ICON Equipment & Corporate Infrastructure Fund Fourteen 10-Q 14 May 18 2018 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2018	May 08, 2018
Document and Entity Information [Abstract]
Entity Registrant Name	ICON Equipment & Corporate Infrastructure Fund Fourteen, L.P.
Entity Central Index Key	1,446,806
Current Fiscal Year End Date	--12-31
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		258,761
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q1
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2018

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($)	Mar. 31, 2018	Dec. 31, 2017
Assets
Cash and cash equivalents	$ 6,884,182	$ 7,547,311
Restricted cash	1,675,230	1,500,000
Leased equipment at cost (less accumulated depreciation of $1,480,538 and $1,267,681 respectively)	19,519,462	19,732,319
Net investment in notes receivable	8,756,275	8,256,062
Investment in joint ventures and equity-method investees	4,041,938	4,871,247
Other assets	2,863,823	2,856,731
Total assets	78,938,702	80,362,566
Liabilities:
Non-recourse long-term debt	31,241,037	32,030,638
Deferred revenue	2,177,338	2,470,065
Accrued expenses and other liabilities	1,357,754	835,984
Total liabilities	34,877,171	35,412,274
Commitments and contingencies (Note 10)
Partners' equity:
Limited partners	45,916,527	46,794,811
General Partner	(1,859,016)	(1,850,144)
Total partners' equity	44,057,511	44,944,667
Noncontrolling interests	4,020	5,625
Total equity	44,061,531	44,950,292
Total liabilities and equity	78,938,702	80,362,566
Vessels
Assets
Vessel (less accumulated depreciation of $3,356,401 and $2,955,297, respectively)	35,197,792	35,598,896
General Partner
Liabilities:
Due to General Partner and affiliates, net	101,042	75,587
Partners' equity:
Total equity	$ (1,859,016)	$ (1,850,144)

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($)	Mar. 31, 2018	Dec. 31, 2017
Statement of Financial Position [Abstract]
Vessel - accumulated depreciation	$ 3,356,401	$ 2,955,297
Property Subject to or Available for Operating Lease, Accumulated Depreciation	$ 1,480,538	$ 1,267,681

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($)	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Revenue and other income:
Finance income	$ 323,281	$ 358,343
Rental income	646,347	277,556
Pool revenue	1,059,393	1,253,248
(Loss) income from investment in joint ventures and equity-method investees	25,089	235,976
Other income	5,031	11,087
Total revenue and other income	2,059,141	2,136,210
Expenses:
Management fees	0	191,210
Administrative expense reimbursements	201,042	318,342
General and administrative	870,196	638,776
Depreciation	613,961	738,891
Interest	466,840	452,838
Vessel operating expenses	795,863	832,203
Total expenses	2,947,902	3,172,260
Net loss	(888,761)	(1,036,050)
Less: net loss attributable to noncontrolling interests	(1,605)	(620)
Net loss attributable to Fund Fourteen	(887,156)	(1,035,430)
Net loss attributable to Fund Fourteen allocable to:
Limited partners	(878,284)	(1,025,076)
General Partner	(8,872)	(10,354)
Net loss attributable to Fund Fourteen	$ (887,156)	$ (1,035,430)
Weighted average number of limited partnership interests outstanding (in shares)	258,761	258,761
Net loss attributable to Fund Fourteen per weighted average limited partnership interest outstanding (in dollars per share)	$ (3.39)	$ (3.96)

Consolidated Statement of Chang

Consolidated Statement of Changes in Equity - 3 months ended Mar. 31, 2018 - USD ($)	Total	Noncontrolling Interests	Limited Partners	General Partner	Partners' Equity
Balance (in shares) at Dec. 31, 2017					258,761
Balance at Dec. 31, 2017	$ 44,950,292	$ 5,625	$ 46,794,811	$ (1,850,144)	$ 44,944,667
Increase (Decrease) in Partners' Capital [Roll Forward]
Net loss	(888,761)	(1,605)	(878,284)	(8,872)	$ (887,156)
Balance (in shares) at Mar. 31, 2018					258,761
Balance at Mar. 31, 2018	$ 44,061,531	$ 4,020	$ 45,916,527	$ (1,859,016)	$ 44,057,511

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($)	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Cash flows from operating activities:
Net loss	$ (888,761)	$ (1,036,050)
Adjustments to reconcile net loss to net cash used in operating activities:
Finance income, net of costs and fees	(23,545)	42,002
Loss (income) from investment in joint ventures	(25,089)	(235,976)
Depreciation	613,961	738,891
Interest expense from amortization of debt financing costs	47,899	48,629
Changes in operating assets and liabilities:
Other assets	(7,092)	(434,964)
Accrued expenses and other liabilities	521,770	(161,437)
Deferred revenue	(292,727)	869,780
Due to General Partner and affiliates, net	25,455	(254,294)
Distributions from joint ventures	0	71,508
Net cash used in operating activities	(28,129)	(351,911)
Cash flows from investing activities:
Investment in joint ventures and equity-method investees	(450,000)	0
Investment in notes receivable	(550,000)	0
Distributions received from joint ventures in excess of profits	1,304,398	380,822
Principal received on notes receivable	73,332	1,628,000
Net cash provided by investing activities	377,730	2,008,822
Cash flows from financing activities:
Repayment of non-recourse long-term debt	(837,500)	(837,500)
Net cash used in financing activities	(837,500)	(837,500)
Net (decrease) increase in cash, cash equivalents and restricted cash	(487,899)	819,411
Cash, cash equivalents and restricted cash, beginning of period	9,047,311	20,952,937
Cash, cash equivalents and restricted cash, end of period (a)	8,559,412	21,772,348
Supplemental disclosure of cash flow information:
Restricted cash	1,675,230	1,360,712
Cash and cash equivalents	6,884,182	20,411,636
Cash paid for interest	414,668	404,843
Cash, cash equivalents and restricted cash, end of period (a)	$ 8,559,412	$ 21,772,348

