-			-
Federal		-			-
State		-			-
Current tax (benefit)	$	-		$	-
Book in excess of tax depreciation	$	-		$	-
Business tax credit carryover		-			-
Net operating loss carryover		(410,856	)		(487,269	)
Allowance for doubtful accounts		19,327			-
Accrued Vacation		-			-
Deferred Compensation		-			108,801
Reserve for obsolete inventory		-			20,026
Deferred tax expense (benefit)	$	(391,529	)	$	(358,442	)
Total tax expense (benefit)	$	(391,529	)	$	(358,442	)

Deferred income tax expense / (benefit) results primarily from the reversal of temporary timing differences between tax and financial statement income.

The Company files Danish and U.S. federal and Minnesota state income tax returns. LiqTech International AS is generally no longer subject to tax examinations for years prior to 2009 for their Danish tax returns. LiqTech NA is generally no longer subject to tax examinations for years prior to 2011 for U.S. federal and U.S. states tax returns.

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NOTE 12 – EARNINGS PER SHARE

The following data shows the amounts used in computing earnings per share and the effect on income and the weighted average number of shares of potential dilutive common stock for the three months ended March 31, 2015 and 2014:

	For the three Months Ended March 31
	2015			2014
Loss attributable to LiqTech International Inc.	$	(1,171,412	)	$	(755,435	)
Weighted average number of common shares used in basic earnings per share		39,404,782			27,212,500
Effect of dilutive securities, stock options and warrants		-			-
Weighted average number of common shares and potentially dilutive securities		39,404,782			27,212,500

For the three months ended March 31, 2015, Parent had 503,500 options outstanding to purchase common stock of the Parent at $1.57 to $1.90 per share and Parent had 7,025,575 warrants outstanding to purchase common stock of the Parent at $1.50 to $4.06 per share, which were not included in the loss per share computation because their effect would be anti-dilutive.

For the three months ended March 31, 2014, Parent had 3,064,130 options outstanding to purchase common stock of the Parent at $1.50 to $3.60 per share and Parent had 7,025,575 warrants outstanding to purchase common stock of the Parent at $1.50 to $4.06 per share, which were not included in the loss per share computation because their effect would be anti-dilutive.

NOTE 13 - STOCKHOLDERS' EQUITY

Common Stock  --  Parent has 100,000,000 authorized shares of common stock, $0.001 par value. As of March 31, 2015 and December 31, 2014, respectively, there were 39,404,782 and 39,404,782 common shares issued and outstanding.    

Voting -- Holders of Parent common stock are entitled to one vote for each share held of record on each matter submitted to a vote of stockholders, including the election of directors, and do not have any right to cumulate votes in the election of directors. 

Dividends -- Subject to the rights and preferences of the holders of any series of preferred stock which may at the time be outstanding, holders of Parent common stock are entitled to receive ratably such dividends as our Board of Directors from time to time may declare out of funds legally available.  

Liquidation Rights -- In the event of any liquidation, dissolution or winding-up of affairs of Parent, after payment of all of our debts and liabilities and subject to the rights and preferences of the holders of any outstanding shares of any series of our preferred stock, the holders of Parent common stock will be entitled to share ratably in the distribution of any of our remaining assets.  

Other Matters -- Holders of Parent common stock have no conversion, preemptive or other subscription rights, and there are no redemption rights or sinking fund provisions with respect to the common stock. All of the issued and outstanding shares of common stock on the date of this report are validly issued, fully paid and non-assessable.

Preferred Stock - Our Board of Directors has the authority to issue Parent preferred stock in one or more classes or series and to fix the designations, powers, preferences and rights, the qualifications, limitations or restrictions thereof, including dividend rights, dividend rates, conversion rights, voting rights, terms of redemption, redemption prices, liquidation preferences and the number of shares constituting any class or series, without further vote or action by the stockholders. The issuance of Parent preferred stock may have the effect of delaying, deferring or preventing a change in control of us without further action by the stockholders and may adversely affect the voting and other rights of the holders of common stock.

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Common Stock Issuance

On July 28, 2014, Parent completed a registered public offering of its common stock. As part of the closing, Parent issued 8,000,000 shares of common stock at a per share price of $1.50 and generated net proceeds of $10,736,278 million, net of offering costs of $1,263,722.  

On the July 29, 2014, the Company, through its subsidiary, LiqTech Int. DK, completed the acquisition of all of the issued and outstanding capital stock (the “Provital Shares”) of Provital Solutions A/S, a Danish company (“Provital”) and as part of the consideration for the Provital shares, the Company issued 4,044,782 common shares. 

During the third quarter 2014, the Company issued 47,500 shares of common stock in connection with the exercise of 47,500 stock options with an exercise price of $1.50 each.

During 2014, the Company issued an additional 100,000 shares of restricted stock valued at $158,000 for services provided and to be provided by the board of directors. The Company will recognized the non-cash compensation of the award over the requisite service period, of which 33,333 shares vested on December 31, 2014, 33,333 shares will vest on December 31, 2015 and 33,334 shares will vest on December 31, 2016. During 2013, the Company issued an additional 300,000 shares of restricted stock valued at $960,000 for services provided and to be provided by the board of directors. The Company will recognized the non-cash compensation of the award over the requisite service period, of which 133,333 shares vested on December 31, 2013, 133,333 shares vested on December 31, 2014 and 33,334 shares will vest on December 31, 2015. As of December 31, 2014 and 2013, the Company has recorded non-cash compensation expense of $479,333 and $426,667 relating to the awards.  

On October 9, 2013 we announced that the warrant and option exercise raised $4,051,000 with holders exercising 2,701,000 warrants and stock options which included the exercise of 100,000 warrants by Aldo Petersen, Chairman of LiqTech, 25,000 stock options by Lasse Andreassen, founder and former board member of LiqTech and 50,000 stock options by Soren Degn, CFO of LiqTech. 

Common Stock Purchase Warrants

A summary of the status of the Warrants outstanding at March 31, 2015 is presented below:

		Warrants Outstanding						Warrants Exercisable
Exercise Prices		Number Outstanding		Weighted Average Remaining Contractual Life (years)		Weighted Average Exercise Price		Number Exercisable		Weighted Average Exercise Price
$	1.50		3,874,000		1.76	$	1.50		3,874,000	$	1.50
$	1.65		400,000		4.33	$	1.65		400,000	$	1.65
$	2.70		2,626,000		1.76	$	2.70		2,626,000	$	2.70
$	4.06		125,575		1.94	$	4.06		125,575	$	4.06
Total			7,025,575		1.90	$	2.00		7,025,575	$	2.00

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At March 31, 2015, the Company had no non-vested warrants. We have recorded non-cash compensation expense of $0 for the period ended March 31, 2015 related to the warrants issued.

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

On July 28, 2014, the Company issued to the Underwriter in our public offering, for a price of $50, a warrant to purchase 400,000 shares at an exercise price of $1.65 per share. The warrants are immediately exercisable and will remain exercisable for five years.

On October 9, 2013, the Company issued 2,626,000 new warrants equal to the number of warrants exercised by the warrant holder having the same terms and conditions as the warrants exercised by the warrant holder, respectively, except each warrant issued has a strike price of $2.70 per share, the closing bid price of Parent’s common stock as quoted on the OTCBB on September 23, 2013.  The net proceeds from the offering were allocated to the stock and warrants based on their relative fair values. The Company recorded the relative fair value of the warrants of $1,124,928 as stock offering costs.

Stock Options  

In August 2011, Parent’s Board of Directors adopted a Stock Option Plan (the “Plan”). Under the terms and conditions of the Plan, the board is empowered to grant stock options to employees, officers, and directors of the Companies. At March 31, 2015, 503,500 options were granted and outstanding under the Plan. 

The Company recognizes compensation costs for stock option awards to employees based on their grant-date fair value. The value of each stock option is estimated on the date of grant using the Black-Scholes option-pricing model. The weighted-average assumptions used to estimate the fair values of the stock options granted using the Black-Scholes option-pricing model are as follows:

	LiqTech International, Inc.
Expected term (in years)		3
Volatility		69.44
Risk free interest rate		0.80	%
Dividend yield		0	%

The Company recognized stock based compensation expense (forfeitures) related to the options of $33,089 and $54,352 for the three months ended March 31, 2015 and 2014, respectively. At March 31, 2015 the Company had approximately $259,660 of unrecognized compensation cost related to non-vested options expected to be recognized through October 14, 2017.

A summary of the status of the options outstanding under the Company’s stock option plans at March 31, 2015 is presented below: 

		Options Outstanding						Options Exercisable
Exercise Prices		Number Outstanding		Weighted Average Remaining Contractual Life (years)		Weighted Average Exercise Price		Number Exercisable		Weighted Average Exercise Price
$	1.57		100,000		2.54	$	1.57		33,333	$	1.57
$	1.90		403,500		1.83	$	1.90		269,000	$	1.90
Total			503,500		1.97	$	1.83		302,333	$	1.86

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A summary of the status of the options at March 31, 2015, and changes during the period is presented below:

	March 31, 2015
	Shares		Weighted Average Exercise Price		Average Remaining Life		Weighted Average Intrinsic Value
Outstanding at beginning of period		1,960,130	$	2.55		0.70	$	-
Granted		-		-		-		-
Exercised		-		-		-		-
Forfeited		-		-		-		-
Expired		1,456,630		2.79		-		-
Outstanding at end of period		503,500	$	1.83		1.97	$	-
Vested and expected to vest		503,500	$	1.83		1.97	$	-
Exercisable end of period		302,333	$	1.86		1.91	$	-

At March 31, 2015, the Company had 201,167 non-vested options with a weighted average exercise price of $1.79 and with a weighted average grant date fair value of $0.78, resulting in unrecognized compensation expense of $156,374, which is expected to be expensed over a weighted-average period of 2.06 years.

The total intrinsic value of options at March 31, 2015 was $0. Intrinsic value is measured using the fair market value at the date of exercise (for shares exercised) or at March 31, 2015 (for outstanding options), less the applicable exercise price. 

NOTE 14 - SIGNIFICANT CUSTOMERS / CONCENTRATION

The Company had no customers that accounted for more than 10% of total sales at March 31, 2015 and 2014.

The Company sells products throughout the world; sales by geographical region are as follows for the three and three months ended March 31, 2015 and 2014:  

	For the Three Months Ended March 31
	2015		2014
United States and Canada	$	590,039	$	1,006,205
Australia		107,192		55,952
South America		-		16,832
Asia		32,595		306,621
Europe		1,374,675		1,811,892
	$	2,104,501	$	3,197,502

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The Company’s sales by product line are as follows for the three and three months ended March 31, 2015 and 2014:

	For the Three Months Ended March 31
	2015		2014
Ceramic diesel particulate	$	960,086	$	1,563,827
Liquid filters		963,210		1,541,094
Kiln furniture		181,205		92,581
	$	2,104,501	$	3,197,502

NOTE 15 – COMMITTMENTS

Contingent Shares In Connection With Acquisition - On the July 29, 2014, the Company, through its subsidiary, LiqTech Int. DK, completed the acquisition of all of the issued and outstanding capital stock (the “Provital Shares”) of Provital Solutions A/S, a Danish company (“Provital”) from Masu A/S, a Danish company (“MASU”). In consideration for the Provital Shares, MASU received cash consideration in the sum of DKK 12,600,000, that is, approximately USD$2,300,000, and 4,044,782 shares of the Company’s common stock (the “Payment Shares”). One-third (1/3) of the Payment Shares was subject to a lock-up period of six (6) months. The remaining two-thirds (2/3) of the Payment Shares shall be held in escrow and one-third of the Payment Shares will be released from escrow contingent upon Provital, for the year ending December 31, 2014, achieving (i) gross revenues of not less than DKK 65,000,000 and EBITDA of DKK 6,500,000, or (ii) EBITDA of not less than DKK 10,000,000 and gross revenues of not less than DKK 50,000,000. Another one-third (1/3) of the Payment Shares will be released from escrow contingent upon Provital, for the year ending December 31, 2015, achieving (i) gross revenues of not less than DKK 120,000,000 and EBITDA of DKK 12,000,000, or (ii) EBITDA of not less than DKK 16,000,000 and gross revenues of not less than DKK 80,000,000.   

The purchase agreement includes “catch up” provisions that provide that the Payment Shares placed in escrow will be released from escrow if Provital (1) for the years ending December 31, 2014 and December 31, 2015, achieves accumulated gross revenues (i) exceeding DKK 185,000,000 and EBITDA of DKK 18,500,000, or (ii) EBITDA of not less than DKK 26,000,000 and gross revenues of not less than DKK 130,000,000 or (2) for the year ending December 31, 2016, achieves gross revenues exceeding DKK 105,000,000 and EBITDA of not less than DKK 21,000,000. 

NOTE 16 – SUBSEQUENT EVENTS

The Company’s management reviewed material events through May 12, 2015 and there were no subsequent events.

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

The following discussion should be read in conjunction with our unaudited condensed consolidated financial statements and the related notes included elsewhere in this quarterly report. In addition, the following discussion should be read in conjunction with our annual report on Form 10-K filed with the U.S. Securities and Exchange Commission on March 25, 2015, and the financial statements and notes thereto. We undertake no obligation to revise or publicly release the results of any revision to these forward-looking statements. Given these risks and uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements.

Overview

We are a clean technology company that provides state-of-the-art technologies for gas and liquid purification by manufacturing ceramic silicon carbide filters. For more than a decade, we have developed and manufactured products of re-crystallized silicon carbide. We specialize in two business areas: ceramic membranes for liquid filtration and diesel particulate filters for the control of soot exhaust particles from diesel engines. We are phasing out the fabrication of kiln furniture for the refractory industry. Using nanotechnology, we develop proprietary products using patented silicon carbide technology. Our products are based on unique silicon carbide membranes which facilitate new applications and improve existing technologies. We market our products from our offices in the United States and Denmark, and through local representatives in Singapore, Germany, France and Brazil. The products are shipped directly to customers from our production facilities in the United States and Denmark.

The terms “LiqTech”, “we”, “our”, “us”, the “Company” or any derivative thereof, as used herein refer to LiqTech International, Inc., a Nevada corporation, together with its direct and indirect wholly-owned subsidiaries, including LiqTech USA, Inc., a Delaware corporation (“LiqTech USA”), which owns all of the outstanding equity interest in LiqTech International A/S, a Danish limited company, organized under the Danish Act on Limited Companies of the Kingdom of Denmark (“LiqTech Int. DK”) and LiqTech NA, Inc., a Delaware corporation (“LiqTech Delaware”). Collectively, LiqTech USA, LiqTech Int. DK and LiqTech Delaware are referred to herein as our “Subsidiaries”. On August 23, 2012, LiqTech A/S, a Danish limited company (“LiqTech AS”) and former subsidiary of the Company was merged with and into LiqTech Int. DK.

On the July 29, 2014, the Company, through its subsidiary, LiqTech Int. DK, completed the acquisition of all of the issued and outstanding capital stock (the “Provital Shares”) of Provital Solutions A/S, a Danish company (“Provital”) from Masu A/S, a Danish company (“MASU”). In consideration for the Provital Shares, MASU received cash consideration in the sum of DKK12,600,000, that is, approximately USD$2,300,000, and 4,044,782 shares of the Company’s common stock (the “Payment Shares”). One-third (1/3) of the Payment Shares was subject to a lock-up period of six (6) months. The remaining two-thirds (2/3) of the Payment Shares shall be held in escrow and one-third of the Payment Shares will be released from escrow contingent upon Provital, for the year ending December 31, 2014, achieving (i) gross revenues of not less than DKK65,000,000, that is, approximately USD$10,988,639 and EBITDA of DKK6,500,000, that is, approximately USD$1,098,864 or (ii) EBITDA of not less than DKK10,000,000, that is, approximately USD$1,690,560 and gross revenues of not less than DKK50,000,000, that is, approximately USD$8,452,800. Another one-third (1/3) of the Payment Shares will be released from escrow contingent upon Provital, for the year ending December 31, 2015, achieving (i) gross revenues of not less than DKK120,000,000, that is, approximately USD$20,286,719 and EBITDA of DKK12,000,000, that is, approximately USD$2,028,672 or (ii) EBITDA of not less than DKK16,000,000, that is, approximately USD$2,704,896 and gross revenues of not less than DKK80,000,000, that is, approximately USD$13,524,479.   

The purchase agreement includes “catch up” provisions that provide that the Payment Shares placed in escrow will be released from escrow if Provital (1) for the years ending December 31, 2014 and December 31, 2015, achieves accumulated gross revenues (i) exceeding DKK185,000,000, that is, approximately USD$31,275,358 and EBITDA of DKK18,500,000, that is, approximately USD$3,127,536 or (ii) EBITDA of not less than DKK26,000,000, that is, approximately USD$4,395,456 and gross revenues of not less than DKK130,000,000, that is, approximately USD$21,977,279 or (2) for the year ending December 31, 2016, achieves gross revenues exceeding DKK105,000,000, that is, approximately USD$17,750,879 and EBITDA of not less than DKK21,000,000, that is, approximately USD$3,550,176.

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We conduct operations in the Kingdom of Denmark and the United States. Our Danish operations are located in the Copenhagen area and Provital Solutions are located in Hobro in Jutland, Denmark, and our U.S. operations are conducted by LiqTech Delaware located in White Bear Lake, Minnesota. In October and December 2011, we opened sales offices in France and Germany and in January 2012, we opened a sales office in Singapore.

