ASSETS HELD FOR SALE AND DISCONTINUED OPERATIONS

3 Months Ended

Mar. 31, 2020

ASSETS HELD FOR SALE AND DISCONTINUED OPERATIONS

ASSETS HELD FOR SALE AND DISCONTINUED OPERATIONS

NOTE 23. ASSETS AND LIABILITIES HELD FOR SALE AND DISCONTINUED OPERATIONS

Since the transition in our land operations occurred late in 2019, the impact of land sales for the periods prior to October 2019 are no longer germane to our financial condition, results of operations and cash flows. As such the following summarized information is provided regarding land sales activity prior to October 2019. Additionally, one single-tenant income property was classified as held for sale as of March 31, 2020, see Note 24, “Subsequent Events”, for a description of the sale completed on April 30, 2020.

	As of March 31, 2020
	Land JV Assets		Single-Tenant Income Properties		Total Assets Held for Sale
Plant, Property, and Equipment—Net	$	—	$	3,800,429	$	3,800,429
Restricted Cash		833,372		—		833,372
Total Assets Held for Sale	$	833,372	$	3,800,429	$	4,633,801

	As of March 31, 2020
	Land JV Liabilities		Total Liabilities Held for Sale
Deferred Revenue	$	831,320	$	831,320
Total Liabilities Held for Sale	$	831,320	$	831,320

There were no discontinued operations for the three months ended March 31, 2020. The following is a summary of discontinued operations for the three months ended March 31, 2019:

	Three Months Ended
	March 31, 2019
Golf Operations Revenue	$	1,496,693
Golf Operations Direct Cost of Revenues		(1,711,330)
Loss from Operations		(214,637)
Loss from Discontinued Operations Before Income Tax		(214,637)
Income Tax Benefit		54,399
Loss from Discontinued Operations (Net of Income Tax)	$	(160,238)
Land Operations Revenue	$	3,300,000
Land Operations Direct Cost of Revenues		(1,579,101)
Income from Operations		1,720,899
Income from Discontinued Operations Before Income Tax		1,720,899
Income Tax Expense		(436,162)
Income from Discontinued Operations (Net of Income Tax)	$	1,284,737
Total Income from Discontinued Operations (Net of Income Tax)	$	1,124,499