Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Mar. 31, 2014 | 15-May-14 | |
Document and Entity Information [Abstract] | ' | ' |
Entity Registrant Name | 'SQN AIF IV, L.P. | ' |
Entity Central Index Key | '0001560046 | ' |
Amendment Flag | 'false | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Document Type | '10-Q | ' |
Document Period End Date | 31-Mar-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q1 | ' |
Entity Filer Category | 'Smaller Reporting Company | ' |
Is Entity a Well-known Seasoned Issuer? | 'No | ' |
Is Entity a Voluntary Filer? | 'No | ' |
Is Entity's Reporting Status Current? | 'Yes | ' |
Entity Common Stock, Shares Outstanding | ' | 11,837.03 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (Unaudited) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
Assets | ' | ' |
Cash and cash equivalents | $369,672 | $146,340 |
Restricted cash | 17,998 | ' |
Investments in finance leases, net | 2,574,960 | ' |
Investments in equipment subject to operating leases, net | 18,472,727 | 11,165,590 |
Equipment notes receivable, including accrued interest of $4,102 and $4,102 | 2,638,780 | 2,692,900 |
Equipment loans receivable, including accrued interest of $32,183 and $19,682 | 18,450,386 | 6,550,448 |
Initial direct costs, net of accumulated amortization of $54,160 and $16,052 | 361,463 | 316,448 |
Collateralized loan recievable, including accrued interest of $0 and $2,519 | 256,360 | 324,519 |
Miscellaneous assets | 275,610 | 127,500 |
Total Assets | 43,417,956 | 21,323,745 |
Liabilities and Partner's Equity | ' | ' |
Accounts payable and accrued liabilities | 447,052 | 217,404 |
Escrow payable | 17,998 | ' |
Unearned interest income | ' | 82,024 |
Equipment notes payable, non-recourse | 18,992,558 | 8,541,339 |
Distributions payable to General Partner | 3,026 | 537 |
Loan payable, including accrued interest of $33,564 and $25,755 | 15,630,065 | 6,825,755 |
Due to SQN Securities, LLC | 5,418 | 10,797 |
Total liabilities | 35,096,117 | 15,677,856 |
Commitments and contingencies | ' | ' |
Partners' Equity (Deficit): | ' | ' |
Limited Partner | 7,428,246 | 5,099,313 |
General Partner | -13,131 | -9,119 |
Total Partners' Equity attributable to the Partnership | 7,415,115 | 5,090,194 |
Non-controlling interests in consolidated entities | 906,724 | 555,695 |
Total Equity | 8,321,839 | 5,645,889 |
Total Liabilities and Partner's Equity | $43,417,956 | $21,323,745 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
Accumulated amortization of initial direct costs | $54,160 | $16,052 |
Accrued interest payable | 33,564 | 25,755 |
Equipment Notes Receivable [Member] | ' | ' |
Accrued interest receivable | 4,102 | 4,102 |
Equipment Loans Receivable [Member] | ' | ' |
Accrued interest receivable | 32,183 | 19,682 |
Collateralized Loans Receivable [Member] | ' | ' |
Accrued interest receivable | $0 | $2,519 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Operations (Unaudited) (USD $) | 3 Months Ended |
Mar. 31, 2014 | |
Revenue: | ' |
Rental income | $891,742 |
Interest income | 323,385 |
Total Revenue | 1,215,127 |
Expenses: | ' |
Management fees - Investment Manager | 375,000 |
Depreciation and amortization | 573,761 |
Professional fees | 58,000 |
Acquisition costs | 27,089 |
Administration expense | 5,266 |
Interest expense | 295,629 |
Other expenses | 1,624 |
Total Expenses | 1,336,369 |
Net loss | -121,242 |
Net income attributable to non-controlling interest | 31,029 |
Net loss attributable to the Partnership | -152,271 |
Net loss attributable to the Partnership: | ' |
Limited Partners | -150,748 |
General Partner | -1,523 |
Net loss attributable to the Partnership | ($152,271) |
Weighted average number of limited partnership interests outstanding (in shares) | 9,062.09 |
Net loss attributable to Limited Partners per weighted average number of limited partnership interests outstanding (in dollars per share) | ($16.64) |
Consolidated_Statements_of_Cha
Consolidated Statements of Changes in Partners' Equity (Unaudited) (USD $) | Limited Partnership Interests [Member] | Total | SQN AIF IV GP, LLC [Member] | Limited Partner [Member] | Non-controlling Interest [Member] |
USD ($) | USD ($) | USD ($) | USD ($) | ||
Balance at Dec. 31, 2013 | ' | $5,645,889 | ($9,119) | $5,099,313 | $555,695 |
Balance (in shares) at Dec. 31, 2013 | 7,587.65 | ' | ' | ' | ' |
Limited Partner capital contributions | ' | 3,148,656 | ' | 3,148,656 | ' |
Limited Partner capital contributions (in shares) | 3,148.66 | ' | ' | ' | ' |
Non-controlling interest contribution to consolidated entities | ' | 320,000 | ' | ' | 320,000 |
Offering expenses | ' | -105,163 | ' | -105,163 | ' |
Underwriting fees | ' | -314,866 | ' | -314,866 | ' |
Net income (loss) | ' | -121,242 | -1,523 | -150,748 | 31,029 |
Distributions | ' | -251,435 | -2,489 | -248,946 | ' |
Balance at Mar. 31, 2014 | ' | $8,321,839 | ($13,131) | $7,428,246 | $906,724 |
Balance (in shares) at Mar. 31, 2014 | 10,736.31 | ' | ' | ' | ' |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statement of Cash Flows (Unaudited) (USD $) | 3 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Cash flows from operating activities: | ' | ' |
Net income (loss) | ($121,242) | ' |
Adjustments to reconcile net loss to net cash used in operating activities: | ' | ' |
Accrued interest income | -167,713 | ' |
Depreciation and amortization | 573,761 | ' |
Change in operating assets and liabilities: | ' | ' |
Minimum rents receivable | -7,247 | ' |
Other assets | -148,110 | ' |
Accounts payable and accrued liabilities | 229,648 | ' |
Unearned interest income | -82,024 | ' |
Accrued interest on note payable | -32,995 | ' |
Net cash used in operating activities | 244,078 | ' |
Cash flows from investing activities: | ' | ' |
Cash paid for purchase of equipment subject to operating leases | -2,929,173 | ' |
Purchase of finance leases | -2,567,713 | ' |
Cash paid for initial direct costs | -83,123 | ' |
Cash paid for collateralized loan receivable | -866,000 | ' |
Cash received from collateralized loan receivable | 931,640 | ' |
Cash paid for equipment notes receivable | -5,836,265 | ' |
Cash received from equipment loan receivable | 627,520 | ' |
Repayment of equipment notes receivable | 66,893 | ' |
Net cash used in investing activities | -10,656,221 | ' |
Cash flows from financing activities: | ' | ' |
Cash received from loan payable | 9,500,000 | ' |
Repayments of loan payable | -669,935 | ' |
Cash paid to financial institutions for equipment notes payable | -988,892 | ' |
Cash received from non-controlling interest contribution | 320,000 | ' |
Cash received from Limited Partner capital contributions | 2,968,080 | 500 |
Cash paid for Limited Partner distributions | -248,946 | ' |
Cash paid for underwriting fees | -139,669 | ' |
Cash paid for organizational and offering costs | -105,163 | ' |
Net cash provided by financing activities | 10,635,475 | 500 |
Net increase in cash and cash equivalents | 223,332 | 500 |
Cash and cash equivalents, beginning of period | 146,340 | 1,600 |
Cash and cash equivalents, end of period | 369,672 | 2,100 |
Supplemental disclosure of non-cash investing activities: | ' | ' |
Debt assumed in lease purchase agreement | $11,447,351 | ' |
Basis_of_Presentation_Unaudite
Basis of Presentation - Unaudited Interim Financial Information | 3 Months Ended | |
Mar. 31, 2014 | ||
Basis Of Presentation - Unaudited Interim Financial Information | ' | |
Basis of Presentation - Unaudited Interim Financial Information | ' | |
1 | Basis of Presentation - Unaudited Interim Financial Information | |
The accompanying unaudited interim condensed consolidated financial statements and related notes have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information, and in accordance with the rules and regulations of the United States Securities and Exchange Commission (the “SEC”) with respect to Form 10-Q and Article 8 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. The unaudited interim condensed consolidated financial statements furnished reflect all adjustments (consisting of normal recurring adjustments) which are, in the opinion of management, necessary for a fair statement of the results for the interim periods presented. Interim results are not necessarily indicative of the results for the full year. These unaudited interim condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements of the Partnership for the year ended December 31, 2013 and notes thereto contained in the Partnership’s annual report on Form 10-K for the year ended December 31, 2013, as filed with the SEC March 31, 2014. |
Nature_of_Operations_and_Organ
Nature of Operations and Organization | 3 Months Ended | |
Mar. 31, 2014 | ||