Our Strategy

Our strategy is to create shareholder value by leveraging our competitive strengths and focusing on the opportunities in the end-markets we serve. Key features of our strategy include:

● Enter New Geographic Markets and Expand Existing Markets. We plan to continue to manufacture and sell our products out of Denmark and the United States. We intend to continue to develop our organization in Denmark and the United States and we plan to expand our production facilities in the United States to include manufacturing of systems. In October 2011, the Company opened sales offices in France and in January 2012, we opened a sales office in Singapore. In addition to utilizing local representatives, we also intend to establish sales outlets with technical support in other European nations such as Italy, while expanding to other markets such as Asia. We intend to work with agents and partners to access such markets.

● Continue to Strengthen Position in DPF Market. We believe that we have a strong position in the retrofit market for diesel particulate filter systems. We intend to continue our efforts to maintain our strength in this area. Furthermore, we intend to leverage our experience in the OEM market with new products relating to diesel particulate filter systems.

● Continue to Develop and Improve Technologies and Open New End Markets. We intend to continuously develop our ceramic membranes and improve the filtration efficiency for our filtration products. Through continuous development, we intend to find new uses for our products and plan to expand into any new markets that we believe would be appropriate for our Company. One of our key strategies is to develop our membrane applications together with our customers including, for example, the development of the next generation of diesel particulate filters with asymmetric design for the OEM market.

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

Recent Developments

2014 Underwritten Public Offering

On July 28, 2014, we closed our registered underwritten public offering of 8,000,000 shares at a price to public of $1.50 per share, which included all 1,043,478 shares subject to the underwriter’s over-allotment option. Our estimated net proceeds from the offering were approximately $10.8 million, after deducting underwriting discounts and estimated offering expenses. We used the net proceeds of the offering to fund a portion of the purchase price our acquisition of the operations of Provital. Craig-Hallum Capital Group LLC acted as sole managing underwriter of the offering.

2014 Acquisition of Provital

On July 29, 2014, the Company, through its subsidiary, LiqTech Int. DK, completed the acquisition of all of the issued and outstanding capital stock (the “Provital Shares”) of Provital Solutions A/S, a Danish company (“Provital”) from Masu A/S, a Danish company (“MASU”). In consideration for the Provital Shares, MASU received cash consideration in the sum of DKK12,600,000, that is, approximately USD$2,300,000 (at July 28, 2014), and 4,044,782 shares of the Company’s common stock (the “Payment Shares”). One-third (1/3) of the Payment Shares was subject to a lock-up period of six (6) months. The remaining two-thirds (2/3) of the Payment Shares shall be held in escrow and one-third of the Payment Shares will be released from escrow contingent upon Provital, for the year ending December 31, 2014, achieving (i) gross revenues of not less than DKK65,000,000, that is, approximately $10,618,486 (at December 31, 2014) and EBITDA of DKK6,500,000 that is, approximately $1,061849 (at December 31, 2014) or (ii) EBITDA of not less than DKK10,000,000 (at December 31, 2014), that is, approximately $1,633,613 and gross revenues of not less than DKK50,000,000 , that is, approximately $8,168,066 (at December 31, 2014). Another one-third (1/3) of the Payment Shares will be released from escrow contingent upon Provital, for the year ending December 31, 2015, achieving (i) gross revenues of not less than DKK120,000,000, that is, approximately $19,603,358 (at December 31, 2014) and EBITDA of DKK12,000,000, that is, approximately $1,960,335 (at December 31, 2014) or (ii) EBITDA of not less than DKK16,000,000, that is, approximately $2,613,781 (at December 31, 2014) and gross revenues of not less than DKK80,000,000, that is, approximately $13,068,906 (at December 31, 2014).

Recent Contract Wins

On January 6th, 2015, we announced that the Company has received a USD $2.4 million purchase order for a system based on the Company’s SiC membranes which is expected to be delivered in the second quarter 2015. This order is part of an enhanced oil recovery (EOR) project and was received from LiqTech´s preferred partner, Nakasawa Mining and Energy Limited. This order represents LiqTech’s largest order in the Company’s history.

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In addition, we announced that the Company received a USD $350,000 SiC membrane system order from Yara Marine Technologies to be delivered in 2015. The product solution is based on LiqTech know-how acquired in the on-shore power industry for the treatment of wet scrubber wastewater containing heavy metals. New marine regulations related to reducing sulphur oxide missions became effective January 2015. In order to comply with these new regulations, ship owners have to either burn a more expensive low sulphur fuel oil or to clean the exhaust from heavy fuel oil combustion engines. Yara Marine Technologies (previously Green Tech Marine) has many years of experience offering high performance exhaust treatment technologies for the marine industry.

On February 3, 2015, we announced that the Company received a $130,000 SiC membrane order from a European customer to be delivered in the 2 nd quarter of 2015. This is a follow-on order from a customer that first installed a system in the fall of 2014. The installation is for a German power plant for the removal of heavy metals from a flue gas cleaning process. This new order will be installed at another German power plant.

On March 2, 2015, we announced that we have received the first pilot order for a newly developed in-well situated ground water treatment system from the leading pump producer, Grundfos. The pilot unit will be installed at Taarnby Forsyning in Denmark.

On March 10, 2015, we announced that we received a USD $660,000 purchase order for two systems based on the company’s SiC membranes, which is expected to be delivered in the 2nd quarter of 2015. These orders are the second and third orders from this cusotmer this year.

Results of Operations

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

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 The following table sets forth our revenues, expenses and net income for the three and three months ended March 31, 2015 and 2014:

	Period ended March 31,
													Period to period change
	2015			As a % of Sales			2014			As a % of Sales				$		Percent %
Net Sales		2,104,501			100	%		3,197,502			100	%		(1,093,001	)		(34.2	)
Cost of Goods Sold		2,151,467			102.2			2,642,374			82.6			(490,907	)		(18.6	)
Gross Profit		(46,966	)		(2.2	)		555,128			17.4			(602,094	)		(108.5	)
Operating Expenses
Selling and Marketing		692,723			32.9			669,547			20.9			23,176			3.5
General and Administrative		816,067			38.8			672,657			21.0			143,410			21.3
Non-cash compensation		72,922			3.5			220,418			6.9			(147,496	)		(66.9	)
Research and Development		162,473			7.7			100,586			3.1			61,887			61.5
Total Operating Expenses		1,744,185			82.9			1,663,208			52.0			80,977			4.9
Loss from Operating		(1,791,151	)		(85.1	)		(1,108,080	)		(34.7	)		(683,071	)		61.6
Interest and Other Income		243			0.0			3,195			0.1			(2,952	)		(92.4	)
Interest (Expense)		(15,186	)		(0.7	)		(11,521	)		(0.4	)		(3,665	)		31.8
Gain (Loss) on Investments		7,366			0.4			(2,119	)		(0.1	)		9,485			(447.6	)
Gain on Currency Transactions		233,191			11.1			2,787			0.1			230,404			8267.1
Total Other Income (Expense)		225,614			10.7			(7,658	)		(0.2	)		233,272			(3046.1	)
Loss Before Income Taxes		(1,565,537	)		(74.4	)		(1,115,738	)		(34.9	)		(449,799	)		40.3
Income Taxes Expense (Income)		(391,529	)		(18.6	)		(358,442	)		(11.2	)		(33,087	)		9.2
Net Loss		(1,174,008	)		(55.8	)		(757,296	)		(23.7	)		(416,712	)		55.0
Less net income attributable to the non-controlled interest in subsidiaries		(2,596	)		(0.1	)		(1,861	)		(0.1	)		(735	)		39.5
Net Loss attributable to LiqTech		(1,171,412	)		(55.7	)		(755,435	)		(23.6	)		(415,977	)		55.1

Comparison of the three month periods ended March 31, 2015 and March 31, 2014

Revenues 

Net sales for the three months ended March 31, 2015 were $2,104,501 compared to $3,197,502 for the same period in 2014, representing a decrease of $1,093,001 or 34.2%. The decrease in sales consist of a decrease in sales of DPFs of $603,741 and a decrease in sales of liquid filters and systems of $577,884 and an increase in sales of kiln furniture of $88,624. The decrease in demand for our DPFs is mainly due to a decrease in activities and mandates and market activity in general. The decrease in demand for our liquid filters and systems is due to a postponement in our delivery of incoming orders. The increase in demand for our kiln furniture is due to a decision to continuing selling the product to a single customer this quarter.

Gross Profit

Gross profit for the three months ended March 31, 2015 was a loss of $46,966 compared to a gross profit of $555,128 for same period in 2014, representing a decrease of $602,094 or 108.5%. The decrease in gross profit was due to low sales activity compared to our fixed cost of goods sold. Included in gross profit is depreciation of $346,273 and $461,748 for the three months ended March 31, 2015 and 2014, respectively.

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Expenses

Total operating expenses for the three months ended March 31, 2015 were $1,744,185 representing an increase of $80,977 or 4.9%, compared to $1,663,208 for the same period in 2014. This increase in operating expenses is attributable to an increase in selling and marketing expenses of $23,176 or 3.5%, an increase in general and administrative expenses of $143,410 or 21.3%, a decrease in non-cash compensation expenses of $147,496 or 66.9% and an increase in research and development expenses of $61,887 or 61.5% compared to the same period in 2014. 

Selling expenses for the three months ended March 31, 2015 were $692,723 compared to $669,547 for the same period in 2014, representing an increase of $23,176 or 3.5%. This increase is attributable to an increase in costs in general, the increase in investment in our sales resources and investment in new market opportunities. While we believe that increased investment in sales may produce attractive returns for the Company, profitability from such investments will likely take several fiscal quarters to be realized.

General and administrative expenses for the three months ended March 31, 2015 were $816,067 compared to $672,657 for the same period in 2014, representing an increase of $143,410, or 21.3%. This increase is attributable to increases in general costs and the incorporation of Provital into in the 2015 numbers. Provital was included in the consolidated numbers from July 31, 2014.

Non-cash compensation expenses for the three months ended March 31, 2015 were $72,922 compared to $220,418 for the same period in 2014, representing a decrease of $147,496 or 66.9%. This decrease is attributable to decreased non-cash compensation expense for options, shares and warrants for services performed granted to directors, employees and management.

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

	For the three Months Ended
	March 31,		March 31,
	2015		2014
Compensation upon vesting of stock options granted to employees and the board of directors	$	33,089	$	54,352
Compensation for vesting of restricted stock awards issued to the board of directors		39,833		54,352
Value of stock granted for services		-		-
Warrants		-		59,400
Total Non-Cash Compensation	$	72,922	$	220,418

Research and development expenses for the three months ended March 31, 2015 were $162,473 compared to $100,586 for the same period in 2014, representing an increase of $61,887. This increase is attributable to increased research and development expenditures for the three months ending March 31, 2015 compared to the same period in 2014 and the incorporation of Provital into the 2015 numbers. Provital was included in the consolidated numbers from July 31, 2014.

Net Income Attributable to the Company

Net income attributable to the Company for the three months ended March 31, 2015 was a loss of 1,171,412 compared to a loss of $755,435 for the comparable period in 2014, representing an increase in loss of $415,977. This increase was primarily attributable to a decrease in gross profit of $602,094.  

Liquidity and Capital Resources

We have historically satisfied our capital and liquidity requirements through offerings of equity instruments, internally generated cash from operations and our available lines of credit. At March 31, 2015, we had cashand restricted cash of $3,273,450 and working capital of $8,290,975 and at December 31, 2014, we had cash and restricted cash of $6,072,631 and working capital of $10,570,409. At March 31, 2015, our working capital decreased by $2,279,434 compared to December 31, 2014. Total current assets were $10,970,631 and $14,662,319 at March 31, 2015 and at December 31, 2014, respectively, and total current liabilities were $2,679,656 and $4,091,910 at March 31, 2015 and at December 31, 2014, respectively.

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On July 28, 2014, we closed a public offering of 8,000,000 shares at a price to public of $1.50 per share, which included all 1,043,478 shares subject to the underwriter’s over-allotment option. Net proceeds received from the offering were approximately $10.8 million, after deducting underwriting discounts and offering expenses. The Company used approximately $2.3 million of the offering to fund a portion of the purchase price of Provital and the balance shall be used to pay transaction expenses and for other general corporate purposes.

Provital has a DKK 2,000,000 (approximately $290,000 at March 31, 2015) standby line of credit with a bank, subject to certain borrowing base limitations. Outstanding borrowings are due on demand. Interest is calculated based on a variable interest rate and is payable quarterly. As of March 31, 2015, the interest on this line of credit was at 3.50%. This line of credit is guaranteed by Vækstfonden (the Danish state's investments fund) and is also secured by certain of Provital’s assets like receivables, inventory, equipment etc. There was $0 outstanding as of March 31, 2015. At March 31, 2015, there was approximately $290,000 available under this credit line. In general, lines of credit in Denmark are due on demand.

In connection with certain orders, we have to give the customer a working guarantee or a prepayment guarantee or security bond. For that purpose, we have a credit line of DKK 5,000,000 (approximately $720,000 at March 31, 2015) with a bank, subject to certain base limitations. As March 31, 2015, we had DKK 473,100 (approximately $68,000) in working guarantee against the line. This line of credit is guaranteed by Vækstfonden (the Danish state's investments fund) and is also secured by certain of Provital’s assets like receivables, inventory, equipment etc.

We believe that our cash flow and other potential sources of funds will be sufficient to fund our anticipated working capital needs and capital spending requirements for the foreseeable future. However, if we were to incur any unanticipated expenditures or the negative trend of our operating cash flow does continue, such circumstances could put a substantial burden on our cash resources.

We may also need additional funds for possible future strategic acquisitions of businesses, products or technologies complementary to our business. If additional funds are required, we may raise such funds from time to time through public or private sales of equity or debt securities. Financing may not be available on acceptable terms, or at all, and our failure to raise capital when needed could materially adversely impact our growth plans and our financial condition and results of operations. Additional equity financing may be dilutive to holders of our common stock, and debt financing, if available, may involve significant cash payment obligations and covenants that restrict our ability to operate our business.

Cash Flows

Three months ended March 31, 2015 Compared to three months ended March 31, 2014

Cash provided (used) by operating activities is net losses adjusted for certain non-cash items and changes in assets and liabilities. Cash used by operating activities for the three months ended March 31, 2015 was $1,419,345, representing an increase of $486,902 compared to cash used by operating activities of $932,443 for the three months ended March 31, 2014. The $486,902 increase in cash used by operating activities for the three months ended March 31, 2015 was mainly due to a net loss of $1,174,008, a decrease of $906,135 in accounts payable and a decrease of $483,642 accrued expenses. This was partially offset by a decrease of $315,145 in account receivables, a decrease of $151,097 in inventory and an increase of $429,901 in long-term contracts.

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The decreases in account receivables, accounts payable, inventory, accrued expenses and the increase in long-term contracts were all due to normal variations in the ordinary course of business.

Cash used in investing activities was $92,075 for the three months period ended March 31, 2015, as compared to cash used in investing activities of $141,680 for the three months period ended March 31, 2014. Cash used in investing activities decreased for the three months period ended March 31, 2015, compared to the three months period ended March 31, 2014. This decrease was primarily due to a period over period decrease of $49,605 in the purchase of property and equipment.

Cash used by financing activities was $93,002 for the three months period ended March 31, 2015, as compared to cash provided by financing activities of $55,465 for the three months period ended March 31, 2014. This change of $37,537 in cash used by financing activities for the three months ended March 31, 2014, compared to 2013, was mainly due to net payments proceeds on capital lease obligation.

Off Balance Sheet Arrangements

As of March 31, 2015, we had no off-balance sheet arrangements other than normal operating leases. We are not aware of any material transactions which are not disclosed in our consolidated financial statements.

Operating Leases -- The Company leases office and production facilities under operating lease agreements expiring in August 2018, March 2017, February 2017, June 2017, December 2016 and June 2016. In some of these lease agreements, the Company has the right to extend. 

The future minimum lease payments for non-cancelable operating leases having remaining terms in excess of one year as of March 31, 2015 are as follows:

Year ending December	Operating Lease Payments
2015	$	499,050
2016		643,157
2017		416,184
2018		245,345
2019		-
Thereafter		-
Total Minimum Lease Payments	$	1,803,736

Significant Accounting Policies and Critical Accounting Estimates

There have been no significant changes in our significant accounting policies and critical accounting estimates since the filing of our Annual Report on Form 10-K for the period ended December 31, 2014.

Recent Enacted Accounting Standards

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

Off Balance Sheet Arrangements

We are not aware of any material transactions which are not disclosed in our consolidated financial statements.

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ITEM 3.  QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Not applicable.

ITEM 4.  CONTROLS AND PROCEDURES

(a) Evaluation of Disclosure Controls and Procedures

Our management, under supervision and with the participation of both of our Chief Executive Officer and Chief Financial Officer, carried out an evaluation of the effectiveness of the design and operation of our “disclosure controls and procedures” (as defined in the Securities Exchange Act of 1934 (the “Exchange Act”) Rules 13a-15(e) and 15-d-15(e)) as of the end of the period covered by this report (the “Evaluation Date”). Based upon that evaluation, both of our Chief Executive Officer and Chief Financial Officer concluded that as of the Evaluation Date, our disclosure controls and procedures are effective to ensure that information required to be disclosed by us in the reports that we file or submit under the Exchange Act (i) is recorded, processed, summarized and reported, within the time periods specified in the SEC’s rules and forms and (ii) is accumulated and communicated to our management, including our Chief Executive Officer and our Chief Financial Officer, as appropriate to allow timely decisions regarding required disclosure. 

We do not expect that our disclosure controls and procedures will prevent all errors and all instances of fraud. Disclosure controls and procedures, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance that the objectives of the disclosure controls and procedures are met. Further, the design of disclosure controls and procedures must reflect the fact that there are resource constraints, and the benefits must be considered relative to their costs. Because of the inherent limitations in all disclosure controls and procedures, no evaluation of disclosure controls and procedures can provide absolute assurance that we have detected all our control deficiencies and instances of fraud, if any. The design of disclosure controls and procedures also is based partly on certain assumptions about the likelihood of future events, and there can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions.　

