Other Investments

In October 2015, Midstream, acquired an initial 1% equity interest in the MVP, LLC. In November 2019, the Company's Board of Directors approved a pro-rata increase in Midstream's participation that increases its equity interest to approximately 1.03% at the project's completion. Once completed, the MVP will have the capacity to transport approximately 2 million decatherms of natural gas per day.

Pipeline construction has been delayed due to Fourth Circuit and FERC actions that suspended previously approved permits. Current activity on the pipeline is restricted to maintenance and restoration activities. As a result, the projected cost of the MVP project has grown to between $5.3 and $5.5 billion with the managing partner still estimating the in-service date as late calendar 2020. Midstream's current estimated total cash contribution is between $55 and $57 million. The Company is utilizing the equity method to account for the transactions and activity of the investment in MVP and is participating in the earnings in proportion to its level of investment.

In April 2018, the LLC announced the Southgate project, which is an approximately 74 mile pipeline extending from the MVP in Virginia to delivery points in North Carolina. Midstream is a less than 1% investor in the project, which is being accounted for under the cost method. Total project cost is estimated to be nearly $500 million, of which Midstream's portion is estimated to be approximately $2.5 million. The Southgate in-service date is currently targeted for calendar year 2021, subject to any further delays in the completion of the MVP.

Funding for Midstream's investments in the LLC for both the MVP and Southgate projects is being provided through two variable rate unsecured promissory notes under a non-revolving credit agreement, maturing in December 2022, and two additional notes issued in June 2019. See Note 7 for a schedule of debt instruments.

The investments in the LLC are included in the condensed consolidated financial statements as follows:



Balance Sheet location of Other Investments:	March 31, 2020		September 30, 2019
Other Assets:
MVP	$	51,971,127	$	47,055,426
Southgate	320,033		320,033
Investment in unconsolidated affiliates	$	52,291,160	$	47,375,459



Current Liabilities:
MVP	$	1,726,786	$	4,958,260
Southgate	—		66,564
Capital contributions payable	$	1,726,786	$	5,024,824



	Three Months Ended				Six Months Ended
Income Statement location of Other Investments:	March 31, 2020		March 31, 2019		March 31, 2020		March 31, 2019
Equity in earnings of unconsolidated affiliate	$	1,188,593	$	698,175	$	2,282,679	$	1,261,224



	March 31, 2020		September 30, 2019
Undistributed earnings, net of income taxes, of MVP in retained earnings	$	4,962,293	$	3,267,176

The change in the investment in unconsolidated affiliates is provided below:



	Six Months Ended
	March 31, 2020			March 31, 2019
Cash investment	$	5,931,060		$	13,304,263
Change in accrued capital calls	(3,298,038		)	(6,796,085		)
Equity in earnings of unconsolidated affiliates	2,282,679			1,261,224
Change in investment in unconsolidated affiliates	$	4,915,701		$	7,769,402

Summary of unaudited financial statements of Mountain Valley Pipeline are presented below. Southgate financial statements, which are accounted for under the cost method, are not included:



	Income Statements
	Three Months Ended					Six Months Ended
	March 31, 2020			March 31, 2019		March 31, 2020		March 31, 2019
AFUDC	$	117,754,887		$	66,953,609	$	227,780,361	$	121,138,125
Other Income (Expense), net	(34,575		)	720,935		699,607		3,283,727
Net Income	$	117,720,312		$	67,674,544	$	228,479,968	$	124,421,852



	Balance Sheets
	March 31, 2020		September 30, 2019
Assets:
Current Assets	$	218,072,899	$	485,323,892
Construction Work in Progress	5,132,263,805		4,675,267,389
Other Assets	5,752,436		13,190,816
Total Assets	$	5,356,089,140	$	5,173,782,097

Liabilities and Equity:
Current Liabilities	$	194,839,985	$	466,776,233
Noncurrent Liabilities	265,000		—
Capital	5,160,984,155		4,707,005,864
Total Liabilities and Equity	$	5,356,089,140	$	5,173,782,097