Annual report pursuant to Section 13 and 15(d)

INVESTMENTS IN UNCONSOLIDATED JOINT VENTURES

INVESTMENTS IN UNCONSOLIDATED JOINT VENTURES

12 Months Ended

Dec. 31, 2018

Equity Method Investments and Joint Ventures [Abstract]

INVESTMENTS IN UNCONSOLIDATED JOINT VENTURES

NOTE 9 – INVESTMENTS IN UNCONSOLIDATED JOINT VENTURES

The Company has a non-controlling interest in several joint ventures, currently four primarily for licensing and operating PWS CoronaLux™ waste destruction units and one for development of hybrid scrubber systems. Two joint ventures have limited their activity to formation only, no other operations have commenced. The following is summary information on the joint ventures that have had some activity in 2018 and 2017. The Company has no fixed commitment to fund any losses of the operating joint ventures and has no investment basis in any of the joint ventures therefore the Company has suspended the recognition of losses under the equity method of accounting.

		December 31,
		2018		2017
PWS-MWS Joint Venture
Revenues	$	227,400	$	224,000
Operating cost		158,700		184,400
Net income		68,700		39,600
Company’s share of net income	$	34,400	$	13,600

Paragon UK Joint Venture
Assets	$	295,900	$	355,800
Liabilities		91,500		121,600
Net Assets		204,400		234,200
Net loss		28,800		85,700
Company’s share of net loss	$	—	$	—

PWS-Paragon Southwest Joint Venture
Revenues	$	216,000	$	—
Operating cost		953,700		—
Net loss		737,700		—
Company’s share of net loss	$	—	$	—
Assets purchased by JV	$	—	$	600,000
Cost to Company to make assets sold ready for sale		—		(525,700	)
Net proceeds to Company	$	—	$	74,300