Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2018 | Nov. 08, 2018 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | ICON ECI FUND FIFTEEN, L.P. | |
Entity Central Index Key | 1,502,519 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Smaller Reporting Company | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2018 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 197,385 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Sep. 30, 2018 | Dec. 31, 2017 |
Assets | ||
Cash | $ 28,292,729 | $ 17,797,894 |
Restricted cash | 0 | 4,154,930 |
Net investment in notes receivable | 20,969,741 | 29,770,771 |
Leased equipment at cost (less accumulated depreciation of $13,020,541) | 0 | 111,552,600 |
Investment in joint ventures | 6,562 | 1,406,037 |
Investment in cost-method investees | 412,649 | 0 |
Derivative financial instruments | 0 | 1,808,206 |
Other assets | 418,129 | 448,659 |
Total assets | 50,099,810 | 170,639,097 |
Liabilities: | ||
Non-recourse long-term debt | 0 | 79,969,199 |
Due to General Partner and affiliates, net | 5,508 | 3,385,928 |
Seller's credits | 0 | 14,860,226 |
Accrued expenses and other liabilities | 424,545 | 4,783,706 |
Total liabilities | 430,053 | 102,999,059 |
Commitments and contingencies (Note 13) | ||
Partners' equity: | ||
Limited partners | 50,922,515 | 66,155,358 |
General Partner | (1,252,808) | (1,098,940) |
Total partners' equity | 49,669,707 | 65,056,418 |
Noncontrolling interests | 50 | 2,583,620 |
Total equity | 49,669,757 | 67,640,038 |
Total liabilities and equity | 50,099,810 | 170,639,097 |
Vessel | ||
Assets | ||
Vessel (less accumulated depreciation of $482,038) | $ 0 | $ 3,700,000 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) | Sep. 30, 2018 | Dec. 31, 2017 |
Assets | ||
Accumulated depreciation | $ 0 | $ 13,020,541 |
Vessel | ||
Assets | ||
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | $ 0 | $ 482,038 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Revenue and other income: | ||||
Finance income | $ 214,543 | $ 1,047,228 | $ 2,642,663 | $ 3,931,166 |
Rental income | 2,736,837 | 3,326,653 | 9,945,831 | 9,996,789 |
Income (loss) from investment in joint ventures and equity-method investees | 2,369 | 107,434 | (130,046) | (1,444,128) |
Gain on extinguishment of debt | 0 | 0 | 4,764,270 | 0 |
Gain on derivative financial instruments, net | 0 | 53,572 | 974,692 | 0 |
Other income | 17,497 | 13,271 | 37,858 | 69,155 |
Total revenue and other income | 2,971,246 | 4,548,158 | 18,235,268 | 12,552,982 |
Expenses: | ||||
Management fees | 0 | 72,064 | 0 | 238,356 |
Administrative expense reimbursements | 180,508 | 332,576 | 617,296 | 1,047,741 |
General and administrative | 313,854 | 322,851 | 1,161,723 | 1,240,273 |
Interest | 1,300,056 | 1,348,016 | 4,371,292 | 4,030,102 |
Depreciation | 1,201,467 | 1,620,607 | 4,595,674 | 4,870,888 |
Loss on derivative financial instruments, net | 25,966 | 0 | 0 | 221,551 |
Loss on sale of vessel | 0 | 0 | 2,045,055 | 0 |
Loss on sale of subsidiary | 2,193,117 | 0 | 2,193,117 | 0 |
Vessel operating | 0 | 190,174 | 145,714 | 203,041 |
Credit loss, net | 10,090,776 | 1,000,000 | 10,090,776 | 1,000,000 |
Impairment loss | 0 | 231,000 | 0 | 2,231,000 |
Total expenses | 15,305,744 | 5,117,288 | 25,220,647 | 15,082,952 |
Loss before income taxes | (12,334,498) | (569,130) | (6,985,379) | (2,529,970) |
Income tax expense | 0 | 0 | 76,542 | 507,214 |
Net loss | (12,334,498) | (569,130) | (7,061,921) | (3,037,184) |
Less: net income (loss) attributable to noncontrolling interests | 51,117 | (63,633) | 1,296,748 | (903,817) |
Net loss attributable to Fund Fifteen | (12,385,615) | (505,497) | (8,358,669) | (2,133,367) |
Net loss attributable to Fund Fifteen allocable to: | ||||
Limited partners | (12,261,759) | (500,442) | (8,275,082) | (2,112,033) |
General Partner | (123,856) | (5,055) | (83,587) | (21,334) |
Net income (loss) attributable to Fund Fifteen | $ (12,385,615) | $ (505,497) | $ (8,358,669) | $ (2,133,367) |
Weighted average number of limited partnership interests outstanding | 197,385 | 197,385 | 197,385 | 197,385 |
Net loss attributable to Fund Fifteen per weighted average limited partnership interest outstanding | $ (62.12) | $ (2.54) | $ (41.92) | $ (10.70) |
Consolidated Statements of Chan
Consolidated Statements of Changes in Equity - USD ($) | Total | Noncontrolling Interests | Limited Partners | General Partner | Partners' Equity |
Balance (in shares) at Dec. 31, 2017 | 197,385 | ||||
Balance at Dec. 31, 2017 | $ 67,640,038 | $ 2,583,620 | $ 66,155,358 | $ (1,098,940) | $ 65,056,418 |
Increase (Decrease) in Partners' Capital [Roll Forward] | |||||
Net income (unaudited) | 1,080,657 | 75,353 | 995,251 | 10,053 | 1,005,304 |
Distributions (unaudited) | (5,695,115) | 0 | $ (5,638,164) | (56,951) | (5,695,115) |
Balance (in shares) at Mar. 31, 2018 | 197,385 | ||||
Balance at Mar. 31, 2018 | 63,025,580 | 2,658,973 | $ 61,512,445 | (1,145,838) | 60,366,607 |
Balance (in shares) at Dec. 31, 2017 | 197,385 | ||||
Balance at Dec. 31, 2017 | 67,640,038 | 2,583,620 | $ 66,155,358 | (1,098,940) | 65,056,418 |
Increase (Decrease) in Partners' Capital [Roll Forward] | |||||
Net income (unaudited) | (7,061,921) | ||||
Conversion of loan to equity (unaudited) | 3,551,674 | ||||
Balance (in shares) at Sep. 30, 2018 | 197,385 | ||||
Balance at Sep. 30, 2018 | 49,669,757 | 50 | $ 50,922,515 | (1,252,808) | 49,669,707 |
Balance (in shares) at Mar. 31, 2018 | 197,385 | ||||
Balance at Mar. 31, 2018 | 63,025,580 | 2,658,973 | $ 61,512,445 | (1,145,838) | 60,366,607 |
Increase (Decrease) in Partners' Capital [Roll Forward] | |||||
Net income (unaudited) | 4,191,920 | 1,170,278 | 2,991,426 | 30,216 | 3,021,642 |
Conversion of loan to equity (unaudited) | 3,551,674 | 3,551,674 | |||
Distributions (unaudited) | (1,005,157) | 0 | $ (995,105) | (10,052) | (1,005,157) |
Balance (in shares) at Jun. 30, 2018 | 197,385 | ||||
Balance at Jun. 30, 2018 | 69,764,017 | 7,380,925 | $ 63,508,766 | (1,125,674) | 62,383,092 |
Increase (Decrease) in Partners' Capital [Roll Forward] | |||||
Net income (unaudited) | (12,334,498) | 51,117 | (12,261,759) | (123,856) | (12,385,615) |
Distributions (unaudited) | (327,770) | 0 | $ (324,492) | (327,770) | |
Deconsolidation of subsidiary (unaudited) | (7,431,992) | (7,431,992) | |||
Balance (in shares) at Sep. 30, 2018 | 197,385 | ||||
Balance at Sep. 30, 2018 | $ 49,669,757 | $ 50 | $ 50,922,515 | $ (1,252,808) | $ 49,669,707 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 9 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
Cash flows from operating activities: | ||
Net loss | $ (7,061,921) | $ (3,037,184) |
Adjustments to reconcile net loss to net cash provided by operating activities: | ||
Finance income | (234,957) | (333,699) |
Credit loss, net | 10,090,776 | 1,000,000 |
Loss on sale of vessel | 2,045,055 | 0 |
Loss on sale of subsidiary | 2,193,117 | 0 |
Gain on extinguishment of debt | (4,764,270) | 0 |
Loss from investment in joint ventures and equity-method investees | 130,046 | 1,444,128 |
Depreciation | 4,595,674 | 4,870,888 |
Impairment loss | 0 | 2,231,000 |
Interest expense from amortization of debt financing costs | 345,329 | 389,561 |
Interest expense from amortization of seller's credit | 429,721 | 453,068 |
Other financial (gain) loss | (660,438) | 207,828 |
Paid-in-kind interest | 70,374 | 303,061 |
Changes in operating assets and liabilities: | ||
Other assets | (889,086) | (478,032) |
Deferred revenue | 137,115 | 305,205 |
Due from General Partner and affiliates, net | (30,787) | (146,521) |
Distributions from joint ventures | 0 | 150,962 |
Accrued expenses and other liabilities | 1,682,473 | (1,251,003) |
Net cash provided by operating activities | 8,078,221 | 6,109,262 |
Cash flows from investing activities: | ||
Proceeds from sale of leased equipment | 0 | 2,393,388 |
Investment in joint ventures and equity-method investees | (450,000) | (16,745) |
Principal received on finance leases | 0 | 77,812 |
Investment in notes receivable | (550,000) | 0 |
Proceeds from sale of subsidiaries | 8,501,308 | 0 |
Distributions received from joint ventures in excess of profits | 1,306,780 | 1,183,615 |
Principal received on notes receivable | 546,494 | 8,793,181 |
Net cash provided by investing activities | 9,354,582 | 12,431,251 |
Cash flows from financing activities: | ||
Repayment of non-recourse long-term debt | (3,791,668) | (6,625,000) |
Repayment of seller's credits | (40,000) | (60,000) |
Payment of debt financing costs | (233,188) | (83,418) |
Payments of Distributions to Affiliates | 0 | (196,043) |
Distributions to partners | (7,028,042) | (34,643,548) |
Net cash used in financing activities | (11,092,898) | (41,608,009) |
Net increase (decrease) in cash and restricted cash | 6,339,905 | (23,067,496) |
Cash and restricted cash, beginning of period | 21,952,824 | 49,889,516 |
Cash and restricted cash, end of period (a) | 28,292,729 | 26,822,020 |
Supplemental disclosure of cash flow information: | ||
Cash paid for interest | 2,298,297 | 2,745,443 |
Conversion of note payable and accrued interest due to noncontrolling interests to investment by noncontrolling interests | 3,551,674 | 0 |
Proceeds from the sale of vessel paid directly to lender to settle non-recourse long-term debt and interest | 944,544 | 0 |
Proceeds from the sale of vessel paid directly to third-parties to settle claims | 555,456 | 0 |
Deconsolidation of subsidiary - noncontrolling interests | 7,431,992 | 0 |
(a) The following table presents a reconciliation of cash and restricted cash to amounts reported within the consolidated balance sheets: | ||
Cash | 28,292,729 | 22,338,967 |
Restricted cash | 0 | 4,483,053 |
Cash and restricted cash, end of period (a) | $ 28,292,729 | $ 26,822,020 |
Organization
Organization | 9 Months Ended |
Sep. 30, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [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. We are a direct financing fund that primarily made investments in domestic and international companies, which investments were 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. Our offering period commenced on June 6, 2011 and ended on June 6, 2013, at which time we entered our operating period. On April 24, 2017, we commenced a consent solicitation of our limited partners to amend and restate our limited partnership agreement in order to amend the definition of “operating period” to provide for the ability of our General Partner to shorten our operating period in its sole and absolute discretion. The consent solicitation was completed on May 24, 2017 with the requisite consents received from our limited partners. As a result, our General Partner ended our operating period on May 31, 2017 and commenced our liquidation period on June 1, 2017. During our liquidation period, we have sold and will continue to sell our assets and/or let our investments mature in the ordinary course of business. On May 30, 2017, ICON Capital, LLC, a Delaware limited liability company and our investment manager (the “Investment Manager”), retained ABN AMRO Securities (USA) LLC (“ABN AMRO Securities”) as its financial advisor to assist our Investment Manager and us in identifying, evaluating and executing a potential sale of certain shipping and offshore energy assets included within our investment portfolio. As a result of such identification and evaluation, on September 7, 2018, an unaffiliated third-party purchased 100% of the limited liability company interests of ICON Fugro (as defined and discussed in further detail in Note 4). |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2018 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | (2) Summary of Significant Accounting Policies Basis of Presentation and Consolidation Our accompanying consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) for interim financial information and pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”) for Quarterly Reports on Form 10-Q. In the opinion of our General Partner, all adjustments, which are of a normal recurring nature, considered necessary for a fair presentation have been included. These consolidated financial statements should be read together with the consolidated financial statements and notes included in our Annual Report on Form 10-K for the year ended December 31, 2017. The results for the interim period are not necessarily indicative of the results for the full year. Certain reclassifications have been made to the accompanying consolidated financial statements in the prior year to conform to the current presentation. Credit Quality of Notes Receivable and Finance Leases and Credit Loss Reserve Our Investment Manager monitors the ongoing credit quality of our financing receivables by (i) reviewing and analyzing a borrower’s financial performance on a regular basis, including review of financial statements received on a monthly, quarterly or annual basis as prescribed in the loan or lease agreement, (ii) tracking the relevant credit metrics of each financing receivable and a borrower’s compliance with financial and non-financial covenants, (iii) monitoring a borrower’s payment history and public credit rating, if available, and (iv) assessing our exposure based on the current investment mix. As part of the monitoring process, our Investment Manager may physically inspect the collateral or a borrower’s facility and meet with a borrower’s management to better understand such borrower’s financial performance and its future plans on an as-needed basis. As our financing receivables, generally notes receivable and finance leases, are limited in number, our Investment Manager is able to estimate the credit loss reserve based on a detailed analysis of each financing receivable as opposed to using portfolio-based metrics. Our Investment Manager does not use a system of assigning internal risk ratings to each of our financing receivables. Rather, each financing receivable is analyzed quarterly and categorized as either performing or non-performing based on certain factors including, but not limited to, financial results, satisfying scheduled payments and compliance with financial covenants. A financing receivable is usually categorized as non-performing only when a borrower experiences financial difficulties and has failed to make scheduled payments. Our Investment Manager then analyzes whether the financing receivable should be placed on a non-accrual status, a credit loss reserve should be established or the financing receivable should be restructured. As part of the assessment, updated collateral value is usually considered and such collateral value can be based on a third party industry expert appraisal or, depending on the type of collateral and accessibility to relevant published guides or market sales data, internally derived fair value. Material events would be specifically disclosed in the discussion of each financing receivable held. Financing receivables are generally placed on a non-accrual status when payments are more than 90 days past due. Additionally, our Investment Manager periodically reviews the creditworthiness of companies with payments outstanding less than 90 days and based upon our Investment Manager’s judgment, these accounts may be placed on a non-accrual status. In accordance with the cost recovery method, payments received on non-accrual