Mega Matrix (MPU) 10-Q 12 May 15 2015 Q1 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	3 Months Ended
	Mar. 31, 2015	12-May-15
Document and Entity Information [Abstract]
Entity Registrant Name	AEROCENTURY CORP
Entity Central Index Key	1036848
Current Fiscal Year End Date	-19
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		1,606,557
Document Fiscal Year Focus	2015
Document Fiscal Period Focus	Q1
Document Type	10-Q
Amendment Flag	FALSE
Document Period End Date	31-Mar-15

Balance_Sheets_Unaudited

Balance Sheets (Unaudited) (USD $)	Mar. 31, 2015	Dec. 31, 2014
Assets:
Cash and cash equivalents	$1,880,700	$1,840,500
Accounts receivable, including deferred rent of $264,400 and $111,300 at March 31, 2015 and December 31, 2014, respectively	2,530,300	2,128,600
Finance leases receivable	4,600,000	0
Aircraft and aircraft engines held for lease, net of accumulated depreciation of $39,019,900 and $38,962,800 at March 31, 2015 and December 31, 2014, respectively	180,724,000	186,762,600
Assets held for sale	5,295,900	6,522,900
Prepaid expenses and other	324,400	415,900
Total assets	195,355,300	197,670,500
Liabilities:
Accounts payable and accrued expenses	1,295,400	2,818,200
Notes payable and accrued interest, net of unamortized debt issuance costs of $3,371,500 and $4,104,400 at March 31, 2015 and December 31, 2014, respectively	126,105,400	129,486,200
Maintenance reserves	14,407,900	12,927,700
Accrued maintenance costs	1,299,100	2,115,700
Security deposits	4,253,700	5,218,300
Unearned revenues	3,379,500	1,642,200
Deferred income taxes	9,020,400	8,621,300
Income taxes payable	800	0
Total liabilities	159,762,200	162,829,600
Commitments and contingencies
Stockholders' equity:
Preferred stock, $0.001 par value, 2,000,000 shares authorized, no shares issued and outstanding	0	0
Common stock, $0.001 par value, 10,000,000 shares authorized, 1,606,557 shares issued and outstanding	1,600	1,600
Paid-in capital	14,780,100	14,780,100
Retained earnings	21,315,500	20,563,300
Shareholders equity before treasury stock	36,097,200	35,345,000
Treasury stock at cost, 63,300 shares	-504,100	-504,100
Total stockholders' equity	35,593,100	34,840,900
Total liabilities and stockholders' equity	$195,355,300	$197,670,500

Balance_Sheets_Unaudited_Paren

Balance Sheets (Unaudited) (Parenthetical) (USD $)	Mar. 31, 2015	Dec. 31, 2014
Assets:
Accounts receivable, deferred rent	$264,400	$111,300
Aircraft and aircraft engines held for lease, accumulated depreciation	39,019,900	38,962,800
Liabilities:
Unamortized debt issuance costs	$3,371,500	$4,104,400
Stockholders' equity:
Preferred stock, par value (in dollars per share)	$0.00	$0.00
Preferred stock, authorized (in shares)	2,000,000	2,000,000
Preferred stock, issued (in shares)	0	0
Preferred stock, outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$0.00	$0.00
Common stock, authorized (in shares)	10,000,000	10,000,000
Common stock, issued (in shares)	1,606,557	1,606,557
Common stock, outstanding (in shares)	1,606,557	1,606,557
Treasury stock (in shares)	63,300	63,300

Statements_of_Operations_Unaud

Statements of Operations (Unaudited) (USD $)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Revenues and other income:
Operating lease revenue, net	$6,437,800	$5,850,800
Net gain on disposal of assets	1,861,900	391,900
Maintenance reserves revenue, net	327,400	1,675,800
Other income	300	84,400
Total Income	8,627,400	8,002,900
Expenses:
Depreciation	2,327,800	1,865,800
Interest	1,878,300	1,307,000
Management fees	1,433,300	1,327,300
Maintenance	1,382,000	2,344,300
Professional fees, general and administrative and other	410,600	304,500
Other taxes	57,700	22,600
Insurance	-14,500	307,200
Total expenses	7,475,200	7,478,700
Income before income tax provision	1,152,200	524,200
Income tax provision	400,000	154,500
Net income	$752,200	$369,700
Earnings per share:
Basic (in dollars per share)	$0.49	$0.24
Diluted (in dollars per share)	$0.48	$0.23
Weighted average shares used in earnings per share computations:
Basic (in shares)	1,543,257	1,543,257
Diluted (in shares)	1,552,765	1,583,064

