Attached files
| file | filename |
|---|---|
| 8-K - ICON INCOME FUND TEN LLC | body.htm |
Exhibit 99.1
ICON INCOME FUND
TEN, LLC
ANNUAL
PORTFOLIO OVERVIEW
2011
| LETTER FROM THE CEOs | As of May 16, 2012 |
Dear investor in ICON Income Fund Ten, LLC:
We write to briefly summarize our activity for the year ended December 31, 2011. A more detailed analysis, which we encourage you to read, is contained in our Form 10-K. Our Form 10-K and our other annual, quarterly and current reports are available in the Investor Relations section of our website, www.iconinvestments.com.
As of December 31, 2011, Fund Ten was in its liquidation period. During the liquidation period, distributions generated from net rental and loan income and proceeds from equipment sales generally fluctuate as remaining leases and loans come to maturity or equipment is sold. During the 2011 calendar year, we made distributions in the aggregate amount of $5,681,879.
During the fourth quarter of 2011, we continued to liquidate our assets and, on December 1, 2011, we sold our shares in Pretel Group Limited to Catwise Limited. We initially invested approximately $13,945,000 to purchase the equipment, and, during the term of this investment, we collected approximately $16,693,000 in rental, dividend and sale proceeds.
We invite you to read through our portfolio overview on the pages that follow for a more detailed explanation of the investments noted above as well as more information regarding Fund Ten’s operations to date. As always, thank you for entrusting ICON with your investment assets.
Sincerely,
 |
 |
||
|
Michael A. Reisner
|
Mark Gatto
|
||
|
Co-President and Co-Chief Executive Officer
|
Co-President and Co-Chief Executive Officer
|
1
ICON Income Fund Ten, LLC
2011 Annual Portfolio Overview
We are pleased to present ICON Income Fund Ten, LLC’s (the “Fund”) Annual Portfolio Overview for 2011. References to “we,” “us,” and “our” are references to the Fund, and references to the “Manager” are references to the manager of the Fund, ICON Capital Corp.
The Fund
We raised approximately $150,000,000 commencing with our initial offering on June 2, 2003 through the closing of the offering on April 5, 2005.
On May 1, 2010, we entered our liquidation period, which is expected to continue for several years. During the liquidation period, we began the gradual, orderly termination of the Fund’s operations and affairs, and liquidation or disposition of its equipment, leases and financing transactions.
Additionally, during the liquidation period, you will receive distributions that are generated from net rental and loan income or equipment sales when realized. In some months, the distribution may be larger, in some months the distribution may be smaller, and in some months there may not be any distribution.
Recent Transaction
|
·
|
On May 2, 2012, the term loan to affiliates of Northern Leasing Systems, Inc. (“Northern Leasing”) was satisfied in full prior to its maturity date. Our initial investment was approximately $3,868,000 and, during the term of this investment, we collected approximately $5,074,000 in loan proceeds.
|
Portfolio Overview
Our portfolio consists of investments that we have made directly, as well as those that we have made with our affiliates. As of December 31, 2011, our portfolio consisted primarily of the following investments.
|
·
|
A 35.70% interest in the Eagle Carina, an Aframax product tanker, which was purchased for $39,010,000. The purchase price was comprised of $12,010,000 in cash and $27,000,000 in a non-recourse loan. The Eagle Carina is subject to an eighty-four month bareboat charter with AET, Inc. Limited (“AET”) that expires in November 2013.
|
|
·
|
A 35.70% interest in the Eagle Corona, an Aframax product tanker, which was purchased for $41,270,000. The purchase price was comprised of $13,270,000 in cash and $28,000,000 in a non-recourse loan. The Eagle Corona is subject to an eighty-four month bareboat charter with AET that expires in November 2013.
|
|
·
|
We made a term loan to affiliates of Northern Leasing in the amount of approximately $3,868,000. The loan was secured by various pools of leases for point of sale equipment and a limited guaranty from Northern Leasing of up to 10% of the loan amount. The loan accrued interest at rates ranging from 9.47% to 9.90% per year, was scheduled to mature at various dates through February 2013, and, as discussed above, was satisfied prior to its maturity date.
