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Segment information | 6 Months Ended
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Jun. 30, 2019
Segment Reporting [Abstract] |
Segment Reporting Disclosure [Text Block] | 4. Segment information The Company has four reportable segments: retail, bulk, services and manufacturing. The retail segment operates the water utility for the Seven Mile Beach and West Bay areas of Grand Cayman Island pursuant to an exclusive license granted by the Cayman Islands government. The bulk segment supplies potable water to government utilities in Grand Cayman and The Bahamas under long-term contracts. The services segment provides desalination plant management and operating services to affiliated companies and designs, constructs and sells desalination plants to third parties. The manufacturing segment manufactures and services a wide range of water-related products and provides design, engineering, management, operating and other services applicable to commercial, municipal and industrial water production, supply and treatment. Consistent with prior periods, the Company records all non-direct general and administrative expenses in its retail business segment and does not allocate any of these non-direct expenses to its other three business segments. The accounting policies of the segments are consistent with those described in Note 2. The Company evaluates each segment’s performance based upon its income from operations. All intercompany transactions are eliminated for segment presentation purposes. The Company’s segments are strategic business units that are managed separately because each segment sells different products and/or services, serves customers with distinctly different needs and generates different gross profit margins.
|  | Three Months Ended June 30, 2019 |
|  | Retail |  |  | Bulk |  |  | Services |  |  | Manufacturing |  |  | Total |
Revenues |  | $ | 6,983,515 |  |  | $ | 6,941,051 |  |  | $ | 90,792 |  |  | $ | 4,289,902 |  |  | $ | 18,305,260 |
Cost of revenues |  |  | 2,982,758 |  |  |  | 4,768,122 |  |  |  | 45,094 |  |  |  | 2,956,537 |  |  |  | 10,752,511 |
Gross profit |  |  | 4,000,757 |  |  |  | 2,172,929 |  |  |  | 45,698 |  |  |  | 1,333,365 |  |  |  | 7,552,749 |
General and administrative expenses |  |  | 3,405,421 |  |  |  | 344,971 |  |  |  | 779,882 |  |  |  | 464,718 |  |  |  | 4,994,992 |
Gain on asset dispositions and impairments, net |  |  | 397,301 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 397,301 |
Income (loss) from operations |  | $ | 992,637 |  |  | $ | 1,827,958 |  |  | $ | (734,184 | ) |  | $ | 868,647 |  |  |  | 2,955,058 |
Other income, net |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 50,333 |
Income before income taxes |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 3,005,391 |
Provision for income taxes |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 64,233 |
Net income from continuing operations |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 2,941,158 |
Income from continuing operations attributable to non-controlling interests |  |  |  |  |  |  |  |  |  | 464,896 |
Net income from continuing operations attributable to Consolidated Water Co. Ltd. stockholders |  |  |  | 2,476,262 |
Total income from discontinued operations |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | - |
Net income attributable to Consolidated Water Co. Ltd. stockholders |  |  |  |  |  |  |  |  |  |  |  | $ | 2,476,262 |
Depreciation and amortization expenses for the three months ended June 30, 2019 for the retail, bulk, services and manufacturing segments were $615,363, $976,437, $1,137 and $215,713, respectively.
