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Segment information | 9 Months Ended
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Sep. 30, 2019
Segment information |
Segment information | 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 September 30, 2019
|  | Retail |  | Bulk |  | Services |  | Manufacturing |  | Total
Revenue |  | $ | 6,271,220 |  | $ | 6,449,757 |  | $ | 95,980 |  | $ | 3,072,282 |  | $ | 15,889,239
Cost of revenue |  |  | 2,945,586 |  |  | 4,269,739 |  |  | 31,601 |  |  | 1,933,333 |  |  | 9,180,259
Gross profit |  |  | 3,325,634 |  |  | 2,180,018 |  |  | 64,379 |  |  | 1,138,949 |  |  | 6,708,980
General and administrative expenses |  |  | 3,497,320 |  |  | 294,189 |  |  | 546,204 |  |  | 487,914 |  |  | 4,825,627
Gain on asset dispositions and impairments, net |  |  | 6,518 |  |  | 500 |  |  | — |  |  | — |  |  | 7,018
Income (loss) from operations |  | $ | (165,168) |  | $ | 1,886,329 |  | $ | (481,825) |  | $ | 651,035 |  |  | 1,890,371
Other income, net |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 229,841
Income before income taxes |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 2,120,212
Benefit from income taxes |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (40,075)
Net income from continuing operations |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 2,160,287
Income from continuing operations attributable to non-controlling interests |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 433,235
Net income from continuing operations attributable to Consolidated Water Co. Ltd. stockholders |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 1,727,052
Total income from discontinued operations |  |  |  |  |  |  |  |  |  |  |  |  |  |  | —
Net income attributable to Consolidated Water Co. Ltd. stockholders |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 1,727,052
Depreciation and amortization expenses for the three months ended September 30, 2019 for the retail, bulk, services and manufacturing segments were $617,671, $933,955, $1,136 and $214,751, respectively.
|  | Three Months Ended September 30, 2018
|  | Retail |  | Bulk |  | Services |  | Manufacturing |  | Total
Revenue |  | $ | 6,185,558 |  | $ | 7,806,552 |  | $ | 807,424 |  | $ | 3,253,750 |  | $ | 18,053,284
Cost of revenue |  |  | 2,750,599 |  |  | 5,289,151 |  |  | 682,713 |  |  | 2,205,830 |  |  | 10,928,293
Gross profit |  |  | 3,434,959 |  |  | 2,517,401 |  |  | 124,711 |  |  | 1,047,920 |  |  | 7,124,991
General and administrative expenses |  |  | 2,967,187 |  |  | 366,532 |  |  | 846,258 |  |  | 627,102 |  |  | 4,807,079
(Loss) on asset dispositions and impairments, net |  |  | (9,084) |  |  | — |  |  | — |  |  | (3,331) |  |  | (12,415)
Income (loss) from operations |  | $ | 458,688 |  | $ | 2,150,869 |  | $ | (721,547) |  | $ | 417,487 |  |  | 2,305,497
Other income, net |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 2,326,768
Income before income taxes |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 4,632,265
Provision for income taxes |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 12,659
Net income from continuing operations |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 4,619,606
Income from continuing operations attributable to non-controlling interests |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 310,579
Net income from continuing operations attributable to Consolidated Water Co. Ltd. stockholders |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 4,309,027
Total income from discontinued operations |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 243,362
Net income attributable to Consolidated Water Co. Ltd. stockholders |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 4,552,389
Depreciation and amortization expenses for the three months ended September 30, 2018 for the retail, bulk, services and manufacturing segments were $498,663, $790,970, $7,638 and $399,987, respectively.
