0001493152-18-016046.txt : 20181114 0001493152-18-016046.hdr.sgml : 20181114 20181114155922 ACCESSION NUMBER: 0001493152-18-016046 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 65 CONFORMED PERIOD OF REPORT: 20180930 FILED AS OF DATE: 20181114 DATE AS OF CHANGE: 20181114 FILER: COMPANY DATA: COMPANY CONFORMED NAME: SQN AIF IV, L.P. CENTRAL INDEX KEY: 0001560046 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-EQUIPMENT RENTAL & LEASING, NEC [7359] IRS NUMBER: 364740732 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 333-184550 FILM NUMBER: 181183414 BUSINESS ADDRESS: STREET 1: 100 WALL STREET STREET 2: 28TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10005 BUSINESS PHONE: 212-422-2166 MAIL ADDRESS: STREET 1: 100 WALL STREET STREET 2: 28TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10005 10-Q 1 form10-q.htm

 

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

 

(Mark One)

 

[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

FOR THE QUARTERLY PERIOD ENDED SEPTEMBER 30, 2018

 

OR

 

[  ] TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

FOR THE TRANSITION FROM __________ TO __________

 

COMMISSION FILE NUMBER: 333-184550

 

SQN AIF IV, L.P.

(Exact name of registrant as specified in its charter)

 

Delaware   36-4740732

(State or other jurisdiction of

incorporation or organization)

  

(I.R.S.

Employer ID No.)

 

100 Wall Street, 28th Floor    
New York, NY   10005
(Address of principal executive offices)   (Zip code)

 

Issuer’s telephone number: (212) 422-2166

 

 

(Former name, former address and former fiscal year, if changed since last report.)

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes [X] No [  ]

 

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes [  ] No [X]

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer or a non-accelerated filer. See definition of “accelerated filer” and “large accelerated filer” in Rule 12b-2 of the Exchange Act. (Check one):

 

Large accelerated filer [  ] Accelerated filer [  ]
   

Non-accelerated filer [  ]

 Smaller Reporting Company [X]
   
Emerging growth company [  ]  

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes [  ] No [X]

 

At November 14, 2018, there were 74,527.94 units of the Registrant’s limited partnership interests issued and outstanding.

 

 

 

   

 

 

SQN AIF IV, L.P. and Subsidiaries

 

INDEX

 

PART I – FINANCIAL INFORMATION  
     
Item 1. Condensed Consolidated Financial Statements 3
     
  Condensed Consolidated Balance Sheets at September 30, 2018 and December 31, 2017 3
     
  Condensed Consolidated Statements of Operations for the Three and Nine Months Ended September 30, 2018 and 2017 4
     
  Condensed Consolidated Statement of Changes in Partners’ Equity for the Nine Months Ended September 30, 2018 5
     
  Condensed Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2018 and 2017 6
     
  Notes to Condensed Consolidated Financial Statements 8
     
Item 2. General Partner’s Discussion and Analysis of Financial Condition and Results of Operations 27
     
Item 3. Quantitative and Qualitative Disclosures About Market Risk 35
     
Item 4. Controls and Procedures 35
     
PART II - OTHER INFORMATION  
     
Item 1. Legal Proceedings 36
     
Item 1A. Risk Factors 36
     
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 36
     
Item 3. Defaults Upon Senior Securities 36
     
Item 4. Mine Safety Disclosures 36
     
Item 5. Other Information 36
     
Item 6. Exhibits 36
     
Signatures 37

 

2
 

 

PART I – FINANCIAL INFORMATION

 

Item 1. Condensed Financial Statements

 

SQN AIF IV, L.P. and Subsidiaries

(A Delaware Limited Partnership)

Condensed Consolidated Balance Sheets

 

   September 30, 2018   December 31, 2017 
   (unaudited)     
Assets          
           
Cash and cash equivalents  $824,946   $1,284,883 
Investments in finance leases, net   4,692,135    7,412,839 
Investments in equipment subject to operating leases, net   4,588,860    5,557,494 
Equipment notes receivable, including accrued interest of $656,146 and $360,486   16,357,939    16,857,756 
Residual value investment in equipment on lease   2,775,060    2,775,060 
Initial direct costs, net of accumulated amortization of $417,466 and $392,133   147,827    213,377 
Collateralized loans receivable, including accrued interest of $1,059,340 and $3,121,623   41,417,929    41,134,476 
Equipment investment through SPV   32,075,023    34,094,204 
Other assets   3,897,655    2,611,981 
Total Assets  $106,777,374   $111,942,070 
           
Liabilities and Partners’ Equity          
Liabilities:          
Loans payable  $66,635,114   $68,044,254 
Accounts payable and accrued liabilities   2,862,817    2,853,578 
Deferred revenue   724,579    395,415 
Distributions payable to General Partner   129,573    114,681 
Due to SQN Portfolio Acquisition Company, LLC- JV Interest Participation   194,489    194,489 
Security deposits payable   38,469    74,581 
Total Liabilities   70,585,041    71,676,998 
           
Commitments and Contingencies   -    - 
           
Partners’ Equity (Deficit):          
Limited Partners   32,437,084    36,454,353 
General Partner   (330,387)   (289,959)
Total Partners’ Equity attributable to the Partnership   32,106,697    36,164,394 
           
Non-controlling interest in consolidated entities   4,085,636    4,100,678 
           
Total Equity   36,192,333    40,265,072 
Total Liabilities and Partners’ Equity  $106,777,374   $111,942,070 

 

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

 

3
 

 

SQN AIF IV, L.P. and Subsidiaries

(A Delaware Limited Partnership)

Condensed Consolidated Statements of Operations

(Unaudited)

 

   For the Three Months Ended   For the Nine Months Ended 
   September 30   September 30 
   2018   2017   2018   2017 
                 
Revenue:                    
Rental income  $252,000   $332,160   $756,000   $1,342,436 
Finance income   338,492    672,082    1,053,671    1,703,528 
Interest income   1,194,265    1,201,925    3,779,474    3,950,621 
Income from equipment investment through SPV   4,774,457    4,035,381    13,377,655    11,072,567 
Investment loss from equity method investments   -    6,792    -    (5,148)
Gain on sale of assets   -    -    -    263,023 
Other income   -    13,437    893    40,274 
Total Revenue   6,559,214    6,261,777    18,967,693    18,367,301 
Provision for lease, note, and loan losses   -    319,715    1,485,167    319,715 
Revenue less provision for lease, note, and loan losses   6,559,214    5,942,062    17,482,526    18,047,586 
                     
Expenses:                    
Management fees - Investment Manager   375,000    375,000    1,125,000    1,125,000 
Depreciation and amortization   344,314    962,854    1,034,184    2,277,513 
Professional fees   144,573    105,068    350,236    442,216 
Administration expense   9,475    11,103    44,022    50,235 
Interest expense   1,140,138    1,152,812    3,412,044    3,687,328 
Other expenses   36,875    17,952    157,224    56,777 
Expenses from equipment investment through SPV (including depreciation expense of approximately $677,000 and $2,030,000 for the three and nine months ending September 30, 2018, respectively)   4,847,915    4,289,422    13,526,104    13,896,567 
Total Expenses   6,898,290    6,914,211    19,648,814    21,535,636 
Foreign currency transaction (gains) losses   92,545    (100,361)   400,522    (326,890)
Net loss   (431,621)   (871,788)   (2,566,810)   (3,161,160)
                     
Net loss attributable to non-controlling interest in consolidated entities   (6,939)   (216,362)   (13,252)   (639,163)
Net loss attributable to the Partnership  $(424,682)  $(655,426)  $(2,553,558)  $(2,521,997)
                     
Net loss attributable to the Partnership                    
Limited Partners  $(420,435)  $(648,872)  $(2,528,022)  $(2,496,777)
General Partner   (4,247)   (6,554)   (25,536)   (25,220)
Net loss attributable to the Partnership  $(424,682)  $(655,426)  $(2,553,558)  $(2,521,997)
                     
Weighted average number of limited partnership interests outstanding   74,527.94    74,532.51    74,527.94    74,584.73 
                     
Net loss attributable to Limited Partners per weighted average number of limited partnership interests outstanding  $(5.64)  $(8.71)  $(33.92)  $(33.48)

 

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

 

4
 

 

SQN AIF IV, L.P. and Subsidiaries

(A Delaware Limited Partnership)

Condensed Consolidated Statements of Changes in Partners’ Equity (Unaudited)

Nine Months Ended September 30, 2018

 

   Limited                 
   Partnership   Total   General   Limited   Non-controlling 
   Interests   Equity   Partner   Partners   Interest 
                     
Balance, January 1, 2018   74,966.07    40,265,072    (289,959)   36,454,353                 4,100,678 
                          
Net loss   -    (2,566,810)   (25,536)   (2,528,022)   (13,252)
Distributions to partners   -    (1,504,139)   (14,892)   (1,489,247)   - 
Redemption of non-controlling interest   -    (1,790)   -    -    (1,790)
                          
Balance, September 30, 2018   74,966.07   $36,192,333   $(330,387)  $32,437,084   $4,085,636 

 

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

 

5
 

 

SQN AIF IV, L.P. and Subsidiaries

(A Delaware Limited Partnership)

Condensed Consolidated Statements of Cash Flows

(Unaudited)

 

   For the Nine Months Ended
September 30,		 
   2018   2017 
         
Cash flows from operating activities:          
Net loss  $(2,566,810)  $(3,161,160)
Adjustments to reconcile net loss to net cash provided by operating activities:          
Finance income   (1,053,671)   (1,703,528)
Accrued interest income   (3,462,490)   (3,475,306)
Investment loss from equity method investments   -    5,148 
Provision for lease, note, and loan losses   1,485,167    319,715 
Depreciation and amortization   1,034,184    2,277,513 
Gain on sale of assets   -    (263,023)
Foreign currency transaction losses (gains)   396,904    (325,407)
Change in operating assets and liabilities:          
Minimum rents receivable   3,954,115    4,056,574 
Accrued interest income   3,724,848    1,862,787 
Other assets   (1,285,674)   (362,717)
Accounts payable and accrued liabilities   9,239    330,954 
Deferred revenue   (347,115)   204,194 
Security deposits payable   (36,112)   - 
Accrued interest on note payable   1,782,033    1,080,698 
Net cash provided by operating activities   3,634,618    846,442 
           
Cash flows from investing activities:          
Purchase of finance leases   (173,009)   - 
Cash received from residual value investments of equipment subject to lease   -    85,093 
Cash paid for initial direct costs   -    (32,602)
Cash paid for collateralized loans receivable   (8,960,038)   (11,709,173)
Cash received from collateralized loans receivable   8,461,006    2,594,776 
Proceeds from sale of leased assets and equipment notes   -    14,700,768 
Equipment investment through SPV   2,019,181    2,165,012 
Cash paid for equipment notes receivable   (1,485,167)   (370,187)
Repayment of equipment notes receivable   725,682    1,505,874 
Net cash provided by investing activities   587,655    8,939,561 
           
Cash flows from financing activities:          
Cash received from loan payable   -    3,759,787 
Repayments of loan payable   (3,191,173)   (5,995,206)
Cash paid to financial institutions for equipment notes payable   -    (3,669,521)
Cash received from non-controlling interest contribution   -    2,007,203 
Cash paid for Limited Partner distributions   (1,489,247)   (4,460,815)
Cash paid for Initial Limited Partners contribution redemption   -    (107,330)
Retained loss of non-controlling interest to consolidated entities   -    (1,812,714)
Cash paid for non-controlling interest distributions   (1,790)   (1,199)
Net cash used in financing activities   (4,682,210)   (10,279,795)
           
Net decrease in cash and cash equivalents   (459,937)   (493,792)
Cash and cash equivalents, beginning of period   1,284,883    2,042,423 
Cash and cash equivalents, end of period  $824,946   $1,548,631 

 

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

 

6
 

 

SQN AIF IV, L.P. and Subsidiaries

(A Delaware Limited Partnership)

Condensed Consolidated Statements of Cash Flows

(Unaudited)

 

   For the Nine Months Ended
September 30,		 
   2018   2017 
         
Supplemental disclosure of other cash flow information:          
Cash paid for interest  $1,412,654   $1,941,332 
           
Supplemental disclosure of non-cash investing and financing activities:          
Debt assumed in lease purchase agreement  $-   $3,669,521 
Distributions payable to General Partner  $14,892   $29,565 
Reclassification of equipment subject to operating leases to investment in finance leases  $-   $1,900,008 
Increase in operating and finance leases due to consolidation  $-   $(13,232,709)
Increase in equipment notes and loans payable due to consolidation  $-   $12,915,099 
Increase in collateralized loans receivable  $(676,279)  $- 

 

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

 

7
 

 

SQN AIF IV, L.P. and Subsidiaries

(A Delaware Limited Partnership)

Notes to Condensed Consolidated Financial Statements

Three and Nine Months Ended September 30, 2018 and 2017

(Unaudited)

 

1. Organization and Nature of Operations

 

Organization – SQN AIF IV, L.P. (the “Partnership”) was formed on August 10, 2012, as a Delaware limited partnership and is engaged in a single business segment, the ownership and investment in leased equipment and related financings which includes: (i) purchasing equipment and leasing it to third-party end users; (ii) providing equipment and other asset financing; (iii) acquiring equipment subject to lease and (iv) acquiring ownership rights (residual value interests) in leased equipment at lease expiration. The Partnership will terminate no later than December 31, 2036.

 

Nature of Operations – The principal investment strategy of the Partnership is to invest in business-essential, revenue-producing (or cost-savings) equipment or other physical assets with high in-place value and long, relative to the investment term, economic life and project financings. The Partnership executes its investment strategy by making investments in equipment already subject to lease or originating equipment leases in such equipment, which will include: (i) purchasing equipment and leasing it to third-party end users; (ii) providing equipment and other asset and project financings; (iii) acquiring equipment subject to lease and (iv) acquiring ownership rights (residual value interests) in leased equipment at lease expiration. From time to time, the Partnership may also purchase equipment and sell it directly to its leasing customers. The Partnership may use other investment structures that SQN Capital Management, LLC (the “Investment Manager”) believes will provide the Partnership with an appropriate level of security, collateralization, and flexibility to optimize its return on its investment while protecting against downside risk. In many cases, the structure will include the Partnership holding title to or a priority or controlling position in the equipment or other asset.

 

The General Partner of the Partnership is SQN AIF IV 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.

 

On January 19, 2015, the Investment Manager, through a wholly-owned subsidiary, entered into an agreement to acquire the leasing division of Summit Asset Management Limited (“Summit Asset Management”). Upon the acquisition, the Origination and Servicing Agreement between the Investment Manager and Summit Asset Management was terminated. From January 1, 2015, all activities of Summit Asset Management are conducted under SQN Capital Management (UK) Limited (“SQN UK”). Where Summit Asset Management was previously the servicer on transactions sold to the Partnership, SQN UK will now act as servicer.

 

On June 3, 2015, SQN Alpha, LLC (“Alpha”), a special purpose entity which is 32.5% owned by the Partnership and 67.5% owned by SQN Portfolio Acquisition Company, LLC (“SQN PAC”), acquired a promissory note with a principal amount equal to $2,650,000. The promissory note accrues interest at the rate of 11.1% per annum, payable quarterly in arrears, and matures on June 30, 2020. The promissory note is secured by a pledge of shares in an investment portfolio of insurance companies under common control of the third party which include equipment leases, direct hard assets and infrastructure investments, and other securities. On June 3, 2015, a participation agreement was entered into between SQN PAC (“Participation A”), the Partnership (“Participation B”), Alpha and SQN Capital Management, LLC. Under the agreement, Alpha created two collateralized participation interests for the collateral (“Promissory Note”); Participation A’s principal contribution is $1,788,750 and accrues interest at 9% per annum and Participation B’s principal contribution is $861,250 and accrues interest at 15.05% per annum. SQN Capital Management, LLC was appointed as a servicer for the Promissory Note. Participation A’s interest is senior to Participation B’s interest. Since the Partnership bears the primary risks and rewards of Alpha, the Partnership consolidates Alpha into the condensed consolidated financial statements. SQN PAC’s 67.5% investment in Alpha is presented as non-controlling interest on the condensed consolidated financial statements.

 

8
 

 

On December 2, 2015, the Partnership formed a special purpose entity SQN Juliet, LLC (“Juliet”), a limited liability company registered in the state of Delaware which is wholly owned by the Partnership. On December 29, 2015, Juliet entered into a loan agreement with a third party to borrow $3,071,000 for the funding of two loan facilities. The borrowers are both subsidiaries of a UK based parent company that provides small and medium sized secured business loans (“Just Loans”). Each facility provides financing up to a maximum borrowing of £5,037,500 or together a total of £10,075,000 and accrues interest at a rate of 10% per annum. The loans are secured by share pledges of the borrowers, a guaranty from the UK based parent company, and the underlying loan portfolio that Just Loans generates. In February 2016, the loan facilities were amended to include an annual fee, payable within 15 days of end of calendar year, equal to 30% of the interest paid or payable in the immediately preceding calendar year. On March 29, 2017, Juliet entered into a deed of novation agreement to novate 85% of this loan note to SQN Asset Finance (Ireland) Designated Activity Company (“SQN AFI”) for $6,416,092. In connection with the novation agreement, the Termination Date was extended to September 30, 2018. Management is currently in the process of extending this loan. On December 29, 2015, a participation agreement was entered into between a third party (“Juliet Participation A”), the Partnership (“Juliet Participation B”), and Juliet. In connection with the participation agreement, the Partnership assigned to Juliet various finance leases and equipment notes receivables with a total value equal to $4,866,750. Under the agreement, Juliet created two collateralized participation interests for the underlying loans (“Underlying Loans”); Juliet Participation A’s principal balance is $3,071,000 and accrues interest at 8.5% per annum and Juliet Participation B’s principal balance is the value of their assigned finance leases and equipment notes receivable of $4,866,750. Juliet Participation A’s interest is senior to Juliet Participation B’s interest. On April 22, 2016, the participation agreement dated December 29, 2015 between Juliet Participation A, Juliet Participation B, and Juliet was amended and restated. In connection with the amended participation agreement, Juliet Participation A funded Juliet cash of approximately $8,511,000 and assigned their interests of approximately $3,986,000 in a loan facility for a wood pellet business in Texas, which along with the outstanding principal payable balance of approximately $2,124,000 on the Just Loans transaction resulted in a Juliet Participation A balance of approximately $14,621,000. Under the amended agreement, Juliet Participation A’s principal balance accrues interest at 6% per annum and Juliet Participation B’s principal balance accrues interest at 12% per annum. Juliet Participation A’s interest is senior to Juliet Participation B’s interest. On March 29, 2017, Juliet entered into a deed of novation agreement to novate 85% of this loan note to SQN Asset Finance (Ireland) Designated Activity Company (“SQN AFI”) and on March 31, 2017, Juliet received cash proceeds of $6,416,092 from SQN AFI for the 85% interest. The loan note had a net book value of $6,273,670 resulting in a U.S. GAAP gain of $142,422. On March 31, 2017, the Partnership advanced a total of $374,610 to the Just Loans borrowers. On April 28, 2017, the Partnership advanced a total of $370,187 to the Just Loans borrowers.

