Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Mar. 08, 2016 | Jun. 30, 2015 | |
Document Information [Line Items] | |||
Entity Registrant Name | CONSOLIDATED WATER CO LTD | ||
Entity Central Index Key | 928,340 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Accelerated Filer | ||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2015 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2,015 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Trading Symbol | CWCO | ||
Entity Public Float | $ 180,832,579 | ||
Entity Common Stock, Shares Outstanding | 14,785,922 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Current assets | ||
Cash and cash equivalents | $ 44,792,734 | $ 35,713,689 |
Certificate of deposit | 5,637,538 | 5,000,000 |
Restricted cash | 428,203 | 456,083 |
Accounts receivable, net | 9,529,016 | 11,773,744 |
Inventory | 1,918,728 | 1,738,382 |
Prepaid expenses and other current assets | 1,282,660 | 1,612,860 |
Current portion of loans receivable | 1,841,851 | 1,726,310 |
Costs and estimated earnings in excess of billings - construction projects | 0 | 1,090,489 |
Total current assets | 65,430,730 | 59,111,557 |
Property, plant and equipment, net | 53,743,170 | 56,396,988 |
Construction in progress | 1,928,610 | 1,900,016 |
Inventory, non-current | 4,558,374 | 4,240,977 |
Loans receivable | 3,769,016 | 5,610,867 |
Investment in OC-BVI | 4,548,271 | 5,208,603 |
Intangible assets, net | 771,811 | 927,900 |
Goodwill | 3,499,037 | 3,499,037 |
Land held for development | 20,558,424 | 20,558,424 |
Other assets | 2,809,255 | 3,005,462 |
Total assets | 161,616,698 | 160,459,831 |
Current liabilities | ||
Accounts payable and other current liabilities | 4,829,535 | 5,962,015 |
Dividends payable | 1,177,246 | 1,190,325 |
Demand loan payable | 7,000,000 | 9,000,000 |
Billings in excess of costs and estimated earnings - construction project | 189,985 | 0 |
Total current liabilities | 13,196,766 | 16,152,340 |
Other liabilities | 224,827 | 224,827 |
Total liabilities | $ 13,421,593 | $ 16,377,167 |
Commitments and contingencies | ||
Consolidated Water Co. Ltd. stockholders' equity | ||
Redeemable preferred stock, $0.60 par value. Authorized 200,000 shares; issued and outstanding 38,804 and 36,840 shares, respectively | $ 23,282 | $ 22,104 |
Additional paid-in capital | 84,597,349 | 83,779,292 |
Retained earnings | 52,084,175 | 49,000,621 |
Cumulative translation adjustment | (533,365) | (482,388) |
Total Consolidated Water Co. Ltd. stockholders' equity | 145,040,162 | 141,149,168 |
Non-controlling interests | 3,154,943 | 2,933,496 |
Total equity | 148,195,105 | 144,082,664 |
Total liabilities and equity | 161,616,698 | 160,459,831 |
Class A common stock [Member] | ||
Consolidated Water Co. Ltd. stockholders' equity | ||
Common stock value | 8,868,721 | 8,829,539 |
Class B common stock [Member] | ||
Consolidated Water Co. Ltd. stockholders' equity | ||
Common stock value | $ 0 | $ 0 |
CONSOLIDATED BALANCE SHEETS _Pa
CONSOLIDATED BALANCE SHEETS [Parenthetical] - $ / shares | Dec. 31, 2015 | Dec. 31, 2014 |
Redeemable preferred stock, par value (in dollars per share) | $ 0.60 | $ 0.60 |
Redeemable preferred stock, authorized | 200,000 | 200,000 |
Redeemable preferred stock, issued | 38,804 | 36,840 |
Redeemable preferred stock, outstanding | 38,804 | 36,840 |
Class A common stock [Member] | ||
Common stock, par value (in dollars per share) | $ 0.60 | $ 0.60 |
Common stock, authorized | 24,655,000 | 24,655,000 |
Common stock, issued | 14,781,201 | 14,715,899 |
Common stock, outstanding | 14,781,201 | 14,715,899 |
Class B common stock [Member] | ||
Common stock, par value (in dollars per share) | $ 0.60 | $ 0.60 |
Common stock, authorized | 145,000 | 145,000 |
Common stock, issued | 0 | 0 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Retail revenues | $ 23,254,757 | $ 24,104,932 | $ 23,018,498 |
Bulk revenues | 31,854,255 | 39,201,011 | 39,960,220 |
Services revenues | 2,007,190 | 2,253,135 | 843,413 |
Total revenues | 57,116,202 | 65,559,078 | 63,822,131 |
Cost of retail revenues | 10,925,634 | 11,944,071 | 10,956,904 |
Cost of bulk revenues | 21,634,789 | 27,919,249 | 28,279,088 |
Cost of services revenues | 1,629,221 | 2,580,260 | 1,080,260 |
Total cost of revenues | 34,189,644 | 42,443,580 | 40,316,252 |
Gross profit | 22,926,558 | 23,115,498 | 23,505,879 |
General and administrative expenses | 14,458,494 | 16,654,439 | 15,844,303 |
Income from operations | 8,468,064 | 6,461,059 | 7,661,576 |
Other income (expense): | |||
Interest income | 1,013,252 | 1,440,631 | 826,570 |
Interest expense | (269,090) | (488,770) | (484,057) |
Profit sharing income from OC-BVI | 105,300 | 111,375 | 357,636 |
Equity in earnings of OC-BVI | 294,368 | 303,380 | 979,716 |
Impairment of investment in OC-BVI | (1,060,000) | (860,000) | (200,000) |
Other | (626,400) | (203,135) | 7,048 |
Other income (expense), net | (542,570) | 303,481 | 1,486,913 |
Net income | 7,925,494 | 6,764,540 | 9,148,489 |
Income attributable to non-controlling interests | 406,793 | 499,182 | 553,970 |
Net income attributable to Consolidated Water Co. Ltd. stockholders | $ 7,518,701 | $ 6,265,358 | $ 8,594,519 |
Basic earnings per common share attributable to Consolidated Water Co. Ltd. common stockholders (in dollars per share) | $ 0.51 | $ 0.43 | $ 0.59 |
Diluted earnings per common share attributable to Consolidated Water Co. Ltd. common stockholders (in dollars per share) | 0.51 | 0.42 | 0.58 |
Dividends declared per common share (in dollars per share) | $ 0.3 | $ 0.3 | $ 0.3 |
Weighted average number of common shares used in the determination of: | |||
Basic earnings per share (in shares) | 14,741,748 | 14,697,896 | 14,633,884 |
Diluted earnings per share (in shares) | 14,827,755 | 14,764,323 | 14,703,880 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Net income | $ 7,925,494 | $ 6,764,540 | $ 9,148,489 |
Other comprehensive income (loss) | |||
Foreign currency translation adjustment | (53,660) | (10,953) | (480,614) |
Total other comprehensive income (loss) | (53,660) | (10,953) | (480,614) |
Comprehensive income | 7,871,834 | 6,753,587 | 8,667,875 |
Comprehensive income attributable to non-controlling interests | 404,110 | 498,634 | 529,939 |
Comprehensive income attributable to Consolidated Water Co. Ltd. stockholders | $ 7,467,724 | $ 6,254,953 | $ 8,137,936 |
CONSOLIDATED STATEMENTS OF STOC
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) | Total | Redeemable Preferred Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Cumulative translation adjustment [Member] | Non-controlling interests [Member] |
Balance at Dec. 31, 2012 | $ 136,118,380 | $ 18,159 | $ 8,755,807 | $ 82,467,421 | $ 42,965,179 | $ (15,400) | $ 1,927,214 |
Balance (in shares) at Dec. 31, 2012 | 30,265 | 14,593,011 | |||||
Issue of share capital | 217,873 | $ 6,108 | $ 15,067 | 196,698 | 0 | 0 | 0 |
Issue of share capital (in shares) | 10,180 | 25,111 | |||||
Conversion of preferred stock | 0 | $ (2,832) | $ 2,832 | 0 | 0 | 0 | 0 |
Conversion of preferred stock (in shares) | (4,720) | 4,720 | |||||
Buyback of preferred stock | (4,265) | $ (313) | $ 0 | (3,952) | 0 | 0 | 0 |
Buyback of preferred stock (in shares) | (521) | 0 | |||||
Net income | 9,148,489 | $ 0 | $ 0 | 0 | 8,594,519 | 0 | 553,970 |
Exercise of options | 514,082 | $ 1,323 | $ 38,012 | 474,747 | 0 | 0 | 0 |
Exercise of options (in shares) | 2,204 | 63,355 | |||||
Dividends declared | (4,404,150) | $ 0 | $ 0 | 0 | (4,404,150) | 0 | 0 |
Foreign currency translation adjustment | (480,614) | 0 | 0 | 0 | 0 | (456,583) | (24,031) |
Capital contribution | 142,105 | 0 | 0 | 0 | 0 | 0 | 142,105 |
Stock-based compensation | 246,473 | 0 | 0 | 246,473 | 0 | 0 | 0 |
Balance at Dec. 31, 2013 | 141,498,373 | $ 22,445 | $ 8,811,718 | 83,381,387 | 47,155,548 | (471,983) | 2,599,258 |
Balance (in shares) at Dec. 31, 2013 | 37,408 | 14,686,197 | |||||
Issue of share capital | 259,337 | $ 3,574 | $ 10,976 | 244,787 | 0 | 0 | 0 |
Issue of share capital (in shares) | 5,957 | 18,294 | |||||
Conversion of preferred stock | 0 | $ (2,854) | $ 2,854 | 0 | 0 | 0 | 0 |
Conversion of preferred stock (in shares) | (4,756) | 4,756 | |||||
Buyback of preferred stock | (13,662) | $ (1,093) | $ 0 | (12,569) | 0 | 0 | 0 |
Buyback of preferred stock (in shares) | (1,822) | 0 | |||||
Net income | 6,764,540 | $ 0 | $ 0 | 0 | 6,265,358 | 0 | 499,182 |
Exercise of options | 53,136 | $ 32 | $ 3,991 | 49,113 | 0 | 0 | 0 |
Exercise of options (in shares) | 53 | 6,652 | |||||
Dividends declared | (4,584,681) | $ 0 | $ 0 | 0 | (4,420,285) | 0 | (164,396) |
Foreign currency translation adjustment | (10,953) | 0 | 0 | 0 | 0 | (10,405) | (548) |
Stock-based compensation | 116,574 | 0 | 0 | 116,574 | 0 | 0 | 0 |
Balance at Dec. 31, 2014 | 144,082,664 | $ 22,104 | $ 8,829,539 | 83,779,292 | 49,000,621 | (482,388) | 2,933,496 |
Balance (in shares) at Dec. 31, 2014 | 36,840 | 14,715,899 | |||||
Issue of share capital | 143,218 | $ 5,169 | $ 6,308 | 131,741 | 0 | 0 | 0 |
Issue of share capital (in shares) | 8,615 | 10,514 | |||||
Conversion of preferred stock | 0 | $ (4,317) | $ 4,317 | 0 | 0 | 0 | 0 |
Conversion of preferred stock (in shares) | (7,195) | 7,195 | |||||
Buyback of preferred stock | (6,014) | $ (449) | $ 0 | (5,565) | 0 | 0 | 0 |
Buyback of preferred stock (in shares) | (748) | 0 | |||||
Net income | 7,925,494 | $ 0 | $ 0 | 0 | 7,518,701 | 0 | 406,793 |
Exercise of options | 456,763 | $ 775 | $ 28,557 | 427,431 | 0 | 0 | 0 |
Exercise of options (in shares) | 1,292 | 47,593 | |||||
Dividends declared | (4,617,810) | $ 0 | $ 0 | 0 | (4,435,147) | 0 | (182,663) |
Foreign currency translation adjustment | (53,660) | 0 | 0 | 0 | 0 | (50,977) | (2,683) |
Stock-based compensation | 264,450 | 0 | 0 | 264,450 | 0 | 0 | 0 |
Balance at Dec. 31, 2015 | $ 148,195,105 | $ 23,282 | $ 8,868,721 | $ 84,597,349 | $ 52,084,175 | $ (533,365) | $ 3,154,943 |
Balance (in shares) at Dec. 31, 2015 | 38,804 | 14,781,201 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Cash flows from operating activities | |||
Net income | $ 7,925,494 | $ 6,764,540 | $ 9,148,489 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 5,657,580 | 5,524,359 | 5,472,116 |
Amortization of other assets | 179,353 | 179,353 | 179,353 |
Land lease | 23,014 | 25,968 | 27,371 |
Provision for doubtful accounts | 0 | 0 | 32,933 |
Compensation expense relating to stock and stock option grants | 407,668 | 202,454 | 381,976 |
Net loss on disposal of fixed assets | 32,566 | 77,495 | 14,562 |
Foreign currency transaction adjustment | 420,641 | 107,839 | 245,684 |
Profit sharing and equity in earnings of OC-BVI | (399,668) | (414,755) | (1,337,352) |
Impairment losses | 1,060,000 | 860,000 | 200,000 |
Unrealized gain on marketable securities | 0 | 0 | (17,137) |
Change in: | |||
Accounts receivable and Costs and estimated earnings in excess of billings | 3,402,728 | 5,988,523 | (6,387,462) |
Inventory | (732,588) | (566,928) | (65,637) |
Prepaid expenses and other assets | 276,116 | 423,893 | (137,563) |
Accounts payable and other liabilities and Billings in excess of costs and estimated earnings - construction project | (933,118) | (987,880) | 1,622,611 |
Net cash provided by operating activities | 17,319,786 | 18,184,861 | 9,379,944 |
Cash flows from investing activities | |||
Purchase of certificate of deposit | (5,637,538) | (5,000,000) | 0 |
Maturity of certificate of deposit | 5,000,000 | 0 | 0 |
Additions to property, plant and equipment and construction in progress | (3,113,565) | (3,626,278) | (4,315,389) |
Proceeds from sale of equipment | 10,160 | 13,620 | 13,740 |
Distribution of earnings from OC-BVI | 0 | 969,600 | 1,439,250 |
Collections on loans receivable | 1,726,310 | 1,691,102 | 1,812,533 |
Sale of marketable securities | 0 | 8,587,475 | 0 |
Payment for land held for development | 0 | (7,382,858) | (3,125,566) |
Payment of land purchase obligation | 0 | (10,050,000) | 0 |
Restriction on cash balance | (42,716) | (456,083) | 0 |
Net cash used in investing activities | (2,057,349) | (15,253,422) | (4,175,432) |
Cash flows from financing activities | |||
Dividends paid to CWCO common shareholders | (4,417,534) | (4,407,249) | (4,388,708) |
Dividends paid to CWCO preferred shareholders | (11,881) | (11,528) | (10,383) |
Dividends paid to non-controlling interests | (201,473) | (164,396) | 0 |
Repurchase of redeemable preferred stock | (6,014) | (13,077) | 9,313 |
Proceeds received from exercise of stock options | 456,763 | 52,551 | 500,505 |
Principal repayments of long term debt | 0 | (5,301,327) | (1,724,025) |
Capital contribution from non-controlling interest | 0 | 0 | 142,105 |
Proceeds received from demand loan payable | 0 | 10,000,000 | 0 |
Repayments of demand loan payable | (2,000,000) | (1,000,000) | 0 |
Net cash used in financing activities | (6,180,139) | (845,026) | (5,471,193) |
Effect of exchange rate changes on cash | (3,253) | 760 | 542 |
Net increase (decrease) in cash and cash equivalents | 9,079,045 | 2,087,173 | (266,139) |
Cash and cash equivalents at beginning of period | 35,713,689 | 33,626,516 | 33,892,655 |
Cash and cash equivalents at end of period | $ 44,792,734 | $ 35,713,689 | $ 33,626,516 |
Principal activity
Principal activity | 12 Months Ended |
Dec. 31, 2015 | |
Organization, Consolidation and Presentation Of Financial Statements [Abstract] | |
Nature of Operations [Text Block] | 1. Principal activity Consolidated Water Co. Ltd., and its subsidiaries (collectively, the “Company”) use reverse osmosis technology to produce potable water from seawater. The Company processes and supplies water to its customers in the Cayman Islands, Belize, The Bahamas, the British Virgin Islands and Indonesia. The Company sells water to a variety of customers, including public utilities, commercial and tourist properties, residential properties and government facilities. The base price of water supplied by the Company, and adjustments thereto, are determined by the terms of a retail license and bulk water supply contracts which provide for adjustments based upon the movement in the government price indices specified in the license and contracts as well as monthly adjustments for changes in the cost of energy. The Company also provides engineering and design services for water plant construction, and manages and operates water plants owned by others. |
Accounting policies
Accounting policies | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies [Text Block] | 2. Accounting policies 13.6 3.0 As of December 31, 2015, the Company had deposits in U.S. banks in excess of federally insured limits of approximately $ 1.9 million 44.4 Transfers from the Company’s Bahamas and Belize bank accounts to Company bank accounts in other countries require the approval of the Central Bank of the Bahamas and Belize, respectively. As of December 31, 2015, the equivalent United States dollar cash balances for deposits held in the Bahamas and Belize were approximately $ 23.2 4.2 5.6 Buildings 5 to 40 years Plant and equipment 4 to 40 years Distribution system 3 to 40 years Office furniture, fixtures and equipment 3 to 10 years Vehicles 3 to 10 years Leasehold improvements Lab equipment 5 to 10 years Additions to property, plant and equipment are comprised of the cost of the contracted services, direct labor and materials. Assets under construction are recorded as additions to property, plant and equipment upon completion of the projects. Depreciation commences in the month the asset is placed in service. For the years ended December 31, 2015 and 2014, the Company estimated the fair value of its reporting units by applying the discounted cash flow method, the subject company stock price method, the guideline public company method, and the mergers and acquisitions method. The discounted cash flow method relied upon seven-year discrete projections of operating results, working capital and capital expenditures, along with a terminal value subsequent to the discrete period. These seven-year projections were based upon historical and anticipated future results, general economic and market conditions, and considered the impact of planned business and operational strategies. The discount rates for the calculations represented the estimated cost of capital for market participants at the time of each analysis. In preparing these seven-year projections for its retail unit, the Company (i) identified possible outcomes of its on-going negotiations with the Cayman Islands government for the renewal of its retail license; (ii) estimated the cash flows associated with each possible outcome; and (iii) assigned a probability to each outcome and associated estimated cash flows. The weighted average estimated cash flows were then summed to determine the overall fair value of the retail unit under this method. The possible outcomes used for the discounted cash flow method for the retail unit included the implementation of a rate of return on invested capital model, the methodology proposed by Cayman Islands government representatives for the new retail license. The Company also estimated the fair value of each of its reporting units for the years ended December 31, 2015 and 2014 through reference to the quoted market prices for the Company and guideline companies and the market multiples implied by guideline merger and acquisition transactions. The Company weighted the fair values estimated for each of its reporting units under each method and summed such weighted fair values to estimate the overall fair value for each reporting unit. 2015 2014 Method Retail Bulk Retail Bulk Discounted cash flow 50 % 50 % 50 % 50 % Subject company stock price 30 % 30 % 30 % 30 % Guideline public company 10 % 10 % 10 % 10 % Mergers and acquisitions 10 % 10 % 10 % 10 % 100 % 100 % 100 % 100 % The fair values the Company estimated for its retail and bulk units exceeded their carrying amounts by 72 20 36 29 The Company also performed an analysis reconciling the conclusions of value for its reporting units to its market capitalization at October 1, 2015. This reconciliation resulted in an implied control premium for our Company of 5 Investments where the Company does not exercise significant influence over the operating and financial policies of the investee and holds less than 20% of the voting stock are recorded at cost. The Company uses the equity method of accounting for investments in common stock where the Company holds 20% to 50% of the voting stock of the investee and has significant influence over its operating and financial policies but does not meet the criteria for consolidation. 3.5 1.6 1.4 CW-Belize is liable for business and corporate income taxes. Under the terms of its water supply agreement with Belize Water Services Ltd. (“BWSL”), its sole customer, CW-Belize is reimbursed by BWSL for all taxes that it is required to pay and records this reimbursement as an offset to its tax expense. Other than Bali, Indonesia, the Company is not presently subject to income taxes in the other countries in which it operates. The Company assumes the risk that the costs associated with constructing the plant may be greater than it anticipated in preparing its bid. However, the terms of each of the sales contracts with its customers require the Company to guarantee the sales price for the plant at the bid amount. Because the Company bases its contracted sales price in part on its estimation of future construction costs, the profitability of its plant sales is dependent on its ability to estimate these costs accurately. The cost estimates the Company prepares in connection with the construction of plants to be sold to third parties are subject to inherent uncertainties. The cost of materials and construction may increase significantly after the Company submits its bid for a plant due to factors beyond the Company’s control, which could cause the profit margin for a plant to be less than the Company anticipated when the bid was made. The profit margin the Company initially expects to generate from a plant sale could be further affected by other factors, such as hydro-geologic conditions at the plant site that differ materially from those the Company believes exists, and therefore relies upon, in preparing its bid. Comparative amounts: 1.1 364,000 |