Organization

Organization	3 Months Ended
	Mar. 31, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	(1) Organization ICON Equipment and Corporate Infrastructure Fund Fourteen, L.P. (the “Partnership”) was formed on August 20, 2008 as a Delaware limited partnership. When used in these notes to consolidated financial statements, the terms “we,” “us,” “our” or similar terms refer to the Partnership and its consolidated subsidiaries. We engaged in one business segment, the business of investing in business-essential equipment and corporate infrastructure (collectively, “Capital Assets”), including, but not limited to, Capital Assets that were already subject to lease, Capital Assets that we purchased and leased to domestic and international businesses, loans secured by Capital Assets and ownership rights to leased Capital Assets at lease expiration. Our general partner is ICON GP 14, LLC, a Delaware limited liability company (the “General Partner”), which is a wholly-owned subsidiary of ICON Capital, LLC, a Delaware limited liability company (“ICON Capital”). Our General Partner manages and controls our business affairs, including, but not limited to, our investments in Capital Assets. Our General Partner has engaged ICON Capital as our investment manager (the “Investment Manager”) to, among other things, facilitate the acquisition and servicing of our investments. Our operating period commenced on May 19, 2011 and ended on May 18, 2016. On May 19, 2016, we commenced our liquidation period, during which we have sold and will continue to sell our assets and/or let our investments mature in the ordinary course of business. On May 30, 2017, our Investment Manager retained ABN AMRO Securities (USA) LLC (“ABN AMRO Securities”) as its financial advisor to assist our Investment Manager and us in identifying, evaluating and executing a potential sale of certain shipping and offshore energy assets currently included within our investment portfolio. We, however, cannot assure that the identification or evaluation to be performed will result in any specific sale transaction or series of transactions.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2018
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	(2) Summary of Significant Accounting Policies Basis of Presentation and Consolidation Our accompanying consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) for interim financial information and pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”) for Quarterly Reports on Form 10-Q. In the opinion of our General Partner, all adjustments, which are of a normal recurring nature, considered necessary for a fair presentation have been included. These consolidated financial statements should be read together with the consolidated financial statements and notes included in our Annual Report on Form 10-K for the year ended December 31, 2017 . The results for the interim period are not necessarily indicative of the results for the full year. Credit Quality of Notes Receivable and Finance Leases and Credit Loss Reserve Our Investment Manager monitors the ongoing credit quality of our financing receivables by (i) reviewing and analyzing a borrower’s financial performance on a regular basis, including review of financial statements received on a monthly, quarterly or annual basis as prescribed in the loan or lease agreement, (ii) tracking the relevant credit metrics of each financing receivable and a borrower’s compliance with financial and non-financial covenants, (iii) monitoring a borrower’s payment history and public credit rating, if available, and (iv) assessing our exposure based on the current investment mix. As part of the monitoring process, our Investment Manager may physically inspect the collateral or a borrower’s facility and meet with a borrower’s management to better understand such borrower’s financial performance and its future plans on an as-needed basis. As our financing receivables, generally notes receivable and finance leases, are limited in number, our Investment Manager is able to estimate the credit loss reserve based on a detailed analysis of each financing receivable as opposed to using portfolio-based metrics. Our Investment Manager does not use a system of assigning internal risk ratings to each of our financing receivables. Rather, each financing receivable is analyzed quarterly and categorized as either performing or non-performing based on certain factors including, but not limited to, financial results, satisfying scheduled payments and compliance with financial covenants. A financing receivable is usually categorized as non-performing only when a borrower experiences financial difficulties and has failed to make scheduled payments. Our Investment Manager then analyzes whether the financing receivable should be placed on a non-accrual status, a credit loss reserve should be established or the financing receivable should be restructured. As part of the assessment, updated collateral value is usually considered and such collateral value can be based on a third party industry expert appraisal or, depending on the type of collateral and accessibility to relevant published guides or market sales data, internally derived fair value. Material events would be specifically disclosed in the discussion of each financing receivable held. Financing receivables are generally placed on a non-accrual status when payments are more than 90 days past due. Additionally, our Investment Manager periodically reviews the creditworthiness of companies with payments outstanding less than 90 days and based upon our Investment Manager’s judgment, these accounts may be placed on a non-accrual status. In accordance with the cost recovery method, payments received on non-accrual financing receivables are applied to principal if there is doubt regarding the ultimate collectability of principal. If collection of the principal of non-accrual financing receivables is not in doubt, interest income is recognized on a cash basis. Financing receivables on non-accrual status may not be restored to accrual status until all delinquent payments have been received, and we believe recovery of the remaining unpaid receivable is probable. When our Investment Manager deems it is probable that we will not be able to collect all contractual principal and interest on a non-performing financing receivable, we perform an analysis to determine if a credit loss reserve is necessary. This analysis considers the estimated cash flows from the financing receivable, and/or the collateral value of the asset underlying the financing receivable when financing receivable repayment is collateral dependent. If it is determined that the impaired value of the non-performing financing receivable is less than the net carrying value, we will recognize a credit loss reserve or adjust the existing credit loss reserve with a corresponding charge to earnings. We then charge off a financing receivable in the period that it is deemed uncollectible by reducing the credit loss reserve and the balance of the financing receivable. Investments - Equity Method We account for our interests in entities in which we are able to exercise significant influence over operating and financial policies, generally 50% or less ownership interest, under the equity method of accounting. In such cases, our original investments are recorded at cost and adjusted for our share of earnings, losses and distributions. Such investments are subject to our impairment review policy. Recently Adopted Accounting Pronouncements In May 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2014-09 , Revenue from Contracts with Customers (“ASU 2014-09”), requiring revenue to be recognized in an amount that reflects the consideration expected to be received in exchange for goods and services. We adopted ASU 2014-09 on January 1, 2018. Since substantially all of our revenue is recognized from our leasing and lending contracts, which are not subject to ASU 2014-09, the adoption of ASU 2014-09 did not have an effect on our consolidated financial statements. In January 2016, FASB issued ASU No. 2016-01, Financial Instruments - Overall: Recognition and Measurement of Financial Assets and Financial Liabilities (“ASU 2016-01”), which provides guidance related to accounting for equity investments, financial liabilities under the fair value option, and the presentation and disclosure requirements for financial instruments. In addition, FASB clarified guidance related to the valuation allowance assessment when recognizing deferred tax assets resulting from unrealized losses on available-for-sale debt securities. As a result of the adoption of ASU 2016-01, we are no longer required to make certain disclosures related to the methods and significant assumptions used to estimate fair value for financial instruments measured at amortized cost. In August 2016, FASB issued ASU No. 2016-15, Statement of Cash Flows: Classification of Certain Cash Receipts and Cash Payments (“ASU 2016-15”), which provides guidance on how certain cash receipts and cash payments are to be presented and classified in the statement of cash flows. We adopted ASU 2016-15 on January 1, 2018, which did not have an effect on our consolidated financial statements. We utilize the cumulative earnings approach under ASU 2016-15 to present distributions received from equity-method investees, which is consistent with our previous policy. In November 2016, FASB issued ASU No. 2016-18, Statement of Cash Flows (“ASU 2016-18”), which provides guidance on the presentation of restricted cash or restricted cash equivalents in the statement of cash flows. As a result of the adoption of ASU 2016-18 on January 1, 2018, we commenced presenting restricted cash with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts presented on our consolidated statements of cash flows. We adopted ASU 2016-18 using the retrospective method. As a result, the effects of adopting ASU 2016-18 on our consolidated statements of cash flows for the three months ended March 31, 2017 were as follows: Three Months Ended March 31, 2017 As Reported Adoption of ASU 2016-18 As Adjusted Net cash used in operating activities $ (212,623 ) $ (139,288 ) $ (351,911 ) Cash, cash equivalents and restricted cash, beginning of period 19,452,937 1,500,000 20,952,937 Net increase (decrease) in cash, cash equivalents and restricted cash 958,699 (139,288 ) 819,411 Cash, cash equivalents and restricted cash, end of period $ 20,411,636 $ 1,360,712 $ 21,772,348 In January 2017, FASB issued ASU No. 2017-01, Business Combinations (“ASU 2017-01”), which clarifies the definition of a business. ASU 2017-01 sets forth requirements to be met for a set to be deemed a business and establishes a practical way to determine when a set is not a business. To be considered a business, a set must include, at a minimum, an input and a substantive process that together significantly contribute to the ability to create an output, and removes the evaluation of whether a market participant could replace missing elements. In addition, ASU 2017-01 narrows the definition of outputs and aligns such definition with how outputs are described within the revenue guidance. We adopted ASU 2017-01 on January 1, 2018, which did not have an effect on our consolidated financial statements. Other Recent Accounting Pronouncements In February 2016, FASB issued ASU No. 2016-02, Leases (“ASU 2016-02”), which requires lessees to recognize assets and liabilities for leases with lease terms greater than twelve months on the balance sheet and disclose key information about leasing arrangements. ASU 2016-02 implements changes to lessor accounting focused on conforming with certain changes made to lessee accounting and the recently released revenue recognition guidance. The adoption of ASU 2016-02 becomes effective for us on January 1, 2019. Early adoption is permitted. Based on our preliminary assessment, all of our leases are subject to lessor accounting and the accounting applied by a lessor is largely unchanged from that applied under current U.S. GAAP. In addition, since we are in our liquidation period and not expecting to enter into any new leases in the future and it is expected that we will apply the practical expedients as provided by the guidance, the adoption of ASU 2016-02 may not have a material effect on our consolidated financial statements. We continue to evaluate the impact of the adoption of ASU 2016-02 on our consolidated financial statements. In June 2016, FASB issued ASU No. 2016-13, Financial Instruments - Credit Losses (“ASU 2016-13”), which modifies the measurement of credit losses by eliminating the probable initial recognition threshold set forth in current guidance, and instead reflects an entity’s current estimate of all expected credit losses. The measurement of expected credit losses is based on relevant information about past events, including historical experience, current conditions, and reasonable and supportable forecasts that affect the collectability of the reported amount. An entity will apply the amendments within ASU 2016-13 through a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is effective. The adoption of ASU 2016-13 becomes effective for us on January 1, 2020, including interim periods within that reporting period. Early adoption is permitted. We are currently in the process of evaluating the impact of the adoption of ASU 2016-13 on our consolidated financial statements.

