Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Feb. 29, 2020 | Jun. 28, 2019 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Entity Registrant Name | ATEL 15, LLC | ||
Document Period End Date | Dec. 31, 2019 | ||
Document Fiscal Year Focus | 2019 | ||
Document Fiscal Period Focus | FY | ||
Entity Central Index Key | 0001519117 | ||
Current Fiscal Year End Date | --12-31 | ||
Amendment Flag | false | ||
Entity Filer Category | Non-accelerated Filer | ||
Smaller Reporting Company | true | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 0 | ||
Entity Units Outstanding | 6,542,557 |
Balance Sheets
Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
ASSETS | ||
Cash and cash equivalents | $ 3,027 | $ 1,716 |
Accounts receivable, net | 73 | 75 |
Due from Managing Member and affiliates | 1 | |
Investment in securities | 316 | 144 |
Warrants, fair value | 225 | 376 |
Equipment under operating leases, net | 18,314 | 22,777 |
Prepaid expenses and other assets | 21 | 25 |
Total assets | 21,976 | 25,114 |
Accounts payable and accrued liabilities: | ||
Due to Managing Member and affiliates | 155 | 42 |
Accrued distributions to Other Members | 1,472 | |
Other | 138 | 463 |
Non-recourse debt | 4,067 | 1,191 |
Senior long-term debt | 2,068 | |
Unearned operating lease income | 69 | 61 |
Total liabilities | 5,901 | 3,825 |
Members' capital: | ||
Other Members | 16,075 | 21,289 |
Total Members' capital | 16,075 | 21,289 |
Total liabilities and Members' capital | $ 21,976 | $ 25,114 |
Statements of Operations
Statements of Operations - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Leasing and lending activities: | ||
Operating leases revenue, net | $ 4,535 | $ 6,594 |
Interest on notes receivable | 56 | 49 |
(Loss) gain on sale of operating lease assets and early termination of notes receivable | (573) | 1,705 |
Unrealized (loss) gain on fair value adjustment for securities | (17) | 26 |
Unrealized gain (loss) on fair value adjustment for warrants | 17 | (11) |
Other | 615 | 168 |
Total revenues | 4,633 | 8,531 |
Expenses: | ||
Depreciation of operating lease assets | 3,280 | 4,206 |
Asset management fees to managing Member | 185 | 258 |
Cost reimbursements to Managing Member and/or affiliates | 569 | 801 |
Provision for credit losses | 13 | 11 |
Impairment losses on investment in securities | 17 | |
Amortization of initial direct costs | 26 | 57 |
Interest expense | 140 | 189 |
Professional fees | 231 | 143 |
Outside services | 90 | 118 |
Taxes on income and franchise fees | 162 | 9 |
Bank charges | 17 | 15 |
Storage fees | 127 | 102 |
Other | 218 | 281 |
Total expenses | 5,058 | 6,207 |
Net (loss) income | (425) | 2,324 |
Net (loss) income: | ||
Managing Member | 359 | 106 |
Other Members | (784) | 2,218 |
Net (loss) income | $ (425) | $ 2,324 |
Net (loss) income per Limited Liability Company Unit (Other Members) | $ (0.12) | $ 0.34 |
Weighted average number of Units outstanding | 6,542,557 | 6,544,057 |
Statements of Changes in Member
Statements of Changes in Members' Capital - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Beginning Balance | $ 21,289 | $ 20,434 |
Repurchases of Units | (60) | |
Distributions to Other Members | (4,430) | (1,303) |
Distributions to Managing Member | (359) | (106) |
Net (loss) income | (425) | 2,324 |
Ending Balance | $ 16,075 | $ 21,289 |
Other Members [Member] | ||
Beginning Balance (in units) | 6,542,557 | 6,557,057 |
Beginning Balance | $ 21,289 | $ 20,434 |
Repurchases of Units (in units) | (14,500) | |
Repurchases of Units | $ (60) | |
Distributions to Other Members | (4,430) | (1,303) |
Net (loss) income | $ (784) | $ 2,218 |
Ending Balance (in units) | 6,542,557 | 6,542,557 |
Ending Balance | $ 16,075 | $ 21,289 |
Managing Member [Member] | ||
Distributions to Managing Member | (359) | (106) |
Net (loss) income | $ 359 | $ 106 |
Statements of Changes in Memb_2
Statements of Changes in Members' Capital (Parenthetical) - $ / shares | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Other Members [Member] | ||
Distributions to Other Members, per unit | $ 0.68 | $ 0.20 |
Statements of Cash Flows
Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Operating activities: | ||
Net (loss) income | $ (425) | $ 2,324 |
Adjustment to reconcile net (loss) income to cash provided by operating activities: | ||
Loss (gain) on sales of equipment under operating lease | 573 | (1,705) |
Depreciation of operating lease assets | 3,280 | 4,206 |
Amortization of initial direct costs | 26 | 57 |
Provision for credit losses | 13 | 11 |
Impairment losses on investment in securities | 17 | |
Unrealized loss (gain) on fair value adjustment for in securities | 17 | (26) |
Unrealized (gain) loss on fair value adjustment for warrants | (17) | 11 |
Changes in operating assets and liabilities: | ||
Accounts receivable | (11) | 75 |
Due from Managing Member and affiliates | 1 | (1) |
Prepaid expenses and other assets | 9 | (3) |
Due to Managing Member and affiliates | (6) | (261) |
Accounts payable, other | (326) | (70) |
Unearned operating lease income | 8 | (107) |
Net cash provided by operating activities | 3,142 | 4,528 |
Investing activities: | ||
Purchase of securities | (20) | (2) |
Proceeds from sales of equipment under leases and early termination of notes | 579 | 4,074 |
Note receivable advances | (17) | |
Principal payments received on notes receivable | 71 | |
Net cash provided by investing activities | 559 | 4,126 |
Financing activities: | ||
Borrowing under non-recourse debt | 4,624 | |
Repayments under non-recourse debt | (1,748) | (3,486) |
Repayment under credit facility | (2,068) | (2,250) |
Repurchases of Units | (60) | |
Net cash used in financing activities | (2,390) | (7,870) |
Net increase in cash and cash equivalents | 1,311 | 784 |
Cash and cash equivalents at beginning of year | 1,716 | 932 |
Cash and cash equivalents at end of year | 3,027 | 1,716 |
Supplemental disclosures of cash flow information: | ||
Cash paid during the year for interest | 106 | 109 |
Cash paid during the year for taxes | 120 | 13 |
Conversion of warrants to equity securities | 168 | |
Other Members [Member] | ||
Operating activities: | ||
Net (loss) income | (784) | 2,218 |
Financing activities: | ||
Distributions to Members | (2,958) | (1,918) |
Schedule of non-cash financing transactions: | ||
Distributions payable to Members at year-end | 1,472 | |
Managing Member [Member] | ||
Operating activities: | ||
Net (loss) income | 359 | 106 |
Financing activities: | ||
Distributions to Members | (240) | $ (156) |
Schedule of non-cash financing transactions: | ||
Distributions payable to Members at year-end | $ 119 |
Organization and Limited Liabil
Organization and Limited Liability Company Matters | 12 Months Ended |
Dec. 31, 2019 | |
Organization and Limited Liability Company Matters [Abstract] | |
Organization and Limited Liability Company Matters | 1. Organization and Limited Liability Company matters: ATEL 15, LLC (the “Company” or the “Fund”) was formed under the laws of the state of California on March 4, 2011 (“Date of Inception”) for the purpose of equipment financing and acquiring equipment to engage in equipment leasing and sales activities. The Managing Member of the Company is ATEL Managing Member, LLC (the “Managing Member” or “Manager”), a Nevada limited liability company. The Managing Member is controlled by ATEL Financial Services, LLC (“AFS”), a wholly-owned subsidiary of ATEL Capital Group. The Fund shall continue until terminated in accordance with the provisions of the Operating Agreement. Contributions in the amount of $500 were received as of May 3, 2011, which represented the initial member’s capital investment. As a limited liability company, the liability of any individual member for the obligations of the Fund is limited to the extent of capital contributions to the Fund by the individual member. The Company conducted a public offering of 15,000,000 Limited Liability Company Units (“Units”), at a price of $10 per Unit. As of December 21, 2011, subscriptions for the minimum number of Units (120,000, representing $1.2 million), excluding subscriptions from Pennsylvania investors, had been received and the Fund requested subscription proceeds to be released from escrow. On that date, the Company commenced initial operations and continued in its development stage activities until transitioning to an operating enterprise during the first quarter of 2012. Pennsylvania subscriptions are subject to a separate escrow and are released to the Fund only when aggregate subscriptions for all investors equal to at least $7.5 million. Total contributions to the Fund exceeded $7.5 million on April 14, 2012, at which time a request was processed to release the Pennsylvania escrowed amounts. The offering was terminated on October 28, 2013. As of December 31, 2019, cumulative gross contributions, less rescissions and repurchases (net of distributions paid and allocated syndication costs, as applicable), totaling $65.9 million (inclusive of the $500 initial Member’s capital investment) have been received. As of the same date, 6,542,557 Units were issued and outstanding. The Company’s principal objectives are to invest in a diversified portfolio of investments that will (i) preserve, protect and return the Company’s invested capital; (ii) generate regular cash distributions to unitholders, with any balance remaining after required minimum distributions to be used to purchase additional investments during the Reinvestment Period (ending six calendar years after the completion of the Company’s public offering of Units) and (iii) provide additional cash distributions following the Reinvestment Period and until all investment portfolio assets has been sold or otherwise disposed. The Company is governed by the ATEL 15, LLC amended and restated Limited Liability Company Operating Agreement dated October 28, 2011 (the “Operating Agreement”). Pursuant to the terms of the Operating Agreement, the Managing Member and/or its affiliates receives compensation for services rendered and reimbursements for costs incurred on behalf of the Company (See Note 7). The Company is required to maintain reasonable cash reserves for working capital, the repurchase of Units and contingencies. The repurchase of Units is solely at the discretion of the Managing Member. |
Concentration of Credit Risk an
Concentration of Credit Risk and Major Customers | 12 Months Ended |
Dec. 31, 2019 | |
Concentration of Credit Risk and Major Customers [Abstract] | |
Concentration of Credit Risk and Major Customers | 3. Concentration of credit risk and major customers: The Company leases equipment to lessees and provides debt financing to borrowers in diversified industries. Leases and notes receivable are subject to the Managing Member’s credit committee review. The leases and notes receivable provide for the return of the equipment to the Company upon default. As of December 31, 2019 and 2018, there were concentrations (greater than or equal to 10% as a percentage of total equipment cost) of equipment leased to lessees and/or financed for borrowers in certain industries as follows: Industry 2019 2018 Oil/Gas extraction % % Manufacturing % % Elec/Gas/Sanitation % * Rail transport * % *Less than 10% During 2019 and 2018, certain lessees and/or financial borrowers generated significant portions (defined as greater than or equal to 10%) of the Company’s total leasing and lending revenues, excluding gains or losses on disposition of assets, as follows: Percentage of Total Leasing and Lending Revenues Lessee Type of Equipment 2019 2018 Halliburton Overseas Limited Marine vessel 27 % 37 % GE Aviation Manufacturing 19 % 13 % Cargill, Inc. Material handling 15 % 11 % Aep Generating Company Facility - Other 12 % * The Kansas City Southern Railway Company Transportation, rail * 11 % Other Other * 13 % *Less than 10% These percentages are not expected to be comparable in future periods due to anticipated changes in the mix of investments and/or lessees as a result of normal business activities. |
Notes Receivable, Net
Notes Receivable, Net | 12 Months Ended |
Dec. 31, 2019 | |
Notes Receivable, Net | |
Notes Receivable, Net | 4. Notes receivable, net: The Company has various notes receivable from borrowers who have financed the purchase of equipment through the Company. As of December 31, 2019, the notes were paid in full and have been terminated. As of December 31, 2018, the terms of the notes were from 84 to 90 months with interest of 18.00% per annum. There were no notes on non-accrual status at December 31, 2018. As of December 31, 2019, there is no minimum future payments receivable. IDC amortization expense related to notes receivable and the Company’s operating and direct finance leases for the years ended December 31, 2019 and 2018 are as follows (in thousands): 2019 2018 IDC amortization – notes receivable $ — $ 7 IDC amortization – lease assets 26 50 Total $ 26 $ 57 |
Equipment Under Operating Lease
Equipment Under Operating Leases, Net | 12 Months Ended |
Dec. 31, 2019 | |
Investments In Equipment And Leases Net [Abstract] | |
