Mega Matrix (MPU) 10-K 8 Mar 18 2017 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2017	Mar. 08, 2018	Jun. 30, 2017
Document and Entity Information [Abstract]
Entity Registrant Name	AEROCENTURY CORP
Entity Central Index Key	1,036,848
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Smaller Reporting Company
Entity Public Float			$ 12,966,200
Entity Common Stock, Shares Outstanding		1,416,699
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	FY
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2017

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($)	Dec. 31, 2017	Dec. 31, 2016
Assets:
Cash and cash equivalents	$ 8,657,800	$ 2,194,400
Accounts receivable, including deferred rent of $707,300 and $604,800 at December 31, 2017 and December 31, 2016, respectively	3,825,100	4,046,100
Finance leases receivable	23,561,000	17,468,300
Aircraft and aircraft engines held for lease, net of accumulated depreciation of $33,234,200 and $32,639,600 at December 31, 2017 and December 31, 2016, respectively	195,098,200	192,799,800
Assets held for sale	4,966,500	1,998,100
Prepaid expenses and other	301,300	229,400
Total assets	236,409,900	218,736,100
Liabilities:
Accounts payable and accrued expenses	645,200	1,218,100
Notes payable and accrued interest, net of unamortized debt issuance costs of $2,216,000 and $1,999,900 at December 31, 2017 and December 31, 2016, respectively	145,598,200	125,837,900
Maintenance reserves	26,942,800	29,424,100
Accrued maintenance costs	1,275,300	965,000
Security deposits	3,147,900	3,933,200
Unearned revenues	2,447,500	1,903,900
Deferred income taxes	8,533,700	12,830,500
Income taxes payable	452,600	123,200
Total liabilities	189,043,200	176,235,900
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, 1,629,999 shares issued, 1,416,699 and 1,566,699 outstanding at December 31, 2017 and December 31, 2016, respectively	1,600	1,600
Paid-in capital	14,780,100	14,780,100
Retained earnings	35,621,800	28,222,600
Shareholders equity before treasury stock	50,403,500	43,004,300
Treasury stock at cost, 213,300 and 63,300 shares at December 31, 2017 and December 31, 2016	(3,036,800)	(504,100)
Total stockholders' equity	47,366,700	42,500,200
Total liabilities and stockholders' equity	$ 236,409,900	$ 218,736,100

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($)	Dec. 31, 2017	Dec. 31, 2016
Assets:
Accounts receivable, deferred rent	$ 707,300	$ 604,800
Aircraft and aircraft engines held for lease, accumulated depreciation	33,234,200	32,639,600
Liabilities:
Unamortized debt issuance costs	$ 2,216,000	$ 1,999,900
Stockholders' equity:
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
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)	$ 0.001	$ 0.001
Common stock, authorized (in shares)	10,000,000	10,000,000
Common stock, issued (in shares)	1,629,999	1,629,999
Common stock, outstanding (in shares)	1,416,699	1,566,699
Treasury stock (in shares)	213,300	63,300

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Revenues and other income:
Operating lease revenue, net	$ 29,002,700	$ 24,464,500
Maintenance reserves revenue, net	3,886,900	0
Finance lease revenue	1,571,500	868,100
Net gain on disposal of assets	791,500	2,149,600
Net gain on sales-type finance leases	297,400	1,216,700
Other income	3,800	17,400
Total Income	35,553,800	28,716,300
Expenses:
Depreciation	12,025,600	9,139,700
Interest	7,753,200	5,339,700
Management fees	6,109,200	5,216,400
Maintenance	2,924,300	3,285,700
Professional fees, general and administrative and other	1,945,100	1,667,600
Provision for impairment in value of aircraft	1,002,100	1,226,800
Bad debt expense	0	835,800
Insurance	271,300	309,200
Other taxes	90,300	(276,600)
Total expenses	32,121,100	26,744,300
Income before income tax provision	3,432,700	1,972,000
Income tax (benefit)/provision	(3,966,500)	750,300
Net income	$ 7,399,200	$ 1,221,700
Earnings per share:
Basic (in dollars per share)	$ 5.10	$ 0.78
Diluted (in dollars per share)	$ 5.10	$ 0.78
Weighted average shares used in earnings per share computations:
Basic (in shares)	1,449,576	1,566,699
Diluted (in shares)	1,449,576	1,566,699

Consolidated Statements of Stoc

Consolidated Statements of Stockholders' Equity - USD ($)	Common Stock [Member]	Paid-in Capital [Member]	Retained Earnings [Member]	Treasury Stock [Member]	Total
Balance at Dec. 31, 2015	$ 1,600	$ 14,780,100	$ 27,000,900	$ (504,100)	$ 41,278,500
Balance (in shares) at Dec. 31, 2015	1,566,699
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	$ 0	0	1,221,700	0	1,221,700
Balance at Dec. 31, 2016	$ 1,600	14,780,100	28,222,600	(504,100)	42,500,200
Balance (in shares) at Dec. 31, 2016	1,566,699
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Repurchase of shares	$ 0	0	0	(2,532,700)	$ (2,532,700)
Repurchase of shares (in shares)	(150,000)				(150,000)
Net income	$ 0	0	7,399,200	0	$ 7,399,200
Balance at Dec. 31, 2017	$ 1,600	$ 14,780,100	$ 35,621,800	$ (3,036,800)	$ 47,366,700
Balance (in shares) at Dec. 31, 2017	1,416,699

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Operating activities:
Net income	$ 7,399,200	$ 1,221,700
Adjustments to reconcile net income to net cash provided by operating activities:
Net gain on disposal of assets	(791,500)	(2,149,600)
Net gain on sales-type finance leases	(297,400)	(1,216,700)
Depreciation	12,025,600	9,139,700
Provision for impairment in value of aircraft	1,002,100	1,226,800
Non-cash interest	1,012,300	879,000
Deferred income taxes	(4,296,800)	626,300
Changes in operating assets and liabilities:
Accounts receivable	1,000,700	400,100
Finance leases receivable	(510,700)	(668,200)
Prepaid expenses and other	(123,500)	(10,200)
Accounts payable and accrued expenses	(572,000)	(152,400)
Accrued interest on notes payable	188,100	(35,400)
Maintenance reserves and accrued costs	(2,171,000)	698,700
Security deposits	(232,300)	780,500
Unearned revenue	608,500	481,000
Income taxes payable	329,400	123,200
Net cash provided by operating activities	14,570,700	11,344,500
Investing activities:
Proceeds from sale of aircraft and aircraft engines held for lease, net of re-sale fees	12,741,200	2,918,400
Proceeds from sale of assets held for sale, net of re-sale fees	193,000	3,422,800
Proceeds from insurance	0	18,886,700
Investment in direct financing leases	(7,614,200)	0
Purchases of aircraft and aircraft engines	(32,063,100)	(54,357,600)
Net cash used in investing activities	(26,743,100)	(29,129,700)
Financing activities:
Issuance of notes payable - Credit Facility	35,900,000	31,300,000
Repayment of notes payable - Credit Facility	(12,000,000)	(31,600,000)
Debt issuance costs	(1,152,500)	(65,000)
Issuance of notes payable - special purpose financing	0	19,609,900
Repayment of notes payable - special purpose financing	(4,111,700)	(1,986,300)
Net cash provided by financing activities	18,635,800	17,258,600
Net increase/(decrease) in cash and cash equivalents	6,463,400	(526,600)
Cash and cash equivalents, beginning of year	2,194,400	2,721,000
Cash and cash equivalents, end of year	$ 8,657,800	$ 2,194,400

Consolidated Statements of Cas7

Consolidated Statements of Cash Flows (Parenthetical) - USD ($)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Consolidated Statements of Cash Flows [Abstract]
Interest paid	$ 6,642,300	$ 4,581,400
Income taxes paid	$ 800	$ 800
Repurchase of shares (in shares)	150,000
Repurchase of shares	$ 2,532,700