(b) Changes in Internal Control over Financial Reporting

There were no changes in our internal controls over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

PART II - OTHER INFORMATION

ITEM 1A. RISK FACTORS.

   Not required for a “smaller reporting company.” 

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

 None.

ITEM 3.    DEFAULTS UPON SENIOR SECURITIES

 None.

ITEM 4.    MINE SAFETY DISCLOSURES

 None.

ITEM 5.    OTHER INFORMATION

 None.

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ITEM 6.    EXHIBITS

1.1	Placement Agency Agreement, dated March 2, 2012, by and between LiqTech International, Inc. and Sunrise Securities Corp.	Incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K as filed with the SEC on March 8, 2012
2.1	Agreement and Plan of Merger dated as of August 23, 2011 by and among Blue Moose Media, Inc., LiqTech USA, Inc. and BMD Sub	Incorporated by reference to Exhibit 2.1 to the Company’s Current Report on Form 8-K/A as filed with the SEC on October 11, 2011
3.1	Articles of Incorporation	Incorporated by reference to Exhibit 3(i) to the Company’s Registration Statement on Form 10 (SEC Accession No. 0001078782-09-001287) as filed with the SEC on August 19, 2009
3.2	Certificate of Amendment to the Articles of Incorporation	Incorporated by reference to Exhibit A to the Company’s Information Statement on Schedule 14C as filed with the SEC on September 20, 2011
3.3	Amended and Restated Bylaws, effective January 1, 2012	Incorporated by reference to Exhibit 3.4 to the Company’s Form 10-Q as filed with the SEC on May 15, 2012
4.1	Form of Common Stock Certificate	Incorporated by reference to Exhibit 4.1 to the Company’s Form 10-K as filed with the SEC on March 29, 2012
4.2	Form of Warrant issued to Investors in the Private Placement	Incorporated by reference to Exhibit 4.2 to the Company’s Current Report on Form 8-K as filed with the SEC on August 25, 2011
4.3	Form of Warrant issued to Sunrise Securities Corp.	Incorporated by reference to Exhibit 4.1 to the Company’s Current Report on Form 8-K as filed with the SEC on March 8, 2012
10.1	Form of Securities Purchase Agreement by and between LiqTech USA, Inc. and each of the investors in the Private Placement	Incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K as filed with the SEC on August 25, 2011
10.2	Employment Agreement dated July 29, 2011 between LiqTech A/S and Lasse Andreassen	Incorporated by reference to Exhibit 10.2 to the Company’s Current Report on Form 8-K/A as filed with the SEC on October 11, 2011 (translated in English)
10.3	Employment Agreement dated November 16, 2005 between LiqTech NA, Inc. and Donald S. Debelak	Incorporated by reference to Exhibit 10.3 to the Company’s Current Report on Form 8-K/A as filed with the SEC on October 11, 2011

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10.4	Addendum to Employment Agreement, dated December 15, 2011, between LiqTech NA, Inc. and Donald S. Debelak	Incorporated by reference to Exhibit 10.4 to the Company’s Form 10-K as filed with the SEC on March 29, 2012
10.5	Employment Agreement, dated July 29, 2011, between LiqTech International Inc. and Soren Degn (translated in English)	Incorporated by reference to Exhibit 10.5 to the Company’s Form 10-K as filed with the SEC on March 29, 2012
10.6	Lease Agreements for 1800 - 1810 Buerkle Road, White Bear Lake, Minnesota 55110	Incorporated by reference to Exhibit 10.4 to the Company’s Current Report on Form 8-K/A as filed with the SEC on November 15, 2011
10.7	Lease Agreement for 1800 - 1816 Buerkle Road, White Bear Lake, Minnesota 55110	Incorporated by reference to Exhibit 10.7 to the Company’s Form 10-K as filed with the SEC on March 29, 2012
10.8	Lease Agreement for Grusbakken 12, DK-2820 Gentofte Denmark	Incorporated by reference to Exhibit 10.5 to the Company’s Current Report on Form 8-K/A as filed with the SEC on November 15, 2011 (translated in English)
10.9	Lease Agreement for Industriparken 22C, 2750 Ballerup, Denmark	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)
10.10	DKK 6,000,000 Line of Credit Agreement, between LiqTech A/S and Sydbank A/S	Incorporated by reference to Exhibit 10.7 to the Company’s Current Report on Form 8-K/A as filed with the SEC on November 15, 2011 (translated in English)
10.11	DKK 3,000,000 Line of Credit Agreement, between LiqTech A/S and Sydbank A/S	Incorporated by reference to Exhibit 10.8 to the Company’s Current Report on Form 8-K/A as filed with the SEC on November 15, 2011 (translated in English)
10.12	Note Payable Agreement between LiqTech A/S and Sydbank A/S, for the principal amount of $475,000 USD	Incorporated by reference to Exhibit 10.9 to the Company’s Quarterly Report on Form 10-Q as filed with the SEC on November 15, 2011 (translated in English)
10.13	Form of Guarantee in respect of obligations of LiqTech A/S (translated in English)	Incorporated by reference to Exhibit 10.13 to the Company’s Form 10-K as filed with the SEC on March 29, 2012
10.14	Form of Guarantee in respect of obligations of LiqTech International A/S (translated in English)	Incorporated by reference to Exhibit 10.14 to the Company’s Form 10-K as filed with the SEC on March 29, 2012

34

10.15	Form of Guarantee in respect of obligations of LiqTech NA, Inc. (translated in English)	Incorporated by reference to Exhibit 10.15 to the Company’s Form 10-K as filed with the SEC on March 29, 2012
10.16	Form of Promissory Note payable to certain related parties	Incorporated by reference to Exhibit 10.16 to the Company’s Form 10-K as filed with the SEC on March 29, 2012
10.17	Business Mortgage of LiqTech A/S (translated in English)	Incorporated by reference to Exhibit 10.17 to the Company’s Form 10-K as filed with the SEC on March 29, 2012
10.18	Business Mortgage of LiqTech International A/S (translated in English)	Incorporated by reference to Exhibit 10.18 to the Company’s Form 10-K as filed with the SEC on March 29, 2012
10.19	Bonus and Services Agreement, dated October 31, 2012, by and between the Company and Aldo Petersen	Incorporated by reference to Exhibit 10.19 to the Company’s Quarterly Report on Form 10-Q as filed with the SEC on November 14, 2012
10.20	Agreement, dated March 25, 2013, by and among LiqTech International, Inc., LiqTech Denmark International and Mr. Lasse Andreassen	Incorporated by reference to Exhibit 10.20 to the Company’s Form 10-K as filed with the SEC on March 27, 2013
10.21	Director Contract, dated March 27, 2013, by and between Mr. Finn Helmer and LiqTech Denmark International	Incorporated by reference to the Company's Form 10-Q as filed with the SEC on May 15, 2013
10.22	Securities Purchase Agreement, dated July 15, 2014 by and among LiqTech International A/S, a Danish company, Provital Solutions A/S, a Danish company and Masu A/S, a Danish company	Incorporated by reference to the Company’s Form 8-K as filed with the SEC on July 16, 2014
10.23	Form of Purchase Agreement (Craig-Hallum Capital Group LLC)	Incorporated by reference to the Company’s Form 8-K as filed with the SEC on July 23, 2014
10.24	Form of Underwriter’s Warrant (Craig-Hallum Capital Group LLC)	Incorporated by reference to the Company’s Form 8-K as filed with the SEC on July 23, 2014
10.25	Employment Contract (Sune Mathiesen)	Incorporated by reference to the Company’s Form 8-K as filed with the SEC on August 1, 2014
21	List of Subsidiaries	Incorporated by reference to Exhibit 21 to the Company’s Form 10-K as filed with the SEC on March 29, 2012
31.1	Certifications of the Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002	Provided herewith
31.2	Certifications of the Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002	Provided herewith

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32.1	Certification Pursuant To 18 U.S.C. Section 1350, As Adopted Pursuant To Section 906 of the Sarbanes-Oxley Act Of 2002	Furnished, not filed herewith
32.2	Certification Pursuant To 18 U.S.C. Section 1350, As Adopted Pursuant To Section 906 of the Sarbanes-Oxley Act Of 2002	Furnished, not filed herewith
101. INS	XBRL Instance Document	Provided herewith
101. CAL	XBRL Taxonomy Extension Calculation Link base Document	Provided herewith
101. DEF	XBRL Taxonomy Extension Definition Link base Document	Provided herewith
101. LAB	XBRL Taxonomy Label Link base Document	Provided herewith
101. PRE	XBRL Extension Presentation Link base Document	Provided herewith
101. SCH	XBRL Taxonomy Extension Scheme Document	Provided herewith

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SIGNATURES

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

	LiqTech International, Inc.
Dated: May 14, 2015	/s/ Sune Mathiesen
	Sune Mathiesen, Chief Executive Officer
	(Principal Executive Officer)
Dated: May 14, 2015	/s/ Soren Degn
	Soren Degn, Chief Financial Officer
	(Principal Financial and Accounting Officer)

 37

EX-31.1

EXHIBIT 31.1

OFFICER’S CERTIFICATE
PURSUANT TO SECTION 302

I, Sune Mathiesen, certify that:

1.     I have reviewed this Quarterly Report on Form 10-Q for the period ended March 31, 2015 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.     I am 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: May 14, 2015	By:        /s/ Sune Mathiesen
	Name:  Sune Mathiesen
	Title:    Chief Executive Officer and Principal Executive Officer

EX-31.2

EXHIBIT 31.2

OFFICER’S CERTIFICATE
PURSUANT TO SECTION 302

I, Soren Degn, certify that:

1.     I have reviewed this Quarterly Report on Form 10-Q for the period ended March 31, 2015 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.     I am 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: May 14, 2015	By:       /s/ Soren Degn
	Name:  Soren Degn
	Title:    Chief Financial Officer and Principal Financial and              Accounting Officer

EX-32.1

EXHIBIT 32.1

CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of Liqtech International, Inc. (the “Company”) on Form 10-Q for the period ended March 31, 2015 as filed with the U.S. Securities and Exchange Commission on the date hereof (the “Report”), the undersigned hereby certifies pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to his knowledge:

1.     The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

2.     The information contained in the Report fairly presents, in all material respects, the financial condition and results of operation of the Company.

Date: May 14, 2015	By:       /s/ Sune Mathiesen
	Name:  Sune Mathiesen
	Title:    Chief Executive Officer and Principal Executive Officer

A signed original of this written statement required by Section 906, or other document authentications, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided to the Company and will be retained by the Company and furnished to the U.S. Securities and Exchange Commission or its staff upon request.

EX-32.2

EXHIBIT 32.2

CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of Liqtech International, Inc. (the “Company”) on Form 10-Q for the period ended March 31, 2015 as filed with the U.S. Securities and Exchange Commission on the date hereof (the “Report”), the undersigned hereby certifies pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to his knowledge:

1.     The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

2.     The information contained in the Report fairly presents, in all material respects, the financial condition and results of operation of the Company.

Date: May 14, 2015	By:       /s/ Soren Degn
	Name:  Soren Degn
	Title:    Chief Financial Officer and Principal Financial and              Accounting Officer

A signed original of this written statement required by Section 906, or other document authentications, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided to the Company and will be retained by the Company and furnished to the U.S. Securities and Exchange Commission or its staff upon request.

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Note 4 - Property and Equipment (Details) (USD $)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Property, Plant and Equipment [Abstract]
Depreciation	$ 346,272	$ 460,291

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Note 11 - Income Taxes (Details) - Deferred Tax Asset (Liabilities) (USD $)	Mar. 31, 2015	Dec. 31, 2014
Deferred Tax Asset (Liabilities) [Abstract]
Vacation accrual	$ 5,077	$ 5,077
Allowance for doubtful accounts	13,955	13,955
Long term contracts		0
Reserve for obsolete inventory	52,308	90,605
Net current tax assets	71,340	109,637
Business tax credit carryover	25,709	25,709
Deferred compensation	171,615	171,615
Net operating loss carryover	4,207,651	4,001,198
Excess of book over tax depreciation	(588,042)	(583,735)
Valuation Allowance	(120,153)	(118,328)
Long term deferred tax asset	$ 3,696,780	$ 3,496,459

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Note 8 - Lines of Credit (Details)	Mar. 31, 2015 USD ($)	Mar. 31, 2015 DKK	Mar. 31, 2015 Provital Solutions AS [Member] USD ($)	Mar. 31, 2015 Provital Solutions AS [Member] DKK
Note 8 - Lines of Credit (Details) [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity	$ 720,000	5,000,000	$ 290,000	2,000,000
Line of Credit Facility, Interest Rate at Period End			3.50%	3.50%
Long-term Line of Credit			0
Line of Credit Facility, Remaining Borrowing Capacity			290,000
Guarantor Obligations, Current Carrying Value	$ 68,000	473,100

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Note 11 - Income Taxes (Details) - Reconciliation of Income Tax Expense (USD $)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Reconciliation of Income Tax Expense [Abstract]
Computed tax at expected statutory rate	$ (531,400)	$ (378,718)
State and local income taxes, net of federal benefits		(24,703)
Non-deductible expenses	24,793	18,480
Non-US income taxed at different rates	95,750	26,499
Valuation Allowance	19,328
Income tax expense (benefit)	$ (391,529)	$ (358,442)

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Note 7 - Goodwill (Details) - Summary of Goodwill (USD $)	3 Months Ended
	Mar. 31, 2015
Summary of Goodwill [Abstract]
Goodwill at beginning of period	$ 8,460,512
Acquisition of Provital Solutions A/S	0
Adjustment made to opening goodwill	0
Effect of currency translation	(1,000,853)
Goodwill at end of period	$ 7,459,659

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Note 13 - Stockholders' Equity (Tables)

3 Months Ended

Mar. 31, 2015

Stockholders' Equity Note [Abstract]

Schedule of Stockholders' Equity Note, Warrants or Rights [Table Text Block]

		Warrants Outstanding						Warrants Exercisable
Exercise Prices		Number Outstanding		Weighted Average Remaining Contractual Life (years)		Weighted Average Exercise Price		Number Exercisable		Weighted Average Exercise Price
$	1.50		3,874,000		1.76	$	1.50		3,874,000	$	1.50
$	1.65		400,000		4.33	$	1.65		400,000	$	1.65
$	2.70		2,626,000		1.76	$	2.70		2,626,000	$	2.70
$	4.06		125,575		1.94	$	4.06		125,575	$	4.06
Total			7,025,575		1.90	$	2.00		7,025,575	$	2.00

Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block]

	LiqTech International, Inc.
Expected term (in years)		3
Volatility		69.44
Risk free interest rate		0.80	%
Dividend yield		0	%

Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range [Table Text Block]

		Options Outstanding						Options Exercisable
Exercise Prices		Number Outstanding		Weighted Average Remaining Contractual Life (years)		Weighted Average Exercise Price		Number Exercisable		Weighted Average Exercise Price
$	1.57		100,000		2.54	$	1.57		33,333	$	1.57
$	1.90		403,500		1.83	$	1.90		269,000	$	1.90
Total			503,500		1.97	$	1.83		302,333	$	1.86

Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding and Exercisable [Table Text Block]

	March 31, 2015
	Shares		Weighted Average Exercise Price		Average Remaining Life		Weighted Average Intrinsic Value
Outstanding at beginning of period		1,960,130	$	2.55		0.70	$	-
Granted		-		-		-		-
Exercised		-		-		-		-
Forfeited		-		-		-		-
Expired		1,456,630		2.79		-		-
Outstanding at end of period		503,500	$	1.83		1.97	$	-
Vested and expected to vest		503,500	$	1.83		1.97	$	-
Exercisable end of period		302,333	$	1.86		1.91	$	-

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Note 12 - Earnings Per Share (Details) (USD $)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2013	Oct. 09, 2013
Note 12 - Earnings Per Share (Details) [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price	1.83		$ 2.55
Class of Warrant or Right, Exercise Price of Warrants or Rights				$ 2.70
Equity Option [Member]
Note 12 - Earnings Per Share (Details) [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in Shares)	503,500	3,064,130
Warrant [Member]
Note 12 - Earnings Per Share (Details) [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in Shares)	7,025,575	7,025,575
Minimum [Member]
Note 12 - Earnings Per Share (Details) [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price	1.57	1.50
Class of Warrant or Right, Exercise Price of Warrants or Rights	1.50	1.50
Maximum [Member]
Note 12 - Earnings Per Share (Details) [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price	1.90	3.60
Class of Warrant or Right, Exercise Price of Warrants or Rights	4.06	4.06

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Note 3 - Inventory (Tables)

3 Months Ended

Mar. 31, 2015

Inventory Disclosure [Abstract]

Schedule of Inventory, Current [Table Text Block]

	2015			2014
Furnace parts and supplies	$	402,915		$	507,849
Raw materials		1,393,152			1,501,050
Work in process		1,680,604			1,326,840
Finished goods and filtration systems		1,718,663			2,028,225
Reserve for obsolescence		(431,565	)		(449,098	)
Net Inventory	$	4,763,769		$	4,914,866

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Note 9 - Leases (Details) - Future Minimum Lease Payments for Non-cancelable Operating Leases (USD $)	Mar. 31, 2015
Future Minimum Lease Payments for Non-cancelable Operating Leases [Abstract]
2015	$ 499,050
2016	643,157
2017	416,184
2018	245,345
2019	0
Thereafter	0
Total Minimum Lease Payments	$ 1,803,736

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Note 5 - Investments at Costs (Details) - Summary of Level 1-3 Financial Assets and Liabilities (USD $)	Mar. 31, 2015	Dec. 31, 2014
Fair Value, Inputs, Level 1 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investments	$ 0	$ 0
Total	0	0
Fair Value, Inputs, Level 2 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investments	0	0
Total	0	0
Fair Value, Inputs, Level 3 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investments	5,365	6,085
Total	$ 5,365	$ 6,085

