Arboretum Silverleaf Income Fund 10-Q 14 May 21 2021 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2021	May 14, 2021
Cover [Abstract]
Entity Registrant Name	Arboretum Silverleaf Income Fund, L.P.
Entity Central Index Key	0001672773
Document Type	10-Q
Document Period End Date	Mar. 31, 2021
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	Q1
Document Fiscal Year Focus	2021

Condensed Balance Sheets

Condensed Balance Sheets - USD ($)	Mar. 31, 2021	Dec. 31, 2020
Assets
Cash and cash equivalents	$ 2,464,081	$ 1,838,659
Investments in finance leases, net	18,285,047	15,767,235
Collateralized loans receivable, including accrued interest of $4,235 and $4,667, respectively	3,165,243	3,986,896
Other assets	4,381,600	7,294,637
Total Assets	28,295,971	28,887,427
Liabilities:
Accounts payable and accrued liabilities	261,913	247,582
Loan payable, including accrued interest of $60,516 and $95,135, respectively	11,721,245	12,375,581
Distributions payable to Limited Partners		255,362
Distributions payable to General Partner	48,698	48,698
Security deposit payable	74,391	49,391
Deferred revenue	932,389	717,814
Total Liabilities	13,038,636	13,694,428
Partners' Equity (Deficit):
Limited Partners	15,336,062	15,272,406
General Partner	(78,727)	(79,407)
Total Equity	15,257,335	15,192,999
Total Liabilities and Partners' Equity	$ 28,295,971	$ 28,887,427

Condensed Balance Sheets (Paren

Condensed Balance Sheets (Parenthetical) - USD ($)	Mar. 31, 2021	Dec. 31, 2020
Statement of Financial Position [Abstract]
Accrued interest	$ 4,235	$ 4,667
Accrued interest payable	$ 60,516	$ 95,135

Condensed Statements of Operati

Condensed Statements of Operations (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Revenue
Rental income		$ 108,818
Finance income	444,521	604,303
Interest income	165,218	107,483
Total Revenue	609,739	820,604
Gain on sale of assets		70,483
Revenue, net	609,739	891,087
Expenses
Management fees - Investment Manager	187,500	187,500
Interest expense	194,081	179,501
Depreciation		77,738
Professional fees	70,916	137,516
Administration expense	82,416	78,865
Other expenses	6,801	3,016
Total Expenses	541,714	664,136
Net income	68,025	226,951
Net income attributable to the Partnership
Limited Partners	67,345	224,681
General Partner	680	2,270
Net income attributable to the Partnership	$ 68,025	$ 226,951
Weighted average number of limited partnership interests outstanding	2,532,772.53	2,532,772.53
Net income attributable to Limited Partners per weighted average number of limited partnership interests outstanding	$ 0.03	$ 0.09

Condensed Statements of Changes

Condensed Statements of Changes in Partners' Equity (Deficit) (Unaudited) - USD ($)	Limited Partnership Interests [Member]	General Partner [Member]	Limited Partner [Member]	Total
Balance at Dec. 31, 2019		$ (49,817)	$ 18,216,951	$ 18,167,134
Balance, shares at Dec. 31, 2019	2,532,772.53
Net income		2,270	224,681	226,951
Distributions to partners		(5,052)	(509,317)	(514,369)
Balance at Mar. 31, 2020		(52,599)	17,932,315	17,879,716
Balance, shares at Mar. 31, 2020	2,532,772.53
Balance at Dec. 31, 2020		(79,407)	15,272,406	15,192,999
Balance, shares at Dec. 31, 2020	2,532,772.53
Net income		680	67,345	68,025
Distributions to partners			(3,689)	(3,689)
Balance at Mar. 31, 2021		$ (78,727)	$ 15,336,062	$ 15,257,335
Balance, shares at Mar. 31, 2021	2,532,772.53

