Document and Entity Information
Document and Entity Information | 9 Months Ended |
Sep. 30, 2017shares | |
Document and Entity Information: | |
Entity Registrant Name | COMMONWEALTH INCOME & GROWTH FUND IV |
Document Type | 10-Q |
Document Period End Date | Sep. 30, 2017 |
Trading Symbol | cigf4 |
Amendment Flag | false |
Entity Central Index Key | 1,141,615 |
Current Fiscal Year End Date | --12-31 |
Entity Common Stock, Shares Outstanding | 0 |
Entity Filer Category | Smaller Reporting Company |
Entity Current Reporting Status | Yes |
Entity Voluntary Filers | No |
Entity Well-known Seasoned Issuer | No |
Document Fiscal Year Focus | 2,017 |
Document Fiscal Period Focus | Q3 |
Entity Incorporation, State Country Name | Commonwealth of Pennsylvania |
Condensed Balance Sheets
Condensed Balance Sheets - USD ($) | Sep. 30, 2017 | Dec. 31, 2016 |
ASSETS | ||
Cash | $ 34,154 | $ 19,091 |
Lease income receivable, net of reserve of approximately $6,000 at September 30, 2017 and December 31, 2016 | 12,042 | 13,154 |
Other Receivables | 41,590 | 16,172 |
Refundable deposits | 1,130 | 1,130 |
Current Assets | 88,916 | 49,547 |
Net Investment in Finance Leases | 20,286 | 29,808 |
Equipment, at cost | 3,319,287 | 3,643,063 |
Accumulated depreciation | (2,083,555) | (1,669,525) |
Technology equipment, net | 1,235,732 | 1,973,538 |
Equipment acquisition costs, net of accumulated amortization of approximately $6,000 and $11,000 at September 30, 2017 and December 31, 2016, respectively | 136 | 2,582 |
Total Assets | 1,345,070 | 2,055,475 |
LIABILITIES | ||
Accounts payable | 79,407 | 80,788 |
Accounts payable, CIGF, Inc., net | 193,671 | 218,395 |
Accounts Payable - Commonwealth Capital Corp., net | 221,414 | 298,960 |
Other accrued expenses | 10,992 | 18,910 |
Unearned lease income | 36,403 | 21,798 |
Notes payable | 756,317 | 1,348,830 |
Total Liabilities | 1,298,204 | 1,987,681 |
PARTNERS' CAPITAL | ||
General Partner | 1,000 | 1,000 |
Limited Partners | 45,866 | 66,794 |
Total Partners' Capital | 46,866 | 67,794 |
Total Liabilities and Partners' Capital | $ 1,345,070 | $ 2,055,475 |
Condensed Balance Sheets (Paren
Condensed Balance Sheets (Parenthetical) - USD ($) | Sep. 30, 2017 | Dec. 31, 2016 |
Statement of Financial Position [Abstract] | ||
Lease income receivable, reserve | $ 6,000 | $ 6,000 |
Land, Buildings, Equipment and Leasehold Improvements, accumulated depreciation and amortization | $ 6,000 | $ 11,000 |
Condensed Statements of Operati
Condensed Statements of Operations - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Revenue | ||||
Lease | $ 224,070 | $ 248,983 | $ 699,668 | $ 757,208 |
Interest and other | 341 | 557 | 1,329 | 2,167 |
Gain on sale of equipment | 0 | 0 | 0 | 590 |
Total revenue and gain on sale of equipment | 224,411 | 249,540 | 700,997 | 759,965 |
Expenses | ||||
Operating, excluding depreciation and amortization | 8,192 | 11,877 | 62,068 | 62,551 |
Interest | 10,280 | 19,240 | 37,509 | 63,937 |
Depreciation | 190,963 | 220,088 | 595,500 | 664,229 |
Amortization of equipment acquisition costs and deferred expenses | 588 | 1,357 | 2,446 | 4,640 |
Loss on sale of equipment | 26,070 | 0 | 24,402 | 0 |
Total expenses | 236,093 | 252,562 | 721,925 | 795,357 |
Net loss | (11,682) | (3,022) | (20,928) | (35,392) |
Net loss allocated to Limited Partners | $ (11,682) | $ (3,022) | $ (20,928) | $ (35,392) |
Net loss per equivalent Limited Partnership unit | $ (0.02) | $ 0 | $ (0.03) | $ (0.05) |
Weighted average number of equivalent Limited Partnership units outstanding during the period | 747,925 | 747,925 | 747,925 | 747,925 |
Condensed Statement of Partners
Condensed Statement of Partners' Capital - 9 months ended Sep. 30, 2017 - USD ($) | General Partners | Limited Partners {1} | Total |
Partners' Capital at Dec. 31, 2016 | $ 1,000 | $ 66,794 | $ 67,794 |
Partners' Capital Account, Units at Dec. 31, 2016 | 50 | 747,925 | |
Net Loss | $ (20,928) | (20,928) | |
Partners' Capital at Sep. 30, 2017 | $ 1,000 | $ 45,866 | $ 46,866 |
Partners' Capital Account, Units at Sep. 30, 2017 | 50 | 747,925 |
Condensed Statements of Cash Fl
Condensed Statements of Cash Flow - USD ($) | 9 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Statement of Cash Flows [Abstract] | ||
Net cash (used in) provided by operating activities | $ (113,571) | $ 20,851 |
Cash flows from investing activities | ||
Capital expenditures | 0 | (30,174) |
Payments received from finance leases | 10,729 | 12,966 |
Net proceeds from the sale of equipment | 117,905 | 7,173 |
Net cash provided by (used in) investing activities | 128,634 | (10,035) |
Net increase in cash | 15,063 | 10,816 |
Cash at beginning of the period | 19,091 | 4,152 |
Cash at end of the period | $ 34,154 | $ 14,968 |
Business
Business | 9 Months Ended |
Sep. 30, 2017 | |
Disclosure Text Block [Abstract] | |
Business | Commonwealth Income and Growth Fund IV (“CIGF4” or the “Partnership” or the “Fund”) is a limited partnership organized in the Commonwealth of Pennsylvania on April 20, 2001. The Partnership offered $15,000,000 of limited partnership interest to the public on October 19, 2001. The Partnership raised the minimum capital required ($1,150,000) and commenced operations on July 8, 2002. The Partnership was fully subscribed and terminated its offering of units on September 15, 2003 with 749,950 units ($14,967,729) sold. The Partnership was originally scheduled to end its operational phase on December 31, 2013. During the year ended December 31, 2013, the operational phase was officially extended to December 31, 2015 through a proxy vote initiated by the General Partner. The Partnership’s operational phase ended on December 31, 2015. The Fund is scheduled to expire on December 31, 2017. The General Partner has not formally approved a plan for liquidation at this time. As such, the Partnership will continue to report its financial statements on a going concern basis until a formal plan of liquidation is approved by the General Partner. During the Partnership’s operational phase, the investment strategy was to acquire high technology equipment consisting of medical, telecommunications and inventory management equipment. As the Partnership’s operational phase has ended on December 31, 2015, the General Partner’s will begin the wind down process as it prepares the Fund for the liquidation phase which is planned to commence on December 31, 2017. The Partnership used the proceeds of the offering to acquire, own and lease various types of information technology, medical technology, telecommunications technology, inventory management equipment and other similar capital equipment, which is leased primarily to U.S. corporations and institutions. Commonwealth Capital Corp (“CCC”), on behalf of the Partnership and other affiliated partnerships, acquires equipment subject to associated debt obligations and lease agreements and allocates a participation in the cost, debt and lease revenue to the various partnerships that it manages based on certain risk factors. The