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Acquisition of PERC (Tables)

12 Months Ended

Dec. 31, 2020

Acquisition of PERC

Summary of purchase price for PERC

​

​	​	​	​
Cash consideration			​
Purchase price (excluding working capital)	​	$	4,088,817
Cash acquired	​		(941,379)
Total cash consideration	​	$	3,147,438

Summary of estimated fair values of the assets and liabilities assumed at the acquisition date

​

​	​	​	​
Financial assets		$	1,371,532
Contract assets		​	20,854
Property, plant and equipment		​	86,287
Identifiable intangible assets		​	3,990,000
Deferred tax liability	​	​	(1,117,200)
Accounts payable and accrued liabilities		​	(1,260,722)
Working capital adjustment payable		​	(23,467)
Deferred revenue		​	(117,636)
Contract liabilities		​	(760,992)
Net liability arising from put/call options		​	(744,000)
Total identifiable net assets		​	1,444,656
Non-controlling interest in PERC		​	(3,617,634)
Goodwill		​	5,320,416
​	​	$	3,147,438

Summary of components of identifiable intangible assets assumed at the acquisition date

​

​	​	​	​	​	​
​		Amount			Useful life
Non-compete agreement	​	$	130,000		3 years
Trade name	​		1,300,000		15 years
Customer backlog	​		360,000		2 years
Facility management contracts	​		2,200,000		6 years
​	​	$	3,990,000	​	​

Summary of results of operations of PERC included in the Company's results of operations

​

​	​	​	​
Revenue	​	$	1,376,793
Gross profit	​		407,604
Amortization of intangibles, net of tax benefit	​		(81,200)
Net income	​		37,924

Summary of pro forma financial information

​

​	​	​	​
​	​	December 31,
​	​	2019
Revenue		$	77,615,958
Cost of revenue	​		47,162,564
Gross profit	​		30,453,394
General and administrative expenses	​		21,620,106
Gain (loss) on asset dispositions and impairments, net	​		447,681
Income from operations	​		9,280,969
Other income (expense), net	​		805,093
Income before income taxes	​		10,086,062
Provision for (benefit from) income taxes	​		72,814
Net income from continuing operations	​		10,013,248
Income from continuing operations attributable to non-controlling interests	​		1,505,068
Net income from continuing operations attributable to Consolidated Water Co. Ltd. stockholders	​		8,508,180
Gain on sale of discontinued operations	​		3,621,170
Net income from discontinued operations	​		—
Total income from discontinued operations	​		3,621,170
Net income attributable to Consolidated Water Co. Ltd. stockholders	​	$	12,129,350
​	​	​	​
Basic earnings per common share attributable to Consolidated Water Co. Ltd. common stockholders	​
Continuing operations	​	$	0.57
Discontinued operations	​		0.24
Basic earnings per share	​	$	0.81
​	​	​	​
Diluted earnings per common share attributable to Consolidated Water Co. Ltd. common stockholders	​
Continuing operations	​	$	0.56
Discontinued operations	​		0.24
Diluted earnings per share	​	$	0.80
​	​	​	​
Weighted average number of common shares used in the determination of:	​
Basic earnings per share	​		15,025,639
Diluted earnings per share	​		15,137,076

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