Condensed Statements of Cash Fl

Condensed Statements of Cash Flows (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Cash flows from operating activities:
Net income	$ 68,025	$ 226,951
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation		77,738
Gain on sale of assets		(70,483)
Change in operating assets and liabilities:
Other assets	2,267,987	(23,774)
Accounts payable and accrued liabilities	14,331	19,806
Accrued interest on loan payable	(34,619)	25,749
Security deposit payable	25,000
Deferred revenue	214,575	(48,180)
Net cash provided by operating activities	2,555,299	207,807
Cash flows from investing activities:
Change in leases, net	(1,872,762)	(5,923,322)
Origination and purchases of loans receivable, net of amortization, prepayments and satisfactions	821,653	(312,266)
Proceeds from sale of leased assets		118,316
Net cash used in investing activities	(1,051,109)	(6,117,272)
Cash flows from financing activities:
Cash received from loan payable	2,800,000	5,300,000
Repayments of loan payable	(3,419,717)	(3,094,325)
Cash paid for Limited Partner distributions	(259,051)	(515,483)
Net cash (used in) provided by financing activities	(878,768)	1,690,192
Net increase (decrease) in cash and cash equivalents	625,422	(4,219,273)
Cash and cash equivalents, beginning of period	1,838,659	5,064,943
Cash and cash equivalents, end of period	2,464,081	845,670
Supplemental disclosure of other cash flow information:
Cash paid for interest	228,701
Supplemental disclosure of non-cash investing and financing activities:
Distributions payable to General Partner		5,052
Distributions payable to Limited Partners		505,152
Reclassification of other assets to investment in finance leases	$ 645,050

Organization and Nature of Oper

Organization and Nature of Operations	3 Months Ended
	Mar. 31, 2021
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. 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. The General Partner extended the Operating Period for an additional year. 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 our General Partner. American Elm acted initially as the selling agent for the offering of our units (“Units”). The Units are offered on a “best efforts,” “minimum-maximum” basis. During our Operating Period, we intend to pay cash distributions on a quarterly basis to our Limited Partners at 1.5% per quarter, the equivalent rate of 6.0% per annum, of each Limited Partners’ 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. Beginning 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 three months ended March 31, 2021, we made quarterly cash distributions to our Limited Partners totaling $259,051. At March 31, 2021, the Partnership did not declare or accrue distributions due to the economic uncertainties from COVID-19. At March 31, 2021, the Partnership had a distribution payable to the General Partner of $48,698. During the three months ended March 31, 2020, we made quarterly cash distributions to our Limited Partners totaling $515,483, and accrued $505,152 for distributions due to Limited Partners which resulted in a distributions payable to Limited Partners of $505,152 at March 31, 2020. At March 31, 2020, the Partnership declared and accrued a distribution of $5,052, for distributions due to the General Partner which resulted in distributions payable to the General Partner of $41,065 at March 31, 2020. From August 11, 2016 through March 31, 2019, 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	3 Months Ended
	Mar. 31, 2021
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies. Basis of Presentation 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 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. Collateralized Loans Receivable, Net Finance Lease Receivables and Allowance for Loan and Lease Accounts Long-lived Asset Impairments 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 March 31, 2021, 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 financial statements. During March 2020, the FASB issued ASU 2020-04, Facilitation of the Effects of Reference Rate Reform on Financial Reporting. ASU 2020-04 provides optional expedients and exceptions for applying generally accepted accounting principles (“GAAP”) to contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform, if certain criteria are met. Entities may elect the optional expedients and exceptions included in ASU 2020-04 as of March 12, 2020 and through December 31, 2022. The Partnership is currently assessing the effect that electing the optional expedients and exceptions included in ASU 2020-04 would have on its results of operations, financial position and cash flows. 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 financial statements.

Related Party Transactions

Related Party Transactions	3 Months Ended
	Mar. 31, 2021
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 March 31, 2021 and 2020, the Partnership has a due from its Investment Manager balance of $407,595 and $521,716, respectively which is included in Other Assets in the condensed 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 March 31, 2021 and 2020. 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 March 31, 2021 and 2020, the Partnership paid $187,500 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 three months ended March 31, 2021 and 2020, the Partnership accrued $44,524 and $129,397, 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.

Investments in Finance Leases

Investments in Finance Leases	3 Months Ended
	Mar. 31, 2021
Leases [Abstract]
Investments in Finance Leases	4. Investments in Finance Leases. At March 31, 2021 and December 31, 2020, net investments in finance leases consisted of the following: March 31, 2021 December 31, 2020 (unaudited) Minimum rents receivable $ 21,159,137 $ 18,550,416 Estimated unguaranteed residual value 71,616 71,616 Unearned income (2,945,706 ) (2,854,797 ) Total $ 18,285,047 $ 15,767,235

Investment in Equipment Subject

Investment in Equipment Subject to Operating Leases	3 Months Ended
	Mar. 31, 2021
Leases [Abstract]
Investment in Equipment Subject to Operating Leases	5. Investment in Equipment Subject to Operating Leases. As of March 31, 2021, the Partnership did not have any equipment subject to operating leases. For the three months ended March 31, 2021, there was no depreciation expense. The composition of the equipment subject to operating leases of the Partnership as of December 31, 2020 is as follows: Description Cost Basis Accumulated Depreciation Reclass to Other Assets Net Book Value Food equipment $ 286,994 $ 286,994 $ - $ - Fabrication Equipment $ 2,010,412 $ 528,667 $ 1,481,745 $ - $ 2,297,406 $ 815,661 $ 1,481,745 $ - Depreciation expense for the three months ended March 31, 2020 was $77,738.

