Finance leases receivable |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Finance leases receivable |
Note 8 – Finance leases receivable
Partner I
Net finance leases receivable from G Farma remain fully impaired at March 31, 2023 and December 31, 2022. Finance lease revenue recognized on Partner I finance leases at March 31, 2023 and December 31, 2022 was $0 and $0, respectively. See Note 18.
Net finance leases receivable, non-performing, consists of the following at March 31, 2023 and December 31, 2022:
Partner II
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. On September 27, 2022, Pueblo West exercised its lease prepayment option and purchased the manufacturing equipment for $245,369. Therefore, the Company’s lease receivable of $87,039, $94,731, $42,976, and $5,177 for 2023, 2024, 2025, and 2026, respectively, reported as of December 31, 2021 and the Company’s interest receivable of $20,391, $10,989, $2,131, and $226 for 2023, 2024, 2025, and 2026, respectively, reported as of December 31, 2021 is no longer applicable. At December 31, 2022, minimum future payments receivable for performing finance leases receivable were $0. On September 28, 2022 Partner II transferred full title to the equipment to Pueblo West. At March 31, 2023 and December 31, 2022, Partner II recognized finance revenue of $0 and $37,659, respectively.
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