Arboretum Silverleaf Income Fund 10-Q 13 Aug 20 2020 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2020	Aug. 13, 2020
Cover [Abstract]
Entity Registrant Name	Arboretum Silverleaf Income Fund, L.P.
Entity Central Index Key	0001672773
Document Type	10-Q
Document Period End Date	Jun. 30, 2020
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Interactive Data Current	No
Entity Filer Category	Non-accelerated Filer
Entity Small Business Flag	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		2,532,772.53
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2020

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($)	Jun. 30, 2020	Dec. 31, 2019
Assets
Cash and cash equivalents	$ 50,286	$ 5,064,943
Investments in finance leases, net	23,475,557	18,764,984
Investments in equipment subject to operating leases, net	1,607,657	1,808,764
Collateralized loans receivable, including accrued interest of $5,354 and $12,003	3,652,067	3,131,307
Other assets	1,430,104	575,028
Total Assets	30,215,671	29,345,026
Liabilities:
Accounts payable and accrued liabilities	212,680	238,932
Loan payable (accrued interest of $62,705 and $37,103)	11,261,518	9,722,177
Distributions payable to Limited Partners	252,587	511,318
Distributions payable to General Partner	43,590	36,013
Security deposit payable	49,391	49,391
Deferred revenue	584,888	620,061
Total Liabilities	12,404,654	11,177,892
Partners' Equity (Deficit):
Limited Partners	17,864,277	18,216,951
General Partner	(53,260)	(49,817)
Total Equity	17,811,017	18,167,134
Total Liabilities and Partners' Equity	$ 30,215,671	$ 29,345,026

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($)	Jun. 30, 2020	Dec. 31, 2019
Statement of Financial Position [Abstract]
Accrued interest	$ 5,354	$ 12,003
Accrued interest payable	$ 62,705	$ 37,103

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Revenue
Rental income	$ 94,550	$ 120,256	$ 203,368	$ 178,512
Finance income	608,908	231,643	1,213,211	487,579
Interest income	112,477	116,134	219,960	235,481
Gain on sale of assets			70,483
Other income	527	241	527	688
Total Revenue	816,462	468,274	1,707,549	902,260
Expenses
Management fees - Investment Manager	187,500	187,500	375,000	375,000
Interest expense	199,851		379,352
Depreciation	75,536	99,435	153,274	148,496
Professional fees	84,085	123,500	221,601	173,050
Administration expense	82,143	73,739	161,008	108,880
Other expenses	900	4,169	3,916	8,469
Total Expenses	630,015	488,343	1,294,151	813,895
Net income (loss)	186,447	(20,069)	413,398	88,365
Net income (loss) attributable to the Partnership
Limited Partners	184,584	(19,868)	409,264	87,481
General Partner	1,863	(201)	4,134	884
Net income (loss) attributable to the Partnership	$ 186,447	$ (20,069)	$ 413,398	$ 88,365
Weighted average number of limited partnership interests outstanding	2,532,772.53	2,535,672.53	2,532,772.53	2,016,141.01
Net income (loss) attributable to Limited Partners per weighted average number of limited partnership interests outstanding	$ 0.07	$ (0.01)	$ 0.16	$ 0.04

Condensed Consolidated Statem_2

Condensed Consolidated Statement of Changes in Partners' Equity (Deficit) (Unaudited) - USD ($)	Limited Partnership Interests [Member]	Total	General Partner [Member]	Limited Partner [Member]
Balance at Dec. 31, 2018		$ 13,850,728	$ (32,139)	$ 13,882,867
Balance, shares at Dec. 31, 2018	1,935,481.94
Partners' capital contributions		6,001,906		6,001,906
Partners' capital contributions, shares	600,190.59
Offering expenses		(9,630)		(9,630)
Underwriting fees		(418,337)		(418,337)
Net income (loss)		108,434	1,084	107,350
Distributions to partners		(419,473)	(4,145)	(415,328)
Balance at Mar. 31, 2019		19,113,628	(35,200)	19,148,828
Balance, shares at Mar. 31, 2019	2,535,672.53
Balance at Dec. 31, 2018		13,850,728	(32,139)	13,882,867
Balance, shares at Dec. 31, 2018	1,935,481.94
Net income (loss)		88,365
Balance at Jun. 30, 2019		18,581,446	(40,457)	18,621,903
Balance, shares at Jun. 30, 2019	2,535,672.53
Balance at Mar. 31, 2019		19,113,628	(35,200)	19,148,828
Balance, shares at Mar. 31, 2019	2,535,672.53
Net income (loss)		(20,069)	(201)	(19,868)
Distributions to partners		(512,113)	(5,056)	(507,057)
Balance at Jun. 30, 2019		18,581,446	(40,457)	18,621,903
Balance, shares at Jun. 30, 2019	2,535,672.53
Balance at Dec. 31, 2019		18,167,134	(49,817)	18,216,951
Balance, shares at Dec. 31, 2019	2,532,772.53
Net income (loss)		226,951	2,271	224,680
Distributions to partners		(514,369)	(5,052)	(509,317)
Balance at Mar. 31, 2020		17,879,716	(52,598)	17,932,314
Balance, shares at Mar. 31, 2020	2,532,772.53
Balance at Dec. 31, 2019		18,167,134	(49,817)	18,216,951
Balance, shares at Dec. 31, 2019	2,532,772.53
Net income (loss)		413,398
Balance at Jun. 30, 2020		17,811,017	(53,260)	17,864,277
Balance, shares at Jun. 30, 2020	2,532,772.53
Balance at Mar. 31, 2020		17,879,716	(52,598)	17,932,314
Balance, shares at Mar. 31, 2020	2,532,772.53
Net income (loss)		186,447	1,863	184,584
Distributions to partners		(255,146)	(2,525)	(252,621)
Balance at Jun. 30, 2020		$ 17,811,017	$ (53,260)	$ 17,864,277
Balance, shares at Jun. 30, 2020	2,532,772.53

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Cash flows from operating activities:
Net income	$ 413,398	$ 88,365
Adjustments to reconcile net income to net cash provided by operating activities:
Finance income	(1,213,211)	(487,579)
Accrued interest income	(219,960)	(235,642)
Depreciation	153,274	148,496
Gain on sale of assets	(70,483)
Change in operating assets and liabilities:
Minimum rents receivable	4,645,960	1,968,475
Accrued interest income	236,818	235,282
Other assets	(855,076)	(70,846)
Accounts payable and accrued liabilities	(26,252)	(26,200)
Accrued interest on loan payable	25,601
Security deposit payable		49,391
Deferred revenue	(59,502)	189,941
Funding liability for collateralized loans and leases		(919)
Net cash provided by operating activities	3,030,567	1,858,764
Cash flows from investing activities:
Purchase of finance leases	(8,143,322)	(5,445,403)
Cash paid for collateralized loans receivable	(1,106,159)	(287,436)
Cash received from collateralized loans receivable	592,870	511,427
Proceeds from sale of collateralized loans receivable		146,341
Proceeds from sale of leased assets	118,316
Net cash used in investing activities	(8,538,295)	(5,075,071)
Cash flows from financing activities:
Cash received from loan payable	6,800,000
Repayments of loan payable	(5,286,260)
Cash received from Limited Partner capital contributions		5,916,286
Cash paid for Limited Partner distributions	(1,020,669)	(786,909)
Cash paid for underwriting fees		(332,717)
Cash paid for offering costs		(9,630)
Net cash provided by financing activities	493,071	4,787,030
Net (decrease) increase in cash and cash equivalents	(5,014,657)	1,570,723
Cash and cash equivalents, beginning of period	5,064,943	3,192,541
Cash and cash equivalents, end of period	50,286	4,763,264
Supplemental disclosure of non-cash investing and financing activities:
Units issued as underwriting fee discount		85,620
Distributions payable to General Partner	7,577	9,202
Distributions payable to Limited Partners	252,587	505,765
Reclassification of investment in finance leases to equipment subject to operating leases		2,010,412
Increase in collateralized loans receivable	$ 24,329