|
|
·
|
Two container vessels, the Dubai Star (f/k/a the ZIM Korea) and the China Star (f/k/a the ZIM Canada), that are subject to bareboat charters with ZIM Integrated Shipping Services, Ltd. through March 31, 2016 and March 31, 2017, respectively. The purchase price for the two vessels was approximately $70,700,000, comprised of approximately $18,400,000 in cash and approximately $52,300,000 in non-recourse loans. We satisfied all of the non-recourse loan obligations with respect to the container vessels and, as a result, all charter hire payments are being paid directly to us.
|
10% Status Report
As of December 31, 2011, the China Star, the Dubai Star, the Eagle Carina and the Eagle Corona each individually constituted at least 10% of the aggregate purchase price of our investment portfolio. All of the vessels are scheduled to remain on bareboat charter during the 2012 calendar year.
2
As of December 31, 2011, the bareboat charters for the China Star and the Dubai Star had sixty-three and fifty-one monthly payments remaining, respectively, while the bareboat charters for the Eagle Carina and the Eagle Corona each had twenty-three monthly payments remaining. To the best of our Manager’s knowledge, each vessel remains seaworthy, is maintained in accordance with commercial marine standards and applicable laws and regulations of the governing shipping registry as required under each bareboat charter.
Distribution Analysis
During the liquidation period, distributions fluctuate as leases mature and assets are sold. From the inception of the offering period through December 31, 2011, we have made 101 cash distributions to our members. During the year ended December 31, 2011, we paid our members $5,681,879 in cash distributions. As of December 31, 2011, a $10,000 investment made at the initial closing would have received $6,612 in cumulative distributions.
|
Source of Distributions
|
||||||||||||||||||||
|
Cash from current period operations
|
Cash accumulated
from operations
of prior periods
|
Cash from current period disposition
of assets
|
Capital contributions used to establish the initial reserve
|
Total distributions
|
||||||||||||||||
|
For the year ended
|
||||||||||||||||||||
|
December 31, 2011
|
$ | 4,155,046 | $ | - | $ | 1,526,833 | $ | - | $ | 5,681,879 | ||||||||||
Transactions with Related Parties
Our Manager performs certain services relating to the management of our equipment leasing and other financing activities. Such services include, but are not limited to, the collection of lease payments from the lessees of the equipment or loan payments from borrowers, re-leasing services in connection with equipment which is off-lease, inspections of the equipment, liaising with and general supervision of lessees and borrowers to ensure that the equipment is being properly operated and maintained, monitoring performance by the lessees and borrowers of their obligations under the leases and loans and the payment of operating expenses.
Administrative expense reimbursements were costs incurred by our Manager or its affiliates that were necessary to our operations. These costs included our Manager’s and its affiliates’ legal, accounting, investor relations, and operations personnel costs, as well as professional fees and other costs that were charged to us based upon the percentage of time such personnel dedicated to us. Excluded were salaries and related costs, office rent, travel expenses, and other administrative costs incurred by individuals with a controlling interest in our Manager.
Our Manager also has a 1% interest in our profits, losses, cash distributions and liquidation proceeds. We paid distributions to our Manager in the amounts of $56,819, $132,131 and $128,760 for the years ended December 31, 2011, 2010 and 2009, respectively. Additionally, our Manager’s interest in our net (loss) income was ($77,747), $62,058 and $62,185 for the years ended December 31, 2011, 2010 and 2009, respectively.
Fees and other expenses paid or accrued by us to our Manager or its affiliates were as follows:
|
Entity
|
Capacity
|
Description
|
2011
|
2010
|
2009
|
|||||||||||
|
ICON Capital Corp.
|
Manager
|
Management fees (1)
|
$ | 564,350 | $ | 785,037 | $ | 1,246,713 | ||||||||
|
ICON Capital Corp.
|
Manager
|
Administrative expense
|
||||||||||||||
|
reimbursements (1)
|
$ | 735,260 | $ | 850,157 | $ | 1,090,870 | ||||||||||
|
(1) Amount charged directly to operations.
|
||||||||||||||||
At December 31, 2011 and 2010, we had a net payable of $111,615 and $171,156, respectively, due to our Manager and its affiliates that primarily consisted of administrative expense reimbursements. Members may obtain a summary of administrative expense reimbursements upon request.
