2.4.0.800000015 - Disclosure - Equipment Notes Receivabletruefalsefalse1false falsefalseFrom2013-01-01to2013-06-30http://www.sec.gov/CIK0001489367duration2013-01-01T00:00:002013-06-30T00:00:001true 1sqnf_EquipmentNotesReceivableAbstractsqnf_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00falsefalsefalsexbrli:stringItemTypestringfalse0EquipmentNotesReceivableAbstract2false 2us-gaap_FinancingReceivablesTextBlockus-gaap_truenadurationfalsefalsefalsefalsefalsefalsefalsefalseverboseLabel1falsefalsefalse00<div><table cellpadding="0" cellspacing="0" id="list" style="width: 100%; font: 10pt times new roman; font-size: 10pt; font-family: times new roman"><tr style="vertical-align: top"><td style="text-align: left; width: 18pt"><div style="text-align: left"><font style="display: inline; font: bold 10pt Times New Roman">9.  </font></div> </td> <td> <div style="text-indent: 0pt; margin-left: 0pt; margin-right: 0pt; text-align: justify"><font style="display: inline; font: bold 10pt Times New Roman">Equipment Notes Receivable</font></div> </td> </tr></table> </div> <div style="text-indent: 0pt; display: block"><br /> </div> <div style="text-indent: 0pt; display: block; margin-left: 18pt; margin-right: 0pt; text-align: justify"><font style="font: italic 10pt Times New Roman; display: inline">Modular Accommodations</font></div> <div style="text-indent: 0pt; display: block"><br /> </div> <div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 18pt; margin-right: 0pt"><font style="display: inline; font: 10pt Times New Roman">On May 22, 2013, the Partnership entered into a construction financing loan (the “Financing’) with a special purpose entity controlled by SAM. This special purpose entity was set-up to provide financing for the erection of modular accommodations on a college campus in the United Kingdom. The total amount available under the Financing is £1,935,000, accrues interest at 18.0% per year. The borrower’s parent company has guaranteed the Financing.</font></div> <div style="text-indent: 0pt; display: block"><br /> </div> <div style="text-indent: 0pt; display: block; margin-left: 18pt; margin-right: 0pt; text-align: justify"><font style="display: inline; font: 10pt Times New Roman">During May 2013 and June 2013, the Partnership advanced a total of £1,595,461 ($2,422,418 applying exchange rates at various dates). At June 30, 2013, the borrower had £339,539 of additional funding available under this Financing.</font></div> <div style="text-indent: 0pt; display: block"><br /> </div> <div style="text-indent: 0pt; display: block; margin-left: 18pt; margin-right: 0pt; text-align: justify"><font style="font: italic 10pt Times New Roman; display: inline">Hydro-electric generating plant – Northern Ireland</font></div> <div style="text-indent: 0pt; display: block"><br /> </div> <div style="text-indent: 0pt; display: block; margin-left: 18pt; margin-right: 0pt; text-align: justify"><font style="display: inline; font: 10pt Times New Roman">On April 4, 2013, the Partnership entered into an equipment note receivable (the “Note”) for £1,440,000 ($2,196,440 applying exchange rates at April 15, 2013) with a special purpose entity controlled by SAM. This special purpose entity was set-up to provide financing for a hydro-electric generating plant located in Northern Ireland. The Note accrues interest at 12.0% per year with the interest payable quarterly in arrears. The proceeds from the Note will be used for the purchase and operations of a hydro-electric generating plant located in Northern Ireland. The entire principal balance and unpaid interest may be paid, at any time, in advance, along with a redemption fee, as defined in the Note. The borrower’s parent company has guaranteed the full amount of the Note.</font></div> <div style="text-indent: 0pt; display: block"><br /> </div> <div style="text-indent: 0pt; display: block; margin-left: 18pt; margin-right: 0pt; text-align: justify"><font style="font: italic 10pt Times New Roman; display: inline">Hydro-electric generating plant – Windsor, England</font></div> <div style="text-indent: 0pt; display: block"><br /> </div> <div style="text-indent: 0pt; display: block; margin-left: 18pt; margin-right: 0pt; text-align: justify"><font style="display: inline; font: 10pt Times New Roman">During April 2013 and February 2013, the Partnership advanced an additional £100,000 ($153,380 applying exchange rates at April 15, 2013 and $156,180 applying exchange rates at February 15, 2013, respectively), under the Senior Loan Note Instrument (the “Instrument”) which provided further financing for a hydro-electric generating plant located on the Romney Weir in Windsor, England. At June 30, 2013, the borrower had £50,000 of additional funding available under this Instrument.</font></div> <div style="text-indent: 0pt; display: block"><br /> </div> <div style="text-indent: 0pt; display: block; margin-left: 18pt; margin-right: 0pt; text-align: justify"><font style="display: inline; font: 10pt Times New Roman">On October 31, 2011, the Partnership entered into an Instrument with a special purpose entity controlled by SAM. This special purpose entity was set-up to provide financing for a hydro-electric generating plant located on the Romney Weir in Windsor, England. The total amount available under the Instrument is £2,125,000, accrues interest at 12.0% per year and borrower’s parent company has guaranteed the full £2,125,000. Interest accrues on the Instrument until the project commencement date, as defined in the agreement, at which time all accrued interest is due and payable. Thereafter, repayment consisting of principal and interest commences three months after the project commencement date and quarterly thereafter. Quarterly principal and interest payments are calculated as follows: £46 per £1,000 of original outstanding principal for the first eight years and the £22 per £1,000 of original outstanding principal for the next three years.</font></div> <div style="text-indent: 0pt; display: block"> </div> <div style="text-indent: 0pt; display: block; margin-left: 18pt; margin-right: 0pt; text-align: justify"><font style="display: inline; font: 10pt Times New Roman">For the three months ended June 30, 2013 and 2012, the Partnership incurred a foreign currency transaction loss on its equipment notes receivable of $69,085 and $44,093, respectively. For the six months ended June 30, 2013 and 2012, the Partnership incurred a foreign currency transaction loss (gain) on its equipment notes receivable of $204,781 and $(9,300), respectively. All amounts are included in foreign currency transaction loss in the accompanying condensed consolidated statements of operations.</font></div>falsefalsefalsenonnum:textBlockItemTypenaThe entire disclosure for financing receivables. Examples of financing receivables include, but are not limited to, loans, trade accounts receivables, notes receivable, credit cards, and receivables relating to a lessor's right(s) to payment(s) from a lease other than an operating lease that is recognized as assets.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -URI http://asc.fasb.org/subtopic&trid=2196772 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -Section 55 -Paragraph 14 -URI http://asc.fasb.org/extlink&oid=32702940&loc=SL6953791-111525 false0Equipment Notes ReceivablefalseEquipment Notes ReceivableUnKnownUnKnownUnKnownUnKnowntruefalsefalseNoteshttp://sqncapital.com/role/EquipmentNotesReceivable12