Statements_of_Cash_Flows_Unaud

Statements of Cash Flows (Unaudited) (USD $)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Statements of Cash Flows (Unaudited) [Abstract]
Net cash provided by operating activities	$2,963,000	$4,783,300
Investing activities:
Proceeds from sale of aircraft and aircraft engines held for lease, net of re-sale fees	700,000	2,738,000
Proceeds from sale of assets held for sale, net of re-sale fees	1,687,000	215,200
Purchases of aircraft and aircraft engines	-1,309,800	-32,225,000
Net cash provided by/(used in) investing activities	1,077,200	-29,271,800
Financing activities:
Borrowings under Credit Facility	0	30,600,000
Repayments of Credit Facility	-4,000,000	-3,200,000
Debt issuance costs	0	-95,000
Net cash (used in)/provided by financing activities	-4,000,000	27,305,000
Net increase in cash and cash equivalents	40,200	2,816,500
Cash and cash equivalents, beginning of period	1,840,500	2,112,700
Cash and cash equivalents, end of period	$1,880,700	$4,929,200

Statements_of_Cash_Flows_Unaud1

Statements of Cash Flows (Unaudited) (Parenthetical) (USD $)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Statements of Cash Flows (Unaudited) [Abstract]
Interest paid	$1,327,300	$1,024,800
Income taxes paid	$0	$0