Your participation in the Fund is greatly appreciated.
We are committed to protecting the privacy of our investors in compliance with all applicable laws. Please be advised that, unless required by a regulatory authority such as FINRA or ordered by a court of competent jurisdiction, we will not share any of your personally identifiable information with any third party.
3
|
(A Delaware Limited Liability Company)
|
||||||||
|
Consolidated Balance Sheets
|
||||||||
|
Assets
|
||||||||
|
December 31,
|
December 31,
|
|||||||
|
2011
|
2010
|
|||||||
|
Current assets:
|
||||||||
|
Cash and cash equivalents
|
$ | 6,171,596 | $ | 2,740,590 | ||||
|
Current portion of net investment in finance leases
|
- | 616,088 | ||||||
|
Current portion of notes receivable
|
422,568 | - | ||||||
|
Service contracts receivable
|
- | 441,742 | ||||||
|
Other current assets
|
38,341 | 868,810 | ||||||
|
Total current assets
|
6,632,505 | 4,667,230 | ||||||
|
Non-current assets:
|
||||||||
|
Net investment in finance leases, less current portion
|
40,016,172 | 35,901,863 | ||||||
|
Fixed assets (less accumulated depreciation of $0 and $3,909,365, respectively)
|
- | 2,804,715 | ||||||
|
Notes receivable, less current portion
|
20,097 | - | ||||||
|
Investments in joint ventures
|
8,378,185 | 24,531,251 | ||||||
|
Investments in unguaranteed residual values
|
- | 128,368 | ||||||
|
Other non-current assets, net
|
25,717 | 101,328 | ||||||
|
Total non-current assets
|
48,440,171 | 63,467,525 | ||||||
|
Total Assets
|
$ | 55,072,676 | $ | 68,134,755 | ||||
|
Liabilities and Equity
|
||||||||
|
Current liabilities:
|
||||||||
|
Due to Manager and affiliates
|
$ | 111,615 | $ | 171,156 | ||||
|
Accrued expenses
|
162,530 | 328,022 | ||||||
|
Accrued tax liability
|
357,211 | - | ||||||
|
Other current liabilities
|
45,205 | 1,695,215 | ||||||
|
Total Liabilities
|
676,561 | 2,194,393 | ||||||
|
Commitments and contingencies
|
||||||||
|
Equity:
|
||||||||
|
Members' Equity:
|
||||||||
|
Additional Members
|
55,278,766 | 68,395,072 | ||||||
|
Manager
|
(754,060 | ) | (621,572 | ) | ||||
|
Accumulated other comprehensive loss
|
(148,725 | ) | (1,964,780 | ) | ||||
|
Total Members' Equity
|
54,375,981 | 65,808,720 | ||||||
|
Noncontrolling Interests
|
20,134 | 131,642 | ||||||
|
Total Equity
|
54,396,115 | 65,940,362 | ||||||
|
Total Liabilities and Equity
|
$ | 55,072,676 | $ | 68,134,755 | ||||
4
|
(A Delaware Limited Liability Company)
|
||||||||||||
|
Consolidated Statements of Operations
|
||||||||||||
|
Years Ended December 31,
|
||||||||||||
|
2011
|
2010
|
2009
|
||||||||||
|
Revenue:
|
||||||||||||
|
Rental income
|
$ | 491,946 | $ | 5,304,454 | $ | 13,809,718 | ||||||
|
Finance income
|
6,356,297 | 5,658,091 | 1,304,824 | |||||||||
|
Servicing income
|
4,277,587 | 5,400,001 | 5,716,849 | |||||||||
|
(Loss) income from investments in joint ventures
|
(8,762,029 | ) | 2,816,703 | 3,830,195 | ||||||||
|
Net gain on sales of equipment and unguaranteed residual values
|
854,915 | 1,664,768 | 1,550,884 | |||||||||
|
Gain on sale of equity interest in Pretel
|
1,917,549 | - | - | |||||||||
|
Interest and other income
|
442,036 | 245,835 | 732,995 | |||||||||
|
Total revenue
|