Partnership’s General Partner is Commonwealth Income & Growth Fund, Inc. (the “General Partner”), a Pennsylvania corporation which is an indirect wholly-owned subsidiary of CCC. CCC is a member of the Investment Program Association (IPA), REISA, Financial Planning Association (FPA), and the Equipment Leasing and Finance Association (ELFA). Liquidity and Going Concern The General Partner and CCC have committed to fund, either through cash contributions and/or forgiveness of indebtedness, any necessary operational cash shortfalls of the Partnership through September 30, 2018. The General Partner will continue to reassess the funding of limited partner distributions throughout 2017 and will continue to waive certain fees. The General Partner and CCC will also determine if related party payables owed to the Partnership may be deferred (if deemed necessary in an effort to further increase the Partnership’s cash flow). If available cash flow or net disposition proceeds are insufficient to cover the Partnership expenses and liabilities on a short and long term basis, the Partnership may attempt to obtain additional funds by disposing of or refinancing equipment, or by borrowing within its permissible limits. The Partnership has incurred recurring losses and has a working capital deficit at September 30, 2017. The Partnership believes it has alleviated these conditions as discussed above. Allocations of income and distributions of cash are based on the Agreement. The various allocations under the Agreement prevent any limited partner’s capital account from being reduced below zero and ensure the capital accounts reflect the anticipated sharing ratios of cash distributions, as defined in the Agreement. During the nine months ended September 30, 2017, the General Partner elected to forgo distributions and allocations of net income owed to it, and suspended limited partner distributions. The General Partner will continue to reassess the funding of limited partner distributions throughout 2017 and will continue to waive certain fees. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2017 | |
Disclosure Text Block [Abstract] | |
Summary of Significant Accounting Policies | Basis of Presentation The financial information presented as of any date other than December 31, 2016 has been prepared from the books and records without audit. The following unaudited condensed financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission. Financial information as of December 31, 2016 has been derived from the audited financial statements of the Partnership, but does not include all disclosures required by generally accepted accounting principles to be included in audited financial statements. In the opinion of management, all adjustments, consisting only of normal recurring adjustments, necessary for a fair presentation of the financial information for the periods indicated, have been included. Operating results for the nine months ended September 30, 2017 are not necessarily indicative of financial results that may be expected for the full year ended December 31, 2017. Disclosure of Fair Value of Financial Instruments Estimated fair value was determined by management using available market information and appropriate valuation methodologies. However, judgment was necessary to interpret market data and develop estimated fair value. Cash, receivables, accounts payable and accrued expenses and other liabilities are carried at amounts which reasonably approximate their fair values as of September 30, 2017 and December 31, 2016 due to the short term nature of these financial instruments. The Partnership’s long-term debt consists of notes payable, which are secured by specific equipment and are nonrecourse liabilities of the Partnership. The estimated fair value of this debt at September 30, 2017 and December 31, 2016 approximates the carrying value of these instruments, due to the interest rates on the debt approximating current market interest rates. The Partnership classifies the fair value of its notes payable within Level 2 of the valuation hierarchy based on the observable inputs used to estimate fair value. Cash At September 30, 2017, cash was held in one bank account maintained at one financial institution with a balance of approximately $38,000. Bank accounts are federally insured up to $250,000 by the FDIC. At September 30, 2017, the total cash bank balance was as follows: At September 30, 2017 Balance Total bank balance $ 38,000 FDIC insured (38,000 ) Uninsured amount $ - The Partnership's deposits are fully insured by the FDIC. The Partnership has not experienced any losses in our accounts, and believes it is not exposed to any significant credit risk. The amounts in such accounts will fluctuate throughout 2017 due to many factors, including cash receipts and interest rates. Recently Adopted Accounting Pronouncements In October 2016, the FASB issued Accounting Standards Update 2016-17 — Consolidation (Topic 810): Interests Held through Related Parties That Are under Common Control. Recent Accounting Pronouncements Not Yet Adopted In August 2016, the FASB issued Accounting Standards Update 2016-15— Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments In February 2016, the FASB issued Accounting Standards Update No. 2016-02, Leases (Topic 842) Section A—Leases: Amendments to the FASB Accounting Standards Codification® Section B—Conforming Amendments Related to Leases: Amendments to the FASB Accounting Standards Codification® Section C—Background Information and Basis for Conclusions In January 2016, the FASB issued Accounting Standards Update No. 2016-01, Financial Instruments—Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities |
Information Technology, Medical
Information Technology, Medical Technology, Telecommunications Technology, Inventory Management Equipment ('Equipment') | 9 Months Ended |
Sep. 30, 2017 | |
Disclosure Text Block [Abstract] | |
Information Technology, Medical Technology, Telecommunications Technology, Inventory Management Equipment ('Equipment') | The Partnership is the lessor of equipment under leases with periods that generally will range from 12 to 48 months. In general, associated costs such as repairs and maintenance, insurance and property taxes are paid by the lessee. Remarketing fees will be paid to the leasing companies from which the Partnership purchases leases. These are fees that are earned by the leasing companies when the initial terms of the lease have been met. The General Partner believes that this strategy adds value since it entices the leasing company to remain actively involved with the lessees for potential extensions, remarketing or sale of equipment. This strategy is designed to minimize any conflicts the leasing company may have with a new lessee and may assist in maximizing overall portfolio performance. The remarketing fee is tied into lease performance thresholds and is a factor in the negotiation of the fee. Remarketing fees incurred in connection