Nature Of Operations And Organization | ' | |
Nature of Operations and Organization | ' | |
2 | Nature of Operations and Organization | |
Organization – The SQN AIF IV, L.P. (the “Partnership”) was formed on August 10, 2012, as a Delaware limited partnership and is engaged in a single business segment, the ownership and investment in leased equipment and related financings which includes: (i) purchasing equipment and leasing it to third-party end users; (ii) providing equipment and other asset financing; (iii) acquiring equipment subject to lease and (iv) acquiring ownership rights (residual value interests) in leased equipment at lease expiration. The Partnership will terminate no later than December 31, 2036. | ||
During December 2013, the Partnership formed a special purpose entity SQN Echo LLC (“Echo”), a Limited Liability Company registered in the state of Delaware which is 80% owned by the Partnership and 20% by SQN Alternate Investment Fund III (“Fund III”), an affiliate. The Partnership originally contributed $2,200,000 to purchase the 80% share of Echo. Fund III contributed $550,000 to purchase a 20% share of Echo which is presented as non-controlling interest on the accompanying condensed consolidated financial statements. In February 2014, the Partnership funded an additional $480,000 into Echo (at the same time, an additional $120,000 was funded by Fund III) to decrease the principal of the debt originally obtained to finance the acquisition and reduce the interest rate. On December 20, 2013, Echo entered into an agreement with an unrelated third party for the purchase of two portfolios of leases for $17,800,000. The first portfolio consists of various types of equipment including material handling, semiconductor test and manufacturing equipment, computer, medical, and telecommunications equipment. The second portfolio consists of lease financings, which have been accounted for as loans receivable in the accompanying condensed consolidated financial statements. Echo paid approximately $9,300,000 in cash and assumed approximately $8,500,000 in non-recourse equipment notes payable. | ||
On March 26, 2014, the Partnership formed a special purpose entity SQN Echo II, LLC (“Echo II”), a Limited Liability Company registered in the state of Delaware which is 80% owned by the Partnership and 20% by Fund III, an affiliate. The Partnership originally contributed $800,000 to purchase the 80% share of Echo II. Fund III contributed $200,000 to purchase a 20% share of Echo II which is presented as non-controlling interest on the accompanying condensed consolidated financial statements. On March 28, 2014, Echo II entered into an agreement with an unrelated third party for the purchase of three portfolios of leases for approximately $21,863,000. The first portfolio consists of various types of equipment including material handling, semiconductor test and manufacturing equipment, computer, medical, and telecommunications equipment. The second portfolio consists of lease financings, which have been accounted for as loans receivable in the accompanying condensed consolidated financial statements. The third portfolio consists of direct finance leases in medical equipment. Echo II paid approximately $10,415,000 in cash and assumed approximately $11,447,000 in non-recourse equipment notes payable. | ||
During the Operating Period, the Partnership plans to make quarterly distributions of cash to the Limited Partners, if, in the opinion of the Partnership’s Investment Manager, such distributions are in the Partnership’s best interests. Therefore, the amount and rate of cash distributions could vary and are not guaranteed. The targeted distribution rate is 6.5% annually, paid quarterly as 1.625%, of each Limited Partners’ capital contribution (pro-rated to the date of admission for each Limited Partner). On October 1, 2013, the Partnership made its first quarterly distribution to its limited partners totaling approximately $53,700. During the three months ended March 31, 2014, the Partnership made distributions to its Limited Partners totaling approximately $249,000. As of March 31, 2014 we have accrued $3,026 for distributions payable to our General Partner. | ||
The Partnership’s Investment Manager made a cash payment to the Partnership of $1,000 for an initial Limited Partnership interest. The Partnership refunded the initial Limited Partner’s interest of $1,000 during early July 2013. | ||
From May 29, 2013 through March 31, 2014, the Partnership has admitted 133 Limited Partners with total capital contributions of $10,736,310 resulting in the sale of 10,736.31 Units. The Partnership received cash of $10,014,570 and applied $720,736 which would have otherwise been paid as sales commission to the purchase of an additional 720.74 Units. |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 3 Months Ended | |
Mar. 31, 2014 | ||
Summary Of Significant Accounting Policies | ' | |
Summary of Significant Accounting Policies | ' | |
3 | Summary of Significant Accounting Policies | |
Cash and cash equivalents - The Partnership considers all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents. Cash and cash equivalents consist of funds maintained in checking and money market accounts maintained at financial institutions. | ||
The Partnership’s cash and cash equivalents are held principally at one financial institution and at times may exceed federally insured limits. The Partnership has placed these funds in high quality institution in order to minimize risk relating to exceeding insured limits. | ||
Use of estimates - The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires the General Partner and Investment Manager to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Significant estimates primarily include the determination of allowances for doubtful accounts, depreciation and amortization, impairment losses, estimated useful lives, and residual values. Actual results could differ from those estimates. | ||
Recent Accounting Pronouncements | ||
Management does not believe that any recently issued, but not yet effective accounting pronouncements, if adopted, would have a material effect on the accompanying condensed consolidated financial statements. |
Related_Party_Transactions
Related Party Transactions | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Related Party Transactions [Abstract] | ' | ||||||||
Related Party Transactions | ' | ||||||||
4 | Related Party Transactions | ||||||||
The General Partner is responsible for the day-to-day operations of the Partnership and the Investment Manager makes all investment decisions and manages the investment portfolio of the Partnership. The Partnership pays the General Partner an allowance for organizational and offering costs not to exceed 2% of all capital contributions received by the Partnership. Because organizational and offering expenses will be paid as and to the extent they are incurred, organizational and offering expenses may be drawn disproportionately to the gross proceeds of each closing. The General Partner also has a promotional interest in the Partnership equal to 20% of all distributed distributable cash, after the Partnership has provided an 8% cumulative return, compounded annually, to the Limited Partners on their capital contributions. The General Partner has a 1% interest in the profits, losses and distributions of the Partnership. The General Partner will initially receive 1% of all distributed distributable cash which was accrued for at March 31, 2014 and December 31, 2013. | |||||||||
The Partnership pays the Investment Manager during the Offering Period, Operating Period and the Liquidation Period a management fee equal to the greater of, (i) 2.5% per annum of the aggregate offering proceeds, or (ii) $125,000, payable monthly, until such time as an amount equal to at least 15% of the Partnership’s Limited Partners’ capital contributions have been returned to the Limited Partners, after which the monthly management fee will equal 100% of the management fee as initially calculated above, less 1% for each additional 1% of the Partnership’s Limited Partners’ capital contributions returned to them, such amounts are measured on the last day of each month. The management fee is paid regardless of the performance of the Partnership and will be adjusted in the future to reflect the equity raised. For the three months ended March 31, 2014, the Partnership paid $375,000 in management fee expense which is recorded in management fee — Investment Manager in the accompanying condensed consolidated statements of operations. | |||||||||