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Note 2 - Related Party Transactions (Details) (USD $)	1 Months Ended			3 Months Ended	0 Months Ended
	Mar. 31, 2015	Dec. 31, 2014	Oct. 31, 2014	Dec. 31, 2014	Jan. 14, 2014
Advance from Related Party [Member] | Officer [Member] | Accounts Payable and Accrued Liabilities [Member]
Note 2 - Related Party Transactions (Details) [Line Items]
Related Party Transaction, Amounts of Transaction	$ 25,000	$ 35,000	$ 25,000	$ 60,000
Board of Directors Chairman [Member]
Note 2 - Related Party Transactions (Details) [Line Items]
Payments to Employees					$ 175,000

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Note 10 - Agreements and Commitments (Details)	3 Months Ended
	Mar. 31, 2015 USD ($)	Mar. 31, 2014 USD ($)	Mar. 31, 2015 DKK
Commitments and Contingencies Disclosure [Abstract]
Defined Contribution Plan, Cost Recognized	$ 3,934	$ 3,692
Line of Credit Facility, Maximum Borrowing Capacity	720,000		5,000,000
Guarantor Obligations, Current Carrying Value	$ 68,000		473,100

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Note 13 - Stockholders' Equity (Details) - Assumptions Used to Calculate the Fair Values of Stock Options (Minimum [Member])	3 Months Ended
	Mar. 31, 2015
Minimum [Member]
Note 13 - Stockholders' Equity (Details) - Assumptions Used to Calculate the Fair Values of Stock Options [Line Items]
Expected term (in years)	3 years
Volatility	69.44%
Risk free interest rate	0.80%
Dividend yield	0.00%

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Note 7 - Goodwill (Details) - Goodwill (USD $)	Mar. 31, 2015	Dec. 31, 2014
Note 7 - Goodwill (Details) - Goodwill [Line Items]
Provital Solutions A/S	$ 7,459,659	$ 8,460,512
Provital Solutions AS [Member]
Note 7 - Goodwill (Details) - Goodwill [Line Items]
Provital Solutions A/S	$ 7,459,659

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Note 3 - Inventory

3 Months Ended

Mar. 31, 2015

Inventory Disclosure [Abstract]

Inventory Disclosure [Text Block]

NOTE 3 - INVENTORY

Inventory consisted of the following at March 31, 2015 and December 31, 2014:

	2015			2014
Furnace parts and supplies	$	402,915		$	507,849
Raw materials		1,393,152			1,501,050
Work in process		1,680,604			1,326,840
Finished goods and filtration systems		1,718,663			2,028,225
Reserve for obsolescence		(431,565	)		(449,098	)
Net Inventory	$	4,763,769		$	4,914,866

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Note 13 - Stockholders' Equity (Details) - Options Outstanding (USD $)	3 Months Ended
	Mar. 31, 2015
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Options outstanding (in Shares)	503,500
Options weighted average remaining contractual life	1 year 354 days
Options weighted average outstanding exercise price	$ 1.83
Options exercisable (in Shares)	302,333
Options weighted average exercisable exercise price	$ 1.86
Price Range 1 [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Exercise price	$ 1.57
Options outstanding (in Shares)	100,000
Options weighted average remaining contractual life	2 years 197 days
Options weighted average outstanding exercise price	$ 1.57
Options exercisable (in Shares)	33,333
Options weighted average exercisable exercise price	$ 1.57
Price Range 2 [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Exercise price	$ 1.90
Options outstanding (in Shares)	403,500
Options weighted average remaining contractual life	1 year 302 days
Options weighted average outstanding exercise price	$ 1.90
Options exercisable (in Shares)	269,000
Options weighted average exercisable exercise price	$ 1.90

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Note 6 - Definite-life Intangible Assets (Details) (USD $)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2014
Note 6 - Definite-life Intangible Assets (Details) [Line Items]
Intangible Assets, Net (Excluding Goodwill)	$ 13,603		$ 16,708
Minimum [Member] | Patents [Member]
Note 6 - Definite-life Intangible Assets (Details) [Line Items]
Finite-Lived Intangible Asset, Useful Life	2 years
Minimum [Member]
Note 6 - Definite-life Intangible Assets (Details) [Line Items]
Finite-Lived Intangible Asset, Useful Life	2 years
Maximum [Member] | Patents [Member]
Note 6 - Definite-life Intangible Assets (Details) [Line Items]
Finite-Lived Intangible Asset, Useful Life	10 years
Maximum [Member]
Note 6 - Definite-life Intangible Assets (Details) [Line Items]
Finite-Lived Intangible Asset, Useful Life	10 years
Patents [Member]
Note 6 - Definite-life Intangible Assets (Details) [Line Items]
Intangible Assets, Net (Excluding Goodwill)	13,603		16,708
Amortization of Intangible Assets	$ 3,105	$ 1,457

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Note 7 - Goodwill (Tables)

3 Months Ended

Mar. 31, 2015

Disclosure Text Block Supplement [Abstract]

Schedule of Goodwill [Table Text Block]

	March 31, 2015
Goodwill at beginning of period	$	8,460,512
Acquisition of Provital Solutions A/S		-
Adjustment made to opening goodwill		-
Effect of currency translation		(1,000,853	)
Goodwill at end of period	$	7,459,659

Schedule of Intangible Assets and Goodwill [Table Text Block]

Goodwill consists of:	March 31, 2015
Provital Solutions A/S	$	7,459,659

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Note 6 - Definite-life Intangible Assets (Tables)

3 Months Ended

Mar. 31, 2015

Disclosure Text Block [Abstract]

Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block]

Year ending December 31,	Amortization Expenses
2015	$	3,386
2016		4,515
2017		2,741
2018		2,306
2019		655
Thereafter		-
	$	13,603

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Note 11 - Income Taxes (Details) - Components of Income Tax Expense (Benefit) from Continuing Operations (USD $)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Note 11 - Income Taxes (Details) - Components of Income Tax Expense (Benefit) from Continuing Operations [Line Items]
Federal	$ 0	$ 0
State	0	0
Current tax (benefit)	0	0
Book in excess of tax depreciation	0	0
Business tax credit carryover	0	0
Net operating loss carryover	(410,856)	(487,269)
Allowance for doubtful accounts	19,327
Accrued Vacation	0	0
Deferred Compensation		108,801
Reserve for obsolete inventory		20,026
Deferred tax expense (benefit)	(391,529)	(358,442)
Total tax expense (benefit)	(391,529)	(358,442)
Danish Ministry of Taxation [Member]
Note 11 - Income Taxes (Details) - Components of Income Tax Expense (Benefit) from Continuing Operations [Line Items]
Foreign current income tax expense (benefit)	0	0
National Tax Service [Member]
Note 11 - Income Taxes (Details) - Components of Income Tax Expense (Benefit) from Continuing Operations [Line Items]
Foreign current income tax expense (benefit)	$ 0	$ 0

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Note 6 - Definite-life Intangible Assets (Details) - Expected Future Amortization Expense (USD $)	Mar. 31, 2015
Expected Future Amortization Expense [Abstract]
2015	$ 3,386
2016	4,515
2017	2,741
2018	2,306
2019	655
	$ 13,603

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Note 9 - Leases (Tables)

3 Months Ended

Mar. 31, 2015

Leases [Abstract]

Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block]

Year ending December	Operating Lease Payments
2015	$	499,050
2016		643,157
2017		416,184
2018		245,345
2019		-
Thereafter		-
Total Minimum Lease Payments	$	1,803,736

Schedule of Future Minimum Lease Payments for Capital Leases [Table Text Block]

	Capital Lease Payments
2015	$	128,481
2016		184,813
2017		123,565
2018		24,096
2019		-
Thereafter		-
Total minimum lease payments		460,955
Less amount representing interest		(40,372	)
Present value of minimum lease payments		420,583
Less current portion		(147,710	)
Long-term lease payments	$	272,873

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Note 11 - Income Taxes (Tables)

3 Months Ended

Mar. 31, 2015

Income Tax Disclosure [Abstract]

Schedule of Deferred Tax Assets and Liabilities [Table Text Block]

	2015			2014
Vacation accrual	$	5,077		$	5,077
Allowance for doubtful accounts		13,955			13,955
Long term contracts		-			-
Reserve for obsolete inventory		52,308			90,605
Net current tax assets	$	71,340		$	109,637
Business tax credit carryover		25,709			25,709
Deferred compensation		171,615			171,615
Net operating loss carryover		4,207,651			4,001,198
Excess of book over tax depreciation		(588,042	)		(583,735	)
Valuation Allowance		(120,153	)		(118,328	)
Long term deferred tax asset	$	3,696,780		$	3,496,459

Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]

	2015			2014
Computed tax at expected statutory rate	$	(531,400	)	$	(378,718	)
State and local income taxes, net of federal benefits		-			(24,703	)
Non-deductible expenses		24,793			18,480
Non-US income taxed at different rates		95,750			26,499
Valuation Allowance		19,328			-
Income tax expense (benefit)	$	(391,529	)	$	(358,442	)

Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]

	2015			2014
Current income tax expense:
Danish	$	-		$	-
Korean		-			-
Federal		-			-
State		-			-
Current tax (benefit)	$	-		$	-
Book in excess of tax depreciation	$	-		$	-
Business tax credit carryover		-			-
Net operating loss carryover		(410,856	)		(487,269	)
Allowance for doubtful accounts		19,327			-
Accrued Vacation		-			-
Deferred Compensation		-			108,801
Reserve for obsolete inventory		-			20,026
Deferred tax expense (benefit)	$	(391,529	)	$	(358,442	)
Total tax expense (benefit)	$	(391,529	)	$	(358,442	)

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Note 2 - Related Party Transactions

3 Months Ended

Mar. 31, 2015

Related Party Transactions [Abstract]

Related Party Transactions Disclosure [Text Block]

NOTE 2 - RELATED PARTY TRANSACTIONS

Payments to Related Parties -- On January 14, 2014, the Compensation Committee approved a special 2013-bonus payment in the amount of $175,000 to Aldo Petersen for his assistance in the successful 2013 capital raise. 

During October and December of 2014, an officer of LiqTech NA provided $25,000 and $35,000 in non-interest bearing advances to the Company totaling $60,000. These advances have been included in accounts payable at December 31, and were repaid in January 2015.

During March of 2015, an officer of LiqTech NA provided $25,000 in non-interest bearing advances to the Company. These advances have been included in accounts payable at March 31, and were repaid in May 2015.

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Note 12 - Earnings Per Share (Tables)

3 Months Ended

Mar. 31, 2015

Earnings Per Share [Abstract]

Schedule of Weighted Average Number of Shares [Table Text Block]

	For the three Months Ended March 31
	2015			2014
Loss attributable to LiqTech International Inc.	$	(1,171,412	)	$	(755,435	)
Weighted average number of common shares used in basic earnings per share		39,404,782			27,212,500
Effect of dilutive securities, stock options and warrants		-			-
Weighted average number of common shares and potentially dilutive securities		39,404,782			27,212,500

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Note 4 - Property and Equipment (Details) - Property and Equipment (USD $)	3 Months Ended
	Mar. 31, 2015	Dec. 31, 2014
Property, Plant and Equipment [Line Items]
Property and equipment	$ 11,689,679	$ 12,567,810
Less Accumulated Depreciation	(7,661,994)	(8,043,424)
Net Property and Equipment	4,027,685	4,524,386
Production Equipment [Member] | Minimum [Member]
Property, Plant and Equipment [Line Items]
Useful life	3 years
Production Equipment [Member] | Maximum [Member]
Property, Plant and Equipment [Line Items]
Useful life	10 years
Production Equipment [Member]
Property, Plant and Equipment [Line Items]
Property and equipment	10,159,007	10,792,494
Lab Equipment [Member] | Minimum [Member]
Property, Plant and Equipment [Line Items]
Useful life	3 years
Lab Equipment [Member] | Maximum [Member]
Property, Plant and Equipment [Line Items]
Useful life	10 years
Lab Equipment [Member]
Property, Plant and Equipment [Line Items]
Property and equipment	141,449	160,427
Computer Equipment [Member] | Minimum [Member]
Property, Plant and Equipment [Line Items]
Useful life	3 years
Computer Equipment [Member] | Maximum [Member]
Property, Plant and Equipment [Line Items]
Useful life	5 years
Computer Equipment [Member]
Property, Plant and Equipment [Line Items]
Property and equipment	266,632	288,351
Vehicles [Member]
Property, Plant and Equipment [Line Items]
Useful life	3 years
Property and equipment	35,254	93,477
Furniture and Fixtures [Member]
Property, Plant and Equipment [Line Items]
Useful life	5 years
Property and equipment	135,331	180,138
Leasehold Improvements [Member]
Property, Plant and Equipment [Line Items]
Useful life	10 years
Property and equipment	$ 952,006	$ 1,052,923
Minimum [Member]
Property, Plant and Equipment [Line Items]
Useful life	3 years
Maximum [Member]
Property, Plant and Equipment [Line Items]
Useful life	10 years

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Note 11 - Income Taxes (Details) (Earliest Tax Year [Member])	3 Months Ended
	Mar. 31, 2015
Foreign Tax Authority [Member] | Danish Ministry of Taxation [Member]
Note 11 - Income Taxes (Details) [Line Items]
Open Tax Year	2009
Domestic Tax Authority [Member] | Internal Revenue Service (IRS) [Member]
Note 11 - Income Taxes (Details) [Line Items]
Open Tax Year	2011
State and Local Jurisdiction [Member]
Note 11 - Income Taxes (Details) [Line Items]
Open Tax Year	2011

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Consolidated Balance Sheets (Current Period Unaudited) (USD $)	Mar. 31, 2015	Dec. 31, 2014
Current Assets:
Cash	$ 3,079,788	$ 5,853,752
Restricted cash balances	193,662	218,879
Accounts receivable, net	1,841,277	1,992,206
Other receivables	167,206	344,331
Cost in excess of billing	742,757	1,172,658
Inventories	4,763,769	4,914,866
Prepaid expenses	110,832	55,990
Current deferred tax asset	71,340	109,637
Total Current Assets	10,970,631	14,662,319
Property and Equipment, net accumulated depreciation	4,027,685	4,524,386
Other Assets:
Other investments	5,365	6,085
Long term deferred tax asset	3,696,780	3,496,459
Goodwill	7,459,659	8,460,512
Other intangible assets	13,603	16,708
Deposits	229,116	259,070
Total Other Assets	11,404,523	12,238,834
Total Assets	26,402,839	31,425,539
Current Liabilities:
Current portion of capital lease obligations	147,710	170,187
Accounts payable	1,430,807	2,336,942
Accrued expenses	1,029,412	1,439,735
Accrued income taxes payable		570
Deferred revenue / customers deposits	71,727	144,476
Total Current Liabilities	2,679,656	4,091,910
Long-term capital lease obligations, less current portion	272,873	368,614
Total Long-Term Liabilities	272,873	368,614
Total Liabilities	2,952,529	4,460,524
Stockholders' Equity:
Common stock; par value $0,001, 100,000,000 shares authorized, 39,404,782 and 39,404,782 shares issued and outstanding at March 31, 2015 and December 31, 2014, respectively	39,405	39,405
Additional paid-in capital	35,632,410	35,632,410
Accumulated deficit	(6,554,264)	(5,382,852)
Deferred compensation	(431,826)	(504,748)
Other comprehensive income, net	(5,215,177)	(2,835,917)
Non-controlled interest in subsidiaries	(20,238)	16,717
Total Stockholders' Equity	23,450,310	26,965,015
Total Liabilities and Stockholders' Equity	$ 26,402,839	$ 31,425,539

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Note 7 - Goodwill (Details) (USD $)	1 Months Ended
	Dec. 31, 2014
Long-Term Contracts [Member]
Note 7 - Goodwill (Details) [Line Items]
Goodwill, Period Increase (Decrease)	$ 196,255
Taxes, Other	135,990
Acquired Receivables [Member]
Note 7 - Goodwill (Details) [Line Items]
Goodwill, Period Increase (Decrease)	$ 775,788

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(Unaudited) Consolidated Statements of Cash Flows (USD $)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Cash Flows from Operating Activities:
Net Loss	$ (1,174,008)	$ (757,296)
Adjustments to reconcile net (loss) to net cash provided (used) by operations:
Depreciation and amortization	349,377	461,748
Share-base compensation	72,922	220,418
Bad debt expense	12,909
Change in deferred tax asset / liability	(162,024)	(358,475)
Changes in assets and liabilities:
(Increase) decrease in accounts receivable	315,145	533,859
(Increase) decrease in inventory	151,097	(496,442)
(Increase) decrease in prepaid expenses/deposits	(24,887)	(124,714)
Increase (decrease) in accounts payable	(906,135)	57,408
Increase (decrease) in accrued expenses	(483,642)	(457,022)
Increase (decrease) long-term contracts	429,901	(11,927)
Total Adjustments	(245,337)	(175,147)
Net Cash Used by Operating Activities	(1,419,345)	(932,443)
Cash Flows from Investing Activities:
Purchase of property and equipment	(92,075)	(141,680)
Net Cash Used by Investing Activities	(92,075)	(141,680)
Cash Flows from Financing Activities:
Restricted Cash	25,216
Net payments on capital lease obligation	(118,218)	(55,465)
Net Cash Used by Financing Activities	(93,002)	(55,465)
Loss on Currency Translation	(1,169,542)	(25,572)
Net Decrease in Cash and Cash Equivalents	(2,773,964)	(1,155,160)
Cash and Cash Equivalents at Beginning of Period	5,853,752	4,884,275
Cash and Cash Equivalents at End of Period	3,079,788	3,729,115
Cash paid during the period for:
Interest	15,186	11,521
Income Taxes		1,000
Total	72,922	220,418
Employee Stock Option [Member]
Adjustments to reconcile net (loss) to net cash provided (used) by operations:
Share-base compensation	33,089	54,352
Restricted Stock [Member]
Adjustments to reconcile net (loss) to net cash provided (used) by operations:
Share-base compensation	39,833	106,666
Warrants Issued for Services [Member]
Adjustments to reconcile net (loss) to net cash provided (used) by operations:
Share-base compensation		$ 59,400