with lease extensions are accounted for as operating costs. Remarketing fees incurred in connection with the sale of equipment are included in the gain or loss calculations. For the nine months ended September 30, 2017 and 2016, there were no remarketing fees incurred and/or paid with cash or netted against receivables due from such parties. Gains from the termination of leases are recognized when the lease is modified and terminated concurrently. Gains from lease termination included in lease revenue for the nine months ended September 30, 2017 and 2016 was approximately $0 and $1,000, respectively. CCC, on behalf of the Partnership and on behalf of other affiliated companies and partnerships (“partnerships”), acquires equipment subject to associated debt obligations and lease agreements and allocates a participation in the cost, debt and lease revenue to the various companies based on certain risk factors. The Partnership’s share of the cost of the equipment in which it participates with other partnerships at September 30, 2017 was approximately $726,000 and is included in the Partnership’s equipment on its balance sheet. The Partnership’s share of the outstanding debt associated with this equipment at September 30, 2017 was approximately $5,000 and is included in the Partnership’s notes payable on its balance sheet. The total cost of the equipment shared by the Partnership with other partnerships at September 30, 2017 was approximately $2,244,000. The total outstanding debt related to the equipment shared by the Partnership at September 30, 2017 was approximately $10,000. The Partnership’s share of the cost of the equipment in which it participates with other partnerships at September 30, 2016 was approximately $731,000 and is included in the Partnership’s equipment on its balance sheet. The Partnership’s share of the outstanding debt associated with this equipment at September 30, 2016 was approximately $101,000 and is included in the Partnership’s notes payable on its balance sheet. The total cost of the equipment shared by the Partnership with other partnerships at September 30, 2016 was approximately $2,753,000. The total outstanding debt related to the equipment shared by the Partnership at September 30, 2016 was approximately $331,000. The following is a schedule of approximate future minimum rentals on non-cancellable operating leases at September 30, 2017: For the period ended December Amount Three months ended December 31, 2017 $ 189,000 Year Ended December 31, 2018 541,000 Year Ended December 31, 2019 85,000 $ 815,000 The Partnership’s operational phase officially ended on December 31, 2015 and the Fund is set to expire on December 31, 2017. If the Partnership should expire with a portfolio of active leases, the General Partner will assume ownership of the remaining active leases and any associated debt obligation for the duration of the remaining lease term. Finance Leases The following lists the approximate components of the net investment in direct financing leases: September 30, 2017 December 31, 2016 Total minimum lease payments to be received $ 14,000 $ 25,000 Estimated residual value of leased equipment (unguaranteed) 7,000 7,000 Less: unearned income (1,000 ) (2,000 ) Net investment in finance leases $ 20,000 $ 30,000 We assess credit risk for all of our customers, including those that lease under finance leases. This credit risk is assessed using an internally developed model which incorporates credits scores from third party providers and our own customer risk ratings and is periodically reviewed. Our internal ratings are weighted based on the industry that the customer operates in. Factors taken into consideration when assessing risk include both general and industry specific qualitative and quantitative metrics. We separately take in to consideration payment history, open lawsuits, liens and judgments. Typically, we will not extend credit to a company that has been in business for less than 5 years or that has filed for bankruptcy within the same period. Our internally based model may classify a company as high risk based on our analysis of their audited financial statements and their payment history. Additional considerations of high risk may include history of late payments, open lawsuits and liens or judgments. In an effort to mitigate risk, we typically require deposits from those in this category. A reserve for credit losses is deemed necessary when payment has not been received for one or more months of receivables due on the equipment held under finance leases. At the end of each period, management evaluates the open receivables due on this equipment and determines the need for a reserve based on payment history and any current factors that would have an impact on payments. The following table presents the credit risk profile, by creditworthiness category, of our direct finance lease receivables at September 30, 2017: Risk Level Percent of Total Low -% Moderate-Low -% Moderate -% Moderate-High 100% High -% Net finance lease receivable 100% As of September 30, 2017 and December 31, 2016, we determined that we did not have a need for an allowance for uncollectible accounts associated with any of our finance leases, as the customer payment histories with us, associated with these leases, has been positive, with no late payments. The following is a schedule of approximate future minimum rentals on non-cancelable direct financing leases at September 30, 2017: Amount Three months ended December 31, 2017 $ 3,000 2018 8,000 2019 3,000 Total $ 14,000 The Partnership’s operational phase officially ended on December 31, 2015 and the Fund is scheduled to commence its wind down process on December 31, 2017. If the Partnership should expire, the General Partner will assume all remaining active leases at their fair market value and related remaining revenue stream and any associated debt obligation for the duration of the remaining lease term. |
Related Party Transactions
Related Party Transactions | 9 Months Ended |
Sep. 30, 2017 | |
Disclosure Text Block [Abstract] | |
Related Party Transactions | Receivables/Payables As of September 30, 2017 and December 31, 2016, the Partnership’s related party receivables and payables are short term, unsecured, and non-interest bearing. Nine months ended September 30, 2017 2016 Reimbursable expenses Reimbursable expenses, which are charged to the partnership by CCC in connection with the administration and operation of the Partnership, are allocated to the Partnership based upon several factors including, but not limited to, the number of investors, compliance issues, and the number of existing leases. For the nine months ended September 30, 2017 and 2016, no “Other LP” expense was charged to the Partnership. $ 58,000 57,000 |
Notes Payable
Notes Payable | 9 Months Ended |
Sep. 30, 2017 | |
Disclosure Text Block [Abstract] | |