Net Investment in Notes Receiva

Net Investment in Notes Receivable	3 Months Ended
	Mar. 31, 2018
Receivables [Abstract]
Net Investment in Notes Receivable	(3) Net Investment in Notes Receivable As of March 31, 2018 , we had no net investment in notes receivable on non-accrual status and no net investment in notes receivable that was past due 90 days or more and still accruing. As of December 31, 2017, we had net investment in notes receivable on non-accrual status of $1,950,000 and no net investment in notes receivable that was past due 90 days or more and still accruing. See below for further details regarding our note receivable related to four affiliates of Técnicas Maritimas Avanzadas, S.A. de C.V. (collectively, “TMA”). Net investment in notes receivable consisted of the following: March 31, 2018 December 31, 2017 Principal outstanding (1) $ 9,045,850 $ 10,119,672 Deferred fees (289,575 ) (313,120 ) Credit loss reserve (2) — (1,550,490 ) Net investment in notes receivable (3) $ 8,756,275 $ 8,256,062 (1) As of March 31, 2018 and December 31, 2017 , total principal outstanding related to our impaired loan was $2,500,000 and $3,500,490 , respectively. (2) As of December 31, 2017 , we had a credit loss reserve of $2,615,158 related to TMA, of which $1,064,668 was reserved against the accrued interest receivable included in other assets and $1,550,490 was reserved against net investment in notes receivable. (3) As of March 31, 2018 and December 31, 2017 , net investment in notes receivable related to our impaired loan was $2,500,000 and $1,950,000 , respectively. On July 14, 2014, we, ICON Leasing Fund Twelve Liquidating Trust (formerly, ICON Leasing Fund Twelve, LLC) (“Fund Twelve”) and ICON ECI Fund Fifteen, L.P. (“Fund Fifteen”), each an entity also managed by our Investment Manager (collectively, “ICON”), entered into a secured term loan credit facility agreement with TMA to provide a credit facility of up to $29,000,000 (the “ICON Loan”), of which our commitment of $ 3,625,000 was funded on August 27, 2014 (the “TMA Initial Closing Date”). The facility was used by TMA to acquire and refinance two platform supply vessels. At inception, the loan bore interest at the London Interbank Offered Rate (“LIBOR”), subject to a 1% floor, plus a margin of 17% . Upon the acceptance of both vessels by TMA’s sub-charterer on September 19, 2014, the margin was reduced to 13% . On November 24, 2014, ICON entered into an amended and restated senior secured term loan credit facility agreement with TMA pursuant to which an unaffiliated third-party (the “Senior Lender”) agreed to provide a senior secured term loan in the amount of up to $89,000,000 (the “Senior Loan,” and collectively with the ICON Loan, the “TMA Facility”) to acquire two additional vessels. The TMA Facility has a term of five years from the TMA Initial Closing Date. As a result of the amendment, the margin for the ICON Loan increased to 15% and repayment of the ICON Loan became subordinated to the repayment of the Senior Loan. The TMA Facility is secured by, among other things, a first priority security interest in the four vessels and TMA’s right to the collection of hire with respect to earnings from the sub-charterer related to the four vessels. As a condition to the amendment and increased size of the TMA Facility, TMA was required to cause all four platform supply vessels to be under contract by March 31, 2015. Due to TMA’s failure to meet such condition, TMA was in technical default and in payment default while available cash was swept by the Senior Lender and applied to the Senior Loan in accordance with the loan agreement. As a result, the principal balance of the Senior Loan amortized at a faster rate. In January 2016, the remaining two previously unchartered vessels had commenced employment. Our Investment Manager continued to assess the collectability of the note receivable at each reporting date as TMA’s credit quality slowly deteriorated and the fair market value of the collateral continued to decrease. During the three months ended June 30, 2017, our Investment Manager believed it was prudent to place the note receivable on non-accrual status. In September 2017, our Investment Manager met with certain restructuring advisors engaged by TMA to discuss a potential restructuring of the company. In light of these developments and a decrease in the fair market value of the collateral, in which we have a second priority security interest, our Investment Manager determined to record a credit loss of $1,750,000 during the three months ended September 30, 2017. On December 26, 2017, ICON, the Senior Lender and TMA entered into a restructuring support and lock-up agreement to commit to a restructuring of TMA’s outstanding debt obligations and to provide additional funding to TMA, subject to execution of definitive agreements. As a result of this restructuring (as further described below), our Investment Manager assessed the collectability of the note receivable as of December 31, 2017 and recorded an additional credit loss of $865,158 for the three months ended December 31, 2017. On January 5, 2018, ICON, the Senior Lender and TMA executed all definitive agreements including, without limitation, the second amended and restated term loan credit facility agreement in connection with the restructuring of the TMA Facility (the “Second Amendment”). Under the Second Amendment, ICON funded a total of $8,000,000 in exchange for (i) all amounts payable under the Senior Loan will amortize at a faster rate, at which time ICON will become the senior lender and have a first priority security interest in the four vessels and TMA’s right to the earnings generated by the vessels; and (ii) a 12.5% equity interest in two affiliates of TMA. Also as part of the Second Amendment, ICON agreed to reduce its aggregate notes and interest receivables to $20,000,000 in connection with the overall restructuring plan. As a result of the Second Amendment, on January 5, 2018, we funded our additional commitment of $1,000,000 , which represented our share of the total additional commitment to TMA, and our note and interest receivables due from TMA were reduced to $2,500,000 . As of January 5, 2018, our share of the fair value of the 12.5% equity interest in two affiliates of TMA was estimated to be $450,000 , which was based on an independent third-party valuation. Of our $1,000,000 additional commitment to TMA, we recorded $450,000 as an investment accounted for under the equity method of accounting (see Note 6) and the remaining $550,000 as an additional loan to TMA. As a result of this restructuring, during the three months ended March 31, 2018, we wrote off the allowance for credit loss of $2,615,158 related to TMA, of which $1,064,668 was previously reserved against the accrued interest receivable and $1,550,490 was previously reserved against our net investment in notes receivable. In addition, we also wrote off the corresponding $1,064,668 accrued interest receivable. In accordance with the Second Amendment, our restructured loan of $ 2,500,000 bears interest at a rate of 12% per year and is scheduled to mature on January 5, 2021 . Interest will accrue as paid-in-kind interest until such time as the Senior Loan is satisfied in full, which we expect to occur during 2018 . Upon satisfaction of the Senior Loan, our loan will amortize at 25% per year and interest will be paid in cash, both payable quarterly in arrears. The amended TMA Facility is secured by substantially the same collateral that secured the TMA Facility prior to the restructuring. As of March 31, 2018 and December 31, 2017, our share of the collateral value, net of the balance of the Senior Loan, was estimated to be approximately $3,750,000 and $2,250,000 , respectively. As of March 31, 2018 and December 31, 2017, our net investment in notes receivable related to TMA was $2,500,000 and $1,950,000 , respectively. In addition, as of December 31, 2017, we have an accrued interest receivable related to TMA of $1,064,668 , which has been fully reserved, resulting in a net carrying value of $0 . During the three months ended March 31, 2018 and 2017, we recognized finance income of $70,833 and $111,279 , respectively, of which no amount was recognized on a cash basis. Credit loss allowance activities for the three months ended March 31, 2018 were as follows: Credit Loss Allowance Allowance for credit loss as of December 31, 2017 $ 2,615,158 Provisions — Write-offs, net of recoveries (2,615,158 ) Allowance for credit loss as of March 31, 2018 $ — Credit loss allowance activities for the three months ended March 31, 2017 were as follows: Credit Loss Allowance Allowance for credit loss as of December 31, 2016 $ 33,393,546 Provisions — Write-offs, net of recoveries — Allowance for credit loss as of March 31, 2017 $ 33,393,546

Leased Equipment at Cost

Leased Equipment at Cost	3 Months Ended
	Mar. 31, 2018
Property, Plant and Equipment [Abstract]
Leased Equipment at Cost	(4) Leased Equipment at Cost Leased equipment at cost consisted of the following: March 31, 2018 December 31, 2017 Marine - dry bulk vessels $ 21,000,000 $ 21,000,000 Less: accumulated depreciation 1,480,538 1,267,681 Leased equipment at cost, less accumulated depreciation $ 19,519,462 $ 19,732,319 Depreciation expense was $212,857 and $212,856 for the three months ended March 31, 2018 and 2017 , respectively.

