Mega Matrix (MPU) 10-Q 8 Nov 18 2018 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2018	Nov. 08, 2018
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 Filer Category	Non-accelerated Filer
Entity Common Stock, Shares Outstanding		1,545,924
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Ex Transition Period	false
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2018
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q3

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($)	Sep. 30, 2018	Dec. 31, 2017
Assets:
Cash and cash equivalents	$ 6,769,500	$ 8,657,800
Accounts receivable, including deferred rent of $0 and $707,300 at September 30, 2018 and December 31, 2017, respectively	3,168,000	3,825,100
Finance leases receivable	16,055,500	23,561,000
Aircraft and aircraft engines held for lease, net of accumulated depreciation of $33,462,100 and $33,234,200 at September 30, 2018 and December 31, 2017, respectively	187,092,900	195,098,200
Assets held for sale	14,511,600	4,966,500
Prepaid expenses and other assets	353,500	301,300
Total assets	227,951,000	236,409,900
Liabilities:
Accounts payable and accrued expenses	2,317,600	645,200
Notes payable and accrued interest, net of unamortized debt issuance costs of $1,078,900 and $2,216,000 at September 30, 2018 and December 31, 2017, respectively	140,247,200	145,598,200
Maintenance reserves	27,030,800	26,942,800
Accrued maintenance costs	260,100	1,275,300
Security deposits	3,367,800	3,147,900
Unearned revenues	4,160,400	2,447,500
Deferred income taxes	7,159,000	8,533,700
Income taxes payable	289,000	452,600
Total liabilities	184,831,900	189,043,200
Commitments and contingencies (Note 5)
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 shares outstanding	1,600	1,600
Paid-in capital	14,780,100	14,780,100
Retained earnings	31,374,200	35,621,800
Shareholders equity before treasury stock	46,155,900	50,403,500
Treasury stock at cost, 213,300 shares	(3,036,800)	(3,036,800)
Total stockholders' equity	43,119,100	47,366,700
Total liabilities and stockholders' equity	$ 227,951,000	$ 236,409,900

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($)	Sep. 30, 2018	Dec. 31, 2017
Assets:
Accounts receivable, deferred rent	$ 0	$ 707,300
Aircraft and aircraft engines held for lease, accumulated depreciation	33,462,100	33,234,200
Liabilities:
Unamortized debt issuance costs	$ 1,078,900	$ 2,216,000
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	1,416,699
Treasury stock (in shares)	213,300	213,300

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Revenues and other income:
Operating lease revenue	$ 7,173,200	$ 7,568,500	$ 20,460,000	$ 21,995,600
Finance lease revenue	261,700	415,700	1,002,100	1,173,400
Maintenance reserves revenue	0	349,800	0	1,035,800
Net gain on sales-type finance leases	0	0	0	297,400
Net (loss)/gain on disposal of assets	(2,384,300)	3,500	(2,374,400)	(130,400)
Other income	1,200	1,700	1,632,800	2,300
Total Income	5,051,800	8,339,200	20,720,500	24,374,100
Expenses:
Depreciation	3,328,200	3,158,600	9,420,500	9,037,700
Interest	2,467,200	2,143,400	7,086,600	5,496,400
Management fees	1,534,000	1,583,700	4,482,800	4,588,700
Professional fees, general and administrative and other	419,400	433,000	1,373,400	1,357,200
Maintenance	245,300	169,200	405,400	830,600
Provision for impairment in value of aircraft	2,673,300	68,800	2,971,500	523,100
Insurance	77,700	66,000	235,400	196,900
Other taxes	22,500	22,500	67,700	67,700
Total expenses	10,767,600	7,645,200	26,043,300	22,098,300
(Loss)/income before income tax (benefit)/provision	(5,715,800)	694,000	(5,322,800)	2,275,800
Income tax (benefit)/provision	(1,232,100)	309,500	(1,075,200)	894,100
Net (loss)/income	$ (4,483,700)	$ 384,500	$ (4,247,600)	$ 1,381,700
(Loss)/earnings per share:
Basic (in dollars per share)	$ (3.16)	$ 0.27	$ (3)	$ 0.95
Diluted (in dollars per share)	$ (3.16)	$ 0.27	$ (3)	$ 0.95
Weighted average shares used in (loss)/earnings per share computations:
Basic (in shares)	1,416,699	1,416,699	1,416,699	1,460,655
Diluted (in shares)	1,416,699	1,416,699	1,416,699	1,460,655

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017
Condensed Consolidated Statements of Cash Flows (Unaudited) [Abstract]
Net cash provided by operating activities	$ 14,543,600	$ 13,363,000
Investing activities:
Proceeds from sale of aircraft and aircraft engines held for lease, net of re-sale fees	8,382,000	2,980,000
Proceeds from sale of assets held for sale, net of re-sale fees	4,366,200	160,100
Investment in direct financing leases	0	(7,614,200)
Investment in aircraft parts and acquisition costs	(22,702,900)	(32,063,100)
Net cash used in investing activities	(9,954,700)	(36,537,200)
Financing activities:
Issuance of notes payable - Credit Facility	21,000,000	35,900,000
Repayment of notes payable - Credit Facility	(24,200,000)	(4,800,000)
Repayment of notes payable - special purpose financing	(3,207,200)	(3,066,000)
Debt issuance costs	(70,000)	(525,000)
Net cash (used in)/provided by financing activities	(6,477,200)	27,509,000
Net (decrease)/increase in cash and cash equivalents	(1,888,300)	4,334,800
Cash and cash equivalents, beginning of period	8,657,800	2,194,400
Cash and cash equivalents, end of period	$ 6,769,500	$ 6,529,200

