Finance leases receivable

9 Months Ended

Sep. 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 nine months ended September 30, 2021 and 2020. At September 30, 2021, all Partner II leased equipment under finance leases receivable is located in Colorado.

Performing net finance leases receivable consisted of the following:

	September 30, 2021			December 31, 2020
Gross minimum lease payments receivable	$	394,986		$	477,680
Accrued interest		1,849			2,141
Less: unearned interest		(77,226	)		(103,870	)
Finance leases receivable		319,609			375,951
Less current portion		(72,789	)		(69,053	)
Long term portion	$	246,820		$	306,898

Interest income recognized on Partner II finance leases for the three months ended September 30, 2021 and 2020 was $9,957 and $11,730 respectively. Interest income recognized on Partner II finance leases for the nine months ended September 30, 2021 and 2020 was $31,176 and $36,297, respectively.

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

12 months ending September 30,	Lease Receivable		Lease Interest
2022	$	79,275	$	32,163
2023		87,577		20,595
2024		96,747		11,425
2025		51,486		2,662
2026		8,804		336
Thereafter		-		-
	$	323,889	$	67,181