Finance Leases Receivable

12 Months Ended

Dec. 31, 2015

Finance Leases Receivable [Abstract]

Finance Leases Receivable

2.Finance Leases Receivable

During 2015, the Company leased three turboprop aircraft pursuant to sales-type finance leases and recorded related gains totaling $4,262,800.  The Company also amended and extended the leases for two aircraft that had been subject to operating leases.  The two aircraft became subject to sales-type finance leases, for which the Company recorded gains totaling $916,400 during 2015.  As discussed in Note 13, in January 2016, one of the two aircraft was sold to the lessee pursuant to a purchase option.

At December 31, 2015 and December 31, 2014, the net investment included in sales-type finance leases receivable were as follows:

	December 31, 2015			December 31, 2014
Gross minimum lease payments receivable	$	14,074,500		$	-
Less unearned interest		(2,178,900	)		-
Finance leases receivable	$	11,895,600		$	-

As of December 31, 2015, minimum future lease revenue payments receivable under sales-type finance leases were as follows:

Years ending
2016	$	3,268,800
2017		2,378,100
2018		2,106,600
2019		3,175,600
2020		963,600
Thereafter		2,181,800
	$	14,074,500