Vessels

Vessels	3 Months Ended
	Mar. 31, 2018
Property, Plant and Equipment
Vessels	(4) Leased Equipment at Cost Leased equipment at cost consisted of the following: March 31, 2018 December 31, 2017 Marine - dry bulk vessels $ 21,000,000 $ 21,000,000 Less: accumulated depreciation 1,480,538 1,267,681 Leased equipment at cost, less accumulated depreciation $ 19,519,462 $ 19,732,319 Depreciation expense was $212,857 and $212,856 for the three months ended March 31, 2018 and 2017 , respectively.
Stena pooling arrangement
Property, Plant and Equipment
Vessels	(5) Vessel On July 14, 2016, we entered the Shamrock (f/k/a the Center) into a pooling arrangement, Stena Sonangol Suezmax Pool LLC (the “Stena Pooling Arrangement”), with other crude oil tankers owned by unaffiliated third parties. The term of the Stena Pooling Arrangement is for at least 12 months , after which the time charter and participation of the vessel in the pool may be terminated by either party at any time. As part of the Stena Pooling Arrangement, we are entitled to receive a monthly distribution, calculated on a time charter equivalent basis, whereby net pool earnings are allocated to each pool participant according to an agreed upon formula based on, among other things, the number of days a vessel operates in the pool and other technical characteristics, such as speed and fuel consumption. The Stena Pooling Arrangement also includes a shortfall provision that will require us to pay back a portion of the monthly distribution received upon certain criteria being met if we remove the vessel from the pool. The shortfall provision expires on July 14, 2018 . At March 31, 2018 and December 31, 2017 , deferred revenue included on our consolidated balance sheets due to this shortfall provision was $ 2,177,338 and $ 2,470,065 , respectively. Monthly distributions, net of the amount subject to the shortfall provision, are recognized as pool revenue on our consolidated statements of operations. Depreciation expense was $401,104 and $526,035 for the three months ended March 31, 2018 and 2017 , respectively.

Investment in Joint Ventures an

Investment in Joint Ventures and equity investees	3 Months Ended
	Mar. 31, 2018
Equity Method Investments and Joint Ventures [Abstract]
Investments in Joint Ventures	(6) Investment in Joint Ventures and Equity-Method Investees On March 21, 2014, a joint venture owned 12.5% by us, 75% by Fund Twelve and 12.5% by Fund Fifteen, through two indirect subsidiaries, entered into memoranda of agreement to purchase two LPG tanker vessels, the EPIC Bali and the EPIC Borneo (f/k/a the SIVA Coral and the SIVA Pearl, respectively) (collectively, the “EPIC Vessels”), from Foreguard Shipping I Global Ships Ltd. (f/k/a Siva Global Ships Limited) (“Foreguard Shipping”) for an aggregate purchase price of $41,600,000 . The EPIC Bali and the EPIC Borneo were delivered on March 28, 2014 and April 8, 2014, respectively. The EPIC Vessels were bareboat chartered to an affiliate of Foreguard Shipping for a period of eight years upon the delivery of each respective vessel. The EPIC Vessels were each acquired for approximately $3,550,000 in cash, $12,400,000 of financing through a senior secured loan from DVB Group Merchant Bank (Asia) Ltd. (“DVB Asia”) and $4,750,000 of financing through a subordinated, non-interest-bearing seller’s credit. Our contribution to the joint venture was $1,022,225 . On February 14, 2018, Foreguard Shipping purchased the EPIC Vessels from the indirect subsidiaries for an aggregate purchase price of $32,412,488 . As a result, the bareboat charters were terminated. A portion of the proceeds from the sale of the EPIC Vessels was used to satisfy in full the seller's credit to Foreguard Shipping and the related outstanding non-recourse long-term debt obligations to DVB Asia. As a result, the joint venture recorded a loss of $3,018,839 , of which our share was $377,355 . The loss was primarily due to (i) the seller’s credit, which was satisfied in full at its maturity amount of $9,500,000 rather than its then-present value of $7,355,183 prior to the sale, and (ii) the write-off of the remaining unamortized indirect costs. Information as to the results of operations of this joint venture is summarized as follows: Three Months Ended March 31, 2018 2017 (Loss) revenue $ (2,331,180 ) $ 720,217 Net (loss) income $ (2,631,785 ) $ 302,493 Our share of net (loss) income $ (134,798 ) $ 38,426 On December 23, 2015, a joint venture owned 15% by us, 75% by Fund Fifteen and 10% by ICON ECI Fund Sixteen, an entity also managed by our Investment Manager, through two indirect subsidiaries, entered into memoranda of agreement to purchase two geotechnical drilling vessels, the Fugro Scout and the Fugro Voyager (collectively, the “Fugro Vessels”), from affiliates of Fugro N.V. (“Fugro”) for an aggregate purchase price of $130,000,000. The aggregate purchase price was funded by the indirect subsidiaries through (i) $16,500,000 in cash; (ii) $91,000,000 in financing through a senior secured loan from ABN AMRO Bank N.V. (“ABN AMRO”), Cooperatieve Centrale Raiffeisen-Boerenleenbank B.A. (“Rabobank”) and NIBC Bank N.V. (“NIBC”); and (iii) seller’s credits of $22,500,000. The Fugro Scout and the Fugro Voyager were delivered on December 24, 2015 and January 8, 2016, respectively. The Fugro Vessels were bareboat chartered to affiliates of Fugro for a period of 12 years upon the delivery of each respective vessel, although such charters can be terminated by the indirect subsidiaries after year five. Our contribution to the joint venture was $3,565,875 . In anticipation of a potential breach of a financial covenant by Fugro on December 31, 2017, effective December 29, 2017, the indirect subsidiaries and the affiliates of Fugro amended the bareboat charters on April 6, 2018 to, among other things, amend certain financial covenants, increase the daily charter rate and provide for additional security deposits. Effective December 29, 2017, the indirect subsidiaries also amended the facility agreement with ABN AMRO, Rabobank and NIBC on April 6, 2018 to, among other things, increase the interest rate on the senior secured loans to share the economic benefits of the amended bareboat charters. Information as to the results of operations of this joint venture is summarized as follows: Three Months Ended March 31, 2018 2017 Revenue $ 3,424,652 $ 3,343,483 Net income $ 1,239,601 $ 623,791 Our share of net income $ 185,940 $ 93,569 As part of the restructuring of our note receivable with TMA, ICON acquired a 12.5% equity interest in two affiliates of TMA. In proportion to our share of the ICON Loan, our share of such equity interest in these two entities is 1.56% . Due to our ownership interest and that we are able to exercise significant influence over the operating and financial policies of these two affiliates of TMA, we accounted for our investment in such equity interest under the equity method of accounting.

Non-Recourse Long-Term Debt

Non-Recourse Long-Term Debt	3 Months Ended
	Mar. 31, 2018
Debt Disclosure [Abstract]
Non-Recourse Long-Term Debt	(7) Non-Recourse Long-Term Debt As of March 31, 2018 and December 31, 2017 , we had the following non-recourse long-term debt: Counterparty March 31, 2018 December 31, 2017 Maturity Rate DVB Bank SE $ 31,675,000 $ 32,512,500 2021 LIBOR + 3.50% and LIBOR + 3.85% Less: debt issuance costs 433,963 481,862 Total non-recourse long-term debt $ 31,241,037 $ 32,030,638 As of March 31, 2018 and December 31, 2017 , our non-recourse long-term debt obligations were $31,241,037 and $ 32,030,638 , respectively. All of our non-recourse long-term debt obligations consist of notes payable in which the lender has a security interest in the underlying assets. If the lessee was to default on the underlying lease, resulting in our default on the non-recourse long-term debt, the assets could be foreclosed upon and the proceeds would be remitted to the lender in extinguishment of that debt. As of March 31, 2018 and December 31, 2017 , the total carrying value of assets subject to non-recourse long-term debt was $54,717,254 and $55,331,215 , respectively. On November 7, 2017, we were notified of an event of default for not making certain payments into a reserve account pursuant to the loan agreement in connection with the senior debt associated with the Shamrock. On January 16, 2018, we entered into an agreement (the “Letter Agreement”) with the senior lender to waive the event of default provided we fund the required amounts to the reserve account in accordance with the terms and conditions of the Letter Agreement. We are currently in compliance with all our obligations under the Letter Agreement. As of March 31, 2018 , we were in compliance with all covenants related to our non-recourse long-term debt. For the three months ended March 31, 2018 and 2017 , we recognized additional interest expense of $47,899 and $48,629 , respectively, related to the amortization of debt financing costs.