Organization and Summary of Sig

Organization and Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2017
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, typically acquires used regional aircraft and engines for lease to foreign and domestic regional carriers. In August 2016, AeroCentury Corp. formed two wholly-owned subsidiaries, ACY 19002 Limited ("ACY 19002") and ACY 19003 Limited ("ACY 19003") for the purpose of acquiring aircraft using a combination of cash and financing ("SPE Financing") separate from the parent's credit facility. Financial information for AeroCentury Corp., ACY 19002 and ACY 19003 (collectively, the "Company") is presented on a consolidated basis in accordance with accounting principles generally accepted in the United States of America ("GAAP") based upon the continuation of the business as a going concern. All intercompany balances and transactions have been eliminated in consolidation. Certain prior year amounts have been reclassified to conform to the current year's presentation. These changes did not impact the previously reported revenue, net income, stockholders' equity or cash flows. (b) Use of Estimates The Company's consolidated financial statements have been prepared in accordance with GAAP. The preparation of consolidated 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 consolidated 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 consolidated financial statements are the residual values and useful lives of the Company's long lived assets, the amount and timing of future 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) Cash and cash equivalents The Company considers highly liquid investments readily convertible into known amounts of cash, with original maturities of 90 days or less from the date of acquisition, as cash equivalents. (d) Aircraft Capitalization and Depreciation The Company's interests in aircraft and aircraft engines are recorded at cost, which includes acquisition costs. Since inception, the Company has typically purchased only used aircraft and aircraft engines. It is the Company's policy to hold aircraft for approximately years unless market conditions dictate otherwise. Therefore, depreciation of aircraft is initially computed using the straight-line method over the anticipated holding period to an estimated residual value based on appraisal. For an aircraft engine held for lease as a spare, the Company estimates the length of time that it will hold the aircraft engine based upon estimated usage, repair costs and other factors, and depreciates it to the appraised residual value over such period using the straight-line method. The Company periodically reviews plans for lease or sale of its aircraft and aircraft engines and changes, as appropriate, the remaining expected holding period for such assets. Estimated residual values are reviewed and adjusted periodically, based upon updated estimates obtained from an independent appraiser. Decreases in the fair value of aircraft could affect not only the current value, discussed below, but also the estimated residual value. Assets that are held for sale are not subject to depreciation and are separately classified on the balance sheet. Such assets are carried at the lower of their carrying value or estimated fair values, less costs to sell. (e) 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 $6,151,900 and $1,348,100 at December 31, 2017 and December 31, 2016, respectively. The fair value of the Company's money market funds is categorized as Level 1 under the GAAP fair value hierarchy. As of December 31, 2017 and December 31, 2016, 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 assets held for sale, by reference to independent appraisals, quoted market prices (e.g., offers to purchase) and other factors. With respect to aircraft assets not on lease, the appraised value the Company uses is the average of current value appraisals from two appraisers, based on their understanding of the market for such aircraft and assuming an open and unrestricted market on an arm's length basis, and given an adequate amount of time for effective exposure to buyers. For assets subject to lease, the Company uses the average of two appraisals calculated on an "encumbered" basis that takes into consideration the rental stream and future value at lease end based on each appraiser's estimate as adjusted for actual return conditions, using an appropriate discount rate. (a) Assets held for lease During 2017 and 2016, the Company recorded impairment charges of $1,002,100 and $905,600, respectively, on its assets held for lease. (b) Assets held for sale The Company recorded no impairment charges on its aircraft held for sale during 2017. During 2016, the Company recorded impairment charges of $321,200 on three assets prior to their sale during the year. Fair Value of Other Financial Instruments The Company's financial instruments, other than cash and cash equivalents, consist principally of finance leases receivable, amounts borrowed under its credit facility (the "Credit Facility") and notes payable under special purpose financing. 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 that the effective interest rate under the Credit Facility approximates current market rates for such indebtedness at the balance sheet date, and therefore that the outstanding principal and accrued interest of $134,278,900 and $110,183,600 at December 31, 2017 and December 31, 2016, respectively, approximate their fair values on such dates. 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. The amounts payable under the Company's SPE Financing are payable through the fourth quarter of 2020 and bear a fixed rate of interest, as described in Note 6(b) to the consolidated financial statements. The Company believes that the effective interest rate under the SPE Financing approximates current market rates for such indebtedness at the balance sheet date, and therefore that the outstanding principal and accrued interest of $13,535,300 and $17,654,200 approximate their fair values at December 31, 2017 and December 31, 2016, respectively. Such fair value would be categorized as Level 3 under the GAAP fair value hierarchy. (f) Impairment of Long-lived Assets The Company reviews assets for impairment when there has been an event or a change in circumstances indicating that the carrying amount of a long-lived asset may not be recoverable. In addition, the Company routinely reviews all long-lived assets for impairment semi-annually. Recoverability of an asset is measured by comparison of its carrying amount to the future estimated undiscounted cash flows (without interest charges) that the asset is expected to generate. Estimates are based on currently available market data and independent appraisals and are subject to fluctuation from time to time. If these estimated future cash flows are less than the carrying value of an asset at the time of evaluation, any impairment to be recognized is measured by the amount by which the carrying amount of the asset exceeds its fair value. Fair value is determined by reference to independent appraisals and other factors considered relevant by management. Significant management judgment is required in the forecasting of future operating results that are used in the preparation of estimated future undiscounted cash flows and, if different conditions prevail in the future, material write-downs may occur. As discussed in (e) Fair Value Measurements (g) Deferred Financing Costs and Commitment Fees Costs incurred in connection with debt financing are deferred and amortized over the term of the debt using the effective interest method or, in certain instances where the differences are not material, using the straight-line method. Costs incurred in connection with the Company's Credit Facility are deferred and amortized using the straight-line method. Commitment fees for unused funds are expensed as incurred. (h) Security deposits The Company's leases are typically structured so that if any event of default occurs under a lease, the Company may apply all or a portion of the lessee's security deposit to cure such default. If such application of the security deposit is made, the lessee typically is required to replenish and maintain the full amount of the deposit during the remaining lease term. All of the security deposits received by the Company are refundable to the lessee at the end of the lease upon satisfaction of all lease terms. (i) Taxes As part of the process of preparing the Company's consolidated financial statements, management estimates income taxes in each of the jurisdictions in which the Company operates. This process involves estimating the Company's current tax exposure under the most recent tax laws and assessing temporary differences resulting from differing treatment of items for tax and GAAP purposes. These differences result in deferred tax assets and liabilities, which are included in the balance sheet. Management also assesses the likelihood that the Company's deferred tax assets will be recovered from future taxable income, and, to the extent management believes it is more likely than not that some portion or all of the deferred tax assets will not be realized, the Company establishes a valuation allowance. To the extent the Company establishes a valuation allowance or changes the allowance in a period, the Company reflects the corresponding increase or decrease within the tax provision in the statement of operations. Significant management judgment is required in determining the Company's future taxable income for purposes of assessing the Company's ability to realize any benefit from its deferred taxes. The Company accrues non-income based sales, use, value added and franchise taxes as other tax expense in the statements of operations. (j) Revenue Recognition, Accounts Receivable and Allowance for Doubtful Accounts Revenue from leasing of aircraft assets pursuant to operating leases is recognized on a straight-line basis over the terms of the applicable lease agreements. Deferred payments are recorded as accrued rent when the cash rent received is lower than the straight-line revenue recognized. Such receivables decrease over the term of the applicable leases. Interest income is recognized on finance leases based on the interest rate implicit in the lease and the outstanding balance of the lease receivable. Maintenance reserves retained by the Company at lease-end are recognized as maintenance reserves revenue. In instances where collectability is not reasonably assured, the Company recognizes revenue as cash payments are received. The Company estimates and charges to income a provision for bad debts based on its experience with each specific customer, the amount and length of payment arrearages, and its analysis of the lessee's overall financial condition. If the financial condition of any of the Company's customers deteriorates, it could result in actual losses exceeding any estimated allowances. The Company had no allowance for doubtful accounts at December 31, 2017 and 2016. (k) Comprehensive Income The Company does not have any comprehensive income other than the revenue and expense items included in the statements of operations. As a result, comprehensive income equals net income for the years ended December 31, 2017 and 2016. (l) Finance Leases As of December 31, 2017, the Company had six aircraft subject to sales-type finance leases and three aircraft subject to direct financing leases. All nine leases contain lessee bargain purchase options at prices substantially below the subject assets' estimated residual values at the exercise date for the options. Consequently, the Company has classified each of these nine leases as finance leases for financial accounting purposes. For such finance leases, the Company reports 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 as a finance lease receivable on its balance sheet and accrues interest on the balance of the finance lease receivable based on the interest rate inherent in the applicable lease over the term of the lease. For each of the six sales-type finance leases, the Company recognized as a gain or loss the amount equal to (i) the net investment in the sales-type finance lease plus any initial direct costs and lease incentives less (ii) the net book value of the subject aircraft at inception of the applicable lease. The Company recognized revenue from interest earned on finance leases in the amount of $1,571,500 and $868,100 in 2017 and 2016, respectively. (m) Maintenance Reserves and Accrued Maintenance Costs Maintenance costs under the Company's triple net leases are generally the responsibility of the lessees. Some 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 maintenance reserves received from lessees and which is expensed as incurred and (ii) lessor maintenance obligations assumed and recognized as a liability upon acquisition of aircraft subject to a lease with such provisions. (n) Recent Accounting Pronouncements In May 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2014-09 that created the new Topic 606 Since most of the Company's revenues arise from its lease contracts, which are not affected by the new standard, and since the Company's revenue recognition for other sources of revenue is generally the same as it was under previous accounting standards, the In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) The new standard requires a lessor to classify leases as sales-type, finance or operating. A lease will be treated as a sale if it transfers all of the risks and rewards, as well as control of the underlying asset, to the lessee. If risks and rewards are conveyed without the transfer of control, the lease is treated as a financing. If the lessor does not convey risks and rewards or control, an operating lease results. A modified retrospective transition approach is required for lessors for sales-type, finance, and operating leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements, with certain practical expedients available. The Company is reviewing those agreements under which it is the lessor and is evaluating the impact of the adoption of ASU 2016-02 on its consolidated financial statements and related disclosures. The Company does not expect to adopt ASU 2016-02 early, and expects to elect practical expedients in connection with its adoption, including not re-evaluating lease classification or capitalized initial direct costs on existing leases. The Company is not a lessee under any agreements that would be considered leases under ASU 2016-02, and so would be unaffected with respect to its adoption with respect to lessee accounting. In January 2017, the FASB issued ASU 2017-01, Business Combinations (Topic 805) In January 2017, the FASB issued ASU 2017-04, Intangibles -- Goodwill and Other (Topic 350)

