Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2015 | Aug. 07, 2015 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | ICON ECI Fund Fifteen, L.P. | |
Entity Central Index Key | 1,502,519 | |
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 | 197,385 | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus | Q2 | |
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2015 |
Consolidated Balance Sheets (un
Consolidated Balance Sheets (unaudited) - USD ($) | Jun. 30, 2015 | Dec. 31, 2014 |
Assets | ||
Cash | $ 19,558,968 | $ 20,340,317 |
Notes Receivable Net | 54,386,076 | 59,584,520 |
Leased equipment at cost (less accumulated depreciation of $39,441,407 and $25,974,093, respectively) | 141,503,924 | 163,201,779 |
Net investment in finance leases | 47,277,344 | 49,651,259 |
Investment in joint ventures | 15,253,019 | 22,255,221 |
Other assets | 3,829,672 | 5,613,561 |
Total assets | 281,809,003 | 320,646,657 |
Liabilities: | ||
Non-recourse long-term debt | 121,717,811 | 146,012,447 |
Due to General Partner and affiliates, net | 2,645,755 | 2,870,701 |
Accrued expenses and other liabilities | 7,930,655 | 12,650,775 |
Total liabilities | $ 132,294,221 | $ 161,533,923 |
Commitments and contingencies (Note 12) | ||
Partners' equity | ||
Limited partners | $ 139,695,466 | $ 149,696,027 |
General Partner | (356,113) | (255,695) |
Total partners' equity | 139,339,353 | 149,440,332 |
Noncontrolling interests | 10,175,429 | 9,672,402 |
Total equity | 149,514,782 | 159,112,734 |
Total liabilities and equity | $ 281,809,003 | $ 320,646,657 |
Consolidated Balance Sheets (u3
Consolidated Balance Sheets (unaudited) (Parenthetical) - USD ($) | Jun. 30, 2015 | Dec. 31, 2014 |
Assets | ||
Accumulated Depreciation Depletion And Amortization Property Plant And Equipment | $ 39,441,407 | $ 25,974,093 |
Consolidated Statement of Opera
Consolidated Statement of Operations (unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Revenue: | ||||
Finance income | $ 2,675,548 | $ 3,670,814 | $ 5,941,871 | $ 7,191,522 |
Rental income | 13,195,655 | 4,582,116 | 23,996,869 | 9,164,230 |
Income from investment in joint ventures | (6,921,556) | 591,308 | (6,265,550) | 999,341 |
Gain on sale of assets, net | 983,474 | 0 | (983,474) | 0 |
Other income | 265,619 | 148,634 | (15,756) | 288,499 |
Total revenue | 10,198,740 | 8,992,872 | 24,640,908 | 17,643,592 |
Expenses: | ||||
Management fees | 279,024 | 659,794 | 677,188 | 909,774 |
Administrative expense reimbursements | 393,528 | 421,255 | 796,415 | 1,103,799 |
General and administrative | 702,934 | 569,755 | 1,245,862 | 1,062,529 |
Interest | 1,577,520 | 1,299,806 | 3,305,632 | 2,630,103 |
Depreciation Expense | 8,419,499 | 2,764,417 | 16,497,855 | 5,528,833 |
Impairment Loss | 0 | 0 | 1,180,260 | 0 |
Credit loss | 1,129,563 | 1,492,229 | 0 | |
Total expenses | 12,502,068 | 5,715,027 | 25,195,441 | 11,235,038 |
Net income | (2,303,328) | 3,277,845 | (554,533) | 6,408,554 |
Less: net income attributable to noncontrolling interests | 1,647,264 | 371,808 | 1,533,838 | 762,246 |
Net income attributable to Fund Fifteen | (3,950,592) | 2,906,037 | (2,088,371) | 5,646,308 |
Net income attributable to Fund Fifteen allocable to: | ||||
Limited partners | (3,911,086) | 2,876,977 | (2,067,487) | 5,589,845 |
General Partner | (39,506) | 29,060 | (20,884) | 56,463 |
Net income attributable to Fund Fifteen | $ (3,950,592) | $ 2,906,037 | $ (2,088,371) | $ 5,646,308 |
Weighted average number of limited partnership interests outstanding (in shares) | 197,385 | 197,489 | 197,385 | 197,489 |
Net income attributable to Fund Fifteen per weighted average limited partnership interest outstanding (in dollars per share) | $ (19.81) | $ 14.57 | $ (10.47) | $ 28.3 |
Consolidated Statement of Chang
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, 2014 | $ 159,112,734 | $ 149,696,027 | $ (255,695) | $ 149,440,332 | $ 9,672,402 |
Balance (in shares) at Dec. 31, 2014 | 197,489 | ||||
Net income | 1,748,795 | $ 1,843,599 | 18,622 | 1,862,221 | (113,426) |
Distributions | (4,303,572) | (3,893,703) | (39,330) | (3,933,033) | (370,539) |
Investment by noncontrolling interests | 1,819 | 1,819 | |||
Repurchase of limited partnership interests | (59,139) | $ (59,139) | (59,139) | ||
Repurchase of limited partnership interests (in shares) | (104) | ||||
Balance (unaudited) at Mar. 31, 2015 | 156,500,637 | $ 147,586,784 | (276,403) | 147,310,381 | 9,190,256 |
Balance (unaudited) (in shares) at Mar. 31, 2015 | 197,385 | ||||
Balance at Dec. 31, 2014 | 159,112,734 | $ 149,696,027 | (255,695) | 149,440,332 | 9,672,402 |
Balance (in shares) at Dec. 31, 2014 | 197,489 | ||||
Net income | (554,533) | ||||
Distributions | (79,534) | ||||
Repurchase of limited partnership interests | (59,139) | ||||
Balance (unaudited) at Jun. 30, 2015 | 149,514,782 | $ 139,695,466 | (356,113) | 139,339,353 | 10,175,429 |
Balance (unaudited) (in shares) at Jun. 30, 2015 | 197,385 | ||||
Balance at Mar. 31, 2015 | 156,500,637 | $ 147,586,784 | (276,403) | 147,310,381 | 9,190,256 |
Balance (in shares) at Mar. 31, 2015 | 197,385 | ||||
Net income | (2,303,328) | $ (3,911,086) | (39,506) | (3,950,592) | 1,647,264 |
Distributions | (4,688,209) | (3,980,232) | (40,204) | (4,020,436) | (667,773) |
Investment by noncontrolling interests | 5,682 | 5,682 | |||
Balance (unaudited) at Jun. 30, 2015 | $ 149,514,782 | $ 139,695,466 | $ (356,113) | $ 139,339,353 | $ 10,175,429 |
Balance (unaudited) (in shares) at Jun. 30, 2015 | 197,385 |
Consolidated Statement of Cash
Consolidated Statement of Cash Flows (unaudited) - USD ($) | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Cash flows from operating activities: | ||
Net income | $ (554,533) | $ 6,408,554 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Finance income | 636,365 | 839,829 |
Credit loss | 1,492,229 | 0 |
Rental income paid directly to lenders by lessees | (1,835,311) | (2,837,446) |
Rental income recovered from forfeited security deposit | (2,638,850) | 0 |
Income from investment in joint ventures | 6,265,550 | (999,341) |
Depreciation Expense | 16,497,855 | 5,528,833 |
Impairment Loss | 1,180,260 | 0 |
Interest expense on non-recourse financing paid directly to lenders by lessees | 194,799 | 295,077 |
Interest expense from amortization of debt financing costs | 194,087 | 105,692 |
Interest expense from amortization of seller's credit | 150,371 | 148,104 |
Other financial gain | 30,180 | (194,193) |
Gain on sale of assets, net | (983,474) | 0 |
Paid-in-kind interest | 17,931 | 27,318 |
Changes in operating assets and liabilities: | ||
Other assets | 1,913,343 | 56,659 |
Deferred revenue | (286,514) | (41,433) |
Due to General Partner and affiliates, net | (242,877) | (456,578) |
Distributions from joint ventures | 390,992 | 221,118 |
Accrued expenses and other liabilities | (1,945,127) | 96,686 |
Net cash provided by operating activities | 20,477,276 | 9,198,879 |
Cash flows from investing activities: | ||
Proceeds from sale of leased equipment | 710,434 | 0 |
Investment in joint venture | (40,504) | (8,627,812) |
Principal received on finance leases | 2,235,965 | 2,232,692 |
Distributions received from joint ventures in excess of profits | 386,164 | 227,756 |
Principal received on notes receivable | 3,235,473 | 17,785,074 |
Net cash provided (used in) investing activities | 6,527,532 | 11,617,710 |
Cash flows from financing activities: | ||
Repayment of non-recourse long-term debt | (18,361,344) | (4,368,333) |
Payment of debt financing costs | (381,394) | 0 |
Investment by noncontrolling interests | 7,501 | 8,915 |
Distributions to noncontrolling interests | (1,038,312) | (406,785) |
Repurchase of limited partnership interests | (59,139) | 0 |
Distributions to partners | (7,953,469) | (7,957,647) |
Net cash (used in) provided by financing activities | (27,786,157) | (12,723,850) |
Net increase (decrease) in cash | (781,349) | 8,092,739 |
Cash, beginning of period | 20,340,317 | 24,297,314 |
Cash, end of period | 19,558,968 | 32,390,053 |
Supplemental disclosure of cash flow information: | ||
Cash paid for interest | 1,877,999 | 2,056,120 |
Supplemental disclosure of non-cash investing and financing activities: | ||
Interest reserve net principal repayment of note receivable | 0 | 206,250 |
Proceeds from sale of equipment paid directly to lender in settlement of non-recourse long-term debt and interest | 4,292,780 | 0 |
