Finance leases receivable

6 Months Ended

Jun. 30, 2022

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, 2022 and 2021. At June 30, 2022, all Partner II leased equipment under finance leases receivable is located in Colorado.

Performing net finance leases receivable consisted of the following:

	June 30, 2022			December 31, 2021
Gross minimum lease payments receivable	$	312,418		$	367,505
Accrued interest		1,539			1,783
Less: unearned interest		(47,176	)		(62,638	)
Finance leases receivable		266,781			306,650
Less current portion		(80,879	)		(76,727	)
Long term portion	$	185,902		$	229,923

Finance lease revenue recognized on Partner II finance leases for the three months ended June 30, 2022 and 2021 was $8,473 and $10,330, respectively. Interest income recognized on Partner II finance leases for the six months ended June 30, 2022 and 2021 was $17,491and $21,200, respectively.

At June 30, 2022, minimum future payments receivable for performing finance leases receivable were as follows:

12 months ending June 30,	Lease Receivable		Lease Interest
2022	$	80,879	$	24,496
2023		91,408		14,906
2024		51,473		6,487
2025		43,021		1,287
	$	266,781	$	47,176