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Segment information
 6 Months Ended
Jun. 30, 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 June 30, 2021

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Retail

    

Bulk

    

Services

    

Manufacturing

    

Total

Revenue

​

$

5,674,790

​

$

6,711,971

​

$

3,763,239

​

$

551,524

    

$

16,701,524

Cost of revenue

​

 

2,781,909

​

 

4,386,794

​

 

2,878,409

​

 

589,559

​

 

10,636,671

Gross profit (loss)

​

 

2,892,881

​

 

2,325,177

​

 

884,830

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(38,035)

​

 

6,064,853

General and administrative expenses

​

 

3,318,473

​

 

303,856

​

 

671,585

​

 

430,390

​

 

4,724,304

Gain (loss) on asset dispositions and impairments, net

​

 

3,360

​

 

—

​

 

—

​

 

(2,900,000)

​

 

(2,896,640)

Income (loss) from operations

​

$

(422,232)

​

$

2,021,321

​

$

213,245

​

$

(3,368,425)

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(1,556,091)

Other income, net

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​

​

 

  

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233,114

Loss before income taxes

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​

 

  

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​

 

  

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(1,322,977)

Benefit from income taxes

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​

 

  

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(6,845)

Net loss from continuing operations

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(1,316,132)

Income from continuing operations attributable to non-controlling interests

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197,138

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

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(1,513,270)

Net loss from discontinued operations

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(151,379)

Net loss attributable to Consolidated Water Co. Ltd. stockholders

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$

(1,664,649)

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Depreciation and amortization expenses for the three months ended June 30, 2021 for the retail, bulk, services and manufacturing segments were $632,953, $906,292, $204,000 and $70,134, respectively.

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Three Months Ended June 30, 2020

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Retail

    

Bulk

    

Services

    

Manufacturing

    

Total

Revenue

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$

5,966,296

​

$

5,866,397

​

$

3,476,000

​

$

3,778,554

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$

19,087,247

Cost of revenue

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2,769,497

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3,941,309

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2,631,513

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2,441,785

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11,784,104

Gross profit

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3,196,799

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1,925,088

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844,487

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1,336,769

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7,303,143

General and administrative expenses

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3,266,782

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261,100

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711,350

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318,381

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4,557,613

Gain on asset dispositions and impairments, net

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—

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—

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5,205

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—

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5,205

Income (loss) from operations

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$

(69,983)

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$

1,663,988

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$

138,342

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$

1,018,388

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2,750,735

Other income, net

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260,957

Income before income taxes

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3,011,692

Provision for income taxes

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204,268

Net income from continuing operations

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2,807,424

Income attributable to non-controlling interests

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180,154

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

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2,627,270

Net loss from discontinued operations

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(3,755,112)

Net loss attributable to Consolidated Water Co. Ltd. stockholders

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$

(1,127,842)

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Depreciation and amortization expenses for the three months ended June 30, 2020 for the retail, bulk, services and manufacturing segments were $595,247, $967,064, $188,586 and $82,340, respectively.

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Six Months Ended June 30, 2021

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Retail

    

Bulk

    

Services

    

Manufacturing

    

Total

Revenue

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$

11,386,095

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$

12,957,941

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$

7,304,085

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$

2,156,720

    

$

33,804,841

Cost of revenue

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5,489,903

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8,541,947

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5,600,337

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1,981,291

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21,613,478

Gross profit

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5,896,192

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4,415,994

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1,703,748

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175,429

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12,191,363

General and administrative expenses

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6,689,483

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681,359

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1,393,605

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724,343

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9,488,790

Gain (loss) on asset dispositions and impairments, net

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(246,640)

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1,500

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(433)

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(2,900,000)

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(3,145,573)

Income (loss) from operations

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$

(1,039,931)

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$

3,736,135

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$

309,710

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$

(3,448,914)

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(443,000)

Other income, net

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547,722

Income before income taxes

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104,722

Benefit from income taxes

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(9,505)

Net income from continuing operations

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114,227

Income from continuing operations attributable to non-controlling interests

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325,931

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

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(211,704)

Net loss from discontinued operations

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(464,173)

Net loss attributable to Consolidated Water Co. Ltd. stockholders

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$

(675,877)

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Depreciation and amortization expenses for the six months ended June 30, 2021 or the retail, bulk, services and manufacturing segments were $1,267,208, $1,860,052, $404,495 and $145,667, respectively.

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Six Months Ended June 30, 2020

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Retail

    

Bulk

    

Services

    

Manufacturing

    

Total

Revenue

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$

13,223,728

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$

12,306,681

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$

6,590,813

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$

7,691,746

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$

39,812,968

Cost of revenue

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5,756,117

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8,505,889

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4,905,033

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4,902,465

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24,069,504

Gross profit

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7,467,611

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3,800,792

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1,685,780

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2,789,281

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15,743,464

General and administrative expenses

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6,640,621

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553,146

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1,384,040

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675,115

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9,252,922

Gain on asset dispositions and impairments, net

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—

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200

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4,785

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—

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4,985

Income from operations

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$

826,990

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$

3,247,846

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$

306,525

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$

2,114,166

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6,495,527

Other income, net

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288,218

Income before income taxes

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6,783,745

Provision for income taxes

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​

410,351

Net income from continuing operations

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6,373,394

Income from continuing operations attributable to non-controlling interests

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541,152

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

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5,832,242

Net loss from discontinued operations

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(4,071,477)

Net income attributable to Consolidated Water Co. Ltd. stockholders

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$

1,760,765

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Depreciation and amortization expenses for the six months ended June 30, 2020 for the retail, bulk, services and manufacturing segments were $1,200,060, $1,934,299, $371,337 and $208,474, respectively.

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As of June 30, 2021

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Retail

    

Bulk

    

Services

    

Manufacturing

    

Total

Accounts receivable, net

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$

2,328,613

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$

21,501,870

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$

1,548,905

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$

739,742

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$

26,119,130

Inventory, current and non-current

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$

2,759,365

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$

3,688,327

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$

—

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$

485,023

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$

6,932,715

Property, plant and equipment, net

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$

26,659,760

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$

25,900,486

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$

533,302

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$

1,610,645

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$

54,704,193

Construction in progress

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$

546,043

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$

31,737

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$

—

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$

103,537

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$

681,317

Intangibles, net

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$

—

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$

—

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$

2,862,222

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$

894,444

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$

3,756,666

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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$

1,985,211

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$

10,425,013

Total segment assets

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$

62,119,731

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$

69,783,021

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$

14,762,027

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$

7,435,447

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$

154,100,226

Assets of discontinued operations

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​

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​

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$

22,610,408

Total assets

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$

176,710,634

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​

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​

​

​

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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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$

—

​

$

103,537

​

$

440,384

Intangibles, net

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$

—

​

$

—

​

$

3,200,555

​

$

947,778

​

$

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

​

$

4,885,211

​

$

13,325,013

Total segment assets

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$

56,425,159

​

$

74,771,798

​

$

14,470,322

​

$

11,210,685

​

$

156,877,964

Assets of discontinued operations

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​

​

 

​

​

 

​

​

 

​

​

$

22,677,588

Total assets

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​

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​

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​

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​

​

$

179,555,552

​