Quarterly report pursuant to Section 13 or 15(d)

DEFERRED REVENUE

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DEFERRED REVENUE
 3 Months Ended
Mar. 31, 2024
Revenue from Contract with Customer [Abstract]  
DEFERRED REVENUE

7. DEFERRED REVENUE

 

Deferred revenue is comprised of the following:

  

    March 31,     December 31,  
    2024     2023  
Real estate lot sales deposits   $ 1,336,958     $ 1,436,758  
Hotel deposits     55,952       32,657  
Other     17,481       2,398  
Total     1,410,391       1,471,813  
Real estate lot sales deposits from related party    

250,000

       250,000  
Deferred revenue   $

1,660,391

     $

1,721,813

  

 

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. Revenue is recorded when the sale closes, and the deeds are issued. No lot sale deposits were recorded during the three months ended March 31, 2024. The Company recorded revenue upon the closing of the sale of real estate lots in the amount of $104,143 and $0 during the three months ended March 31, 2024 and 2023, respectively.