DEFERRED REVENUE

6 Months Ended

Oct. 31, 2015

Deferred Revenue Disclosure [Abstract]

Deferred Revenue Disclosure [Text Block]

(8) DEFERRED REVENUE

Refer to Item 8 of Part II of the 2015 Form 10-K for detail about the Oil and Gas Lease and the Addendum thereto with Thrust Energy, Inc. and Cebolla Roja, LLC. No royalties under the Lease were received during the first six months of 2016. Deferred revenue of approximately $910,000 from this transaction is being recorded over the four-year lease term. Approximately $57,000 and $114,000 of such deferred revenue was recognized during the second quarter and first six months of 2016 and $38,000 for the second quarter and first six months of 2015, which is included in Other revenues in the accompanying financial statements. At October 31, 2015, there was $644,000 of deferred revenue remaining to be recognized in future periods.

Refer to Item 8 of Part II of the 2015 Form 10-K for detail about a lease agreement for a warehouse facility owned by El Dorado Utilities, Inc., a subsidiary of the Company, in Fairfield, Ohio. The amount of deferred rent revenue in connection with this lease totaled $984,000 and $1,042,000 at October 31, 2015 and April 30, 2015. The credit related to the amortization of the deferred rent revenue is accounted for as a reduction of general and administrative expenses for real estate operations and corporate in the accompanying financial statements and totaled $29,000 and $58,000 for the three and six month periods ended October 31, 2015 and also for the same periods ended October 31, 2014.