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows (Unaudited) (Parenthetical) - USD ($)	9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017
Condensed Consolidated Statements of Cash Flows (Unaudited) [Abstract]
Interest paid	$ 6,059,600	$ 4,697,000
Income taxes paid	$ 463,300	$ 800

Organization and Summary of Sig

Organization and Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2018
Organization and Summary of Significant Accounting Policies [Abstract]
Organization and Summary of Significant Accounting Policies	1. (a) AeroCentury Corp., a Delaware corporation incorporated in 1997, typically acquires used regional aircraft for lease to foreign and domestic regional carriers. In August 2016, AeroCentury Corp. formed two wholly-owned subsidiaries, ACY SN 19002 Limited ("ACY 19002") and ACY SN 19003 Limited ("ACY 19003") for the purpose of acquiring aircraft using a combination of cash and third-party financing ("SPE Financing" or "special purpose financing") separate from the parent's credit facility (the "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") for interim financial information, the instructions to Form 10-Q and Article 8 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. September All intercompany balances and transactions have been eliminated in consolidation. As discussed in Note 7, the Company's acquisition of JetFleet Holding Corp. ("JHC") was consummated on October 1, 2018. As a subsidiary of the Company, JHC's results will be included in the Company's consolidated financial statements beginning in the fourth quarter of 2018. 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, 2017. (b) The Company's condensed 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 condensed 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 condensed 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) 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 $2,155,600 and $6,151,900 at September 30, 2018 and December 31, 2017, respectively. The fair value of the Company's money market funds is categorized as Level 1 under the GAAP fair value hierarchy. As of September 30, 2018 and December 31, 2017, 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 these and other assets 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 asset's carrying value exceeds its fair value. The Company recorded impairment charges totaling $2,673,300 on four of its aircraft held for sale in the three months ended September 30, 2018. The Company also recorded an impairment charge of $298,200 on one of its aircraft held for lease in the quarter ended June 30, 2018. The Company recorded an impairment charge of $68,800 on one of its assets held for lease in the quarter ended September 30, 2017, based on expected sales proceeds. The aircraft was sold in October 2017. The Company also recorded an impairment charge of $454,300 on one of its assets in the quarter ended June 30, 2017, based on its appraised value. 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 the Credit Facility and notes payable under special purpose financing. The fair value of accounts receivable, accounts payable and the Company's maintenance reserves and accrued maintenance costs approximates the carrying value of these financial instruments because of their short-term maturities. The fair value of finance lease receivables approximates the carrying value as discussed in (d) below. 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 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 $131,004,800 and $134,278,900 at September 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 4(b) to the condensed consolidated financial statements. The Company believes that the effective interest rate under the special purpose financing approximates current market rates for such indebtedness at the balance sheet date, and therefore that the outstanding principal and accrued interest of $10,321,300 and $13,535,300 approximate their fair values at September (d) As of September The Company recognized interest earned on finance leases in the amount of and $415,700 in the quarters ended September 30, 2018 and 2017, respectively and and $1,173,400 in the nine-month periods ended September 30, 2018 and 2017, respectively. (e) Topic 606 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, ASU 2016-02 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 sales-type 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 condensed 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. As of September 30, 2018, the Company was 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. As a result of the Company's acquisition of JHC on October 1, 2018, the Company became a lessee under a real estate lease and will need to evaluate reporting for that lease under ASU 2016-02. ASU 2017-01 In January 2017, the FASB issued ASU 2017-01, Business Combinations (Topic 805) ASU 2017-04 In January 2017, the FASB issued ASU 2017-04, Intangibles -- Goodwill and Other (Topic 350) SAB 118 In December of 2017, the United States enacted the Tax Cuts and Jobs Act of 2017 (the "Tax Act"), which had numerous effects on U.S. corporate taxation, including reducing the federal corporate tax rate to 21%, substantially modifying the U.S. taxation of international investments and transactions, and repealing the alternative minimum tax. In December of 2017, the Staff of the SEC issued Staff Accounting Bulletin No. 118 ("SAB 118"), which provides that companies should reflect in their financial statements the effects of the change in tax law in which the accounting is complete, as such completion occurs; provisional amounts for such effects for which the company can determine a reasonable estimate, as such estimates can be made; and continued accounting under the provisions of the law as it existed before enactment of the Tax Act for such effects for which no reasonable estimate under the new law can be made, until such a reasonable estimate is available and a provisional amount can be reported. Under SAB 118, in no event should the period during which a company is obtaining, preparing, and analyzing the information needed to complete the accounting for the effects of the change in tax law exceed one year from enactment (the "measurement period"), or the fourth quarter of 2018. The Company has reflected the effects of the Tax Act in these condensed consolidated financial statements and does not expect further analysis will be required.

