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Investment in OC-BVI
 6 Months Ended
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.