 

On December 16, 2015, SQN Marine, LLC (“Marine”), a special purpose vehicle which is wholly owned by the Partnership, entered into a sale and assignment of partnership interest agreement with the Partnership and a third party. Under the terms of the agreement, Marine acquired an 88.20% (90% of 98%) economic interest in a portfolio of container feeder vessels, for an aggregate investment of $28,266,789. Marine contributed cash of $12,135,718 and entered into two loans payable with separate third parties of $7,500,000 and $9,604,091. Marine acquired their economic interest in the vessels through a limited partnership interest in CONT Feeder Portfolio GmbH & Co. KG, a Germany based limited partnership (“CONT Feeder”), which acquired and operates the container feeder vessels, and entered into a separate note payable with an unrelated third party of $14,375,654. Marine bears the risks and rewards of ownership of CONT Feeder and therefore Marine consolidates the financial statements of CONT Feeder. Since the Partnership bears the primary risks and rewards of Marine, the Partnership consolidates Marine into the condensed consolidated financial statements. A third party contributed $3,140,754 to purchase a 10% share of CONT Feeder which is presented as non-controlling interest on the condensed consolidated financial statements.

 

On January 7, 2015, the Partnership acquired a junior participation interest in a portfolio of eight helicopters for $1,500,000. The Partnership, SQN PAC, SQN Asset Finance Income Fund Limited (“SQN AFIF”), a Guernsey incorporated closed ended investment company, a fund managed by the Partnership’s Investment Manager and a third party formed a special purpose entity SQN Helo whose sole purpose is to acquire the helicopter portfolio. SQN Helo is the sole owner of eight special purpose entities each of which own a helicopter. The purchase price of the helicopter portfolio was approximately $23,201,000 comprised of approximately $11,925,000 of cash payments and the assumption of approximately $11,276,000 of nonrecourse indebtedness. SQN PAC also acquired a junior participation interest in SQN Helo for $1,500,000. The senior participation interests in SQN Helo were acquired by SQN AFIF and the third party. The Partnership and SQN PAC each owned 50% of SQN Helo. The Partnership accounted for its investment in SQN Helo using the equity method. In November 2016, a lessee of five helicopters filed for bankruptcy protection under Chapter 11 and restructured the leases. As of December 31, 2016, the Partnership had advanced a total of $1,465,000. On January 19, 2017, the Partnership bought a debt position of a third party lender to SQN Helo for $3,325,506, which increased the Partnership’s controlling financial interest in SQN Helo to 76%. On September 29, 2017 and June 30, 2017, the Partnership received a distribution from SQN Helo of $249,287 and $250,000, respectively, which decreased the Partnership’s controlling financial interest in SQN Helo to 75%. As a result of the increase in the Partnership’s controlling financial interest and since the Partnership bears the primary risks and rewards of SQN Helo, the Partnership consolidates SQN Helo into the condensed consolidated financial statements. SQN PAC owns a 25% share of SQN Helo which is presented as due to SQN Portfolio Acquisition Company, LLC on the condensed consolidated financial statements.

 

9
 

 

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 is currently in the Liquidation Period. The Offering Period concluded on April 2, 2016, which was three years from the date the Partnership was declared effective by the Securities and Exchange Commission (“SEC”). 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 Operating Period began on the date of the Partnership’s initial closing, which occurred on May 29, 2013 and concluded on May 29, 2017. The Liquidation Period, which began on May 30, 2017, 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.

 

SQN Securities, LLC (“Securities”), a Delaware limited liability company, was the Partnership’s selling agent, and received an underwriting fee of 3% of the gross proceeds from Limited Partners’ capital contributions (excluding proceeds, if any, the Partnership received from the sale of its Units to the General Partner or its affiliates). In addition, the Partnership paid a 7% sales commission to broker-dealers unaffiliated with the General Partner who sold the Partnership’s Units, on a best efforts basis. When the 7% sales commission was not required to be paid, the Partnership applied the proceeds that would otherwise be payable as sales commission toward the purchase of additional fractional Units at $1,000 per Unit.

 

During the nine months ended September 30, 2018, the Partnership declared and made cash distributions to its Limited Partners totaling $1,489,247. The Partnership did not make a cash distribution to the General Partner during the nine months ended September 30, 2018; and accrued $14,892 for distributions due to the General Partner which resulted in a distributions payable to General Partner of $129,573 at September 30, 2018.

 

From May 29, 2013 through September 30, 2018, the Partnership has admitted 1,508 Limited Partners with total capital contributions of $74,965,064 resulting in the sale of 74,965.07 Units. The Partnership received cash contributions of $72,504,327 and applied $2,460,737 which would have otherwise been paid as sales commission to the purchase of 2,460.74 additional Units.

 

2. Summary of Significant Accounting Policies

 

Basis of Presentation — The condensed consolidated financial statements of SQN AIF IV, L.P. and Subsidiaries at September 30, 2018 and for the three and nine months ended September 30, 2018 and 2017 are unaudited and have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and pursuant to the rules and regulations of the SEC with respect to Form 10-Q and Article 8 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete condensed consolidated financial statements. The unaudited interim condensed consolidated financial statements furnished reflect all adjustments (consisting of normal recurring adjustments) which are, in the opinion of management, necessary for a fair statement of the results for the interim periods presented. The results reported in these condensed consolidated financial statements should not necessarily be taken as indicative of results that may be expected for the entire year. These unaudited interim condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements of the Partnership for the year ended December 31, 2017 and notes thereto contained in the Partnership’s annual report on Form 10-K for the year ended December 31, 2017, as filed with the SEC on April 2, 2018.

 

10
 

 

Principles of Consolidation — The condensed consolidated financial statements include the accounts of the Partnership and its entities, where the Partnership has the primary economic benefits of ownership. The Partnership’s consolidation policy requires the consolidation of entities where a controlling financial interest is held as well as the consolidation of variable interest entities in which the Partnership has the primary economic benefits. All material intercompany balances and transactions are eliminated in consolidation.

 

Non-controlling interest represents the minority equity holders’ investment in Alpha and CONT Feeder plus the minority’s share of the net operating results and other components of equity relating to the non-controlling interest.

 

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 condensed 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 — The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires the General Partner and Investment Manager to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities as of the date of the condensed consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. Significant estimates primarily include the determination of allowances for doubtful lease, notes and loan accounts, depreciation and amortization, impairment losses, estimated useful lives, and residual values. Actual results could differ from those estimates.

 

Cash and Cash Equivalents — The Partnership considers all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents. Cash and cash equivalents consist of funds maintained in checking and money market accounts maintained at financial institutions.

 

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 an international financial institution in order to minimize risk relating to exceeding insured limits. The Partnership, through Summit Asset Management Limited, maintains an unrestricted bank account at a major financial institution in the United Kingdom for purposes of receiving payments and funding transactions in Pound Sterling.

 

Credit Risk — In the normal course of business, the Partnership is exposed to credit risk. Credit risk is the risk that the Partnerships’ counterparty to an agreement either has an inability or unwillingness to make contractually required payments. The Partnership expects concentrations of credit risk with respect to lessees to be dispersed across different industry segments and different regions of the world.

 

11
 

 

Asset Impairments — Assets in the Partnership’s investment portfolio, which are considered long-lived assets, are periodically reviewed, no less frequently than annually or when indicators of impairment exist, to determine whether events or changes in circumstances indicate that the carrying value of the asset may not be recoverable. An impairment loss is recognized only if the carrying amount of a long-lived asset is not recoverable and exceeds its fair value. If there is an indication of impairment, the Partnership estimates the future cash flows (undiscounted and without interest charges) expected from the use of the asset and its eventual disposition. Future cash flows are the future cash inflows expected to be generated by an asset less the future outflows expected to be necessary to obtain those inflows. If an impairment is determined to exist, the impairment loss is measured as the amount by which the carrying value of a long-lived asset exceeds its fair value and is recorded in the statement of operations in the period the determination is made. The events or changes in circumstances that generally indicate that an asset may be impaired are, (i) the estimated fair value of the underlying equipment is less than its carrying value, (ii) the lessee is experiencing financial difficulties and (iii) it does not appear likely that the estimated proceeds from the disposition of the asset will be sufficient to recover the carrying value of the asset. The preparation of the undiscounted cash flows requires the use of assumptions and estimates, including the level of future rents or receipts from the sale of the investment, estimated downtime between re-leasing events, and the amount of re-leasing costs. The Investment Manager’s review for impairment includes a consideration of the existence of impairment indicators, including third party appraisals, published values for similar assets, recent transactions for similar assets, adverse changes in market conditions for specific asset types, and the occurrence of significant adverse changes in general industry and market conditions that could affect the fair value of the asset.

 

Lease Classification and Revenue Recognition — The Partnership records revenue based upon the lease classification determined at the inception of the transaction and based upon the terms of the lease or when there are significant changes to the lease terms.

 

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 and the industry in which the potential lessee operates. 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.

 

12
 

 

Finance Lease Receivables and Allowance for Doubtful Lease, Notes and Loan Accounts — In the normal course of business, the Partnership provides credit or financing to its customers, performs credit evaluations of these customers, and maintains reserves for potential credit losses. These credit or financing transactions are normally collateralized by the equipment being financed. In determining the amount of allowance for doubtful lease, notes and loan accounts, the Investment Manager considers historical credit losses, the past due status of receivables, payment history, and other customer-specific information, including the value of the collateral. The past due status of a receivable is based on its contractual terms. Expected credit losses are recorded as an allowance for doubtful lease, notes and loan accounts. Receivables are written off when the Investment Manager determines they are uncollectible. At September 30, 2018, a reserve was required for an equipment notes receivables and a reserve for losses was recorded, there is a provision for lease, note and loan losses of $1,485,167. At December 31, 2017, a reserve was required for a finance lease, equipment notes receivables and an equity method investment and a reserve for losses was recorded, there is a provision for lease, note and loan losses of $3,001,573.

 

Equipment Notes and Loans Receivable — Equipment notes and loans receivable are reported in the condensed consolidated financial statements as the outstanding principal balance net of any unamortized deferred fees, and premiums or discounts on purchased loans. Costs to originate loans, if any, are reported as other assets in the condensed consolidated financial statements and amortized to expense over the estimated life of the loan. Income is recognized over the life of the note agreement. On certain equipment notes and loans receivable, specific payment terms were reached requiring prepayments which resulted in the recognition of unearned interest income. Unearned income, discounts and premiums, if any, are amortized to interest income in the condensed consolidated statements of operations using the effective interest rate method. Equipment notes and loans receivable are generally placed in a non-accrual status when payments are more than 90 days past due and all unpaid accrued interest is reversed. Additionally, the Investment Manager periodically reviews the creditworthiness of companies with payments outstanding less than 90 days. Based upon the Investment Manager’s judgment, accounts may be placed in a non-accrual status. Accounts on a non-accrual status are only returned to an accrual status when the account has been brought current and the Partnership believes recovery of the remaining unpaid receivable is probable. Revenue on non-accrual accounts is recognized only when cash has been received.

 

Initial Direct Costs — The Partnership capitalizes initial direct costs associated with the origination and funding of lease assets. These costs are amortized on a lease by lease basis over the actual contract term of each lease using the effective interest rate method for finance leases and the straight-line method for operating leases. Upon disposal of the underlying lease assets, both the initial direct costs and the associated accumulated amortization are relieved. Costs related to leases that are not consummated are not eligible for capitalization as initial direct costs and are expensed as incurred as acquisition expense.

 

Equity Method — The Partnership records its 24.5% investment in Informage SQN Technologies LLC using the equity method of accounting. According to U.S. GAAP, a company that holds 20% or greater investment in another company could potentially exercise significant influence over the investee company’s operating and financing activities and should therefore utilize the equity method of accounting. The Partnership’s portion of earnings in the investee are recorded as an increase in its investment and recognized in the condensed consolidated statements of operations, and any distributions received from the investee are recorded as a reduction in its investment.

 

Acquisition Expense — Acquisition expense represents costs which include, but are not limited to, legal fees and expenses, travel and communication expenses, cost of appraisals, accounting fees and expenses, and miscellaneous expenses related to the selection and acquisition of leased equipment which are incurred by the Partnership under the terms of the Partnership Agreement, as amended. As these costs are not eligible for capitalization as initial direct costs, such amounts are expensed as incurred.

 

Income Taxes — As a partnership, no provision for income taxes is recorded since the liability for such taxes is the responsibility of each of the Partners rather than the Partnership. The Partnership’s income tax returns are subject to examination by the federal and state taxing authorities, and changes, if any, could adjust the individual income tax of the Partners.

 

The Partnership has adopted the provisions of FASB Topic 740, Accounting for Uncertainty in Income Taxes. This accounting guidance prescribes recognition thresholds that must be met before a tax position is recognized in the financial statements and provides guidance on de-recognition, classification, interest and penalties, accounting in interim periods, disclosure, and transition. Additionally, an entity may only recognize or continue to recognize tax positions that meet a “more likely than not” threshold. The Partnership has evaluated its entity level tax positions for the years ended December 31, 2017 and 2016, and does not expect any material adjustments to be made. The tax years 2017, 2016 and 2015 remain open to examination by the major taxing jurisdictions to which the Partnership is subject.

 

13
 

 

Per Share Data — Net income or loss attributable to Limited Partners per weighted average number of limited partnership interests outstanding is calculated as follows; the net income or loss allocable to the Limited Partners divided by the weighted average number of limited partnership interests outstanding during the period.

 

Foreign Currency Transactions — The Partnership has designated the United States of America dollar as the functional currency for the Partnership’s investments denominated in foreign currencies. Accordingly, certain assets and liabilities are translated at either the reporting period exchange rates or the historical exchange rates, revenues and expenses are translated at the average rate of exchange for the period, and all transaction gains or losses are reflected in the condensed consolidated statements of operations.

 

Depreciation — The Partnership, and all consolidated entities, records depreciation expense on equipment when the lease is classified as an operating lease. In order to calculate depreciation, the Partnership first determines the depreciable equipment cost, which is the cost less the estimated residual value. The estimated residual value is the Partnership’s estimate of the value of the equipment at lease termination. Depreciation expense is recorded by applying the straight-line method of depreciation to the depreciable equipment cost over the lease term.

 

Recent Accounting Pronouncements

 

In August 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments (“ASU 2016-15”), which provides guidance on how certain cash receipts and cash payments are to be presented and classified in the statement of cash flows. The adoption of ASU 2016-15 becomes effective for fiscal years beginning on January 1, 2018, including interim periods within that reporting period. Early adoption is permitted. An entity will apply the amendments within ASU 2016-15 using a retrospective transition method to each period presented. The Partnership has adopted ASU No 2016-15 and has determined there was no significant impact on its condensed interim consolidated financial statements.

 

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 is effective for fiscal periods beginning after December 15, 2019 and must be adopted as a cumulative effect adjustment to retained earnings. Early adoption is permitted. The Partnership is currently evaluating the impact of this guidance on its condensed interim consolidated financial statements.

 

In February 2016, the FASB issued 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 is 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 is currently evaluating the impact of this guidance on its condensed interim consolidated financial statements.

 

14
 

 

In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606) (“ASU 2014-09”), ASU 2014-09 requires that an entity recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods and services. On July 9, 2015, the FASB approved amendments deferring the effective date by one year. ASU 2014-09 is now effective for annual reporting periods beginning after December 15, 2017, including interim periods within that reporting period. The amendments can be applied retrospectively to each prior reporting period or retrospectively with the cumulative effect of initially applying this Update recognized at the date of initial application. Early application was permitted but not before the original public entity effective date, i.e., annual periods beginning after December 15, 2016. The Partnership has adopted ASU 2014-09 and has determined there was no significant impact on its condensed interim consolidated financial statements.

 

Management does not believe that any other recently issued, but not yet effective accounting pronouncements, if adopted, would have a material effect on the condensed consolidated financial statements.

 

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 pays the General Partner a fee for organizational and offering costs not to exceed 2% 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 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 September 30, 2018 and December 31, 2017.

 

The Partnership pays the Investment Manager during the Offering Period, Operating Period and the Liquidation Period a management fee equal to or the greater of, (i) 2.5% per annum of the aggregate offering proceeds, or (ii) $125,000 monthly, until such time as an amount equal to at least 15% of the Partnership’s Limited Partners’ capital contributions have been returned to the Limited Partners, after which the monthly management fee will equal 100% of the management fee as initially calculated above, less 1% for each additional 1% of the Partnership’s Limited Partners’ capital contributions returned to them. Such amounts are measured on the last day of each month. The management fee is paid regardless of the performance of the Partnership and will be adjusted in the future to reflect the total equity raised. For the three months ended September 30, 2018 and 2017, the Partnership paid $375,000 in management fee expense to the Investment Manager. For the nine months ended September 30, 2018 and 2017, the Partnership paid $1,125,000 in management fee expense to the Investment Manager.

