Finance Leases Receivable

12 Months Ended

Dec. 31, 2018

Finance Leases Receivable [Abstract]

2.	Finance Leases Receivable

During 2018, a customer that leased six of the Company’s aircraft under sales-type finance leases purchased three of those aircraft in amounts equal to the outstanding balance under the applicable finance leases. The purchase price was paid in the form of (i) $1,088,700 in cash, (ii) $1,675,100 of maintenance reserves previously paid to the Company for one of the purchased aircraft and (iii) $2,618,100 of maintenance reserves previously paid to the Company for two aircraft that remain under sales-type finance leases with the customer. Such reserves are no longer available to the customer for reimbursement of maintenance claims under the applicable lease provisions pursuant to which the reserves were paid. The Company did not record a gain or loss on the sale of the aircraft.

At December 31, 2018 and December 31, 2017, the net investment included in sales-type finance leases and direct financing leases receivable were as follows:

	December 31, 2018			December 31, 2017
Gross minimum lease payments receivable	$	17,107,100		$	27,074,400
Less unearned interest		(1,856,200	)		(3,513,400	)
Finance leases receivable	$	15,250,900		$	23,561,000

As of December 31, 2018, minimum future payments receivable under finance leases were as follows:

Years ending December 31

2019	$	4,885,500
2020		4,208,600
2021		4,805,000
2022		3,208,000
	$	17,107,100