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Note 13 - Stockholders' Equity (Details) (USD $)	0 Months Ended	1 Months Ended	3 Months Ended			12 Months Ended		1 Months Ended
	Oct. 09, 2013	Jul. 28, 2014	Mar. 31, 2015	Dec. 31, 2014	Mar. 31, 2014	Dec. 31, 2014	Dec. 31, 2013	Jul. 29, 2014
Note 13 - Stockholders' Equity (Details) [Line Items]
Common Stock, Shares Authorized			100,000,000	100,000,000		100,000,000
Common Stock, Par or Stated Value Per Share (in Dollars per share)			$ 0.001	$ 0.001		$ 0.001
Common Stock, Shares, Outstanding			39,404,782	39,404,782	39,404,782	39,404,782
Common Stock, Shares, Issued			39,404,782	39,404,782	39,404,782	39,404,782
Common Stock, Voting Rights			one
Stock Issued During Period, Shares, New Issues		8,000,000		47,500
Share Price (in Dollars per share)		$ 1.50
Proceeds from Issuance of Common Stock (in Dollars)		$ 10,736,278
Payments of Stock Issuance Costs (in Dollars)		1,263,722
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period				47,500
Share-based Compensation Arrangements by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price (in Dollars per share)				$ 1.50
Allocated Share-based Compensation Expense (in Dollars)			72,922		220,418
Proceeds from Warrants and Stock Options Exercised (in Dollars)	4,051,000
Share-based Compensation Arrangement by Share-based Payment Award, Warrants and Options, Exercises in Period (in Dollars)	2,701,000
Class of Warrant or Right, Exercise Price of Warrants or Rights (in Dollars per share)	$ 2.70
Warrants Not Settleable in Cash, Fair Value Disclosure (in Dollars)	1,124,928
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number			503,500				1,960,130
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Stock Options (in Dollars)			156,374
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Number of Shares			201,167
Share-based Compensation Arrangements by Share-based Payment Award, Options, Non-vested, Weighted Average Exercise Price (in Dollars per share)			$ 1.79
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Weighted Average Grant Date Fair Value (in Dollars per share)			$ 0.78
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition			2 years 21 days
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value (in Dollars)			0
Restricted Stock [Member] | Director [Member]
Note 13 - Stockholders' Equity (Details) [Line Items]
Allocated Share-based Compensation Expense (in Dollars)						479,333	426,667
Restricted Stock [Member]
Note 13 - Stockholders' Equity (Details) [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period						33,333	133,333
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Expected to Vest, Remainder of Fiscal Year						33,333	133,333
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Expected to Vest, Next Twelve Months						33,334	33,334
Employee Stock Option [Member] | 2011 Stock Options Plan [Member]
Note 13 - Stockholders' Equity (Details) [Line Items]
Allocated Share-based Compensation Expense (in Dollars)			33,089		54,352
Employee Stock Option [Member]
Note 13 - Stockholders' Equity (Details) [Line Items]
Allocated Share-based Compensation Expense (in Dollars)			33,089		54,352
Warrant [Member] | Board of Directors Chairman [Member]
Note 13 - Stockholders' Equity (Details) [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Exercised	100,000
Warrant [Member]
Note 13 - Stockholders' Equity (Details) [Line Items]
Allocated Share-based Compensation Expense (in Dollars)			0
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Exercised	2,626,000
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number			0
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number			7,025,575
2011 Stock Options Plan [Member]
Note 13 - Stockholders' Equity (Details) [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross			503,500
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number			503,500
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Stock Options (in Dollars)			259,660
Craig-Hallum Capital Group LLC [Member]
Note 13 - Stockholders' Equity (Details) [Line Items]
Proceeds from Issuance of Warrants (in Dollars)		50
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right		400,000
Class of Warrant or Right, Exercise Price of Warrants or Rights (in Dollars per share)		$ 1.65
Warrants, Term		5 years
Director [Member]
Note 13 - Stockholders' Equity (Details) [Line Items]
Stock Issued During Period, Shares, Restricted Stock Award, Gross						100,000	300,000
Stock Issued During Period, Value, Restricted Stock Award, Gross (in Dollars)						$ 158,000	$ 960,000
Founder and Board Member [Member]
Note 13 - Stockholders' Equity (Details) [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period	25,000
Chief Financial Officer [Member]
Note 13 - Stockholders' Equity (Details) [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period	50,000
Provital Acquisition [Member]
Note 13 - Stockholders' Equity (Details) [Line Items]
Stock Issued During Period, Shares, Acquisitions								4,044,782

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Note 1 - Summary of Significant Accounting Policies (Details) (USD $)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Note 1 - Summary of Significant Accounting Policies (Details) [Line Items]
Cash, Uninsured Amount	$ 0		$ 0
Restricted Cash and Cash Equivalents	193,662
Advertising Expense	15,465	3,462
Research and Development Expense	162,473	100,586
Allocated Share-based Compensation Expense	72,922	220,418
Employee Stock Option [Member]
Note 1 - Summary of Significant Accounting Policies (Details) [Line Items]
Allocated Share-based Compensation Expense	33,089	54,352
Employee Service Share-based Compensation, Tax Benefit from Compensation Expense	$ 0	$ 0
DENMARK
Note 1 - Summary of Significant Accounting Policies (Details) [Line Items]
Value Added Tax of Invoice, Percentage	25.00%
LiqTech International DK [Member] | LiqTech USA [Member]
Note 1 - Summary of Significant Accounting Policies (Details) [Line Items]
Percentage of Subsidiary Owned	100.00%
LiqTech NA [Member] | LiqTech USA [Member]
Note 1 - Summary of Significant Accounting Policies (Details) [Line Items]
Percentage of Subsidiary Owned				100.00%	10.00%
LiqTech NA [Member] | LiqTech International AS [Member]
Note 1 - Summary of Significant Accounting Policies (Details) [Line Items]
Percentage of Subsidiary Owned					90.00%
LiqTech Asia [Member] | LiqTech International DK [Member]
Note 1 - Summary of Significant Accounting Policies (Details) [Line Items]
Percentage of Subsidiary Owned	60.00%
LiqTech Germany [Member] | LiqTech International DK [Member]
Note 1 - Summary of Significant Accounting Policies (Details) [Line Items]
Percentage of Subsidiary Owned	100.00%
LiqTech PTE [Member] | LiqTech International DK [Member]
Note 1 - Summary of Significant Accounting Policies (Details) [Line Items]
Percentage of Subsidiary Owned	95.00%
Minimum [Member]
Note 1 - Summary of Significant Accounting Policies (Details) [Line Items]
Property, Plant and Equipment, Useful Life	3 years
Finite-Lived Intangible Asset, Useful Life	2 years
Maximum [Member]
Note 1 - Summary of Significant Accounting Policies (Details) [Line Items]
Property, Plant and Equipment, Useful Life	10 years
Finite-Lived Intangible Asset, Useful Life	10 years

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Note 14 - Significant Customers / Concentration (Details) - Sales by Product Line (USD $)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Segment Reporting, Revenue Reconciling Item [Line Items]
Net sales	$ 2,104,501	$ 3,197,502
Ceramic Diesel Particulate [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Net sales	960,086	1,563,827
Liquid Filters [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Net sales	963,210	1,541,094
Kiln Furniture [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Net sales	$ 181,205	$ 92,581

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Note 16 - Subsequent Events

3 Months Ended

Mar. 31, 2015

Subsequent Events [Abstract]

Subsequent Events [Text Block]

NOTE 16 – SUBSEQUENT EVENTS

The Company’s management reviewed material events through May 12, 2015 and there were no subsequent events.

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Note 1 - Summary of Significant Accounting Policies (Details) - Allowance for Doubtful Accounts, Roll Forward (USD $)	3 Months Ended	12 Months Ended
	Mar. 31, 2015	Dec. 31, 2014
Allowance for Doubtful Accounts, Roll Forward [Abstract]
Allowance for doubtful accounts at the beginning of the period	$ 1,654,290	$ 608,356
Bad debt expense	12,909	216,919
Amount of receivables written off	(177,885)	(42,117)
Acquired subsidiary		951,354
Effect of currency translation	(166,809)	(80,222)
Allowance for doubtful accounts at the end of the period	$ 1,322,505	$ 1,654,290

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Note 1 - Summary of Significant Accounting Policies (Tables)

3 Months Ended

Mar. 31, 2015

Accounting Policies [Abstract]

Allowance for Credit Losses on Financing Receivables [Table Text Block]

	2015			2014
Allowance for doubtful accounts at the beginning of the period	$	1,654,290		$	608,356
Bad debt expense		12,909			216,919
Amount of receivables written off		(177,885	)		(42,117	)
Acquired subsidiary		-			951,354
Effect of currency translation		(166,809	)		(80,222	)
Allowance for doubtful accounts at the end of the period	$	1,322,505		$	1,654,290

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Note 1 - Summary of Significant Accounting Policies

3 Months Ended

Mar. 31, 2015

Accounting Policies [Abstract]

Significant Accounting Policies [Text Block]

NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Business and Basis of Presentation

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

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

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

LiqTech International AS, a Danish corporation, incorporated on January 15, 2000 (“LiqTech Int. DK”), a 100% owned subsidiary of LiqTech USA, engages in development, design, application, marketing and sales of membranes on ceramic diesel particulate and liquid filters and catalytic converters in Europe, Asia and South America.

LiqTech NA, Inc. (“LiqTech NA”), incorporated in Delaware on July 1, 2005, a 100% owned subsidiary of LiqTech USA as of December 31, 2013, prior to December 31, 2013 LiqTech NA, Inc. was owned 90% by LiqTech International AS and 10% by LiqTech USA, LiqTech NA, Inc. engages in the production, marketing and sale of ceramic diesel particulate and liquid filters and kiln furniture in United States and Canada.

LiqTech Asia (“LiqTech Asia”) a 60% owned subsidiary of LiqTech Int. DK, incorporated in South Korea on July 20, 2006, is currently a dormant subsidiary. LiqTech Asia was liquidated in March 2015.

LiqTech Germany (“LiqTech Germany”) a 100% owned subsidiary of LiqTech Int. DK, incorporated in Germany on December 9, 2011, engages in marketing and sale of liquid filters in Germany.

LiqTech PTE Ltd, (“LiqTech Sing”) a 95% owned subsidiary of LiqTech Int. DK, incorporated in Singapore on January 19, 2012, engages in marketing and sale of liquid filters in Singapore and other countries in the area.

Provital Solutions AS, a Danish Corporation ("Provital") was incorporated on September 1, 2009 and engages in the manufacture of fully automated filtering systems for application within the pool and spa markets, marine applications, and a number of industrial applications within Denmark and international markets. The financial statements include the accounts of Provital from the date of acquisition on July 31st, 2014.

The accompanying financial statements are unaudited. In the opinion of management, all adjustments (which include only normal recurring adjustments) necessary to present fairly the financial position, results of operations and cash flows at March 31, 2015 and 2014 and for the periods then ended have been made. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted.

It is suggested that these condensed financial statements be read in conjunction with the financial statements and notes thereto included in the Company’s December 31, 2014 audited financial statements. The results of operations for the periods ended March 31, 2015 and 2014 are not necessarily indicative of the operating results for the full year.

Consolidation --The consolidated financial statements include the accounts and operations of the Company. The non-controlling interests in the net assets of the subsidiaries are recorded in equity. The non-controlling interests of the results of operations of the subsidiaries are included in the results of operations and recorded as the non-controlling interest in subsidiaries. All material intercompany transactions and accounts have been eliminated in the consolidation.

Functional Currency / Foreign currency translation -- The functional currency of LiqTech International, Inc., LiqTech USA, Inc. and LiqTech NA is the U.S. Dollar. The Functional Currency of LiqTech Int. DK and Provital Solutions AS is the Danish Krone (“DKK”), the functional currency of LiqTech Germany is the Euro and the functional currency of LiqTech Singapore is the Singapore Dollar. The Company’s reporting currency is U.S. Dollar for the purpose of these financial statements. The foreign subsidiaries balance sheet accounts are translated into U.S. Dollars at the period-end exchange rates and all revenue and expenses are translated into U.S. Dollars at the average exchange rates prevailing during the years ended March 31, 2015 and 2014. Translation gains and losses are deferred and accumulated as a component of other comprehensive income in stockholders’ equity. Transaction gains and losses that arose from exchange rate fluctuations from transactions denominated in a currency other than the functional currency are included in the statement of operations as incurred.

Cash, Cash Equivalents and Restricted Cash -- The Company considers all highly liquid debt instruments purchased with a maturity of three months or less to be cash equivalents. The Company had no balances held in financial institution in the United States in excess of federally insured amounts at March 31, 2015 and December 31, 2014. At March 31, 2015, the Company had cash balances of $193,662 that are restricted to secure guarantees issued by the Company. The cash is restricted until the underlying guarantees are released.

Accounts Receivable -- Accounts receivables consist of trade receivables arising in the normal course of business. The Company establishes an allowance for doubtful accounts which reflects the Company’s best estimate of probable losses inherent in the accounts receivable balance. The Company determines the allowance based on known troubled accounts, historical experience, and other currently available evidence.

The roll forward of the allowance for doubtful accounts for the three months ended March 31, 2015 and the year ended December 31, 2014 is as follows:

	2015			2014
Allowance for doubtful accounts at the beginning of the period	$	1,654,290		$	608,356
Bad debt expense		12,909			216,919
Amount of receivables written off		(177,885	)		(42,117	)
Acquired subsidiary		-			951,354
Effect of currency translation		(166,809	)		(80,222	)
Allowance for doubtful accounts at the end of the period	$	1,322,505		$	1,654,290

Inventory -- Inventory is carried at the lower of cost or market, as determined on the first-in, first-out method.

Property and Equipment -- Property and equipment are stated at cost. Expenditures for major renewals and betterments that extend the useful lives of property and equipment are capitalized, upon being placed in service. Expenditures for maintenance and repairs are charged to expense as incurred. Depreciation is computed for financial statement purposes on a straight-line basis over the estimated useful lives of the assets which range from three to ten years (See Note 4). 

Long-Term Investments -- Investments in non-consolidated companies are included in long-term investments in the consolidated balance sheet and are accounted for under the cost method and equity method. For these non-quoted investments, we regularly review the assumptions underlying the operating performance and cash flow forecasts based on information requested from these privately held companies. Generally, this information may be more limited, may not be as timely as and may be less accurate than information available from publicly traded companies. Assessing each investment's carrying value requires significant judgment by management. If it is determined that there is an-other-than-temporary decline in the fair value of a non-public equity security, we write-down the investment to its fair value and record the related write-down as an investment loss in the consolidated statement of operations.

Intangible Assets -- Definite life intangible assets include patents. The Company accounts for definite life intangible assets in accordance with Financial Accounting Standards Board, (“FASB”) Accounting Standards Codification, (“ASC”) Topic 350, “Goodwill and Other Intangible Assets” and amortized the patents on a straight line basis over the estimated useful life of two to ten years. 

Goodwill -- Goodwill is evaluated for impairment annually, and whenever events or changes in circumstances indicate the carrying value of goodwill may not be recoverable. Triggering events that may indicate impairment include, but are not limited to, a significant adverse change in customer demand or business climate that could affect the value of goodwill or a significant decrease in expected cash flows.

Revenue Recognition and Sales Incentives -- The Company accounts for revenue recognition in accordance with the Securities and Exchange Commission Staff Accounting Bulletin No. 101, “Revenue Recognition in Financial Statements” (SAB 101), FASB ASC 605 Revenue Recognition. The Company recognizes revenue when rights and risk of ownership have passed to the customer, when there is persuasive evidence of an arrangement, product has been shipped or delivered to the customer, the price and terms are finalized, and collections of resulting receivable is reasonably assured. Products are primarily shipped FOB shipping point at which time title passes to the customer. In some instances the Company uses common carriers for the delivery of products. In these arrangements, sales are recognized upon delivery to the customer. The Company's revenue arrangements with its customers often include early payment discounts and such sales incentives are recorded against sales.

The Company has received long-term contracts for the installation of various water filtrations systems and grants from government entities for development and use of silicon carbide membranes in various water filtration and treatment applications. Revenues from long-term contracts and grants are recognized on the percentage-of-completion method, measured by the percentage of project costs incurred to date to estimated total project costs for each long-term contract or grant multiplied by the long-term contract or grant income on a project by project basis. This method is used because management considers costs incurred to be the best available measure of progress on contracts in process.

Project costs of the long-term contracts and grants include all direct material and labor costs and those indirect costs related to the project. Project costs are capitalized and accreted into cost of sales based on the percentage of the project completed. Should a loss be estimated on an incomplete project it would be recorded in the period in which such a loss is determined. Changes in estimated profitability of a project are recognized in the period in which the revisions are determined. The aggregate of costs incurred and income recognized on incomplete projects are recorded as costs in excess of billings and are shown as a current asset. The aggregate of billings in excess of related costs incurred and income recognized on projects is shown as a current liability.

In Denmark, Value Added Tax (“VAT”) of 25% of the invoice amount is collected in respect of the sales of goods on behalf of tax authorities. The VAT collected is not revenue of the Company; instead, the amount is recorded as a liability on the balance sheet until such VAT is paid to the authorities.