Organization and Nature of Oper

Organization and Nature of Operations	6 Months Ended
	Jun. 30, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Nature of Operations	1. Organization and Nature of Operations. Organization Nature of Operations – The General Partner of the Partnership is ASIF GP, LLC (the “General Partner”), a wholly-owned subsidiary of the Partnership’s Investment Manager. On July 8, 2019, the General Partner changed its name from SQN AIF V GP, LLC to ASIF GP, LLC. Both the Partnership’s General Partner and its Investment Manager are Delaware limited liability companies. The General Partner manages and controls the day to day activities and operations of the Partnership, pursuant to the terms of the Limited Partnership Agreement. The General Partner paid an aggregate capital contribution of $100 for a 1% interest in the Partnership’s income, losses and distributions. The Investment Manager makes all investment decisions and manages the investment portfolio of the Partnership. The Partnership’s income, losses and distributions are allocated 99% to the Limited Partners and 1% to the General Partner until the Limited Partners have received total distributions equal to their capital contributions plus an 8% per year, compounded annually, cumulative return on their capital contributions. After such time, all income, losses and distributable cash will be allocated 80% to the Limited Partners and 20% to the General Partner. The Partnership expects to conduct its activities for at least six years and divide the Partnership’s life into three distinct stages: (i) the Offering Period, (ii) the Operating Period and (iii) the Liquidation Period. The Offering Period began on August 11, 2016 and concluded on March 31, 2019. The Operating Period commenced on October 3, 2016, the date of the Partnership’s initial closing, and will last for four years unless extended at the sole discretion of the General Partner. During the Operating Period, the Partnership will invest most of the net proceeds from its offering in business-essential, revenue-producing (or cost-saving) equipment, other physical assets with substantial economic lives and, in many cases, associated revenue streams and project financings. The Liquidation Period, which follows the conclusion of the Operating Period, is the period in which the Partnership will sell its assets in the ordinary course of business and will last two years, unless it is extended, at the sole discretion of the General Partner. American Elm Distribution Partners, LLC (“American Elm”), a Delaware limited liability company, is affiliated with the General Partner. American Elm acted as the initial selling agent for the offering of the units (“Units”). The Units are offered on a “best efforts,” “minimum-maximum” basis. 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 6.0% annually, paid quarterly as 1.5%, of each Limited Partner’s capital contribution (pro-rated to the date of admission for each Limited Partner). Since June 30, 2017, our distribution rate has been 6.5% annually, paid quarterly at 1.625%, of capital contributions. Beginning as of March 31, 2018, we increased our distribution to 7.0% annually, paid quarterly at 1.75% of capital contributions. Beginning as of June 30, 2018, we increased our distribution to 7.5%, paid quarterly at 1.875% of capital contributions. Beginning as of September 30, 2018, we increased our distribution to 8.0%, paid quarterly at 2.00% of capital contributions. As of June 30, 2020, we decreased our distribution to 4.0%, paid quarterly at 1.00% of capital contributions. The amount and rate of cash distributions could vary and are not guaranteed. During the six months ended June 30, 2020, we made quarterly cash distributions to our Limited Partners totaling $1,020,669, and accrued $252,587 for distributions due to Limited Partners which resulted in a distributions payable to Limited Partners of $252,587 at June 30, 2020. At June 30, 2020, the Partnership declared and accrued a distribution of $2,525, for distributions due to the General Partner which resulted in distributions payable to the General Partner of $43,590 at June 30, 2020. On September 11, 2018, the Partnership formed a special purpose entity SQN Lifestyle Leasing, LLC (“Lifestyle Leasing”), a limited liability company registered in the state of Delaware which is wholly owned by the Partnership. On May 24, 2019, the Partnership terminated Lifestyle Leasing. From August 11, 2016 through June 30, 2020, the Partnership admitted 617 Limited Partners with total capital contributions of $25,371,709 resulting in the sale of 2,537,170.91 Units. The Partnership received cash contributions of $24,718,035 and applied $653,674 which would have otherwise been paid as sales commission to the purchase of 65,367.46 additional Units.

