Document_and_Entity_Informatio
Document and Entity Information | 6 Months Ended | |
Jun. 30, 2014 | Aug. 08, 2014 | |
Document and Entity Information [Abstract] | ' | ' |
Entity Registrant Name | 'ICON ECI Fund Fifteen, L.P. | ' |
Entity Central Index Key | '0001502519 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Well-known Seasoned Issuer | 'No | ' |
Entity Voluntary Filers | 'No | ' |
Entity Current Reporting Status | 'Yes | ' |
Entity Filer Category | 'Smaller Reporting Company | ' |
Entity Common Stock, Shares Outstanding | ' | 197,489 |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q2 | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 30-Jun-14 | ' |
Consolidated_Balance_Sheets_un
Consolidated Balance Sheets (unaudited) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
Assets | ' | ' |
Cash | $32,390,053 | $24,297,314 |
Net investment in notes receivable | 62,205,909 | 80,709,528 |
Leased equipment at cost (less accumulated depreciation of $18,536,801 and $13,007,968, respectively) | 94,760,041 | 100,288,873 |
Net investment in finance leases | 51,607,228 | 53,985,543 |
Investment in joint ventures | 22,320,738 | 13,142,459 |
Other assets | 5,202,666 | 5,344,488 |
Total assets | 268,486,635 | 277,768,205 |
Liabilities: | ' | ' |
Non-recourse long-term debt | 89,399,518 | 96,310,220 |
Due to General Partner and affiliates, net | 2,511,683 | 2,940,943 |
Accrued expenses and other liabilities | 10,723,412 | 10,718,057 |
Total liabilities | 102,634,613 | 109,969,220 |
Commitments and contingencies (Note 11) | ' | ' |
Partners' equity | ' | ' |
Limited partners | 154,570,897 | 156,859,123 |
General Partner | -206,454 | -183,341 |
Total partners' equity | 154,364,443 | 156,675,782 |
Noncontrolling interests | 11,487,579 | 11,123,203 |
Total equity | 165,852,022 | 167,798,985 |
Total liabilities and equity | $268,486,635 | $277,768,205 |
Consolidated_Balance_Sheets_un1
Consolidated Balance Sheets (unaudited) (Parenthetical) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
Assets | ' | ' |
Leased equipment, accumulated depreciation | $18,536,801 | $13,007,968 |
Consolidated_Statement_of_Oper
Consolidated Statement of Operations (unaudited) (USD $) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | |
Revenue: | ' | ' | ' | ' |
Finance income | $3,670,814 | $3,060,822 | $7,191,522 | $5,095,798 |
Rental income | 4,582,116 | 4,571,922 | 9,164,230 | 8,836,317 |
Income from investment in joint ventures | 591,308 | 165,322 | 999,341 | 165,322 |
Other income | 148,634 | 65,332 | 288,499 | 78,594 |
Total revenue | 8,992,872 | 7,863,398 | 17,643,592 | 14,176,031 |
Expenses: | ' | ' | ' | ' |
Management fees | 659,794 | 248,377 | 909,774 | 457,868 |
Administrative expense reimbursements | 421,255 | 1,073,535 | 1,103,799 | 2,043,230 |
General and administrative | 569,755 | 330,607 | 1,062,529 | 635,072 |
Interest | 1,299,806 | 1,251,568 | 2,630,103 | 2,279,692 |
Depreciation | 2,764,417 | 2,758,791 | 5,528,833 | 5,312,968 |
Loss (gain) on prepayment of loan | 0 | 12,530 | 0 | 12,530 |
Total expenses | 5,715,027 | 5,675,408 | 11,235,038 | 10,741,360 |
Net income | 3,277,845 | 2,187,990 | 6,408,554 | 3,434,671 |
Less: net income attributable to noncontrolling interests | 371,808 | 415,224 | 762,246 | 651,615 |
Net income attributable to Fund Fifteen | 2,906,037 | 1,772,766 | 5,646,308 | 2,783,056 |
Net income attributable to Fund Fifteen allocable to: | ' | ' | ' | ' |
Limited partners | 2,876,977 | 1,755,039 | 5,589,845 | 2,755,226 |
General Partner | 29,060 | 17,727 | 56,463 | 27,830 |
Net income attributable to Fund Fifteen | $2,906,037 | $1,772,766 | $5,646,308 | $2,783,056 |
Weighted average number of limited partnership interests outstanding (in shares) | 197,489 | 187,220 | 197,489 | 175,173 |
Net income attributable to Fund Fifteen per weighted average limited partnership interest outstanding (in dollars per share) | $14.57 | $9.37 | $28.30 | $15.73 |
Consolidated_Statement_of_Chan
Consolidated Statement of Changes in Equity (USD $) | Total | Limited Partner [Member] | General Partner [Member] | Total Partners Equity [Member] | Noncontrolling Interests [Member] |
Balance at Dec. 31, 2013 | $167,798,985 | $156,859,123 | ($183,341) | $156,675,782 | $11,123,203 |
Balance (in shares) at Dec. 31, 2013 | ' | 197,489 | ' | ' | ' |
Net income | 3,130,709 | 2,712,868 | 27,403 | 2,740,271 | 390,438 |
Distributions | -4,278,608 | -3,895,749 | -39,351 | -3,935,100 | -343,508 |
Investment by noncontrolling interests | 975 | ' | ' | ' | 975 |
Balance (unaudited) at Mar. 31, 2014 | 166,652,061 | 155,676,242 | -195,289 | 155,480,953 | 11,171,108 |
Balance (unaudited) (in shares) at Mar. 31, 2014 | ' | 197,489 | ' | ' | ' |
Net income | 3,277,845 | 2,876,977 | 29,060 | 2,906,037 | 371,808 |
Distributions | -4,085,824 | -3,982,322 | -40,225 | -4,022,547 | -63,277 |
Investment by noncontrolling interests | 7,940 | ' | ' | ' | 7,940 |
Balance (unaudited) at Jun. 30, 2014 | $165,852,022 | $154,570,897 | ($206,454) | $154,364,443 | $11,487,579 |
Balance (unaudited) (in shares) at Jun. 30, 2014 | ' | 197,489 | ' | ' | ' |
Consolidated_Statement_of_Cash
Consolidated Statement of Cash Flows (unaudited) (USD $) | 6 Months Ended | |
Jun. 30, 2014 | Jun. 30, 2013 | |
Cash flows from operating activities: | ' | ' |
Net income | $6,408,554 | $3,434,671 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Finance income | 839,829 | 480,535 |
Credit loss | 0 | 12,530 |
Rental income paid directly to lenders by lessees | -2,837,446 | 0 |
Income from investment in joint ventures | -999,341 | -165,322 |
Depreciation | 5,528,833 | 5,312,968 |
Interest expense on non-recourse financing paid directly to lenders by lessees | 295,077 | 0 |
Interest expense from amortization of debt financing costs | 105,692 | 115,253 |