Finance Leases Receivable

Finance Leases Receivable	12 Months Ended
	Dec. 31, 2017
Finance Leases Receivable [Abstract]
Finance Leases Receivable	2. Finance Leases Receivable During 2017, the Company leased a turboprop aircraft pursuant to a sales-type finance lease and recorded a related gain of $297,400. The Company used cash of $7,614,200 for the acquisition of three regional jet aircraft, which are recorded as direct financing leases. During 2016, the Company leased three turboprop aircraft pursuant to sales-type finance leases and recorded related gains totaling $1,208,100. The Company also recorded gains totaling $8,600 related to the lessee's exercise of its purchase options under two sales-type finance leases. At December 31, 2017 and December 31, 2016, the net investment included in sales-type finance leases and direct financing leases receivable were as follows: December 31, 2017 December 31, 2016 Gross minimum lease payments receivable $ 27,074,400 $ 20,829,200 Less unearned interest (3,513,400 ) (3,360,900 ) Finance leases receivable $ 23,561,000 $ 17,468,300 As of December 31, 2017, minimum future payments receivable under finance leases were as follows: Years ending 2018 $ 6,262,200 2019 7,087,600 2020 5,036,600 2021 5,381,000 2022 3,307,000 $ 27,074,400

Aircraft and Aircraft Engines H

Aircraft and Aircraft Engines Held for Lease or Sale	12 Months Ended
	Dec. 31, 2017
Aircraft and Aircraft Engines Held for Lease or Sale [Abstract]
Aircraft and Aircraft Engines Held for Lease or Sale	3. Aircraft and Aircraft Engines Held for Lease or Sale (a) Assets Held for Lease At December 31, 2017 and December 31, 2016, the Company's assets held for lease consisted of the following. December 31, 2017 December 31, 2016 Type Number owned % of net book value Number owned % of net book value Regional jet aircraft 13 82 % 12 73 % Turboprop aircraft 10 17 % 12 23 % Engines 1 1 % 4 4 % During 2017 and 2016, the Company used cash of $32,063,100 and $54,357,600, respectively, for the purchase and capital improvement of aircraft. During 2017, the Company sold seven of its assets held for lease and recorded gains totaling $704,100. In April 2016, one of the Company's turboprop aircraft was involved in an accident and was declared a total loss by the lessee's insurer. The Company received insurance proceeds of $17,640,000 in May 2016 and recorded a gain of $2,146,500. During 2017, the Company extended the leases for one of its assets held for lease. The Company also leased, and subsequently sold, an aircraft that had been off lease at December 31, 2016. Eight of the Company's aircraft held for lease were off lease at December 31, 2017, representing 13% of the net book value of the Company's aircraft and engines held for lease. As discussed in Note 13, two of the off-lease aircraft were sold in the first quarter of 2018. As of December 31, 2017, minimum future lease revenue payments receivable under non-cancelable operating leases were as follows: Years ending 2018 $ 24,743,000 2019 24,641,300 2020 23,003,000 2021 15,901,600 2022 13,944,000 Thereafter 29,447,400 $ 131,680,300 (b) Assets Held for Sale Assets held for sale at December 31, 2017 consist of turboprop airframe parts from three aircraft. During 2017, the Company received $193,100 from the sale of parts and accrued receivables totaling $779,700 for 2017 parts sales, payment for which was received in 2018. Of such amounts, $885,400 reduced the carrying value of the parts and $87,400 was recorded as gains in excess of the carrying value of the parts. During 2016, the Company received $178,400 from the sale of parts, of which $175,300 reduced the carrying value of the parts and $3,100 was recorded as a gain. During 2016, the Company sold four regional aircraft that had been held for sale at December 31, 2015, as well as a spare engine that had been written down by $246,200 to its net sales price and classified as held for sale. The Company recorded impairment charges totaling $75,000 for two of the aircraft, based on a reduced sale price.

Operating Segments

Operating Segments	12 Months Ended
	Dec. 31, 2017
Operating Segments [Abstract]
Operating Segments	4. Operating Segments The Company operates in business segment, the leasing of regional aircraft to foreign and domestic regional airlines, and therefore does not present separate segment information for lines of business. Approximately and of the Company's operating lease revenue was derived from lessees domiciled in the United States during and respectively. All revenues relating to aircraft leased and operated internationally are denominated and payable in U.S. dollars. The tables below set forth geographic information about the Company's operating lease revenue for leased aircraft and aircraft equipment, grouped by domicile of the lessee: For the Years Ended December 31, Operating Lease Revenue 2017 2016 Europe and United Kingdom $ 14,941,100 $ 9,999,900 North America 8,506,700 6,840,500 Africa 3,306,100 4,430,300 Asia 1,251,300 1,800,400 Australia 997,500 1,140,000 Central and South America - 253,400 $ 29,002,700 $ 24,464,500 December 31, Net Book Value of Aircraft and Aircraft Engines Held for Lease 2017 2016 Europe and United Kingdom $ 92,108,500 $ 105,088,300 North America 72,270,700 42,824,300 Off lease 24,636,900 13,113,200 Asia 6,082,100 6,463,700 Africa - 21,724.400 Australia - 3,585,900 $ 195,098,200 $ 192,799,800 The table below set forth geographic information about the Company's finance lease revenue, grouped by domicile of the lessee: For the Years Ended December 31, Finance Lease Revenue 2017 2016 Africa $ 1,180,600 $ 868,100 United Kingdom 390,900 - $ 1,571,500 $ 868,100

Concentration of Credit Risk

Concentration of Credit Risk	12 Months Ended
	Dec. 31, 2017
Concentration of Credit Risk [Abstract]
Concentration of Credit Risk	5. Concentration of Credit Risk Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash deposits and receivables. The Company places its deposits with financial institutions and other creditworthy issuers and limits the amount of credit exposure to any one party. For the year ended December 31, 2017 the Company had five significant customers, four of which individually accounted for 28%, 20%, 14% and 11%, respectively, of operating lease revenue and one of which accounted for 75% of finance lease revenue. For the year ended December 31, 2016 the Company had four significant customers, three of which individually accounted for 21%, 17% and 17%, respectively, of operating lease revenue and one of which accounted for 100% of finance lease revenue. At December the Company had receivables from customers totaling representing of the Company's total accounts receivable, as well as receivables totaling for parts sales related to its aircraft held for sale. In early the Company received payments totaling related to these receivables. At December the Company had receivables from customers totaling representing of the Company's total accounts receivable. The Company received payment for these receivables during

Notes Payable and Accrued Inter

Notes Payable and Accrued Interest	12 Months Ended
	Dec. 31, 2017
Notes Payable and Accrued Interest [Abstract]
Notes Payable and Accrued Interest	6. Notes Payable and Accrued Interest At December 31, 2017 and December 31, 2016, the Company's notes payable and accrued interest consisted of the following: December 31, 2017 December 31, 2016 Credit Facility: Principal $ 134,000,000 $ 110,100,000 Unamortized debt issuance costs (2,216,000 ) (1,999,900 ) Accrued interest 278,900 83,600 SPE Financing: Principal 13,511,900 17,623,600 Accrued interest 23,400 30,600 $ 145,598,200 $ 125,837,900 As of December 31, 2017, principal payments due under the Company's notes payable were as follows: Years ending 2018 $ 4,300,700 2019 138,498,300 2020 4,712,900 $ 147,511,900 (a) Credit Facility The Company's 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. In July 2017, the Credit Facility was amended to increase the total amount available for borrowing from $150 million to $170 million. In December 2017, the Credit Facility was amended to allow for the Company's proposed acquisition of JetFleet Holding Corp. ("JHC"), discussed in Note 7. Covenants regarding profitability, a debt to equity ratio and customer concentration were also modified. The Credit Facility, which expires on May 31, 2019, can be expanded to a maximum of $180 million. The Company was in compliance with all covenants under the Credit Facility at December 31, 2017 and December 31, 2016. The unused amount of the Credit Facility was $36,000,000 and $39,900,000 as of December 31, 2017 and December 31, 2016, respectively. The weighted average interest rate on the Credit Facility was 5.21% and 4.15% at December 31, 2017 and December 31, 2016, respectively. (b) SPE Financing In August 2016, the Company acquired two regional jet aircraft using cash and financing separate from its Credit Facility. The separate SPE Financing resulted in note obligations totaling $19,609,900, which are being paid from a portion of the rent payments on the related aircraft leases through October 3, 2020 and November 7, 2020, respectively, and which bear interest at the rate of 4.455% per annum. The borrower under each note obligation is the special purpose entity that owns each aircraft. The notes are collateralized by the aircraft and are recourse only to the special purpose entity borrower and its aircraft asset, subject to standard exceptions for this type of financing. Payments due under the notes consist of quarterly principal and interest. The combined balance of the notes payable and accrued interest on these notes at December 31, 2017 and December 31, 2016 was $13,535,300 and $17,654,200, respectively.

