|12 Months Ended|
Dec. 31, 2017
|Deferred Revenue Disclosure [Abstract]|
Deferred revenues are comprised of the following:
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 in U.S. dollars. As of December 31, 2017, and 2016, the Company had executed agreements to sell real estate building lots for aggregate proceeds of $3,667,423 and $3,541,512, respectively. To date, twenty-five lots have been sold. The Company expects to close on the sale of these lots and record the deeds during 2018. During the first quarter of 2018, the Company closed on the sale of certain of its Phase 1 lots and recorded revenue of $870,000.
The entire disclosure for deferred revenues at the end of the reporting period, and description and amounts of significant changes that occurred during the reporting period. Deferred revenue is a liability as of the balance sheet date related to a revenue producing activity for which revenue has not yet been recognized. Generally, an entity records deferred revenue when it receives consideration from a customer before achieving certain criteria that must be met for revenue to be recognized in conformity with GAAP.
Reference 1: http://www.xbrl.org/2003/role/presentationRef