Organization_and_Summary_of_Si

Organization and Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2015
Organization and Summary of Significant Accounting Policies [Abstract]
Organization and Summary of Significant Accounting Policies	1.Organization and Summary of Significant Accounting Policies
	(a)The Company and Basis of Presentation
	AeroCentury Corp., a Delaware corporation incorporated in 1997, acquires used regional aircraft and engines for lease to foreign and domestic regional carriers.
	The condensed financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information, the instructions to Form 10-Q and Article 10 of Regulation S-X.  Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements.  In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included.  Operating results for the three-month periods ended March 31, 2015 are not necessarily indicative of the results that may be expected for the year ending December 31, 2015.
	For further information, refer to the financial statements and footnotes thereto included in the Company’s annual report on Form 10-K for the year ended December 31, 2014.
	(b)Use of Estimates
	The Company’s financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”).  The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period.  Actual results could differ from those estimates.  The Company bases its estimates on historical experience and on various other assumptions that are believed to be reasonable for making judgments that are not readily apparent from other sources.
	The most significant estimates with regard to these financial statements are the residual values and useful lives of the assets, the amount and timing of cash flows associated with each asset that are used to evaluate whether assets are impaired, accrued maintenance costs, accounting for income taxes, and the amounts recorded as allowances for doubtful accounts.
	(c)Fair Value Measurements
	Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs, to the extent possible. The fair value hierarchy under GAAP is based on three levels of inputs.
	Level 1 - Quoted prices in active markets for identical assets or liabilities.
	Level 2 - Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.
	Level 3 - Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.
	Assets and Liabilities Measured and Recorded at Fair Value on a Recurring Basis
	The carrying amount of the Company's money market funds included in cash and cash equivalents was $1,744,600 and $1,044,300 at March 31, 2015 and December 31, 2014, respectively.  The fair value of the Company's money market funds would be categorized as Level 1 under the GAAP fair value hierarchy.
	As of March 31, 2015 and December 31, 2014, there were no liabilities that were required to be measured and recorded at fair value on a recurring basis.
	Assets Measured and Recorded at Fair Value on a Nonrecurring Basis
	The Company determines fair value of long-lived assets held and used, such as aircraft and aircraft engines held for lease and held for sale, by reference to independent appraisals, quoted market prices (e.g., offers to purchase) and other factors. An impairment charge is recorded when the Company believes that the carrying value of an asset will not be recovered through future net cash flows and that the carrying value exceeds its fair value.
	During the third quarter of 2014, based on appraised values, the Company recorded impairment charges totaling $3,124,200 for two regional jet aircraft and two turboprop aircraft that are held for lease, resulting in a carrying value of $7,837,300.  The fair value of such assets would be categorized as Level 2 under the GAAP fair value hierarchy.  No impairments were recorded on the Company's aircraft and aircraft engines held for lease in the first quarter of 2015.
	During the second, third and fourth quarters of 2014, based on management's estimate of realizable value, the Company recorded impairment charges totaling $15,612,300 for five regional jet aircraft and one turboprop aircraft that are held for sale, resulting in a carrying value of $6,100,000 at December 31, 2014.  During the first quarter of 2015, the Company sold the turboprop aircraft, which had a carrying value of $1,100,000 at December 31, 2014.  The fair value of such assets would be categorized as Level 3 under the GAAP fair value hierarchy.  No impairments were recorded on the Company's aircraft and aircraft engines held for sale in the first quarter of 2015.
	Fair Value of Other Financial Instruments
	The Company’s financial instruments, other than cash and cash equivalents, consist principally of finance leases receivable and amounts borrowed under its credit facility (the “Credit Facility").  The fair value of accounts receivable, finance leases receivable, accounts payable and the Company’s maintenance reserves and accrued maintenance costs approximates the carrying value of these financial instruments.
	Borrowings under the Company’s Credit Facility bear floating rates of interest that reset periodically to a market benchmark rate plus a credit margin.  The Company believes the effective interest rate of this debt agreement approximates current market rates for such indebtedness at the balance sheet date, and therefore that the carrying amount of its floating rate debt at the balance sheet dates approximates its fair value.  The fair value of the Company’s outstanding balance of its Credit Facility would be categorized as Level 3 under the GAAP fair value hierarchy.
	(d)Finance Leases
	The Company does not include the value, purchase price or accumulated depreciation of finance lease assets on its balance sheet.  Instead, the discounted present value of (i) future minimum lease payments (including the bargain purchase option) and (ii) any residual value not subject to a bargain purchase option are reported as a finance lease receivable.  Rental revenue and depreciation expense are not recognized on finance leases.  Rather, the Company accrues interest on the balance of the finance lease receivable based on the interest rate inherent in the applicable lease.
	The lease for one of the Company’s aircraft, which commenced in March 2015, contains a lessee purchase option at a price substantially below the asset's estimated residual value at the exercise date for the option.  Consequently, the Company considers the purchase option to be a bargain purchase option and has classified the lease as a sales-type finance lease for financial accounting purposes.
	Two engines that were previously subject to finance leases were returned to the Company during 2014 and the finance lease receivable balances were reclassified to aircraft and aircraft engines held for lease on the Company’s balance sheet.
	The Company recognized interest earned on finance leases as “other income” in the amount of $0 and $83,700 in the three months ended March 31, 2015 and 2014, respectively.
	(e)Recent Accounting Pronouncements
	On May 28, 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update No. 2014-09 that created the new Topic 606 ("Topic 606") in the Accounting Standards Codification ("ASC").  Topic 606 also included numerous conforming additions and amendments to other Topics within the ASC.  Topic 606 establishes new rules that affect the amount and timing of revenue recognition for contracts with customers, but does not affect lease accounting and reporting.  As such, adoption of these provisions will not affect the Company's lease revenues but may affect the reporting of other of the Company's revenues.  The provisions included in Topic 606 are effective for years commencing after December 15, 2016, cannot be adopted early, and may be reflected using either a full retrospective method or a simplified method that does not recast prior periods but does disclose the effect of the adoption on the current period financial statements.  The Company has not determined either the potential impact on its financial statements nor the method it will elect to use in connection with the adoption of the changes included in Topic 606.
	On August 27, 2014, the FASB issued ASU 2014-15, "Presentation of Financial Statements - Going Concern," which added Subtopic 205-40 to the ASC ("Subtopic 205-40").  Subtopic 205-40 requires management to determine whether substantial doubt exists concerning the reporting entity's ability to continue as a going concern, in which case certain disclosures will be required.  Subtopic 205-40 affects financial statement presentation but not methods of accounting, and is effective on a prospective basis for annual periods ending after December 15, 2016 and each reporting period thereafter, although early adoption is permitted.  The Company has not early adopted Subtopic 205-40.
	(f)Change in Accounting Principle
	The Company historically presented deferred debt issuance costs, or fees related to directly issuing debt, as assets on its balance sheets.  On April 7, 2015, the FASB issued ASU 2015-03, "Interest: Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs" ("Subtopic 835-30").  Subtopic 835-30 requires the presentation of unamortized debt issuance costs on the Company's balance sheet as a direct deduction from the debt's value.  Subtopic 835-30 affects financial statement presentation only.  The recognition and measurement guidance for debt issuance costs is not affected.  Therefore, these costs will continue to be amortized as interest expense. Subtopic 835-30 is effective on a prospective basis for reporting periods that start after December 15, 2015, although early adoption is permitted.  The Company has early adopted Subtopic 835-30 effective beginning the first quarter ended March 31, 2015 and applied this guidance retrospectively to all prior periods presented in the Company's financial statements.
	The reclassification does not impact net income as previously reported or any prior amounts reported in the statement of cash flows.  The following table presents the effect of the retrospective application of this change in accounting principle on the Company's balance sheet as of December 31, 2014.
		31-Dec-14
		As reported		As adjusted		Effect of change
		previously
	Prepaid expenses and other	$	4,520,300	$	415,900	$	(4,104,400	)
	Total assets	$	201,774,900	$	197,670,500	$	(4,104,400	)
	Notes payable and accrued interest	$	133,590,600	$	129,486,200	$	(4,104,400	)
	Total liabilities and stockholders’ equity	$	201,774,900	$	197,670,500	$	(4,104,400	)

