Annual report pursuant to Section 13 and 15(d)

Deferred Revenues

Deferred Revenues
12 Months Ended
Dec. 31, 2017
Deferred Revenue Disclosure [Abstract]  
Deferred Revenues



Deferred revenues are comprised of the following:


    December 31,  
    2017     2016  
Real estate lot sales deposits   $ 1,685,725     $ 1,652,180  
Other     46,939       232,426  
Total   $ 1,732,664     $ 1,884,606  


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.