Acquisition of Management Compa

Acquisition of Management Company	12 Months Ended
	Dec. 31, 2017
Acquisition of Management Company [Abstract]
Acquisition of Management Company	7. Acquisition of Management Company In October 2017, the Company and JHC entered into an Agreement and Plan of Merger (the "Merger Agreement") for the acquisition of JHC by the Company in a reverse triangular merger ("Merger") for consideration of $3.5 million in cash and 129,286 shares of common stock of the Company, subject to adjustment as provided in the Merger Agreement. The Company submitted an application to the State of California Department of Business Oversight (the "DBO") for a permit ("Permit") to issue securities to JHC's shareholders in the Merger, which Permit was issued on February 22, 2018 after a hearing with the DBO. It is anticipated that the closing will occur early in the second quarter of 2018, upon the fulfillment of several conditions, including votes in favor of the Merger by certain specified constituencies of JHC shareholders. The Company is evaluating the accounting for the Merger. During the year ended December 31, 2017, the Company accrued $619,400 of expenses related to the proposed Merger transaction. Such expenses are included in professional fees, general and administrative and other in the Company's consolidated statements of operations.

Contingencies

Contingencies	12 Months Ended
	Dec. 31, 2017
Contingencies [Abstract]
Contingencies	8. Contingencies In the ordinary conduct of the Company's business, the Company is subject to lawsuits, arbitrations and administrative proceedings from time to time. The Company believes that the outcome of any existing or known threatened proceedings, even if determined adversely, should not have a material adverse effect on the Company's business, financial condition, liquidity or results of operations.

Stockholder Rights Plan

Stockholder Rights Plan	12 Months Ended
	Dec. 31, 2017
Stockholder Rights Plan [Abstract]
Stockholder Rights Plan	9. Stockholder Rights Plan In December 2009, the Company's Board of Directors adopted a stockholder rights plan granting a dividend of one stock purchase right for each share of the Company's common stock outstanding as of December 18, 2009 and the Company entered into a rights agreement dated December 1, 2009 in connection therewith. The rights become exercisable only upon the occurrence of certain events specified in the rights agreement, including the acquisition of 15% of the Company's outstanding common stock by a person or group in certain circumstances. Each right allows the holder, other than an "acquiring person," to purchase one one-hundredth of a share (a unit) of Series A Preferred Stock at an initial purchase price of $97.00 under circumstances described in the rights agreement. The purchase price, the number of units of preferred stock and the type of securities issuable upon exercise of the rights are subject to adjustment. The rights expire at the close of business December 1, 2019 unless earlier redeemed or exchanged. Until a right is exercised, the holder thereof, as such, has no rights as a stockholder of the Company, including the right to vote or to receive dividends.

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2017
Income Taxes [Abstract]
Income Taxes	10. Income Taxes The items comprising the income tax provision are as follows: For the Years Ended December 2017 2016 Current tax provision: Federal $ - $ - State 800 800 Foreign 329,500 123,200 Current tax provision 330,300 124,000 Deferred tax provision/(benefit): Federal 1,159,700 626,700 State 35,100 45,100 Foreign (111,300 ) (45,500 ) Net legislative change in corporate tax rate (5,380,300 ) - Deferred tax (benefit)/provision (4,296,800 ) 626,300 Total income tax (benefit)/provision $ (3,966,500 ) $ 750,300 Total income tax (benefit)/expense differs from the amount that would be provided by applying the statutory federal income tax rate to pretax earnings as illustrated below: For the Years Ended December 2017 2016 Income tax provision at statutory federal income tax rate $ 1,167,100 $ 670,500 State tax provision, net of federal benefit 33,100 45,200 Non-deductible expenses 213,500 34,600 Net legislative change in corporate tax rate (5,380,200 ) - Total income tax (benefit)/provision $ (3,966,500 ) $ 750,300 Temporary differences and carry-forwards that give rise to a significant portion of deferred tax assets and liabilities as of December and were as follows: December 31, 2017 2016 Deferred tax assets: Maintenance reserves $ 2,810,200 $ 6,846,800 Current and prior year tax losses 3,362,100 4,016,000 Foreign tax credit 295,800 77,700 Alternative minimum tax credit 45,500 45,500 Deferred maintenance, bad debt allowance and other 38,800 62,100 Deferred tax assets 6,552,400 11,048,100 Deferred tax liabilities: Accumulated depreciation on aircraft and aircraft engines (14,591,000 ) (23,012,800 ) Deferred income (495,100 ) (865,800 ) Net deferred tax liabilities $ (8,533,700 ) $ (12,830,500 ) Deferred federal income taxes arise from temporary differences between the valuation of assets and liabilities as determined for financial reporting purposes and federal income tax purposes and are measured at enacted tax rates. As of December 31, 2016, the Company measured its deferred tax items at an effective federal tax rate of 34%. On December 22, 2017, the Tax Cuts and Jobs Act of 2017 (the "Act") was signed into law. Among other things, the Act reduced the Company's corporate federal tax rate to a flat 21% for years after 2017. As a result, the Company's deferred tax items are measured at an effective federal tax rate of 21% as of December 31, 2017. Although realization is not assured, management believes it is more likely than not that the entire deferred federal income tax asset will be realized. The amount of the deferred federal income tax assets considered realizable could be reduced in the near term if estimates of future taxable income are reduced. The current year federal operating loss carryovers of approximately $16 million will be available to offset taxable income in future years through 2037 (and would be available in the two preceding years if the Company had taxable income in such years). The current year state operating loss carryovers of approximately $62,000 will be available to offset taxable income in the two preceding years and in future years through 2037. The Company expects to utilize the net operating loss carryovers remaining at December 31, 2017 in future years. Utilization of the domestic NOLs may be subject to a substantial annual limitation due to ownership change limitations that may have occurred or that could occur in the future, as required by the Internal Revenue Code Section 382, as well as similar state provisions. In general, an "ownership change," as defined by the code, results from a transaction or series of transactions over a three-year period resulting in an ownership change of more than 50 percentage points of the outstanding stock of a company by certain stockholders or public groups. Any limitation may result in expiration of all or a portion of the NOL or tax credit carryforwards before utilization. During the year ended December 31, 2017, the Company had pre-tax income from domestic sources of approximately $2.2 million and pre-tax income from foreign sources of approximately $1.2 million. The Company had pre-tax income from domestic sources of approximately $1.6 million and pre-tax income from foreign sources of approximately $388,000 for the year ended December 31, 2016. The foreign tax credit carryover will be available to offset federal tax expense in future years through 2027. The Act repeals the corporate alternative minimum tax for tax years beginning after 2017. In addition, beginning in 2018, the Company's alternative minimum tax credit ("MTC") will be available to offset federal tax expense and is refundable in an amount equal to 50% of the excess MTC for the tax year over the amount of the credit allowable for the year against regular tax liability. In 2021, any remaining MTC will be fully refundable. At December 31, 2017 and December 31, 2016, the Company had no material uncertain tax positions. The Company accounts for interest related to uncertain tax positions as interest expense, and for income tax penalties as tax expense. All of the Company's tax years remain open to examination other than as barred in the various jurisdictions by statutes of limitation.

Computation of Earnings Per Sha

Computation of Earnings Per Share	12 Months Ended
	Dec. 31, 2017
Computation of Earnings Per Share [Abstract]
Computation of Earnings Per Share	11. Computation of Earnings Per Share Basic and diluted earnings per share are calculated as follows: For the Years Ended December 2017 2016 Net income $ 7,399,200 $ 1,221,700 Weighted average shares outstanding for the period 1,449,576 1,566,699 Basic earnings per share $ 5.10 $ 0.78 Diluted earnings per share $ 5.10 $ 0.78 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, of which the Company had none during 2017 and 2016.

Related Party Transactions

Related Party Transactions	12 Months Ended
	Dec. 31, 2017
Related Party Transactions [Abstract]
Related Party Transactions	12. Related Party Transactions The Company's portfolio of leased aircraft assets is managed and administered under the terms of the Management Agreement with JMC, which is an integrated aircraft management, marketing and financing business and a subsidiary of 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. If the Merger is consummated, then the current JMC management fee structure will cease, but the costs previously borne by JMC in managing the Company's assets will be borne by the Company and will not be limited to the management fee amount, as was the case when the Management Agreement was in place. Fees incurred during 2017 and 2016 were as follows: For the Years Ended December 2017 2016 Management fees $ 6,109,200 $ 5,204,500 Acquisition fees 850,500 1,124,200 Remarketing fees 51,100 284,500 See the discussion in Note 7 regarding the Agreement and Plan of Merger for the acquisition of JHC by the Company. In August 2009, the Company entered into an agreement (the "Assignment Agreement") with Lee G. Beaumont in which Mr. Beaumont assigned to the Company his rights to purchase certain aircraft engines from an unrelated third party seller. In January 2012, Mr. Beaumont became a "related person" with respect to the Company due to his open market acquisitions of shares representing over 5% of the Company's common stock. In March 2017, the Company exchanged one of its engines for 150,000 shares of common stock of the Company held by Mr. Beaumont. The Company recorded no gain or loss related to the exchange.