Collateralized Loans Receivable

Collateralized Loans Receivable	3 Months Ended
	Mar. 31, 2021
Receivables [Abstract]
Collateralized Loans Receivable	6. Collateralized Loans Receivable. The Partnership has no allowance for loan losses or nonperforming loans at March 31, 2021 and December 31, 2020. The future principal maturities of the Partnership’s performing collateralized loans receivable at March 31, 2021 are as follows: Years ending March 31, (unaudited) 2022 $ 877,585 2023 1,964,269 2024 147,018 2025 171,472 2026 — Thereafter — Total $ 3,161,008

Other Assets

Other Assets	3 Months Ended
	Mar. 31, 2021
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Other Assets	7. Other Assets. As of March 31, 2021, other assets of $4,381,600 primarily consists of equipment that is off lease and currently being remarketed for release/sale and is primarily made up of $3,006,741 related to infrastructure equipment and $800,000 related to fish processing equipment. As of December 31, 2020, other assets of $7,294,637 primarily consists of equipment that is off lease and currently being remarketed for release/sale and is primarily made up of $3,006,741 related to infrastructure equipment, $2,705,989 related to telecommunication equipment and $800,000 related to fish processing equipment.

Loan Payable

Loan Payable	3 Months Ended
	Mar. 31, 2021
Debt Disclosure [Abstract]
Loan Payable	8. 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 three months ended March 31, 2021 and the year ended December 31, 2020, the Partnership borrowed a total of $2,800,000 and $13,632,000, 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 (6.6% as of March 31, 2021). During the three months ended March 31, 2021 and the year ended December 31, 2020, the Partnership repaid total principal of $3,419,717 and $11,036,628, respectively. During the three months ended March 31, 2021 and 2020, the Partnership accrued interest expense of $194,081 and $179,501, respectively. The future maturities of the Partnership’s loan payable at March 31, 2021 are as follows: Years ending March 31, (unaudited) 2022 $ 11,660,729 Total $ 11,660,729

Fair Value of Financial Instrum

Fair Value of Financial Instruments	3 Months Ended
	Mar. 31, 2021
Investments, All Other Investments [Abstract]
Fair Value of Financial Instruments	9. 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: March 31, 2021 December 31, 2020 Carrying Value Fair Value Carrying Value Fair Value (unaudited) (unaudited) Assets: Collateralized loans receivable $ 3,165,243 $ 3,165,243 $ 3,986,896 $ 3,986,896 Liabilities: Loan payable $ 11,721,245 $ 11,721,245 $ 12,375,581 $ 12,375,581 As of March 31, 2021, the Partnership evaluated the carrying values of its financial instruments and they approximate fair value.

Indemnifications

Indemnifications	3 Months Ended
	Mar. 31, 2021
Description of management fee
Indemnifications	10. 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	3 Months Ended
	Mar. 31, 2021
Risks and Uncertainties [Abstract]
Business Concentrations	11. Business Concentrations For the three months ended March 31, 2021, the Partnership had four lessees which accounted for approximately 18%, 14%, 12% and 10% of the Partnership’s income derived from finance leases. For the three months ended March 31, 2020, the Partnership had three lessees which accounted for approximately 22%, 13% and 13% of the Partnership’s income derived from finance leases. For the three months ended March 31, 2020, the Partnership had two lessees which accounted for approximately 86% and 14% of the Partnership’s rental income derived from operating leases. For the three months ended March 31, 2021, the Partnership had two promissory notes which accounted for approximately 69% and 14% of the Partnership’s interest income derived from collateralized loans receivable. For the three months ended March 31, 2020, the Partnership had two promissory notes which accounted for approximately 65% and 26% of the Partnership’s interest income derived from collateralized loans receivable. At March 31, 2021, the Partnership had four lessees which accounted for approximately 18%, 13%, 13% and 11% of the Partnership’s investment in finance leases. At March 31, 2020, the Partnership had four lessees which accounted for approximately 15%, 14%, 14% and 11% of the Partnership’s investment in finance leases. At March 31, 2021, the Partnership did not have any investment in operating leases. At March 31, 2020, the Partnership had one lessee which accounted for approximately 100% of the Partnership’s investment in operating leases. At March 31, 2021, the Partnership had three promissory notes which accounted for approximately 72%, 13% and 10% of the Partnership’s investment in collateralized loans receivable. At March 31, 2020, the Partnership had three promissory notes which accounted for approximately 53%, 25% and 13% of the Partnership’s investment in collateralized loans receivable.