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2020
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies. Basis of Presentation Principles of Consolidation Variable interests are investments or other interests that absorb portions of a variable interest entity’s (“VIE”) expected losses or receive portions of the Partnership’s expected residual returns and are contractual, ownership, or other pecuniary interests in a VIE that change with changes in the fair value of the VIE. An entity is considered to be a VIE if any of the following conditions exist. (1) The total equity investment at risk is insufficient to permit the legal entity to finance its activities without additional subordinated financial support; or (2) As a group, the holders of equity investments at risk lack any of the three characteristics of a controlling financial interest: (a) The direct or indirect ability through voting or similar rights to make decisions that have a significant effect on the success of the legal entity. The equity holders at risk are deemed to lack this characteristic if: i. the voting rights of some investors are not proportional to their obligation to absorb the expected losses of the legal entity or rights to receive expected residual returns; and ii. substantially all of the legal entity’s activities are either involved with or are conducted on behalf of an investor that has disproportionately few voting rights (b) The obligation to absorb the expected losses of the legal entity or (c) The right to receive the expected residual returns of the legal entity. An entity that is determined to be a VIE is required to be consolidated by its primary beneficiary. The primary beneficiary of a VIE is determined to be the party that has both the power to direct the activities that most significantly affect the VIE’s economic performance (“Power”) and the obligation to absorb losses of, or the right to receive benefits from the VIE, that could potentially be significant to the VIE (“Benefits”). The determination of whether a reporting entity is the primary beneficiary involves complex and subjective analyses. Use of Estimates Cash and Cash Equivalents 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 a full service commercial financial institution in order to minimize risk relating to exceeding insured limits. Credit Risk Asset Impairments Lease Classification and Revenue Recognition The Partnership leases equipment to third parties and each such lease may be classified as either a finance lease or an operating lease. Initial direct costs are capitalized and amortized over the term of the related lease for a finance lease. For an operating lease, initial direct costs are included as a component of the cost of the equipment and depreciated. For finance leases, the Partnership records, at lease inception, the total minimum lease payments receivable from the lessee, the estimated unguaranteed residual value of the equipment upon lease termination, the initial direct costs, if any, related to the lease and the related unearned income. Unearned income represents the difference between the sum of the minimum lease payments receivable plus the estimated unguaranteed residual value, minus the cost of the leased equipment. Unearned income is recognized as finance income over the term of the lease using the effective interest rate method. For operating leases, rental income is recognized on the straight line basis over the lease term. Billed and uncollected operating lease receivables will be included in accounts receivable. Accounts receivable are stated at their estimated net realizable value. Rental income received in advance is the difference between the timing of the cash payments and the income recognized on the straight line basis. The investment committee of the Investment Manager approves each new equipment lease, financing transaction, and lease acquisition. As part of this process it determines the unguaranteed residual value, if any, to be used once the acquisition has been approved. The factors considered in determining the unguaranteed residual value include, but are not limited to, the creditworthiness of the potential lessee, the type of equipment being considered, how the equipment is integrated into the potential lessees’ business, the length of the lease the industry in which the potential lessee operates and the secondary market value of the equipment. Unguaranteed residual values are reviewed for impairment in accordance with the Partnership’s policy relating to impairment review. The residual value assumes, among other things, that the asset will be 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. The residual value is calculated using information from various external sources, such as trade publications, auction data, equipment dealers, wholesalers and industry experts, as well as inspection of the physical asset and other economic indicators. Finance Lease Receivables and Allowance for Doubtful Lease, Notes and Loan Accounts Equipment Notes and Loans Receivable Income Taxes The Partnership is subject to the Bipartisan Budget Act of 2015 (“BBA”), which, among other requirements, stipulates that any tax liability incurred based on an IRS tax examination will become due by the Partnership versus the partners of the Partnership. The Partnership, at its discretion, will be able to seek repayment from its partners or treat as a distribution of the individual partners’ account to satisfy this obligation. The Partnership will treat any liability incurred as a deduction to equity. As of June 30, 2020, there were no expected liabilities to be incurred under the BBA. The Partnership has adopted the provisions of Financial Accounting Standards Board’s (“FASB”) Topic 740, Accounting for Uncertainty in Income Taxes. Per Share Data Foreign Currency Transactions Depreciation Recent Accounting Pronouncements In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”), which requires credit losses on most financial assets measured at amortized cost and certain other instruments to be measured using an expected credit loss model (referred to as the current expected credit loss (CECL) model). Under this model, entities will estimate credit losses over the entire contractual term of the instrument from the date of initial recognition of that instrument. Current US GAAP is based on an incurred loss model that delays recognition of credit losses until it is probable the loss has been incurred. Accordingly, it is anticipated that credit losses will be recognized earlier under the CECL model than under the incurred loss model. ASU 2016-13 was to be effective for fiscal periods beginning after December 15, 2019 and must be adopted as a cumulative effect adjustment to retained earnings. In July 2019, the FASB decided to add a project to its technical agenda to propose staggered effective dates for certain accounting standards, including ASU 2016-13. The FASB has approved an approach that ASU 2016-13 will be effective for Public Business Entities that are SEC filers, excluding smaller reporting companies such as the Partnership, for fiscal years beginning after December 15, 2019 and interim periods within those fiscal years. For all other entities, including smaller reporting companies like the Partnership, ASU 2016-13 will be effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. For all entities, early adoption will continue to be permitted; that is, early adoption is allowed for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years (that is, effective January 1, 2019, for calendar-year-end companies). On November 15, 2019, the FASB delayed the effective date of FASB ASC Topic 326 for certain small public companies and other private companies. As amended, the effective date of ASC Topic 326 was delayed until fiscal years beginning after December 15, 2022 for SEC filers that are eligible to be smaller reporting companies under the SEC’s definition, as well as private companies and not-for-profit entities. Nothing in this staff interpretation 3 should be read to accelerate or delay the effective dates of the standard as modified by the FASB. The Partnership is currently evaluating the impact of this guidance on its interim condensed consolidated financial statements. In February 2016, the FASB issued new guidance to improve consolidation guidance for legal entities, ASU 2016-02, Leases (Topic 842): Amendments to the FASB Accounting Standards Codification (“ASU 2016-02”), effective for fiscal years beginning after December 15, 2018 and interim periods within those years. Early adoption was permitted. ASU 2016-02 amends the existing accounting standards for lease accounting, including requiring lessees to recognize most leases on their balance sheets, and makes targeted changes to lessor accounting. The new leases standard requires a modified retrospective transition approach for all leases existing at, or entered into after, the date of initial application, with an option to use certain transition relief. The Partnership has adopted ASU 2016-02 and has determined there was no significant impact on its interim condensed consolidated financial statements of initial application. Management does not believe that any other recently issued, but not yet effective accounting pronouncements, if adopted, would have a material effect on the interim condensed consolidated financial statements.

Related Party Transactions

Related Party Transactions	6 Months Ended
	Jun. 30, 2020
Related Party Transactions [Abstract]
Related Party Transactions	3. Related Party Transactions. The General Partner is responsible for the operations of the Partnership and the Investment Manager makes all investment decisions and manages the investment portfolio of the Partnership. The Partnership reimburses the General Partner for actual incurred organizational and offering costs not to exceed 1.5% 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 Offering Period concluded on March 31, 2019 with the Partnership receiving $24,718,035 in total capital contributions and as a result, organizational and offering expenses were limited to $370,770 or 1.5% of total equity raised. The Partnership paid the General Partner an allowance for organizational and offering expenses totaling $926,374, and as a result, the General Partner and/or its Investment Manager were required to reimburse the Partnership organizational and offering expenses of $555,604. At June 30, 2020, the Partnership has a due from its Investment Manager balance of $492,601, which is included in Other Assets in the condensed consolidated balance sheets. 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 at June 30, 2020 and 2019. 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, payable monthly in advance or (ii) $62,500 per month. For the three months ended June 30, 2020 and 2019, the Partnership paid $187,500 in management fee expense to the Investment Manager. For the six months ended June 30, 2020 and 2019, the Partnership paid $375,000 in management fee expense to the Investment Manager. The Partnership pays the Investment Manager during the Operating Period a structuring fee in an amount equal to 1.5% of each cash investment made, including reinvestments, payable on the date each such investment is made. For the six months ended June 30, 2020 and 2019, the Partnership accrued $149,912 and $83,028, respectively, of structuring fees to the Investment Manager. American Elm is a Delaware limited liability company and is a subsidiary of an affiliate of the Partnership’s Investment Manager. American Elm in its capacity as the Partnership’s selling agent received an underwriting fee of 2% of the gross proceeds from Limited Partners’ capital contributions (excluding proceeds, if any, the Partnership received from the sale of the Partnership’s Units to the General Partner or its affiliates). While American Elm is initially acting as the Partnership’s exclusive selling agent, the Partnership may engage additional selling agents in the future. For the six months ended June 30, 2020 and the year ended December 31, 2019, the Partnership incurred the following transactions with American Elm: June 30, 2020 December 31, 2019 (unaudited) Balance - beginning of period $ — $ — Underwriting fees earned by American Elm — 118,326 Payments by the Partnership to American Elm — (118,326 ) Balance - end of period $ — $ — For the six months ended June 30, 2020 and 2019, the Partnership incurred the following underwriting fee transactions: Six Months Ended June 30, 2020 Six Months Ended June 30, 2019 (unaudited) (unaudited) Underwriting discount incurred by the Partnership $ — $ 85,620 Underwriting fees earned by American Elm — 118,326 Fees paid to outside brokers — 214,391 Total underwriting fees $ — $ 418,337

