DEFERRED REVENUE

6 Months Ended

Jun. 30, 2017

DEFERRED REVENUE

DEFERRED REVENUE

NOTE 15. DEFERRED REVENUE

Deferred revenue consisted of the following:

	As of
	June 30, 2017		December 31, 2016
Deferred Oil Exploration Lease Revenue	$	185,647	$	585,674
Prepaid Rent		1,200,431		1,068,972
Other Deferred Revenue		333,788		337,020
Total Deferred Revenue	$	1,719,866	$	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.  The oil exploration lease is more fully described in Note 4 “Land and Subsurface Interests.”