Notes Payable | Notes payable consisted of the following approximate amounts: September 30, 2017 December 31, 2016 Installment note payable to bank; interest ranging from 3.68% due in monthly installments of $822, including interest, with final payment in February 2017 - 2,000 Installment notes payable to bank; interest at 4.23% due in quarterly installments ranging from $227 to $239, including interest, with final payment in February 2017 - 1,500 Installment note payable to bank; interest at 4.23% due in quarterly installments of $264, including interest, with final payment in March 2017 - 500 Installment note payable to bank; interest at 4.23% due in quarterly installments of $1,327, including interest, with final payment in April 2017 - 3,000 Installment note payable to bank; interest at 4.23% due in quarterly installments of $1,650, including interest, with final payment in June 2017 - 3,000 Installment note payable to bank; interest at 1.60% due in monthly installments of $868, including interest, with final payment in July 2017 - 6,000 Installment note payable to bank; interest at 4.85% due in quarterly installments of $5,133, including interest, with final payment in July 2017 - 15,000 Installment note payable to bank; interest at 4.23% due in quarterly installments of $305, including interest, with final payment in August 2017 - 1,000 Installment note payable to bank; interest at 3.98% due in monthly installments of $8,544, including interest, with final payment in August 2017 - 67,000 Installment notes payable to bank; interest at 4.23% due in quarterly installments ranging from $280 to $685, including interest, with final payment in September 2017 - 4,000 Installment note payable to bank; interest at 4.85% due in quarterly installments of $1,751, including interest, with final payment in September 2017 - 5,000 Installment note payable to bank; interest at 4.23% due in quarterly installments of $598, including interest, with final payment in October 2017 500 2,000 Installment notes payable to bank; interest ranging from 4.85% to 4.88% due in monthly installments ranging from $1,058 to $2,087, including interest, with final payment in October 2017 5,000 50,000 Installment notes payable to bank; interest at 6.00% due in monthly installments ranging from $84 to $880, including interest, with final payment in November 2017 500 6,000 Installment note payable to bank; interest at 4.23% due in quarterly installments of $832, including interest, with final payment in January 2018 2,000 4,000 Installment note payable to bank; interest at 4.85% due in monthly installments of $764, including interest, with final payment in January 2018 3,000 10,000 Installment notes payable to bank; interest at 4.23% due in quarterly installments of $479, including interest, with final payment in February 2018 6,000 14,000 Installment notes payable to bank; interest at 4.23% due in quarterly installments ranging from $207 to $278, including interest, with final payment in March 2018 2,500 6,000 Installment notes payable to bank; interest at 4.23% due in quarterly installments ranging from $228 to $597, including interest, with final payment in April 2018 4,500 9,000 Installment notes payable to bank; interest at 4.23% due in quarterly installments ranging from $392 to $2,098, including interest, with final payment in June 2018 11,000 21,000 Installment note payable to bank; interest at 4.99% due in quarterly installments of $1,350, including interest, with final payment in June 2018 4,000 8,000 Installment notes payable to bank; interest at 4.23% due in quarterly installments ranging from $361 to $6,707, including interest, with final payment in July 2018 27,000 47,000 Installment note payable to bank; interest at 3.98% due in monthly installments of $10,321, including interest, with final payment in August 2018 111,000 200,000 Installment notes payable to bank; interest at 4.23% due in quarterly installments ranging from $208 to $534, including interest, with final payment in September 2018 4,000 7,000 Installment notes payable to bank; interest ranging from 4.23% to 4.37% due in quarterly installments ranging from $270 to $56,553, including interest, with final payment in October 2018 298,000 469,000 Installment notes payable to bank; interest at 6.00% due in monthly installments ranging from $105 to $394, including interest, with final payment in November 2018 4,000 7,000 Installment notes payable to bank; interest at 4.23% due in quarterly installments ranging from $350 to $352, including interest, with final payment in November 2018 3,000 5,000 Installment note payable to bank; interest at 4.98% due in monthly installments of $5,937, including interest, with final payment in December 2018 86,000 135,000 Installment notes payable to bank; interest at 6.00% due in monthly installments ranging from $162 to $378, including interest, with final payment in August 2019 7,000 10,000 Installment note payable to bank; interest at 4.98% due in monthly installments of $6,928, including interest, with final payment in December 2019 177,000 231,000 $ 756,000 $ 1,349,000 The notes are secured by specific equipment with a carrying value of approximately $1,214,000 and are nonrecourse liabilities of the Partnership. As such, the notes do not contain any financial debt covenants with which we must comply on either an annual or quarterly basis. Aggregate approximate maturities of notes payable for each of the periods subsequent to September 30, 2017 are as follows: Amount Three months ended December 31, 2017 $ 153,000 Year ended December 31, 2018 520,000 Year ended December 31, 2019 83,000 $ 756,000 During 2015, the General Partner executed a collateralized debt financing agreement on behalf of certain affiliates for a total shared loan amount of approximately $847,000, of which the Partnership’s share was approximately $52,000. The Partnership’s portion of the current loan amount at September 30, 2017 was approximately $12,000 and is secured by specific equipment under both operating and finance leases. The carrying value of the secured equipment under operating and finance leases at September 30, 2017 is approximately $2,000 and $19,000, respectively. The Partnership’s operational phase officially ended on December 31, 2015 and the Fund is scheduled to commence its wind down process on December 31, 2017. If the Partnership should expire with a portfolio of active leases, the General Partner will assume the obligation related to the remaining notes payable for the duration of the remaining lease term. |
Supplemental Cash Flow Informat
Supplemental Cash Flow Information | 9 Months Ended |
Sep. 30, 2017 | |
Disclosure Text Block [Abstract] | |
