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 March 31, 2020
	Retail		Bulk		Services		Manufacturing		Total
Revenue	$	7,257,432	$	6,440,284	$	3,114,813	$	3,913,192	$	20,725,721
Cost of revenue		2,986,620		4,564,580		2,273,520		2,460,680		12,285,400
Gross profit		4,270,812		1,875,704		841,293		1,452,512		8,440,321
General and administrative expenses		3,373,839		292,046		1,131,138		356,734		5,153,757
Gain (loss) on asset dispositions and impairments, net		—		200		(420)		—		(220)
Income (loss) from operations	$	896,973	$	1,583,858	$	(290,265)	$	1,095,778		3,286,344
Other income, net										169,344
Income before income taxes										3,455,688
Provision for income taxes										206,083
Net income										3,249,605
Income attributable to non-controlling interests										360,998
Net income attributable to Consolidated Water Co. Ltd. stockholders									$	2,888,607

Depreciation and amortization expenses for the three months ended March 31, 2020 for the retail, bulk, services and manufacturing segments were $604,813, $967,235, $183,886 and $126,134, respectively.


	Three Months Ended March 31, 2019
	Retail		Bulk		Services		Manufacturing		Total
Revenue	$	6,686,660	$	7,111,313	$	100,577	$	3,089,974	$	16,988,524
Cost of revenue		2,825,604		4,954,591		121,919		2,124,107		10,026,221
Gross profit		3,861,056		2,156,722		(21,342)		965,867		6,962,303
General and administrative expenses		3,117,278		261,412		485,885		513,459		4,378,034
Gain (loss) on asset dispositions and impairments, net		(2,731)		46,500		—		—		43,769
Income (loss) from operations	$	741,047	$	1,941,810	$	(507,227)	$	452,408		2,628,038
Other income, net										260,090
Income before income taxes										2,888,128
Provision for income taxes										48,959
Net income from continuing operations										2,839,169
Income from continuing operations attributable to non-controlling interests										273,908
Net income from continuing operations attributable to Consolidated Water Co. Ltd. stockholders										2,565,261
Total income from discontinued operations										3,621,170
Net income attributable to Consolidated Water Co. Ltd. stockholders									$	6,186,431

Depreciation and amortization expenses for the three months ended March 31, 2019 for the retail, bulk, services and manufacturing segments were $518,014, $947,689, $1,136 and $277,053, respectively.


	As of March 31, 2020
	Retail		Bulk		Services		Manufacturing		Total
Accounts receivable, net	$	3,237,362	$	18,276,079	$	1,565,697	$	2,545,645	$	25,624,783
Inventory, current and non-current	$	2,804,866	$	3,784,087		—		4,227,294		10,816,247
Property, plant and equipment, net	$	29,221,683	$	30,126,797	$	275,487	$	1,615,446	$	61,239,413
Construction in progress	$	170,429	$	31,737	$	—	$	126,168	$	328,334
Intangibles, net	$	—	$	—	$	3,708,055	$	1,077,778	$	4,785,833
Goodwill	$	1,170,511	$	1,948,875	$	5,320,416	$	4,885,211	$	13,325,013
Land and rights of way held for development	$	—	$	—	$	24,162,523	$	—	$	24,162,523
Total segment assets	$	54,467,510	$	70,961,688	$	42,742,706	$	17,520,255	$	185,692,159


	As of December 31, 2019
	Retail		Bulk		Services		Manufacturing		Total
Accounts receivable, net	$	2,891,165	$	18,883,493	$	954,149	$	500,882	$	23,229,689
Inventory, current and non-current	$	2,668,902	$	3,628,443	$	—	$	1,394,588	$	7,691,933
Property, plant and equipment, net	$	29,177,718	$	30,281,647	$	168,585	$	1,621,029	$	61,248,979
Construction in progress	$	396,214	$	869,792	$	—	$	69,591	$	1,335,597
Intangibles, net	$	—	$	—	$	3,877,222	$	1,162,778	$	5,040,000
Goodwill	$	1,170,511	$	1,948,875	$	5,320,416	$	4,885,211	$	13,325,013
Land and rights of way held for development	$	—	$	—	$	24,162,523	$	—	$	24,162,523
Total segment assets	$	65,554,640	$	69,423,770	$	42,459,177	$	14,854,557	$	192,292,144