5,578,301 | 21,089,852 | 26,945,465 | |||||||||
|
Expenses:
|
||||||||||||
|
Management fees - Manager
|
564,350 | 785,037 | 1,246,713 | |||||||||
|
Administrative expense reimbursements - Manager
|
735,260 | 850,157 | 1,090,870 | |||||||||
|
General and administrative
|
6,766,494 | 7,149,763 | 7,088,632 | |||||||||
|
Interest
|
18,809 | 45,419 | 216,410 | |||||||||
|
Loss on guaranty
|
- | 842,030 | - | |||||||||
|
Depreciation and amortization
|
1,402,745 | 4,738,662 | 9,018,997 | |||||||||
|
Impairment loss
|
3,976,983 | 45,886 | 1,697,539 | |||||||||
|
Total expenses
|
13,464,641 | 14,456,954 | 20,359,161 | |||||||||
|
Net (loss) income
|
(7,886,340 | ) | 6,632,898 | 6,586,304 | ||||||||
|
Less: Net (loss) income attributable to noncontrolling interests
|
(111,640 | ) | 427,082 | 367,758 | ||||||||
|
Net (loss) income attributable to Fund Ten
|
$ | (7,774,700 | ) | $ | 6,205,816 | $ | 6,218,546 | |||||
|
Net (loss) income attributable to Fund Ten allocable to:
|
||||||||||||
|
Additional Members
|
$ | (7,696,953 | ) | $ | 6,143,758 | $ | 6,156,361 | |||||
|
Manager
|
(77,747 | ) | 62,058 | 62,185 | ||||||||
| $ | (7,774,700 | ) | $ | 6,205,816 | $ | 6,218,546 | ||||||
|
Weighted average number of additional
|
||||||||||||
|
shares of limited liability company interests outstanding
|
148,211 | 148,211 | 148,222 | |||||||||
|
Net (loss) income attributable to Fund Ten per weighted
|
||||||||||||
|
average additional share of limited liability company interests
|
$ | (51.93 | ) | $ | 41.45 | $ | 41.53 | |||||
5
|
(A Delaware Limited Liability Company)
|
||||||||||||||||||||||||||||
|
Consolidated Statements of Changes in Equity
|
||||||||||||||||||||||||||||
|
Members' Equity
|
||||||||||||||||||||||||||||
|
Accumulated
|
||||||||||||||||||||||||||||
|
Additional Shares
|
Other
|
Total
|
||||||||||||||||||||||||||
|
of Limited Liability
|
Additional
|
Comprehensive
|
Members'
|
Noncontrolling
|
Total
|
|||||||||||||||||||||||
|
Company Interests
|
Members
|
Manager
|
(Loss) Income
|
Equity
|
Interests
|
Equity
|
||||||||||||||||||||||
|
Balance, December 31, 2008
|
148,231 | $ | 81,937,867 | $ | (484,924 | ) | $ | (3,145,791 | ) | $ | 78,307,152 | $ | 2,173,984 | $ | 80,481,136 | |||||||||||||
|
Comprehensive income:
|
||||||||||||||||||||||||||||
|
Net income
|
- | 6,156,361 | 62,185 | - | 6,218,546 | 367,758 | 6,586,304 | |||||||||||||||||||||
|
Change in valuation of interest
|
||||||||||||||||||||||||||||
|
rate swap contracts
|
- | - | - | 306,488 | 306,488 | - | 306,488 | |||||||||||||||||||||
|
Currency translation adjustments
|
- | - | - | 959,384 | 959,384 | - | 959,384 | |||||||||||||||||||||
|
Total comprehensive income
|
- | - | - | 1,265,872 | 7,484,418 | 367,758 | 7,852,176 | |||||||||||||||||||||
|
Shares of limited liability company
|
||||||||||||||||||||||||||||
|
interests redeemed
|
(20 | ) | (14,798 | ) | - | - | (14,798 | ) | - | (14,798 | ) | |||||||||||||||||
|
Acquisition of noncontrolling interest
|
- | - | - | - | - | 714,780 | 714,780 | |||||||||||||||||||||
|
Cash distributions
|
- | (12,747,182 | ) | (128,760 | ) | - | (12,875,942 | ) | (1,225,399 | ) | (14,101,341 | ) | ||||||||||||||||
|
|
||||||||||||||||||||||||||||
|
Balance, December 31, 2009
|
