NOTE 22. ASSETS HELD FOR SALE AND DISCONTINUED OPERATIONS

During the fourth quarter of 2018, the Company commenced efforts to pursue monetization of certain of its multi-tenant income properties and the golf operations and assets comprising the Club. Accordingly, four multi-tenant income properties and the golf assets comprising the Club were classified as held for sale as of December 31, 2018. Additionally, the golf operations qualify as discontinued operations and have been reclassified as such in the accompanying consolidated statements of income for the years ended December 31, 2018, 2017, and 2016.

The following is a summary of assets and liabilities held for sale as of December 31, 2018 and 2017:


	As of December 31, 2018						As of December 31, 2017
	Multi-Tenant Income Properties		Golf Assets		Total Assets Held for Sale		Multi-Tenant Income Properties		Golf Assets		Total Assets Held for Sale
Property, Plant, and Equipment—Net	$	67,810,880	$	3,659,703	$	71,470,583	$	—	$	5,060,005	$	5,060,005
Cash and Cash Equivalents		—		156,489		156,489		—		452,157		452,157
Other Assets		—		646,285		646,285		—		750,471		750,471
Intangible Lease Assets—Net		4,366,858		—		4,366,858		—		—		—
Intangible Lease Liabilities—Net		(773,705)		—		(773,705)		—		—		—
Total Assets Held for Sale	$	71,404,033	$	4,462,477	$	75,866,510	$	—	$	6,262,633	$	6,262,633

	As of December 31, 2018						As of December 31, 2017
	Multi-Tenant Income Properties		Golf Assets		Total Liabilities Held for Sale		Multi-Tenant Income Properties		Golf Assets		Total Liabilities Held for Sale
Accounts Payable	$	—	$	199,422	$	199,422	$	—	$	213,302	$	213,302
Accrued and Other Liabilities		—		924,323		924,323		—		1,092,065		1,092,065
Deferred Revenue		—		223,551		223,551		—		228,763		228,763
Total Liabilities Held for Sale	$	—	$	1,347,296	$	1,347,296	$	—	$	1,534,130	$	1,534,130

Golf $1 Round Surcharge. Accrued and Other Liabilities within Liabilities Held for Sale of approximately $924,000 is primarily comprised of a $1 per round of golf surcharge. On January 24, 2017, the Company acquired the land and improvements comprising the golf courses, previously leased from the City, for approximately $1.5 million (the “Golf Course Land Purchase”). In connection with the Golf Course Land Purchase, each year the Company is obligated to pay the City additional consideration in the amount of an annual surcharge of $1 per golf round played (the “Per-Round Surcharge”) with an annual minimum Per-Round Surcharge of $70,000 and a maximum aggregate of Per-Round Surcharges of $700,000. The maximum amount of $700,000 represents contingent consideration and was recorded as an increase in Golf Buildings, Improvements, and Equipment and Accrued and Other Liabilities in the accompanying consolidated balance sheets. The first annual payment was made in January 2018 leaving a remaining commitment of approximately $630,000 as of December 31, 2018.

The following is a summary of discontinued operations for the years ended December 31, 2018, 2017, and 2016:


	Year Ended
	December 31, 2018		December 31, 2017		December 31, 2016

Golf Operations Revenue	$	4,941,997	$	5,095,313	$	5,190,394
Golf Operations Direct Cost of Revenues		(5,848,429)		(5,958,888)		(5,587,077)
Loss from Operations		(906,432)		(863,575)		(396,683)
Impairment Charges		(1,119,362)		—		—
Depreciation and Amortization		(373,979)		(349,259)		(266,074)
Land Lease Income		—		2,226,526		—
Income (Loss) from Discontinued Operations Before Income Tax		(2,399,773)		1,013,692		(662,757)
Income Tax Benefit (Expense)		608,222		(391,032)		255,659
Income (Loss) from Discontinued Operations (Net of Income Tax)	$	(1,791,551)	$	622,660	$	(407,098)