Aircraft_and_Aircraft_Engines_

Aircraft and Aircraft Engines Held for Lease or Sale	3 Months Ended
	Mar. 31, 2015
Aircraft and Aircraft Engines Held for Lease or Sale [Abstract]
Aircraft and Aircraft Engines Held for Lease or Sale	2.Aircraft and Aircraft Engines Held for Lease or Sale
	(a)Assets Held for Lease
	At March 31, 2015 and December 31, 2014, the Company’s aircraft and aircraft engines, which were on lease or held for lease, consisted of the following:
		31-Mar-15					31-Dec-14
	Type	Number		% of net book value			Number		% of net book value
		owned					owned
	Turboprop aircraft		25		51	%		25		52	%
	Regional jet aircraft		8		44	%		8		43	%
	Engines		5		5	%		5		5	%
	Assets subject to finance leases are not included in the net book value of assets held for lease, but are included in the number of aircraft owned.  Therefore, one of the Company's turboprop aircraft, which the Company re-leased pursuant to a finance lease during the first quarter of 2015, is not included in the net book value calculation as of March 31, 2015.
	During the first quarters of 2015 and 2014, the Company used cash of $1,309,800 and $32,225,000, respectively, for the purchase and capital improvement of aircraft.
	During the first quarter of 2015, the Company leased a turboprop aircraft pursuant to a finance lease and recorded a gain of $1,401,900.  During the first quarter of 2014, the Company recorded a net gain totaling $391,900 related to the sale of two turboprop aircraft.
	During the first quarter of 2015, the Company extended the leases for three of its assets.
	Ten of the Company’s assets that are held for lease were off lease at March 31, 2015, representing 10% of the net book value of the Company’s aircraft and engines held for lease.  Such assets are comprised of five turboprop aircraft and five engines.
	No adjustments to the carrying value of the Company’s assets held for lease were recorded during the three months ended March 31, 2015 and 2014.
	(b)Assets Held for Sale
	Assets held for sale at March 31, 2015 include two turboprop airframes, which are being sold in parts, and five regional jet aircraft.  During the three months ended March 31, 2015 and 2014, the Company received $127,000 and $215,200, respectively, from the sale of parts belonging to the two airframes, which proceeds reduced their carrying values.
	During March 2015, the Company sold an older turboprop aircraft, which was held for sale at December 31, 2014, and recorded a gain of $460,000.
	No adjustments to the carrying value of the Company’s assets held for sale were recorded during the three months ended March 31, 2015 and 2014.

Maintenance_Reserves_and_Accru

Maintenance Reserves and Accrued Maintenance Costs	3 Months Ended
	Mar. 31, 2015
Maintenance Reserves and Accrued Maintenance Costs [Abstract]
Maintenance Reserves and Accrued Maintenance Costs	3.Maintenance Reserves and Accrued Maintenance Costs
	Maintenance costs under the Company’s triple net leases are generally the responsibility of the lessees.  Most of the Company’s leases require payment of maintenance reserves, which are based upon lessee-reported usage and billed monthly, and are intended to accumulate and be applied by the Company toward reimbursement of most or all of the cost of the lessees’ performance of certain maintenance obligations under the leases. Such reimbursements reduce the associated maintenance reserve liability.
	Maintenance reserves are characterized as either refundable or non-refundable depending on their disposition at lease-end.  The Company retains non-refundable maintenance reserves at lease-end, even if the lessee has met all of its obligations under the lease, including any return conditions applicable to the leased asset, while refundable reserves are returned to the lessee under such circumstances.  Any reserves retained by the Company at lease end are recorded as revenue at that time.
	Accrued maintenance costs include (i) maintenance for work performed for off-lease aircraft, which is not related to the release of reserves received from lessees and (ii) lessor maintenance obligations assumed upon acquisition of aircraft subject to a lease with such provisions.  Maintenance costs are expensed as incurred.

Notes_Payable_and_Accrued_Inte

Notes Payable and Accrued Interest	3 Months Ended
	Mar. 31, 2015
Notes Payable and Accrued Interest [Abstract]
Notes Payable and Accrued Interest	4.Notes Payable and Accrued Interest
	At March 31, 2015 and December 31, 2014, the Company’s notes payable and accrued interest consisted of the following:
		March 31,			December 31,
		2015			2014
	Credit Facility principal	$	129,400,000		$	133,400,000
	Unamortized debt issuance costs		(3,371,500	)		(4,104,400	)
	Credit Facility accrued interest		76,900			190,600
		$	126,105,400		$	129,486,200
	The Company's $150 million Credit Facility is provided by a syndicate of banks and is secured by all of the assets of the Company, including its aircraft and engine portfolio.  The Credit Facility can be expanded to a maximum of $180 million.
	The unused amount of the Credit Facility was $20,600,000 and $16,600,000 as of March 31, 2015 and December 31, 2014, respectively.
	The weighted average interest rate on the Credit Facility was 3.80% and 3.58% at March 31, 2015 and December 31, 2014, respectively.