|  | Nine Months Ended September 30, 2019 |  |
|  | Retail |  | Bulk |  | Services |  | Manufacturing |  | Total
Revenue |  | $ | 19,941,395 |  | $ | 20,502,121 |  | $ | 287,349 |  | $ | 10,452,158 |  | $ | 51,183,023
Cost of revenue |  |  | 8,753,948 |  |  | 13,992,452 |  |  | 198,614 |  |  | 7,013,977 |  |  | 29,958,991
Gross profit |  |  | 11,187,447 |  |  | 6,509,669 |  |  | 88,735 |  |  | 3,438,181 |  |  | 21,224,032
General and administrative expenses |  |  | 10,020,019 |  |  | 900,572 |  |  | 1,811,971 |  |  | 1,466,091 |  |  | 14,198,653
Gain on asset dispositions and impairments, net |  |  | 401,088 |  |  | 47,000 |  |  | — |  |  | — |  |  | 448,088
Income (loss) from operations |  | $ | 1,568,516 |  | $ | 5,656,097 |  | $ | (1,723,236) |  | $ | 1,972,090 |  |  | 7,473,467
Other income, net |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 540,264
Income before income taxes |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 8,013,731
Provision for income taxes |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 73,117
Net income from continuing operations |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 7,940,614
Income from continuing operations attributable to non-controlling interests |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 1,172,039
Net income from continuing operations attributable to Consolidated Water Co. Ltd. stockholders |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 6,768,575
Net income from discontinued operations |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 3,621,170
Net income attributable to Consolidated Water Co. Ltd. stockholders |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 10,389,745
Depreciation and amortization expenses for the nine months ended September 30, 2019 for the retail, bulk, services and manufacturing segments were $1,751,048, $2,858,081, $3,409 and $707,517, respectively.
|  | Nine Months Ended September 30, 2018
|  | Retail |  | Bulk |  | Services |  | Manufacturing |  | Total
Revenue |  | $ | 18,884,929 |  | $ | 22,934,036 |  | $ | 1,054,100 |  | $ | 4,798,948 |  | $ | 47,672,013
Cost of revenue |  |  | 8,234,803 |  |  | 15,736,936 |  |  | 921,653 |  |  | 3,300,370 |  |  | 28,193,762
Gross profit |  |  | 10,650,126 |  |  | 7,197,100 |  |  | 132,447 |  |  | 1,498,578 |  |  | 19,478,251
General and administrative expenses |  |  | 8,926,550 |  |  | 961,266 |  |  | 2,162,632 |  |  | 1,865,311 |  |  | 13,915,759
(Loss) on asset dispositions and impairments, net |  |  | (11,074) |  |  | — |  |  | — |  |  | (3,331) |  |  | (14,405)
Income (loss) from operations |  | $ | 1,712,502 |  | $ | 6,235,834 |  | $ | (2,030,185) |  | $ | (370,064) |  |  | 5,548,087
Other income, net |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 2,786,397
Income before income taxes |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 8,334,484
Benefit from income taxes |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (113,607)
Net income from continuing operations |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 8,448,091
Income from continuing operations attributable to non-controlling interests |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 484,778
Net income from continuing operations attributable to Consolidated Water Co. Ltd. stockholders |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 7,963,313
Net income from discontinued operations |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 869,794
Net income attributable to Consolidated Water Co. Ltd. stockholders |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 8,833,107
Depreciation and amortization expenses for the nine months ended September 30, 2018 for the retail, bulk, services and manufacturing segments were $1,506,292, $2,318,007, $22,915, and $1,198,707, respectively.
|  | As of September 30, 2019
|  | Retail |  | Bulk |  | Services |  | Manufacturing |  | Total
Accounts receivable, net |  | $ | 2,447,446 |  | $ | 16,598,862 |  | $ | 1,440,306 |  | $ | 2,468,587 |  | $ | 22,955,201
Property, plant and equipment, net |  | $ | 29,430,224 |  | $ | 31,153,615 |  | $ | 11,364 |  | $ | 1,510,978 |  | $ | 62,106,181
Construction in progress |  | $ | 367,533 |  | $ | 522,814 |  | $ | — |  | $ | 35,223 |  | $ | 925,570
Intangibles, net |  | $ | — |  | $ | — |  | $ | — |  | $ | 1,331,111 |  | $ | 1,331,111
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 |  | $ | 64,676,232 |  | $ | 69,650,381 |  | $ | 33,278,394 |  | $ | 15,172,838 |  | $ | 182,777,845
|  | 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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