financing receivables are applied to principal if there is doubt regarding the ultimate collectability of principal. If collection of the principal of non-accrual financing receivables is not in doubt, interest income is recognized on a cash basis. Financing receivables on non-accrual status may not be restored to accrual status until all delinquent payments have been received, and we believe recovery of the remaining unpaid receivable is probable. When our Investment Manager deems it is probable that we will not be able to collect all contractual principal and interest on a non-performing financing receivable, we perform an analysis to determine if a credit loss reserve is necessary. This analysis considers the estimated cash flows from the financing receivable, and/or the collateral value of the asset underlying the financing receivable when financing receivable repayment is collateral dependent. If it is determined that the impaired value of the non-performing financing receivable is less than the net carrying value, we will recognize a credit loss reserve or adjust the existing credit loss reserve with a corresponding charge to earnings. We then charge off a financing receivable in the period that it is deemed uncollectible by reducing the credit loss reserve and the balance of the financing receivable. Investments - Equity Method and Cost Method We account for our interests in entities in which we are able to exercise significant influence over operating and financial policies, generally 50% or less ownership interest, under the equity method of accounting. In such cases, our original investments are recorded at cost and adjusted for our share of earnings, losses and distributions. We account for our interests in entities where we have virtually no influence over operating and financial policies under the cost method of accounting. In such cases, our original investments are recorded at cost and any distributions received are recorded as revenue. All investments are subject to our impairment review policy. We have one investment that is accounted for under the cost method that does not have readily determinable fair values. We measure this investment at cost less impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer. At each reporting period, our Investment Manager reassesses the appropriateness of this methodology for this investment and performs a qualitative assessment by considering any impairment indicators. If the qualitative assessment indicates that the investment is impaired and its fair value is less than its net carrying value, we will write down the investment to such fair value. Recently Adopted Accounting Pronouncements In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09 , Revenue from Contracts with Customers (“ASU 2014-09”), requiring revenue to be recognized in an amount that reflects the consideration expected to be received in exchange for goods and services. We adopted ASU 2014-09 on January 1, 2018. Since substantially all of our revenue is recognized from our leasing and lending contracts, which are not subject to ASU 2014-09, the adoption of ASU 2014-09 did not have an effect on our consolidated financial statements. In January 2016, FASB issued ASU No. 2016-01, Financial Instruments - Overall: Recognition and Measurement of Financial Assets and Financial Liabilities (“ASU 2016-01”), which provides guidance related to accounting for equity investments, financial liabilities under the fair value option, and the presentation and disclosure requirements for financial instruments. In addition, FASB clarified guidance related to the valuation allowance assessment when recognizing deferred tax assets resulting from unrealized losses on available-for-sale debt securities. We adopted ASU 2016-01 on January 1, 2018. As a result of the adoption of ASU 2016-01, we are no longer required to make certain disclosures related to the methods and significant assumptions used to estimate fair value for financial instruments measured at amortized cost. In August 2016, FASB issued ASU No. 2016-15, Statement of Cash Flows: Classification of Certain Cash Receipts and Cash Payments (“ASU 2016-15”), which provides guidance on how certain cash receipts and cash payments are to be presented and classified in the statement of cash flows. We adopted ASU 2016-15 on January 1, 2018, which did not have an effect on our consolidated financial statements. We utilize the cumulative earnings approach under ASU 2016-15 to present distributions received from equity-method investees, which is consistent with our previous policy. In November 2016, FASB issued ASU No. 2016-18, Statement of Cash Flows (“ASU 2016-18”), which provides guidance on the presentation of restricted cash or restricted cash equivalents in the statement of cash flows. As a result of the adoption of ASU 2016-18 on January 1, 2018, we commenced presenting restricted cash with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts presented on our consolidated statements of cash flows. We adopted ASU 2016-18 using the retrospective method. As a result, the effects of adopting ASU 2016-18 on our consolidated statements of cash flows for the nine months ended September 30, 2017 were as follows: Nine Months Ended September 30, 2017 As Reported Adoption of ASU 2016-18 As Adjusted Net cash provided by operating activities $ 5,120,419 $ 988,843 $ 6,109,262 Net cash provided by (used in) investing activities 12,450,981 (19,730 ) 12,431,251 Cash and restricted cash, beginning of period 46,375,576 3,513,940 49,889,516 Net (decrease) increase in cash and restricted cash (24,036,609 ) 969,113 (23,067,496 ) Cash and restricted cash, end of period $ 22,338,967 $ 4,483,053 $ 26,822,020 In January 2017, FASB issued ASU No. 2017-01, Business Combinations (“ASU 2017-01”), which clarifies the definition of a business. ASU 2017-01 sets forth requirements to be met for a set to be deemed a business and establishes a practical way to determine when a set is not a business. To be considered a business, a set must include, at a minimum, an input and a substantive process that together significantly contribute to the ability to create an output, and removes the evaluation of whether a market participant could replace missing elements. In addition, ASU 2017-01 narrows the definition of outputs and aligns such definition with how outputs are described within the revenue guidance. We adopted ASU 2017-01 on January 1, 2018, which did not have an effect on our consolidated financial statements. Other Recent Accounting Pronouncements In February 2016, FASB issued ASU No. 2016-02, Leases (“ASU 2016-02”), which requires lessees to recognize assets and liabilities for leases with lease terms greater than twelve months on the balance sheet and disclose key information about leasing arrangements. ASU 2016-02 implements changes to lessor accounting focused on conforming with certain changes made to lessee accounting and the recently released revenue recognition guidance. In July 2018, FASB issued ASU No. 2018-11, Leases (“ASU 2018-11”), which provides an additional transition method by allowing companies to initially apply the new leases standard at the adoption date and recognize a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption. In addition, ASU 2018-11 provides lessors a practical expedient to not separate non-lease components from the associated lease component under certain circumstances. The adoption of ASU 2016-02 and ASU 2018-11 becomes effective for us on January 1, 2019. Early adoption is permitted. As we no longer have any lease arrangements and since we are in our liquidation period and not expecting to enter into any new leases in the future, the adoption of ASU 2016-02 and ASU 2018-11 will not have an effect on our consolidated financial statements. In June 2016, FASB issued ASU No. 2016-13, Financial Instruments - Credit Losses (“ASU 2016-13”), which modifies the measurement of credit losses by eliminating the probable initial recognition threshold set forth in current guidance, and instead reflects an entity’s current estimate of all expected credit losses. The measurement of expected credit losses is based on relevant information about past events, including historical experience, current conditions, and reasonable and supportable forecasts that affect the collectability of the reported amount. An entity will apply the amendments within ASU 2016-13 through a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is effective. The adoption of ASU 2016-13 becomes effective for us on January 1, 2020, including interim periods within that reporting period. Early adoption is permitted. We are currently in the process of evaluating the impact of the adoption of ASU 2016-13 on our consolidated financial statements. In August 2018, FASB issued ASU No. 2018-13, Fair Value Measurement (“ASU 2018-13”), which modifies the disclosure requirements for fair value measurements. The adoption of ASU 2018-13 becomes effective for us on January 1, 2020, including interim periods within that reporting period. Early adoption is permitted. We are currently in the process of evaluating the impact of the adoption of ASU 2018-13 on our consolidated financial statements. |
Net Investment in Notes Receiva
Net Investment in Notes Receivable | 9 Months Ended |
Sep. 30, 2018 | |
Receivables [Abstract] | |
Net Investment in Notes Receivable | (3) Net Investment in Notes Receivable As of September 30, 2018 , we had net investment in notes receivable on non-accrual status of $ 13,500,000 and no net investment in notes receivable that was past due 90 days or more and still accruing. See below for further details regarding our note receivable related to Lubricating Specialties Company (“LSC”). As of December 31, 2017 , we had net investment in notes receivable on non-accrual status of $1,950,000 and no net investment in notes receivable that was past due 90 days or more and still accruing. See below for further details regarding our note receivable related to four affiliates of Técnicas Marítimas Avanzadas, S.A. de C.V. (collectively, “TMA”). Net investment in notes receivable consisted of the following: September 30, December 31, 2018 2017 Principal outstanding (1) $ 31,287,356 $ 32,702,674 Deferred fees (1,146,455 ) (1,381,413 ) Credit loss reserve (2) (9,171,160 ) (1,550,490 ) Net investment in notes receivable (3) $ 20,969,741 $ 29,770,771 (1) As of September 30, 2018 and December 31, 2017 , total principal outstanding related to our impaired loans was $26,359,097 and $3,500,490 , respectively. (2) As of September 30, 2018 , we had a credit loss reserve of $10,090,776 related to LSC, of which $919,616 was reserved against the accrued interest receivable included in other assets and $9,171,160 was reserved against net investment in notes receivable. As of December 31, 2017 , we had a credit loss reserve of $ 2,615,158 related to TMA, of which $ 1,064,668 was reserved against the accrued interest receivable included in other assets and $1,550,490 was reserved against net investment in notes receivable. (3) As of September 30, 2018 and December 31, 2017 , net investment in notes receivable related to our impaired loans was $ 16,093,472 and $1,950,000 , respectively. On July 14, 2014, we, ICON Leasing Fund Twelve Liquidating Trust (formerly, ICON Leasing Fund Twelve, LLC) (“Fund Twelve”) and ICON Equipment and Corporate Infrastructure Fund Fourteen, L.P. (“Fund Fourteen”), each an entity also managed by our Investment Manager (collectively, “ICON”), entered into a secured term loan credit facility agreement with TMA to provide a credit facility of up to $ 29,000,000 (the “ICON Loan”), of which our commitment of $ 3,625,000 was funded on August 27, 2014 (the “TMA Initial Closing Date”). The facility was used by TMA to acquire and refinance two platform supply vessels. At inception, the loan bore interest at the London Interbank Offered Rate (“LIBOR”), subject to a 1% floor, plus a margin of 17% . Upon the acceptance of both vessels by TMA’s sub-charterer on September 19, 2014, the margin was reduced to 13% . On November 24, 2014, ICON entered into an amended and restated senior secured term loan credit facility agreement with TMA pursuant to which an unaffiliated third party (the “Senior Lender”) agreed to provide a senior secured term loan in the amount of up to $ 89,000,000 (the “Senior Loan,” and collectively with the ICON Loan, the “TMA Facility”) to acquire two additional vessels. The TMA Facility had a term of five years from the TMA Initial Closing Date. As a result of the amendment, the margin for the ICON Loan increased to 15% and repayment of the ICON Loan became subordinated to the repayment of the Senior Loan. The TMA Facility is secured by, among other things, a first priority security interest in the four vessels and TMA’s right to the collection of hire with respect to earnings from the sub-charterer related to the four vessels. As a condition to the amendment and increased size of the TMA Facility, TMA was required to cause all four platform supply vessels to be under contract by March 31, 2015. Due to TMA’s failure to meet such condition, TMA was in technical default and in payment default while available cash was swept by the Senior Lender and applied to the Senior Loan in accordance with the loan agreement. As a result, the principal balance of the Senior Loan amortized at a faster rate. In January 2016, the remaining two previously unchartered vessels had commenced employment. Our Investment Manager continued to assess the collectability of the note receivable at each reporting date as TMA's credit quality slowly deteriorated and the fair market value of the collateral continued to decrease. During the three months ended June 30, 2017, our Investment Manager believed it was prudent to place the note receivable on non-accrual status. In September 2017, our Investment Manager met with certain restructuring advisors engaged by TMA to discuss a potential restructuring of the company. In light of these developments and a decrease in the fair market value of the collateral, in which we had a second priority security interest, our Investment Manager determined to record a credit loss of $ 1,750,000 during the three months ended September 30, 2017. On December 26, 2017, ICON, the Senior Lender and TMA entered into a restructuring support and lock-up agreement to commit to a restructuring of TMA’s outstanding debt obligations and to provide additional funding to TMA, subject to execution of definitive agreements. As a result of this restructuring (as further described below), our Investment Manager assessed the collectability of the note receivable as of December 31, 2017 and recorded an additional credit loss of $ 865,158 for the three months ended December 31, 2017. On January 5, 2018, ICON, the Senior Lender and TMA executed all definitive agreements including, without limitation, the second amended and restated term loan credit facility agreement in connection with the restructuring of the TMA Facility (the “Second Amendment”). Under the Second Amendment, ICON funded a total of $8,000,000 in exchange for (i) all amounts payable under the Senior Loan would amortize at a faster rate, at which time ICON would become the senior lender and have a first priority security interest in the four