Prior to the Partnership admitting Limited Partners on May 29, 2013, any amounts paid by the Investment Manager for offering expenses incurred on behalf of the Partnership, were not the responsibility of the Partnership due to the possibility that the Partnership may not admit Limited Partners. Until such time, these expenses were the responsibility of the General Partner. On May 29, 2013, the Partnership recorded a payable to the Investment Manager for offering expenses previously paid totaling $225,468 which was paid in 2013. | |||||||||
SQN Securities LLC (“Securities”) is a Delaware limited liability company and is majority-owned subsidiary of the Partnership’s Investment Manager. Securities in its capacity as the Partnership’s selling agent, receives an underwriting fee of 3% of the gross proceeds from Limited Partners’ capital contributions (excluding proceeds, if any, the Partnership receives from the sale of the Partnership’s Units to the General Partner or its affiliates). While Securities is initially acting as the Partnership’s exclusive selling agent, the Partnership may engage additional selling agents in the future. | |||||||||
For the three months ended March 31, 2014, the Partnership recorded the following transactions with Securities: | |||||||||
March 31, | December 31, | ||||||||
2014 | 2013 | ||||||||
(unaudited) | |||||||||
Balance - beginning of period | $ | 10,797 | $ | — | |||||
Underwriting fees earned by Securities | 94,460 | 196,395 | |||||||
Payments by the Partnership to Securities | (99,839 | ) | (185,598 | ) | |||||
Balance - end of period | $ | 5,418 | $ | 10,797 | |||||
For the three months ended March 31, 2014, the Partnership recorded the following underwriting fee transactions: | |||||||||
Three Months Ended | |||||||||
31-Mar-14 | |||||||||
Underwriting discount incurred by the Partnership | $ | 180,576 | |||||||
Underwriting fees earned by Securities | 94,460 | ||||||||
Fees paid to outside brokers | 39,830 | ||||||||
Total underwriting fees | $ | 314,866 |
Investments_in_Finance_Leases
Investments in Finance Leases | 3 Months Ended | ||||
Mar. 31, 2014 | |||||
Investments In Finance Leases | ' | ||||
Investments in Finance Leases | ' | ||||
5 | Investments in Finance Leases | ||||
At March 31 2014, investment in finance leases consisted of the following: | |||||
Minimum rents receivable | $ | 2,920,600 | |||
Estimated unguaranteed residual value | 466,251 | ||||
Unearned income | (811,891 | ) | |||
$ | 2,574,960 | ||||
Medical Equipment | |||||
On March 28, 2014, Echo II purchased three finance leases for medical equipment. One of the leases had a remaining term of 37 months and monthly payments of $4,846. The second lease also has a remaining term of 37 months and monthly payments of $32,416 for the first 13 payments and $22,606 for the last 24 payments. The third lease had a remaining term of 32 months and monthly payments of $14,456. | |||||
Wind Turbine | |||||
On March 28, 2014, the Partnership entered into a new finance lease transaction for a windmill in Northern Ireland for £409,377 ($683,455 applying exchange rates at March 28, 2014). The finance lease requires 25 quarterly payments of £23,150 ($38,647 applying exchange rates at March 28, 2014). | |||||
Medical Equipment | |||||
On March 31, 2014, the Partnership entered into entered into a new finance lease transaction for a medical equipment for $247,920. The finance lease requires 48 monthly payments of $7,415. |
Investment_in_Equipment_Subjec
Investment in Equipment Subject to Operating Leases | 3 Months Ended | ||||||||||||
Mar. 31, 2014 | |||||||||||||
Investment in Equipment Subject to Operating Leases [Abstract] | ' | ||||||||||||
Investment in Equipment Subject to Operating Leases | ' | ||||||||||||
6 | Investment in Equipment Subject to Operating Leases | ||||||||||||
On March 28, 2014, Echo II entered into an agreement with an unrelated third party for the purchase of two portfolios of leases with a combined total of approximately $21,863,000 of assets. One of the portfolios consisted of approximately $7,800,000 of assets subject to operating leases. | |||||||||||||
On December 20, 2013, Echo entered into an agreement with an unrelated third party for the purchase of two portfolios of leases with a combined total of $17,800,000 of assets. One of the portfolios consisted of approximately $11,200,000 of assets subject to operating leases. | |||||||||||||
The composition of the equipment subject to operating leases in the Echo and Echo II transactions as of March 31, 2014 is as follows: | |||||||||||||
Accumulated | |||||||||||||
Description | Cost | Depreciation | Net Book Value | ||||||||||
Agricultural equipment | $ | 1,038,224 | $ | 25,441 | $ | 1,012,783 | |||||||
Aircraft equipment | 2,626,301 | 2,741 | 2,623,560 | ||||||||||
Computer equipment | 1,689,961 | 174,196 | 1,515,765 | ||||||||||
Forklifts and fuels cells | 8,881,966 | 252,778 | 8,629,188 | ||||||||||
Heavy equipment | 3,240,153 | 99,032 | 3,141,121 | ||||||||||
Industrial | 518,399 | 21,204 | 497,195 | ||||||||||
Machine tools | 556,686 | 19,643 | 537,043 | ||||||||||
Medical | 518,591 | 2,519 | 516,072 | ||||||||||
$ | 19,070,281 | $ | 597,554 | $ | 18,472,727 | ||||||||
The Partnership records depreciation expense on equipment when the lease is classified as an operating lease. In order to calculate depreciation, the Partnership first determines the depreciable equipment cost, which is the cost less the estimated residual value. The estimated residual value is the estimate of the value of the equipment at lease termination. Depreciation expense is recorded by applying the straight-line method of depreciation to the depreciable equipment cost over the lease term. Depreciation expense for the three months ended March 31, 2014 was $535,653. |
Equipment_Notes_Receivable
Equipment Notes Receivable | 3 Months Ended | ||||
Mar. 31, 2014 | |||||
Equipment Notes Receivable | ' | ||||
Equipment Notes Receivable | ' | ||||
7 | Equipment Notes Receivable | ||||
Medical Equipment | |||||
On June 28, 2013, the Partnership entered into a $150,000 Promissory Note to finance the purchase of medical equipment located in Tennessee. The Promissory Note will be paid through 36 monthly installments of principal and interest of $5,100. The Promissory Note is secured by the medical equipment and other personal property located at the borrowers principal place of business. The Promissory Note is guaranteed personally by the officer of the borrower who will make all required note payments if the borrower is unable to perform under the Promissory Note. For the three months ended March 31, 2014, the medical equipment note earned $4,364 of interest income. | |||||
Mining Processing Equipment | |||||
On September 27, 2013, the Partnership entered into a loan facility to provide financing in an amount up to $3,000,000. The lessee is a Florida based company that builds, refurbishes and services mineral refining and mining equipment in the United States, Central and South America. The loan facility is secured by equipment that refines precious metals and other minerals. The Partnership advanced $2,500,000 to the lessee during September 2013. The loan facility requires 48 monthly payments of principal and interest of $69,577 and a balloon payment of $500,000 in September 2017 which equates to an effective interest rate of 23.25%. For the three months ended March 31, 2014, the mineral processing equipment note earned $122,280 of interest income. The loan facility is scheduled to mature in September 2017. The lessee’s obligations under the loan facility are also personally guaranteed its two majority shareholders. On May 9, 2014, the Partnership made a second funding of $500,000 to the lessee under the above agreement. Net proceeds transferred to the lessee was $343,102. | |||||
Manufacturing Equipment | |||||
On October 15, 2013, the Partnership entered into a $300,000 loan facility with a lessee secured by manufacturing equipment owned by the lessee. The lessee is a New Jersey based manufacturer and assembler of various consumer products. The loan facility is scheduled to be repaid in 29 equal monthly installments of $12,834. For the three months ended March 31, 2014, the manufacturing equipment note earned $11,804 of interest income. The lessee’s obligations under the loan facility are also personally guaranteed by its majority shareholder. | |||||
The future maturities of the Partnership’s notes receivable at March 31, 2014 are as follows: | |||||
Years ending March 31, | |||||
2015 | $ | 562,177 | |||
2016 | 678,811 | ||||
2017 | 613,040 | ||||
2018 | 780,650 | ||||
$ | 2,634,678 |
Equipment_Loan_Receivable