Computation_of_Earnings_Per_Sh

Computation of Earnings Per Share	3 Months Ended
	Mar. 31, 2015
Computation of Earnings Per Share [Abstract]
Computation of Earnings Per Share	5.Computation of Earnings Per Share
	Basic and diluted earnings per share are calculated as follows:
		For the Three Months Ended March 31,
		2015		2014
	Net income	$	752,200	$	369,700
	Weighted average shares outstanding for the period		1,543,257		1,543,257
	Dilutive effect of warrants		9,508		39,807
	Weighted average diluted shares used in calculation		1,552,765		1,583,064
	of diluted earnings per share
	Basic earnings per share	$	0.49	$	0.24
	Diluted earnings per share	$	0.48	$	0.23
	Basic earnings per common share is computed using net income and the weighted average number of common shares outstanding during the period.  Diluted earnings per common share are computed using net income and the weighted average number of common shares outstanding, assuming dilution.  Weighted average common shares outstanding, assuming dilution, include potentially dilutive common shares outstanding during the period. Potentially dilutive common shares include the assumed exercise of warrants using the treasury stock method.

Related_Party_Transactions

Related Party Transactions	3 Months Ended
	Mar. 31, 2015
Related Party Transactions [Abstract]
Related Party Transactions	6. Related Party Transactions
	The Company’s portfolio of leased aircraft assets is managed and administered under the terms of a management agreement with JetFleet Management Corp. (“JMC”), which is an integrated aircraft management, marketing and financing business and a subsidiary of JetFleet Holding Corp. ("JHC").  Certain officers of the Company are also officers of JHC and JMC and hold significant ownership positions in both JHC and the Company.
	Under the management agreement, JMC receives a monthly management fee based on the net asset value of the assets under management. JMC also receives an acquisition fee for locating assets for the Company.  Acquisition fees are included in the cost basis of the asset purchased.  JMC may receive a remarketing fee in connection with the re-lease or sale of the Company’s assets.  Remarketing fees are amortized over the applicable lease term or included in the gain or loss on sale.  Fees paid by the Company to JMC are used by JMC for office rent, worldwide travel, outside technical experts and other overhead expenses, including employee salaries and benefits, since the Company has no employees.
	Fees incurred during the three months ended March 31, 2015 and 2014 were as follows:
		For the Three Months Ended March 31,
		2015		2014
	Management fees	$	1,433,300		1,327,300
	Acquisition fees		-		980,000
	Remarketing fees		199,000		64,000