Transactions with Related Parti

Transactions with Related Parties	3 Months Ended
	Mar. 31, 2018
Related Party Transactions [Abstract]
Transactions with Related Parties	Transactions with Related Parties We did not pay distributions to our General Partner for the three months ended March 31, 2018 or 2017 . Our General Partner’s interest in the net loss attributable to us was $8,872 and $10,354 for the three months ended March 31, 2018 and 2017 , respectively. Effective May 1, 2017, our Investment Manager waived all future management fees. Fees and other expenses incurred by us to our General Partner or its affiliates were as follows: Three Months Ended March 31, Entity Capacity Description 2018 2017 ICON Capital, LLC Investment Manager Management fees (1) $ — $ 191,210 ICON Capital, LLC Investment Manager Administrative expense reimbursements (1) 201,042 318,342 $ 201,042 $ 509,552 (1) Amount charged directly to operations. At March 31, 2018 and December 31, 2017 , we had a net payable of $101,042 and $75,587 , respectively, due to our General Partner and affiliates, which primarily consisted of administrative expense reimbursements due to our Investment Manager. We have a note receivable from a joint venture related to the AMC Ambassador. As of March 31, 2018 and December 31, 2017, the outstanding balance of the note receivable was $ 0 , net of an aggregate credit loss reserve of $ 2,843,981 . No interest income was recognized for the three months ended March 31, 2018 or 2017 as the note receivable was placed on non-accrual status during the three months ended December 31, 2016.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2018
Fair Value Disclosures [Abstract]
Fair Value Measurements	(9) Fair Value Measurements Assets and liabilities carried at fair value are classified and disclosed in one of the following three categories: · Level 1: Quoted market prices available in active markets for identical assets or liabilities as of the reporting date. · Level 2: Pricing inputs other than quoted prices in active markets included in Level 1, which are either directly or indirectly observable as of the reporting date. · Level 3: Pricing inputs that are generally unobservable and are supported by little or no market data. Assets for which Fair Value is Disclosed Our fixed-rate notes receivable, for which fair value is required to be disclosed, were valued using inputs that are generally unobservable and are supported by little or no market data and are therefore classified within Level 3. Fair value information with respect to certain of our other assets and liabilities is not separately provided since (i) U.S. GAAP does not require fair value disclosures of lease arrangements and (ii) the carrying value of financial assets and liabilities, other than lease-related investments, approximates fair value due to their short-term maturities and/or variable interest rates. March 31, 2018 Carrying Fair Value Value (Level 3) Principal outstanding on fixed-rate notes receivable $ 3,631,350 $ 3,611,426

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2018
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	(10) Commitments and Contingencies At the time we acquire or divest our interest in Capital Assets, we may, under very limited circumstances, agree to indemnify the seller or buyer for specific contingent liabilities. Our General Partner believes that any liability of ours that may arise as a result of any such indemnification obligations may or may not have a material adverse effect on our consolidated financial condition or results of operations taken as a whole. In addition, at times we may seek to enforce our rights under a personal guaranty in order to collect amounts from the guarantor that are owed to us by a defaulting borrower or lessee. Gain contingencies may arise from enforcement of such guaranty, but are not recognized until realizable. On September 27, 2016, we commenced a legal proceeding against Center Navigation Ltd. (“Center Navigation”) and Geden Holdings Ltd. (“Geden”) seeking monetary damages incurred as a result of their failure to meet their payment and performance obligations under the charter and guaranty, respectively, related to the Center. This legal proceeding is currently in the discovery phase. In connection with certain debt obligations, we are required to maintain restricted cash balances with certain banks. At March 31, 2018 , we had restricted cash of $1,675,230 .

Subsequent Event

Subsequent Event	3 Months Ended
	Mar. 31, 2018
Subsequent Events [Abstract]
Subsequent Event	(11) Subsequent Events On May 8, 2018, we and Americas Bulk Transport (BVI) Limited (“Americas Bulk”), the bareboat charterer of our two supramax bulk carrier vessels, the Bulk Progress and the Bulk Power, entered into an agreement in which both parties agreed to jointly market and sell the two vessels during the remaining period of 2018. Americas Bulk will continue to pay charter hire in accordance with the bareboat charter until the sale of the vessels. In May 2018, a joint venture owned 12.5% by us, 75% by Fund Twelve and 12.5% by Fund Fifteen agreed with DVB Asia, Pacific Crest and Pacific Radiance Ltd. (“Pacific Radiance”), the guarantor of Pacific Crest’s obligations under the bareboat charter related to the offshore supply vessel, to, among other things, (i) terminate the bareboat charter upon our receipt of a $ 1,000,000 payment from Pacific Crest, a portion of which will be used to make a partial repayment on the outstanding debt to DVB Asia; (ii) cooperate to market and sell the offshore supply vessel; and (iii) Pacific Crest will continue to maintain the vessel in its current condition until the earlier of the sale of the vessel or December 15, 2018 .