Equipment Loan Receivable | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Equipment Loan Receivable | ' | |||||||
Equipment loan Receivable | ' | |||||||
8 | Equipment Loan Receivable | |||||||
On December 20, 2013, Echo entered into an agreement with an unrelated third party for the purchase of two portfolios of leases for a combined total purchase price of $17,800,000. One of the portfolios consists of approximately $6,600,000 of equipment loans receivable. The loans accrue interest at a rate of 10%. The notes mature on various dates through October 2017. For the three months ended March 31, 2014, the Partnership earned $132,629 of interest income. | ||||||||
On March 28, 2014, Echo II entered into an agreement with the same unrelated third party as the Echo transaction for the purchase of two portfolios of leases for a combined total purchase price of $21,863,000. One of the portfolios consists of approximately $12,400,000 of equipment loans receivable. The loans accrue interest at a rate of 10%. The notes mature on various dates through October 2017. For the three months ended March 31, 2014, the Partnership earned $10,167 of interest income. | ||||||||
The composition of the equipment loans receivable in the Echo and Echo II transactions as of March 31, 2014 is as follows: | ||||||||
Maturity | ||||||||
Description | Date | Balance | ||||||
Furniture and fixtures | 6/30/2016 - 04/30/18 | $ | 1,394,171 | |||||
Fitness | 6/30/14 | 28,375 | ||||||
Computers | 6/30/2014 - 9/30/17 | 662,250 | ||||||
Forklifts and fuels cells | 03/31/14 - 10/31/17 | 5,641,330 | ||||||
Aircraft | 09/30/15 - 12/31/17 | 2,037,697 | ||||||
Industrial | 9/30/14 - 10/31/20 | 5,684,324 | ||||||
Machine tools | 9/1/14 | 28,354 | ||||||
Medical and research equipment | 01/31/15 - 12/31/17 | 2,941,702 | ||||||
$ | 18,418,203 | |||||||
The future maturities of the Partnership’s loans receivable at March 31, 2014 are as follows: | ||||||||
Years ending March 31, | ||||||||
2015 | $ | 3,327,874 | ||||||
2016 | 3,514,186 | |||||||
2017 | 3,987,700 | |||||||
2018 | 2,562,677 | |||||||
2019 | 2,505,810 | |||||||
Thereafter | 2,519,956 | |||||||
$ | 18,418,203 |
Collateralized_Loan_Receivable
Collateralized Loan Receivable | 3 Months Ended | |
Mar. 31, 2014 | ||
Collateralized Loan Receivable [Abstract] | ' | |
Collateralized Loan Receivable | ' | |
9 | Collateralized Loan Receivable | |
On November 27, 2013, the Partnership entered into a loan agreement with an unrelated third party that allows for the borrower to receive a total of $500,000 in advances from the Partnership. The maximum outstanding amount on any date is the lesser of $500,000 and 50% of the borrower’s eligible receivables due within 90 days of the advance date. The loan accrues interest at 15% per annum and is collateralized by all of the assets of the borrower. As of March 31, 2014, the Partnership had advanced the borrower a total of $1,188,000, of which $256,360 and $322,000 remained outstanding at March 31, 2014 and December 31, 2013. Subsequent to March 31, 2014, the Partnership received approximately $1,211,000 from the borrower and also advanced an additional $1,574,000 to the borrower. |
Equipment_Notes_Payable
Equipment Notes Payable | 3 Months Ended | ||||
Mar. 31, 2014 | |||||
Equipment Notes Payable | ' | ||||
Equipment Notes Payable | ' | ||||
10 | Equipment Notes Payable | ||||
In connection with the Echo and Echo II transactions, Echo and Echo II assumed approximately $8,500,000 and $11,400,000, respectively, in non-recourse debt in connection with the acquisition of a portfolio of assets subject to lease. The debt is held by multiple lenders with interest rates ranging from 2.75% to 9.25% and maturity dates through 2020. The loan is secured by the underlying assets of each lease. | |||||
The future maturities of the Partnership’s equipment notes payable at March 31, 2014 are as follows: | |||||
Years ending March 31, | |||||
2015 | $ | 6,873,374 | |||
2016 | 5,395,300 | ||||
2017 | 3,268,304 | ||||
2018 | 1,765,500 | ||||
2019 | 1,042,780 | ||||
2020 | 647,300 | ||||
$ | 18,992,558 | ||||
Loan_Payable
Loan Payable | 3 Months Ended | |
Mar. 31, 2014 | ||
Loan Payable | ' | |
Loan Payable | ' | |
11 | Loan Payable | |
In connection with the Echo transaction, the Partnership borrowed $6,800,000 with interest accruing at 10% per annum through February 28, 2014 then at 8.9% per annum when the Partnership made a one-time $600,000 payment which was applied to principal. The lender, as collateral, has a first priority security interest in all of the leased assets acquired by Echo. The lender has the right to receive 100% of the cash proceeds from the leased assets until the loan is repaid in full. Beginning January 1, 2014 and monthly thereafter, all of the cash received from these leased assets are applied first against interest with any excess applied against the outstanding principal balance. There is no stated repayment term for the principal. The outstanding balance of the loan as of March 31, 2014 was $6,096,501. | ||
In connection with the Echo II transaction, the Partnership borrowed $9,500,000 with interest accruing at 10% per annum through July 1, 2014 then at 9% per annum after the Partnership makes a one-time $600,000 payment which will be applied to principal. The lenders, as collateral, have a first priority security interest in all of the leased assets acquired by Echo II. The lenders have the right to receive 100% of the cash proceeds from the leased assets until the loan is repaid in full. Beginning May 1, 2014 and monthly thereafter, all of the cash received from these leased assets are applied first against interest with any excess applied against the outstanding principal balance. There is no stated repayment term for the principal. The outstanding balance of the loan as of March 31, 2014 was $9,500,000. |
Fair_Value_Measurements
Fair Value Measurements | 3 Months Ended | ||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||
Fair Value Measurements | ' | ||||||||||||||||||||
Fair Value Measurements | ' | ||||||||||||||||||||
12 | Fair Value Measurements | ||||||||||||||||||||
The Partnership follows the fair value guidance in ASC Topic 820, Fair Value Measurements and Disclosures (“ASC 820”) for items that are required to be measured at fair value. ASC 820’s valuation techniques are based on observable and unobservable inputs. Observable inputs reflect readily obtainable data from independent sources, while unobservable inputs reflect the Partnership’s market assumptions. ASC 820 classifies these inputs into the following hierarchy: | |||||||||||||||||||||
Level 1 Inputs — Quoted prices for identical instruments in active markets. | |||||||||||||||||||||
Level 2 Inputs — Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations whose inputs are observable or whose significant value drivers are observable. | |||||||||||||||||||||
Level 3 Inputs — Instruments with primarily unobservable value drivers. | |||||||||||||||||||||
Fair value information with respect to the Partnership’s leased assets and liabilities are not separately provided for since ASC 820 does not require fair value disclosures of leasing arrangements. | |||||||||||||||||||||
The Partnership’s carrying value of cash and cash equivalents, accounts payable and accrued liabilities, due to SQN AIF GP, LLC, due to SQN Securities, LLC and due to SQN Capital Management LLC, approximate fair value due to their short term until maturity. | |||||||||||||||||||||
The carrying amount of the Partnership’s equipment notes receivable, including accrued interest approximates, fair value at March 31, 2014, based on the following factors: (i) interest rates have been at or near historic low, (ii) interest rates have remained stable and the outlook for an increase in interest rates remains low and (iii) the short period of time between the Partnership funding of this equipment note receivable and the Partnership’s quarter end. Currently, due to the short-term existence of each of these transactions, management concluded that book value approximates the fair value of each of the assets. Management will continue to re-assess at each balance sheet date. | |||||||||||||||||||||
The Partnership’s carrying values and approximate fair values of Level 3 inputs were as follows: | |||||||||||||||||||||
31-Mar-14 | 31-Dec-13 | ||||||||||||||||||||
Carrying Value | Fair Value | Carrying Value | Fair Value | ||||||||||||||||||
Assets: | |||||||||||||||||||||
Equipment notes receivable, | |||||||||||||||||||||
including accrued interest | $ | 2,638,780 | $ | 2,712,271 | $ | 2,692,900 | $ | 2,747,972 | |||||||||||||
Equipment loan receivable, | |||||||||||||||||||||