Principal and interest on non-recourse long-term debt paid directly to lenders by lessees | $ 1,835,311 | $ 2,837,446 |
Organization
Organization | 6 Months Ended |
Jun. 30, 2015 | |
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. W e are a direct financing fund that primarily makes investments in domestic and inte rnational 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 su ch 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 wit h a satisfactory, risk-adjusted rate of return . Our General Partner makes investment decisions on our behalf and manages our business. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2015 | |
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, consi dered 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 Decembe r 31, 2014 . The results for the interim period are not necessarily indicative of the results for the full year. Certain reclassifications have been made to the accompanying consolidated financial statements in prior periods to conform to the current presentation. Credit Quality of Notes Receivable and Finance Leases and Credit Loss Reserve ICON Capital, LLC, a Delaware limited liability company (the “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 annua l 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 cr edit 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 t o 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 cred it 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 financ ing 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 receiv able 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 recei vables 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 Inv estment 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 collec tability 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 delinquen t 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 recei vable 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. This new revenue standard may be applied retrospectively to each prior period prese nted, or retrospectively with the cumulative effect recognized as of the date of adoption. In July 2015, FASB officially deferred implementation of ASU 2014-09 by one year. Under such deferral, the adoption of ASU 2014-09 becomes effective for us on Januar y 1, 2018, including interim periods within that reporting period. Early adoption is permitted, but not before our original effective date of January 1, 2017. We are currently in the process of evaluating the impact of the adoption of ASU 2014-09 on our co nsolidated financial statements. In August 2014, FASB issued ASU No. 2014-15, Presentation of Financial Statements – Going Concern: Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern (“ASU 2014-15”), which provides guidan ce about management's responsibility to evaluate whether there is substantial doubt about an entity's ability to continue as a going concern and to provide related footnote disclosures. The adoption of ASU 2014-15 becomes effective for us on our fiscal yea r ending December 31, 2016, and all subsequent annual and interim periods. Early adoption is permitted. The adoption of ASU 2014-15 is not expected to have a material effect on our consolidated financial statements. In January 2015, FASB issued ASU No. 2015-01, Income Statement – Extraordinary and Unusual Items (“ASU 2015-01”), which simplifies income statement presentation by eliminating the concept of extraordinary items. The adoption of ASU 2015-01 becomes effective for us on January 1, 2016, includi ng interim periods within that reporting period. Early adoption is permitted. The adoption of ASU 2015-01 is not expected to have a material effect on our consolidated financial statements. In February 2015, FASB issued ASU No. 2015-02, Consolidation – Amendments to the Consolidation Analysis (“ASU 2015-02”), which modifies the evaluation of whether limited partnerships and similar legal entities are variable interest entities or voting interest entities, eliminates the presumption that a general partne r should consolidate a limited partnership, and affects the consolidation analysis by reducing the frequency of application of related party guidance and excluding certain fees in the primary beneficiary determination. The adoption of ASU 2015-02 becomes e ffective for us on January 1, 2016. Early adoption is permitted. We are currently in the process of evaluating the impact of the adoption of ASU 2015-02 on our consolidated financial statements. In April 2015, FASB issued ASU No. 2015-03, Interest – Imput ation of Interest (“ASU 2015-03”), which requires debt issuance costs related to a recognized debt liability to be presented in the balance sheet as a direct deduction from the carrying amount of such debt liability, consistent with debt discounts. ASU 2015-03 will be applied on a retrospective basis. The adoption of ASU 2015-03 becomes effective for us on January 1, 2016, including interim periods within that reporting period. Early adoption is permitted. We are currently in the process of evaluating t he impact of the adoption of ASU 2015-0 3 on our co nsolidated financial statements. |
Net Investment in Notes Receiva
Net Investment in Notes Receivable | 6 Months Ended |
Jun. 30, 2015 | |
Net Investment in Notes Receivable [Abstract] | |
Net Investment in Notes Receivable | (3) Net Investment in Notes Receivable As of June 30 , 2015 and December 31, 2014 , we had net investment in note receivable on non-accrual status of $ 4,992,217 and $ 966,362, respectively. As of June 30 , 2015 , our net investment in note receivable related to Varada Ten Pte. Ltd. (“ Varada ”) totaled $18, 185,719 , of which $ 24,738 was over 90 days past due. As of December 31, 2014 , our net investmen t in note receivable related to Varada totaled $18,250,896, of which $2,076,338 was over 90 days past due. Despite a portion of the outstanding balance being over 90 days past due, we had been accounting for the net investment in note receivable related to Varada on an accrual basis as our Investment Manager believed t hat all contractual interest and principal payments and the undrawn commitment fee were collectible based on the estimated fair value of the collateral securing the loan net the related estimated costs to sell the collateral. On July 28, 2015, Varada satis fied its obligations in connection with the secured term loan facility by making a prepayment of $18,524,638, comprised of all outstanding principal, accrued interest and a prepayment fee of $100,000. Net investment in notes receivable consisted of the fo llowing: June 30, December 31, 2015 2014 Principal outstanding (1) $ 52,995,543 $ 57,532,717 Initial direct costs 2,842,731 3,464,975 Deferred fees (657,356) (781,186) Credit loss reserve (2) (794,842) (631,986) Net investment in notes receivable (3) $ 54,386,076 $ 59,584,520 (1) As of June 30, 2015, total principal outstanding related to our impaired loans was $5,567,922, of which $5,298,947 was related to Ensaimada (defined below) and $268,975 was related to VAS (defined below). As of December 31, 2014, total principal outstanding related to our impaired loan of $1,598,348 was related to VAS. (2) As of June 30, 2015, the credit loss reserve of $794,842 was related to Ensaimada. As of December 31, 2014, the credit loss reserve of $631,986 was related to VAS. (3) As of June 30, 2015 and December 31, 2014, net investment in notes receivable related to our impaired loans was $4,992,217 and $966,362, respectively. During the year ended December 31, 2014, VAS Aero Services, LLC (“VAS”) experienced financial hardship resulting in its failure to make the final monthly payment under the secured term loan as well as the balloon payment due on the October 6, 2014 maturity date. As a result, our Investment Manager determined that we should record a credit loss reserve based on an estimated liquidation value of VAS’s inventory and accounts receivable. Accordingly, the loan was placed on non-accrual status and a credi t loss reserve of $631,986 was recorded during the year ended December 31, 2014 based on our pro-rata share of the liquidation value of the collateral. The value of the collateral was based on a third-party appraisal using a sales comparison approach. As o f December 31, 2014, the net carrying value of the loan was $966,362 . In March 2015, the 90-day standstill period provided for in the loan agreement ended without a viable restructuring or refinancing plan agreed upon. In addition, the senior lender contin ued to charge VAS forbearance fees. Although discussions among the parties were still ongoing, these factors resulted in our Investment Manager making a determination to record an additional credit loss reserve of $362,666 during the three months ended Mar ch 31, 2015 to reflect a potential forced liquidation of the collateral. The forced liquidation value of the collateral was primarily based on a third-party appraisal using a sales comparison approach. On July 23, 2015, we sold all of our interest in the l oan to GB Loan, LLC (“GB”) for $268,975. As result, we recorded an additional credit loss of $334,721 and wrote off the credit loss reserve and corresponding balance of the loan of $1 ,329,373 during the three months ended June 30, 2015. As of June 30, 2015 , the net carrying value of the loan was $268,975. No finance income was recognized since the date the loan was considered impaired. Accordingly, no finance income was recognized for the three and six months ended June 30, 2015. Finance income recognized o n the loan prior to recording the credit loss reserve was $65,307 and $127,644 for the three and six months ended June 30, 2014, respectively. On January 30, 2015, Superior Tube Company, Inc. and Tubes Holdco Limited (collectively, “Superior”) satisfied their obligations in connection with a secured term loan scheduled to mature on September 10, 2017 by making a prepayment of approximately $2,550,000, comprised of all outstanding principal, accrued interest and a prepayment fee of approximately $74,000. As a result, we recognized additional finance income of approximately $31,000. On November 22, 2011, we made a secured term loan to Ensaimada S.A. (“ Ensaimada ”) in the amount of $5,298,947. The loan bears interest at 17% per year and matures in N ovember 2016. The loan is secured by a second priority security interest in a dry bulk carrier, its earnings and the equity interests of Ensaimada . All of Ensaimada’s obligations under the loan agreement are guaranteed by N&P Shipping Co. (“N&P”), the pare nt company of Ensaimada , and one of N&P’s shareholders. As a result of ( i ) a depressed market for dry bulk carriers, (ii) interest payments that have historically been paid late by Ensaimada and (iii) ongoing discussions with Ensaimada regarding a prepa yment plan for an amount that is expected to be less than the full principal balance of the loan, our Investment Manager assessed the collectability of the loan and determined to reserve the remaining principal balance of the loan that we do not expect to recover pursuant to such prepayment plan. Accordingly, the loan was placed on non-accrual status and a credit loss reserve of $794,842 was recorded during the thr ee months ended June 30, 2015. Interest income was recognized on a cash basis for the three mont hs ended June 30, 2015. We expect to continue collecting interest on the loan until the earlier of the proposed prepayme nt and the maturity of the loan and such interest will continue to be recognized on a cash basis as long as the loan is accounted for on a non-accrual basis . For the three months ended June 30, 2015 and 2014, we recognized finance (loss) income of $(31,715) and $188,607, respectively. The finance loss for the three months ended June 30, 2015 represents the amortization of initial direct costs. For th e six months ended June 30, 2015 and 2014, we recognized finance income of $ 154,659 and $375,141, respectively. As of June 30, 2015 and December 31, 2014, the net investment in note receivable related to Ensaimada was $4,723,242 and $5,595,856, respective ly. Credit loss allowance activities for the three months ended June 30, 2015 were as follows: Credit Loss Allowance Allowance for credit loss as of March 31, 2015 $ 994,652 Provisions 1,129,563 Write-offs, net of recoveries (1,329,373) Allowance for credit loss as of June 30, 2015 $ 794,842 Credit loss allowance activities for the three months ended June 30, 2014 were as follows: Credit Loss Allowance Allowance for credit loss as of March 31, 2014 $ 1,972,530 Provisions - Write-offs, net of recoveries - Allowance for credit loss as of June 30, 2014 $ 1,972,530 Credit loss allowance activities for the six months ended June 30, 2015 were as follows: Credit Loss Allowance Allowance for credit loss as of December 31, 2014 $ 631,986 Provisions 1,492,229 Write-offs, net of recoveries (1,329,373) Allowance for credit loss as of June 30, 2015 $ 794,842 Credit loss allowance activities for the six months ended June 30, 2014 were as follows: Credit Loss Allowance Allowance for credit loss as of December 31, 2013 $ 1,972,530 Provisions - Write-offs, net of recoveries - Allowance for credit loss as of June 30, 2014 $ 1,972,530 |
Leased Equipment at Cost
Leased Equipment at Cost | 6 Months Ended |
Jun. 30, 2015 | |
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, 2015 2014 Marine vessels $ 81,651,931 $ 81,651,931 Photolithograph immersion scanner 79,905,122 79,905,122 Mining equipment 19,388,278 19,388,278 Oil field services equipment - 8,230,541 Leased equipment at cost 180,945,331 189,175,872 Less: accumulated depreciation 39,441,407 25,974,093 Leased equipment at cost, less accumulated depreciation $ 141,503,924 $ 163,201,779 Depre ciation expense was $ 8,419,499 and $ 2,764,417 for the three months ended June 30, 2015 and 2014 , respectively. Depreciation expense was $ 16,497,855 and $ 5,528,833 for the six months ended June 30, 2015 and 2014 , respectively. |
Net Investment in Finance Lease
Net Investment in Finance Lease | 6 Months Ended |
Jun. 30, 2015 | |
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, 2015 2014 Minimum rents receivable $ 59,097,087 $ 63,558,572 Initial direct costs 844,231 982,185 Unearned income (12,663,974) (14,889,498) Net investment in finance leases $ 47,277,344 $ 49,651,259 |
Asset Held for Sale
Asset Held for Sale | 6 Months Ended |
Jun. 30, 2015 | |
Asset Held for Sale [Abstract] | |
Asset Held for Sale | (6) Asset s Held for Sale During the fourth quarter of 2014, declining energy prices negatively impacted Go Frac , LLC’s (“Go Frac ”) financial performance resulting in its failure to satisfy its lease payment obligations in February 2015. In early February 2015, our Investment Manager was informed that Go Frac was ceasing its operations. During the fourth quarter of 2014, we recogniz ed an impairment charge of approximately $4,026,000 based on a third-party appraised fair market value of the leased equipment as of December 31, 2014. The fair market value provided by the independent appraiser was derived based on a combination of the c ost approach and the sales comparison approach. During the three months ended March 31, 2015, our Investment Manager obtained quotes from multiple auctioneers and subsequently an auctioneer was engaged to sell the equipment at an auction. As of March 31, 2 015, the equipment met the criteria to be classified as assets held for sale on our consolidated balance sheets. As a result, we recognized an additional impairment charge of approximately $1,180,000 to write down the equipment to its estimated fair value , less cost to sell, of approximately $4,020,000. On May 14, 2015, the equipment was sold at an auction for approximately $5,542,000, the majority of which was remitted directly to our lender to satisfy our non-recourse long-term debt obligations of appr oximately $4,293,000, consisting of unpaid principal and accrued interest. After deducting selling costs of approximately $539,000, we recognized a gain on sale of assets of approximately $983,000. In addition, as a result of Go Frac’s default on the lease and our repossession and ultimate sale of the equipment, we recognized additional rental income of approximately $2,639,000, primarily due to the extinguishment of our obligation to return a security deposit to Go Frac pursuant to the terms of the lease. |
Investment in Joint Ventures
Investment in Joint Ventures | 6 Months Ended |
Jun. 30, 2015 | |
Investments in Joint Ventures [Abstract] | |