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2017
Subsequent Events [Abstract]
Subsequent Events	13. Subsequent Events In January 2018, the Company sold a turboprop aircraft and recorded a gain of approximately $47,000. In February 2018, the Company sold a turboprop aircraft that had been written down to its net sales value at December 31, 2017. On February the DBO held a hearing regarding the Merger transaction pursuant to Section of the California Corporations Code, to determine whether the terms and conditions of the issuance of the Company's shares of Common Stock in the Merger to JHC's shareholders are fair. Following the hearing, a permit was issued by the DBO, which will allow the issuance of the Company's common stock in the Merger transaction to be exempt from federal securities registration under Section (a) of the Securities Act. The Company is currently in the process of soliciting the consent of the JHC shareholders to the Merger which is of the material conditions precedent to the closing of the Merger transaction.

Organization and Summary of S21

Organization and Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2017
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, typically acquires used regional aircraft and engines for lease to foreign and domestic regional carriers. In August 2016, AeroCentury Corp. formed two wholly-owned subsidiaries, ACY 19002 Limited ("ACY 19002") and ACY 19003 Limited ("ACY 19003") for the purpose of acquiring aircraft using a combination of cash and financing ("SPE Financing") separate from the parent's credit facility. Financial information for AeroCentury Corp., ACY 19002 and ACY 19003 (collectively, the "Company") is presented on a consolidated basis in accordance with accounting principles generally accepted in the United States of America ("GAAP") based upon the continuation of the business as a going concern. All intercompany balances and transactions have been eliminated in consolidation. Certain prior year amounts have been reclassified to conform to the current year's presentation. These changes did not impact the previously reported revenue, net income, stockholders' equity or cash flows.
Use of Estimates	(b) Use of Estimates The Company's consolidated financial statements have been prepared in accordance with GAAP. The preparation of consolidated 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 consolidated 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 consolidated financial statements are the residual values and useful lives of the Company's long lived assets, the amount and timing of future 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.
Cash and Cash equivalents	(c) Cash and cash equivalents The Company considers highly liquid investments readily convertible into known amounts of cash, with original maturities of 90 days or less from the date of acquisition, as cash equivalents.
Aircraft Capitalization and Depreciation	(d) Aircraft Capitalization and Depreciation The Company's interests in aircraft and aircraft engines are recorded at cost, which includes acquisition costs. Since inception, the Company has typically purchased only used aircraft and aircraft engines. It is the Company's policy to hold aircraft for approximately years unless market conditions dictate otherwise. Therefore, depreciation of aircraft is initially computed using the straight-line method over the anticipated holding period to an estimated residual value based on appraisal. For an aircraft engine held for lease as a spare, the Company estimates the length of time that it will hold the aircraft engine based upon estimated usage, repair costs and other factors, and depreciates it to the appraised residual value over such period using the straight-line method. The Company periodically reviews plans for lease or sale of its aircraft and aircraft engines and changes, as appropriate, the remaining expected holding period for such assets. Estimated residual values are reviewed and adjusted periodically, based upon updated estimates obtained from an independent appraiser. Decreases in the fair value of aircraft could affect not only the current value, discussed below, but also the estimated residual value. Assets that are held for sale are not subject to depreciation and are separately classified on the balance sheet. Such assets are carried at the lower of their carrying value or estimated fair values, less costs to sell.
Fair Value Measurements	(e) 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 $6,151,900 and $1,348,100 at December 31, 2017 and December 31, 2016, respectively. The fair value of the Company's money market funds is categorized as Level 1 under the GAAP fair value hierarchy. As of December 31, 2017 and December 31, 2016, 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 assets held for sale, by reference to independent appraisals, quoted market prices (e.g., offers to purchase) and other factors. With respect to aircraft assets not on lease, the appraised value the Company uses is the average of current value appraisals from two appraisers, based on their understanding of the market for such aircraft and assuming an open and unrestricted market on an arm's length basis, and given an adequate amount of time for effective exposure to buyers. For assets subject to lease, the Company uses the average of two appraisals calculated on an "encumbered" basis that takes into consideration the rental stream and future value at lease end based on each appraiser's estimate as adjusted for actual return conditions, using an appropriate discount rate. (a) Assets held for lease During 2017 and 2016, the Company recorded impairment charges of $1,002,100 and $905,600, respectively, on its assets held for lease. (b) Assets held for sale The Company recorded no impairment charges on its aircraft held for sale during 2017. During 2016, the Company recorded impairment charges of $321,200 on three assets prior to their sale during the year. Fair Value of Other Financial Instruments The Company's financial instruments, other than cash and cash equivalents, consist principally of finance leases receivable, amounts borrowed under its credit facility (the "Credit Facility") and notes payable under special purpose financing. 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 that the effective interest rate under the Credit Facility approximates current market rates for such indebtedness at the balance sheet date, and therefore that the outstanding principal and accrued interest of $134,278,900 and $110,183,600 at December 31, 2017 and December 31, 2016, respectively, approximate their fair values on such dates. 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. The amounts payable under the Company's SPE Financing are payable through the fourth quarter of 2020 and bear a fixed rate of interest, as described in Note 6(b) to the consolidated financial statements. The Company believes that the effective interest rate under the SPE Financing approximates current market rates for such indebtedness at the balance sheet date, and therefore that the outstanding principal and accrued interest of $13,535,300 and $17,654,200 approximate their fair values at December 31, 2017 and December 31, 2016, respectively. Such fair value would be categorized as Level 3 under the GAAP fair value hierarchy.
Impairment of Long-lived Assets	(f) Impairment of Long-lived Assets The Company reviews assets for impairment when there has been an event or a change in circumstances indicating that the carrying amount of a long-lived asset may not be recoverable. In addition, the Company routinely reviews all long-lived assets for impairment semi-annually. Recoverability of an asset is measured by comparison of its carrying amount to the future estimated undiscounted cash flows (without interest charges) that the asset is expected to generate. Estimates are based on currently available market data and independent appraisals and are subject to fluctuation from time to time. If these estimated future cash flows are less than the carrying value of an asset at the time of evaluation, any impairment to be recognized is measured by the amount by which the carrying amount of the asset exceeds its fair value. Fair value is determined by reference to independent appraisals and other factors considered relevant by management. Significant management judgment is required in the forecasting of future operating results that are used in the preparation of estimated future undiscounted cash flows and, if different conditions prevail in the future, material write-downs may occur. As discussed in (e) Fair Value Measurements
Deferred Financing Costs and Commitment Fees	(g) Deferred Financing Costs and Commitment Fees Costs incurred in connection with debt financing are deferred and amortized over the term of the debt using the effective interest method or, in certain instances where the differences are not material, using the straight-line method. Costs incurred in connection with the Company's Credit Facility are deferred and amortized using the straight-line method. Commitment fees for unused funds are expensed as incurred.
Security deposits	(h) Security deposits The Company's leases are typically structured so that if any event of default occurs under a lease, the Company may apply all or a portion of the lessee's security deposit to cure such default. If such application of the security deposit is made, the lessee typically is required to replenish and maintain the full amount of the deposit during the remaining lease term. All of the security deposits received by the Company are refundable to the lessee at the end of the lease upon satisfaction of all lease terms.
Taxes	(i) Taxes As part of the process of preparing the Company's consolidated financial statements, management estimates income taxes in each of the jurisdictions in which the Company operates. This process involves estimating the Company's current tax exposure under the most recent tax laws and assessing temporary differences resulting from differing treatment of items for tax and GAAP purposes. These differences result in deferred tax assets and liabilities, which are included in the balance sheet. Management also assesses the likelihood that the Company's deferred tax assets will be recovered from future taxable income, and, to the extent management believes it is more likely than not that some portion or all of the deferred tax assets will not be realized, the Company establishes a valuation allowance. To the extent the Company establishes a valuation allowance or changes the allowance in a period, the Company reflects the corresponding increase or decrease within the tax provision in the statement of operations. Significant management judgment is required in determining the Company's future taxable income for purposes of assessing the Company's ability to realize any benefit from its deferred taxes. The Company accrues non-income based sales, use, value added and franchise taxes as other tax expense in the statements of operations.
Revenue Recognition, Accounts Receivable and Allowance for Doubtful Accounts	(j) Revenue Recognition, Accounts Receivable and Allowance for Doubtful Accounts Revenue from leasing of aircraft assets pursuant to operating leases is recognized on a straight-line basis over the terms of the applicable lease agreements. Deferred payments are recorded as accrued rent when the cash rent received is lower than the straight-line revenue recognized. Such receivables decrease over the term of the applicable leases. Interest income is recognized on finance leases based on the interest rate implicit in the lease and the outstanding balance of the lease receivable. Maintenance reserves retained by the Company at lease-end are recognized as maintenance reserves revenue. In instances where collectability is not reasonably assured, the Company recognizes revenue as cash payments are received. The Company estimates and charges to income a provision for bad debts based on its experience with each specific customer, the amount and length of payment arrearages, and its analysis of the lessee's overall financial condition. If the financial condition of any of the Company's customers deteriorates, it could result in actual losses exceeding any estimated allowances. The Company had no allowance for doubtful accounts at December 31, 2017 and 2016.
Comprehensive Income	(k) Comprehensive Income The Company does not have any comprehensive income other than the revenue and expense items included in the statements of operations. As a result, comprehensive income equals net income for the years ended December 31, 2017 and 2016.
Finance Leases	(l) Finance Leases As of December 31, 2017, the Company had six aircraft subject to sales-type finance leases and three aircraft subject to direct financing leases. All nine leases contain lessee bargain purchase options at prices substantially below the subject assets' estimated residual values at the exercise date for the options. Consequently, the Company has classified each of these nine leases as finance leases for financial accounting purposes. For such finance leases, the Company reports 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 as a finance lease receivable on its balance sheet and accrues interest on the balance of the finance lease receivable based on the interest rate inherent in the applicable lease over the term of the lease. For each of the six sales-type finance leases, the Company recognized as a gain or loss the amount equal to (i) the net investment in the sales-type finance lease plus any initial direct costs and lease incentives less (ii) the net book value of the subject aircraft at inception of the applicable lease. The Company recognized revenue from interest earned on finance leases in the amount of $1,571,500 and $868,100 in 2017 and 2016, respectively.
Maintenance Reserves and Accrued Maintenance Costs	(m) Maintenance Reserves and Accrued Maintenance Costs Maintenance costs under the Company's triple net leases are generally the responsibility of the lessees. Some 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 maintenance reserves received from lessees and which is expensed as incurred and (ii) lessor maintenance obligations assumed and recognized as a liability upon acquisition of aircraft subject to a lease with such provisions.
Recent Accounting Pronouncements	(n) Recent Accounting Pronouncements In May 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2014-09 that created the new Topic 606 Since most of the Company's revenues arise from its lease contracts, which are not affected by the new standard, and since the Company's revenue recognition for other sources of revenue is generally the same as it was under previous accounting standards, the In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) The new standard requires a lessor to classify leases as sales-type, finance or operating. A lease will be treated as a sale if it transfers all of the risks and rewards, as well as control of the underlying asset, to the lessee. If risks and rewards are conveyed without the transfer of control, the lease is treated as a financing. If the lessor does not convey risks and rewards or control, an operating lease results. A modified retrospective transition approach is required for lessors for sales-type, finance, and operating leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements, with certain practical expedients available. The Company is reviewing those agreements under which it is the lessor and is evaluating the impact of the adoption of ASU 2016-02 on its consolidated financial statements and related disclosures. The Company does not expect to adopt ASU 2016-02 early, and expects to elect practical expedients in connection with its adoption, including not re-evaluating lease classification or capitalized initial direct costs on existing leases. The Company is not a lessee under any agreements that would be considered leases under ASU 2016-02, and so would be unaffected with respect to its adoption with respect to lessee accounting. In January 2017, the FASB issued ASU 2017-01, Business Combinations (Topic 805) In January 2017, the FASB issued ASU 2017-04, Intangibles -- Goodwill and Other (Topic 350)