Equipment Under Operating Leases, Net | 5. Equipment under operating leases, net: The Company’s investment in leases consists of the following (in thousands): Depreciation/ Amortization Balance Reclassifications Expense or Balance December 31, & Additions / Amortization December 31, 2018 Dispositions of Leases 2019 Equipment under operating leases, net $ 20,277 $ (1,838) $ (3,280) $ 15,159 Net investment in direct financing leases 5 (5) — — Assets held for sale or lease, net 2,463 686 — 3,149 Initial direct costs, net 32 — (26) 6 Total $ 22,777 $ (1,157) $ (3,306) $ 18,314 For the respective years ended December 31, 2019 and 2018, the Company did not record any impairment losses. The Company utilizes a straight line depreciation method over the term of the equipment lease for equipment on operating leases currently in its portfolio. Depreciation expense on the Company’s equipment totaled $3.3 million and $4. 2 million for the years ended December 31, 2019 and 2018, respectively. IDC amortization expense related to the Company’s operating leases totaled $26 thousand and $50 thousand for 2019 and 2018, respectively. All of the Company’s lease asset purchases and capital improvements were made during the years from 2011 through 2015. Operating leases: Property on operating leases consists of the following (in thousands): Balance Balance December 31, Reclassifications December 31, 2018 Additions or Dispositions 2019 Marine vessel $ 19,410 $ — $ — $ 19,410 Manufacturing 7,836 — (1,399) 6,437 Transportation, rail 7,686 — (2,592) 5,094 Facility – other 5,084 — — 5,084 Agriculture 2,112 — — 2,112 Construction 2,009 — (234) 1,775 Other 1,983 — (825) 1,158 46,120 — (5,050) 41,070 Less accumulated depreciation (25,843) (3,280) 3,212 (25,911) Total $ 20,277 $ (3,280) $ (1,838) $ 15,159 The average estimated residual value for assets on operating leases was 23% and 34% of the assets’ original cost at December 31, 2019 and 2018, respectively. There were no operating leases on non-accrual status at December 31, 2019 and 2018. As of December 31, 2019, the aggregate amounts of future minimum lease payments receivable are as follows (in thousands): Operating Leases Year ending December 31, 2020 $ 2,342 2,037 1,903 1,176 254 Thereafter 16 $ 7,728 The useful lives for each category of leases is reviewed at a minimum of once per quarter. As of December 31, 2019 and 2018, the respective useful lives of each category of lease assets in the Company’s portfolio are as follows (in years): Equipment category Useful Life Transportation, rail 35 – 50 Marine vessel 20 – 30 Manufacturing 10 – 15 Agriculture 7 – 10 Construction 7 – 10 Facility - other 7 – 10 Other 7 – 10 |
Allowance for Credit Losses
Allowance for Credit Losses | 12 Months Ended |
Dec. 31, 2019 | |
Allowance for Credit Losses [Abstract] | |
Allowance for Credit Losses | 6. Allowance for credit losses: The Company’s allowance for credit losses are as follows (in thousands): Allowance for Valuation Doubtful Adjustments Total Accounts on Allowance for Operating Leases Notes Receivable Credit Losses Balance December 31, 2017 $ 44 $ 12 $ 56 (Reversal of) provision for credit losses (44) 55 11 Balance December 31, 2018 $ — $ 67 $ 67 Balance December 31, 2018 $ — $ 67 $ 67 Provision for credit losses — 13 13 Write-off — (80) (80) Balance December 31, 2019 $ — $ — $ — As of December 31, 2019, the Company has no allowance for credit losses. As of December 31, 2018, the Company’s allowance for credit losses (related solely to financing receivables) and its recorded investment in financing receivables were as follows (in thousands): December 31, 2018 Notes Allowance for credit losses: Ending balance $ 67 Ending balance: individually evaluated for impairment $ 67 Ending balance: collectively evaluated for impairment $ — Financing receivables: Ending balance $ — Ending balance: individually evaluated for impairment $ — Ending balance: collectively evaluated for impairment $ — The Company evaluates the credit quality of its financing receivables on a scale equivalent to the following quality indicators related to corporate risk profiles: Pass — Any account whose lessee/debtor, co-lessee/debtor or any guarantor has a credit rating on publicly traded or privately placed debt issues as rated by Moody’s or S&P for either Senior Unsecured debt, Long Term Issuer rating or Issuer rating that are in the tiers of ratings generally recognized by the investment community as constituting an Investment Grade credit rating; or, has been determined by the Manager to be an Investment Grade Equivalent or High Quality Corporate Credit per its Credit Policy or has a Not Rated internal rating by the Manager and the account is not considered by the Chief Credit Officer of the manager to fall into one of the three risk profiles below. Special Mention — Any traditional corporate type account with potential weaknesses (e.g. large net losses or major industry downturns) or, any growth capital account that has less than three months of cash as of the end of the calendar quarter to fund their continuing operations. These accounts deserve management’s close attention. If left uncorrected, those potential weaknesses may result in deterioration of the Fund’s receivable at some future date. Substandard — Any account that is inadequately protected by the current worth and paying capacity of the borrower or of the collateral pledged, if any. Accounts that are so classified have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. They are characterized by the distinct possibility that the Fund will sustain some loss as the likelihood of fully collecting all receivables may be questionable if the deficiencies are not corrected. Such accounts are on the Manager’s Credit Watch List. Doubtful — Any account where the weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions, and values, highly questionable and improbable. Accordingly, an account that is so classified is on the Manager’s Credit Watch List, and has been declared in default and the Manager has repossessed, or is attempting to repossess, the equipment it financed. This category includes impaired notes and leases as applicable. At December 31, 2019 and 2018, the Company’s financing receivables by credit quality indicator and by class of financing receivables are as follows (excludes initial direct costs) (in thousands): Notes Receivable December 31, December 31, 2019 2018 Pass $ — $ — Special mention — — Substandard — — Doubtful — 67 Total $ — $ 67 As of December 31, 2019, the Company has no impaired investment in financing receivable. As of December 31, 2018, the Company’s impaired investment in financing receivables were as follows (in thousands): December 31, 2018 Unpaid Average Recorded Principal Related Recorded Interest Income Investment Balance Allowance Investment Recognized With no related allowance recorded Notes receivable $ — $ — $ — $ — $ — With an allowance recorded Notes receivable 67 67 67 — — Total $ 67 $ 67 $ 67 $ — $ — At December 31, 2019, the Company has no investment in financing receivables. At December 31, 2018, the investment in financing receivables is aged as follows (in thousands): Recorded Total Investment>90 31‑60 Days 61‑90 Days Greater Than Total Financing Days and December 31, 2018 Past Due Past Due 90 Days Past Due Current Receivables Accruing Notes receivable $ — $ — $ — $ — $ 67 $ 67 $ — |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2019 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 7. Related party transactions: The terms of the Operating Agreement provide that the Managing Member and/or affiliates are entitled to receive certain fees for equipment management and resale and for management of the Company. The Operating Agreement allows for the reimbursement of costs incurred by the Managing Member and/or affiliates for providing administrative services to the Company. Administrative services provided include Company accounting, investor relations, legal counsel and lease and equipment documentation. The Managing Member is not reimbursed for services whereby it is entitled to receive a separate fee as compensation for such services, such as management of investments. AFS and ATEL Leasing Corporation (“ALC”) is a wholly owned subsidiary of ATEL Capital Group, Inc. and performs services for the Company on behalf of the Managing Member. Acquisition services, equipment management, lease administration and asset disposition services are performed by ALC; investor relations, communications and general administrative services are performed by AFS. Cost reimbursements to the Managing Member or its affiliates are based on its costs incurred in performing administrative services for the Company. These costs are allocated to each managed entity based on certain criteria such as total assets, number of investors or contributed capital based upon the type of cost incurred. The Managing Member believes that the costs reimbursed are the lower of (i) actual costs incurred on behalf of the Company or (ii) the amount the Company would be required to pay independent parties for comparable administrative services in the same geographic location. The Managing Member and/or affiliates earned fees and billed for reimbursements, pursuant to the Operating Agreement, during the years ended December 31, 2019 and 2018 as follows (in thousands): 2019 2018 Administrative costs reimbursed to Managing Member and/or affiliates $ 569 $ 801 Asset management fees to Managing Member 185 258 $ 754 $ 1,059 |
Non-Recourse Debt
Non-Recourse Debt | 12 Months Ended |
Dec. 31, 2019 | |
Non-Recourse Debt [Abstract] | |
Non-Recourse Debt | 8. Non-recourse debt: At December 31, 2019, non-recourse debt consists of notes payable to financial institutions. The note payments are due in monthly installments. Interest on the notes range from 3.40% to 3.66% per annum. The notes are secured by assignments of lease payments and pledges of assets. At December 31, 2019, gross operating lease rentals totaled approximately $4.4 million over the remaining lease terms and the carrying value of the pledged assets is $8.8 million. The notes mature from 2020 through 2024. The non-recourse debt does not contain any material financial covenants. The debt is secured by a specific lien granted by the Company to the non-recourse lender on (and only on) the discounted lease transactions. The lender has recourse only to the following collateral: the leased equipment; the related lease chattel paper; the lease receivables; and proceeds of the foregoing items. The non-recourse obligation is payable solely out of the respective specific security and the Company does not guarantee (nor is the Company otherwise contractually responsible for) the payment of the non-recourse debt as a general obligation or liability of the Company. Although the Company does not have any direct or general liability in connection with the non-recourse debt apart from the security granted, the Company is directly and generally liable and responsible for certain representations, warranties, and covenants made to the lender, such as warranties as to genuineness of the transaction parties’ signatures, as to the genuineness of the respective lease chattel paper or the transaction as a whole, or as to the Company’s good title to or perfected interest in the secured collateral, as well as similar representations, warranties and covenants typically provided by non-recourse borrowers and customary in the equipment finance industry, and are viewed by such industry as being consistent with non-recourse discount financing obligations. Accordingly, as there are no financial covenants or ratios imposed on the Company in connection with the non-recourse debt, the Company has determined that there are no material covenants with respect to the non-recourse debt that warrant footnote disclosure. Future minimum payments of non-recourse debt are as follows (in thousands): Principal Interest Total Year ending December 31, 2020 $ 959 $ 123 $ 1,082 946 91 1,037 978 58 1,036 1,012 25 1,037 172 1 173 Total $ 4,067 $ 298 $ 4,365 |
Senior Long-Term Debt
Senior Long-Term Debt | 12 Months Ended |
Dec. 31, 2019 | |
Senior long-Term Debt [Abstract] | |
Senior Long-Term Debt | 9. Senior long-term debt: As of December 31, 2019, the Fund had no senior long-term debt. As of December 31, 2018, there was $2.1 million of senior long-term debt which consisted of a note payable to a lender. Such debt was utilized during the fourth quarter of 2013 to partially fund the marine vessel and related bareboat charter purchased by the Fund and its affiliate, ATEL 14, LLC. The note bore interest at a fixed-rate of 3.5% per annum, to accrue in arrears on a monthly basis. On May 20, 2019, a were used to pay off the senior long-term debt. The note bore interest at a fixed rate of 3.4% per annum. The non-recourse promissory note is to be serviced by the cash flows generated under a renewed bareboat charter. |
Borrowing Facilities
Borrowing Facilities | 12 Months Ended |
Dec. 31, 2019 | |
Borrowing Facilities [Abstract] | |