Finance Leases Receivable

Finance Leases Receivable	9 Months Ended
	Sep. 30, 2018
Finance Leases Receivable [Abstract]
Finance Leases Receivable	2. During the third quarter of 2018, a customer that leased six of the Company's aircraft under sales-type finance leases purchased three of those aircraft in amounts equal to the outstanding balance under the applicable finance leases. The purchase price was paid in the form of (i) $1,088,700 in cash, (ii) $1,675,100 of maintenance reserves previously paid to the Company for one of the purchased aircraft and (iii) $2,618,100 of maintenance reserves previously paid to the Company for two aircraft that remain under sales-type finance leases with the customer. Such reserves are no longer available to the customer for reimbursement of maintenance claims under the applicable lease provisions pursuant to which the reserves were paid. The Company did not record a gain or loss on the sale of the aircraft. At September September 30 2018 December 31, 2017 Gross minimum lease payments receivable $ 18,160,700 $ 27,074,400 Less unearned interest (2,105,200 ) (3,513,400 ) Finance leases receivable $ 16,055,500 $ 23,561,000 As of September Years ending Remainder of 2018 $ 1,891,500 2019 4,047,600 2020 4,208,600 2021 4,805,000 2022 3,208,000 $ 18,160,700

Aircraft and Aircraft Engines H

Aircraft and Aircraft Engines Held for Lease or Sale	9 Months Ended
	Sep. 30, 2018
Aircraft and Aircraft Engines Held for Lease or Sale [Abstract]
Aircraft and Aircraft Engines Held for Lease or Sale	3. (a) At September September December 31 Type Number Owned % of net book value Number owned % of net book value Regional jet aircraft 13 81 % 13 82 % Turboprop aircraft 4 18 % 10 17 % Engines 1 1 % 1 1 % During the first half of 2018, the Company recorded $1,629,000 in other income resulting from cash received from the previous lessee of three aircraft that were returned to the Company during 2017. Such payments were for unpaid maintenance reserves, as well as amounts due pursuant to the return conditions of the applicable leases. The Company did not accrue unpaid reserves or return condition amounts at the time of lease termination based on management's evaluation of the creditworthiness of the lessee. Therefore, the Company is accounting for payments as they are received and recording the amounts received in other income in the period in which a payment is received. The Company received no such payments during the third quarter of 2018. The Company acquired no aircraft during the third quarter of 2018. During the third quarter of 2017, the Company used $10,557,400 for the acquisition of an Embraer 175 aircraft on lease to a customer in the United States and acquisition costs related to aircraft acquired earlier in the year. During the third quarter of 2018, the Company sold two turboprop aircraft and recorded a loss of $2,384,300. During the third quarter of 2017, the Company sold two spare turboprop engines and recorded a loss of $173,700. None of the Company's aircraft and engines held for lease were off lease at September As of September Years ending Remainder of 2018 $ 7,185,500 2019 28,381,100 2020 25,797,800 2021 18,696,400 2022 16,738,800 Thereafter 34,687,700 $ 131,487,300 (b) Assets Held for Sale Assets held for sale at September During the third quarter of 2018, the Company received $89,200 in cash and accrued $92,400 in receivables for parts sales. These amounts were accounted for as follows: $41,100 reduced accounts receivable for parts sales accrued in the second quarter of 2018, $124,500 reduced the carrying value of the parts, and $16,000 was recorded as gains in excess of the carrying value of the parts. During the three months ended September 30, 2017, the Company received $47,500 from the sale of parts. Of such amount, $44,000 reduced the carrying value of the parts and $3,500 was recorded as gains in excess of the carrying value of the parts.

Notes Payable and Accrued Inter

Notes Payable and Accrued Interest	9 Months Ended
	Sep. 30, 2018
Notes Payable and Accrued Interest [Abstract]
Notes Payable and Accrued Interest	4. At September 30, 2018 and December 31, 2017, the Company's notes payable and accrued interest consisted of the following: September 30 2018 December 31 2017 Credit Facility: Principal $ 130,800,000 $ 134,000,000 Unamortized debt issuance costs (1,078,900 ) (2,216,000 ) Accrued interest 204,800 278,900 Special purpose financing: Principal 10,304,700 13,511,900 Accrued interest 16,600 23,400 $ 140,247,200 $ 145,598,200 (a) The Company's $170 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, except for the aircraft that serve as collateral for the Company's SPE Financing. The Credit Facility, which expires on May 31, 2019, can be expanded to a maximum of $180 million. The Company is negotiating with lenders for an extension of the Credit Facility and a new non-recourse term loan that would be secured by certain of the regional jet aircraft in its portfolio, and expects these transactions, if completed, to close prior to the expiration of the current credit facility The Company was not in compliance with the interest coverage, debt service coverage and revenue concentration covenants under the Credit Facility at September The Company was in compliance with all covenants under the Credit Facility at December 31, 2017. The unused amount of the Credit Facility was $39,200,000 and $36,000,000 as of September The weighted average interest rate on the Credit Facility was 5.61% and 5.21% at September 30, 2018 and 31, 2017, 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 of $9,805,600 and $9,804,300, 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 principal amount and accrued interest owed on these notes at September 30, 2018 and December 31, 2017 was and $13,535,300, respectively.

