DEFERRED REVENUE

9 Months Ended

Sep. 30, 2017

DEFERRED REVENUE

DEFERRED REVENUE

NOTE 15. DEFERRED REVENUE

Deferred revenue consisted of the following:

	As of
	September 30, 2017		December 31, 2016
Deferred Oil Exploration Lease Revenue	$	—	$	585,674
Prepaid Rent		978,160		1,068,972
Other Deferred Revenue		334,865		337,020
Total Deferred Revenue	$	1,313,025	$	1,991,666

On September 20, 2016, the Company received an approximate $807,000 rent payment for the sixth year of the Company’s thirteen-year oil exploration lease, which was being recognized ratably over the twelve-month lease period ending in September 2017. During the three months ended September 30, 2017, the oil exploration lease was extended to September 22, 2018, however, the related lease payment of approximately $807,000 for the seventh year of the lease was not received until October 11, 2017, for which a receivable and revenue were recorded for the portion earned during the three months ended September 30, 2017, leaving no deferred revenue as of September 30, 2017. The oil exploration lease is more fully described in Note 4 “Land and Subsurface Interests.”