Advertising Cost -- Cost incurred in connection with advertising of the Company’s products is expensed as incurred. Such costs amounted to $15,465 and $3,462, for the three months ended March 31, 2015 and 2014, respectively.

Research and Development Cost -- The Company expenses research and development costs for the development of new products and systems as incurred. Included in operating expense for the three months ended March 31, 2015 and 2014 were $162,473, and $100,586, respectively, of research and development costs.

Income Taxes -- The Company accounts for income taxes in accordance with FASB ASC Topic 740 Accounting for Income Taxes. This statement requires an asset and liability approach for accounting for income taxes.

Income (Loss) Per Share -- The Company calculates earnings (loss) per share in accordance with FASB ASC 260 Earnings Per Share. Basic earnings per common share (EPS) are based on the weighted average number of common shares outstanding during each period. Diluted earnings per common share are based on shares outstanding (computed as under basic EPS) and potentially dilutive common shares. Potential common shares included in the diluted earnings per share calculation include in-the-money stock options and warrants that have been granted but have not been exercised.

Stock Options -- The Companies have granted stock options to certain key employees. See Note 13. During the years presented in the accompanying consolidated financial statements, the Company has granted options. The Company accounts for options in accordance with the provisions of FASB ASC Topic 718, Compensation – Stock Compensation. Non-cash compensation costs of $33,089 and $54,352 have been recognized for the vesting of options granted to employees with an associated recognized tax benefit of $0 for the three months ended March 31, 2015 and 2014, respectively.

Fair Value of Financial Instruments -- The Company accounts for fair value measurements for financial assets and financial liabilities in accordance with FASB ASC Topic 820. The authoritative guidance, which, among other things, defines fair value, establishes a consistent framework for measuring fair value and expands disclosure for each major asset and liability category measured at fair value on either a recurring or nonrecurring basis. Fair value is defined as the exit price, representing the amount that would either be received to sell an asset or be paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, the guidance establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows:

●   Level 1. Observable inputs such as quoted prices in active markets for identical assets or liabilities;

●   Level 2. Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly; and

●   Level 3. Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions.

Unless otherwise disclosed, the fair value of the Company’s financial instruments including cash, accounts receivable, prepaid expenses, investments, accounts payable, accrued expenses, capital lease obligations and notes payable approximates their recorded values due to their short-term maturities.  

Accounting Estimates -- The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets 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.

Recent Accounting Pronouncements -- In May 2014, the Financial Accounting Standards Board issued a new standard to achieve a consistent application of revenue recognition within the U.S., resulting in a single revenue model to be applied by reporting companies under U.S. generally accepted accounting principles. Under the new model, recognition of revenue occurs when a customer obtains control of promised goods or services in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. In addition, the new standard requires that reporting companies disclose the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers. The new standard is effective beginning in the first quarter of 2017; early adoption is prohibited. The new standard is required to be applied retrospectively to each prior reporting period presented or retrospectively with the cumulative effect of initially applying it recognized at the date of initial application. We have not yet selected a transition method nor have we determined the impact of the new standard on our consolidated condensed financial statements. 

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

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Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) (USD $)	Mar. 31, 2015	Dec. 31, 2014	Mar. 31, 2014
Common Stock, par value (in Dollars per share)	$ 0.001	$ 0.001
Common Stock, shares authorized	100,000,000	100,000,000
Common Stock, shares issued	39,404,782	39,404,782	39,404,782
Common Stock, shares outstanding	39,404,782	39,404,782	39,404,782

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Note 11 - Income Taxes

3 Months Ended

Mar. 31, 2015

Income Tax Disclosure [Abstract]

Income Tax Disclosure [Text Block]

 NOTE 11 – INCOME TAXES

The Company accounts for income taxes in accordance with FASB ASC Topic 740, Accounting for Income Taxes; which requires the Company to provide a net deferred tax asset or liability equal to the expected future tax benefit or expense of temporary reporting differences between book and tax accounting and any available operating loss or tax credit carry forwards. The amount of and ultimate realization of the benefits from the deferred tax assets for income tax purposes is dependent, in part, upon the tax laws in effect, the Company’s future earnings, and other future events, the effects of which cannot be determined.

The temporary differences, tax credits and carry forwards gave rise to the following deferred tax asset (liabilities) at March 31, 2015 and December 31, 2014:  

	2015			2014
Vacation accrual	$	5,077		$	5,077
Allowance for doubtful accounts		13,955			13,955
Long term contracts		-			-
Reserve for obsolete inventory		52,308			90,605
Net current tax assets	$	71,340		$	109,637
Business tax credit carryover		25,709			25,709
Deferred compensation		171,615			171,615
Net operating loss carryover		4,207,651			4,001,198
Excess of book over tax depreciation		(588,042	)		(583,735	)
Valuation Allowance		(120,153	)		(118,328	)
Long term deferred tax asset	$	3,696,780		$	3,496,459

In accordance with prevailing accounting guidance, the Company is required to recognize and disclose any income tax uncertainties. The guidance provides a two-step approach to recognizing and measuring tax benefits and liabilities when realization of the tax position is uncertain. The first step is to determine whether the tax position meets the more-likely-than-not condition for recognition and the second step is to determine the amount to be recognized based on the cumulative probability that exceeds 50%.

The amount of and ultimate realization of the benefits from the deferred tax assets for income tax purposes is dependent, in part, upon the tax laws in effect, the Company’s future earnings, and other future events, the effects of which can difficult to determine and can only be estimated. Management estimates that it is more likely than not that the Company will generate adequate net profits to use the deferred tax assets; management has estimated that all of the deferred tax will be realized and consequently, a valuation allowance was not recorded.

A reconciliation of income tax expense at the federal statutory rate to income tax expense at the Company’s effective rate is as follows for the three months ended March 31, 2015 and 2014: 

	2015			2014
Computed tax at expected statutory rate	$	(531,400	)	$	(378,718	)
State and local income taxes, net of federal benefits		-			(24,703	)
Non-deductible expenses		24,793			18,480
Non-US income taxed at different rates		95,750			26,499
Valuation Allowance		19,328			-
Income tax expense (benefit)	$	(391,529	)	$	(358,442	)

The components of income tax expense (benefit) from continuing operations for the three months ended March 31, 2015 and 2014 consisted of the following:

	2015			2014
Current income tax expense:
Danish	$	-		$	-
Korean		-			-
Federal		-			-
State		-			-
Current tax (benefit)	$	-		$	-
Book in excess of tax depreciation	$	-		$	-
Business tax credit carryover		-			-
Net operating loss carryover		(410,856	)		(487,269	)
Allowance for doubtful accounts		19,327			-
Accrued Vacation		-			-
Deferred Compensation		-			108,801
Reserve for obsolete inventory		-			20,026
Deferred tax expense (benefit)	$	(391,529	)	$	(358,442	)
Total tax expense (benefit)	$	(391,529	)	$	(358,442	)

Deferred income tax expense / (benefit) results primarily from the reversal of temporary timing differences between tax and financial statement income.

The Company files Danish and U.S. federal and Minnesota state income tax returns. LiqTech International AS is generally no longer subject to tax examinations for years prior to 2009 for their Danish tax returns. LiqTech NA is generally no longer subject to tax examinations for years prior to 2011 for U.S. federal and U.S. states tax returns.

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Document And Entity Information	3 Months Ended
	Mar. 31, 2015	May 12, 2015
Document and Entity Information [Abstract]
Entity Registrant Name	LIQTECH INTERNATIONAL INC
Document Type	10-Q
Current Fiscal Year End Date	--12-31
Entity Common Stock, Shares Outstanding		39,404,782
Amendment Flag	false
Entity Central Index Key	0001307579
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Filer Category	Smaller Reporting Company
Entity Well-known Seasoned Issuer	No
Document Period End Date	Mar. 31, 2015
Document Fiscal Year Focus	2015
Document Fiscal Period Focus	Q1

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Note 12 - Earnings Per Share

3 Months Ended

Mar. 31, 2015

Earnings Per Share [Abstract]

Earnings Per Share [Text Block]

NOTE 12 – EARNINGS PER SHARE

The following data shows the amounts used in computing earnings per share and the effect on income and the weighted average number of shares of potential dilutive common stock for the three months ended March 31, 2015 and 2014:

	For the three Months Ended March 31
	2015			2014
Loss attributable to LiqTech International Inc.	$	(1,171,412	)	$	(755,435	)
Weighted average number of common shares used in basic earnings per share		39,404,782			27,212,500
Effect of dilutive securities, stock options and warrants		-			-
Weighted average number of common shares and potentially dilutive securities		39,404,782			27,212,500

For the three months ended March 31, 2015, Parent had 503,500 options outstanding to purchase common stock of the Parent at $1.57 to $1.90 per share and Parent had 7,025,575 warrants outstanding to purchase common stock of the Parent at $1.50 to $4.06 per share, which were not included in the loss per share computation because their effect would be anti-dilutive.

For the three months ended March 31, 2014, Parent had 3,064,130 options outstanding to purchase common stock of the Parent at $1.50 to $3.60 per share and Parent had 7,025,575 warrants outstanding to purchase common stock of the Parent at $1.50 to $4.06 per share, which were not included in the loss per share computation because their effect would be anti-dilutive.

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(Unaudited) Consolidated Statements of Operations (USD $)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Net Sales	$ 2,104,501	$ 3,197,502
Cost of Goods Sold	2,151,467	2,642,374
Gross Profit	(46,966)	555,128
Operating Expenses:
Selling expenses	692,723	669,547
General and administrative expenses	816,067	672,657
Non-cash compensation expenses	72,922	220,418
Research and development expenses	162,473	100,586
Total Operating Expense	1,744,185	1,663,208
Loss from Operations	(1,791,151)	(1,108,080)
Other Income (Expense)
Interest and other income	243	3,195
Interest expense	(15,186)	(11,521)
Gain (loss) on investments	7,366	(2,119)
Gain on currency transactions	233,191	2,787
Total Other Income (Expense)	225,614	(7,658)
Loss Before Income Taxes	(1,565,537)	(1,115,738)
Income Tax Benefit	(391,529)	(358,442)
Net Loss	(1,174,008)	(757,296)
Less Net Loss Attributable To Non-Controlled Interests in Subsidiaries	(2,596)	(1,861)
Net Loss Attributable To LiqTech	$ (1,171,412)	$ (755,435)
Basic Loss Per Share (in Dollars per share)	$ (0.03)	$ (0.03)
Weighted Average Common Shares Outstanding (in Shares)	39,404,782	27,212,500
Diluted Loss Per Share (in Dollars per share)	$ (0.03)	$ (0.03)
Weighted Average Common Shares Outstanding Assuming Dilution (in Shares)	39,404,782	27,212,500

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Note 6 - Definite-life Intangible Assets

3 Months Ended

Mar. 31, 2015

Disclosure Text Block [Abstract]

Intangible Assets Disclosure [Text Block]

NOTE 6 - DEFINITE-LIFE INTANGIBLE ASSETS

At March 31, 2015 and December 31, 2014, definite-life intangible assets, net of accumulated amortization, consisted of patents on the Company’s products of $13,603 and $16,708, respectively. The patents are recorded at cost and amortized over two to ten years. Amortization expense for the period ended March 31, 2015 and 2014 was $3,105 and $1,457, respectively. Expected future amortization expense for the years ended are as follows: 

Year ending December 31,	Amortization Expenses
2015	$	3,386
2016		4,515
2017		2,741
2018		2,306
2019		655
Thereafter		-
	$	13,603

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Note 5 - Investments at Costs

3 Months Ended

Mar. 31, 2015

Investments, Debt and Equity Securities [Abstract]

Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block]

NOTE 5 - INVESTMENTS AT COSTS

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

As of March 31, 2015	Level 1		Level 2		Level 3
Investments		-		-		5,365
Total		-		-		5,365

As of December 31, 2014	Level 1		Level 2		Level 3
Investments		-		-		6,085
Total		-		-		6,085

At March 31, 2015 and December 31, 2014, our total investments of $5,365 and $6,085 consisted of an investment in LEA Technology in France to strengthen our sales channels in the French market, respectively.

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Accounting Policies, by Policy (Policies)

3 Months Ended

Mar. 31, 2015

Accounting Policies [Abstract]

Basis of Accounting, Policy [Policy Text Block]

Business and Basis of Presentation

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

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

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

LiqTech International AS, a Danish corporation, incorporated on January 15, 2000 (“LiqTech Int. DK”), a 100% owned subsidiary of LiqTech USA, engages in development, design, application, marketing and sales of membranes on ceramic diesel particulate and liquid filters and catalytic converters in Europe, Asia and South America.

LiqTech NA, Inc. (“LiqTech NA”), incorporated in Delaware on July 1, 2005, a 100% owned subsidiary of LiqTech USA as of December 31, 2013, prior to December 31, 2013 LiqTech NA, Inc. was owned 90% by LiqTech International AS and 10% by LiqTech USA, LiqTech NA, Inc. engages in the production, marketing and sale of ceramic diesel particulate and liquid filters and kiln furniture in United States and Canada.

LiqTech Asia (“LiqTech Asia”) a 60% owned subsidiary of LiqTech Int. DK, incorporated in South Korea on July 20, 2006, is currently a dormant subsidiary. LiqTech Asia was liquidated in March 2015.

LiqTech Germany (“LiqTech Germany”) a 100% owned subsidiary of LiqTech Int. DK, incorporated in Germany on December 9, 2011, engages in marketing and sale of liquid filters in Germany.

LiqTech PTE Ltd, (“LiqTech Sing”) a 95% owned subsidiary of LiqTech Int. DK, incorporated in Singapore on January 19, 2012, engages in marketing and sale of liquid filters in Singapore and other countries in the area.

Provital Solutions AS, a Danish Corporation ("Provital") was incorporated on September 1, 2009 and engages in the manufacture of fully automated filtering systems for application within the pool and spa markets, marine applications, and a number of industrial applications within Denmark and international markets. The financial statements include the accounts of Provital from the date of acquisition on July 31st, 2014.

The accompanying financial statements are unaudited. In the opinion of management, all adjustments (which include only normal recurring adjustments) necessary to present fairly the financial position, results of operations and cash flows at March 31, 2015 and 2014 and for the periods then ended have been made. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted.

It is suggested that these condensed financial statements be read in conjunction with the financial statements and notes thereto included in the Company’s December 31, 2014 audited financial statements. The results of operations for the periods ended March 31, 2015 and 2014 are not necessarily indicative of the operating results for the full year.

Consolidation, Policy [Policy Text Block]

Consolidation --The consolidated financial statements include the accounts and operations of the Company. The non-controlling interests in the net assets of the subsidiaries are recorded in equity. The non-controlling interests of the results of operations of the subsidiaries are included in the results of operations and recorded as the non-controlling interest in subsidiaries. All material intercompany transactions and accounts have been eliminated in the consolidation.

Foreign Currency Transactions and Translations Policy [Policy Text Block]

Functional Currency / Foreign currency translation -- The functional currency of LiqTech International, Inc., LiqTech USA, Inc. and LiqTech NA is the U.S. Dollar. The Functional Currency of LiqTech Int. DK and Provital Solutions AS is the Danish Krone (“DKK”), the functional currency of LiqTech Germany is the Euro and the functional currency of LiqTech Singapore is the Singapore Dollar. The Company’s reporting currency is U.S. Dollar for the purpose of these financial statements. The foreign subsidiaries balance sheet accounts are translated into U.S. Dollars at the period-end exchange rates and all revenue and expenses are translated into U.S. Dollars at the average exchange rates prevailing during the years ended March 31, 2015 and 2014. Translation gains and losses are deferred and accumulated as a component of other comprehensive income in stockholders’ equity. Transaction gains and losses that arose from exchange rate fluctuations from transactions denominated in a currency other than the functional currency are included in the statement of operations as incurred.

Cash and Cash Equivalents, Policy [Policy Text Block]

Cash, Cash Equivalents and Restricted Cash -- The Company considers all highly liquid debt instruments purchased with a maturity of three months or less to be cash equivalents. The Company had no balances held in financial institution in the United States in excess of federally insured amounts at March 31, 2015 and December 31, 2014. At March 31, 2015, the Company had cash balances of $193,662 that are restricted to secure guarantees issued by the Company. The cash is restricted until the underlying guarantees are released.

Loans and Leases Receivable, Allowance for Loan Losses Policy [Policy Text Block]

Accounts Receivable -- Accounts receivables consist of trade receivables arising in the normal course of business. The Company establishes an allowance for doubtful accounts which reflects the Company’s best estimate of probable losses inherent in the accounts receivable balance. The Company determines the allowance based on known troubled accounts, historical experience, and other currently available evidence.

The roll forward of the allowance for doubtful accounts for the three months ended March 31, 2015 and the year ended December 31, 2014 is as follows:

	2015			2014
Allowance for doubtful accounts at the beginning of the period	$	1,654,290		$	608,356
Bad debt expense		12,909			216,919
Amount of receivables written off		(177,885	)		(42,117	)
Acquired subsidiary		-			951,354
Effect of currency translation		(166,809	)		(80,222	)
Allowance for doubtful accounts at the end of the period	$	1,322,505		$	1,654,290

Inventory, Policy [Policy Text Block]

Inventory -- Inventory is carried at the lower of cost or market, as determined on the first-in, first-out method.

Property, Plant and Equipment, Policy [Policy Text Block]

Property and Equipment -- Property and equipment are stated at cost. Expenditures for major renewals and betterments that extend the useful lives of property and equipment are capitalized, upon being placed in service. Expenditures for maintenance and repairs are charged to expense as incurred. Depreciation is computed for financial statement purposes on a straight-line basis over the estimated useful lives of the assets which range from three to ten years (See Note 4).

