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10-K - FORM 10-K - Macquarie Equipment Leasing Fund, LLCv366919_10k.htm
XML - IDEA: XBRL DOCUMENT - Macquarie Equipment Leasing Fund, LLCR20.htm
XML - IDEA: XBRL DOCUMENT - Macquarie Equipment Leasing Fund, LLCR27.htm
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EXCEL - IDEA: XBRL DOCUMENT - Macquarie Equipment Leasing Fund, LLCFinancial_Report.xls
XML - IDEA: XBRL DOCUMENT - Macquarie Equipment Leasing Fund, LLCR9.htm
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EX-32.2 - EXHIBIT 32.2 - Macquarie Equipment Leasing Fund, LLCv366919_ex32-2.htm
EX-32.1 - EXHIBIT 32.1 - Macquarie Equipment Leasing Fund, LLCv366919_ex32-1.htm
EX-31.2 - EXHIBIT 31.2 - Macquarie Equipment Leasing Fund, LLCv366919_ex31-2.htm
EX-31.1 - EXHIBIT 31.1 - Macquarie Equipment Leasing Fund, LLCv366919_ex31-1.htm
v2.4.0.8
NET INVESTMENT IN FINANCE LEASE
12 Months Ended
Dec. 31, 2013
NET INVESTMENT IN FINANCE LEASE [Abstract]  
NET INVESTMENT IN FINANCE LEASE

4. NET INVESTMENT IN FINANCE LEASE

 

The Fund's net investments in finance leases primarily relate to racing track equipment and furniture and fixtures equipment.

 

In November 2013, the Fund entered into a sale agreement with the lessee to sell part of furniture and fixtures equipment for $297,626. The Fund received the sales proceeds in December 2013 and realized a gain of $225,272.

 

Net investment in finance lease (current and non-current) consists of the following:

 

    December 31, 2013     December 31, 2012  
Minimum lease payments receivable   $ 1,786,413     $ 2,686,145  
Estimated residual values of leased property (unguaranteed)     406,140       478,495  
Less: Unearned income     (328,014 )     (582,736 )
Net investment in finance lease   $ 1,864,539     $ 2,581,904  

 

Annual minimum future rentals receivable related to the Fund's finance leases over the next 5 years consist of the following:

 

For the year ending December 31, 2014   $ 748,519  
For the year ending December 31, 2015     618,032  
For the year ending December 31, 2016     419,862  
For the year ending December 31, 2017     -  
For the year ending December 31, 2018     -  
    $ 1,786,413  

 

The Fund is exposed to risks under this transaction, including risk associated with the lessee's creditworthiness, repossession and remarketing and risk associated with the future market value of the equipment. Although the Fund currently has no reason to believe that the lessee will fail to meet their contractual obligations, a risk of loss to the Fund exists should a lessee fail to meet its payment obligations under the lease. As of December 31, 2013 and December 31, 2012, the Fund did not have a reserve for allowance for credit losses for its lease receivables.

 

A risk of loss or lower than expected returns also exists if the market value of the equipment at the end of the lease term is lower than anticipated.