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Segment information
 3 Months Ended
Mar. 31, 2021
Segment information  
Segment information

3. 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 designs, constructs and sells water infrastructure and provides management and operating services to third parties. The manufacturing segment manufactures and services a wide range of custom and specialized water-related products 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 (or loss) 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.

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Three Months Ended March 31, 2021

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Retail

    

Bulk

    

Services

    

Manufacturing

    

Total

Revenue

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$

5,711,305

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$

6,245,970

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$

3,540,846

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$

1,605,196

    

$

17,103,317

Cost of revenue

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2,707,994

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4,155,153

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2,721,928

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1,391,732

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10,976,807

Gross profit

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3,003,311

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2,090,817

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818,918

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213,464

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6,126,510

General and administrative expenses

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3,371,010

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377,503

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722,020

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293,953

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4,764,486

Gain (loss) on asset dispositions and impairments, net

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(250,000)

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1,500

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(433)

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—

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(248,933)

Income (loss) from operations

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$

(617,699)

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$

1,714,814

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$

96,465

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$

(80,489)

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1,113,091

Other income, net

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314,608

Income before income taxes

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1,427,699

Benefit from income taxes

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(2,660)

Net income from continuing operations

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1,430,359

Income from continuing operations attributable to non-controlling interests

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128,793

Net income from continuing operations attributable to Consolidated Water Co. Ltd. stockholders

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1,301,566

Net loss from discontinued operations

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(312,794)

Net income attributable to Consolidated Water Co. Ltd. stockholders

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$

988,772

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Depreciation and amortization expenses for the three months ended March 31, 2021 for the retail, bulk, services and manufacturing segments were $634,255, $953,760, $200,495 and $75,533, respectively.

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Three Months Ended March 31, 2020

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Retail

    

Bulk

    

Services

    

Manufacturing

    

Total

Revenue

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$

7,257,432

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$

6,440,284

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$

3,114,813

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$

3,913,192

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$

20,725,721

Cost of revenue

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2,986,620

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4,564,580

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2,273,520

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2,460,680

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12,285,400

Gross profit

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4,270,812

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1,875,704

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841,293

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1,452,512

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8,440,321

General and administrative expenses

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3,373,839

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292,046

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672,690

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356,734

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4,695,309

Gain (loss) on asset dispositions and impairments, net

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—

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200

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(420)

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—

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(220)

Income from operations

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$

896,973

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$

1,583,858

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$

168,183

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$

1,095,778

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3,744,792

Other income, net

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27,261

Income before income taxes

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3,772,053

Provision for income taxes

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206,083

Net income from continuing operations

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3,565,970

Income attributable to non-controlling interests

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360,998

Net income from continuing operations attributable to Consolidated Water Co. Ltd. stockholders

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3,204,972

Net loss from discontinued operations

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(316,365)

Net income attributable to Consolidated Water Co. Ltd. stockholders

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$

2,888,607

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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, $182,750 and $126,134, respectively.

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As of March 31, 2021

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Retail

    

Bulk

    

Services

    

Manufacturing

    

Total

Accounts receivable, net

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$

2,439,024

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$

19,731,117

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$

1,546,559

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$

971,732

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$

24,688,432

Inventory, current and non-current

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$

2,785,083

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$

3,632,537

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$

—

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$

343,139

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$

6,760,759

Property, plant and equipment, net

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$

27,188,029

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$

26,730,578

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$

563,155

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$

1,602,570

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$

56,084,332

Construction in progress

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$

436,445

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$

60,040

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$

—

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$

103,536

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$

600,021

Intangibles, net

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$

—

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$

—

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$

3,031,388

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$

917,778

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$

3,949,166

Goodwill

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$

1,170,511

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$

1,948,875

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$

5,320,416

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$

4,885,211

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$

13,325,013

Total segment assets

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$

61,657,813

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$

69,722,252

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$

15,216,541

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$

10,634,006

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$

157,230,612

Assets of discontinued operations

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$

22,543,823

Total assets

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$

179,774,435

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As of December 31, 2020

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Retail

    

Bulk

    

Services

    

Manufacturing

    

Total

Accounts receivable, net

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$

2,444,455

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$

17,022,813

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$

1,420,609

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$

596,099

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$

21,483,976

Inventory, current and non-current

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$

2,787,163

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$

3,795,544

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$

—

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$

1,138,313

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$

7,721,020

Property, plant and equipment, net

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$

27,947,545

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$

27,611,567

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$

487,973

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$

1,640,899

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$

57,687,984

Construction in progress

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$

305,110

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$

31,737

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$

—

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$

103,537

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$

440,384

Intangibles, net

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$

—

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$

—

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$

3,200,555

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$

947,778

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$

4,148,333

Goodwill

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$

1,170,511

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$

1,948,875

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$

5,320,416

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$

4,885,211

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$

13,325,013

Total segment assets

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$

56,425,159

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$

74,771,798

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$

14,470,322

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$

11,210,685

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$

156,877,964

Assets of discontinued operations

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$

22,677,588

Total assets

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$

179,555,552

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