vessels and TMA’s right to the earnings generated by the vessels; and (ii) a 12.5% equity interest in two affiliates of TMA. Also as part of the Second Amendment, ICON agreed to reduce its aggregate notes and interest receivables to $20,000,000 in connection with the overall restructuring plan. As a result of the Second Amendment, on January 5, 2018, we funded our additional commitment of $1,000,000 , which represented our share of the total additional commitment to TMA, and our note and interest receivables due from TMA were reduced to $2,500,000 . As of January 5, 2018, our share of the fair value of the 12.5% equity interest in two affiliates of TMA was estimated to be $ 450,000 , which was based on an independent third-party valuation. Of our $ 1,000,000 additional commitment to TMA, we recorded $450,000 as an investment accounted for under the equity method of accounting (see Note 7) and the remaining $ 550,000 as an additional loan to TMA. As a result of this restructuring, during the three months ended March 31, 2018, we wrote off the allowance for credit loss of $ 2,615,158 related to TMA, of which $ 1,064,668 was previously reserved against the accrued interest receivable and $ 1,550,490 was previously reserved against our net investment in notes receivable. In addition, we also wrote off the corresponding $ 1,064,668 accrued interest receivable. In accordance with the Second Amendment, our restructured loan of $ 2,500,000 bears interest at a rate of 12% per year and is scheduled to mature on January 5, 2021 . The amended TMA Facility is secured by substantially the same collateral that secured the TMA Facility prior to the restructuring. On June 12, 2018, all of TMA’s obligations to the Senior Lender and all amounts payable under the Senior Loan were satisfied in full. As a result, ICON became the agent and senior lender and has a first priority security interest in the four vessels and TMA’s right to the earnings generated by the vessels. Interest was accrued as paid-in-kind (“PIK”) interest until the Senior Loan was satisfied in full. Upon satisfaction of the Senior Loan, (i) $ 131,667 of PIK interest was reclassified to principal; and (ii) the ICON Loan is being amortized at 25% per year and together with interest, is payable quarterly in arrears. On July 5, 2018, we extended the due date of certain payments from TMA for an additional 15 days for a fee of $ 3,750 . Such payments were thereafter timely received from TMA. On October 4, 2018, we extended the due date of the quarterly interest and principal payments from TMA for an additional 20 days for a fee of $ 5,000 . The fee was timely received but the quarterly interest and principal payments were not received from TMA until November 9, 2018. As of September 30, 2018 and December 31, 2017, our net investment in notes receivable related to TMA was $ 2,593,472 and $1,950,000 , respectively. In addition, as of December 31, 2017, we had an accrued interest receivable related to TMA of $1,064,668 , which had been fully reserved, resulting in a net carrying value of $ 0 . During the three and nine months ended September 30, 2018 , we recognized finance income of $ 83,334 and $ 232,109 , respectively, of which no amount was recognized on a cash basis. During the three and nine months ended September 30, 2017 , we recognized finance income of $ 0 and $ 111,279 , respectively, of which no amount was recognized on a cash basis. On December 30, 2016, we, Fund Fourteen and ICON ECI Fund Sixteen (“Fund Sixteen”), an entity also managed by our Investment Manager, entered into a secured term loan agreement with LSC to provide a loan in the aggregate amount of $ 32,500,000 , of which our commitment of $ 24,375,000 was funded on such date. The loan bears interest at LIBOR, subject to a 1% floor, plus 11% per year, and is for a period of four years maturing on December 30, 2020. The loan is secured by a second priority security interest in LSC’s accounts receivable and inventory and a first priority security interest in all of LSC’s other assets. LSC has been experiencing financial difficulties and has failed to make its quarterly in-arrears payments since July 1, 2018. As a result, principal and interest due from LSC are currently more than 90 days past due. During the three months ended September 30, 2018, LSC engaged a chief restructuring officer and we are currently working with LSC and its stakeholders to assess LSC’s financial condition for purposes of formulating a restructuring plan. As part of these discussions, on October 19, 2018, we, LSC and each of its other lenders entered into forbearance agreements under which we agreed to forbear from exercising our rights as a result of LSC’s various defaults under the loan agreement until no later than January 15, 2019 while we, LSC and each of its other stakeholders continue negotiating a restructuring plan. In light of these developments, our Investment Manager determined that there was doubt regarding the collectability of the note receivable. Our Investment Manager assessed the collectability of the note receivable by using a weighted-average of the concluded values from a market approach and an income approach utilizing (i) an enterprise value derived from adjusted EBITDA multiples of certain comparable public companies and of certain targeted/acquired companies and (ii) the value derived from discounted cash flows using company-specific projections and discount rates for companies of similar size and/or risk profiles. Based on such assessment, our Investment Manager believed that we may potentially not be able to recover approximately $ 7,500,000 to $ 11,300,000 of the outstanding balance due from LSC as of September 30, 2018. During the three months ended September 30, 2018, we recorded a credit loss of $ 10,090,776 based on this assessment, which our Investment Manager believed was the best estimate considering information that was then currently available. As we continue our discussions with LSC and its stakeholders regarding a restructuring plan, which may or may not come to fruition, going forward we will adjust the credit loss reserve accordingly based on new developments. On December 20, 2016, we, Fund Fourteen and Fund Sixteen entered into a secured term loan credit facility agreement with CFL Momentum Beheer B.V. and C.V. CFL Momentum (collectively, “CFL”) to provide a credit facility of up to $ 7,400,000 , of which our commitment of $ 5,550,000 was funded on December 21, 2016. The loan bears interest at 8% per year and we are entitled to an equity participation fee based partly on the fair market value of the vessel upon repayment of the loan. The loan is scheduled to mature on December 21, 2020. The loan is secured by, among other things, a first priority security interest in and earnings from a motor cargo vessel. CFL and Industrial Maritime Carriers (Bermuda), Ltd. (“IMC”), the sub-charterer of the vessel, are in default of their respective obligations under the loan documents and the sub-charter, respectively, due to, among other things (i) CFL frequently incurs shortfalls on its quarterly payments to us under the loan agreement resulting in a past due balance of $ 308,900 as of September 30, 2018; (ii) CFL’s failure to ensure the payment of, and IMC’s failure to pay, all sub-charter payments related to the vessel directly into a designated earnings account since September 2017; (iii) CFL’s failure to maintain a minimum liquidity amount in such designated earnings account; and (iv) CFL’s failure to satisfy its financial reporting requirements under the loan agreement. As a result, on October 5, 2018, we advised CFL that we were accelerating the repayment of all amounts payable under the loan and demanded that CFL and/or its guarantors immediately repay such amounts to us. CFL and/or its guarantors failed to make such payments. On October 22, 2018, we exercised our rights under the loan documents to assume CFL’s obligations under the sub-charter with IMC and to substitute CFL with our designee as the owner of the vessel solely for purposes of the sub-charter. As a result, all sub-charter payments will be paid directly to us going forward to satisfy amounts payable under the loan. Our Investment Manager continues to evaluate additional remedies that are available to us in order to enforce our rights under the loan documents and the sub-charter. Credit loss allowance activities for the three months ended September 30, 2018 were as follows: Credit Loss Allowance Allowance for credit loss as of June 30, 2018 $ — Provisions 10,090,776 Write-offs, net of recoveries — Allowance for credit loss as of September 30, 2018 $ 10,090,776 Credit loss allowance activities for the three months ended September 30, 2017 were as follows: Credit Loss Allowance Allowance for credit loss as of June 30, 2017 $ 5,397,913 Provisions 1,750,000 Write-offs, net of recoveries (5,397,913 ) Allowance for credit loss as of September 30, 2017 $ 1,750,000 Credit loss allowance activities for the nine months ended September 30, 2018 were as follows: Credit Loss Allowance Allowance for credit loss as of December 31, 2017 $ 2,615,158 Provisions 10,090,776 Write-offs, net of recoveries (2,615,158 ) Allowance for credit loss as of September 30, 2018 $ 10,090,776 Credit loss allowance activities for the nine months ended September 30, 2017 were as follows: Credit Loss Allowance Allowance for credit loss as of December 31, 2016 $ 5,397,913 Provisions 1,750,000 Write-offs, net of recoveries (5,397,913 ) Allowance for credit loss as of September 30, 2017 $ 1,750,000 |
Leased Equipment at Cost
Leased Equipment at Cost | 9 Months Ended |
Sep. 30, 2018 | |
Property, Plant and Equipment [Abstract] | |
Leased Equipment at Cost | (4) Leased Equipment at Cost Leased equipment at cost consisted of the following: September 30, December 31, 2018 2017 Geotechnical drilling vessels $ — $ 124,573,141 Leased equipment at cost — 124,573,141 Less: accumulated depreciation — 13,020,541 Leased equipment at cost, less accumulated depreciation $ — $ 111,552,600 Depreciation expense was $1,201,467 and $1,620,607 for the three months ended September 30, 2018 and 2017 , respectively. Depreciation expense was $ 4,440,729 and $ 4,870,888 for the nine months ended September 30, 2018 and 2017, respectively. On December 23, 2015, ICON Fugro Holdings, LLC (“ICON Fugro”), a joint venture owned 75% by us, 15% by Fund Fourteen and 10% by Fund Sixteen, through two indirect subsidiaries, entered into memoranda of agreement to purchase two geotechnical drilling vessels, the Fugro Scout and the Fugro Voyager (collectively, the “Fugro Vessels”), from affiliates of Fugro N.V. (“Fugro”) for an aggregate purchase price of $ 130,000,000 . The aggregate purchase price was funded by the indirect subsidiaries through (i) $ 16,500,000 in cash; (ii) $ 91,000,000 in financing through a senior secured loan from ABN AMRO Bank N.V. (“ABN AMRO”), Cooperatieve Centrale Raiffeisen-Boerenleenbank B.A. (“Rabobank”) and NIBC Bank N.V. (“NIBC”); and (iii) seller’s credits of $ 22,500,000 . The Fugro Scout and the Fugro Voyager were delivered on December 24, 2015 and January 8, 2016 , respectively. The Fugro Vessels were bareboat chartered to affiliates of Fugro for a period of 12 years upon the delivery of each respective vessel, although such charters could have been terminated by the indirect subsidiaries after year five. In anticipation of a potential breach of a financial covenant by Fugro on December 31, 2017, effective December 29, 2017, the indirect subsidiaries and the affiliates of Fugro amended the bareboat charters on April 6, 2018 to, among other things, amend certain financial covenants, increase the daily charter rate and provide for additional security deposits. As part of the amendment, ICON Fugro received a fee of $ 55,000 . On September 7, 2018, an unaffiliated third-party purchased 100% of the limited liability company interests of ICON Fugro for net sales proceeds of $ 27,727,846 . As a result, we recorded a loss on sale of $ 2,193,117 , which is included in loss on sale of subsidiary on our consolidated statements of operations. Through the acquisition of the interests of ICON Fugro, the third-party purchaser acquired ownership of the Fugro Vessels and assumed all outstanding senior debt obligations in the amount of $ 72,041,666 due to ABN AMRO, Rabobank and NIBC and the seller's credit in the amount of $ 15,249,948 due to affiliates of Fugro. For the three and nine months ended September 30, 2018, pre-tax income of ICON Fugro was $ 204,618 and $ 2,466,856 , respectively, of which the pre-tax income attributable to us was $ 153,463 and $ 1,850,412 , respectively. For the three and nine months ended September 30, 2017, pre-tax income of ICON Fugro was $ 552,277 and $ 1,350,370 , respectively, of which the pre-tax income attributable to us was $ 414,208 and $ 1,012,777 , respectively. |
Vessel
Vessel | 9 Months Ended |
Sep. 30, 2018 | |
Property, Plant and Equipment | |
Leased Equipment at Cost | (4) Leased Equipment at Cost Leased equipment at cost consisted of the following: September 30, December 31, 2018 2017 Geotechnical drilling vessels $ — $ 124,573,141 Leased equipment at cost — 124,573,141 Less: accumulated depreciation — 13,020,541 Leased equipment at cost, less accumulated depreciation $ — $ 111,552,600 Depreciation expense was $1,201,467 and $1,620,607 for the three months ended September 30, 2018 and 2017 , respectively. Depreciation expense was $ 4,440,729 and $ 4,870,888 for the nine months ended September 30, 2018 and 2017, respectively. On December 23, 2015, ICON Fugro Holdings, LLC (“ICON Fugro”), a joint venture owned 75% by us, 15% by Fund Fourteen and 10% by Fund Sixteen, through two indirect subsidiaries, entered into memoranda of agreement to purchase two geotechnical drilling vessels, the Fugro Scout and the Fugro Voyager (collectively, the “Fugro Vessels”), from affiliates of Fugro N.V. (“Fugro”) for an aggregate purchase price of $ 130,000,000 . The aggregate purchase price was funded by the indirect subsidiaries through (i) $ 16,500,000 in cash; (ii) $ 91,000,000 in financing through a senior secured loan from ABN AMRO Bank N.V. (“ABN AMRO”), Cooperatieve Centrale Raiffeisen-Boerenleenbank B.A. (“Rabobank”) and NIBC Bank N.V. (“NIBC”); and (iii) seller’s credits of $ 22,500,000 . The Fugro Scout and the Fugro Voyager were delivered on December 24, 2015 and January 8, 2016 , respectively. The Fugro Vessels were bareboat chartered to affiliates of Fugro for a period of 12 years upon the delivery of each respective vessel, although such charters could have been terminated by the indirect subsidiaries after year five. In anticipation of a potential breach of a financial covenant by Fugro on December 31, 2017, effective December 29, 2017, the indirect subsidiaries and the affiliates of Fugro amended the bareboat charters on April 6, 2018 to, among other things, amend certain financial covenants, increase the daily charter rate and provide for additional security deposits. As part of the amendment, ICON Fugro received a fee of $ 55,000 . On September 7, 2018, an unaffiliated third-party purchased 100% of the limited liability company interests of ICON Fugro for net sales proceeds of $ 27,727,846 . As a result, we recorded a loss on sale of $ 2,193,117 , which is included in loss on sale of subsidiary on our consolidated statements of operations. Through the acquisition of the interests of ICON Fugro, the third-party purchaser acquired ownership of the Fugro Vessels and assumed all outstanding senior debt obligations in the amount of $ 72,041,666 due to ABN AMRO, Rabobank and NIBC and the seller's credit in the amount of $ 15,249,948 due to affiliates of Fugro. For the three and nine months ended September 30, 2018, pre-tax income of ICON Fugro was $ 204,618 and $ 2,466,856 , respectively, of which the pre-tax income attributable to us was $ 153,463 and $ 1,850,412 , respectively. For the three and nine months ended September 30, 2017, pre-tax income of ICON Fugro was $ 552,277 and $ 1,350,370 , respectively, of which the pre-tax income attributable to us was $ 414,208 and $ 1,012,777 , respectively. |