 

Securities is a Delaware limited liability company and in its capacity as the Partnership’s selling agent received an underwriting fee of 3% 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).

 

For the nine months ended September 30, 2018 and year ended December 31, 2017, the Partnership incurred no underwriting discounts or fees, and made no payments to Securities as the offering period concluded on April 2, 2016.

 

4. Investments in Finance Leases

 

At September 30, 2018 and December 31, 2017, net investment in finance leases consisted of the following:

 

   September 30, 2018   December 31, 2017 
   (unaudited)     
Minimum rents receivable  $3,053,293   $6,639,597 
Estimated unguaranteed residual value   1,929,320    2,003,757 
Unearned income   (290,478)   (1,230,515)
Total  $4,692,135   $7,412,839 

 

15
 

 

Aircraft

 

In connection with the consolidation of SQN Helo, the Partnership holds two helicopter finance leases with two different third parties. As of December 31, 2016, these finance leases have a net book value of $3,378,129. One finance lease requires 18 monthly payments of $79,167 which commenced in August 2016. Upon expiration of an operating lease in August 2017, the lease was restructured as a direct finance lease and the Partnership reclassified it to investment in finance leases. This finance lease requires 24 monthly payments of $79,167 which commenced in August 2017. The other finance lease requires 48 monthly payments of $32,500 commencing in April 2017. At September 30, 2018, there were no significant changes to these leases.

 

Aircraft Parts Equipment

 

In December 2016, the lease agreement for aircraft rotable parts equipment for approximately $775,000 was amended and extended for an additional 18 months. The amended finance leases require 18 monthly payments in aggregate of $90,116 commencing on December 16, 2016. This lease matured in June 2018.

 

Furniture and Fixtures and Server Equipment

 

On January 31, 2016, the Master Equipment Lease for servers, fixtures and furniture for approximately $2,700,000 commenced and the Partnership reclassified the equipment note to investment in finance lease. The finance lease requires 36 monthly payments of $77,727 which commenced on February 1, 2016. On June 24, 2016, Juliet entered into a second finance lease transaction for servers, fixtures and furniture for $337,131. The finance lease requires 31 monthly payments of $12,464 commenced on July 1, 2016. At September 30, 2018, there were no significant changes to these leases.

 

Furniture, Fixtures and Equipment, as well as Computer Hardware & Software

 

On December 30, 2015, the Partnership entered into a finance lease transaction for furniture, fixtures and equipment, as well as computer hardware and software for $1,500,000. The finance lease requires 30 monthly payments of $58,950. At September 30, 2018, there were no significant changes to this lease.

 

Anaerobic Digestion Plant

 

On January 31, 2016, construction of the anaerobic digestion plant was completed and the lease commenced (as described in Note 6) and the Partnership reclassified the equipment note to investment in finance lease. The lease requires 20 quarterly payments of £41,616 ($59,823 applying exchange rate of 1.4375 at May 16, 2016) began on April 30, 2016. At September 30, 2018, there were no significant changes to this lease.

 

Computer Networking Equipment

 

On September 1, 2015, the Partnership entered into a finance lease transaction for computer networking equipment for $446,677 (“Comp Net 1”). The Comp Net 1 finance lease requires 36 monthly payments of $14,195. On October 30, 2015, the Partnership entered into a second finance lease transaction for computer networking equipment for $297,689 (“Comp Net 2”). The Comp Net 2 finance lease requires 36 monthly payments of $9,460. On December 29, 2015, the Partnership entered into a third finance lease transaction for computer networking equipment for $389,266 (“Comp Net 3”). The Comp Net 3 finance lease requires 36 monthly payments of $12,456. On December 30, 2015, the Partnership assigned the Comp Net 1 and Comp Net 2 finance leases to Juliet. On March 30, 2017, the Partnership sold the Comp Net 3 finance lease to a third party for cash proceeds of $250,696. The finance lease had a net book value of $248,240 resulting in a U.S. GAAP gain of $2,456. On March 15, 2018, the Partnership purchased the Comp Net 3 finance lease for $93,230 (cash of $173,009 less $79,779 debt forgiveness). On August 29, 2018, the Fund received cash proceeds of $152,422 as payment for the balance of the lease.

 

Gamma Knife Suite - TRCL

 

On April 30, 2015, the Partnership acquired from a third party, 20 quarterly lease payments with respect to a gamma knife suite leased to a hospital in the United Kingdom. The Partnership paid £375,000 ($576,750 applying exchange rate of 1.538 at April 30, 2015) for the equipment lease receivables which are payable under the lease from July 2015 through April 2020. The finance lease requires 20 quarterly payments of £25,060. The equipment lease receivables are secured by the gamma knife suite. At September 30, 2018, there were no significant changes to this lease.

 

16
 

 

Medical Equipment

 

On March 31, 2014, the Partnership entered into a finance lease transaction for medical equipment for $247,920. The finance lease requires 48 monthly payments of $7,415. On December 30, 2015, the Partnership assigned this finance lease to Juliet. The finance lease terminated on March 31, 2018.

 

5. Investments in Equipment Subject to Operating Leases

 

In connection with the consolidation of SQN Helo, the Partnership holds four helicopter operating leases with two different third parties. As of December 31, 2016, these operating leases had an aggregate net book value of $9,871,737. One operating lease requires monthly payments of $80,160 and expired in August 2017. Upon expiration of operating lease, this lease was restructured as a direct finance lease and the Partnership reclassified it to investment in finance leases. The other three operating leases require 48 monthly payments of $32,500, $32,500 and $19,000, respectively, commencing in April 2017.

 

September 30, 2018:

 

Description  Cost Basis   Accumulated Depreciation   Net Book Value 
   (unaudited)   (unaudited)   (unaudited) 
Aircraft (Helicopters)  $9,432,030   $4,843,170   $4,588,860 
   $9,432,030   $4,843,170   $4,588,860 

 

December 31, 2017:

 

Description  Cost Basis   Accumulated Depreciation   Net Book Value 
             
Aircraft (Helicopters)  $9,432,030   $3,874,536   $5,557,494 
   $9,432,030   $3,874,536   $5,557,494 

 

Depreciation expense for the three and nine months ended September 30, 2018 was $322,878 and $968,634, respectively.

 

6. Equipment Notes Receivable

 

Manufacturing / Solar Equipment

 

On June 29, 2016, SQN Gamma LLC, assigned its commitment interest in a loan facility, under a Credit Agreement dated November 17, 2015, to the Partnership and to Juliet in the amount of $3,893,165 and $2,500,000, respectively. On June 30, 2016, the Partnership and Juliet funded $3,893,165 and $2,500,000, respectively under this loan facility. The loan facility accrues interest at a rate of 11% per annum and matures on March 31, 2021. The borrower is required to make 51 monthly payments of principal and interest beginning on January 31, 2017 and an additional final payment due at maturity date of 8% of the aggregate principal amount of loans made. On August 17, 2016, the Partnership funded $730,170 to the same borrower. The loan facility accrues interest at a rate of 10.5% per annum and matures on August 1, 2019. The borrower is required to make 36 monthly payments of principal and interest beginning on September 1, 2016 and an additional final payment due at maturity date of 5% of the aggregate principal amount of loans made. The loan facilities are secured by solar products manufacturing equipment. On January 18, 2017, the Partnership entered into an assignment agreement to sell the solar products manufacturing equipment note dated June 29, 2016 for cash proceeds of $4,021,250 ($3,893,165 principal and $128,085 accrued interest). On March 29, 2017, the Partnership entered into an assignment agreement to repurchase the solar products manufacturing equipment note dated June 29, 2016 for cash proceeds of $4,107,294 ($3,893,165 principal and $214,129 purchase interest). On April 17, 2017, the borrower voluntarily filed for Chapter 11 bankruptcy protection. The Partnership received monthly payments in accordance with terms from this borrower through February 28, 2017. As of September 30, 2018, the March 2017 through September 2018 monthly payments are outstanding, therefore this loan facility is in non-accrual status as a result of the bankruptcy and of non-payment. As of September 30, 2018 and December 31, 2017, the Partnership placed a reserve on this asset of $1,485,167 and $1,022,742, respectively.

 

17
 

 

Construction Equipment

 

On April 14, 2016, the Partnership, through Juliet, acquired an interest in loan notes from a third party leasing company for $1,529,674. The loan notes are secured by a portable wash plant and a fleet of cement mixers and dump trucks which are owned by a Texas-based construction company. Under the terms of the loan agreement, the borrower is required to make 72 monthly payments of principal and interest of $28,865. The loan is scheduled to mature on March 31, 2022.

 

On June 3, 2016 and on June 24, 2016, the Partnership, through Juliet, acquired additional interest in two loan notes from the third party leasing company for $205,000 and $1,289,163, respectively. Under the terms of the loan agreements, the borrower is required to make 60 and 72 monthly payments of principal and interest of $4,450 and $24,326, respectively. The loans are scheduled to mature on June 30, 2021 and June 30, 2022, respectively.

 

On September 30, 2016 and in December 2016, the Partnership, through Juliet, acquired an additional interest in a loan note from the third party leasing company for $1,426,732 and $1,619,283, respectively. Under the terms of the loan agreement, the borrower is required to make 72 monthly payments of principal and interest of $57,925 and the loan is scheduled to mature on September 30, 2022.

 

On December 2, 2016 and on December 23, 2016, the Partnership, through Juliet, acquired additional interest in two loan notes from the third party leasing company for $43,177 and $2,335,960, respectively. Under the terms of the loan agreements, the borrower is required to make 60 monthly payments of principal and interest of $950 and $48,100, respectively. These loans are scheduled to mature on November 30, 2021 and June 30, 2021, respectively. On January 9, 2017, the Partnership, through its investment in Juliet, sold the loan note for construction equipment dated December 23, 2016 to a third party for cash proceeds of $2,252,389. The loan note had a net book value of $2,239,760 resulting in a U.S. GAAP gain of $12,629.

 

For the three and nine months ended September 30, 2018, the equipment notes earned interest income of $121,919 and $384,306, respectively.

 

Transportation Equipment

 

On January 23, 2016 and on March 4, 2016, the Partnership acquired two loan notes from a third party leasing company for approximately $247,194 and $204,303, respectively. The loans are secured by transportation equipment. Under the terms of the loan agreements, the borrower is required to make 72 monthly payments of principal and interest of $4,697 and $4,045, respectively. The loans are scheduled to mature on January 23, 2022 and March 3, 2022, respectively. For the three and nine months ended September 30, 2018, the equipment notes earned interest income of $8,784 and $27,756, respectively.

 

Secured Business Loans

 

On December 31, 2015, Juliet extended two separate loan facilities to two borrowers. The borrowers are both subsidiaries of a UK based parent company that provides small and medium sized secured business loans (“Just Loans”). Each facility provides financing up to a maximum borrowing of £5,037,500 or together a total of £10,075,000 and accrues interest at a rate of 10% per annum. The loans are secured by share pledges of the borrowers, a guaranty from the UK based parent company, and the underlying loan portfolio that Just Loans generates. In February 2016, the loan facilities were amended to include an annual fee, payable within 15 days of end of calendar year, equal to 30% of the interest paid or payable in the immediately preceding calendar year. In connection with the novation agreement, the Termination Date was extended to September 30, 2018. Management is currently in the process of extending this loan. On December 29, 2015, Juliet advanced a total of $2,974,000 to the Just Loans borrowers. On February 18, 2016, Juliet advanced a total of $2,878,000 to the Just Loans borrowers. On April 18, 2016, the Partnership, through its investment in Juliet, advanced a total of $2,140,350 to the Just Loans borrowers. On December 13, 2016, Juliet advanced a total of $740,160 to the Just Loans borrowers. On March 29, 2017, Juliet entered into a deed of novation agreement to novate 85% of this loan note to SQN Asset Finance (Ireland) Designated Activity Company (“SQN AFI”) and on March 31, 2017, Juliet received cash proceeds of $6,416,092 from SQN AFI for the 85% interest. The loan note had a net book value of $6,273,670 resulting in a U.S. GAAP gain of $142,422. On March 31, 2017 and on April 28, 2017, the Partnership advanced a total of $374,610 and $370,187, respectively, to the Just Loans borrowers. For the three and nine months ended September 30, 2018, the equipment note earned interest income of $49,786 and $387,283, respectively.

 

18
 

 

Honey Production Equipment

 

On December 14, 2015, the Partnership acquired a loan note from a third party leasing company for approximately $12,789, and is secured by honey production equipment. Under the terms of the loan agreement, the borrower is required to make 36 monthly payments of principal and interest of $425. The loan is scheduled to mature on November 30, 2018. For the three and nine months ended September 30, 2018, the equipment note earned interest income of $16 and $183, respectively.

 

Towing Equipment

 

On October 30, 2015, the Partnership acquired a loan note from a third party leasing company for approximately $96,000. The loan is secured by a heavy duty tow truck which is owned by a Connecticut-based towing and repair company. Under the terms of the loan agreement, the borrower is required to make 60 monthly payments of principal and interest of $2,041. The loan is scheduled to mature on October 31, 2020. On December 30, 2015, the Partnership assigned this equipment notes receivable to Juliet. In May 2018, the loan note was amended whereby the borrower is required to make 51 monthly payments of principal and interest of $2,450 commencing on June 1, 2018. The amended loan is scheduled to mature on August 31, 2022. For the three and nine months ended September 30, 2018, the equipment note earned interest income of $2,343 and $5,591, respectively.

 

Tractor and Trailer Equipment

 

On October 30, 2015 and on November 4, 2015, the Partnership acquired two loan notes from a third party leasing company for approximately $147,919 and $15,000, respectively. The loans are secured by tractor and trailer equipment. Under the terms of the loans agreements, the borrower is required to make 60 monthly payments of principal and interest of $3,255 and $330, respectively. The loans are scheduled to mature on October 31, 2020. On December 30, 2015, the Partnership assigned these equipment notes receivable to Juliet. For the three and nine months ended September 30, 2018, the equipment notes earned interest income of $2,642 and $8,544, respectively.

 

Furniture, Fixtures and Equipment

 

On October 30, 2015, the Partnership acquired a loan note from a third party leasing company for approximately $817,045. The loan is secured by furniture, fixtures and equipment. Under the terms of the loan agreement, the borrower is required to make 35 monthly payments of approximately $26,145, accrues interest at a rate of 18.84% per annum and has a final balloon payment of $117,000 which the Partnership received on November 1, 2018. On December 30, 2015, the Partnership assigned this equipment note receivable to Juliet. For the three and nine months ended September 30, 2018, the equipment notes earned interest income of $5,895 and $26,812, respectively.

 

Mineral Processing Equipment

 

On September 27, 2013, the Partnership entered into a loan facility to provide financing up to a maximum borrowing of $3,000,000. The borrower is a Florida based company that builds, refurbishes and services mineral refining and mining equipment in the United States, Central and South America. The loan facility was secured by equipment that refines precious metals and other minerals. The Partnership advanced $2,500,000 to the borrower during September 2013. The loan facility required 48 monthly payments of principal and interest of $68,718 (revised from original payment of $69,577 upon second funding discussed below) and a balloon payment of $500,000 in September 2017. The loan facility was scheduled to mature in September 2017. On May 9, 2014, the Partnership made a second funding of $500,000 to the borrower under the above agreement. The loan facility required 41 monthly payments of principal and interest of $15,764 and was scheduled to mature in September 2017. The borrower’s obligations under the loan facility were also personally guaranteed by its majority shareholders.

 

19
 

 

On December 22, 2014, the outstanding principal of $2,537,822 and accrued interest of $204,721 of this note receivable was restructured into a new note receivable of $2,883,347. The new loan facility is secured by equipment that refines precious metals and other minerals and is guaranteed by the majority shareholders of the Florida based company referred to above. The new loan facility requires 48 monthly payments of principal and interest of $79,255 commencing on February 24, 2015 and a balloon payment of $500,000 in January 2019. The loan facility is scheduled to mature in January 2019. In connection with above restructured note, on December 22, 2014, the Partnership entered into a $200,000 promissory note with the same borrower. The promissory note requires five annual payments of $150,000 commencing on January 25, 2019 and matures in January 2023. As of December 31, 2014, the Partnership advanced $100,000. In January 2015, the Partnership advanced the remaining $100,000. In June 2015, the Partnership received a principal payment of $40,000. For the three and nine months ended September 30, 2018 and for the years ended December 31, 2017, 2016 and 2015, the mineral processing equipment note is in non-accrual status as a result of non-payment. As of December 31, 2017, the Partnership placed a reserve on this asset of $1,043,347. Based on a third party appraisal of the collateral value of the equipment, the Investment Manager believes that there is sufficient collateral value to cover the remaining outstanding balance of the restructured note receivable and the promissory note.

 

Medical Equipment

 

On December 19, 2014, the Partnership entered into a $667,629 promissory note to finance the purchase of medical equipment located in Texas. The promissory note will be paid through 60 monthly installments of principal and interest of $15,300. The promissory note is secured by a first priority security interest in the medical equipment and other personal property located at the borrowers principal place of business. On December 30, 2015, the Partnership assigned this equipment note receivable to Juliet. For the three and nine months ended September 30, 2018, the medical equipment note earned interest income of $7,527 and $26,355, respectively.

 

Brake Manufacturing Equipment

 

On May 2, 2014, the Partnership purchased a promissory note secured by brake manufacturing equipment with an aggregate principal amount of $432,000. The promissory note requires quarterly payments of $34,786, accrues interest at 12.5% per annum and matured in January 2018. In May 2018, the maturity date of the promissory note was extended to December 31, 2018. For the three and nine months ended September 30, 2018, the equipment note earned interest income of $5,299 and $15,724, respectively.