Interest expense from amortization of seller's credit | 148,104 | 140,519 |
Other financial gain | -194,193 | 0 |
Paid-in-kind interest | 27,318 | 110,748 |
Changes in operating assets and liabilities: | ' | ' |
Other assets | 56,659 | -1,393,722 |
Deferred revenue | -41,433 | 115,962 |
Due to General Partner and affiliates, net | -456,578 | -670,813 |
Distributions from joint ventures | 190,552 | 0 |
Accrued expenses and other liabilities | 96,686 | 2,990,831 |
Net cash provided by operating activities | 9,168,313 | 10,484,160 |
Cash flows from investing activities: | ' | ' |
Purchase of equipment | 0 | -21,864,780 |
Investment in joint venture | -8,627,812 | -12,297,208 |
Principal received on finance leases | 2,232,692 | 1,508,525 |
Investment in notes receivable | 0 | -21,927,107 |
Distributions received from joint ventures in excess of profits | 258,322 | 0 |
Principal received on notes receivable | 17,785,074 | 1,031,105 |
Net cash provided (used in) investing activities | 11,648,276 | -53,549,465 |
Cash flows from financing activities: | ' | ' |
Repayment of non-recourse long-term debt | -4,368,333 | -3,458,333 |
Sale of limited partnership interests | 0 | 46,247,313 |
Sales and offering expenses paid | 0 | -4,282,689 |
Deferred charges paid | 0 | -240,000 |
Investment by noncontrolling interests | 8,915 | 8,263,568 |
Distributions to noncontrolling interests | -406,785 | -429,833 |
Distributions to partners | -7,957,647 | -6,715,763 |
Net cash (used in) provided by financing activities | -12,723,850 | 39,384,263 |
Net increase (decrease) in cash | 8,092,739 | -3,681,042 |
Cash, beginning of period | 24,297,314 | 37,990,933 |
Cash, end of period | 32,390,053 | 34,309,891 |
Supplemental disclosure of cash flow information: | ' | ' |
Cash paid for interest | 2,056,120 | 1,707,485 |
Supplemental disclosure of non-cash investing and financing activities: | ' | ' |
Organizational and offering expenses charged to equity | 0 | 1,075,227 |
Equipment purchased with non-recourse long-term debt paid directly to lender | 0 | 22,750,000 |
Equipment purchased with subordinated non-recourse financing provided be seller | 0 | -4,488,041 |
Extinguishment of minimum rents receivable | 0 | 4,488,041 |
Interest reserve net principal repayment of note receivable | 206,250 | 0 |
Principal and interest on non-recourse long-term debt paid directly to lenders by lessees | $2,837,446 | $0 |
Organization
Organization | 6 Months Ended |
Jun. 30, 2014 | |
Organization [Abstract] | ' |
Organization | ' |
(1) Organization | |
ICON ECI Fund Fifteen, L.P. (the “Partnership”) was formed on September 23, 2010 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. Our offering period commenced on June 6, 2011 and ended on June 6, 2013, at which time we entered our operating period. | |
We are a direct financing fund that primarily makes investments in domestic and international companies, which investments are primarily structured as debt and debt-like financings (such as loans and leases) that are collateralized by business-essential equipment and corporate infrastructure (collectively, “Capital Assets”) utilized by such companies to operate their businesses, as well as other strategic investments in or collateralized by Capital Assets that ICON GP 15, LLC, a Delaware limited liability company and our general partner (the “General Partner”), believes will provide us with a satisfactory, risk-adjusted rate of return. Our General Partner makes investment decisions on our behalf and manages our business. |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2014 | |
Summary of Significant 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 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, 2013. 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 | |
ICON Capital, LLC, a Delaware limited liability company formerly known as ICON Capital Corp. (the “Investment Manager”), weighs all credit decisions based on a combination of external credit ratings as well as internal credit evaluations of all borrowers. A borrower’s credit is analyzed using those credit ratings as well as the borrower’s financial statements and other financial data deemed relevant. | |
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. Financing receivables are analyzed quarterly and categorized as either performing or non-performing based on payment history. If a financing receivable becomes non-performing due to a borrower’s missed scheduled payments or failed financial covenants, our Investment Manager analyzes whether a credit loss reserve should be established or whether the financing receivable should be restructured. Material events would be specifically disclosed in the discussion of each financing receivable held. | |
Financing receivables are generally placed in 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 in 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 in 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, 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. | |
Recent 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. The adoption of ASU 2014-09 becomes effective for us on January 1, 2017, including interim periods within that reporting period. Early adoption is not permitted. We are currently in the process of evaluating the impact of the adoption of ASU 2014-09 on our consolidated financial statements. |
Net_Investment_in_Notes_Receiv
Net Investment in Notes Receivable | 6 Months Ended | ||||||
Jun. 30, 2014 | |||||||
Net Investment in Notes Receivable [Abstract] | ' | ||||||
Net Investment in Notes Receivable | ' | ||||||
(3) Net Investment in Notes Receivable | |||||||
Net investment in notes receivable consisted of the following: | |||||||
