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New words:
claim, comparison, grant, hedging, incremental, October, private, proposed, small
Financial report summary
?Management Discussion
- The Fund had net income of $51 thousand and $109 thousand for the respective three month and nine month periods ended September 30, 2019.
- Total revenues for the quarter were $167 thousand and $761 thousand for the year to date. Such revenues were primarily from operating lease rents and a deferred maintenance claim in favor of the Fund recorded as other income during the second quarter. Operating lease rents for the quarter were $155 thousand and were $665 thousand for the year to date period. Compared to prior periods, revenues have been declining consistent with a fund in its liquidating stage where lease assets are sold as lease commitments end. In this regard, gain on sales of lease assets were $2 thousand and loss on sales of lease assets were $51 thousand for the respective three and nine months ended September 30, 2019.
- Total operating expenses for the quarter were $116 thousand and $652 thousand for the year to date. The main components of such operating expenses were depreciation of operating lease assets, cost reimbursements to Managing Member and / or affiliates, impairment losses on equipment, professional fees and outside services. Depreciation of operating lease assets for the quarter and for the year to date period are $21 thousand and $42 thousand, respectively. In addition, the Company recognized impairment losses of $264 thousand during the nine months ended September 30, 2019 to reduce the fair value of certain off-lease equipment. All of such losses were recorded in the second quarter. Cost reimbursements to the Managing Member and/or affiliates totaled $9 thousand and $49 thousand for the respective three and nine month periods ended September 30, 2019. Compared to prior periods, cost reimbursements declined consistent with a decreasing asset base and adjusted baseline allocation of common costs among the Fund and its affiliates.