Investments in Finance Leases

Investments in Finance Leases	6 Months Ended
	Jun. 30, 2020
Leases [Abstract]
Investments in Finance Leases	4. Investments in Finance Leases. At June 30, 2020 and December 31, 2019, net investments in finance leases consisted of the following: June 30, 2020 December 31, 2019 (unaudited) Minimum rents receivable $ 28,019,067 $ 23,001,407 Estimated unguaranteed residual value 146,569 146,569 Unearned income (4,690,079 ) (4,382,992 ) Total $ 23,475,557 $ 18,764,984

Investment in Equipment Subject

Investment in Equipment Subject to Operating Leases	6 Months Ended
	Jun. 30, 2020
Leases [Abstract]
Investment in Equipment Subject to Operating Leases	5. Investment in Equipment Subject to Operating Leases. The composition of the equipment subject to operating leases of the Partnership as of June 30, 2020 is as follows: Description Cost Basis Accumulated Depreciation Net Book Value (unaudited) (unaudited) (unaudited) Fabrication Equipment $ 2,010,412 $ 402,755 $ 1,607,657 Total $ 2,010,412 $ 402,755 $ 1,607,657 The composition of the equipment subject to operating leases of the Partnership as of December 31, 2019 is as follows: Description Cost Basis Accumulated Depreciation Net Book Value Food equipment $ 334,826 $ 284,739 $ 50,087 Fabrication Equipment 2,010,412 251,735 1,758,677 Total $ 2,345,238 $ 536,474 $ 1,808,764 Depreciation expense for the three and six months ended June 30, 2020 and 2019 was $75,536 and $153,274, respectively.

Collateralized Loans Receivable

Collateralized Loans Receivable	6 Months Ended
	Jun. 30, 2020
Receivables [Abstract]
Collateralized Loans Receivable	6. Collateralized Loans Receivable. The future principal maturities of the Partnership’s collateralized loans receivable at June 30, 2020 are as follows: Years ending June 30, (unaudited) 2021 $ 1,310,803 2022 1,819,900 2023 231,279 2024 153,177 2025 131,554 Thereafter — Total $ 3,646,713

Loan Payable

Loan Payable	6 Months Ended
	Jun. 30, 2020
Debt Disclosure [Abstract]
Loan Payable	7. Loan Payable. On October 18, 2019, the Partnership entered into a loan and security agreement with a third party lender for a $25,000,000 loan facility (of which $20,000,000 is a Term Loan and $5,000,000 is a Revolving Loan) with a maturity date of October 18, 2022. During the six months ended June 30, 2020 and the year ended December 31, 2019, the Partnership borrowed a total of $6,800,000 and $10,600,000, respectively under the Term and Revolver Loans. Interest on the drawn funds shall accrue at a rate of 3 month LIBOR Rate plus 5.6% per annum (7.1% as of June 30, 2020). During the six months ended June 30, 2020 and the year ended December 31, 2019, the Partnership repaid total principal of $5,286,260 and $914,926, respectively. The future maturities of the Partnership’s loan payable at June 30, 2020 are as follows: Years ending June 30, 2021 $ — 2022 11,198,813 2023 — 2024 — 2025 — Thereafter — Total $ 11,198,813

Fair Value of Financial Instrum

Fair Value of Financial Instruments	6 Months Ended
	Jun. 30, 2020
Investments, All Other Investments [Abstract]
Fair Value of Financial Instruments	8. Fair Value of Financial Instruments The Partnership’s carrying value of cash and cash equivalents, accounts payable and accrued liabilities, and other liabilities, approximate fair value due to their short term until maturities. The Partnership’s carrying values and approximate fair values of its financial instruments were as follows: June 30, 2020 December 31, 2019 Carrying Value Fair Value Carrying Value Fair Value (unaudited) (unaudited) Assets: Collateralized loans receivable $ 3,652,067 $ 3,652,067 $ 3,131,307 $ 3,131,307 Liabilities: Loan payable $ 11,261,518 $ 11,261,518 $ 9,722,177 $ 9,722,177 As of June 30, 2020, the Partnership evaluated the carrying values of its financial instruments and they approximate fair value.

Indemnifications

Indemnifications	6 Months Ended
	Jun. 30, 2020
Description of management fee
Indemnifications	9. Indemnifications The Partnership enters into contracts that contain a variety of indemnifications. The Partnership’s maximum exposure under these arrangements is not known. In the normal course of business, the Partnership enters into contracts of various types, including lease contracts, contracts for the sale or purchase of lease assets, loan agreements and management contracts. It is prevalent industry practice for most contracts of any significant value to include provisions that each of the contracting parties, in addition to assuming liability for breaches of the representations, warranties, and covenants that are part of the underlying contractual obligations, to also assume an obligation to indemnify and hold the other contractual party harmless for such breaches, and for harm caused by such party’s gross negligence and willful misconduct, including, in certain instances, certain costs and expenses arising from the contract. Generally, to the extent these contracts are performed in the ordinary course of business under the reasonable business judgment of the General Partner and the Investment Manager, no liability will arise as a result of these provisions. The General Partner and Investment Manager knows of no facts or circumstances that would make the Partnership’s contractual commitments outside standard mutual covenants applicable to commercial transactions between businesses. Accordingly, the Partnership 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 Partnership’s similar commitments is remote. Should any such indemnification obligation become payable, the Partnership would separately record and/or disclose such liability in accordance with U.S. GAAP.

Business Concentrations

Business Concentrations	6 Months Ended
	Jun. 30, 2020
Risks and Uncertainties [Abstract]
Business Concentrations	10. Business Concentrations For the six months ended June 30, 2020, the Partnership had one lessee which accounted for approximately 92% of the Partnership’s rental income derived from operating leases. For the six months ended June 30, 2019, the Partnership had two lessees which accounted for approximately 70% and 30% of the Partnership’s rental income derived from operating leases For the six months ended June 30, 2020, the Partnership had three lessees which accounted for approximately 15%, 15% and 13% of the Partnership’s income derived from finance leases For the six months ended June 30, 2019, the Partnership had three leases which accounted for approximately 21%, 13% and 12% of the Partnership’s income derived from finance leases. For the six months ended June 30, 2020, the Partnership had two promissory notes which accounted for approximately 60% and 23% of the Partnership’s interest income derived from collateralized loans receivable. For the six months ended June 30, 2019, the Partnership had two loans which accounted for approximately 51% and 40% of the Partnership’s interest income derived from collateralized loans receivable. At June 30, 2020, the Partnership had four lessees which accounted for approximately 16%, 14%, 13% and 12% of the Partnership’s investment in finance leases. At June 30, 2019, the Partnership had two lessees which accounted for approximately 36% and 27% of the Partnership’s investment in finance leases. At June 30, 2020, the Partnership had one lessee which accounted for approximately 100% of the Partnership’s investment in operating leases. At June 30, 2019, the Partnership had one lessee which accounted for approximately 96% of the Partnership’s investment in operating leases. At June 30, 2020, the Partnership had three promissory notes which accounted for approximately 46%, 23% and 12% of the Partnership’s investment in collateralized loans receivable. At June 30, 2019, the Partnership had two borrowers which accounted for approximately 53% and 44% of the Partnership’s investment in collateralized loans receivable.

