Deferred Revenue

12 Months Ended

Dec. 31, 2016

Deferred Revenue Disclosure [Abstract]

NOTE 15. DEFERRED REVENUE

Deferred revenue consisted of the following:


	As of
	December 31, 2016		December 31, 2015
Deferred Oil Exploration Lease Revenue	$	585,674	$	885,822
Deferred Land Sale Revenue		—		12,656,773
Prepaid Rent		1,068,972		907,325
Other Deferred Revenue		337,020		274,690
Total Deferred Revenue	$	1,991,666	$	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. On September 22, 2015, the Company received an approximate $1.2 million rent payment for the fifth year of the Company’s eight-year oil exploration lease, which had been fully recognized as revenue as of September 30, 2016.

In connection with the total 94.3 acres of land sales in the Tomoka Town Center which closed during the fourth quarter of 2015, approximately $12.7 million of the total aggregate $19.4 million sale price was deferred as of December 31, 2015 to be recognized as revenue on a percentage-of-completion basis as the required infrastructure costs are completed. The infrastructure work was completed during the fourth quarter of 2016, accordingly, all previously deferred revenue was recognized during the year ended December 31, 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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