Cash and cash equivalents
Cash and cash equivalents | 12 Months Ended |
Dec. 31, 2015 | |
Cash and Cash Equivalents [Abstract] | |
Cash and Cash Equivalents Disclosure [Text Block] | 3. Cash and cash equivalents December 31, 2015 2014 Bank accounts: United States dollar $ 10,961,159 $ 7,809,107 Cayman Islands dollar 10,590,207 4,274,025 Bahamian dollar 1,983,236 6,822,761 Belize dollar 4,213,923 3,658,705 Bermudian dollar 4,571 5,507 Mexican Peso 27,872 53,203 Euro 23,819 30,291 Singapore dollar 25,879 27,641 Indonesian Rupiah 40,483 78,991 27,871,149 22,760,231 Short term deposits: United States dollar 1,307,337 474,728 Bahamian dollar 15,614,248 12,478,730 16,921,585 12,953,458 Total cash and cash equivalents $ 44,792,734 $ 35,713,689 Transfers from the Company’s Bahamas and Belize bank accounts to Company bank accounts in other countries require the approval of the Central Bank of |
Accounts receivable
Accounts receivable | 12 Months Ended |
Dec. 31, 2015 | |
Receivables [Abstract] | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | 4. Accounts receivable December 31 2015 2014 Trade accounts receivable $ 8,235,514 $ 10,722,177 Receivable construction project 521,250 415,305 Receivable from OC-BVI 45,118 49,154 Other accounts receivable 920,472 780,446 9,722,354 11,967,082 Allowance for doubtful accounts (193,338) (193,338) $ 9,529,016 $ 11,773,744 December 31 2015 2014 Opening allowance for doubtful accounts $ 193,338 $ 223,043 Provision for doubtful accounts - - Accounts written off during the year - (29,705) Ending allowance for doubtful accounts $ 193,338 $ 193,338 Significant concentrations of credit risk are disclosed in Note 20. |
Inventory
Inventory | 12 Months Ended |
Dec. 31, 2015 | |
Inventory Disclosure [Abstract] | |
Inventory Disclosure [Text Block] | 5. Inventory December 31, 2015 2014 Water stock $ 27,670 $ 38,353 Consumables stock 152,350 204,180 Spare parts stock 6,297,082 5,736,826 Total inventory 6,477,102 5,979,359 Less current portion 1,918,728 1,738,382 Inventory (non-current) $ 4,558,374 $ 4,240,977 |
Loans receivable
Loans receivable | 12 Months Ended |
Dec. 31, 2015 | |
Receivables [Abstract] | |
Financing Receivables [Text Block] | 6. Loans receivable December 31, 2015 2014 All loans receivable are due from the Water Authority-Cayman and consisted of: Two loans originally aggregating $10,996,290, bearing interest at 6.5% per annum, receivable in aggregate monthly installments of $124,827 to June 2019, and secured by the machinery and equipment of the North Side Water Works plant. $ 4,678,355 $ 5,831,504 Two loans originally aggregating $3,671,039, bearing interest at 6.5% per annum, receivable in aggregate monthly installments of $54,513 to June 2017, and secured by the machinery and equipment of the Red Gate plant. 932,512 1,505,673 Total loans receivable 5,610,867 7,337,177 Less current portion 1,841,851 1,726,310 Loans receivable, excluding current portion $ 3,769,016 $ 5,610,867 |
Property, plant and equipment a
Property, plant and equipment and construction in progress | 12 Months Ended |
Dec. 31, 2015 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment Disclosure [Text Block] | 7. Property, plant and equipment and construction in progress December 31, 2015 2014 Land $ 3,223,361 $ 3,223,361 Buildings 18,437,758 18,462,770 Plant and equipment 63,733,553 61,679,293 Distribution system 31,726,766 31,481,048 Office furniture, fixtures and equipment 3,210,819 3,159,699 Vehicles 1,384,294 1,273,803 Leasehold improvements 260,519 260,519 Lab equipment 157,851 28,743 122,134,921 119,569,236 Less accumulated depreciation 68,391,751 63,172,248 Property, plant and equipment, net $ 53,743,170 $ 56,396,988 Construction in progress $ 1,928,610 $ 1,900,016 As of December 31, 2015, the Company had outstanding capital commitments of $ 563,551 2,694,733 2,693,622 5,501,491 5,355,771 5,113,589 |
Investment in OC-BVI
Investment in OC-BVI | 12 Months Ended |
Dec. 31, 2015 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Equity Method Investments Disclosure [Text Block] | 8. Investment in OC-BVI The Company owns 50 43.53 45 The Company’s equity investment in OC-BVI amounted to $ 4,548,271 5,208,603 Until 2009, substantially all of the water sold by OC-BVI to the Ministry was supplied by one desalination plant with a capacity of 1.7 Baughers Bay litigation” 720,000 600,000 December 31, 2015 2014 Current assets $ 4,323,792 $ 2,547,542 Non-current assets 4,682,650 5,297,904 Total assets $ 9,006,442 $ 7,845,446 December 31, 2015 2014 Current liabilities $ 584,116 $ 427,269 Non-current liabilities 1,650,252 1,393,200 Total liabilities $ 2,234,368 $ 1,820,469 Year Ended December 31, 2015 2014 2013 Revenues $ 4,143,882 $ 4,679,829 $ 4,711,091 Cost of revenues 2,261,973 2,833,007 2,886,820 Gross profit 1,881,909 1,846,822 1,824,271 General and administrative expenses 958,364 940,072 957,743 Income from operations 923,545 906,750 866,528 Other income (expense), net (1) (176,448) (188,751) 1,411,932 Net income 747,097 717,999 2,278,460 Income (loss) attributable to non-controlling interests 70,854 21,045 27,793 Net income attributable to controlling interests $ 676,243 $ 696,954 $ 2,250,667 (1) Other income (expense), net, includes $ 2,000,000 The Company recognized $ 294,369 303,380 979,716 105,300 111,375 357,636 For the years ended December 31, 2015, 2014, and 2013, the Company recognized $ 528,346 747,340 784,626 23,803 33,707 106,000 196,000 Baughers Bay Litigation Under the terms of a water supply agreement dated May 1990 (the “1990 Agreement”) between OC-BVI and the Government of the British Islands (the “BVI Government”), upon the expiration of its initial seven-year term in May 1999, the 1990 Agreement would automatically be extended for another seven-year term unless the BVI government provided notice, at least eight months prior to such expiration, of its decision to purchase the plant from OC-BVI at the agreed upon amount under the 1990 Agreement of approximately $ 1.42 4.7 In 2006, the BVI government took the position that the seven-year extension of the 1990 Agreement had been completed and that it was entitled to ownership of the Baughers Bay plant. In response, OC-BVI disputed the BVI government’s contention that the original terms of the 1990 Agreement remained in effect. During 2007, the BVI government significantly reduced the amount and frequency of its payments for the water being supplied by OC-BVI and filed a lawsuit with the Eastern Caribbean Supreme Court (the “Court”) seeking ownership of the Baughers Bay plant. OC-BVI counterclaimed to the Court that it was entitled to continued possession and operation of the Baughers Bay plant until the BVI government paid OC-BVI approximately $ 4.7 The Court ruled on this litigation in 2009, determining that (i) the BVI government was entitled to immediate ownership and possession of the Baughers Bay plant and dismissed OC-BVI’s claim for compensation of approximately $ 4.7 2.0 2.0 1.0 OC-BVI filed an appeal with the Eastern Caribbean Court of Appeals (the “Appellate Court”) in October 2009 asking the Appellate Court to review the September 17, 2009 ruling by the Court as it related to OC-BVI’s claim for compensation for expenditures made to expand the production capacity of the Baughers Bay plant. In October 2009, the BVI government also filed an appeal with the Appellate Court requesting the Appellate Court to reduce the $ 10.4 In March 2010, OC-BVI vacated the Baughers Bay plant and the BVI government assumed direct responsibility for the plant’s operations. In June 2012, the Appellate Court issued the final ruling with respect to the Baughers Bay litigation. This ruling dismissed the BVI government’s appeal against the previous judgment of the Court awarding $10.4 million for the water supplied, and also awarded OC-BVI compensation for improvements made to the plant in the amount equal to the difference between (i) the value of the Baughers Bay plant at the date OC-BVI transferred possession of the plant to the BVI government and (ii) $ 1.42 5.0 5.4 6.7 4.7 2.0 Valuation of Investment in OC-BVI The Company accounts for its investment in OC-BVI under the equity method of accounting for investments in common stock. This method requires recognition of a loss on an equity investment that is other than temporary, and indicates that a current fair value of an equity investment that is less than its carrying amount may indicate a loss in the value of the investment. As a quoted market price for OC-BVI’s stock is not available, to test for possible impairment of its investment in OC-BVI, the Company estimates its fair value through the use of the discounted cash flow method, which relies upon projections of OC-BVI’s operating results, working capital and capital expenditures. The use of this method requires the Company to estimate OC-BVI’s cash flows from (i) the Bar Bay agreement and (ii) the pending amount awarded by the Appellate Court for the value of the Baughers Bay plant previously transferred by OC-BVI to the BVI government. The Company estimates the cash flows OC-BVI will receive from its Bar Bay agreement by (i) identifying various possible future scenarios for this agreement, which include the cancellation of the agreement after its initial seven-year term, and the exercise by the BVI government of the seven-year extension in the agreement; (ii) estimating the cash flows associated with each possible scenario; and (iii) assigning a probability to each scenario. The Company similarly estimates the cash flows OC-BVI will receive from the BVI government for the amount due under the ruling by the Appellate Court for the value of the Baughers Bay plant at the date it was transferred to the BVI government by assigning probabilities to different valuation scenarios. The resulting probability-weighted sum represents the expected cash flows, and the Company’s best estimate of future cash flows, to be derived by OC-BVI from its Bar Bay agreement and the pending Appellate Court award. The identification of the possible scenarios for the Bar Bay plant agreement and the Baughers Bay plant valuation, the projections of cash flows for each scenario, and the assignment of relative probabilities to each scenario all represent significant estimates made by the Company. While the Company uses its best judgment in identifying these possible scenarios, estimating the expected cash flows for these scenarios and assigning relative probabilities to each scenario, these estimates are by their nature highly subjective and are also subject to material change by the Company’s management over time based upon new information or changes in circumstances. As of December 31, 2014, the Company determined that the carrying value of its investment in OC-BVI exceeded its fair value and recorded an impairment charge of $ 860,000 As of March 31, 2015, June 30, 2015, September 30, 2015, and December 31, 2015, after updating its probability-weighted estimates of OC-BVI’s future cash flows and its resulting estimate of the fair value of its investment in OC-BVI, the Company determined that the carrying value of its investment in OC-BVI exceeded its fair value and recorded impairment losses on this investment of $ 310,000 275,000 225,000 250,000 The $ 4.5 900,000 4.4 |
N.S.C. Agua, S.A. de C.V.
N.S.C. Agua, S.A. de C.V. | 12 Months Ended |
Dec. 31, 2015 | |
Investments In and Advances To Affiliates, Schedule Of Investments [Abstract] | |
Investments in and Advances to Affiliates, Schedule of Investments [Text Block] | 9. N.S.C. Agua, S.A. de C.V. In May 2010, the Company acquired, through its wholly-owned Netherlands subsidiary, CW-Cooperatief, a 50 99.9 NSC was formed to pursue a project (the “Project”) that originally encompassed the construction, operation and minority ownership of a 100 50 50 Since its inception NSC has engaged engineering groups with extensive regional and/or technical experience to prepare preliminary designs and cost estimates for the desalination plant and the proposed pipeline and prepare the environmental impact studies for local, state and federal regulatory agencies, and has also acquired the land, performed pilot plant and feed water source testing, and evaluated financing alternatives for the Project. NSC entered into a purchase contract for 8.1 500,000 500,000 7.4 12 12 2 10 In 2012 and 2013, NSC conducted an equipment piloting plant and water data collection program at the proposed feed water source for the Project under a Memorandum of Understanding (the “EPC MOU”) with a global engineering, procurement and construction contractor for large seawater desalination plants. Under the EPC MOU, the contractor installed and operated an equipment piloting plant and collected water quality data from the proposed feed water source site in Rosarito Beach, Baja California, Mexico. The EPC MOU required that NSC negotiate exclusively with the contractor for the construction of the 100 500,000 350,000 Based upon the original scope of the Project, 20 40 In November 2012, NSC entered into a lease with an effective term of 20-years from the date of full operation of the desalination plant 5,000 20,000 In August 2014, the State of Baja California enacted new legislation to regulate Public-Private Association projects which involve the type of long-term contract between a public sector authority and a private party that NSC is seeking to complete the Project. Pursuant to this new legislation, on January 4, 2015, NSC submitted an expression of interest for its project to the Secretary of Infrastructure and Urban Development of the State of Baja California (“SIDUE”). On January 23, 2015, SIDUE accepted NSC’s expression of interest and requested that NSC submit a detailed proposal for the Project that complies with requirements of the new legislation. NSC submitted this detailed proposal (the “APP Proposal”) to SIDUE in late March 2015. The new legislation requires that such proposal be evaluated by SIDUE and submitted to the Public-Private Association Projects State Committee (the “APP Committee”) for review and authorization. If the Project is authorized the State of Baja California (the “State”) is required to conduct a public tender for the Project. In response to its APP Proposal, in September 2015 NSC received a letter dated June 30, 2015 from the Director General of the Comisión Estatal de Agua de Baja California (“CEA”), the State agency with responsibility for the Project. In this letter, CEA stated that (i) in its opinion, the Project is in the public interest with high social benefits and is consistent with the objectives of the State Development Plan and (ii) that the Project should proceed and the required public tender should be conducted. On November 6, 2015, the State officially commenced the tender for the Project, the scope of which the State has defined as a first phase to be operational in 2019 consisting of a 50 50 The Company has acknowledged since the inception of the Project that, due to the amount of capital the Project requires, NSC will ultimately need an equity partner or partners for the Project. During the fourth quarter of 2014, the Company concluded that its chances of successfully completing the Project under the new Public-Private Association legislation would be greatly enhanced through the addition of an equity partner for NSC with substantial financial resources and a history of successful capital project investments in Mexico. In March 2015, NSC entered into a Letter of Intent (“LOI”) with such a potential partner. Pursuant to the LOI, (i) NSC agreed to sell the land and other Project assets to a new company (“Newco”) that would build and own the Project; (ii) NSC’s potential partner would provide the majority of the equity for the Project and thereby would own the majority interest in Newco; (iii) NSC would maintain a minority ownership position in Newco; and (iv) Newco would enter into a long-term management and technical services contract with NSC for the Project. The LOI is no longer valid, as its terms were applicable if and only if NSC and its potential partner were awarded the Project by early March 2016. However, the Company expects NSC’s tender submitted to the State will be based upon an agreement with one or more equity partners on terms similar to those set forth in the LOI. Included in the Company’s consolidated results of operations are general and administrative expenses from NSC, consisting of organizational, legal, accounting, engineering, consulting and other costs relating to NSC’s project development activities. Such expenses amounted to $ 2.2 3.7 3.2 22.0 488,000 22.0 214,000 The Company expects to incur additional project development costs on behalf of NSC during 2016. Despite the expenditures the Company has made and the activities it has completed to date, upon completion of the tender process the State may award the Project to a party other than NSC , or the State may cancel the tender process. 20.6 NSC Litigation Immediately following CW-Cooperatief’s acquisition of its initial 50% ownership in NSC, the remaining 50 300,000 25 5.7 99.9 February 7, 2014 1.0 In October 2015, the Company learned that EWG has filed a lawsuit against the individual shareholder, NSC, NSA, CW-Cooperatief, Ricardo del Monte Nunez, Carlos Eduardo Ahumada Arruit, Luis de Angitia Becerra, and the Public Registry of Commerce of Tijuana, Baja California in the Civil Court located in Tecate, Baja California, Mexico. However, as of the date of the filing of this report, neither NSC nor CW-Cooperatief In this lawsuit, EWG is challenging the capital investment transactions that increased the Company’s ownership interest in NSC to 99.9%. EWG requested that the court, as a preliminary matter: (a) suspend the effectiveness of the challenged transactions; (b) order public officials in Mexico to record the pendency of the lawsuit in the public records; and (c) appoint an inspector for NSA and NSC to oversee its commercial activities. The court granted, ex-parte, the preliminary relief sought by EWG. Additionally, EWG is also seeking an order directing: (i) NSA, NSC and CW-Cooperatief to refrain from carrying out any transactions with respect to the Project; and (ii) NSA, NSC and CW-Cooperatief, and the partners thereof, to refrain from transferring any interests in NSA, NSC and CW-Cooperatief. The court has not yet ruled on these requests. The Company believes that the claims made by EWG are baseless and without merit, and will vigorously defend NSC and CW-Cooperatief in this litigation, and will seek dismissal of the orders entered by the court and all claims against NSC and CW-Cooperatief. Furthermore, on November 19, 2015, NSC and CW-Cooperatief filed a complaint in the United States District Court, Southern District of New York against EWG and its Managing Partner, based upon the Company’s conclusion that lawsuit filed by EWG in Mexico directly breaches a contract dated April 12, 2012 between NSC and CW-Cooperatief, and EWG. The Company is vigorously pursuing its claims and seeking relief pursuant to this complaint. The Company cannot pre sently determine the outcome of this litigation. However, such litigation could adversely impact the Company’s efforts to complete the Project. Mexico tax authority The Mexico tax authority, the Servicio de Administracion Tributaria (“SAT”), assessed NSC for taxes relating to payments to foreign vendors on which the SAT contended should have been subject to income tax withholdings during NSC’s 2011 tax year. As of December 31, 2015 and 2014, the assessment and related penalties, surcharges, inflation adjustments and late fees totaled 7,367,875 428,203 456,083 NSC retained the assistance of Mexican tax advisers in this matter, as it believed the assumptions and related work performed by the SAT did not support their tax assessment. As a result, NSC elected to contest this assessment in Mexico federal tax court. NSC was required to provide an irrevocable letter of credit which amounted 7,367,875 Mexican pesos as of December 31, 2015 as collateral in connection with this tax case. The restricted cash balances and $ 456,083 In November 2014, NSC received a favorable judgment from the tax court. Based on this outcome, the SAT filed an appeal shortly thereafter to contest the judgment. On February 15, 2016, NSC received a favorable judgment from the appellate tax court. |
