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Contract Liabilities

3 Months Ended

Mar. 31, 2019

8. CONTRACT LIABILITIES

Progress payment balances in excess of revenue recognized, as well as advance payments received from customers, are classified as deferred contract liabilities on the consolidated balance sheet in the financial statement line item titled “Deferred revenue.” Homebuilding purchase deposits are classified as deferred contract liabilities on the consolidated balance sheet in the financial statement line item titled “Accounts payable and accrued liabilities.”

Contract liabilities consisted of the following:

	March 31,		December 31,
	2019		2018
Contract Liabilities: Customer Deposits and Deferred Revenue
Homebuilding - Customer deposits	$	2,357	$	1,189
Asset Management - Deferred revenue		1,250		1,875
Total Contract Liabilities	$	3,607	$	3,064

Asset Management – Deferred revenue relate to the AMA executed on March 30, 2018 and effective January 2, 2018. See Note 18 – Related Party Transactions for details regarding this transaction.

The Company’s other contract liabilities, that consist of deposits received from customers (“Customer deposits”) on homes not settled, were $2.4 million and $1.2 million as of March 31, 2019 and December 31, 2018, respectively. During the three months ended March 31, 2019, the Company recognized in revenue approximately $414 thousand of the customer deposits held as of December 31, 2018.

Customer deposits are also included in Note 7 – Accounts Payable and Accrued Liabilities.