Contingencies

Contingencies	9 Months Ended
	Sep. 30, 2018
Contingencies [Abstract]
Contingencies	4. At September 30, 2018 and December 31, 2017, the Company's notes payable and accrued interest consisted of the following: September 30 2018 December 31 2017 Credit Facility: Principal $ 130,800,000 $ 134,000,000 Unamortized debt issuance costs (1,078,900 ) (2,216,000 ) Accrued interest 204,800 278,900 Special purpose financing: Principal 10,304,700 13,511,900 Accrued interest 16,600 23,400 $ 140,247,200 $ 145,598,200 (a) The Company's $170 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, except for the aircraft that serve as collateral for the Company's SPE Financing. The Credit Facility, which expires on May 31, 2019, can be expanded to a maximum of $180 million. The Company is negotiating with lenders for an extension of the Credit Facility and a new non-recourse term loan that would be secured by certain of the regional jet aircraft in its portfolio, and expects these transactions, if completed, to close prior to the expiration of the current credit facility The Company was not in compliance with the interest coverage, debt service coverage and revenue concentration covenants under the Credit Facility at September The Company was in compliance with all covenants under the Credit Facility at December 31, 2017. The unused amount of the Credit Facility was $39,200,000 and $36,000,000 as of September The weighted average interest rate on the Credit Facility was 5.61% and 5.21% at September 30, 2018 and 31, 2017, 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 of $9,805,600 and $9,804,300, 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 principal amount and accrued interest owed on these notes at September 30, 2018 and December 31, 2017 was and $13,535,300, respectively.

Computation of Earnings Per Sha

Computation of Earnings Per Share	9 Months Ended
	Sep. 30, 2018
Computation of Earnings Per Share [Abstract]
Computation of Earnings Per Share	6. Basic and diluted earnings per share are calculated as follows: For the Nine Months Ended September For the Three Months Ended September 2018 2017 2018 2017 Net (loss)/income $ (4,247,600 ) $ 1,381,700 $ (4,483,700 ) $ 384,500 Weighted average shares outstanding for the period 1,416,699 1,460,655 1,416,699 1,416,699 Basic (loss)/earnings per share $ (3.00 ) $ 0.95 $ (3.16 ) $ 0.27 Diluted (loss)/earnings per share $ (3.00 ) $ 0.95 $ (3.16 ) $ 0.27 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

Acquisition of Management Compa

Acquisition of Management Company	9 Months Ended
	Sep. 30, 2018
Acquisition of Management Company [Abstract]
Acquisition of Management Company	7. In October 2017, the Company and JetFleet Holding Corp. ("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 approximately $2.8 million in cash and 129,286 shares of common stock of the Company, as determined pursuant to the Merger Agreement. JHC is the sole shareholder of JetFleet Management Corp, ("JMC"), which is the manager of the Company's assets as described in Note 8 below. The Merger was consummated on October 1, 2018. As a subsidiary of the Company, JHC's results will be included in the Company's consolidated financial statements beginning in the fourth quarter of 2018. The Company will be responsible for all expenses incurred by JMC in managing the Company, including employee salaries, office rent and all other general and administrative expenses. As a result of the Merger, the Company assumed all of JHC's assets, comprised primarily of marketable securities, prepaid expenses and an office lease, as well as liabilities of approximately $0.9 million. During the quarter and nine months ended September September

Related Party Transactions

Related Party Transactions	9 Months Ended
	Sep. 30, 2018
Related Party Transactions [Abstract]
Related Party Transactions	8 See the description of the Merger Agreement between the Company and JHC in Note 7 above, pursuant to which the Company acquired JHC in the Merger and JHC became a wholly owned subsidiary of the Company on October 1, 2018. Before completion of the Merger, the Company's portfolio of leased aircraft assets were managed and administered under the terms of a management agreement (the "Management Agreement") with JMC, which is an integrated aircraft management, marketing and financing business. Certain officers of the Company were also officers of JHC and JMC and held significant ownership positions in both JHC and the Company. Under the Management Agreement, JMC received a monthly management fee based on the net asset value of the assets under management. JMC also received an acquisition fee for locating assets for the Company. Acquisition fees were included in the cost basis of the asset purchased. JMC also received a remarketing fee in connection with the re-lease or sale of the Company's assets. Remarketing fees were amortized over the applicable lease term or included in the gain or loss on sale. In April 2018, subsequent to the execution of the Merger Agreement, the Company, JHC and JMC entered into a waiver and reimbursement agreement (the "Waiver/Reimbursement Agreement"), pursuant to which JHC and JMC agreed to waive their right to receive management and acquisition fees ("Contract Fees") otherwise owed by the Company to JMC pursuant to the Management Agreement for all periods after March 31, 2018 and until the consummation of the Merger, and in return, the Company agreed to reimburse JMC for expenses ("Management Expense") incurred in providing management services set forth under the Management Agreement. As a result, the Company has been responsible for all expenses incurred by JMC in managing the Company's assets beginning April 1, 2018 and will continue to be responsible for all such expenses in all periods after the Merger, and no Contract Fees have been or will be payable by the Company to JMC for those periods. Notwithstanding the Waiver/Reimbursement Agreement, the Company accrued as an expense the Contract Fees that would have been due under the Management Agreement through September 30, 2018. For the quarter ended September Contract Fees incurred during the three months and nine months ended September For the Nine Months Ended September For the Three Months Ended September 2018 2017 2018 2017 Management fees $ 4,482,800 4,588,700 $ 1,534,000 $ 1,583,700 Acquisition fees 494,400 850,500 - 208,600 Remarketing fees - 51,100 - - In March 2017, the Company exchanged one of its engines for 150,000 shares of common stock of the Company held by a holder of more than 5% of the Company's then-outstanding common stock. The Company recorded no gain or loss related to the exchange.