Intangible assets
Intangible assets | 12 Months Ended |
Dec. 31, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets Disclosure [Text Block] | 10. Intangible assets In 2003, as part of the acquisition of a group of companies, the Company acquired 100 The carrying amount of the Belize Water Production and Supply Agreement is being amortized over the 23 In February 2012, the Company paid $ 300,000 300,000 December 31, 2015 2014 Cost Intangible asset management service agreement $ 856,356 $ 856,356 Belize water production and supply agreement 1,522,419 1,522,419 Option agreement - 300,000 2,378,775 2,678,775 Accumulated amortization Intangible asset management service agreement (750,697) (660,800) Belize water production and supply agreement (856,267) (790,075) Option agreement - (300,000) (1,606,964) (1,750,875) Intangible assets, net $ 771,811 $ 927,900 2016 $ 156,757 2017 81,286 2018 66,192 2019 66,192 2020 66,192 Thereafter 335,192 $ 771,811 Amortization expense was $ 156,089 168,588 358,527 |
Dividends
Dividends | 12 Months Ended |
Dec. 31, 2015 | |
Dividends [Abstract] | |
Dividends [Text Block] | 11. Dividends 2015 2014 2013 First Quarter $ 0.075 $ 0.075 $ 0.075 Second Quarter 0.075 0.075 0.075 Third Quarter 0.075 0.075 0.075 Fourth Quarter 0.075 0.075 0.075 $ 0.30 $ 0.30 $ 0.30 |
Long term debt
Long term debt | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Long-term Debt [Text Block] | 12. Long term debt December 31, 2015 2014 Demand loan payable with an original balance of $10.0 million, payable in quarterly installments of $500,000 with the remaining principal balance due on May 14, 2016 if not called by the lender; bearing interest at LIBOR plus 1.5%. $ 7,000,000 $ 9,000,000 Total debt 7,000,000 9,000,000 Less current portion 7,000,000 9,000,000 Long term debt, excluding current portion $ - $ - Substantially all of the Company assets owned by its Cayman Island subsidiaries are pledged as collateral for the $ 10.0 |
Share capital and additional pa
Share capital and additional paid-in capital | 12 Months Ended |
Dec. 31, 2015 | |
Equity [Abstract] | |
Stockholders' Equity Note Disclosure [Text Block] | 13. Share capital and additional paid-in capital Shares of redeemable preferred stock (“preferred shares”) are issued under the Company’s Employee Share Incentive Plan (see Note 18) and carry the same voting and dividend rights as shares of common stock (“common shares”). Preferred shares vest over four years and convert to common stock on a share for share basis on the fourth anniversary of each grant date. Preferred shares are only redeemable with the Company’s agreement. Upon liquidation, preferred shares rank in preference to the common shares to the extent of the par value of the preferred shares and any related additional paid in capital. The Company is a party to an Option Deed dated August 6, 1997, and amended on August 8, 2005, September 27, 2005 and May 30, 2007 (as amended, the “Option Deed”), designed to deter coercive takeover tactics. Pursuant to the Option Deed, the Company granted to the holders of its common shares and redeemable preferred shares options (the “Options”) to purchase one one-hundredth of a share of Class 'B' common shares of the Company at an exercise price of $ 100.00 a person or group of affiliated or associated persons (an “Acquiring Person”) has acquired, or obtained the right to acquire, beneficial ownership of 20% or more of the Company’s outstanding common shares The Options are not exercisable until the Distribution Date and will expire at the close of business on July 31, 2017 . Additionally, following the Distribution Date, all Options that are, or in certain circumstances were, beneficially owned by any Acquiring Person will be null and void. For a period of ten business days following the date that any person, alone or jointly with its affiliates and associates, becomes an Acquiring Person, 0.01 an Acquiring Person (or by certain related parties) following any person, alone or jointly with its affiliates and associates, becoming an Acquiring Person would entitle its holder to purchase $200.00 worth of the Company’s common shares for $100.00. Assuming that the common shares had a per share value of $20.00 at such time, the holder of each valid Option would be entitled to purchase 10 common shares for $100.00. Any of the provisions of the Option Deed may be amended by the Company’s Board of Directors prior to the Distribution Date. After the Distribution Date, the provisions of the Option Deed may be amended by the Board of Directors in order to cure any ambiguity, to make changes which do not adversely affect the interests of holders of Options (excluding the interests of any Acquiring Person), or to shorten or lengthen any time period under the Option Deed. |
Cost of revenues and general an
Cost of revenues and general and administrative expenses | 12 Months Ended |
Dec. 31, 2015 | |
Cost of revenues and general and administrative expenses [Abstract] | |
Cost Of Revenues And General And Administrative Expenses [Text Block] | 14. Cost of revenues and general and administrative expenses Year Ended December 31, 2015 2014 2013 Cost of revenues consist of: Electricity $ 10,675,287 $ 14,631,638 $ 13,634,617 Depreciation 5,270,454 5,077,293 4,822,967 Fuel oil 4,974,421 8,726,195 10,106,409 Employee costs 4,669,445 4,630,609 4,422,093 Cost of plant sales 878,396 1,470,045 - Maintenance 3,429,736 3,131,947 2,332,893 Retail license royalties 1,427,073 1,405,067 1,357,988 Insurance 1,187,097 1,397,799 1,499,201 Other 1,677,735 1,972,987 2,140,084 $ 34,189,644 $ 42,443,580 $ 40,316,252 General and administrative expenses consist of: Employee costs $ 6,459,612 $ 6,314,908 $ 6,218,948 Insurance 802,386 923,089 969,370 Professional fees 941,193 1,424,927 1,005,495 Directors’ fees and expenses 754,145 686,228 752,044 Depreciation 218,032 278,478 290,622 NSC project expenses 2,168,408 3,702,332 3,158,309 Other 3,114,718 3,324,477 3,449,515 $ 14,458,494 $ 16,654,439 $ 15,844,303 |
Earnings per share
Earnings per share | 12 Months Ended |
Dec. 31, 2015 | |
Earnings Per Share [Abstract] | |
Earnings Per Share [Text Block] | 15. Earnings per share Earnings per share (“EPS”) are computed on a basic and diluted basis. Basic EPS is computed by dividing net income (less preferred stock dividends) available to common stockholders by the weighted average number of common shares outstanding during the period. The computation of diluted EPS assumes the issuance of common shares for all potential common shares outstanding during the reporting period and, if dilutive, the effect of stock options as computed under the treasury stock method. Year Ended December 31, 2015 2014 2013 Net income attributable to Consolidated Water Co. Ltd. stockholders $ 7,518,701 $ 6,265,358 $ 8,594,519 Less: preferred stock dividends (12,028) (11,485) (11,222) Net income available to common shares in the determination of basic earnings per common share $ 7,506,673 $ 6,253,873 $ 8,583,297 Weighted average number of common shares in the determination of basic earnings per common share attributable to Consolidated Water Co. Ltd. common stockholders 14,741,748 14,697,896 14,633,884 Plus: Weighted average number of preferred shares outstanding during the period 38,612 37,924 34,827 Potential dilutive effect of unexercised options and unvested stock grants 47,395 28,503 35,169 Weighted average number of shares used for determining diluted earnings per common share attributable to Consolidated Water Co. Ltd. common stockholders 14,827,755 14,764,323 14,703,880 |
Segment information
Segment information | 12 Months Ended |
Dec. 31, 2015 | |
Segment Reporting [Abstract] | |
Segment Reporting Disclosure [Text Block] | 16. Segment information The Company has three reportable segments: retail, bulk and services. The retail segment primarily 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, The Bahamas and Belize under long-term contracts. The services segment designs, constructs and sells desalination plants to third parties and provides desalination plant management and operating services to affiliated companies. 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 costs to its other two 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 from operations. All intercompany transactions are eliminated for segment presentation purposes. The Company’s segments are strategic business units that are managed separately because, while all segments derive their revenues from desalination-related activities, each segment sells different products and/or services, serves customers with distinctly different needs and generates different gross profit margins. Year Ended December 31, 2015 Retail Bulk Services Total Revenues $ 23,254,757 $ 31,854,255 $ 2,007,190 $ 57,116,202 Cost of revenues 10,925,634 21,634,789 1,629,221 34,189,644 Gross profit (loss) 12,329,123 10,219,466 377,969 22,926,558 General and administrative expenses 10,713,687 1,605,943 2,138,864 14,458,494 Income (loss) from operations $ 1,615,436 $ 8,613,523 $ (1,760,895) 8,468,064 Other income (expense), net (542,570) Net income 7,925,494 Income attributable to non-controlling interests 406,793 Net income attributable to Consolidated Water Co. Ltd. stockholders $ 7,518,701 Depreciation and amortization expenses for the year ended December 31, 2015 for the retail, bulk and services segments were $ 2,344,315 3,389,717 102,901 As of December 31, 2015 Retail Bulk Services Total Accounts receivable, net $ 2,261,141 $ 6,231,626 $ 1,036,249 $ 9,529,016 Property plant and equipment, net $ 25,204,226 $ 28,421,906 $ 117,038 $ 53,743,170 Construction in progress $ 1,860,050 $ 68,560 $ - $ 1,928,610 Goodwill $ 1,170,511 $ 2,328,526 $ - $ 3,499,037 Land held for development $ - $ - $ 20,558,424 $ 20,558,424 Total assets $ 54,603,249 $ 83,284,439 $ 23,729,010 $ 161,616,698 Year Ended December 31, 2014 Retail Bulk Services Total Revenues $ 24,104,932 $ 39,201,011 $ 2,253,135 $ 65,559,078 Cost of revenues 11,944,071 27,919,249 2,580,260 42,443,580 Gross profit (loss) 12,160,861 11,281,762 (327,125) 23,115,498 General and administrative expenses 11,183,731 1,605,499 3,865,209 16,654,439 Income (loss) from operations $ 977,130 $ 9,676,263 $ (4,192,334) 6,461,059 Other income, net 303,481 Net income 6,764,540 Income attributable to non-controlling interests 499,182 Net income attributable to Consolidated Water Co. Ltd. stockholders $ 6,265,358 Depreciation and amortization expenses for the year ended December 31, 2014 for the retail, bulk and services segments were $ 2,404,404 3,196,912 102,396 As of December 31, 2014 Retail Bulk Services Total Accounts receivable, net $ 2,521,008 $ 8,399,999 $ 852,737 $ 11,773,744 Property plant and equipment, net $ 26,978,259 $ 29,318,534 $ 100,195 $ 56,396,988 Construction in progress $ 902,656 $ 997,360 $ - $ 1,900,016 Goodwill $ 1,170,511 $ 2,328,526 $ - $ 3,499,037 Land held for development $ - $ - $ 20,558,424 $ 20,558,424 Total assets $ 51,319,117 $ 85,063,571 $ 24,077,143 $ 160,459,831 Year Ended December 31, 2013 Retail Bulk Services Total Revenues $ 23,018,498 $ 39,960,220 $ 843,413 $ 63,822,131 Cost of revenues 10,956,904 28,279,088 1,080,260 40,316,252 Gross profit (loss) 12,061,594 11,681,132 (236,847) 23,505,879 General and administrative expenses 10,812,877 1,643,869 3,387,557 15,844,303 Income (loss) from operations $ 1,248,717 $ 10,037,263 $ (3,624,404) 7,661,576 Other income, net 1,486,913 Net income 9,148,489 Income attributable to non-controlling interests 553,970 Net income attributable to Consolidated Water Co. Ltd. stockholders $ 8,594,519 2,077,903 3,281,231 292,335 Year ended December 31, 2015 2014 2013 Cayman Islands $ 32,735,215 $ 35,040,803 $ 31,164,165 Bahamas 21,062,081 26,702,605 29,192,529 Indonesia 368,012 471,919 144,030 Belize 2,422,547 2,596,410 2,536,780 Revenues earned from management services agreement with OC-BVI 528,347 747,341 784,627 $ 57,116,202 $ 65,559,078 $ 63,822,131 Year ended December 31, 2015 2014 2013 Revenues earned from the Water and Sewerage Corporation ("WSC") $ 20,770,347 $ 26,376,520 $ 28,861,195 Percentage of total revenues from the WSC 36 % 40 % 45 % Revenues earned from the Water Authority - Cayman ("WAC") $ 8,369,627 $ 9,901,996 $ 8,230,912 Percentage of total revenues from the WAC 15 % 15 % 13 % December 31, 2015 2014 Cayman Island operations $ 22,518,524 $ 23,681,420 Bahamas operations 27,441,376 28,208,145 Belize operations 920,149 1,025,970 Indonesia operations 2,665,312 3,245,846 All other country operations 197,809 235,607 $ 53,743,170 $ 56,396,988 |
Commitments and contingencies
Commitments and contingencies | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies Disclosure [Text Block] | 17. Commitments and contingencies Commitments As of December 31, 2015, the Company held operating leases for land, office space, warehouse space, and equipment. In addition to minimum lease payments, certain leases provide for payment of real estate taxes, insurance, common area maintenance, and certain other expenses. Lease terms may include escalating rent provisions and rent incentives. Minimum lease payments and rent incentives are expensed using a straight line method over the non-cancellable lease term, which expire at various dates through the year 2035 The short-term and long-term components of deferred rent assets are included within prepaid expenses and other current assets, and other assets, respectively, in the consolidated balance sheets. 2016 $ 717,874 2017 740,778 2018 753,303 2019 590,130 2020 490,244 Thereafter 3,160,724 $ 6,453,053 Total rental expense for the years ended December 31, 2015, 2014 and 2013 was $ 821,845 812,658 822,159 The Company has entered into employment agreements with certain executives, which expire through December 31, 2018 and provide for, among other things, base annual salaries in an aggregate amount of approximately $ 2.1 The Company has purchase obligations totaling approximately $ 1.2 Retail License The Company sells water through its retail operations under a license issued in July 1990 by the Cayman Islands government that grants Cayman Water the exclusive right to provide potable water to customers within its licensed service area. As discussed below, this license was set to expire in July 2010 but has since been extended while negotiations for a new license take place. Pursuant to the license, Cayman Water has the exclusive right to produce potable water and distribute it by pipeline to its licensed service area which consists of two of the three most populated areas of Grand Cayman, the Seven Mile Beach and West Bay areas. For the years ended December 31, 2015, 2014 and 2013, the Company generated approximately 40 36 36 55 53 52 The license was scheduled to expire in July 2010 but has been extended several times by the Cayman Islands government in order to provide the parties with additional time to negotiate the terms of a new license agreement. The most recent extension of the license scheduled to expire on December 31, 2015; however, the Company has been informed by the WAC that its license will be extended through June 30, 2016 and that formal documentation of such extension is in process. In February 2011, the Water (Production and Supply) Law, 2011 and the Water Authority (Amendment) Law, 2011 (the “New Laws”) were published and enacted. Under the New Laws, the WAC will issue any new license, and such new license could include a rate of return on invested capital model, as discussed in the following paragraph. Following the enactment of the New Laws, the Company was advised in correspondence from the Cayman Islands government and the WAC that: (i) the WAC is now the principal negotiator, and not the Cayman Islands government, in these license negotiations, and (ii) the WAC has determined that a rate of return on invested capital model (“RCAM”) for the retail license is in the best interest of the public and Cayman Water’s customers. RCAM is the rate model currently utilized in the electricity transmission and distribution license granted by the Cayman Islands government to the Caribbean Utilities Company, Ltd. The Company responded to the Cayman Islands government that it disagreed with the government’s position on these two matters and negotiations for a new license temporarily ceased. In July 2012, in an effort to resolve several issues relating to its retail license renewal negotiations, the Company filed an Application for Leave to Apply for Judicial Review (the “Application”) with the Grand Court of the Cayman Islands (the “Court”), seeking declarations that: (i) certain provisions of the New Laws appear to be incompatible and a determination as to how those provisions should be interpreted, (ii) the WAC’s roles as the principal license negotiator, statutory regulator and the Company’s competitor put the WAC in a position of hopeless conflict, and (iii) the WAC’s decision to replace the rate structure under the Company’s current exclusive license with RCAM was predetermined and unreasonable. In October 2012 the Company was notified that the Court agreed to consider the issues raised in the Application. The hearing for this judicial review was held on April 1, 2014. Prior to the commencement of the hearing, the parties agreed that the Court should solely be concerned with the interpretation of the statutory provisions. As part of this agreement, the WAC agreed to consider our submissions on the RCAM model and/or alternative models of pricing. In June 2014, the Court determined that: (i) the renewal of the license does not require a public bidding process; and (ii) the WAC is the proper entity to negotiate with the Company for the renewal of the license. The Company’s submissions on the RCAM model and/or alternative models of pricing were made to the WAC on June 9, 2014. The Company received a letter from the