June 30, | December 31, | ||||||
2014 | 2013 | ||||||
Principal outstanding | $ | 60,796,794 | $ | 78,504,378 | |||
Initial direct costs | 4,267,757 | 5,504,320 | |||||
Deferred fees | -886,112 | -1,326,640 | |||||
Credit loss reserve | -1,972,530 | -1,972,530 | |||||
Net investment in notes receivable | $ | 62,205,909 | $ | 80,709,528 | |||
On March 9, 2012, we made a term loan in the amount of $5,000,000 to Kanza Construction, Inc. The loan bore interest at 13% per year and was for a period of 60 months. The loan was secured by a first priority security interest in all of Kanza’s assets. As a result of Kanza’s unexpected financial hardship and failure to meet certain payment obligations, the loan was placed on a non-accrual status and we recorded a total credit loss reserve of approximately $1,973,000 for the shortfall of the loan balance not covered by cash proceeds from the sale of the collateral in 2013. As of June 30, 2014, we fully reserved the remaining balance of the loan of $1,972,530. We continue to pursue all legal remedies to obtain payment. | |||||||
On March 18, 2014, Green Field Energy Services, Inc. and its affiliates (collectively, “Green Field”) satisfied its obligation in connection with a superpriority, secured term loan scheduled to mature on August 26, 2014 by making a prepayment of approximately $7,458,000, comprised of all outstanding principal and accrued interest. No material gain or loss was recorded as a result of this transaction. | |||||||
On June 6, 2014, NTS Communications, Inc. and certain of its affiliates (collectively, “NTS”) satisfied their obligations in connection with three term loans scheduled to mature on July 1, 2017 by making a prepayment of approximately $9,522,000, comprised of all outstanding principal, accrued interest and a prepayment fee of approximately $362,000. The prepayment fee was recognized as additional finance income. | |||||||
During the three months ended June 30, 2014, substantially all material conditions to closing were satisfied with respect to a commitment to provide a senior secured term loan credit facility to two affiliates of Técnicas Maritimas Avanzadas, S.A. de C.V. (collectively “TMA”) of up to $29,000,000, of which our portion is expected to be $3,625,000. On July 14, 2014, we, ICON Leasing Fund Twelve, LLC (“Fund Twelve”), ICON Equipment and Corporate Infrastructure Fund Fourteen, L.P. (“Fund Fourteen”), each an entity also managed by our Investment Manager, and TMA executed the credit facility agreement. The facility will be used by TMA to acquire and refinance two platform supply vessels. The loan will bear interest at the London Interbank Offered Rate (“LIBOR”) plus a margin of between 13% and 17% and will be for a period of five years. The loan will be secured by, among other things, a first priority security interest in and earnings from each of the vessels. |
Leased_Equipment_at_Cost
Leased Equipment at Cost | 6 Months Ended | ||||||
Jun. 30, 2014 | |||||||
Leased Equipment at Cost [Abstract] | ' | ||||||
Leased Equipment at Cost | ' | ||||||
(4) Leased Equipment at Cost | |||||||
Leased equipment at cost consisted of the following: | |||||||
June 30, | December 31, | ||||||
2014 | 2013 | ||||||
Marine vessels | $ | 81,651,931 | $ | 81,651,931 | |||
Mining equipment | 19,388,279 | 19,388,278 | |||||
Oil field services equipment | 12,256,632 | 12,256,632 | |||||
Leased equipment at cost | 113,296,842 | 113,296,841 | |||||
Less: accumulated depreciation | 18,536,801 | 13,007,968 | |||||
Leased equipment at cost, less accumulated depreciation | $ | 94,760,041 | $ | 100,288,873 | |||
Depreciation expense was $2,764,417 and $2,758,791 for the three months ended June 30, 2014 and 2013, respectively. Depreciation expense was $5,528,833 and $5,312,968 for the six months ended June 30, 2014 and 2013, respectively. |
Net_Investment_in_Finance_Leas
Net Investment in Finance Lease | 6 Months Ended | ||||||
Jun. 30, 2014 | |||||||
Net Investment in Finance Lease [Abstract] | ' | ||||||
Net Investment in Finance Leases | ' | ||||||
(5) Net Investment in Finance Leases | |||||||
Net investment in finance leases consisted of the following: | |||||||
June 30, | December 31, | ||||||
2014 | 2013 | ||||||
Minimum rents receivable | $ | 67,713,476 | $ | 72,098,307 | |||
Estimated unguaranteed residual values | - | 328,192 | |||||
Initial direct costs | 1,122,414 | 1,268,037 | |||||
Unearned income | -17,228,662 | -19,708,993 | |||||
Net investment in finance leases | $ | 51,607,228 | $ | 53,985,543 | |||
On May 30, 2014, Global Crossing Telecommunications, Inc. (“Global Crossing”) exercised its option to purchase certain telecommunications equipment prior to lease expiration at the purchase option price of approximately $328,000. In accordance with the terms of the lease, Global Crossing was required to pay the final monthly lease payment of approximately $60,000. |
Investment_in_Joint_Ventures
Investment in Joint Ventures | 6 Months Ended |
Jun. 30, 2014 | |
Investments in Joint Ventures [Abstract] | ' |
Equity Method Investments Disclosure Text Block | ' |
(6) Investment in Joint Ventures | |
On March 4, 2014, a joint venture owned 15% by us, 60% by Fund Twelve, 15% by Fund Fourteen and 10% by ICON ECI Fund Sixteen (“Fund Sixteen”), an entity also managed by our Investment Manager, purchased mining equipment from an affiliate of Blackhawk Mining, LLC (“Blackhawk”). Simultaneously, the mining equipment was leased to Blackhawk and its affiliates for four years. The aggregate purchase price for the mining equipment of approximately $25,359,000 was funded by approximately $17,859,000 in cash and $7,500,000 of non-recourse long-term debt. Our contribution to the joint venture was $2,693,395. | |