Geographic Information

Geographic Information	3 Months Ended
	Mar. 31, 2021
Segment Reporting [Abstract]
Geographic Information	12. Geographic Information As of March 31, 2021 and December 31, 2020, all of the Partnership’s revenue and assets are based in the United States.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	13. Commitments and Contingencies As of March 31, 2021 and December 31, 2020, the Partnership has an unfunded commitment of $225,000 and $0, respectively.

COVID-19

COVID-19	3 Months Ended
	Mar. 31, 2021
Unusual or Infrequent Items, or Both [Abstract]
COVID-19	14. COVID-19. 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. During the year ended December 31, 2020, COVID-19 had a negative impact on our business and an impairment loss of $1,592,055 was recorded as a result of that impact. Although the Partnership currently expects that the disruptive impact of coronavirus on its business will be temporary, this situation continues to evolve and improve and therefore the Partnership doesn’t think that the coronavirus will directly or indirectly have a continued negative effect on its business and operating results.

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2021
Subsequent Events [Abstract]
Subsequent Events	15. Subsequent Events On April 27, 2021, the Partnership funded the remaining $225,000 for a lease facility for welding system with a company based in Louisiana.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2021
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation
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
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.
Collateralized Loans Receivable, Net	Collateralized Loans Receivable, Net
Finance Lease Receivables and Allowance for Loan and Lease Accounts	Finance Lease Receivables and Allowance for Loan and Lease Accounts
Long-lived Asset Impairments	Long-lived Asset Impairments
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 March 31, 2021, 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 financial statements. During March 2020, the FASB issued ASU 2020-04, Facilitation of the Effects of Reference Rate Reform on Financial Reporting. ASU 2020-04 provides optional expedients and exceptions for applying generally accepted accounting principles (“GAAP”) to contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform, if certain criteria are met. Entities may elect the optional expedients and exceptions included in ASU 2020-04 as of March 12, 2020 and through December 31, 2022. The Partnership is currently assessing the effect that electing the optional expedients and exceptions included in ASU 2020-04 would have on its results of operations, financial position and cash flows. 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 financial statements.

Investments in Finance Leases (

Investments in Finance Leases (Tables)	3 Months Ended
	Mar. 31, 2021
Leases [Abstract]
Schedule of Net Investments in Finance Leases	At March 31, 2021 and December 31, 2020, net investments in finance leases consisted of the following: March 31, 2021 December 31, 2020 (unaudited) Minimum rents receivable $ 21,159,137 $ 18,550,416 Estimated unguaranteed residual value 71,616 71,616 Unearned income (2,945,706 ) (2,854,797 ) Total $ 18,285,047 $ 15,767,235

Investment in Equipment Subje_2

Investment in Equipment Subject to Operating Leases (Tables)	3 Months Ended
	Mar. 31, 2021
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 December 31, 2020 is as follows: Description Cost Basis Accumulated Depreciation Reclass to Other Assets Net Book Value Food equipment $ 286,994 $ 286,994 $ - $ - Fabrication Equipment $ 2,010,412 $ 528,667 $ 1,481,745 $ - $ 2,297,406 $ 815,661 $ 1,481,745 $ -

Collateralized Loans Receivab_2

Collateralized Loans Receivable (Tables)	3 Months Ended
	Mar. 31, 2021
Receivables [Abstract]
Schedule of Future Principal Maturities	The future principal maturities of the Partnership’s performing collateralized loans receivable at March 31, 2021 are as follows: Years ending March 31, (unaudited) 2022 $ 877,585 2023 1,964,269 2024 147,018 2025 171,472 2026 — Thereafter — Total $ 3,161,008

Loan Payable (Tables)

Loan Payable (Tables)	3 Months Ended
	Mar. 31, 2021
Debt Disclosure [Abstract]
Schedule of Future Maturities of Loan Payable	The future maturities of the Partnership’s loan payable at March 31, 2021 are as follows: Years ending March 31, (unaudited) 2022 $ 11,660,729 Total $ 11,660,729

