10-Q

 

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
[x]   QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended	June 30, 2015
or
[  ]   TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from				to
Commission File Number:	000-54604
ICON ECI Fund Fifteen, L.P.
(Exact name of registrant as specified in its charter)
Delaware			27-3525849
(State or other jurisdiction of incorporation or organization)			(I.R.S. Employer Identification No.)
3 Park Avenue, 36th Floor
New York, New York			10016
(Address of principal executive offices)			(Zip Code)
		(212) 418-4700
(Registrant’s telephone number, including area code)
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Yes ☑     No o
Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).
Yes ☑    No o
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or a smaller reporting company.  See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer o			Accelerated filer  o
Non-accelerated filer  o  (Do not check if a smaller reporting company)			Smaller reporting company  ☑
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Yes o     No ☑
Number of outstanding limited partnership interests of the registrant on August 7, 2015 is 197,385.

ICON ECI Fund Fifteen, L.P.

Table of Contents

	Page
PART I – FINANCIAL INFORMATION
Item 1. Consolidated Financial Statements	1
Consolidated Balance Sheets Consolidated Statements of Operations Consolidated Statements of Changes in Equity Consolidated Statements of Cash Flows Notes to Consolidated Financial Statements	1 2 3 4 6
Item 2. General Partner’s Discussion and Analysis of Financial Condition and Results of Operations	16
Item 3. Quantitative and Qualitative Disclosures About Market Risk	28
Item 4. Controls and Procedures	28
PART II – OTHER INFORMATION
Item 1. Legal Proceedings	29
Item 1A. Risk Factors	29
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds	29
Item 3. Defaults Upon Senior Securities	29
Item 4. Mine Safety Disclosures	29
Item 5. Other Information	29
Item 6. Exhibits	30
Signatures	31

PART I - FINANCIAL INFORMATION
Item 1. Consolidated Financial Statements
ICON ECI Fund Fifteen, L.P.
(A Delaware Limited Partnership)
Consolidated Balance Sheets
				June 30,		December 31,
				2015		2014
				(unaudited)
Assets
	Cash			$	19,558,968	$	20,340,317
	Net investment in notes receivable				54,386,076		59,584,520
	Leased equipment at cost (less accumulated depreciation of
		$39,441,407 and $25,974,093, respectively)			141,503,924		163,201,779
	Net investment in finance leases				47,277,344		49,651,259
	Investment in joint ventures				15,253,019		22,255,221
	Other assets				3,829,672		5,613,561
Total assets				$	281,809,003	$	320,646,657
Liabilities and Equity
Liabilities:
	Non-recourse long-term debt			$	121,717,811	$	146,012,447
	Due to General Partner and affiliates, net				2,645,755		2,870,701
	Accrued expenses and other liabilities				7,930,655		12,650,775
		Total liabilities			132,294,221		161,533,923
Commitments and contingencies (Note 12)
Equity:
	Partners' equity:
		Limited partners			139,695,466		149,696,027
		General Partner			(356,113)		(255,695)
			Total partners' equity		139,339,353		149,440,332
	Noncontrolling interests				10,175,429		9,672,402
			Total equity		149,514,782		159,112,734
Total liabilities and equity				$	281,809,003	$	320,646,657
See accompanying notes to consolidated financial statements.

1

ICON ECI Fund Fifteen, L.P.
(A Delaware Limited Partnership)
Consolidated Statements of Operations
(unaudited)
			Three Months Ended				Six Months Ended
			June 30,				June 30,
			2015		2014		2015		2014
Revenue:
	Finance income		$	2,675,548	$	3,670,814	$	5,941,871	$	7,191,522
	Rental income			13,195,655		4,582,116		23,996,869		9,164,230
	(Loss) income from investment in joint ventures			(6,921,556)		591,308		(6,265,550)		999,341
	Gain on sale of assets, net			983,474		-		983,474		-
	Other income (loss)			265,619		148,634		(15,756)		288,499
		Total revenue		10,198,740		8,992,872		24,640,908		17,643,592
Expenses:
	Management fees			279,024		659,794		677,188		909,774
	Administrative expense reimbursements			393,528		421,255		796,415		1,103,799
	General and administrative			702,934		569,755		1,245,862		1,062,529
	Interest			1,577,520		1,299,806		3,305,632		2,630,103
	Depreciation			8,419,499		2,764,417		16,497,855		5,528,833
	Impairment loss			-		-		1,180,260		-
	Credit loss			1,129,563		-		1,492,229		-
		Total expenses		12,502,068		5,715,027		25,195,441		11,235,038
Net (loss) income				(2,303,328)		3,277,845		(554,533)		6,408,554
	Less: net income attributable to noncontrolling interests			1,647,264		371,808		1,533,838		762,246
Net (loss) income attributable to Fund Fifteen			$	(3,950,592)	$	2,906,037	$	(2,088,371)	$	5,646,308
Net (loss) income attributable to Fund Fifteen allocable to:
	Limited partners		$	(3,911,086)	$	2,876,977	$	(2,067,487)	$	5,589,845
	General Partner			(39,506)		29,060		(20,884)		56,463
			$	(3,950,592)	$	2,906,037	$	(2,088,371)	$	5,646,308
Weighted average number of limited partnership
	interests outstanding			197,385		197,489		197,385		197,489
Net (loss) income attributable to Fund Fifteen per weighted average
	limited partnership interest outstanding		$	(19.81)	$	14.57	$	(10.47)	$	28.30
See accompanying notes to consolidated financial statements.

2

ICON ECI Fund Fifteen, L.P.
(A Delaware Limited Partnership)
Consolidated Statements of Changes in Equity
		Partners' Equity
		Limited						Total
		Partnership		Limited		General		Partners'		Noncontrolling		Total
		Interests		Partners		Partner		Equity		Interests		Equity
Balance, December 31, 2014		197,489	$	149,696,027	$	(255,695)	$	149,440,332	$	9,672,402	$	159,112,734
	Net income (loss)	-		1,843,599		18,622		1,862,221		(113,426)		1,748,795
	Distributions	-		(3,893,703)		(39,330)		(3,933,033)		(370,539)		(4,303,572)
	Investments by noncontrolling interests	-		-		-		-		1,819		1,819
	Repurchase of limited partnership interests	(104)		(59,139)		-		(59,139)		-		(59,139)
Balance, March 31, 2015 (unaudited)		197,385		147,586,784		(276,403)		147,310,381		9,190,256		156,500,637
	Net (loss) income	-		(3,911,086)		(39,506)		(3,950,592)		1,647,264		(2,303,328)
	Distributions	-		(3,980,232)		(40,204)		(4,020,436)		(667,773)		(4,688,209)
	Investments by noncontrolling interests	-		-		-		-		5,682		5,682
Balance, June 30, 2015 (unaudited)		197,385	$	139,695,466	$	(356,113)	$	139,339,353	$	10,175,429	$	149,514,782
See accompanying notes to consolidated financial statements.

3

ICON ECI Fund Fifteen, L.P.
(A Delaware Limited Partnership)
Consolidated Statements of Cash Flows
(unaudited)
				Six Months Ended June 30,
				2015		2014
Cash flows from operating activities:
	Net (loss) income			$	(554,533)	$	6,408,554
	Adjustments to reconcile net (loss) income to net cash provided by operating activities:
		Finance income			636,365		839,829
		Credit loss			1,492,229		-
		Rental income paid directly to lenders by lessees			(1,835,311)		(2,837,446)
		Rental income recovered from forfeited security deposit			(2,638,850)		-
		Loss (income) from investment in joint ventures			6,265,550		(999,341)
		Depreciation			16,497,855		5,528,833
		Impairment loss			1,180,260		-
		Interest expense on non-recourse financing paid directly to lenders by lessees			194,799		295,077
		Interest expense from amortization of debt financing costs			194,087		105,692
		Interest expense from amortization of seller's credit			150,371		148,104
		Other financial loss (gain)			30,180		(194,193)
		Gain on sale of assets, net			(983,474)		-
		Paid-in-kind interest			17,931		27,318
		Changes in operating assets and liabilities:
			Other assets		1,913,343		56,659
			Deferred revenue		(286,514)		(41,433)
			Due to General Partner and affiliates, net		(242,877)		(456,578)
			Distributions from joint ventures		390,992		221,118
			Accrued expenses and other liabilities		(1,945,127)		96,686
Net cash provided by operating activities					20,477,276		9,198,879
Cash flows from investing activities:
	Proceeds from sale of leased equipment				710,434		-
	Investment in joint ventures				(40,504)		(8,627,812)
	Principal received on finance leases				2,235,965		2,232,692
	Distributions received from joint ventures in excess of profits				386,164		227,756
	Principal received on notes receivable				3,235,473		17,785,074
Net cash provided by investing activities					6,527,532		11,617,710
Cash flows from financing activities:
	Repayment of non-recourse long-term debt				(18,361,344)		(4,368,333)
	Payment of debt financing costs				(381,394)		-
	Investments by noncontrolling interests				7,501		8,915
	Distributions to noncontrolling interests				(1,038,312)		(406,785)
	Repurchase of limited partnership interests				(59,139)		-
	Distributions to partners				(7,953,469)		(7,957,647)
Net cash used in financing activities					(27,786,157)		(12,723,850)
Net (decrease) increase in cash					(781,349)		8,092,739
Cash, beginning of period					20,340,317		24,297,314
Cash, end of period				$	19,558,968	$	32,390,053
See accompanying notes to consolidated financial statements.

4

ICON ECI Fund Fifteen, L.P.
(A Delaware Limited Partnership)
Consolidated Statements of Cash Flows
(unaudited)
		Six Months Ended June 30,
		2015		2014
Supplemental disclosure of cash flow information:
	Cash paid for interest	$	1,877,999	$	2,056,120
Supplemental disclosure of non-cash investing and financing activities:
	Interest reserve net against principal repayment of note receivable	$	-	$	206,250
	Proceeds from sale of equipment paid directly to lender in settlement
	of non-recourse long-term debt and interest	$	4,292,780	$	-
	Principal and interest on non-recourse long-term debt
	paid directly to lenders by lessees	$	1,835,311	$	2,837,446
See accompanying notes to consolidated financial statements.

5

ICON ECI Fund Fifteen, L.P.

(A Delaware Limited Partnership)

Notes to Consolidated Financial Statements

June 30, 2015

(unaudited)

(1)      Organization

ICON ECI Fund Fifteen, L.P. (the “Partnership”) was formed on September 23, 2010 as a Delaware limited partnership. When used in these notes to consolidated financial statements, the terms “we,” “us,” “our” or similar terms refer to the Partnership and its consolidated subsidiaries. Our offering period commenced on June 6, 2011 and ended on June 6, 2013, at which time we entered our operating period.

We are a direct financing fund that primarily makes investments in domestic and international companies, which investments are primarily structured as debt and debt-like financings (such as loans and leases) that are collateralized by business-essential equipment and corporate infrastructure (collectively, “Capital Assets”) utilized by such companies to operate their businesses, as well as other strategic investments in or collateralized by Capital Assets that ICON GP 15, LLC, a Delaware limited liability company and our general partner (the “General Partner”), believes will provide us with a satisfactory, risk-adjusted rate of return.  Our General Partner makes investment decisions on our behalf and manages our business.

(2)      Summary of Significant Accounting Policies

Basis of Presentation and Consolidation

Our accompanying consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) for interim financial information and pursuant to the rules and regulations of the Securities and Exchange Commission for Quarterly Reports on Form 10-Q. In the opinion of our General Partner, all adjustments, which are of a normal recurring nature, considered necessary for a fair presentation have been included.  These consolidated financial statements should be read together with the consolidated financial statements and notes included in our Annual Report on Form 10-K for the year ended December 31, 2014.  The results for the interim period are not necessarily indicative of the results for the full year.

Certain reclassifications have been made to the accompanying consolidated financial statements in prior periods to conform to the current presentation.

Credit Quality of Notes Receivable and Finance Leases and Credit Loss Reserve

ICON Capital, LLC, a Delaware limited liability company (the “Investment Manager”), monitors the ongoing credit quality of our financing receivables by (i) reviewing and analyzing a borrower’s financial performance on a regular basis, including review of financial statements received on a monthly, quarterly or annual basis as prescribed in the loan or lease agreement, (ii) tracking the relevant credit metrics of each financing receivable and a borrower’s compliance with financial and non-financial covenants, (iii) monitoring a borrower’s payment history and public credit rating, if available, and (iv) assessing our exposure based on the current investment mix. As part of the monitoring process, our Investment Manager may physically inspect the collateral or a borrower’s facility and meet with a borrower’s management to better understand such borrower’s financial performance and its future plans on an as-needed basis. 

As our financing receivables, generally notes receivable and finance leases, are limited in number, our Investment Manager is able to estimate the credit loss reserve based on a detailed analysis of each financing receivable as opposed to using portfolio-based metrics. Our Investment Manager does not use a system of assigning internal risk ratings to each of our financing receivables. Rather, each financing receivable is analyzed quarterly and categorized as either performing or non-performing based on certain factors including, but not limited to, financial results, satisfying scheduled payments and compliance with financial covenants. A financing receivable is usually categorized as non-performing only when a borrower experiences financial difficulties and has failed to make scheduled payments. Our Investment Manager then analyzes whether the financing receivable should be placed on a non-accrual status, a credit loss reserve should be established or the financing receivable should be restructured. As part of the assessment, updated collateral value is usually considered and such collateral value can be based on a third party industry expert appraisal or, depending on the type of collateral and accessibility to relevant published guides or market sales data, internally derived fair value. Material events would be specifically disclosed in the discussion of each financing receivable held. 

6

ICON ECI Fund Fifteen, L.P.

(A Delaware Limited Partnership)

Notes to Consolidated Financial Statements

June 30, 2015

(unaudited)

Financing receivables are generally placed in a non-accrual status when payments are more than 90 days past due. Additionally, our Investment Manager periodically reviews the creditworthiness of companies with payments outstanding less than 90 days and based upon our Investment Manager’s judgment, these accounts may be placed in a non-accrual status.

In accordance with the cost recovery method, payments received on non-accrual financing receivables are applied to principal if there is doubt regarding the ultimate collectability of principal. If collection of the principal of non-accrual financing receivables is not in doubt, interest income is recognized on a cash basis. Financing receivables in non-accrual status may not be restored to accrual status until all delinquent payments have been received, and we believe recovery of the remaining unpaid receivable is probable.

When our Investment Manager deems it is probable that we will not be able to collect all contractual principal and interest on a non-performing financing receivable, we perform an analysis to determine if a credit loss reserve is necessary. This analysis considers the estimated cash flows from the financing receivable, and/or the collateral value of the asset underlying the financing receivable when financing receivable repayment is collateral dependent. If it is determined that the impaired value of the non-performing financing receivable is less than the net carrying value, we will recognize a credit loss reserve or adjust the existing credit loss reserve with a corresponding charge to earnings.  We then charge off a financing receivable in the period that it is deemed uncollectible by reducing the credit loss reserve and the balance of the financing receivable.

Recent Accounting Pronouncements

In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers (“ASU 2014-09”), requiring revenue to be recognized in an amount that reflects the consideration expected to be received in exchange for goods and services. This new revenue standard may be applied retrospectively to each prior period presented, or retrospectively with the cumulative effect recognized as of the date of adoption. In July 2015, FASB officially deferred implementation of ASU 2014-09 by one year. Under such deferral, the adoption of ASU 2014-09 becomes effective for us on January 1, 2018, including interim periods within that reporting period. Early adoption is permitted, but not before our original effective date of January 1, 2017. We are currently in the process of evaluating the impact of the adoption of ASU 2014-09 on our consolidated financial statements.

In August 2014, FASB issued ASU No. 2014-15, Presentation of Financial Statements – Going Concern: Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern (“ASU 2014-15”), which provides guidance about management's responsibility to evaluate whether there is substantial doubt about an entity's ability to continue as a going concern and to provide related footnote disclosures. The adoption of ASU 2014-15 becomes effective for us on our fiscal year ending December 31, 2016, and all subsequent annual and interim periods. Early adoption is permitted. The adoption of ASU 2014-15 is not expected to have a material effect on our consolidated financial statements.

In January 2015, FASB issued ASU No. 2015-01,Income Statement – Extraordinary and Unusual Items(“ASU 2015-01”), which simplifies income statement presentation by eliminating the concept of extraordinary items.  The adoption of ASU 2015-01 becomes effective for us on January 1, 2016, including interim periods within that reporting period.  Early adoption is permitted.  The adoption of ASU 2015-01 is not expected to have a material effect on our consolidated financial statements.

In February 2015, FASB issued ASU No. 2015-02,Consolidation – Amendments to the Consolidation Analysis(“ASU 2015-02”), which modifies the evaluation of whether limited partnerships and similar legal entities are variable interest entities or voting interest entities, eliminates the presumption that a general partner should consolidate a limited partnership, and affects the consolidation analysis by reducing the frequency of application of related party guidance and excluding certain fees in the primary beneficiary determination. The adoption of ASU 2015-02 becomes effective for us on January 1, 2016. Early adoption is permitted.We are currently in the process of evaluating the impact of the adoption of ASU 2015-02 on our consolidated financial statements.

7

ICON ECI Fund Fifteen, L.P.

(A Delaware Limited Partnership)

Notes to Consolidated Financial Statements

June 30, 2015

(unaudited)

In April 2015, FASB issued ASU No. 2015-03,Interest – Imputation of Interest(“ASU 2015-03”), which requires debt issuance costs related to a recognized debt liability to be presented in the balance sheet as a direct deduction from the carrying amount of such debt liability, consistent with debt discounts. ASU 2015-03 will be applied on a retrospective basis. The adoption of ASU 2015-03 becomes effective for us on January 1, 2016, including interim periods within that reporting period.  Early adoption is permitted.We are currently in the process of evaluating the impact of the adoption of ASU 2015-03 on our consolidated financial statements.

(3)       Net Investment in Notes Receivable

As of June 30, 2015 and December 31, 2014, we had net investment in note receivable on non-accrual status of $4,992,217 and $966,362, respectively. As of June 30, 2015, our net investment in note receivable related to Varada Ten Pte. Ltd. (“Varada”) totaled $18,185,719, of which $24,738 was over 90 days past due. As of December 31, 2014, our net investment in note receivable related to Varada totaled $18,250,896, of which $2,076,338 was over 90 days past due. Despite a portion of the outstanding balance being over 90 days past due, we had been accounting for the net investment in note receivable related to Varada on an accrual basis as our Investment Manager believed that all contractual interest and principal payments and the undrawn commitment fee were collectible based on the estimated fair value of the collateral securing the loan net the related estimated costs to sell the collateral. On July 28, 2015, Varada satisfied its obligations in connection with the secured term loan facility by making a prepayment of $18,524,638, comprised of all outstanding principal, accrued interest and a prepayment fee of $100,000.