On March 21, 2014, a joint venture (“ICON Siva”) owned 12.5% by us, 12.5% by Fund Fourteen and 75% by Fund Twelve, through two indirect subsidiaries, entered into memoranda of agreement to purchase two LPG tanker vessels, the SIVA Coral and the SIVA Pearl (collectively, the “SIVA Vessels”), from Siva Global Ships Limited (“Siva Global”) for an aggregate purchase price of $41,600,000. The SIVA Coral and the SIVA Pearl were delivered on March 28, 2014 and April 8, 2014, respectively. The SIVA Vessels were bareboat chartered to an affiliate of Siva Global for a period of eight years upon the delivery of each respective vessel. The SIVA Vessels were each acquired for approximately $3,550,000 in cash, $12,400,000 of financing through a senior secured loan (the “Loan”) from DVB Group Merchant Bank (Asia) Ltd. (“DVB”) and $4,750,000 of financing through a subordinated, non-interest-bearing seller’s credit. Our contribution to ICON Siva was $1,022,225. | |
On March 28, 2014, a joint venture owned 27.5% by us, 60% by Fund Twelve and 12.5% by Fund Sixteen purchased trucks, trailers and other equipment from subsidiaries of D&T Holdings, LLC (“D&T”) for $12,200,000. Simultaneously, the trucks, trailers and other equipment were leased to D&T and its subsidiaries for 57 months. Our contribution to the joint venture was $3,266,352. | |
On June 12, 2014, a joint venture owned 12.5% by us, 75% by Fund Twelve and 12.5% by Fund Fourteen purchased an offshore supply vessel from Pacific Crest Pte. Ltd. (“Pacific Crest”) for $40,000,000. Simultaneously, the vessel was bareboat chartered to Pacific Crest for ten years. The vessel was acquired for approximately $12,000,000 in cash, $26,000,000 of financing through a senior secured loan from DVB and $2,000,000 of financing through a subordinated, non-interest-bearing seller’s credit. Our contribution to the joint venture was $1,617,158. |
NonRecourse_LongTerm_Debt
Non-Recourse Long-Term Debt | 6 Months Ended |
Jun. 30, 2014 | |
Non-Recourse Long-Term Debt [Abstract] | ' |
Non-Recourse Long-Term Debt | ' |
(7) Non-Recourse Long-Term Debt | |
As of June 30, 2014 and December 31, 2013, we had non-recourse long-term debt obligations of $89,399,518 and $96,310,220, respectively. As of June 30, 2014, our non-recourse debt obligations had maturity dates ranging from October 1, 2015 to December 31, 2020 and interest rates ranging from 4.0% to 6.0% per year. | |
At June 30, 2014, we were in compliance with all covenants related to our non-recourse long-term debt. |
Revolving_Line_of_Credit_Recou
Revolving Line of Credit, Recourse | 6 Months Ended |
Jun. 30, 2014 | |
Revolving Line of Credit, Recourse [Abstract] | ' |
Revolving Line of Credit, Recourse | ' |
(8) Revolving Line of Credit, Recourse | |
We entered into an agreement with California Bank & Trust (“CB&T”) for a revolving line of credit through March 31, 2015 of up to $10,000,000 (the “Facility”), which is secured by all of our assets not subject to a first priority lien. Amounts available under the Facility are subject to a borrowing base that is determined, subject to certain limitations, by the present value of the future receivables under certain loans and lease agreements in which we have a beneficial interest. | |
The interest rate for general advances under the Facility is CB&T’s prime rate. We may elect to designate up to five advances on the outstanding principal balance of the Facility to bear interest at LIBOR plus 2.5% per year. In all instances, borrowings under the Facility are subject to an interest rate floor of 4.0% per year. In addition, we are obligated to pay an annualized 0.5% fee on unused commitments under the Facility. At June 30, 2014, there were no obligations outstanding under the Facility and we were in compliance with all covenants related to the Facility. | |
At June 30, 2014, we had $10,000,000 available under the Facility pursuant to the borrowing base. |
Transactions_with_Related_Part
Transactions with Related Parties | 6 Months Ended | ||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||
Transactions with Related Parties [Abstract] | ' | ||||||||||||||||||
Transactions with Related Parties | ' | ||||||||||||||||||
(9) Transactions with Related Parties | |||||||||||||||||||
We paid distributions to our General Partner of $40,225 and $79,576 for the three and six months ended June 30, 2014, respectively. We paid distributions to our General Partner of $36,369 and $67,158 for the three and six months ended June 30, 2013, respectively. Additionally, our General Partner’s interest in the net income attributable to us was $29,060 and $56,463 for the three and six months ended June 30, 2014, respectively. Our General Partner’s interest in the net income attributable to us was $17,727 and $27,830 for the three and six months ended June 30, 2013, respectively. | |||||||||||||||||||
Fees and other expenses incurred by us to our General Partner or its affiliates were as follows: | |||||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||||
June 30, | June 30, | ||||||||||||||||||
Entity | Capacity | Description | 2014 | 2013 | 2014 | 2013 | |||||||||||||
Organizational and | |||||||||||||||||||
offering expense | |||||||||||||||||||
ICON Capital, LLC | Investment Manager | reimbursements (1) | $ | - | $ | 101,039 | $ | - | $ | 243,063 | |||||||||
ICON Securities, LLC | Dealer-manager | Dealer-manager fees (2) | - | 677,593 | - | 1,319,845 | |||||||||||||
ICON Capital, LLC | Investment Manager | Acquisition fees (3) | 315,625 | 2,129,769 | 624,598 | 3,419,892 | |||||||||||||
ICON Capital, LLC | Investment Manager | Management fees (4) | 659,794 | 248,377 | 909,774 | 457,868 | |||||||||||||
Administrative expense | |||||||||||||||||||