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2021
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: March 31, 2021 December 31, 2020 Carrying Value Fair Value Carrying Value Fair Value (unaudited) (unaudited) Assets: Collateralized loans receivable $ 3,165,243 $ 3,165,243 $ 3,986,896 $ 3,986,896 Liabilities: Loan payable $ 11,721,245 $ 11,721,245 $ 12,375,581 $ 12,375,581

Organization and Nature of Op_2

Organization and Nature of Operations (Details Narrative)	3 Months Ended		32 Months Ended
	Mar. 31, 2021USD ($)Integer	Mar. 31, 2020USD ($)	Mar. 31, 2019USD ($)Integershares	Dec. 31, 2020USD ($)
Number of business segment | Integer	1
Distributions payable to general partner	$ 48,698			$ 48,698
Accrued for distributions due to partners	3,689	$ 514,369
Distributions payable to limited partners				$ 255,362
Limited Partner [Member]
Accrued for distributions due to partners	3,689	509,317
General Partner [Member]
Distributions payable to general partner		41,065
Accrued for distributions due to partners		5,052
Limited Partners [Member]
Targeted distribution, description	We intend to pay cash distributions on a quarterly basis to our Limited Partners at 1.5% per quarter, the equivalent rate of 6.0% per annum, of each Limited Partners' 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. Beginning as of June 30, 2020, we decreased our distribution to 4.0%, paid quarterly at 1.00% of capital contributions.
Distribution payable to limited partners quarterly	$ 259,051	515,483
Accrued for distributions due to partners		505,152
Distributions payable to limited partners		$ 505,152
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
Percentage of ownership	1.00%
ASIF GP, LLC [Member] | Limited Partner [Member]
Partnership interest	99.00%
Percentage of cumulative return on capital contributions	8.00%
Percentage of distributable cash allocated	80.00%
ASIF GP, LLC [Member] | General Partner [Member]
Partnership interest	1.00%
Percentage of distributable cash allocated	20.00%

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Details Narrative)	12 Months Ended
	Dec. 31, 2020USD ($)
Accounting Policies [Abstract]
Provision for loan and lease losses	$ 1,592,055

Related Party Transactions (Det

Related Party Transactions (Details Narrative)	3 Months Ended
	Mar. 31, 2021USD ($)	Mar. 31, 2020USD ($)	Dec. 31, 2020USD ($)
Percentage of organizational and offering cost	1.50%
Offering expenses	$ 370,770
General partners offering expenses	926,374
Partners balance capital	$ 407,595		$ 521,716
Percentage of distributed cash	20.00%
Percentage of capital contributions	8.00%
Percentage of interest in profit, losses and distributions of partnership	1.00%
Percentage of all distributed distributable cash	1.00%
Management fee expense	$ 187,500	$ 187,500
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
Structuring fee amount percentage	1.50%
Structuring fee	$ 44,524	$ 129,397
Underwriting fee percentage	2.00%

Investments in Finance Leases -

Investments in Finance Leases - Schedule of Net Investments in Finance Leases (Details) - USD ($)	Mar. 31, 2021	Dec. 31, 2020
Leases [Abstract]
Minimum rents receivable	$ 21,159,137	$ 18,550,416
Estimated unguaranteed residual value	71,616	71,616
Unearned income	(2,945,706)	(2,854,797)
Total	$ 18,285,047	$ 15,767,235

Investment in Equipment Subje_3

Investment in Equipment Subject to Operating Leases (Details Narrative) - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Depreciation expense		$ 77,738
Partnership [Member]
Depreciation expense

Investment in Equipment Subje_4

Investment in Equipment Subject to Operating Leases - Schedule of Composition of Equipment Subject to Operating Leases of Partnership (Details)	Dec. 31, 2020USD ($)
Cost Basis	$ 2,297,406
Accumulated Depreciation	815,661
Reclass to Other Assets	1,481,745
Net Book Value
Food Equipment [Member]
Cost Basis	286,994
Accumulated Depreciation	286,994
Reclass to Other Assets
Net Book Value
Fabrication Equipment [Member]
Cost Basis	2,010,412
Accumulated Depreciation	528,667
Reclass to Other Assets	1,481,745
Net Book Value

Collateralized Loans Receivab_3

Collateralized Loans Receivable - Schedule of Future Principal Maturities (Details)	Mar. 31, 2021USD ($)
Receivables [Abstract]
2022	$ 877,585
2023	1,964,269
2024	147,018
2025	171,472
2026
Thereafter
Total	$ 3,161,008

