Aircraft Lease Assets (Tables)

6 Months Ended

Jun. 30, 2021

Aircraft Lease Assets

Aircraft and aircraft engines held for lease

Type	Number owned		% of net book value
Regional jet aircraft		4		67	%
Turboprop aircraft		2		33	%

Type	Cost		Accumulated depreciation			Impairment losses			Net
Aircraft under operating leases	$	74,397,700	$	(21,001,300	)	$	(7,633,300	)	$	45,763,100

Minimum future lease revenue payments receivable

	June 30, 2021			December 31, 2020
Gross minimum lease payments receivable	$	1,900,000		$	4,138,000
Less unearned interest		(10,000	)		(88,000	)
Allowance for doubtful accounts		(1,190,000	)		(1,503,000	)
Difference between minimum lease payments receivable and collateral value of leases		-			-
Finance leases receivable	$	700,000		$	2,547,000

Net investment included in finance leases and direct financing leases receivable

Years ending December 31
2021	$	1,100,000
2022		600,000
2023		200,000
	$	1,900,000

Changes in allowance for doubtful accounts

Balance, December 31, 2020	$	1,503,000
Additions charged to expense		1,147,000
Deductions upon sale of aircraft		(1,460,000	)
Balance, June 30, 2021	$	1,190,000