ICON Capital, LLC | Investment Manager | reimbursements (4) | 421,255 | 1,073,535 | 1,103,799 | 2,043,230 | |||||||||||||
Fund Fourteen | Noncontrolling interest | Interest expense (4) | 101,565 | 98,461 | 201,505 | 193,739 | |||||||||||||
$ | 1,498,239 | $ | 4,328,774 | $ | 2,839,676 | $ | 7,677,637 | ||||||||||||
(1) Amount capitalized and amortized to partners' equity. | |||||||||||||||||||
(2) Amount charged directly to partners' equity. | |||||||||||||||||||
(3) Amount capitalized and amortized to operations. | |||||||||||||||||||
(4) Amount charged directly to operations. | |||||||||||||||||||
At June 30, 2014, we had a net payable of $2,511,683 due to our General Partner and its affiliates that primarily consisted of a note payable of approximately $2,603,000 and accrued interest of $29,000 due to Fund Fourteen related to its noncontrolling interest in a vessel, the Lewek Ambassador. At December 31, 2013, we had a net payable of $2,940,943 due to our General Partner and its affiliates that primarily consisted of a note payable of approximately $2,575,000 and accrued interest of $30,000 due to Fund Fourteen related to its noncontrolling interest in the Lewek Ambassador, and administrative expense reimbursements of approximately $494,000 due to our Investment Manager. |
Fair_Value_Measurements
Fair Value Measurements | 6 Months Ended | ||||||
Jun. 30, 2014 | |||||||
Fair Value Measurements [Abstract] | ' | ||||||
Fair Value Measurements | ' | ||||||
(10) 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 and Liabilities for which Fair Value is Disclosed | |||||||
Certain of our financial assets and liabilities, which include fixed-rate notes receivable, fixed-rate non-recourse long-term debt and seller’s credits, 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. In accordance with U.S. GAAP, we use projected cash flows for fair value measurements of these financial assets and liabilities. 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, other than lease-related investments, approximates fair value due to their short-term maturities and variable interest rates. | |||||||
The estimated fair value of our fixed-rate notes receivable, fixed-rate non-recourse long-term debt and seller’s credits was based on the discounted value of future cash flows related to the loans based on recent transactions of this type. Principal outstanding on fixed-rate notes receivable was discounted at rates ranging between 12% and 17% per year. Principal outstanding on fixed-rate non-recourse long-term debt and the seller’s credits was discounted at a rate of 5.04% per year. | |||||||
30-Jun-14 | |||||||
Carrying | Fair Value | ||||||
Amount | (Level 3) | ||||||
Principal outstanding on fixed-rate notes receivable | $ | 58,824,264 | $ | 58,824,264 | |||
Principal outstanding on fixed-rate non-recourse long-term debt | $ | 68,469,518 | $ | 69,935,872 | |||
Seller's credits | $ | 6,092,231 | $ | 5,963,559 |
Commitments_and_Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2014 | |
Commitments and Contingencies [Abstract] | ' |
Commitments and Contingencies | ' |
(11) Commitments and Contingencies | |
At the time we acquire or divest of 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 will not have a material adverse effect on our consolidated financial condition or results of operations taken as a whole. | |
At June 30, 2014, we had non-recourse and other debt obligations. The lender has a security interest in the majority of the assets collateralizing each non-recourse debt instrument and an assignment of the rental payments under the lease associated with the assets. If the lessee defaults on the lease, the assets could be returned to the lender in extinguishment of the non-recourse debt. At June 30, 2014, our outstanding non-recourse long-term indebtedness was $89,399,518. | |
In connection with certain investments, we are required to maintain restricted cash balances with certain banks. Restricted cash of approximately $1,194,000 and $1,202,000 is presented within other assets on our consolidated balance sheets at June 30, 2014 and December 31, 2013, respectively. | |
We have entered into a remarketing agreement with a third party. Residual proceeds received in excess of specific amounts will be shared with this third party in accordance with the terms of the remarketing agreement. The present value of the obligation related to this agreement was approximately $135,000 at June 30, 2014 and is included in accrued expenses and other liabilities on our consolidated balance sheets. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2014 | |
Summary of Significant 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 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, 2013. 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 | ' |
Credit Quality of Notes Receivable and Finance Leases and Credit Loss Reserve | |
ICON Capital, LLC, a Delaware limited liability company formerly known as ICON Capital Corp. (the “Investment Manager”), weighs all credit decisions based on a combination of external credit ratings as well as internal credit evaluations of all borrowers. A borrower’s credit is analyzed using those credit ratings as well as the borrower’s financial statements and other financial data deemed relevant. | |
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. Financing receivables are analyzed quarterly and categorized as either performing or non-performing based on payment history. If a financing receivable becomes non-performing due to a borrower’s missed scheduled payments or failed financial covenants, our Investment Manager analyzes whether a credit loss reserve should be established or whether the financing receivable should be restructured. Material events would be specifically disclosed in the discussion of each financing receivable held. | |