WAC dated September 11, 2014, which fully rejected the Company’s submissions and stated that they intend to provide the Company with a draft RCAM license in due course. On November 21, 2014, the Company wrote to the Minister of Works offering to recommence license negotiations on the basis of the RCAM model subject to certain conditions which are: (i) the Government would undertake to amend the current water legislation to provide for an independent regulator and a fair and balanced regulatory regime more consistent with that provided under the electrical utility regulatory regime, (ii) the Government and the Company would mutually appoint an independent referee and chairman of the negotiations, (iii) the Company’s new license would provide exclusivity for the production and provision of all piped water, both potable and non-potable, within its Cayman Islands license area, (iv) the Government would allow the Company to submit its counter proposal to the WAC’s June 2010 RCAM license draft, and (v) the principle of subsidization of residential customer rates by commercial customer rates would continue under a new license. On March 23 2015, the Company received a letter from the Minister of Works with the following responses to the Company’s November 21, 2014 letter: (1) while the Cayman government plans to create a new public utilities commission, the provision of the new retail license will not depend upon the formation of such a commission; (2) any consideration regarding inclusion of the exclusive right to sell non-potable water within the area covered by the retail license will not take place until after the draft license has proceeded through the review process of the negotiations; (3) rather than allow the Company to submit its counter proposal to the WAC’s June 2010 RCAM license draft, the WAC will draft the license with the understanding that the Company will be allowed to propose amendments thereto; (4) the principle of subsidization of residential customer rates by commercial customer rates would continue under the new license; and (5) a request that the Company consider eliminating its monthly minimum volume charge in the new license. The Company recommenced license negotiations with the WAC during the third quarter of 2015 based upon a draft RCAM license provided by the WAC. Such license negotiations remain on-going. The Company is presently unable to determine when such negotiations will be completed or the final outcome of such negotiations. The Cayman Islands government could ultimately offer a third party a license to service some or all of Cayman Water’s present service area. However, as set forth in the existing license, “ the Governor hereby agrees that upon the expiry of the term of this Licence or any extension thereof, he will not grant a licence or franchise to any other person or company for the processing, distribution, sale and supply of water within the Licence Area without having first offered such a licence or franchise to the Company on terms no less favourable than the terms offered to such other person or company.” The resolution of these license negotiations could result in a material reduction of the operating income and cash flows the Company has historically generated from its retail license and could require the Company to record an impairment charge to reduce the $ 3,499,037 The Company is presently unable to determine what impact the resolution of this matter will have on its financial condition, results of operations or cash flows. CW-Belize By Statutory Instrument No. 81 of 2009, the Minister of Public Utilities of the government of Belize published an order, the Public Utility Provider Class Declaration Order, 2009 (the “Order”), which as of May 1, 2009 designated CW-Belize as a public utility provider under the laws of Belize. With this designation, the Public Utilities Commission of Belize (the “PUC”) has the authority to set the rates charged by CW-Belize and to otherwise regulate its activities. On November 1, 2010, CW-Belize received a formal complaint from the PUC alleging that CW-Belize was operating without a license under the terms of the Water Industry Act. CW-Belize applied for this license in December 2010. On July 29, 2011, the PUC issued the San Pedro Public Water Supply Quality and Security Complaint Order (the “Second Order”) which among other things requires that (i) CW-Belize and its customer jointly make a submission to the responsible Minister requesting that the area surrounding CW-Belize’s seawater abstraction wells be designated a forest reserve or national park and be designated a Controlled Area under section 58 of the Water Industry Act, (ii) CW-Belize submit an operations manual for CW-Belize’s desalination plant to the PUC for approval, (iii) CW-Belize and its customer modify the water supply agreement between the parties to (a) include new water quality parameters included in the Order and (b) cap the current exclusive water supply arrangement in the agreement at a maximum of 450,000 Windsor Plant Water Supply Agreement CW-Bahamas provides bulk water to the Water and Sewerage Corporation of The Bahamas (“WSC”), which distributes the water through its own pipeline system to residential, commercial and tourist properties on the Island of New Providence. Pursuant to a water supply agreement, CW-Bahamas was required to provide the WSC with at least 16.8 i. extend the agreement for an additional five years at a rate to be negotiated; ii. exercise a right of first refusal to purchase any materials, equipment and facilities that CW-Bahamas intends to remove from the site at a purchase price to be negotiated with CW-Bahamas; or iii. require CW-Bahamas to remove all materials, equipment and facilities from the site. At the request of the government of The Bahamas, CW-Bahamas continues to operate and maintain the Windsor plant on a month-to-month basis to provide the government of The Bahamas with additional time to decide whether or not it will extend CW-Bahamas’ water supply agreement for the Windsor plant on a long-term basis. CW-Bahamas generated revenues from the operation of this plant of approximately $ 5.8 6.2 7.2 CW-Bali Through its subsidiary CW-Bali, the Company has built and presently operates a seawater reverse osmosis plant with a productive capacity of approximately 790,000 3.0 In 2015, the Indonesian government passed Regulation 121 which provides a mechanism for governmental regulatory oversight over the utilization of Indonesia’s water resources. Under this new regulation, the approval or cooperation of the local government water utility is required for any water supply contracts executed by non-governmental providers after the effective date of the regulation. Consequently CW-Bali will be required to enter into a cooperation agreement with Bali’s local government water utility, PDAM, or otherwise obtain PDAM’s approval, to supply any new customers. The Company is presently seeking a strategic partner to (i) purchase a major portion of its equity ownership in CW-Bali; (ii) lead CW-Bali’s sales and marketing efforts and liaise with PDAM; and (iii) assist with CW-Bali’s on-going funding requirements. The Company also plans to market the available productive capacity of CW-Bali’s Nusa Dua plant to PDAM. If the Company is not able to obtain a strategic partner for CW-Bali, sell water to PDAM or other new customers, or otherwise significantly increase the revenues generated by its Nusa Dua plant in the future, the Company will be required to record an impairment charge to reduce the carrying value of CW-Bali’s plant assets to their fair value. Such an impairment charge could have a material adverse impact on the Company’s results of operations. Other Contingencies As part of the acquisition of the Company’s interests in OC-Cayman, with the approval of Scotiabank (Cayman Islands) Ltd., the Company has guaranteed the performance of OC-Cayman to the Cayman Islands government, pursuant to the water supply contract with the WAC dated April 25, 1994, as amended. CW-Bahamas’ contract to supply water to the WSC from its Blue Hills plant requires CW-Bahamas to guarantee delivery of a minimum quantity of water per week. If CW-Bahamas does not meet this minimum, it will be required to pay the WSC for the difference between the minimum and actual gallons delivered at a per gallon rate equal to the price per gallon that WSC is currently paying under the contract. The Blue Hills contract expires in 2032 and requires CW-Bahamas to deliver 63.0 |
Stock-based compensation
Stock-based compensation | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | 18. Stock -based compensation The Company has the following stock compensation plans that form part of its employees’ remuneration: Employee Share Incentive Plan (Preferred Shares) The Company awards shares of its preferred stock for $nil consideration under its Employee Share Incentive Plan to eligible employees, other than Directors and Officers, after four consecutive years of employment. If these employees remain with the Company for an additional four consecutive years, they can convert these preferred shares into shares of common stock on a one for one basis. In addition, at the time the preferred shares are granted, the employees receive options to purchase an equal number of shares of preferred stock at a discount to the average trading price of the Company’s common stock for the first seven days of the October immediately preceding the date of the preferred stock grant. If these options are exercised, the shares of preferred stock obtained may also be converted to shares of common stock if the employee remains with the Company for an additional four consecutive years. Each employee’s option to purchase shares of preferred stock must be exercised within 30 days of the grant date, which is the 90th day after the date of the independent registered public accountants firm’s audit opinion on the Company’s consolidated financial statements. Shares of preferred stock not subsequently converted to shares of common stock are redeemable only at the discretion of the Company. Shares of preferred stock granted under this plan during the years ended December 31, 2015, 2014 and 2013, totaled 8,615 5,957 10,180 Employee Share Option Plan (Common Stock Options) The Company has an employee stock option plan for certain long-serving employees of the Company. Under the plan, these employees are granted in each calendar year, as long as the employee is a participant in the Employee Share Incentive Plan, options to purchase common shares. The price at which the option may be exercised will be the closing market price on the grant date, which is the 40th day after the date of the Company’s Annual Shareholder Meeting. The number of options each employee is granted is equal to five times the sum of (i) the number of preferred shares which that employee receives for $nil consideration and (ii) the number of preferred share options which that employee exercises in that given year. Options may be exercised during the period commencing on the fourth anniversary of the grant date and ending on the thirtieth day after the fourth anniversary of the grant date. Options granted under this plan during the years ended December 31, 2015, 2014, and 2013, totaled 4,030 2,990 6,600 2008 Equity Incentive Plan On May 14, 2008, the Company’s stockholders approved the 2008 Equity Incentive Plan (the “2008 Plan”) and reserved 1,500,000 The Company measures and recognizes compensation expense at fair value for all share-based payments, including stock options. Stock-based compensation for the Employee Share Incentive Plan, Employee Share Option Plan and the 2008 Equity Incentive Plan totaled $ 143,951 116,574 246,473 Non-Executive Directors’ Share Plan This stock grant plan provides part of Directors’ remuneration. Under this plan, non-Executive Directors receive a combination of cash and common stock for their participation in Board meetings. The number of shares of common stock granted is calculated based upon the market price of the Company’s common stock on October 1 of the year preceding the grant. Common stock granted under this plan during the years ended December 31, 2015, 2014 and 2013 totaled 10,514 5,992 13,980 143,218 85,880 135,503 The fair value of each option award is estimated on the date of grant using a Black-Scholes option-pricing model that uses the assumptions noted in the table below. Expected volatilities are based on historical volatilities of the Company’s common stock. The Company uses historical data to estimate option exercise and post-vesting termination behavior. The expected term of options granted is based on historical data and represents the period of time that options granted are expected to be outstanding. The Company uses historical data to estimate stock option exercises and forfeitures within its valuation model. The risk-free interest rate for the expected term of the option is based on the U.S. Treasury yield curve in effect at the time of the grant. 2015 2014 2013 Risk free interest rate 0.41 % 0.48 % 0.47 % Expected option life (years) 1.4 1.4 1.7 Expected volatility 33.74 % 48.06 % 27.87 % Expected dividend yield 2.35 % 2.71 % 2.71 % Options Weighted Weighted Aggregate Outstanding at beginning of period 186,632 $ 10.18 Granted 12,645 9.92 Exercised (48,885) 7.90 Forfeited/expired (55,914) 10.30 Outstanding as of December 31, 2015 94,478 $ 10.52 1.06 years $ 164,500 Exercisable as of December 31, 2015 75,078 $ 10.46 0.86 years $ 133,764 (1) The intrinsic value of a stock option represents the amount by which the fair value of the underlying stock, measured by reference to the closing price of the common shares of $12.24 on the Nasdaq Global Select Market on December 31, 2015, exceeds the exercise price of the option. As of December 31, 2015, 19,400 75,078 10.74 10.46 1.87 0.86 28,012 1.87 As of December 31, 2015, unrecognized compensation costs relating to redeemable preferred stock outstanding were $ 143,234 1.19 2015 2014 2013 Options granted with an exercise price below market price on the date of grant: Employees preferred stock $ 4.19 $ - $ 4.65 Overall weighted average $ 4.19 $ - $ 4.65 Options granted with an exercise price at market price on the date of grant: Management employees $ - $ - $ - Employees common stock $ 3.39 $ 3.11 $ 3.18 Overall weighted average $ 3.39 $ 3.11 $ 3.18 Options granted with an exercise price above market price on the date of grant: Management employees $ - $ - $ - Employees preferred stock $ - $ 0.59 $ - Overall weighted average $ - $ 0.59 $ - Total intrinsic value of options exercised $ 87,371 $ 17,162 $ 190,212 Long-Term Incentive Compensation The Board of Directors approved changes to the long-term incentive compensation for the Company’s executive officers effective for 2015 and thereafter to better align the interests of its executive officers with those of its shareholders. The revised long-term compensation plan includes a combination of performance and non-performance based grants of common stock. The non-performance based stock grants vest ratably over a three-year period. The performance based grants vest at the end of three years based upon the achievement of three year cumulative performance outcomes. The initial three year measurement period for the performance based stock grants is 2015-2017. The Company recognized $ 120,500 |
Retirement benefits
Retirement benefits | 12 Months Ended |
Dec. 31, 2015 | |
Compensation and Retirement Disclosure [Abstract] | |
Pension and Other Postretirement Benefits Disclosure [Text Block] | 19. Retirement benefits Staff retirement plans are offered to all employees in Florida, Cayman Islands and Bahamas. The plans are administered by third party plan providers and are defined contribution plans. The Company matches the contribution of the first 5 72,000 6 328,084 325,576 300,682 |
Financial instruments
Financial instruments | 12 Months Ended |
Dec. 31, 2015 | |
Investments, All Other Investments [Abstract] | |
Financial Instruments Disclosure [Text Block] | 20. Financial instruments Credit risk: The Company is not exposed to significant credit risk on its retail customer accounts as its policy is to cease supply of water to customers’ accounts that are more than 45 days overdue. The Company’s exposure to credit risk is concentrated on receivables from its Bulk water customers. The Company considers these receivables fully collectible and therefore has not recorded an allowance for these receivables. Interest rate risk: The Company is not subject to significant interest-rate risk arising from fluctuations in interest rates as the balance of the Company’s demand loan payable at December 31, 2015 is not significant to its financial condition or results of operations. Foreign exchange risk: All relevant foreign currencies other than the Mexican peso, Indonesian rupiah and the euro have been fixed to the dollar for over 30 years and the Company does not employ a hedging strategy against exchange rate risk associated with the reporting in dollars. If any of these fixed exchange rates becomes a floating exchange rate or if any of the foreign currencies in which the Company conducts business depreciate significantly against the dollar, the Company’s consolidated results of operations could be adversely affected. Fair values: As of December 31, 2015 and 2014, the carrying amounts of cash and cash equivalents, accounts receivable, accounts payable and other current liabilities, the demand loan and dividends payable approximate their fair values due to the short term maturities of these instruments. Management considers that the carrying amounts for loans receivable and long term debt as of December 31, 2015 and 2014 approximate their fair value as the stated interest rates approximate market rates. Under US GAAP, fair value is defined as the exit price, or the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants as of the measurement date. The US GAAP guidance also establishes a hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. Observable inputs are inputs market participants would use in valuing the asset or liability and are developed based on market data obtained from sources independent of the Company. Unobservable inputs are inputs that reflect the Company’s assumptions about the factors market participants would use in valuing the asset or liability. The guidance establishes three levels of inputs that may be used to measure fair value: Level 1 - Quoted prices in active markets for identical assets or liabilities. Level 2 - Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3 - Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurements. The Company reviews its fair value hierarchy classifications on a quarterly basis. Changes in the observability of valuation inputs may result in a reclassification of levels for certain securities within the fair value hierarchy. December 31, 2015 Level 1 Level 2 Level 3 Total Assets: Recurring Restricted cash $ 428,203 $ - $ - $ 428,203 Certificate of deposit - 5,637,538 - 5,637,538 Total recurring $ 428,203 $ 5,637,538 $ - $ 6,065,741 Nonrecurring Investment in OC-BVI $ - $ - $ 4,548,271 $ 4,548,271 December 31, 2014 Level 1 Level 2 Level 3 Total Assets: Recurring Restricted cash $ 456,083 $ - $ - $ 456,083 Certificate of deposit - 5,000,000 - 5,000,000 Total recurring $ 456,083 $ 5,000,000 $ - $ 5,456,083 Nonrecurring Investment in OC-BVI $ - $ - $ 5,208,603 $ 5,208,603 Balance as of December 31, 2014 $ 5,208,603 Profit sharing and equity from earnings of OC-BVI 399,668 Distributions received from OC-BVI - Impairment of investment in OC-BVI (See Note 8) (1,060,000) Balance as of December 31, 2015 $ 4,548,271 |
