Annual report pursuant to Section 13 and 15(d)

Deferred Revenues

v3.21.1
Deferred Revenues
 12 Months Ended
Dec. 31, 2020
Revenue from Contract with Customer [Abstract]  
Deferred Revenues

8. DEFERRED REVENUES

 

Deferred revenues are comprised of the following:

 

    For the Years Ended  
    December 31,  
    2020     2019  
             
Real estate lot sales deposits   $ 849,828     $ 838,471  
Other     84,113       61,449  
Total   $ 933,941     $ 899,920  

 

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. No additional agreements for the sale of real estate building lots were executed during 2020 and 2019. To date, twenty-five lots have been sold. Revenue is recorded when the sale closes, and the deeds are issued.