 

The future maturities of the Partnership’s equipment notes receivable at September 30, 2018 are as follows:

 

Years ending September 30, (unaudited)    
     
2019   6,901,636 
2020   3,648,809 
2021   3,018,791 
2022   1,957,946 
2023   174,611 
   $15,701,793 

 

7. Residual Value Investment in Equipment on Lease

 

On September 15, 2014, the Partnership entered into a Residual Interest Purchase Agreement with a leasing company to purchase up to $3 million of residual value interests in equipment. The leasing company has entered into a Master Lease Agreement with a third party to lease cash handling machines or smart safes under one or more lease schedules with original equipment cost of $20 million (“OEC”) and a term of five years from initiation of each lease schedule. In connection with the Master Lease Agreement, the leasing company has entered into a finance arrangement with another third party to finance 85% of the OEC up to an aggregate facility of $17 million and the Partnership has agreed to finance the remaining 15% of the OEC up to an aggregate facility of $3 million. As of September 30, 2018, the Partnership had advanced a net total of $2,775,060.

 

20
 

 

8. Collateralized Loan Receivable

 

In July 2018, Juliet entered into an assignment agreement with a third party whereby Juliet purchased a $2,000,000 promissory note. The promissory note accrues interest at the rate of 9% per annum and matures on July 31, 2019. During August 2018, the Partnership and Juliet advanced a total of $1,715,500 (85% of principal plus accrued interest) for this note. For the three and nine months ended September 30, 2018, the promissory note earned interest income of $22,216.

 

On May 30, 2018, the Partnership entered into a loan agreement and a $5,000,000 promissory note with a borrower. On June 21, 2018, the Partnership assigned $3,400,000 of this note to Juliet. On that same date, the Partnership and Juliet funded the $5,000,000 promissory note. The promissory note accrues interest at the rate of 9% per annum, payable quarterly in arrears beginning on June 30, 2018, and matures on May 30, 2028. For the three and nine months ended September 30, 2018, the promissory note earned interest income of $151,250.

 

On July 20, 2017, the Partnership, through Juliet, provided secured financing in the amount of $3,867,435 after applicable exchange rates for a motion picture production company in the United Kingdom. The loan is secured by all of the assets, including tax credits, of the borrower and all of the borrower’s rights to proceeds from the motion picture. The loan accrues interest at a rate of 12% per annum and is scheduled to mature 24 months after the funding date. For the three and nine months ended September 30, 2018, the loan facility earned interest income of $116,977 and $347,116, respectively.

 

On September 23, 2016, the Partnership, through Juliet, provided secured financing in the amount of $1,845,655 after applicable exchange rates for a motion picture production company in the United Kingdom. The loan is secured by all of the assets, including tax credits, of the borrower and all of the borrower’s rights to proceeds from the motion picture. The loan accrues interest at a rate of 12% per annum and is scheduled to mature 24 months after the funding date. Management is currently in the process of extending this loan. For the three and nine months ended September 30, 2018, the loan facility earned interest income of $28,862 and $99,676, respectively.

 

On September 12, 2016, the Partnership, through Juliet, provided secured financing in the amount of $2,215,270 after applicable exchange rates for a motion picture production company in the United Kingdom. The loan is secured by all of the assets, including tax credits, of the borrower and all of the borrower’s rights to proceeds from the motion picture. The loan accrues interest at a rate of 12% per annum and is scheduled to mature 24 months after the funding date. Management is currently in the process of extending this loan. For the three and nine months ended September 30, 2018, the loan facility earned interest income of $67,004 and $198,828, respectively.

 

From July 21, 2016 through December 31, 2017, the Partnership funded a total of $12,342,624 under a wholesale financing arrangement with an international leasing company that does business between the United States and Mexico. During the nine months ended September 30, 2018, the Partnership funded an additional total of $2,244,538 under this wholesale financing arrangement. The loans accrue interest at rate of 10% per annum and are secured by industrial and manufacturing equipment subject to equipment leases. During the nine months ended September 30, 2018, the Partnership received total payments of principal and interest of $3,699,815 from this wholesale financing arrangement. On June 21, 2018, the Partnership and Juliet sold a portion of this loan facility to SQN AFIF in the form of a senior participation interest for total cash proceeds of $5,568,262. For the three and nine months ended September 30, 2018, the loans earned interest income of $187,044 and $799,837, respectively.

 

On May 5, 2016, a third party on behalf of Juliet, provided secured financing in the amount of $2,926,342 after applicable exchange rates for a motion picture production company in the United Kingdom. The loan is secured by all of the assets, including tax credits, of the borrower and all of the borrower’s rights to proceeds from the motion picture. The loan accrues interest at a rate of 12% per annum and is scheduled to mature 24 months after the funding date. In June 2018, the maturity date of the loan facility was extended to May 5, 2020. For the three and nine months ended September 30, 2018, the loan facility earned interest income of $58,487 and $173,553 respectively.

 

On April 25, 2016, the Partnership entered into a loan agreement with a borrower to refinance the borrower’s loan facility. In connection with the refinancing, the Partnership received a promissory note from the borrower in the amount of $1,763,230. The note accrues interest at a rate of 20% per annum and matures on February 8, 2020. The borrower will make semi-annual payments of principal and interest in February and August. On August 5, 2016, the Partnership received a payment of $452,604. In March 2017, the Partnership received total payments of $335,644. In August 2017, the Partnership received total payments of $305,550. In February 2018, the Partnership received total payments of $278,919. For the three and nine months ended September 30, 2018, the promissory notes earned interest income of $58,161 and $172,588, respectively.

 

21
 

 

On June 3, 2015, Alpha, a special purpose entity which is 32.5% owned by the Partnership and 67.5% owned by SQN PAC, acquired a promissory note issued by a third party with a principal amount equal to $2,650,000. The promissory note accrues interest at the rate of 11.1% per annum, payable quarterly in arrears, and matures on June 30, 2020. The promissory note is secured by a pledge of shares in an investment portfolio of insurance companies under common control of the third party which include equipment leases, direct hard asset and infrastructure investments, and other securities. On June 3, 2015, a participation agreement was entered into between SQN PAC (“Alpha Participation A”), the Partnership (“Alpha Participation B”), Alpha and SQN Capital Management, LLC. Under the agreement, Alpha created two collateralized participation interests for the collateral; Alpha Participation A’s principal contribution is $1,788,750 and accrues interest at 9% per annum and Alpha Participation B’s principal contribution is $861,250 and accrues interest at 15.05% per annum. SQN Capital Management, LLC was appointed as a servicer for the promissory note. Alpha Participation A’s interest is senior to Alpha Participation B’s interest. For the three and nine months ended September 30, 2018, the Alpha Participation B earned interest income of $32,961 and $97,809, respectively.

 

On August 13, 2015, the Partnership entered into a Loan Note Instrument to provide €1,640,000 ($1,824,992 applying exchange rate of 1.1128 at August 13, 2015) (the “Facility”) of financing to a borrower to acquire shares of a special purpose entity (the “SPE”). The SPE previously acquired, by assignment, the rights to lease a parcel of land in Ireland on which planning permissions have been granted to construct an aerobic digestion plant (“AD Plant”). The Facility accrues interest at the rate of 18% per annum, compounding monthly on the last business day of each month, and matures on May 16, 2016. The maturity date was extended to November 30, 2016. The Facility is secured by the shares of the SPE and also secured by a personal guaranty from the principal owner of the borrower. On May 13, 2016, in connection with an extension of the Facility, the Partnership funded an additional $56,750 after applicable exchange rates. On July 29, 2016, the Partnership funded $1,574,724, after applicable exchange rates, under a Loan Note Instrument to provide additional financing of the Facility. The Loan Note Instrument was scheduled to mature on November 30, 2016. On November 4, 2016, the Partnership funded $700,000, after applicable exchange rates, under a Loan Note Instrument to provide additional financing of the Facility. As of December 31, 2017, the Loan Note Principal balance was $4,148,419. On February 28, 2018, the Loan Note Instruments were cancelled and replaced with a Loan Note Instrument of €5,167,426, which accrues interest at the rate of 9% per annum, compounding monthly on the last business day of each month, and matures on September 30, 2019. During the nine months ended September 30, 2018, the Partnership received a payment of €126,979 ($145,377 applying exchange rate of 1.1449 at June 6, 2018). For the three and nine months ended September 30, 2018, the Loan Note Instruments earned interest income of $138,233 and $449,872, respectively.

 

On December 28, 2015, the Partnership entered into a loan agreement and a $2,000,000 promissory note with a borrower. The promissory note accrues interest at the rate of 11% per annum, payable quarterly in arrears, and matures on December 28, 2020. On April 15, 2016, the loan agreement was amended and restated and the maturity date was amended to December 30, 2024. For the three and nine months ended September 30, 2018, the promissory notes earned interest income of $55,000 and $165,000, respectively.

 

On October 2, 2015, the Partnership entered in a syndicated loan agreement. Under the terms of the agreement, the Partnership agreed to contribute $5,000,000 of the $40,000,000 facility which will be secured by all of the equipment of the wood pellet business in Texas. The borrower’s parent company also pledged assets located at the parent’s company’s headquarters in Germany as additional collateral for the loan. In January 2016, the Partnership received cash of $2,610,959 as payment from this facility. On April 22, 2016, the Partnership and a third party assigned their interests in this loan facility of $2,389,041 and $3,985,959, respectively to Juliet. For the three and nine months ended September 30, 2018 and the years ended December 31, 2017 and 2016, this loan is in non-accrual status. Based on an appraisal of the collateral value of the equipment, the Investment Manager believes that there is sufficient collateral value to cover the outstanding balance of this loan.

 

22
 

  

9. Equipment Investment through SPV

 

On December 16, 2015, Marine, a special purpose vehicle which is wholly owned by the Partnership, entered into a sale and assignment of partnership interest agreement with a third party. Under the terms of the agreement, Marine acquired an 88.20% (90% of 98%) economic interest in a portfolio of container feeder vessels. Marine acquired their economic interest in the vessels through a limited partnership interest in CONT Feeder, which acquired and operates the container feeder vessels. CONT Feeder acquired nine container feeder vessels for $37,911,665, drydocking fees of $4,158,807 and inventory supplies of $337,923 for an aggregate investment of $42,408,395. As of September 30, 2018, the Partnership has an aggregate investment balance of $32,075,023 consisting of feeder vessels of $30,137,762, drydocking fees of $1,683,807 and inventory supplies of $253,454.

 

CONT Feeder acquired and operates nine container feeder vessels which collect shipping containers from different ports and transport them to central container terminals where they are loaded to bigger vessels. For the three months ended September 30, 2018, CONT Feeder recorded income of approximately $4,775,000 from charter rental fees less total expenses of $4,848,000, consisting of ship operating expenses, of approximately $2,473,000, ship management fees and charter commissions fees of approximately $437,000, general and administrative expenses, of approximately $1,033,000, depreciation expense, of approximately $677,000 and interest expense of approximately $228,000 resulting in a net loss of approximately $73,000. For the nine months ended September 30, 2018, CONT Feeder recorded income of approximately $13,378,000 from charter rental fees less total expenses of $13,526,000, consisting of ship operating expenses, of approximately $7,421,000, ship management fees and charter commissions fees of approximately $1,382,000, general and administrative expenses, of approximately $1,982,000, depreciation expense, of approximately $2,030,000 and interest expense of approximately $711,000 resulting in a net loss of approximately $148,000.

 

10. Other Assets

 

Other assets of $3,897,655 is primarily made up of $2,355,950 related to the Partnership’s Equipment Investment through SPV and of $597,250 related to equipment held off lease by SQN Helo.

 

11. Loans Payable

 

On April 22, 2016, Juliet, a third party and the third party’s affiliate amended and restated the participation agreement dated December 29, 2015. Juliet borrowed a total of approximately $14,621,000 in the form of a senior participation instruments with a third party and the third party’s affiliate consisting of the outstanding principal payable balance of approximately $2,124,000 on the Just Loans transaction, the third party also funded Juliet additional cash of approximately $8,511,000 and assigned their interests of approximately $3,986,000 in a loan facility for a wood pellet business in Texas. The senior participation instrument accrues interest at the rate of 6% per annum and also accrues PIK interest at the rate of 1.5% per annum. The senior participants, as collateral, have a first priority security interest in all of the assets acquired by Juliet as well as a senior participation interest in all of the proceeds from the assets, while Juliet has a junior participation interest until the loan is repaid in full. All of the cash proceeds received from these assets are applied as follows (1), to pay accrued and unpaid interest of the senior participant, (2), to pay any cumulative interest shortfall of the senior participant, (3), to pay accrued and unpaid interest of the junior participants, and (4), to reduce the outstanding principal balance of the senior participation with any excess distributed to the junior participants. There was no stated or agreed upon repayment term for the principal. On May 5, 2016, the third party provided additional financing, on behalf of Juliet, in the amount of approximately $2,926,000 after applicable exchange rates.

 

23
 

 

In connection with the CONT Feeder transaction, Marine borrowed $7,500,000 and $9,604,091 in the form of a senior participation instruments with a third party and the third party’s affiliate. The senior participation instrument accrues interest at the rate of 10% per annum and matures on December 16, 2020. The senior participants, as collateral, have a first priority security interest in all of the assets acquired by CONT Feeder as well as a senior participation interest in the proceeds from the assets, while Marine has a junior participation interest until the loan is repaid in full. All of the cash proceeds received from these assets will be applied first against the outstanding principal balance of the senior participation with any excess distributed to the junior participants. There was no stated or agreed upon repayment term for the principal.

 

In connection with the acquisition of container vessels, CONT Feeder borrowed $14,375,654 from third parties. As of September 30, 2018, the CONT Feeder loan payable was $9,131,578.

 

In connection with the consolidation of SQN Helo, the Partnership had an aggregate loans payable balance of $9,245,578 to SQN AFIF and to a third party in the form of a senior participation instruments. The senior participation instrument accrues interest at the rate of 7% per annum and PIK interest at the rate of 3.5% per annum and matures on January 6, 2022. The senior participants, as collateral, have a first priority security interest in all of the assets acquired by SQN Helo as well as a senior participation interest in the proceeds from the assets, while the Partnership and SQN PAC have a junior participation interest until the loan is repaid in full. All of the cash proceeds received from these assets will be applied first against the outstanding principal balance of the senior participation with any excess distributed to the junior participants. There was no stated or agreed upon repayment term for the principal.

 

12. 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:

 

   September 30, 2018   December 31, 2017 
   Carrying
Value		   Fair Value   Carrying
Value		   Fair Value 
   (unaudited)   (unaudited)         
Assets:                    
Equipment notes receivable  $15,701,793   $15,701,793   $16,497,270   $16,497,270 
Collateralized loans receivable  $40,358,589   $40,358,589   $38,012,853   $38,012,853 
Liabilities:                    
Loans payable  $66,635,114   $66,635,114   $68,044,254   $68,044,254 

 

As of September 30, 2018, the Partnership evaluated the carrying values of its financial instruments and they approximate fair values.

 

13. Business Concentrations

 

For the nine months ended September 30, 2018, the Partnership had one lessee which accounted for approximately 100% of the Partnership’s rental income derived from operating leases. For the nine months ended September 30, 2017, the Partnership had two lessees which accounted for approximately 56% and 42% of the Partnership’s rental income derived from operating leases. For the nine months ended September 30, 2018, the Partnership had two leases which accounted for approximately 54% and 19% of the Partnership’s income derived from finance leases. For the nine months ended September 30, 2017, the Partnership had three leases which accounted for approximately 31%, 31% and 20% of the Partnership’s income derived from finance leases. For the nine months ended September 30, 2018, the Partnership had four leases which accounted for approximately 21%, 12%, 10% and 10% of the Partnership’s interest income. For the nine months ended September 30, 2017, the Partnership had four leases which accounted for approximately 18%, 14%, 13%, and 11% of the Partnership’s interest income.

 

24
 

 

At September 30, 2018, the Partnership had four lessees which accounted for approximately 43%, 20%, 18% and 15% of the Partnership’s investment in finance leases. At September 30, 2017, the Partnership had four lessees which accounted for approximately 33%, 20%, 18% and 10% of the Partnership’s investment in finance leases. At September 30, 2018 and 2017, the Partnership had one lessee which accounted for approximately 100% of the Partnership’s investment in operating leases. At September 30, 2018, the Partnership had four lessees which accounted for approximately 35%, 32%, 14% and 12% of the Partnership’s investment in equipment notes receivable. At September 30, 2017, the Partnership had four lessees which accounted for approximately 36%, 29%, 16% and 11% of the Partnership’s investment in equipment notes receivable. At September 30, 2018, the Partnership had four lessees which accounted for approximately 17%, 17%, 15% and 15% of the Partnership’s investment in collateralized loans receivable. At September 30, 2017, the Partnership had four lessees which accounted for approximately 32%, 16%, 13% and 10% of the Partnership’s investment in collateralized loans receivable. At September 30, 2018 and 2017, the Partnership had one lessee which accounted for approximately 100% of the Partnership’s investment in residual value leases.