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2018
Subsequent Events [Abstract]
Subsequent Events	9. As discussed in Notes 7 and 8, the Company's acquisition of JHC was consummated on October 1, 2018, for consideration of approximately $2.8 million in cash and 129,286 shares of common stock of the Company. As a subsidiary of the Company, JHC's results will be included in the Company's consolidated financial statements beginning in the fourth quarter of 2018. As a result of the Merger, the Company assumed JHC liabilities of approximately $0.9 million. The Company also became a lessee under a real estate lease and will need to evaluate reporting for that lease under ASU 2016-2.

Organization and Summary of S_2

Organization and Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2018
Organization and Summary of Significant Accounting Policies [Abstract]
The Company and Basis of Presentation	(a) AeroCentury Corp., a Delaware corporation incorporated in 1997, typically acquires used regional aircraft for lease to foreign and domestic regional carriers. In August 2016, AeroCentury Corp. formed two wholly-owned subsidiaries, ACY SN 19002 Limited ("ACY 19002") and ACY SN 19003 Limited ("ACY 19003") for the purpose of acquiring aircraft using a combination of cash and third-party financing ("SPE Financing" or "special purpose financing") separate from the parent's credit facility (the "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") for interim financial information, the instructions to Form 10-Q and Article 8 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. September All intercompany balances and transactions have been eliminated in consolidation. As discussed in Note 7, the Company's acquisition of JetFleet Holding Corp. ("JHC") was consummated on October 1, 2018. As a subsidiary of the Company, JHC's results will be included in the Company's consolidated financial statements beginning in the fourth quarter of 2018. 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, 2017.
Use of Estimates	(b) The Company's condensed 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 condensed 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 condensed 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.
Fair Value Measurements	(c) 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 $2,155,600 and $6,151,900 at September 30, 2018 and December 31, 2017, respectively. The fair value of the Company's money market funds is categorized as Level 1 under the GAAP fair value hierarchy. As of September 30, 2018 and December 31, 2017, 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 these and other assets 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 asset's carrying value exceeds its fair value. The Company recorded impairment charges totaling $2,673,300 on four of its aircraft held for sale in the three months ended September 30, 2018. The Company also recorded an impairment charge of $298,200 on one of its aircraft held for lease in the quarter ended June 30, 2018. The Company recorded an impairment charge of $68,800 on one of its assets held for lease in the quarter ended September 30, 2017, based on expected sales proceeds. The aircraft was sold in October 2017. The Company also recorded an impairment charge of $454,300 on one of its assets in the quarter ended June 30, 2017, based on its appraised value. 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 the Credit Facility and notes payable under special purpose financing. The fair value of accounts receivable, accounts payable and the Company's maintenance reserves and accrued maintenance costs approximates the carrying value of these financial instruments because of their short-term maturities. The fair value of finance lease receivables approximates the carrying value as discussed in (d) below. 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 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 $131,004,800 and $134,278,900 at September 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 4(b) to the condensed consolidated financial statements. The Company believes that the effective interest rate under the special purpose financing approximates current market rates for such indebtedness at the balance sheet date, and therefore that the outstanding principal and accrued interest of $10,321,300 and $13,535,300 approximate their fair values at September
Finance Leases	(d) As of September The Company recognized interest earned on finance leases in the amount of and $415,700 in the quarters ended September 30, 2018 and 2017, respectively and and $1,173,400 in the nine-month periods ended September 30, 2018 and 2017, respectively.
Recent Accounting Pronouncements	(e) Topic 606 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, ASU 2016-02 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 sales-type 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 condensed 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. As of September 30, 2018, the Company was 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. As a result of the Company's acquisition of JHC on October 1, 2018, the Company became a lessee under a real estate lease and will need to evaluate reporting for that lease under ASU 2016-02. ASU 2017-01 In January 2017, the FASB issued ASU 2017-01, Business Combinations (Topic 805) ASU 2017-04 In January 2017, the FASB issued ASU 2017-04, Intangibles -- Goodwill and Other (Topic 350) SAB 118 In December of 2017, the United States enacted the Tax Cuts and Jobs Act of 2017 (the "Tax Act"), which had numerous effects on U.S. corporate taxation, including reducing the federal corporate tax rate to 21%, substantially modifying the U.S. taxation of international investments and transactions, and repealing the alternative minimum tax. In December of 2017, the Staff of the SEC issued Staff Accounting Bulletin No. 118 ("SAB 118"), which provides that companies should reflect in their financial statements the effects of the change in tax law in which the accounting is complete, as such completion occurs; provisional amounts for such effects for which the company can determine a reasonable estimate, as such estimates can be made; and continued accounting under the provisions of the law as it existed before enactment of the Tax Act for such effects for which no reasonable estimate under the new law can be made, until such a reasonable estimate is available and a provisional amount can be reported. Under SAB 118, in no event should the period during which a company is obtaining, preparing, and analyzing the information needed to complete the accounting for the effects of the change in tax law exceed one year from enactment (the "measurement period"), or the fourth quarter of 2018. The Company has reflected the effects of the Tax Act in these condensed consolidated financial statements and does not expect further analysis will be required.

