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Note 10 - Segment Reporting | 6 Months Ended
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Jun. 30, 2021
Notes to Financial Statements |
Segment Reporting Disclosure [Text Block] | NOTE 10 – SEGMENT REPORTING The Company operates in three main segments: Water, Ceramics and Plastics. With effect from January 1, 2020, the group structure was changed as shared group activities were transferred to an individual reporting unit separated from the business units. Costs and assets for these activities were therefore separated during 2020. Segment information for the business areas is as follows:
|  | For the Three Months Ended |  |  | For the Six Months Ended |
|  | June 30, |  |  | June 30, |
|  | 2021 |  |  | 2020 |  |  | 2021 |  |  | 2020 |
Revenue |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Water |  | $ | 1,152,422 |  |  | $ | 2,395,458 |  |  | $ | 2,309,758 |  |  | $ | 10,307,261 |
Ceramics |  |  | 2,102,693 |  |  |  | 1,614,135 |  |  |  | 4,033,757 |  |  |  | 4,063,731 |
Plastics |  |  | 1,064,219 |  |  |  | 911,751 |  |  |  | 1,966,388 |  |  |  | 1,716,914 |
Segment elimination |  |  | (302,771 | ) |  |  | (279,861 | ) |  |  | (295,463 | ) |  |  | (1,164,579 | )
Total consolidated Revenue |  |  | 4,016,563 |  |  |  | 4,641,483 |  |  |  | 8,014,440 |  |  |  | 14,923,327 |
For the three-month periods ended June 30, 2021 consolidated revenue declined by $624,920, corresponding to 13%, compared to the same period in 2020. Revenue from the Water segment declined by $1,243,036 as a result of the negative impact of the ongoing COVID-19 pandemic, which has caused a substantial decline in the demand and delivery of water treatment systems for the marine scrubber industry. Revenue from the Ceramics segment increased by $488,558 as a result of increased demand for our Diesel particulate filters and membranes used in various environmental solutions for the reduction of global CO2 emissions. Revenue in the Plastics segment increased by $152,468 due to the increase in sales activities which has brought in an increased number of new customers. The consolidated revenue for the six months ended June 30, 2021 declined by $6,908,887 compared to the same period in 2020. The decline was primarily attributable to the Water segment, where revenue declined by $7,997,503. For Ceramics and Plastics, the revenue increased slightly for the six months ended June 30, 2021 compared to the same period in 2020, while revenue from Other increased significantly as this is mainly intercompany invoicing of management fees to the other segments as part of the new group structure that was implemented in 2020. For 2020 the related management fee was invoiced in the last quarter of 2020 and comparison is therefore not possible for Other revenue.
|  | For the Three Months Ended |  |  | For the Six Months Ended |
|  | June 30, |  |  | June 30, |
|  | 2021 |  |  | 2020 |  |  | 2021 |  |  | 2020 |
Income (Loss) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Water |  | $ | (944,122 | ) |  | $ | (506,209 | ) |  | $ | (1,580,562 | ) |  | $ | 110,758 |
Ceramics |  |  | (1,457,862 | ) |  |  | (874,606 | ) |  |  | (1,882,398 | ) |  |  | (975,701 | )
Plastics |  |  | (275,324 | ) |  |  | (35,809 | ) |  |  | (528,303 | ) |  |  | (67,656 | )
Other |  |  | (420,800 | ) |  |  | (1,147,187 | ) |  |  | (1,566,274 | ) |  |  | (1,327,713 | )
Total consolidated Loss |  |  | (3,098,108 | ) |  |  | (2,563,811 | ) |  |  | (5,557,537 | ) |  |  | (2,260,312 | )
Loss for the three-month periods ended June 30, 2021 was $(3,098,108) compared to $(2,563,811) for the corresponding period in 2020. The greater loss in the current year is mainly related to the Water segment due to the significant decline in revenue as noted above. Further, Water, Ceramics and Plastics have each been charged with intercompany management fees in the three-month period ended June 30, 2021 while the related management fee was invoiced in the last quarter of 2020 covering the full year. The loss for the three-month period ended June 30, 2021 is therefore not fully comparable with the corresponding loss for the three-month period ended June 30, 2020. Income (Loss) for the six-month period ended June 30, 2021 was $(5,557,537) compared to $(2,260,312) for the corresponding period in 2020. The greater loss in the current year is mainly related to the Water segment due to the significant decline in revenue as noted above. Further, Water, Ceramics and Plastics have each been charged with intercompany management fees in the six-month period ended June 30, 2021 while the related management fee was invoiced in the last quarter of 2020 covering the full year. The loss for the six-month period ended June 30, 2021 is therefore not fully comparable with the corresponding loss for the six month periods ended June 30, 2020.
|  | For the period ended |
Total assets |  | June 30, 2021 |  |  | December 31, 2020 |
Water |  | $ | 12,166,764 |  |  | $ | 14,033,107 |
Ceramics |  |  | 15,747,698 |  |  |  | 16,734,371 |
Plastics |  |  | 2,352,040 |  |  |  | 2,022,381 |
Other |  |  | 21,137,930 |  |  |  | 9,420,278 |
Total consolidated assets |  | $ | 51,404,432 |  |  | $ | 42,210,137 |
Total segment assets have increased from $42,210,137 at June 30, 2020 to $51,404,432 at June 30, 2021. The increase is especially related to the increased cash and cash equivalents as a result of proceeds from the issuance of the Convertible Note in April 2021. Segment assets in Water have decreased especially due to a decline in account receivables and contract assets as a result of the significant decline in activity.

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8924-108599 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8981-108599 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8721-108599 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9031-108599 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (f) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8844-108599 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9038-108599 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8736-108599 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9054-108599 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8657-108599 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8721-108599 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI http://asc.fasb.org/topic&trid=2134510 + Details
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