AMC | |
Property, Plant and Equipment | |
Leased Equipment at Cost | (5) Vessel Upon termination of the bareboat and time charters with Gallatin Marine Management, LLC (“Gallatin”) and EMAS Chiyoda Subsea Limited (“EMAS”), respectively, we reclassified the AMC Ambassador (f/k/a the Lewek Ambassador) as vessel on our consolidated balance sheet as of March 31, 2017. On June 27, 2018, we sold the AMC Ambassador to a third-party purchaser for $ 1,500,000 . A portion of the sale proceeds was used to satisfy in full certain third-party claims against the vessel of $ 555,456 , with the remaining portion used to settle our non-recourse long-term debt obligations related to the vessel. As a result, we recognized a loss on sale of vessel of $ 2,045,055 and recognized a gain on extinguishment of debt of $ 4,764,270 . Depreciation expense was $ 154,945 for the nine months ended September 30, 2018 , after the AMC Ambassador was reclassified from net investment in finance leases to vessel on our consolidated balance sheet as of March 31, 2017 upon termination of the bareboat and time charters. For the three and nine months ended September 30, 2018 , pre-tax income associated with the vessel was $ 0 and $ 1,696,092 , respectively. For the three and nine months ended September 30, 2017 , pre-tax loss associated with the vessel was $ 504,255 and $ 3,103,398 , respectively. For the three and nine months ended September 30, 2018 , pre-tax income attributable to us associated with the vessel was $ 0 and $ 1,017,655 , respectively. For the three and nine months ended September 30, 2017 , pre-tax loss attributable to us associated with the vessel was $ 302,553 and $ 1,862,038 , respectively. |
Investment in Joint Ventures
Investment in Joint Ventures | 9 Months Ended |
Sep. 30, 2018 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Investment in Joint Venture | (6) Investment in Joint Ventures On March 21, 2014, a joint venture owned 12.5% by us, 75% by Fund Twelve and 12.5% by Fund Fourteen, through two indirect subsidiaries, entered into memoranda of agreement to purchase two LPG tanker vessels, the EPIC Bali and the EPIC Borneo (f/k/a the SIVA Coral and the SIVA Pearl, respectively) (collectively, the “EPIC Vessels”), from Foreguard Shipping I Global Ships Ltd. (f/k/a Siva Global Ships Limited) (“Foreguard Shipping”) for an aggregate purchase price of $ 41,600,000 . The EPIC Bali and the EPIC Borneo were delivered on March 28, 2014 and April 8, 2014, respectively. The EPIC Vessels were bareboat chartered to an affiliate of Foreguard Shipping for a period of eight years upon the delivery of each respective vessel. The EPIC Vessels were each acquired for approximately $ 3,550,000 in cash, $ 12,400,000 of financing through a senior secured loan from DVB Group Merchant Bank (Asia) Ltd. (“DVB Asia”) and $ 4,750,000 of financing through a subordinated, non-interest-bearing seller’s credit. Our contribution to the joint venture was $ 1,022,225 . On February 14, 2018, Foreguard Shipping purchased the EPIC Vessels from the indirect subsidiaries for an aggregate purchase price of $ 32,412,488 . As a result, the bareboat charters were terminated. A portion of the proceeds from the sale of the EPIC Vessels was used to satisfy in full the seller's credit to Foreguard Shipping and the related outstanding non-recourse long-term debt obligations to DVB Asia. As a result, the joint venture recorded a loss of $ 3,018,839 , of which our share was $ 377,355 . The loss was primarily due to (i) the seller’s credit, which was satisfied in full at its maturity amount of $ 9,500,000 rather than its then-present value of $ 7,355,183 recorded on the joint venture’s books prior to the sale, and (ii) the write-off of the remaining unamortized indirect costs. 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 Asia and $ 2,000,000 of financing through a subordinated, non-interest-bearing seller’s credit. Since July 2017, Pacific Crest failed to make its monthly charter payments and our Investment Manager was advised in July 2017 that Pacific Crest was engaged in discussions with its lenders regarding a potential restructuring of its outstanding debt obligations. As a result, the joint venture performed an impairment test on the vessel. For the year ended December 31, 2017, the joint venture recorded an aggregate impairment loss of $19,295,230 based on our impairment tests, of which we were only allocated $1,758,641 as our investment in the joint venture was written down to zero. On April 20, 2018, the joint venture and DVB Asia entered into an agreement (the “DVB Asia Agreement”) under which the parties agreed to (i) cooperate to market and sell the offshore supply vessel, (ii) the application of any future payments that may be received by the joint venture from Pacific Crest and/or Pacific Radiance Ltd. (“Pacific Radiance”), the guarantor of Pacific Crest’s obligations under the bareboat charter related to the vessel, in settlement of all obligations and liabilities of Pacific Crest and Pacific Radiance under the bareboat charter and the guaranty, respectively, and (iii) the application of the sale proceeds from any future sale of the vessel. On May 14, 2018, the joint venture entered into a settlement agreement with Pacific Crest, Pacific Radiance and DVB Asia under which, among other things, (i) the parties agreed to terminate the bareboat charter and the joint venture would release Pacific Crest and Pacific Radiance from all obligations and liabilities under the bareboat charter and the guaranty, respectively, in each case upon the joint venture’s receipt of a $ 1,000,000 payment from Pacific Crest, a portion of which will be used to make a partial repayment on the outstanding debt to DVB Asia; (ii) the parties agreed to cooperate to market and sell the offshore supply vessel; and (iii) Pacific Crest released the joint venture from its obligation to repay the seller's credit and Pacific Crest will continue to maintain the vessel in its current condition until the earlier of the sale of the vessel or December 15, 2018. On May 18, 2018, the joint venture received the $1,000,000 payment from Pacific Crest, of which the joint venture is entitled to $ 566,667 and the remaining $ 433,333 will be applied toward the repayment of the joint venture’s outstanding non-recourse debt to DVB Asia in accordance with the DVB Asia Agreement. As a result, the joint venture recognized $ 1,000,000 of income as part of this arrangement, of which our share was $125,000 . On May 16, 2018, Pacific Radiance and its subsidiaries (including Pacific Crest) made applications to the Singapore High Court seeking interim protection against legal proceedings and other claims as they seek to restructure their outstanding debt obligations with stakeholders. On June 11, 2018, the Court granted such protection to Pacific Radiance and its subsidiaries (including Pacific Crest) until December 2018. On June 4, 2018, the joint venture entered into an exclusivity agreement with a potential purchaser of the offshore supply vessel under which the joint venture agreed to exclusively negotiate with such potential purchaser for the sale of the vessel to permit the potential purchaser to bid on a bareboat charter that if accepted, would have employed the offshore supply vessel. In exchange for exclusivity, the potential purchaser paid a $ 25,000 nonrefundable fee to the joint venture. The exclusivity agreement expired and the joint venture was informed by the potential purchaser that it would not proceed with the purchase of the vessel. During the three months ended June 30, 2018, the joint venture continued to work with DVB Asia, Pacific Crest and Pacific Radiance to market the vessel for sale and was in negotiations with another potential purchaser. Based on the purchase offers received, our Investment Manager concluded that there was an indication that the then net carrying value of the vessel may not be recoverable. As a result, our Investment Manager performed an impairment test on the vessel and concluded that the joint venture should record an additional impairment loss of $ 7,345,225 during the three months ended June 30, 2018, of which no loss was allocated to us as our investment in the joint venture was previously written down to zero. The joint venture continues to work with DVB Asia, Pacific Crest and Pacific Radiance to identify sale opportunities and based on recent negotiations with potential purchasers and the most recent purchase offer received, our Investment Manager concluded that there was an indication that the net carrying value of the vessel may not be recoverable. As a result, our Investment Manager performed an impairment test and concluded that the joint venture should record an additional impairment loss of $2,458,845 for the three months ended September 30, 2018, of which no loss was allocated to us. The joint venture and DVB Asia are motivated to sell the vessel as the vessel is the primary collateral securing the non-recourse long-term debt with DVB Asia. Determining the fair value of the vessel involves significant judgment due to the lack of sales activity in the market that the vessel operates. An additional impairment loss or loss on sale may be recorded by the joint venture in future periods to the extent the fair value of the vessel decreases or the final purchase price for the vessel is below the net carrying value as of September 30, 2018. However, a gain on extinguishment of debt may also be recognized by the joint venture in a future period as a result of applying the sale proceeds to settle the related non-recourse long-term debt. As our investment in this joint venture was previously written down to zero, no further net loss will be allocated to us. To the extent the joint venture reports net income in the future, we will resume applying the equity method only after our share of such net income equals or exceeds our share of net losses previously not recognized. Information as to the results of operations of this joint venture is summarized as follows: Three Months Ended September 30, Nine Months Ended September 30, 2018 2017 2018 2017 Revenue $ 433,333 $ 137,958 $ 1,000,000 $ 2,466,746 Net loss $ (2,304,050 ) $ (338,832 ) $ (8,416,455 ) $ (14,530,337 ) Our share of net loss $ — $ — $ — $ (1,698,951 ) |
Investment in Cost-Method Inves
Investment in Cost-Method Investees | 9 Months Ended |
Sep. 30, 2018 | |
Investment in cost method investment [Abstract] | |
Cost and Equity Method Investments Disclosure [Text Block] | (7) Investment in Cost-Method Investees As part of the restructuring of our note receivable with TMA, ICON acquired a 12.5% equity interest in two affiliates of TMA. In proportion to our share of the ICON Loan, our share of such equity interest in these two entities is 1.56% . Due to our ownership interest and that we were able to exercise significant influence over the operating and financial policies of these two affiliates of TMA, we accounted for our investment in such equity interest under the equity method of accounting. On June 29, 2018, ICON’s appointee to the board of directors of the two affiliates of TMA resigned as a board member and as a result, no longer participates in voting on any matter associated with the business operations of these two entities. As a result, we are no longer deemed to be able to exercise significant influence over the operating and financial policies of these two entities. We recorded our share of loss of $ 37,351 from these two equity-method investees through June 29, 2018 and reclassified the amount related to these two affiliates of TMA from investment in equity-method investees to investment in cost-method investees as of June 30, 2018. |
Non-Recourse Long-Term Debt
Non-Recourse Long-Term Debt | 9 Months Ended |
Sep. 30, 2018 | |
Debt Disclosure [Abstract] | |
Non-Recourse Long-Term Debt | (8) Non-Recourse Long-Term Debt As of September 30, 2018 and December 31, 2017 , we had the following non-recourse long-term debt: Counterparty September 30, 2018 December 31, 2017 Maturity Rate ABN AMRO, Rabobank, NIBC $ — $ 75,833,334 2020 * 4.367% ** DVB Bank SE — 5,312,500 2019 * 4.997% — 81,145,834 Less: debt issuance costs — 1,176,635 Total non-recourse long-term debt $ — $ 79,969,199 * The debt obligations were either repaid by us or assumed by a third-party purchaser of the underlying assets prior to their original maturity dates. ** The interest rate was fixed at 4.117% after giving effect to the interest rate swaps entered into on February 8, 2016. Effective December 31, 2016, the interest rate of the variable rate senior loan increased by 0.25% pursuant to an amended facility agreement. All of our non-recourse long-term debt obligations consisted of notes payable in which the lender had a security interest in the underlying assets. If the lessee defaulted on the underlying lease, which resulted in our default on the non-recourse long-term debt, the assets could have been foreclosed upon and the proceeds would have been remitted to the lender in extinguishment of that debt. As of December 31, 2017 , the total carrying value of assets subject to non-recourse long-term debt was $115,252,600 . On June 4, 2012, a joint venture owned 60% by us and 40% by Fund Fourteen drew down on its loan facility with DVB Bank SE (“DVB SE”) in the amount of $17,500,000 at a fixed rate of 4.997% to partly finance the purchase of the AMC Ambassador. On June 27, 2018, the remaining portion of the proceeds from the sale of the AMC Ambassador of $ 944,544 was used to settle our non-recourse debt obligations to DVB SE. As a result, we recognized a gain on extinguishment of debt of $ 4,764,270 after amortizing the remaining deferred financing costs. As part of amending the bareboat charters with the affiliates of Fugro (see Note 4), effective December 29, 2017, the indirect subsidiaries also amended the facility agreement with ABN AMRO, Rabobank and NIBC on April 6, 2018 to, among other things, increase the interest rate on the senior secured loans to share the economic benefits of the amended bareboat charters. On September 7, 2018, as part of the sale of 100% of the limited liability company interests of ICON Fugro, the unaffiliated third-party purchaser assumed all outstanding senior debt obligations of $ 72,041,666 to ABN AMRO, Rabobank and NIBC associated with the Fugro Vessels. For the three months ended September 30, 2018 and 2017 , we recognized interest expense of $96,550 and $124,619 , respectively, related to the amortization of debt financing costs associated with our non-recourse long-term debt. For the nine months ended September 30, 2018 and 2017 , we recognized interest expense of $ 345,329 and $ 380,427 , respectively, related to the amortization of debt financing costs associated with our non-recourse long-term debt. |