Geographic Information

Geographic Information	6 Months Ended
	Jun. 30, 2020
Segment Reporting [Abstract]
Geographic Information	11. Geographic Information Geographic information for revenue for the three months ended June 30, 2020 and 2019 was as follows: Three Months Ended June 30, 2020 United States Total (unaudited) (unaudited) Revenue: Rental income $ 94,550 $ 94,550 Finance income $ 608,908 $ 608,908 Interest income $ 112,477 $ 112,477 Other income $ 527 $ 527 Three Months Ended June 30, 2019 United States Total (unaudited) (unaudited) Revenue: Rental income $ 120,256 $ 120,256 Finance income $ 231,643 $ 231,643 Interest income $ 116,134 $ 116,134 Geographic information for revenue for the six months ended June 30, 2020 and 2019 was as follows: Six Months Ended June 30, 2020 United States Total (unaudited) (unaudited) Revenue: Rental income $ 203,368 $ 203,368 Finance income $ 1,213,211 $ 1,213,211 Interest income $ 219,960 $ 219,960 Gain on sale of assets $ 70,483 $ 70,483 Interest income $ 527 $ 527 Six Months Ended June 30, 2019 United States Total (unaudited) (unaudited) Revenue: Rental income $ 178,512 $ 178,512 Finance income $ 487,579 $ 487,579 Interest income $ 235,481 $ 235,481 Geographic information for long-lived assets at June 30, 2020 and December 31, 2019 was as follows: June 30, 2020 United States Total (unaudited) (unaudited) Long-lived assets: Investment in finance leases, net $ 23,475,557 $ 23,475,557 Investments in equipment subject to operating leases, net $ 1,607,657 $ 1,607,657 Collateralized loan receivable, including accrued interest $ 3,652,067 $ 3,652,067 December 31, 2019 United States Total Long-lived assets: Investment in finance leases, net $ 18,764,984 $ 18,764,984 Investments in equipment subject to operating leases, net $ 1,808,764 $ 1,808,764 Collateralized loan receivable, including accrued interest $ 3,131,307 $ 3,131,307

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2020
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	12. Commitments and Contingencies As of June 30, 2020, the Partnership does not have any unfunded commitments for any investments.

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2020
Subsequent Events [Abstract]
Subsequent Events	13. Subsequent Events In December 2019, a novel strain of coronavirus (also known as COVID-19) was reported to have surfaced in Wuhan, China. In January 2020, this coronavirus spread to other countries, including the United States and Europe. The outbreak has continued to spread and is currently classified as a pandemic. Efforts to contain the spread of this coronavirus has intensified. To date, COVID-19 has not had a significant impact on our business. Although the Partnership currently expects that the disruptive impact of coronavirus on its business will be temporary, this situation continues to evolve and therefore the Partnership cannot predict the extent to which the coronavirus will directly or indirectly affect its business and operating results. On July 16, 2020, Partnership funded the remaining $200,439 for infrastructure equipment based in Pennsylvania. The finance lease requires 60 monthly payments of $18,471 and is expected to commence on August 1, 2020. The lease is secured by a first priority lien against the infrastructure equipment. In July 2020, Partnership funded the remaining $321,650 for infrastructure equipment based in Pennsylvania. The finance lease requires 48 monthly payments of $15,823 and is expected to commence on August 1, 2020. The lease is secured by a first priority lien against the infrastructure equipment. On July 17, 2020, the Partnership funded an aggregate total of $21,744 for infrastructure equipment based in Pennsylvania. The finance lease requires 60 monthly payments of $482 and is expected to commence on August 1, 2020. The lease is secured by a first priority lien against the infrastructure equipment.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2020
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation
Principles of Consolidation	Principles of Consolidation Variable interests are investments or other interests that absorb portions of a variable interest entity’s (“VIE”) expected losses or receive portions of the Partnership’s expected residual returns and are contractual, ownership, or other pecuniary interests in a VIE that change with changes in the fair value of the VIE. An entity is considered to be a VIE if any of the following conditions exist. (1) The total equity investment at risk is insufficient to permit the legal entity to finance its activities without additional subordinated financial support; or (2) As a group, the holders of equity investments at risk lack any of the three characteristics of a controlling financial interest: (a) The direct or indirect ability through voting or similar rights to make decisions that have a significant effect on the success of the legal entity. The equity holders at risk are deemed to lack this characteristic if: i. the voting rights of some investors are not proportional to their obligation to absorb the expected losses of the legal entity or rights to receive expected residual returns; and ii. substantially all of the legal entity’s activities are either involved with or are conducted on behalf of an investor that has disproportionately few voting rights (b) The obligation to absorb the expected losses of the legal entity or (c) The right to receive the expected residual returns of the legal entity. An entity that is determined to be a VIE is required to be consolidated by its primary beneficiary. The primary beneficiary of a VIE is determined to be the party that has both the power to direct the activities that most significantly affect the VIE’s economic performance (“Power”) and the obligation to absorb losses of, or the right to receive benefits from the VIE, that could potentially be significant to the VIE (“Benefits”). The determination of whether a reporting entity is the primary beneficiary involves complex and subjective analyses.
Use of Estimates	Use of Estimates
Cash and Cash Equivalents	Cash and Cash Equivalents 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 a full service commercial financial institution in order to minimize risk relating to exceeding insured limits.
Credit Risk	Credit Risk
Asset Impairments	Asset Impairments
Lease Classification and Revenue Recognition	Lease Classification and Revenue Recognition The Partnership leases equipment to third parties and each such lease may be classified as either a finance lease or an operating lease. Initial direct costs are capitalized and amortized over the term of the related lease for a finance lease. For an operating lease, initial direct costs are included as a component of the cost of the equipment and depreciated. For finance leases, the Partnership records, at lease inception, the total minimum lease payments receivable from the lessee, the estimated unguaranteed residual value of the equipment upon lease termination, the initial direct costs, if any, related to the lease and the related unearned income. Unearned income represents the difference between the sum of the minimum lease payments receivable plus the estimated unguaranteed residual value, minus the cost of the leased equipment. Unearned income is recognized as finance income over the term of the lease using the effective interest rate method. For operating leases, rental income is recognized on the straight line basis over the lease term. Billed and uncollected operating lease receivables will be included in accounts receivable. Accounts receivable are stated at their estimated net realizable value. Rental income received in advance is the difference between the timing of the cash payments and the income recognized on the straight line basis. The investment committee of the Investment Manager approves each new equipment lease, financing transaction, and lease acquisition. As part of this process it determines the unguaranteed residual value, if any, to be used once the acquisition has been approved. The factors considered in determining the unguaranteed residual value include, but are not limited to, the creditworthiness of the potential lessee, the type of equipment being considered, how the equipment is integrated into the potential lessees’ business, the length of the lease the industry in which the potential lessee operates and the secondary market value of the equipment. Unguaranteed residual values are reviewed for impairment in accordance with the Partnership’s policy relating to impairment review. The residual value assumes, among other things, that the asset will be 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. The residual value is calculated using information from various external sources, such as trade publications, auction data, equipment dealers, wholesalers and industry experts, as well as inspection of the physical asset and other economic indicators.
Finance Lease Receivables and Allowance for Doubtful Lease, Notes and Loan Accounts	Finance Lease Receivables and Allowance for Doubtful Lease, Notes and Loan Accounts
Equipment Notes and Loans Receivable	Equipment Notes and Loans Receivable
Income Taxes	Income Taxes The Partnership is subject to the Bipartisan Budget Act of 2015 (“BBA”), which, among other requirements, stipulates that any tax liability incurred based on an IRS tax examination will become due by the Partnership versus the partners of the Partnership. The Partnership, at its discretion, will be able to seek repayment from its partners or treat as a distribution of the individual partners’ account to satisfy this obligation. The Partnership will treat any liability incurred as a deduction to equity. As of June 30, 2020, there were no expected liabilities to be incurred under the BBA. The Partnership has adopted the provisions of Financial Accounting Standards Board’s (“FASB”) Topic 740, Accounting for Uncertainty in Income Taxes.
Per Share Data	Per Share Data
Foreign Currency Transactions	Foreign Currency Transactions
Depreciation	Depreciation
Recent Accounting Pronouncements	Recent Accounting Pronouncements In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”), which requires credit losses on most financial assets measured at amortized cost and certain other instruments to be measured using an expected credit loss model (referred to as the current expected credit loss (CECL) model). Under this model, entities will estimate credit losses over the entire contractual term of the instrument from the date of initial recognition of that instrument. Current US GAAP is based on an incurred loss model that delays recognition of credit losses until it is probable the loss has been incurred. Accordingly, it is anticipated that credit losses will be recognized earlier under the CECL model than under the incurred loss model. ASU 2016-13 was to be effective for fiscal periods beginning after December 15, 2019 and must be adopted as a cumulative effect adjustment to retained earnings. In July 2019, the FASB decided to add a project to its technical agenda to propose staggered effective dates for certain accounting standards, including ASU 2016-13. The FASB has approved an approach that ASU 2016-13 will be effective for Public Business Entities that are SEC filers, excluding smaller reporting companies such as the Partnership, for fiscal years beginning after December 15, 2019 and interim periods within those fiscal years. For all other entities, including smaller reporting companies like the Partnership, ASU 2016-13 will be effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. For all entities, early adoption will continue to be permitted; that is, early adoption is allowed for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years (that is, effective January 1, 2019, for calendar-year-end companies). On November 15, 2019, the FASB delayed the effective date of FASB ASC Topic 326 for certain small public companies and other private companies. As amended, the effective date of ASC Topic 326 was delayed until fiscal years beginning after December 15, 2022 for SEC filers that are eligible to be smaller reporting companies under the SEC’s definition, as well as private companies and not-for-profit entities. Nothing in this staff interpretation 3 should be read to accelerate or delay the effective dates of the standard as modified by the FASB. The Partnership is currently evaluating the impact of this guidance on its interim condensed consolidated financial statements. In February 2016, the FASB issued new guidance to improve consolidation guidance for legal entities, ASU 2016-02, Leases (Topic 842): Amendments to the FASB Accounting Standards Codification (“ASU 2016-02”), effective for fiscal years beginning after December 15, 2018 and interim periods within those years. Early adoption was permitted. ASU 2016-02 amends the existing accounting standards for lease accounting, including requiring lessees to recognize most leases on their balance sheets, and makes targeted changes to lessor accounting. The new leases standard requires a modified retrospective transition approach for all leases existing at, or entered into after, the date of initial application, with an option to use certain transition relief. The Partnership has adopted ASU 2016-02 and has determined there was no significant impact on its interim condensed consolidated financial statements of initial application. Management does not believe that any other recently issued, but not yet effective accounting pronouncements, if adopted, would have a material effect on the interim condensed consolidated financial statements.