Borrowing Facilities | 10. Borrowing facilities: Effective October 31, 2019, the Company entered into an amended and restated revolving credit facility agreement (the “Credit Facility”) replacing the previous revolving credit facility agreement. The Company participated with ATEL Capital Group and certain subsidiaries and affiliated entities as borrowers, with a syndicate of financial institutions as lenders. The Credit Facility is comprised of a working capital sub-facility, an acquisition sub-facility, institutional leasing sub-facility, and a venture line sub-facility. The Company participates in the acquisition sub-facility and the institutional leasing sub-facility, on a several, but not joint, basis (i.e., the Company is liable only for the amount of the advances extended to the Company under those sub-facilities, and not as to amounts extended to any co-borrower). The aggregate amount of the Credit Facility is $55 million, with sub-limits for each sub-facility, and currently expires June 30, 2021 (unless extended). The lending syndicate providing the Credit Facility has a blanket lien on all of the Company’s assets as collateral for any and all borrowings extended to the Company under the acquisition sub-facility or the institutional leasing sub-facility, on a several, but not joint, basis. The Credit Facility includes certain financial covenants made by the Company, as is customarily found in credit facilities of similar size and nature. As of December 31, 2019 and 2018, borrowings under the Credit Facility were as follows (in thousands): 2019 2018 Total available under the financing arrangement $ 55,000 $ 75,000 Amount borrowed by affiliated partnerships and limited liability companies under the working capital, acquisition and warehouse facilities (850) (2,110) Total remaining available under the working capital, acquisition and warehouse facilities $ 54,150 $ 72,890 The Company and its affiliates pay an annual commitment fee to have access to this line of credit. As of December 31, 2019, the aggregate amount of the Credit Facility is potentially available to the Company, subject to certain sub-facility and borrowing-base limitations. However, as amounts are drawn on the Credit Facility by each of the Company and the affiliates who are borrowers under the Credit Facility, the amount remaining available to all borrowers to draw under Credit Facility is reduced. As of December 31, 2019, the Company’s Tangible Net Worth requirement under the Credit Facility was $10.0 million, the permitted maximum leverage ratio was not to exceed 1.25 to 1, and the required minimum interest coverage ratio was not to be less than 2 to 1. The Company was in compliance with these financial covenants under the Credit Facility with a minimum Tangible Net Worth, leverage ratio and interest coverage ratio, as calculated per the Credit Facility agreement of $16.1 million, 0.25 to 1 and 21.71 to 1, respectively, as of December 31, 2019. As such, as of December 31, 2019, the Company was in compliance with all material financial covenants, and with all other material conditions of the Credit Facility. The Company does not anticipate any covenant violations nor does it anticipate that any of these covenants will restrict its operations or its ability to procure additional financing. Fee and interest terms The interest rate on the Credit Facility is based on either the LIBOR/Eurocurrency rate of 1‑, 2‑, 3‑ or 6‑month maturity plus a lender designated spread, or the bank’s Prime rate, which re-prices daily. Principal amounts of loans made under the Credit Facility that are prepaid may be re-borrowed on the terms and subject to the conditions set forth under the Credit Facility. As of December 31, 2019 and 2018, the Company had no borrowings under the Credit Facility. Warehouse facility To hold the assets under the Warehousing Facility prior to allocation to specific investor programs, a Warehousing Trust has been entered into by the Company, AFS, ALC, and certain of the affiliated partnerships and limited liability companies. The Warehousing Trust is used by the Warehouse Facility borrowers to acquire and hold, on a short-term basis, certain lease transactions that meet the investment objectives of each of such entities. Each of the leasing programs sponsored by AFS and ALC is a pro rata participant in the Warehousing Trust, as described below. When a program no longer has a need for short-term financing provided by the Warehousing Facility, it is removed from participation, and as new leasing investment entities are formed by AFS and ALC and commence their acquisition stages, these new entities are added. As of December 31, 2019, the investment program participants were the Company, ATEL 16, LLC and ATEL 17, LLC. Pursuant to the Warehousing Trust, the benefit of the lease transaction assets, and the corresponding liabilities under the Warehouse Facility, inure to each of such entities based upon each entity’s pro-rata share in the Warehousing Trust estate. The “pro-rata share” is calculated as a ratio of the net worth of each entity over the aggregate net worth of all entities benefiting from the Warehousing Trust estate, excepting that the trustees, AFS and ALC, are both jointly and severally liable for the pro-rata portion of the obligations of each of the affiliated limited liability companies participating under the Warehouse Facility. Transactions are financed through this Warehouse Facility only until the transactions are allocated to a specific program for purchase or are otherwise disposed by AFS and ALC. When a determination is made to allocate the transaction to a specific program for purchase by the program, the purchaser repays the debt associated with the asset, either with cash or by means of proceeds of a draw under the Acquisition Facility, and the asset is removed from the Warehouse Facility collateral, and ownership of the asset and any debt obligation associated with the asset are assumed solely by the purchasing entity. |
Commitments
Commitments | 12 Months Ended |
Dec. 31, 2019 | |
Commitments [Abstract] | |
Commitments | 11 . Commitments: At December 31, 2019, there were no commitments to purchase lease assets or to fund investments in notes receivable. |
Guarantees
Guarantees | 12 Months Ended |
Dec. 31, 2019 | |
Guarantees [Abstract] | |
Guarantees | 12. Guarantees: The Company enters into contracts that contain a variety of indemnifications. The Company’s maximum exposure under these arrangements is unknown. However, the Company has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote. The Managing Member knows of no facts or circumstances that would make the Company’s contractual commitments outside standard mutual covenants applicable to commercial transactions between businesses. Accordingly, the Company believes that these indemnification obligations are made in the ordinary course of business as part of standard commercial and industry practice, and that any potential liability under the Company’s similar commitments is remote. Should any such indemnification obligation become payable, the Company would separately record and/or disclose such liability in accordance with GAAP. |
Members' Capital
Members' Capital | 12 Months Ended |
Dec. 31, 2019 | |
Members' Capital [Abstract] | |
Members' Capital | 13. Members’ capital: A total of 6,542,557 Units were issued and outstanding at both December 31, 2019 and 2018, respectively , including the 50 Units issued to the initial Member (Managing Member) . The Fund was authorized to issue up to 15,000,000 Units in addition to the Units issued to the initial Member. The Company has the right, exercisable at the Managing Member’s discretion, but not the obligation, to repurchase Units of a Unitholder who ceases to be a U.S. Citizen, for a price equal to 100% of the holder’s capital account. The Company is otherwise permitted, but not required, to repurchase Units upon a holder’s request. The repurchase of Fund units is made in accordance with Section 13 of the Amended and Restated Limited Liability Company Operating Agreement. The repurchase would be at the discretion of the Managing Member on terms it determines to be appropriate under given circumstances, in the event that the Managing Member deems such repurchase to be in the best interest of the Company; provided, the Company is never required to repurchase any Units. Upon the repurchase of any Units by the Fund, the tendered Units are cancelled. Units repurchased in prior periods were repurchased at amounts representing the original investment less cumulative distributions made to the Unitholder with respect to the Units. All Units repurchased during a quarter are deemed to be repurchased effective the last day of the preceding quarter, and are not deemed to be outstanding during, or entitled to allocations of net income, net loss or distributions for the quarter in which such repurchase occurs. The Fund’s net income or net losses are to be allocated 100% to the members. From the commencement of the Fund until the initial closing date, net income and net loss were allocated 99% to the Managing Member and 1% to the initial members. Commencing with the initial closing date, net income and net loss are to be allocated 92.5% to the members and 7.5% to the Managing Member. Fund distributions are to be allocated 7.5% to the Managing Member and 92.5% to the members. The Company commenced periodic distributions during the first quarter of 2012. Distributions to the Other Members for the years ended December 31, 2019 and 2018 were as follows (in thousands except Units and per Unit data): 2019 2018 Distributions declared $ 4,430 $ 1,303 Weighted average number of Units outstanding 6,542,557 6,544,057 Weighted average distributions per Unit $ 0.68 $ 0.20 |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2019 | |
Fair Value Measurements [Abstract] | |
Fair Value Measurements | 14. Fair value measurements: Under applicable accounting standards, fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Fair value measurements and disclosures are based on a fair value hierarchy as determined by significant inputs used to measure fair value. The three levels of inputs within the fair value hierarchy are defined as follows: Level 1 — Quoted prices in active markets for identical assets or liabilities. An active market for the asset or liability is a market in which transactions for the asset or liability occur with sufficient frequency and volume to provide pricing information on an ongoing basis, generally on a national exchange. Level 2 — Quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-based valuations in which all significant inputs are observable in the market. Level 3 — Valuation is modeled using significant inputs that are unobservable in the market. These unobservable inputs reflect the Company’s own estimates of assumptions that market participants would use in pricing the asset or liability. At December 31, 2019 and 2018, the Company’s warrants and investment securities were measured on a recurring basis. During 2018, the Company recorded non-recurring adjustments to adjust the cost basis of certain notes receivable deemed impaired. There were no non-recurring adjustments during 2019. The Company’s valuation policy is determined by members of the Asset Management, Credit and Accounting departments. Whenever possible, the policy is to obtain quoted market prices in active markets to estimate fair values for recognition and disclosure purposes. Where quoted market prices in active markets are not available, fair values are estimated using discounted cash flow analyses, broker quotes, information from third party remarketing agents, third party appraisals of collateral and/or other valuation techniques. These techniques are significantly affected by certain of the Company’s assumptions, including discount rates and estimates of future cash flows. Potential taxes and other transaction costs are not considered in estimating fair values. As the Company is responsible for determining fair value, an analysis is performed on prices obtained from third parties. Such analysis is performed by asset management and credit department personnel who are familiar with the Company’s investments in equipment, notes receivable and equity securities of venture companies. The analysis may include a periodic review of price fluctuations and validation of numbers obtained from a specific third party by reference to multiple representative sources. Such fair value adjustments utilized the following methodology: Warrants (recurring) Warrants owned by the Company are not registered for public sale, but are considered derivatives and are carried on the balance sheet at an estimated fair value at the end of the period. The valuation of the warrants was determined using a Black-Scholes formulation of value based upon the stock price(s), the exercise price(s), the volatility of comparable venture companies, and a risk free interest rate for the term(s) of the warrant exercise(s). As of December 31, 2019 and 2018, the calculated fair value of the Fund’s warrant portfolio approximated $ 225 thousand and $376 thousand, respectively. Such valuations are classified within Level 3 of the valuation hierarchy. The fair value of warrants that were accounted for on a recurring basis and classified as Level 3 are as follows (in thousands): 2019 2018 Fair value of warrants at beginning of year $ 376 $ 387 Unrealized loss on fair market valuation of warrants 17 (11) Warrants converted to securities (168) — Fair value of warrants at end of year $ 225 $ 376 Impaired notes receivable (non-recurring) The fair value of the Company’s notes receivable, when impairment adjustments are required, is estimated using either third party appraisals or estimations of the value of collateral (for collateral dependent loans). As of December 31, 2019, the Company had no fair value adjustments related to impaired notes. As of December 31, 2018, the Company had recorded $ 67 thousand of fair value adjustments relative to impaired notes. Investment securities (recurring) The Company’s investment securities registered for public sale with readily determinable fair values are measured at fair value with any changes in fair value recognized in the Company’s results of operations. Factors considered by the Managing Member in determining fair value include, but are not limited to, available financial information, the issuer’s ability to meet its current obligations and indications of the issuer’s subsequent ability to raise capital. The fair value of investment securities that were accounted for on a recurring basis as of the years ended December 31, 2019 and 2018 classified as Level 1 are as