Investment, Policy [Policy Text Block]

Long-Term Investments -- Investments in non-consolidated companies are included in long-term investments in the consolidated balance sheet and are accounted for under the cost method and equity method. For these non-quoted investments, we regularly review the assumptions underlying the operating performance and cash flow forecasts based on information requested from these privately held companies. Generally, this information may be more limited, may not be as timely as and may be less accurate than information available from publicly traded companies. Assessing each investment's carrying value requires significant judgment by management. If it is determined that there is an-other-than-temporary decline in the fair value of a non-public equity security, we write-down the investment to its fair value and record the related write-down as an investment loss in the consolidated statement of operations.

Goodwill and Intangible Assets, Policy [Policy Text Block]

Intangible Assets -- Definite life intangible assets include patents. The Company accounts for definite life intangible assets in accordance with Financial Accounting Standards Board, (“FASB”) Accounting Standards Codification, (“ASC”) Topic 350, “Goodwill and Other Intangible Assets” and amortized the patents on a straight line basis over the estimated useful life of two to ten years.

Goodwill and Intangible Assets, Goodwill, Policy [Policy Text Block]

Goodwill -- Goodwill is evaluated for impairment annually, and whenever events or changes in circumstances indicate the carrying value of goodwill may not be recoverable. Triggering events that may indicate impairment include, but are not limited to, a significant adverse change in customer demand or business climate that could affect the value of goodwill or a significant decrease in expected cash flows.

Revenue Recognition, Policy [Policy Text Block]

Revenue Recognition and Sales Incentives -- The Company accounts for revenue recognition in accordance with the Securities and Exchange Commission Staff Accounting Bulletin No. 101, “Revenue Recognition in Financial Statements” (SAB 101), FASB ASC 605 Revenue Recognition. The Company recognizes revenue when rights and risk of ownership have passed to the customer, when there is persuasive evidence of an arrangement, product has been shipped or delivered to the customer, the price and terms are finalized, and collections of resulting receivable is reasonably assured. Products are primarily shipped FOB shipping point at which time title passes to the customer. In some instances the Company uses common carriers for the delivery of products. In these arrangements, sales are recognized upon delivery to the customer. The Company's revenue arrangements with its customers often include early payment discounts and such sales incentives are recorded against sales.

The Company has received long-term contracts for the installation of various water filtrations systems and grants from government entities for development and use of silicon carbide membranes in various water filtration and treatment applications. Revenues from long-term contracts and grants are recognized on the percentage-of-completion method, measured by the percentage of project costs incurred to date to estimated total project costs for each long-term contract or grant multiplied by the long-term contract or grant income on a project by project basis. This method is used because management considers costs incurred to be the best available measure of progress on contracts in process.

Project costs of the long-term contracts and grants include all direct material and labor costs and those indirect costs related to the project. Project costs are capitalized and accreted into cost of sales based on the percentage of the project completed. Should a loss be estimated on an incomplete project it would be recorded in the period in which such a loss is determined. Changes in estimated profitability of a project are recognized in the period in which the revisions are determined. The aggregate of costs incurred and income recognized on incomplete projects are recorded as costs in excess of billings and are shown as a current asset. The aggregate of billings in excess of related costs incurred and income recognized on projects is shown as a current liability.

In Denmark, Value Added Tax (“VAT”) of 25% of the invoice amount is collected in respect of the sales of goods on behalf of tax authorities. The VAT collected is not revenue of the Company; instead, the amount is recorded as a liability on the balance sheet until such VAT is paid to the authorities.

Advertising Costs, Policy [Policy Text Block]

Advertising Cost -- Cost incurred in connection with advertising of the Company’s products is expensed as incurred. Such costs amounted to $15,465 and $3,462, for the three months ended March 31, 2015 and 2014, respectively.

Research, Development, and Computer Software, Policy [Policy Text Block]

Research and Development Cost -- The Company expenses research and development costs for the development of new products and systems as incurred. Included in operating expense for the three months ended March 31, 2015 and 2014 were $162,473, and $100,586, respectively, of research and development costs.

Income Tax, Policy [Policy Text Block]

Income Taxes -- The Company accounts for income taxes in accordance with FASB ASC Topic 740 Accounting for Income Taxes. This statement requires an asset and liability approach for accounting for income taxes.

Earnings Per Share, Policy [Policy Text Block]

Income (Loss) Per Share -- The Company calculates earnings (loss) per share in accordance with FASB ASC 260 Earnings Per Share. Basic earnings per common share (EPS) are based on the weighted average number of common shares outstanding during each period. Diluted earnings per common share are based on shares outstanding (computed as under basic EPS) and potentially dilutive common shares. Potential common shares included in the diluted earnings per share calculation include in-the-money stock options and warrants that have been granted but have not been exercised.

Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block]

Stock Options -- The Companies have granted stock options to certain key employees. See Note 13. During the years presented in the accompanying consolidated financial statements, the Company has granted options. The Company accounts for options in accordance with the provisions of FASB ASC Topic 718, Compensation – Stock Compensation. Non-cash compensation costs of $33,089 and $54,352 have been recognized for the vesting of options granted to employees with an associated recognized tax benefit of $0 for the three months ended March 31, 2015 and 2014, respectively.

Fair Value Measurement, Policy [Policy Text Block]

Fair Value of Financial Instruments -- The Company accounts for fair value measurements for financial assets and financial liabilities in accordance with FASB ASC Topic 820. The authoritative guidance, which, among other things, defines fair value, establishes a consistent framework for measuring fair value and expands disclosure for each major asset and liability category measured at fair value on either a recurring or nonrecurring basis. Fair value is defined as the exit price, representing the amount that would either be received to sell an asset or be paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, the guidance establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows:

●   Level 1. Observable inputs such as quoted prices in active markets for identical assets or liabilities;

●   Level 2. Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly; and

●   Level 3. Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions.

Unless otherwise disclosed, the fair value of the Company’s financial instruments including cash, accounts receivable, prepaid expenses, investments, accounts payable, accrued expenses, capital lease obligations and notes payable approximates their recorded values due to their short-term maturities.

Use of Estimates, Policy [Policy Text Block]

Accounting Estimates -- The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets 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.

New Accounting Pronouncements, Policy [Policy Text Block]

Recent Accounting Pronouncements -- In May 2014, the Financial Accounting Standards Board issued a new standard to achieve a consistent application of revenue recognition within the U.S., resulting in a single revenue model to be applied by reporting companies under U.S. generally accepted accounting principles. Under the new model, recognition of revenue occurs when a customer obtains control of promised goods or services in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. In addition, the new standard requires that reporting companies disclose the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers. The new standard is effective beginning in the first quarter of 2017; early adoption is prohibited. The new standard is required to be applied retrospectively to each prior reporting period presented or retrospectively with the cumulative effect of initially applying it recognized at the date of initial application. We have not yet selected a transition method nor have we determined the impact of the new standard on our consolidated condensed financial statements. 

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

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Note 13 - Stockholders' Equity

3 Months Ended

Mar. 31, 2015

Stockholders' Equity Note [Abstract]

Stockholders' Equity Note Disclosure [Text Block]

NOTE 13 - STOCKHOLDERS' EQUITY

Common Stock  --  Parent has 100,000,000 authorized shares of common stock, $0.001 par value. As of March 31, 2015 and December 31, 2014, respectively, there were 39,404,782 and 39,404,782 common shares issued and outstanding.   

Voting -- Holders of Parent common stock are entitled to one vote for each share held of record on each matter submitted to a vote of stockholders, including the election of directors, and do not have any right to cumulate votes in the election of directors. 

Dividends -- Subject to the rights and preferences of the holders of any series of preferred stock which may at the time be outstanding, holders of Parent common stock are entitled to receive ratably such dividends as our Board of Directors from time to time may declare out of funds legally available.  

Liquidation Rights -- In the event of any liquidation, dissolution or winding-up of affairs of Parent, after payment of all of our debts and liabilities and subject to the rights and preferences of the holders of any outstanding shares of any series of our preferred stock, the holders of Parent common stock will be entitled to share ratably in the distribution of any of our remaining assets.  

Other Matters -- Holders of Parent common stock have no conversion, preemptive or other subscription rights, and there are no redemption rights or sinking fund provisions with respect to the common stock. All of the issued and outstanding shares of common stock on the date of this report are validly issued, fully paid and non-assessable.

Preferred Stock - Our Board of Directors has the authority to issue Parent preferred stock in one or more classes or series and to fix the designations, powers, preferences and rights, the qualifications, limitations or restrictions thereof, including dividend rights, dividend rates, conversion rights, voting rights, terms of redemption, redemption prices, liquidation preferences and the number of shares constituting any class or series, without further vote or action by the stockholders. The issuance of Parent preferred stock may have the effect of delaying, deferring or preventing a change in control of us without further action by the stockholders and may adversely affect the voting and other rights of the holders of common stock.

Common Stock Issuance

On July 28, 2014, Parent completed a registered public offering of its common stock. As part of the closing, Parent issued 8,000,000 shares of common stock at a per share price of $1.50 and generated net proceeds of $10,736,278 million, net of offering costs of $1,263,722.  

On the July 29, 2014, the Company, through its subsidiary, LiqTech Int. DK, completed the acquisition of all of the issued and outstanding capital stock (the “Provital Shares”) of Provital Solutions A/S, a Danish company (“Provital”) and as part of the consideration for the Provital shares, the Company issued 4,044,782 common shares. 

During the third quarter 2014, the Company issued 47,500 shares of common stock in connection with the exercise of 47,500 stock options with an exercise price of $1.50 each.

During 2014, the Company issued an additional 100,000 shares of restricted stock valued at $158,000 for services provided and to be provided by the board of directors. The Company will recognized the non-cash compensation of the award over the requisite service period, of which 33,333 shares vested on December 31, 2014, 33,333 shares will vest on December 31, 2015 and 33,334 shares will vest on December 31, 2016. During 2013, the Company issued an additional 300,000 shares of restricted stock valued at $960,000 for services provided and to be provided by the board of directors. The Company will recognized the non-cash compensation of the award over the requisite service period, of which 133,333 shares vested on December 31, 2013, 133,333 shares vested on December 31, 2014 and 33,334 shares will vest on December 31, 2015. As of December 31, 2014 and 2013, the Company has recorded non-cash compensation expense of $479,333 and $426,667 relating to the awards.  

On October 9, 2013 we announced that the warrant and option exercise raised $4,051,000 with holders exercising 2,701,000 warrants and stock options which included the exercise of 100,000 warrants by Aldo Petersen, Chairman of LiqTech, 25,000 stock options by Lasse Andreassen, founder and former board member of LiqTech and 50,000 stock options by Soren Degn, CFO of LiqTech. 

Common Stock Purchase Warrants

A summary of the status of the Warrants outstanding at March 31, 2015 is presented below:

		Warrants Outstanding						Warrants Exercisable
Exercise Prices		Number Outstanding		Weighted Average Remaining Contractual Life (years)		Weighted Average Exercise Price		Number Exercisable		Weighted Average Exercise Price
$	1.50		3,874,000		1.76	$	1.50		3,874,000	$	1.50
$	1.65		400,000		4.33	$	1.65		400,000	$	1.65
$	2.70		2,626,000		1.76	$	2.70		2,626,000	$	2.70
$	4.06		125,575		1.94	$	4.06		125,575	$	4.06
Total			7,025,575		1.90	$	2.00		7,025,575	$	2.00

At March 31, 2015, the Company had no non-vested warrants. We have recorded non-cash compensation expense of $0 for the period ended March 31, 2015 related to the warrants issued.

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

On July 28, 2014, the Company issued to the Underwriter in our public offering, for a price of $50, a warrant to purchase 400,000 shares at an exercise price of $1.65 per share. The warrants are immediately exercisable and will remain exercisable for five years.

On October 9, 2013, the Company issued 2,626,000 new warrants equal to the number of warrants exercised by the warrant holder having the same terms and conditions as the warrants exercised by the warrant holder, respectively, except each warrant issued has a strike price of $2.70 per share, the closing bid price of Parent’s common stock as quoted on the OTCBB on September 23, 2013.  The net proceeds from the offering were allocated to the stock and warrants based on their relative fair values. The Company recorded the relative fair value of the warrants of $1,124,928 as stock offering costs.

Stock Options  

In August 2011, Parent’s Board of Directors adopted a Stock Option Plan (the “Plan”). Under the terms and conditions of the Plan, the board is empowered to grant stock options to employees, officers, and directors of the Companies. At March 31, 2015, 503,500 options were granted and outstanding under the Plan. 

The Company recognizes compensation costs for stock option awards to employees based on their grant-date fair value. The value of each stock option is estimated on the date of grant using the Black-Scholes option-pricing model. The weighted-average assumptions used to estimate the fair values of the stock options granted using the Black-Scholes option-pricing model are as follows:

	LiqTech International, Inc.
Expected term (in years)		3
Volatility		69.44
Risk free interest rate		0.80	%
Dividend yield		0	%

The Company recognized stock based compensation expense (forfeitures) related to the options of $33,089 and $54,352 for the three months ended March 31, 2015 and 2014, respectively. At March 31, 2015 the Company had approximately $259,660 of unrecognized compensation cost related to non-vested options expected to be recognized through October 14, 2017.

A summary of the status of the options outstanding under the Company’s stock option plans at March 31, 2015 is presented below: 

		Options Outstanding						Options Exercisable
Exercise Prices		Number Outstanding		Weighted Average Remaining Contractual Life (years)		Weighted Average Exercise Price		Number Exercisable		Weighted Average Exercise Price
$	1.57		100,000		2.54	$	1.57		33,333	$	1.57
$	1.90		403,500		1.83	$	1.90		269,000	$	1.90
Total			503,500		1.97	$	1.83		302,333	$	1.86

A summary of the status of the options at March 31, 2015, and changes during the period is presented below:

	March 31, 2015
	Shares		Weighted Average Exercise Price		Average Remaining Life		Weighted Average Intrinsic Value
Outstanding at beginning of period		1,960,130	$	2.55		0.70	$	-
Granted		-		-		-		-
Exercised		-		-		-		-
Forfeited		-		-		-		-
Expired		1,456,630		2.79		-		-
Outstanding at end of period		503,500	$	1.83		1.97	$	-
Vested and expected to vest		503,500	$	1.83		1.97	$	-
Exercisable end of period		302,333	$	1.86		1.91	$	-

At March 31, 2015, the Company had 201,167 non-vested options with a weighted average exercise price of $1.79 and with a weighted average grant date fair value of $0.78, resulting in unrecognized compensation expense of $156,374, which is expected to be expensed over a weighted-average period of 2.06 years.

The total intrinsic value of options at March 31, 2015 was $0. Intrinsic value is measured using the fair market value at the date of exercise (for shares exercised) or at March 31, 2015 (for outstanding options), less the applicable exercise price. 

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Note 9 - Leases

3 Months Ended

Mar. 31, 2015

Leases [Abstract]

Leases of Lessee Disclosure [Text Block]

NOTE 9 – LEASES

Operating Leases -- The Company leases office and production facilities under operating lease agreements expiring in August 2018, March 2017, February 2017, June 2017, December 2016 and June 2016. In some of these lease agreements, the Company has the right to extend.

The future minimum lease payments for non-cancelable operating leases having remaining terms in excess of one year as of March 31, 2015 are as follows:

Year ending December	Operating Lease Payments
2015	$	499,050
2016		643,157
2017		416,184
2018		245,345
2019		-
Thereafter		-
Total Minimum Lease Payments	$	1,803,736

Lease expense charged to operations was $189,404 and $173,755 for the three months ended March 31, 2015 and 2014, respectively.

Capital Leases -- The Company leases equipment on various variable rate capital leases currently calling for monthly payments of approximately $9,467, $3,669, $600 and $540 expiring through July 2018. Included in property and equipment, at March 31, 2015 and December 31, 2014, the Company had recorded equipment on capital lease at $1,280,870 and $1,599,633, respectively, with related accumulated depreciation of $917,033 and $963,467, respectively. 

During the three months ended March 31, 2015 and 2014, depreciation expense for equipment on capital lease amounted to $39,659, and $55,742, respectively, and has been included in depreciation expense. During the three months ended March 31, 2015 and 2014, interest expense on a capital lease obligation amounted to $8,031 and $10,936, respectively.