Related Party Transactions (Tab

Related Party Transactions (Tables)	6 Months Ended
	Jun. 30, 2020
Related Party Transactions [Abstract]
Schedule of Partnership Incurred Transactions with Securities	For the six months ended June 30, 2020 and the year ended December 31, 2019, the Partnership incurred the following transactions with American Elm: June 30, 2020 December 31, 2019 (unaudited) Balance - beginning of period $ — $ — Underwriting fees earned by American Elm — 118,326 Payments by the Partnership to American Elm — (118,326 ) Balance - end of period $ — $ —
Schedule of Partnership Underwriting Fee Transactions	For the six months ended June 30, 2020 and 2019, the Partnership incurred the following underwriting fee transactions: Six Months Ended June 30, 2020 Six Months Ended June 30, 2019 (unaudited) (unaudited) Underwriting discount incurred by the Partnership $ — $ 85,620 Underwriting fees earned by American Elm — 118,326 Fees paid to outside brokers — 214,391 Total underwriting fees $ — $ 418,337

Investments in Finance Leases (

Investments in Finance Leases (Tables)	6 Months Ended
	Jun. 30, 2020
Leases [Abstract]
Schedule of Net Investments in Finance Leases	4. Investments in Finance Leases. At June 30, 2020 and December 31, 2019, net investments in finance leases consisted of the following: June 30, 2020 December 31, 2019 (unaudited) Minimum rents receivable $ 28,019,067 $ 23,001,407 Estimated unguaranteed residual value 146,569 146,569 Unearned income (4,690,079 ) (4,382,992 ) Total $ 23,475,557 $ 18,764,984

Investment in Equipment Subje_2

Investment in Equipment Subject to Operating Leases (Tables)	6 Months Ended
	Jun. 30, 2020
Leases [Abstract]
Schedule of Composition of Equipment Subject to Operating Leases of Partnership	The composition of the equipment subject to operating leases of the Partnership as of June 30, 2020 is as follows: Description Cost Basis Accumulated Depreciation Net Book Value (unaudited) (unaudited) (unaudited) Fabrication Equipment $ 2,010,412 $ 402,755 $ 1,607,657 Total $ 2,010,412 $ 402,755 $ 1,607,657 The composition of the equipment subject to operating leases of the Partnership as of December 31, 2019 is as follows: Description Cost Basis Accumulated Depreciation Net Book Value Food equipment $ 334,826 $ 284,739 $ 50,087 Fabrication Equipment 2,010,412 251,735 1,758,677 Total $ 2,345,238 $ 536,474 $ 1,808,764

Collateralized Loans Receivab_2

Collateralized Loans Receivable (Tables)	6 Months Ended
	Jun. 30, 2020
Receivables [Abstract]
Schedule of Future Principal Maturities	The future principal maturities of the Partnership’s collateralized loans receivable at June 30, 2020 are as follows: Years ending June 30, (unaudited) 2021 $ 1,310,803 2022 1,819,900 2023 231,279 2024 153,177 2025 131,554 Thereafter — Total $ 3,646,713

Loan Payable (Tables)

Loan Payable (Tables)	6 Months Ended
	Jun. 30, 2020
Debt Disclosure [Abstract]
Schedule of Future Maturities of Loan Payable	The future maturities of the Partnership’s loan payable at June 30, 2020 are as follows: Years ending June 30, 2021 $ — 2022 11,198,813 2023 — 2024 — 2025 — Thereafter — Total $ 11,198,813