including accrued interest | $ | 18,450,386 | $ | 18,435,724 | $ | 6,550,448 | $ | 6,550,448 | |||||||||||||
Collateralized loan receivable, | |||||||||||||||||||||
including accrued interest | $ | 256,360 | $ | 268,557 | $ | 324,519 | $ | 333,487 | |||||||||||||
Liabilities: | |||||||||||||||||||||
Equipment notes payable, | |||||||||||||||||||||
including accrued interest | $ | 18,992,558 | $ | 18,992,558 | $ | 8,541,339 | $ | 8,541,339 | |||||||||||||
Loan payable, including accrued | |||||||||||||||||||||
interest | $ | 15,630,065 | $ | 15,578,282 | $ | 6,825,755 | $ | 6,825,755 | |||||||||||||
The following is a reconciliation of the beginning and ending balances for assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the three months ended March 31, 2014: | |||||||||||||||||||||
Equipment Notes Receivable | Equipment Loan Receivable | Collateralized Loan Receivable | Equipment Notes | Loan | |||||||||||||||||
Payable | Payable | ||||||||||||||||||||
Estimated fair value, January 1, 2014 | $ | 2,803,044 | $ | 6,550,448 | $ | 342,455 | $ | 8,541,339 | $ | 6,825,755 | |||||||||||
Issuance of additional notes | — | 12,369,999 | 866,000 | 11,447,351 | 9,500,000 | ||||||||||||||||
Total gains (losses) included in earnings: | |||||||||||||||||||||
Interest income | 12,773 | 142,797 | — | — | — | ||||||||||||||||
Interest expense | — | — | — | (7,240 | ) | (25,755 | ) | ||||||||||||||
Repayment of notes and accrued interest | (66,893 | ) | (627,520 | ) | (934,159 | ) | (988,892 | ) | (669,935 | ) | |||||||||||
Unrealized appreciation (depreciation) | (36,653 | ) | — | (5,739 | ) | — | (51,783 | ) | |||||||||||||
Estimated fair value, March 31, 2014 | $ | 2,712,271 | $ | 18,435,724 | $ | 268,557 | $ | 18,992,558 | $ | 15,578,282 |
Business_Concentrations
Business Concentrations | 3 Months Ended | |
Mar. 31, 2014 | ||
Business Concentrations | ' | |
Business Concentrations | ' | |
13 | Business Concentrations | |
For the three months ended March 31, 2014, the Partnership had two lessees which accounted for approximately 29% and 10% of the Partnership’s income derived from operating leases. For the three months ended March 31, 2014, the Partnership had three lessees which accounted for approximately 41%, 17% and 11% of the Partnership’s interest income. | ||
At March 31, 2014, the Partnership had four lessees which accounted for approximately 42%, 26%, and 16% of the Partnership’s investment in finance leases. At March 31, 2014, the Partnership had three lessees which accounted for approximately 41%, 40%, and 11% of the Partnership’s investment in operating leases. At March 31, 2013, the Partnership had one lessee which accounted for 100% of the Partnership’s investment in operating leases. At March 31, 2014, the Partnership had two lessees which accounted for approximately 80% and 20% of the Partnership’s investment in residual value leases. At March 31, 2014, the Partnership had one lessee which accounted for approximately 86% of the Partnership’s investment in equipment notes receivable. |
Commitments_and_contingencies
Commitments and contingencies | 3 Months Ended | |
Mar. 31, 2014 | ||
Commitments And Contingencies | ' | |
Commitments and contingencies | ' | |
14 | Commitments and contingencies | |
On December 18, 2013 the Partnership entered into a forward purchase agreement with an unrelated lender. According to the agreement, the Partnership is obligated to purchase a promissory note secured by the brake manufacturing equipment with an aggregate principal amount of $432,000. The promissory note accrues interest at 12.5% per annum and matures in January 2018. The purchase of the promissory note was finalized on May 2, 2014. |
Subsequent_Events
Subsequent Events | 3 Months Ended | |
Mar. 31, 2014 | ||
Subsequent Events [Abstract] | ' | |
Subsequent Events | ' | |
15 | Subsequent Events | |
On April 1, 2104, the Partnership made a cash distribution of $148,380 to its Limited Partners. | ||
From April 1, 2014 through May 15, 2014, the Partnership admitted an additional 25 Limited Partners with total cash contributions of $1,094,498, total capital contributions of $1,059,498 and 1,101.72 Units. The Partnership paid or accrued an underwriting fee to Securities and outside brokers totaling $18,097 and $34,895, respectively. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2014 | |
Summary Of Significant Accounting Policies Policies | ' |
Cash and cash equivalents | ' |
Cash and cash equivalents - The Partnership considers all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents. Cash and cash equivalents consist of funds maintained in checking and money market accounts maintained at financial institutions. | |
The Partnership’s cash and cash equivalents are held principally at one financial institution and at times may exceed federally insured limits. The Partnership has placed these funds in high quality institution in order to minimize risk relating to exceeding insured limits. | |
Use of estimates | ' |
Use of estimates - The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires the General Partner and Investment Manager to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Significant estimates primarily include the determination of allowances for doubtful accounts, depreciation and amortization, impairment losses, estimated useful lives, and residual values. Actual results could differ from those estimates. | |
Recent Accounting Pronouncements | ' |
Recent Accounting Pronouncements | |
Management does not believe that any recently issued, but not yet effective accounting pronouncements, if adopted, would have a material effect on the accompanying condensed consolidated financial statements. |
Related_Party_Transactions_Tab
Related Party Transactions (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Related Party Transactions Tables | ' | ||||||||
Schedule of related party transactions | ' | ||||||||
For the three months ended March 31, 2014, the Partnership recorded the following transactions with Securities: | |||||||||
March 31, | December 31, | ||||||||
2014 | 2013 | ||||||||
(unaudited) | |||||||||
Balance - beginning of period | $ | 10,797 | $ | — | |||||
Underwriting fees earned by Securities | 94,460 | 196,395 | |||||||
Payments by the Partnership to Securities | (99,839 | ) | (185,598 | ) | |||||
Balance - end of period | $ | 5,418 | $ | 10,797 | |||||
For the three months ended March 31, 2014, the Partnership recorded the following underwriting fee transactions: | |||||||||
Three Months Ended | |||||||||
31-Mar-14 | |||||||||
Underwriting discount incurred by the Partnership | $ | 180,576 | |||||||
Underwriting fees earned by Securities | 94,460 | ||||||||
Fees paid to outside brokers | 39,830 | ||||||||
Total underwriting fees | $ | 314,866 |
Investments_in_Finance_Leases_
Investments in Finance Leases (Tables) | 3 Months Ended | ||||
Mar. 31, 2014 | |||||
Investments In Finance Leases Tables | ' | ||||
Schedule of investment in finance leases | ' | ||||
At March 31 2014, investment in finance leases consisted of the following: | |||||
Minimum rents receivable | $ | 2,920,600 | |||
Estimated unguaranteed residual value | 466,251 | ||||
Unearned income | (811,891 | ) | |||
$ | 2,574,960 |
Investment_in_Equipment_Subjec1
Investment in Equipment Subject to Operating Leases (Tables) | 3 Months Ended | ||||||||||||
Mar. 31, 2014 | |||||||||||||
Investment In Equipment Subject To Operating Leases Tables | ' | ||||||||||||
Summary of investments in equipment subject to operating leases | ' | ||||||||||||
The composition of the equipment subject to operating leases in the Echo and Echo II transactions as of March 31, 2014 is as follows: | |||||||||||||
Accumulated | |||||||||||||
Description | Cost | Depreciation | Net Book Value | ||||||||||
Agricultural equipment | $ | 1,038,224 | $ | 25,441 | $ | 1,012,783 | |||||||
Aircraft equipment | 2,626,301 | 2,741 | 2,623,560 | ||||||||||
Computer equipment | 1,689,961 | 174,196 | 1,515,765 | ||||||||||
Forklifts and fuels cells | 8,881,966 | 252,778 | 8,629,188 | ||||||||||
Heavy equipment | 3,240,153 | 99,032 | 3,141,121 | ||||||||||
Industrial | 518,399 | 21,204 | 497,195 | ||||||||||
Machine tools | 556,686 | 19,643 | 537,043 | ||||||||||
Medical | 518,591 | 2,519 | 516,072 | ||||||||||
$ | 19,070,281 | $ | 597,554 | $ | 18,472,727 |
Equipment_Notes_Receivable_Tab
Equipment Notes Receivable (Tables) | 3 Months Ended | ||||
Mar. 31, 2014 | |||||
Equipment Notes Receivable Tables | ' | ||||
Schedule of future maturity of notes receivable | ' | ||||
The future maturities of the Partnership’s notes receivable at March 31, 2014 are as follows: | |||||
Years ending March 31, | |||||
2015 | $ | 562,177 | |||
2016 | 678,811 | ||||