Equity Method Investments Disclosure Text Block | (7) Investment in Joint Ventures On May 15, 2013, a joint venture owned 40% by us, 39% by ICON Leasing Fund Eleven, LLC and 21% by ICON Leasing Fund Twelve, LLC, each an entity also managed by our Investment Manager, purchased a portion of an approximately $208,000,000 subordinated credit facility for Jurong Aromatics Corporation Pte. Ltd. (“JAC”) from Standard Chartered Bank (“Standard Chartered”) at $28,462,500. As of March 31, 2015, JAC was in technical de fault of the facility as a result of its failure to provide certain financial data to the joint venture. In addition, JAC realized lower than expected operating results caused in part by a temporary shutdown of its manufacturing facility due to technical c onstraints that have since been resolved. As a result, JAC failed to make the expected payment that was due to the joint venture during the three months ended March 31, 2015. Although this delayed payment did not trigger a payment default under the loan a greement, the interest rate payable by JAC under the facility increased from 12.5% to 15.5%. During the three months ended June 30, 2015, the expected tolling arrangement did not commence and JAC’s stakeholders were unable to agree upon a restructuring plan. As a result, the manufacturing facility has not yet resumed operations and JAC continues to exp erience liquidity constraints. Accordingly, our Investment Manager has determined that th ere is doubt regarding the ultimate collectability of the facility . Our Investment Manager visited JAC’s facility and continues to engage in discussions with JAC’s other stakeholders to agree upon a restructuring plan. Based upon recent discussions, the jo int venture may convert a portion of the facility to equity and/or restructure the facility . Based upon this proposal, our Investment Manager believes that the joint venture may potentially not be able to recover approximately $7,200,000 to $25,000,000 of the outstanding balance due from JAC as of June 30, 2015. During the three months ended June 30, 2015, the joint venture recognized a credit loss of $ 17,342,915, which our Investment Manager believes is the most likely outcome based on ongoing negotiations . Our share of the credit loss for the three months ended June 30, 2015 was $7,161,658. An additional credit loss may be recorded by the joint venture in future periods if a restructuring plan is not agreed upon or if an agreed upon plan results in less of a recovery from our current estimate. Our Investment Manager has also assessed impairment under the equity method of accounting for our investment in this joint venture and concluded that it is not impaired . During the three months ended June 30, 2015 , the joint venture placed the loan on non-accrual status and no finance income was recognized. As of June 30, 2015 and December 31, 2014, our investment in the joint venture was $7,863,413 and $14,574,053 respectively. The results of operations of the jo int venture are summarized below: Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Revenue $ - $ 971,586 $ 1,152,580 $ 1,967,275 Net (loss) income $ (17,343,365) $ 952,687 $ (16,200,511) $ 1,940,033 Our share of net (loss) income $ (7,161,837) $ 363,365 $ (6,721,858) $ 740,833 |
Non-Recourse Long-Term Debt
Non-Recourse Long-Term Debt | 6 Months Ended |
Jun. 30, 2015 | |
Non-Recourse Long-Term Debt [Abstract] | |
Non-Recourse Long-Term Debt | ( 8 ) Non-Recourse Long-Term Debt As of June 30, 2015 and December 31, 2014 , we had non-recourse long-term debt obligations of $ 121,717,811 and $ 146,012,447 , respectively. As of June 30, 2015 , our non-recourse long-term debt obligations had maturity dates ranging from October 1, 2015 to December 31, 2020 and interest rates ranging from 2.55 % to 6. 51 % per year. All of our non-recourse long-term debt obligations consist of notes payable in which the lender has a security i nterest in the underlying assets. If the borrower were to default on the underlying lease or loan , 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 extingui shment of that debt. As of June 30, 2015 and December 31, 2014 , the total carrying value of assets subject to non-recourse long term debt was $186,133,967 and $209,087,320 , respectively . At June 30, 2015 , 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, 2015 | |
Revolving Line of Credit, Recourse [Abstract] | |
Revolving Line of Credit, Recourse | (9) Revolving Line of Credit, Recourse On March 31, 2015, we extended our revolving line of credit (the “Facility”) with California Bank & Trust (“CB&T”) through May 30, 2017 and the amount available under the Facility was increased to $12,500,000. As part of such amendment , we paid debt financing costs of $ 4 7,500. The Facility 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, sub ject 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 de signate up to five advances on the outstanding principal balance of the Facility to bear interest at the London Interbank Offered Rate (“ 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, 2015 , there were no obligations outstanding under the Facility and we were in compliance with all covenants related to th e Facility. At June 30, 2015 , we had $ 4,550,508 available under the Facility pursuant to the borrowing base. |
Transactions with Related Parti
Transactions with Related Parties | 6 Months Ended |
Jun. 30, 2015 | |
Transactions with Related Parties [Abstract] | |
Transactions with Related Parties | ( 10 ) Transactions with Related Parties We paid distributions to our General Partner of $ 40,204 and $ 79,534 for the three and six months ended June 30, 2015 , respectively. We paid distributions to our General Partner of $40,225 and $79,576 for the three and six months ended June 30, 2014 , respectively. Additionally, our General Partner’s interest in the net loss attributable to us was $ 39,506 and $20,884 for the three and six months ended June 30, 2015 , respectively. 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. 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 2015 2014 2015 2014 ICON Capital, LLC Investment Manager Acquisition fees (1) $ - $ 315,625 $ - $ 624,598 ICON Capital, LLC Investment Manager Management fees (2) 279,024 659,794 677,188 909,774 Administrative expense ICON Capital, LLC Investment Manager reimbursements (2) 393,528 421,255 796,415 1,103,799 Fund Fourteen (defined below) Noncontrolling interest Interest expense (2) 102,558 101,565 203,720 201,505 $ 775,110 $ 1,498,239 $ 1,677,323 $ 2,839,676 (1) Amount capitalized and amortized to operations. (2) Amount charged directly to operations. At June 30, 2015 , we had a net payable of $ 2,645,755 due to our General Partner and affiliates that primarily consisted of a note payable of approximately $2,627,000 and accrued interest of approximately $28,000 due to ICON Equipment and Corporate Infrastructure Fund Fourteen, L.P. (“Fund Fourteen”), an entity also managed by our Investment Manager, related to its noncontrolling interest in a vessel, the Lewek Ambassador. At December 31, 201 4 , we had a net payable of $ 2 , 870,701 due to our General Partner and affiliates that primarily consisted of a note payable of approximately $2, 609 ,000 and accrued interest of approximately $30,000 due to Fund Fourteen related to its noncontrolling interest in the Lewek Ambassador , and administrative expense reimbursements of approximately $257,000 due to our Investment Manager . |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 2015 | |
Fair Value Measurements [Abstract] | |