Other Assets (Details Narrative

Other Assets (Details Narrative) - USD ($)	Mar. 31, 2021	Dec. 31, 2020
Other assets	$ 4,381,600	$ 7,294,637
Infrastructure Equipment [Member]
Other assets	3,006,741	3,006,741
Fish Processing Equipment [Member]
Other assets	$ 800,000	800,000
Telecommunication Equipment [Member]
Other assets		$ 2,705,989

Loan Payable (Details Narrative

Loan Payable (Details Narrative) - Loan And Security Agreement [Member] - USD ($)	Oct. 18, 2019	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Line of credit maximum borrowing capacity	$ 25,000,000
Line of credit maturity date	Oct. 18, 2022
Partnership borrowed amount		$ 2,800,000		$ 13,632,000
Repaid principal		3,419,717		$ 11,036,628
Interest expense		$ 194,081	$ 179,501
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 (6.6% as of March 31, 2021).
Variable interest rate	5.60%	6.60%
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)	Mar. 31, 2021USD ($)
Debt Disclosure [Abstract]
2022	$ 11,660,729
Total	$ 11,660,729

Fair Value of Financial Instr_3

Fair Value of Financial Instruments - Schedule of Fair Values of Financial Instruments (Details) - USD ($)	Mar. 31, 2021	Dec. 31, 2020
Liabilities: Loan payable	$ 11,660,729
Carrying Value [Member]
Assets: Collateralized loans receivable	3,165,243	$ 3,986,896
Liabilities: Loan payable	11,721,245	12,375,581
Fair Value [Member]
Assets: Collateralized loans receivable	3,165,243	3,986,896
Liabilities: Loan payable	$ 11,721,245	$ 12,375,581

Business Concentrations (Detail

Business Concentrations (Details Narrative)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Interest Income [Member] | Promissory Note One [Member]
Concentration credit risk percentage	69.00%	65.00%
Interest Income [Member] | Promissory Note Two [Member]
Concentration credit risk percentage	14.00%	26.00%
Investment in Collateralized Loans Receivable [Member] | Promissory Note One [Member]
Concentration credit risk percentage	72.00%	53.00%
Investment in Collateralized Loans Receivable [Member] | Promissory Note Two [Member]
Concentration credit risk percentage	13.00%	25.00%
Investment in Collateralized Loans Receivable [Member] | Promissory Note Three [Member]
Concentration credit risk percentage	10.00%	13.00%
Leases 1 [Member] | Finance Leases [Member]
Concentration credit risk percentage	18.00%	22.00%
Leases 2 [Member] | Finance Leases [Member]
Concentration credit risk percentage	14.00%	13.00%
Leases 3 [Member] | Finance Leases [Member]
Concentration credit risk percentage	12.00%	13.00%
Leases 4 [Member] | Finance Leases [Member]
Concentration credit risk percentage	10.00%
Lessee 1 [Member] | Rental Income Operating Leases [Member]
Concentration credit risk percentage		86.00%
Lessee 1 [Member] | Investment in Finance Leases [Member]
Concentration credit risk percentage	18.00%	15.00%
Lessee 1 [Member] | Investment in Operating Leases [Member]
Concentration credit risk percentage		100.00%
Lessee 2 [Member] | Rental Income Operating Leases [Member]
Concentration credit risk percentage		14.00%
Lessee 2 [Member] | Investment in Finance Leases [Member]
Concentration credit risk percentage	13.00%	14.00%
Lessee 3 [Member] | Investment in Finance Leases [Member]
Concentration credit risk percentage	13.00%	14.00%
Lessee 4 [Member] | Investment in Finance Leases [Member]
Concentration credit risk percentage	11.00%	11.00%

Commitments and Contingencies (

Commitments and Contingencies (Details Narrative) - USD ($)	Mar. 31, 2021	Dec. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
Unfunded commitment	$ 225,000	$ 0

COVID-19 (Details Narrative)

COVID-19 (Details Narrative)	12 Months Ended
	Dec. 31, 2020USD ($)
Unusual or Infrequent Items, or Both [Abstract]
Impairment loss	$ 1,592,055

Subsequent Events (Details Narr

Subsequent Events (Details Narrative)	Apr. 27, 2021USD ($)
Subsequent Event [Member] | Louisiana [Member]
Lease funded by partnership	$ 225,000