Supplemental Cash Flow Information | Other noncash activities included in the determination of net loss are as follows: Nine months ended September 30, 2017 2016 Lease revenue net of interest expense on notes payable realized as a result of direct payment of principal by lessee to bank $ 593,000 $ 627,000 No interest or principal on notes payable was paid by the Partnership because direct payment was made by lessee to the bank in lieu of collection of lease income and payment of interest and principal by the Partnership. Noncash investing and financing activities include the following: Nine months ended September 30, 2017 2016 Debt assumed in connection with purchase of equipment $ - $ 24,000 During the nine months ended September 30, 2017 and 2016, the Partnership wrote-off fully amortized acquisition fees of approximately $8,000. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2017 | |
Disclosure Text Block [Abstract] | |
Commitments and Contingencies | Investor Complaint On November 10, 2015, certain investors (the “Claimants”) of Commonwealth Income & Growth Fund V (“CIGF5”) and Commonwealth Income & Growth Private Fund III (“CIGPF3”) (Collectively referred to as the “Funds”), filed an investor complaint with FINRA naming CCSC and Ms. Springsteen-Abbott (the “Respondents”). The Claimants, at the advice and recommendation of their personal financial advisors, purchased limited partnership units in CIGF5 between February 2005 and February 2006 and in CIGPF3 between April 2005 and February 2007. The Claimants allege that the Respondents did not properly perform their duties as fund manager. The Funds are not members of FINRA and/or subject to its jurisdiction. The Respondents filed a complaint on December 23, 2015, against the Claimants in the United States District Court for the District of Maryland to enjoin the Claimants from proceeding with the arbitration and requiring its dismissal. The Claimants withdrew its complaint with FINRA on July 27, 2016. On August 1, 2016, the Respondents were granted voluntary dismissal in Federal court given the withdrawal of the FINRA claim. On September 28, 2016, 23 investors, in addition to the original Claimants (the “Florida Claimants”) filed a complaint in the United States District Court for the Middle District of Florida, Albers et al. v. Commonwealth Capital Corp. et al., Case No. 6:16-cv-01713-Orl-37DCI, against the Partnership, Commonwealth Income & Growth Private Fund I, Commonwealth Income & Growth Private Fund II, CIGPF3 and CIGF5. The allegation consists of breach of contract, securities fraud, misstatement in the prospectus, fraudulent concealment, negligence, common law fraud (the “Original Complaint”). On October 18, 2016, the judge dismissed the Original Complaint without prejudice with leave to refile. The judge dismissed the Original Complaint for procedural failures. On October 28, 2016, the Florida Claimants filed an amended complaint that included the original claims with the addition of claims for negligent supervision and breach of industry standards (“Amended Complaint’). On July 17, 2017 the United States Court for the Middle District of Florida dismissed all claims and closed the file. FINRA On May 3, 2013, the FINRA Department of Enforcement filed a complaint naming Commonwealth Capital Securities Corp. (“CCSC”) and the owner of the firm, Kimberly Springsteen-Abbott, as respondents; however on October 22, 2013, FINRA filed an amended complaint that dropped the allegations against CCSC and reduced the scope of the allegations against Ms. Springsteen-Abbott. The sole remaining charge was that Ms. Springsteen-Abbott had approved the misallocation of some expenses to certain Funds. Management believes that the expenses at issue include amounts that were proper and that were properly allocated to Funds, and also identified a smaller number of expenses that had been allocated in error, but were adjusted and repaid to the affected Funds when they were identified in 2012. During the period in question, Commonwealth Capital Corp. (“CCC”) and Ms. Springsteen-Abbott provided important financial support to the Funds, voluntarily absorbed expenses and voluntarily waived fees in amounts aggregating in excess of any questioned allocations. That Panel ruled on March 30, 2015, that Ms. Springsteen-Abbott should be barred from the securities industry because the Panel concluded that she allegedly misallocated approximately $208,000 of expenses involving certain Funds over the course of three years. As such, management has allocated approximately $87,000 of the $208,000 in allegedly misallocated expenses back to the affected funds as a contingency accrual in CCC’s financial statements and a good faith payment for the benefit of those Income Funds. Decisions issued by FINRA's Office of Hearing Officers may be appealed to FINRA's National Adjudicatory Council (NAC) pursuant to FINRA Rule 9311. The NAC Decision upheld the Panel’s ruling. The bar took effect on August 23, 2016. Ms. Springsteen-Abbott appealed the NAC Decision to the SEC. On March 31, 2017, the SEC remanded the matter back to FINRA for further consideration consistent with the SEC’s remand, but did not suggest any view as to a particular outcome. On July 21, 2017, FINRA reaffirmed its position on the bar from the securities industry, but reduced the list of 1,840 items totaling $208,000 to a remaining list of 84 items totaling $36,226, and reduced the proposed fine from $100,000 to $50,000. On August 14, 2017 respondents appealed FINRA’s revised ruling. As of November 14, 2017, management believes that final resolution will not result in any material adverse financial impact on the Funds, but no assurance can be provided until the legal matter is resolved. Ms. Springsteen-Abbott has filed a Notice of Appeal and Preliminary Statement with the SEC. |
Summary of Significant Accoun14
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2017 | |
Policy Text Block [Abstract] | |
Basis of Presentation | The financial information presented as of any date other than December 31, 2016 has been prepared from the books and records without audit. The following unaudited condensed financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission. Financial information as of December 31, 2016 has been derived from the audited financial statements of the Partnership, but does not include all disclosures required by generally accepted accounting principles to be included in audited financial statements. In the opinion of management, all adjustments, consisting only of normal recurring adjustments, necessary for a fair presentation of the financial information for the periods indicated, have been included. Operating results for the nine months ended September 30, 2017 are not necessarily indicative of financial results that may be expected for the full year ended December 31, 2017. |
Disclosure of Fair Value of Financial Instruments | Estimated fair value was determined by management using available market information and appropriate valuation methodologies. However, judgment was necessary to interpret market data and develop estimated fair value. Cash, receivables, accounts payable and accrued expenses and other liabilities are carried at amounts which reasonably approximate their fair values as of September 30, 2017 and December 31, 2016 due to the short term nature of these financial instruments. The Partnership’s long-term debt consists of notes payable, which are secured by specific equipment and are nonrecourse liabilities of the Partnership. The estimated fair value of this debt at September 30, 2017 and December 31, 2016 approximates the carrying value of these instruments, due to the interest rates on the debt approximating current market interest rates. The Partnership classifies the fair value of its notes payable within Level 2 of the valuation hierarchy based on the observable inputs used to estimate fair value. |