2017 | 613,040 | ||||
2018 | 780,650 | ||||
$ | 2,634,678 |
Equipment_Loan_Receivable_Tabl
Equipment Loan Receivable (Tables) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Equipment Loan Receivable Tables | ' | |||||||
Schedule of equipment loans receivable | ' | |||||||
The composition of the equipment loans receivable in the Echo and Echo II transactions as of March 31, 2014 is as follows: | ||||||||
Maturity | ||||||||
Description | Date | Balance | ||||||
Furniture and fixtures | 6/30/2016 - 04/30/18 | $ | 1,394,171 | |||||
Fitness | 6/30/14 | 28,375 | ||||||
Computers | 6/30/2014 - 9/30/17 | 662,250 | ||||||
Forklifts and fuels cells | 03/31/14 - 10/31/17 | 5,641,330 | ||||||
Aircraft | 09/30/15 - 12/31/17 | 2,037,697 | ||||||
Industrial | 9/30/14 - 10/31/20 | 5,684,324 | ||||||
Machine tools | 9/1/14 | 28,354 | ||||||
Medical and research equipment | 01/31/15 - 12/31/17 | 2,941,702 | ||||||
$ | 18,418,203 | |||||||
Schedule of future maturities of loans receivable | ' | |||||||
The future maturities of the Partnership’s loans receivable at March 31, 2014 are as follows: | ||||||||
Years ending March 31, | ||||||||
2015 | $ | 3,327,874 | ||||||
2016 | 3,514,186 | |||||||
2017 | 3,987,700 | |||||||
2018 | 2,562,677 | |||||||
2019 | 2,505,810 | |||||||
Thereafter | 2,519,956 | |||||||
$ | 18,418,203 |
Equipment_Notes_Payable_Tables
Equipment Notes Payable (Tables) | 3 Months Ended | ||||
Mar. 31, 2014 | |||||
Equipment Notes Payable Tables | ' | ||||
Schedule of maturities of equipment notes payable | ' | ||||
The future maturities of the Partnership’s equipment notes payable at March 31, 2014 are as follows: | |||||
Years ending March 31, | |||||
2015 | $ | 6,873,374 | |||
2016 | 5,395,300 | ||||
2017 | 3,268,304 | ||||
2018 | 1,765,500 | ||||
2019 | 1,042,780 | ||||
2020 | 647,300 | ||||
$ | 18,992,558 |
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 3 Months Ended | ||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||
Fair Value Measurements Tables | ' | ||||||||||||||||||||
Schedule of assets measured on a recurring bassis using significant unobservable inputs | ' | ||||||||||||||||||||
The Partnership’s carrying values and approximate fair values of Level 3 inputs were as follows: | |||||||||||||||||||||
31-Mar-14 | 31-Dec-13 | ||||||||||||||||||||
Carrying Value | Fair Value | Carrying Value | Fair Value | ||||||||||||||||||
Assets: | |||||||||||||||||||||
Equipment notes receivable, | |||||||||||||||||||||
including accrued interest | $ | 2,638,780 | $ | 2,712,271 | $ | 2,692,900 | $ | 2,747,972 | |||||||||||||
Equipment loan receivable, | |||||||||||||||||||||
including accrued interest | $ | 18,450,386 | $ | 18,435,724 | $ | 6,550,448 | $ | 6,550,448 | |||||||||||||
Collateralized loan receivable, | |||||||||||||||||||||
including accrued interest | $ | 256,360 | $ | 268,557 | $ | 324,519 | $ | 333,487 | |||||||||||||
Liabilities: | |||||||||||||||||||||
Equipment notes payable, | |||||||||||||||||||||
including accrued interest | $ | 18,992,558 | $ | 18,992,558 | $ | 8,541,339 | $ | 8,541,339 | |||||||||||||
Loan payable, including accrued | |||||||||||||||||||||
interest | $ | 15,630,065 | $ | 15,578,282 | $ | 6,825,755 | $ | 6,825,755 | |||||||||||||
The following is a reconciliation of the beginning and ending balances for assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the three months ended March 31, 2014: | |||||||||||||||||||||
Equipment Notes Receivable | Equipment Loan Receivable | Collateralized Loan Receivable | Equipment Notes | Loan | |||||||||||||||||
Payable | Payable | ||||||||||||||||||||
Estimated fair value, January 1, 2014 | $ | 2,803,044 | $ | 6,550,448 | $ | 342,455 | $ | 8,541,339 | $ | 6,825,755 | |||||||||||
Issuance of additional notes | — | 12,369,999 | 866,000 | 11,447,351 | 9,500,000 | ||||||||||||||||
Total gains (losses) included in earnings: | |||||||||||||||||||||
Interest income | 12,773 | 142,797 | — | — | — | ||||||||||||||||
Interest expense | — | — | — | (7,240 | ) | (25,755 | ) | ||||||||||||||
Repayment of notes and accrued interest | (66,893 | ) | (627,520 | ) | (934,159 | ) | (988,892 | ) | (669,935 | ) | |||||||||||
Unrealized appreciation (depreciation) | (36,653 | ) | — | (5,739 | ) | — | (51,783 | ) | |||||||||||||
Estimated fair value, March 31, 2014 | $ | 2,712,271 | $ | 18,435,724 | $ | 268,557 | $ | 18,992,558 | $ | 15,578,282 |
Business_Concentrations_Tables
Business Concentrations (Tables) | 3 Months Ended |
Mar. 31, 2014 | |
Risks and Uncertainties [Abstract] | ' |
Schedule of business concentration | 'PLACEHOLDER |
Nature_of_Operations_and_Organ1
Nature of Operations and Organization (Details Narrative) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Oct. 01, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Jul. 31, 2013 | Mar. 31, 2014 | Feb. 28, 2014 | Dec. 31, 2013 | Dec. 20, 2013 | Feb. 28, 2014 | Dec. 31, 2013 | Apr. 28, 2014 | Mar. 31, 2014 | Mar. 26, 2014 | Mar. 26, 2014 |
Limited Partner [Member] | Limited Partner [Member] | Limited Partner [Member] | SQN AIF IV GP, LLC [Member] | SQN Echo LLC [Member] | SQN Echo LLC [Member] | SQN Echo LLC [Member] | SQN Echo LLC [Member] | SQN Echo LLC [Member] | SQN Echo LLC [Member] | SQN Echo II [Member] | SQN Echo II [Member] | SQN Echo II [Member] | SQN Echo II [Member] | |||
N | SQN Capital Management, LLC [Member] | SQN Alternate Investment Fund III [Member] | SQN Alternate Investment Fund III [Member] | N | SQN Alternate Investment Fund III [Member] | |||||||||||
Pecentage of ownership | ' | ' | ' | ' | ' | ' | ' | ' | 80.00% | ' | ' | 20.00% | ' | ' | 80.00% | 20.00% |
Partnership contribution | ' | ' | ' | ' | ' | ' | ' | $480,000 | $2,200,000 | ' | $120,000 | $550,000 | ' | ' | $800,000 | $550,000 |
Number of portfolios purchased | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3 | ' | ' | ' |
Purchase of leases portfolio - unrelated third party | ' | ' | ' | ' | ' | ' | ' | ' | ' | 17,800,000 | ' | ' | 21,863,000 | ' | ' | ' |
Cash payment for lease | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9,300,000 | ' | ' | 10,415,000 | ' | ' | ' |
Non-recourse debt for lease | ' | ' | ' | ' | ' | ' | 8,500,000 | ' | ' | 8,500,000 | ' | ' | 11,447,000 | 11,400,000 | ' | ' |
Percentage of targeted cash distribution | ' | ' | ' | 6.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Capital distribution | ' | ' | 53,700 | 249,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Distributions payable to General Partner | 3,026 | 537 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from sale of partners units | ' | ' | ' | ' | 10,014,570 | 1,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Refund of initial limited partner's interest | ' | ' | ' | ' | ' | 1,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of partners | ' | ' | ' | ' | 133 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Capital contributions | ' | ' | ' | 10,736,310 | 10,736,310 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sale of units (in units) | ' | ' | ' | 10,736.31 | 10,736.31 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Portion capital contributions to sales commission | ' | ' | ' | $720,736 | $720,736 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Portion sale of units to sales commission (in units) | ' | ' | ' | 720.74 | 720.74 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Related_Party_Transactions_Det
Related Party Transactions (Details Narrative) (USD $) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2014 | Dec. 31, 2013 | |
Maximum percentage of average management fee | 2.00% | ' |
SQN Capital Management, LLC [Member] | ' | ' |
Offering expenses paid | $375,000 | $225,468 |
Percentage of gross proceeds of offering - underwiting fees | ' | 3.00% |
SQN AIF IV GP, LLC [Member] | ' | ' |
Percentage of promotional interest | 20.00% | ' |
Percentage of cumulative return on capital contributions | ' | 8.00% |
Percentage of distributed distributable cash received by general partner | ' | 1.00% |
Limited Partner [Member] | ' | ' |
Percentage of promotional interest | 80.00% | ' |
Description of management fee | 'The Partnership pays the Investment Manager during the Offering Period, Operating Period and the Liquidation Period a management fee equal to or the greater of, (i) 2.5% per annum of the aggregate offering proceeds, or (ii) $125,000, payable monthly, until such time as an amount equal to at least 15% of the PartnershipBs Limited PartnersB capital contributions have been returned to the Limited Partners, after which the monthly management fee will equal 100% of the management fee as initially calculated above, less 1% for each additional 1% of the PartnershipBs Limited PartnersB capital contributions returned to them, such amounts are measured on the last day of each month. The management fee is paid regardless of the performance of the fund and will be adjusted in the future to reflect the equity raised. For the three months ended March 31, 2014, the Partnership paid $375,000 in management fee expense which is recorded in management fee B Investment Manager in the accompanying statements of operations. | ' |