follows (in thousands): 2019 2018 Fair value of securities at the beginning of year $ 127 $ 101 Unrealized gain on fair valuation of securities (57) 26 Fair value of investment securities at the end of year $ 70 $ 127 The following tables summarize the valuation techniques and significant unobservable inputs used for the Company’s recurring and non-recurring fair value calculation/adjustments categorized as Level 3 in the fair value hierarchy at December 31, 2019 and 2018: December 31, 2019 Valuation Valuation Unobservable Range of Name Frequency Technique Inputs Input Values Warrants Recurring Black-Scholes formulation Stock price $0.12- $12.92 Exercise price $0.10 - $160.05 Time to maturity (in years) 1.98 - 6.08 Risk-free interest rate 1.58% - 1.73% Annualized volatility 37.97% - 109.07% December 31, 2018 Valuation Valuation Unobservable Range of Name Frequency Technique Inputs Input Values Warrants Recurring Black-Scholes formulation Stock price $0.00 - $9.98 Exercise price $0.10 - $1,000.00 Time to maturity (in years) 1.62 - 7.08 Risk-free interest rate 2.46% - 2.59% Annualized volatility 35.36% - 91.94% The following disclosure of the estimated fair value of financial instruments is made in accordance with the guidance provided by the Financial Instruments Topic of the FASB Accounting Standards Codification. Fair value estimates, methods and assumptions, set forth below for the Company’s financial instruments, are made solely to comply with the requirements of the Financial Instruments Topic and should be read in conjunction with the Company’s financial statements and related notes. The Company determines the estimated fair value amounts by using market information and valuation methodologies that it considers appropriate and consistent with the fair value accounting guidance. Considerable judgment is required to interpret market data to develop the estimates of fair value. The use of different market assumptions and/or estimation methodologies may have a material effect on the estimated fair value amounts. Cash and cash equivalents The recorded amounts of the Company’s cash and cash equivalents approximate fair value because of the liquidity and short-term maturity of these instruments. Notes receivable The fair value of the Company’s notes receivable is generally estimated based upon various methodologies deployed by financial and credit management including, but not limited to, credit analysis, third party appraisal and/or discounted cash flow analysis based upon current market valuation techniques and market rates for similar types of lending arrangements, which may consider adjustments for impaired loans as deemed necessary. Investment in securities The Company's purchased securities registered for public sale with readily determinable fair value are carried at fair value. These investment securities are valued based on their quoted market price. Credit facility The credit facility includes the outstanding amounts on the Company’s credit facility. The carrying amount of these variable rate obligations approximate fair value based on current borrowing rates for similar types of borrowings. Non-recourse and Senior long-term debt The fair value of the Company’s non-recourse and long-term debt is estimated using discounted cash flow analyses, based upon current market borrowing rates for similar types of borrowing arrangements. Commitments and Contingencies Management has determined that no recognition for the fair value of the Company’s loan commitments is necessary because their terms are made on a market rate basis and require borrowers to be in compliance with the Company’s credit requirements at the time of funding. The fair value of contingent liabilities (or guarantees) is not considered material because management believes there has been no event that has occurred wherein a guarantee liability has been incurred or will likely be incurred. T he following tables present estimated fair values of the Company’s financial instruments in accordance with the guidance provided by the Financial Instruments Topic of the FASB Accounting Standards Codification at December 31, Fair Value Measurements at December 31, 2019 Carrying Amount Level 1 Level 2 Level 3 Total Financial assets: Cash and cash equivalents $ 3,027 $ 3,027 $ — $ — $ 3,027 Investment in securities 70 70 — — 70 Warrants, fair value 225 — — 225 225 Financial liabilities: Non-recourse debt 4,067 — — 4,115 4,115 Fair Value Measurements at December 31, 2018 Carrying Amount Level 1 Level 2 Level 3 Total Financial assets: Cash and cash equivalents $ 1,716 $ 1,716 $ — $ — $ 1,716 Investment in securities 127 127 — — 127 Warrants, fair value 376 — — 376 376 Financial liabilities: Non-recourse debt 1,191 — — 1,187 1,187 Senior long-term debt 2,068 — — 2,456 2,456 |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2019 | |
Subsequent Event [Abstract] | |
Subsequent Events | 15. Subsequent Events: Subsequent to December 31, 2019, the World Health Organization declared the novel coronavirus outbreak a public health emergency. The Fund’s operations is located in California, which has restricted gatherings of people due to the coronavirus outbreak. At present, the Fund’s operations have not been adversely affected and continues to function effectively. Due to the dynamic nature of these unprecedented circumstances and possible business disruption, the Fund will continue to monitor the situation closely, but given the uncertainty about the situation, an estimate of the future impact, if any, cannot be made at this time. |
Summary of Significant Accounti
Summary of Significant Accounting Policies (Policy) | 12 Months Ended |
Dec. 31, 2019 | |
Summary of Significant Accounting Policies [Abstract] | |
Basis of Presentation | Basis of presentation: The accompanying balance sheets as of December 31, 2019 and 2018, and the related statements of operations, changes in members’ capital, and cash flows for the years then ended, have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and the rules and regulations of the Securities and Exchange Commission. Certain prior year amounts may have been reclassified to conform to the current year presentation. These reclassifications had no significant effect on the reported financial position or results from operations. Footnote and tabular amounts are presented in thousands, except as to Units and per Unit data. In preparing the accompanying financial statements, the Company has reviewed, as determined necessary by the Managing Member, events that have occurred after December 31, 2019, up until the issuance of the financial statements. No events were noted which would require additional disclosure in the footnotes to the financial statements other than those disclosed in Note 15, Subsequent Events . |
Cash and Cash Equivalents | Cash and cash equivalents: Cash and cash equivalents include cash in banks and cash equivalent investments such as U.S. Treasury instruments with original and/or purchased maturities of ninety days or less. |
Use of Estimates | Use of Estimates: The preparation of the financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from the estimates. Such estimates primarily relate to the determination of residual values at the end of the lease term and expected future cash flows used for impairment analysis purposes and for determination of the allowance for doubtful accounts and reserve for credit losses on notes receivable. |
Accounts Receivable | Accounts receivable: Accounts receivable represent the amounts billed under operating and direct financing lease contracts, and notes receivable which are currently due to the Company. Allowances for doubtful accounts are typically established based on historical charge off and collection experience and the collectability of specifically identified lessees and borrowers, and invoiced amounts. Accounts receivable deemed uncollectible are generally charged off against the allowance on a specific identification basis. Recoveries of amounts that were previously written-off are recorded as other income in the period received. |
Credit Risk | Credit risk: Financial instruments that potentially subject the Company to concentrations of credit risk include cash and cash equivalents, operating and direct financing lease receivables, notes receivable and accounts receivable. The Company places the majority of its cash deposits in noninterest-bearing accounts with financial institutions that have no less than $10 billion in assets. Such deposits are insured up to $250 thousand. The remainder of the Funds’ cash is temporarily invested in U.S. Treasury denominated instruments. The concentration of such deposits and temporary cash investments is not deemed to create a significant risk to the Company. Accounts and notes receivable represent amounts due from lessees or borrowers in various industries, related to equipment on operating and direct financing leases or notes receivable. |
Equipment on Operating Leases and Related Revenue Recognition | Equipment on operating leases and related revenue recognition: Equipment subject to operating leases is stated at cost. Depreciation is being recognized on a straight-line method over the terms of the related leases to the equipment’s estimated residual values. Off-lease equipment is generally not subject to depreciation. The Company depreciates all lease assets, in accordance with guidelines consistent with Accounting Standards Codification (ASC) 360-10-35-3, over the periods of the lease terms contained in each asset’s respective lease contract to the estimated residual value at the end of the lease contract. All lease assets are purchased only concurrent with the execution of a lease commitment by the lessee. Thus, the original depreciation period corresponds with the term of the original lease. Once the term of an original lease contract is completed, the subject property is typically sold to the existing user, re-leased to the existing user, or, when off-lease, is held for sale. Assets which are re-leased continue to be depreciated using the terms of the new lease agreements and the estimated residual values at the end of the new lease terms, adjusted downward as necessary. Assets classified as held-for-sale are carried at the lower of carrying amount, or the fair value less cost to sell (ASC 360-10-35-43). The Company does not use the equipment held in its portfolio, but holds it solely for lease and ultimate sale. In the course of marketing equipment that has come off-lease, management may determine at some point that re-leasing the assets may provide a superior return for investors and would then execute another lease. Upon entering into a new lease contract, management will estimate the residual value once again and resume depreciation. If, and when, the Company, at any time, determines that depreciation in value may have occurred with respect to an asset held-for-sale, the Company would review the value to determine whether a material reduction in value had occurred and recognize any appropriate impairment. All lease assets, including off-lease assets, are subject to the Company’s quarterly impairment analysis, as described below. Maintenance costs associated with the Fund’s portfolio of leased assets are expensed as incurred. Major additions and betterments are capitalized. Operating lease revenue is recognized on a straight-line basis over the term of the underlying leases. The initial lease terms will vary as to the type of equipment subject to the leases, the needs of the lessees and the terms to be negotiated, but initial leases are generally on terms from 36 to 120 months. The difference between rent received and rental revenue recognized is recorded as unearned operating lease income on the balance sheet. Operating leases are generally placed in a non-accrual status (i.e., no revenue is recognized) when payments are more than 90 days past due. Additionally, management considers the equipment underlying the lease contracts for impairment and periodically reviews the credit worthiness of all operating lessees with payments outstanding less than 90 days. Based upon management’s judgment, the related operating leases may be placed on non-accrual status. Leases placed on non-accrual status are only returned to an accrual status when the account has been brought current and management believes recovery of the remaining unpaid lease payments is probable. Until such time, revenues are recognized on a cash basis. |