Organization_and_Summary_of_Si1

Organization and Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2015
Organization and Summary of Significant Accounting Policies [Abstract]
The Company and Basis of Presentation	(a)The Company and Basis of Presentation
	AeroCentury Corp., a Delaware corporation incorporated in 1997, acquires used regional aircraft and engines for lease to foreign and domestic regional carriers.
	The condensed financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information, the instructions to Form 10-Q and Article 10 of Regulation S-X.  Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements.  In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included.  Operating results for the three-month periods ended March 31, 2015 are not necessarily indicative of the results that may be expected for the year ending December 31, 2015.
	For further information, refer to the financial statements and footnotes thereto included in the Company’s annual report on Form 10-K for the year ended December 31, 2014.
Use of Estimates	(b)Use of Estimates
	The Company’s financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”).  The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period.  Actual results could differ from those estimates.  The Company bases its estimates on historical experience and on various other assumptions that are believed to be reasonable for making judgments that are not readily apparent from other sources.
	The most significant estimates with regard to these financial statements are the residual values and useful lives of the assets, the amount and timing of cash flows associated with each asset that are used to evaluate whether assets are impaired, accrued maintenance costs, accounting for income taxes, and the amounts recorded as allowances for doubtful accounts.
Fair Value Measurements	(c)Fair Value Measurements
	Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs, to the extent possible. The fair value hierarchy under GAAP is based on three levels of inputs.
	Level 1 - Quoted prices in active markets for identical assets or liabilities.
	Level 2 - Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.
	Level 3 - Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.
	Assets and Liabilities Measured and Recorded at Fair Value on a Recurring Basis
	The carrying amount of the Company's money market funds included in cash and cash equivalents was $1,744,600 and $1,044,300 at March 31, 2015 and December 31, 2014, respectively.  The fair value of the Company's money market funds would be categorized as Level 1 under the GAAP fair value hierarchy.
	As of March 31, 2015 and December 31, 2014, there were no liabilities that were required to be measured and recorded at fair value on a recurring basis.
	Assets Measured and Recorded at Fair Value on a Nonrecurring Basis
	The Company determines fair value of long-lived assets held and used, such as aircraft and aircraft engines held for lease and held for sale, by reference to independent appraisals, quoted market prices (e.g., offers to purchase) and other factors. An impairment charge is recorded when the Company believes that the carrying value of an asset will not be recovered through future net cash flows and that the carrying value exceeds its fair value.
	During the third quarter of 2014, based on appraised values, the Company recorded impairment charges totaling $3,124,200 for two regional jet aircraft and two turboprop aircraft that are held for lease, resulting in a carrying value of $7,837,300.  The fair value of such assets would be categorized as Level 2 under the GAAP fair value hierarchy.  No impairments were recorded on the Company's aircraft and aircraft engines held for lease in the first quarter of 2015.
	During the second, third and fourth quarters of 2014, based on management's estimate of realizable value, the Company recorded impairment charges totaling $15,612,300 for five regional jet aircraft and one turboprop aircraft that are held for sale, resulting in a carrying value of $6,100,000 at December 31, 2014.  During the first quarter of 2015, the Company sold the turboprop aircraft, which had a carrying value of $1,100,000 at December 31, 2014.  The fair value of such assets would be categorized as Level 3 under the GAAP fair value hierarchy.  No impairments were recorded on the Company's aircraft and aircraft engines held for sale in the first quarter of 2015.
	Fair Value of Other Financial Instruments
	The Company’s financial instruments, other than cash and cash equivalents, consist principally of finance leases receivable and amounts borrowed under its credit facility (the “Credit Facility").  The fair value of accounts receivable, finance leases receivable, accounts payable and the Company’s maintenance reserves and accrued maintenance costs approximates the carrying value of these financial instruments.
	Borrowings under the Company’s Credit Facility bear floating rates of interest that reset periodically to a market benchmark rate plus a credit margin.  The Company believes the effective interest rate of this debt agreement approximates current market rates for such indebtedness at the balance sheet date, and therefore that the carrying amount of its floating rate debt at the balance sheet dates approximates its fair value.  The fair value of the Company’s outstanding balance of its Credit Facility would be categorized as Level 3 under the GAAP fair value hierarchy.
Finance Leases	(d)Finance Leases
	The Company does not include the value, purchase price or accumulated depreciation of finance lease assets on its balance sheet.  Instead, the discounted present value of (i) future minimum lease payments (including the bargain purchase option) and (ii) any residual value not subject to a bargain purchase option are reported as a finance lease receivable.  Rental revenue and depreciation expense are not recognized on finance leases.  Rather, the Company accrues interest on the balance of the finance lease receivable based on the interest rate inherent in the applicable lease.
	The lease for one of the Company’s aircraft, which commenced in March 2015, contains a lessee purchase option at a price substantially below the asset's estimated residual value at the exercise date for the option.  Consequently, the Company considers the purchase option to be a bargain purchase option and has classified the lease as a sales-type finance lease for financial accounting purposes.
	Two engines that were previously subject to finance leases were returned to the Company during 2014 and the finance lease receivable balances were reclassified to aircraft and aircraft engines held for lease on the Company’s balance sheet.
	The Company recognized interest earned on finance leases as “other income” in the amount of $0 and $83,700 in the three months ended March 31, 2015 and 2014, respectively.
Recent Accounting Pronouncements	(e)Recent Accounting Pronouncements
	On May 28, 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update No. 2014-09 that created the new Topic 606 ("Topic 606") in the Accounting Standards Codification ("ASC").  Topic 606 also included numerous conforming additions and amendments to other Topics within the ASC.  Topic 606 establishes new rules that affect the amount and timing of revenue recognition for contracts with customers, but does not affect lease accounting and reporting.  As such, adoption of these provisions will not affect the Company's lease revenues but may affect the reporting of other of the Company's revenues.  The provisions included in Topic 606 are effective for years commencing after December 15, 2016, cannot be adopted early, and may be reflected using either a full retrospective method or a simplified method that does not recast prior periods but does disclose the effect of the adoption on the current period financial statements.  The Company has not determined either the potential impact on its financial statements nor the method it will elect to use in connection with the adoption of the changes included in Topic 606.
	On August 27, 2014, the FASB issued ASU 2014-15, "Presentation of Financial Statements - Going Concern," which added Subtopic 205-40 to the ASC ("Subtopic 205-40").  Subtopic 205-40 requires management to determine whether substantial doubt exists concerning the reporting entity's ability to continue as a going concern, in which case certain disclosures will be required.  Subtopic 205-40 affects financial statement presentation but not methods of accounting, and is effective on a prospective basis for annual periods ending after December 15, 2016 and each reporting period thereafter, although early adoption is permitted.  The Company has not early adopted Subtopic 205-40.
Change in Accounting Principle	(f)Change in Accounting Principle
	The Company historically presented deferred debt issuance costs, or fees related to directly issuing debt, as assets on its balance sheets.  On April 7, 2015, the FASB issued ASU 2015-03, "Interest: Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs" ("Subtopic 835-30").  Subtopic 835-30 requires the presentation of unamortized debt issuance costs on the Company's balance sheet as a direct deduction from the debt's value.  Subtopic 835-30 affects financial statement presentation only.  The recognition and measurement guidance for debt issuance costs is not affected.  Therefore, these costs will continue to be amortized as interest expense. Subtopic 835-30 is effective on a prospective basis for reporting periods that start after December 15, 2015, although early adoption is permitted.  The Company has early adopted Subtopic 835-30 effective beginning the first quarter ended March 31, 2015 and applied this guidance retrospectively to all prior periods presented in the Company's financial statements.
	The reclassification does not impact net income as previously reported or any prior amounts reported in the statement of cash flows.  The following table presents the effect of the retrospective application of this change in accounting principle on the Company's balance sheet as of December 31, 2014.
		31-Dec-14
		As reported		As adjusted		Effect of change
		previously
	Prepaid expenses and other	$	4,520,300	$	415,900	$	(4,104,400	)
	Total assets	$	201,774,900	$	197,670,500	$	(4,104,400	)
	Notes payable and accrued interest	$	133,590,600	$	129,486,200	$	(4,104,400	)
	Total liabilities and stockholders’ equity	$	201,774,900	$	197,670,500	$	(4,104,400	)