148,211 | 75,332,248 | (551,499 | ) | (1,879,919 | ) | 72,900,830 | 2,031,123 | 74,931,953 | |||||||||||||||||||
|
Comprehensive income:
|
||||||||||||||||||||||||||||
|
Net income
|
- | 6,143,758 | 62,058 | - | 6,205,816 | 427,082 | 6,632,898 | |||||||||||||||||||||
|
Change in valuation of interest
|
||||||||||||||||||||||||||||
|
rate swap contracts
|
- | - | - | 47,876 | 47,876 | - | 47,876 | |||||||||||||||||||||
|
Currency translation adjustments
|
- | - | - | (132,737 | ) | (132,737 | ) | - | (132,737 | ) | ||||||||||||||||||
|
Total comprehensive income
|
- | - | - | (84,861 | ) | 6,120,955 | 427,082 | 6,548,037 | ||||||||||||||||||||
|
Cash distributions
|
- | (13,080,934 | ) | (132,131 | ) | - | (13,213,065 | ) | (2,326,563 | ) | (15,539,628 | ) | ||||||||||||||||
|
Balance, December 31, 2010
|
148,211 | 68,395,072 | (621,572 | ) | (1,964,780 | ) | 65,808,720 | 131,642 | 65,940,362 | |||||||||||||||||||
|
Comprehensive loss:
|
||||||||||||||||||||||||||||
|
Net loss
|
- | (7,696,953 | ) | (77,747 | ) | - | (7,774,700 | ) | (111,640 | ) | (7,886,340 | ) | ||||||||||||||||
|
Change in valuation of interest
|
||||||||||||||||||||||||||||
|
rate swap contracts
|
- | - | - | 191,674 | 191,674 | - | 191,674 | |||||||||||||||||||||
|
Currency translation adjustments
|
- | - | - | 991 | 991 | (53 | ) | 938 | ||||||||||||||||||||
|
Total comprehensive loss
|
- | - | - | 192,665 | (7,582,035 | ) | (111,693 | ) | (7,693,728 | ) | ||||||||||||||||||
|
Investment by noncontrolling interest in
subsidiary
|
(611,132 | ) | (6,173 | ) | (617,305 | ) | 775,944 | 158,639 | ||||||||||||||||||||
|
Stock based compensation in subsidiary
|
816,839 | 8,251 | 825,090 | 275,030 | 1,100,120 | |||||||||||||||||||||||
|
Sale of subsidiary
|
1,623,390 | 1,623,390 | (258,160 | ) | 1,365,230 | |||||||||||||||||||||||
|
Cash distributions
|
- | (5,625,060 | ) | (56,819 | ) | - | (5,681,879 | ) | (792,629 | ) | (6,474,508 | ) | ||||||||||||||||
|
Balance, December 31, 2011
|
148,211 | $ | 55,278,766 | $ | (754,060 | ) | $ | (148,725 | ) | $ | 54,375,981 | $ | 20,134 | $ | 54,396,115 | |||||||||||||
6
|
(A Delaware Limited Liability Company)
|
||||||||||||
|
Consolidated Statements of Cash Flows
|
||||||||||||
|
|
||||||||||||
|
Years Ended December 31,
|
||||||||||||
|
2011
|
2010
|
2009
|
||||||||||
|
Cash flows from operating activities:
|
||||||||||||
|
Net (loss) income
|
$ | (7,886,340 | ) | $ | 6,632,898 | $ | 6,586,304 | |||||
|
Adjustments to reconcile net (loss) income to net cash
|
||||||||||||
|
provided by operating activities:
|
||||||||||||
|
Rental income paid directly to lenders by lessees
|
- | - | (4,386,104 | ) | ||||||||
|
Finance income
|
(6,396,297 | ) | (5,658,091 | ) | (1,304,824 | ) | ||||||
|
Loss (income) from investments in joint ventures
|
8,762,029 | (2,816,703 | ) | (3,830,195 | ) | |||||||
|
Net gain on sales of equipment and unguaranteed residual values
|
(854,915 | ) | (1,664,768 | ) | (1,550,884 | ) | ||||||
|
Net gain on sale of equity interest in Pretel
|
(1,917,549 | ) | - | - | ||||||||
|
Depreciation and amortization
|
1,402,745 | 4,738,662 | 9,018,997 | |||||||||
|
Stock based compensation expense
|
1,100,120 | - | - | |||||||||
|
Gain on bargain purchase