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	6 Months Ended
	Jun. 30, 2020
Investments, All Other Investments [Abstract]
Schedule of Fair Values of Financial Instruments	The Partnership’s carrying values and approximate fair values of its financial instruments were as follows: June 30, 2020 December 31, 2019 Carrying Value Fair Value Carrying Value Fair Value (unaudited) (unaudited) Assets: Collateralized loans receivable $ 3,652,067 $ 3,652,067 $ 3,131,307 $ 3,131,307 Liabilities: Loan payable $ 11,261,518 $ 11,261,518 $ 9,722,177 $ 9,722,177

Geographic Information (Tables)

Geographic Information (Tables)	6 Months Ended
	Jun. 30, 2020
Segment Reporting [Abstract]
Schedule of Geographic Information for Revenue	Geographic information for revenue for the three months ended June 30, 2020 and 2019 was as follows: Three Months Ended June 30, 2020 United States Total (unaudited) (unaudited) Revenue: Rental income $ 94,550 $ 94,550 Finance income $ 608,908 $ 608,908 Interest income $ 112,477 $ 112,477 Other income $ 527 $ 527 Three Months Ended June 30, 2019 United States Total (unaudited) (unaudited) Revenue: Rental income $ 120,256 $ 120,256 Finance income $ 231,643 $ 231,643 Interest income $ 116,134 $ 116,134 Geographic information for revenue for the six months ended June 30, 2020 and 2019 was as follows: Six Months Ended June 30, 2020 United States Total (unaudited) (unaudited) Revenue: Rental income $ 203,368 $ 203,368 Finance income $ 1,213,211 $ 1,213,211 Interest income $ 219,960 $ 219,960 Gain on sale of assets $ 70,483 $ 70,483 Interest income $ 527 $ 527 Six Months Ended June 30, 2019 United States Total (unaudited) (unaudited) Revenue: Rental income $ 178,512 $ 178,512 Finance income $ 487,579 $ 487,579 Interest income $ 235,481 $ 235,481
Schedule of Geographic Information for Long-lived Assets	Geographic information for long-lived assets at June 30, 2020 and December 31, 2019 was as follows: June 30, 2020 United States Total (unaudited) (unaudited) Long-lived assets: Investment in finance leases, net $ 23,475,557 $ 23,475,557 Investments in equipment subject to operating leases, net $ 1,607,657 $ 1,607,657 Collateralized loan receivable, including accrued interest $ 3,652,067 $ 3,652,067 December 31, 2019 United States Total Long-lived assets: Investment in finance leases, net $ 18,764,984 $ 18,764,984 Investments in equipment subject to operating leases, net $ 1,808,764 $ 1,808,764 Collateralized loan receivable, including accrued interest $ 3,131,307 $ 3,131,307

Organization and Nature of Op_2

Organization and Nature of Operations (Details Narrative)	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Jun. 30, 2017	Mar. 31, 2019USD ($)	Jun. 30, 2020USD ($)Integer	Jun. 30, 2019USD ($)	Jun. 30, 2020USD ($)Integershares	Dec. 31, 2019USD ($)
Number of business segment | Integer						1
Targeted distribution rate, percentage						4.00%
Targeted distribution rate, quarterly						1.00%
Accrued for distributions due to partners						$ 514,369
Distributions payable to limited partners						252,587		$ 252,587	$ 511,318
Distributions payable to general partner						43,590		43,590	$ 36,013
Partners' capital contributions					$ 6,001,906
Partners received cash contributions							$ 5,916,286
Limited Partner [Member]
Targeted distribution rate, percentage	8.00%	7.50%	7.00%	6.50%
Targeted distribution rate, quarterly	2.00%	1.875%	1.75%	1.625%
Partners' capital contributions					6,001,906
General Partner [Member]
Accrued for distributions due to partners						2,525
Distributions payable to general partner						$ 43,590		$ 43,590
Partners' capital contributions
Limited Partners [Member]
Targeted distribution, description						The targeted distribution rate is 6.0% annually, paid quarterly as 1.5%, of each Limited Partner's capital contribution (pro-rated to the date of admission for each Limited Partner).
Targeted distribution rate, percentage						6.00%
Targeted distribution rate, quarterly						1.50%
Distribution payable to limited partners quarterly						$ 1,020,669
Accrued for distributions due to partners						252,587
Number of partners | Integer								617
Partners' capital contributions								$ 25,371,709
Partners' capital contributions, shares | shares								2,537,170.91
Partners received cash contributions								$ 24,718,035
Additional units purchased during the period, value								$ 653,674
Additional units purchased during the period | shares								65,367.46
ASIF GP, LLC [Member]
Partnership contribution						$ 100		$ 100
Percentage of ownership						1.00%		1.00%
ASIF GP, LLC [Member] | Limited Partner [Member]
Partnership interest						99.00%		99.00%
Percentage of cumulative return on capital contributions						8.00%		8.00%
Percentage of distributable cash allocated						80.00%		80.00%
ASIF GP, LLC [Member] | General Partner [Member]
Partnership interest						1.00%		1.00%
Percentage of distributable cash allocated						20.00%		20.00%

Related Party Transactions (Det

Related Party Transactions (Details Narrative) - USD ($)	3 Months Ended			6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Mar. 31, 2019	Jun. 30, 2020	Jun. 30, 2019
Percentage of organizational and offering cost	1.50%			1.50%
Partner capital contributions			$ 6,001,906
Offering expenses	$ 370,770			$ 370,770
General partners offering expenses	926,374			926,374
Partners balance capital	$ 492,601			$ 492,601
Percentage of distributed cash	20.00%			20.00%
Percentage of capital contributions	8.00%			8.00%
Percentage of interest in profit, losses and distributions of partnership	1.00%			1.00%
Percentage of all distributed distributable cash	1.00%	1.00%		1.00%	1.00%
Management fee expense	$ 187,500	$ 187,500		$ 375,000	$ 375,000
Investment Manager [Member]
Partner capital contributions				$ 24,718,035
Partner equity raised percentage				0.015
Repayment of partners offering expenses				$ 555,604
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 the greater of, (i) 2.5% per annum of the aggregate offering proceeds, payable monthly in advance or (ii) $62,500 per month.
Management fee equal to percentage of per annum of the aggregate offering proceeds				2.50%
Management fee per month, value				$ 62,500
Management fee expense	$ 187,500	$ 187,500		$ 375,000	375,000
Structuring fee amount percentage				1.50%
Structuring fee				$ 149,912	$ 83,028
Underwriting fee percentage				2.00%

Related Party Transactions - Sc

Related Party Transactions - Schedule of Partnership Incurred Transactions with Securities (Details) - USD ($)	6 Months Ended	12 Months Ended
	Jun. 30, 2020	Dec. 31, 2019
Related Party Transactions [Abstract]
Balance - beginning of period
Underwriting fees earned by American Elm		118,326
Payments by the Partnership to American Elm		(118,326)
Balance - end of period

Related Party Transactions - _2

Related Party Transactions - Schedule of Partnership Underwriting Fee Transactions (Details) - USD ($)	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Related Party Transactions [Abstract]
Underwriting discount incurred by the Partnership		$ 85,620
Underwriting fees earned by American Elm		118,326
Fees paid to outside brokers		214,391
Total underwriting fees		$ 418,337