 

14. Geographic Information

 

Geographic information for revenue for the three months ended September 30, 2018 and 2017 was as follows:

 

   Three Months Ended September 30, 2018 
   United States   Europe   Mexico   Total 
   (unaudited)   (unaudited)   (unaudited)   (unaudited) 
Revenue:                    
Rental income  $252,000   $—   $—   $252,000 
Finance income  $316,690   $21,802   $—   $338,492 
Interest income  $525,648   $481,573   $187,044   $1,194,265 
Income from equipment investment through SPV  $—   $4,774,457   $—   $4,774,457 

 

   Three Months Ended September 30, 2017
(unaudited)		 
   United States   Europe   Mexico   Total 
Revenue:                    
Rental income  $332,160   $—   $—   $332,160 
Finance income  $641,840   $30,242   $—   $672,082 
Interest income  $1,201,925   $—   $—   $1,201,925 
Investment income from equity method investments  $6,792   $—   $—   $6,792 
Income from equipment investment through SPV  $—   $4,035,381   $—   $4,035,381 

 

Geographic information for revenue for the nine months ended September 30, 2018 and 2017 was as follows:

 

   Nine Months Ended September 30, 2018 
   United States   Europe   Mexico   Total 
   (unaudited)   (unaudited)   (unaudited)   (unaudited) 
Revenue:                    
Rental income  $756,000   $—   $—   $756,000 
Finance income  $981,716   $71,955   $—   $1,053,671 
Interest income  $1,301,064   $1,678,573   $799,837   $3,779,474 
Income from equipment investment in SPV  $—   $13,377,655   $—   $13,377,655 

 

25
 

 

   Nine Months Ended September 30, 2017
(unaudited)		 
   United States   Europe   Mexico   Total 
Revenue:                    
Rental income  $1,342,436   $—   $—   $1,342,436 
Finance income  $1,606,981   $96,547   $—   $1,703,528 
Interest income  $3,950,621   $—   $—   $3,950,621 
Investment loss from equity method investments  $(5,148)  $—   $—   $(5,148)
Gain on sale of assets  $120,601   $142,422   $—   $263,023 
Income from equipment investment through SPV  $-   $11,072,567   $-   $11,072,567 

 

Geographic information for long-lived assets at September 30, 2018 and December 31, 2017 was as follows:

 

   September 30, 2018 
   United States   Europe   Mexico   Total 
   (unaudited)   (unaudited)   (unaudited)   (unaudited) 
Long-lived assets:                    
Investment in finance leases, net  $3,636,617   $1,055,518   $—   $4,692,135 
Investments in equipment subject to operating leases, net  $4,588,860   $—   $—   $4,588,860 
Equipment notes receivable, including accrued interest  $12,096,128   $2,261,811   $2,000,000   $16,357,939 
Equipment investment through SPV  $—   $32,075,023   $—   $32,075,023 
Collateralized loan receivable, including accrued interest  $10,461,691   $24,106,240   $6,849,998   $41,417,929 

 

   December 31, 2017 
   United States   Europe   Mexico   Total 
Long-lived assets:                    
Investment in finance leases, net  $7,116,760   $269,079   $—   $7,412,839 
Investments in equipment subject to operating leases, net  $5,557,494   $—   $—   $5,557,494 
Equipment notes receivable, including accrued interest  $12,668,268   $2,189,488   $2,000,000   $16,857,756 
Equipment investment through SPV  $—   $34,094,204   $—   $34,094,204 
Collateralized loan receivable, including accrued interest  $5,821,153   $21,788,885   $13,524,438   $41,134,476 

 

15. 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, 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 Investment Manager, no liability will arise as a result of these provisions. The General Partner and Investment Manager know 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.

 

16. Subsequent Events

 

On November 6, 2018, the Partnership funded an additional $692,586 under a wholesale financing arrangement with an international leasing company that does business between the United States and Mexico.

 

26
 

 

Item 2. General Partner’s Discussion and Analysis of Financial Condition and Results of Operations

 

As used in this Quarterly Report on Form 10-Q, references to “we,” “us,” “our” or similar terms include SQN AIF IV, L.P. and its subsidiaries.

 

The following is a discussion of our current financial position and results of operations. This discussion should be read together with the financial statements and notes in our Form 10-K, filed on March 31, 2018. This discussion should also be read in conjunction with the disclosures below regarding “Forward-Looking Statements” and the “Risk Factors” set forth in Item 1A of Part II of this Quarterly Report on Form 10-Q.

 

Forward-Looking Statements

 

Certain statements within this Quarterly Report on Form 10-Q 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,” “intend,” “predict,” “continue,” “further,” “seek,” “plan,” 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.

 

Overview

 

We are a Delaware limited partnership formed on August 10, 2012. Our fund operates under a structure which we pool the capital invested by our partners. This pool of capital is then used to invest in business-essential, revenue-producing (or cost-saving) equipment and other physical assets with substantial economic lives and, in many cases, associated revenue streams and project financings. The pooled capital contributions are also used to pay fees and expenses associated with our organization and to fund a capital reserve.

 

Our principal investment strategy is to invest in business-essential, revenue-producing (or cost-savings) equipment with high in-place value and long, relative to the investment term, economic life and project financings. We expect to achieve our investment strategy by making investments in equipment already subject to lease or originating equipment leases in such equipment, which will include: (i) purchasing equipment and leasing it to third-party end users; (ii) providing equipment and other asset financing; (iii) acquiring equipment subject to lease and (iv) acquiring ownership rights (residual value interests) in leased equipment at lease expiration. From time to time, we may also purchase equipment and sell it directly to our leasing customers.

 

Many of our investments will be structured as full payout or operating leases. Full payout leases generally are leases under which the rent over the initial term of the lease will return our invested capital plus an appropriate return without consideration of the residual value, and where the lessee may acquire the equipment or other assets at the expiration of the lease term. Operating leases generally are leases under which the aggregate non-cancelable rental payments during the original term of the lease, on a net present value basis, are not sufficient to recover the purchase price of the equipment or other assets leased under the lease.

 

We also intend to invest by way of participation agreements and residual sharing agreements where we would acquire an interest in a pool of equipment or other assets, or rights to the equipment or other assets, at a future date. We also may structure investments as project financings that are secured by, among other things, essential use equipment and/or assets. Finally, we may use other investment structures that our Investment Manager believes will provide us with the appropriate level of security, collateralization, and flexibility to optimize our return on our investment while protecting against downside risk, such as vendor and rental programs. In many cases, the structure will include us holding title to or a priority or controlling position in the equipment or other asset.

 

27
 

 

Although the final composition of our portfolio cannot be determined at this stage, we expect to invest in equipment and other assets that are considered essential use or core to a business or operation in the agricultural, energy, environmental, medical, manufacturing, technology, and transportation industries. Our Investment Manager may identify other assets or industries that meet our investment objectives. We expect to invest in equipment, other assets and project financings located primarily within the United States of America and the European Union but may also make investments in other parts of the world.

 

We are currently in the Liquidation Period. The Offering Period concluded on April 2, 2016, which is three years from the date we were declared effective by the SEC. During the Operating Period, we will invest most of the net proceeds from our 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 Operating Period began on the date of our initial closing, which occurred on May 29, 2013 and concluded on May 29, 2017. The Liquidation Period, which began on May 30, 2017, is the period in which we will sell our assets in the ordinary course of business and will last two years, unless it is extended, at the sole discretion of the General Partner.

 

Our General Partner, our Investment Manager and their affiliates, including Securities in its capacity as our selling agent and certain non-affiliates (namely, Selling Dealers) received fees and compensation from the offering of our Units, including the following, with any and all compensation paid to our General Partner solely in cash. We paid an underwriting fee of 3% of the gross proceeds of this offering (excluding proceeds, if any, we received from the sale of our Units to our General Partner or its affiliates) to our selling agent or selling agents.

 

Our General Partner receives an organizational and offering expense allowance of up to 2% of our offering proceeds to reimburse it for expenses incurred in preparing us for registration or qualification under federal and state securities laws and subsequently offering and selling our Units. The organizational and offering expense allowance will be paid out of the proceeds of this offering. The organizational and offering expense allowance will not exceed the actual fees and expenses incurred by our General Partner and its affiliates. 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.

 

During our Operating Period and our Liquidation Period, our Investment Manager receives a management fee in an amount equal to the greater of (i) 2.5% per annum of the aggregate offering proceeds, or (ii) $125,000, payable monthly, until such time as an amount equal to at least 15% of our Limited Partners’ capital contributions has been returned to them, after which the monthly management fee will equal 100% of the management fee as initially calculated above, less 1% for each additional 1% of our Limited Partners’ capital contributions returned to them, such amounts to be measured on the last day of each month.

 

Our General Partner will initially receive 1% of all distributed distributable cash. Our General Partner has a Promotional Interest in us equal to 20% of all distributed distributable cash after we have provided a return to our Limited Partners of their respective capital contributions plus an 8% per annum, compounded annually, cumulative return on their capital contributions.

 

Recent Significant Transactions

 

In July 2018, Juliet entered into an assignment agreement with a third party whereby Juliet purchased a $2,000,000 promissory note. The promissory note accrues interest at the rate of 9% per annum and matures on July 31, 2019. During August 2018, the Partnership and Juliet advanced a total of $1,715,500 (85% of principal plus accrued interest) for this note.

 

On May 30, 2018, the Partnership entered into a loan agreement and a $5,000,000 promissory note with a borrower. On June 21, 2018, the Partnership assigned $3,400,000 of this note to Juliet. On that same date, the Partnership and Juliet funded the $5,000,000 promissory note. The promissory note accrues interest at the rate of 9% per annum, payable quarterly in arrears beginning on September 30, 2018, and matures on May 30, 2028.

 

28
 

 

International Leasing Company

 

During the nine months ended September 30, 2018, the Partnership funded an additional total of $2,244,538 under this wholesale financing arrangement. The loans accrue interest at rate of 10% per annum and are secured by industrial and manufacturing equipment subject to equipment leases.

 

Critical Accounting Policies

 

An understanding of our critical accounting policies is necessary to understand our financial results. The preparation of condensed consolidated financial statements in accordance with accounting principles generally accepted in the United States of America requires our General Partner and our Investment Manager to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities as of the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Significant estimates will primarily include the determination of allowance for notes and leases, depreciation and amortization, impairment losses and the estimated useful lives and residual values of the leased equipment we acquire. Actual results could differ from those estimates.

 

Lease Classification and Revenue Recognition

 

Each equipment lease we enter into is classified as either a finance lease or an operating lease, which is determined at lease inception, based upon the terms of each lease, or when there are significant changes to the lease terms. We capitalize initial direct costs associated with the origination and funding of lease assets. Initial direct costs include both internal costs (e.g., labor and overhead), if any, and external broker fees incurred with the lease origination. Costs related to leases that are not consummated are not eligible for capitalization as initial direct costs and are expensed as incurred as acquisition expense. For a finance lease, initial direct costs are capitalized and amortized over the lease term using the effective interest rate method. For an operating lease, the initial direct costs are included as a component of the cost of the equipment and depreciated over the lease term.

 

For finance leases, we record, at lease inception, the total minimum lease payments receivable from the lessee, the estimated unguaranteed residual value of the equipment at lease termination, the initial direct costs related to the lease, if any, 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 operating lease receivables are included in accounts receivable until collected. Accounts receivable is stated at its estimated net realizable value. Deferred revenue is the difference between the timing of the receivables billed and the income recognized on the straight-line basis.

 

Our Investment Manager has an investment committee that approves each new equipment lease and other project financing transaction. As part of its process, the investment committee determines the residual value, if any, to be used once the investment has been approved. The factors considered in determining the residual value include, but are not limited to, the creditworthiness of the potential lessee, the type of equipment considered, how the equipment is integrated into the potential lessee’s business, the length of the lease and the industry in which the potential lessee operates. Residual values are reviewed for impairment in accordance with our impairment review policy.

 

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.

 

29
 

 

Asset Impairments

 

The significant assets in our investment portfolio are periodically reviewed, no less frequently than annually or when indicators of impairment exist, to determine whether events or changes in circumstances indicate that the carrying value of an asset may not be recoverable. An impairment loss will be recognized only if the carrying value of a long-lived asset is not recoverable and exceeds its fair value. If there is an indication of impairment, we will estimate the future cash flows (undiscounted and without interest charges) expected from the use of the asset and its eventual disposition. Future cash flows are the future cash in-flows expected to be generated by an asset less the future out-flows expected to be necessary to obtain those in-flows. If an impairment is determined to exist, the impairment loss will be measured as the amount by which the carrying value of a long-lived asset exceeds its fair value and recorded in the statement of operations in the period the determination is made.

 

The events or changes in circumstances that generally indicate that an asset may be impaired are, (i) the estimated fair value of the underlying equipment is less than its carrying value, (ii) the lessee is experiencing financial difficulties and (iii) it does not appear likely that the estimated proceeds from the disposition of the asset will be sufficient to satisfy the residual position in the asset. The preparation of the undiscounted cash flows requires the use of assumptions and estimates, including the level of future rents, the residual value expected to be realized upon disposition of the asset, estimated downtime between re-leasing events and the amount of re-leasing costs. Our Investment Manager’s review for impairment includes a consideration of the existence of impairment indicators including third-party appraisals, published values for similar assets, recent transactions for similar assets, adverse changes in market conditions for specific asset types and the occurrence of significant adverse changes in general industry and market conditions that could affect the fair value of the asset.

 

Equipment Notes and Loans Receivable

 

Equipment notes and loans receivable are reported in our condensed consolidated balance sheets at the outstanding principal balance net of any unamortized deferred fees, premiums or discounts on purchased notes and loans. Costs to originated notes, if any, are reported as other assets in our condensed consolidated balance sheets. Unearned income, discounts and premiums, if any, are amortized to interest income in the statements of operations using the effective interest rate method. Equipment notes and loans receivable are generally placed in a non-accrual status when payments are more than 90 days past due. Additionally, we periodically review the creditworthiness of companies with payments outstanding less than 90 days. Based upon the Investment Manager’s judgment, accounts may be placed in a non-accrual status. Accounts on a non-accrual status are only returned to an accrual status when the account has been brought current and we believe recovery of the remaining unpaid receivable is probable. Revenue on non-accrual accounts is recognized only when cash has been received.

 

Our Offering Period terminated on April 2, 2016, after which time we no longer accepted Limited Partner capital contributions. During the Offering Period the majority of our cash inflows were from Limited Partners purchasing our Units. After the termination of our Offering Period, the majority of our cash inflows are expected to come from rental payments, interest payments, and sales proceeds from our various equipment investments.

 

We are currently in the Liquidation Period. During the Operating Period, we invested most of the net proceeds from our 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. Through April 2, 2016, we admitted 1,508 Limited Partners with total capital contributions of $74,965,064 resulting in the sale of 74,965.07 Units. We received cash contributions of $72,504,327 and applied $2,460,737 which would have otherwise been paid as sales commission to the purchase of 2,460.74 additional Units.

 

30
 

 

Results of Operations for the Three Months Ended September 30, 2018 compared to the Three Months Ended September 30, 2017

 

Our revenue for the three months ended September 30, 2018 as compared to three months ended September 30, 2017 is summarized as follows:

 

   September 30, 2018   September 30, 2017 
   (unaudited)   (unaudited) 
Revenue:          
Rental income  $252,000   $332,160 
Finance income   338,492    672,082 
Interest income   1,194,265    1,201,925 
Income from equipment investment through SPV   4,774,457    4,035,381 
Investment income from equity method investments   —    6,792 
Other income   570    13,437 
Total Revenue  $6,559,214   $6,261,777 
Provision for lease, note, and loan losses   —    319,715 
Revenue less provision for lease, note, and loan losses  $6,559,214   $5,942,062 

 

For the three months ended September 30, 2018, we earned $252,000 in rental income primarily from various operating leases of helicopters from SQN Helo. We also recognized $1,194,265 in interest income, the majority of which was generated by the equipment notes and collateralized loans receivable. We recognized $338,492 in finance income from various finance leases. We also recognized income of $4,774,457 from our equipment investment through SPV. The increase in our total revenue in 2018 as compared to 2017 is primarily a result of the increase in income from our equipment investment through SPV from the Marine transaction offset by the decrease in our rental, finance and interest income in 2018 compared to 2017.

 

Our expenses for the three months ended September 30, 2018 (“2018 Quarter”) as compared to three months ended September 30, 2017 (“2017 Quarter”) are summarized as follows:

 

   September 30, 2018   September 30, 2017 
   (unaudited)   (unaudited) 
Expenses:          
Management fees — Investment Manager  $375,000   $375,000 
Depreciation and amortization   344,314    962,854 
Professional fees   144,573    105,068 
Administration expense   9,475    11,103 
Interest expense   1,140,138    1,152,812 
Other expenses   36,875    17,952 
Expenses from equipment investment through SPV   4,847,915    4,289,422 
Total Expenses  $6,898,290   $6,914,211 
           
Foreign currency transaction losses (gains)  $92,545   $(100,361)

 

For the three months ended September 30, 2018 and 2017 we incurred $6,898,290 and $6,914,211 in total expenses, respectively. There was no increase in management fees paid to our Investment Manager in 2018 as compared to 2017. We pay our Investment Manager a management fee during the Operating Period and the Liquidation Period equal to the greater of, (i) 2.5% per annum of the aggregate offering proceeds, or (ii) $125,000, payable monthly, until such time as an amount equal to at least 15% of our Limited Partners’ capital contributions have been returned to them, after which the monthly management fee will equal 100% of the management fee as initially calculated above, less 1% for each additional 1% of the Partnership’s Limited Partners’ capital contributions returned to them, such amounts to be measured on the last day of each month. We recognized $344,314 in depreciation and amortization expense. We also incurred $144,573 in professional fees. In conjunction with the Marine, Juliet and Helo transactions, we assumed approximately $17,104,000, $26,600,000 and $9,300,000, respectively in loans payable with various third parties which resulted in $1,140,138 in interest expense during the three months ended September 30, 2018. We also incurred expenses of $4,847,915 from our equipment investment through SPV. The decrease in depreciation and amortization in 2018 as compared to 2017 is a result of the decrease in operating leases during the three months ended September 30, 2018 as compared to the three months ended September 30, 2017.

 

31
 

 

Net Loss

 

As a result of the factors discussed above, we reported a net loss for the three months ended September 30, 2018 of $431,621, prior to the allocation for non-controlling interest as compared to a net loss of $871,788 for the 2017 Quarter. The non-controlling interest represents the 67.5% investment by SQN PAC in the Alpha transaction and the 10% investment by a third party in the CONT Feeder transaction. For the three months ended September 30, 2018, the non-controlling interest recognized net income of $407 due to its interest in Alpha and a net loss of $7,346 due to its interest in CONT Feeder.