Future minimum capital lease payments are as follows for the periods ended December 31: 

	Capital Lease Payments
2015	$	128,481
2016		184,813
2017		123,565
2018		24,096
2019		-
Thereafter		-
Total minimum lease payments		460,955
Less amount representing interest		(40,372	)
Present value of minimum lease payments		420,583
Less current portion		(147,710	)
Long-term lease payments	$	272,873

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Note 13 - Stockholders' Equity (Details) - Warrants Outstanding (USD $)	3 Months Ended	12 Months Ended
	Mar. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Class of Warrant or Right [Line Items]
Warrants Outstanding (in Shares)	503,500		1,960,130
Warrants Weighted-average Remaining Contractual Life	1 year 354 days	255 days
Warrants Weighted-average Outstanding Exercise Price	$ 1.83		$ 2.55
Warrants Exercisable (in Shares)	302,333
Warrants Weighted-average Exercisable Exercise Price	$ 1.86
Price Range 1 [Member] | Warrant [Member]
Class of Warrant or Right [Line Items]
Execise Price	$ 1.50
Warrants Outstanding (in Shares)	3,874,000
Warrants Weighted-average Remaining Contractual Life	1 year 277 days
Warrants Weighted-average Outstanding Exercise Price	$ 1.50
Warrants Exercisable (in Shares)	3,874,000
Warrants Weighted-average Exercisable Exercise Price	$ 1.50
Price Range 2 [Member] | Warrant [Member]
Class of Warrant or Right [Line Items]
Execise Price	$ 1.65
Warrants Outstanding (in Shares)	400,000
Warrants Weighted-average Remaining Contractual Life	4 years 120 days
Warrants Weighted-average Outstanding Exercise Price	$ 1.65
Warrants Exercisable (in Shares)	400,000
Warrants Weighted-average Exercisable Exercise Price	$ 1.65
Price Range 3 [Member] | Warrant [Member]
Class of Warrant or Right [Line Items]
Execise Price	$ 2.70
Warrants Outstanding (in Shares)	2,626,000
Warrants Weighted-average Remaining Contractual Life	1 year 277 days
Warrants Weighted-average Outstanding Exercise Price	$ 2.70
Warrants Exercisable (in Shares)	2,626,000
Warrants Weighted-average Exercisable Exercise Price	$ 2.70
Price Range 4 [Member] | Warrant [Member]
Class of Warrant or Right [Line Items]
Execise Price	$ 4.06
Warrants Outstanding (in Shares)	125,575
Warrants Weighted-average Remaining Contractual Life	1 year 343 days
Warrants Weighted-average Outstanding Exercise Price	$ 4.06
Warrants Exercisable (in Shares)	125,575
Warrants Weighted-average Exercisable Exercise Price	$ 4.06
Warrant [Member]
Class of Warrant or Right [Line Items]
Warrants Outstanding (in Shares)	7,025,575
Warrants Weighted-average Remaining Contractual Life	1 year 328 days
Warrants Weighted-average Outstanding Exercise Price	$ 2.00
Warrants Exercisable (in Shares)	7,025,575
Warrants Weighted-average Exercisable Exercise Price	$ 2.00

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Note 7 - Goodwill

3 Months Ended

Mar. 31, 2015

Disclosure Text Block Supplement [Abstract]

Goodwill Disclosure [Text Block]

NOTE 7 - GOODWILL

The following is a summary of goodwill:

	March 31, 2015
Goodwill at beginning of period	$	8,460,512
Acquisition of Provital Solutions A/S		-
Adjustment made to opening goodwill		-
Effect of currency translation		(1,000,853	)
Goodwill at end of period	$	7,459,659

Goodwill consists of:	March 31, 2015
Provital Solutions A/S	$	7,459,659

Impairment -- During December, 2014, management performed its annual test of impairment of goodwill by comparing the net carrying value of the intangible asset with the fair value of the reporting unit. Based upon the results of this analysis, it was determined that the goodwill was not impaired. During December 2014, an adjustment was made to the goodwill acquired in the acquisition of Provital Solutions AS for $775,788 in allowances established against acquired receivables and $196,255 in additional cost on record on long-term contacts net of $135,990 in taxes.

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Note 8 - Lines of Credit

3 Months Ended

Mar. 31, 2015

Debt Disclosure [Abstract]

Debt Disclosure [Text Block]

NOTE 8 - LINES OF CREDIT

Provital Solutions AS has a DKK 2,000,000 (approximately $290,000 at March 31, 2015) standby line of credit with a bank, subject to certain borrowing base limitations. Outstanding borrowings are due on demand. Interest is calculated based on a variable interest rate and is payable quarterly. As of March 31, 2015, the interest on this line of credit was at 3.50%. This line of credit is guaranteed by Vækstfonden (the Danish state's investments fund) and is also secured by certain of Provital Solutions AS’ assets like receivables, inventory, equipment etc. There was $0 outstanding as of March 31, 2015. At March 31, 2015, there was approximately $290,000 available under this credit line. In general, lines of credit in Denmark are due on demand.

In connection with certain orders, we have to give the customer a working guarantee or a prepayment guarantee or security bond. For that purpose, we have a credit line of DKK 5,000,000 (approximately $720,000 at March 31, 2015) with a bank, subject to certain base limitations. As March 31, 2015, we had DKK 473,100 (approximately $68,000) in working guarantee against the line. This line of credit is guaranteed by Vækstfonden (the Danish state's investments fund) and is also secured by certain of Provital Solutions AS’ assets like receivables, inventory, equipment etc.

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Note 10 - Agreements and Commitments

3 Months Ended

Mar. 31, 2015

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies Disclosure [Text Block]

NOTE 10 – AGREEMENTS AND COMMITMENTS

401(K) Profit Sharing Plan -- LiqTech NA has a 401(k) profit sharing plan and trust covering certain eligible employees. The amount LiqTech NA contributes is discretionary. For the three months ended March 31, 2015 and 2014, matching contributions were expensed and totaled $3,934 and $3,692, respectively.

In connection with some orders, we have to give the customer a working guarantee or a prepayment guarantee or security bond. For that purpose, we have a credit line of DKK 5,000,000 (approximately $720,000 at March 31, 2015) with a bank, subject to certain base limitations. As of March 31, 2015, we had DKK 473,100 (approximately $68,000) in working guarantee against the line. 

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Note 14 - Significant Customers / Concentration (Details) - Net Sales by Geographical Region (USD $)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Note 14 - Significant Customers / Concentration (Details) - Net Sales by Geographical Region [Line Items]
Net sales	$ 2,104,501	$ 3,197,502
Reportable Geographical Components [Member] | US and Canada [Member]
Note 14 - Significant Customers / Concentration (Details) - Net Sales by Geographical Region [Line Items]
Net sales	590,039	1,006,205
Reportable Geographical Components [Member] | AUSTRALIA
Note 14 - Significant Customers / Concentration (Details) - Net Sales by Geographical Region [Line Items]
Net sales	107,192	55,952
Reportable Geographical Components [Member] | South America [Member]
Note 14 - Significant Customers / Concentration (Details) - Net Sales by Geographical Region [Line Items]
Net sales		16,832
Reportable Geographical Components [Member] | Asia [Member]
Note 14 - Significant Customers / Concentration (Details) - Net Sales by Geographical Region [Line Items]
Net sales	32,595	306,621
Reportable Geographical Components [Member] | Europe [Member]
Note 14 - Significant Customers / Concentration (Details) - Net Sales by Geographical Region [Line Items]
Net sales	$ 1,374,675	$ 1,811,892

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Note 15 - Commitments (Details) (Provital Solutions AS [Member])	1 Months Ended
	Jul. 29, 2014 Scenario 1 for Year Ending December 31, 2014 [Member] DKK	Jul. 29, 2014 Scenario 2 for Year Ending December 31, 2014 [Member] DKK	Jul. 29, 2014 Scenario 1 For the Year Ending December 31, 2015 [Member] DKK	Jul. 29, 2014 Scenario 2 For the Year Ending December 31, 2015 [Member] DKK	Jul. 29, 2014 Scenario 1 for Years Ending December 31, 2014 and December 31, 2015 [Member] DKK	Jul. 29, 2014 Scenario 2 for Years Ending December 31, 2014 and December 31, 2015 [Member] DKK	Jul. 29, 2014 For Year Ending December 31, 2016 [Member] DKK	Jul. 29, 2014 USD ($)	Jul. 29, 2014 DKK
Note 15 - Commitments (Details) [Line Items]
Payments to Acquire Businesses, Gross								$ 2,300,000	12,600,000
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares (in Shares)								4,044,782	4,044,782
Business Acquisition, Requirement for Minimum Revenues	65,000,000	50,000,000	120,000,000	80,000,000
Business Acquisition, Requirement for EBITDA	6,500,000	10,000,000	12,000,000	16,000,000
Business Acquisition, "Catch Up" Provisions, Minimum Revenues					185,000,000	130,000,000	105,000,000
Business Acquisition, “Catch Up” Provisions, Minimum EBITDA					18,500,000	26,000,000	21,000,000

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Note 13 - Stockholders' Equity (Details) - Status of Options Granted and Changes During the Year (USD $)	3 Months Ended	12 Months Ended
	Mar. 31, 2015	Dec. 31, 2014
Status of Options Granted and Changes During the Year [Abstract]
Shares		1,960,130
Weighted Average Exercise Price		$ 2.55
Average Remaining Life	1 year 354 days	255 days
Vested and expected to vest	503,500
Vested and expected to vest	$ 1.83
Vested and expected to vest	1 year 354 days
Exercisable end of period	302,333
Exercisable end of period	$ 1.86
Exercisable end of period	1 year 332 days
Expired	1,456,630
Expired	$ 2.79
Shares	503,500
Weighted Average Exercise Price	$ 1.83
Average Remaining Life	1 year 354 days	255 days

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Note 14 - Significant Customers / Concentration (Tables)

3 Months Ended

Mar. 31, 2015

Segment Reporting [Abstract]

Schedule of Revenue from External Customers Attributed to Foreign Countries by Geographic Area [Table Text Block]

	For the Three Months Ended March 31
	2015		2014
United States and Canada	$	590,039	$	1,006,205
Australia		107,192		55,952
South America		-		16,832
Asia		32,595		306,621
Europe		1,374,675		1,811,892
	$	2,104,501	$	3,197,502

Reconciliation of Revenue from Segments to Consolidated [Table Text Block]

	For the Three Months Ended March 31
	2015		2014
Ceramic diesel particulate	$	960,086	$	1,563,827
Liquid filters		963,210		1,541,094
Kiln furniture		181,205		92,581
	$	2,104,501	$	3,197,502

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Note 9 - Leases (Details) - Future Minimum Capital Lease Payments (USD $)	Mar. 31, 2015	Dec. 31, 2014
Future Minimum Capital Lease Payments [Abstract]
2015	$ 128,481
2016	184,813
2017	123,565
2018	24,096
2019	0
Thereafter	0
Total minimum lease payments	460,955
Less amount representing interest	(40,372)
Present value of minimum lease payments	420,583
Less current portion	(147,710)	(170,187)
Long-term lease payments	$ 272,873	$ 368,614

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Note 15 - Commitments

3 Months Ended

Mar. 31, 2015

Business Combinations [Abstract]

Business Combination Disclosure [Text Block]

NOTE 15 – COMMITTMENTS

Contingent Shares In Connection With Acquisition - On the July 29, 2014, the Company, through its subsidiary, LiqTech Int. DK, completed the acquisition of all of the issued and outstanding capital stock (the “Provital Shares”) of Provital Solutions A/S, a Danish company (“Provital”) from Masu A/S, a Danish company (“MASU”). In consideration for the Provital Shares, MASU received cash consideration in the sum of DKK 12,600,000, that is, approximately USD$2,300,000, and 4,044,782 shares of the Company’s common stock (the “Payment Shares”). One-third (1/3) of the Payment Shares was subject to a lock-up period of six (6) months. The remaining two-thirds (2/3) of the Payment Shares shall be held in escrow and one-third of the Payment Shares will be released from escrow contingent upon Provital, for the year ending December 31, 2014, achieving (i) gross revenues of not less than DKK 65,000,000 and EBITDA of DKK 6,500,000, or (ii) EBITDA of not less than DKK 10,000,000 and gross revenues of not less than DKK 50,000,000. Another one-third (1/3) of the Payment Shares will be released from escrow contingent upon Provital, for the year ending December 31, 2015, achieving (i) gross revenues of not less than DKK 120,000,000 and EBITDA of DKK 12,000,000, or (ii) EBITDA of not less than DKK 16,000,000 and gross revenues of not less than DKK 80,000,000.   

The purchase agreement includes “catch up” provisions that provide that the Payment Shares placed in escrow will be released from escrow if Provital (1) for the years ending December 31, 2014 and December 31, 2015, achieves accumulated gross revenues (i) exceeding DKK 185,000,000 and EBITDA of DKK 18,500,000, or (ii) EBITDA of not less than DKK 26,000,000 and gross revenues of not less than DKK 130,000,000 or (2) for the year ending December 31, 2016, achieves gross revenues exceeding DKK 105,000,000 and EBITDA of not less than DKK 21,000,000. 

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Note 4 - Property and Equipment (Tables)

3 Months Ended

Mar. 31, 2015

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment [Table Text Block]

	Useful Life		2015			2014
Production equipment		3 - 10	$	10,159,007		$	10,792,494
Lab equipment		3 - 10		141,449			160,427
Computer equipment		3 - 5		266,632			288,351
Vehicles		3		35,254			93,477
Furniture and fixture		5		135,331			180,138
Leasehold improvements		10		952,006			1,052,923
				11,689,679			12,567,810
Less Accumulated Depreciation				(7,661,994	)		(8,043,424	)
Net Property and Equipment			$	4,027,685		$	4,524,386

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Note 9 - Leases (Details) (USD $)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2014
Note 9 - Leases (Details) [Line Items]
Operating Leases, Rent Expense	$ 189,404	$ 173,755
Capital Leased Assets, Gross	1,280,870		1,599,633
Capital Leases, Lessee Balance Sheet, Assets by Major Class, Accumulated Depreciation	917,033		963,467
Depreciation	346,272	460,291
Interest Expense, Lessee, Assets under Capital Lease	8,031	10,936
Assets Held under Capital Leases [Member]
Note 9 - Leases (Details) [Line Items]
Depreciation	39,659	55,742
Capital Lease 1 [Member] | Capital Lease Obligations [Member]
Note 9 - Leases (Details) [Line Items]
Debt Instrument, Periodic Payment	9,467
Capital Lease 2 [Member] | Capital Lease Obligations [Member]
Note 9 - Leases (Details) [Line Items]
Debt Instrument, Periodic Payment	3,669
Capital Lease 3 [Member] | Capital Lease Obligations [Member]
Note 9 - Leases (Details) [Line Items]
Debt Instrument, Periodic Payment	600
Capital Lease 4 [Member] | Capital Lease Obligations [Member]
Note 9 - Leases (Details) [Line Items]
Debt Instrument, Periodic Payment	$ 540

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Note 5 - Investments at Costs (Details) (USD $)	Mar. 31, 2015	Dec. 31, 2014
Note 5 - Investments at Costs (Details) [Line Items]
Other Long-term Investments	$ 5,365	$ 6,085
LEA Technology [Member]
Note 5 - Investments at Costs (Details) [Line Items]
Other Long-term Investments	$ 5,365	$ 6,085

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(Unaudited) Consolidated Statements of Other Comprehensive Income (USD $)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Net Loss	$ (1,174,008)	$ (757,296)
Currency Translation, Net of Taxes	(2,379,260)	(8,197)
Other Comprehensive Loss	(3,553,268)	(765,493)
Comprehensive Loss Attributable To Non-controlling Interest in Subsidiaries	(2,394)	(9)
Comprehensive Loss Attributable To LiqTech International Inc.	$ (3,550,874)	$ (765,484)

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Note 4 - Property and Equipment

3 Months Ended

Mar. 31, 2015

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment Disclosure [Text Block]

NOTE 4 – PROPERTY AND EQUIPMENT

Property and equipment consisted of the following at March 31, 2015 and December 31, 2014:

	Useful Life		2015			2014
Production equipment		3 - 10	$	10,159,007		$	10,792,494
Lab equipment		3 - 10		141,449			160,427
Computer equipment		3 - 5		266,632			288,351
Vehicles		3		35,254			93,477
Furniture and fixture		5		135,331			180,138
Leasehold improvements		10		952,006			1,052,923
				11,689,679			12,567,810
Less Accumulated Depreciation				(7,661,994	)		(8,043,424	)
Net Property and Equipment			$	4,027,685		$	4,524,386

Depreciation expense amounted to $346,272 and $460,291, for the three months ended March 31, 2015 and 2014, respectively. 

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Note 12 - Earnings Per Share (Details) - Amounts Used in Computing Earnings Per Share (USD $)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Amounts Used in Computing Earnings Per Share [Abstract]
Loss attributable to LiqTech International Inc. (in Dollars)	$ (1,171,412)	$ (755,435)
Weighted average number of common shares used in basic earnings per share	39,404,782	27,212,500
Effect of dilutive securities, stock options and warrants	0	0
Weighted average number of common shares and potentially dilutive securities	39,404,782	27,212,500

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Note 5 - Investments at Costs (Tables)

3 Months Ended

Mar. 31, 2015

Investments, Debt and Equity Securities [Abstract]

Fair Value, by Balance Sheet Grouping [Table Text Block]

As of March 31, 2015	Level 1		Level 2		Level 3
Investments		-		-		5,365
Total		-		-		5,365

As of December 31, 2014	Level 1		Level 2		Level 3
Investments		-		-		6,085
Total		-		-		6,085

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Note 3 - Inventory (Details) - Summary of Inventory (USD $)	Mar. 31, 2015	Dec. 31, 2014
Summary of Inventory [Abstract]
Furnace parts and supplies	$ 402,915	$ 507,849
Raw materials	1,393,152	1,501,050
Work in process	1,680,604	1,326,840
Finished goods and filtration systems	1,718,663	2,028,225
Reserve for obsolescence	(431,565)	(449,098)
Net Inventory	$ 4,763,769	$ 4,914,866

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Note 14 - Significant Customers / Concentration

3 Months Ended

Mar. 31, 2015

Segment Reporting [Abstract]

Segment Reporting Disclosure [Text Block]

NOTE 14 - SIGNIFICANT CUSTOMERS / CONCENTRATION

The Company had no customers that accounted for more than 10% of total sales at March 31, 2015 and 2014.

The Company sells products throughout the world; sales by geographical region are as follows for the three and three months ended March 31, 2015 and 2014:  

	For the Three Months Ended March 31
	2015		2014
United States and Canada	$	590,039	$	1,006,205
Australia		107,192		55,952
South America		-		16,832
Asia		32,595		306,621
Europe		1,374,675		1,811,892
	$	2,104,501	$	3,197,502

The Company’s sales by product line are as follows for the three and three months ended March 31, 2015 and 2014:

	For the Three Months Ended March 31
	2015		2014
Ceramic diesel particulate	$	960,086	$	1,563,827
Liquid filters		963,210		1,541,094
Kiln furniture		181,205		92,581
	$	2,104,501	$	3,197,502