Transactions with Related Parti
Transactions with Related Parties | 9 Months Ended |
Sep. 30, 2018 | |
Related Party Transactions [Abstract] | |
Transactions with Related Parties | (9) Transactions with Related Parties We paid distributions to our General Partner of $ 3,278 and $ 323,183 for the three months ended September 30, 2018 and 2017 , respectively. We paid distributions to our General Partner of $ 70,281 and $ 346,436 for the nine months ended September 30, 2018 and 2017 , respectively. Our General Partner’s interest in our net loss was $ 123,856 and $5,055 for the three months ended September 30, 2018 and 2017 , respectively. Our General Partner’s interest in our net loss was $ 83,587 and $ 21,334 for the nine months ended September 30, 2018 and 2017 , respectively. Effective July 1, 2016, our Investment Manager reduced its management fee by 50% (up to 1.75% of the gross periodic payments due and paid from our investments). Effective December 1, 2017, our Investment Manager waived all future management fees. Fees and other expenses incurred by us to our General Partner or its affiliates were as follows: Three Months Ended September 30, Nine Months Ended September 30, Entity Capacity Description 2018 2017 2018 2017 ICON Capital, LLC Investment Manager Management fees (1) $ — $ 72,064 $ — $ 238,356 ICON Capital, LLC Investment Manager Administrative expense reimbursements (1) 180,508 332,576 617,296 1,047,741 Fund Fourteen Noncontrolling interest Interest expense (1) — 102,131 200,930 303,061 $ 180,508 $ 506,771 $ 818,226 $ 1,589,158 (1) Amount charged directly to operations. At September 30, 2018 , we had a net payable of $ 5,508 due to our General Partner and affiliates, which consisted of administrative expense reimbursements due to our Investment Manager. At December 31, 2017 , we had a net payable of $3,385,928 due to our General Partner and affiliates that primarily consisted of a note payable of $3,320,770 and accrued interest of $29,974 due to Fund Fourteen related to its noncontrolling interest in the AMC Ambassador, and administrative expense reimbursements of $50,267 due to our Investment Manager. As a result of the sale of the AMC Ambassador by our joint venture (see Note 5), the balance of the note payable and related accrued interest were simultaneously converted to investment by noncontrolling interests. In June 2016, we sold our interests in certain of our subsidiaries and a joint venture to unaffiliated third parties. In connection with the sales, the third parties required that an affiliate of our Investment Manager provided bookkeeping and administrative services related to such assets for a fee. Our servicing agreement related to such assets was terminated on September 7, 2018. |
Derivative Financial Instrument
Derivative Financial Instruments | 9 Months Ended |
Sep. 30, 2018 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments | (10) Derivative Financial Instruments We entered into derivative financial instruments for purposes of hedging specific financial exposures, including movements in foreign currency exchange rates and changes in interest rates on our non-recourse long-term debt. We entered into these instruments only for hedging underlying exposures. We did not hold or issue derivative financial instruments for purposes other than hedging. Certain derivatives did not meet the established criteria to be designated as qualifying accounting hedges, even though we believed that they were effective economic hedges. We recognized all derivative financial instruments as either assets or liabilities on our consolidated balance sheets and measured those instruments at fair value. Changes in the fair value of such instruments were recognized immediately in earnings unless certain criteria were met. These criteria demonstrated that the derivative was expected to be highly effective at offsetting changes in the fair value or expected cash flows of the underlying exposure at both the inception of the hedging relationship and on an ongoing basis and included an evaluation of the counterparty risk and the impact, if any, on the effectiveness of the derivative. If these criteria were met, which we documented and assessed at inception and on an ongoing basis, we recognized the changes in fair value of such instruments in accumulated other comprehensive income (loss), a component of equity on our consolidated balance sheets. Changes in the fair value of the ineffective portion of all derivatives were recognized immediately in earnings. U.S. GAAP and relevant International Swaps and Derivatives Association, Inc. agreements permit a reporting entity that is a party to a master netting agreement to offset fair value amounts recognized for derivative instruments that have been offset under the same master netting agreement. We elected to present the fair value of derivative contracts on a gross basis on our consolidated balance sheets. Interest Rate Risk Our objectives in using interest rate derivatives were to add stability to interest expense and to manage our exposure to interest rate movements on our variable non-recourse debt. Our strategy to accomplish these objectives was to match the projected future cash flows with the underlying debt service. Each interest rate swap involved the receipt of floating-rate interest payments from a counterparty in exchange for us making fixed-rate interest payments over the life of the agreement without exchange of the underlying notional amount. Counterparty Risk We managed exposure to possible defaults on derivative financial instruments by monitoring the concentration of risk that we had with any individual bank and through the use of minimum credit quality standards for all counterparties. We did not require collateral or other security in relation to derivative financial instruments. Since it was our policy to enter into derivative contracts only with banks of internationally acknowledged standing, the counterparty risk was considered to be remote. Credit Risk Derivative contracts may have contained credit-risk related contingent features that could have triggered a termination event, such as maintaining specified financial ratios. In such case, we would have been required to settle our obligations. Non-designated Derivatives On February 8, 2016, we entered into two interest rate swaps with ABN AMRO that were not designated and did not qualify as cash flow hedges. These interest rate swaps were not speculative and were used to meet our objectives in using interest rate derivatives to add stability to interest expense and to manage our exposure to interest rate movements. All changes in the fair value of the interest rate swaps not designated as hedges were recorded directly in earnings, which was included in gain (loss) on derivative financial instruments on our consolidated statements of operations. On September 7, 2018, as part of the sale of 100% of the limited liability company interests of ICON Fugro, the unaffiliated third-party purchaser assumed the two interest rate swaps. As a result, as of September 30, 2018, we no longer held any derivative financial instruments. The table below presents the fair value of our derivative financial instruments as well as their classification within our consolidated balance sheets as of December 31, 2017 . Asset Derivatives December 31, 2017 Balance Sheet Location Fair Value Derivatives not designated as hedging instruments: Interest rate swaps Derivative financial instruments $ 1,808,206 Our derivative financial instruments not designated as hedging instruments generated a (loss) gain on derivative financial instruments on our consolidated statements of operations for the three months ended September 30, 2018 and 2017 of $(25,966) and $ 53,572 , respectively. Our derivative financial instruments not designated as hedging instruments generated a gain (loss) on derivative financial instruments on our consolidated statements of operations for the nine months ended September 30, 2018 and 2017 of $ 974,692 and $ (221,551) , respectively. |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2018 | |
Fair Value Disclosures [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 by little or no market data. Assets for which Fair Value is Disclosed Our fixed-rate notes receivable, for which fair value is required to be disclosed, were valued using inputs that are generally unobservable and are supported by little or no market data and are therefore classified within Level 3. Fair value information with respect to certain of our other assets and liabilities is not separately provided since (i) U.S. GAAP does not require fair value disclosures of lease arrangements and (ii) the carrying value of financial assets and liabilities, other than lease-related investments, approximates fair value due to their short-term maturities. September 30, 2018 Carrying Value Fair Value (Level 3) Principal outstanding on fixed-rate notes receivable $ 7,521,731 $ 7,397,261 |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2018 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | (12) Income Taxes We are taxed as a partnership for federal and state income tax purposes. Therefore, no provision for federal and state income taxes has been recorded for the partnership since the liability for these taxes is the responsibility of each of the individual partners rather than our business as a whole. However, the Taiwan branch of our direct wholly-owned subsidiary, ICON Taiwan Semiconductor, LLC (the “Inotera Taiwan Branch”), was taxed as a corporation under the laws of Taiwan, Republic of China. The Taiwan corporate income tax rate is 18.0% for 2018. We sold our revenue-generating asset owned by the Inotera Taiwan Branch in 2016 and we liquidated and dissolved the Inotera Taiwan Branch during the three months ended September 30, 2018. As a result, no future income tax expense or benefit is expected. Under the laws of Taiwan, Republic of China, the Inotera Taiwan Branch is subject to income tax examination for the 2014 tax year and subsequent tax years. We have not identified any material uncertain tax positions as of September 30, 2018 . We are potentially subject to New York City unincorporated business tax (“UBT”), which is imposed on unincorporated trade or business operating in New York City. The UBT is imposed for each taxable year at a rate of 4% of taxable income allocated to New York City. No current income tax expense was recorded for both three month periods ended September 30, 2018 and 2017 . For the nine months ended September 30, 2018 and 2017 , we recorded current income tax expense of $ 76,542 and $507,214 , respectively. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | (13) 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 may or may not have a material adverse effect on our consolidated financial condition or results of operations taken as a whole. In addition, at times we may seek to enforce our rights under a personal guaranty in order to collect amounts from the guarantor that are owed to us by a defaulting borrower or lessee. Gain contingencies may arise from enforcement of such guaranty, but are not recognized until realizable. |
Subsequent Event
Subsequent Event | 9 Months Ended |
Sep. 30, 2018 | |
Subsequent Events [Abstract] | |
Subsequent Event | (14) Subsequent Event On October 30, 2018, we paid distributions to our General Partner and limited partners of $181,818 and $18,000,002 , respectively. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2018 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Consolidation | Basis of Presentation and Consolidation Our accompanying consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) for interim financial information and pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”) for Quarterly Reports on Form 10-Q. In the opinion of our General Partner, all adjustments, which are of a normal recurring nature, considered necessary for a fair presentation have been included. These consolidated financial statements should be read together with the consolidated financial statements and notes included in our Annual Report on Form 10-K for the year ended December 31, 2017. The results for the interim period are not necessarily indicative of the results for the full year. Certain reclassifications have been made to the accompanying consolidated financial statements in the prior year to conform to the current presentation. |
Restricted Cash | In August 2016, FASB issued ASU No. 2016-15, Statement of Cash Flows: Classification of Certain Cash Receipts and Cash Payments (“ASU 2016-15”), which provides guidance on how certain cash receipts and cash payments are to be presented and classified in the statement of cash flows. We adopted ASU 2016-15 on January 1, 2018, which did not have an effect on our consolidated financial statements. We utilize the cumulative earnings approach under ASU 2016-15 to present distributions received from equity-method investees, which is consistent with our previous policy. In November 2016, FASB issued ASU No. 2016-18, Statement of Cash Flows (“ASU 2016-18”), which provides guidance on the presentation of restricted cash or restricted cash equivalents in the statement of cash flows. As a result of the adoption of ASU 2016-18 on January 1, 2018, we commenced presenting restricted cash with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts presented on our consolidated statements of cash flows. We adopted ASU 2016-18 using the retrospective method. As a result, the effects of adopting ASU 2016-18 on our consolidated statements of cash flows for the nine months ended September 30, 2017 were as follows: Nine Months Ended September 30, 2017 As Reported Adoption of ASU 2016-18 As Adjusted Net cash provided by operating activities $ 5,120,419 $ 988,843 $ 6,109,262 Net cash provided by (used in) investing activities 12,450,981 (19,730 ) 12,431,251 Cash and restricted cash, beginning of period 46,375,576 3,513,940 49,889,516 Net (decrease) increase in cash and restricted cash (24,036,609 ) 969,113 (23,067,496 ) Cash and restricted cash, end of period $ 22,338,967 $ 4,483,053 $ 26,822,020 |
Business Combinations | In January 2017, FASB issued ASU No. 2017-01, Business Combinations (“ASU 2017-01”), which clarifies the definition of a business. ASU 2017-01 sets forth requirements to be met for a set to be deemed a business and establishes a practical way to determine when a set is not a business. To be considered a business, a set must include, at a minimum, an input and a substantive process that together significantly contribute to the ability to create an output, and removes the evaluation of whether a market participant could replace missing elements. In addition, ASU 2017-01 narrows the definition of outputs and aligns such definition with how outputs are described within the revenue guidance. We adopted ASU 2017-01 on January 1, 2018, which did not have an effect on our consolidated financial statements. |
