Annual report pursuant to Section 13 and 15(d)

Deferred Revenues

Deferred Revenues
12 Months Ended
Dec. 31, 2018
Deferred Revenue Disclosure [Abstract]  
Deferred Revenues



Deferred revenues are comprised of the following:


    December 31,  
    2018     2017  
Real estate lot sales deposits   $ 995,327     $ 1,685,725  
Other     43,165       46,939  
Total   $ 1,038,492     $ 1,732,664  


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, 2018, and 2017, the Company had executed agreements to sell real estate building lots for aggregate proceeds of $3,725,867 and $3,667,423, respectively. To date, twenty-five lots have been sold. Revenue is recorded when the sale closes, and the deeds are issued. During 2018, the Company closed on the sale of all 25 lots and recorded revenue of $1,468,000.