XML 56 R42.htm IDEA: XBRL DOCUMENT v3.22.1
Aircraft Lease Assets (Details)
1 Months Ended 12 Months Ended
Mar. 31, 2020
USD ($)
Jan. 31, 2020
Dec. 31, 2021
USD ($)
Aircraft
Dec. 31, 2020
USD ($)
Aircraft Lease Assets (Details) [Line Items]        
Operating lease assets     $ 3,000,000
Total operating lease assets     13,700,000  
Impairment losses     $ 4,200,000 $ 28,800,000
Number of aircraft sold     1 2
Gain loss on sale of aircraft     $ (194,900) $ 118,500
Assets held for lease, description     None of the Company’s aircraft held for lease were off lease at December 31, 2020. The Company had nine aircraft that are held for sale as of December 31, 2020: (i) three regional jet aircraft that are on lease and were sold in March 2021; (ii) three off-lease regional jet aircraft; (iii) one off-lease turboprop aircraft and (iv) two turboprop aircraft that are being sold in parts.   
Sales-type and finance leases, description   the Company amended the leases for three of its assets that were subject to sales-type leases with two customers. The amendments provided for (i) the exercise of a purchase option of one aircraft to the customer in January 2020, which resulted in a gain of $12,700, (ii) application of collected maintenance reserves and a security deposit held by the Company to past due amounts for the other two aircraft, (iii) payments totaling $585,000 in January 2020 for two of the leases and (iv) the reduction of future payments due under the two finance leases. Because of the uncertainty of collection of amounts receivable under the finance leases, the Company does not recognize interest income on the finance lease receivables (i.e., they are accounted for on a non-accrual basis) and their asset value is based on the collateral value of the aircraft that secure the finance leases, net of projected sales costs. The Company recorded bad debt allowances totaling $1,503,000 related to the two sales-type leases during 2020.    
Gain loss on exercise of purchase option $ 60,600      
Seven Aircraft [Member]        
Aircraft Lease Assets (Details) [Line Items]        
Impairment losses       14,639,900
Two Aircraft [Member]        
Aircraft Lease Assets (Details) [Line Items]        
Impairment losses       7,006,600
Five Aircraft [Member]        
Aircraft Lease Assets (Details) [Line Items]        
Impairment losses     $ 4,204,400 $ 7,633,300
Regional Jet Aircraft [Member]        
Aircraft Lease Assets (Details) [Line Items]        
Number of aircraft held for lease     1 4
Turboprop Aircraft [Member]        
Aircraft Lease Assets (Details) [Line Items]        
Impairment losses       $ (11,337,200)
Number of aircraft held for lease       2
Gain loss on sale of aircraft       $ 124,900