Credit Quality of Notes Receivable and Finance Leases and Credit Loss Reserve | Credit Quality of Notes Receivable and Finance Leases and Credit Loss Reserve Our Investment Manager monitors the ongoing credit quality of our financing receivables by (i) reviewing and analyzing a borrower’s financial performance on a regular basis, including review of financial statements received on a monthly, quarterly or annual basis as prescribed in the loan or lease agreement, (ii) tracking the relevant credit metrics of each financing receivable and a borrower’s compliance with financial and non-financial covenants, (iii) monitoring a borrower’s payment history and public credit rating, if available, and (iv) assessing our exposure based on the current investment mix. As part of the monitoring process, our Investment Manager may physically inspect the collateral or a borrower’s facility and meet with a borrower’s management to better understand such borrower’s financial performance and its future plans on an as-needed basis. As our financing receivables, generally notes receivable and finance leases, are limited in number, our Investment Manager is able to estimate the credit loss reserve based on a detailed analysis of each financing receivable as opposed to using portfolio-based metrics. Our Investment Manager does not use a system of assigning internal risk ratings to each of our financing receivables. Rather, each financing receivable is analyzed quarterly and categorized as either performing or non-performing based on certain factors including, but not limited to, financial results, satisfying scheduled payments and compliance with financial covenants. A financing receivable is usually categorized as non-performing only when a borrower experiences financial difficulties and has failed to make scheduled payments. Our Investment Manager then analyzes whether the financing receivable should be placed on a non-accrual status, a credit loss reserve should be established or the financing receivable should be restructured. As part of the assessment, updated collateral value is usually considered and such collateral value can be based on a third party industry expert appraisal or, depending on the type of collateral and accessibility to relevant published guides or market sales data, internally derived fair value. Material events would be specifically disclosed in the discussion of each financing receivable held. Financing receivables are generally placed on a non-accrual status when payments are more than 90 days past due. Additionally, our Investment Manager periodically reviews the creditworthiness of companies with payments outstanding less than 90 days and based upon our Investment Manager’s judgment, these accounts may be placed on a non-accrual status. In accordance with the cost recovery method, payments received on non-accrual financing receivables are applied to principal if there is doubt regarding the ultimate collectability of principal. If collection of the principal of non-accrual financing receivables is not in doubt, interest income is recognized on a cash basis. Financing receivables on non-accrual status may not be restored to accrual status until all delinquent payments have been received, and we believe recovery of the remaining unpaid receivable is probable. When our Investment Manager deems it is probable that we will not be able to collect all contractual principal and interest on a non-performing financing receivable, we perform an analysis to determine if a credit loss reserve is necessary. This analysis considers the estimated cash flows from the financing receivable, and/or the collateral value of the asset underlying the financing receivable when financing receivable repayment is collateral dependent. If it is determined that the impaired value of the non-performing financing receivable is less than the net carrying value, we will recognize a credit loss reserve or adjust the existing credit loss reserve with a corresponding charge to earnings. We then charge off a financing receivable in the period that it is deemed uncollectible by reducing the credit loss reserve and the balance of the financing receivable. |
Equity and Cost Method Investments | Investments - Equity Method and Cost Method We account for our interests in entities in which we are able to exercise significant influence over operating and financial policies, generally 50% or less ownership interest, under the equity method of accounting. In such cases, our original investments are recorded at cost and adjusted for our share of earnings, losses and distributions. We account for our interests in entities where we have virtually no influence over operating and financial policies under the cost method of accounting. In such cases, our original investments are recorded at cost and any distributions received are recorded as revenue. All investments are subject to our impairment review policy. We have one investment that is accounted for under the cost method that does not have readily determinable fair values. We measure this investment at cost less impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer. At each reporting period, our Investment Manager reassesses the appropriateness of this methodology for this investment and performs a qualitative assessment by considering any impairment indicators. If the qualitative assessment indicates that the investment is impaired and its fair value is less than its net carrying value, we will write down the investment to such fair value. |
Recently Adopted Accounting Pronouncements | Other Recent Accounting Pronouncements In February 2016, FASB issued ASU No. 2016-02, Leases (“ASU 2016-02”), which requires lessees to recognize assets and liabilities for leases with lease terms greater than twelve months on the balance sheet and disclose key information about leasing arrangements. ASU 2016-02 implements changes to lessor accounting focused on conforming with certain changes made to lessee accounting and the recently released revenue recognition guidance. In July 2018, FASB issued ASU No. 2018-11, Leases (“ASU 2018-11”), which provides an additional transition method by allowing companies to initially apply the new leases standard at the adoption date and recognize a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption. In addition, ASU 2018-11 provides lessors a practical expedient to not separate non-lease components from the associated lease component under certain circumstances. The adoption of ASU 2016-02 and ASU 2018-11 becomes effective for us on January 1, 2019. Early adoption is permitted. As we no longer have any lease arrangements and since we are in our liquidation period and not expecting to enter into any new leases in the future, the adoption of ASU 2016-02 and ASU 2018-11 will not have an effect on our consolidated financial statements. In June 2016, FASB issued ASU No. 2016-13, Financial Instruments - Credit Losses (“ASU 2016-13”), which modifies the measurement of credit losses by eliminating the probable initial recognition threshold set forth in current guidance, and instead reflects an entity’s current estimate of all expected credit losses. The measurement of expected credit losses is based on relevant information about past events, including historical experience, current conditions, and reasonable and supportable forecasts that affect the collectability of the reported amount. An entity will apply the amendments within ASU 2016-13 through a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is effective. The adoption of ASU 2016-13 becomes effective for us on January 1, 2020, including interim periods within that reporting period. Early adoption is permitted. We are currently in the process of evaluating the impact of the adoption of ASU 2016-13 on our consolidated financial statements. In August 2018, FASB issued ASU No. 2018-13, Fair Value Measurement (“ASU 2018-13”), which modifies the disclosure requirements for fair value measurements. The adoption of ASU 2018-13 becomes effective for us on January 1, 2020, including interim periods within that reporting period. Early adoption is permitted. We are currently in the process of evaluating the impact of the adoption of ASU 2018-13 on our consolidated financial statements. |
Revenue From Contract With Customer | In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09 , Revenue from Contracts with Customers (“ASU 2014-09”), requiring revenue to be recognized in an amount that reflects the consideration expected to be received in exchange for goods and services. We adopted ASU 2014-09 on January 1, 2018. Since substantially all of our revenue is recognized from our leasing and lending contracts, which are not subject to ASU 2014-09, the adoption of ASU 2014-09 did not have an effect on our consolidated financial statements. |
Fair Value of Financial Instruments | In January 2016, FASB issued ASU No. 2016-01, Financial Instruments - Overall: Recognition and Measurement of Financial Assets and Financial Liabilities (“ASU 2016-01”), which provides guidance related to accounting for equity investments, financial liabilities under the fair value option, and the presentation and disclosure requirements for financial instruments. In addition, FASB clarified guidance related to the valuation allowance assessment when recognizing deferred tax assets resulting from unrealized losses on available-for-sale debt securities. We adopted ASU 2016-01 on January 1, 2018. As a result of the adoption of ASU 2016-01, we are no longer required to make certain disclosures related to the methods and significant assumptions used to estimate fair value for financial instruments measured at amortized cost. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies Summary of Significant Accounting Policies (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Adoption of ASU 2016-18 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
Schedule of New Accounting Pronouncements and Changes in Accounting Principles [Table Text Block] | We adopted ASU 2016-18 using the retrospective method. As a result, the effects of adopting ASU 2016-18 on our consolidated statements of cash flows for the nine months ended September 30, 2017 were as follows: Nine Months Ended September 30, 2017 As Reported Adoption of ASU 2016-18 As Adjusted Net cash provided by operating activities $ 5,120,419 $ 988,843 $ 6,109,262 Net cash provided by (used in) investing activities 12,450,981 (19,730 ) 12,431,251 Cash and restricted cash, beginning of period 46,375,576 3,513,940 49,889,516 Net (decrease) increase in cash and restricted cash (24,036,609 ) 969,113 (23,067,496 ) Cash and restricted cash, end of period $ 22,338,967 $ 4,483,053 $ 26,822,020 |
Net Investment in Notes Recei_2
Net Investment in Notes Receivable (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Receivables [Abstract] | |
Schedule of Accounts, Notes, Loans and Financing Receivable | Net investment in notes receivable consisted of the following: September 30, December 31, 2018 2017 Principal outstanding (1) $ 31,287,356 $ 32,702,674 Deferred fees (1,146,455 ) (1,381,413 ) Credit loss reserve (2) (9,171,160 ) (1,550,490 ) Net investment in notes receivable (3) $ 20,969,741 $ 29,770,771 (1) As of September 30, 2018 and December 31, 2017 , total principal outstanding related to our impaired loans was $26,359,097 and $3,500,490 , respectively. (2) As of September 30, 2018 , we had a credit loss reserve of $10,090,776 related to LSC, of which $919,616 was reserved against the accrued interest receivable included in other assets and $9,171,160 was reserved against net investment in notes receivable. As of December 31, 2017 , we had a credit loss reserve of $ 2,615,158 related to TMA, of which $ 1,064,668 was reserved against the accrued interest receivable included in other assets and $1,550,490 was reserved against net investment in notes receivable. (3) As of September 30, 2018 and December 31, 2017 , net investment in notes receivable related to our impaired loans was $ 16,093,472 and $1,950,000 , respectively. |
Allowance for Credit Losses on Financing Receivables | Credit loss allowance activities for the three months ended September 30, 2018 were as follows: Credit Loss Allowance Allowance for credit loss as of June 30, 2018 $ — Provisions 10,090,776 Write-offs, net of recoveries — Allowance for credit loss as of September 30, 2018 $ 10,090,776 Credit loss allowance activities for the three months ended September 30, 2017 were as follows: Credit Loss Allowance Allowance for credit loss as of June 30, 2017 $ 5,397,913 Provisions 1,750,000 Write-offs, net of recoveries (5,397,913 ) Allowance for credit loss as of September 30, 2017 $ 1,750,000 Credit loss allowance activities for the nine months ended September 30, 2018 were as follows: Credit Loss Allowance Allowance for credit loss as of December 31, 2017 $ 2,615,158 Provisions 10,090,776 Write-offs, net of recoveries (2,615,158 ) Allowance for credit loss as of September 30, 2018 $ 10,090,776 Credit loss allowance activities for the nine months ended September 30, 2017 were as follows: Credit Loss Allowance Allowance for credit loss as of December 31, 2016 $ 5,397,913 Provisions 1,750,000 Write-offs, net of recoveries (5,397,913 ) Allowance for credit loss as of September 30, 2017 $ 1,750,000 |
Leased Equipment at Cost (Table
Leased Equipment at Cost (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Property, Plant and Equipment [Abstract] | |
Leased equipment at cost | Leased equipment at cost consisted of the following: September 30, December 31, 2018 2017 Geotechnical drilling vessels $ — $ 124,573,141 Leased equipment at cost — 124,573,141 Less: accumulated depreciation — 13,020,541 Leased equipment at cost, less accumulated depreciation $ — $ 111,552,600 |
Investment in Joint Ventures (T
Investment in Joint Ventures (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Equity Method Investments | Information as to the results of operations of this joint venture is summarized as follows: Three Months Ended September 30, Nine Months Ended September 30, 2018 2017 2018 2017 Revenue $ 433,333 $ 137,958 $ 1,000,000 $ 2,466,746 Net loss $ (2,304,050 ) $ (338,832 ) $ (8,416,455 ) $ (14,530,337 ) Our share of net loss $ — $ — $ — $ (1,698,951 ) |
Non-Recourse Long-Term Debt (Ta
Non-Recourse Long-Term Debt (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt Instruments | As of September 30, 2018 and December 31, 2017 , we had the following non-recourse long-term debt: Counterparty September 30, 2018 December 31, 2017 Maturity Rate ABN AMRO, Rabobank, NIBC $ — $ 75,833,334 2020 * 4.367% ** DVB Bank SE — 5,312,500 2019 * 4.997% — 81,145,834 Less: debt issuance costs — 1,176,635 Total non-recourse long-term debt $ — $ 79,969,199 * The debt obligations were either repaid by us or assumed by a third-party purchaser of the underlying assets prior to their original maturity dates. ** The interest rate was fixed at 4.117% after giving effect to the interest rate swaps entered into on February 8, 2016. Effective December 31, 2016, the interest rate of the variable rate senior loan increased by 0.25% pursuant to an amended facility agreement. |
Transactions with Related Par_2
Transactions with Related Parties (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Related Party Transactions [Abstract] | |
