Finance Leases Receivable

12 Months Ended

Dec. 31, 2016

Finance Leases Receivable [Abstract]

Finance Leases Receivable

2.Finance Leases Receivable

During 2016, the Company leased three turboprop aircraft pursuant to sales-type finance leases and recorded related gains totaling $1,208,100.   The Company also recorded gains totaling $8,600 related to the lessee's exercise of its purchase options under two sales-type finance leases.  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, which were reclassified as sales-type finance leases, for which the Company recorded gains totaling $916,400 during 2015.

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

	December 31, 2016			December 31, 2015
Gross minimum lease payments receivable	$	20,829,200		$	14,074,500
Less unearned interest		(3,360,900	)		(2,178,900	)
Finance leases receivable	$	17,468,300		$	11,895,600

As of December 31, 2016, minimum future payments receivable under sales-type finance leases were as follows:

Years ending
2017	$	3,459,600
2018		3,663,600
2019		4,939,600
2020		2,727,600
2021		3,660,800
Thereafter		2,378,000
	$	20,829,200