Fair Value Measurements | (11) 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 b y little or no market data. Assets Measured at Fair Value on a Nonrecurring Basis We are required, on a nonrecurring basis, to adjust the carrying value or provide valuation allowances for certain assets using fair value measurements. Our non-financial assets, such as leased equipment at cost, are measured at fair value when there is an indicator of impairment and recorded at fair value only when an impairment charge is recognized. Assets classified as held for sale are required to be recorded at the low er of carrying value or fair value less any costs to sell such assets. To determine the fair value when impairment indicators exist, we utilize different valuation approaches based on transaction-specific facts and circumstances to determine fair value, in cluding, but not limited to, discounted cash flow models and the use of comparable transactions. The valuation of our financial assets, such as notes receivable or finance leases, is included, below only when fair value has been measured and recorded based on the fair value of the underlying collateral. The following tables summarize the valuation of our material non-financial and financial assets measured at fair value on a nonrecurring basis, which is presented as of the date the impairment or credit loss was recorded, while the carrying value of the assets is presented as of June 30, 2015: Impairment Loss for the Carrying Value at Fair Value at Impairment Date Six Months Ended June 30, 2015 Level 1 Level 2 Level 3 June 30, 2015 Assets held for sale (1) $ - $ - $ - $ 4,019,740 $ 1,180,260 (1) The equipment previously on lease to Go Frac was reclassified to assets held for sale as of March 31, 2015. In May 2015, the equipment was sold and a gain on sale was realized. See Note 6 for additional information. The fair value at impairment for our assets held for sale during the three months ended March 31, 2015 was based on fair value less cost to sell. The estimated fair value was provided by an independent third-party auctioneer. The estimated fair value and costs to sell were based on inputs that are generally unobservable and are supported by little or no market data and were classified within Level 3. In May 2015, the assets were sold at an auction and a gain on sale was realized (see Note 6). Credit Loss for the Carrying Value at Fair Value at Impairment Date Six Months Ended June 30, 2015 Level 1 Level 2 Level 3 June 30, 2015 Net investment in note receivable $ 268,975 $ - $ - $ 268,975 $ 697,387 Our collateral dependent note receivable related to VAS was valued using inputs that are generally unobservable and are supported by little or no market data and was classified within Level 3. For the credit loss of $362,666 recorded during the three months ended March 31, 2015, the collateral dependent note receivable related to VAS was valued based primarily on the liquidation value of the collateral provided by an independent third-party appraiser. In July 2015, we sold al l of our interest in the note receivable to a third-party (see Note 3). Assets and Liabilities for which Fair V alue is D isclosed Certain of our financial assets and liab ilities, which includes fixed-rate notes receivable, fixed-rate non-recourse long-term debt, and seller’s credit included in accrued expenses and other liabilities on our consolidated balance sheets, in which fair value is required to be disclosed, were va lued 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 an d liabilities , other than lease-related investments, approximates fair value due to their short-term maturities and/or variable interest rates. The estimated fair value of our fixed-rate notes receivable was based on the discounted value of future cash flows related to the loans at inception, adjusted for changes in certain variables, including, but not limited to, credit quality, industry, financial markets and other recent comparables. The estimated fair value of our fixed-rate non-recourse long-term d ebt and seller’s credits was based on the discounted value of future cash flows related to the debt and seller’s credits based on a discount rate derived from the margin at inception, adjusted for material changes in risk, plus the applicable fixed rate ba sed on the current interest rate curve. The fair value of the p rincipal outstanding on fixed-rate notes receivable was derived using discount rates ranging between 5.54% and 15.5% as of June 30 , 2015 . The fair value of the p rincipal outstanding on fixed -rate non-recourse long-term debt and seller’s credit was derived using discount rates ranging between 2.65% and 6.58% per year as of June 30 , 2015 . June 30, 2015 Carrying Fair Value Amount (Level 3) Principal outstanding on fixed-rate notes receivable $ 52,200,701 $ 51,703,185 Principal outstanding on fixed-rate non-recourse long-term debt $ 102,607,811 $ 101,749,437 Seller's credits $ 6,378,459 $ 6,386,647 |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2015 | |
Commitments and Contingencies [Abstract] | |
Commitments and Contingencies | (12) 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 condit ion or results of operations taken as a whole. In connectio n with certain debt obligations, we are required to maintain restricted cash balances with certain banks. At June 30, 2015 , we had restricted cash of $1,182,828 , which is presented within other assets in our consolidated balance sheets. |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events | (13) Subsequent Event On July 10, 2015, a joint venture owned 50% by us, 40% by Fund Fourteen and 10% by ICON ECI Fund Sixteen (“Fund Sixteen”), an entity also managed by our Investment Manager, purchased auxiliary support equipment and robots used in the production of certain automobiles for approximately $9,934,000, which were simultaneously leased to Challenge Mfg. Company , LLC and certain o f its affiliates (collectively, “Challenge”) for 60 months. |
Summary of Significant Accoun20
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2015 | |
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, consi dered 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 Decembe r 31, 2014 . The results for the interim period are not necessarily indicative of the results for the full year. Certain reclassifications have been made to the accompanying consolidated financial statements in prior periods to conform to the current presentation. |
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 (the “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 annua l 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 cr edit 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 t o 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 cred it 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 financ ing 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 receiv able 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 recei vables 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 Inv estment 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 collec tability 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 delinquen t 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 recei vable 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. |
New Accounting Pronouncements Policy Policy Text Block | 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. This new revenue standard may be applied retrospectively to each prior period prese nted, or retrospectively with the cumulative effect recognized as of the date of adoption. In July 2015, FASB officially deferred implementation of ASU 2014-09 by one year. Under such deferral, the adoption of ASU 2014-09 becomes effective for us on Januar y 1, 2018, including interim periods within that reporting period. Early adoption is permitted, but not before our original effective date of January 1, 2017. We are currently in the process of evaluating the impact of the adoption of ASU 2014-09 on our co nsolidated financial statements. In August 2014, FASB issued ASU No. 2014-15, Presentation of Financial Statements – Going Concern: Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern (“ASU 2014-15”), which provides guidan ce about management's responsibility to evaluate whether there is substantial doubt about an entity's ability to continue as a going concern and to provide related footnote disclosures. The adoption of ASU 2014-15 becomes effective for us on our fiscal yea r ending December 31, 2016, and all subsequent annual and interim periods. Early adoption is permitted. The adoption of ASU 2014-15 is not expected to have a material effect on our consolidated financial statements. In January 2015, FASB issued ASU No. 2015-01, Income Statement – Extraordinary and Unusual Items (“ASU 2015-01”), which simplifies income statement presentation by eliminating the concept of extraordinary items. The adoption of ASU 2015-01 becomes effective for us on January 1, 2016, includi ng interim periods within that reporting period. Early adoption is permitted. The adoption of ASU 2015-01 is not expected to have a material effect on our consolidated financial statements. In February 2015, FASB issued