Fees and expenses paid or accrued | Fees and other expenses incurred by us to our General Partner or its affiliates were as follows: Three Months Ended September 30, Nine Months Ended September 30, Entity Capacity Description 2018 2017 2018 2017 ICON Capital, LLC Investment Manager Management fees (1) $ — $ 72,064 $ — $ 238,356 ICON Capital, LLC Investment Manager Administrative expense reimbursements (1) 180,508 332,576 617,296 1,047,741 Fund Fourteen Noncontrolling interest Interest expense (1) — 102,131 200,930 303,061 $ 180,508 $ 506,771 $ 818,226 $ 1,589,158 (1) Amount charged directly to operations. |
Derivative Financial Instrume_2
Derivative Financial Instruments (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative financial instruments in consolidated balance sheets | The table below presents the fair value of our derivative financial instruments as well as their classification within our consolidated balance sheets as of December 31, 2017 . Asset Derivatives December 31, 2017 Balance Sheet Location Fair Value Derivatives not designated as hedging instruments: Interest rate swaps Derivative financial instruments $ 1,808,206 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Fair Value Disclosures [Abstract] | |
Schedule of Derivative Assets at Fair Value | . |
Fair Value, by Balance Sheet Grouping | September 30, 2018 Carrying Value Fair Value (Level 3) Principal outstanding on fixed-rate notes receivable $ 7,521,731 $ 7,397,261 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies Summary of Significant Accounting Policies (Adoption of ASU 2016-18) (Details) - USD ($) | 9 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||
Net Cash Provided by (Used in) Operating Activities | $ 8,078,221 | $ 6,109,262 |
Net cash provided by (used in) investing activities | 9,354,582 | 12,431,251 |
Cash and restricted cash, beginning of period | 21,952,824 | 49,889,516 |
Net (decrease) increase in cash and restricted cash | 6,339,905 | (23,067,496) |
Cash and restricted cash, end of period (a) | $ 28,292,729 | 26,822,020 |
As Reported | ||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||
Net Cash Provided by (Used in) Operating Activities | 5,120,419 | |
Net cash provided by (used in) investing activities | 12,450,981 | |
Cash and restricted cash, beginning of period | 46,375,576 | |
Net (decrease) increase in cash and restricted cash | (24,036,609) | |
Cash and restricted cash, end of period (a) | 22,338,967 | |
Adoption of ASU 2016-18 | ||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||
Net Cash Provided by (Used in) Operating Activities | 988,843 | |
Net cash provided by (used in) investing activities | (19,730) | |
Cash and restricted cash, beginning of period | 3,513,940 | |
Net (decrease) increase in cash and restricted cash | 969,113 | |
Cash and restricted cash, end of period (a) | $ 4,483,053 |
Net Investment in Notes Recei_3
Net Investment in Notes Receivable (Reconciliation) (Details) - USD ($) | Sep. 30, 2018 | Jun. 30, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Dec. 31, 2016 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Credit loss reserve | $ (10,090,776) | $ 0 | $ (2,615,158) | $ (1,750,000) | $ (5,397,913) | $ (5,397,913) |
Net investment in notes receivable | 20,969,741 | 29,770,771 | ||||
TMA | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Credit loss reserve | 0 | $ 0 | (2,615,158) | |||
Other Assets | TMA | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Credit loss reserve | (1,064,668) | |||||
Accrued Investment Income Receivable | (1,064,668) | |||||
Notes Receivable | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Principal outstanding | 31,287,356 | 32,702,674 | ||||
Deferred fees | (1,146,455) | (1,381,413) | ||||
Credit loss reserve | (9,171,160) | (1,550,490) | ||||
Net investment in notes receivable | 20,969,741 | 29,770,771 | ||||
Notes Receivable | TMA | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Credit loss reserve | (1,550,490) | |||||
ICON Fund Fifteen | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Outstanding principal, impaired loans | 26,359,097 | 3,500,490 | ||||
Impaired receivable | 16,093,472 | 1,950,000 | ||||
ICON Fund Fifteen | TMA | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Net investment in notes receivable | $ 2,593,472 | 1,950,000 | ||||
Accrued Investment Income Receivable | 0 | |||||
ICON Fund Fifteen | Other Assets | TMA | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Accrued Investment Income Receivable | $ (1,064,668) |
Net Investment in Notes Recei_4
Net Investment in Notes Receivable (Credit Allowance Activity) (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Receivables [Abstract] | ||||
Credit Loss Net | $ 10,090,776 | $ 1,000,000 | $ 10,090,776 | $ 1,000,000 |
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Beginning balance | 0 | 5,397,913 | 2,615,158 | 5,397,913 |
Provisions | 1,750,000 | 1,750,000 | ||
Write-offs, net of recoveries | 0 | (5,397,913) | (2,615,158) | (5,397,913) |
Ending balance | $ 10,090,776 | $ 1,750,000 | $ 10,090,776 | $ 1,750,000 |
Net Investment in Notes Recei_5
Net Investment in Notes Receivable (Narrative) (Details) | Oct. 04, 2018USD ($) | Jul. 05, 2018USD ($) | Jun. 12, 2018USD ($) | Jan. 05, 2018USD ($) | Mar. 31, 2015vessel | Nov. 24, 2014USD ($)vessel | Jul. 14, 2014USD ($)vessel | Dec. 30, 2016USD ($) | Dec. 20, 2016USD ($) | Sep. 30, 2018USD ($) | Mar. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Sep. 30, 2017USD ($) | Sep. 30, 2018USD ($) | Sep. 30, 2017USD ($) | Jun. 30, 2018USD ($)affiliate | Jun. 30, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 21, 2016USD ($) | Sep. 19, 2014 | Aug. 27, 2014USD ($) |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||||||||||||
Net investments in notes receivable | $ 13,500,000 | $ 1,950,000 | $ 13,500,000 | ||||||||||||||||||
Financing Receivable, Recorded Investment, 90 Days Past Due and Still Accruing | 0 | 0 | 0 | ||||||||||||||||||
Credit loss reserve | 10,090,776 | 2,615,158 | $ 1,750,000 | 10,090,776 | $ 1,750,000 | $ 0 | $ 5,397,913 | $ 5,397,913 | |||||||||||||
Credit Loss Net | 10,090,776 | 1,000,000 | 10,090,776 | 1,000,000 | |||||||||||||||||
Paid-in-kind interest | 70,374 | 303,061 | |||||||||||||||||||
Finance income | 214,543 | 1,047,228 | 2,642,663 | 3,931,166 | |||||||||||||||||
Net investment in notes receivable | 20,969,741 | 29,770,771 | 20,969,741 | ||||||||||||||||||
Provisions | 1,750,000 | 1,750,000 | |||||||||||||||||||
Financing Receivable, Allowance for Credit Losses, Recovery | 0 | (5,397,913) | (2,615,158) | (5,397,913) | |||||||||||||||||
TMA | |||||||||||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||||||||||||
Credit loss reserve | 0 | 2,615,158 | 0 | $ 0 | |||||||||||||||||
Ownership percentage | 12.50% | ||||||||||||||||||||
Financing Receivable, Allowance for Credit Losses, Write-downs | $ 2,615,158 | 865,158 | 1,750,000 | ||||||||||||||||||
Financing Income, Cash Basis | 0 | 0 | |||||||||||||||||||
Finance income | 83,334 | $ 0 | 232,109 | $ 111,279 | |||||||||||||||||
LSC | |||||||||||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||||||||||||
Credit Loss Net | 10,090,776 | ||||||||||||||||||||
LSC | |||||||||||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||||||||||||
Investment Maturity Date | Dec. 30, 2020 | ||||||||||||||||||||
loan term | 4 years | ||||||||||||||||||||
Debt Instrument, Decrease, Forgiveness | $ 32,500,000 | ||||||||||||||||||||
CFL [Member] | |||||||||||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||||||||||||
Stated rate | 8.00% | ||||||||||||||||||||
Investment Maturity Date | Dec. 21, 2020 | ||||||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 7,400,000 | ||||||||||||||||||||
Financing Receivable, Recorded Investment, Past Due | 308,900 | 308,900 | |||||||||||||||||||
ICON Loans | TMA | |||||||||||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||||||||||||
Loan Receivable Face Amount | $ 29,000,000 | ||||||||||||||||||||
Face amount of loans funded | $ 3,625,000 | ||||||||||||||||||||
Number of Vessels | vessel | 2 | ||||||||||||||||||||
Paid-in-kind interest | $ 131,667 | ||||||||||||||||||||
Loan Amortized Percent Per Year | 25.00% | ||||||||||||||||||||
Proceeds from fees received | $ 3,750 | ||||||||||||||||||||
Number of affiliates | affiliate | |||||||||||||||||||||
Additional Extension Terms | 15 days | ||||||||||||||||||||
Senior Loans | TMA | |||||||||||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||||||||||||
Loan Receivable Face Amount | $ 89,000,000 | ||||||||||||||||||||
Number of Vessels | vessel | 2 | ||||||||||||||||||||
TMA Facility | TMA | |||||||||||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||||||||||||
Term of Credit Facility | 5 years | ||||||||||||||||||||
Number of Under Contract Supply Vessels | vessel | 4 | 4 | |||||||||||||||||||
Revised Credit Facility | TMA | |||||||||||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||||||||||||
Ownership percentage | 12.50% | ||||||||||||||||||||
Financing Receivable, Gross | $ 20,000,000 | ||||||||||||||||||||
Loans and Equity Fund | 8,000,000 | ||||||||||||||||||||
LIBOR | ICON Loans | TMA | |||||||||||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||||||||||||
Derivative, Floor Interest Rate | 1.00% | ||||||||||||||||||||
Loans Receivable, Basis Spread on Variable Rate | 17.00% | 13.00% | |||||||||||||||||||
LIBOR | TMA Facility | TMA | |||||||||||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||||||||||||
Loans Receivable, Basis Spread on Variable Rate | 15.00% | ||||||||||||||||||||
ICON Fund Fifteen | |||||||||||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||||||||||||
Impaired receivable | 16,093,472 | 1,950,000 | 16,093,472 | ||||||||||||||||||
Impaired Financing Receivable, Unpaid Principal Balance | 26,359,097 | 3,500,490 | 26,359,097 | ||||||||||||||||||
ICON Fund Fifteen | TMA | |||||||||||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||||||||||||
Accrued Investment Income Receivable | 0 | ||||||||||||||||||||
Net investment in notes receivable | 2,593,472 | 1,950,000 | 2,593,472 | ||||||||||||||||||
ICON Fund Fifteen | LSC | |||||||||||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||||||||||||
Debt Instrument, Decrease, Forgiveness | $ 24,375,000 | ||||||||||||||||||||
ICON Fund Fifteen | CFL [Member] | |||||||||||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 5,550,000 | ||||||||||||||||||||
ICON Fund Fifteen | Revised Credit Facility | TMA | |||||||||||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||||||||||||
Loan Receivable Face Amount | 2,500,000 | ||||||||||||||||||||
Allowance for Loan and Lease Losses, Write-offs | $ 1,064,668 | ||||||||||||||||||||
Ownership percentage | 12.50% | ||||||||||||||||||||
Investment Owned, at Fair Value | $ 450,000 | ||||||||||||||||||||
Financing Receivable, Gross | 2,500,000 | ||||||||||||||||||||
Investment in joint ventures | 450,000 | ||||||||||||||||||||
Loans and Leases Receivable, Related Parties, Additions | 550,000 | ||||||||||||||||||||
Loans and Equity Fund | $ 1,000,000 | ||||||||||||||||||||
Stated rate | 12.00% | ||||||||||||||||||||
Investment Maturity Date | Jan. 5, 2021 | ||||||||||||||||||||
Other Assets | TMA | |||||||||||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||||||||||||
Credit loss reserve | 1,064,668 | ||||||||||||||||||||
Accrued Investment Income Receivable | 1,064,668 | ||||||||||||||||||||
Other Assets | LSC | |||||||||||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||||||||||||
Credit loss reserve | 919,616 | 919,616 | |||||||||||||||||||
Other Assets | ICON Fund Fifteen | TMA | |||||||||||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||||||||||||
Accrued Investment Income Receivable | 1,064,668 | ||||||||||||||||||||
Notes Receivable | |||||||||||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||||||||||||
Credit loss reserve | 9,171,160 | 1,550,490 | 9,171,160 | ||||||||||||||||||
Financing Receivable, Gross | 31,287,356 | 32,702,674 | 31,287,356 | ||||||||||||||||||
Net investment in notes receivable | 20,969,741 | 29,770,771 | 20,969,741 | ||||||||||||||||||
Notes Receivable | TMA | |||||||||||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||||||||||||
Credit loss reserve | $ 1,550,490 | ||||||||||||||||||||
Subsequent Event | ICON Loans | TMA | |||||||||||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||||||||||||
Proceeds from fees received | $ 5,000 | ||||||||||||||||||||
Additional Extension Terms | 20 days | ||||||||||||||||||||
Minimum | LSC | |||||||||||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||||||||||||
Impaired Financing Receivable, Unpaid Principal Balance | 7,500,000 | 7,500,000 | |||||||||||||||||||
Minimum | LIBOR | LSC | |||||||||||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||||||||||||
Loans Receivable, Basis Spread on Variable Rate | 1.00% | ||||||||||||||||||||
Maximum | LSC | |||||||||||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||||||||||||
Impaired Financing Receivable, Unpaid Principal Balance | $ 11,300,000 | $ 11,300,000 | |||||||||||||||||||
Maximum | LIBOR | LSC | |||||||||||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||||||||||||
Loans Receivable, Basis Spread on Variable Rate | 11.00% |
Leased Equipment at cost (Recon
Leased Equipment at cost (Reconciliation) (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | Dec. 31, 2017 | |
Property, Plant and Equipment | |||||
Leased equipment at cost | $ 0 | $ 0 | $ 124,573,141 | ||
Less: accumulated depreciation | 0 | 0 | 13,020,541 | ||
Leased equipment at cost, less accumulated depreciation | 0 | 0 | 111,552,600 | ||
Depreciation | 1,201,467 | $ 1,620,607 | 4,595,674 | $ 4,870,888 | |
Leased equipment at cost | |||||
Property, Plant and Equipment | |||||
Depreciation | 1,201,467 | $ 1,620,607 | 4,440,729 | $ 4,870,888 | |
Geotechnical drilling vessels | |||||
Property, Plant and Equipment | |||||
Leased equipment at cost | $ 0 | $ 0 | $ 124,573,141 |
Leased Equipment at Cost (Narra
Leased Equipment at Cost (Narrative) (Details) | Sep. 07, 2018USD ($) | Apr. 06, 2018USD ($) | Dec. 23, 2015USD ($) | Dec. 23, 2015USD ($)subsidiary | Sep. 30, 2018USD ($) | Sep. 30, 2017USD ($) | Sep. 30, 2018USD ($) | Sep. 30, 2017USD ($) |
Property, Plant and Equipment | ||||||||
Depreciation | $ 1,201,467 | $ 1,620,607 | $ 4,595,674 | $ 4,870,888 | ||||
Proceeds from sale of subsidiaries | 8,501,308 | 0 | ||||||
(Loss) income before income taxes | (12,334,498) | (569,130) | (6,985,379) | (2,529,970) | ||||
Fugro Vessels | ||||||||
Property, Plant and Equipment | ||||||||
Charter Of Vessels Term Period | 12 years | |||||||
Senior notes | $ 91,000,000 | $ 91,000,000 | ||||||
Subordinated Debt | $ 15,249,948 | 22,500,000 | $ 22,500,000 | |||||
Ownership equity percentage sold | 100.00% | |||||||
Proceeds from sale of subsidiaries | $ 27,727,846 | |||||||
Loss on Sale of Investments | 2,193,117 | |||||||
Long-term Debt and Capital Lease Obligations | $ 72,041,666 | |||||||
Payments to Acquire Machinery and Equipment | 16,500,000 | |||||||
Payments to acquire equipment | $ 130,000,000 | |||||||
Charter Contract Eligible for Termination, Period | 5 years | |||||||
Number of Indirect Subsidiaries | subsidiary | 2 | |||||||
Proceeds from fees received | $ 55,000 | |||||||
