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Aircraft Lease Assets (Tables)
3 Months Ended
Mar. 31, 2020
Aircraft Lease Assets [Abstract]  
Aircraft and aircraft engines held for lease
    March 31, 2020     December 31, 2019  
Type  

Number

Owned

    % of net book value    

Number

owned

    % of net book value  
Regional jet aircraft     9       80 %     9       80 %
Turboprop aircraft     2       20 %     2       20 %
Minimum future lease revenue payments receivable
Years ending December 31      
       
2020   $ 12,840,200  
2021     10,343,800  
2022     8,591,400  
2023     8,591,400  
2024     6,783,900  
Thereafter     1,683,400  
    $ 48,834,100  
Net investment included in finance leases and direct financing leases receivable
   

March 31,

2020

   

December 31,

2019

 
Gross minimum lease payments receivable   $ 4,138,000     $ 9,096,400  
Less unearned interest     (88,000 )     (286,600 )
Allowance for doubtful accounts     (1,170,000 )     (7,700 )
Finance leases receivable   $ 2,880,000     $ 8,802,100  
Minimum future payments receivable under finance leases
Years ending December 31      
       
2020   $ 1,013,000  
2021     1,284,000  
2022     1,284,000  
2023     557,000  
    $ 4,138,000  
Roll forward of the Company's finance lease receivable allowance for doubtful accounts
Balance, December 31, 2019   $ 2,908,600  
Deductions upon sale of assets     (735,200 )
Deductions upon lease amendments     (2,173,400 )
Additions charged to expense     1,170,000  
Balance, March 31, 2020   $ 1,170,000