Net investment in notes receivable consisted of the following:

	June 30,		December 31,
	2015		2014
Principal outstanding (1)	$	52,995,543	$	57,532,717
Initial direct costs		2,842,731		3,464,975
Deferred fees		(657,356)		(781,186)
Credit loss reserve (2)		(794,842)		(631,986)
Net investment in notes receivable (3)	$	54,386,076	$	59,584,520
(1) As of June 30, 2015, total principal outstanding related to our impaired loans was $5,567,922, of which $5,298,947 was related to Ensaimada (defined below) and $268,975 was related to VAS (defined below). As of December 31, 2014, total principal outstanding related to our impaired loan of $1,598,348 was related to VAS.
(2) As of June 30, 2015, the credit loss reserve of $794,842 was related to Ensaimada. As of December 31, 2014, the credit loss reserve of $631,986 was related to VAS.
(3) As of June 30, 2015 and December 31, 2014, net investment in notes receivable related to our impaired loans was $4,992,217 and $966,362, respectively.

8

ICON ECI Fund Fifteen, L.P.

(A Delaware Limited Partnership)

Notes to Consolidated Financial Statements

June 30, 2015

(unaudited)

During the year ended December 31, 2014, VAS Aero Services, LLC (“VAS”) experienced financial hardship resulting in its failure to make the final monthly payment under the secured term loan as well as the balloon payment due on the October 6, 2014 maturity date. As a result, our Investment Manager determined that we should record a credit loss reserve based on an estimated liquidation value of VAS’s inventory and accounts receivable. Accordingly, the loan was placed on non-accrual status and a credit loss reserve of $631,986 was recorded during the year ended December 31, 2014 based on our pro-rata share of the liquidation value of the collateral. The value of the collateral was based on a third-party appraisal using a sales comparison approach. As of December 31, 2014, the net carrying value of the loan was $966,362. In March 2015, the 90-day standstill period provided for in the loan agreement ended without a viable restructuring or refinancing plan agreed upon. In addition, the senior lender continued to charge VAS forbearance fees. Although discussions among the parties were still ongoing, these factors resulted in our Investment Manager making a determination to record an additional credit loss reserve of $362,666 during the three months ended March 31, 2015 to reflect a potential forced liquidation of the collateral. The forced liquidation value of the collateral was primarily based on a third-party appraisal using a sales comparison approach. On July 23, 2015, we sold all of our interest in the loan to GB Loan, LLC (“GB”) for $268,975. As result, we recorded an additional credit loss of $334,721 and wrote off the credit loss reserve and corresponding balance of the loan of $1,329,373 during the three months ended June 30, 2015. As of June 30, 2015, the net carrying value of the loan was $268,975. No finance income was recognized since the date the loan was considered impaired. Accordingly, no finance income was recognized for the three and six months ended June 30, 2015. Finance income recognized on the loan prior to recording the credit loss reserve was $65,307 and $127,644 for the three and six months ended June 30, 2014, respectively.

On January 30, 2015, Superior Tube Company, Inc. and Tubes Holdco Limited (collectively, “Superior”) satisfied their obligations in connection with a secured term loan scheduled to mature on September 10, 2017 by making a prepayment of approximately $2,550,000, comprised of all outstanding principal, accrued interest and a prepayment fee of approximately $74,000. As a result, we recognized additional finance income of approximately $31,000.

On November 22, 2011, we made a secured term loan to Ensaimada S.A. (“Ensaimada”) in the amount of $5,298,947. The loan bears interest at 17% per year and matures in November 2016. The loan is secured by a second priority security interest in a dry bulk carrier, its earnings and the equity interests of Ensaimada. All of Ensaimada’s obligations under the loan agreement are guaranteed by N&P Shipping Co. (“N&P”), the parent company of Ensaimada, and one of N&P’s shareholders. 

As a result of (i) a depressed market for dry bulk carriers, (ii) interest payments that have historically been paid late by Ensaimada and (iii) ongoing discussions with Ensaimada regarding a prepayment plan for an amount that is expected to be less than the full principal balance of the loan, our Investment Manager assessed the collectability of the loan and determined to reserve the remaining principal balance of the loan that we do not expect to recover pursuant to such prepayment plan. Accordingly, the loan was placed on non-accrual status and a credit loss reserve of $794,842 was recorded during the three months ended June 30, 2015. Interest income was recognized on a cash basis for the three months ended June 30, 2015. We expect to continue collecting interest on the loan until the earlier of the proposed prepayment and the maturity of the loan and such interest will continue to be recognized on a cash basis as long as the loan is accounted for on a non-accrual basis. For the three months ended June 30, 2015 and 2014, we recognized finance (loss) income of $(31,715) and $188,607, respectively. The finance loss for the three months ended June 30, 2015 represents the amortization of initial direct costs. For the six months ended June 30, 2015 and 2014, we recognized finance income of $154,659 and $375,141, respectively.  As of June 30, 2015 and December 31, 2014, the net investment in note receivable related to Ensaimada was $4,723,242 and $5,595,856, respectively.

Credit loss allowance activities for the three months ended June 30, 2015 were as follows:

9

ICON ECI Fund Fifteen, L.P.

(A Delaware Limited Partnership)

Notes to Consolidated Financial Statements

June 30, 2015

(unaudited)

Credit Loss Allowance
Allowance for credit loss as of March 31, 2015	$	994,652
Provisions		1,129,563
Write-offs, net of recoveries		(1,329,373)
Allowance for credit loss as of June 30, 2015	$	794,842

Credit loss allowance activities for the three months ended June 30, 2014 were as follows:

Credit Loss Allowance
Allowance for credit loss as of March 31, 2014	$	1,972,530
Provisions		-
Write-offs, net of recoveries		-
Allowance for credit loss as of June 30, 2014	$	1,972,530

Credit loss allowance activities for the six months ended June 30, 2015 were as follows:

Credit Loss Allowance
Allowance for credit loss as of December 31, 2014	$	631,986
Provisions		1,492,229
Write-offs, net of recoveries		(1,329,373)
Allowance for credit loss as of June 30, 2015	$	794,842

Credit loss allowance activities for the six months ended June 30, 2014 were as follows:

Credit Loss Allowance
Allowance for credit loss as of December 31, 2013	$	1,972,530
Provisions		-
Write-offs, net of recoveries		-
Allowance for credit loss as of June 30, 2014	$	1,972,530

(4)       Leased Equipment at Cost

Leased equipment at cost consisted of the following:

10

ICON ECI Fund Fifteen, L.P.

(A Delaware Limited Partnership)

Notes to Consolidated Financial Statements

June 30, 2015

(unaudited)

	June 30,		December 31,
	2015		2014
Marine vessels	$	81,651,931	$	81,651,931
Photolithograph immersion scanner		79,905,122		79,905,122
Mining equipment		19,388,278		19,388,278
Oil field services equipment		-		8,230,541
Leased equipment at cost		180,945,331		189,175,872
Less: accumulated depreciation		39,441,407		25,974,093
Leased equipment at cost, less accumulated depreciation	$	141,503,924	$	163,201,779

Depreciation expense was $8,419,499 and $2,764,417 for the three months ended June 30, 2015 and 2014, respectively. Depreciation expense was $16,497,855 and $5,528,833 for the six months ended June 30, 2015 and 2014, respectively.

(5)       Net Investment in Finance Leases

Net investment in finance leases consisted of the following:

	June 30,		December 31,
	2015		2014
Minimum rents receivable	$	59,097,087	$	63,558,572
Initial direct costs		844,231		982,185
Unearned income		(12,663,974)		(14,889,498)
Net investment in finance leases	$	47,277,344	$	49,651,259

(6)       Assets Held for Sale

During the fourth quarter of 2014, declining energy prices negatively impacted Go Frac, LLC’s (“Go Frac”) financial performance resulting in its failure to satisfy its lease payment obligations in February 2015. In early February 2015, our Investment Manager was informed that Go Frac was ceasing its operations. During the fourth quarter of 2014, we recognized an impairment charge of approximately $4,026,000 based on a third-party appraised fair market value of the leased equipment as of December 31, 2014.  The fair market value provided by the independent appraiser was derived based on a combination of the cost approach and the sales comparison approach. During the three months ended March 31, 2015, our Investment Manager obtained quotes from multiple auctioneers and subsequently an auctioneer was engaged to sell the equipment at an auction. As of March 31, 2015, the equipment met the criteria to be classified as assets held for sale on our consolidated balance sheets.  As a result, we recognized an additional impairment charge of approximately $1,180,000 to write down the equipment to its estimated fair value, less cost to sell, of approximately $4,020,000.

On May 14, 2015, the equipment was sold at an auction for approximately $5,542,000, the majority of which was remitted directly to our lender to satisfy our non-recourse long-term debt obligations of approximately $4,293,000, consisting of unpaid principal and accrued interest. After deducting selling costs of approximately $539,000, we recognized a gain on sale of assets of approximately $983,000. In addition, as a result of Go Frac’s default on the lease and our repossession and ultimate sale of the equipment, we recognized additional rental income of approximately $2,639,000, primarily due to the extinguishment of our obligation to return a security deposit to Go Frac pursuant to the terms of the lease.

(7)     Investment in Joint Ventures

On May 15, 2013, a joint venture owned 40% by us, 39% by ICON Leasing Fund Eleven, LLC and 21% by ICON Leasing Fund Twelve, LLC, each an entity also managed by our Investment Manager, purchased a portion of an approximately $208,000,000 subordinated credit facility for Jurong Aromatics Corporation Pte. Ltd. (“JAC”) from Standard Chartered Bank (“Standard Chartered”) at $28,462,500.

11

ICON ECI Fund Fifteen, L.P.

(A Delaware Limited Partnership)

Notes to Consolidated Financial Statements

June 30, 2015

(unaudited)

As of March 31, 2015, JAC was in technical default of the facility as a result of its failure to provide certain financial data to the joint venture. In addition, JAC realized lower than expected operating results caused in part by a temporary shutdown of its manufacturing facility due to technical constraints that have since been resolved.  As a result, JAC failed to make the expected payment that was due to the joint venture during the three months ended March 31, 2015. Although this delayed payment did not trigger a payment default under the loan agreement, the interest rate payable by JAC under the facility increased from 12.5% to 15.5%.

During the three months ended June 30, 2015, the expected tolling arrangement did not commence and JAC’s stakeholders were unable to agree upon a restructuring plan. As a result, the manufacturing facility has not yet resumed operations and JAC continues to experience liquidity constraints. Accordingly, our Investment Manager has determined that there is doubt regarding the ultimate collectability of the facility. Our Investment Manager visited JAC’s facility and continues to engage in discussions with JAC’s other stakeholders to agree upon a restructuring plan. Based upon recent discussions, the joint venture may convert a portion of the facility to equity and/or restructure the facility. Based upon this proposal, our Investment Manager believes that the joint venture may potentially not be able to recover approximately $7,200,000 to $25,000,000 of the outstanding balance due from JAC as of June 30, 2015. During the three months ended June 30, 2015, the joint venture recognized a credit loss of $17,342,915, which our Investment Manager believes is the most likely outcome based on ongoing negotiations. Our share of the credit loss for the three months ended June 30, 2015 was $7,161,658. An additional credit loss may be recorded by the joint venture in future periods if a restructuring plan is not agreed upon or if an agreed upon plan results in less of a recovery from our current estimate. Our Investment Manager has also assessed impairment under the equity method of accounting for our investment in this joint venture and concluded that it is not impaired. During the three months ended June 30, 2015, the joint venture placed the loan on non-accrual status and no finance income was recognized. As of June 30, 2015 and December 31, 2014, our investment in the joint venture was $7,863,413 and $14,574,053 respectively.

The results of operations of the joint venture are summarized below:

	Three Months Ended June 30,				Six Months Ended June 30,
	2015		2014		2015		2014
Revenue	$	-	$	971,586	$	1,152,580	$	1,967,275
Net (loss) income	$	(17,343,365)	$	952,687	$	(16,200,511)	$	1,940,033
Our share of net (loss) income	$	(7,161,837)	$	363,365	$	(6,721,858)	$	740,833

(8)      Non-Recourse Long-Term Debt

As of June 30, 2015 and December 31, 2014, we had non-recourse long-term debt obligations of $121,717,811 and $146,012,447, respectively. As of June 30, 2015, our non-recourse long-term debt obligations had maturity dates ranging from October 1, 2015 to December 31, 2020 and interest rates ranging from 2.55% to 6.51% per year.

All of our non-recourse long-term debt obligations consist of notes payable in which the lender has a security interest in the underlying assets. If the borrower were to default on the underlying lease or loan, resulting in our default on the non-recourse long-term debt, the assets could be foreclosed upon and the proceeds would be remitted to the lender in extinguishment of that debt. As of June 30, 2015 and December 31, 2014, the total carrying value of assets subject to non-recourse long term debt was $186,133,967 and $209,087,320, respectively.

At June 30, 2015, we were in compliance with all covenants related to our non-recourse long-term debt.

(9)      Revolving Line of Credit, Recourse

On March 31, 2015, we extended our revolving line of credit (the “Facility”) with California Bank & Trust (“CB&T”) through May 30, 2017 and the amount available under the Facility was increased to $12,500,000. As part of such amendment, we paid debt financing costs of $47,500. The Facility is secured by all of our assets not subject to a first priority lien. Amounts

12

ICON ECI Fund Fifteen, L.P.

(A Delaware Limited Partnership)

Notes to Consolidated Financial Statements

June 30, 2015

(unaudited)

available under the Facility are subject to a borrowing base that is determined, subject to certain limitations, by the present value of the future receivables under certain loans and lease agreements in which we have a beneficial interest.

The interest rate for general advances under the Facility is CB&T’s prime rate. We may elect to designate up to five advances on the outstanding principal balance of the Facility to bear interest at the London Interbank Offered Rate (“LIBOR”) plus 2.5% per year. In all instances, borrowings under the Facility are subject to an interest rate floor of 4.0% per year. In addition, we are obligated to pay an annualized 0.5% fee on unused commitments under the Facility. At June 30, 2015, there were no obligations outstanding under the Facility and we were in compliance with all covenants related to the Facility.

At June 30, 2015, we had $4,550,508 available under the Facility pursuant to the borrowing base.

(10)    Transactions with Related Parties

We paid distributions to our General Partner of $40,204 and $79,534 for the three and six months ended June 30, 2015, respectively. We paid distributions to our General Partner of $40,225 and $79,576 for the three and six months ended June 30, 2014, respectively. Additionally, our General Partner’s interest in the net loss attributable to us was $39,506 and $20,884 for the three and six months ended June 30, 2015, respectively. Our General Partner’s interest in the net income attributable to us was $29,060 and $56,463 for the three and six months ended June 30, 2014, respectively.

Fees and other expenses incurred by us to our General Partner or its affiliates were as follows:

				Three Months Ended				Six Months Ended
				June 30,				June 30,
Entity		Capacity	Description	2015		2014		2015		2014
ICON Capital, LLC	Investment Manager		Acquisition fees (1)	$	-	$	315,625	$	-	$	624,598
ICON Capital, LLC	Investment Manager		Management fees (2)		279,024		659,794		677,188		909,774
			Administrative expense
ICON Capital, LLC	Investment Manager		reimbursements (2)		393,528		421,255		796,415		1,103,799
Fund Fourteen (defined below)	Noncontrolling interest		Interest expense (2)		102,558		101,565		203,720		201,505
				$	775,110	$	1,498,239	$	1,677,323	$	2,839,676
(1)  Amount capitalized and amortized to operations.
(2)  Amount charged directly to operations.

 At June 30, 2015, we had a net payable of $2,645,755 due to our General Partner and affiliates that primarily consisted of a note payable of approximately $2,627,000 and accrued interest of approximately $28,000 due to ICON Equipment and Corporate Infrastructure Fund Fourteen, L.P. (“Fund Fourteen”), an entity also managed by our Investment Manager, related to its noncontrolling interest in a vessel, the Lewek Ambassador.  At December 31, 2014, we had a net payable of $2,870,701 due to our General Partner and affiliates that primarily consisted of a note payable of approximately $2,609,000 and accrued interest of approximately $30,000 due to Fund Fourteen related to its noncontrolling interest in the Lewek Ambassador, and administrative expense reimbursements of approximately $257,000 due to our Investment Manager.

(11)    Fair Value Measurements

Assets and liabilities carried at fair value are classified and disclosed in one of the following three categories:

·Level 1: Quoted market prices available in active markets for identical assets or liabilities as of the reporting date.

13

ICON ECI Fund Fifteen, L.P.

(A Delaware Limited Partnership)

Notes to Consolidated Financial Statements

June 30, 2015

(unaudited)

·Level 2: Pricing inputs other than quoted prices in active markets included in Level 1, which are either directly or indirectly observable as of the reporting date.

·Level 3: Pricing inputs that are generally unobservable and are supported by little or no market data.

Assets Measured at Fair Value on a Nonrecurring Basis

We are required, on a nonrecurring basis, to adjust the carrying value or provide valuation allowances for certain assets using fair value measurements. Our non-financial assets, such as leased equipment at cost, are measured at fair value when there is an indicator of impairment and recorded at fair value only when an impairment charge is recognized. Assets classified as held for sale are required to be recorded at the lower of carrying value or fair value less any costs to sell such assets.To determine the fair value when impairment indicators exist, we utilize different valuation approaches based on transaction-specific facts and circumstances to determine fair value, including, but not limited to, discounted cash flow models and the use of comparable transactions. The valuation of our financial assets, such as notes receivable or finance leases, is included, below only when fair value has been measured and recorded based on the fair value of the underlying collateral. The following tables summarize the valuation of our material non-financial and financial assets measured at fair value on a nonrecurring basis, which is presented as of the date the impairment or credit loss was recorded, while the carrying value of the assets is presented as of June 30, 2015:

										Impairment Loss for the
		Carrying Value at	Fair Value at Impairment Date							Six Months Ended
		June 30, 2015		Level 1		Level 2		Level 3		June 30, 2015
Assets held for sale (1)	$	-	$	-	$	-	$	4,019,740	$	1,180,260
(1) The equipment previously on lease to Go Frac was reclassified to assets held for sale as of March 31, 2015. In May 2015, the equipment was sold and a gain on sale was realized. See Note 6 for additional information.

The fair value at impairment for our assets held for sale during the three months ended March 31, 2015 was based on fair value less cost to sell. The estimated fair value was provided by an independent third-party auctioneer. The estimated fair value and costs to sell were based on inputs that are generally unobservable and are supported by little or no market data and were classified within Level 3. In May 2015, the assets were sold at an auction and a gain on sale was realized (see Note 6).

										Credit Loss for the
		Carrying Value at	Fair Value at Impairment Date							Six Months Ended
		June 30, 2015		Level 1		Level 2		Level 3		June 30, 2015
Net investment in note receivable	$	268,975	$	-	$	-	$	268,975	$	697,387

Our collateral dependent note receivable related to VAS was valued using inputs that are generally unobservable and are supported by little or no market data and was classified within Level 3. For the credit loss of $362,666 recorded during the three months ended March 31, 2015, the collateral dependent note receivable related to VAS was valued based primarily on the liquidation value of the collateral provided by an independent third-party appraiser. In July 2015, we sold all of our interest in the note receivable to a third-party (see Note 3). For the credit loss of $334,721 recorded during the three months ended June 30, 2015, our note receivable related to VAS was valued based upon the agreed sales price of our interest in note receivable with a third party.

Assets and Liabilities for which Fair Value is Disclosed

14

ICON ECI Fund Fifteen, L.P.