Financing receivables are generally placed in 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 in 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 in 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, 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. |
Net_Investment_in_Notes_Receiv1
Net Investment in Notes Receivable (Tables) | 6 Months Ended | ||||||
Jun. 30, 2014 | |||||||
Net Investment in Notes Receivable [Abstract] | ' | ||||||
Net Investments in Notes Receivable | ' | ||||||
June 30, | December 31, | ||||||
2014 | 2013 | ||||||
Principal outstanding | $ | 60,796,794 | $ | 78,504,378 | |||
Initial direct costs | 4,267,757 | 5,504,320 | |||||
Deferred fees | -886,112 | -1,326,640 | |||||
Credit loss reserve | -1,972,530 | -1,972,530 | |||||
Net investment in notes receivable | $ | 62,205,909 | $ | 80,709,528 | |||
Leased_Equipment_at_Cost_Table
Leased Equipment at Cost (Tables) | 6 Months Ended | ||||||
Jun. 30, 2014 | |||||||
Leased Equipment at Cost [Abstract] | ' | ||||||
Leased Equipment at Cost | ' | ||||||
June 30, | December 31, | ||||||
2014 | 2013 | ||||||
Marine vessels | $ | 81,651,931 | $ | 81,651,931 | |||
Mining equipment | 19,388,279 | 19,388,278 | |||||
Oil field services equipment | 12,256,632 | 12,256,632 | |||||
Leased equipment at cost | 113,296,842 | 113,296,841 | |||||
Less: accumulated depreciation | 18,536,801 | 13,007,968 | |||||
Leased equipment at cost, less accumulated depreciation | $ | 94,760,041 | $ | 100,288,873 |
Net_Investment_in_Finance_Leas1
Net Investment in Finance Lease (Tables) | 6 Months Ended | ||||||
Jun. 30, 2014 | |||||||
Net Investment in Finance Lease [Abstract] | ' | ||||||
Net Investment in Finance Leases | ' | ||||||
June 30, | December 31, | ||||||
2014 | 2013 | ||||||
Minimum rents receivable | $ | 67,713,476 | $ | 72,098,307 | |||
Estimated unguaranteed residual values | - | 328,192 | |||||
Initial direct costs | 1,122,414 | 1,268,037 | |||||
Unearned income | -17,228,662 | -19,708,993 | |||||
Net investment in finance leases | $ | 51,607,228 | $ | 53,985,543 | |||
Transactions_with_Related_Part1
Transactions with Related Parties (Tables) | 6 Months Ended | ||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||
Transactions with Related Parties [Abstract] | ' | ||||||||||||||||||
Fees and Expenses Paid or Accrued | ' | ||||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||||
June 30, | June 30, | ||||||||||||||||||
Entity | Capacity | Description | 2014 | 2013 | 2014 | 2013 | |||||||||||||
Organizational and | |||||||||||||||||||
offering expense | |||||||||||||||||||
ICON Capital, LLC | Investment Manager | reimbursements (1) | $ | - | $ | 101,039 | $ | - | $ | 243,063 | |||||||||
ICON Securities, LLC | Dealer-manager | Dealer-manager fees (2) | - | 677,593 | - | 1,319,845 | |||||||||||||
ICON Capital, LLC | Investment Manager | Acquisition fees (3) | 315,625 | 2,129,769 | 624,598 | 3,419,892 | |||||||||||||
ICON Capital, LLC | Investment Manager | Management fees (4) | 659,794 | 248,377 | 909,774 | 457,868 | |||||||||||||
Administrative expense | |||||||||||||||||||
ICON Capital, LLC | Investment Manager | reimbursements (4) | 421,255 | 1,073,535 | 1,103,799 | 2,043,230 | |||||||||||||
Fund Fourteen | Noncontrolling interest | Interest expense (4) | 101,565 | 98,461 | 201,505 | 193,739 | |||||||||||||
$ | 1,498,239 | $ | 4,328,774 | $ | 2,839,676 | $ | 7,677,637 | ||||||||||||
(1) Amount capitalized and amortized to partners' equity. | |||||||||||||||||||
(2) Amount charged directly to partners' equity. | |||||||||||||||||||
(3) Amount capitalized and amortized to operations. | |||||||||||||||||||
(4) Amount charged directly to operations. |
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 6 Months Ended | ||||||
Jun. 30, 2014 | |||||||
Fair Value Measurements [Abstract] | ' | ||||||
Fair Value Information on Leased Assets and Liabilities | ' | ||||||
30-Jun-14 | |||||||
Carrying | Fair Value | ||||||
Amount | (Level 3) | ||||||
Principal outstanding on fixed-rate notes receivable | $ | 58,824,264 | $ | 58,824,264 | |||
Principal outstanding on fixed-rate non-recourse long-term debt | $ | 68,469,518 | $ | 69,935,872 | |||
Seller's credits | $ | 6,092,231 | $ | 5,963,559 |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Details) | 6 Months Ended |
Jun. 30, 2014 | |
Summary of Significant Accounting Policies [Abstract] | ' |
Period when notes receivable are placed in nonaccrual status | '90 days |
Days outstanding | '90 days |
Net_Investment_in_Notes_Receiv2
Net Investment in Notes Receivable (Reconciliation) (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
Schedule of Notes Receivable [Abstract] | ' | ' |
Principal outstanding | $60,796,794 | $78,504,378 |
Initial direct costs | 4,267,757 | 5,504,320 |
Deferred fees | -886,112 | -1,326,640 |
Credit loss reserve | -1,972,530 | -1,972,530 |
Net investment in notes receivable | $62,205,909 | $80,709,528 |
Net_Investment_in_Notes_Receiv3
Net Investment in Notes Receivable (Narrative) (Details 1) (USD $) | 3 Months Ended | 6 Months Ended | 0 Months Ended | 0 Months Ended | ||||||||||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | Mar. 09, 2012 | Jun. 30, 2014 | Dec. 31, 2013 | Mar. 18, 2014 | Jun. 06, 2014 | Jul. 14, 2014 | Jul. 14, 2014 | Jul. 14, 2014 | Jul. 14, 2014 | |
Kanza Construction, Inc. [Member] | Kanza Construction, Inc. [Member] | Kanza Construction, Inc. [Member] | Green Field [Member] | NTS Communications [Member] | TMA credit facility [Member] | TMA credit facility [Member] | TMA credit facility [Member] | TMA credit facility [Member] | ||||||
Subsequent Event [Member] | Minimum [Member] | Maximum [Member] | ICON ECI Fund Fifteen, LP [Member] | |||||||||||
Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | ||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Face amount of loan made by the Partnership | ' | ' | ' | ' | ' | $5,000,000 | ' | ' | ' | ' | $29,000,000 | ' | ' | $3,625,000 |
Interest rate (in hundredths) | ' | ' | ' | ' | ' | 13.00% | ' | ' | ' | ' | ' | 13.00% | 17.00% | ' |
Term of note receivable | ' | ' | ' | ' | ' | '60 months | ' | ' | ' | ' | '5 years | ' | ' | ' |
Credit loss reserve | 1,972,530 | ' | 1,972,530 | ' | 1,972,530 | ' | ' | 1,973,000 | ' | ' | ' | ' | ' | ' |
Remaining balance of loan | ' | ' | ' | ' | ' | ' | 1,972,530 | ' | ' | ' | ' | ' | ' | ' |
Principal received on notes receivable | ' | ' | 17,785,074 | 1,031,105 | ' | ' | ' | ' | 7,548,000 | 9,522,000 | ' | ' | ' | ' |
Loss (gain) on prepayment of loan | 0 | 12,530 | 0 | 12,530 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of loans | ' | ' | ' | ' | ' | ' | ' | ' | ' | '3 | ' | ' | ' | ' |
Prepayment fee | ' | ' | ' | ' | ' | ' | ' | ' | ' | $362,000 | ' | ' | ' | ' |
Leased_Equipment_at_Cost_Recon
Leased Equipment at Cost (Reconciliation) (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
Property, Plant and Equipment [Line Items] | ' | ' |
Leased equipment at cost | $113,296,842 | $113,296,841 |
Less: accumulated depreciation | 18,536,801 | 13,007,968 |
Leased equipment at cost, less accumulated depreciation | 94,760,041 | 100,288,873 |
Marine Vessels [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Leased equipment at cost | 81,651,931 | 81,651,931 |
Mining Equipment [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Leased equipment at cost | 19,388,279 | 19,388,278 |
Oil field Services Equipment [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Leased equipment at cost | $12,256,632 | $12,256,632 |
Leased_Equipment_at_Cost_Narra
Leased Equipment at Cost (Narrative) (Details 1) (USD $) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | |
Depreciation [Abstract] | ' | ' | ' | ' |
Depreciation expense | $2,764,417 | $2,758,791 | $5,528,833 | $5,312,968 |
Net_Investment_in_Finance_Leas2
Net Investment in Finance Lease (Reconciliation) (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
Capital Leased Assets [Line Items] | ' | ' |
Minimum rents receivable | $67,713,476 | $72,098,307 |
Estimated unguaranteed residual value | 0 | 328,192 |
Initial direct costs | 1,122,414 | 1,268,037 |
Unearned income | -17,228,662 | -19,708,993 |
Net investment in finance lease | $51,607,228 | $53,985,543 |
Net_Investment_in_Finance_Leas3
Net Investment in Finance Lease (Narrative) (Details1) (Global Crossing Telecommunication Equipment [Member], USD $) | 0 Months Ended |
30-May-14 | |
Global Crossing Telecommunication Equipment [Member] | ' |
Capital Leased Assets [Line Items] | ' |
Proceeds from sale of leased equipment | $328,000 |
Final monthly lease payment | $60,000 |
Investment_in_Joint_Venture_De
Investment in Joint Venture (Details) (USD $) | 6 Months Ended | 0 Months Ended | |||||||||||||||||||
Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | Mar. 04, 2014 | Mar. 28, 2014 | Mar. 21, 2014 | Mar. 28, 2014 | Jun. 12, 2014 | Mar. 04, 2014 | Mar. 21, 2014 | Mar. 28, 2014 | Jun. 12, 2014 | Mar. 04, 2014 | Mar. 21, 2014 | Mar. 28, 2014 | Jun. 12, 2014 | Mar. 04, 2014 | Mar. 21, 2014 | Jun. 12, 2014 | Mar. 04, 2014 | Mar. 28, 2014 | |
Blackhawk Mining, LLC [Member] | Siva Global Ships Limited [Member] | Siva Global Ships Limited [Member] | D&T Holdings, LLC [Member] | Pacific Crest [Member] | ICON ECI Fund Fifteen, LP [Member] | ICON ECI Fund Fifteen, LP [Member] | ICON ECI Fund Fifteen, LP [Member] | ICON ECI Fund Fifteen, LP [Member] | ICON Leasing Fund Twelve, LLC [Member] | ICON Leasing Fund Twelve, LLC [Member] | ICON Leasing Fund Twelve, LLC [Member] | ICON Leasing Fund Twelve, LLC [Member] | ICON Equipment and Corporate Infrastructure Fund Fourteen, L.P. [Member] | ICON Equipment and Corporate Infrastructure Fund Fourteen, L.P. [Member] | ICON Equipment and Corporate Infrastructure Fund Fourteen, L.P. [Member] | ICON ECI Fund Sixteen [Member] | ICON ECI Fund Sixteen [Member] | ||||
Mining Equipment [Member] | Marine Vessels [Member] | Marine Vessels [Member] | Trucks, trailers and other equipment [Member] | Blackhawk Mining, LLC [Member] | Siva Global Ships Limited [Member] | D&T Holdings, LLC [Member] | Pacific Crest [Member] | Blackhawk Mining, LLC [Member] | Siva Global Ships Limited [Member] | D&T Holdings, LLC [Member] | Pacific Crest [Member] | Blackhawk Mining, LLC [Member] | Siva Global Ships Limited [Member] | Pacific Crest [Member] | Blackhawk Mining, LLC [Member] | D&T Holdings, LLC [Member] | |||||
Equity Method Investment, Summarized Financial Information, Income Statement [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Joint venture, ownership percentage (in hundredths) | ' | ' | ' | ' | ' | ' | ' | ' | 15.00% | 12.50% | 27.50% | 12.50% | 60.00% | 75.00% | 60.00% | 75.00% | 15.00% | 12.50% | 12.50% | 10.00% | 12.50% |
Term of lease | ' | ' | ' | '4 years | ' | ' | '57 months | '10 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Equipment, aggregate purchase price | ' | ' | ' | $25,359,000 | ' | $41,600,000 | $12,200,000 | $40,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash to purchase equipment | 0 | 21,864,780 | ' | 17,859,000 | ' | 3,550,000 | ' | 12,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Non-Recourse Debt | 89,399,518 | ' | 96,310,220 | 7,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Investment in joint venture | 8,627,812 | 12,297,208 | ' | ' | ' | ' | ' | ' | 2,693,395 | 1,022,225 | 3,266,352 | 1,617,158 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Subordinated loan | ' | ' | ' | ' | ' | 12,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Senior secured loan | ' | ' | ' | ' | ' | ' | ' | 26,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Subordinated seller credit for vessel finance | ' | ' | ' | ' | ' | $4,750,000 | ' | $2,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Bareboat charter term | ' | ' | ' | ' | '8 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