Supplemental disclosure of cash
Supplemental disclosure of cash flow information | 12 Months Ended |
Dec. 31, 2015 | |
Supplemental Cash Flow Elements [Abstract] | |
Cash Flow, Supplemental Disclosures [Text Block] | 21. Supplemental disclosure of cash flow information Year Ended December 31, 2015 2014 2013 Interest paid in cash $ 147,546 $ 196,768 $ 380,014 Non-cash transactions: Transfers from inventory to property plant and equipment and construction in progress $ 123,036 $ 168,622 $ 181,875 Transfers from construction in progress to property, plant and equipment $ 2,694,733 $ 2,693,622 $ 4,924,980 Issuance of 10,514, 18,294, and 25,111, respectively, shares of common stock for services rendered $ 119,018 $ 263,098 $ 217,826 Issuance of 8,615, 5,957, and 10,180 , respectively, shares of redeemable preferred stock for services rendered for services rendered $ 110,703 $ 65,289 $ 110,249 Conversion (on a one-to-one basis) of 7,195, 4,756, and 4,720, respectively, shares of redeemable preferred stock to common stock $ 4,317 $ 2,854 $ 2,832 Dividends declared but not paid $ 1,111,501 $ 1,106,456 $ 1,104,271 Obligation incurred for land held for development $ - $ - $ 10,050,000 |
Impact of recent accounting sta
Impact of recent accounting standards pronouncements | 12 Months Ended |
Dec. 31, 2015 | |
New Accounting Pronouncements and Changes In Accounting Principles [Abstract] | |
New Accounting Pronouncements and Changes in Accounting Principles [Text Block] | 22. Impact of recent accounting standards Effect of Newly Issued But Not Yet Effective Accounting Standards: In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2014-09, Revenue from Contracts with Customers Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date In February 2015, the FASB issued ASU 2015-02, Consolidation (Topic 810) - Amendments to the Consolidation Analysis In April 2015, the FASB issued ASU 2015-03, Interest-Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs In July 2015, the FASB issued ASU 2015-11, Inventory (Topic 330): Simplifying the Measurement of Inventory In August 2015, the FASB issued ASU 2015-15, Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements In September 2015, the FASB issued ASU 2015-16, Business Combinations: Simplifying the Accounting for Measurement-Period Adjustments In January 2016, the FASB issued ASU 2016-01, Financial Instruments - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities, In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) |
Subsequent events
Subsequent events | 12 Months Ended |
Dec. 31, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | 23. Subsequent events The Company evaluated subsequent events through the time of the filing of its Annual Report on Form 10-K. Other than as disclosed in these consolidated financial statements, the Company is not aware of any significant events that occurred subsequent to the balance sheet date but prior to the filing of this report that would have a material impact on its consolidated financial statements. On February 11, 2016, the Company, through its wholly-owned subsidiary, Consolidated Water U.S. Holdings, Inc. (“Consolidated Water U.S.”), entered into a stock purchase agreement (the “Purchase Agreement”) with Aerex Industries, Inc. (“Aerex”) and Thomas Donnick, Jr. (“Donnick”). Pursuant to the terms of the Purchase Agreement, Consolidated Water U.S. purchased a 51 7.7 49 Aerex is an original equipment manufacturer and service provider of a wide range of products and services applicable to municipal water and industrial water treatment. Its products include membrane separation equipment, filtration equipment, piping systems, vessels and custom fabricated components. Aerex also offers engineering, design, consulting, inspection, training and equipment maintenance services to its customers. Aerex is an American Society of Mechanical Engineers (ASME) code accredited manufacturer and maintains the ASME U and S and the National Board NB and R Certificates of Authorization. Its corporate offices and manufacturing facilities are located in Fort Pierce, Florida. In connection with the Purchase Agreement, Consolidated Water U.S., Aerex and Donnick entered into a shareholders agreement, pursuant to which Consolidated Water U.S. and Donnick agreed to certain rights and obligations with respect to the governance of Aerex. |
Accounting policies (Policies)
Accounting policies (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Basis of preparation: |
Use of Estimates, Policy [Policy Text Block] | Use of estimates: |
Consolidation, Policy [Policy Text Block] | Basis of consolidation: |
Foreign Currency Transactions and Translations Policy [Policy Text Block] | Foreign currency: |
Comprehensive Income, Policy [Policy Text Block] | Comprehensive income: |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and cash equivalents: 13.6 3.0 As of December 31, 2015, the Company had deposits in U.S. banks in excess of federally insured limits of approximately $ 1.9 million 44.4 Transfers from the Company’s Bahamas and Belize bank accounts to Company bank accounts in other countries require the approval of the Central Bank of the Bahamas and Belize, respectively. As of December 31, 2015, the equivalent United States dollar cash balances for deposits held in the Bahamas and Belize were approximately $ 23.2 4.2 5.6 |
Trade and Other Accounts Receivable, Policy [Policy Text Block] | Accounts receivable and allowance for doubtful accounts: |
Inventory, Policy [Policy Text Block] | Inventory: |
Finance, Loans and Leases Receivable, Policy [Policy Text Block] | Loans receivable: |
Property, Plant and Equipment, Policy [Policy Text Block] | Property, plant and equipment: Buildings 5 to 40 years Plant and equipment 4 to 40 years Distribution system 3 to 40 years Office furniture, fixtures and equipment 3 to 10 years Vehicles 3 to 10 years Leasehold improvements Lab equipment 5 to 10 years Additions to property, plant and equipment are comprised of the cost of the contracted services, direct labor and materials. Assets under construction are recorded as additions to property, plant and equipment upon completion of the projects. Depreciation commences in the month the asset is placed in service. |
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | Long-lived assets: |
Construction In Progress [Policy Text Block] | Construction in progress: |
Goodwill and Intangible Assets, Policy [Policy Text Block] | Goodwill and intangible assets: For the years ended December 31, 2015 and 2014, the Company estimated the fair value of its reporting units by applying the discounted cash flow method, the subject company stock price method, the guideline public company method, and the mergers and acquisitions method. The discounted cash flow method relied upon seven-year discrete projections of operating results, working capital and capital expenditures, along with a terminal value subsequent to the discrete period. These seven-year projections were based upon historical and anticipated future results, general economic and market conditions, and considered the impact of planned business and operational strategies. The discount rates for the calculations represented the estimated cost of capital for market participants at the time of each analysis. In preparing these seven-year projections for its retail unit, the Company (i) identified possible outcomes of its on-going negotiations with the Cayman Islands government for the renewal of its retail license; (ii) estimated the cash flows associated with each possible outcome; and (iii) assigned a probability to each outcome and associated estimated cash flows. The weighted average estimated cash flows were then summed to determine the overall fair value of the retail unit under this method. The possible outcomes used for the discounted cash flow method for the retail unit included the implementation of a rate of return on invested capital model, the methodology proposed by Cayman Islands government representatives for the new retail license. The Company also estimated the fair value of each of its reporting units for the years ended December 31, 2015 and 2014 through reference to the quoted market prices for the Company and guideline companies and the market multiples implied by guideline merger and acquisition transactions. The Company weighted the fair values estimated for each of its reporting units under each method and summed such weighted fair values to estimate the overall fair value for each reporting unit. 2015 2014 Method Retail Bulk Retail Bulk Discounted cash flow 50 % 50 % 50 % 50 % Subject company stock price 30 % 30 % 30 % 30 % Guideline public company 10 % 10 % 10 % 10 % Mergers and acquisitions 10 % 10 % 10 % 10 % 100 % 100 % 100 % 100 % The fair values the Company estimated for its retail and bulk units exceeded their carrying amounts by 72 20 36 29 The Company also performed an analysis reconciling the conclusions of value for its reporting units to its market capitalization at October 1, 2015. This reconciliation resulted in an implied control premium for our Company of 5 |
Investment, Policy [Policy Text Block] | Investments: Investments where the Company does not exercise significant influence over the operating and financial policies of the investee and holds less than 20% of the voting stock are recorded at cost. The Company uses the equity method of accounting for investments in common stock where the Company holds 20% to 50% of the voting stock of the investee and has significant influence over its operating and financial policies but does not meet the criteria for consolidation. |
Other Assets [Policy Text Block] | Other assets: 3.5 1.6 1.4 |
Other Liabilities [Policy Text Block] | Other liabilities: |
Income Tax, Policy [Policy Text Block] | Income taxes: CW-Belize is liable for business and corporate income taxes. Under the terms of its water supply agreement with Belize Water Services Ltd. (“BWSL”), its sole customer, CW-Belize is reimbursed by BWSL for all taxes that it is required to pay and records this reimbursement as an offset to its tax expense. Other than Bali, Indonesia, the Company is not presently subject to income taxes in the other countries in which it operates. |
Plant Construction Revenue And Cost Recognition [Policy Text Block] | Plant construction revenue and cost of plant construction revenue: The Company assumes the risk that the costs associated with constructing the plant may be greater than it anticipated in preparing its bid. However, the terms of each of the sales contracts with its customers require the Company to guarantee the sales price for the plant at the bid amount. Because the Company bases its contracted sales price in part on its estimation of future construction costs, the profitability of its plant sales is dependent on its ability to estimate these costs accurately. The cost estimates the Company prepares in connection with the construction of plants to be sold to third parties are subject to inherent uncertainties. The cost of materials and construction may increase significantly after the Company submits its bid for a plant due to factors beyond the Company’s control, which could cause the profit margin for a plant to be less than the Company anticipated when the bid was made. The profit margin the Company initially expects to generate from a plant sale could be further affected by other factors, such as hydro-geologic conditions at the plant site that differ materially from those the Company believes exists, and therefore relies upon, in preparing its bid. |
Revenue Recognition, Policy [Policy Text Block] | Revenue from water sales: |
Reclassification, Policy [Policy Text Block] | 1.1 364,000 |
Accounting policies (Tables)
Accounting policies (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Schedule Of Property Plant And Equipment Useful Life [Table Text Block] | Rates are determined based on the estimated useful lives of the assets as follows: Buildings 5 to 40 years Plant and equipment 4 to 40 years Distribution system 3 to 40 years Office furniture, fixtures and equipment 3 to 10 years Vehicles 3 to 10 years Leasehold improvements Lab equipment 5 to 10 years |
Estimated Fair value Of Reporting Segment [Table Text Block] | The respective weightings the Company applied to each method as of December 31, 2015 were consistent with those used as of December 31, 2014 and were as follows: 2015 2014 Method Retail Bulk Retail Bulk Discounted cash flow 50 % 50 % 50 % 50 % Subject company stock price 30 % 30 % 30 % 30 % Guideline public company 10 % 10 % 10 % 10 % Mergers and acquisitions 10 % 10 % 10 % 10 % 100 % 100 % 100 % 100 % |
Cash and cash equivalents (Tabl
Cash and cash equivalents (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Cash and Cash Equivalents [Abstract] | |
Schedule of Cash and Cash Equivalents [Table Text Block] | Cash and cash equivalents are not restricted by the terms of the Company’s bank accounts as to withdrawal or use. As of December 31, 2015 and 2014, the equivalent United States dollars are denominated in the following currencies: December 31, 2015 2014 Bank accounts: United States dollar $ 10,961,159 $ 7,809,107 Cayman Islands dollar 10,590,207 4,274,025 Bahamian dollar 1,983,236 6,822,761 Belize dollar 4,213,923 3,658,705 Bermudian dollar 4,571 5,507 Mexican Peso 27,872 53,203 Euro 23,819 30,291 Singapore dollar 25,879 27,641 Indonesian Rupiah 40,483 78,991 27,871,149 22,760,231 Short term deposits: United States dollar 1,307,337 474,728 Bahamian dollar 15,614,248 12,478,730 16,921,585 12,953,458 Total cash and cash equivalents $ 44,792,734 $ 35,713,689 |
Accounts receivable (Tables)
Accounts receivable (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Receivables [Abstract] | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | December 31 2015 2014 Trade accounts receivable $ 8,235,514 $ 10,722,177 Receivable construction project 521,250 415,305 Receivable from OC-BVI 45,118 49,154 Other accounts receivable 920,472 780,446 9,722,354 11,967,082 Allowance for doubtful accounts (193,338) (193,338) $ 9,529,016 $ 11,773,744 |
Schedule Of Allowance For Doubtful Accounts Activity [Table Text Block] | December 31 2015 2014 Opening allowance for doubtful accounts $ 193,338 $ 223,043 Provision for doubtful accounts - - Accounts written off during the year - (29,705) Ending allowance for doubtful accounts $ 193,338 $ 193,338 |
Inventory (Tables)
Inventory (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory, Noncurrent [Table Text Block] | December 31, 2015 2014 Water stock $ 27,670 $ 38,353 Consumables stock 152,350 204,180 Spare parts stock 6,297,082 5,736,826 Total inventory 6,477,102 5,979,359 Less current portion 1,918,728 1,738,382 Inventory (non-current) $ 4,558,374 $ 4,240,977 |
Loans receivable (Tables)
Loans receivable (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Receivables [Abstract] | |
Schedule Of Loans Receivable [Table Text Block] | December 31, 2015 2014 All loans receivable are due from the Water Authority-Cayman and consisted of: Two loans originally aggregating $10,996,290, bearing interest at 6.5% per annum, receivable in aggregate monthly installments of $124,827 to June 2019, and secured by the machinery and equipment of the North Side Water Works plant. $ 4,678,355 $ 5,831,504 Two loans originally aggregating $3,671,039, bearing interest at 6.5% per annum, receivable in aggregate monthly installments of $54,513 to June 2017, and secured by the machinery and equipment of the Red Gate plant. 932,512 1,505,673 Total loans receivable 5,610,867 7,337,177 Less current portion 1,841,851 1,726,310 Loans receivable, excluding current portion $ 3,769,016 $ 5,610,867 |
Property, plant and equipment37
Property, plant and equipment and construction in progress (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment [Table Text Block] | December 31, 2015 2014 Land $ 3,223,361 $ 3,223,361 Buildings 18,437,758 18,462,770 Plant and equipment 63,733,553 61,679,293 Distribution system 31,726,766 31,481,048 Office furniture, fixtures and equipment 3,210,819 3,159,699 Vehicles 1,384,294 1,273,803 Leasehold improvements 260,519 260,519 Lab equipment 157,851 28,743 122,134,921 119,569,236 Less accumulated depreciation 68,391,751 63,172,248 Property, plant and equipment, net $ 53,743,170 $ 56,396,988 Construction in progress $ 1,928,610 $ 1,900,016 |
Investment in OC-BVI (Tables)
Investment in OC-BVI (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Summarized Financial Information of Unconsolidated Equity Method Investment [Table Text Block] | Summarized financial information for OC-BVI is as follows: December 31, 2015 2014 Current assets $ 4,323,792 $ 2,547,542 Non-current assets 4,682,650 5,297,904 Total assets $ 9,006,442 $ 7,845,446 December 31, 2015 2014 Current liabilities $ 584,116 $ 427,269 Non-current liabilities 1,650,252 1,393,200 Total liabilities $ 2,234,368 $ 1,820,469 Year Ended December 31, 2015 2014 2013 Revenues $ 4,143,882 $ 4,679,829 $ 4,711,091 Cost of revenues 2,261,973 2,833,007 2,886,820 Gross profit 1,881,909 1,846,822 1,824,271 General and administrative expenses 958,364 940,072 957,743 Income from operations 923,545 906,750 866,528 Other income (expense), net (1) (176,448) (188,751) 1,411,932 Net income 747,097 717,999 2,278,460 Income (loss) attributable to non-controlling interests 70,854 21,045 27,793 Net income attributable to controlling interests $ 676,243 $ 696,954 $ 2,250,667 (1) Other income (expense), net, includes $ 2,000,000 |
Intangible assets (Tables)
Intangible assets (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | December 31, 2015 2014 Cost Intangible asset management service agreement $ 856,356 $ 856,356 Belize water production and supply agreement 1,522,419 1,522,419 Option agreement - 300,000 2,378,775 2,678,775 Accumulated amortization Intangible asset management service agreement (750,697) (660,800) Belize water production and supply agreement (856,267) (790,075) Option agreement - (300,000) (1,606,964) (1,750,875) Intangible assets, net $ 771,811 $ 927,900 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | Amortization of intangible assets for each of the next five years and thereafter is expected to be as follows: 2016 $ 156,757 2017 81,286 2018 66,192 2019 66,192 2020 66,192 Thereafter 335,192 $ 771,811 |
Dividends (Tables)
Dividends (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Dividends [Abstract] | |
Dividends Declared [Table Text Block] | Interim dividends declared on Class A common stock and redeemable preferred stock for each quarter of the respective years ended December 31 were as follows: 2015 2014 2013 First Quarter $ 0.075 $ 0.075 $ 0.075 Second Quarter 0.075 0.075 0.075 Third Quarter 0.075 0.075 0.075 Fourth Quarter 0.075 0.075 0.075 $ 0.30 $ 0.30 $ 0.30 |
Long term debt (Tables)
Long term debt (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt Instruments [Table Text Block] | Long term debt consists of the following: December 31, 2015 2014 Demand loan payable with an original balance of $10.0 million, payable in quarterly installments of $500,000 with the remaining principal balance due on May 14, 2016 if not called by the lender; bearing interest at LIBOR plus 1.5%. $ 7,000,000 $ 9,000,000 Total debt 7,000,000 9,000,000 Less current portion 7,000,000 9,000,000 Long term debt, excluding current portion $ - $ - |