ASU No. 2015-02, Consolidation – Amendments to the Consolidation Analysis (“ASU 2015-02”), which modifies the evaluation of whether limited partnerships and similar legal entities are variable interest entities or voting interest entities, eliminates the presumption that a general partne r should consolidate a limited partnership, and affects the consolidation analysis by reducing the frequency of application of related party guidance and excluding certain fees in the primary beneficiary determination. The adoption of ASU 2015-02 becomes e ffective for us on January 1, 2016. Early adoption is permitted. We are currently in the process of evaluating the impact of the adoption of ASU 2015-02 on our consolidated financial statements. In April 2015, FASB issued ASU No. 2015-03, Interest – Imput ation of Interest (“ASU 2015-03”), which requires debt issuance costs related to a recognized debt liability to be presented in the balance sheet as a direct deduction from the carrying amount of such debt liability, consistent with debt discounts. ASU 2015-03 will be applied on a retrospective basis. The adoption of ASU 2015-03 becomes effective for us on January 1, 2016, including interim periods within that reporting period. Early adoption is permitted. We are currently in the process of evaluating t he impact of the adoption of ASU 2015-0 3 on our co nsolidated financial statements. |
Net Investment in Notes Recei21
Net Investment in Notes Receivable (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Net Investment in Notes Receivable [Abstract] | |
Net Investments in Notes Receivable | Net investment in notes receivable consisted of the fo llowing: June 30, December 31, 2015 2014 Principal outstanding (1) $ 52,995,543 $ 57,532,717 Initial direct costs 2,842,731 3,464,975 Deferred fees (657,356) (781,186) Credit loss reserve (2) (794,842) (631,986) Net investment in notes receivable (3) $ 54,386,076 $ 59,584,520 (1) As of June 30, 2015, total principal outstanding related to our impaired loans was $5,567,922, of which $5,298,947 was related to Ensaimada (defined below) and $268,975 was related to VAS (defined below). As of December 31, 2014, total principal outstanding related to our impaired loan of $1,598,348 was related to VAS. (2) As of June 30, 2015, the credit loss reserve of $794,842 was related to Ensaimada. As of December 31, 2014, the credit loss reserve of $631,986 was related to VAS. (3) As of June 30, 2015 and December 31, 2014, net investment in notes receivable related to our impaired loans was $4,992,217 and $966,362, respectively. |
Allowance For Credit Losses On Financing Receivables [Table Text Block] | Credit loss allowance activities for the three months ended June 30, 2015 were as follows: Credit Loss Allowance Allowance for credit loss as of March 31, 2015 $ 994,652 Provisions 1,129,563 Write-offs, net of recoveries (1,329,373) Allowance for credit loss as of June 30, 2015 $ 794,842 Credit loss allowance activities for the three months ended June 30, 2014 were as follows: Credit Loss Allowance Allowance for credit loss as of March 31, 2014 $ 1,972,530 Provisions - Write-offs, net of recoveries - Allowance for credit loss as of June 30, 2014 $ 1,972,530 Credit loss allowance activities for the six months ended June 30, 2015 were as follows: Credit Loss Allowance Allowance for credit loss as of December 31, 2014 $ 631,986 Provisions 1,492,229 Write-offs, net of recoveries (1,329,373) Allowance for credit loss as of June 30, 2015 $ 794,842 Credit loss allowance activities for the six months ended June 30, 2014 were as follows: Credit Loss Allowance Allowance for credit loss as of December 31, 2013 $ 1,972,530 Provisions - Write-offs, net of recoveries - Allowance for credit loss as of June 30, 2014 $ 1,972,530 |
Leased Equipment at Cost (Table
Leased Equipment at Cost (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Leased Equipment at Cost [Abstract] | |
Leased Equipment At Cost | Leased equipment at cost consisted of the following: June 30, December 31, 2015 2014 Marine vessels $ 81,651,931 $ 81,651,931 Photolithograph immersion scanner 79,905,122 79,905,122 Mining equipment 19,388,278 19,388,278 Oil field services equipment - 8,230,541 Leased equipment at cost 180,945,331 189,175,872 Less: accumulated depreciation 39,441,407 25,974,093 Leased equipment at cost, less accumulated depreciation $ 141,503,924 $ 163,201,779 |
Net Investment in Finance Lea23
Net Investment in Finance Lease (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Net Investment in Finance Lease [Abstract] | |
Net Investment in Finance Leases | Net investment in finance leases consisted of the following: June 30, December 31, 2015 2014 Minimum rents receivable $ 59,097,087 $ 63,558,572 Initial direct costs 844,231 982,185 Unearned income (12,663,974) (14,889,498) Net investment in finance leases $ 47,277,344 $ 49,651,259 |
Investment in Joint Ventures (T
Investment in Joint Ventures (Table) | 6 Months Ended |
Jun. 30, 2015 | |
Investments in Joint Ventures [Abstract] | |
Investments in Joint Ventures | The results of operations of the jo int venture are summarized below: Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Revenue $ - $ 971,586 $ 1,152,580 $ 1,967,275 Net (loss) income $ (17,343,365) $ 952,687 $ (16,200,511) $ 1,940,033 Our share of net (loss) income $ (7,161,837) $ 363,365 $ (6,721,858) $ 740,833 |
Transactions with Related Par25
Transactions with Related Parties (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Transactions with Related Parties [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 Six Months Ended June 30, June 30, Entity Capacity Description 2015 2014 2015 2014 ICON Capital, LLC Investment Manager Acquisition fees (1) $ - $ 315,625 $ - $ 624,598 ICON Capital, LLC Investment Manager Management fees (2) 279,024 659,794 677,188 909,774 Administrative expense ICON Capital, LLC Investment Manager reimbursements (2) 393,528 421,255 796,415 1,103,799 Fund Fourteen (defined below) Noncontrolling interest Interest expense (2) 102,558 101,565 203,720 201,505 $ 775,110 $ 1,498,239 $ 1,677,323 $ 2,839,676 (1) Amount capitalized and amortized to operations. (2) Amount charged directly to operations. |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Fair Value Measurements [Abstract] | |
Valuation Of Material Non-Financial And Financial Assets Measured At Fair Value On A Non Recurring Basis | The following tables summarize the valuation of our material non-financial and financial assets measured at fair value on a nonrecurring basis, which is presented as of the date the impairment or credit loss was recorded, while the carrying value of the assets is presented as of June 30, 2015: Impairment Loss for the Carrying Value at Fair Value at Impairment Date Six Months Ended June 30, 2015 Level 1 Level 2 Level 3 June 30, 2015 Assets held for sale (1) $ - $ - $ - $ 4,019,740 $ 1,180,260 (1) The equipment previously on lease to Go Frac was reclassified to assets held for sale as of March 31, 2015. In May 2015, the equipment was sold and a gain on sale was realized. See Note 6 for additional information. Credit Loss for the Carrying Value at Fair Value at Impairment Date Six Months Ended June 30, 2015 Level 1 Level 2 Level 3 June 30, 2015 Net investment in note receivable $ 268,975 $ - $ - $ 268,975 $ 697,387 |
Fair Value, By Balance Sheet Grouping [Table Text Block] | June 30, 2015 Carrying Fair Value Amount (Level 3) Principal outstanding on fixed-rate notes receivable $ 52,200,701 $ 51,703,185 Principal outstanding on fixed-rate non-recourse long-term debt $ 102,607,811 $ 101,749,437 Seller's credits $ 6,378,459 $ 6,386,647 |
Summary of Significant Accoun27
Summary of Significant Accounting Policies (Details) | 6 Months Ended |
Jun. 30, 2015 | |
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 Recei28
Net Investment in Notes Receivable (Reconciliation) (Details) - USD ($) | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 |
Schedule of Notes Receivable [Abstract] | ||||
Principal outstanding | $ 52,995,543 | $ 57,532,717 | ||
Initial direct costs | 2,842,731 | 3,464,975 | ||
Deferred fees | (657,356) | (781,186) | ||
Credit loss reserve | (794,842) | $ (994,652) | (631,986) | $ (1,972,530) |
Net investment in notes receivable | $ 54,386,076 | $ 59,584,520 |
Net Investment in Notes Recei29