Finance Leases Receivable (Tabl

Finance Leases Receivable (Tables)	9 Months Ended
	Sep. 30, 2018
Finance Leases Receivable [Abstract]
Net Investment Included in Finance Leases and Direct Financing Leases Receivable	At September September 30 2018 December 31, 2017 Gross minimum lease payments receivable $ 18,160,700 $ 27,074,400 Less unearned interest (2,105,200 ) (3,513,400 ) Finance leases receivable $ 16,055,500 $ 23,561,000
Minimum Future Payments Receivable Under Finance Leases	As of September Years ending Remainder of 2018 $ 1,891,500 2019 4,047,600 2020 4,208,600 2021 4,805,000 2022 3,208,000 $ 18,160,700

Aircraft and Aircraft Engines_2

Aircraft and Aircraft Engines Held for Lease or Sale (Tables)	9 Months Ended
	Sep. 30, 2018
Aircraft and Aircraft Engines Held for Lease or Sale [Abstract]
Aircraft and Aircraft Engines Held for Lease	At September September December 31 Type Number Owned % of net book value Number owned % of net book value Regional jet aircraft 13 81 % 13 82 % Turboprop aircraft 4 18 % 10 17 % Engines 1 1 % 1 1 %
Minimum Future Lease Revenue Payments Receivable	As of September Years ending Remainder of 2018 $ 7,185,500 2019 28,381,100 2020 25,797,800 2021 18,696,400 2022 16,738,800 Thereafter 34,687,700 $ 131,487,300

Notes Payable and Accrued Int_2

Notes Payable and Accrued Interest (Tables)	9 Months Ended
	Sep. 30, 2018
Notes Payable and Accrued Interest [Abstract]
Notes Payable and Accrued Interest	At September 30, 2018 and December 31, 2017, the Company's notes payable and accrued interest consisted of the following: September 30 2018 December 31 2017 Credit Facility: Principal $ 130,800,000 $ 134,000,000 Unamortized debt issuance costs (1,078,900 ) (2,216,000 ) Accrued interest 204,800 278,900 Special purpose financing: Principal 10,304,700 13,511,900 Accrued interest 16,600 23,400 $ 140,247,200 $ 145,598,200

Computation of Earnings Per S_2

Computation of Earnings Per Share (Tables)	9 Months Ended
	Sep. 30, 2018
Computation of Earnings Per Share [Abstract]
Basic and Diluted Earnings Per Share	Basic and diluted earnings per share are calculated as follows: For the Nine Months Ended September For the Three Months Ended September 2018 2017 2018 2017 Net (loss)/income $ (4,247,600 ) $ 1,381,700 $ (4,483,700 ) $ 384,500 Weighted average shares outstanding for the period 1,416,699 1,460,655 1,416,699 1,416,699 Basic (loss)/earnings per share $ (3.00 ) $ 0.95 $ (3.16 ) $ 0.27 Diluted (loss)/earnings per share $ (3.00 ) $ 0.95 $ (3.16 ) $ 0.27

Related Party Transactions (Tab

Related Party Transactions (Tables)	9 Months Ended
	Sep. 30, 2018
Related Party Transactions [Abstract]
Related Party Fees	Contract Fees incurred during the three months and nine months ended September For the Nine Months Ended September For the Three Months Ended September 2018 2017 2018 2017 Management fees $ 4,482,800 4,588,700 $ 1,534,000 $ 1,583,700 Acquisition fees 494,400 850,500 - 208,600 Remarketing fees - 51,100 - -

Organization and Summary of S_3

Organization and Summary of Significant Accounting Policies (Details)	Aug. 31, 2016Subsidiary	Sep. 30, 2018USD ($)Aircraft	Jun. 30, 2018USD ($)Aircraft	Sep. 30, 2017USD ($)Aircraft	Jun. 30, 2017USD ($)Aircraft	Sep. 30, 2018USD ($)AircraftLease	Sep. 30, 2017USD ($)	Dec. 31, 2017USD ($)
Organization and Summary of Significant Accounting Policies [Abstract]
Number of wholly owned subsidiaries | Subsidiary	2
Finance Leases [Abstract]
Impairment charge		$ 2,673,300		$ 68,800		$ 2,971,500	$ 523,100
Notes payable and accrued interest		$ 140,247,200				$ 140,247,200		$ 145,598,200
Number of aircraft with sales type finance leases | Aircraft		6				3
Number of aircraft with direct financing leases | Aircraft						3
Number of finance leases | Lease						6
Interest earned on finance lease		$ 261,700		415,700		$ 1,002,100	$ 1,173,400
Recent Accounting Pronouncements [Abstract]
Federal corporate tax rate		21.00%
SPE Financing [Member]
Finance Leases [Abstract]
Notes payable and accrued interest		$ 10,321,300				10,321,300		13,535,300
Level 3 [Member] | SPE Financing [Member]
Finance Leases [Abstract]
Notes payable and accrued interest		10,321,300				10,321,300		13,535,300
Level 3 [Member] | Credit Facility [Member]
Finance Leases [Abstract]
Notes payable and accrued interest		131,004,800				131,004,800		134,278,900
Recurring [Member]
Assets and Liabilities Measured and Recorded at Fair Value on a Recurring Basis [Abstract]
Liabilities recorded at fair value		0				0		0
Recurring [Member] | Money Market Funds [Member]
Assets and Liabilities Measured and Recorded at Fair Value on a Recurring Basis [Abstract]
Cash and cash equivalents		2,155,600				$ 2,155,600		$ 6,151,900
Nonrecurring [Member] | Aircraft [Member] | Held for Lease [Member]
Finance Leases [Abstract]
Impairment charge		$ 2,673,300	$ 298,200	$ 68,800	$ 454,300
Number of assets held for lease | Aircraft		4	1	1	1