Cost of revenues and general 42
Cost of revenues and general and administrative expenses (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Cost of revenues and general and administrative expenses [Abstract] | |
Cost Of Revenues And General And Administrative Expenses [Table Text Block] | Year Ended December 31, 2015 2014 2013 Cost of revenues consist of: Electricity $ 10,675,287 $ 14,631,638 $ 13,634,617 Depreciation 5,270,454 5,077,293 4,822,967 Fuel oil 4,974,421 8,726,195 10,106,409 Employee costs 4,669,445 4,630,609 4,422,093 Cost of plant sales 878,396 1,470,045 - Maintenance 3,429,736 3,131,947 2,332,893 Retail license royalties 1,427,073 1,405,067 1,357,988 Insurance 1,187,097 1,397,799 1,499,201 Other 1,677,735 1,972,987 2,140,084 $ 34,189,644 $ 42,443,580 $ 40,316,252 General and administrative expenses consist of: Employee costs $ 6,459,612 $ 6,314,908 $ 6,218,948 Insurance 802,386 923,089 969,370 Professional fees 941,193 1,424,927 1,005,495 Directors’ fees and expenses 754,145 686,228 752,044 Depreciation 218,032 278,478 290,622 NSC project expenses 2,168,408 3,702,332 3,158,309 Other 3,114,718 3,324,477 3,449,515 $ 14,458,494 $ 16,654,439 $ 15,844,303 |
Earnings per share (Tables)
Earnings per share (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | The following summarizes information related to the computation of basic and diluted EPS: Year Ended December 31, 2015 2014 2013 Net income attributable to Consolidated Water Co. Ltd. stockholders $ 7,518,701 $ 6,265,358 $ 8,594,519 Less: preferred stock dividends (12,028) (11,485) (11,222) Net income available to common shares in the determination of basic earnings per common share $ 7,506,673 $ 6,253,873 $ 8,583,297 Weighted average number of common shares in the determination of basic earnings per common share attributable to Consolidated Water Co. Ltd. common stockholders 14,741,748 14,697,896 14,633,884 Plus: Weighted average number of preferred shares outstanding during the period 38,612 37,924 34,827 Potential dilutive effect of unexercised options and unvested stock grants 47,395 28,503 35,169 Weighted average number of shares used for determining diluted earnings per common share attributable to Consolidated Water Co. Ltd. common stockholders 14,827,755 14,764,323 14,703,880 |
Segment information (Tables)
Segment information (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Year Ended December 31, 2015 Retail Bulk Services Total Revenues $ 23,254,757 $ 31,854,255 $ 2,007,190 $ 57,116,202 Cost of revenues 10,925,634 21,634,789 1,629,221 34,189,644 Gross profit (loss) 12,329,123 10,219,466 377,969 22,926,558 General and administrative expenses 10,713,687 1,605,943 2,138,864 14,458,494 Income (loss) from operations $ 1,615,436 $ 8,613,523 $ (1,760,895) 8,468,064 Other income (expense), net (542,570) Net income 7,925,494 Income attributable to non-controlling interests 406,793 Net income attributable to Consolidated Water Co. Ltd. stockholders $ 7,518,701 As of December 31, 2015 Retail Bulk Services Total Accounts receivable, net $ 2,261,141 $ 6,231,626 $ 1,036,249 $ 9,529,016 Property plant and equipment, net $ 25,204,226 $ 28,421,906 $ 117,038 $ 53,743,170 Construction in progress $ 1,860,050 $ 68,560 $ - $ 1,928,610 Goodwill $ 1,170,511 $ 2,328,526 $ - $ 3,499,037 Land held for development $ - $ - $ 20,558,424 $ 20,558,424 Total assets $ 54,603,249 $ 83,284,439 $ 23,729,010 $ 161,616,698 Year Ended December 31, 2014 Retail Bulk Services Total Revenues $ 24,104,932 $ 39,201,011 $ 2,253,135 $ 65,559,078 Cost of revenues 11,944,071 27,919,249 2,580,260 42,443,580 Gross profit (loss) 12,160,861 11,281,762 (327,125) 23,115,498 General and administrative expenses 11,183,731 1,605,499 3,865,209 16,654,439 Income (loss) from operations $ 977,130 $ 9,676,263 $ (4,192,334) 6,461,059 Other income, net 303,481 Net income 6,764,540 Income attributable to non-controlling interests 499,182 Net income attributable to Consolidated Water Co. Ltd. stockholders $ 6,265,358 As of December 31, 2014 Retail Bulk Services Total Accounts receivable, net $ 2,521,008 $ 8,399,999 $ 852,737 $ 11,773,744 Property plant and equipment, net $ 26,978,259 $ 29,318,534 $ 100,195 $ 56,396,988 Construction in progress $ 902,656 $ 997,360 $ - $ 1,900,016 Goodwill $ 1,170,511 $ 2,328,526 $ - $ 3,499,037 Land held for development $ - $ - $ 20,558,424 $ 20,558,424 Total assets $ 51,319,117 $ 85,063,571 $ 24,077,143 $ 160,459,831 Year Ended December 31, 2013 Retail Bulk Services Total Revenues $ 23,018,498 $ 39,960,220 $ 843,413 $ 63,822,131 Cost of revenues 10,956,904 28,279,088 1,080,260 40,316,252 Gross profit (loss) 12,061,594 11,681,132 (236,847) 23,505,879 General and administrative expenses 10,812,877 1,643,869 3,387,557 15,844,303 Income (loss) from operations $ 1,248,717 $ 10,037,263 $ (3,624,404) 7,661,576 Other income, net 1,486,913 Net income 9,148,489 Income attributable to non-controlling interests 553,970 Net income attributable to Consolidated Water Co. Ltd. stockholders $ 8,594,519 |
Schedule of Revenue from External Customers Attributed to Foreign Countries by Geographic Area [Table Text Block] | Revenues earned by major geographic region were: Year ended December 31, 2015 2014 2013 Cayman Islands $ 32,735,215 $ 35,040,803 $ 31,164,165 Bahamas 21,062,081 26,702,605 29,192,529 Indonesia 368,012 471,919 144,030 Belize 2,422,547 2,596,410 2,536,780 Revenues earned from management services agreement with OC-BVI 528,347 747,341 784,627 $ 57,116,202 $ 65,559,078 $ 63,822,131 Year ended December 31, 2015 2014 2013 Revenues earned from the Water and Sewerage Corporation ("WSC") $ 20,770,347 $ 26,376,520 $ 28,861,195 Percentage of total revenues from the WSC 36 % 40 % 45 % Revenues earned from the Water Authority - Cayman ("WAC") $ 8,369,627 $ 9,901,996 $ 8,230,912 Percentage of total revenues from the WAC 15 % 15 % 13 % |
Long-lived Assets by Geographic Areas [Table Text Block] | December 31, 2015 2014 Cayman Island operations $ 22,518,524 $ 23,681,420 Bahamas operations 27,441,376 28,208,145 Belize operations 920,149 1,025,970 Indonesia operations 2,665,312 3,245,846 All other country operations 197,809 235,607 $ 53,743,170 $ 56,396,988 |
Commitments and contingencies (
Commitments and contingencies (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | Future minimum lease payments under these non-cancellable operating leases as of December 31, 2015 are as follows: 2016 $ 717,874 2017 740,778 2018 753,303 2019 590,130 2020 490,244 Thereafter 3,160,724 $ 6,453,053 |
Stock-based compensation (Table
Stock-based compensation (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | The significant weighted average assumptions for the years ended December 31, 2015, 2014 and 2013 were as follows: 2015 2014 2013 Risk free interest rate 0.41 % 0.48 % 0.47 % Expected option life (years) 1.4 1.4 1.7 Expected volatility 33.74 % 48.06 % 27.87 % Expected dividend yield 2.35 % 2.71 % 2.71 % |
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | A summary of the Company’s stock option activity for the year ended December 31, 2015 is as follows: Options Weighted Weighted Aggregate Outstanding at beginning of period 186,632 $ 10.18 Granted 12,645 9.92 Exercised (48,885) 7.90 Forfeited/expired (55,914) 10.30 Outstanding as of December 31, 2015 94,478 $ 10.52 1.06 years $ 164,500 Exercisable as of December 31, 2015 75,078 $ 10.46 0.86 years $ 133,764 (1) The intrinsic value of a stock option represents the amount by which the fair value of the underlying stock, measured by reference to the closing price of the common shares of $12.24 on the Nasdaq Global Select Market on December 31, 2015, exceeds the exercise price of the option. |
Disclosure of Share-based Compensation Arrangements by Share-based Payment Award [Table Text Block] | The following table summarizes the weighted average fair value of options at the date of grant and the intrinsic value of options exercised during the years ended December 31, 2015, 2014 and 2013: 2015 2014 2013 Options granted with an exercise price below market price on the date of grant: Employees preferred stock $ 4.19 $ - $ 4.65 Overall weighted average $ 4.19 $ - $ 4.65 Options granted with an exercise price at market price on the date of grant: Management employees $ - $ - $ - Employees common stock $ 3.39 $ 3.11 $ 3.18 Overall weighted average $ 3.39 $ 3.11 $ 3.18 Options granted with an exercise price above market price on the date of grant: Management employees $ - $ - $ - Employees preferred stock $ - $ 0.59 $ - Overall weighted average $ - $ 0.59 $ - Total intrinsic value of options exercised $ 87,371 $ 17,162 $ 190,212 |
Financial instruments (Tables)
Financial instruments (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Investments, All Other Investments [Abstract] | |
Fair Value Measurements, Recurring and Nonrecurring [Table Text Block] | The following table presents the Company’s fair value hierarchy for assets and liabilities measured at fair value as of December 31, 2015 and 2014: December 31, 2015 Level 1 Level 2 Level 3 Total Assets: Recurring Restricted cash $ 428,203 $ - $ - $ 428,203 Certificate of deposit - 5,637,538 - 5,637,538 Total recurring $ 428,203 $ 5,637,538 $ - $ 6,065,741 Nonrecurring Investment in OC-BVI $ - $ - $ 4,548,271 $ 4,548,271 December 31, 2014 Level 1 Level 2 Level 3 Total Assets: Recurring Restricted cash $ 456,083 $ - $ - $ 456,083 Certificate of deposit - 5,000,000 - 5,000,000 Total recurring $ 456,083 $ 5,000,000 $ - $ 5,456,083 Nonrecurring Investment in OC-BVI $ - $ - $ 5,208,603 $ 5,208,603 |
Fair Value Measurements, Nonrecurring [Table Text Block] | A reconciliation of the beginning and ending balances for Level 3 investments for the year ended December 31, 2015: Balance as of December 31, 2014 $ 5,208,603 Profit sharing and equity from earnings of OC-BVI 399,668 Distributions received from OC-BVI - Impairment of investment in OC-BVI (See Note 8) (1,060,000) Balance as of December 31, 2015 $ 4,548,271 |
Supplemental disclosure of ca48
Supplemental disclosure of cash flow information (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Supplemental Cash Flow Elements [Abstract] | |
Schedule of Cash Flow, Supplemental Disclosures [Table Text Block] | Year Ended December 31, 2015 2014 2013 Interest paid in cash $ 147,546 $ 196,768 $ 380,014 Non-cash transactions: Transfers from inventory to property plant and equipment and construction in progress $ 123,036 $ 168,622 $ 181,875 Transfers from construction in progress to property, plant and equipment $ 2,694,733 $ 2,693,622 $ 4,924,980 Issuance of 10,514, 18,294, and 25,111, respectively, shares of common stock for services rendered $ 119,018 $ 263,098 $ 217,826 Issuance of 8,615, 5,957, and 10,180 , respectively, shares of redeemable preferred stock for services rendered for services rendered $ 110,703 $ 65,289 $ 110,249 Conversion (on a one-to-one basis) of 7,195, 4,756, and 4,720, respectively, shares of redeemable preferred stock to common stock $ 4,317 $ 2,854 $ 2,832 Dividends declared but not paid $ 1,111,501 $ 1,106,456 $ 1,104,271 Obligation incurred for land held for development $ - $ - $ 10,050,000 |
Accounting policies (Details)
Accounting policies (Details) | 12 Months Ended |
Dec. 31, 2015 | |
Buildings [Member] | Maximum [Member] | |
Property, Plant and Equipment, Useful Life | 40 years |
Buildings [Member] | Minimum [Member] | |
Property, Plant and Equipment, Useful Life | 5 years |
Plant and equipment [Member] | Maximum [Member] | |
Property, Plant and Equipment, Useful Life | 40 years |
Plant and equipment [Member] | Minimum [Member] | |
Property, Plant and Equipment, Useful Life | 4 years |
Distribution system [Member] | Maximum [Member] | |
Property, Plant and Equipment, Useful Life | 40 years |
Distribution system [Member] | Minimum [Member] | |
Property, Plant and Equipment, Useful Life | 3 years |
Furniture and Fixtures [Member] | Maximum [Member] | |
Property, Plant and Equipment, Useful Life | 10 years |
Furniture and Fixtures [Member] | Minimum [Member] | |
Property, Plant and Equipment, Useful Life | 3 years |
Vehicles [Member] | Maximum [Member] | |
Property, Plant and Equipment, Useful Life | 10 years |
Vehicles [Member] | Minimum [Member] | |
Property, Plant and Equipment, Useful Life | 3 years |
Leasehold improvements [Member] | |
Property, Plant and Equipment, Estimated Useful Lives | Shorter of 5 years or lease term |
Lab equipment [Member]. | Maximum [Member] | |
Property, Plant and Equipment, Useful Life | 10 years |
Lab equipment [Member]. | Minimum [Member] | |
Property, Plant and Equipment, Useful Life | 5 years |
Accounting policies (Details 1)
Accounting policies (Details 1) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Retail [Member] | ||
Estimated Fair Value Percentage Segment Reporting Information | 100.00% | 100.00% |
Retail [Member] | Discounted cash flow [Member] | ||
Estimated Fair Value Percentage Segment Reporting Information | 50.00% | 50.00% |
Retail [Member] | Subject company stock price [Member] | ||
Estimated Fair Value Percentage Segment Reporting Information | 30.00% | 30.00% |
Retail [Member] | Guideline public company [Member] | ||
Estimated Fair Value Percentage Segment Reporting Information | 10.00% | 10.00% |
Retail [Member] | Mergers and acquisitions [Member] | ||
Estimated Fair Value Percentage Segment Reporting Information | 10.00% | 10.00% |
Bulk [Member] | ||
Estimated Fair Value Percentage Segment Reporting Information | 100.00% | 100.00% |
Bulk [Member] | Discounted cash flow [Member] | ||
Estimated Fair Value Percentage Segment Reporting Information | 50.00% | 50.00% |
Bulk [Member] | Subject company stock price [Member] | ||
Estimated Fair Value Percentage Segment Reporting Information | 30.00% | 30.00% |
Bulk [Member] | Guideline public company [Member] | ||
Estimated Fair Value Percentage Segment Reporting Information | 10.00% | 10.00% |
Bulk [Member] | Mergers and acquisitions [Member] | ||
Estimated Fair Value Percentage Segment Reporting Information | 10.00% | 10.00% |
Accounting policies (Details Te
Accounting policies (Details Textual) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Accounting Policies [Line Items] | |||
Foreign Currency Transaction Gain (Loss), before Tax | $ (485,291) | $ (111,409) | $ (197,396) |
Cash Deposits In Excess Of Federally Insured Limits | 1,900,000 | ||
Accumulated Amortization of Other Deferred Costs | $ 1,600,000 | 1,400,000 | |
Equity Method Investment, Additional Information | The Company uses the equity method of accounting for investments in common stock where the Company holds 20% to 50% of the voting stock of the investee and has significant influence over its operating and financial policies but does not meet the criteria for consolidation. | ||
Criteria For Recognizing Investment At Cost | Investments where the Company does not exercise significant influence over the operating and financial policies of the investee and holds less than 20% of the voting stock are recorded at cost. | ||
Reconciliation Percentage of Implied Control Premium | 5.00% | ||
Certificates of Deposit, at Carrying Value | $ 5,637,538 | 5,000,000 | |
Cash Equivalents, at Carrying Value | 27,871,149 | 22,760,231 | |
Cash And Restricted Cash Equivalents Held In Foreign Bank | 44,400,000 | ||
Costs in Excess of Billings, Current | 0 | 1,090,489 | |
Effect of Exchange Rate on Cash, Total | $ 364,000 | ||
Certificates of Deposit [Member] | |||
Accounting Policies [Line Items] | |||
Cash Equivalents, at Carrying Value | 13,600,000 | $ 3,000,000 | |
BELIZE | |||
Accounting Policies [Line Items] | |||
Deposits held in foreign bank | 4,200,000 | ||
BAHAMAS | |||
Accounting Policies [Line Items] | |||
Deposits held in foreign bank | 23,200,000 | ||
Certificates of Deposit, at Carrying Value | $ 5,600,000 | ||
Retail [Member] | |||
Accounting Policies [Line Items] | |||
Estimated Fair Value Carrying Amount Exceeded Percentage | 72.00% | 36.00% | |
Bulk [Member] | |||
Accounting Policies [Line Items] | |||
Estimated Fair Value Carrying Amount Exceeded Percentage | 20.00% | 29.00% | |
Capitalized Engineering Labor and Materials Cost [Member] | |||
Accounting Policies [Line Items] | |||
Other Assets | $ 3,500,000 | $ 3,500,000 |
Cash and cash equivalents (Deta
Cash and cash equivalents (Details) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Cash and Cash Equivalents [Line Items] | ||||
Bank accounts | $ 27,871,149 | $ 22,760,231 | ||
Short term deposits | 16,921,585 | 12,953,458 | ||
Total cash and cash equivalents | 44,792,734 | 35,713,689 | $ 33,626,516 | $ 33,892,655 |
United States dollar [Member] | ||||
Cash and Cash Equivalents [Line Items] | ||||
Bank accounts | 10,961,159 | 7,809,107 | ||
Short term deposits | 1,307,337 | 474,728 | ||
Cayman Islands dollar [Member] | ||||
Cash and Cash Equivalents [Line Items] | ||||
Bank accounts | 10,590,207 | 4,274,025 | ||
Bahamian dollar [Member] | ||||
Cash and Cash Equivalents [Line Items] | ||||
Bank accounts | 1,983,236 | 6,822,761 | ||
Short term deposits | 15,614,248 | 12,478,730 | ||
Belize dollar [Member] | ||||
Cash and Cash Equivalents [Line Items] | ||||
Bank accounts | 4,213,923 | 3,658,705 | ||
Bermudian dollar [Member] | ||||
Cash and Cash Equivalents [Line Items] | ||||
Bank accounts | 4,571 | 5,507 | ||
Mexican Peso [Member] | ||||
Cash and Cash Equivalents [Line Items] | ||||
Bank accounts | 27,872 | 53,203 | ||
Euro [Member] | ||||
Cash and Cash Equivalents [Line Items] | ||||
Bank accounts | 23,819 | 30,291 | ||
Singapore dollar [Member] | ||||
Cash and Cash Equivalents [Line Items] | ||||
Bank accounts | 25,879 | 27,641 | ||
Indonesian Rupiah [Member] | ||||
Cash and Cash Equivalents [Line Items] | ||||
Bank accounts | $ 40,483 | $ 78,991 |
Accounts receivable (Details)
Accounts receivable (Details) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Trade accounts receivable | $ 8,235,514 | $ 10,722,177 | |
Receivable - construction project | 521,250 | 415,305 | |
Receivable from OC-BVI | 45,118 | 49,154 | |
Other accounts receivable | 920,472 | 780,446 | |
Accounts Receivable, Gross, Current | 9,722,354 | 11,967,082 | |
Allowance for doubtful accounts | (193,338) | (193,338) | $ (223,043) |
Accounts Receivable, Net, Current | $ 9,529,016 | $ 11,773,744 |
Accounts receivable (Details 1)
Accounts receivable (Details 1) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Opening allowance for doubtful accounts | $ 193,338 | $ 223,043 | |
Provision for doubtful accounts | 0 | 0 | $ 32,933 |
Accounts written off during the year | 0 | (29,705) | |
Ending allowance for doubtful accounts | $ 193,338 | $ 193,338 | $ 223,043 |
Inventory (Details)
Inventory (Details) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Inventory [Line Items] | ||
Total inventory | $ 6,477,102 | $ 5,979,359 |
Less current portion | 1,918,728 | 1,738,382 |
Inventory (non-current) | 4,558,374 | 4,240,977 |
Water stock [Member] | ||
Inventory [Line Items] | ||
Total inventory | 27,670 | 38,353 |
Consumables stock [Member] | ||
Inventory [Line Items] | ||
Total inventory | 152,350 | 204,180 |
Spare parts stock [Member] | ||
Inventory [Line Items] | ||
Total inventory | $ 6,297,082 | $ 5,736,826 |
Loans receivable (Details)
Loans receivable (Details) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans receivable | $ 5,610,867 | $ 7,337,177 |
Less current portion | 1,841,851 | 1,726,310 |