|  | Three Months Ended June 30, 2018 |
|  | Retail |  |  | Bulk |  |  | Services |  |  | Manufacturing |  |  | Total |
Revenues |  | $ | 6,268,023 |  |  | $ | 7,680,701 |  |  | $ | 122,912 |  |  | $ | 992,430 |  |  | $ | 15,064,066 |
Cost of revenues |  |  | 2,722,650 |  |  |  | 5,397,449 |  |  |  | 104,069 |  |  |  | 655,679 |  |  |  | 8,879,847 |
Gross profit |  |  | 3,545,373 |  |  |  | 2,283,252 |  |  |  | 18,843 |  |  |  | 336,751 |  |  |  | 6,184,219 |
General and administrative expenses |  |  | 2,874,517 |  |  |  | 297,863 |  |  |  | 665,738 |  |  |  | 608,851 |  |  |  | 4,446,969 |
(Loss) on asset dispositions and impairments, net |  |  | (650 | ) |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (650 | )
Income (loss) from operations |  | $ | 670,206 |  |  | $ | 1,985,389 |  |  | $ | (646,895 | ) |  | $ | (272,100 | ) |  |  | 1,736,600 |
Other income, net |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 312,032 |
Income before income taxes |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 2,048,632 |
Benefit from income taxes |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (48,878 | )
Net income from continuing operations |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 2,097,510 |
Income from continuing operations attributable to non-controlling interests |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 208,692 |
Net income from continuing operations attributable to Consolidated Water Co. Ltd. stockholders |  |  |  |  |  |  |  |  |  |  |  |  | 1,888,818 |
Total income from discontinued operations |  |  |  |  |  |  |  |  |  |  |  |  | 299,375 |
Net income attributable to Consolidated Water Co. Ltd. stockholders |  |  |  |  |  |  |  |  |  |  |  | $ | 2,188,193 |
Depreciation and amortization expenses for the three months ended June 30, 2018 for the retail, bulk, services and manufacturing segments were $504,616, $763,490, $7,639 and $399,426, respectively.
|  | Six Months Ended June 30, 2019 |
|  | Retail |  |  | Bulk |  |  | Services |  |  | Manufacturing |  |  | Total |
Revenues |  | $ | 13,670,175 |  |  | $ | 14,052,364 |  |  | $ | 191,369 |  |  | $ | 7,379,876 |  |  | $ | 35,293,784 |
Cost of revenues |  |  | 5,808,362 |  |  |  | 9,722,713 |  |  |  | 167,013 |  |  |  | 5,080,644 |  |  |  | 20,778,732 |
Gross profit |  |  | 7,861,813 |  |  |  | 4,329,651 |  |  |  | 24,356 |  |  |  | 2,299,232 |  |  |  | 14,515,052 |
General and administrative expenses |  |  | 6,522,699 |  |  |  | 606,383 |  |  |  | 1,265,767 |  |  |  | 978,177 |  |  |  | 9,373,026 |
Gain on asset dispositions and impairments, net |  |  | 394,570 |  |  |  | 46,500 |  |  |  | - |  |  |  | - |  |  |  | 441,070 |
Income (loss) from operations |  | $ | 1,733,684 |  |  | $ | 3,769,768 |  |  | $ | (1,241,411 | ) |  | $ | 1,321,055 |  |  |  | 5,583,096 |
Other income, net |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 310,423 |
Income before income taxes |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 5,893,519 |
Provision for income taxes |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 113,192 |
Net income from continuing operations |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 5,780,327 |
Income from continuing operations attributable to non-controlling interests |  |  |  |  |  |  |  |  |  | 738,804 |
Net income from continuing operations attributable to Consolidated Water Co. Ltd. stockholders |  |  |  | 5,041,523 |
Net income from discontinued operations |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 3,621,170 |
Net income attributable to Consolidated Water Co. Ltd. stockholders |  |  |  |  |  |  |  |  |  |  |  | $ | 8,662,693 |
Depreciation and amortization expenses for the six months ended June 30, 2019 for the retail, bulk, services and manufacturing segments were $1,133,377, $1,924,126, $2,273 and $492,766, respectively.