(A Delaware Limited Partnership)

Notes to Consolidated Financial Statements

June 30, 2015

(unaudited)

Certain of our financial assets and liabilities, which includes fixed-rate notes receivable, fixed-rate non-recourse long-term debt, and seller’s credit included in accrued expenses and other liabilities on our consolidated balance sheets, in which fair value is required to be disclosed, were valued using inputs that are generally unobservable and are supported by little or no market data and are therefore classified within Level 3. In accordance with U.S. GAAP, we use projected cash flows for fair value measurements of these financial assets and liabilities. Fair value information with respect to certain of our other assets and liabilities is not separately provided since (i) U.S. GAAP does not require fair value disclosures of lease arrangements and (ii) the carrying value of financial assets and liabilities, other than lease-related investments, approximates fair value due to their short-term maturities and/or variable interest rates.

The estimated fair value of our fixed-rate notes receivable was based on the discounted value of future cash flows related to the loans at inception, adjusted for changes in certain variables, including, but not limited to, credit quality, industry, financial markets and other recent comparables. The estimated fair value of our fixed-rate non-recourse long-term debt and seller’s credits was based on the discounted value of future cash flows related to the debt and seller’s credits based on a discount rate derived from the margin at inception, adjusted for material changes in risk, plus the applicable fixed rate based on the current interest rate curve. The fair value of the principal outstanding on fixed-rate notes receivable was derived using discount rates ranging between 5.54% and 15.5% as of June 30, 2015. The fair value of the principal outstanding on fixed-rate non-recourse long-term debt and seller’s credit was derived using discount rates ranging between 2.65% and 6.58% per year as of June 30, 2015.

	June 30, 2015
		Carrying	Fair Value
		Amount	(Level 3)
Principal outstanding on fixed-rate notes receivable	$	52,200,701	$	51,703,185
Principal outstanding on fixed-rate non-recourse long-term debt	$	102,607,811	$	101,749,437
Seller's credits	$	6,378,459	$	6,386,647

(12)   Commitments and Contingencies

At the time we acquire or divest of our interest in Capital Assets, we may, under very limited circumstances, agree to indemnify the seller or buyer for specific contingent liabilities.  Our General Partner believes that any liability of ours that may arise as a result of any such indemnification obligations will not have a material adverse effect on our consolidated financial condition or results of operations taken as a whole.

In connection with certain debt obligations, we are required to maintain restricted cash balances with certain banks. At June 30, 2015, we had restricted cash of$1,182,828, which is presented within other assets in our consolidated balance sheets.

(13)   Subsequent Event

On July 10, 2015, a joint venture owned 50% by us, 40% by Fund Fourteen and 10% by ICON ECI Fund Sixteen (“Fund Sixteen”), an entity also managed by our Investment Manager, purchased auxiliary support equipment and robots used in the production of certain automobiles for approximately $9,934,000, which were simultaneously leased to Challenge Mfg. Company, LLC and certain of its affiliates (collectively, “Challenge”) for 60 months.

15

Item 2. General Partner's Discussion and Analysis of Financial Condition and Results of Operations

The following is a discussion of our current financial position and results of operations. This discussion should be read together with our unaudited consolidated financial statements and related notes included elsewhere in this Quarterly Report on Form 10-Q and the audited consolidated financial statements and related notes included in our Annual Report on Form 10-K for the year ended December 31, 2014. This discussion should also be read in conjunction with the disclosures below regarding “Forward-Looking Statements.”

As used in this Quarterly Report on Form 10-Q, references to “we,” “us,” “our” or similar terms include ICON ECI Fund Fifteen, L.P. and its consolidated subsidiaries.

Forward-Looking Statements

Certain statements within this Quarterly Report on Form 10-Q may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 (“PSLRA”). These statements are being made pursuant to the PSLRA, with the intention of obtaining the benefits of the “safe harbor” provisions of the PSLRA, and, other than as required by law, we assume no obligation to update or supplement such statements. Forward-looking statements are those that do not relate solely to historical fact. They include, but are not limited to, any statement that may predict, forecast, indicate or imply future results, performance, achievements or events. You can identify these statements by the use of words such as “may,” “would,” “could,” “anticipate,” “believe,” “estimate,” “expect,” “continue,” “further,” “plan,” “seek,” “intend,” “predict” or “project” and variations of these words or comparable words or phrases of similar meaning. These forward-looking statements reflect our current beliefs and expectations with respect to future events. They are based on assumptions and are subject to risks and uncertainties and other factors outside of our control that may cause actual results to differ materially from those projected. We undertake no obligation to update publicly or review any forward-looking statement, whether as a result of new information, future developments or otherwise.

Overview

We are a direct financing fund that primarily makes investments in domestic and international companies, which investments are primarily structured as debt and debt-like financings (such as loans and leases) that are collateralized by Capital Assets utilized by such companies to operate their businesses, as well as other strategic investments in or collateralized by Capital Assets that our General Partner believes will provide us with a satisfactory, risk-adjusted rate of return. We were formed as a Delaware limited partnership and have elected to be treated as a partnership for federal income tax purposes. As of July 28, 2011 (the “Initial Closing Date”), we raised a minimum of $1,200,000 from the sale of our limited partnership interests (“Interests”), at which time we commenced operations. Subsequent to the Initial Closing Date, we returned the initial capital contribution of $1,000 to our Investment Manager. From the commencement of our offering on June 6, 2011 through the completion of our offering on June 6, 2013, we sold 197,597 Interests to 4,644 limited partners, representing $196,688,918 of capital contributions. Investors from the Commonwealth of Pennsylvania and the State of Tennessee were not admitted until we raised total equity in the amount of $20,000,000, which we achieved on November 17, 2011. Our operating period commenced on June 7, 2013.

After the net offering proceeds were invested, additional investments have been and will continue to be made with the cash generated from our initial investments to the extent that cash is not used for our expenses, reserves and distributions to our partners. The investment in additional Capital Assets in this manner is called “reinvestment.” We anticipate investing and reinvesting in Capital Assets from time to time during our five year operating period, which may be extended, at our General Partner’s discretion, for up to an additional three years.  After the operating period, we will then sell our assets and/or let our investments mature in the ordinary course of business during a time frame called the “liquidation period.”

Our General Partner manages and controls our business affairs, including, but not limited to, our investments in Capital Assets, under the terms of our limited partnership agreement.  Our Investment Manager, an affiliate of our General Partner, originates and services our investments.  Our Investment Manager manages or is the investment manager or managing trustee for six other public equipment funds.

Recent Significant Transactions

We engaged in the following significant transactions since December 31, 2014:

Notes Receivable

16

·During the year ended December 31, 2014, VAS experienced financial hardship resulting in its failure to make the final monthly payment under the secured term loan as well as the balloon payment due on the October 6, 2014 maturity date. As a result, our Investment Manager determined that we should record a credit loss reserve based on an estimated liquidation value of VAS’s inventory and accounts receivable. Accordingly, the loan was placed on non-accrual status and a credit loss reserve of $631,986 was recorded during the year ended December 31, 2014 based on our pro-rata share of the liquidation value of the collateral. The value of the collateral was based on a third-party appraisal using a sales comparison approach. As of December 31, 2014, the net carrying value of the loan was $966,362. In March 2015, the 90-day standstill period provided for in the loan agreement ended without a viable restructuring or refinancing plan agreed upon. In addition, the senior lender continued to charge VAS forbearance fees. Although discussions among the parties were still ongoing, these factors resulted in our Investment Manager making a determination to record an additional credit loss reserve of $362,666 during the three months ended March 31, 2015 to reflect a potential forced liquidation of the collateral. The forced liquidation value of the collateral was primarily based on a third-party appraisal using a sales comparison approach. On July 23, 2015, we sold all of our interest in the loan to GB for $268,975. As result, we recorded an additional credit loss of $334,721 and wrote off the credit loss reserve and corresponding balance of the loan of $1,329,373 during the three months ended June 30, 2015. As of June 30, 2015, the net carrying value of the loan was $268,975. No finance income was recognized since the date the loan was considered impaired. Accordingly, no finance income was recognized for the three and six months ended June 30, 2015. Finance income recognized on the loan prior to recording the credit loss reserve was $65,307 and $127,644 for the three and six months ended June 30, 2014, respectively.

·On January 30, 2015, Superior satisfied its obligations in connection with a secured term loan scheduled to mature on September 10, 2017 by making a prepayment of approximately $2,550,000, comprised of all outstanding principal, accrued interest and a prepayment fee of approximately $74,000. As a result, we recognized additional finance income of approximately $31,000.

17

·On November 22, 2011, we made a secured term loan to Ensaimada in the amount of $5,298,947. The loan bears interest at 17% per year and matures in November 2016. The loan is secured by a second priority security interest in a dry bulk carrier, its earnings and the equity interests of Ensaimada. All of Ensaimada’s obligations under the loan agreement are guaranteed by N&P and one of N&P’s shareholders. As a result of (i) a depressed market for dry bulk carriers, (ii) interest payments that have historically been paid late by Ensaimada and (iii) ongoing discussions with Ensaimada regarding a prepayment plan for an amount that is expected to be less than the full principal balance of the loan, our Investment Manager assessed the collectability of the loan and determined to reserve the remaining principal balance of the loan that we do not expect to recover pursuant to such prepayment plan. Accordingly, the loan as placed on a non-accrual status and a credit loss reserve of $794,842 was recorded during the three months ended June 30, 2015. Interest income was recognized on a cash basis for the three months ended June 30, 2015. We expect to continue collecting interest on the loan until the earlier of the proposed prepayment and the maturity of the loan and such interest will continue to be recognized on a cash basis as long as the loan is accounted for on a non-accrual basis. For the three months ended June 30, 2015 and 2014, we recognized finance (loss) income of $(31,715) and $188,607, respectively. The finance loss for the three months ended June 30, 2015 represents the amortization of initial direct costs. For the six months ended June 30, 2015 and 2014, we recognized finance income of $154,659 and $375,141, respectively.  As of June 30, 2015 and December 31, 2014, the net investment in note receivable related to Ensaimada was $4,723,242 and $5,595,856, respectively.

·On May 15, 2013, a joint venture owned 40% by us, 39% by Fund Eleven, and 21% by Fund Twelve, purchased a portion of an approximately $208,000,000 subordinated credit facility for JAC from Standard Chartered at $28,462,500. As of March 31, 2015, JAC was in technical default of the facility as a result of its failure to provide certain financial data to the joint venture. In addition, JAC realized lower than expected operating results caused in part by a temporary shutdown of its manufacturing facility due to technical constraints that have since been resolved.  As a result, JAC failed to make the expected payment that was due to the joint venture during the three months ended March 31, 2015. Although this delayed payment did not trigger a payment default under the loan agreement, the interest rate payable by JAC under the facility increased from 12.5% to 15.5%. During the three months ended June 30, 2015, the expected tolling arrangement did not commence and JAC’s stakeholders were unable to agree upon a restructuring plan. As a result, the manufacturing facility has not yet resumed operations and JAC continues to experience liquidity constraints. Accordingly, our Investment Manager has determined that there is doubt regarding the ultimate collectability of the facility. Our Investment Manager visited JAC’s facility and continues to engage in discussions with JAC’s other stakeholders to agree upon a restructuring plan. Based upon recent discussions, the joint venture may convert a portion of the facility to equity and/or restructure the facility. Based upon this proposal, our Investment Manager believes that the joint venture may potentially not be able to recover approximately $7,200,000 to $25,000,000 of the outstanding balance due from JAC as of June 30, 2015. During the three months ended June 30, 2015, the joint venture recognized a credit loss of $17,342,915, which our Investment Manager believes is the most likely outcome based on ongoing negotiations. Our share of the credit loss for the three months ended June 30, 2015 was $7,161,658. An additional credit loss may be recorded by the joint venture in future periods if a restructuring plan is not agreed upon or if an agreed upon plan results in less of a recovery from our current estimate. Our Investment Manager has also assessed impairment under the equity method of accounting for our investment in this joint venture and concluded that it is not impaired. During the three months ended June 30, 2015, the joint venture placed the loan on non-accrual status and no finance income was recognized. As of June 30, 2015 and December 31, 2014, our investment in the joint venture was $7,863,413 and $14,574,053, respectively.

Oil field Services Equipment

18

·During the fourth quarter of 2014, declining energy prices negatively impacted Go Frac’s financial performance resulting in its failure to satisfy its lease payment obligations in February 2015. In early February 2015, our Investment Manager was informed that Go Frac was ceasing its operations. During the fourth quarter of 2014, we recognized an impairment charge of approximately $4,026,000 based on a third-party appraised fair market value of the leased equipment as of December 31, 2014.  The fair market value provided by the independent appraiser was derived based on a combination of the cost approach and the sales comparison approach. During the three months ended March 31, 2015, our Investment Manager obtained quotes from multiple auctioneers and subsequently an auctioneer was engaged to sell the equipment at an auction. As of March 31, 2015, the equipment met the criteria to be classified as assets held for sale on our consolidated balance sheets.  As a result, we recognized an additional impairment charge of approximately $1,180,000 to write down the equipment to its estimated fair value, less cost to sell, of approximately $4,020,000. On May 14, 2015, the equipment was sold at an auction for approximately $5,542,000, the majority of which was remitted directly to our lender to satisfy our non-recourse long-term debt obligations of approximately $4,293,000, consisting of unpaid principal and accrued interest. After deducting selling costs of approximately $539,000, we recognized a gain on sale of assets of approximately $983,000. In addition, as a result of Go Frac’s default on the lease and our repossession and ultimate sale of the equipment, we recognized additional rental income of approximately $2,639,000, primarily due to the extinguishment of our obligation to return a security deposit to Go Frac pursuant to the terms of the lease.

Subsequent Event

·On July 10, 2015, a joint venture owned 50% by us, 40% by Fund Fourteen and 10% by Fund Sixteen purchased auxiliary support equipment and robots used in the production of certain automobiles for approximately $9,934,000, which were simultaneously leased to Challenge for 60 months.

Recent Accounting Pronouncements

In May 2014, FASB issued ASU 2014-09, Revenue from Contracts with Customers, which will become effective for us on January 1, 2018, including interim periods within that reporting period, following approval by FASB to defer the effective date by one year. Early adoption is permitted, but not before our original effective date of January 1, 2017. We are currently in the process of evaluating the impact of the adoption of ASU 2014-09 on our consolidated financial statements.

In August 2014, FASB issued ASU 2014-15, Presentation of Financial Statements – Going Concern: Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern, which will become effective for us on our fiscal year ending December 31, 2016. The adoption of ASU 2014-15 is not expected to have a material effect on our consolidated financial statements.

In January 2015, FASB issued ASU 2015-01, Income Statement – Extraordinary and Unusual Items, which will become effective for us on January 1, 2016. The adoption of ASU 2015-01 is not expected to have a material effect on our consolidated financial statements.

In February 2015, FASB issued ASU 2015-02, Consolidation – Amendments to the Consolidation Analysis, which will become effective for us on January 1, 2016. We are currently in the process of evaluating the impact of the adoption of ASU 2015-02 on our consolidated financial statements.

In April 2015, FASB issued ASU 2015-03, Interest – Imputation of Interest, which will become effective for us on January 1, 2016. We are currently in the process of evaluating the impact of the adoption of ASU 2015-03 on our consolidated financial statements.

We do not believe any other recently issued, but not yet effective, accounting pronouncements, if currently adopted, would have a material effect on our consolidated financial statements.

Results of Operations for the Three Months Ended June 30, 2015 (the “2015 Quarter”) and 2014 (the “2014 Quarter”)

The following percentages are only as of a stated period and are not expected to be comparable in future periods.  Further, these percentages are only representative of the percentage of the carrying value of such assets, finance income or rental income as of each stated period, and as such are not indicative of the concentration of any asset type or customer by the amount of equity invested or our investment portfolio as a whole.

19

Financing Transactions

The following tables set forth the types of assets securing the financing transactions in our portfolio:

	June 30, 2015			December 31, 2014
		Net	Percentage of		Net	Percentage of
		Carrying	Total Net		Carrying	Total Net
Asset Type		Value	Carrying Value		Value	Carrying Value
Marine - product tankers	$	28,587,267	28%	$	29,515,702	27%
Platform supply vessels		22,190,567	21%		23,733,731	22%
Oil field services equipment		18,185,719	18%		18,250,896	17%
Lubricant manufacturing and blending equipment		9,290,295	9%		9,336,918	8%
Vessel - tanker		7,368,669	7%		7,449,455	7%
Trailers		5,262,158	5%		5,285,695	5%
Marine - dry bulk vessels		4,723,242	5%		5,595,856	5%
Marine - asphalt carrier		4,130,181	4%		4,864,710	4%
Rail support construction equipment		1,656,347	2%		1,747,023	2%
Aircraft parts		268,975	1%		966,362	1%
Metal pipe and tube manufacturing equipment		-	-		2,489,431	2%
	$	101,663,420	100%	$	109,235,779	100%

The net carrying value of our financing transactions includes the balance of our net investment in notes receivable and our net investment in finance leases as of each reporting date.

During the 2015 Quarter and the 2014 Quarter, certain customers generated significant portions (defined as 10% or more) of our total finance income as follows:

		Percentage of Total Finance Income
Customer	Asset Type	2015 Quarter	2014 Quarter
Varada Ten Pte. Ltd.	Oil field services equipment	28%	18%
Gallatin Marine Management, LLC	Platform supply vessel	21%	17%
Ardmore Shipping Ltd.	Marine - product tankers	17%	14%
Lubricating Specialties Company	Lubricant manufacturing and blending equipment	11%	8%
NTS Communications, Inc.	Telecommunications equipment	-	15%
		77%	72%

Interest income and prepayment fees from our net investment in notes receivable and finance income from our net investment in finance leases are included in finance income in our consolidated statements of operations.

Non-performing Assets within Financing Transactions

20

As of June 30, 2015 and December 31, 2014, the net carrying value of our impaired loan related to VAS was $268,975 and $966,362, respectively. In March 2015, the 90-day standstill period provided for in the loan agreement ended without a viable restructuring or refinancing plan agreed upon. In addition, the senior lender continued to charge VAS forbearance fees. Although discussions among the parties were still ongoing, these factors resulted in our Investment Manager making a determination to record an additional credit loss reserve of $362,666 during the three months ended March 31, 2015 to reflect a potential forced liquidation of the collateral. The forced liquidation value of the collateral was primarily based on a third-party appraisal using a sales comparison approach.On July 23, 2015, we sold all of our interest in the loan to GB for $268,975. As a result, we recorded an additional credit loss of $334,721 and wrote off the credit loss reserve and corresponding balance of the loan of $1,329,373 during the 2015 Quarter. No finance income was recognized since the date the loan was considered impaired during the three months ended December 31, 2014. Accordingly, no finance income was recognized for the 2015 Quarter. Finance income recognized on the loan prior to recording the credit loss reserve was $65,307 for the 2014 Quarter.

