Annual report pursuant to Section 13 and 15(d)

INVESTMENTS IN UNCONSOLIDATED JOINT VENTURES

INVESTMENTS IN UNCONSOLIDATED JOINT VENTURES

12 Months Ended

Dec. 31, 2016

Investments In Unconsolidated Joint Ventures

INVESTMENTS IN UNCONSOLIDATED JOINT VENTURES

NOTE 8 - INVESTMENTS IN UNCONSOLIDATED JOINT VENTURES

The Company has a non-controlling interest in several joint ventures, currently three 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 2016 and 2015. 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,
	2016		2015
PWS-MWS Joint Venture
Revenues	$	197,800	$	62,300
Operating cost		152,000		49,600
Net income		45,800		12,700
Company’s share of net income	$	15,700	$	6,350

Paragon UK Joint Venture
Assets	$	555,500	$	555,500
Liabilities		261,700		261,700
Net Assets		293,800		293,800
Net loss		—		155,200
Company’s share of net loss	$	—	$	—
Advances to joint venture		—		—
Equity in net assets		—		—