Finance leases receivable

3 Months Ended

Mar. 31, 2022

Leases [Abstract]

Finance leases receivable

Note 7 – 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 three months ended March 31, 2022 and 2021. At March 31, 2022, all Partner II leased equipment under finance leases receivable is located in Colorado.

Performing net finance leases receivable consisted of the following:

	March 31, 2022			December 31, 2021
Gross minimum lease payments receivable	$	339,961		$	367,505
Accrued interest		1,687			1,783
Less: unearned interest		(54,660	)		(62,638	)
Finance leases receivable		286,988			306,650
Less current portion		(78,776	)		(76,727	)
Long term portion	$	208,212		$	229,923

Interest income recognized on Partner II finance leases for the three months ended March 31, 2022 and 2021 was $9,018 and $10,956, respectively.

At March 31, 2022, minimum future payments receivable for performing finance leases receivable were as follows:

12 months ending March 31,	Lease Receivable		Lease Interest
2022	$	78,776	$	26,852
2023		89,219		18,127
2024		97,161		8,346
2025		20,513		1,295
2026		1,319		40
Thereafter		-		-
	$	286,988	$	54,660