As of June 30, 2015 and December 31, 2014, the net carrying value of our impaired loan related to Ensaimada was $4,723,242 and $5,595,856, respectively. As a result of (i) a depressed market for dry bulk carriers, (ii) interest payments that have historically been paid late by Ensaimada and (iii) ongoing discussions with Ensaimada regarding a prepayment plan for an amount that is expected to be less than the full principal balance of the loan, our Investment Manager assessed the collectability of the loan and determined to reserve the remaining principal balance of the loan that we do not expect to recover pursuant to such prepayment plan. Accordingly, the loan was placed on non-accrual status and a credit loss reserve of $794,842 was recorded during the 2015 Quarter. Interest income was recognized on a cash basis for the 2015 Quarter. We expect to continue collecting interest on the loan until the earlier of the proposed prepayment and the maturity of the loan and such interest will continue to be recognized on a cash basis as long as the loan is accounted for on a non-accrual basis. For the 2015 Quarter and the 2014 Quarter, we recognized finance (loss) income of $(31,715) and $188,607, respectively. The finance loss for the 2015 Quarter represents the amortization of initial direct costs.

Operating Lease Transactions

The following tables set forth the types of equipment subject to operating leases in our portfolio:

	June 30, 2015			December 31, 2014
		Net	Percentage of		Net	Percentage of
		Carrying	Total Net		Carrying	Total Net
Asset Type		Value	Carrying Value		Value	Carrying Value
Marine - container vessels	$	68,792,113	49%	$	71,329,981	44%
Photolithograph immersion scanner		66,555,498	47%		77,996,663	48%
Mining equipment		6,156,313	4%		8,675,135	5%
Oil field services equipment		-	-		5,200,000	3%
	$	141,503,924	100%	$	163,201,779	100%

The net carrying value of our operating lease transactions represents the balance of our leased equipment at cost as of each reporting date.

During the 2015 Quarter and the 2014 Quarter, certain customers generated significant portions (defined as 10% or more) of our total rental income as follows:

		Percentage of Total Rental Income
Customer	Asset Type	2015 Quarter	2014 Quarter
Inotera Memories, Inc.	Photolithograph immersion scanner	50%	-
Go Frac, LLC	Oil field services equipment	20%	13%
Hoegh Autoliners Shipping AS	Marine - container vessels	19%	54%
Murray Energy Corporation	Mining equipment	11%	33%
		100%	100%

Revenue for the 2015 Quarter and the 2014 Quarter is summarized as follows:

21

		Three Months Ended June 30,
		2015		2014		Change
Finance income		$	2,675,548	$	3,670,814	$	(995,266)
Rental income			13,195,655		4,582,116		8,613,539
(Loss) income from investment in joint ventures			(6,921,556)		591,308		(7,512,864)
Gain on sale of assets, net			983,474		-		983,474
Other income			265,619		148,634		116,985
	Total revenue	$	10,198,740	$	8,992,872	$	1,205,868

Total revenue for the 2015 Quarter increased $1,205,868, or 13.4%, as compared to the 2014 Quarter. The increase in rental income was due to entering into a new operating lease with Inotera Memories, Inc. (“Inotera”) subsequent to the 2014 Quarter and the application of a forfeited security deposit against lease payments owed by Go Frac during the 2015 Quarter. The increase in gain on sale of assets was related to the sale of equipment previously on lease to Go Frac during the 2015 Quarter. These increases were partially offset by our share of the loss from investment in joint ventures related to JAC due to the credit loss recorded during the 2015 Quarter (see “Recent Significant Transactions” above), as well as a decrease in finance income due to several prepayments and maturities on our financing receivables during or subsequent to the 2014 Quarter.

Expenses for the 2015 Quarter and the 2014 Quarter are summarized as follows:

		Three Months Ended June 30,
		2015		2014		Change
Management fees		$	279,024	$	659,794	$	(380,770)
Administrative expense reimbursements			393,528		421,255		(27,727)
General and administrative			702,934		569,755		133,179
Interest			1,577,520		1,299,806		277,714
Depreciation			8,419,499		2,764,417		5,655,082
Credit loss			1,129,563		-		1,129,563
	Total expenses	$	12,502,068	$	5,715,027	$	6,787,041

Total expenses for the 2015 Quarter increased $6,787,041, or 118.8%, as compared to the 2014 Quarter. The increase in total expenses was primarily due to (i) an increase in depreciation expense on equipment acquired pursuant to the operating lease with Inotera that we entered into subsequent to the 2014 Quarter, (ii) the credit losses related to VAS and Ensaimada during the 2015 Quarter and (iii) an increase in interest expense on our additional non-recourse long-term debt incurred for the purpose of acquiring the equipment on lease to Inotera. These increases were partially offset by a decrease in management fees due to the sale of certain equipment and maturity of several investments subsequent to the 2014 Quarter.

Net Income Attributable to Noncontrolling Interests

Net income attributable to noncontrolling interests increased $1,275,456, from $371,808 in the 2014 Quarter to $1,647,264 in the 2015 Quarter. The increase was primarily due to the recognition of  a gain on sale of assets during the 2015 Quarter by our consolidated joint venture with ICON ECI Partners L.P. (“ECI Partners”), an entity also managed by our Investment Manager, and Fund Fourteen that owned the equipment previously on lease to Go Frac.

Net (Loss) Income Attributable to Fund Fifteen

As a result of the foregoing factors, net (loss) income attributable to us for the 2015 Quarter and the 2014 Quarter was $(3,950,592) and $2,906,037, respectively. The net (loss) income attributable to us per weighted average Interest outstanding for the 2015 Quarter and the 2014 Quarter was $(19.81) and $14.57, respectively.

Results of Operations for the Six Months Ended June 30, 2015 (the “2015 Period”) and 2014 (the “2014 Period”)

The foregoing percentages are only as of a stated period and are not expected to be comparable in future periods. Further, these percentages are only representative of the percentage of finance income or rental income as of each stated period, and as

22

such are not indicative of the concentration of any asset type or customer by the amount of equity invested or our investment portfolio as a whole.

Financing Transactions

During the 2015 Period and the 2014 Period, certain customers generated significant portions (defined as 10% or more) of our total finance income as follows:

		Percentage of Total Finance Income
Customer	Asset Type	2015 Period	2014 Period
Varada Ten Pte. Ltd.	Oil field services equipment	29%	18%
Gallatin Marine Management, LLC	Platform supply vessel	19%	17%
Ardmore Shipping Ltd.	Marine - product tankers	16%	14%
Lubricating Specialties Company	Lubricant manufacturing and blending equipment	10%	8%
NTS Communications, Inc.	Telecommunications equipment	-	12%
		74%	69%

Interest income and prepayment fees from our net investment in notes receivable and finance income from our net investment in finance leases are included in finance income in our consolidated statements of operations.

Non-performing Assets within Financing Transactions

As of June 30, 2015 and December 31, 2014, the net carrying value of our impaired loan related to VAS was $268,975 and $966,362, respectively. In March 2015, the 90-day standstill period provided for in the loan agreement ended without a viable restructuring or refinancing plan agreed upon. In addition, the senior lender continued to charge VAS forbearance fees. Although discussions among the parties were still ongoing, these factors resulted in our Investment Manager making a determination to record an additional credit loss reserve of $362,666 during the three months ended March 31, 2015 to reflect a potential forced liquidation of the collateral. The forced liquidation value of the collateral was primarily based on a third-party appraisal using a sales comparison approach.On July 23, 2015, we sold all of our interest in the loan to GB for $268,975. As a result, we recorded an additional credit loss of $334,721 and wrote off the credit loss reserve and corresponding balance of the loan of $1,329,373 during the 2015 Period. No finance income was recognized since the date the loan was considered impaired during the three months ended December 31, 2014. Accordingly, no finance income was recognized for the 2015 Period. Finance income recognized on the loan prior to recording the credit loss reserve was $127,644 for the 2014 Period.

As of June 30, 2015 and December 31, 2014, the net carrying value of our impaired loan related to Ensaimada was $4,723,242 and $5,595,856, respectively. As a result of (i) a depressed market for dry bulk carriers, (ii) interest payments that have historically been paid late by Ensaimada and (iii) ongoing discussions with Ensaimada regarding a prepayment plan for an amount that is expected to be less than the full principal balance of the loan, our Investment Manager assessed the collectability of the loan and determined to reserve the remaining principal balance of the loan that we do not expect to recover pursuant to such prepayment plan. Accordingly, the loan was placed on non-accrual status and a credit loss reserve of $794,842 was recorded during the 2015 Period. Interest income was recognized on a cash basis for the 2015 Quarter. We expect to continue collecting interest on the loan until the earlier of the proposed prepayment and the maturity of the loan and such interest will continue to be recognized on a cash basis as long as the loan is accounted for on a non-accrual basis. For the 2015 Period and the 2014 Period, we recognized finance income of $154,659 and $375,141, respectively.

Operating Lease Transactions

During the 2015 Period and the 2014 Period, certain customers generated significant portions (defined as 10% or more) of our total rental income as follows:

23

		Percentage of Total Rental Income
Customer	Asset Type	2015 Period	2014 Period
Inotera Memories, Inc.	Photolithograph immersion scanner	55%	-
Hoegh Autoliners Shipping AS	Marine - container vessels	21%	54%
Murray Energy Corporation	Mining equipment	12%	33%
Go Frac, LLC	Oil field services equipment	12%	13%
		100%	100%

Revenue for the 2015 Period and the 2014 Period is summarized as follows:

		Six Months Ended June 30,
		2015		2014		Change
Finance income		$	5,941,871	$	7,191,522	$	(1,249,651)
Rental income			23,996,869		9,164,230		14,832,639
(Loss) income from investment in joint ventures			(6,265,550)		999,341		(7,264,891)
Gain on sale of assets, net			983,474		-		983,474
Other (loss) income			(15,756)		288,499		(304,255)
	Total revenue	$	24,640,908	$	17,643,592	$	6,997,316

Total revenue for the 2015 Period increased $6,997,316, or 39.7%, as compared to the 2014 Period. The increase in rental income was due to entering into a new operating lease with Inotera subsequent to the 2014 Period and the application of a forfeited security deposit against lease payments owed by Go Frac during the 2015 Period. The increase in gain on sale of assets was related to the sale of equipment previously on lease to Go Frac during the 2015 Period. These increases were partially offset by our share of the loss from investment in joint ventures related to JAC due to the credit loss recorded during the 2015 Period (see “Recent Significant Transactions” above), as well as a decrease in finance income due to several prepayments and maturities on our financing receivables during or subsequent to the 2014 Period.

Expenses for the 2015 Period and the 2014 Period are summarized as follows:

		Six Months Ended June 30,
		2015		2014		Change
Management fees		$	677,188	$	909,774	$	(232,586)
Administrative expense reimbursements			796,415		1,103,799		(307,384)
General and administrative			1,245,862		1,062,529		183,333
Interest			3,305,632		2,630,103		675,529
Depreciation			16,497,855		5,528,833		10,969,022
Impairment loss			1,180,260		-		1,180,260
Credit loss			1,492,229		-		1,492,229
	Total expenses	$	25,195,441	$	11,235,038	$	13,960,403

Total expenses for the 2015 Period increased $13,960,403, or 124.3%, as compared to the 2014 Period. The increase in total expenses was primarily due to (i) an increase in depreciation expense on equipment acquired pursuant to the operating lease with Inotera that we entered into subsequent to the 2014 Period, (ii) the credit losses related to VAS and Ensaimada during the 2015 Period, (iii) an impairment loss recorded during the 2015 Period in connection with the equipment previously on lease to Go Frac and (iv) an increase in interest expense on our additional non-recourse long-term debt incurred for the purpose of acquiring the equipment on lease to Inotera. These increases were partially offset by a decrease in administrative expense reimbursements due to lower costs incurred on our behalf by our Investment Manager and a decrease in management fees due to the sale of certain equipment and maturity of several investments subsequent to the 2014 Period.

Net Income Attributable to Noncontrolling Interests

24

Net income attributable to noncontrolling interests increased $771,592, from $762,246 in the 2014 Period to $1,533,838 in the 2015 Period. The increase was primarily due to the recognition of a gain on sale of assets during the 2015 Period by our consolidated joint venture with ECI Partners and Fund Fourteen that owned the equipment previously on lease to Go Frac.

Net (Loss) Income Attributable to Fund Fifteen

As a result of the foregoing factors, net (loss) income attributable to us for the 2015 Period and the 2014 Period was $(2,088,371) and $5,646,308, respectively. The net (loss) income attributable to us per weighted average Interest outstanding for the 2015 Period and the 2014 Period was $(10.47) and $28.30, respectively.

Financial Condition

This section discusses the major balance sheet variances at June 30, 2015 compared to December 31, 2014.

Total Assets

Total assets decreased $38,837,654, from $320,646,657 at December 31, 2014 to $281,809,003 at June 30, 2015. The decrease in total assets was primarily the result of depreciation on our leased equipment at cost and the use of cash generated from our investments to (i) repay our non-recourse long-term debt, (ii) pay distributions to our partners and noncontrolling interests and (iii) settle accrued liabilities related to the purchase of equipment on lease to Inotera. The decrease in total assets was also due to the credit loss recorded by our joint venture related to JAC.

Total Liabilities

Total liabilities decreased $29,239,702, from $161,533,923 at December 31, 2014 to $132,294,221 at June 30, 2015. The decrease was primarily due to scheduled repayments of our non-recourse long-term debt during the 2015 Period and the settlement of accrued liabilities related to the purchase of equipment on lease to Inotera.

Equity

Equity decreased $9,597,952, from $159,112,734 at December 31, 2014 to $149,514,782 at June 30, 2015. The decrease was primarily related to distributions paid to our partners and noncontrolling interests and our net loss during the 2015 Period.

Liquidity and Capital Resources

Summary

At June 30, 2015 and December 31, 2014, we had cash of $19,558,968 and $20,340,317, respectively.  Pursuant to the terms of our offering, we have established a reserve in the amount of 0.50% of the gross offering proceeds from the sale of our Interests.  As of June 30, 2015, the cash reserve was $983,445. During our operating period, our main source of cash is typically from operating activities and our main use of cash is in investing and financing activities.  Our liquidity will vary in the future, increasing to the extent cash flows from investments and proceeds from the sale of our investments exceed expenses and decreasing as we make new investments, pay distributions to our partners and to the extent that expenses exceed cash flows from operations and proceeds from the sale of our investments.

We believe that cash generated from the expected results of our operations will be sufficient to finance our liquidity requirements for the foreseeable future, including distributions to our partners, general and administrative expenses, new investment opportunities, management fees and administrative expense reimbursements.

Our ability to generate cash in the future is subject to general economic, financial, competitive, regulatory and other factors that affect us and our borrowers’ and lessees’ businesses that are beyond our control.

We have used the net proceeds of the offering to invest in Capital Assets located in North America, Europe and other developed markets, including those in Asia and elsewhere.  We have sought and continue to seek to acquire a portfolio of Capital Assets that is comprised of transactions that generate (a) current cash flow from payments of principal and/or interest (in the case of secured loans and other financing transactions) and rental payments (in the case of leases), (b) deferred cash flow by realizing the value of Capital Assets or interests therein at the maturity of the investment, or (c) a combination of both.

25

Unanticipated or greater than anticipated operating costs or losses (including a borrower’s inability to make timely loan payments or a lessee’s inability to make timely lease payments) would adversely affect our liquidity. To the extent that working capital may be insufficient to satisfy our cash requirements, we anticipate that we would fund our operations from cash flow generated by investing and financing activities. As of June 30, 2015, we had $4,550,508 available to us under the Facility pursuant to the borrowing base to fund our short-term liquidity needs. For additional information, see Note 9 to our consolidated financial statements. Our General Partner does not intend to fund any cash flow deficit of ours or provide other financial assistance to us.

Cash Flows

Operating Activities

Cash provided by operating activities increased $11,278,397, from $9,198,879 in the 2014 Period to $20,477,276 in the 2015 Period. The increase was primarily related to increases in (i) rental payments received as a result of entering into the operating lease with Inotera subsequent to the 2014 Period, (ii) collections of certain receivables related to Varada that were included in other assets on our consolidated balance sheets and (iii) distributions from joint ventures as a result of entering into four new joint ventures during the 2014 Period. These increases were partially offset by the settlement of accrued liabilities related to the purchase of equipment on lease to Inotera.

Investing Activities

Cash provided by investing activities decreased $5,090,178, from $11,617,710 in the 2014 Period to $6,527,532 in the 2015 Period. The decrease primarily related to a decrease in principal received on notes receivable due to the prepayment of four notes receivable during the 2014 Period and a decrease in cash used to invest in joint ventures in the 2015 Period as compared to the 2014 Period. These decreases were partially offset by proceeds received in the 2015 Period from the sale of equipment previously on lease to Go Frac.

Financing Activities

Cash used in financing activities increased $15,062,307, from $12,723,850 in the 2014 Period to $27,786,157 in the 2015 Period. The increase was primarily due to an increase in repayment of our non-recourse long-term debt during the 2015 Period primarily associated with the equipment on to lease to Inotera and an increase in distributions paid to our noncontrolling interests related to proceeds received from the sale of equipment previously on lease to Go Frac during the 2015 Period.

Non-Recourse Long-Term Debt

We had non-recourse long-term debt obligations at June 30, 2015 and December 31, 2014 of $121,717,811 and $146,012,447, respectively, related to certain vessels, the Lewek Ambassador, the Hoegh Copenhagen, the Ardmore Capella and the Ardmore Calypso, and certain mining and photolithograph scanning equipment. All of our non-recourse long-term debt obligations consist of notes payable in which the lender has a security interest in the underlying assets. If the borrower were to default on the underlying lease or loan, resulting in our default on the non-recourse long-term debt, the assets could be foreclosed upon and the proceeds would be remitted to the lender in extinguishment of that debt. As of June 30, 2015 and December 31, 2014, the total carrying value of assets subject to non-recourse long-term debt was $186,133,967 and $209,087,320, respectively.

At June 30, 2015, we were in compliance with all covenants related to our non-recourse long-term debt.

Distributions

We, at our General Partner’s discretion, pay monthly distributions to each of our limited partners beginning with the first month after each such limited partner’s admission and expect to continue to pay such distributions until the termination of our operating period. We paid distributions of $79,534, $7,873,935 and $1,038,312 to our General Partner, limited partners and noncontrolling interests, respectively, during the 2015 Period.

Commitments and Contingencies and Off-Balance Sheet Transactions

Commitments and Contingencies

26

At the time we acquire or divest of our interest in Capital Assets, we may, under very limited circumstances, agree to indemnify the seller or buyer for specific contingent liabilities.  Our General Partner believes that any liability of ours that may arise as a result of any such indemnification obligations will not have a material adverse effect on our consolidated financial condition or results of operations taken as a whole.

In connection with certain debt obligations, we are required to maintain restricted cash balances with certain banks. At June 30, 2015, we had restricted cash of$1,182,828, which is presented within other assets in our consolidated balance sheets.

Off-Balance Sheet Transactions

None.

27

Item 3.  Quantitative and Qualitative Disclosures About Market Risk

Smaller reporting companies are not required to provide the information required by this item.

Item 4. Controls and Procedures

Evaluation of disclosure controls and procedures

In connection with the preparation of this Quarterly Report on Form 10-Q for the three months ended June 30, 2015, our General Partner carried out an evaluation, under the supervision and with the participation of the management of our General Partner, including its Co-Chief Executive Officers and the Principal Financial and Accounting Officer, of the effectiveness of the design and operation of our General Partner’s disclosure controls and procedures as of the end of the period covered by this report pursuant to the Securities Exchange Act of 1934, as amended. Based on the foregoing evaluation, the Co-Chief Executive Officers and the Principal Financial and Accounting Officer concluded that our General Partner’s disclosure controls and procedures were effective.