Finance Leases Receivable (Tabl

Finance Leases Receivable (Tables)	12 Months Ended
	Dec. 31, 2017
Finance Leases Receivable [Abstract]
Net investment included in sales-type finance leases and direct financing leases receivable	At December 31, 2017 and December 31, 2016, the net investment included in sales-type finance leases and direct financing leases receivable were as follows: December 31, 2017 December 31, 2016 Gross minimum lease payments receivable $ 27,074,400 $ 20,829,200 Less unearned interest (3,513,400 ) (3,360,900 ) Finance leases receivable $ 23,561,000 $ 17,468,300
Minimum future lease revenue payments receivable under finance leases	As of December 31, 2017, minimum future payments receivable under finance leases were as follows: Years ending 2018 $ 6,262,200 2019 7,087,600 2020 5,036,600 2021 5,381,000 2022 3,307,000 $ 27,074,400

Aircraft and Aircraft Engines23

Aircraft and Aircraft Engines Held for Lease or Sale (Tables)	12 Months Ended
	Dec. 31, 2017
Aircraft and Aircraft Engines Held for Lease or Sale [Abstract]
Aircraft and aircraft engines held for lease	At December 31, 2017 and December 31, 2016, the Company's assets held for lease consisted of the following. December 31, 2017 December 31, 2016 Type Number owned % of net book value Number owned % of net book value Regional jet aircraft 13 82 % 12 73 % Turboprop aircraft 10 17 % 12 23 % Engines 1 1 % 4 4 %
Minimum future lease revenue payments receivable under noncancelable operating leases	As of December 31, 2017, minimum future lease revenue payments receivable under non-cancelable operating leases were as follows: Years ending 2018 $ 24,743,000 2019 24,641,300 2020 23,003,000 2021 15,901,600 2022 13,944,000 Thereafter 29,447,400 $ 131,680,300

Operating Segments (Tables)

Operating Segments (Tables)	12 Months Ended
	Dec. 31, 2017
Operating Segments [Abstract]
Geographic information of operating and finance lease revenue	The tables below set forth geographic information about the Company's operating lease revenue for leased aircraft and aircraft equipment, grouped by domicile of the lessee: For the Years Ended December 31, Operating Lease Revenue 2017 2016 Europe and United Kingdom $ 14,941,100 $ 9,999,900 North America 8,506,700 6,840,500 Africa 3,306,100 4,430,300 Asia 1,251,300 1,800,400 Australia 997,500 1,140,000 Central and South America - 253,400 $ 29,002,700 $ 24,464,500 The table below set forth geographic information about the Company's finance lease revenue, grouped by domicile of the lessee: For the Years Ended December 31, Finance Lease Revenue 2017 2016 Africa $ 1,180,600 $ 868,100 United Kingdom 390,900 - $ 1,571,500 $ 868,100
Net book value of aircraft and aircraft engines held for lease	December 31, Net Book Value of Aircraft and Aircraft Engines Held for Lease 2017 2016 Europe and United Kingdom $ 92,108,500 $ 105,088,300 North America 72,270,700 42,824,300 Off lease 24,636,900 13,113,200 Asia 6,082,100 6,463,700 Africa - 21,724.400 Australia - 3,585,900 $ 195,098,200 $ 192,799,800

Notes Payable and Accrued Int25

Notes Payable and Accrued Interest (Tables)	12 Months Ended
	Dec. 31, 2017
Notes Payable and Accrued Interest [Abstract]
Notes payable and accrued interest	At December 31, 2017 and December 31, 2016, the Company's notes payable and accrued interest consisted of the following: December 31, 2017 December 31, 2016 Credit Facility: Principal $ 134,000,000 $ 110,100,000 Unamortized debt issuance costs (2,216,000 ) (1,999,900 ) Accrued interest 278,900 83,600 SPE Financing: Principal 13,511,900 17,623,600 Accrued interest 23,400 30,600 $ 145,598,200 $ 125,837,900
Principal payments due under notes payable	As of December 31, 2017, principal payments due under the Company's notes payable were as follows: Years ending 2018 $ 4,300,700 2019 138,498,300 2020 4,712,900 $ 147,511,900

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2017
Income Taxes [Abstract]
Income tax provision	The items comprising the income tax provision are as follows: For the Years Ended December 2017 2016 Current tax provision: Federal $ - $ - State 800 800 Foreign 329,500 123,200 Current tax provision 330,300 124,000 Deferred tax provision/(benefit): Federal 1,159,700 626,700 State 35,100 45,100 Foreign (111,300 ) (45,500 ) Net legislative change in corporate tax rate (5,380,300 ) - Deferred tax (benefit)/provision (4,296,800 ) 626,300 Total income tax (benefit)/provision $ (3,966,500 ) $ 750,300
Income tax reconciliation	Total income tax (benefit)/expense differs from the amount that would be provided by applying the statutory federal income tax rate to pretax earnings as illustrated below: For the Years Ended December 2017 2016 Income tax provision at statutory federal income tax rate $ 1,167,100 $ 670,500 State tax provision, net of federal benefit 33,100 45,200 Non-deductible expenses 213,500 34,600 Net legislative change in corporate tax rate (5,380,200 ) - Total income tax (benefit)/provision $ (3,966,500 ) $ 750,300
Deferred tax assets and liabilities	Temporary differences and carry-forwards that give rise to a significant portion of deferred tax assets and liabilities as of December and were as follows: December 31, 2017 2016 Deferred tax assets: Maintenance reserves $ 2,810,200 $ 6,846,800 Current and prior year tax losses 3,362,100 4,016,000 Foreign tax credit 295,800 77,700 Alternative minimum tax credit 45,500 45,500 Deferred maintenance, bad debt allowance and other 38,800 62,100 Deferred tax assets 6,552,400 11,048,100 Deferred tax liabilities: Accumulated depreciation on aircraft and aircraft engines (14,591,000 ) (23,012,800 ) Deferred income (495,100 ) (865,800 ) Net deferred tax liabilities $ (8,533,700 ) $ (12,830,500 )

Computation of Earnings Per S27

Computation of Earnings Per Share (Tables)	12 Months Ended
	Dec. 31, 2017
Computation of Earnings Per Share [Abstract]
Computation of basic and diluted earnings per share	Basic and diluted earnings per share are calculated as follows: For the Years Ended December 2017 2016 Net income $ 7,399,200 $ 1,221,700 Weighted average shares outstanding for the period 1,449,576 1,566,699 Basic earnings per share $ 5.10 $ 0.78 Diluted earnings per share $ 5.10 $ 0.78