Notes Receivable, Unearned Interest Income and Related Revenue Recognition | Notes receivable, unearned interest income and related revenue recognition: The Company records all future payments of principal and interest on notes as notes receivable, which are then offset by the amount of any related unearned interest income. For financial statement purposes, the Company reports only the net amount of principal due on the balance sheet. The unearned interest is recognized over the term of the note and the income portion of each note payment is calculated so as to generate a constant rate of return on the net balance outstanding. Any fees or costs related to notes receivable are recorded as part of the net investment in notes receivable and amortized over the term of the loan. Allowances for losses on notes receivable are typically established based on historical charge off and collection experience and the collectability of specifically identified borrowers and billed and unbilled receivables. Notes are considered impaired when, based on current information and events, it is probable that the Company will be unable to collect the scheduled payments of principal and/or interest when due according to the contractual terms of the note agreement. Factors considered by management in determining impairment include payment status, collateral value, and the probability of collecting scheduled principal and interest payments when due. If it is determined that a loan is impaired with regard to scheduled payments, the Company will perform an analysis of the note to determine if an impairment valuation reserve is necessary. This analysis considers the estimated cash flows from the note, or the collateral value of the property underlying the note when note repayment is collateral dependent. Any required valuation reserve is charged to earnings when determined; and notes are charged off to the allowance as they are deemed uncollectible. Notes receivable are generally placed in a non-accrual status (i.e., no revenue is recognized) when payments are more than 90 days past due. Additionally, management periodically reviews the creditworthiness of companies with note payments outstanding less than 90 days. Based upon management’s judgment, the related notes may be placed on non-accrual status. Notes placed on non-accrual status are only returned to an accrual status when the account has been brought current and management believes recovery of the remaining unpaid receivable is probable. Until such time, all payments received are applied only against outstanding principal balances. |
Initial Direct Costs | Initial direct costs: With the adoption of Accounting Standards Update (ASU) No. 2016-02, certain costs associated with the execution of the Company’s leases, which were previously capitalized and amortized over the life of their respective leases, are expensed as incurred. In 2018 and prior, the Company capitalized initial direct costs (“IDC”) associated with the origination of lease assets. IDC includes both internal costs (e.g., the costs of employees’ activities in connection with successful lease originations) and external broker fees incurred with such originations. The costs are amortized on a lease by lease basis based on actual contract term using a straight-line method for operating leases. Upon disposal of the underlying lease assets, both the initial direct costs and the associated accumulated amortization are relieved. Costs related to leases that are not consummated are not eligible for capitalization as initial direct costs and are expensed as acquisition expense. |
Acquisition Expense | Acquisition expense: Acquisition expense represents costs which include, but are not limited to, legal fees and expenses, travel and communication expenses, cost of appraisals, accounting fees and expenses and miscellaneous expenses related to the selection and acquisition of equipment which are reimbursable to the Managing Member under the terms of the Operating Agreement. As the costs are not eligible for capitalization as initial direct costs, such amounts are expensed as incurred. |
Asset Valuation | Asset valuation: Recorded values of the Company’s leased asset portfolio are reviewed each quarter to confirm the reasonableness of established residual values and to determine whether there is indication that an asset impairment might have taken place. The Company uses a variety of sources and considers many factors in evaluating whether the respective book values of its assets are appropriate. In addition, the Company may direct a residual value review at any time if it becomes aware of issues regarding the ability of a lessee to continue to make payments on its lease contract. An impairment loss is measured and recognized only if the estimated undiscounted future cash flows of the asset are less than the net book value. The estimated undiscounted future cash flows are the sum of the residual value of the asset at the end of the asset’s lease contract and undiscounted future rents from the existing lease contract. The residual value assumes, among other things, that the asset is utilized normally in an open, unrestricted and stable market. Short-term fluctuations in the marketplace are disregarded and it is assumed that there is no necessity either to dispose of a significant number of the assets, if held in quantity, simultaneously or to dispose of the asset quickly. Impairment is measured as the difference between the fair value (as determined by a valuation method using discounted estimated future cash flows, third party appraisals or comparable sales of similar assets as applicable based on asset type) of the asset and its carrying value on the measurement date. Upward adjustments for impairments recognized in prior periods are not made in any circumstances. |
Segment Reporting | Segment reporting: The Company is organized into one operating segment for the purpose of making operating decisions or assessing performance. Accordingly, the Company operates in one reportable operating segment in the United States. The primary geographic region in which the Company seeks leasing opportunities is North America. For the years ended December 31, 2019 and 2018, and as of December 31, 2019 and 2018, all of the Company’s current operating revenues and long-lived assets relate to customers domiciled in the United States. |
Investment in Securities | Investment in securities: Purchased securities The Company’s purchased securities registered for public sale with readily determinable fair values are measured at fair value with any changes in fair value recognized in the Company’s results of operations. The Company’s purchased securities that do not have readily determinable fair values are measured at cost minus impairment and adjusted for changes in observable prices. Factors considered by the Managing Member in determining fair value include, but are not limited to, available financial information, the issuer’s ability to meet its current obligations and indications of the issuer’s subsequent ability to raise capital. The Company had $316 thousand and $144 thousand of purchased securities at December 31, 2019 and 2018, respectively. Based upon the Company’s review of its investment in securities portfolio, the Company recorded unrealized losses of $ 17 th ousand and unrealized gains of $26 thousand on fair value adjustments on its securities during 2019 and 2018, respectively. The Company had no impairment adjustments on investment securities during 2019. The Company had recorded $17 thousand of impairment adjustments on investment securities during 2018. There was no gain on sales or dispositions of investment in securities in either 2019 or 2018. Warrants Warrants owned by the Company are not registered for public sale, but are considered derivatives and are reflected at an estimated fair value on the balance sheet as determined by the Managing Member. The Company recorded unrealized gains of $17 thousand and unrealized losses of $ 11 thousand on fair valuation of its warrants during 2019 and 2018, respectively. The unrealized gains recorded during 2019 and the unrealized losses during 2018 adjusted the estimated fair value of the Company’s portfolio of warrants to $225 thousand at December 31, 2019 and $376 thousand at December 31, 2018. The Company did not realize any gains or losses from the net exercise of warrants during 2019 and 2018. |
Unearned Operating Lease Income | Unearned operating lease income: The Company records prepayments on operating leases as a liability under the caption of unearned operating lease income. The liability is recorded when prepayments are received and recognized as operating lease revenue over the period to which the prepayments relate using a straight-line method. |
Income Taxes | Income Taxes: The Company is treated as a partnership for federal income tax purposes. Pursuant to the provisions of Section 701 of the Internal Revenue Code, a partnership is not subject to federal income taxes. Accordingly, the Company has provided current franchise income taxes for only those states which levy income taxes on partnerships. For the years ended December 31, 2019 and 2018, the related provision for state income taxes was approximately $162 thousand and $ 9 thousand, respectively. The Company does not have any entity level uncertain tax positions. The Company files income tax returns in the U.S. federal jurisdiction and various state jurisdictions and is generally subject to examination by U.S. federal (or state and local) income tax authorities for three years from the filing of a tax return. The tax bases of the Company’s net assets and liabilities vary from the amounts presented in these financial statements at December 31, 2019 and 2018 as follows (in thousands): 2019 2018 Financial statement basis of net assets $ 16,075 $ 21,289 Tax basis of net assets (unaudited) 22,174 25,200 Difference $ (6,099) $ (3,911) The primary differences between the tax bases of net assets and the amounts recorded in the financial statements are the result of differences in accounting for syndication costs and differences between the depreciation methods used in the financial statements and the Company’s tax returns. The following reconciles the net (loss) income reported in these financial statements to the income reported on the Company’s federal tax return (unaudited) for the years ended December 31, 2019 and 2018 (in thousands): 2019 2018 Net (loss) income per financial statements $ (425) $ 2,324 Tax adjustments (unaudited): Adjustment to depreciation expense (525) (232) Provision for losses and doubtful accounts — (43) Adjustments to revenues 12 (120) Adjustments to gain on sales of assets 1,017 1,233 Other 92 68 Income per federal tax return (unaudited) $ 171 $ 3,230 |
Per Unit Data | Per Unit data: The Company issues only one class of Units, none of which are considered dilutive. Net income (loss) and distributions per Unit is based upon the weighted average number of Other Members Units outstanding during the year. |
Recent Accounting Pronouncements | Recent accounting pronouncements: In February 2016, the Financial Accounting Standards Board, or FASB, issued ASU No. 2016‑02, Leases. In July 2018, the FASB issued ASU No. 2018-10, Codification Improvements to Topic 842, Leases and ASU No. 2018-11, Leases (Topic 842): Targeted Improvements. In December 2018, the FASB issued ASU No. 2018-20, Leases (Topic 842), Narrow-Scope Improvements for Lessors. In March 2019, the FASB issued ASU No. 2019-01, Leases: Codification Improvements. Collectively referred to hereafter as ASU No. 2016-02, these standards set out the principles for the recognition, measurement, presentation and disclosure of leases for both parties to a contract to control an asset (i.e., lessees and lessors). The Company does not have any non-cancelable leases where it is a lessee. ASU No. 2016-02 requires lessors to account for leases using an approach that is substantially equivalent to existing guidance for sales type leases, direct financing leases and operating leases. These standards were effective and adopted as of January 1, 2019. Upon adoption, the Company applied the package of practical expedients that has allowed the Company to not reassess (i) whether any expired or existing contracts are or contain leases, (ii) lease classification for any expired or existing leases and (iii) initial direct costs for any expired or existing leases. Furthermore, the Company applied the optional transition method in ASU No. 2018-11, which has allowed the Company 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 adoption period, although the Company did not have an adjustment. Additionally, the Company’s leases met the criteria in ASU No. 2018-11 to not separate non-lease components from the related lease component; therefore, the accounting for these leases remained largely unchanged from the previous standard. The adoption of ASU No. 2016-02 and the related improvements did not have a material impact in the Company’s financial statements. Upon adoption, (i) amounts previously recognized as lessee reimbursements and other income, for the year ended December 31, 2019, have been classified as lease or financing income, (ii) allowances for bad debts are now recognized as a direct reduction of operating lease income, and (iii) certain costs associated with the execution of the Company’s leases, which were previously capitalized and amortized over the life of their respective leases, are expensed as incurred. Subsequent to January 1, 2019, provisions for credit losses relating to operating leases are now included in lease income in the Company’s financial statements. Provisions for credit losses prior to January 1, 2019 were previously included in operating expenses in the Company’s financial statements and prior periods are not reclassified to conform to the current presentation. In June 2016, the FASB issued ASU 2016‑13, Financial Instruments — Credit Losses (Topic 326) (“ASU 2016‑13”). The main objective of this Update is to provide financial statement users with more decision-useful information about the expected credit losses on financial instruments and other commitments to extend credit held by a reporting entity at each reporting date. To achieve this objective, the amendments in this Update replace the incurred loss impairment methodology in current GAAP with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. The amendments affect entities holding financial assets and equipment under operating leases that are not accounted for at fair value through net income. The amendments affect loans, debt securities, trade receivables, equipment under operating leases, off-balance-sheet credit exposures, reinsurance