Cash | At September 30, 2017, cash was held in one bank account maintained at one financial institution with a balance of approximately $38,000. Bank accounts are federally insured up to $250,000 by the FDIC. At September 30, 2017, the total cash bank balance was as follows: At September 30, 2017 Balance Total bank balance $ 38,000 FDIC insured (38,000 ) Uninsured amount $ - The Partnership's deposits are fully insured by the FDIC. The Partnership has not experienced any losses in our accounts, and believes it is not exposed to any significant credit risk. The amounts in such accounts will fluctuate throughout 2017 due to many factors, including cash receipts and interest rates. |
Recently Adopted Accounting Pronouncements | In October 2016, the FASB issued Accounting Standards Update 2016-17 — Consolidation (Topic 810): Interests Held through Related Parties That Are under Common Control. |
Recent Accounting Pronouncements Not Yet Adopted | In August 2016, the FASB issued Accounting Standards Update 2016-15— Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments In February 2016, the FASB issued Accounting Standards Update No. 2016-02, Leases (Topic 842) Section A—Leases: Amendments to the FASB Accounting Standards Codification® Section B—Conforming Amendments Related to Leases: Amendments to the FASB Accounting Standards Codification® Section C—Background Information and Basis for Conclusions In January 2016, the FASB issued Accounting Standards Update No. 2016-01, Financial Instruments—Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities |
Summary of Significant Accoun15
Summary of Significant Accounting Policies (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Table Text Block Supplement [Abstract] | |
Schedule of Cash and Cash Equivalents | At September 30, 2017 Balance Total bank balance $ 38,000 FDIC insured (38,000 ) Uninsured amount $ - |
Information Technology, Medic16
Information Technology, Medical Technology, Telecommunications Technology, Inventory Management Equipment (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Table Text Block Supplement [Abstract] | |
Schedule of future minimum rentals on non-cancellable operating leases | For the period ended December Amount Three months ended December 31, 2017 $ 189,000 Year Ended December 31, 2018 541,000 Year Ended December 31, 2019 85,000 $ 815,000 |
Net investment in direct financing leases | September 30, 2017 December 31, 2016 Total minimum lease payments to be received $ 14,000 $ 25,000 Estimated residual value of leased equipment (unguaranteed) 7,000 7,000 Less: unearned income (1,000 ) (2,000 ) Net investment in finance leases $ 20,000 $ 30,000 |
Finance lease risk level | Risk Level Percent of Total Low -% Moderate-Low -% Moderate -% Moderate-High 100% High -% Net finance lease receivable 100% |
Schedule of future minimum rentals on non-cancelable direct financing leases | Amount Three months ended December 31, 2017 $ 3,000 2018 8,000 2019 3,000 Total $ 14,000 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Table Text Block Supplement [Abstract] | |
Schedule of Related Party Transactions | Nine months ended September 30, 2017 2016 Reimbursable expenses Reimbursable expenses, which are charged to the partnership by CCC in connection with the administration and operation of the Partnership, are allocated to the Partnership based upon several factors including, but not limited to, the number of investors, compliance issues, and the number of existing leases. For the nine months ended September 30, 2017 and 2016, no “Other LP” expense was charged to the Partnership. $ 58,000 57,000 |
Notes Payable (Tables)
Notes Payable (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Table Text Block Supplement [Abstract] | |
Notes payable | September 30, 2017 December 31, 2016 Installment note payable to bank; interest ranging from 3.68% due in monthly installments of $822, including interest, with final payment in February 2017 - 2,000 Installment notes payable to bank; interest at 4.23% due in quarterly installments ranging from $227 to $239, including interest, with final payment in February 2017 - 1,500 Installment note payable to bank; interest at 4.23% due in quarterly installments of $264, including interest, with final payment in March 2017 - 500 Installment note payable to bank; interest at 4.23% due in quarterly installments of $1,327, including interest, with final payment in April 2017 - 3,000 Installment note payable to bank; interest at 4.23% due in quarterly installments of $1,650, including interest, with final payment in June 2017 - 3,000 Installment note payable to bank; interest at 1.60% due in monthly installments of $868, including interest, with final payment in July 2017 - 6,000 Installment note payable to bank; interest at 4.85% due in quarterly installments of $5,133, including interest, with final payment in July 2017 - 15,000 Installment note payable to bank; interest at 4.23% due in quarterly installments of $305, including interest, with final payment in August 2017 - 1,000 Installment note payable to bank; interest at 3.98% due in monthly installments of $8,544, including interest, with final payment in August 2017 - 67,000 Installment notes payable to bank; interest at 4.23% due in quarterly installments ranging from $280 to $685, including interest, with final payment in September 2017 - 4,000 Installment note payable to bank; interest at 4.85% due in quarterly installments of $1,751, including interest, with final payment in September 2017 - 5,000 Installment note payable to bank; interest at 4.23% due in quarterly installments of $598, including interest, with final payment in October 2017 500 2,000 Installment notes payable to bank; interest ranging from 4.85% to 4.88% due in monthly installments ranging from $1,058 to $2,087, including interest, with final payment in October 2017 5,000 50,000 Installment notes payable to bank; interest at 6.00% due in monthly installments ranging from $84 to $880, including interest, with final payment in November 2017 500 6,000 Installment note payable to bank; interest at 4.23% due in quarterly installments of $832, including interest, with final payment in January 2018 2,000 4,000 Installment note payable to bank; interest at 4.85% due in monthly installments of $764, including interest, with final payment in January 2018 3,000 10,000 Installment notes payable to bank; interest at 4.23% due in quarterly installments of $479, including