Finance Leases Receivable

9 Months Ended

Sep. 30, 2016

Finance Leases Receivable [Abstract]

Finance Leases Receivable

2.Finance Leases Receivable

During the third quarter of 2016, the Company leased two turboprop aircraft pursuant to sales-type finance leases. One of the aircraft was off lease at June 30, 2016, and one was returned during the third quarter of 2016. The Company recorded related gains totaling $1,166,100.

During the third quarter of 2015, the Company leased a turboprop aircraft, which was off lease at June 30, 2015, pursuant to a finance lease and recorded a gain of $179,000.  The Company also amended and extended the leases for two aircraft that had been subject to operating leases.  As a result of the amendments and extensions, the leases for the two aircraft were deemed to be sales-type finance leases, and the Company recorded gains totaling $916,400.

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

	September 30, 2016			December 31, 2015
Gross minimum lease payments receivable	$	21,952,600		$	14,074,500
Less unearned interest		(3,664,300	)		(2,178,900	)
Finance leases receivable	$	18,288,300		$	11,895,600

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

Years ending
Remainder of 2016	$	842,900
2017		3,740,100
2018		3,663,600
2019		4,939,600
2020		2,727,600
Thereafter		6,038,800
	$	21,952,600