INVESTMENTS IN JOINT VENTURES (Tables)

9 Months Ended

Sep. 30, 2020

Summarized financial information of the Company's JV Investment

	As of
	September 30, 2020		December 31, 2019
Land JV	$	48,864,662	$	48,864,662
Mitigation Bank JV		6,907,601		6,872,006
Total Investments in Joint Ventures	$	55,772,263	$	55,736,668

Land JV

Summarized financial information of the Company's JV Investment

The following table provides summarized financial information of the Land JV as of September 30, 2020 and December 31, 2019:

	As of
	September 30, 2020		December 31, 2019
	($000's)		($000's)
Assets, cash and cash equivalents	$	1,204	$	15,066
Assets, prepaid expenses		77		61
Assets, receivables		5		—
Assets, investment in land assets		7,265		17,058
Total Assets	$	8,551	$	32,185
Liabilities, accounts payable, deferred revenue	$	199	$	987
Equity	$	8,352	$	31,198
Total Liabilities & Equity	$	8,551	$	32,185

The following table provides summarized financial information of the Land JV for the three and nine months ended September 30, 2020. There was no activity for the three and nine months ended September 30, 2019.

	Three Months Ended		Nine Months Ended
	September 30, 2020		September 30, 2020
	($000's)		($000's)
Revenues	$	46,051	$	53,877
Direct Cost of Revenues		8,377		11,752
Operating Income	$	37,674	$	42,125
Other Operating Expenses		105		379
Net Income	$	37,569	$	41,746

Mitigation Bank

Summarized financial information of the Company's JV Investment

The following tables provide summarized financial information of the Mitigation Bank JV as of September 30, 2020 and December 31, 2019:

	As of
	September 30, 2020		December 31, 2019
	($000's)		($000's)
Assets, cash and cash equivalents	$	1,905	$	4,015
Assets, prepaid expenses		30		19
Assets, investment in mitigation credit assets		1,432		1,521
Assets, property, plant, and equipment—net		15		17
Total Assets	$	3,382	$	5,572
Liabilities, accounts payable, deferred mitigation credit sale revenue	$	18	$	39
Equity	$	3,364	$	5,533
Total Liabilities & Equity	$	3,382	$	5,572

The following table provides summarized financial information of the Mitigation Bank JV for the three and nine months ended September 30, 2020 and 2019:

	Three Months Ended				Nine Months Ended
	September 30, 2020		September 30, 2019		September 30, 2020		September 30, 2019
	($000's)		($000's)		($000's)		($000's)
Revenues	$	1,481	$	—	$	3,359	$	47
Direct Cost of Revenues		58		—		139		4
Operating Income	$	1,423	$	—	$	3,220	$	43
Other Operating Expenses		12		36		159		162
Net Income	$	1,411	$	(36)	$	3,061	$	(119)