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DEFERRED REVENUES
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12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2014
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| Deferred Revenue [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||
| Deferred Revenue Disclosure [Text Block] |
Deferred revenues are comprised of the following:
The Company accepts deposits in conjunction with agreements to sell real estate building lots at Algodon Wine Estate in the Mendoza wine region of Argentina. These lot sale deposits are generally denominated is US dollars. As of December 31, 2014 and 2013, the Company had executed agreements to sell real estate building lots for aggregate proceeds of $2,667,383 and $2,667,383, respectively. The first three private homes at Algodon Wine Estates have been delivered to their owners while two remain under construction. Two additional homes are slated to begin construction. Eighteen lots have either been sold, or are currently in advanced negotiations. The Company expects to close on the sale of twelve lots and anticipates recording the deeds as early as the third quarter 2015. To date, no deeds have yet to be issued. |
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- Details
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- Definition
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
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