Finance Leases Receivable

6 Months Ended

Jun. 30, 2016

Finance Leases Receivable [Abstract]

Finance Leases Receivable

2.Finance Leases Receivable

During the second quarter of 2016, the Company leased a turboprop aircraft pursuant to a finance lease and recorded a gain of $42,000. 

During the second quarter of 2015, the Company leased a turboprop aircraft pursuant to a finance lease and recorded a gain of $2,535,100.  The Company also recorded an additional gain of $146,800 on a turboprop aircraft that was leased pursuant to a finance lease during the first quarter of 2015 in connection with the renegotiation of the terms of that finance lease during the second quarter of 2015.

At June 30, 2016 and December 31, 2015, the net investment included in sales-type finance leases receivable were as follows:

	June 30, 2016			December 31, 2015
Gross minimum lease payments receivable	$	13,808,500		$	14,074,500
Less unearned interest		(2,055,000	)		(2,178,900	)
Finance leases receivable	$	11,753,500		$	11,895,600

As of June 30, 2016, future minimum lease payments receivable under sales-type finance leases were as follows:

Years ending
Remainder of 2016	$	1,547,800
2017		2,564,100
2018		2,331,600
2019		3,607,600
2020		1,395,600
Thereafter		2,361,800
	$	13,808,500