Net Investment in Notes Receivable (Narrative) (Details 1) - USD ($) | Jul. 28, 2015 | Jul. 23, 2015 | Jan. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | Nov. 22, 2011 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Net Investment Notes Receivable Non Accrual Status | $ 268,975 | $ 268,975 | $ 966,362 | |||||||
Notes Receivable Net | 54,386,076 | 54,386,076 | 59,584,520 | |||||||
Principal Outstanding Impaired Notes Receivable | 268,975 | 268,975 | ||||||||
Impaired Notes Receivable Net | 268,975 | $ 268,975 | 966,362 | |||||||
Interest Rate Minimum (In Hundredths) | 4.00% | |||||||||
Finance income | 2,675,548 | $ 3,670,814 | $ 5,941,871 | $ 7,191,522 | ||||||
Financing Receivable Allowance For Credit Losses Roll Forward | ||||||||||
Allowance for credit loss | 994,652 | $ 631,986 | 1,972,530 | 631,986 | ||||||
Write-offs, net of recoveries | (1,329,373) | (1,329,373) | ||||||||
Provisions | 1,129,563 | 1,492,229 | 0 | |||||||
Allowance for credit loss | 794,842 | 994,652 | 794,842 | |||||||
Secured Term Loan [Member] | ||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Loans Disbursed | 268,975 | 268,975 | ||||||||
Superior [Member] | Secured Term Loan [Member] | ||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Finance income | $ 31,000 | |||||||||
Loan Prepayment | 2,550,000 | |||||||||
Prepayment Fee | $ 74,000 | |||||||||
Varada [Member] | ||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Notes Receivable 90 Days Past Due And Still Accruing | 24,738 | 24,738 | 2,076,338 | |||||||
Notes Receivable Net | 18,185,719 | 18,185,719 | 18,250,896 | |||||||
Loan Prepayment | $ 18,524,638 | |||||||||
Prepayment Fee | $ 100,000 | |||||||||
VAS Aero Services LLC [Member] | ||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Finance income | 127,644 | |||||||||
Financing Receivable Allowance For Credit Losses Roll Forward | ||||||||||
Allowance for credit loss | 631,986 | 631,986 | ||||||||
Provisions | 334,721 | $ 362,666 | ||||||||
Allowance for credit loss | 0 | 0 | ||||||||
VAS Aero Services LLC [Member] | Subsequent Event [Member] | ||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Sale Of Notes Receivable | $ 268,975 | |||||||||
VAS Aero Services LLC [Member] | Secured Term Loan [Member] | ||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Finance income | 65,037 | 0 | ||||||||
Kyla [Member] | ||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Notes Receivable Net | 4,723,242 | 4,723,242 | $ 5,595,856 | |||||||
Finance income | $ 188,607 | $ 154,659 | $ 375,141 | |||||||
Finance loss | 31,715 | |||||||||
Interest rate (in hunderedths) | 17.00% | |||||||||
Financing Receivable Allowance For Credit Losses Roll Forward | ||||||||||
Provisions | $ 794,842 |
Leased Equipment at Cost (Detai
Leased Equipment at Cost (Details) - Entity [Domain] - USD ($) | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Property, Plant and Equipment [Line Items] | ||||||
Leased equipment at cost | $ 180,945,331 | $ 189,175,872 | $ 180,945,331 | |||
Less: accumulated depreciation | 39,441,407 | 25,974,093 | 39,441,407 | |||
Leased equipment at cost, less accumulated depreciation | 141,503,924 | 163,201,779 | 141,503,924 | |||
Depreciation Expense | 8,419,499 | $ 2,764,417 | 16,497,855 | $ 5,528,833 | ||
Capital Leases, Future Minimum Payments Receivable | 59,097,087 | 63,558,572 | 59,097,087 | |||
Non Recourse Debt | 121,717,811 | 146,012,447 | 121,717,811 | |||
Asset Impairment Charges | $ 0 | $ 0 | $ 1,180,260 | $ 0 | ||
Minimum [Member] | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Debt Instrument Interest Rate Stated Percentage | 2.55% | 2.55% | ||||
Maximum [Member] | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Debt Instrument Interest Rate Stated Percentage | 6.51% | 6.51% | ||||
Go Frac LLC [Member] | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Asset Impairment Charges | $ 1,180,000 | 4,026,000 | ||||
Marine Vessels [Member] | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Leased equipment at cost | $ 81,651,931 | 81,651,931 | $ 81,651,931 | |||
Mining Equipment [Member] | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Leased equipment at cost | 19,388,278 | 19,388,278 | 19,388,278 | |||
Oil field Services Equipment [Member] | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Leased equipment at cost | 0 | 8,230,541 | 0 | |||
Photolithograph Immersion Scanner [Member] | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Leased equipment at cost | $ 79,905,122 | $ 79,905,122 | $ 79,905,122 |
Net Investment in Finance Lea31
Net Investment in Finance Lease (Details) - USD ($) | Jun. 30, 2015 | Dec. 31, 2014 |
Capital Leased Assets [Line Items] | ||
Capital Leases, Future Minimum Payments Receivable | $ 59,097,087 | $ 63,558,572 |
Initial direct costs | 844,231 | 982,185 |
Unearned income | (12,663,974) | (14,889,498) |
Net investment in finance lease | $ 47,277,344 | $ 49,651,259 |
Asset Held for Sale (Details)
Asset Held for Sale (Details) - USD ($) | May. 14, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 |
Asset Held for Sale [Line Items] | |||||||
Impairment Loss | $ 0 | $ 0 | $ 1,180,260 | $ 0 | |||
Proceeds From Sale Of Assets Held For Sale | 710,434 | 0 | |||||
Repayments of Other Long-term Debt | 18,361,344 | 4,368,333 | |||||
Gains Losses On Sales Of Assets | $ 983,474 | $ 0 | $ (983,474) | $ 0 | |||
Go Frac LLC [Member] | |||||||
Asset Held for Sale [Line Items] | |||||||
Impairment Loss | $ 1,180,000 | $ 4,026,000 | |||||
Estimated Fair Value of Equipment | $ 4,020,000 | ||||||
Proceeds From Sale Of Assets Held For Sale | $ 5,542,000 | ||||||
Repayments of Other Long-term Debt | 4,293,000 | ||||||
Gains Losses On Sales Of Assets | 983,000 | ||||||
Gain Loss On Contract Termination | 2,639,000 | ||||||
Selling Costs On Disposal Of Asset | $ 539,000 |
Investment in Joint Venture (De
Investment in Joint Venture (Details) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2014 | May. 15, 2013 | |
Equity Method Investment, Summarized Financial Information, Income Statement [Abstract] | |||||||
Joint venture revenue | $ 971,586 | $ 1,152,580 | $ 1,967,275 | ||||
Joint venture net income | $ (17,343,365) | 952,687 | (16,200,511) | 1,940,033 | |||
Our share of joint venture net income | (7,161,837) | 363,365 | (6,721,858) | 740,833 | |||
Finance income | 2,675,548 | 3,670,814 | 5,941,871 | 7,191,522 | |||
Net investment in notes receivable | 54,386,076 | 54,386,076 | $ 59,584,520 | ||||
Credit loss | 1,129,563 | 1,492,229 | $ 0 | ||||
Net investment in joint venture | $ 15,253,019 | $ 15,253,019 | 22,255,221 | ||||
Minimum [Member] | |||||||
Equity Method Investment, Summarized Financial Information, Income Statement [Abstract] | |||||||
Debt Instrument Interest Rate Stated Percentage | 2.55% | 2.55% | |||||
Maximum [Member] | |||||||
Equity Method Investment, Summarized Financial Information, Income Statement [Abstract] | |||||||
Debt Instrument Interest Rate Stated Percentage | 6.51% | 6.51% | |||||
Jurong Aromatics Corporation [Member] | |||||||
Equity Method Investment, Summarized Financial Information, Income Statement [Abstract] | |||||||
Joint Venture, Ownership Percentage | 40.00% | ||||||
Subordinated Debt | $ 28,462,500 | ||||||
Finance income | $ 1,781,933 | $ 2,094,559 | $ 3,610,855 | ||||
Net investment in notes receivable | $ 17,907,489 | 17,907,489 | 35,363,995 | ||||
Credit loss | 17,342,915 | ||||||
Net investment in joint venture | 7,863,413 | $ 7,863,413 | $ 14,574,053 | ||||
Jurong Aromatics Corporation [Member] | Minimum [Member] | |||||||
Equity Method Investment, Summarized Financial Information, Income Statement [Abstract] | |||||||
Estimated additional losses | 7,200,000 | ||||||
Jurong Aromatics Corporation [Member] | Maximum [Member] | |||||||
Equity Method Investment, Summarized Financial Information, Income Statement [Abstract] | |||||||
Estimated additional losses | $ 25,000,000 | ||||||
Jurong Aromatics Corporation [Member] | Subordinated Debt [Member] | |||||||
Equity Method Investment, Summarized Financial Information, Income Statement [Abstract] | |||||||
Total Credit Facility | $ 208,000,000 | ||||||
Debt Instrument Interest Rate Stated Percentage | 15.50% | 15.50% | 12.50% | ||||
ICON Leasing Fund Eleven, LLC [Member] | Jurong Aromatics Corporation [Member] | |||||||