receivables, and any other financial assets not excluded from the scope that have the contractual right to receive cash. Management is currently evaluating the standard and expects the update may potentially result in the increase in the allowance for credit losses given the change to estimated losses over the contractual life adjusted for expected prepayments. In November 2018, the FASB issued ASU 2018-19, Codification Improvements to Topic 326, Financial Instruments — Credit Losses (“ASU 2018-19”). The new standard clarifies certain aspects of the new current expected credit losses (CECL) impairment model in ASU 2016-13. The amendment clarifies that receivables arising from operating leases are within the scope of ASC 842, rather than ASC 326. Management is currently evaluating the impact of the standard on the financial statements and related disclosure requirements. On August 15, 2019, the FASB issued a proposed ASU that would grant certain companies additional time to implement FASB standards on current expected credit losses (CECL) and hedging. The proposed ASU defers the effective date for CECL to fiscal periods beginning after December 15, 2022, including interim periods within those fiscal years; and defers the effective date for hedging to fiscal periods beginning after December 15, 2020, and interim periods within fiscal years beginning after December 15, 2021. The ASU was approved on October 16, 2019. In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (“ASU 2018-13”), which amends the disclosure requirements on fair value measurements in Topic 820, Fair Value Measurement. This ASU modifies disclosure requirements for fair value measurements by removing, modifying or adding certain disclosures. The amendments in this Update are effective for all entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. The amendments on changes in unrealized gains and losses, the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements, and the narrative description of measurement uncertainty should be applied prospectively for only the most recent interim or annual period presented in the initial fiscal year of adoption. All other amendments should be applied retrospectively to all periods presented upon their effective date. Early adoption is permitted upon issuance of this Update. An entity is permitted to early adopt any removed or modified disclosures upon issuance of this Update and delay adoption of the additional disclosures until their effective date. Management is currently evaluating the impact of this standard on the financial statements and related disclosure requirements. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Summary of Significant Accounting Policies [Abstract] | |
Schedule of Differences Between Book Value and Tax Basis of Net Assets | The tax bases of the Company’s net assets and liabilities vary from the amounts presented in these financial statements at December 31, 2019 and 2018 as follows (in thousands): 2019 2018 Financial statement basis of net assets $ 16,075 $ 21,289 Tax basis of net assets (unaudited) 22,174 25,200 Difference $ (6,099) $ (3,911) |
Reconciliation of Net Income (Loss) Reported in Financial Statements and Federal Tax Return | The following reconciles the net (loss) income reported in these financial statements to the income reported on the Company’s federal tax return (unaudited) for the years ended December 31, 2019 and 2018 (in thousands): 2019 2018 Net (loss) income per financial statements $ (425) $ 2,324 Tax adjustments (unaudited): Adjustment to depreciation expense (525) (232) Provision for losses and doubtful accounts — (43) Adjustments to revenues 12 (120) Adjustments to gain on sales of assets 1,017 1,233 Other 92 68 Income per federal tax return (unaudited) $ 171 $ 3,230 |
Concentration of Credit Risk _2
Concentration of Credit Risk and Major Customers (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Concentration of Credit Risk and Major Customers [Abstract] | |
Schedule of Equipment Lease Credit Risk Concentration | As of December 31, 2019 and 2018, there were concentrations (greater than or equal to 10% as a percentage of total equipment cost) of equipment leased to lessees and/or financed for borrowers in certain industries as follows: Industry 2019 2018 Oil/Gas extraction % % Manufacturing % % Elec/Gas/Sanitation % * Rail transport * % *Less than 10% |
Schedule of Leasing and Lending Revenues | During 2019 and 2018, certain lessees and/or financial borrowers generated significant portions (defined as greater than or equal to 10%) of the Company’s total leasing and lending revenues, excluding gains or losses on disposition of assets, as follows: Percentage of Total Leasing and Lending Revenues Lessee Type of Equipment 2019 2018 Halliburton Overseas Limited Marine vessel 27 % 37 % GE Aviation Manufacturing 19 % 13 % Cargill, Inc. Material handling 15 % 11 % Aep Generating Company Facility - Other 12 % * The Kansas City Southern Railway Company Transportation, rail * 11 % Other Other * 13 % *Less than 10% |
Notes Receivable, Net (Tables)
Notes Receivable, Net (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Receivable, Net | |
Initial Direct Costs, Amortization Expense Related to Notes Receivable and Company's Operating and Direct Finance Leases | IDC amortization expense related to notes receivable and the Company’s operating and direct finance leases for the years ended December 31, 2019 and 2018 are as follows (in thousands): 2019 2018 IDC amortization – notes receivable $ — $ 7 IDC amortization – lease assets 26 50 Total $ 26 $ 57 |
Equipment Under Operating Lea_2
Equipment Under Operating Leases, Net (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Investments In Equipment And Leases Net [Abstract] | |
Investment in Leases | The Company’s investment in leases consists of the following (in thousands): Depreciation/ Amortization Balance Reclassifications Expense or Balance December 31, & Additions / Amortization December 31, 2018 Dispositions of Leases 2019 Equipment under operating leases, net $ 20,277 $ (1,838) $ (3,280) $ 15,159 Net investment in direct financing leases 5 (5) — — Assets held for sale or lease, net 2,463 686 — 3,149 Initial direct costs, net 32 — (26) 6 Total $ 22,777 $ (1,157) $ (3,306) $ 18,314 |
Property on Operating Leases | Property on operating leases consists of the following (in thousands): Balance Balance December 31, Reclassifications December 31, 2018 Additions or Dispositions 2019 Marine vessel $ 19,410 $ — $ — $ 19,410 Manufacturing 7,836 — (1,399) 6,437 Transportation, rail 7,686 — (2,592) 5,094 Facility – other 5,084 — — 5,084 Agriculture 2,112 — — 2,112 Construction 2,009 — (234) 1,775 Other 1,983 — (825) 1,158 46,120 — (5,050) 41,070 Less accumulated depreciation (25,843) (3,280) 3,212 (25,911) Total $ 20,277 $ (3,280) $ (1,838) $ 15,159 |
Future Minimum Lease Payments Receivable | As of December 31, 2019, the aggregate amounts of future minimum lease payments receivable are as follows (in thousands): Operating Leases Year ending December 31, 2020 $ 2,342 2,037 1,903 1,176 254 Thereafter 16 $ 7,728 |
Schedule of Useful Lives of Assets | The useful lives for each category of leases is reviewed at a minimum of once per quarter. As of December 31, 2019 and 2018, the respective useful lives of each category of lease assets in the Company’s portfolio are as follows (in years): Equipment category Useful Life Transportation, rail 35 – 50 Marine vessel 20 – 30 Manufacturing 10 – 15 Agriculture 7 – 10 Construction 7 – 10 Facility - other 7 – 10 Other 7 – 10 |
Allowance for Credit Losses (Ta
Allowance for Credit Losses (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Allowance for Credit Losses [Abstract] | |
Activity in Allowance for Doubtful Accounts and Credit Losses | The Company’s allowance for credit losses are as follows (in thousands): Allowance for Valuation Doubtful Adjustments Total Accounts on Allowance for Operating Leases Notes Receivable Credit Losses Balance December 31, 2017 $ 44 $ 12 $ 56 (Reversal of) provision for credit losses (44) 55 11 Balance December 31, 2018 $ — $ 67 $ 67 Balance December 31, 2018 $ — $ 67 $ 67 Provision for credit losses — 13 13 Write-off — (80) (80) Balance December 31, 2019 $ — $ — $ — |
Recorded Investment in Financing Receivables | As of December 31, 2019, the Company has no allowance for credit losses. As of December 31, 2018, the Company’s allowance for credit losses (related solely to financing receivables) and its recorded investment in financing receivables were as follows (in thousands): December 31, 2018 Notes Allowance for credit losses: Ending balance $ 67 Ending balance: individually evaluated for impairment $ 67 Ending balance: collectively evaluated for impairment $ — Financing receivables: Ending balance $ — Ending balance: individually evaluated for impairment $ — Ending balance: collectively evaluated for impairment $ — |
Financing Receivables by Credit Quality Indicator and by Class | At December 31, 2019 and 2018, the Company’s financing receivables by credit quality indicator and by class of financing receivables are as follows (excludes initial direct costs) (in thousands): Notes Receivable December 31, December 31, 2019 2018 Pass $ — $ — Special mention — — Substandard — — Doubtful — 67 Total $ — $ 67 |
Schedule of Impaired Loans | As of December 31, 2019, the Company has no impaired investment in financing receivable. As of December 31, 2018, the Company’s impaired investment in financing receivables were as follows (in thousands): December 31, 2018 Unpaid Average Recorded Principal Related Recorded Interest Income Investment Balance Allowance Investment Recognized With no related allowance recorded Notes receivable $ — $ — $ — $ — $ — With an allowance recorded Notes receivable 67 67 67 — — Total $ 67 $ 67 $ 67 $ — $ — |
Net Investment in Financing Receivables by Age | At December 31, 2019, the Company has no investment in financing receivables. At December 31, 2018, the investment in financing receivables is aged as follows (in thousands): Recorded Total Investment>90 31‑60 Days 61‑90 Days Greater Than Total Financing Days and December 31, 2018 Past Due Past Due 90 Days Past Due Current Receivables Accruing Notes receivable $ — $ — $ — $ — $ 67 $ 67 $ — |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Related Party Transactions [Abstract] | |
Managing Member and/or Affiliates Earned Commissions and Billed for Reimbursements Pursuant to Operating Agreement | The Managing Member and/or affiliates earned fees and billed for reimbursements, pursuant to the Operating Agreement, during the years ended December 31, 2019 and 2018 as follows (in thousands): 2019 2018 Administrative costs reimbursed to Managing Member and/or affiliates $ 569 $ 801 Asset management fees to Managing Member 185 258 $ 754 $ 1,059 |
Non-Recourse Debt (Tables)
Non-Recourse Debt (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Non-Recourse Debt [Abstract] | |
Future Minimum Payments of Non-Recourse Debt | Future minimum payments of non-recourse debt are as follows (in thousands): Principal Interest Total Year ending December 31, 2020 $ 959 $ 123 $ 1,082 946 91 1,037 978 58 1,036 1,012 25 1,037 172 1 173 Total $ 4,067 $ 298 $ 4,365 |
Borrowing Facilities (Tables)
Borrowing Facilities (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Borrowing Facilities [Abstract] | |
Borrowings Under Facility | As of December 31, 2019 and 2018, borrowings under the Credit Facility were as follows (in thousands): 2019 2018 Total available under the financing arrangement $ 55,000 $ 75,000 Amount borrowed by affiliated partnerships and limited liability companies under the working capital, acquisition and warehouse facilities (850) (2,110) Total remaining available under the working capital, acquisition and warehouse facilities $ 54,150 $ 72,890 |
Members' Capital (Tables)
Members' Capital (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Members' Capital [Abstract] | |
Distributions to Other Members | Distributions to the Other Members for the years ended December 31, 2019 and 2018 were as follows (in thousands except Units and per Unit data): 2019 2018 Distributions declared $ 4,430 $ 1,303 Weighted average number of Units outstanding 6,542,557 6,544,057 Weighted average distributions per Unit $ 0.68 $ 0.20 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Fair Value Measurements [Abstract] | |
Fair Value, Warrants Measured on Recurring Basis | The fair value of warrants that were accounted for on a recurring basis and classified as Level 3 are as follows (in thousands): 2019 2018 Fair value of warrants at beginning of year $ 376 $ 387 Unrealized loss on fair market valuation of warrants 17 (11) Warrants converted to securities (168) — Fair value of warrants at end of year $ 225 $ 376 |
Fair Value, Investment Securities Measured on Recurring Basis | The fair value of investment securities that were accounted for on a recurring basis as of the years ended December 31, 2019 and 2018 classified as Level 1 are as follows (in thousands): 2019 2018 Fair value of securities at the beginning of year $ 127 $ 101 Unrealized gain on fair valuation of securities (57) 26 Fair value of investment securities at the end of year $ 70 $ 127 |
