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