 

Results of Operations for the Nine Months Ended September 30, 2018 compared to the Nine Months Ended September 30, 2017

 

Our revenue for the nine months ended September 30, 2018 as compared to nine months ended September 30, 2017 is summarized as follows:

 

   September 30, 2018   September 30, 2017 
   (unaudited)   (unaudited) 
Revenue:          
Rental income  $756,000   $1,342,436 
Finance income   1,053,671    1,703,528 
Interest income   3,779,474    3,950,621 
Income from equipment investment through SPV   13,377,655    11,072,567 
Investment loss from equity method investments   —    (5,148)
Gain on sale of assets   —    263,023 
Other income   893    40,274 
Total Revenue  $18,967,693   $18,367,301 
Provision for lease, note, and loan losses   1,485,167    319,715 
Revenue less provision for lease, note, and loan losses  $17,482,526   $18,047,586 

 

For the nine months ended September 30, 2018, we earned $756,000 in rental income primarily from various operating leases of helicopters from SQN Helo. We also recognized $3,779,474 in interest income, the majority of which was generated by the equipment notes and collateralized loans receivable. We recognized $1,053,671 in finance income from various finance leases. We also recognized income of $13,377,655 from our equipment investment through SPV. We also incurred a provision for lease, note, and loan losses of $1,485,167 as a result of an impairment loss on an equipment notes receivables during the nine months ended September 30, 2018. The increase in our total revenue in 2018 as compared to 2017 is a result of an increase in income from our equipment investment through SPV from the Marine transaction offset by the decrease in our rental, finance and interest income in 2018 compared to 2017.

 

Our expenses for the nine months ended September 30, 2018 (“2018 Period”) as compared to nine months ended September 30, 2017 (“2017 Period”) are summarized as follows:

 

   September 30, 2018   September 30, 2017 
   (unaudited)   (unaudited) 
Expenses:          
Management fees — Investment Manager  $1,125,000   $1,125,000 
Depreciation and amortization   1,034,184    2,277,513 
Professional fees   350,236    442,216 
Administration expense   44,022    50,235 
Interest expense   3,412,044    3,687,328 
Other expenses   157,224    56,777 
Expenses from equipment investment through SPV (including depreciation expense of approx. $2,030,000)   13,526,104    13,986,567 
Total Expenses  $19,648,814   $21,535,636 
           
Foreign currency transaction losses (gains)  $400,522   $(326,890)

 

32
 

 

For the nine months ended September 30, 2018 and 2017 we incurred $19,648,814 and $21,535,636 in total expenses, respectively. There was no increase in management fees paid to our Investment Manager in 2018 as compared to 2017. We pay our Investment Manager a management fee during the Operating Period and the Liquidation Period equal to the greater of, (i) 2.5% per annum of the aggregate offering proceeds, or (ii) $125,000, payable monthly, until such time as an amount equal to at least 15% of our Limited Partners’ capital contributions have been returned to them, after which the monthly management fee will equal 100% of the management fee as initially calculated above, less 1% for each additional 1% of the Partnership’s Limited Partners’ capital contributions returned to them, such amounts to be measured on the last day of each month. We recognized $1,034,184 in depreciation and amortization expense. We also incurred $350,236 in professional fees. In conjunction with the Marine, Juliet and Helo transactions, we assumed approximately $17,104,000, $26,600,000 and $9,300,000, respectively in loans payable with various third parties which resulted in $3,412,044 in interest expense during the nine months ended September 30, 2018. We also incurred expenses of $13,526,104 from our equipment investment through SPV. The decrease in depreciation and amortization in 2018 as compared to 2017 is a result of the decrease in operating leases during the nine months ended September 30, 2018 as compared to the nine months ended September 30, 2017.

 

Net Loss

 

As a result of the factors discussed above, we reported a net loss for the nine months ended September 30, 2018 of $2,566,810, prior to the allocation for non-controlling interest as compared to a net loss of $3,161,160 for the 2017 Period. The non-controlling interest represents the 67.5% investment by SQN PAC in the Alpha transaction and the 10% investment by a third party in the CONT Feeder transaction. For the nine months ended September 30, 2018, the non-controlling interest recognized net income of $1,593 due to its interest in Alpha and a net loss of $14,845 due to its interest in CONT Feeder.

 

Liquidity and Capital Resources

 

Sources and Uses of Cash

 

   Nine Months Ended
September 30, 2018		   Nine Months Ended
September 30, 2017		 
   (unaudited)   (unaudited) 
Cash provided by (used in):          
Operating activities  $3,634,618   $846,442 
Investing activities  $587,655   $8,939,561 
Financing activities  $(4,682,210)  $(10,279,795)

 

Sources of Liquidity

 

We are currently in the Liquidation Period. The Liquidation Period is the time-frame in which we sell equipment under lease in the normal course of business. During this time period we anticipate that a substantial portion of our cash outflows will be from operating activities and the majority of our cash inflows are expected to be from operating and investing activities. We believe that the cash inflows will be sufficient to finance our liquidity requirements for the foreseeable future, including semi-annual distributions to our Limited Partners, general and administrative expenses, and fees paid to our Investment Manager.

 

33
 

 

Operating Activities

 

Cash provided by operating activities for the nine months ended September 30, 2018 was $3,634,618 and was primarily driven by the following factors; (i) an increase of approximately $3,954,000 in minimum rents receivable for finance leases acquired primarily from consolidation of SQN Helo (ii) approximately $3,725,000 in accrued interest income from equipment notes and collateralized loans receivable (iii) approximately $1,782,000 in accrued interest on note payable, (iv) approximately $1,034,000 in depreciation and amortization expense and (v) approximately $1,485,000 in provision for lease, note and loan losses. Offsetting these fluctuations was a net loss for the nine months ended September 30, 2018 of approximately $2,754,000, a decrease in finance income of approximately $1,054,000, a decrease in accrued interest income of approximately $3,462,000 and an increase in other assets of approximately $1,286,000. We expect our accounts payable and accrued expenses will fluctuate from period to period primarily due to the timing of payments related to lease and financings transactions we will enter into. We anticipate that we will generate greater net cash inflows from operations principally from interest payments received from equipment notes receivable and from rental payments received from lessees.

 

Investing Activities

 

Cash provided by investing activities was $587,655 for the nine months ended September 30, 2018. This was related to cash paid for equipment notes receivable of approximately $1,485,000, and for cash paid for collateralized loans receivable of approximately $8,960,000 from our collateralized loans receivable. Offsetting these fluctuations was an increase to equipment investment through SPV of approximately $2,019,000, and cash received collateralized loans receivable of approximately $8,461,000.

 

Financing Activities

 

Cash used in financing activities for the nine months ended September 30, 2018 was $4,682,210 and was primarily due to principal payments of approximately $3,191,000 on loans with unrelated lenders and payments for distributions totaling approximately $1,489,000.

 

Distributions

 

During the nine months ended September 30, 2018, we made cash distributions to our Limited Partners totaling $1,489,247. We did not make a cash distribution to the General Partner during the nine months ended September 30, 2018; and accrued $14,892 for distributions due to the General Partner which resulted in a distributions payable to General Partner of $129,573 at September 30, 2018.

 

Commitments and Contingencies and Off-Balance Sheet Transactions

 

Commitment and Contingencies

 

Our income, losses and distributions are allocated 99% to our limited partners and 1% to our General Partner until the limited partners have received total distributions equal to each limited partners’ capital contribution plus an 8%, compounded annually, cumulative return on each limited partners’ capital contribution. After such time, income, losses and distributions will be allocated 80% to our limited partners and 20% to our General Partner.

 

We enter into contracts that contain a variety of indemnifications. Our maximum exposure under these arrangements is not known.

 

In the normal course of business, we enter into contracts of various types, including lease contracts, contracts for the sale or purchase of lease assets, 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 our General Partner and our Investment Manager, no liability will arise as a result of these provisions. Should any such indemnification obligation become payable, we would separately record and/or disclose such liability in accordance with accounting principles generally accepted in the United States of America.

 

Off-Balance Sheet Transactions

 

In conjunction with the Smart Safes transaction, we appointed the leasing company to remarket the equipment after the expiration of each lease schedule. We are not required to pay the seller a remarketing fee when remarketing proceeds are received.

 

Contractual Obligations

 

None.

 

Subsequent Events

 

On November 6, 2018, the Partnership funded an additional $692,586 under a wholesale financing arrangement with an international leasing company that does business between the United States and Mexico.

 

34
 

 

Item 3. Quantitative and Qualitative Disclosures about Market Risk

 

Not Applicable for Smaller Reporting Companies.

 

Item 4. Controls and Procedures

 

Evaluation of disclosure controls and procedures

 

In connection with the preparation of this Quarterly Report on Form 10-Q for the quarter ended September 30, 2018, our General Partner and Investment Manager carried out an evaluation, under the supervision and with the participation of the management of our General Partner and Investment Manager, including its Chief Executive Officer, of the effectiveness of the design and operation of our General Partner’s and Investment Manager’s disclosure controls and procedures as of the end of the period covered by this Report pursuant to the Securities Exchange Act of 1934. Based on the foregoing evaluation, the Chief Executive Officer concluded that our General Partner’s and Investment Manager’s disclosure controls and procedures were effective.

 

In designing and evaluating our General Partner’s and Investment Manager’s disclosure controls and procedures, our General Partner and Investment Manager recognized that disclosure controls and procedures, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance that the objectives of the disclosure controls and procedures are met. Our General Partner’s and Investment Manager’s disclosure controls and procedures have been designed to meet reasonable assurance standards. Disclosure controls and procedures cannot detect or prevent all error and fraud. Some inherent limitations in disclosure controls and procedures include costs of implementation, faulty decision-making, simple error and mistake. Additionally, controls can be circumvented by the individual acts of some persons, by collusion of two or more people, or by management override of the controls. The design of any system of controls is based, in part, upon certain assumptions about the likelihood of future events, and there can be no assurance that any design will succeed in achieving its stated goals under all anticipated and unanticipated future conditions. Over time, controls may become inadequate because of changes in conditions, or the degree of compliance with established policies or procedures.

 

Evaluation of internal control over financial reporting

 

Our General Partner is responsible for establishing and maintaining adequate internal control over financial reporting. Internal control over financial reporting is defined in Rules 13a-15(f) and 15d-15(f) under the Securities Exchange Act of 1934, as amended, as a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles and includes those policies and procedures that (1) pertain to the maintenance of records that in reasonable detail accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of the company’s assets that could have a material effect on the financial statements.

 

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Projections of any evaluation of effectiveness to future periods are subject to the risks that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

 

Our General Partner and our Investment Manager have assessed the effectiveness of their internal control over financial reporting as of September 30, 2018. In making this assessment, management used the criteria set forth by the Committee of Sponsoring Organizations of the Treadway Commission (COSO) in “Internal Control—Integrated Framework.”

 

Based on their assessment, our General Partner and our Investment Manager believe that, as of September 30, 2018, its internal control over financial reporting is effective.

 

Changes in internal control over financial reporting

 

Beginning January 1, 2018, we implemented ASU 2014-09 Revenue from Contracts with Customers (Topic 606) and ASU 2015-14, Revenue from Contracts with Customers (Topic 606): Deferral of Effective Date. Although the adoption of the new revenue standard had no significant impact on our results of operations, cash flows, or financial position, we did implement changes to our controls related to revenue. These included the development of new policies based on the five-step model provided in the new revenue standard, enhanced contract review requirements, and other ongoing monitoring activities. These controls were designed to provide assurance at a reasonable level of the fair presentation of our condensed consolidated financial statements and related disclosures. There was no other change in our internal control over financial reporting during the quarter ended September 30, 2018, that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

 

35
 

 

PART II - OTHER INFORMATION

 

Item 1. Legal Proceedings

 

We are not aware of any material legal proceedings that are currently pending against us or against any of our assets.

 

Item 1A. Risk Factors

 

Not applicable.

 

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

 

Our Registration Statement on Form S-1, as amended, was declared effective by the SEC on April 2, 2013. Our Offering Period commenced on April 2, 2013 and ended on April 2, 2016. We had our initial closing for the admission of Limited Partners in the partnership on May 29, 2013. From May 29, 2013 through March 31, 2016, we admitted 1,508 Limited Partners with total capital contributions of $74,965,064 resulting in the sale of 74,965.07 Units. We received cash contributions of $72,504,327 and applied $2,460,737 which would have otherwise been paid as sales commission to the purchase of 2,460.74 additional Units.

 

Item 3. Defaults Upon Senior Securities

 

Not applicable.

 

Item 4. Mine Safety Disclosures

 

Not applicable.

 

Item 5. Other Information

 

None.

 

Item 6. Exhibits

 

31.1 Certification of President and Chief Executive Officer, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
   
31.2 Certification of Chief Financial Officer, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
   
32.1 Certification of President and Chief Executive Officer pursuant to 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
   
32.2 Certification of Chief Financial Officer pursuant to 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
   
101 Interactive Data Files

 

36
 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the Registrant and in the capacity and on the dates indicated.

 

File No. 333-184550

SQN AIF IV GP, LLC

General Partner of the Registrant

 

November 14, 2018

 

/s/ Jeremiah Silkowski  
Jeremiah Silkowski  
President and CEO  

 

37
 

 

 EX-31.1 2 ex31-1.htm

 

EXHIBIT 31.1

 

CERTIFICATION

 

I, Jeremiah Silkowski, certify that:

 

1. I have reviewed this quarterly report on Form 10-Q of SQN AIF IV, L.P.;
   
2. Based on my knowledge, this report does not contain any untrue statement of material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
   
3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
   
4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

 

  a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries is made known to us by others within those entities, particularly during the period in which this report is being prepared;
     
  b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
     
  c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
     
  d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

5. The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

 

  a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
     
  b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

 

Date: November 14, 2018  
   
/s/ Jeremiah Silkowski  
Jeremiah Silkowski  
Chief Executive Officer  
(Principal Executive Officer)  

 

 
 

 EX-31.2 3 ex31-2.htm

 

EXHIBIT 31.2

 

CERTIFICATION

 

I, Jeremiah Silkowski, certify that:

 

1. I have reviewed this quarterly report on Form 10-Q of SQN AIF IV, L.P.;
   
2. Based on my knowledge, this report does not contain any untrue statement of material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
   
3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
   
4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

 

  a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries is made known to us by others within those entities, particularly during the period in which this report is being prepared;
     
  b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
     
  c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
     
  d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

5. The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

 

  a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
     
  b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

 

Date: November 14, 2018  
   
/s/ Jeremiah Silkowski  
Jeremiah Silkowski  
Chief Financial Officer  
(Principal Financial Officer)  

 

 
 

 

 EX-32.1 4 ex32-1.htm

 

EXHIBIT 32.1

 

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

 

In connection with the Quarterly Report of SQN AIF IV, L.P. (the “Company”) on Form 10-Q for the period ended September 30, 2018, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, the undersigned, Jeremiah Silkowski, Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that:

 

(1) The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and
   
(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

 

A signed original of this written statement has been provided to the Company and will be retained by the Company and furnished to the SEC or its staff upon request.

 

Date: November 14, 2018  
   
/s/ Jeremiah Silkowski  
Jeremiah Silkowski  
Chief Executive Officer  
(Principal Executive Officer)  

 

 
 

 EX-32.2 5 ex32-2.htm

 

EXHIBIT 32.2

 

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

 

In connection with the Quarterly Report of SQN AIF IV, L.P. (the “Company”) on Form 10-Q for the period ended September 30, 2018, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, the undersigned, Jeremiah Silkowski, Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that:

 

(1) The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and
   
(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

 

A signed original of this written statement has been provided to the Company and will be retained by the Company and furnished to the SEC or its staff upon request.

 

Date: November 14, 2018  
   
/s/ Jeremiah Silkowski  
Jeremiah Silkowski  
Chief Financial Officer  
(Principal Financial Officer)  

 

 
 

