Annual report pursuant to Section 13 and 15(d)

Finance leases receivable (Tables)

v3.22.1
Finance leases receivable (Tables)
12 Months Ended
Dec. 31, 2021
Leases [Abstract]  
Schedule of net finance leases receivable, non-performing

Net finance leases receivable, non-performing, consists of the following at December 31, 2021 and 2020:

 

    2021     2020  
Gross minimum lease payments receivable   $ 1,203,404     $ 1,203,404  
Less: unearned interest     (400,005 )     (400,005 )
Less: reserve for bad debt     (803,399 )     (803,399 )
Finance leases receivable   $ -     $ -  
Schedule of net finance leases receivable, performing

Performing net finance leases receivable consists of the following at December 31, 2021 and 2020:

 

    2021     2020  
Gross minimum lease payments receivable   $ 367,505     $ 477,680  
Accrued interest     1,783       2,141  
Less: unearned interest     (62,638 )     (103,870 )
Finance leases receivable     306,650       375,951  
Less current portion     (76,727 )     (69,053 )
Long term portion   $ 229,923     $ 306,898  
Schedule of minimum future payments receivable for performing finance leases receivable

At December 31, 2021, minimum future payments receivable for performing finance leases receivable were as follows:

 

12 months ending December 31,  

Lease

Receivable

    Interest  
2022   $ 76,727       28,901  
2023     87,039       20,391  
2024     94,731       10,989  
2025     42,976       2,131  
2026     5,177       226  
Thereafter     -       -  
    $ 306,650     $ 62,638