Equity Method Investment, Summarized Financial Information, Income Statement [Abstract] | |||||||
Joint Venture, Ownership Percentage | 39.00% | ||||||
ICON Leasing Fund Twelve, LLC [Member] | Jurong Aromatics Corporation [Member] | |||||||
Equity Method Investment, Summarized Financial Information, Income Statement [Abstract] | |||||||
Joint Venture, Ownership Percentage | 21.00% |
Non-Recourse Long-Term Debt (De
Non-Recourse Long-Term Debt (Details) - USD ($) | 6 Months Ended | |
Jun. 30, 2015 | Dec. 31, 2014 | |
Debt Instrument [Line Items] | ||
Non Recourse Debt | $ 121,717,811 | $ 146,012,447 |
Maturity Date Range Start | Oct. 1, 2015 | |
Maturity Date Range End | Dec. 31, 2020 | |
Interest Rate Minimum (In Hundredths) | 4.00% | |
Carrying Value Of Underlying Assets Securing Non Recourse Debt | $ 186,133,967 | $ 209,087,320 |
Minimum [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument Interest Rate Stated Percentage | 2.55% | |
Maximum [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument Interest Rate Stated Percentage | 6.51% |
Revolving Line of Credit, Rec35
Revolving Line of Credit, Recourse (Details) - Jun. 30, 2015 | USD ($)F15numberofadvances |
Line of Credit Facility [Line Items] | |
Maximum Borrowing Capacity | $ 12,500,000 |
Line of Credit Facility, Expiration Date | May 30, 2017 |
Debt Financing Cost | $ 47,500 |
Number of separate non-prime rate advances | F15numberofadvances | 5 |
Basis Spread (In Hundredths) | 2.50% |
Interest Rate Floor (In Hundredths) | 4.00% |
Commitment Fee (In Hundredths) | 0.50% |
Remaining Borrowing Capacity | $ 4,550,508 |
Transactions with Related Par36
Transactions with Related Parties (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2015 | Mar. 31, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | |
Related Party Transaction [Line Items] | ||||||
Partners' Capital Account, Distributions | $ 4,688,209 | $ 4,303,572 | ||||
Net income (loss) allocated to General Partner | (39,506) | $ 29,060 | $ (20,884) | $ 56,463 | ||
Fees And Other Expenses Incurred | 775,110 | 1,498,239 | 1,677,323 | 2,839,676 | ||
Due to General Partner and affiliates, net | 2,645,755 | 2,645,755 | $ 2,870,701 | |||
General Partner [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Partners' Capital Account, Distributions | 40,204 | 39,330 | 40,225 | 79,534 | 79,576 | |
Net income (loss) allocated to General Partner | 39,506 | 29,060 | 64,213 | 56,463 | ||
Due to General Partner and affiliates, net | 2,645,755 | 2,645,755 | 2,870,701 | |||
Noncontrolling interest [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Partners' Capital Account, Distributions | 667,773 | $ 370,539 | ||||
ICON Capital, LLC [Member] | General Partner [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Adminsitrative Expense Reimbursements | 257,000 | |||||
ICON Capital, LLC [Member] | Investment Manager [Member] | Management Fees [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Fees And Other Expenses Incurred | 279,024 | 659,794 | 677,188 | 909,774 | ||
ICON Capital, LLC [Member] | Investment Manager [Member] | Administrative Expense Reimbursements [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Fees And Other Expenses Incurred | 393,528 | 421,255 | 796,415 | 1,103,799 | ||
ICON Capital, LLC [Member] | Investment Manager [Member] | Acquisition Fees [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Fees And Other Expenses Incurred | 315,625 | 0 | 624,598 | |||
Fund Fourteen [Member] | General Partner [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Notes Payable | 2,627,000 | 2,627,000 | 2,609,000 | |||
Accrued Interest | 28,000 | 28,000 | $ 30,000 | |||
Fund Fourteen [Member] | Noncontrolling interest [Member] | Interest Expense [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Fees And Other Expenses Incurred | $ 102,558 | $ 101,565 | $ 203,720 | $ 201,505 |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2015 | Mar. 31, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | |
Fair Value Inputs Assets Quantitative Information [Line Items] | ||||||
Principal outstanding on fixed rate non-recourse debt | $ 121,717,811 | $ 121,717,811 | $ 146,012,447 | |||
Leased equipment at cost, net | 141,503,924 | 141,503,924 | 163,201,779 | |||
Net investment in notes receivable | 54,386,076 | 54,386,076 | $ 59,584,520 | |||
Impairment Loss | 0 | $ 0 | 1,180,260 | $ 0 | ||
Credit loss | 1,129,563 | 1,492,229 | $ 0 | |||
VAS Aero Services LLC [Member] | ||||||
Fair Value Inputs Assets Quantitative Information [Line Items] | ||||||
Credit loss | 334,721 | $ 362,666 | ||||
Assets Held For Sale [Member] | ||||||
Fair Value Inputs Assets Quantitative Information [Line Items] | ||||||
Impairment Loss | 1,180,260 | |||||
Fixed Rate Notes Receivable [Member] | ||||||
Fair Value Inputs Assets Quantitative Information [Line Items] | ||||||
Credit loss | 697,387 | |||||
Carrying Value [Member] | ||||||
Fair Value Inputs Assets Quantitative Information [Line Items] | ||||||
Principal outstanding on fixed rate notes receivable | 52,200,701 | 52,200,701 | ||||
Principal outstanding on fixed rate non-recourse debt | 102,607,811 | 102,607,811 | ||||
Seller's credit | 6,378,459 | 6,378,459 | ||||
Net investment in notes receivable | 268,975 | 268,975 | ||||
Carrying Value [Member] | Assets Held For Sale [Member] | ||||||
Fair Value Inputs Assets Quantitative Information [Line Items] | ||||||
Leased equipment at cost, net | 0 | 0 | ||||
Fair Value [Member] | ||||||
Fair Value Inputs Assets Quantitative Information [Line Items] | ||||||
Net investment in notes receivable | 268,975 | 268,975 | ||||
Fair Value [Member] | Level 3 [Member] | ||||||
Fair Value Inputs Assets Quantitative Information [Line Items] | ||||||
Principal outstanding on fixed rate notes receivable | 51,703,185 | 51,703,185 | ||||
Principal outstanding on fixed rate non-recourse debt | 101,749,437 | 101,749,437 | ||||
Seller's credit | 6,386,647 | 6,386,647 | ||||
Fair Value [Member] | Level 3 [Member] | Assets Held For Sale [Member] | ||||||
Fair Value Inputs Assets Quantitative Information [Line Items] | ||||||
Leased equipment at cost, net | $ 4,019,740 | $ 4,019,740 | ||||
Minimum [Member] | Fixed Rate Notes Receivable [Member] | ||||||
Fair Value Inputs Assets Quantitative Information [Line Items] | ||||||
Discount rate on fixed notes receivable (in hundredths) | 4.39% | |||||
Minimum [Member] | Fixed Rate Non Recourse Long Term Debt And Sellers Credit [Member] | ||||||
Fair Value Inputs Assets Quantitative Information [Line Items] | ||||||
Discount rate on fixed notes receivable (in hundredths) | 2.65% | |||||
Maximum [Member] | Fixed Rate Notes Receivable [Member] | ||||||
Fair Value Inputs Assets Quantitative Information [Line Items] | ||||||
Discount rate on fixed notes receivable (in hundredths) | 15.50% | |||||
Maximum [Member] | Fixed Rate Non Recourse Long Term Debt And Sellers Credit [Member] | ||||||
Fair Value Inputs Assets Quantitative Information [Line Items] | ||||||
Discount rate on fixed notes receivable (in hundredths) | 6.58% |
Commitments and Contingencies (
Commitments and Contingencies (Details) | Jun. 30, 2015USD ($) |
Commitments and Contingencies [Abstract] | |
Restricted Cash | $ 1,182,828 |
Subsequent Events (Details)
Subsequent Events (Details) - Jul. 10, 2015 - Challenge Mfg Company [Member] - Subsequent Event [Member] - USD ($) | Total |
Subsequent Event [Line Items] | |
Equity Method Investment, Ownership Percentage | 50.00% |
Robots [Member] | |
Subsequent Event [Line Items] | |
Property Plant And Equipment Additions | $ 9,934,000 |
Lease Term Period | 60 months |
ICON Leasing Fund Fourteen, LLC [Member] | |
Subsequent Event [Line Items] | |
Equity Method Investment, Ownership Percentage | 40.00% |
Icon Leasing Fund Sixteen Llc [Member] | |
Subsequent Event [Line Items] | |
Equity Method Investment, Ownership Percentage | 10.00% |
Uncategorized Items - icoi-2015
Label | Element | Value |
Partners Capital Account Treasury Units Purchases | us-gaap_PartnersCapitalAccountTreasuryUnitsPurchases | $ (59,139) |
Income from investment in joint ventures | us-gaap_IncomeLossFromEquityMethodInvestments | (6,921,556) |
Income from investment in joint ventures | us-gaap_IncomeLossFromEquityMethodInvestments | 591,308 |
Net income | us-gaap_ProfitLoss | (2,303,328) |
Net income | us-gaap_ProfitLoss | 1,748,795 |
Net income | us-gaap_ProfitLoss | $ 3,277,845 |