Annual report pursuant to Section 13 and 15(d)

DEFFERED REVENUES

v3.3.1.900
DEFFERED REVENUES
12 Months Ended
Dec. 31, 2015
Deferred Revenue [Abstract]  
Deferred Revenue Disclosure [Text Block]
10.
DEFFERED REVENUES
 
Deferred revenues are comprised of the following:
 
 
 
December 31,
 
 
 
2015
 
2014
 
Real estate lot sales deposits
 
$
1,175,990
 
$
1,174,339
 
Other
 
 
208,327
 
 
54,690
 
Total
 
$
1,384,317
 
$
1,229,029
 
 
The Company accepts deposits in conjunction with agreements to sell real estate building lots at Algodon Wine Estates in the Mendoza wine region of Argentina. These lot sale deposits are generally denominated is US dollars. As of December 31, 2015 and 2014, the Company had executed agreements to sell real estate building lots for aggregate proceeds of $2,924,983 and $2,667,383, respectively. Sixteen lots have been sold, and two additional lots are currently in advanced negotiations. The Company expects to close on the sale of twelve lots and record the deeds during 2016. To date, no deeds have been issued.