In designing and evaluating our General Partner’s disclosure controls and procedures, our General Partner recognized that disclosure controls and procedures, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance that the objectives of the disclosure controls and procedures are met.  Our General Partner’s disclosure controls and procedures have been designed to meet reasonable assurance standards. Disclosure controls and procedures cannot detect or prevent all error and fraud. Some inherent limitations in disclosure controls and procedures include costs of implementation, faulty decision-making, simple error and mistake. Additionally, controls can be circumvented by the individual acts of some persons, by collusion of two or more people, or by management override of the controls. The design of any system of controls is based, in part, upon certain assumptions about the likelihood of future events, and there can be no assurance that any design will succeed in achieving its stated goals under all anticipated and unanticipated future conditions. Over time, controls may become inadequate because of changes in conditions, or the degree of compliance with established policies or procedures.  

Evaluation of internal control over financial reporting

There have been no changes in our internal control over financial reporting during the three months ended June 30, 2015 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

28

PART II – OTHER INFORMATION

Item 1. Legal Proceedings

In the ordinary course of conducting our business, we may be subject to certain claims, suits, and complaints filed against us.  In our General Partner’s opinion, the outcome of such matters, if any, will not have a material impact on our consolidated financial position or results of operations.  We are not aware of any material legal proceedings that are currently pending against us or against any of our assets.

Item 1A. Risk Factors

Smaller reporting companies are not required to provide the information required by this item.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

We did not sell any Interests during the three months ended June 30, 2015.

Item 3. Defaults Upon Senior Securities

                    Not applicable.

Item 4. Mine Safety Disclosures

                    Not applicable.

Item 5. Other Information

                    Not applicable.

29

Item 6. Exhibits

  3.1    Certificate of Limited Partnership of Registrant (Incorporated by reference to Exhibit 3.1 to Registrant’s Registration Statement on Form S-1 filed with the SEC on October 6, 2010 (File No. 333-169794)).

  4.1    Limited Partnership Agreement of Registrant (Incorporated by reference to Appendix A to Registrant’s Prospectus Supplement No. 3 filed with the SEC on December 28, 2011 (File No.333-169794)).

10.1    Investment Management Agreement, by and between ICON ECI Fund Fifteen, L.P. and ICON Capital Corp., dated as of June 3, 2011 (Incorporated by reference to Exhibit 10.2 to Amendment No. 6 to the Registrant’s Registration Statement on Form S-1 filed with the SEC on June 3, 2011 (File No. 333-169794)).

10.2    Commercial Loan Agreement, by and between California Bank & Trust and ICON ECI Fund Fifteen, L.P., dated as of May 10, 2011 (Incorporated by reference to Exhibit 10.2 to Registrant’s Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2011, filed on August 12, 2011).

    10.3   Loan Modification Agreement, dated as of March 31, 2013, by and between California Bank & Trust and ICON ECI Fund Fifteen, L.P. (Incorporated by reference to Exhibit 10.3 to Registrant’s Annual Report on Form 10-K for the year ended December 31, 2012, filed March 28, 2013).

    10.4   Loan Modification Agreement, by and between California Bank & Trust and ICON ECI Fund Fifteen, L.P., dated as of March 31, 2015 (Incorporated by reference to Exhibit 10.4 to Registrant’s Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2015, filed on May 13, 2015).

31.1    Rule 13a-14(a)/15d-14(a) Certification of Co-Chief Executive Officer.

31.2    Rule 13a-14(a)/15d-14(a) Certification of Co-Chief Executive Officer.

31.3    Rule 13a-14(a)/15d-14(a) Certification of Principal Financial and Accounting Officer.

32.1    Certification of Co-Chief Executive Officer pursuant to 18 U.S.C. §1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

32.2    Certification of Co-Chief Executive Officer pursuant to 18 U.S.C. §1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

32.3    Certification of Principal Financial and Accounting Officer pursuant to 18 U.S.C. §1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

101. INS XBRL Instance Document.

101. SCH XBRL Taxonomy Extension Schema Document.

101. CAL XBRL Taxonomy Extension Calculation Linkbase Document.

101. DEF XBRL Taxonomy Extension Definition Linkbase Document.

101. LAB XBRL Taxonomy Extension Labels Linkbase Document.

101. PRE XBRL Taxonomy Extension Presentation Linkbase Document.

30

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

ICON ECI Fund Fifteen, L.P.

(Registrant)

By: ICON GP 15, LLC

      (General Partner of the Registrant)

August 11, 2015

By: /s/ Michael A. Reisner

Michael A. Reisner

Co-Chief Executive Officer and Co-President

(Co-Principal Executive Officer)

By: /s/ Mark Gatto

Mark Gatto

Co-Chief Executive Officer and Co-President

(Co-Principal Executive Officer)

By: /s/ Christine H. Yap

Christine H. Yap

Managing Director

(Principal Financial and Accounting Officer)

31

EX-31.1

 

Exhibit 31.1

CERTIFICATION OF CO-CHIEF EXECUTIVE OFFICER

PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Michael A. Reisner, certify that:

1.I have reviewed this Quarterly Report on Form 10-Q of ICON ECI Fund Fifteen, L.P.;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.I am responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a.designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under my supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to me by others within those entities, particularly during the period in which this report is being prepared;

b.designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under my supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c.evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report my conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d.disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.I have disclosed, based on my most recent evaluation of internal control over financial reporting, to the registrant's auditors and the board of directors of ICON GP 15, LLC (or persons performing the equivalent functions):

a.all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

b.any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: August 11, 2015

/s/ Michael A. Reisner

Michael A. Reisner

Co-Chief Executive Officer and Co-President

ICON GP 15, LLC

EX-31.2

 

Exhibit 31.2

CERTIFICATION OF CO-CHIEF EXECUTIVE OFFICER

PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Mark Gatto, certify that:

1.I have reviewed this Quarterly Report on Form 10-Q of ICON ECI Fund Fifteen, L.P.;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.I am responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a.designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under my supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to me by others within those entities, particularly during the period in which this report is being prepared;

b.designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under my supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c.evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report my conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d.disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.I have disclosed, based on my most recent evaluation of internal control over financial reporting, to the registrant's auditors and the board of directors of ICON GP 15, LLC (or persons performing the equivalent functions):

a.all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

b.any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: August 11, 2015

/s/ Mark Gatto

Mark Gatto

Co-Chief Executive Officer and Co-President

ICON GP 15, LLC

EX-31.3

 

Exhibit 31.3

CERTIFICATION OF PRINCIPAL FINANCIAL AND ACCOUNTING OFFICER

PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Christine H. Yap, certify that:

1.I have reviewed this Quarterly Report on Form 10-Q of ICON ECI Fund Fifteen, L.P.;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.I am responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a.designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under my supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to me by others within those entities, particularly during the period in which this report is being prepared;

b.designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under my supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c.evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report my conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d.disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.I have disclosed, based on my most recent evaluation of internal control over financial reporting, to the registrant's auditors and the board of directors of ICON GP 15, LLC (or persons performing the equivalent functions):

a.all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

b.any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: August 11, 2015

/s/ Christine H. Yap

Christine H. Yap

Managing Director

(Principal Financial and AccountingOfficer) 

ICON GP 15, LLC

EX-32.1

 

Exhibit 32.1

CERTIFICATION OF CO-CHIEF EXECUTIVE OFFICER

PURSUANT TO 18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

I, Michael A. Reisner, Co-Chief Executive Officer and Co-President of ICON GP 15, LLC, the General Partner of the Registrant, in connection with the Quarterly Report of ICON ECI Fund Fifteen, L.P. (the “Partnership”) on Form 10-Q for the quarter ended June 30, 2015, as filed with the Securities and Exchange Commission on the date hereof (the “Quarterly Report”), certify, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

1.The Quarterly Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

2.The information contained in the Quarterly Report fairly presents, in all material respects, the financial condition and results of operations of the Partnership.

Date: August 11, 2015

/s/ Michael A. Reisner

Michael A. Reisner

Co-Chief Executive Officer and Co-President

ICON GP 15, LLC

EX-32.2

 

Exhibit 32.2

CERTIFICATION OF CO-CHIEF EXECUTIVE OFFICER

PURSUANT TO 18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

I, Mark Gatto, Co-Chief Executive Officer and Co-President of ICON GP 15, LLC, the General Partner of the Registrant, in connection with the Quarterly Report of ICON ECI Fund Fifteen, L.P. (the “Partnership”) on Form 10-Q for the quarter ended June 30, 2015, as filed with the Securities and Exchange Commission on the date hereof (the “Quarterly Report”), certify, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

1.The Quarterly Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

2.The information contained in the Quarterly Report fairly presents, in all material respects, the financial condition and results of operations of the Partnership.

Date: August 11, 2015

/s/ Mark Gatto

Mark Gatto

Co-Chief Executive Officer and Co-President

ICON GP 15, LLC

EX-32.3

 

Exhibit 32.3

CERTIFICATION OF PRINCIPAL FINANCIAL AND ACCOUNTING OFFICER

PURSUANT TO 18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

I, Christine H. Yap, Principal Financial and Accounting Officer of ICON GP 15, LLC, the General Partner of the Registrant, in connection with the Quarterly Report of ICON ECI Fund Fifteen, L.P. (the “Partnership”) on Form 10-Q for the quarter ended June 30, 2015, as filed with the Securities and Exchange Commission on the date hereof (the “Quarterly Report”), certify, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

1.The Quarterly Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

2.The information contained in the Quarterly Report fairly presents, in all material respects, the financial condition and results of operations of the Partnership.

Date: August 11, 2015

/s/ Christine H. Yap

Christine H. Yap

Managing Director

(Principal Financial and Accounting Officer)

ICON GP 15, LLC

XML

Subsequent Events (Details) - Jul. 10, 2015 - Challenge Mfg Company [Member] - Subsequent Event [Member] - USD ($)	Total
Subsequent Event [Line Items]
Equity Method Investment, Ownership Percentage	50.00%
Robots [Member]
Subsequent Event [Line Items]
Property Plant And Equipment Additions	$ 9,934,000
Lease Term Period	60 months
ICON Leasing Fund Fourteen, LLC [Member]
Subsequent Event [Line Items]
Equity Method Investment, Ownership Percentage	40.00%
Icon Leasing Fund Sixteen Llc [Member]
Subsequent Event [Line Items]
Equity Method Investment, Ownership Percentage	10.00%

XML

Transactions with Related Parties (Tables)

6 Months Ended

Jun. 30, 2015

Transactions with Related Parties [Abstract]

Fees and Expenses Paid or Accrued

Fees and other expenses incurred by us to our General Partner or its affiliates were as follows:

				Three Months Ended				Six Months Ended
				June 30,				June 30,
Entity		Capacity	Description	2015		2014		2015		2014
ICON Capital, LLC	Investment Manager		Acquisition fees (1)	$	-	$	315,625	$	-	$	624,598
ICON Capital, LLC	Investment Manager		Management fees (2)		279,024		659,794		677,188		909,774
			Administrative expense
ICON Capital, LLC	Investment Manager		reimbursements (2)		393,528		421,255		796,415		1,103,799
Fund Fourteen (defined below)	Noncontrolling interest		Interest expense (2)		102,558		101,565		203,720		201,505
				$	775,110	$	1,498,239	$	1,677,323	$	2,839,676
(1)  Amount capitalized and amortized to operations.
(2)  Amount charged directly to operations.

XML

Fair Value Measurements (Details) - USD ($)	3 Months Ended			6 Months Ended
	Jun. 30, 2015	Mar. 31, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Fair Value Inputs Assets Quantitative Information [Line Items]
Principal outstanding on fixed rate non-recourse debt	$ 121,717,811			$ 121,717,811		$ 146,012,447
Leased equipment at cost, net	141,503,924			141,503,924		163,201,779
Net investment in notes receivable	54,386,076			54,386,076		$ 59,584,520
Impairment Loss	0		$ 0	1,180,260	$ 0
Credit loss	1,129,563			1,492,229	$ 0
VAS Aero Services LLC [Member]
Fair Value Inputs Assets Quantitative Information [Line Items]
Credit loss	334,721	$ 362,666
Assets Held For Sale [Member]
Fair Value Inputs Assets Quantitative Information [Line Items]
Impairment Loss				1,180,260
Fixed Rate Notes Receivable [Member]
Fair Value Inputs Assets Quantitative Information [Line Items]
Credit loss				697,387
Carrying Value [Member]
Fair Value Inputs Assets Quantitative Information [Line Items]
Principal outstanding on fixed rate notes receivable	52,200,701			52,200,701
Principal outstanding on fixed rate non-recourse debt	102,607,811			102,607,811
Seller's credit	6,378,459			6,378,459
Net investment in notes receivable	268,975			268,975
Carrying Value [Member] | Assets Held For Sale [Member]
Fair Value Inputs Assets Quantitative Information [Line Items]
Leased equipment at cost, net	0			0
Fair Value [Member]
Fair Value Inputs Assets Quantitative Information [Line Items]
Net investment in notes receivable	268,975			268,975
Fair Value [Member] | Level 3 [Member]
Fair Value Inputs Assets Quantitative Information [Line Items]
Principal outstanding on fixed rate notes receivable	51,703,185			51,703,185
Principal outstanding on fixed rate non-recourse debt	101,749,437			101,749,437
Seller's credit	6,386,647			6,386,647
Fair Value [Member] | Level 3 [Member] | Assets Held For Sale [Member]
Fair Value Inputs Assets Quantitative Information [Line Items]
Leased equipment at cost, net	$ 4,019,740			$ 4,019,740
Minimum [Member] | Fixed Rate Notes Receivable [Member]
Fair Value Inputs Assets Quantitative Information [Line Items]
Discount rate on fixed notes receivable (in hundredths)				4.39%
Minimum [Member] | Fixed Rate Non Recourse Long Term Debt And Sellers Credit [Member]
Fair Value Inputs Assets Quantitative Information [Line Items]
Discount rate on fixed notes receivable (in hundredths)				2.65%
Maximum [Member] | Fixed Rate Notes Receivable [Member]
Fair Value Inputs Assets Quantitative Information [Line Items]
Discount rate on fixed notes receivable (in hundredths)				15.50%
Maximum [Member] | Fixed Rate Non Recourse Long Term Debt And Sellers Credit [Member]
Fair Value Inputs Assets Quantitative Information [Line Items]
Discount rate on fixed notes receivable (in hundredths)				6.58%

XML

Net Investment in Notes Receivable

6 Months Ended

Jun. 30, 2015

Net Investment in Notes Receivable [Abstract]

Net Investment in Notes Receivable

(3) Net Investment in Notes Receivable

As of June 30, 2015 and December 31, 2014, we had net investment in note receivable on non-accrual status of $4,992,217 and $966,362, respectively. As of June 30, 2015, our net investment in note receivable related to Varada Ten Pte. Ltd. (“Varada”) totaled $18,185,719, of which $24,738 was over 90 days past due. As of December 31, 2014, our net investment in note receivable related to Varada totaled $18,250,896, of which $2,076,338was over 90 days past due. Despite a portion of the outstanding balance being over 90 days past due, we had been accounting for the net investment in note receivable related to Varada on an accrual basis as our Investment Manager believed that all contractual interest and principal payments and the undrawn commitment fee were collectible based on the estimated fair value of the collateral securing the loan net the related estimated costs to sell the collateral. On July 28, 2015, Varada satisfied its obligations in connection with the secured term loan facility by making a prepayment of $18,524,638, comprised of all outstanding principal, accrued interest and a prepayment fee of $100,000.

Net investment in notes receivable consisted of the following:

	June 30,		December 31,
	2015		2014
Principal outstanding (1)	$	52,995,543	$	57,532,717
Initial direct costs		2,842,731		3,464,975
Deferred fees		(657,356)		(781,186)
Credit loss reserve (2)		(794,842)		(631,986)
Net investment in notes receivable (3)	$	54,386,076	$	59,584,520
(1) As of June 30, 2015, total principal outstanding related to our impaired loans was $5,567,922, of which $5,298,947 was related to Ensaimada (defined below) and $268,975 was related to VAS (defined below). As of December 31, 2014, total principal outstanding related to our impaired loan of $1,598,348 was related to VAS.
(2) As of June 30, 2015, the credit loss reserve of $794,842 was related to Ensaimada. As of December 31, 2014, the credit loss reserve of $631,986 was related to VAS.
(3) As of June 30, 2015 and December 31, 2014, net investment in notes receivable related to our impaired loans was $4,992,217 and $966,362, respectively.

During the year ended December 31, 2014, VAS Aero Services, LLC (“VAS”) experienced financial hardship resulting in its failure to make the final monthly payment under the secured term loan as well as the balloon payment due on the October 6, 2014 maturity date. As a result, our Investment Manager determined that we should record a credit loss reserve based on an estimated liquidation value of VAS’s inventory and accounts receivable. Accordingly, the loan was placed on non-accrual status and a credit loss reserve of $631,986 was recorded during the year ended December 31, 2014 based on our pro-rata share of the liquidation value of the collateral. The value of the collateral was based on a third-party appraisal using a sales comparison approach. As of December 31, 2014, the net carrying value of the loan was $966,362. In March 2015, the 90-day standstill period provided for in the loan agreement ended without a viable restructuring or refinancing plan agreed upon. In addition, the senior lender continued to charge VAS forbearance fees. Although discussions among the parties were still ongoing, these factors resulted in our Investment Manager making a determination to record an additional credit loss reserve of $362,666 during the three months ended March 31, 2015 to reflect a potential forced liquidation of the collateral. The forced liquidation value of the collateral was primarily based on a third-party appraisal using a sales comparison approach. On July 23, 2015, we sold all of our interest in the loan to GB Loan, LLC (“GB”) for $268,975. As result, we recorded an additional credit loss of $334,721 and wrote off the credit loss reserve and corresponding balance of the loan of $1,329,373 during the three months ended June 30, 2015. As of June 30, 2015, the net carrying value of the loan was $268,975. No finance income was recognized since the date the loan was considered impaired. Accordingly, no finance income was recognized for the three and six months ended June 30, 2015. Finance income recognized on the loan prior to recording the credit loss reserve was $65,307 and $127,644 for the three and six months ended June 30, 2014, respectively.

On January 30, 2015, Superior Tube Company, Inc. and Tubes Holdco Limited (collectively, “Superior”) satisfied their obligations in connection with a secured term loan scheduled to mature on September 10, 2017 by making a prepayment of approximately $2,550,000, comprised of all outstanding principal, accrued interest and a prepayment fee of approximately $74,000. As a result, we recognized additional finance income of approximately $31,000.

On November 22, 2011, we made a secured term loan to Ensaimada S.A. (“Ensaimada”) in the amount of $5,298,947. The loan bears interest at 17% per year and matures in November 2016. The loan is secured by a second priority security interest in a dry bulk carrier, its earnings and the equity interests of Ensaimada. All of Ensaimada’s obligations under the loan agreement are guaranteed by N&P Shipping Co. (“N&P”), the parent company of Ensaimada, and one of N&P’s shareholders.