Summary of Significant Accoun18

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2018
Accounting Policies [Abstract]
Basis of Presentation and Consolidation	Basis of Presentation and Consolidation Our accompanying consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) for interim financial information and pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”) for Quarterly Reports on Form 10-Q. In the opinion of our General Partner, all adjustments, which are of a normal recurring nature, considered necessary for a fair presentation have been included. These consolidated financial statements should be read together with the consolidated financial statements and notes included in our Annual Report on Form 10-K for the year ended December 31, 2017 . The results for the interim period are not necessarily indicative of the results for the full year.
Cash and Cash Equivalents	In August 2016, FASB issued ASU No. 2016-15, Statement of Cash Flows: Classification of Certain Cash Receipts and Cash Payments (“ASU 2016-15”), which provides guidance on how certain cash receipts and cash payments are to be presented and classified in the statement of cash flows. We adopted ASU 2016-15 on January 1, 2018, which did not have an effect on our consolidated financial statements. We utilize the cumulative earnings approach under ASU 2016-15 to present distributions received from equity-method investees, which is consistent with our previous policy. In November 2016, FASB issued ASU No. 2016-18, Statement of Cash Flows (“ASU 2016-18”), which provides guidance on the presentation of restricted cash or restricted cash equivalents in the statement of cash flows. As a result of the adoption of ASU 2016-18 on January 1, 2018, we commenced presenting restricted cash with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts presented on our consolidated statements of cash flows. We adopted ASU 2016-18 using the retrospective method. As a result, the effects of adopting ASU 2016-18 on our consolidated statements of cash flows for the three months ended March 31, 2017 were as follows: Three Months Ended March 31, 2017 As Reported Adoption of ASU 2016-18 As Adjusted Net cash used in operating activities $ (212,623 ) $ (139,288 ) $ (351,911 ) Cash, cash equivalents and restricted cash, beginning of period 19,452,937 1,500,000 20,952,937 Net increase (decrease) in cash, cash equivalents and restricted cash 958,699 (139,288 ) 819,411 Cash, cash equivalents and restricted cash, end of period $ 20,411,636 $ 1,360,712 $ 21,772,348
Credit Quality of Notes Receivable and Finance Leases and Credit Loss Reserve	Credit Quality of Notes Receivable and Finance Leases and Credit Loss Reserve Our Investment Manager monitors the ongoing credit quality of our financing receivables by (i) reviewing and analyzing a borrower’s financial performance on a regular basis, including review of financial statements received on a monthly, quarterly or annual basis as prescribed in the loan or lease agreement, (ii) tracking the relevant credit metrics of each financing receivable and a borrower’s compliance with financial and non-financial covenants, (iii) monitoring a borrower’s payment history and public credit rating, if available, and (iv) assessing our exposure based on the current investment mix. As part of the monitoring process, our Investment Manager may physically inspect the collateral or a borrower’s facility and meet with a borrower’s management to better understand such borrower’s financial performance and its future plans on an as-needed basis. As our financing receivables, generally notes receivable and finance leases, are limited in number, our Investment Manager is able to estimate the credit loss reserve based on a detailed analysis of each financing receivable as opposed to using portfolio-based metrics. Our Investment Manager does not use a system of assigning internal risk ratings to each of our financing receivables. Rather, each financing receivable is analyzed quarterly and categorized as either performing or non-performing based on certain factors including, but not limited to, financial results, satisfying scheduled payments and compliance with financial covenants. A financing receivable is usually categorized as non-performing only when a borrower experiences financial difficulties and has failed to make scheduled payments. Our Investment Manager then analyzes whether the financing receivable should be placed on a non-accrual status, a credit loss reserve should be established or the financing receivable should be restructured. As part of the assessment, updated collateral value is usually considered and such collateral value can be based on a third party industry expert appraisal or, depending on the type of collateral and accessibility to relevant published guides or market sales data, internally derived fair value. Material events would be specifically disclosed in the discussion of each financing receivable held. Financing receivables are generally placed on a non-accrual status when payments are more than 90 days past due. Additionally, our Investment Manager periodically reviews the creditworthiness of companies with payments outstanding less than 90 days and based upon our Investment Manager’s judgment, these accounts may be placed on a non-accrual status. In accordance with the cost recovery method, payments received on non-accrual financing receivables are applied to principal if there is doubt regarding the ultimate collectability of principal. If collection of the principal of non-accrual financing receivables is not in doubt, interest income is recognized on a cash basis. Financing receivables on non-accrual status may not be restored to accrual status until all delinquent payments have been received, and we believe recovery of the remaining unpaid receivable is probable. When our Investment Manager deems it is probable that we will not be able to collect all contractual principal and interest on a non-performing financing receivable, we perform an analysis to determine if a credit loss reserve is necessary. This analysis considers the estimated cash flows from the financing receivable, and/or the collateral value of the asset underlying the financing receivable when financing receivable repayment is collateral dependent. If it is determined that the impaired value of the non-performing financing receivable is less than the net carrying value, we will recognize a credit loss reserve or adjust the existing credit loss reserve with a corresponding charge to earnings. We then charge off a financing receivable in the period that it is deemed uncollectible by reducing the credit loss reserve and the balance of the financing receivable.
Equity Method Investments	Investments - Equity Method We account for our interests in entities in which we are able to exercise significant influence over operating and financial policies, generally 50% or less ownership interest, under the equity method of accounting. In such cases, our original investments are recorded at cost and adjusted for our share of earnings, losses and distributions. Such investments are subject to our impairment review policy.
Recently Adopted Accounting Pronouncements	In January 2017, FASB issued ASU No. 2017-01, Business Combinations (“ASU 2017-01”), which clarifies the definition of a business. ASU 2017-01 sets forth requirements to be met for a set to be deemed a business and establishes a practical way to determine when a set is not a business. To be considered a business, a set must include, at a minimum, an input and a substantive process that together significantly contribute to the ability to create an output, and removes the evaluation of whether a market participant could replace missing elements. In addition, ASU 2017-01 narrows the definition of outputs and aligns such definition with how outputs are described within the revenue guidance. We adopted ASU 2017-01 on January 1, 2018, which did not have an effect on our consolidated financial statements. Other Recent Accounting Pronouncements In February 2016, FASB issued ASU No. 2016-02, Leases (“ASU 2016-02”), which requires lessees to recognize assets and liabilities for leases with lease terms greater than twelve months on the balance sheet and disclose key information about leasing arrangements. ASU 2016-02 implements changes to lessor accounting focused on conforming with certain changes made to lessee accounting and the recently released revenue recognition guidance. The adoption of ASU 2016-02 becomes effective for us on January 1, 2019. Early adoption is permitted. Based on our preliminary assessment, all of our leases are subject to lessor accounting and the accounting applied by a lessor is largely unchanged from that applied under current U.S. GAAP. In addition, since we are in our liquidation period and not expecting to enter into any new leases in the future and it is expected that we will apply the practical expedients as provided by the guidance, the adoption of ASU 2016-02 may not have a material effect on our consolidated financial statements. We continue to evaluate the impact of the adoption of ASU 2016-02 on our consolidated financial statements. In June 2016, FASB issued ASU No. 2016-13, Financial Instruments - Credit Losses (“ASU 2016-13”), which modifies the measurement of credit losses by eliminating the probable initial recognition threshold set forth in current guidance, and instead reflects an entity’s current estimate of all expected credit losses. The measurement of expected credit losses is based on relevant information about past events, including historical experience, current conditions, and reasonable and supportable forecasts that affect the collectability of the reported amount. An entity will apply the amendments within ASU 2016-13 through a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is effective. The adoption of ASU 2016-13 becomes effective for us on January 1, 2020, including interim periods within that reporting period. Early adoption is permitted. We are currently in the process of evaluating the impact of the adoption of ASU 2016-13 on our consolidated financial statements. Recently Adopted Accounting Pronouncements In May 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2014-09 , Revenue from Contracts with Customers (“ASU 2014-09”), requiring revenue to be recognized in an amount that reflects the consideration expected to be received in exchange for goods and services. We adopted ASU 2014-09 on January 1, 2018. Since substantially all of our revenue is recognized from our leasing and lending contracts, which are not subject to ASU 2014-09, the adoption of ASU 2014-09 did not have an effect on our consolidated financial statements. In January 2016, FASB issued ASU No. 2016-01, Financial Instruments - Overall: Recognition and Measurement of Financial Assets and Financial Liabilities (“ASU 2016-01”), which provides guidance related to accounting for equity investments, financial liabilities under the fair value option, and the presentation and disclosure requirements for financial instruments. In addition, FASB clarified guidance related to the valuation allowance assessment when recognizing deferred tax assets resulting from unrealized losses on available-for-sale debt securities. As a result of the adoption of ASU 2016-01, we are no longer required to make certain disclosures related to the methods and significant assumptions used to estimate fair value for financial instruments measured at amortized cost.

Net Investment in Notes Recei19

Net Investment in Notes Receivable (Tables)	3 Months Ended
	Mar. 31, 2018
Receivables [Abstract]
Net investment in notes receivable
Credit Loss Allowance Activities	Credit loss allowance activities for the three months ended March 31, 2018 were as follows: Credit Loss Allowance Allowance for credit loss as of December 31, 2017 $ 2,615,158 Provisions — Write-offs, net of recoveries (2,615,158 ) Allowance for credit loss as of March 31, 2018 $ — Credit loss allowance activities for the three months ended March 31, 2017 were as follows: Credit Loss Allowance Allowance for credit loss as of December 31, 2016 $ 33,393,546 Provisions — Write-offs, net of recoveries — Allowance for credit loss as of March 31, 2017 $ 33,393,546

Leased Equipment at Cost (Table

Leased Equipment at Cost (Tables)	3 Months Ended
	Mar. 31, 2018
Property, Plant and Equipment [Abstract]
Leased equipment at cost	Leased equipment at cost consisted of the following: March 31, 2018 December 31, 2017 Marine - dry bulk vessels $ 21,000,000 $ 21,000,000 Less: accumulated depreciation 1,480,538 1,267,681 Leased equipment at cost, less accumulated depreciation $ 19,519,462 $ 19,732,319

Investment in Joint Ventures 21

Investment in Joint Ventures and equity investees (Tables)	3 Months Ended
	Mar. 31, 2018
Epic Vessels
Schedule of Equity Method Investments
Equity Method Investments	Information as to the results of operations of this joint venture is summarized as follows: Three Months Ended March 31, 2018 2017 (Loss) revenue $ (2,331,180 ) $ 720,217 Net (loss) income $ (2,631,785 ) $ 302,493 Our share of net (loss) income $ (134,798 ) $ 38,426
Fugro Vessels
Schedule of Equity Method Investments
Equity Method Investments	Information as to the results of operations of this joint venture is summarized as follows: Three Months Ended March 31, 2018 2017 Revenue $ 3,424,652 $ 3,343,483 Net income $ 1,239,601 $ 623,791 Our share of net income $ 185,940 $ 93,569

