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Aircraft Lease Assets (Tables)
9 Months Ended
Sep. 30, 2020
Aircraft Lease Assets [Abstract]  
Aircraft and aircraft engines held for lease
    September 30, 2020     December 31, 2019  
Type  

Number

Owned

    % of net book value    

Number

owned

    % of net book value  
Regional jet aircraft     9       79 %     9       80 %
Turboprop aircraft     2       21 %     2       20 %
Minimum future lease revenue payments receivable
Years ending December 31      
       
Remainder of 2020   $ 3,234,500  
2021     10,512,500  
2022     8,760,100  
2023     8,760,100  
2024     6,931,400  
Thereafter     1,683,300  
    $ 39,881,900  
Net investment included in finance leases and direct financing leases receivable
   

September 30,

2020

   

December 31,

2019

 
Gross minimum lease payments receivable   $ 4,138,000     $ 12,772,300  
Less unearned interest     (88,000 )     (1,053,900 )
Allowance for doubtful accounts     (1,170,000 )     (2,908,600 )
Difference between minimum lease payments receivable and collateral value of leases       -        (7,700
Finance leases receivable   $ 2,880,000     $ 8,802,100  
Minimum future payments receivable under finance leases
Years ending December 31      
       
Remainder of 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, September 30, 2020   $ 1,170,000