Finance Leases Receivable (Deta

Finance Leases Receivable (Details)	3 Months Ended	9 Months Ended
	Sep. 30, 2018USD ($)Aircraft	Sep. 30, 2018USD ($)Aircraft	Sep. 30, 2017USD ($)	Dec. 31, 2017USD ($)
Finance Leases Receivable [Abstract]
Number of aircraft with sales type finance leases | Aircraft	6	3
Number of aircraft sold | Aircraft	3
Cash proceeds from sale of aircraft	$ 1,088,700	$ 8,382,000	$ 2,980,000
Proceeds from sale of aircraft from maintenance reserves on one purchased aircraft	1,675,100
Proceeds from sale of aircraft from maintenance reserves from two leased aircraft	2,618,100
Net Investment Included in Finance Leases and Direct Financing Leases Receivable [Abstract]
Gross minimum lease payments receivable	18,160,700	18,160,700		$ 27,074,400
Less unearned interest	(2,105,200)	(2,105,200)		(3,513,400)
Finance leases receivable	16,055,500	16,055,500		$ 23,561,000
Minimum Future Payments Receivable under Finance Leases [Abstract]
Remainder of 2018	1,891,500	1,891,500
2,019	4,047,600	4,047,600
2,020	4,208,600	4,208,600
2,021	4,805,000	4,805,000
2,022	3,208,000	3,208,000
Total	$ 18,160,700	$ 18,160,700

Aircraft and Aircraft Engines_3

Aircraft and Aircraft Engines Held for Lease or Sale (Details)	3 Months Ended			6 Months Ended	9 Months Ended		12 Months Ended
	Sep. 30, 2018USD ($)Aircraft	Jun. 30, 2018USD ($)	Sep. 30, 2017USD ($)Aircraft	Jun. 30, 2018USD ($)	Sep. 30, 2018USD ($)Aircraft	Sep. 30, 2017USD ($)	Dec. 31, 2017Aircraft
Aircraft and aircraft engines held for lease or sale [Abstract]
Number owned | Aircraft	13				13		13
Percentage of net book value	81.00%				81.00%		82.00%
Other income from unpaid maintenance reserves	$ 1,200		$ 1,700		$ 1,632,800	$ 2,300
Payment for equipment and acquisition costs related to aircraft purchased					22,702,900	32,063,100
Number of aircraft sold | Aircraft	3
Impairment charge	$ 2,673,300		68,800		2,971,500	523,100
Proceeds from the sale of parts					4,366,200	160,100
Gain (loss) on sale of aircraft and aircraft parts	(2,384,300)		3,500		(2,374,400)	$ (130,400)
Minimum future lease revenue payments receivable under noncancelable operating leases [Abstract]
Remainder of 2018	7,185,500				7,185,500
2,019	28,381,100				28,381,100
2,020	25,797,800				25,797,800
2,021	18,696,400				18,696,400
2,022	16,738,800				16,738,800
Thereafter	34,687,700				34,687,700
Total	$ 131,487,300				$ 131,487,300
Engines [Member]
Aircraft and aircraft engines held for lease or sale [Abstract]
Number owned | Aircraft	1				1		1
Percentage of net book value	1.00%				1.00%		1.00%
Turboprop Aircraft [Member]
Aircraft and aircraft engines held for lease or sale [Abstract]
Number owned | Aircraft	4				4		10
Percentage of net book value	18.00%				18.00%		17.00%
Held for Sale [Member] | Aircraft Parts [Member]
Aircraft and aircraft engines held for lease or sale [Abstract]
Impairment charge	$ 2,673,300
Number of assets held for lease | Aircraft	4
Proceeds from the sale of parts	$ 89,200		47,500
Accrued receivables	$ 92,400				$ 92,400
Gain (loss) on sale of aircraft and aircraft parts		$ 16,000	3,500
Decrease in accounts receivable		(41,100)
Decrease in carrying value of parts		$ (124,500)	(44,000)
Held for Lease [Member]
Aircraft and aircraft engines held for lease or sale [Abstract]
Other income from unpaid maintenance reserves				$ 1,629,000
Number of aircraft returned | Aircraft							3
Number of aircraft purchased | Aircraft	0
Held for Lease [Member] | Embraer 175 Aircraft [Member]
Aircraft and aircraft engines held for lease or sale [Abstract]
Payment for equipment and acquisition costs related to aircraft purchased			$ 10,557,400
Number of aircraft purchased | Aircraft			1
Held for Lease [Member] | Engines [Member]
Aircraft and aircraft engines held for lease or sale [Abstract]
Number of aircraft sold | Aircraft			2
Gain (loss) on sale of aircraft and aircraft parts			$ (173,700)
Held for Lease [Member] | Turboprop Aircraft [Member]
Aircraft and aircraft engines held for lease or sale [Abstract]
Number of aircraft sold | Aircraft	2
Gain (loss) on sale of aircraft and aircraft parts	$ (2,384,300)

