Deferred Revenue

3 Months Ended

Mar. 31, 2016

Deferred Revenue Disclosure [Abstract]

Deferred Revenue

NOTE 14. DEFERRED REVENUE

Deferred revenue consisted of the following:

	As of
	March 31, 2016		December 31, 2015
Deferred Oil Exploration Lease Revenue	$	582,778	$	885,822
Deferred Land Sale Revenue		7,152,509		12,656,773
Prepaid Rent		1,029,431		907,325
Other Deferred Revenue		286,791		274,690
Total Deferred Revenue	$	9,051,509	$	14,724,610

On September 22, 2015, the Company received an approximate $1.2 million rent payment for the fifth year of the Company’s eight-year oil exploration lease, which is being recognized ratably over the twelve month lease period ending in September 2016.

In connection with the 98.69 acres of land sales in the Tomoka Town Center which closed during the fourth quarter of 2015 and the first quarter of 2016, approximately $7.2 million of the aggregate $21.4 million sales price is deferred as of March 31, 2016 to be recognized as revenue on a percentage-of-completion basis as the required infrastructure costs completed. The estimated completion date in or around October 2016.