Related_Party_Transactions_Det1
Related Party Transactions (Details) (USD $) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2014 | Dec. 31, 2013 | |
Underwriting fees earned by Securities | $94,460 | ' |
SQN Securities, LLC [Member] | ' | ' |
Balance, beginning | 10,797 | ' |
Underwriting fees earned by Securities | 94,460 | 196,395 |
Payments by the Partnership to Securities | -99,839 | -185,598 |
Balance due to Securities | $5,418 | $10,797 |
Related_Party_Transactions_Det2
Related Party Transactions (Details 1) (USD $) | 3 Months Ended |
Mar. 31, 2014 | |
Related Party Transactions Details 1 | ' |
Underwriting discount incurred by the Partnership | $180,576 |
Underwriting fees earned by Securities | 94,460 |
Fees paid to outside brokers | 39,830 |
Total underwriting fees | $314,866 |
Investments_in_Finance_Leases_1
Investments in Finance Leases (Details Narrative) | 0 Months Ended | |||||
Mar. 28, 2014 | Mar. 28, 2014 | Mar. 31, 2014 | Mar. 28, 2014 | Mar. 28, 2014 | Mar. 28, 2014 | |
Wind Turbine Financing Lease [Member] | Wind Turbine Financing Lease [Member] | Medical Equipment Financing Lease 4 [Member] | SQN Echo LLC [Member] | SQN Echo LLC [Member] | SQN Echo LLC [Member] | |
USD ($) | GBP [Member] | USD ($) | Medical Equipment Financing Lease 1 [Member] | Medical Equipment Financing Lease 2 [Member] | Medical Equipment Financing Lease 3 [Member] | |
GBP (£) | USD ($) | USD ($) | USD ($) | |||
Purchase price | $683,455 | £ 409,377 | $247,920 | ' | ' | ' |
Lease term | '25 quarters | ' | '48 months | '37 months | '37 months | '32 months |
Monthly lease payments | ' | ' | 7,415 | 4,846 | 32,416 | 14,456 |
Second tier monthly lease payments | ' | ' | ' | ' | 22,606 | ' |
Quarterly lease payments | $38,647 | £ 23,150 | ' | ' | ' | ' |
Investments_in_Finance_Leases_2
Investments in Finance Leases (Details) (USD $) | Mar. 31, 2014 |
Investment, Finance Leases | ' |
Minimum rents receivable | $2,920,600 |
Estimated unguaranteed residual value | 466,251 |
Unearned income | -811,891 |
Total investment in finance leases | $2,574,960 |
Investment_in_Equipment_Subjec2
Investment in Equipment Subject to Operating Leases (Details Narrative) (USD $) | 3 Months Ended | 0 Months Ended | |
Mar. 31, 2014 | Mar. 28, 2014 | Dec. 20, 2013 | |
Property Subject to Operating Lease [Member] | Property Subject to Operating Lease [Member] | ||
Purchase price | ' | $21,863,000 | $17,800,000 |
Assets subject to operating leases acquired | ' | 7,800,000 | 11,200,000 |
Depreciation expense | $535,653 | ' | ' |
Investment_in_Equipment_Subjec3
Investment in Equipment Subject to Operating Leases (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
Net Book Value | $18,472,727 | $11,165,590 |
SQN Echo II And SQN Echo LLC [Member] | ' | ' |
Cost Basis | 19,070,281 | ' |
Accumulated Depreciation | 597,554 | ' |
Net Book Value | 18,472,727 | ' |
SQN Echo II And SQN Echo LLC [Member] | Agricultural Equipment [Member] | ' | ' |
Cost Basis | 1,038,224 | ' |
Accumulated Depreciation | 25,441 | ' |
Net Book Value | 1,012,783 | ' |
SQN Echo II And SQN Echo LLC [Member] | Aircraft Equipment [Member] | ' | ' |
Cost Basis | 2,626,301 | ' |
Accumulated Depreciation | 2,741 | ' |
Net Book Value | 2,623,560 | ' |
SQN Echo II And SQN Echo LLC [Member] | Computers [Member] | ' | ' |
Cost Basis | 1,689,961 | ' |
Accumulated Depreciation | 174,196 | ' |
Net Book Value | 1,515,765 | ' |
SQN Echo II And SQN Echo LLC [Member] | Forklifts And Fuels Cells [Member] | ' | ' |
Cost Basis | 8,881,966 | ' |
Accumulated Depreciation | 252,778 | ' |
Net Book Value | 8,629,188 | ' |
SQN Echo II And SQN Echo LLC [Member] | Heavy Equipment [Member] | ' | ' |
Cost Basis | 3,240,153 | ' |
Accumulated Depreciation | 99,032 | ' |
Net Book Value | 3,141,121 | ' |
SQN Echo II And SQN Echo LLC [Member] | Industrial [Member] | ' | ' |
Cost Basis | 518,399 | ' |
Accumulated Depreciation | 21,204 | ' |
Net Book Value | 497,195 | ' |
SQN Echo II And SQN Echo LLC [Member] | Machine tools [Member] | ' | ' |
Cost Basis | 556,686 | ' |
Accumulated Depreciation | 19,643 | ' |
Net Book Value | 537,043 | ' |
SQN Echo II And SQN Echo LLC [Member] | Medical [Member] | ' | ' |
Cost Basis | 518,591 | ' |
Accumulated Depreciation | 2,519 | ' |
Net Book Value | $516,072 | ' |
Equipment_Notes_Receivable_Det
Equipment Notes Receivable (Details Narrative) (USD $) | 1 Months Ended | 3 Months Ended | 1 Months Ended | 3 Months Ended | 0 Months Ended | 3 Months Ended |
Jun. 28, 2013 | Mar. 31, 2014 | Sep. 27, 2013 | Mar. 31, 2014 | Oct. 15, 2013 | Mar. 31, 2014 | |
Medical Equipment Promissory Note [Member] | Medical Equipment Promissory Note [Member] | Mining Equipment Loan Facility (BAndesB) [Member] | Mining Equipment Loan Facility (BAndesB) [Member] | Manufacturing Equipment Loan Facility ("Pride") [Member] | Manufacturing Equipment Loan Facility ("Pride") [Member] | |
Note receivable | $150,000 | ' | $3,000,000 | ' | $300,000 | ' |
Loan facility term | '36 months | ' | '48 months | ' | '29 months | ' |
Frequency of periodic payment | 'Monthly | ' | 'Monthly | ' | 'Monthly | ' |
Loan facility periodic payment | 5,100 | ' | 69,577 | ' | 12,834 | ' |
Interest income | ' | 4,364 | ' | 122,280 | ' | 11,804 |
Advances to loan issuer | ' | ' | 2,500,000 | ' | ' | ' |
Loan facility balloon payment | ' | ' | 500,000 | ' | ' | ' |
Effective interest rate | ' | ' | 23.25% | ' | ' | ' |
Description of maturity period | ' | ' | 'Sep-17 | ' | ' | ' |
Description of loan facility collateral | ' | 'The Promissory Note is secured by the medical equipment and other personal property located at the borrowers principal place of business. The Promissory Note is guaranteed personally by the officer of the borrower who will make all required note payments if the borrower is unable to perform under the Promissory Note. | ' | 'The loan facility is secured by equipment that refines precious metals and other minerals. | ' | 'Secured by manufacturing equipment owned by Pride. |
Net proceeds transferred to lessee | ' | ' | ' | $343,102 | ' | ' |
Equipment_Notes_Receivable_Det1
Equipment Notes Receivable (Details) (USD $) | Mar. 31, 2014 |
Future payments due in year ending March 31, | ' |
2015 | $562,177 |
2016 | 678,811 |
2017 | 613,040 |
2018 | 780,650 |
Total | $2,634,678 |
Equipment_Loan_Receivable_Deta
Equipment Loan Receivable (Details Narrative) (Unrelated Third Party [Member], USD $) | 1 Months Ended | 3 Months Ended | 1 Months Ended | 3 Months Ended | ||
Dec. 20, 2013 | Mar. 31, 2014 | Dec. 20, 2013 | Mar. 28, 2014 | Mar. 31, 2014 | Mar. 28, 2014 | |
SQN Echo LLC [Member] | SQN Echo LLC [Member] | SQN Echo LLC [Member] | SQN Echo II [Member] | SQN Echo II [Member] | SQN Echo II [Member] | |
2nd Portfolios Operating Leases [Member] | 2nd Portfolios Operating Leases [Member] | |||||
Lease payment | $17,800,000 | ' | $6,600,000 | $21,863,000 | ' | $12,400,000 |
Description of maturity period | 'Oct-17 | ' | ' | 'Oct-17 | ' | ' |
Interest income | ' | $132,629 | ' | ' | $10,167 | ' |
Equipment_Loan_Receivable_Deta1
Equipment Loan Receivable (Details) (USD $) | 3 Months Ended |
Mar. 31, 2014 | |
Balance | $18,418,203 |
SQN Echo II And SQN Echo LLC [Member] | ' |
Balance | 18,418,203 |
SQN Echo II And SQN Echo LLC [Member] | Furniture And Fixtures [Member] | ' |
Maturity Date, Lower Range | 30-Apr-18 |
Maturity Date, Upper Range | 30-Jun-16 |
Balance | 1,394,171 |
SQN Echo II And SQN Echo LLC [Member] | Fitness [Member] | ' |
Maturity Date | 30-Jun-14 |
Balance | 28,375 |
SQN Echo II And SQN Echo LLC [Member] | Computers [Member] | ' |
Maturity Date, Lower Range | 30-Jun-14 |
Maturity Date, Upper Range | 30-Sep-17 |
Balance | 662,250 |
SQN Echo II And SQN Echo LLC [Member] | Forklifts And Fuels Cells [Member] | ' |
Maturity Date, Lower Range | 31-Mar-14 |
Maturity Date, Upper Range | 31-Oct-17 |
Balance | 5,641,330 |
SQN Echo II And SQN Echo LLC [Member] | Aircraft Equipment [Member] | ' |
Maturity Date, Lower Range | 30-Sep-15 |
Maturity Date, Upper Range | 31-Dec-17 |
Balance | 2,037,697 |
SQN Echo II And SQN Echo LLC [Member] | Industrial [Member] | ' |
Maturity Date, Lower Range | 30-Sep-14 |
Maturity Date, Upper Range | 31-Oct-20 |
Balance | 5,684,324 |
SQN Echo II And SQN Echo LLC [Member] | Machine tools [Member] | ' |
