Quarterly report pursuant to Section 13 or 15(d)

Finance leases receivable

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Finance leases receivable
6 Months Ended
Jun. 30, 2024
Finance Leases Receivable  
Finance leases receivable

Note 8 – Finance leases receivable

 

Mentor Partner I, LLC

 

Net finance leases receivable from G Farma remain fully impaired at June 30, 2024 and December 31, 2023. At June 30, 2024 and December 31, 2023, Partner I recognized no finance lease revenue. See Note 16.

 

Net finance leases receivable, non-performing, consist of the following at June 30, 2024 and December 31, 2023:

 

    June 30,
2024
    December 31,
2023
 
Gross minimum lease payments receivable   $ 1,203,404     $ 1,203,404  
Accrued interest     -       -  
Less: unearned interest     (400,005 )     (400,005 )
Less: reserve for bad debt     (803,399 )     (803,399 )
Finance leases receivable   $ -     $ -  

 

Mentor Partner II, LLC

 

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. On September 28, 2022 Partner II transferred full title to the equipment to Pueblo West. At June 30, 2024 and December 31, 2023, Partner II recognized no finance lease revenue.