ASSETS HELD FOR SALE AND DISCONTINUED OPERATIONS (Tables)

12 Months Ended

Dec. 31, 2019

ASSETS HELD FOR SALE AND DISCONTINUED OPERATIONS

Schedule of assets and liabilities held for sale and discontinued operations

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

	As of December 31, 2018
	Land JV Assets		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
Land and Development Costs		20,139,788		—		—		20,139,788
Cash and Cash Equivalents		—		—		156,489		156,489
Restricted Cash		831,966		—		—		831,966
Other Assets		—		—		646,285		646,285
Intangible Lease Assets—Net		—		4,366,858		—		4,366,858
Intangible Lease Liabilities—Net		—		(773,705)		—		(773,705)
Total Assets Held for Sale	$	20,971,754	$	71,404,033	$	4,462,477	$	96,838,264

	As of December 31, 2018
	Land JV Liabilities		Multi-Tenant Income Properties		Golf Liabilities		Total Liabilities Held for Sale
Accounts Payable	$	—	$	—	$	199,422	$	199,422
Accrued and Other Liabilities		—		—		924,323		924,323
Deferred Revenue		831,320		—		223,551		1,054,871
Total Liabilities Held for Sale	$	831,320	$	—	$	1,347,296	$	2,178,616

Summary of discontinued operations

	Year Ended
	December 31, 2019		December 31, 2018		December 31, 2017
Golf Operations Revenue	$	4,096,594	$	4,941,997	$	5,095,313
Golf Operations Direct Cost of Revenues		(5,259,424)		(5,848,429)		(5,958,888)
Loss from Operations		(1,162,830)		(906,432)		(863,575)
Impairment Charges		—		(1,119,362)		—
Depreciation and Amortization		—		(373,979)		(349,259)
Gain on Disposition of Assets		15,050		—		—
Land Lease Income		—		—		2,226,526
Income (Loss) from Discontinued Operations Before Income Tax		(1,147,780)		(2,399,773)		1,013,692
Income Tax Benefit (Expense)		290,906		608,222		(391,032)
Income (Loss) from Discontinued Operations (Net of Income Tax)	$	(856,874)	$	(1,791,551)	$	622,660
Land Operations Revenue	$	11,043,151	$	43,030,713	$	47,666,408
Land Operations Direct Cost of Revenues		(6,404,844)		(10,922,539)		(16,155,784)
Loss from Operations		4,638,307		32,108,174		31,510,624
Gain on Disposition of Assets		127,518,231		—		—
Income from Discontinued Operations Before Income Tax		132,156,538		32,108,174		31,510,624
Income Tax Expense		(32,932,100)		(8,137,818)		(12,155,225)
Income from Discontinued Operations (Net of Income Tax)	$	99,224,438	$	23,970,356	$	19,355,399
Total Income from Discontinued Operations (Net of Income Tax)	$	98,367,564	$	22,178,805	$	19,978,059