Organization_and_Summary_of_Si2

Organization and Summary of Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2015
Organization and Summary of Significant Accounting Policies [Abstract]
Schedule of Error Corrections and Prior Period Adjustments	The following table presents the effect of the retrospective application of this change in accounting principle on the Company's balance sheet as of December 31, 2014.
		31-Dec-14
		As reported		As adjusted		Effect of change
		previously
	Prepaid expenses and other	$	4,520,300	$	415,900	$	(4,104,400	)
	Total assets	$	201,774,900	$	197,670,500	$	(4,104,400	)
	Notes payable and accrued interest	$	133,590,600	$	129,486,200	$	(4,104,400	)
	Total liabilities and stockholders’ equity	$	201,774,900	$	197,670,500	$	(4,104,400	)

Aircraft_and_Aircraft_Engines_1

Aircraft and Aircraft Engines Held for Lease or Sale (Tables)	3 Months Ended
	Mar. 31, 2015
Aircraft and Aircraft Engines Held for Lease or Sale [Abstract]
Aircraft and Aircraft Engines Held for Lease	At March 31, 2015 and December 31, 2014, the Company’s aircraft and aircraft engines, which were on lease or held for lease, consisted of the following:
		31-Mar-15					31-Dec-14
	Type	Number		% of net book value			Number		% of net book value
		owned					owned
	Turboprop aircraft		25		51	%		25		52	%
	Regional jet aircraft		8		44	%		8		43	%
	Engines		5		5	%		5		5	%

Notes_Payable_and_Accrued_Inte1

Notes Payable and Accrued Interest (Tables)	3 Months Ended
	Mar. 31, 2015
Notes Payable and Accrued Interest [Abstract]
Notes payable and accrued interest	At March 31, 2015 and December 31, 2014, the Company’s notes payable and accrued interest consisted of the following:
		March 31,			December 31,
		2015			2014
	Credit Facility principal	$	129,400,000		$	133,400,000
	Unamortized debt issuance costs		(3,371,500	)		(4,104,400	)
	Credit Facility accrued interest		76,900			190,600
		$	126,105,400		$	129,486,200

Computation_of_Earnings_Per_Sh1

Computation of Earnings Per Share (Tables)	3 Months Ended
	Mar. 31, 2015
Computation of Earnings Per Share [Abstract]
Computation of earnings per share	Basic and diluted earnings per share are calculated as follows:
		For the Three Months Ended March 31,
		2015		2014
	Net income	$	752,200	$	369,700
	Weighted average shares outstanding for the period		1,543,257		1,543,257
	Dilutive effect of warrants		9,508		39,807
	Weighted average diluted shares used in calculation		1,552,765		1,583,064
	of diluted earnings per share
	Basic earnings per share	$	0.49	$	0.24
	Diluted earnings per share	$	0.48	$	0.23

Related_Party_Transactions_Tab

Related Party Transactions (Tables)	3 Months Ended
	Mar. 31, 2015
Related Party Transactions [Abstract]
Related Party Fees	Fees incurred during the three months ended March 31, 2015 and 2014 were as follows:
		For the Three Months Ended March 31,
		2015		2014
	Management fees	$	1,433,300		1,327,300
	Acquisition fees		-		980,000
	Remarketing fees		199,000		64,000