Investments in Finance Leases -

Investments in Finance Leases - Schedule of Net Investments in Finance Leases (Details) - USD ($)	Jun. 30, 2020	Dec. 31, 2019
Leases [Abstract]
Minimum rents receivable	$ 28,019,067	$ 23,001,407
Estimated unguaranteed residual value	146,569	146,569
Unearned income	(4,690,079)	(4,382,992)
Total	$ 23,475,557	$ 18,764,984

Investment in Equipment Subje_3

Investment in Equipment Subject to Operating Leases (Details Narrative) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Leases [Abstract]
Depreciation expense	$ 75,536	$ 99,435	$ 153,274	$ 148,496

Investment in Equipment Subje_4

Investment in Equipment Subject to Operating Leases - Schedule of Composition of Equipment Subject to Operating Leases of Partnership (Details) - USD ($)	Jun. 30, 2020	Dec. 31, 2019
Cost Basis	$ 2,010,412	$ 2,345,238
Accumulated Depreciation	402,755	536,474
Net Book Value	1,607,657	1,808,764
Fabrication Equipment [Member]
Cost Basis	2,010,412	2,010,412
Accumulated Depreciation	402,755	251,735
Net Book Value	$ 1,607,657	1,758,677
Food Equipment [Member]
Cost Basis		334,826
Accumulated Depreciation		284,739
Net Book Value		$ 50,087

Collateralized Loans Receivab_3

Collateralized Loans Receivable - Schedule of Future Principal Maturities (Details)	Jun. 30, 2020USD ($)
Receivables [Abstract]
2021	$ 1,310,803
2022	1,819,900
2023	231,279
2024	153,177
2025	131,554
Thereafter
Total	$ 3,646,713

Loan Payable (Details Narrative

Loan Payable (Details Narrative) - Loan And Security Agreement [Member] - USD ($)	Oct. 18, 2019	Jun. 30, 2020	Dec. 31, 2019
Line of credit maximum borrowing capacity	$ 25,000,000
Line of credit maturity date	Oct. 18, 2022
Partnership borrowed amount		$ 6,800,000	$ 10,600,000
Repaid principal		$ 5,286,260	$ 914,926
LIBOR [Member]
Debt instrument description	Interest on the drawn funds shall accrue at a rate of 3 month LIBOR Rate plus 5.6% per annum (7.1% as of June 30, 2020).
Variable interest rate	5.60%	7.10%
Revolving Loan [Member]
Line of credit maximum borrowing capacity	$ 5,000,000
Term Loan [Member]
Line of credit maximum borrowing capacity	$ 20,000,000

Loan Payable - Schedule of Futu

Loan Payable - Schedule of Future Maturities of Loan Payable (Details) - USD ($)	Jun. 30, 2020	Dec. 31, 2019
Debt Disclosure [Abstract]
2021
2022	11,198,813
2023
2024
2025
Thereafter
Total	$ 11,261,518	$ 9,722,177

Fair Value of Financial Instr_3

Fair Value of Financial Instruments - Schedule of Fair Values of Financial Instruments (Details) - USD ($)	Jun. 30, 2020	Dec. 31, 2019
Liabilities: Loan payable	$ 11,261,518	$ 9,722,177
Carrying Value [Member]
Assets: Collateralized loans receivable	3,652,067	3,131,307
Liabilities: Loan payable	11,261,518	9,722,177
Fair Value [Member]
Assets: Collateralized loans receivable	3,652,067	3,131,307
Liabilities: Loan payable	$ 11,261,518	$ 9,722,177

Business Concentrations (Detail

Business Concentrations (Details Narrative)	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Interest Income [Member] | Promissory Note One [Member]
Concentration credit risk percentage	60.00%	51.00%
Interest Income [Member] | Promissory Note Two [Member]
Concentration credit risk percentage	23.00%	40.00%
Investment in Collateralized Loans Receivable [Member] | Promissory Note One [Member]
Concentration credit risk percentage	46.00%	53.00%
Investment in Collateralized Loans Receivable [Member] | Promissory Note Two [Member]
Concentration credit risk percentage	23.00%	44.00%
Investment in Collateralized Loans Receivable [Member] | Promissory Note Three [Member]
Concentration credit risk percentage	12.00%
Lessee 1 [Member] | Rental Income Operating Leases [Member]
Concentration credit risk percentage	92.00%	70.00%
Lessee 1 [Member] | Investment in Finance Leases [Member]
Concentration credit risk percentage	16.00%	36.00%
Lessee 1 [Member] | Investment in Operating Leases [Member]
Concentration credit risk percentage	100.00%	96.00%
Lessee 2 [Member] | Rental Income Operating Leases [Member]
Concentration credit risk percentage		30.00%
Lessee 2 [Member] | Investment in Finance Leases [Member]
Concentration credit risk percentage	14.00%	27.00%
Leases 1 [Member] | Finance Leases [Member]
Concentration credit risk percentage	15.00%	21.00%
Leases 2 [Member] | Finance Leases [Member]
Concentration credit risk percentage	15.00%	13.00%
Leases 3 [Member] | Finance Leases [Member]
Concentration credit risk percentage	13.00%	12.00%
Lessee 3 [Member] | Investment in Finance Leases [Member]
Concentration credit risk percentage	13.00%
Lessee 4 [Member] | Investment in Finance Leases [Member]
Concentration credit risk percentage	12.00%

Geographic Information - Schedu

Geographic Information - Schedule of Geographic Information for Revenue (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Rental income	$ 94,550	$ 120,256	$ 203,368	$ 178,512
Finance income	608,908	231,643	1,213,211	487,579
Interest income	112,477	116,134	219,960	235,481
Other income	527	241	527	688
Gain on sale of assets			70,483
Interest income		116,134	527	235,481
United States [Member]
Rental income	94,550	120,256	203,368	178,512
Finance income	608,908	231,643	1,213,211	487,579
Interest income	112,477	116,134	219,960	235,481
Other income	$ 527
Gain on sale of assets			70,483
Interest income			$ 527	$ 235,481

Geographic Information - Sche_2

Geographic Information - Schedule of Geographic Information for Long-lived Assets (Details) - USD ($)	Jun. 30, 2020	Dec. 31, 2019
Investment in finance leases, net	$ 23,475,557	$ 18,764,984
Investments in equipment subject to operating leases, net	1,607,657	1,808,764
Collateralized loan receivable, including accrued interest	3,652,067	3,131,307
United States [Member]
Investment in finance leases, net	23,475,557	18,764,984
Investments in equipment subject to operating leases, net	1,607,657	1,808,764
Collateralized loan receivable, including accrued interest	$ 3,652,067	$ 3,131,307

Subsequent Events (Details Narr

Subsequent Events (Details Narrative) - Subsequent Event [Member]	Jul. 17, 2020USD ($)Integer	Jul. 16, 2020USD ($)Integer	Jul. 31, 2020USD ($)Integer
Finance lease funded by partnership	$ 21,744
Monthly payment on finance lease	$ 482
Number of monthly payments on finance lease | Integer	60
Lease commenced date	Aug. 1, 2020
Infrastructure Equipment [Member]
Finance lease funded by partnership		$ 200,439	$ 321,650
Monthly payment on finance lease		$ 18,471	$ 15,823
Number of monthly payments on finance lease | Integer		60	48
Lease commenced date		Aug. 1, 2020	Aug. 1, 2020