Non-Recourse Long-Term Debt (Ta

Non-Recourse Long-Term Debt (Tables)	3 Months Ended
	Mar. 31, 2018
Debt Disclosure [Abstract]
Schedule of Long-Term Debt	As of March 31, 2018 and December 31, 2017 , we had the following non-recourse long-term debt: Counterparty March 31, 2018 December 31, 2017 Maturity Rate DVB Bank SE $ 31,675,000 $ 32,512,500 2021 LIBOR + 3.50% and LIBOR + 3.85% Less: debt issuance costs 433,963 481,862 Total non-recourse long-term debt $ 31,241,037 $ 32,030,638

Transactions with Related Par23

Transactions with Related Parties (Tables)	3 Months Ended
	Mar. 31, 2018
Related Party Transactions [Abstract]
Fees and expenses paid or accrued	Fees and other expenses incurred by us to our General Partner or its affiliates were as follows: Three Months Ended March 31, Entity Capacity Description 2018 2017 ICON Capital, LLC Investment Manager Management fees (1) $ — $ 191,210 ICON Capital, LLC Investment Manager Administrative expense reimbursements (1) 201,042 318,342 $ 201,042 $ 509,552 (1) Amount charged directly to operations.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2018
Fair Value Disclosures [Abstract]
Carrying values and estimated fair values of debt instruments	March 31, 2018 Carrying Fair Value Value (Level 3) Principal outstanding on fixed-rate notes receivable $ 3,631,350 $ 3,611,426

Organization (Details)

Organization (Details)	3 Months Ended
	Mar. 31, 2018segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of reportable segments	1

Summary of Significant Accoun26

Summary of Significant Accounting Policies (Eeffects of adopting ASU2016-18) (Details) - USD ($)	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Net cash used in by operating activities	$ (28,129)	$ (351,911)
Cash, cash equivalents and restricted cash, beginning of period	9,047,311	20,952,937
Net increase (decrease) in cash, cash equivalents and restricted cash	(487,899)	819,411
Cash, cash equivalents and restricted cash, end of period (a)	$ 8,559,412	21,772,348
As Reported
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Net cash used in by operating activities		(212,623)
Cash, cash equivalents and restricted cash, beginning of period		19,452,937
Net increase (decrease) in cash, cash equivalents and restricted cash		958,699
Cash, cash equivalents and restricted cash, end of period (a)		20,411,636
ASU 2016-18
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Net cash used in by operating activities		(139,288)
Cash, cash equivalents and restricted cash, beginning of period		1,500,000
Net increase (decrease) in cash, cash equivalents and restricted cash		(139,288)
Cash, cash equivalents and restricted cash, end of period (a)		$ 1,360,712

Net Investment in Notes Recei27

Net Investment in Notes Receivable (Narrative) (Details)	Jan. 05, 2018USD ($)affiliate	Mar. 31, 2015vessel	Nov. 24, 2014USD ($)vessel	Mar. 31, 2018USD ($)	Dec. 31, 2017USD ($)	Sep. 30, 2017USD ($)	Mar. 31, 2017USD ($)	Dec. 31, 2016USD ($)	Sep. 19, 2014	Aug. 27, 2014USD ($)	Jul. 14, 2014USD ($)vessel
Accounts, Notes, Loans and Financing Receivable
Notes receivable on non-accrual status				$ 0	$ 0
Net investment in finance leases that was past due 90 days or more and still accruing				0
Credit loss reserve				0	1,550,490
Financing Receivable, Gross				9,045,850	10,119,672
Investment in joint venture and equity method investment				4,041,938	4,871,247
Net investment in notes receivable				8,756,275	8,256,062
Finance income				323,281			$ 358,343
TMA
Accounts, Notes, Loans and Financing Receivable
Net investment in finance leases that was past due 90 days or more and still accruing					1,950,000
Credit loss reserve				0	2,615,158		33,393,546	$ 33,393,546
Financing Receivable, Allowance for Credit Losses, Recovery				2,615,158			0
Financing receivable, recorded investment, past due					1,950,000
Accrued investment income receivable					0
Finance income				70,833			$ 111,279
TMA | TMA Facility
Accounts, Notes, Loans and Financing Receivable
Loans Receivable, Basis Spread on Variable Rate			15.00%
Number of under contract supply vessels | vessel		4
Term of Credit Facility			5 years
Number of Vessels Used as Collateral | vessel			4
TMA | Senior loans
Accounts, Notes, Loans and Financing Receivable
Number Of Vessels Acquired | vessel			2
Loan Receivable Face Amount			$ 89,000,000
TMA | ICON Loans
Accounts, Notes, Loans and Financing Receivable
Number Of Vessels Acquired | vessel											2
Loan Receivable Face Amount											$ 29,000,000
TMA | Revised Credit Facility
Accounts, Notes, Loans and Financing Receivable
Equity method investment, ownership percentage	12.50%
Financing Receivable, Gross	$ 20,000,000
Net investment in notes receivable				1,550,490
Number of affiliates | affiliate	2
Loans and Equity Fund	$ 8,000,000
TMA | LIBOR | ICON Loans
Accounts, Notes, Loans and Financing Receivable
Derivative, Floor Interest Rate											1.00%
Loans Receivable, Basis Spread on Variable Rate									13.00%		17.00%
ICON Fund Fourteen | TMA
Accounts, Notes, Loans and Financing Receivable
Credit loss reserve					2,615,158
Loan Receivable Face Amount				$ 2,500,000
Credit loss, net					865,158	$ 1,750,000
Investment Maturity Date				Jan. 5, 2021
ICON Fund Fourteen | TMA | Senior loans
Accounts, Notes, Loans and Financing Receivable
Investment maturity year month				2018-10
Loan Amortized Percent Per Year				25.00%
Collateral Value Receivable				$ 3,750,000	2,250,000
ICON Fund Fourteen | TMA | ICON Loans
Accounts, Notes, Loans and Financing Receivable
Face amount of loans funded										$ 3,625,000
ICON Fund Fourteen | TMA | Revised Credit Facility
Accounts, Notes, Loans and Financing Receivable
Financing Receivable, Gross	2,500,000
Investment in joint venture and equity method investment	450,000
Loans and Leases Receivable, Related Parties, Additions	550,000
Stated interest rate				12.00%
Loans and Equity Fund	$ 1,000,000
ICON Fund Fourteen | TMA | Other Assets
Accounts, Notes, Loans and Financing Receivable
Accrued investment income receivable					$ 1,064,668

Net Investment in Notes Recei28

Net Investment in Notes Receivable (Reconciliation) (Details) - USD ($)	Mar. 31, 2018	Jan. 05, 2018	Dec. 31, 2017	Mar. 31, 2017	Dec. 31, 2016
Accounts, Notes, Loans and Financing Receivable
Principal outstanding	$ 9,045,850		$ 10,119,672
Deferred fees	(289,575)		(313,120)
Credit loss reserve	0		(1,550,490)
Net investment in notes receivable	8,756,275		8,256,062
TMA
Accounts, Notes, Loans and Financing Receivable
Credit loss reserve	0		(2,615,158)	$ (33,393,546)	$ (33,393,546)
Financing Receivable, Recorded Investment, Current	2,500,000
Financing receivable, recorded investment, past due			1,950,000
Impaired financing receivable, unpaid principal balance	2,500,000		3,500,490
Accrued investment income receivable			0
Revised Credit Facility | TMA
Accounts, Notes, Loans and Financing Receivable
Principal outstanding		$ 20,000,000
Net investment in notes receivable	$ 1,550,490
ICON Fund Fourteen | TMA
Accounts, Notes, Loans and Financing Receivable
Credit loss reserve			(2,615,158)
ICON Fund Fourteen | Revised Credit Facility | TMA
Accounts, Notes, Loans and Financing Receivable
Principal outstanding		$ 2,500,000
ICON Fund Fourteen | Other Assets | TMA
Accounts, Notes, Loans and Financing Receivable
Accrued investment income receivable			1,064,668
ICON Fund Fourteen | Notes Receivable | TMA
Accounts, Notes, Loans and Financing Receivable
Credit loss reserve			$ (1,550,490)

Net Investment in Notes Recei29

Net Investment in Notes Receivable (Credit Loss Allowance Activity) (Details) - USD ($)	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Financing Receivable, Allowance for Credit Losses [Roll Forward]
Beginning balance	$ 1,550,490
Ending balance	0
TMA
Financing Receivable, Allowance for Credit Losses [Roll Forward]
Beginning balance	2,615,158	$ 33,393,546
Provisions	0	0
Write-offs, net of recoveries	(2,615,158)	0
Ending balance	$ 0	$ 33,393,546