(Loss) income before income taxes | 204,618 | 552,277 | 2,466,856 | 1,350,370 | ||||
Fugro Vessels | Fund Fourteen | ||||||||
Property, Plant and Equipment | ||||||||
Ownership percentage | 15.00% | 15.00% | ||||||
Fugro Vessels | Icon Eci Fund Sixteen | ||||||||
Property, Plant and Equipment | ||||||||
Ownership percentage | 10.00% | 10.00% | ||||||
Fugro Vessels | Fund Fifteen | ||||||||
Property, Plant and Equipment | ||||||||
Ownership percentage | 75.00% | 75.00% | ||||||
(Loss) income before income taxes | 153,463 | 414,208 | 1,850,412 | 1,012,777 | ||||
Leased equipment at cost | ||||||||
Property, Plant and Equipment | ||||||||
Depreciation | $ 1,201,467 | $ 1,620,607 | $ 4,440,729 | $ 4,870,888 |
Vessel (Narratives) (Details)
Vessel (Narratives) (Details) - USD ($) | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||||
Jun. 27, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Property, Plant and Equipment | |||||||
Repayments of Secured Debt | $ 555,456 | $ 0 | |||||
Loss on sale of vessel | $ 0 | $ 0 | 2,045,055 | 0 | |||
Gain on extinguishment of debt | 0 | 0 | 4,764,270 | 0 | |||
Depreciation | 1,201,467 | 1,620,607 | 4,595,674 | 4,870,888 | |||
Net loss | (12,334,498) | $ 4,191,920 | $ 1,080,657 | (569,130) | (7,061,921) | (3,037,184) | |
AMC | |||||||
Property, Plant and Equipment | |||||||
Proceeds from Sales of Assets, Investing Activities | $ 1,500,000 | ||||||
Repayments of Secured Debt | $ 555,456 | ||||||
Loss on sale of vessel | 2,045,055 | ||||||
Gain on extinguishment of debt | 4,764,270 | ||||||
Depreciation | 154,945 | ||||||
Net loss | 0 | 504,255 | 1,696,092 | 3,103,398 | |||
AMC | ICON Fund Fifteen | |||||||
Property, Plant and Equipment | |||||||
Net loss | $ 0 | $ 302,553 | $ 1,017,655 | $ 1,862,038 |
Investment in Joint Ventures (N
Investment in Joint Ventures (Narrative) (Details) | Feb. 14, 2018USD ($) | Jul. 14, 2014vessel | Jun. 12, 2014USD ($) | Mar. 21, 2014USD ($)vesselaffiliate | May 18, 2018USD ($) | Sep. 30, 2018USD ($) | Jun. 30, 2018USD ($)affiliate | Sep. 30, 2017USD ($) | Sep. 30, 2018USD ($) | Sep. 30, 2017USD ($) | Dec. 31, 2017USD ($) | Jun. 04, 2018USD ($) | Jan. 05, 2018 |
Schedule of Equity Method Investments | |||||||||||||
Credit Loss Net | $ 10,090,776 | $ 1,000,000 | $ 10,090,776 | $ 1,000,000 | |||||||||
Finance income | 214,543 | 1,047,228 | 2,642,663 | 3,931,166 | |||||||||
Net investment in notes receivable | 20,969,741 | 20,969,741 | $ 29,770,771 | ||||||||||
Principal received on notes receivable | 546,494 | 8,793,181 | |||||||||||
Income (Loss) from Equity Method Investments | (2,369) | (107,434) | 130,046 | 1,444,128 | |||||||||
Finance Lease, Impairment Loss | 0 | 231,000 | 0 | 2,231,000 | |||||||||
DVB | Epic Vessels | |||||||||||||
Schedule of Equity Method Investments | |||||||||||||
Senior notes | $ 12,400,000 | ||||||||||||
Subordinated Debt | $ 4,750,000 | ||||||||||||
TMA | |||||||||||||
Schedule of Equity Method Investments | |||||||||||||
Ownership percentage | 12.50% | ||||||||||||
Finance income | 83,334 | 0 | 232,109 | 111,279 | |||||||||
TMA | ICON Fund Fifteen | |||||||||||||
Schedule of Equity Method Investments | |||||||||||||
Net investment in notes receivable | 2,593,472 | 2,593,472 | 1,950,000 | ||||||||||
TMA | ICON Loans | |||||||||||||
Schedule of Equity Method Investments | |||||||||||||
Number of Vessels | vessel | 2 | ||||||||||||
Number of affiliates | affiliate | |||||||||||||
Epic Vessels | |||||||||||||
Schedule of Equity Method Investments | |||||||||||||
Lease Term Period | 8 years | ||||||||||||
Payments to acquire equipment | $ 41,600,000 | ||||||||||||
Payments to Acquire Machinery and Equipment | $ 3,550,000 | ||||||||||||
Number of Vessels | vessel | 2 | ||||||||||||
Proceeds from Sale of Property, Plant, and Equipment | $ 32,412,488 | ||||||||||||
Income (Loss) from Equity Method Investments | 3,018,839 | ||||||||||||
seller credit at maturity | 9,500,000 | ||||||||||||
present Value Of Seller Credit | 7,355,183 | ||||||||||||
Number of affiliates | affiliate | 2 | ||||||||||||
Epic Vessels | ICON Fund Fifteen | |||||||||||||
Schedule of Equity Method Investments | |||||||||||||
Ownership percentage | 12.50% | ||||||||||||
Payments to Acquire Equity Method Investments | $ 1,022,225 | ||||||||||||
Income (Loss) from Equity Method Investments | $ 377,355 | ||||||||||||
Epic Vessels | ICON Leasing Fund Twelve, LLC | |||||||||||||
Schedule of Equity Method Investments | |||||||||||||
Ownership percentage | 75.00% | ||||||||||||
Epic Vessels | Fund Fourteen | |||||||||||||
Schedule of Equity Method Investments | |||||||||||||
Ownership percentage | 12.50% | ||||||||||||
Pacific Crest | |||||||||||||
Schedule of Equity Method Investments | |||||||||||||
Income (Loss) from Equity Method Investments | 0 | $ 0 | 0 | $ 1,698,951 | |||||||||
Pacific Crest | ICON Fund Fifteen | |||||||||||||
Schedule of Equity Method Investments | |||||||||||||
Ownership percentage | 12.50% | ||||||||||||
Pacific Crest | ICON ECI Fund Twelve LP | |||||||||||||
Schedule of Equity Method Investments | |||||||||||||
Ownership percentage | 75.00% | ||||||||||||
Pacific Crest | Fund Fourteen | |||||||||||||
Schedule of Equity Method Investments | |||||||||||||
Ownership percentage | 12.50% | ||||||||||||
Pacific Crest | Offshore Supply Vessel | |||||||||||||
Schedule of Equity Method Investments | |||||||||||||
Payments to acquire equipment | $ 40,000,000 | ||||||||||||
Senior notes | 26,000,000 | ||||||||||||
Payments to Acquire Machinery and Equipment | 12,000,000 | ||||||||||||
Subordinated Debt | $ 2,000,000 | ||||||||||||
Payments for (Proceeds from) Investments | $ 1,000,000 | ||||||||||||
Equity Method Investment, Realized Gain (Loss) on Disposal | 1,000,000 | ||||||||||||
Customer Non-refundable Fee | $ 25,000 | ||||||||||||
Finance Lease, Impairment Loss | 2,458,845 | $ 7,345,225 | 19,295,230 | ||||||||||
Pacific Crest | ICON Fund Fifteen | Offshore Supply Vessel | |||||||||||||
Schedule of Equity Method Investments | |||||||||||||
Equity Method Investment, Realized Gain (Loss) on Disposal | 125,000 | ||||||||||||
Finance Lease, Impairment Loss | 0 | $ 1,758,641 | |||||||||||
Equity Method Investment, Aggregate Cost | $ 0 | $ 0 | |||||||||||
DVB | Pacific Crest | Offshore Supply Vessel | |||||||||||||
Schedule of Equity Method Investments | |||||||||||||
Repayments of Long-term Debt | 433,333 | ||||||||||||
Affiliated Entity | Pacific Crest | Offshore Supply Vessel | |||||||||||||
Schedule of Equity Method Investments | |||||||||||||
Payments for (Proceeds from) Investments | $ 566,667 |
Investment in Joint Ventures (D
Investment in Joint Ventures (Details) - USD ($) | Feb. 14, 2018 | Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 |
Schedule of Equity Method Investments | |||||
Income (loss) from investment in joint ventures | $ 2,369 | $ 107,434 | $ (130,046) | $ (1,444,128) | |
Epic Vessels | |||||
Schedule of Equity Method Investments | |||||
Income (loss) from investment in joint ventures | $ (3,018,839) | ||||
Pacific Crest | |||||
Schedule of Equity Method Investments | |||||
Revenue | 433,333 | 137,958 | 1,000,000 | 2,466,746 | |
Net loss | (2,304,050) | (338,832) | (8,416,455) | (14,530,337) | |
Income (loss) from investment in joint ventures | $ 0 | $ 0 | $ 0 | $ (1,698,951) |
Investment in Cost-Method Inv_2
Investment in Cost-Method Investees (Details) | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||||
Jun. 29, 2018USD ($)affiliate | Sep. 30, 2018USD ($) | Sep. 30, 2017USD ($) | Sep. 30, 2018USD ($) | Sep. 30, 2017USD ($) | Jun. 30, 2018affiliate | Jan. 05, 2018 | |
Schedule of Cost-method Investments [Line Items] | |||||||
Income (loss) from investment in joint ventures | $ | $ 2,369 | $ 107,434 | $ (130,046) | $ (1,444,128) | |||
TMA | |||||||
Schedule of Cost-method Investments [Line Items] | |||||||
Ownership percentage | 12.50% | ||||||
ICON Fund Fifteen | TMA | |||||||
Schedule of Cost-method Investments [Line Items] | |||||||
Ownership percentage | 1.56% | ||||||
Equity Method Investee | |||||||
Schedule of Cost-method Investments [Line Items] | |||||||
Number of affiliates | affiliate | 2 | ||||||
Equity Method Investee | ICON Fund Fifteen | TMA | |||||||
Schedule of Cost-method Investments [Line Items] | |||||||
Income (loss) from investment in joint ventures | $ | $ (37,351) | ||||||
Cost-method Investments | |||||||
Schedule of Cost-method Investments [Line Items] | |||||||
Number of affiliates | affiliate | 2 |
Non-Recourse Long-Term Debt (Na
Non-Recourse Long-Term Debt (Narrative) (Details) - USD ($) | Sep. 07, 2018 | Jun. 27, 2018 | Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | Jan. 05, 2018 | Dec. 31, 2017 | Jun. 04, 2012 |
Schedule of Equity Method Investments | |||||||||
Carrying value of underlying assets securing non-recourse debt | $ 115,252,600 | ||||||||
Non-recourse long-term debt | $ 0 | $ 0 | $ 79,969,199 | ||||||
Repayments of Secured Debt | 944,544 | $ 0 | |||||||
Gain on extinguishment of debt | 0 | $ 0 | 4,764,270 | 0 | |||||
Interest | 1,300,056 | 1,348,016 | 4,371,292 | 4,030,102 | |||||
Non-Recourse Long-Term Debt | |||||||||
Schedule of Equity Method Investments | |||||||||
Interest | 96,550 | 124,619 | 345,329 | 380,427 | |||||
Fund Fourteen | |||||||||
Schedule of Equity Method Investments | |||||||||
Interest | $ 0 | $ 102,131 | $ 200,930 | $ 303,061 | |||||
AMC | DVB | |||||||||
Schedule of Equity Method Investments | |||||||||
Non-recourse long-term debt | $ 17,500,000 | ||||||||
Stated rate | 4.997% | ||||||||
Repayments of Secured Debt | $ 944,544 | ||||||||
AMC | ICON Fund Fifteen | |||||||||
Schedule of Equity Method Investments | |||||||||
Ownership percentage | 60.00% | ||||||||
AMC | Fund Fourteen | |||||||||
Schedule of Equity Method Investments | |||||||||
Ownership percentage | 40.00% | ||||||||
Fugro Vessels | |||||||||
Schedule of Equity Method Investments | |||||||||
Ownership equity percentage sold | 100.00% | ||||||||
Long-term Debt and Capital Lease Obligations | $ 72,041,666 | ||||||||
TMA | |||||||||
Schedule of Equity Method Investments | |||||||||
Ownership percentage | 12.50% |
Non-Recourse Long-Term Debt (No
Non-Recourse Long-Term Debt (Non-recourse long-term debt) (Details) - USD ($) | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2018 | Dec. 31, 2016 | Dec. 31, 2017 | Feb. 08, 2016 | |
Debt Instrument | ||||
Non-recourse debt, gross | $ 0 | $ 81,145,834 | ||
Less: debt issuance costs | 0 | 1,176,635 | ||
Non-recourse long-term debt | 0 | 79,969,199 | ||
ABN AMRO, Rabobank, NIBC | ||||
Debt Instrument | ||||
Non-recourse debt, gross | $ 0 | 75,833,334 | ||
Debt Instrument Maturity Year | 2,020 | |||
Effective rate | 4.367% | |||
Stated rate | 4.117% | |||
Increase in interest rate | 0.25% | |||
DVB Bank SE | ||||
Debt Instrument | ||||
Non-recourse debt, gross | $ 0 | $ 5,312,500 | ||
Debt Instrument Maturity Year | 2,019 | |||
Effective rate | 4.997% |
Transactions with Related Par_3
Transactions with Related Parties (Narratives) (Details) - USD ($) | Jul. 01, 2016 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | Dec. 31, 2017 |
Related Party Transaction | ||||||||
Distributions to General Partners | $ 327,770 | $ 1,005,157 | $ 5,695,115 | |||||
General Partner's net income (loss) | (123,856) | $ (5,055) | $ (83,587) | $ (21,334) | ||||
Due to related parties | 5,508 | 5,508 | $ 3,385,928 | |||||
General Partner | ||||||||
Related Party Transaction | ||||||||
Distributions to General Partners | 3,278 | 323,183 | 70,281 | 346,436 | ||||
General Partner's net income (loss) | $ (123,856) | $ (5,055) | $ (83,587) | $ (21,334) | ||||
Fund Fourteen | ||||||||
Related Party Transaction | ||||||||
Note payable | 3,320,770 | |||||||
Accrued interest | 29,974 | |||||||
ICON Capital | ||||||||
Related Party Transaction | ||||||||
Decrease of Management Fee Rate | 50.00% | |||||||
Administrative expense reimbursement payable | $ 50,267 | |||||||
ICON Capital | Maximum | ||||||||
Related Party Transaction | ||||||||
Management Fee, Gross Periodic Payments Due and Paid | 1.75% |
Transactions with Related Par_4
Transactions with Related Parties (Related Party Transactions Activity) (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Fees And Expenses Paid Or Accrued [Abstract] | ||||
Management fees | $ 0 | $ 72,064 | $ 0 | $ 238,356 |
Administrative expense reimbursements | 180,508 | 332,576 | 617,296 | 1,047,741 |
Interest expense | 1,300,056 | 1,348,016 | 4,371,292 | 4,030,102 |
Total | 180,508 | 506,771 | 818,226 | 1,589,158 |
ICON Capital, LLC | ||||
Fees And Expenses Paid Or Accrued [Abstract] | ||||
Management fees | 0 | 72,064 | 0 | 238,356 |
Administrative expense reimbursements | 180,508 | 332,576 | 617,296 | 1,047,741 |
Fund Fourteen | ||||
Fees And Expenses Paid Or Accrued [Abstract] | ||||
Interest expense | $ 0 | $ 102,131 | $ 200,930 | $ 303,061 |
Derivative Financial Instrume_3
Derivative Financial Instruments (Details) | Sep. 07, 2018 | Sep. 30, 2018USD ($) | Sep. 30, 2017USD ($) | Dec. 31, 2017USD ($) | Feb. 08, 2016swap |
Derivative | |||||
Derivative financial instruments | $ 0 | $ 1,808,206 | |||
Gain (loss) on derivative financial instruments | $ (25,966) | $ (221,551) | |||
Not Designated as Hedging Instrument | Interest Rate Swap | |||||
Derivative | |||||
Number of derivative instruments held | swap | 2 | ||||
Fair Value, Measurements, Recurring | Not Designated as Hedging Instrument | Interest Rate Swap | Level 2 | Derivative financial instruments | Fair Value | |||||
Derivative | |||||
Asset Derivatives | $ 1,808,206 | ||||
Fugro [Member] | |||||
Derivative | |||||
Ownership equity percentage sold | 100.00% |
Fair Value Measurements (Summar
Fair Value Measurements (Summary of Fair Value Assets) (Details) | Dec. 31, 2017USD ($) |
Not Designated as Hedging Instrument | Derivative financial instruments | Interest Rate Swap | Fair Value, Measurements, Recurring | Level 2 | Fair Value | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Assets | $ 1,808,206 |
Fair Value Measurements (Carryi
Fair Value Measurements (Carrying vs Fair) (Details) | Sep. 30, 2018USD ($) |
Fair Value | Level 3 | |
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | |
Principal outstanding on fixed-rate notes receivable | $ 7,397,261 |
Carrying Amount | |
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | |
Principal outstanding on fixed-rate notes receivable | $ 7,521,731 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Operating Loss Carryforwards [Line Items] | ||||
Current Federal Tax Expense (Benefit) | $ 0 | |||
Current State and Local Tax Expense (Benefit) | 0 | |||
Income tax expense | $ 0 | $ 0 | $ 76,542 | $ 507,214 |
Taiwan | Foreign Tax Authority | ||||
Operating Loss Carryforwards [Line Items] | ||||
Statutory tax rate | 18.00% | |||
NEW YORK | State and local jurisdiction | ||||
Operating Loss Carryforwards [Line Items] | ||||
Statutory tax rate | 4.00% |
Commitments and Contingencies (
Commitments and Contingencies (Details) - USD ($) | Sep. 30, 2018 | Dec. 31, 2017 | Sep. 30, 2017 |
Commitments and Contingencies Disclosure [Abstract] | |||
Restricted cash | $ 0 | $ 4,154,930 | $ 4,483,053 |
Subsequent Events (Details)
Subsequent Events (Details) - Subsequent Event | Oct. 30, 2018USD ($) |
Subsequent Event [Line Items] | |
General Partner Distributions | $ 181,818 |
Distribution Made to Limited Partner, Cash Distributions Paid | $ 18,000,002 |