ASSETS HELD FOR SALE AND DISCONTINUED OPERATIONS

6 Months Ended

Jun. 30, 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

Assets and liabilities held for sale as of June 30, 2020 and December 31, 2019 are summarized below. The single tenant income property held for sale as of March 31, 2020 was sold during the three months ended June 30, 2020. Two single-tenant income properties were classified as held for sale as of June 30, 2020. See Note 24, “Subsequent Events”, for information related to the single-tenant income properties sold subsequent to June 30, 2020.  

	As of June 30, 2020
	Land JV		Single-Tenant Income Properties		Total Assets (Liabilities) Held for Sale
Plant, Property, and Equipment—Net	$	—	$	8,465,416	$	8,465,416
Restricted Cash		833,167		—		833,167
Intangible Lease Assets - Net		—		821,382		821,382
Intangible Lease Liabilities - Net		—		(145,263)		(145,263)
Total Assets Held for Sale	$	833,167	$	9,141,535	$	9,974,702
Deferred Revenue		(831,320)		—		(831,320)
Total Liabilities Held for Sale	$	(831,320)	$	—	$	(831,320)

	As of December 31, 2019
	Land JV		Total Assets (Liabilities) Held for Sale
Restricted Cash		833,167		833,167
Total Assets Held for Sale	$	833,167	$	833,167
Deferred Revenue		(831,320)		(831,320)
Total Liabilities Held for Sale	$	(831,320)	$	(831,320)

There were no discontinued operations for the three and six months ended June 30, 2020. The following is a summary of discontinued operations for the three and six months ended June 30, 2019:

	Three Months Ended		Six Months Ended
	June 30, 2019		June 30, 2019
Golf Operations Revenue	$	1,453,859	$	2,950,552
Golf Operations Direct Cost of Revenues		(1,673,633)		(3,384,963)
Loss from Operations		(219,774)		(434,411)
Loss from Discontinued Operations Before Income Tax		(219,774)		(434,411)
Income Tax Benefit		55,702		110,102
Loss from Discontinued Operations (Net of Income Tax)	$	(164,072)	$	(324,309)
Land Operations Revenue	$	7,250,000	$	10,550,000
Land Operations Direct Cost of Revenues		(4,440,469)		(6,019,571)
Income from Operations		2,809,531		4,530,429
Income from Discontinued Operations Before Income Tax		2,809,531		4,530,429
Income Tax Expense		(712,074)		(1,148,236)
Income from Discontinued Operations (Net of Income Tax)	$	2,097,457	$	3,382,193
Total Income from Discontinued Operations (Net of Income Tax)	$	1,933,385	$	3,057,884