interest, with final payment in February 2018 6,000 14,000 Installment notes payable to bank; interest at 4.23% due in quarterly installments ranging from $207 to $278, including interest, with final payment in March 2018 2,500 6,000 Installment notes payable to bank; interest at 4.23% due in quarterly installments ranging from $228 to $597, including interest, with final payment in April 2018 4,500 9,000 Installment notes payable to bank; interest at 4.23% due in quarterly installments ranging from $392 to $2,098, including interest, with final payment in June 2018 11,000 21,000 Installment note payable to bank; interest at 4.99% due in quarterly installments of $1,350, including interest, with final payment in June 2018 4,000 8,000 Installment notes payable to bank; interest at 4.23% due in quarterly installments ranging from $361 to $6,707, including interest, with final payment in July 2018 27,000 47,000 Installment note payable to bank; interest at 3.98% due in monthly installments of $10,321, including interest, with final payment in August 2018 111,000 200,000 Installment notes payable to bank; interest at 4.23% due in quarterly installments ranging from $208 to $534, including interest, with final payment in September 2018 4,000 7,000 Installment notes payable to bank; interest ranging from 4.23% to 4.37% due in quarterly installments ranging from $270 to $56,553, including interest, with final payment in October 2018 298,000 469,000 Installment notes payable to bank; interest at 6.00% due in monthly installments ranging from $105 to $394, including interest, with final payment in November 2018 4,000 7,000 Installment notes payable to bank; interest at 4.23% due in quarterly installments ranging from $350 to $352, including interest, with final payment in November 2018 3,000 5,000 Installment note payable to bank; interest at 4.98% due in monthly installments of $5,937, including interest, with final payment in December 2018 86,000 135,000 Installment notes payable to bank; interest at 6.00% due in monthly installments ranging from $162 to $378, including interest, with final payment in August 2019 7,000 10,000 Installment note payable to bank; interest at 4.98% due in monthly installments of $6,928, including interest, with final payment in December 2019 177,000 231,000 $ 756,000 $ 1,349,000 |
Aggregate maturities of notes payable | Amount Three months ended December 31, 2017 $ 153,000 Year ended December 31, 2018 520,000 Year ended December 31, 2019 83,000 $ 756,000 |
Supplemental Cash Flow Inform19
Supplemental Cash Flow Information (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Table Text Block Supplement [Abstract] | |
Other noncash activities | Nine months ended September 30, 2017 2016 Lease revenue net of interest expense on notes payable realized as a result of direct payment of principal by lessee to bank $ 593,000 $ 627,000 |
Noncash investing and financing activities | Nine months ended September 30, 2017 2016 Debt assumed in connection with purchase of equipment $ - $ 24,000 |
Business (Details Narrative)
Business (Details Narrative) | 9 Months Ended |
Sep. 30, 2017 | |
Text Block [Abstract] | |
Entity Incorporation, State | Commonwealth of Pennsylvania |
Summary of Significant Accoun21
Summary of Significant Accounting Policies (Details) | Sep. 30, 2017USD ($) |
Text Block [Abstract] | |
Total bank balance | $ 38,000 |
FDIC insured | (38,000) |
Uninsured amount | $ 0 |
Information Technology, Medic22
Information Technology, Medical Technology, Telecommunications Technology, Inventory Management Equipment (Details) | Sep. 30, 2017USD ($) |
Text Block [Abstract] | |
Three months ended December 31, 2017 | $ 189,000 |
Year Ended December 31, 2018 | 541,000 |
Year Ended December 31, 2019 | 85,000 |
Total | $ 815,000 |
Information Technology, Medic23
Information Technology, Medical Technology, Telecommunications Technology, Inventory Management Equipment (Details 1) - USD ($) | Sep. 30, 2017 | Dec. 31, 2016 |
Text Block [Abstract] | ||
Total minimum lease payments to be received | $ 14,000 | $ 25,000 |
Estimated residual value of leased equipment (unguaranteed) | 7,000 | 7,000 |
Less: unearned income | (1,000) | (2,000) |
Net investment in finance leases | $ 20,000 | $ 30,000 |
Information Technology, Medic24
Information Technology, Medical Technology, Telecommunications Technology, Inventory Management Equipment (Details 2) | Sep. 30, 2017 |
Text Block [Abstract] | |
Low | 0.00% |
Moderate-Low | 0.00% |
Moderate | 0.00% |
Moderate-High | 100.00% |
High | 0.00% |
Net finance lease receivable | 100.00% |
Information Technology, Medic25
Information Technology, Medical Technology, Telecommunications Technology, Inventory Management Equipment (Details 3) | Sep. 30, 2017USD ($) |
Text Block [Abstract] | |
Three months ended December 31, 2017 | $ 3,000 |
2,018 | 8,000 |
2,019 | 3,000 |
Total | $ 14,000 |
Information Technology, Medic26
Information Technology, Medical Technology, Telecommunications Technology, Inventory Management Equipment (Details Narrative) - USD ($) | Sep. 30, 2017 | Sep. 30, 2016 |
Text Block [Abstract] | ||
Equipment Shared | $ 726,000 | $ 731,000 |
Debt Shared | 5,000 | 101,000 |
Total Shared Equipment | 2,244,000 | 2,753,000 |
Outstanding Debt Total | $ 10,000 | $ 331,000 |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) | 9 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Text Block [Abstract] | ||
Reimbursable Expenses | $ 58,000 | $ 57,000 |
Notes Payable (Details)
Notes Payable (Details) - USD ($) | 9 Months Ended | |
Sep. 30, 2017 | Dec. 31, 2016 | |
Long-term Debt, Gross | $ 756,000 | $ 1,349,000 |
Note 1 | ||
Debt Instrument, Description | Installment note payable to bank; interest ranging from 3.68% due in monthly installments of $822, including interest, with final payment in February 2017 | |
Long-term Debt, Gross | $ 0 | 2,000 |
Note 2 | ||
Debt Instrument, Description | Installment notes payable to bank; interest at 4.23% due in quarterly installments ranging from $227 to $239, including interest, with final payment in February 2017 | |
Long-term Debt, Gross | $ 0 | 1,500 |
Note 3 | ||
Debt Instrument, Description | Installment note payable to bank; interest at 4.23% due in quarterly installments of $264, including interest, with final payment in March 2017 | |
Long-term Debt, Gross | $ 0 | 500 |
Note 4 | ||
Debt Instrument, Description | Installment note payable to bank; interest at 4.23% due in quarterly installments of $1,327, including interest, with final payment in April 2017 | |
Long-term Debt, Gross | $ 0 | 3,000 |
Note 5 | ||
Debt Instrument, Description | Installment note payable to bank; interest at 4.23% due in quarterly installments of $1,650, including interest, with final payment in June 2017 | |
Long-term Debt, Gross | $ 0 | 3,000 |
Note 6 | ||
Debt Instrument, Description | Installment note payable to bank; interest at 1.60% due in monthly installments of $868, including interest, with final payment in July 2017 | |
