Quarterly report pursuant to Section 13 or 15(d)

DEFERRED REVENUE

v3.22.2.2
DEFERRED REVENUE
9 Months Ended
Sep. 30, 2022
Revenue from Contract with Customer [Abstract]  
DEFERRED REVENUE

10. DEFERRED REVENUE

 

Deferred revenue is comprised of the following:

 

    September 30,
2022
    December 31,
2021
 
             
Real estate lot sales deposits   $ 1,182,124     $ 622,453  
Hotel deposits     74,744       91,163  
Leased property deposit     5,351       -  
Total   $ 1,262,219     $ 713,616  

 

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. The Company executed new agreements for the sale of five additional lots during the nine months ended September 30, 2022 and recorded deferred revenues in the amount of $546,186. This increase in deferred revenues is partially offset by the impact of the change in exchange rates during the period. Revenue is recorded when the sale closes, and the deeds are issued.