|
- | - | (440,681 | ) | ||||||||
|
Impairment loss
|
3,976,983 | 45,886 | 1,697,539 | |||||||||
|
Interest expense on non-recourse financing paid directly
|
||||||||||||
|
to lenders by lessees
|
- | - | 196,304 | |||||||||
|
Loss on financial instruments
|
70,669 | 8,702 | - | |||||||||
|
Changes in operating assets and liabilities:
|
||||||||||||
| Collection of finance leases | 2,858,076 | 3,388,964 | 1,083,263 | |||||||||
|
Restricted cash
|
- | - | 226,882 | |||||||||
|
Service contracts receivable
|
128,677 | 108,354 | 241,447 | |||||||||
|
Other assets, net
|
(363,424 | ) | (576,046 | ) | (1,896,602 | ) | ||||||
|
Due to Manager and affiliates
|
(26,746 | ) | 41,304 | (212,390 | ) | |||||||
|
Accrued expenses
|
(165,492 | ) | 175,215 | 36,423 | ||||||||
|
Accrued tax liability
|
357,211 | - | - | |||||||||
|
Other current liabilities
|
(102,194 | ) | 265,322 | (464,830 | ) | |||||||
|
Deferred revenue
|
- | (241,851 | ) | 37,480 | ||||||||
|
Distributions from joint ventures
|
332,437 | 472,383 | 1,742,027 | |||||||||
|
Net cash provided by operating activities
|
1,315,990 | 4,920,231 | 6,780,156 | |||||||||
|
Cash flows from investing activities:
|
||||||||||||
|
Purchase of equipment
|
- | (3,236 | ) | (32,033 | ) | |||||||
|
Proceeds from sales of equipment and unguaranteed residual values
|
1,598,127 | 7,952,846 | 4,194,070 | |||||||||
| Proceeds from sale of equity interest in Pretel, net of cash included in sale | 4,090,253 | - | - | |||||||||
|
Principal repayment on notes receivable
|
785,628 | - | - | |||||||||
|
Cash received in connection with business acquisition
|
- | - | 576,781 | |||||||||
|
Investment in joint ventures
|
(8,158 | ) | - | - | ||||||||
|
Distributions received from joint ventures in excess of profits
|
2,053,428 | 3,114,137 | 4,226,051 | |||||||||
|
Net cash provided by investing activities
|
8,519,278 | 11,063,747 | 8,964,869 | |||||||||
|
Cash flows from financing activities:
|
||||||||||||
|
Proceeds from revolving line of credit, recourse
|
- | 1,350,000 | 2,285,000 | |||||||||
|
Repayments of revolving line of credit, recourse
|
- | (1,450,000 | ) | (2,185,000 | ) | |||||||
|
Proceeds from sale of subsidiary shares
|
158,639 | |||||||||||
|
Repayments of non-recourse long-term debt
|
- | - | (2,817,772 | ) | ||||||||
|
Cash distributions to members
|
(5,681,879 | ) | (13,213,065 | ) | (12,875,942 | ) | ||||||
|
Shares of limited liability company interests redeemed
|
- | - | (14,798 | ) | ||||||||
|
Distributions to noncontrolling interests
|
(792,629 | ) | (2,326,563 | ) | (1,225,399 | ) | ||||||
|
Net cash used in financing activities
|
(6,315,869 | ) | (15,639,628 | ) | (16,833,911 | ) | ||||||
|
Effects of exchange rates on cash and cash equivalents
|
(88,393 | ) | (31,818 | ) | (267,850 | ) | ||||||
|
Net increase (decrease) in cash and cash equivalents
|
3,431,006 | 312,532 | (1,356,736 | ) | ||||||||
|
Cash and cash equivalents, beginning of the year
|
2,740,590 | 2,428,058 | 3,784,794 | |||||||||
|
Cash and cash equivalents, end of the year
|
$ | 6,171,596 | $ | 2,740,590 | $ | 2,428,058 | ||||||
7
|
ICON Income Fund Ten, LLC
|
||||||||||||
|
(A Delaware Limited Liability Company)
|
||||||||||||
|
