Subsequent Events

3 Months Ended

Mar. 31, 2017

Subsequent Events [Abstract]

Subsequent Events

9.Subsequent Events

In April 2017, one of the Company's lessees returned two turboprop aircraft prior to lease expiration.  The Company recorded gains totaling $271,600, which represents the difference between the maintenance reserves held by the Company and retained by it upon the such return and the amount of deferred rent that had been recorded as income by the Company in previous periods.

In April 2017, two spare engines that had been on lease were returned to the Company at lease expiration.

In May 2017, the Company signed a letter of intent and made a deposit for the purchase of three Embraer 175 aircraft.  The Company expects to acquire two of the aircraft during the second quarter and one during the third quarter.