 EX-101.INS 6 sqnf-20180930.xml XBRL INSTANCE FILE 0001560046 2018-01-01 2018-09-30 0001560046 2018-09-30 0001560046 us-gaap:AirTransportationEquipmentMember 2018-09-30 0001560046 country:US 2018-09-30 0001560046 srt:EuropeMember 2018-09-30 0001560046 country:MX 2018-09-30 0001560046 country:US 2017-12-31 0001560046 srt:EuropeMember 2017-12-31 0001560046 country:MX 2017-12-31 0001560046 us-gaap:CarryingReportedAmountFairValueDisclosureMember 2018-09-30 0001560046 us-gaap:CarryingReportedAmountFairValueDisclosureMember 2017-12-31 0001560046 country:US 2017-01-01 2017-09-30 0001560046 srt:EuropeMember 2017-01-01 2017-09-30 0001560046 country:MX 2017-01-01 2017-09-30 0001560046 country:US 2018-01-01 2018-09-30 0001560046 srt:EuropeMember 2018-01-01 2018-09-30 0001560046 country:MX 2018-01-01 2018-09-30 0001560046 sqnf:SQNHeloLLCMember sqnf:SQNPACMember 2015-01-07 0001560046 sqnf:SQNHeloLLCMember 2015-01-07 0001560046 sqnf:SQNPortfolioAcquisitionCompanyLLCMember 2015-06-03 0001560046 sqnf:SQNAlphaLLCMember 2015-06-03 0001560046 sqnf:GammaKnifeSuiteMember sqnf:GBPMember 2015-04-29 2015-04-30 0001560046 sqnf:MineralProcessingEquipmentMember 2013-09-27 0001560046 sqnf:MiningEquipmentLoanFacilityMember 2014-05-09 0001560046 sqnf:MedicalEquipmentNote2Member 2014-12-31 0001560046 sqnf:MedicalEquipmentNoteRefinanceMember 2014-12-22 0001560046 sqnf:BrakeManufacturingEquipmentNotesReceivableMember 2014-05-02 0001560046 sqnf:MedicalEquipmentNote1Member 2014-12-19 0001560046 sqnf:MiningEquipmentLoanFacilityMember 2014-05-08 2014-05-09 0001560046 sqnf:MedicalEquipmentNote1Member 2014-12-18 2014-12-19 0001560046 sqnf:BrakeManufacturingEquipmentNotesReceivableMember 2014-05-01 2014-05-02 0001560046 sqnf:MedicalEquipmentNoteRefinanceMember 2015-02-23 2015-02-24 0001560046 sqnf:BrakeManufacturingEquipmentNotesReceivableMember 2018-01-01 2018-09-30 0001560046 sqnf:SQNAlphaLLCMember sqnf:PromissoryNoteMember 2015-06-02 2015-06-03 0001560046 us-gaap:SalesRevenueServicesNetMember us-gaap:CustomerConcentrationRiskMember 2018-01-01 2018-09-30 0001560046 us-gaap:SalesRevenueSegmentMember sqnf:LeasesMember 2017-01-01 2017-09-30 0001560046 us-gaap:SalesRevenueSegmentMember sqnf:LeasesMember 2018-01-01 2018-09-30 0001560046 us-gaap:SalesRevenueSegmentMember sqnf:LeasesOneMember 2018-01-01 2018-09-30 0001560046 us-gaap:SalesRevenueProductLineMember us-gaap:CustomerConcentrationRiskMember 2018-01-01 2018-09-30 0001560046 us-gaap:SalesRevenueProductLineMember sqnf:CustomerConcentrationRiskTwoMember 2018-01-01 2018-09-30 0001560046 sqnf:SalesRevenueProductLine1Member us-gaap:CustomerConcentrationRiskMember 2017-01-01 2017-09-30 0001560046 sqnf:SalesRevenueProductLine1Member us-gaap:CustomerConcentrationRiskMember 2018-01-01 2018-09-30 0001560046 sqnf:SalesRevenueProductLine2Member sqnf:LeaseesOneMember 2017-01-01 2017-09-30 0001560046 sqnf:SQNAlphaLLCMember sqnf:PromissoryNoteMember 2015-06-03 0001560046 sqnf:SQNAlphaLLCMember sqnf:PromissoryNoteMember sqnf:AlphaParticipationAMember 2015-06-03 0001560046 sqnf:SQNAlphaLLCMember sqnf:PromissoryNoteMember sqnf:AlphaParticipationBMember 2015-06-03 0001560046 sqnf:InformageSQNTechnologiesLLCMember 2018-09-30 0001560046 sqnf:SQNAIFIVGPLLCMember 2018-09-30 0001560046 sqnf:MedicalEquipmentMember 2014-03-30 2014-03-31 0001560046 sqnf:MineralProcessingEquipmentMember 2013-09-26 2013-09-27 0001560046 sqnf:SQNPACMember 2015-06-03 0001560046 sqnf:ParticipationAgreementMember sqnf:AlphaParticipationAMember 2015-06-03 0001560046 sqnf:SQNPACMember sqnf:InformageSqnMember 2014-08-01 0001560046 srt:AffiliatedEntityMember sqnf:InformageSqnMember 2014-08-01 0001560046 sqnf:InformageSqnMember 2016-12-31 0001560046 sqnf:SQNHeloLLCMember 2015-01-06 2015-01-07 0001560046 sqnf:GammaKnifeSuiteMember 2015-04-29 2015-04-30 0001560046 sqnf:MedicalEquipmentNoteRefinanceMember sqnf:JanuaryTwentyFiveTwoThousandandFifteenMember 2014-12-22 0001560046 sqnf:MedicalEquipmentNoteRefinanceMember sqnf:JanuaryTwentyFiveTwoThousandandFifteenMember 2014-12-21 2014-12-22 0001560046 sqnf:MedicalEquipmentNote2Member 2015-01-31 0001560046 sqnf:MasterLeaseAgreementMember sqnf:ThirdPartyMember 2014-09-15 0001560046 sqnf:MasterLeaseAgreementMember 2014-09-15 0001560046 2014-09-14 2014-09-15 0001560046 sqnf:LoanAgreementMember sqnf:PromissoryNoteMember sqnf:BorrowerMember 2016-04-25 0001560046 us-gaap:GeneralPartnerMember 2015-06-02 2015-06-03 0001560046 sqnf:SQNPACMember 2015-06-02 2015-06-03 0001560046 sqnf:ParticipationAgreementMember sqnf:AlphaParticipationBMember 2015-06-03 0001560046 sqnf:LoanAgreementMember sqnf:SQNJulietLLCMember 2015-12-29 0001560046 sqnf:UKBasedParentCompanyMember sqnf:JustLoansMember sqnf:GBPMember 2015-12-02 0001560046 sqnf:SQNJulietLLCMember 2015-12-29 0001560046 sqnf:SQNJulietLLCMember sqnf:JulietParticipationAMember 2015-12-29 0001560046 sqnf:SQNJulietLLCMember sqnf:JulietParticipationBMember 2015-12-29 0001560046 sqnf:PartnershipInterestAgreementMember sqnf:SQNMarineLLCMember 2015-12-15 2015-12-16 0001560046 sqnf:PartnershipInterestAgreementMember sqnf:SQNMarineLLCMember 2015-12-16 0001560046 sqnf:PartnershipInterestAgreementMember sqnf:SQNMarineLLCMember sqnf:ThirdPartiesOneMember 2015-12-16 0001560046 sqnf:PartnershipInterestAgreementMember sqnf:SQNMarineLLCMember sqnf:ThirdPartiesTwoMember 2015-12-16 0001560046 sqnf:CONTFeederMember sqnf:UnrelatedThirdPartyMember 2015-12-16 0001560046 sqnf:ComputerHardwareAndSoftwareMember 2015-12-30 0001560046 sqnf:ComputerHardwareAndSoftwareMember 2015-12-27 2015-12-30 0001560046 sqnf:ComputerNetworkingEquipmentMember 2015-09-01 0001560046 sqnf:ComputerNetworkingEquipmentMember 2015-08-28 2015-09-01 0001560046 sqnf:ComputerNetworkingEquipmentMember 2015-10-30 0001560046 sqnf:ComputerNetworkingEquipmentMember 2015-10-29 2015-10-30 0001560046 sqnf:ComputerNetworkingEquipmentMember 2015-12-29 0001560046 sqnf:ComputerNetworkingEquipmentMember 2015-12-27 2015-12-29 0001560046 sqnf:GammaKnifeSuiteMember sqnf:GBPMember 2015-04-30 0001560046 sqnf:GammaKnifeSuiteMember 2015-04-30 0001560046 sqnf:TowingEquipmentMember 2015-10-28 2015-10-30 0001560046 sqnf:TowingEquipmentMember 2015-10-30 0001560046 sqnf:TractorandTrailerEquipmentMember 2015-10-30 0001560046 sqnf:TractorandTrailerEquipmentMember 2015-10-28 2015-10-30 0001560046 sqnf:TractorandTrailerEquipmentMember 2015-11-02 2015-11-04 0001560046 sqnf:TractorandTrailerEquipmentMember 2015-11-04 0001560046 sqnf:FurnitureFixturesandEquipmentMember 2015-10-28 2015-10-30 0001560046 sqnf:FurnitureFixturesandEquipmentMember 2015-10-30 0001560046 sqnf:FurnitureFixturesandEquipmentMember 2018-01-01 2018-09-30 0001560046 sqnf:HoneyProductionEquipmentMember 2015-12-14 0001560046 sqnf:HoneyProductionEquipmentMember 2015-12-13 2015-12-14 0001560046 sqnf:LoanAgreementMember sqnf:PromissoryNoteMember sqnf:BorrowerMember 2016-04-24 2016-04-25 0001560046 sqnf:LoanNoteInstrumentMember 2015-08-13 0001560046 sqnf:LoanNoteInstrumentMember 2015-08-12 2015-08-13 0001560046 sqnf:LoanNoteInstrumentMember 2018-01-01 2018-09-30 0001560046 sqnf:LoanNoteInstrumentMember sqnf:EURMember 2015-08-13 0001560046 sqnf:SyndicatedLoanAgreementMember 2015-10-01 2015-10-02 0001560046 sqnf:SyndicatedLoanAgreementMember 2015-10-02 0001560046 sqnf:SyndicatedLoanAgreementMember 2016-01-01 2016-01-31 0001560046 sqnf:SQNMarineLLCMember 2015-12-16 0001560046 sqnf:SQNMarineLLCMember 2015-12-15 2015-12-16 0001560046 sqnf:SQNMarineLLCMember sqnf:CONTFeederMember 2015-12-15 2015-12-16 0001560046 sqnf:SQNMarineLLCMember sqnf:CONTFeederMember 2015-12-16 0001560046 sqnf:CONTFeederMember 2018-09-30 0001560046 sqnf:CONTFeederMember sqnf:ThirdPartyMember 2018-01-01 2018-09-30 0001560046 sqnf:CONTFeederMember sqnf:ThirdPartyAffiliateMember 2018-01-01 2018-09-30 0001560046 sqnf:SalesRevenueProductLine2Member sqnf:LeaseesOneMember 2018-01-01 2018-09-30 0001560046 sqnf:SalesRevenueProductLine2Member sqnf:LeaseesMember 2018-01-01 2018-09-30 0001560046 2016-12-31 0001560046 sqnf:SQNMarineLLCMember us-gaap:GeneralPartnerMember 2018-09-30 0001560046 sqnf:SQNMarineLLCMember us-gaap:LimitedPartnerMember 2018-09-30 0001560046 sqnf:SQNMarineLLCMember 2018-09-30 0001560046 sqnf:SQNMarineLLCMember 2018-01-01 2018-09-30 0001560046 sqnf:LimitedPartner1Member 2018-01-01 2018-09-30 0001560046 us-gaap:TransportationEquipmentMember 2016-01-23 0001560046 us-gaap:TransportationEquipmentMember 2016-03-04 0001560046 us-gaap:TransportationEquipmentMember 2016-01-21 2016-01-23 0001560046 us-gaap:TransportationEquipmentMember 2016-03-03 2016-03-04 0001560046 sqnf:SecuredBusinessLoansMember sqnf:GBPMember 2015-12-31 0001560046 sqnf:SecuredBusinessLoansMember sqnf:SQNJulietLLCMember 2016-02-18 0001560046 sqnf:FurnitureandFixturesandServerEquipmentMember 2016-01-31 0001560046 sqnf:FurnitureandFixturesandServerEquipmentMember 2016-01-30 2016-01-31 0001560046 sqnf:MedicalEquipmentNote1Member 2018-01-01 2018-09-30 0001560046 srt:MaximumMember 2014-09-14 2014-09-15 0001560046 sqnf:SQNMarineLLCMember sqnf:CONTFeederMember 2018-09-30 0001560046 us-gaap:SalesRevenueSegmentMember sqnf:LeasesTwoMember 2018-01-01 2018-09-30 0001560046 sqnf:SalesRevenueProductLine2Member sqnf:LeaseesTwoMember 2018-01-01 2018-09-30 0001560046 sqnf:JulietParticipationAMember 2016-04-22 0001560046 sqnf:JulietParticipationBMember 2016-04-22 0001560046 sqnf:FurnitureandFixturesandServerEquipmentMember 2016-06-24 0001560046 sqnf:FurnitureandFixturesandServerEquipmentMember 2016-06-23 2016-06-24 0001560046 sqnf:ManufacturingSolarEquipmentMember us-gaap:PartnershipMember 2016-06-27 2016-06-29 0001560046 sqnf:ConstructionEquipmentMember 2016-04-14 0001560046 sqnf:ConstructionEquipmentMember 2016-04-13 2016-04-14 0001560046 sqnf:ConstructionEquipmentMember 2016-06-03 0001560046 sqnf:ConstructionEquipmentMember 2016-06-24 0001560046 sqnf:ConstructionEquipmentMember 2016-06-01 2016-06-03 0001560046 sqnf:ConstructionEquipmentMember 2016-06-23 2016-06-24 0001560046 sqnf:SecuredBusinessLoansMember 2015-12-31 0001560046 sqnf:SecuredBusinessLoansMember sqnf:SQNJulietLLCMember 2016-04-18 0001560046 sqnf:ThirdPartyMember 2016-05-05 0001560046 sqnf:ThirdPartyMember 2016-05-04 2016-05-05 0001560046 sqnf:LoanNoteInstrumentMember 2015-05-12 2015-05-13 0001560046 sqnf:SQNJulietLLCMember sqnf:ThirdPartyAffiliateMember 2016-04-22 0001560046 us-gaap:SalesRevenueServicesNetMember us-gaap:CustomerConcentrationRiskMember 2017-01-01 2017-09-30 0001560046 us-gaap:SalesRevenueProductLineMember sqnf:CustomerConcentrationRiskThreeMember 2018-01-01 2018-09-30 0001560046 sqnf:SalesRevenueProductLine2Member sqnf:LeaseesTwoMember 2017-01-01 2017-09-30 0001560046 sqnf:SQNAlphaLLCMember 2015-06-02 2015-06-03 0001560046 sqnf:ManufacturingSolarEquipmentMember us-gaap:PartnershipMember 2016-06-29 0001560046 sqnf:ManufacturingSolarEquipmentMember sqnf:JulietMember 2016-06-27 2016-06-29 0001560046 sqnf:ManufacturingSolarEquipmentMember sqnf:JulietMember 2016-06-29 0001560046 sqnf:ConstructionEquipmentMember sqnf:JulietMember 2018-01-01 2018-09-30 0001560046 sqnf:ConstructionEquipmentMember sqnf:JulietMember 2016-12-31 0001560046 sqnf:SecuredBusinessLoansMember 2015-12-29 0001560046 sqnf:PartnershipOneMember 2016-09-23 0001560046 sqnf:PartnershipOneMember 2016-09-22 2016-09-23 0001560046 sqnf:PartnershipOneMember 2018-01-01 2018-09-30 0001560046 sqnf:PartnershipTwoMember 2016-09-11 2016-09-12 0001560046 sqnf:PartnershipTwoMember 2016-09-12 0001560046 sqnf:PartnershipTwoMember 2018-01-01 2018-09-30 0001560046 sqnf:PartnershipThreeMember 2018-09-30 0001560046 sqnf:PartnershipThreeMember 2018-01-01 2018-09-30 0001560046 sqnf:LoanAgreementMember 2016-08-03 2016-08-05 0001560046 sqnf:LoanAgreementMember 2015-12-24 2015-12-28 0001560046 sqnf:SQNHeloLLCMember sqnf:SQNPACMember 2018-09-30 0001560046 sqnf:SQNHeloLLCMember us-gaap:PartnershipMember 2018-09-30 0001560046 sqnf:SQNJulietLLCMember sqnf:ThirdPartyAffiliateMember us-gaap:InterestRateBelowMarketReductionMember 2016-04-22 0001560046 sqnf:UKBasedParentCompanyMember sqnf:JustLoansMember 2016-02-29 0001560046 sqnf:LeaseAgreementMember 2016-12-01 2016-12-31 0001560046 sqnf:ManufacturingSolarEquipmentMember us-gaap:PartnershipMember 2016-08-16 2016-08-17 0001560046 sqnf:ManufacturingSolarEquipmentMember us-gaap:PartnershipMember 2016-08-17 0001560046 sqnf:ConstructionEquipmentMember sqnf:JulietMember 2016-09-30 0001560046 sqnf:ConstructionEquipmentMember sqnf:JulietMember 2016-12-02 0001560046 sqnf:ConstructionEquipmentMember sqnf:JulietMember 2016-12-23 0001560046 sqnf:ConstructionEquipmentMember sqnf:JulietMember 2016-12-01 2016-12-02 0001560046 sqnf:ConstructionEquipmentMember sqnf:JulietMember 2016-12-22 2016-12-23 0001560046 sqnf:SecuredBusinessLoansMember sqnf:SQNJulietLLCMember 2016-12-13 0001560046 sqnf:LoanAgreementMember 2016-04-12 2016-04-15 0001560046 sqnf:SQNMarineLLCMember sqnf:CONTFeederMember 2018-01-01 2018-09-30 0001560046 sqnf:SQNMarineLLCMember sqnf:FeederVesselsMember 2018-09-30 0001560046 sqnf:PartnershipsEquipmentInvestmentThroughSPVMember srt:MaximumMember 2018-09-30 0001560046 us-gaap:SalesRevenueProductLineMember us-gaap:CustomerConcentrationRiskMember 2017-01-01 2017-09-30 0001560046 us-gaap:SalesRevenueProductLineMember sqnf:CustomerConcentrationRiskTwoMember 2017-01-01 2017-09-30 0001560046 us-gaap:SalesRevenueProductLineMember sqnf:CustomerConcentrationRiskThreeMember 2017-01-01 2017-09-30 0001560046 us-gaap:SalesRevenueProductLineMember sqnf:CustomerConcentrationRiskFourMember 2017-01-01 2017-09-30 0001560046 sqnf:SQNHeloLLCMember 2017-01-19 0001560046 sqnf:AircraftMember 2016-12-31 0001560046 sqnf:AircraftMember 2016-01-01 2016-12-31 0001560046 sqnf:ThirdPartyTwoMember 2017-03-28 2017-03-30 0001560046 sqnf:ThirdPartyTwoMember 2017-03-30 0001560046 sqnf:OperatingLeaseOneMember 2018-01-01 2018-09-30 0001560046 sqnf:OperatingLeaseTwoMember 2018-01-01 2018-09-30 0001560046 sqnf:OperatingLeaseThreeMember 2018-01-01 2018-09-30 0001560046 sqnf:ManufacturingSolarEquipmentMember 2017-01-17 2017-01-18 0001560046 sqnf:ManufacturingSolarEquipmentMember 2017-01-18 0001560046 sqnf:ManufacturingSolarEquipmentMember 2017-03-26 2017-03-29 0001560046 sqnf:ManufacturingSolarEquipmentMember 2017-03-29 0001560046 sqnf:ConstructionEquipmentMember sqnf:JulietMember 2017-01-08 2017-01-09 0001560046 sqnf:ConstructionEquipmentMember sqnf:JulietMember 2017-01-09 0001560046 sqnf:SQNAFIMember 2017-03-29 0001560046 sqnf:SQNAFIMember 2017-03-27 2017-03-31 0001560046 sqnf:JulietMember 2018-09-30 0001560046 sqnf:JulietMember 2018-01-01 2018-09-30 0001560046 sqnf:ThirdPartyMember 2018-01-01 2018-09-30 0001560046 sqnf:SQNHeloMember 2018-09-30 0001560046 sqnf:SQNHeloMember sqnf:PIKInterestMember 2018-09-30 0001560046 sqnf:SQNHeloMember sqnf:PIKInterestMember 2018-01-01 2018-09-30 0001560046 us-gaap:SalesRevenueSegmentMember sqnf:LeasesOneMember 2017-01-01 2017-09-30 0001560046 us-gaap:SalesRevenueSegmentMember sqnf:LeasesTwoMember 2017-01-01 2017-09-30 0001560046 sqnf:InvestmentInCollateralizedLoansReceivableMember sqnf:LeaseesOneMember 2018-01-01 2018-09-30 0001560046 sqnf:InvestmentInCollateralizedLoansReceivableMember sqnf:LeaseesTwoMember 2018-01-01 2018-09-30 0001560046 sqnf:InvestmentInCollateralizedLoansReceivableMember sqnf:LeaseesThreeMember 2018-01-01 2018-09-30 0001560046 sqnf:InvestmentInCollateralizedLoansReceivableMember