Annual report pursuant to Section 13 and 15(d)

INVESTMENTS IN UNCONSOLIDATED JOINT VENTURES

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INVESTMENTS IN UNCONSOLIDATED JOINT VENTURES
12 Months Ended
Dec. 31, 2017
Equity Method Investments and Joint Ventures [Abstract]  
INVESTMENTS IN UNCONSOLIDATED JOINT VENTURES

NOTE 8 – INVESTMENTS IN UNCONSOLIDATED JOINT VENTURES

 

The Company has a non-controlling interest in several joint ventures, currently six primarily for licensing and operating PWS CoronaLux™ waste destruction units and one for development of hybrid scrubber systems. One joint venture had limited activity in 2017 while 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 2017 and 2016. 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,  
    2017     2016  
PWS-MWS Joint Venture                
Revenues   $ 224,000     $ 197,800  
Operating cost     184,400       152,000  
Net income     39,600       45,800  
Company’s share of net income   $ 13,600     $ 15,700  
                 
Paragon UK Joint Venture                

Assets   $ 355,800     $ 555,500  
Liabilities     121,600       261,700  
Net Assets     234,200       293,800  
Net loss     85,700        
Company’s share of net loss   $     $  
Advances to joint venture            
Equity in net assets            
                 
PWS-Paragon Southwest Joint Venture                
Revenues   $        
Operating cost            
Net income            
Company's share of net income   $        
Assets purchased by JV   $ 600,000        
Cost to Company to make assets sold ready for sale     (525,700 )      
Net proceeds to Company   $ 74,300     $