Loans receivable, excluding current portion | 3,769,016 | 5,610,867 |
Two loans originally aggregating $10,996,290, bearing interest at 6.5% per annum, receivable in aggregate monthly installments of $124,827 to June 2019, and secured by the machinery and equipment of the North Side Water Works plant [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans receivable | 4,678,355 | 5,831,504 |
Two loans originally aggregating $3,671,039, bearing interest at 6.5% per annum, receivable in aggregate monthly installments of $54,513 to June 2017, and secured by the machinery and equipment of the Red Gate plant [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans receivable | $ 932,512 | $ 1,505,673 |
Loans receivable (Details Textu
Loans receivable (Details Textual) | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Two loans originally aggregating $10,996,290, bearing interest at 6.5% per annum, receivable in aggregate monthly installments of $124,827 to May 2019, and secured by the machinery and equipment of the North Side Water Works plant [Member] | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Loans Receivable Face Amount | $ 10,996,290 |
Loans Receivable Interest Rate Stated Percentage | 6.50% |
Loans Receivable Monthly Installment | $ 124,827 |
Loans Receivable Maturity Date | May 31, 2019 |
Two loans originally aggregating $3,671,039, bearing interest at 6.5% per annum, receivable in aggregate monthly installments of $54,513 to June 2017, and secured by the machinery and equipment of the Red Gate plant [Member] | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Loans Receivable Face Amount | $ 3,671,039 |
Loans Receivable Interest Rate Stated Percentage | 6.50% |
Loans Receivable Monthly Installment | $ 54,513 |
Loans Receivable Maturity Date | Jun. 30, 2017 |
Property, plant and equipment58
Property, plant and equipment and construction in progress (Details) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | $ 122,134,921 | $ 119,569,236 |
Less accumulated depreciation | 68,391,751 | 63,172,248 |
Property, plant and equipment, net | 53,743,170 | 56,396,988 |
Construction in progress | 1,928,610 | 1,900,016 |
Land [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | 3,223,361 | 3,223,361 |
Building [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | 18,437,758 | 18,462,770 |
Distribution Systems [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | 31,726,766 | 31,481,048 |
Office furniture, fixtures and equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | 3,210,819 | 3,159,699 |
Vehicles [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | 1,384,294 | 1,273,803 |
Plant And Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | 63,733,553 | 61,679,293 |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | 260,519 | 260,519 |
Lab Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | $ 157,851 | $ 28,743 |
Property, plant and equipment59
Property, plant and equipment and construction in progress (Details Textual) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Property, Plant and Equipment [Line Items] | |||
Capital Commitments | $ 563,551 | ||
Construction In Progress Placed In Service | 2,694,733 | $ 2,693,622 | |
Depreciation | $ 5,501,491 | $ 5,355,771 | $ 5,113,589 |
Investment in OC-BVI (Details)
Investment in OC-BVI (Details) - Ocean Conversion (BVI) Ltd [Member] - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Condensed Balance Sheet Statements, Captions [Line Items] | ||
Current assets | $ 4,323,792 | $ 2,547,542 |
Non-current assets | 4,682,650 | 5,297,904 |
Total assets | 9,006,442 | 7,845,446 |
Current liabilities | 584,116 | 427,269 |
Non-current liabilities | 1,650,252 | 1,393,200 |
Total liabilities | $ 2,234,368 | $ 1,820,469 |
Investment in OC-BVI (Details 1
Investment in OC-BVI (Details 1) - Ocean Conversion (Bvi) Ltd [Member] - USD ($) | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Income attributable to non-controlling interests | ||||
Revenues | $ 4,143,882 | $ 4,679,829 | $ 4,711,091 | |
Cost of revenues | 2,261,973 | 2,833,007 | 2,886,820 | |
Gross profit | 1,881,909 | 1,846,822 | 1,824,271 | |
General and administrative expenses | 958,364 | 940,072 | 957,743 | |
Income from operations | 923,545 | 906,750 | 866,528 | |
Other income (expense), net | [1] | (176,448) | (188,751) | 1,411,932 |
Net income | 747,097 | 717,999 | 2,278,460 | |
Income (loss) attributable to non-controlling interests | 70,854 | 21,045 | 27,793 | |
Net income attributable to controlling interests | $ 676,243 | $ 696,954 | $ 2,250,667 | |
[1] | Other income (expense), net, includes $2,000,000 for the year ended December 31, 2013 in award amounts received under the Court ruling for the Baughers Bay litigation. |
Investment in OC-BVI (Details T
Investment in OC-BVI (Details Textual) | 1 Months Ended | 3 Months Ended | 12 Months Ended | 42 Months Ended | 108 Months Ended | |||||||||||||
Jan. 31, 2013USD ($) | Dec. 31, 2015USD ($) | Sep. 30, 2015USD ($) | Jun. 30, 2015USD ($) | Mar. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2012USD ($) | Dec. 31, 2009USD ($)gal | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Dec. 31, 2011USD ($) | Dec. 31, 2010USD ($) | Dec. 31, 2009USD ($)gal | Dec. 31, 2007USD ($)gal | Jun. 30, 2012USD ($) | Dec. 31, 2003USD ($) | Mar. 04, 2010gal | |
Schedule of Investments [Line Items] | ||||||||||||||||||
Equity Method Investment, Ownership Percentage | 43.53% | 43.53% | ||||||||||||||||
Equity Method Investments Voting Shares Percentage | 50.00% | 50.00% | ||||||||||||||||
Equity Method Investment, Interest In Profit Percentage | 45.00% | 45.00% | ||||||||||||||||
Equity Method Investment, Other than Temporary Impairment | $ 250,000 | $ 225,000 | $ 275,000 | $ 310,000 | $ 860,000 | $ 1,060,000 | $ 860,000 | $ 200,000 | ||||||||||
Equity Method Investments | 4,548,271 | 5,208,603 | 4,548,271 | 5,208,603 | ||||||||||||||
Intangible assets, net | 771,811 | 927,900 | 771,811 | 927,900 | ||||||||||||||
Income (Loss) from Equity Method Investments | 294,368 | 303,380 | 979,716 | |||||||||||||||
Profit Loss From Subsidiaries | 105,300 | 111,375 | 357,636 | |||||||||||||||
Sales Revenue, Services, Net | 2,007,190 | 2,253,135 | 843,413 | |||||||||||||||
Due from Related Parties | 23,803 | 33,707 | 23,803 | 33,707 | ||||||||||||||
Bar Bay plant [Member] | ||||||||||||||||||
Schedule of Investments [Line Items] | ||||||||||||||||||
Assets that comprise Bar Bay plant | 4,400,000 | 4,400,000 | ||||||||||||||||
1990 Agreement [Member] | ||||||||||||||||||
Schedule of Investments [Line Items] | ||||||||||||||||||
Cost to Expand Production Capacity of Plant | $ 4,700,000 | |||||||||||||||||
Bar Bay Agreement [Member] | ||||||||||||||||||
Schedule of Investments [Line Items] | ||||||||||||||||||
Delivery Terms, Volume of water per day | gal | 600,000 | |||||||||||||||||
Ocean Conversion (BVI) Ltd [Member] | ||||||||||||||||||
Schedule of Investments [Line Items] | ||||||||||||||||||
Equity Method Investments | 4,548,271 | 5,208,603 | 4,548,271 | 5,208,603 | ||||||||||||||
Loss Contingency, Damages Awarded, Value | $ 10,400,000 | |||||||||||||||||
Proceeds from Legal Settlements | $ 2,000,000 | $ 1,000,000 | $ 2,000,000 | |||||||||||||||
Loss Contingency, Damages Paid, Value | $ 5,000,000 | |||||||||||||||||
Legal Settlement Recovery Principle Amount Due | $ 5,400,000 | |||||||||||||||||
Legal Settlement Recovery Due | 6,700,000 | |||||||||||||||||
Income (Loss) from Equity Method Investments | 294,369 | 303,380 | 979,716 | |||||||||||||||
Profit Loss From Subsidiaries | 105,300 | 111,375 | 357,636 | |||||||||||||||
Equity Method Investment, Difference Between Carrying Amount and Underlying Equity | 900,000 | 900,000 | ||||||||||||||||
Ocean Conversion (BVI) Ltd [Member] | 1990 Agreement [Member] | ||||||||||||||||||
Schedule of Investments [Line Items] | ||||||||||||||||||
Proceeds from Legal Settlements | $ 2,000,000 | $ 4,700,000 | ||||||||||||||||
Loss Contingency, Damages Sought, Value | $ 4,700,000 | |||||||||||||||||
Litigation Settlement, Expense | $ 4,700,000 | |||||||||||||||||
Ocean Conversion (BVI) Ltd [Member] | Management Service [Member] | ||||||||||||||||||
Schedule of Investments [Line Items] | ||||||||||||||||||
Intangible assets, net | 106,000 | $ 196,000 | 106,000 | 196,000 | ||||||||||||||
Sales Revenue, Services, Net | 528,346 | $ 747,340 | 784,626 | |||||||||||||||
Baughers Bay [Member] | ||||||||||||||||||
Schedule of Investments [Line Items] | ||||||||||||||||||
Purchase Price Agreed for Plant Under Agreement | $ 1,420,000 | $ 1,420,000 | $ 1,420,000 | |||||||||||||||
Plant Capacity | gal | 1,700,000 | 1,700,000 | ||||||||||||||||
Equity Method Investment Summarized Financial Information Other Income Expense | $ 2,000,000 | |||||||||||||||||
Bar Bay [Member] | ||||||||||||||||||
Schedule of Investments [Line Items] | ||||||||||||||||||
Plant Capacity | gal | 720,000 |
N.S.C. Agua, S.A. de C.V. (Deta
N.S.C. Agua, S.A. de C.V. (Details Textual) gal in Millions | Nov. 06, 2015gal | May. 15, 2014USD ($) | May. 31, 2014USD ($) | Feb. 28, 2014USD ($) | May. 31, 2013USD ($) | Nov. 30, 2012USD ($)m²gal | Feb. 29, 2012USD ($) | May. 31, 2010gal | Mar. 31, 2014USD ($) | Dec. 31, 2015USD ($)gal | Dec. 31, 2015MXNgal | Dec. 31, 2014USD ($) | Dec. 31, 2014MXN | Dec. 31, 2013USD ($)hagal | Dec. 31, 2012USD ($)ha | Dec. 31, 2015MXN |
Schedule of Investments [Line Items] | ||||||||||||||||
General and administrative expenses | $ 14,458,494 | $ 16,654,439 | $ 15,844,303 | |||||||||||||
Assets, Total | 161,616,698 | 160,459,831 | ||||||||||||||
Liabilities, Total | 13,421,593 | 16,377,167 | ||||||||||||||
Land | 20,600,000 | |||||||||||||||
Option agreement [Member] | ||||||||||||||||
Schedule of Investments [Line Items] | ||||||||||||||||
Payments To Enter Option Agreement | $ 300,000 | |||||||||||||||
Mexican Tax Authority [Member] | ||||||||||||||||
Schedule of Investments [Line Items] | ||||||||||||||||
Income Tax Examination, Estimate of Possible Loss | 428,203 | MXN 7,367,875 | 456,083 | MXN 7,367,875 | ||||||||||||
Minimum [Member] | ||||||||||||||||
Schedule of Investments [Line Items] | ||||||||||||||||
Delivery Terms, Volume of water per day | gal | 20 | |||||||||||||||
Maximum [Member] | ||||||||||||||||
Schedule of Investments [Line Items] | ||||||||||||||||
Delivery Terms, Volume of water per day | gal | 40 | |||||||||||||||
N S C Agua [Member] | ||||||||||||||||
Schedule of Investments [Line Items] | ||||||||||||||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 50.00% | |||||||||||||||
Total Percentage Of Ownership Interest In An Acquired Company | 99.90% | |||||||||||||||
Seawater Reverse Osmosis Desalination Plant Per Day Processing Capacity | gal | 100 | 100 | ||||||||||||||
General and administrative expenses | 2,200,000 | 3,700,000 | $ 3,200,000 | |||||||||||||
Further Required Payment As Compensation For Operation and Maintenance | 500,000 | |||||||||||||||
Assets, Total | 22,000,000 | 22,000,000 | ||||||||||||||
Liabilities, Total | $ 488,000 | 214,000 | ||||||||||||||
Payments for Compensation for Operation and Maintenance | $ 350,000 | |||||||||||||||
Operating Leases, Rent Expense per month | $ 20,000 | |||||||||||||||
Land | $ 12,000,000 | |||||||||||||||
Area of Land | 5,000 | 12 | 8.1 | |||||||||||||
Payments to Acquire Land | $ 10,000,000 | $ 7,400,000 | $ 500,000 | $ 2,000,000 | $ 500,000 | |||||||||||
N S C Agua [Member] | First Phase [Member] | ||||||||||||||||
Schedule of Investments [Line Items] | ||||||||||||||||
Seawater Reverse Osmosis Desalination Plant Per Day Processing Capacity | gal | 50 | 50 | 50 | |||||||||||||
N S C Agua [Member] | Second Phase [Member] | ||||||||||||||||
Schedule of Investments [Line Items] | ||||||||||||||||
Seawater Reverse Osmosis Desalination Plant Per Day Processing Capacity | gal | 50 | 50 | 50 | |||||||||||||
N S C Agua [Member] | Option agreement [Member] | ||||||||||||||||
Schedule of Investments [Line Items] | ||||||||||||||||
Repayment of inter-company loan payable | $ 5,700,000 | |||||||||||||||
Total Voting Interest Percentage After Conversion Of Loan | 99.90% | |||||||||||||||
Percentage of Voting Interest Acquired through Option Agreement | 25.00% | |||||||||||||||
Payments For Option Exercised | $ 1,000,000 | |||||||||||||||
Option Agreement Expiration Date | Feb. 7, 2014 | |||||||||||||||
N S C Agua [Member] | Mexican Tax Authority [Member] | Letter of Credit [Member] | ||||||||||||||||
Schedule of Investments [Line Items] | ||||||||||||||||
Irrevocable letter of credit | $ 428,203 | $ 456,083 | MXN 7,367,875 | |||||||||||||
NSA [Member] | ||||||||||||||||
Schedule of Investments [Line Items] | ||||||||||||||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 50.00% |
Intangible assets (Details)
Intangible assets (Details) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Cost | ||
Finite-Lived Intangible Assets, Gross | $ 2,378,775 | $ 2,678,775 |
Accumulated amortization | ||
Finite-Lived Intangible Assets, Accumulated Amortization | (1,606,964) | (1,750,875) |
Intangible assets, net | 771,811 | 927,900 |
Intangible Asset Management Service Agreement [Member] | ||
Cost | ||
Finite-Lived Intangible Assets, Gross | 856,356 | 856,356 |
Accumulated amortization | ||
Finite-Lived Intangible Assets, Accumulated Amortization | (750,697) | (660,800) |
Belize Water Production And Supply Agreement [Member] | ||
Cost | ||
Finite-Lived Intangible Assets, Gross | 1,522,419 | 1,522,419 |
Accumulated amortization | ||
Finite-Lived Intangible Assets, Accumulated Amortization | (856,267) | (790,075) |
Option agreement [Member] | ||
Cost | ||
Finite-Lived Intangible Assets, Gross | 0 | 300,000 |
Accumulated amortization | ||
Finite-Lived Intangible Assets, Accumulated Amortization | $ 0 | $ (300,000) |
Intangible assets (Details 1)
Intangible assets (Details 1) | Dec. 31, 2015USD ($) |
Finite-Lived Intangible Assets [Line Items] | |
2,016 | $ 156,757 |
2,017 | 81,286 |
2,018 | 66,192 |
2,019 | 66,192 |
2,020 | 66,192 |
Thereafter | 335,192 |
Finite Lived Intangible Assets Net | $ 771,811 |
Intangible assets (Details Text
Intangible assets (Details Textual) - USD ($) | 1 Months Ended | 12 Months Ended | ||||
Feb. 29, 2012 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2003 | |
Finite-Lived Intangible Assets [Line Items] | ||||||
Payment For Nsc Option Agreement | $ 300,000 | |||||
Amortization of Intangible Assets | $ 156,089 | $ 168,588 | $ 358,527 | |||
Option agreement [Member] | ||||||
Finite-Lived Intangible Assets [Line Items] | ||||||
Payment For Nsc Option Agreement | $ 300,000 | |||||
Belize Water Production And Supply Agreement [Member] | ||||||
Finite-Lived Intangible Assets [Line Items] | ||||||
Finite Lived Intangible Asset Amortization Period | 23 years | |||||
Desal Co [Member] | ||||||
Finite-Lived Intangible Assets [Line Items] | ||||||
Business Acquisition, Percentage of Voting Interests Acquired | 100.00% |
Dividends (Details)
Dividends (Details) - $ / shares | 3 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Dividends Payable [Line Items] | |||||||||||||||
Dividends Per Share Declared | $ 0.075 | $ 0.075 | $ 0.075 | $ 0.075 | $ 0.075 | $ 0.075 | $ 0.075 | $ 0.075 | $ 0.075 | $ 0.075 | $ 0.075 | $ 0.075 | $ 0.30 | $ 0.30 | $ 0.30 |
Long term debt (Details)
Long term debt (Details) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Debt Instrument [Line Items] | ||
Total debt | $ 7,000,000 | $ 9,000,000 |
Less current portion | 7,000,000 | 9,000,000 |
Long term debt, excluding current portion | 0 | 0 |
Demand Note Payable [Member] | ||
Debt Instrument [Line Items] | ||
Total debt | $ 7,000,000 | $ 9,000,000 |
Long term debt (Details Textual
Long term debt (Details Textual) - Demand Note Payable [Member] | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Debt Instrument [Line Items] | |
Debt Instrument, Periodic Payment | $ 500,000 |
Debt Instrument, Maturity Date | May 14, 2016 |
Loans Payable, Original Amount | $ 10,000,000 |
Debt Instrument, Frequency of Periodic Payment | quarterly installments |
Debt Instrument, Basis Spread on Variable Rate | 1.50% |
Share capital and additional 70
Share capital and additional paid-in capital (Details Textual) - 12 months ended Dec. 31, 2015 | $ / shares | KYD / shares |
Share Capital And Additional Paid In Capital [Line Items] | ||
Options Redemption Price | KYD / shares | KYD 0.01 | |
Options, Exercise Basis Assumptions | Assuming that the common shares had a per share value of $20.00 at such time, the holder of each valid Option would be entitled to purchase 10 common shares for $100.00. | |
Class B Common Stock [Member] | ||
Share Capital And Additional Paid In Capital [Line Items] | ||
Options Exercise Price | $ / shares | $ 100 | |
Criteria One Description | a person or group of affiliated or associated persons (an Acquiring Person) has acquired, or obtained the right to acquire, beneficial ownership of 20% or more of the Companys outstanding common shares | |
Criteria Two Description | an Acquiring Person (or by certain related parties) following any person, alone or jointly with its affiliates and associates, becoming an Acquiring Person would entitle its holder to purchase $200.00 worth of the Companys common shares for $100.00. | |
Option Expiration Date | Jul. 31, 2017 |
Cost of revenues and general 71
Cost of revenues and general and administrative expenses (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Cost of revenues and general and administrative expenses [Line Items] | |||
Cost of Revenue | $ 34,189,644 | $ 42,443,580 | $ 40,316,252 |
Electricity [Member] | |||
Cost of revenues and general and administrative expenses [Line Items] | |||
Cost of Revenue | 10,675,287 | 14,631,638 | 13,634,617 |
Depreciation [Member] | |||
Cost of revenues and general and administrative expenses [Line Items] | |||
Cost of Revenue | 5,270,454 | 5,077,293 | 4,822,967 |
Fuel oil [Member] | |||
Cost of revenues and general and administrative expenses [Line Items] | |||
Cost of Revenue | 4,974,421 | 8,726,195 | 10,106,409 |
Employee costs [Member] | |||
Cost of revenues and general and administrative expenses [Line Items] | |||
Cost of Revenue | 4,669,445 | 4,630,609 | 4,422,093 |
Cost of plant sales [Member] | |||
Cost of revenues and general and administrative expenses [Line Items] | |||
Cost of Revenue | 878,396 | 1,470,045 | 0 |
Maintenance [Member] | |||
Cost of revenues and general and administrative expenses [Line Items] | |||
Cost of Revenue | 3,429,736 | 3,131,947 | 2,332,893 |
Retail license royalties [Member] | |||
Cost of revenues and general and administrative expenses [Line Items] | |||
Cost of Revenue | 1,427,073 | 1,405,067 | 1,357,988 |
Insurance [Member] | |||
Cost of revenues and general and administrative expenses [Line Items] | |||
Cost of Revenue | 1,187,097 | 1,397,799 | 1,499,201 |
Other [Member] | |||
Cost of revenues and general and administrative expenses [Line Items] | |||
Cost of Revenue | $ 1,677,735 | $ 1,972,987 | $ 2,140,084 |
Cost of revenues and general 72
Cost of revenues and general and administrative expenses (Details 1) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Cost of revenues and general and administrative expenses [Line Items] | |||
General and Administrative Expense | $ 14,458,494 | $ 16,654,439 | $ 15,844,303 |
Employee costs [Member] | |||
Cost of revenues and general and administrative expenses [Line Items] | |||
General and Administrative Expense | 6,459,612 | 6,314,908 | 6,218,948 |
Insurance [Member] | |||
