DEFERRED REVENUE

3 Months Ended

Mar. 31, 2017

NOTE 15. DEFERRED REVENUE

Deferred revenue consisted of the following:


	As of
	March 31, 2017		December 31, 2016
Deferred Oil Exploration Lease Revenue	$	386,766	$	585,674
Prepaid Rent		873,549		1,068,972
Other Deferred Revenue		338,827		337,020
Total Deferred Revenue	$	1,599,142	$	1,991,666

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.

- 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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