Related Party Transactions (Tab

Related Party Transactions (Tables)	12 Months Ended
	Dec. 31, 2017
Related Party Transactions [Abstract]
Related party fees	Fees incurred during 2017 and 2016 were as follows: For the Years Ended December 2017 2016 Management fees $ 6,109,200 $ 5,204,500 Acquisition fees 850,500 1,124,200 Remarketing fees 51,100 284,500

Organization and Summary of S29

Organization and Summary of Significant Accounting Policies (Details)	12 Months Ended
	Dec. 31, 2017USD ($)SubsidiaryAircraftLease	Dec. 31, 2016USD ($)Aircraft
Organization and Summary of Significant Accounting Policies [Abstract]
Number of wholly owned subsidiaries | Subsidiary	2
Aircraft Capitalization and Depreciation [Abstract]
Aircraft useful life	12 years
Capital Leased Assets [Line Items]
Impairment charge	$ 1,002,100	$ 1,226,800
Notes payable and accrued interest	145,598,200	125,837,900
Impairment of Long-lived Assets [Abstract]
Provision for impairment in value of aircraft	1,002,100	1,226,800
Revenue Recognition, Accounts Receivable and Allowance for Doubtful Accounts [Abstract]
Allowance for doubtful accounts	$ 0	0
Finance Leases [Abstract]
Number of aircraft with sales type finance leases | Aircraft	6
Number of aircraft with direct financing leases | Aircraft	3
Number of finance leases | Lease	9
Interest earned on finance lease	$ 1,571,500	868,100
SPE Financing [Member]
Capital Leased Assets [Line Items]
Notes payable and accrued interest	13,535,300	17,654,200
Credit Facility [Member]
Capital Leased Assets [Line Items]
Notes payable and accrued interest	134,278,900	110,183,600
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	6,151,900	1,348,100
Liabilities recorded at fair value	0	0
Aircraft [Member] | Held for Lease [Member]
Capital Leased Assets [Line Items]
Impairment charge	1,002,100	905,600
Impairment of Long-lived Assets [Abstract]
Provision for impairment in value of aircraft	1,002,100	905,600
Aircraft [Member] | Held for Sale [Member]
Capital Leased Assets [Line Items]
Impairment charge	0	$ 321,200
Number of aircraft held for sale | Aircraft		3
Impairment of Long-lived Assets [Abstract]
Provision for impairment in value of aircraft	$ 0	$ 321,200

Finance Leases Receivable (Deta

Finance Leases Receivable (Details)	12 Months Ended
	Dec. 31, 2017USD ($)Aircraft	Dec. 31, 2016USD ($)Aircraft
Loans And Leases Receivable Disclosure [Line Items]
Number of assets held for lease | Aircraft	6
Gain on financing lease	$ 297,400	$ 1,216,700
Number of aircraft with direct financing leases | Aircraft	3
Payment for equipment and acquisition costs related to aircraft purchased	$ 7,614,200	0
Net Investment [Abstract]
Gross minimum lease payments receivable	27,074,400	20,829,200
Less unearned interest	(3,513,400)	(3,360,900)
Finance leases receivable	23,561,000	17,468,300
Minimum Future Lease Revenue Payments [Abstract]
2,018	6,262,200
2,019	7,087,600
2,020	5,036,600
2,021	5,381,000
2,022	3,307,000
Total	$ 27,074,400	$ 20,829,200
Turboprop Aircraft [Member] | Financing Lease [Member]
Loans And Leases Receivable Disclosure [Line Items]
Number of assets held for lease | Aircraft	1	3
Gain on financing lease	$ 297,400	$ 1,208,100
Number of aircraft sold | Aircraft		2
Additional gain on finance lease		$ 8,600
Regional Jet Aircraft [Member] | Financing Lease [Member]
Loans And Leases Receivable Disclosure [Line Items]
Number of aircraft with direct financing leases | Aircraft	3
Payment for equipment and acquisition costs related to aircraft purchased	$ 7,614,200

Aircraft and Aircraft Engines31

Aircraft and Aircraft Engines Held for Lease or Sale (Details)	1 Months Ended				3 Months Ended	12 Months Ended
	Feb. 28, 2018Aircraft	Jan. 31, 2018USD ($)Aircraft	May 31, 2016USD ($)	Apr. 30, 2016Aircraft	Mar. 31, 2018Aircraft	Dec. 31, 2017USD ($)AssetAircraft	Dec. 31, 2016USD ($)AircraftAsset
Aircraft and aircraft engines held for lease or sale [Abstract]
Payment for equipment and acquisition costs related to aircraft purchased						$ 7,614,200	$ 0
Proceeds from insurance						0	18,886,700
Gain (loss) on sale of aircraft and aircraft parts						791,500	2,149,600
Proceeds from the sale of airframe parts						193,000	3,422,800
Impairment charge						1,002,100	$ 1,226,800
Minimum future lease revenue payments receivable under noncancelable operating leases [Abstract]
2,018						24,743,000
2,019						24,641,300
2,020						23,003,000
2,021						15,901,600
2,022						13,944,000
Thereafter						29,447,400
Total						$ 131,680,300
Regional Jet Aircraft [Member]
Aircraft and aircraft engines held for lease or sale [Abstract]
Number owned | Aircraft						13	12
Percentage of net book value						82.00%	73.00%
Turboprop Aircraft [Member]
Aircraft and aircraft engines held for lease or sale [Abstract]
Number owned | Aircraft						10	12
Percentage of net book value						17.00%	23.00%
Turboprop Aircraft [Member] | Subsequent Events [Member]
Aircraft and aircraft engines held for lease or sale [Abstract]
Gain (loss) on sale of aircraft and aircraft parts		$ 47,000
Number of aircraft sold | Aircraft	1	1
Engines [Member]
Aircraft and aircraft engines held for lease or sale [Abstract]
Number owned | Aircraft						1	4
Percentage of net book value						1.00%	4.00%
Held for Lease [Member] | Subsequent Events [Member]
Aircraft and aircraft engines held for lease or sale [Abstract]
Number of aircraft sold | Aircraft					2
Held for Lease [Member] | Turboprop Aircraft [Member]
Aircraft and aircraft engines held for lease or sale [Abstract]
Number of aircraft involved in accident | Aircraft				1
Proceeds from insurance			$ 17,640,000
Gain from insurance			$ 2,146,500
Held for Lease [Member] | Aircraft [Member]
Aircraft and aircraft engines held for lease or sale [Abstract]
Percentage of net book value						13.00%
Payment for equipment and acquisition costs related to aircraft purchased						$ 32,063,100	$ 54,357,600
Proceeds from maintenance reserves							$ 17,179,300
Number of aircraft for which maintenance reserve received | Aircraft							2
Gain (loss) on sale of aircraft and aircraft parts						$ 704,100
Number of aircraft sold | Asset						7	1
Number of assets lease extended | Asset						1
Number of assets off lease | Aircraft						8
Held for Sale [Member] | Regional Jet Aircraft [Member]
Aircraft and aircraft engines held for lease or sale [Abstract]
Number of aircraft sold | Aircraft							4
Impairment charge							$ 75,000
Number of aircraft impaired | Aircraft							2
Held for Sale [Member] | Spare Engine [Member]
Aircraft and aircraft engines held for lease or sale [Abstract]
Impairment charge						$ 246,200
Held for Sale [Member] | Aircraft [Member]
Aircraft and aircraft engines held for lease or sale [Abstract]
Number of assets held for sale | Aircraft						3
Held for Sale [Member] | Aircraft Parts [Member]
Aircraft and aircraft engines held for lease or sale [Abstract]
Gain (loss) on sale of aircraft and aircraft parts						$ 87,400	$ 3,100
Accrued receivables						779,700
Proceeds from the sale of airframe parts						193,100	178,400
Carrying value of parts sold						$ 885,400	$ 175,300

Operating Segments (Details)

Operating Segments (Details)	12 Months Ended
	Dec. 31, 2017USD ($)Segment	Dec. 31, 2016USD ($)
Operating Segments [Abstract]
Number of business segments | Segment	1
Operating lease revenues derived from lessees domiciled in the United States	21.00%	17.00%
Segment Reporting Information [Line Items]
Operating Lease Revenue	$ 29,002,700	$ 24,464,500
Net Book Value of Aircraft and Aircraft Engines Held for Lease	195,098,200	192,799,800
Finance Lease Revenue	1,571,500	868,100
Europe and United Kingdom [Member]
Segment Reporting Information [Line Items]
Operating Lease Revenue	14,941,100	9,999,900
Net Book Value of Aircraft and Aircraft Engines Held for Lease	92,108,500	105,088,300
North America [Member]
Segment Reporting Information [Line Items]
Operating Lease Revenue	8,506,700	6,840,500
Net Book Value of Aircraft and Aircraft Engines Held for Lease	72,270,700	42,824,300
Off lease [Member]
Segment Reporting Information [Line Items]
Net Book Value of Aircraft and Aircraft Engines Held for Lease	24,636,900	13,113,200
Africa [Member]
Segment Reporting Information [Line Items]
Operating Lease Revenue	3,306,100	4,430,300
Net Book Value of Aircraft and Aircraft Engines Held for Lease	0	21,724,400
Finance Lease Revenue	1,180,600	868,100
Asia [Member]
Segment Reporting Information [Line Items]
Operating Lease Revenue	1,251,300	1,800,400
Net Book Value of Aircraft and Aircraft Engines Held for Lease	6,082,100	6,463,700
Australia [Member]
Segment Reporting Information [Line Items]
Operating Lease Revenue	997,500	1,140,000
Net Book Value of Aircraft and Aircraft Engines Held for Lease	0	3,585,900
Central and South America [Member]
Segment Reporting Information [Line Items]
Operating Lease Revenue	0	253,400
United Kingdom [Member]
Segment Reporting Information [Line Items]
Finance Lease Revenue	$ 390,900	$ 0