Maturity Date | 1-Sep-14 |
Balance | 28,354 |
SQN Echo II And SQN Echo LLC [Member] | Medical [Member] | ' |
Maturity Date, Lower Range | 31-Jan-15 |
Maturity Date, Upper Range | 31-Dec-17 |
Balance | $2,941,702 |
Equipment_Loan_Receivable_Deta2
Equipment Loan Receivable (Details 1) (USD $) | Mar. 31, 2014 |
Maturities of equipment loans receivable | ' |
2015 | $3,327,874 |
2016 | 3,514,186 |
2017 | 3,987,700 |
2018 | 2,562,677 |
2019 | 2,505,810 |
2020 | 2,519,956 |
Total future maturities of partnership's loans receivable | $18,418,203 |
Collateralized_Loan_Receivable1
Collateralized Loan Receivable (Details) (Loan Agreement Unrelated Third Party [Member], USD $) | 3 Months Ended | ||
Mar. 31, 2014 | Dec. 31, 2013 | Nov. 27, 2013 | |
Advances to loan issuer | $1,188,000 | ' | $500,000 |
Description of maximum borrowing | 'The maximum outstanding amount on any date is the lesser of $500,000 and 50% of the borrowerBs eligible receivables due within 90 days of the advance date. | ' | ' |
Interest rate | ' | ' | 15.00% |
Advance remaining outstanding | 256,360 | 322,000 | ' |
Description of loan facility collateral | 'Collateralized by all of the assets of the borrower. | ' | ' |
Subsequent Event [Member] | ' | ' | ' |
Advances to loan issuer | 1,574,000 | ' | ' |
Proceeds from collection of loans receivable | $1,211,000 | ' | ' |
Equipment_Notes_Payable_Detail
Equipment Notes Payable (Details Narrative) (USD $) | Apr. 28, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Dec. 20, 2013 | Mar. 31, 2014 |
SQN Echo II [Member] | SQN Echo II [Member] | SQN Echo LLC [Member] | SQN Echo LLC [Member] | SQN Echo II And SQN Echo LLC [Member] | |
Non-recourse debt | $11,447,000 | $11,400,000 | $8,500,000 | $8,500,000 | ' |
Interest rate,minimum | ' | ' | ' | ' | 2.75% |
Interest rate,maximum | ' | ' | ' | ' | 9.25% |
Description of maturity period | ' | ' | ' | ' | '2020 |
Equipment_and_Notes_Payable_De
Equipment and Notes Payable (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
Maturities on notes payable due in year ending March 31, | ' | ' |
2015 | $6,873,374 | ' |
2016 | 5,395,300 | ' |
2017 | 3,268,304 | ' |
2018 | 1,765,500 | ' |
2019 | 1,042,780 | ' |
2020 | 647,300 | ' |
Future maturities of equipment notes payable | $18,992,558 | $8,541,339 |
Loan_Payable_Details
Loan Payable (Details) (USD $) | 3 Months Ended |
Mar. 31, 2014 | |
SQN Echo LLC [Member] | ' |
Loan facility | $6,800,000 |
Stated interest rate | 10.00% |
Description of interest rate terms | 'Interest accruing at 10% per annum through February 28, 2014 then at 8.9% per annum. |
Loan facility balloon payment | 600,000 |
SQN Echo II [Member] | ' |
Loan facility | 9,500,000 |
Stated interest rate | 10.00% |
Description of interest rate terms | 'Interest accruing at 10% per annum through February 28, 2014 then at 8.9% per annum. |
Loan facility balloon payment | $600,000 |
Fair_Value_Measurements_Detail
Fair Value Measurements (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
Assets | ' | ' |
Equipment notes receivable, including accrued interest | $2,638,780 | $2,692,900 |
Equipment loans receivable, including accrued interest | 18,450,386 | 6,550,448 |
Collateralized loan recievable, including accrued interest | 256,360 | 324,519 |
Liabilities: | ' | ' |
Equipment notes payable, non-recourse | 18,992,558 | 8,541,339 |
Loan payable, including accrued interest of $33,564 and $25,755 | 15,630,065 | 6,825,755 |
Fair Value, Inputs, Level 3 [Member] | ' | ' |
Assets | ' | ' |
Equipment notes receivable, including accrued interest | 2,712,271 | 2,747,972 |
Equipment loans receivable, including accrued interest | 18,435,724 | 6,550,448 |
Collateralized loan recievable, including accrued interest | 268,557 | 333,487 |
Liabilities: | ' | ' |
Equipment notes payable, non-recourse | 18,992,558 | 8,541,339 |
Loan payable, including accrued interest of $33,564 and $25,755 | $15,578,282 | $6,825,755 |
Fair_Value_Measurements_Detail1
Fair Value Measurements (Details 1) (USD $) | 3 Months Ended |
Mar. 31, 2014 | |
Total gains (losses) included in earnings: | ' |
Interest income | $323,385 |
Interest expense | 295,629 |
Fair Value, Inputs, Level 3 [Member] | Equipment Note Receivable [Member] | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' |
Beginning balance | 2,803,044 |
Total gains (losses) included in earnings: | ' |
Interest income | 12,773 |
Repayment of notes and accrued interest | -66,893 |
Unrealized appreciation (depreciation) | -36,653 |
Ending balance | 2,712,271 |
Fair Value, Inputs, Level 3 [Member] | Equipment Loan Receivable [Member] | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' |
Beginning balance | 6,550,448 |
Issuance of additional note | 12,369,999 |
Total gains (losses) included in earnings: | ' |
Interest income | 142,797 |
Repayment of notes and accrued interest | -627,520 |
Ending balance | 18,435,724 |
Fair Value, Inputs, Level 3 [Member] | Collatralized Loan Receivable [Member] | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' |
Beginning balance | 342,455 |
Issuance of additional note | 866,000 |
Total gains (losses) included in earnings: | ' |
Repayment of notes and accrued interest | -934,159 |
Unrealized appreciation (depreciation) | -5,739 |
Ending balance | 268,557 |
Fair Value, Inputs, Level 3 [Member] | Equipment Notes Payable [Member] | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' |
Beginning balance | 8,541,339 |
Issuance of additional note | 11,447,351 |
Total gains (losses) included in earnings: | ' |
Interest expense | -7,240 |
Repayment of notes and accrued interest | -988,892 |
Ending balance | 18,992,558 |
Fair Value, Inputs, Level 3 [Member] | Loan Payable [Member] | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' |
Beginning balance | 6,825,755 |
Issuance of additional note | 9,500,000 |
Total gains (losses) included in earnings: | ' |
Interest expense | -25,755 |
Repayment of notes and accrued interest | -669,935 |
Unrealized appreciation (depreciation) | -51,783 |
Ending balance | $15,578,282 |
Business_Concentrations_Detail
Business Concentrations (Details Narrative) | 3 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Revenue [Member] | Operating leases - A [Member] | ' | ' |
Concentration risk | 29.00% | ' |
Revenue [Member] | Operating leases - B [Member] | ' | ' |
Concentration risk | 10.00% | ' |
Revenue [Member] | Finance Leases - A [Member] | ' | ' |
Concentration risk | 41.00% | ' |
Revenue [Member] | Finance Leases - B [Member] | ' | ' |
Concentration risk | 17.00% | ' |
Revenue [Member] | Finance Leases - C [Member] | ' | ' |
Concentration risk | 11.00% | ' |
Investments [Member] | Operating leases - A [Member] | ' | ' |
Concentration risk | 41.00% | 100.00% |
Investments [Member] | Operating leases - B [Member] | ' | ' |
Concentration risk | 40.00% | ' |
Investments [Member] | Finance Leases - A [Member] | ' | ' |
Concentration risk | 42.00% | ' |
Investments [Member] | Finance Leases - B [Member] | ' | ' |
Concentration risk | 26.00% | ' |
Investments [Member] | Finance Leases - C [Member] | ' | ' |
Concentration risk | 16.00% | ' |
Investments [Member] | Finance Leases - D [Member] | ' | ' |
Concentration risk | 16.00% | ' |
Investments [Member] | Operating leases - C [Member] | ' | ' |
Concentration risk | 11.00% | ' |
Investments [Member] | Residual value leases - A [Member] | ' | ' |
Concentration risk | 80.00% | ' |
Investments [Member] | Residual value leases - B [Member] | ' | ' |
Concentration risk | 20.00% | ' |
Investments [Member] | Equipment Notes - A [Member] | ' | ' |
Concentration risk | 86.00% | ' |
Commitments_and_contingencies_
Commitments and contingencies (Details Narrative) (Forward Purchase Agreement [Member], Secured Promissory Note [Member], USD $) | 1 Months Ended |
Dec. 18, 2013 | |
Forward Purchase Agreement [Member] | Secured Promissory Note [Member] | ' |
Debt Instrument, Face Amount | $432,000 |
Interest rate | 12.50% |
Maturity date | 31-Jan-18 |
Subsequent_Events_Details_Narr
Subsequent Events (Details Narrative) (USD $) | 3 Months Ended | 10 Months Ended | 1 Months Ended | 3 Months Ended |
Mar. 31, 2014 | Mar. 31, 2014 | 15-May-14 | Mar. 31, 2014 | |
Limited Partner [Member] | Subsequent Event [Member] | Subsequent Event [Member] | ||
N | Limited Partner [Member] | Limited Partner [Member] | ||
N | ||||
Number of partners | ' | 133 | 25 | ' |
Capital distribution | ' | ' | ' | $148,380 |
Gross contributions | ' | 10,014,570 | 1,094,498 | ' |
Net Capital contributions | ' | ' | 1,059,498 | ' |
Sale of units (in units) | ' | ' | 1,101.72 | ' |
Underwriting fees earned by Securities | 94,460 | ' | 18,097 | ' |
Fees paid to outside brokers | ($39,830) | ' | $34,895 | ' |