Concentration of Credit Risk

12 Months Ended

Dec. 31, 2015

Concentration of Credit Risk [Abstract]

5. Concentration of Credit Risk

Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash deposits and receivables. The Company places its deposits with financial institutions and other creditworthy issuers and limits the amount of credit exposure to any one party.

For the year ended December 31, 2015 the Company had three significant customers, which accounted for 17%, 16% and 15%, respectively, of lease revenue. For the year ended December 31, 2014 the Company had four significant customers, which accounted for 20%, 18%, 14% and 11%, respectively, of lease revenue.

At December 31, 2015, the Company had a receivable of $1,201,800 for an approved insurance claim related to one of the Company's turboprop aircraft that is held for sale. The Company expects to receive the insurance proceeds in early 2016. At December 31, 2015, the Company also had receivables from three customers totaling $2,719,700 representing 51% of the Company's total accounts receivable. In early 2016, the Company received payments totaling $1,473,700 related to these receivables.

At December 31, 2014, the Company had receivables from two customers totaling $1,130,000, representing 56% of the Company's total receivables. The two customers paid the amounts owed in full in early 2015.

As of December 31, 2015, minimum future lease revenue payments receivable under noncancelable operating leases were as follows:

Years ending

2016	$	22,041,900
2017		18,391,300
2018		14,351,200
2019		13,651,900
2020		12,510,100
Thereafter		25,086,200
	$	106,032,600