DEFERRED REVENUE

3 Months Ended

Mar. 31, 2014

Revenue Recognition [Abstract]

DEFERRED REVENUE

NOTE 14. DEFERRED REVENUE

Deferred revenue consisted of the following:

	As of
	March 31, 2014		December 31, 2013
Deferred Oil Exploration Lease Revenue	$	1,578,836	$	2,390,808
Prepaid Rent		499,974		698,653
Other Deferred Revenue		259,978		254,890
Total Deferred Revenue	$	2,338,788	$	3,344,351

On September 22, 2013, the Company received a $3.293 million rent payment for the third year of the Company’s eight-year oil exploration lease. The payment is being recognized ratably over the 12 month lease period ending in September 2014.