Summary of Valuation Techniques and Significant Unobservable Inputs Used | The following tables summarize the valuation techniques and significant unobservable inputs used for the Company’s recurring and non-recurring fair value calculation/adjustments categorized as Level 3 in the fair value hierarchy at December 31, 2019 and 2018: December 31, 2019 Valuation Valuation Unobservable Range of Name Frequency Technique Inputs Input Values Warrants Recurring Black-Scholes formulation Stock price $0.12- $12.92 Exercise price $0.10 - $160.05 Time to maturity (in years) 1.98 - 6.08 Risk-free interest rate 1.58% - 1.73% Annualized volatility 37.97% - 109.07% December 31, 2018 Valuation Valuation Unobservable Range of Name Frequency Technique Inputs Input Values Warrants Recurring Black-Scholes formulation Stock price $0.00 - $9.98 Exercise price $0.10 - $1,000.00 Time to maturity (in years) 1.62 - 7.08 Risk-free interest rate 2.46% - 2.59% Annualized volatility 35.36% - 91.94% |
Estimated Fair Values of Financial Instruments | T he following tables present estimated fair values of the Company’s financial instruments in accordance with the guidance provided by the Financial Instruments Topic of the FASB Accounting Standards Codification at December 31, Fair Value Measurements at December 31, 2019 Carrying Amount Level 1 Level 2 Level 3 Total Financial assets: Cash and cash equivalents $ 3,027 $ 3,027 $ — $ — $ 3,027 Investment in securities 70 70 — — 70 Warrants, fair value 225 — — 225 225 Financial liabilities: Non-recourse debt 4,067 — — 4,115 4,115 Fair Value Measurements at December 31, 2018 Carrying Amount Level 1 Level 2 Level 3 Total Financial assets: Cash and cash equivalents $ 1,716 $ 1,716 $ — $ — $ 1,716 Investment in securities 127 127 — — 127 Warrants, fair value 376 — — 376 376 Financial liabilities: Non-recourse debt 1,191 — — 1,187 1,187 Senior long-term debt 2,068 — — 2,456 2,456 |
Organization and Limited Liab_2
Organization and Limited Liability Company Matters (Narrative) (Details) - USD ($) | Dec. 21, 2011 | Oct. 28, 2011 | Dec. 31, 2019 | Dec. 31, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Apr. 14, 2012 | May 03, 2011 |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items] | |||||||||
Business formation date | Mar. 4, 2011 | ||||||||
Business formation State | California | ||||||||
Business activities, description | equipment financing and acquiring equipment to engage in equipment leasing and sales activities | ||||||||
Public offering of Limited Liability Company Units | 15,000,000 | ||||||||
Public offering of Limited Liability Company Units, price per unit | $ 10 | ||||||||
Sale of Limited Liability Company Units, number of Units | 120,000 | ||||||||
Proceeds from sale of Limited Liability Company Units | $ 1,200,000 | $ 65,900,000 | |||||||
Reinvestment period | 6 years | ||||||||
Minimum [Member] | |||||||||
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items] | |||||||||
Contributions of capital | $ 7,500,000 | ||||||||
Amount of aggregate subscriptions for Pennsylvania subscriptions to be released to the Fund | $ 7,500,000 | ||||||||
Other Members [Member] | |||||||||
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items] | |||||||||
Members capital account, Units issued | 6,542,557 | 6,542,557 | 6,542,557 | 6,542,557 | |||||
Members capital account, Units outstanding | 6,542,557 | 6,542,557 | 6,542,557 | 6,542,557 | 6,557,057 | ||||
Initial Member [Member] | |||||||||
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items] | |||||||||
Contributions of capital | $ 500 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Narrative) (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019USD ($)segment | Dec. 31, 2018USD ($) | |
Equipment on operating leases, depreciation method | straight-line method | |
Investment in securities | $ 316 | $ 144 |
Warrants, fair value | 225 | 376 |
Gain (loss) on exercise of warrants | $ 0 | 0 |
Number of operating segments | segment | 1 | |
Number of reportable segments | segment | 1 | |
Unrealized (loss) gain on fair value adjustment for securities | $ (17) | 26 |
Impairment losses on investment in securities | 17 | |
Gain on sales or dispositions of investment in securities | 0 | 0 |
Unrealized gain (loss) on fair value adjustment for warrants | 17 | (11) |
Taxes on income and franchise fees | $ 162 | $ 9 |
Period subject to income tax examination | 3 years | |
Practical expedients package | true | |
Minimum [Member] | ||
Required assets value of financial institutions for cash deposits | $ 10,000,000 | |
Operating leases, period for non accrual status | 90 days | |
Notes receivable, period for non accrual status | 90 days | |
Operating leases, initial terms | 36 months | |
Maximum [Member] | ||
U.S. Treasury instruments maturity period | 90 days | |
Cash deposits, insured amount | $ 250 | |
Operating leases, period of review for impairment | 90 days | |
Notes receivable, period of review for impairment | 90 days | |
Operating leases, initial terms | 120 months |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies (Schedule of Differences Between Book Value and Tax Basis of Net Assets) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Summary of Significant Accounting Policies [Abstract] | |||
Financial statement basis of net assets | $ 16,075 | $ 21,289 | $ 20,434 |
Tax basis of net assets (unaudited) | 22,174 | 25,200 | |
Difference | $ (6,099) | $ (3,911) |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies (Reconciliation of Net Income (Loss) Reported in Financial Statements and Federal Tax Return) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Summary of Significant Accounting Policies [Abstract] | ||
Net (loss) income per financial statements | $ (425) | $ 2,324 |
Adjustment to depreciation expense | (525) | (232) |
Provision for losses and doubtful accounts | (43) | |
Adjustments to revenues | 12 | (120) |
Adjustments to gain on sales of assets | 1,017 | 1,233 |
Other | 92 | 68 |
Income (loss) per federal tax return (unaudited) | $ 171 | $ 3,230 |
Concentration of Credit Risk _3
Concentration of Credit Risk and Major Customers (Schedule of Leasing and Lending Revenues) (Details) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Oil/Gas Extraction [Member] | Equipment Cost [Member] | ||
Concentration Risk [Line Items] | ||
Percentage of concentration risk | 43.00% | 40.00% |
Manufacturing [Member] | Equipment Cost [Member] | ||
Concentration Risk [Line Items] | ||
Percentage of concentration risk | 13.00% | 12.00% |
Manufacturing [Member] | GE Aviation [Member] | Operating Revenue [Member] | ||
Concentration Risk [Line Items] | ||
Percentage of concentration risk | 19.00% | 13.00% |
Electric/Gas/Sanitation [Member] | Equipment Cost [Member] | ||
Concentration Risk [Line Items] | ||
Percentage of concentration risk | 10.00% | |
Transportation, Rail [Member] | Equipment Cost [Member] | ||
Concentration Risk [Line Items] | ||
Percentage of concentration risk | 16.00% | |
Transportation, Rail [Member] | The Kansas City Southern Railway [Member] | Operating Revenue [Member] | ||
Concentration Risk [Line Items] | ||
Percentage of concentration risk | 11.00% | |
Marine Vessel [Member] | Halliburton Overseas Limited [Member] | Operating Revenue [Member] | ||
Concentration Risk [Line Items] | ||
Percentage of concentration risk | 27.00% | 37.00% |
Facility, Other [Member] | Aep Generating Company [Member] | Operating Revenue [Member] | ||
Concentration Risk [Line Items] | ||
Percentage of concentration risk | 12.00% | |
Material Handling [Member] | Cargill, Inc. [Member] | Operating Revenue [Member] | ||
Concentration Risk [Line Items] | ||
Percentage of concentration risk | 15.00% | 11.00% |
Other [Member] | Other Customers [Member] | Operating Revenue [Member] | ||
Concentration Risk [Line Items] | ||
Percentage of concentration risk | 13.00% |
Notes Receivable, Net (Narrativ
Notes Receivable, Net (Narrative) (Details) - contract | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Number of notes receivable were on non-accrual status | 0 | |
Minimum [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Terms of the notes receivable | 84 months | |
Maximum [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Terms of the notes receivable | 90 months | |
Notes receivable, interest rate | 18.00% |
Notes Receivable, Net (Initial
Notes Receivable, Net (Initial Direct Costs, Amortization Expense Related to Notes Receivable and Company's Operating and Direct Finance Leases) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Amortization of initial direct costs | $ 26 | $ 57 |
Operating Leases [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Amortization of initial direct costs | $ 26 | 50 |
Notes Receivable [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Amortization of initial direct costs | $ 7 |
Equipment Under Operating Lea_3
Equipment Under Operating Leases, Net (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Investments In Equipment And Leases Net [Abstract] | ||
Amortization of initial direct costs | $ 26 | $ 57 |
Average estimated residual value of assets on operating leases | 23.00% | 34.00% |
Depreciation and Impairment Losses of operating lease assets | $ 3,300 | $ 4,200 |
Equipment on operating leases, depreciation method | straight-line method | |
Operating leases in non-accrual status | $ 0 | $ 0 |
Equipment Under Operating Lea_4
Equipment Under Operating Leases, Net (Investment in Leases) (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Lessor, Lease, Description [Line Items] | |
Balance December 31, 2018 | $ 22,777 |
Reclassifications & Additions/ Dispositions | (1,157) |
Depreciation/ Amortization Expense or Amortization of Leases | (3,306) |
Balance December 31, 2019 | 18,314 |
Direct Financing Leases [Member] | |
Lessor, Lease, Description [Line Items] | |
Balance December 31, 2018 | 5 |
Reclassifications & Additions/ Dispositions | (5) |
Operating Leases [Member] | |
Lessor, Lease, Description [Line Items] | |
Balance December 31, 2018 | 20,277 |
Reclassifications & Additions/ Dispositions | (1,838) |
Depreciation/ Amortization Expense or Amortization of Leases | (3,280) |
Balance December 31, 2019 | 15,159 |
Assets Held for Sale [Member] | |
Lessor, Lease, Description [Line Items] | |
Balance December 31, 2018 | 2,463 |
Reclassifications & Additions/ Dispositions | 686 |
Balance December 31, 2019 | 3,149 |
Initial Direct Cost [Member] | |
Lessor, Lease, Description [Line Items] | |
Balance December 31, 2018 | 32 |
Depreciation/ Amortization Expense or Amortization of Leases | (26) |
Balance December 31, 2019 | $ 6 |
Equipment Under Operating Lea_5
Equipment Under Operating Leases, Net (Property on Operating Leases) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Lessor, Lease, Description [Line Items] | ||
Property on operating leases, gross | $ 41,070 | $ 46,120 |
Less accumulated depreciation | (25,911) | (25,843) |
Property on operating leases, net | 15,159 | 20,277 |
Additions, less accumulated depreciation | (3,280) | |
Additions, net | (3,280) | |
Reclassifications or dispositions, gross | (5,050) | |
Reclassifications or dispositions, less accumulated depreciation | 3,212 | |
Reclassifications or dispositions, net | (1,838) | |
Marine Vessel [Member] | ||
Lessor, Lease, Description [Line Items] | ||
Property on operating leases, gross | 19,410 | 19,410 |
Manufacturing [Member] | ||
Lessor, Lease, Description [Line Items] | ||
Property on operating leases, gross | 6,437 | 7,836 |
Reclassifications or dispositions, gross | (1,399) | |
Transportation, Rail [Member] | ||
Lessor, Lease, Description [Line Items] | ||
Property on operating leases, gross | 5,094 | 7,686 |
Reclassifications or dispositions, gross | (2,592) | |
Facility, Other [Member] | ||
Lessor, Lease, Description [Line Items] | ||
Property on operating leases, gross | 5,084 | 5,084 |
Agriculture [Member] | ||
Lessor, Lease, Description [Line Items] | ||
Property on operating leases, gross | 2,112 | 2,112 |
Construction [Member] | ||
Lessor, Lease, Description [Line Items] | ||
Property on operating leases, gross | 1,775 | 2,009 |
Reclassifications or dispositions, gross | (234) | |
Other [Member] | ||
Lessor, Lease, Description [Line Items] | ||
Property on operating leases, gross | 1,158 | $ 1,983 |
Reclassifications or dispositions, gross | $ (825) |
Equipment Under Operating Lea_6
Equipment Under Operating Leases, Net (Future Minimum Lease Payments Receivable) (Details) $ in Thousands | Dec. 31, 2019USD ($) |
Operating Leases | |
Year ending December 31, 2020 | $ 2,342 |
2021 | 2,037 |
2022 | 1,903 |
2023 | 1,176 |
2024 | 254 |
Thereafter | 16 |
Operating leases, total | $ 7,728 |
Equipment Under Operating Lea_7
Equipment Under Operating Leases, Net (Schedule of Useful Lives of Lease Assets) (Details) | 12 Months Ended |
Dec. 31, 2019 | |
Transportation, Rail [Member] | Minimum [Member] | |
Lessor, Lease, Description [Line Items] | |
Useful lives of lease assets | 35 years |
Transportation, Rail [Member] | Maximum [Member] | |
Lessor, Lease, Description [Line Items] | |
Useful lives of lease assets | 50 years |
Marine Vessel [Member] | Minimum [Member] | |
Lessor, Lease, Description [Line Items] | |
Useful lives of lease assets | 20 years |
Marine Vessel [Member] | Maximum [Member] | |
Lessor, Lease, Description [Line Items] | |
Useful lives of lease assets | 30 years |
Manufacturing [Member] | Minimum [Member] | |
Lessor, Lease, Description [Line Items] | |
Useful lives of lease assets | 10 years |
Manufacturing [Member] | Maximum [Member] | |
Lessor, Lease, Description [Line Items] | |
Useful lives of lease assets | 15 years |
Agriculture [Member] | Minimum [Member] | |
Lessor, Lease, Description [Line Items] | |
Useful lives of lease assets | 7 years |
Agriculture [Member] | Maximum [Member] | |
Lessor, Lease, Description [Line Items] | |
Useful lives of lease assets | 10 years |
Construction [Member] | Minimum [Member] | |
Lessor, Lease, Description [Line Items] | |