|  | Six Months Ended June 30, 2018 |
|  | Retail |  |  | Bulk |  |  | Services |  |  | Manufacturing |  |  | Total |
Revenues |  | $ | 12,699,371 |  |  | $ | 15,127,484 |  |  | $ | 246,676 |  |  | $ | 1,545,198 |  |  | $ | 29,618,729 |
Cost of revenues |  |  | 5,484,204 |  |  |  | 10,447,785 |  |  |  | 238,940 |  |  |  | 1,094,540 |  |  |  | 17,265,469 |
Gross profit |  |  | 7,215,167 |  |  |  | 4,679,699 |  |  |  | 7,736 |  |  |  | 450,658 |  |  |  | 12,353,260 |
General and administrative expenses |  |  | 5,959,363 |  |  |  | 594,734 |  |  |  | 1,316,374 |  |  |  | 1,238,209 |  |  |  | 9,108,680 |
(Loss) on asset dispositions and impairments, net |  |  | (1,990 | ) |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (1,990 | )
Income (loss) from operations |  | $ | 1,253,814 |  |  | $ | 4,084,965 |  |  | $ | (1,308,638 | ) |  | $ | (787,551 | ) |  |  | 3,242,590 |
Other income, net |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 459,629 |
Income before income taxes |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 3,702,219 |
Benefit from income taxes |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (126,266 | )
Net income from continuing operations |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 3,828,485 |
Income from continuing operations attributable to non-controlling interests |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 174,199 |
Net income from continuing operations attributable to Consolidated Water Co. Ltd. stockholders |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 3,654,286 |
Net income from discontinued operations |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 626,432 |
Net income attributable to Consolidated Water Co. Ltd. stockholders |  |  |  |  |  |  |  |  |  |  |  | $ | 4,280,718 |
Depreciation and amortization expenses for the six months ended June 30, 2018 for the retail, bulk, services and manufacturing segments were $1,007,629, $1,527,037, $15,277 and $798,720, respectively.
|  | As of June 30, 2019 |
|  | Retail |  |  | Bulk |  |  | Services |  |  | Manufacturing |  |  | Total |
Accounts receivable, net |  | $ | 3,149,756 |  |  | $ | 13,782,607 |  |  | $ | 1,494,163 |  |  | $ | 1,764,261 |  |  | $ | 20,190,787 |
Property, plant and equipment, net |  | $ | 29,793,712 |  |  | $ | 31,594,218 |  |  | $ | 12,500 |  |  | $ | 1,551,285 |  |  | $ | 62,951,715 |
Construction in progress |  | $ | 212,883 |  |  | $ | 442,229 |  |  | $ | - |  |  | $ | 5,950 |  |  | $ | 661,062 |
Intangibles, net |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | 1,499,444 |  |  | $ | 1,499,444 |
Goodwill |  | $ | 1,170,511 |  |  | $ | 1,948,875 |  |  | $ | - |  |  | $ | 4,885,211 |  |  | $ | 8,004,597 |
Land and rights of way held for development |  | $ | - |  |  | $ | - |  |  | $ | 24,161,024 |  |  | $ | - |  |  | $ | 24,161,024 |
Total segment assets |  | $ | 63,962,018 |  |  | $ | 68,264,136 |  |  | $ | 32,476,525 |  |  | $ | 17,256,530 |  |  | $ | 181,959,209 |
|  | As of December 31, 2018 |
|  | Retail |  |  | Bulk |  |  | Services |  |  | Manufacturing |  |  | Total |
Accounts receivable, net |  | $ | 2,947,193 |  |  | $ | 18,480,589 |  |  | $ | 1,812,838 |  |  | $ | 987,475 |  |  | $ | 24,228,095 |
Property, plant and equipment, net |  | $ | 24,435,501 |  |  | $ | 32,820,908 |  |  | $ | 14,772 |  |  | $ | 1,609,637 |  |  | $ | 58,880,818 |
Construction in progress |  | $ | 5,437,093 |  |  | $ | 574,659 |  |  | $ | 3,291 |  |  | $ | - |  |  | $ | 6,015,043 |
Intangibles, net |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | 1,891,667 |  |  | $ | 1,891,667 |
Goodwill |  | $ | 1,170,511 |  |  | $ | 1,948,875 |  |  | $ | - |  |  | $ | 4,885,211 |  |  | $ | 8,004,597 |
Land and rights of way held for development |  | $ | - |  |  | $ | - |  |  | $ | 24,161,024 |  |  | $ | - |  |  | $ | 24,161,024 |
Total segment assets |  | $ | 61,210,879 |  |  | $ | 67,740,088 |  |  | $ | 27,406,983 |  |  | $ | 12,254,121 |  |  | $ | 168,612,071 |
Assets of discontinued operations |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 3,903,527 |
Total assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 172,515,598 |

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI http://asc.fasb.org/topic&trid=2134510 + Details
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