As a result of (i) a depressed market for dry bulk carriers, (ii) interest payments that have historically been paid late by Ensaimada and (iii) ongoing discussions with Ensaimada regarding a prepayment plan for an amount that is expected to be less than the full principal balance of the loan, our Investment Manager assessed the collectability of the loan and determined to reserve the remaining principal balance of the loan that we do not expect to recover pursuant to such prepayment plan. Accordingly, the loan was placed on non-accrual status and a credit loss reserve of $794,842 was recorded during the three months ended June 30, 2015. Interest income was recognized on a cash basis for the three months ended June 30, 2015. We expect to continue collecting interest on the loan until the earlier of the proposed prepayment and the maturity of the loan and such interest will continue to be recognized on a cash basis as long as the loan is accounted for on a non-accrual basis. For the three months ended June 30, 2015 and 2014, we recognized finance (loss) income of $(31,715) and $188,607, respectively. The finance loss for the three months ended June 30, 2015 represents the amortization of initial direct costs. For the six months ended June 30, 2015 and 2014, we recognized finance income of $154,659 and $375,141, respectively. As of June 30, 2015 and December 31, 2014, the net investment in note receivable related to Ensaimada was $4,723,242 and $5,595,856, respectively.

Credit loss allowance activities for the three months ended June 30, 2015 were as follows:

Credit Loss Allowance
Allowance for credit loss as of March 31, 2015	$	994,652
Provisions		1,129,563
Write-offs, net of recoveries		(1,329,373)
Allowance for credit loss as of June 30, 2015	$	794,842

Credit loss allowance activities for the three months ended June 30, 2014 were as follows:

Credit Loss Allowance
Allowance for credit loss as of March 31, 2014	$	1,972,530
Provisions		-
Write-offs, net of recoveries		-
Allowance for credit loss as of June 30, 2014	$	1,972,530

Credit loss allowance activities for the six months ended June 30, 2015 were as follows:

Credit Loss Allowance
Allowance for credit loss as of December 31, 2014	$	631,986
Provisions		1,492,229
Write-offs, net of recoveries		(1,329,373)
Allowance for credit loss as of June 30, 2015	$	794,842

Credit loss allowance activities for the six months ended June 30, 2014 were as follows:

Credit Loss Allowance
Allowance for credit loss as of December 31, 2013	$	1,972,530
Provisions		-
Write-offs, net of recoveries		-
Allowance for credit loss as of June 30, 2014	$	1,972,530

XML

Net Investment in Notes Receivable (Narrative) (Details 1) - USD ($)				3 Months Ended			6 Months Ended
	Jul. 28, 2015	Jul. 23, 2015	Jan. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014	Nov. 22, 2011
Accounts, Notes, Loans and Financing Receivable [Line Items]
Net Investment Notes Receivable Non Accrual Status				$ 268,975			$ 268,975		$ 966,362
Notes Receivable Net				54,386,076			54,386,076		59,584,520
Principal Outstanding Impaired Notes Receivable				268,975			268,975
Impaired Notes Receivable Net				268,975			$ 268,975		966,362
Interest Rate Minimum (In Hundredths)							4.00%
Finance income				2,675,548		$ 3,670,814	$ 5,941,871	$ 7,191,522
Financing Receivable Allowance For Credit Losses Roll Forward
Allowance for credit loss				994,652	$ 631,986	1,972,530	631,986
Write-offs, net of recoveries				(1,329,373)			(1,329,373)
Provisions				1,129,563			1,492,229	0
Allowance for credit loss				794,842	994,652		794,842
Secured Term Loan [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans Disbursed				268,975			268,975
Superior [Member] | Secured Term Loan [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Finance income			$ 31,000
Loan Prepayment			2,550,000
Prepayment Fee			$ 74,000
Varada [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Notes Receivable 90 Days Past Due And Still Accruing				24,738			24,738		2,076,338
Notes Receivable Net				18,185,719			18,185,719		18,250,896
Loan Prepayment	$ 18,524,638
Prepayment Fee	$ 100,000
VAS Aero Services LLC [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Finance income								127,644
Financing Receivable Allowance For Credit Losses Roll Forward
Allowance for credit loss					631,986		631,986
Provisions				334,721	$ 362,666
Allowance for credit loss				0			0
VAS Aero Services LLC [Member] | Subsequent Event [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Sale Of Notes Receivable		$ 268,975
VAS Aero Services LLC [Member] | Secured Term Loan [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Finance income						65,037	0
Kyla [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Notes Receivable Net				4,723,242			4,723,242		$ 5,595,856
Finance income						$ 188,607	$ 154,659	$ 375,141
Finance loss				31,715
Interest rate (in hunderedths)										17.00%
Financing Receivable Allowance For Credit Losses Roll Forward
Provisions				$ 794,842

XML

Net Investment in Notes Receivable (Reconciliation) (Details) - USD ($)	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Mar. 31, 2014
Schedule of Notes Receivable [Abstract]
Principal outstanding	$ 52,995,543		$ 57,532,717
Initial direct costs	2,842,731		3,464,975
Deferred fees	(657,356)		(781,186)
Credit loss reserve	(794,842)	$ (994,652)	(631,986)	$ (1,972,530)
Net investment in notes receivable	$ 54,386,076		$ 59,584,520

XML

Leased Equipment at Cost (Details) - Entity [Domain] - USD ($)	3 Months Ended				6 Months Ended
	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Property, Plant and Equipment [Line Items]
Leased equipment at cost	$ 180,945,331		$ 189,175,872		$ 180,945,331
Less: accumulated depreciation	39,441,407		25,974,093		39,441,407
Leased equipment at cost, less accumulated depreciation	141,503,924		163,201,779		141,503,924
Depreciation Expense	8,419,499			$ 2,764,417	16,497,855	$ 5,528,833
Capital Leases, Future Minimum Payments Receivable	59,097,087		63,558,572		59,097,087
Non Recourse Debt	121,717,811		146,012,447		121,717,811
Asset Impairment Charges	$ 0			$ 0	$ 1,180,260	$ 0
Minimum [Member]
Property, Plant and Equipment [Line Items]
Debt Instrument Interest Rate Stated Percentage	2.55%				2.55%
Maximum [Member]
Property, Plant and Equipment [Line Items]
Debt Instrument Interest Rate Stated Percentage	6.51%				6.51%
Go Frac LLC [Member]
Property, Plant and Equipment [Line Items]
Asset Impairment Charges		$ 1,180,000	4,026,000
Marine Vessels [Member]
Property, Plant and Equipment [Line Items]
Leased equipment at cost	$ 81,651,931		81,651,931		$ 81,651,931
Mining Equipment [Member]
Property, Plant and Equipment [Line Items]
Leased equipment at cost	19,388,278		19,388,278		19,388,278
Oil field Services Equipment [Member]
Property, Plant and Equipment [Line Items]
Leased equipment at cost	0		8,230,541		0
Photolithograph Immersion Scanner [Member]
Property, Plant and Equipment [Line Items]
Leased equipment at cost	$ 79,905,122		$ 79,905,122		$ 79,905,122

XML

Net Investment in Finance Lease (Details) - USD ($)	Jun. 30, 2015	Dec. 31, 2014
Capital Leased Assets [Line Items]
Capital Leases, Future Minimum Payments Receivable	$ 59,097,087	$ 63,558,572
Initial direct costs	844,231	982,185
Unearned income	(12,663,974)	(14,889,498)
Net investment in finance lease	$ 47,277,344	$ 49,651,259

XML

Summary of Significant Accounting Policies

6 Months Ended

Jun. 30, 2015

Summary of Significant Accounting Policies [Abstract]

Summary of Significant Accounting Policies

(2) Summary of Significant Accounting Policies

Basis of Presentation and Consolidation

Our accompanying consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) for interim financial information and pursuant to the rules and regulations of the Securities and Exchange Commission for Quarterly Reports on Form 10-Q. In the opinion of our General Partner, all adjustments, which are of a normal recurring nature, considered necessary for a fair presentation have been included.  These consolidated financial statements should be read together with the consolidated financial statements and notes included in our Annual Report on Form 10-K for the year ended December 31, 2014.  The results for the interim period are not necessarily indicative of the results for the full year.

Certain reclassifications have been made to the accompanying consolidated financial statements in prior periods to conform to the current presentation.

Credit Quality of Notes Receivable and Finance Leases and Credit Loss Reserve

ICON Capital, LLC, a Delaware limited liability company (the “Investment Manager”), monitors the ongoing credit quality of our financing receivables by (i) reviewing and analyzing a borrower’s financial performance on a regular basis, including review of financial statements received on a monthly, quarterly or annual basis as prescribed in the loan or lease agreement, (ii) tracking the relevant credit metrics of each financing receivable and a borrower’s compliance with financial and non-financial covenants, (iii) monitoring a borrower’s payment history and public credit rating, if available, and (iv) assessing our exposure based on the current investment mix. As part of the monitoring process, our Investment Manager may physically inspect the collateral or a borrower’s facility and meet with a borrower’s management to better understand such borrower’s financial performance and its future plans on an as-needed basis. 

As our financing receivables, generally notes receivable and finance leases, are limited in number, our Investment Manager is able to estimate the credit loss reserve based on a detailed analysis of each financing receivable as opposed to using portfolio-based metrics. Our Investment Manager does not use a system of assigning internal risk ratings to each of our financing receivables. Rather, each financing receivable is analyzed quarterly and categorized as either performing or non-performing based on certain factors including, but not limited to, financial results, satisfying scheduled payments and compliance with financial covenants. A financing receivable is usually categorized as non-performing only when a borrower experiences financial difficulties and has failed to make scheduled payments. Our Investment Manager then analyzes whether the financing receivable should be placed on a non-accrual status, a credit loss reserve should be established or the financing receivable should be restructured. As part of the assessment, updated collateral value is usually considered and such collateral value can be based on a third party industry expert appraisal or, depending on the type of collateral and accessibility to relevant published guides or market sales data, internally derived fair value. Material events would be specifically disclosed in the discussion of each financing receivable held. 

Financing receivables are generally placed in a non-accrual status when payments are more than 90 days past due. Additionally, our Investment Manager periodically reviews the creditworthiness of companies with payments outstanding less than 90 days and based upon our Investment Manager’s judgment, these accounts may be placed in a non-accrual status.

In accordance with the cost recovery method, payments received on non-accrual financing receivables are applied to principal if there is doubt regarding the ultimate collectability of principal. If collection of the principal of non-accrual financing receivables is not in doubt, interest income is recognized on a cash basis. Financing receivables in non-accrual status may not be restored to accrual status until all delinquent payments have been received, and we believe recovery of the remaining unpaid receivable is probable.

When our Investment Managerdeems it is probable that we will not be able to collect all contractual principal and interest on a non-performing financing receivable, we perform an analysis to determine if a credit loss reserve is necessary. This analysis considers the estimated cash flows from the financing receivable, and/or the collateral value of the asset underlying the financing receivable when financing receivable repayment is collateral dependent. If it is determined that the impaired value of the non-performing financing receivable is less than the net carrying value, we will recognize a credit loss reserve or adjust the existing credit loss reserve with a corresponding charge to earnings. We then charge off a financing receivable in the period that it is deemed uncollectible by reducing the credit loss reserve and the balance of the financing receivable.

Recent Accounting Pronouncements

In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers (“ASU 2014-09”), requiring revenue to be recognized in an amount that reflects the consideration expected to be received in exchange for goods and services. This new revenue standard may be applied retrospectively to each prior period presented, or retrospectively with the cumulative effect recognized as of the date of adoption. In July 2015, FASB officially deferred implementation of ASU 2014-09 by one year. Under such deferral, the adoption of ASU 2014-09 becomes effective for us on January 1, 2018, including interim periods within that reporting period. Early adoption is permitted, but not before our original effective date of January 1, 2017. We are currently in the process of evaluating the impact of the adoption of ASU 2014-09 on our consolidated financial statements.

In August 2014, FASB issued ASU No. 2014-15, Presentation of Financial Statements – Going Concern: Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern (“ASU 2014-15”), which provides guidance about management's responsibility to evaluate whether there is substantial doubt about an entity's ability to continue as a going concern and to provide related footnote disclosures. The adoption of ASU 2014-15 becomes effective for us on our fiscal year ending December 31, 2016, and all subsequent annual and interim periods. Early adoption is permitted. The adoption of ASU 2014-15 is not expected to have a material effect on our consolidated financial statements.

In January 2015, FASB issued ASU No. 2015-01,Income Statement–Extraordinary and Unusual Items(“ASU 2015-01”), which simplifies income statement presentation by eliminating the concept of extraordinary items.  The adoption of ASU 2015-01 becomes effective for us on January 1, 2016, including interim periods within that reporting period.  Early adoption is permitted.  The adoption of ASU 2015-01 is not expected to have a material effect on our consolidated financial statements.

In February 2015, FASB issued ASU No. 2015-02,Consolidation – Amendments to the Consolidation Analysis(“ASU 2015-02”), which modifies the evaluation of whether limited partnerships and similar legal entities are variable interest entities or voting interest entities, eliminates the presumption that a general partner should consolidate a limited partnership, and affects the consolidation analysis by reducing the frequency of application of related party guidance and excluding certain fees in the primary beneficiary determination. The adoption of ASU 2015-02 becomes effective for us on January 1, 2016. Early adoption is permitted.We are currently in the process of evaluating the impact of the adoption of ASU 2015-02 on our consolidated financial statements.

In April 2015, FASB issued ASU No. 2015-03,Interest – Imputation of Interest(“ASU 2015-03”), which requires debt issuance costs related to a recognized debt liability to be presented in the balance sheet as a direct deduction from the carrying amount of such debt liability, consistent with debt discounts. ASU 2015-03 will be applied on a retrospective basis. The adoption of ASU 2015-03 becomes effective for us on January 1, 2016, including interim periods within that reporting period. Early adoption is permitted.We are currently in the process of evaluating the impact of the adoption of ASU 2015-03 on our consolidated financial statements.

XML

Asset Held for Sale (Details) - USD ($)		3 Months Ended				6 Months Ended
	May. 14, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Asset Held for Sale [Line Items]
Impairment Loss		$ 0			$ 0	$ 1,180,260	$ 0
Proceeds From Sale Of Assets Held For Sale						710,434	0
Repayments of Other Long-term Debt						18,361,344	4,368,333
Gains Losses On Sales Of Assets		$ 983,474			$ 0	$ (983,474)	$ 0
Go Frac LLC [Member]
Asset Held for Sale [Line Items]
Impairment Loss			$ 1,180,000	$ 4,026,000
Estimated Fair Value of Equipment			$ 4,020,000
Proceeds From Sale Of Assets Held For Sale	$ 5,542,000
Repayments of Other Long-term Debt	4,293,000
Gains Losses On Sales Of Assets	983,000
Gain Loss On Contract Termination	2,639,000
Selling Costs On Disposal Of Asset	$ 539,000

XML

Consolidated Balance Sheets (unaudited) - USD ($)	Jun. 30, 2015	Dec. 31, 2014
Assets
Cash	$ 19,558,968	$ 20,340,317
Notes Receivable Net	54,386,076	59,584,520
Leased equipment at cost (less accumulated depreciation of $39,441,407 and $25,974,093, respectively)	141,503,924	163,201,779
Net investment in finance leases	47,277,344	49,651,259
Investment in joint ventures	15,253,019	22,255,221
Other assets	3,829,672	5,613,561
Total assets	281,809,003	320,646,657
Liabilities:
Non-recourse long-term debt	121,717,811	146,012,447
Due to General Partner and affiliates, net	2,645,755	2,870,701
Accrued expenses and other liabilities	7,930,655	12,650,775
Total liabilities	$ 132,294,221	$ 161,533,923
Commitments and contingencies (Note 12)
Partners' equity
Limited partners	$ 139,695,466	$ 149,696,027
General Partner	(356,113)	(255,695)
Total partners' equity	139,339,353	149,440,332
Noncontrolling interests	10,175,429	9,672,402
Total equity	149,514,782	159,112,734
Total liabilities and equity	$ 281,809,003	$ 320,646,657

XML

Consolidated Statement of Cash Flows (unaudited) - USD ($)	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Cash flows from operating activities:
Net income	$ (554,533)	$ 6,408,554
Adjustments to reconcile net income to net cash provided by operating activities:
Finance income	636,365	839,829
Credit loss	1,492,229	0
Rental income paid directly to lenders by lessees	(1,835,311)	(2,837,446)
Rental income recovered from forfeited security deposit	(2,638,850)	0
Income from investment in joint ventures	6,265,550	(999,341)
Depreciation Expense	16,497,855	5,528,833
Impairment Loss	1,180,260	0
Interest expense on non-recourse financing paid directly to lenders by lessees	194,799	295,077
Interest expense from amortization of debt financing costs	194,087	105,692
Interest expense from amortization of seller's credit	150,371	148,104
Other financial gain	30,180	(194,193)
Gain on sale of assets, net	(983,474)	0
Paid-in-kind interest	17,931	27,318
Changes in operating assets and liabilities:
Other assets	1,913,343	56,659
Deferred revenue	(286,514)	(41,433)
Due to General Partner and affiliates, net	(242,877)	(456,578)
Distributions from joint ventures	390,992	221,118
Accrued expenses and other liabilities	(1,945,127)	96,686
Net cash provided by operating activities	20,477,276	9,198,879
Cash flows from investing activities:
Proceeds from sale of leased equipment	710,434	0
Investment in joint venture	(40,504)	(8,627,812)
Principal received on finance leases	2,235,965	2,232,692
Distributions received from joint ventures in excess of profits	386,164	227,756
Principal received on notes receivable	3,235,473	17,785,074
Net cash provided (used in) investing activities	6,527,532	11,617,710
Cash flows from financing activities:
Repayment of non-recourse long-term debt	(18,361,344)	(4,368,333)
Payment of debt financing costs	(381,394)	0
Investment by noncontrolling interests	7,501	8,915
Distributions to noncontrolling interests	(1,038,312)	(406,785)
Repurchase of limited partnership interests	(59,139)	0
Distributions to partners	(7,953,469)	(7,957,647)
Net cash (used in) provided by financing activities	(27,786,157)	(12,723,850)
Net increase (decrease) in cash	(781,349)	8,092,739
Cash, beginning of period	20,340,317	24,297,314
Cash, end of period	19,558,968	32,390,053
Supplemental disclosure of cash flow information:
Cash paid for interest	1,877,999	2,056,120
Supplemental disclosure of non-cash investing and financing activities:
Interest reserve net principal repayment of note receivable	0	206,250
Proceeds from sale of equipment paid directly to lender in settlement of non-recourse long-term debt and interest	4,292,780	0
Principal and interest on non-recourse long-term debt paid directly to lenders by lessees	$ 1,835,311	$ 2,837,446

XML

Revolving Line of Credit, Recourse (Details) - Jun. 30, 2015	USD ($) F15numberofadvances
Line of Credit Facility [Line Items]
Maximum Borrowing Capacity	$ 12,500,000
Line of Credit Facility, Expiration Date	May 30, 2017
Debt Financing Cost	$ 47,500
Number of separate non-prime rate advances | F15numberofadvances	5
Basis Spread (In Hundredths)	2.50%
Interest Rate Floor (In Hundredths)	4.00%
Commitment Fee (In Hundredths)	0.50%
Remaining Borrowing Capacity	$ 4,550,508

XML

Leased Equipment at Cost (Tables)

