Quarterly report pursuant to Section 13 or 15(d)

Finance leases receivable

v3.21.2
Finance leases receivable
6 Months Ended
Jun. 30, 2021
Leases [Abstract]  
Finance leases receivable

Note 8 – 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 six months ended June 30, 2021 and 2020. At June 30, 2021, all Partner II leased equipment under finance leases receivable is located in Colorado.

 

Performing net finance leases receivable consisted of the following:

 

    June 30, 2021     December 31, 2020  
Gross minimum lease payments receivable   $ 422,591     $ 477,680  
Accrued interest     1,873       2,141  
Less: unearned interest     (85,655 )     (103,870 )
Finance leases receivable     338,809       375,951  
Less current portion     (72,788 )     (69,053 )
Long term portion   $ 266,021     $ 306,898  

 

Interest income recognized on Partner II finance leases for the three months ended June 30, 2021 and 2020 was $10,330 and $12,028 respectively. Interest income recognized on Partner II finance leases for the six months ended June 30, 2021 and 2020 was $21,200 and $24,242, respectively.

 

At June 30, 2021, minimum future payments receivable for performing finance leases receivable were as follows:

 

12 months ending June 30,   Lease Receivable     Lease Interest  
2022   $ 73,570     $ 36,115  
2023     85,423       24,752  
2024     94,368       15,807  
2025     72,964       5,742  
2026     12,484       876  
Thereafter     -       -  
    $ 338,809     $ 83,292