Long-term Debt, Gross | $ 0 | 6,000 |
Note 7 | ||
Debt Instrument, Description | Installment note payable to bank; interest at 4.85% due in quarterly installments of $5,133, including interest, with final payment in July 2017 | |
Long-term Debt, Gross | $ 0 | 15,000 |
Note 8 | ||
Debt Instrument, Description | Installment note payable to bank; interest at 4.23% due in quarterly installments of $305, including interest, with final payment in August 2017 | |
Long-term Debt, Gross | $ 0 | 1,000 |
Note 9 | ||
Debt Instrument, Description | Installment note payable to bank; interest at 3.98% due in monthly installments of $8,544, including interest, with final payment in August 2017 | |
Long-term Debt, Gross | $ 0 | 67,000 |
Note 10 | ||
Debt Instrument, Description | Installment notes payable to bank; interest at 4.23% due in quarterly installments ranging from $280 to $685, including interest, with final payment in September 2017 | |
Long-term Debt, Gross | $ 0 | 4,000 |
Note 11 | ||
Debt Instrument, Description | Installment note payable to bank; interest at 4.85% due in quarterly installments of $1,751, including interest, with final payment in September 2017 | |
Long-term Debt, Gross | $ 0 | 5,000 |
Note 12 | ||
Debt Instrument, Description | Installment note payable to bank; interest at 4.23% due in quarterly installments of $598, including interest, with final payment in October 2017 | |
Long-term Debt, Gross | $ 500 | 2,000 |
Note 13 | ||
Debt Instrument, Description | Installment notes payable to bank; interest ranging from 4.85% to 4.88% due in monthly installments ranging from $1,058 to $2,087, including interest, with final payment in October 2017 | |
Long-term Debt, Gross | $ 5,000 | 50,000 |
Note 14 | ||
Debt Instrument, Description | Installment notes payable to bank; interest at 6.00% due in monthly installments ranging from $84 to $880, including interest, with final payment in November 2017 | |
Long-term Debt, Gross | $ 500 | 6,000 |
Note 15 | ||
Debt Instrument, Description | Installment note payable to bank; interest at 4.23% due in quarterly installments of $832, including interest, with final payment in January 2018 | |
Long-term Debt, Gross | $ 2,000 | 4,000 |
Note 16 | ||
Debt Instrument, Description | Installment note payable to bank; interest at 4.85% due in monthly installments of $764, including interest, with final payment in January 2018 | |
Long-term Debt, Gross | $ 3,000 | 10,000 |
Note 17 | ||
Debt Instrument, Description | Installment notes payable to bank; interest at 4.23% due in quarterly installments of $479, including interest, with final payment in February 2018 | |
Long-term Debt, Gross | $ 6,000 | 14,000 |
Note 18 | ||
Debt Instrument, Description | Installment notes payable to bank; interest at 4.23% due in quarterly installments ranging from $207 to $278, including interest, with final payment in March 2018 | |
Long-term Debt, Gross | $ 2,500 | 6,000 |
Note 19 | ||
Debt Instrument, Description | Installment notes payable to bank; interest at 4.23% due in quarterly installments ranging from $228 to $597, including interest, with final payment in April 2018 | |
Long-term Debt, Gross | $ 4,500 | 9,000 |
Note 20 | ||
Debt Instrument, Description | Installment notes payable to bank; interest at 4.23% due in quarterly installments ranging from $392 to $2,098, including interest, with final payment in June 2018 | |
Long-term Debt, Gross | $ 11,000 | 21,000 |
Note 21 | ||
Debt Instrument, Description | Installment note payable to bank; interest at 4.99% due in quarterly installments of $1,350, including interest, with final payment in June 2018 | |
Long-term Debt, Gross | $ 4,000 | 8,000 |
Note 22 | ||
Debt Instrument, Description | Installment notes payable to bank; interest at 4.23% due in quarterly installments ranging from $361 to $6,707, including interest, with final payment in July 2018 | |
Long-term Debt, Gross | $ 27,000 | 47,000 |
Note 23 | ||
Debt Instrument, Description | Installment note payable to bank; interest at 3.98% due in monthly installments of $10,321, including interest, with final payment in August 2018 | |
Long-term Debt, Gross | $ 111,000 | 200,000 |
Note 24 | ||
Debt Instrument, Description | Installment notes payable to bank; interest at 4.23% due in quarterly installments ranging from $208 to $534, including interest, with final payment in September 2018 | |
Long-term Debt, Gross | $ 4,000 | 7,000 |
Note 25 | ||
Debt Instrument, Description | Installment notes payable to bank; interest ranging from 4.23% to 4.37% due in quarterly installments ranging from $270 to $56,553, including interest, with final payment in October 2018 | |
Long-term Debt, Gross | $ 298,000 | 469,000 |
Note 26 | ||
Debt Instrument, Description | Installment notes payable to bank; interest at 6.00% due in monthly installments ranging from $105 to $394, including interest, with final payment in November 2018 | |
Long-term Debt, Gross | $ 4,000 | 7,000 |
Note 27 | ||
Debt Instrument, Description | Installment notes payable to bank; interest at 4.23% due in quarterly installments ranging from $350 to $352, including interest, with final payment in November 2018 | |
Long-term Debt, Gross | $ 3,000 | 5,000 |
Note 28 | ||
Debt Instrument, Description | Installment note payable to bank; interest at 4.98% due in monthly installments of $5,937, including interest, with final payment in December 2018 | |
Long-term Debt, Gross | $ 86,000 | 135,000 |
Note 29 | ||
Debt Instrument, Description | Installment notes payable to bank; interest at 6.00% due in monthly installments ranging from $162 to $378, including interest, with final payment in August 2019 | |
Long-term Debt, Gross | $ 7,000 | 10,000 |
Note 30 | ||
Debt Instrument, Description | Installment note payable to bank; interest at 4.98% due in monthly installments of $6,928, including interest, with final payment in December 2019 | |
Long-term Debt, Gross | $ 177,000 | $ 231,000 |
Notes Payable (Details 1)
Notes Payable (Details 1) | Sep. 30, 2017USD ($) |
Text Block [Abstract] | |
Three months ended December 31, 2017 | $ 153,000 |
Year ended December 31, 2018 | 520,000 |
Year ended December 31, 2019 | 83,000 |
Long-term Debt | $ 756,000 |
Supplemental Cash Flow Inform30
Supplemental Cash Flow Information (Details) - USD ($) | 9 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Text Block [Abstract] | ||
Lease revenue net of interest expense on notes payable realized as a result of direct payment of principal by lessee to bank | $ 593,000 | $ 627,000 |
Supplemental Cash Flow Inform31
Supplemental Cash Flow Information (Details 1) - USD ($) | 9 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Text Block [Abstract] | ||
Debt assumed in connection with purchase of equipment | $ 0 | $ 24,000 |
Supplemental Cash Flow Inform32
Supplemental Cash Flow Information (Details Narrative) - USD ($) | 9 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Text Block [Abstract] | ||
Fully Amortized Fees Written Off | $ 8,000 | $ 8,000 |