Annual report pursuant to Section 13 and 15(d)

INVESTMENTS IN UNCONSOLIDATED JOINT VENTURES (Tables)

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INVESTMENTS IN UNCONSOLIDATED JOINT VENTURES (Tables)
 12 Months Ended
Dec. 31, 2018
Equity Method Investments and Joint Ventures [Abstract]  
Schedule of information on the 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