INVESTMENT IN JOINT VENTURES (Tables)

3 Months Ended

Mar. 31, 2021

Land JV

Summarized financial information of the Company's JV Investment

The Company’s Investment in Joint Ventures were as follows as of March 31, 2021 and December 31, 2020 (in thousands):

	As of
	March 31, 2021		December 31, 2020
Land JV	$	41,765	$	41,765
Mitigation Bank JV		6,921		6,912
Total Investment in Joint Ventures	$	48,686	$	48,677

The following table provides summarized financial information of the Land JV as of March 31, 2021 and December 31, 2020 (in thousands):

	As of
	March 31, 2021		December 31, 2020
Assets, Cash and Cash Equivalents	$	110	$	802
Assets, Prepaid Expenses		122		117
Assets, Investment in Land Assets		6,120		5,658
Total Assets	$	6,352	$	6,577
Liabilities, Accounts Payable, Accrued Expenses, Deferred Revenue	$	134	$	228
Equity	$	6,218	$	6,349
Total Liabilities & Equity	$	6,352	$	6,577

The following table provides summarized financial information of the Land JV for the three months ended March 31, 2021 and 2020 (in thousands):

	Three Months Ended
	March 31, 2021		March 31, 2020
Revenues	$	21	$	7,146
Direct Cost of Revenues		(81)		(3,106)
Operating Income (Loss)	$	(60)	$	4,040
Other Operating Expenses		(71)		(137)
Net Income (Loss)	$	(131)	$	3,903

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 March 31, 2021 and December 31, 2020 (in thousands):

	As of
	March 31, 2021		December 31, 2020
Assets, Cash and Cash Equivalents	$	1,808	$	1,890
Assets, Prepaid Expenses		9		20
Assets, Investment in Mitigation Credit Assets		1,413		1,409
Assets, Property, Plant, and Equipment—Net		14		14
Total Assets	$	3,244	$	3,333
Liabilities, Accounts Payable, Accrued Liabilities	$	18	$	17
Equity	$	3,226	$	3,316
Total Liabilities & Equity	$	3,244	$	3,333

The following table provides summarized financial information of the Mitigation Bank JV for the three months ended March 31, 2021 and 2020 (in thousands):

	Three Months Ended
	March 31, 2021		March 31, 2020
Revenues	$	104	$	1,866
Direct Cost of Revenues		(7)		(80)
Operating Income	$	97	$	1,786
Other Operating Expenses		(100)		(75)
Net Income (Loss)	$	(3)	$	1,711