Deferred Revenue

9 Months Ended

Sep. 30, 2015

Deferred Revenue Disclosure [Abstract]

Deferred Revenue

NOTE 13. DEFERRED REVENUE

Deferred revenue consisted of the following:

	As of
	September 30, 2015		December 31, 2014
Deferred Oil Exploration Lease Revenue	$	1,192,197	$	1,354,873
Deferred Land Sale Revenue		—		87,581
Prepaid Rent		771,304		674,165
Escrow Reserve, Container Store Loan		—		144,124
Escrow Reserve, Plantation Oaks Loan		—		65,216
Other Deferred Revenue		276,915		392,584
Total Deferred Revenue	$	2,240,416	$	2,718,543

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 75.6 acre land sale that closed in August 2014, approximately $597,000 of the $7.8 million sales price was deferred to be recognized as revenue on a percentage-of-completion basis as certain road improvements were completed. The road improvements were substantially completed as of March 31, 2015 and accordingly, through March 31, 2015, the entire approximate $597,000 of revenue had been recognized.