6 Months Ended

Jun. 30, 2015

Leased Equipment at Cost [Abstract]

Leased Equipment At Cost

Leased equipment at cost consisted of the following:

	June 30,		December 31,
	2015		2014
Marine vessels	$	81,651,931	$	81,651,931
Photolithograph immersion scanner		79,905,122		79,905,122
Mining equipment		19,388,278		19,388,278
Oil field services equipment		-		8,230,541
Leased equipment at cost		180,945,331		189,175,872
Less: accumulated depreciation		39,441,407		25,974,093
Leased equipment at cost, less accumulated depreciation	$	141,503,924	$	163,201,779

XML

Transactions with Related Parties (Details) - USD ($)	3 Months Ended			6 Months Ended
	Jun. 30, 2015	Mar. 31, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Related Party Transaction [Line Items]
Partners' Capital Account, Distributions	$ 4,688,209	$ 4,303,572
Net income (loss) allocated to General Partner	(39,506)		$ 29,060	$ (20,884)	$ 56,463
Fees And Other Expenses Incurred	775,110		1,498,239	1,677,323	2,839,676
Due to General Partner and affiliates, net	2,645,755			2,645,755		$ 2,870,701
General Partner [Member]
Related Party Transaction [Line Items]
Partners' Capital Account, Distributions	40,204	39,330	40,225	79,534	79,576
Net income (loss) allocated to General Partner	39,506		29,060	64,213	56,463
Due to General Partner and affiliates, net	2,645,755			2,645,755		2,870,701
Noncontrolling interest [Member]
Related Party Transaction [Line Items]
Partners' Capital Account, Distributions	667,773	$ 370,539
ICON Capital, LLC [Member] | General Partner [Member]
Related Party Transaction [Line Items]
Adminsitrative Expense Reimbursements						257,000
ICON Capital, LLC [Member] | Investment Manager [Member] | Management Fees [Member]
Related Party Transaction [Line Items]
Fees And Other Expenses Incurred	279,024		659,794	677,188	909,774
ICON Capital, LLC [Member] | Investment Manager [Member] | Administrative Expense Reimbursements [Member]
Related Party Transaction [Line Items]
Fees And Other Expenses Incurred	393,528		421,255	796,415	1,103,799
ICON Capital, LLC [Member] | Investment Manager [Member] | Acquisition Fees [Member]
Related Party Transaction [Line Items]
Fees And Other Expenses Incurred			315,625	0	624,598
Fund Fourteen [Member] | General Partner [Member]
Related Party Transaction [Line Items]
Notes Payable	2,627,000			2,627,000		2,609,000
Accrued Interest	28,000			28,000		$ 30,000
Fund Fourteen [Member] | Noncontrolling interest [Member] | Interest Expense [Member]
Related Party Transaction [Line Items]
Fees And Other Expenses Incurred	$ 102,558		$ 101,565	$ 203,720	$ 201,505

XML

Investment in Joint Ventures (Table)

6 Months Ended

Jun. 30, 2015

Investments in Joint Ventures [Abstract]

Investments in Joint Ventures

The results of operations of the joint venture are summarized below:

	Three Months Ended June 30,				Six Months Ended June 30,
	2015		2014		2015		2014
Revenue	$	-	$	971,586	$	1,152,580	$	1,967,275
Net (loss) income	$	(17,343,365)	$	952,687	$	(16,200,511)	$	1,940,033
Our share of net (loss) income	$	(7,161,837)	$	363,365	$	(6,721,858)	$	740,833

XML

Organization

6 Months Ended

Jun. 30, 2015

Organization [Abstract]

Organization

(1) Organization

ICON ECI Fund Fifteen, L.P. (the “Partnership”) was formed on September 23, 2010 as a Delaware limited partnership. When used in these notes to consolidated financial statements, the terms “we,” “us,” “our” or similar terms refer to the Partnership and its consolidated subsidiaries. Our offering period commenced on June 6, 2011 and ended on June 6, 2013, at which time we entered our operating period.

We are a direct financing fund that primarily makes investments in domestic and international companies, which investments are primarily structured as debt and debt-like financings (such as loans and leases) that are collateralized by business-essential equipment and corporate infrastructure (collectively, “Capital Assets”) utilized by such companies to operate their businesses, as well as other strategic investments in or collateralized by Capital Assets that ICON GP 15, LLC, a Delaware limited liability company and our general partner (the “General Partner”), believes will provide us with a satisfactory, risk-adjusted rate of return. Our General Partner makes investment decisions on our behalf and manages our business.

XML

Consolidated Balance Sheets (unaudited) (Parenthetical) - USD ($)	Jun. 30, 2015	Dec. 31, 2014
Assets
Accumulated Depreciation Depletion And Amortization Property Plant And Equipment	$ 39,441,407	$ 25,974,093

XML

Fair Value Measurements

6 Months Ended

Jun. 30, 2015

Fair Value Measurements [Abstract]

Fair Value Measurements

(11) Fair Value Measurements

Assets and liabilities carried at fair value are classified and disclosed in one of the following three categories:

• Level 1: Quoted market prices available in active markets for identical assets or liabilities as of the reporting date.
• Level 2: Pricing inputs other than quoted prices in active markets included in Level 1, which are either directly or indirectly observable as of the reporting date.
• Level 3: Pricing inputs that are generally unobservable and are supported by little or no market data.

Assets Measured at Fair Value on a Nonrecurring Basis

We are required, on a nonrecurring basis, to adjust the carrying value or provide valuation allowances for certain assets using fair value measurements. Our non-financial assets, such as leased equipment at cost, are measured at fair value when there is an indicator of impairment and recorded at fair value only when an impairment charge is recognized. Assets classified as held for sale are required to be recorded at the lower of carrying value or fair value less any costs to sell such assets.To determine the fair value when impairment indicators exist, we utilize different valuation approaches based on transaction-specific facts and circumstances to determine fair value, including, but not limited to, discounted cash flow models and the use of comparable transactions. The valuation of our financial assets, such as notes receivable or finance leases, is included, below only when fair value has been measured and recorded based on the fair value of the underlying collateral. The following tables summarize the valuation of our material non-financial and financial assets measured at fair value on a nonrecurring basis, which is presented as of the date the impairment or credit loss was recorded, while the carrying value of the assets is presented as of June 30, 2015:

										Impairment Loss for the
		Carrying Value at	Fair Value at Impairment Date							Six Months Ended
		June 30, 2015		Level 1		Level 2		Level 3		June 30, 2015
Assets held for sale (1)	$	-	$	-	$	-	$	4,019,740	$	1,180,260
(1) The equipment previously on lease to Go Frac was reclassified to assets held for sale as of March 31, 2015. In May 2015, the equipment was sold and a gain on sale was realized. See Note 6 for additional information.

The fair value at impairment for our assets held for sale during the three months ended March 31, 2015 was based on fair value less cost to sell. The estimated fair value was provided by an independent third-party auctioneer. The estimated fair value and costs to sell were based on inputs that are generally unobservable and are supported by little or no market data and were classified within Level 3. In May 2015, the assets were sold at an auction and a gain on sale was realized (see Note 6).

										Credit Loss for the
		Carrying Value at	Fair Value at Impairment Date							Six Months Ended
		June 30, 2015		Level 1		Level 2		Level 3		June 30, 2015
Net investment in note receivable	$	268,975	$	-	$	-	$	268,975	$	697,387

Our collateral dependent note receivable related to VAS was valued using inputs that are generally unobservable and are supported by little or no market data and was classified within Level 3. For the credit loss of $362,666 recorded during the three months ended March 31, 2015, the collateral dependent note receivable related to VAS was valued based primarily on the liquidation value of the collateral provided by an independent third-party appraiser. In July 2015, we sold all of our interest in the note receivable to a third-party (see Note 3).

Assets and Liabilities for which Fair Value is Disclosed

Certain of our financial assets and liabilities, which includes fixed-rate notes receivable, fixed-rate non-recourse long-term debt, and seller’s credit included in accrued expenses and other liabilities on our consolidated balance sheets, in which fair value is required to be disclosed, were valued using inputs that are generally unobservable and are supported by little or no market data and are therefore classified within Level 3. In accordance with U.S. GAAP, we use projected cash flows for fair value measurements of these financial assets and liabilities. Fair value information with respect to certain of our other assets and liabilities is not separately provided since (i) U.S. GAAP does not require fair value disclosures of lease arrangements and (ii) the carrying value of financial assets and liabilities, other than lease-related investments, approximates fair value due to their short-term maturities and/or variable interest rates.

The estimated fair value of our fixed-rate notes receivable was based on the discounted value of future cash flows related to the loans at inception, adjusted for changes in certain variables, including, but not limited to, credit quality, industry, financial markets and other recent comparables. The estimated fair value of our fixed-rate non-recourse long-term debt and seller’s credits was based on the discounted value of future cash flows related to the debt and seller’s credits based on a discount rate derived from the margin at inception, adjusted for material changes in risk, plus the applicable fixed rate based on the current interest rate curve. The fair value of the principal outstanding on fixed-rate notes receivable was derived using discountrates ranging between 5.54% and 15.5% as of June 30, 2015. The fair value of the principal outstanding on fixed-rate non-recourse long-term debt and seller’s credit was derived using discount rates ranging between 2.65% and 6.58% per year as of June 30, 2015.

	June 30, 2015
		Carrying	Fair Value
		Amount	(Level 3)
Principal outstanding on fixed-rate notes receivable	$	52,200,701	$	51,703,185
Principal outstanding on fixed-rate non-recourse long-term debt	$	102,607,811	$	101,749,437
Seller's credits	$	6,378,459	$	6,386,647

XML

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2015	Aug. 07, 2015
Document and Entity Information [Abstract]
Entity Registrant Name	ICON ECI Fund Fifteen, L.P.
Entity Central Index Key	0001502519
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		197,385
Document Fiscal Year Focus	2015
Document Fiscal Period Focus	Q2
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2015

XML

Commitments and Contingencies

6 Months Ended

Jun. 30, 2015

Commitments and Contingencies [Abstract]

Commitments and Contingencies

(12) Commitments and Contingencies

At the time we acquire or divest of our interest in Capital Assets, we may, under very limited circumstances, agree to indemnify the seller or buyer for specific contingent liabilities. Our General Partner believes that any liability of ours that may arise as a result of any such indemnification obligations will not have a material adverse effect on our consolidated financial condition or results of operations taken as a whole.

In connection with certain debt obligations, we are required to maintain restricted cash balances with certain banks. At June 30, 2015, we had restricted cash of$1,182,828,which is presented within other assets in our consolidated balance sheets.

XML

Consolidated Statement of Operations (unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Revenue:
Finance income	$ 2,675,548	$ 3,670,814	$ 5,941,871	$ 7,191,522
Rental income	13,195,655	4,582,116	23,996,869	9,164,230
Income from investment in joint ventures	(6,921,556)	591,308	(6,265,550)	999,341
Gain on sale of assets, net	983,474	0	(983,474)	0
Other income	265,619	148,634	(15,756)	288,499
Total revenue	10,198,740	8,992,872	24,640,908	17,643,592
Expenses:
Management fees	279,024	659,794	677,188	909,774
Administrative expense reimbursements	393,528	421,255	796,415	1,103,799
General and administrative	702,934	569,755	1,245,862	1,062,529
Interest	1,577,520	1,299,806	3,305,632	2,630,103
Depreciation Expense	8,419,499	2,764,417	16,497,855	5,528,833
Impairment Loss	0	0	1,180,260	0
Credit loss	1,129,563		1,492,229	0
Total expenses	12,502,068	5,715,027	25,195,441	11,235,038
Net income	(2,303,328)	3,277,845	(554,533)	6,408,554
Less: net income attributable to noncontrolling interests	1,647,264	371,808	1,533,838	762,246
Net income attributable to Fund Fifteen	(3,950,592)	2,906,037	(2,088,371)	5,646,308
Net income attributable to Fund Fifteen allocable to:
Limited partners	(3,911,086)	2,876,977	(2,067,487)	5,589,845
General Partner	(39,506)	29,060	(20,884)	56,463
Net income attributable to Fund Fifteen	$ (3,950,592)	$ 2,906,037	$ (2,088,371)	$ 5,646,308
Weighted average number of limited partnership interests outstanding (in shares)	197,385	197,489	197,385	197,489
Net income attributable to Fund Fifteen per weighted average limited partnership interest outstanding (in dollars per share)	$ (19.81)	$ 14.57	$ (10.47)	$ 28.3

XML

Asset Held for Sale

6 Months Ended

Jun. 30, 2015

Asset Held for Sale [Abstract]

Asset Held for Sale

(6) Assets Held for Sale

During the fourth quarter of 2014, declining energy prices negatively impacted Go Frac, LLC’s (“Go Frac”) financial performance resulting in its failure to satisfy its lease payment obligations in February 2015. In early February 2015, our Investment Manager was informed that Go Frac was ceasing its operations. During the fourth quarter of 2014, we recognized an impairment charge of approximately $4,026,000 based on a third-party appraised fair market value of the leased equipment as of December 31, 2014.  The fair market value provided by the independent appraiser was derived based on a combination of the cost approach and the sales comparison approach. During the three months ended March 31, 2015, our Investment Manager obtained quotes from multiple auctioneers and subsequently an auctioneer was engaged to sell the equipment at an auction. As of March 31, 2015, the equipment met the criteria to be classified as assets held for sale on our consolidated balance sheets.  As a result, we recognized an additional impairment charge of approximately $1,180,000 to write down the equipment to its estimated fair value, less cost to sell, of approximately $4,020,000.

On May 14, 2015, the equipment was sold at an auction for approximately $5,542,000, the majority of which was remitted directly to our lender to satisfy our non-recourse long-term debt obligations of approximately $4,293,000, consisting of unpaid principal and accrued interest. After deducting selling costs of approximately $539,000, we recognized a gain on sale of assets of approximately $983,000. In addition, as a result of Go Frac’s default on the lease and our repossession and ultimate sale of the equipment, we recognized additional rental income of approximately $2,639,000, primarily due to the extinguishment of our obligation to return a security deposit to Go Frac pursuant to the terms of the lease.

XML

Net Investment in Finance Lease

6 Months Ended

Jun. 30, 2015

Net Investment in Finance Lease [Abstract]

Net Investment in Finance Leases

(5) Net Investment in Finance Leases

Net investment in finance leases consisted of the following:

	June 30,		December 31,
	2015		2014
Minimum rents receivable	$	59,097,087	$	63,558,572
Initial direct costs		844,231		982,185
Unearned income		(12,663,974)		(14,889,498)
Net investment in finance leases	$	47,277,344	$	49,651,259

XML

Net Investment in Finance Lease (Tables)

6 Months Ended

Jun. 30, 2015

Net Investment in Finance Lease [Abstract]

Net Investment in Finance Leases

Net investment in finance leases consisted of the following:

	June 30,		December 31,
	2015		2014
Minimum rents receivable	$	59,097,087	$	63,558,572
Initial direct costs		844,231		982,185
Unearned income		(12,663,974)		(14,889,498)
Net investment in finance leases	$	47,277,344	$	49,651,259

XML

Subsequent Events

6 Months Ended

Jun. 30, 2015

Subsequent Events [Abstract]

Subsequent Events

(13) Subsequent Event

On July 10, 2015, a joint venture owned 50% by us, 40% by Fund Fourteen and 10% by ICON ECI Fund Sixteen (“Fund Sixteen”), an entity also managed by our Investment Manager, purchasedauxiliary support equipment and robots used in the production of certain automobilesfor approximately $9,934,000, which were simultaneously leased to Challenge Mfg. Company, LLC and certain of its affiliates (collectively, “Challenge”) for 60 months.

XML

Revolving Line of Credit, Recourse

6 Months Ended

Jun. 30, 2015

Revolving Line of Credit, Recourse [Abstract]

Revolving Line of Credit, Recourse

(9) Revolving Line of Credit, Recourse

On March 31, 2015, we extended our revolving line of credit (the “Facility”) with California Bank & Trust (“CB&T”) through May 30, 2017 and the amount available under the Facility was increased to $12,500,000. As part of such amendment, we paid debt financing costs of $47,500. The Facility is secured by all of our assets not subject to a first priority lien. Amounts available under the Facility are subject to a borrowing base that is determined, subject to certain limitations, by the present value of the future receivables under certain loans and lease agreements in which we have a beneficial interest.

The interest rate for general advances under the Facility is CB&T’s prime rate. We may elect to designate up to five advances on the outstanding principal balance of the Facility to bear interest at the London Interbank Offered Rate (“LIBOR”) plus 2.5% per year. In all instances, borrowings under the Facility are subject to an interest rate floor of 4.0% per year. In addition, we are obligated to pay an annualized 0.5% fee on unused commitments under the Facility. At June 30, 2015, there were no obligations outstanding under the Facility and we were in compliance with all covenants related to the Facility.

At June 30, 2015, we had $4,550,508 available under the Facility pursuant to the borrowing base.

XML

Investment in Joint Ventures

6 Months Ended

Jun. 30, 2015

Investments in Joint Ventures [Abstract]

Equity Method Investments Disclosure Text Block

(7) Investment in Joint Ventures

On May 15, 2013, a joint venture owned 40% by us, 39% by ICON Leasing Fund Eleven, LLC and 21% by ICON Leasing Fund Twelve, LLC, each an entity also managed by our Investment Manager, purchased a portion of an approximately $208,000,000 subordinated credit facility for Jurong Aromatics Corporation Pte. Ltd. (“JAC”) from Standard Chartered Bank (“Standard Chartered”) at $28,462,500.

As of March 31, 2015, JAC was in technical default of the facility as a result of its failure to provide certain financial data to the joint venture. In addition, JAC realized lower than expected operating results caused in part by a temporary shutdown of its manufacturing facility due to technical constraints that have since been resolved. As a result, JAC failed to make the expected payment that was due to the joint venture during the three months ended March 31, 2015. Although this delayed payment did not trigger a payment default under the loan agreement, the interest rate payable by JAC under the facility increased from 12.5% to 15.5%.

During the three months ended June 30, 2015, the expected tolling arrangement did not commence and JAC’s stakeholders were unable to agree upon a restructuring plan. As a result, the manufacturing facility has not yet resumed operations and JAC continues to experience liquidity constraints. Accordingly, our Investment Manager has determined that there is doubt regarding the ultimate collectability of the facility. Our Investment Manager visited JAC’s facility and continues to engage in discussions with JAC’s other stakeholders to agree upon a restructuring plan. Based upon recent discussions, the joint venture may convert a portion of the facility to equity and/or restructure the facility. Based upon this proposal, our Investment Manager believes that the joint venture may potentially not be able to recover approximately $7,200,000 to $25,000,000 of the outstanding balance due from JAC as of June 30, 2015. During the three months ended June 30, 2015, the joint venture recognized a credit loss of $17,342,915, which our Investment Manager believes is the most likely outcome based on ongoing negotiations. Our share of the credit loss for the three months ended June 30, 2015 was $7,161,658. An additional credit loss may be recorded by the joint venture in future periods if a restructuring plan is not agreed upon or if an agreed upon plan results in less of a recovery from our current estimate. Our Investment Manager has also assessed impairment under the equity method of accounting for our investment in this joint venture and concluded that it is not impaired. During the three months ended June 30, 2015, the joint venture placed the loan on non-accrual status and no finance income was recognized. As of June 30, 2015 and December 31, 2014, our investment in the joint venture was $7,863,413 and $14,574,053 respectively.