Cost of revenues and general and administrative expenses [Line Items] | |||
General and Administrative Expense | 802,386 | 923,089 | 969,370 |
Professional fees [Member] | |||
Cost of revenues and general and administrative expenses [Line Items] | |||
General and Administrative Expense | 941,193 | 1,424,927 | 1,005,495 |
Directors' fees and expenses [Member] | |||
Cost of revenues and general and administrative expenses [Line Items] | |||
General and Administrative Expense | 754,145 | 686,228 | 752,044 |
Depreciation [Member] | |||
Cost of revenues and general and administrative expenses [Line Items] | |||
General and Administrative Expense | 218,032 | 278,478 | 290,622 |
NSC project expenses [Member] | |||
Cost of revenues and general and administrative expenses [Line Items] | |||
General and Administrative Expense | 2,168,408 | 3,702,332 | 3,158,309 |
Other [Member] | |||
Cost of revenues and general and administrative expenses [Line Items] | |||
General and Administrative Expense | $ 3,114,718 | $ 3,324,477 | $ 3,449,515 |
Earnings per share (Details)
Earnings per share (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Earnings Per Share [Line Items] | |||
Net income attributable to Consolidated Water Co. Ltd. stockholders | $ 7,518,701 | $ 6,265,358 | $ 8,594,519 |
Less: preferred stock dividends | (12,028) | (11,485) | (11,222) |
Net income available to common shares in the determination of basic earnings per common share | $ 7,506,673 | $ 6,253,873 | $ 8,583,297 |
Weighted average number of common shares in the determination of basic earnings per common share attributable to Consolidated Water Co. Ltd. common stockholders (in shares) | 14,741,748 | 14,697,896 | 14,633,884 |
Weighted average number of preferred shares outstanding during the period (in shares) | 38,612 | 37,924 | 34,827 |
Potential dilutive effect of unexercised options and unvested stock grants (in shares) | 47,395 | 28,503 | 35,169 |
Weighted average number of shares used for determining diluted earnings per common share attributable to Consolidated Water Co. Ltd. common stockholders (in shares) | 14,827,755 | 14,764,323 | 14,703,880 |
Segment information (Details)
Segment information (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Segment Reporting Information [Line Items] | |||
Revenues | $ 57,116,202 | $ 65,559,078 | $ 63,822,131 |
Cost of revenues | 34,189,644 | 42,443,580 | 40,316,252 |
Gross profit (loss) | 22,926,558 | 23,115,498 | 23,505,879 |
General and administrative expenses | 14,458,494 | 16,654,439 | 15,844,303 |
Income (loss) from operations | 8,468,064 | 6,461,059 | 7,661,576 |
Other income (expense), net | (542,570) | 303,481 | 1,486,913 |
Net income | 7,925,494 | 6,764,540 | 9,148,489 |
Income attributable to non-controlling interests | 406,793 | 499,182 | 553,970 |
Net income attributable to Consolidated Water Co. Ltd. stockholders | 7,518,701 | 6,265,358 | 8,594,519 |
Accounts receivable, net | 9,529,016 | 11,773,744 | |
Property plant and equipment, net | 53,743,170 | 56,396,988 | |
Construction in progress | 1,928,610 | 1,900,016 | |
Goodwill | 3,499,037 | 3,499,037 | |
Land held for development | 20,558,424 | 20,558,424 | |
Total assets | 161,616,698 | 160,459,831 | |
Retail [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenues | 23,254,757 | 24,104,932 | 23,018,498 |
Cost of revenues | 10,925,634 | 11,944,071 | 10,956,904 |
Gross profit (loss) | 12,329,123 | 12,160,861 | 12,061,594 |
General and administrative expenses | 10,713,687 | 11,183,731 | 10,812,877 |
Income (loss) from operations | 1,615,436 | 977,130 | 1,248,717 |
Accounts receivable, net | 2,261,141 | 2,521,008 | |
Property plant and equipment, net | 25,204,226 | 26,978,259 | |
Construction in progress | 1,860,050 | 902,656 | |
Goodwill | 1,170,511 | 1,170,511 | |
Land held for development | 0 | 0 | |
Total assets | 54,603,249 | 51,319,117 | |
Bulk [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenues | 31,854,255 | 39,201,011 | 39,960,220 |
Cost of revenues | 21,634,789 | 27,919,249 | 28,279,088 |
Gross profit (loss) | 10,219,466 | 11,281,762 | 11,681,132 |
General and administrative expenses | 1,605,943 | 1,605,499 | 1,643,869 |
Income (loss) from operations | 8,613,523 | 9,676,263 | 10,037,263 |
Accounts receivable, net | 6,231,626 | 8,399,999 | |
Property plant and equipment, net | 28,421,906 | 29,318,534 | |
Construction in progress | 68,560 | 997,360 | |
Goodwill | 2,328,526 | 2,328,526 | |
Land held for development | 0 | 0 | |
Total assets | 83,284,439 | 85,063,571 | |
Services [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenues | 2,007,190 | 2,253,135 | 843,413 |
Cost of revenues | 1,629,221 | 2,580,260 | 1,080,260 |
Gross profit (loss) | 377,969 | (327,125) | (236,847) |
General and administrative expenses | 2,138,864 | 3,865,209 | 3,387,557 |
Income (loss) from operations | (1,760,895) | (4,192,334) | $ (3,624,404) |
Accounts receivable, net | 1,036,249 | 852,737 | |
Property plant and equipment, net | 117,038 | 100,195 | |
Construction in progress | 0 | 0 | |
Goodwill | 0 | 0 | |
Land held for development | 20,558,424 | 20,558,424 | |
Total assets | $ 23,729,010 | $ 24,077,143 |
Segment information (Details 1)
Segment information (Details 1) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Segment Reporting Information [Line Items] | |||
Revenues | $ 57,116,202 | $ 65,559,078 | $ 63,822,131 |
Cayman Islands [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenues | 32,735,215 | 35,040,803 | 31,164,165 |
Bahamas [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenues | 21,062,081 | 26,702,605 | 29,192,529 |
Indonesia [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenues | 368,012 | 471,919 | 144,030 |
Belize [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenues | 2,422,547 | 2,596,410 | 2,536,780 |
Management Services Agreement With OC-BVI [Membre] | |||
Segment Reporting Information [Line Items] | |||
Revenues | 528,347 | 747,341 | 784,627 |
Water and Sewerage Corporation [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenues | $ 20,770,347 | $ 26,376,520 | $ 28,861,195 |
Percentage of total revenues | 36.00% | 40.00% | 45.00% |
Water Authority - Cayman [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenues | $ 8,369,627 | $ 9,901,996 | $ 8,230,912 |
Percentage of total revenues | 15.00% | 15.00% | 13.00% |
Segment information (Details 2)
Segment information (Details 2) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Segment Reporting Information [Line Items] | ||
Property, Plant and Equipment, Net | $ 53,743,170 | $ 56,396,988 |
Cayman Island operations [Member] | ||
Segment Reporting Information [Line Items] | ||
Property, Plant and Equipment, Net | 22,518,524 | 23,681,420 |
Bahamas operations [Member] | ||
Segment Reporting Information [Line Items] | ||
Property, Plant and Equipment, Net | 27,441,376 | 28,208,145 |
Belize operations [Member] | ||
Segment Reporting Information [Line Items] | ||
Property, Plant and Equipment, Net | 920,149 | 1,025,970 |
Indonesia operations [Member] | ||
Segment Reporting Information [Line Items] | ||
Property, Plant and Equipment, Net | 2,665,312 | 3,245,846 |
All other country operations [Member] | ||
Segment Reporting Information [Line Items] | ||
Property, Plant and Equipment, Net | $ 197,809 | $ 235,607 |
Segment information (Details Te
Segment information (Details Textual) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Retail [Member] | |||
Segment Reporting Information [Line Items] | |||
Depreciation, Depletion and Amortization | $ 2,344,315 | $ 2,404,404 | $ 2,077,903 |
Bulk [Member] | |||
Segment Reporting Information [Line Items] | |||
Depreciation, Depletion and Amortization | 3,389,717 | 3,196,912 | 3,281,231 |
Services [Member] | |||
Segment Reporting Information [Line Items] | |||
Depreciation, Depletion and Amortization | $ 102,901 | $ 102,396 | $ 292,335 |
Commitments and contingencies78
Commitments and contingencies (Details) | Dec. 31, 2015USD ($) |
Future Minimum Lease Payments Under Non-Cancelable Operating Leases [Line Items] | |
2,016 | $ 717,874 |
2,017 | 740,778 |
2,018 | 753,303 |
2,019 | 590,130 |
2,020 | 490,244 |
Thereafter | 3,160,724 |
Operating Leases, Future Minimum Payments Due | $ 6,453,053 |
Commitments and contingencies79
Commitments and contingencies (Details Textual) | 12 Months Ended | |||
Dec. 31, 2015USD ($)gal | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Jun. 29, 2011gal | |
Commitments And Contingencies [Line Items] | ||||
Operating Leases, Rent Expense, Net | $ 821,845 | $ 812,658 | $ 822,159 | |
Employment Agreement Base Annual Salaries | 2,100,000 | |||
Goodwill | $ 3,499,037 | $ 3,499,037 | ||
Cayman Water Retail Operations, Percentage Of Gross Profit | 55.00% | 53.00% | 52.00% | |
Cayman Water Retail Operations, Percentage Of Revenue | 40.00% | 36.00% | 36.00% | |
Noncancellable Lease Term Expiration Date | 2,035 | |||
Long-term Purchase Commitment, Amount | $ 1,200,000 | |||
Operating Income (Loss) | 8,468,064 | $ 6,461,059 | $ 7,661,576 | |
Property, plant and equipment, net | $ 53,743,170 | 56,396,988 | ||
Long-term Purchase Commitment, Date | Dec. 31, 2018 | |||
Cw Bahamas [Member] | ||||
Commitments And Contingencies [Line Items] | ||||
Delivery Terms Volume Of Water Per Week | gal | 63,000,000 | |||
Cw Belize [Member] | ||||
Commitments And Contingencies [Line Items] | ||||
Delivery Terms, Volume of water per day | gal | 450,000 | |||
CW-Bahamas Windsor Plant [Member] | ||||
Commitments And Contingencies [Line Items] | ||||
Revenue, Net | $ 5,800,000 | 6,200,000 | 7,200,000 | |
Delivery Terms Volume Of Water Per Week | gal | 16,800,000 | |||
CW Bali [Member] | ||||
Commitments And Contingencies [Line Items] | ||||
Plant Capacity | gal | 790,000 | |||
Operating Income (Loss) | $ (484,000) | $ (458,000) | $ (438,000) | |
Property, plant and equipment, net | $ 3,000,000 |
Stock-based compensation (Detai
Stock-based compensation (Details) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Risk free interest rate | 0.41% | 0.48% | 0.47% |
Expected option life (years) | 1 year 4 months 24 days | 1 year 4 months 24 days | 1 year 8 months 12 days |
Expected volatility | 33.74% | 48.06% | 27.87% |
Expected dividend yield | 2.35% | 2.71% | 2.71% |
Stock-based compensation (Det81
Stock-based compensation (Details 1) - Employee Stock Option [Member] | 12 Months Ended | |
Dec. 31, 2015USD ($)$ / sharesshares | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Outstanding at the beginning of period -Options | shares | 186,632 | |
Granted - Options | shares | 12,645 | |
Exercised - Options | shares | (48,885) | |
Forfeited/expired - Options | shares | (55,914) | |
Outstanding at the ending of period -Options | shares | 94,478 | |
Exercisable-Options | shares | 75,078 | |
Outstanding-Weighted Average Exercise Price at the beginning of period - Options | $ / shares | $ 10.18 | |
Granted-Weighted Average Exercise Price | $ / shares | 9.92 | |
Exercised-Weighted Average Exercise Price | $ / shares | 7.90 | |
Forfeited/expired-Weighted Average Exercise Price | $ / shares | 10.30 | |
Outstanding-Weighted Average Exercise Price at the ending of period - Options | $ / shares | 10.52 | |
Exercisable-Weighted Average Exercise Price | $ / shares | $ 10.46 | |
Outstanding-Weighted Average Remaining Contractual Life (Years) | 1 year 22 days | |
Exercisable-Weighted Average Remaining Contractual Life (Years) | 10 months 10 days | |
Outstanding-Aggregate Intrinsic Value | $ | $ 164,500 | [1] |
Exercisable-Aggregate Intrinsic Value | $ | $ 133,764 | [1] |
[1] | The intrinsic value of a stock option represents the amount by which the fair value of the underlying stock, measured by reference to the closing price of the common shares of $12.24 on the Nasdaq Global Select Market on December 31, 2015, exceeds the exercise price of the option. |
Stock-based compensation (Det82
Stock-based compensation (Details 2) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | $ 87,371 | $ 17,162 | $ 190,212 |
Below Market Price [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 4.19 | $ 0 | $ 4.65 |
Below Market Price [Member] | Employees [Member] | Preferred Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | 4.19 | 0 | 4.65 |
At Market Price [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | 3.39 | 3.11 | 3.18 |
At Market Price [Member] | Management Employees [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | 0 | 0 | 0 |
At Market Price [Member] | Employees [Member] | Common Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | 3.39 | 3.11 | 3.18 |
Above Market Price [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | 0 | 0.59 | 0 |
Above Market Price [Member] | Management Employees [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | 0 | 0 | 0 |
Above Market Price [Member] | Employees [Member] | Preferred Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 0 | $ 0.59 | $ 0 |
Stock-based compensation (Det83
Stock-based compensation (Details Textual) - USD ($) | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | May. 14, 2008 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Allocated Share-based Compensation Expense, Net of Tax | $ 143,951 | $ 116,574 | $ 246,473 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Exercise Price | $ 10.46 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Number of Shares | 19,400 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number | 75,078 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Weighted Average Grant Date Fair Value | $ 10.74 | |||
Share Based Compensation Arrangement By Share Based Payment Award Options Non Vested Outstanding Weighted Average Remaining Contractual Term | 1 year 10 months 13 days | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Remaining Contractual Term | 10 months 10 days | |||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 1 year 10 months 13 days | |||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ 28,012 | |||
Share-based Compensation | $ 407,668 | $ 202,454 | $ 381,976 | |
Non Executive Directors Share Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 10,514 | 5,992 | 13,980 | |
Share-based Compensation | $ 143,218 | $ 85,880 | $ 135,503 | |
Restricted Stock Units (RSUs) [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Allocated Share-based Compensation Expense | $ 120,500 | |||
Employee Stock Option [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 12,645 | |||
Employee Stock Option [Member] | Common Stock Options [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 4,030 | 2,990 | 6,600 | |
Equity Incentive Plan2008 [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Common Stock, Capital Shares Reserved for Future Issuance | 1,500,000 | |||
Redeemable Preferred Stock [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Remaining Contractual Term | 1 year 2 months 8 days | |||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ 143,234 | |||
Stock Issued During Period, Shares, Issued for Services | 8,615 | 5,957 | 10,180 | |
Redeemable Preferred Stock [Member] | Employee Share Option Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock Issued During Period, Shares, Issued for Services | 8,615 | 5,957 | 10,180 |
Retirement benefits (Details Te
Retirement benefits (Details Textual) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Staff Pension Plans Contribution Matched To Participating Employee Salary | $ 72,000 | ||
Pension Expense | $ 328,084 | $ 325,576 | $ 300,682 |
Cayman Islands [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Percent | 5.00% | ||
Florida [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Percent | 6.00% |
Financial instruments (Details)
Financial instruments (Details) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Recurring | ||
Restricted cash | $ 428,203 | $ 456,083 |
Certificate of deposit | 5,637,538 | 5,000,000 |
Total recurring | 6,065,741 | 5,456,083 |
Nonrecurring | ||
Investment in OC-BVI | 4,548,271 | 5,208,603 |
Fair Value, Inputs, Level 1 [Member] | ||
Recurring | ||
Restricted cash | 428,203 | 456,083 |
Certificate of deposit | 0 | 0 |
Total recurring | 428,203 | 456,083 |
Nonrecurring | ||
Investment in OC-BVI | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | ||
Recurring | ||
Restricted cash | 0 | 0 |
Certificate of deposit | 5,637,538 | 5,000,000 |
Total recurring | 5,637,538 | 5,000,000 |
Nonrecurring | ||
Investment in OC-BVI | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | ||
Recurring | ||
Restricted cash | 0 | 0 |
Certificate of deposit | 0 | 0 |
Total recurring | 0 | 0 |
Nonrecurring | ||
Investment in OC-BVI | $ 4,548,271 | $ 5,208,603 |
Financial instruments (Details
Financial instruments (Details 1) - USD ($) | 3 Months Ended | 12 Months Ended | ||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Financial Instruments [Line Items] | ||||||||
Balance, Beginning | $ 5,208,603 | $ 5,208,603 | ||||||
Profit sharing and equity from earnings of OC-BVI | 399,668 | $ 414,755 | $ 1,337,352 | |||||
Distributions received from OC-BVI | 0 | (969,600) | (1,439,250) | |||||
Impairment of investment in OC-BVI (See Note 8) | $ (250,000) | $ (225,000) | $ (275,000) | $ (310,000) | $ (860,000) | (1,060,000) | (860,000) | $ (200,000) |
Balance, Ending | $ 4,548,271 | $ 5,208,603 | $ 4,548,271 | $ 5,208,603 |
Supplemental disclosure of ca87
Supplemental disclosure of cash flow information (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Supplemental Disclosure Of Cash Flow Information [Line Items] | |||
Interest paid in cash | $ 147,546 | $ 196,768 | $ 380,014 |
Non-cash transactions: | |||
Transfers from inventory to property plant and equipment and construction in progress | 123,036 | 168,622 | 181,875 |
Transfers from construction in progress to property, plant and equipment | 2,694,733 | 2,693,622 | 4,924,980 |
Issuance of 10,514, 18,294, and 25,111, respectively, shares of common stock for services rendered | 119,018 | 263,098 | 217,826 |
Issuance of 8,615, 5,957, and 10,180 , respectively, shares of redeemable preferred stock for services rendered for services rendered | 110,703 | 65,289 | 110,249 |
Conversion (on a one-to-one basis) of 7,195, 4,756, and 4,720, respectively, shares of redeemable preferred stock to common stock | 4,317 | 2,854 | 2,832 |
Dividends declared but not paid | 1,111,501 | 1,106,456 | 1,104,271 |
Obligation incurred for land held for development | $ 0 | $ 0 | $ 10,050,000 |
Supplemental disclosure of ca88
Supplemental disclosure of cash flow information (Details Textual) - shares | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Redeemable Preferred Stock [Member] | |||
Supplemental Disclosure Of Cash Flow Information [Line Items] | |||
Stock Issued During Period, Shares, Issued for Services | 8,615 | 5,957 | 10,180 |
Stock Issued During Period, Shares, Conversion of Convertible Securities | (7,195) | (4,756) | (4,720) |
Common Stock [Member] | |||
Supplemental Disclosure Of Cash Flow Information [Line Items] | |||
Stock Issued During Period, Shares, Issued for Services | 10,514 | 18,294 | 25,111 |
Subsequent events (Details Text
Subsequent events (Details Textual) - Subsequent Event [Member] $ in Millions | 1 Months Ended |
Feb. 11, 2016USD ($) | |
Consolidated Water U.S. Holdings Inc [Member] | |
Subsequent Event [Line Items] | |
Noncontrolling Interest, Ownership Percentage by Parent | 51.00% |
Business Combination, Consideration Transferred, Total | $ 7.7 |
Aerex Industries Inc [Member] | |
Subsequent Event [Line Items] | |
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 49.00% |