In a blender or food processor, combine the ketchup, Worcestershire sauce, molasses, brown sugar, onion, garlic powder, ground black pepper, cayenne pepper, lemon juice, tomato juice, and liquid smoke flavoring. Puree until smooth, and transfer to a saucepan.
Place saucepan on the stove over medium heat. Bring mixture to a boil, reduce heat to low, and simmer for about 1 hour, or to desired thickness.
