Quarterly report pursuant to Section 13 or 15(d)

Finance leases receivable

v3.22.1
Finance leases receivable
3 Months Ended
Mar. 31, 2022
Leases [Abstract]  
Finance leases receivable

Note 7 – Finance leases receivable

 

Partner II entered into a Master Equipment Lease Agreement with Pueblo West, dated February 11, 2018, amended November 28, 2018 and March 12, 2019. Partner II acquired and delivered manufacturing equipment as selected by Pueblo West under sales-type finance leases. Partner II did not record any sales revenue for the three months ended March 31, 2022 and 2021. At March 31, 2022, all Partner II leased equipment under finance leases receivable is located in Colorado.

 

Performing net finance leases receivable consisted of the following:

 

    March 31, 2022     December 31, 2021  
Gross minimum lease payments receivable   $ 339,961     $ 367,505  
Accrued interest     1,687       1,783  
Less: unearned interest     (54,660 )     (62,638 )
Finance leases receivable     286,988       306,650  
Less current portion     (78,776 )     (76,727 )
Long term portion   $ 208,212     $ 229,923  

 

Interest income recognized on Partner II finance leases for the three months ended March 31, 2022 and 2021 was $9,018 and $10,956, respectively.

 

At March 31, 2022, minimum future payments receivable for performing finance leases receivable were as follows:

 

12 months ending March 31,   Lease Receivable     Lease Interest  
2022   $ 78,776     $ 26,852  
2023     89,219       18,127  
2024     97,161       8,346  
2025     20,513       1,295  
2026     1,319       40  
Thereafter     -       -  
    $ 286,988     $ 54,660