Deferred Revenue

9 Months Ended

Sep. 30, 2016

Deferred Revenue Disclosure [Abstract]

NOTE 15. DEFERRED REVENUE

Deferred revenue consisted of the following:


	As of
	September 30, 2016		December 31, 2015
Deferred Oil Exploration Lease Revenue	$	789,003	$	885,822
Deferred Land Sale Revenue		917,562		12,656,773
Prepaid Rent		1,011,372		907,325
Other Deferred Revenue		313,763		274,690
Total Deferred Revenue	$	3,031,700	$	14,724,610

On September 20, 2016, the Company received an approximate $807,000 rent payment for the sixth year of the Company’s eight-year oil exploration lease, which is being recognized ratably over the twelve month lease period ending in September 2017.

In connection with the 98.69 acres of land sales in the Town Center which closed during the fourth quarter of 2015 and the first quarter of 2016, approximately $918,000 of the aggregate $21.4 million sales price is deferred as of September 30, 2016 to be recognized as revenue on a percentage-of-completion basis as the required infrastructure improvements are completed. The estimated completion date is before the end of November 2016.

- Definition

The entire disclosure for deferred revenues at the end of the reporting period, and description and amounts of significant changes that occurred during the reporting period. Deferred revenue is a liability as of the balance sheet date related to a revenue producing activity for which revenue has not yet been recognized. Generally, an entity records deferred revenue when it receives consideration from a customer before achieving certain criteria that must be met for revenue to be recognized in conformity with GAAP.

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