Leased Equipment At Cost (Lease

Leased Equipment At Cost (Lease Equipment Reconciliation) (Details) - USD ($)	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
Property, Plant and Equipment, Net, by Type [Abstract]
Less: accumulated depreciation	$ 1,480,538		$ 1,267,681
Leased equipment at cost, less accumulated depreciation	19,519,462		19,732,319
Depreciation	613,961	$ 738,891
Marine - dry bulk vessels
Property, Plant and Equipment
Property Subject to or Available for Operating Lease, Gross	21,000,000		21,000,000
Property, Plant and Equipment, Net, by Type [Abstract]
Less: accumulated depreciation	1,480,538		1,267,681
Leased equipment at cost, less accumulated depreciation	19,519,462		$ 19,732,319
Depreciation	$ 212,857	$ 212,856

Vessels (Details)

Vessels (Details) - USD ($)	Jul. 14, 2016	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
Property, Plant and Equipment
Deferred revenue		$ 2,177,338		$ 2,470,065
Depreciation		$ 613,961	$ 738,891
Stena pooling arrangement
Property, Plant and Equipment
Shortfall provision expiration date		Jul. 14, 2018
Pooling arrangement term (at least)	12 months
Depreciation		$ 401,104	$ 526,035

Investment in Joint Ventures 32

Investment in Joint Ventures and equity investees (Narrative) (Details)	Feb. 14, 2018USD ($)	Dec. 23, 2015USD ($)	Mar. 21, 2014USD ($)affiliate	Mar. 31, 2018USD ($)	Mar. 31, 2017USD ($)	Dec. 31, 2017USD ($)
Schedule of Equity Method Investments
Investment in joint ventures and equity-method investees				$ 4,041,938		$ 4,871,247
Income from investment in joint venture				(25,089)	$ (235,976)
Fugro Vessels
Schedule of Equity Method Investments
Number of affiliates | affiliate			2
Payments to Acquire Other Property, Plant, and Equipment		$ 130,000,000
Payments to Acquire Machinery and Equipment		16,500,000
Senior notes		91,000,000
Subordinated Debt		22,500,000
Payments to Acquire Equity Method Investments		$ 3,565,875
Revenue				3,424,652	3,343,483
Income from investment in joint venture				(185,940)	(93,569)
Charter Of Vessels Term Period		12 years
Charter Contract Eligible for Termination, Period		5 years
Fugro Vessels | Fund Fourteen
Schedule of Equity Method Investments
Equity method investment, ownership percentage		15.00%
Fugro Vessels | ICON Fund Fifteen
Schedule of Equity Method Investments
Equity method investment, ownership percentage		75.00%
Fugro Vessels | Icon Fund Sixteen
Schedule of Equity Method Investments
Equity method investment, ownership percentage		10.00%
Epic Vessels
Schedule of Equity Method Investments
Number of affiliates | affiliate			2
Lease term period			8 years
Subordinated Debt			$ 4,750,000
Payments to Acquire Equity Method Investments			$ 1,022,225
Revenue				(2,331,180)	720,217
Income from investment in joint venture	$ 3,018,839			$ 134,798	$ (38,426)
Seller Credit At Maturity	9,500,000
present Value Of Seller Credit	7,355,183
Epic Vessels | Fund Fourteen
Schedule of Equity Method Investments
Equity method investment, ownership percentage			12.50%
Income from investment in joint venture	$ (377,355)
Epic Vessels | ICON Fund Twelve
Schedule of Equity Method Investments
Equity method investment, ownership percentage			75.00%
Epic Vessels | ICON Fund Fifteen
Schedule of Equity Method Investments
Equity method investment, ownership percentage			12.50%
ICON Loans | TMA
Schedule of Equity Method Investments
equity method ownership interest				12.50%
ICON Loans | Fund Fourteen | TMA
Schedule of Equity Method Investments
equity method ownership interest				1.60%
DVB | Epic Vessels
Schedule of Equity Method Investments
Senior notes			$ 12,400,000

Investment in Joint Ventures 33

Investment in Joint Ventures and equity investees (Schedule of Equity Investments) (Details) - USD ($)	Feb. 14, 2018	Mar. 31, 2018	Mar. 31, 2017
Schedule of Equity Method Investments
Net (loss) income		$ (25,089)	$ (235,976)
Epic Vessels
Schedule of Equity Method Investments
Revenue		(2,331,180)	720,217
Net (loss) income	$ 3,018,839	134,798	(38,426)
Our share of net (loss) income		(2,631,785)	302,493
Epic Vessels | Fund Fourteen
Schedule of Equity Method Investments
Net (loss) income	$ (377,355)
Fugro Vessels
Schedule of Equity Method Investments
Revenue		3,424,652	3,343,483
Net (loss) income		(185,940)	(93,569)
Our share of net (loss) income		$ 1,239,601	$ 623,791

Non-Recourse Long-Term Debt (Sc

Non-Recourse Long-Term Debt (Schedule of Long-Term Debt) (Details) - USD ($)	3 Months Ended
	Mar. 31, 2018	Dec. 31, 2017	Mar. 31, 2017
Debt Instrument [Line Items]
Less: debt issuance costs	$ 433,963	$ 481,862
Total non-recourse long-term debt	31,241,037	32,030,638	$ 31,241,037
DVB Bank SE
Debt Instrument [Line Items]
Long term debt	$ 31,675,000	$ 32,512,500
debt maturity year	2,021
LIBOR | Minimum | DVB Bank SE
Debt Instrument [Line Items]
Basis spread rate	3.50%
LIBOR | Maximum | DVB Bank SE
Debt Instrument [Line Items]
Basis spread rate	3.85%

Non-Recourse Long-Term Debt (Na

Non-Recourse Long-Term Debt (Narrative) (Details) - USD ($)	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
Debt Disclosure [Abstract]
Non-recourse long-term debt	$ 31,241,037	$ 31,241,037	$ 32,030,638
Carrying value of underlying assets securing non-recourse debt	54,717,254		$ 55,331,215
Interest expense from Amortization of Debt Financing Costs	$ 47,899	$ 48,629

Transactions with Related Par36

Transactions with Related Parties (Details) - USD ($)	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
Related Party Transaction [Line Items]
Net income (loss) allocated to General Partners	$ (8,872)	$ (10,354)
Fees and other expenses paid or accrued [Abstract]
Management fees	0	191,210
Administrative expense reimbursements	201,042	318,342
ICON Capital, LLC
Fees and other expenses paid or accrued [Abstract]
Management fees	0	191,210
Administrative expense reimbursements	201,042	318,342
Total	201,042	509,552
General Partner
Fees and other expenses paid or accrued [Abstract]
Due to General Partner and affiliates, net	101,042		$ 75,587
AMC
Fees and other expenses paid or accrued [Abstract]
Note receivable from joint venture			0
Credit loss	0		$ 2,843,981
Interest income on note receivable	$ 0	$ 0

Fair Value Measurements (FV Of

Fair Value Measurements (FV Of Assets And Liabilities) (Details)	Mar. 31, 2018USD ($)
Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Principal outstanding on fixed-rate notes receivable	$ 3,631,350
Fair Value | Level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Principal outstanding on fixed-rate notes receivable	$ 3,611,426

Commitments and Contingencies (

Commitments and Contingencies (Details) - USD ($)	Mar. 31, 2018	Dec. 31, 2017	Mar. 31, 2017
Commitments and Contingencies Disclosure [Abstract]
Restricted cash	$ 1,675,230	$ 1,500,000	$ 1,360,712

Subsequent Event (Details)

Subsequent Event (Details) - Subsequent Event	1 Months Ended
	May 31, 2018USD ($)
Pacific Crest Pte Ltd | DVB
Subsequent Event
Direct Financing Lease, Lease Receivable	$ 1,000,000
Disposal Date	Dec. 15, 2018
ICON Fund Fifteen
Subsequent Event
Equity method investment, ownership percentage	12.50%
ICON Fund Twelve
Subsequent Event
Equity method investment, ownership percentage	75.00%
Icon Fund Fourteen
Subsequent Event
Equity method investment, ownership percentage	12.50%