Organization_and_Summary_of_Si3

Organization and Summary of Significant Accounting Policies (Details) (USD $)	3 Months Ended			9 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Sep. 30, 2014	Dec. 31, 2014
			Aircraft
Property Subject to or Available for Operating Lease [Line Items]
Aircraft and aircraft engines held for lease, net	$180,724,000			$186,762,600
Finance Leases [Abstract]
Interest earned on finance lease	0	83,700
Balance Sheets [Abstract]
Prepaid expenses and other	324,400			415,900
Total assets	195,355,300			197,670,500
Notes payable and accrued interest	126,105,400			129,486,200
Total liabilities and stockholders' equity	195,355,300			197,670,500
As Reported Previously [Member]
Balance Sheets [Abstract]
Prepaid expenses and other				4,520,300
Total assets				201,774,900
Notes payable and accrued interest				133,590,600
Total liabilities and stockholders' equity				201,774,900
As Adjusted [Member]
Balance Sheets [Abstract]
Prepaid expenses and other				415,900
Total assets				197,670,500
Notes payable and accrued interest				129,486,200
Total liabilities and stockholders' equity				197,670,500
Effect of Change [Member]
Balance Sheets [Abstract]
Prepaid expenses and other				-4,104,400
Total assets				-4,104,400
Notes payable and accrued interest				-4,104,400
Total liabilities and stockholders' equity				-4,104,400
Regional Jet Aircraft [Member]
Property Subject to or Available for Operating Lease [Line Items]
Number of aircraft held for lease			2
Number of aircraft held for sale	5			5
Turboprop Aircraft [Member]
Property Subject to or Available for Operating Lease [Line Items]
Number of aircraft held for lease			2
Number of aircraft held for sale	2			1
Sale of aircraft, carrying value	1,100,000
Regional Jet Aircraft and Turboprop Aircraft [Member] | Held-for-sale [Member]
Property Subject to or Available for Operating Lease [Line Items]
Impairment charge	0			15,612,300
Aircraft and aircraft engines held for lease, net				6,100,000
Regional Jet Aircraft and Turboprop Aircraft [Member] | Held-for-lease [Member]
Property Subject to or Available for Operating Lease [Line Items]
Impairment charge	0		3,124,200
Aircraft and aircraft engines held for lease, net			7,837,300
Recurring [Member]
Assets and Liabilities Measured and Recorded at Fair Value on a Recurring Basis [Abstract]
Money market funds included in cash and cash equivalents	1,744,600			1,044,300
Liabilities recorded at fair value	$0			$0

Aircraft_and_Aircraft_Engines_2

Aircraft and Aircraft Engines Held for Lease or Sale (Details) (USD $)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2014
	Aircraft		Aircraft
Aircraft and aircraft engines held for lease or sale [Abstract]
Payment for equipment and acquisition costs related to aircraft purchased	$1,309,800	$32,225,000
Number of assets lease term extended	3
Number of off leased assets leased	10
Re-lease opportunities for the off-lease aircraft (in hundredths)	10.00%
Proceeds from the sale of airframe parts	1,687,000	215,200
Held-for-sale [Member]
Aircraft and aircraft engines held for lease or sale [Abstract]
Adjustments to carrying value of company assets	0	0
Proceeds from the sale of airframe parts	127,000	215,200
Held-for-Leases [Member]
Aircraft and aircraft engines held for lease or sale [Abstract]
Adjustments to carrying value of company assets	0	0
Turboprop Aircraft [Member]
Aircraft and aircraft engines held for lease or sale [Abstract]
Number owned	25		25
Percentage of net book value (in hundredths)	51.00%		52.00%
Number of aircraft re-leased	1
Gain on financial lease	1,401,900
Gain on sale of aircraft and parts from an engine	$460,000	$391,900
Number of aircraft sold	2
Number of entity aircraft off lease	5
Number of aircraft held for sale	2		1
Regional Jet Aircraft [Member]
Aircraft and aircraft engines held for lease or sale [Abstract]
Number owned	8		8
Percentage of net book value (in hundredths)	44.00%		43.00%
Number of aircraft held for sale	5		5
Engines [Member]
Aircraft and aircraft engines held for lease or sale [Abstract]
Number owned	5		5
Percentage of net book value (in hundredths)	5.00%		5.00%
Number of entity aircraft off lease	5

Notes_Payable_and_Accrued_Inte2

Notes Payable and Accrued Interest (Details) (USD $)	Mar. 31, 2015	Dec. 31, 2014
Notes Payable and Accrued Interest [Abstract]
Unamortized debt issuance costs	($3,371,500)	($4,104,400)
Notes payable and accrued interest	126,105,400	129,486,200
Credit Facility [Member]
Notes Payable and Accrued Interest [Abstract]
Credit Facility principal	129,400,000	133,400,000
Unamortized debt issuance costs	-3,371,500	-4,104,400
Credit Facility accrued interest	76,900	190,600
Notes payable and accrued interest	126,105,400	129,486,200
Credit Facility [Abstract]
Credit facility, borrowing capacity replaced	150,000,000
Credit facility maximum borrowing capacity	180,000,000
Unused amount of the credit facility	$20,600,000	$16,600,000
Weighted average interest rate on credit facility (in hundredths)	3.80%	3.58%

Computation_of_Earnings_Per_Sh2

Computation of Earnings Per Share (Details) (USD $)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Basic and diluted earning/loss per share [Abstract]
Net income	$752,200	$369,700
Weighted average shares outstanding for the period (in shares)	1,543,257	1,543,257
Dilutive effect of warrants (in shares)	9,508	39,807
Weighted average diluted shares used in calculation of diluted earnings per share (in shares)	1,552,765	1,583,064
Basic earnings per share (in dollars per share)	$0.49	$0.24
Diluted earnings per share (in dollars per share)	$0.48	$0.23

Related_Party_Transactions_Det

Related Party Transactions (Details) (JetFleet Management Corp. [Member], USD $)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
JetFleet Management Corp. [Member]
Related Party Transaction [Line Items]
Management fees	$1,433,300	$1,327,300
Acquisition fees	0	980,000
Remarketing fees	$199,000	$64,000