Consolidated Statements of Cash Flows
|
||||||||||||
|
Years Ended December 31,
|
||||||||||||
|
2011
|
2010
|
2009
|
||||||||||
|
Supplemental disclosure of non-cash investing and financing activities:
|
||||||||||||
|
Principal and interest paid on non-recourse long-term debt
|
||||||||||||
|
directly to lenders by lessees
|
$ | - | $ | - | $ | 4,386,104 | ||||||
|
Transfer from investment in joint ventures to notes receivable
|
$ | 1,251,414 | $ | - | $ | - | ||||||
|
Transfer from net investment in finance leases to equipment
|
$ | - | $ | - | $ | 6,829,746 | ||||||
|
Transfer from investments in unguaranteed residual values to
|
||||||||||||
|
leased equipment at cost
|
$ | - | $ | - | $ | 52,722 | ||||||
|
Transfer from leased equipment at cost to net investment in
|
||||||||||||
|
finance leases
|
$ | - | $ | 2,440,135 | $ | 30,891,185 | ||||||
8
Forward-Looking Information – Certain statements within this document may constitute
forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 (“PSLRA”). These statements are being made pursuant to the PSLRA, with the intention of obtaining the benefits of the “safe harbor” provisions of the PSLRA, and, other than as required by law, we assume no obligation to update or supplement such statements. Forward-looking statements are those that do not relate solely to historical fact. They include, but are not limited to, any statement that may predict, forecast, indicate or imply future results, performance, achievements or events. You can identify these statements by the use of words such as “may,” “will,” “could,” “anticipate,” “believe,” “estimate,” “expect,”
“continue,” “further,” “plan,” “seek,” “intend,” “predict” or “project” and variations of these words or comparable words or phrases of similar meaning. These forward-looking statements reflect our current beliefs and expectations with respect to future events and are based on assumptions and are subject to risks and uncertainties and other factors outside our control that may cause actual results to differ materially from those projected. We undertake no obligation to update publicly or review any forward-looking statement, whether as a result of new information, future developments or otherwise.
Additional Required Disclosure
To fulfill our promises to you we are required to make the following disclosures when applicable:
A detailed financial report on SEC Form 10-Q or 10-K (whichever is applicable) is available to you. It is typically filed either 45 or 90 days after the end of a quarter or year, respectively. Usually this means a filing will occur on or around March 31, May 15, August 15, and
November 15 of each year. It contains financial statements and detailed sources and uses of cash plus explanatory notes. You are always entitled to these reports. Please access them by:
|
·
|
Visiting www.iconinvestments.com
|
or
|
·
|
Visiting www.sec.gov
|
or
|
·
|
Writing us at: Angie Seenauth c/o ICON Investments, 3 Park Avenue, 36th Floor, New York, NY 10016.
|
We do not distribute these reports to you directly in order to keep our expenses down as the cost of mailing this report to all investors is significant. Nevertheless, the reports are immediately available upon your request.
9