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Investment in OC-BVI | 6 Months Ended
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Jun. 30, 2019
Equity Method Investments and Joint Ventures [Abstract] |
Equity Method Investments Disclosure [Text Block] | 6. Investment in OC-BVI The Company owns 50 % of the outstanding voting common shares and a 43.53 % equity interest in the profits of Ocean Conversion (BVI) Ltd. (“OC-BVI”). The Company also owns certain profit-sharing rights in OC-BVI that raise its effective interest in the profits of OC-BVI to approximately 45 %. Pursuant to a management services agreement, OC-BVI pays the Company monthly fees for certain engineering and administrative services. OC-BVI’s sole customer is the Ministry of Communications and Works of the Government of the British Virgin Islands (the “Ministry”) to which it sells bulk water. The Company’s equity investment in OC-BVI amounted to $ 2,127,099 and $ 2,584,987 as of June 30, 2019 and December 31, 2018, respectively. Summarized financial information for OC-BVI is as follows:
|  | June 30, 2019 |  |  | December 31, 2018 |
Current assets |  | $ | 1,306,471 |  |  | $ | 2,286,179 |
Non-current assets |  |  | 3,684,922 |  |  |  | 3,859,310 |
Total assets |  | $ | 4,991,393 |  |  | $ | 6,145,489 |
|  | June 30, 2019 |  |  | December 31, 2018 |
Current liabilities |  | $ | 93,584 |  |  | $ | 132,005 |
Non-current liabilities |  |  | 822,150 |  |  |  | 1,048,950 |
Total liabilities |  | $ | 915,734 |  |  | $ | 1,180,955 |
|  | Three Months Ended June 30, |  |  | Six Months Ended June 30, |
|  | 2019 |  |  | 2018 |  |  | 2019 |  |  | 2018 |
Revenues |  | $ | 794,382 |  |  | $ | 717,434 |  |  | $ | 1,554,975 |  |  | $ | 1,429,637 |
Cost of revenues |  |  | 589,734 |  |  |  | 273,228 |  |  |  | 1,103,114 |  |  |  | 534,152 |
Gross profit |  |  | 204,648 |  |  |  | 444,206 |  |  |  | 451,861 |  |  |  | 895,485 |
General and administrative expenses |  |  | 238,567 |  |  |  | 218,421 |  |  |  | 424,595 |  |  |  | 416,924 |
Income (loss) from operations |  |  | (33,919 | ) |  |  | 225,785 |  |  |  | 27,266 |  |  |  | 478,561 |
Other income (expense), net |  |  | (4,050 | ) |  |  | 154,466 |  |  |  | (16,141 | ) |  |  | 97,766 |
Net income (loss) |  |  | (37,969 | ) |  |  | 380,251 |  |  |  | 11,125 |  |  |  | 576,327 |
Income attributable to non-controlling interests |  |  | 19,347 |  |  |  | 18,472 |  |  |  | 37,515 |  |  |  | 29,407 |
Net income (loss) attributable to controlling interests |  | $ | (57,316 | ) |  | $ | 361,779 |  |  | $ | (26,390 | ) |  | $ | 546,920 |
A reconciliation of the beginning and ending balances for the Company’s investment in OC-BVI for the six months ended June 30, 2019 is as follows:
Balance as of December 31, 2018 |  | $ | 2,584,987 |
Profit-sharing and equity from (losses) of OC-BVI |  |  | (3,388 | )
Distributions received from OC-BVI |  |  | (454,500 | )
Balance as of June 30, 2019 |  | $ | 2,127,099 |
The Company recognized ($ 24,949 ) and $ 157,483 in earnings (losses) from its equity investment in OC-BVI for the three months ended June 30, 2019 and 2018, respectively , and ($11,488) and $238,076 for the six months ended June 30, 2019 and 2018, respectively . The Company recognized $ 2,025 and $ 56,700 in profit sharing income from its profit-sharing agreement with OC-BVI for the three months ended June 30, 2019 and 2018, respectively, and $8,100 and $85,050 for the six months ended June 30, 2019 and 2018, respectively. For the three months ended June 30, 2019 and 2018, the Company recognized $ 90,792 and $ 122,912 , respectively, in revenues from its management services agreement with OC-BVI. For the six months ended June 30, 2019 and 2018, the Company recognized $191,369 and $246,676, respectively, in revenues from its management services agreement with OC-BVI. Amounts payable by OC-BVI to the Company were $ 78,942 and $ 46,746 as of June 30, 2019 and December 31, 2018, respectively.

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- Definition The entire disclosure for equity method investments and joint ventures. Equity method investments are investments that give the investor the ability to exercise significant influence over the operating and financial policies of an investee. Joint ventures are entities owned and operated by a small group of businesses as a separate and specific business or project for the mutual benefit of the members of the group. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -URI http://asc.fasb.org/topic&trid=2196965 + Details
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