Concentration of Credit Risk (D

Concentration of Credit Risk (Details)	12 Months Ended
	Dec. 31, 2017USD ($)Customer	Dec. 31, 2016USD ($)Customer
Concentration Risk [Line Items]
Number of significant customers | Customer	5	4
Receivable [Member]
Concentration Risk [Line Items]
Receivables, aircraft held for sale	$ 779,700
Customer One [Member] | Operating Lease Revenue [Member]
Concentration Risk [Line Items]
Lease revenues and receivables from significant customers	28.00%	21.00%
Customer Two [Member] | Operating Lease Revenue [Member]
Concentration Risk [Line Items]
Lease revenues and receivables from significant customers	20.00%	17.00%
Customer Three [Member] | Operating Lease Revenue [Member]
Concentration Risk [Line Items]
Lease revenues and receivables from significant customers	14.00%	17.00%
Customer Four [Member] | Operating Lease Revenue [Member]
Concentration Risk [Line Items]
Lease revenues and receivables from significant customers	11.00%
Customer Four [Member] | Finance Lease Revenue [Member]
Concentration Risk [Line Items]
Lease revenues and receivables from significant customers		100.00%
Customer Five [Member] | Finance Lease Revenue [Member]
Concentration Risk [Line Items]
Lease revenues and receivables from significant customers	75.00%
Two Customers [Member] | Receivable [Member]
Concentration Risk [Line Items]
Lease revenues and receivables from significant customers		78.00%
Receivables		$ 2,663,400
Four Customers [Member] | Receivable [Member]
Concentration Risk [Line Items]
Lease revenues and receivables from significant customers	77.00%
Receivables	$ 2,959,200
Payment received	$ 3,147,600

Notes Payable and Accrued Int34

Notes Payable and Accrued Interest (Details)	Aug. 31, 2016USD ($)Aircraft	Dec. 31, 2017USD ($)	Jul. 31, 2017USD ($)	Jun. 30, 2017USD ($)	Dec. 31, 2016USD ($)
Credit Facility [Abstract]
Unamortized debt issuance costs		$ (2,216,000)			$ (1,999,900)
SPE Financing [Abstract]
Notes payable and accrued interest		145,598,200			125,837,900
Principal Payments Due Under Notes Payable [Abstract]
2,018		4,300,700
2,019		138,498,300
2,020		4,712,900
Total		147,511,900
SPE Financing [Member]
SPE Financing [Abstract]
Principal		13,511,900			17,623,600
Interest rate per annum	4.455%
Accrued interest		23,400			30,600
Notes payable and accrued interest		13,535,300			17,654,200
SPE Financing [Member] | October 3, 2020 to November 7, 2020 [Member]
SPE Financing [Abstract]
Principal	$ 19,609,900
SPE Financing [Member] | Regional Jet Aircraft [Member]
SPE Financing [Abstract]
Number of aircraft purchased | Aircraft	2
Credit Facility [Member]
Credit Facility [Abstract]
Principal		134,000,000			110,100,000
Unamortized debt issuance costs		(2,216,000)			(1,999,900)
Credit facility current borrowing capacity			$ 170,000,000	$ 150,000,000
Credit facility maximum borrowing capacity		180,000,000
Unused amount of the credit facility		$ 36,000,000			$ 39,900,000
Weighted average interest rate on credit facility		5.21%			4.15%
SPE Financing [Abstract]
Accrued interest		$ 278,900			$ 83,600

Acquisition of Management Com35

Acquisition of Management Company (Details) - JHC [Member] - USD ($)	1 Months Ended	12 Months Ended
	Oct. 31, 2017	Dec. 31, 2017
Business Acquisition [Line Items]
Consideration paid in cash	$ 3,500,000
Equity consideration (in shares)	129,286
Acquisition related costs		$ 619,400

Stockholder Rights Plan (Detail

Stockholder Rights Plan (Details) - $ / shares	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2009
Class of Stock [Line Items]
Number of stock purchase right for each share as dividends under plan (in shares)		1
Percentage of stock acquisition for exercise of rights as specified in right agreement	15.00%
Series A Preferred Stock [Member]
Class of Stock [Line Items]
Number of shares to be purchased by each right exercised (in shares)	0.01
Initial purchase price of unit under right agreement (in dollars per share)	$ 97

Income Taxes (Details)

Income Taxes (Details) - USD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Current tax provision [Abstract]
Federal		$ 0	$ 0
State		800	800
Foreign		329,500	123,200
Current tax provision		330,300	124,000
Deferred tax provision/(benefit) [Abstract]
Federal		1,159,700	626,700
State		35,100	45,100
Foreign		(111,300)	(45,500)
Net legislative change in corporate tax rate		(5,380,300)	0
Deferred tax (benefit)/provision		(4,296,800)	626,300
Total income tax (benefit)/provision		(3,966,500)	750,300
Income tax rate reconciliation [Abstract]
Income tax provision at statutory federal income tax rate		1,167,100	670,500
State tax provision, net of federal benefit		33,100	45,200
Non-deductible expenses		213,500	34,600
Net legislative change in corporate tax rate		(5,380,200)	0
Total income tax (benefit)/provision		(3,966,500)	750,300
Deferred tax assets [Abstract]
Maintenance reserves		2,810,200	6,846,800
Current and prior year tax losses		3,362,100	4,016,000
Foreign tax credit		295,800	77,700
Alternative minimum tax credit		45,500	45,500
Deferred maintenance, bad debt allowance and other		38,800	62,100
Deferred tax assets		6,552,400	11,048,100
Deferred tax liabilities [Abstract]
Accumulated depreciation on aircraft and aircraft engines		(14,591,000)	(23,012,800)
Deferred income		(495,100)	(865,800)
Net deferred tax liabilities		(8,533,700)	(12,830,500)
Current year federal operating loss carryovers		16,000,000
Current year state operating loss carryovers		62,000
Pre-tax income from domestic sources		2,200,000	1,600,000
Pre-tax income from foreign sources		1,200,000	388,000
Material uncertain tax positions		$ 0	$ 0
Income Tax Disclosure [Line Items]
Federal tax rate		34.00%
Plan [Member]
Income Tax Disclosure [Line Items]
Federal tax rate	21.00%

Computation of Earnings Per S38

Computation of Earnings Per Share (Details) - USD ($)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Basic and diluted earnings per share [Abstract]
Net income	$ 7,399,200	$ 1,221,700
Weighted average shares outstanding for the period (in shares)	1,449,576	1,566,699
Basic earnings per share (in dollars per share)	$ 5.10	$ 0.78
Diluted earnings per share (in dollars per share)	$ 5.10	$ 0.78
Number of potentially dilutive shares outstanding (in shares)	0	0

Related Party Transactions (Det

Related Party Transactions (Details)	1 Months Ended	12 Months Ended
	Mar. 31, 2017USD ($)Engineshares	Dec. 31, 2017USD ($)shares	Dec. 31, 2016USD ($)	Jan. 31, 2012
Related Party Transaction [Line Items]
Management fees		$ 6,109,200	$ 5,216,400
Number of shares repurchased from related party (in shares) | shares		150,000
Jet Fleet Management Corp. [Member]
Related Party Transaction [Line Items]
Management fees		$ 6,109,200	5,204,500
Acquisition fees		850,500	1,124,200
Remarketing fees		$ 51,100	$ 284,500
Lee G. Beaumont [Member]
Related Party Transaction [Line Items]
Percentage of shares acquired by related party				5.00%
Lee G. Beaumont [Member] | Engines [Member]
Related Party Transaction [Line Items]
Number of aircraft engines exchanged | Engine	1
Number of shares repurchased from related party (in shares) | shares	150,000
Gain (loss) on exchange of sale of assets	$ 0

Subsequent Events (Details)

Subsequent Events (Details)	1 Months Ended		12 Months Ended
	Feb. 28, 2018Aircraft	Jan. 31, 2018USD ($)Aircraft	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)
Subsequent Event [Line Items]
Gain on sale of aircraft			$ 791,500	$ 2,149,600
Subsequent Event [Member] | Turboprop Aircraft [Member]
Subsequent Event [Line Items]
Number of aircraft sold | Aircraft	1	1
Gain on sale of aircraft		$ 47,000