NonRecourse_LongTerm_Debt_Deta
Non-Recourse Long-Term Debt (Details) (USD $) | 6 Months Ended | |
Jun. 30, 2014 | Dec. 31, 2013 | |
Debt Instrument [Line Items] | ' | ' |
Non-recourse long-term debt | $89,399,518 | $96,310,220 |
Maturity date of non-recourse long term debt, start | 1-Oct-15 | ' |
Maturity date of non-recourse long term debt, end | 31-Dec-20 | ' |
Debt minimum rate (in hundredths) | 4.00% | ' |
Debt maximum rate (in hundredths) | 6.00% | ' |
Non recourse long term debt interest rate in hundredths | 5.04% | ' |
Revolving_Line_of_Credit_Recou1
Revolving Line of Credit, Recourse (Details) (Senior Secured Revolving Loan Facility [Member], USD $) | 6 Months Ended |
Jun. 30, 2014 | |
F14numberofadvances | |
Senior Secured Revolving Loan Facility [Member] | ' |
Line of Credit Facility [Line Items] | ' |
Maximum borrowing capacity | $10,000,000 |
Expiration date | 31-Mar-15 |
Number of separate non-prime rate advances | 5 |
Basis spread (in hundredths) | 2.50% |
Minimum interest rate (in hundredths) | 4.00% |
Commitment fee (in hundredths) | 0.50% |
Remaining borrowing capacity | 10,000,000 |
Outstanding borrowings under the facility | $0 |
Transactions_with_Related_Part2
Transactions with Related Parties (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||||||||
Jun. 30, 2014 | Mar. 31, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | |||||
Transactions with Related Parties [Abstract] | ' | ' | ' | ' | ' | ' | ||||
General Partner distributions | $40,225 | ' | $36,369 | $79,576 | $67,158 | ' | ||||
Net income (loss) allocated to General Partner | 29,060 | ' | 17,727 | 56,463 | 27,830 | ' | ||||
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' | ' | ||||
Due to general partner and affiliates | 2,511,683 | ' | ' | 2,511,683 | ' | 2,940,943 | ||||
Management fees | 659,794 | ' | 248,377 | 909,774 | 457,868 | ' | ||||
Administrative expense reimbursements | 421,255 | ' | 1,073,535 | 1,103,799 | 2,043,230 | ' | ||||
Interest expense | 1,299,806 | ' | 1,251,568 | 2,630,103 | 2,279,692 | ' | ||||
Total | 1,498,239 | ' | 4,328,774 | 2,839,676 | 7,677,637 | ' | ||||
Distributions | 4,085,824 | 4,278,608 | ' | ' | ' | ' | ||||
General Partner [Member] | ' | ' | ' | ' | ' | ' | ||||
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' | ' | ||||
Distributions | 40,225 | 39,351 | ' | ' | ' | ' | ||||
Investment Manager [Member] | ' | ' | ' | ' | ' | ' | ||||
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' | ' | ||||
Due to general partner and affiliates | ' | ' | ' | ' | ' | 494,000 | ||||
Noncontrolling interest [Member] | ' | ' | ' | ' | ' | ' | ||||
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' | ' | ||||
Distributions | 63,277 | 343,508 | ' | ' | ' | ' | ||||
ICON Capital, LLC [Member] | Investment Manager [Member] | ' | ' | ' | ' | ' | ' | ||||
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' | ' | ||||
Organizational and offering expense reimbursements | 0 | [1] | ' | 101,039 | [1] | 0 | [1] | 243,063 | [1] | ' |
Acquisition fees | 315,625 | [2] | ' | 2,129,769 | [2] | 624,598 | [2] | 3,419,892 | [2] | ' |
Management fees | 659,794 | [3] | ' | 248,377 | [3] | 909,774 | [3] | 457,868 | [3] | ' |
Administrative expense reimbursements | 421,255 | [3] | ' | 1,073,535 | [3] | 1,103,799 | [3] | 2,043,230 | [3] | ' |
ICON Securities [Member] | Dealer-menager [Member] | ' | ' | ' | ' | ' | ' | ||||
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' | ' | ||||
Dealer-manager fees | 0 | [4] | ' | 677,593 | [4] | 0 | [4] | 1,319,845 | [4] | ' |
Fund Fourteen [Member] | ' | ' | ' | ' | ' | ' | ||||
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' | ' | ||||
Due to general partner and affiliates | 2,603,000 | ' | ' | 2,603,000 | ' | 2,575,000 | ||||
Fund Fourteen [Member] | Noncontrolling interest [Member] | ' | ' | ' | ' | ' | ' | ||||
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' | ' | ||||
Accrued interest on note payable from joint venture | 29,000 | ' | ' | 29,000 | ' | 30,000 | ||||
Interest expense | $101,565 | [3] | ' | $98,461 | [3] | $201,505 | [3] | $193,739 | [3] | ' |
[1] | Amount capitalized and amortized to partners' equity. | |||||||||
[2] | Amount capitalized and amortized to operations. | |||||||||
[3] | Amount charged directly to operations. | |||||||||
[4] | Amount charged directly to partners' equity. |
Fair_Value_Measurements_Detail
Fair Value Measurements (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 |
Carrying Value [Member] | Fair Value [Member] | Minimum [Member] | Maximum [Member] | |||
Level 3 [Member] | ||||||
Fair Value Inputs Assets Quantitative Information [Line Items] | ' | ' | ' | ' | ' | ' |
Discount rate on fixed notes receivable (in hundredths) | ' | ' | ' | ' | 12.00% | 17.00% |
Non recourse long term debt interest rate in hundredths | 5.04% | ' | ' | ' | ' | ' |
Principal outstanding on fixed rate notes receivable | ' | ' | $58,824,264 | $58,824,264 | ' | ' |
Principal outstanding on fixed rate non-recourse debt | 89,399,518 | 96,310,220 | 68,469,518 | 69,935,872 | ' | ' |
Seller's credit | ' | ' | $6,092,231 | $5,963,559 | ' | ' |
Commitments_and_Contingencies_
Commitments and Contingencies (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
Commitments and Contingencies [Abstract] | ' | ' |
Non-recourse long-term debt | $89,399,518 | $96,310,220 |
Restricted cash | 1,194,000 | 1,202,000 |
Present value of remarketing agreement | $135,000 | ' |