Notes Payable and Accrued Int_3

Notes Payable and Accrued Interest, Components (Details) - USD ($)	Sep. 30, 2018	Dec. 31, 2017
Credit Facility [Abstract]
Unamortized debt issuance costs	$ (1,078,900)	$ (2,216,000)
Special purpose financing [Abstract]
Notes payable and accrued interest	140,247,200	145,598,200
SPE Financing [Member]
Special purpose financing [Abstract]
Principal	10,304,700	13,511,900
Accrued interest	16,600	23,400
Notes payable and accrued interest	10,321,300	13,535,300
Credit Facility [Member]
Credit Facility [Abstract]
Principal	130,800,000	134,000,000
Unamortized debt issuance costs	(1,078,900)	(2,216,000)
Special purpose financing [Abstract]
Accrued interest	$ 204,800	$ 278,900

Notes Payable and Accrued Int_4

Notes Payable and Accrued Interest, Activity (Details)	Aug. 31, 2016USD ($)Aircraft	Oct. 31, 2018USD ($)	Sep. 30, 2018USD ($)Asset	Sep. 30, 2017USD ($)	Dec. 31, 2017USD ($)
Credit Facility [Abstract]
Principal payment			$ 24,200,000	$ 4,800,000
Special purpose financing [Abstract]
Notes payable and accrued interest			140,247,200		$ 145,598,200
SPE Financing [Member]
Special purpose financing [Abstract]
Principal			10,304,700		13,511,900
Interest rate	4.455%
Notes payable and accrued interest			10,321,300		13,535,300
SPE Financing [Member] | October 3, 2020 [Member]
Special purpose financing [Abstract]
Principal	$ 9,805,600
SPE Financing [Member] | November 7, 2020 [Member]
Special purpose financing [Abstract]
Principal	$ 9,804,300
SPE Financing [Member] | Regional Jet Aircraft [Member]
Special purpose financing [Abstract]
Number of aircraft purchased | Aircraft	2
Credit Facility [Member]
Credit Facility [Abstract]
Credit facility current borrowing capacity			$ 170,000,000
Date of expiration			May 31, 2019
Credit facility maximum borrowing capacity			$ 180,000,000
Unused amount of the credit facility			$ 39,200,000		$ 36,000,000
Number of assets held for sale | Asset			4
Borrowing base deficiency			$ 1,400,000
Weighted average interest rate on credit facility			5.61%		5.21%
Credit Facility [Member] | Subsequent Event [Member]
Credit Facility [Abstract]
Principal payment		$ 2,000,000

Computation of Earnings Per S_3

Computation of Earnings Per Share (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Basic and diluted earnings per share [Abstract]
Net (loss)/income	$ (4,483,700)	$ 384,500	$ (4,247,600)	$ 1,381,700
Weighted average shares outstanding for the period (in shares)	1,416,699	1,416,699	1,416,699	1,460,655
Basic (loss)/earnings per share (in dollars per share)	$ (3.16)	$ 0.27	$ (3)	$ 0.95
Diluted (loss)/earnings per share (in dollars per share)	$ (3.16)	$ 0.27	$ (3)	$ 0.95

Acquisition of Management Com_2

Acquisition of Management Company (Details) - JHC [Member] - USD ($)	1 Months Ended	3 Months Ended		9 Months Ended
	Oct. 31, 2017	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Acquisition of Management Company [Abstract]
Consideration paid in cash	$ 2,800,000
Liabilities assumed		$ 900,000		$ 900,000
Equity consideration (in shares)	129,286
Acquisition related costs		$ 77,200	$ 161,800	$ 341,400	$ 287,700

Related Party Transactions (Det

Related Party Transactions (Details)	1 Months Ended	3 Months Ended		9 Months Ended
	Mar. 31, 2017USD ($)Aircraftshares	Sep. 30, 2018USD ($)Aircraft	Sep. 30, 2017USD ($)	Sep. 30, 2018USD ($)	Sep. 30, 2017USD ($)
Related party transaction [Abstract]
Fees incurred		$ 1,534,000	$ 1,583,700	$ 4,482,800	$ 4,588,700
Number of aircraft engines exchanged | Aircraft		3
Gain (loss) on exchange		$ (2,384,300)	3,500	(2,374,400)	(130,400)
Jet Fleet Management Corp. [Member] | Management Fees [Member]
Related party transaction [Abstract]
Excess of contractual fees paid		525,900		1,023,100
Fees incurred		1,534,000	1,583,700	4,482,800	4,588,700
Jet Fleet Management Corp. [Member] | Acquisition Fees [Member]
Related party transaction [Abstract]
Excess of contractual fees paid		494,400		494,000
Fees incurred		0	208,600	494,400	850,500
Jet Fleet Management Corp. [Member] | Remarketing Fees [Member]
Related party transaction [Abstract]
Fees incurred		$ 0	$ 0	$ 0	$ 51,100
Holder [Member] | Minimum [Member]
Related party transaction [Abstract]
Percentage of shares acquired by related party	5.00%
Holder [Member] | Engines [Member]
Related party transaction [Abstract]
Number of aircraft engines exchanged | Aircraft	1
Number of shares repurchased from related party (in shares) | shares	150,000
Gain (loss) on exchange	$ 0

Subsequent Events (Details)

Subsequent Events (Details) - JHC [Member] - USD ($) $ in Millions	Oct. 01, 2018	Oct. 31, 2017	Sep. 30, 2018
Business combination, consideration transferred [Abstract]
Consideration paid in cash		$ 2.8
Equity consideration (in shares)		129,286
Liabilities assumed			$ 0.9
Subsequent Event [Member]
Business combination, consideration transferred [Abstract]
Consideration paid in cash	$ 2.8
Equity consideration (in shares)	129,286
Liabilities assumed	$ 0.9