The results of operations of the joint venture are summarized below:

	Three Months Ended June 30,				Six Months Ended June 30,
	2015		2014		2015		2014
Revenue	$	-	$	971,586	$	1,152,580	$	1,967,275
Net (loss) income	$	(17,343,365)	$	952,687	$	(16,200,511)	$	1,940,033
Our share of net (loss) income	$	(7,161,837)	$	363,365	$	(6,721,858)	$	740,833

XML

Non-Recourse Long-Term Debt

6 Months Ended

Jun. 30, 2015

Non-Recourse Long-Term Debt [Abstract]

Non-Recourse Long-Term Debt

(8) Non-Recourse Long-Term Debt

As of June 30, 2015 and December 31, 2014, we had non-recourse long-term debt obligations of $121,717,811 and $146,012,447, respectively. As of June 30, 2015, our non-recourse long-term debt obligations had maturity dates ranging from October 1, 2015 to December 31, 2020 and interest rates ranging from 2.55% to 6.51% per year.

All of our non-recourse long-term debt obligations consist of notes payable in which the lender has a security interest in the underlying assets. If the borrower were to default on the underlying lease or loan, resulting in our default on the non-recourse long-term debt, the assets could be foreclosed upon and the proceeds would be remitted to the lender in extinguishment of that debt. As of June 30, 2015 and December 31, 2014, the total carrying value of assets subject to non-recourse long term debt was $186,133,967 and $209,087,320, respectively.

At June 30, 2015, we were in compliance with all covenants related to our non-recourse long-term debt.

XML

Transactions with Related Parties

6 Months Ended

Jun. 30, 2015

Transactions with Related Parties [Abstract]

Transactions with Related Parties

(10) Transactions with Related Parties

We paid distributions to our General Partner of $40,204 and $79,534 for the three and six months ended June 30, 2015, respectively. We paid distributions to our General Partner of $40,225 and $79,576 for the three and six months ended June 30,2014, respectively. Additionally, our General Partner’s interest in the net loss attributable to us was $39,506 and $20,884 for the three and six months endedJune 30, 2015, respectively. Our General Partner’s interest in the net income attributable to us was $29,060 and $56,463 for the three and six months ended June 30,2014, respectively.

Fees and other expenses incurred by us to our General Partner or its affiliates were as follows:

				Three Months Ended				Six Months Ended
				June 30,				June 30,
Entity		Capacity	Description	2015		2014		2015		2014
ICON Capital, LLC	Investment Manager		Acquisition fees (1)	$	-	$	315,625	$	-	$	624,598
ICON Capital, LLC	Investment Manager		Management fees (2)		279,024		659,794		677,188		909,774
			Administrative expense
ICON Capital, LLC	Investment Manager		reimbursements (2)		393,528		421,255		796,415		1,103,799
Fund Fourteen (defined below)	Noncontrolling interest		Interest expense (2)		102,558		101,565		203,720		201,505
				$	775,110	$	1,498,239	$	1,677,323	$	2,839,676
(1)  Amount capitalized and amortized to operations.
(2)  Amount charged directly to operations.

At June 30, 2015, we had a net payable of $2,645,755 due to our General Partner and affiliates that primarily consisted of a note payable of approximately $2,627,000 and accrued interest of approximately $28,000 due to ICON Equipment and Corporate Infrastructure Fund Fourteen, L.P. (“Fund Fourteen”), an entity also managed by our Investment Manager, related to its noncontrolling interest in a vessel, the Lewek Ambassador.At December 31, 2014, we had a net payable of $2,870,701 due to our General Partner and affiliates that primarily consisted of a note payable of approximately $2,609,000 and accrued interest of approximately $30,000 due to Fund Fourteen related to its noncontrolling interest in the Lewek Ambassador, and administrative expense reimbursements of approximately $257,000 due to our Investment Manager.

XML

Non-Recourse Long-Term Debt (Details) - USD ($)	6 Months Ended
	Jun. 30, 2015	Dec. 31, 2014
Debt Instrument [Line Items]
Non Recourse Debt	$ 121,717,811	$ 146,012,447
Maturity Date Range Start	Oct. 01, 2015
Maturity Date Range End	Dec. 31, 2020
Interest Rate Minimum (In Hundredths)	4.00%
Carrying Value Of Underlying Assets Securing Non Recourse Debt	$ 186,133,967	$ 209,087,320
Minimum [Member]
Debt Instrument [Line Items]
Debt Instrument Interest Rate Stated Percentage	2.55%
Maximum [Member]
Debt Instrument [Line Items]
Debt Instrument Interest Rate Stated Percentage	6.51%

XML

Net Investment in Notes Receivable (Tables)

6 Months Ended

Jun. 30, 2015

Net Investment in Notes Receivable [Abstract]

Net Investments in Notes Receivable

Net investment in notes receivable consisted of the following:

	June 30,		December 31,
	2015		2014
Principal outstanding (1)	$	52,995,543	$	57,532,717
Initial direct costs		2,842,731		3,464,975
Deferred fees		(657,356)		(781,186)
Credit loss reserve (2)		(794,842)		(631,986)
Net investment in notes receivable (3)	$	54,386,076	$	59,584,520
(1) As of June 30, 2015, total principal outstanding related to our impaired loans was $5,567,922, of which $5,298,947 was related to Ensaimada (defined below) and $268,975 was related to VAS (defined below). As of December 31, 2014, total principal outstanding related to our impaired loan of $1,598,348 was related to VAS.
(2) As of June 30, 2015, the credit loss reserve of $794,842 was related to Ensaimada. As of December 31, 2014, the credit loss reserve of $631,986 was related to VAS.
(3) As of June 30, 2015 and December 31, 2014, net investment in notes receivable related to our impaired loans was $4,992,217 and $966,362, respectively.

Allowance For Credit Losses On Financing Receivables [Table Text Block]

Credit loss allowance activities for the three months ended June 30, 2015 were as follows:

Credit Loss Allowance
Allowance for credit loss as of March 31, 2015	$	994,652
Provisions		1,129,563
Write-offs, net of recoveries		(1,329,373)
Allowance for credit loss as of June 30, 2015	$	794,842

Credit loss allowance activities for the three months ended June 30, 2014 were as follows:

Credit Loss Allowance
Allowance for credit loss as of March 31, 2014	$	1,972,530
Provisions		-
Write-offs, net of recoveries		-
Allowance for credit loss as of June 30, 2014	$	1,972,530

Credit loss allowance activities for the six months ended June 30, 2015 were as follows:

Credit Loss Allowance
Allowance for credit loss as of December 31, 2014	$	631,986
Provisions		1,492,229
Write-offs, net of recoveries		(1,329,373)
Allowance for credit loss as of June 30, 2015	$	794,842

Credit loss allowance activities for the six months ended June 30, 2014 were as follows:

Credit Loss Allowance
Allowance for credit loss as of December 31, 2013	$	1,972,530
Provisions		-
Write-offs, net of recoveries		-
Allowance for credit loss as of June 30, 2014	$	1,972,530

XML

Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2015

Fair Value Measurements [Abstract]

Valuation Of Material Non-Financial And Financial Assets Measured At Fair Value On A Non Recurring Basis

The following tables summarize the valuation of our material non-financial and financial assets measured at fair value on a nonrecurring basis, which is presented as of the date the impairment or credit loss was recorded, while the carrying value of the assets is presented as of June 30, 2015:

										Impairment Loss for the
		Carrying Value at	Fair Value at Impairment Date							Six Months Ended
		June 30, 2015		Level 1		Level 2		Level 3		June 30, 2015
Assets held for sale (1)	$	-	$	-	$	-	$	4,019,740	$	1,180,260
(1) The equipment previously on lease to Go Frac was reclassified to assets held for sale as of March 31, 2015. In May 2015, the equipment was sold and a gain on sale was realized. See Note 6 for additional information.

										Credit Loss for the
		Carrying Value at	Fair Value at Impairment Date							Six Months Ended
		June 30, 2015		Level 1		Level 2		Level 3		June 30, 2015
Net investment in note receivable	$	268,975	$	-	$	-	$	268,975	$	697,387

Fair Value, By Balance Sheet Grouping [Table Text Block]

	June 30, 2015
		Carrying	Fair Value
		Amount	(Level 3)
Principal outstanding on fixed-rate notes receivable	$	52,200,701	$	51,703,185
Principal outstanding on fixed-rate non-recourse long-term debt	$	102,607,811	$	101,749,437
Seller's credits	$	6,378,459	$	6,386,647

XML

Consolidated Statement of Changes in Equity - USD ($)	Total	Limited Partner [Member]	General Partner [Member]	Total Partners Equity [Member]	Noncontrolling Interests [Member]
Balance at Dec. 31, 2014	$ 159,112,734	$ 149,696,027	$ (255,695)	$ 149,440,332	$ 9,672,402
Balance (in shares) at Dec. 31, 2014		197,489
Net income	1,748,795	$ 1,843,599	18,622	1,862,221	(113,426)
Distributions	(4,303,572)	(3,893,703)	(39,330)	(3,933,033)	(370,539)
Investment by noncontrolling interests	1,819				1,819
Repurchase of limited partnership interests	(59,139)	$ (59,139)		(59,139)
Repurchase of limited partnership interests (in shares)		(104)
Balance (unaudited) at Mar. 31, 2015	156,500,637	$ 147,586,784	(276,403)	147,310,381	9,190,256
Balance (unaudited) (in shares) at Mar. 31, 2015		197,385
Balance at Dec. 31, 2014	159,112,734	$ 149,696,027	(255,695)	149,440,332	9,672,402
Balance (in shares) at Dec. 31, 2014		197,489
Net income	(554,533)
Distributions			(79,534)
Repurchase of limited partnership interests	(59,139)
Balance (unaudited) at Jun. 30, 2015	149,514,782	$ 139,695,466	(356,113)	139,339,353	10,175,429
Balance (unaudited) (in shares) at Jun. 30, 2015		197,385
Balance at Mar. 31, 2015	156,500,637	$ 147,586,784	(276,403)	147,310,381	9,190,256
Balance (in shares) at Mar. 31, 2015		197,385
Net income	(2,303,328)	$ (3,911,086)	(39,506)	(3,950,592)	1,647,264
Distributions	(4,688,209)	(3,980,232)	(40,204)	(4,020,436)	(667,773)
Investment by noncontrolling interests	5,682				5,682
Balance (unaudited) at Jun. 30, 2015	$ 149,514,782	$ 139,695,466	$ (356,113)	$ 139,339,353	$ 10,175,429
Balance (unaudited) (in shares) at Jun. 30, 2015		197,385

XML

Leased Equipment at Cost

6 Months Ended

Jun. 30, 2015

Leased Equipment at Cost [Abstract]

Leased Equipment at Cost

(4) Leased Equipment at Cost

Leased equipment at cost consisted of the following:

	June 30,		December 31,
	2015		2014
Marine vessels	$	81,651,931	$	81,651,931
Photolithograph immersion scanner		79,905,122		79,905,122
Mining equipment		19,388,278		19,388,278
Oil field services equipment		-		8,230,541
Leased equipment at cost		180,945,331		189,175,872
Less: accumulated depreciation		39,441,407		25,974,093
Leased equipment at cost, less accumulated depreciation	$	141,503,924	$	163,201,779

Depreciation expense was $8,419,499 and $2,764,417 for the three months endedJune 30, 2015 and 2014, respectively. Depreciation expense was $16,497,855 and $5,528,833 for the six months endedJune 30, 2015 and 2014, respectively.

XML

Summary of Significant Accounting Policies (Details)	6 Months Ended
	Jun. 30, 2015
Summary of Significant Accounting Policies [Abstract]
Period when notes receivable are placed in nonaccrual status	90 days
Days outstanding	90 days

XML

Label	Element	Value
Partners Capital Account Treasury Units Purchases	us-gaap_PartnersCapitalAccountTreasuryUnitsPurchases	$ (59,139)
Income from investment in joint ventures	us-gaap_IncomeLossFromEquityMethodInvestments	(6,921,556)
Income from investment in joint ventures	us-gaap_IncomeLossFromEquityMethodInvestments	591,308
Net income	us-gaap_ProfitLoss	(2,303,328)
Net income	us-gaap_ProfitLoss	1,748,795
Net income	us-gaap_ProfitLoss	$ 3,277,845

XML

Commitments and Contingencies (Details)	Jun. 30, 2015 USD ($)
Commitments and Contingencies [Abstract]
Restricted Cash	$ 1,182,828

XML

Summary of Significant Accounting Policies (Policies)

6 Months Ended

Jun. 30, 2015

Summary of Significant Accounting Policies [Abstract]

Basis of Presentation and Consolidation

Basis of Presentation and Consolidation

Our accompanying consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) for interim financial information and pursuant to the rules and regulations of the Securities and Exchange Commission for Quarterly Reports on Form 10-Q. In the opinion of our General Partner, all adjustments, which are of a normal recurring nature, considered necessary for a fair presentation have been included.  These consolidated financial statements should be read together with the consolidated financial statements and notes included in our Annual Report on Form 10-K for the year ended December 31, 2014.  The results for the interim period are not necessarily indicative of the results for the full year.

Certain reclassifications have been made to the accompanying consolidated financial statements in prior periods to conform to the current presentation.

Credit Quality of Notes Receivable and Finance Leases and Credit Loss Reserve

Credit Quality of Notes Receivable and Finance Leases and Credit Loss Reserve

ICON Capital, LLC, a Delaware limited liability company (the “Investment Manager”), monitors the ongoing credit quality of our financing receivables by (i) reviewing and analyzing a borrower’s financial performance on a regular basis, including review of financial statements received on a monthly, quarterly or annual basis as prescribed in the loan or lease agreement, (ii) tracking the relevant credit metrics of each financing receivable and a borrower’s compliance with financial and non-financial covenants, (iii) monitoring a borrower’s payment history and public credit rating, if available, and (iv) assessing our exposure based on the current investment mix. As part of the monitoring process, our Investment Manager may physically inspect the collateral or a borrower’s facility and meet with a borrower’s management to better understand such borrower’s financial performance and its future plans on an as-needed basis. 

As our financing receivables, generally notes receivable and finance leases, are limited in number, our Investment Manager is able to estimate the credit loss reserve based on a detailed analysis of each financing receivable as opposed to using portfolio-based metrics. Our Investment Manager does not use a system of assigning internal risk ratings to each of our financing receivables. Rather, each financing receivable is analyzed quarterly and categorized as either performing or non-performing based on certain factors including, but not limited to, financial results, satisfying scheduled payments and compliance with financial covenants. A financing receivable is usually categorized as non-performing only when a borrower experiences financial difficulties and has failed to make scheduled payments. Our Investment Manager then analyzes whether the financing receivable should be placed on a non-accrual status, a credit loss reserve should be established or the financing receivable should be restructured. As part of the assessment, updated collateral value is usually considered and such collateral value can be based on a third party industry expert appraisal or, depending on the type of collateral and accessibility to relevant published guides or market sales data, internally derived fair value. Material events would be specifically disclosed in the discussion of each financing receivable held. 

Financing receivables are generally placed in a non-accrual status when payments are more than 90 days past due. Additionally, our Investment Manager periodically reviews the creditworthiness of companies with payments outstanding less than 90 days and based upon our Investment Manager’s judgment, these accounts may be placed in a non-accrual status.

In accordance with the cost recovery method, payments received on non-accrual financing receivables are applied to principal if there is doubt regarding the ultimate collectability of principal. If collection of the principal of non-accrual financing receivables is not in doubt, interest income is recognized on a cash basis. Financing receivables in non-accrual status may not be restored to accrual status until all delinquent payments have been received, and we believe recovery of the remaining unpaid receivable is probable.

When our Investment Managerdeems it is probable that we will not be able to collect all contractual principal and interest on a non-performing financing receivable, we perform an analysis to determine if a credit loss reserve is necessary. This analysis considers the estimated cash flows from the financing receivable, and/or the collateral value of the asset underlying the financing receivable when financing receivable repayment is collateral dependent. If it is determined that the impaired value of the non-performing financing receivable is less than the net carrying value, we will recognize a credit loss reserve or adjust the existing credit loss reserve with a corresponding charge to earnings. We then charge off a financing receivable in the period that it is deemed uncollectible by reducing the credit loss reserve and the balance of the financing receivable.

New Accounting Pronouncements Policy Policy Text Block

Recent Accounting Pronouncements

In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers (“ASU 2014-09”), requiring revenue to be recognized in an amount that reflects the consideration expected to be received in exchange for goods and services. This new revenue standard may be applied retrospectively to each prior period presented, or retrospectively with the cumulative effect recognized as of the date of adoption. In July 2015, FASB officially deferred implementation of ASU 2014-09 by one year. Under such deferral, the adoption of ASU 2014-09 becomes effective for us on January 1, 2018, including interim periods within that reporting period. Early adoption is permitted, but not before our original effective date of January 1, 2017. We are currently in the process of evaluating the impact of the adoption of ASU 2014-09 on our consolidated financial statements.

In August 2014, FASB issued ASU No. 2014-15, Presentation of Financial Statements – Going Concern: Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern (“ASU 2014-15”), which provides guidance about management's responsibility to evaluate whether there is substantial doubt about an entity's ability to continue as a going concern and to provide related footnote disclosures. The adoption of ASU 2014-15 becomes effective for us on our fiscal year ending December 31, 2016, and all subsequent annual and interim periods. Early adoption is permitted. The adoption of ASU 2014-15 is not expected to have a material effect on our consolidated financial statements.

In January 2015, FASB issued ASU No. 2015-01,Income Statement–Extraordinary and Unusual Items(“ASU 2015-01”), which simplifies income statement presentation by eliminating the concept of extraordinary items.  The adoption of ASU 2015-01 becomes effective for us on January 1, 2016, including interim periods within that reporting period.  Early adoption is permitted.  The adoption of ASU 2015-01 is not expected to have a material effect on our consolidated financial statements.

In February 2015, FASB issued ASU No. 2015-02,Consolidation – Amendments to the Consolidation Analysis(“ASU 2015-02”), which modifies the evaluation of whether limited partnerships and similar legal entities are variable interest entities or voting interest entities, eliminates the presumption that a general partner should consolidate a limited partnership, and affects the consolidation analysis by reducing the frequency of application of related party guidance and excluding certain fees in the primary beneficiary determination. The adoption of ASU 2015-02 becomes effective for us on January 1, 2016. Early adoption is permitted.We are currently in the process of evaluating the impact of the adoption of ASU 2015-02 on our consolidated financial statements.

In April 2015, FASB issued ASU No. 2015-03,Interest – Imputation of Interest(“ASU 2015-03”), which requires debt issuance costs related to a recognized debt liability to be presented in the balance sheet as a direct deduction from the carrying amount of such debt liability, consistent with debt discounts. ASU 2015-03 will be applied on a retrospective basis. The adoption of ASU 2015-03 becomes effective for us on January 1, 2016, including interim periods within that reporting period. Early adoption is permitted.We are currently in the process of evaluating the impact of the adoption of ASU 2015-03 on our consolidated financial statements.