Finance leases receivable

6 Months Ended

Jun. 30, 2021

Leases [Abstract]

Finance leases receivable

Note 8 – Finance leases receivable

Partner II entered into a Master Equipment Lease Agreement with Pueblo West, dated February 11, 2018, amended November 28, 2018 and March 12, 2019. Partner II acquired and delivered manufacturing equipment as selected by Pueblo West under sales-type finance leases. Partner II did not record any sales revenue for the six months ended June 30, 2021 and 2020. At June 30, 2021, all Partner II leased equipment under finance leases receivable is located in Colorado.

Performing net finance leases receivable consisted of the following:

	June 30, 2021			December 31, 2020
Gross minimum lease payments receivable	$	422,591		$	477,680
Accrued interest		1,873			2,141
Less: unearned interest		(85,655	)		(103,870	)
Finance leases receivable		338,809			375,951
Less current portion		(72,788	)		(69,053	)
Long term portion	$	266,021		$	306,898

Interest income recognized on Partner II finance leases for the three months ended June 30, 2021 and 2020 was $10,330 and $12,028 respectively. Interest income recognized on Partner II finance leases for the six months ended June 30, 2021 and 2020 was $21,200 and $24,242, respectively.

At June 30, 2021, minimum future payments receivable for performing finance leases receivable were as follows:

12 months ending June 30,	Lease Receivable		Lease Interest
2022	$	73,570	$	36,115
2023		85,423		24,752
2024		94,368		15,807
2025		72,964		5,742
2026		12,484		876
Thereafter		-		-
	$	338,809	$	83,292