Useful lives of lease assets | 7 years |
Construction [Member] | Maximum [Member] | |
Lessor, Lease, Description [Line Items] | |
Useful lives of lease assets | 10 years |
Facility, Other [Member] | Minimum [Member] | |
Lessor, Lease, Description [Line Items] | |
Useful lives of lease assets | 7 years |
Facility, Other [Member] | Maximum [Member] | |
Lessor, Lease, Description [Line Items] | |
Useful lives of lease assets | 10 years |
Other [Member] | Minimum [Member] | |
Lessor, Lease, Description [Line Items] | |
Useful lives of lease assets | 7 years |
Other [Member] | Maximum [Member] | |
Lessor, Lease, Description [Line Items] | |
Useful lives of lease assets | 10 years |
Allowance for Credit Losses (Ac
Allowance for Credit Losses (Activity in Allowance for Doubtful Accounts) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Beginning Balance | $ 67 | $ 56 |
Provision for credit losses | 13 | 11 |
Write-off | (80) | |
Ending Balance | 67 | |
Allowance For Doubtful Accounts [Member] | Operating Leases [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Beginning Balance | 44 | |
Provision for credit losses | (44) | |
Write-off | ||
Ending Balance | ||
Valuation Adjustments on Financing Receivables [Member] | Notes Receivable [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Beginning Balance | 67 | 12 |
Provision for credit losses | 13 | 55 |
Write-off | $ (80) | |
Ending Balance | $ 67 |
Allowance for Credit Losses (Re
Allowance for Credit Losses (Recorded Investment in Financing Receivables) (Details) - Notes Receivable [Member] $ in Thousands | Dec. 31, 2018USD ($) |
Allowances for credit losses: | |
Ending balance | $ 67 |
Ending balance: individually evaluated for impairment | $ 67 |
Allowance for Credit Losses (Fi
Allowance for Credit Losses (Financing Receivables by Credit Quality Indicator and by Class) (Details) $ in Thousands | Dec. 31, 2018USD ($) |
Financing Receivable, Recorded Investment [Line Items] | |
Notes Receivable | $ 67 |
Doubtful [Member] | |
Financing Receivable, Recorded Investment [Line Items] | |
Notes Receivable | $ 67 |
Allowance for Credit Losses (Sc
Allowance for Credit Losses (Schedule of Impaired Loans) (Details) $ in Thousands | Dec. 31, 2018USD ($) |
Allowance for Credit Losses [Abstract] | |
Notes receivable, With no allowance recorded, Recorded investment | |
Notes receivable, With no allowance recorded, Unpaid principal balance | |
Notes receivable, With an allowance recorded, Recorded investment | 67 |
Notes receivable, With an allowance recorded, Unpaid principal balance | 67 |
Notes receivable, With an allowance recorded, Related allowance | 67 |
Recorded investment, Total | 67 |
Unpaid principal balance, Total | $ 67 |
Allowance for Credit Losses (Ne
Allowance for Credit Losses (Net Investment in Financing Receivables by Age) (Details) - Notes Receivable [Member] $ in Thousands | Dec. 31, 2018USD ($) |
Financing Receivable, Recorded Investment, Past Due [Line Items] | |
Total Past Due | |
Current | 67 |
Total Financing Receivables | 67 |
Recorded Investment > 90 Days and Accruing | |
31-60 Days Past Due [Member] | |
Financing Receivable, Recorded Investment, Past Due [Line Items] | |
Total Past Due | |
61-90 Days Past Due [Member] | |
Financing Receivable, Recorded Investment, Past Due [Line Items] | |
Total Past Due | |
Greater Than 90 Days [Member] | |
Financing Receivable, Recorded Investment, Past Due [Line Items] | |
Total Past Due |
Related Party Transactions (Man
Related Party Transactions (Managing Member and/or Affiliates Earned Commissions and Billed for Reimbursements Pursuant to Operating Agreement) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Related Party Transactions [Abstract] | ||
Cost reimbursements to Managing Member and/or affiliates | $ 569 | $ 801 |
Asset management fees to managing Member | 185 | 258 |
Related party transaction, total | $ 754 | $ 1,059 |
Non-Recourse Debt (Narrative) (
Non-Recourse Debt (Narrative) (Details) - Non-Recourse Debt [Member] $ in Millions | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Debt Instrument [Line Items] | |
Gross operating lease rentals and future payments on direct financing leases | $ 4.4 |
Carrying value of pledged assets | $ 8.8 |
Note maturity date, description | The notes mature from 2020 through 2024. |
Minimum [Member] | |
Debt Instrument [Line Items] | |
Fixed Interest rate on note | 3.40% |
Maximum [Member] | |
Debt Instrument [Line Items] | |
Fixed Interest rate on note | 3.66% |
Non-Recourse Debt (Future Minim
Non-Recourse Debt (Future Minimum Payments of Non-Recourse Debt) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Principal | ||
Year ending December 31, 2020 | $ 959 | |
2021 | 946 | |
2022 | 978 | |
2023 | 1,012 | |
2024 | 172 | |
Long-term debt, total | 4,067 | $ 1,191 |
Interest | ||
Year ending December 31, 2020 | 123 | |
2021 | 91 | |
2022 | 58 | |
2023 | 25 | |
2024 | 1 | |
Long-term debt interest, total | 298 | |
Total | ||
Year ending December 31, 2020 | 1,082 | |
2021 | 1,037 | |
2022 | 1,036 | |
2023 | 1,037 | |
2024 | 173 | |
Long-term debt principal and interest, total | $ 4,365 |
Senior long-Term Debt (Narrativ
Senior long-Term Debt (Narrative) (Details) - USD ($) $ in Thousands | May 20, 2019 | Dec. 31, 2019 | Dec. 31, 2018 |
Debt Instrument [Line Items] | |||
Senior long-term debt | $ 2,068 | ||
Interest Expense, Debt | $ 140 | $ 189 | |
Non-recourse promissory note | $ 9,200 | ||
Marine Vessel [Member] | ATEL 14, LLC [Member] | |||
Debt Instrument [Line Items] | |||
Senior long term debt, description | The note bore interest at a fixed rate of 3.4% per annum | The note bore interest at a fixed-rate of 3.5% per annum | |
Senior notes interest rate | 3.40% | 3.50% | |
Non-recourse promissory note | $ 4,600 |
Borrowing Facilities (Narrative
Borrowing Facilities (Narrative) (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |
Line of Credit Facility [Line Items] | ||
Maximum amount of Credit Facility | $ 55,000 | $ 75,000 |
Credit Facility expiration date | Jun. 30, 2021 | |
Credit Facility [Member] | ||
Line of Credit Facility [Line Items] | ||
Tangible net worth requirement under the Credit Facility | $ 10,000 | |
Outstanding borrowings under facility | 0 | $ 0 |
Credit Facility [Member] | Covenant Requirement | ||
Line of Credit Facility [Line Items] | ||
Tangible net worth | $ 16,100 | |
Leverage ratio | 0.25 | |
Interest coverage ratio | 21.71 | |
Credit Facility [Member] | Maximum [Member] | ||
Line of Credit Facility [Line Items] | ||
Leverage ratio | 1.25 | |
Credit Facility [Member] | Minimum [Member] | ||
Line of Credit Facility [Line Items] | ||
Interest coverage ratio | 2 |
Borrowings Facilities (Borrowin
Borrowings Facilities (Borrowings Under Facility) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Borrowing Facilities [Abstract] | ||
Total available under the financing arrangement | $ 55,000 | $ 75,000 |
Amounts borrowed by affiliated partnerships and limited liability companies under the working capital, acquisition and warehouse facilities | (850) | (2,110) |
Total remaining available under the working capital, acquisition and warehouse facilities | $ 54,150 | $ 72,890 |
Commitments (Narrative) (Detail
Commitments (Narrative) (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Commitments [Abstract] | |
Commitments to fund investments in notes receivable and purchase lease assets | $ 0 |
Members' Capital (Narrative) (D
Members' Capital (Narrative) (Details) - shares | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Other Members Capital Account [Line Items] | |||
Potential repurchase price of Units as percentage of holder's capital account | 100.00% | ||
Allocation of net income and net loss | 100.00% | ||
Other Members [Member] | |||
Other Members Capital Account [Line Items] | |||
Members capital account, Units issued | 6,542,557 | 6,542,557 | |
Members capital account, Units outstanding | 6,542,557 | 6,542,557 | 6,557,057 |
Allocation of net income and net losses from commencement until initial closing date | 1.00% | ||
Allocation of net income or net losses commencing with initial closing date | 92.50% | ||
Percentage of fund distributions | 92.50% | ||
Managing Member [Member] | |||
Other Members Capital Account [Line Items] | |||
Members capital account, Units issued | 50 | 50 | |
Allocation of net income and net losses from commencement until initial closing date | 99.00% | ||
Allocation of net income or net losses commencing with initial closing date | 7.50% | ||
Percentage of fund distributions | 7.50% | ||
Maximum [Member] | Managing Member [Member] | |||
Other Members Capital Account [Line Items] | |||
Members capital account, units authorized | 15,000,000 | 15,000,000 |
Members' Capital (Distributions
Members' Capital (Distributions to Other Members) (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Distributions declared | $ 4,430 | $ 1,303 |
Weighted average number of Units outstanding | 6,542,557 | 6,544,057 |
Other Members [Member] | ||
Distributions declared | $ 4,430 | $ 1,303 |
Weighted average number of Units outstanding | 6,542,557 | 6,544,057 |
Weighted average distributions per Unit | $ 0.68 | $ 0.20 |
Fair Value Measurements (Narrat
Fair Value Measurements (Narrative) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Fair Value Measurements [Abstract] | ||
Warrants, fair value | $ 225 | $ 376 |
Notes receivable, fair value adjustments | $ 67 |
Fair Value Measurements (Fair V
Fair Value Measurements (Fair Value, Warrants Measured on Recurring Basis) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Fair value of warrants at beginning of year | $ 376 | |
Unrealized (gain) loss on fair value adjustment for warrants | (17) | $ 11 |
Fair value of warrants at end of year | 225 | 376 |
Level 3 Estimated Fair Value [Member] | ||
Fair value of warrants at beginning of year | 376 | 387 |
Unrealized (gain) loss on fair value adjustment for warrants | 17 | (11) |
Warrants converted to securities | (168) | |
Fair value of warrants at end of year | $ 225 | $ 376 |
Fair Value Measurements (Fair_2
Fair Value Measurements (Fair Value, Investment Securities Measured on Recurring Basis) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Fair value of securities at the beginning of year | $ 127 | |
Unrealized gains on fair valuation of securities | (17) | $ 26 |
Fair value of securities at the end of year | 70 | 127 |
Level 1 Estimated Fair Value [Member] | ||
Fair value of securities at the beginning of year | 127 | 101 |
Unrealized gains on fair valuation of securities | (57) | 26 |
Fair value of securities at the end of year | $ 70 | $ 127 |
Fair Value Measurements (Summar
Fair Value Measurements (Summary of Valuation Techniques and Significant Unobservable Inputs Used) (Details) - Level 3 Estimated Fair Value [Member] - Recurring [Member] - Warrant [Member] - Black-Scholes Formulation [Member] | Dec. 31, 2019$ / sharesUSD ($) | Dec. 31, 2018$ / sharesUSD ($) |
Minimum [Member] | Unobservable Inputs, Stock Price [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Warrants, Range of Input Values | $ / shares | 0.12 | 0 |
Minimum [Member] | Unobservable Inputs, Exercise Price [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Warrants, Range of Input Values | 0.10 | 0.10 |
Minimum [Member] | Unobservable Inputs, Time to Maturity (in Years) [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Warrants, Range of Input Values | 1.98 | 1.62 |
Minimum [Member] | Unobservable Inputs, Risk Free Interest Rate [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Warrants, Range of Input Values | 0.0158 | 0.0246 |
Minimum [Member] | Unobservable Inputs, Annualized Volatility [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Warrants, Range of Input Values | 0.3797 | 0.3536 |
Maximum [Member] | Unobservable Inputs, Stock Price [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Warrants, Range of Input Values | $ / shares | 12.92 | 9.98 |
Maximum [Member] | Unobservable Inputs, Exercise Price [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Warrants, Range of Input Values | 160.05 | 1,000 |
Maximum [Member] | Unobservable Inputs, Time to Maturity (in Years) [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Warrants, Range of Input Values | 6.08 | 7.08 |
Maximum [Member] | Unobservable Inputs, Risk Free Interest Rate [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Warrants, Range of Input Values | 0.0173 | 0.0259 |
Maximum [Member] | Unobservable Inputs, Annualized Volatility [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Warrants, Range of Input Values | 1.0907 | 0.9194 |
Fair Value Measurements (Estima
Fair Value Measurements (Estimated Fair Values of Financial Instruments) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Financial assets: | |||
Cash and cash equivalents | $ 3,027 | $ 1,716 | |
Investment in securities | 70 | 127 | |
Warrants, fair value | 225 | 376 | |
Financial liabilities: | |||
Non-recourse debt | 4,115 | 1,187 | |
Senior long-term debt | 2,456 | ||
Level 1 Estimated Fair Value [Member] | |||
Financial assets: | |||
Cash and cash equivalents | 3,027 | 1,716 | |
Investment in securities | 70 | 127 | $ 101 |
Level 3 Estimated Fair Value [Member] | |||
Financial assets: | |||
Warrants, fair value | 225 | 376 | $ 387 |
Financial liabilities: | |||
Non-recourse debt | 4,115 | 1,187 | |
Senior long-term debt | 2,456 | ||
Carrying Amount [Member] | |||
Financial assets: | |||
Cash and cash equivalents | 3,027 | 1,716 | |
Investment in securities | 70 | 127 | |
Warrants, fair value | 225 | 376 | |
Financial liabilities: | |||
Non-recourse debt | $ 4,067 | 1,191 | |
Senior long-term debt | $ 2,068 |