sqnf:LeaseesMember 2017-01-01 2017-09-30 0001560046 sqnf:InvestmentInCollateralizedLoansReceivableMember sqnf:LeasesOneMember 2017-01-01 2017-09-30 0001560046 sqnf:InvestmentInCollateralizedLoansReceivableMember sqnf:LeasesTwoMember 2017-01-01 2017-09-30 0001560046 sqnf:LoanAgreementMember sqnf:PromissoryNoteMember 2018-01-01 2018-09-30 0001560046 sqnf:LoanAgreementMember 2017-03-01 2017-03-31 0001560046 2016-11-04 0001560046 sqnf:LoanAgreementMember 2015-12-28 0001560046 us-gaap:PartnershipMember 2016-04-22 0001560046 sqnf:JulietMember 2016-04-22 0001560046 sqnf:SQNHeloLLCMember 2016-12-31 0001560046 us-gaap:PartnershipMember 2017-04-28 0001560046 sqnf:ParticipationAgreementMember sqnf:AlphaParticipationBMember 2018-01-01 2018-09-30 0001560046 sqnf:LoanNoteInstrumentMember 2016-07-29 0001560046 sqnf:LoanAgreementMember 2018-01-01 2018-09-30 0001560046 sqnf:InformageSqnMember 2016-01-01 2016-12-31 0001560046 sqnf:InformageSqnMember 2017-12-31 0001560046 sqnf:SQNHeloLLCMember 2017-09-28 2017-09-29 0001560046 sqnf:SQNHeloLLCMember 2017-06-29 2017-06-30 0001560046 sqnf:SQNHeloLLCMember 2017-09-29 0001560046 sqnf:MedicalEquipmentMember 2014-03-31 0001560046 us-gaap:PartnershipMember 2017-07-20 0001560046 us-gaap:PartnershipMember 2017-07-19 2017-07-20 0001560046 us-gaap:PartnershipMember 2018-01-01 2018-09-30 0001560046 sqnf:LoanAgreementMember 2017-08-01 2017-08-31 0001560046 sqnf:SalesRevenueProductLine2Member sqnf:LeaseesThreeMember 2018-01-01 2018-09-30 0001560046 sqnf:SQNAssetFinanceMember 2017-03-29 0001560046 sqnf:SQNAssetFinanceMember 2017-03-27 2017-03-29 0001560046 sqnf:SQNAssetFinanceMember 2017-03-31 0001560046 sqnf:SQNAssetFinanceMember 2017-03-27 2017-03-31 0001560046 sqnf:LimitedPartner1Member 2013-05-29 2018-09-30 0001560046 us-gaap:PartnershipMember 2016-06-26 2016-06-30 0001560046 sqnf:JulietMember 2016-06-26 2016-06-30 0001560046 sqnf:SQNAFIMember 2017-03-31 0001560046 us-gaap:PartnershipMember 2017-03-31 0001560046 sqnf:MineralProcessingEquipmentMember 2017-12-31 0001560046 sqnf:AnaerobicDigestionPlantMember sqnf:GBPMember 2016-01-31 0001560046 sqnf:PartnershipsEquipmentInvestmentThroughSQNHeloMember 2018-09-30 0001560046 2017-01-01 2017-09-30 0001560046 sqnf:IncomeFromFinanceLeaseMember sqnf:CustomerConcentrationRiskOneMember 2018-01-01 2018-09-30 0001560046 sqnf:IncomeFromFinanceLeaseMember sqnf:CustomerConcentrationRiskTwoMember 2018-01-01 2018-09-30 0001560046 sqnf:IncomeFromFinanceLeaseMember sqnf:CustomerConcentrationRiskOneMember 2017-01-01 2017-09-30 0001560046 sqnf:IncomeFromFinanceLeaseMember sqnf:CustomerConcentrationRiskTwoMember 2017-01-01 2017-09-30 0001560046 sqnf:IncomeFromFinanceLeaseMember sqnf:CustomerConcentrationRiskThreeMember 2017-01-01 2017-09-30 0001560046 sqnf:SQNAssetFinanceMember 2017-04-28 0001560046 sqnf:AircraftMember 2017-08-01 2017-08-31 0001560046 sqnf:AircraftMember 2017-04-01 2017-04-30 0001560046 sqnf:AircraftMember 2017-04-30 0001560046 sqnf:AnaerobicDigestionPlantMember 2016-05-16 0001560046 sqnf:ManufacturingSolarEquipmentMember 2017-12-31 0001560046 sqnf:MineralProcessingEquipmentMember 2017-09-30 0001560046 sqnf:MedicalEquipmentNoteRefinanceMember sqnf:JanuaryTwoThousandAndNineteenMember 2018-09-30 0001560046 sqnf:MedicalEquipmentNoteRefinanceMember sqnf:JanuaryTwoThousandAndNineteenMember 2018-01-01 2018-09-30 0001560046 sqnf:MedicalEquipmentNote2Member 2015-06-02 2015-06-30 0001560046 sqnf:UKBasedParentCompanyMember sqnf:JustLoansMember 2015-12-02 0001560046 sqnf:FebruaryTwentyEightTwoThousandEighteenMember 2017-12-31 0001560046 sqnf:EURMember 2018-02-28 0001560046 sqnf:FebruaryTwentyEightTwoThousandEighteenMember 2017-01-01 2017-12-31 0001560046 2017-12-31 0001560046 us-gaap:GeneralPartnerMember 2018-09-30 0001560046 2017-01-01 2017-12-31 0001560046 2018-03-13 2018-03-15 0001560046 us-gaap:TransportationEquipmentMember 2018-01-01 2018-09-30 0001560046 sqnf:HoneyProductionEquipmentMember 2018-01-01 2018-09-30 0001560046 sqnf:TowingEquipmentMember 2018-01-01 2018-09-30 0001560046 sqnf:TractorandTrailerEquipmentMember 2018-01-01 2018-09-30 0001560046 sqnf:LoanAgreementMember 2018-02-01 2018-02-28 0001560046 sqnf:InformageSqnMember 2018-09-30 0001560046 sqnf:CONTFeederMember 2018-01-01 2018-09-30 0001560046 us-gaap:SalesRevenueServicesNetMember sqnf:CustomerConcentrationRiskTwoMember 2017-01-01 2017-09-30 0001560046 us-gaap:SalesRevenueSegmentMember sqnf:LeaseesThreeMember 2017-01-01 2017-09-30 0001560046 us-gaap:SalesRevenueProductLineMember sqnf:CustomerConcentrationRiskFourMember 2018-01-01 2018-09-30 0001560046 sqnf:SalesRevenueProductLine2Member sqnf:LeaseesMember 2017-01-01 2017-09-30 0001560046 sqnf:InvestmentInResidualValueLeasesMember us-gaap:CustomerConcentrationRiskMember 2018-01-01 2018-09-30 0001560046 sqnf:InvestmentInResidualValueLeasesMember us-gaap:CustomerConcentrationRiskMember 2017-01-01 2017-09-30 0001560046 sqnf:JulyTwentyOneTwoThousandAndSixteenThroughDecemberThirtyOneTwoThousandAndSeventeenMember sqnf:PartnershipThreeMember 2018-09-30 0001560046 us-gaap:AirTransportationEquipmentMember 2017-12-31 0001560046 sqnf:ManufacturingSolarEquipmentMember 2018-09-30 0001560046 sqnf:OperatingLeaseOneMember 2018-09-30 0001560046 sqnf:OperatingLeaseTwoMember 2018-09-30 0001560046 sqnf:OperatingLeaseThreeMember 2018-09-30 0001560046 2014-09-15 0001560046 sqnf:LimitedPartnershipInterestsMember 2017-12-31 0001560046 sqnf:LimitedPartnershipInterestsMember 2018-01-01 2018-09-30 0001560046 sqnf:LimitedPartnershipInterestsMember 2018-09-30 0001560046 us-gaap:NoncontrollingInterestMember 2017-12-31 0001560046 us-gaap:NoncontrollingInterestMember 2018-01-01 2018-09-30 0001560046 us-gaap:NoncontrollingInterestMember 2018-09-30 0001560046 us-gaap:GeneralPartnerMember 2017-12-31 0001560046 us-gaap:GeneralPartnerMember 2018-01-01 2018-09-30 0001560046 us-gaap:LimitedPartnerMember 2017-12-31 0001560046 us-gaap:LimitedPartnerMember 2018-01-01 2018-09-30 0001560046 us-gaap:LimitedPartnerMember 2018-09-30 0001560046 us-gaap:PortionAtFairValueFairValueDisclosureMember 2018-09-30 0001560046 us-gaap:PortionAtFairValueFairValueDisclosureMember 2017-12-31 0001560046 2018-07-01 2018-09-30 0001560046 2017-07-01 2017-09-30 0001560046 2017-09-30 0001560046 sqnf:ConstructionEquipmentMember 2018-07-01 2018-09-30 0001560046 sqnf:ConstructionEquipmentMember 2018-01-01 2018-09-30 0001560046 us-gaap:TransportationEquipmentMember 2018-07-01 2018-09-30 0001560046 sqnf:HoneyProductionEquipmentMember 2018-07-01 2018-09-30 0001560046 sqnf:TowingEquipmentMember 2018-05-01 2018-05-31 0001560046 sqnf:TowingEquipmentMember 2018-07-01 2018-09-30 0001560046 sqnf:TractorandTrailerEquipmentMember 2018-07-01 2018-09-30 0001560046 sqnf:FurnitureFixturesandEquipmentMember 2018-07-01 2018-09-30 0001560046 sqnf:MedicalEquipmentNote1Member 2018-07-01 2018-09-30 0001560046 sqnf:BrakeManufacturingEquipmentNotesReceivableMember 2018-05-01 2018-05-31 0001560046 sqnf:BrakeManufacturingEquipmentNotesReceivableMember 2018-07-01 2018-09-30 0001560046 sqnf:LoanAgreementMember 2018-05-30 0001560046 sqnf:LoanAgreementMember 2018-06-21 0001560046 us-gaap:PartnershipMember 2018-06-20 2018-06-21 0001560046 us-gaap:PartnershipMember 2018-06-21 0001560046 sqnf:JulietMember 2018-06-21 0001560046 sqnf:JulietMember 2018-06-20 2018-06-21 0001560046 us-gaap:PartnershipMember 2018-07-01 2018-09-30 0001560046 sqnf:PartnershipOneMember 2018-07-01 2018-09-30 0001560046 sqnf:PartnershipTwoMember 2018-07-01 2018-09-30 0001560046 sqnf:PartnershipThreeMember 2018-07-01 2018-09-30 0001560046 sqnf:PartnershipThreeMember 2018-06-20 2018-06-21 0001560046 sqnf:ThirdPartyMember 2018-09-01 2018-09-30 0001560046 sqnf:ThirdPartyMember 2018-07-01 2018-09-30 0001560046 sqnf:LoanAgreementMember sqnf:PromissoryNoteMember 2018-07-01 2018-09-30 0001560046 sqnf:ParticipationAgreementMember sqnf:AlphaParticipationBMember 2018-07-01 2018-09-30 0001560046 sqnf:EURMember 2018-01-01 2018-09-30 0001560046 2018-06-06 0001560046 sqnf:LoanNoteInstrumentMember 2018-07-01 2018-09-30 0001560046 sqnf:LoanAgreementMember 2018-07-01 2018-09-30 0001560046 sqnf:CONTFeederMember 2018-07-01 2018-09-30 0001560046 country:US 2018-07-01 2018-09-30 0001560046 srt:EuropeMember 2018-07-01 2018-09-30 0001560046 country:MX 2018-07-01 2018-09-30 0001560046 country:US 2017-07-01 2017-09-30 0001560046 srt:EuropeMember 2017-07-01 2017-09-30 0001560046 country:MX 2017-07-01 2017-09-30 0001560046 us-gaap:PartnershipMember 2018-08-08 0001560046 sqnf:InvestmentInCollateralizedLoansReceivableMember sqnf:LeaseesMember 2018-01-01 2018-09-30 0001560046 2018-11-14 0001560046 2018-08-26 2018-08-29 0001560046 sqnf:AssignmentAgreementMember sqnf:JulietMember 2018-07-31 0001560046 sqnf:AssignmentAgreementMember sqnf:JulietMember 2018-07-30 2018-07-31 0001560046 sqnf:AssignmentAgreementMember sqnf:PartnershipAndJulietMember 2018-08-31 0001560046 sqnf:PromissoryNoteMember 2018-07-01 2018-09-30 0001560046 sqnf:PromissoryNoteMember 2018-01-01 2018-09-30 0001560046 sqnf:PartnershipAndJulietMember 2018-01-01 2018-09-30 0001560046 sqnf:PartnershipAndJulietMember 2018-07-01 2018-09-30 0001560046 us-gaap:SalesRevenueSegmentMember sqnf:LeasesThreeMember 2018-01-01 2018-09-30 0001560046 sqnf:SalesRevenueProductLine2Member sqnf:LeaseesThreeMember 2017-01-01 2017-09-30 0001560046 sqnf:InvestmentInCollateralizedLoansReceivableMember sqnf:LeasesThreeMember 2017-01-01 2017-09-30 0001560046 us-gaap:SubsequentEventMember sqnf:FinancingAgreementMember 2018-11-05 2018-11-06 iso4217:USD xbrli:shares iso4217:USD xbrli:shares xbrli:pure sqnf:Leases sqnf:Container iso4217:EUR iso4217:GBP 10-Q 2018-09-30 --12-31 Non-accelerated Filer Q3 4588860 4588860 4588860 5557494 5557494 5557494 16357939 12096128 2261811 2000000 12668268 2189488 2000000 15701793 16497270 16857756 15701793 16497270 41417929 10461691 24106240 6849998 5821153 21788885 13524438 40358589 38012853 41134476 40358589 38012853 66635114 66635114 68044254 7500000 9604091 9131578 9245578 68044254 66635114 68044254 756000 1342436 756000 1342436 252000 332160 252000 332160 1053671 1606981 96547 981716 71955 1703528 338492 672082 316690 21802 641840 30242 3779474 3950621 1301064 1678573 799837 3950621 1194265 1201925 525648 481573 187044 1201925 -5148 -5148 6792 6792 120601 142422 263023 3412044 3687328 711000 1140138 1152812 228000 11925000 85093 12135718 5000000 3140754 250696 1504139 1489247 74965064 14892 1489247 4692135 3636617 1055518 7116760 269079 7412839 false SQN AIF IV, L.P. 13377655 11072567 13377655 11072567 4774457 4035381 4774457 4035381 2030000 2030000 677000 677000 <p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The future maturities of the Partnership&#8217;s equipment notes receivable at September 30, 2018 are as follows:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1.5pt solid"><font style="font-size: 10pt">Years ending September 30, (unaudited)</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom"> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="text-align: right">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 77%"><font style="font-size: 10pt">2019</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 20%; text-align: right"><font style="font-size: 10pt">6,901,636</font></td> <td style="width: 1%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">2020</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">3,648,809</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">2021</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">3,018,791</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">2022</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">1,957,946</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">2023</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">174,611</font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">15,701,793</font></td> <td style="padding-bottom: 2.5pt">&#160;</td></tr> </table> <p style="margin: 0pt"></p> <p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Partnership&#8217;s carrying values and approximate fair values of its financial instruments were as follows:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td>&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="6" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">September 30, 2018</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="6" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">December 31, 2017</font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom"> <td>&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">Carrying</font><br /> <font style="font-size: 10pt">Value</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">Fair Value</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">Carrying</font><br /> <font style="font-size: 10pt">Value</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">Fair Value</font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom"> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="text-align: center"><font style="font-size: 10pt">(unaudited)</font></td> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="text-align: center"><font style="font-size: 10pt">(unaudited)</font></td> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="text-align: right">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">Assets:</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="width: 48%; padding-bottom: 1.5pt; padding-left: 10pt"><font style="font-size: 10pt">Equipment notes receivable</font></td> <td style="width: 1%; padding-bottom: 1.5pt">&#160;</td> <td style="width: 1%; border-bottom: black 1.5pt solid"><font style="font-size: 10pt">$</font></td> <td style="width: 10%; border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">15,701,793</font></td> <td style="width: 1%; padding-bottom: 1.5pt">&#160;</td> <td style="width: 1%; padding-bottom: 1.5pt">&#160;</td> <td style="width: 1%; border-bottom: black 1.5pt solid"><font style="font-size: 10pt">$</font></td> <td style="width: 10%; border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">15,701,793</font></td> <td style="width: 1%; padding-bottom: 1.5pt">&#160;</td> <td style="width: 1%; padding-bottom: 1.5pt">&#160;</td> <td style="width: 1%; border-bottom: black 1.5pt solid"><font style="font-size: 10pt">$</font></td> <td style="width: 10%; border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">16,497,270</font></td> <td style="width: 1%; padding-bottom: 1.5pt">&#160;</td> <td style="width: 1%; padding-bottom: 1.5pt">&#160;</td> <td style="width: 1%; border-bottom: black 1.5pt solid"><font style="font-size: 10pt">$</font></td> <td style="width: 10%; border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">16,497,270</font></td> <td style="width: 1%; padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 2.5pt; padding-left: 10pt"><font style="font-size: 10pt">Collateralized loans receivable</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">40,358,589</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">40,358,589</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">38,012,853</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">38,012,853</font></td> <td style="padding-bottom: 2.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">Liabilities:</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 2.5pt; padding-left: 10pt"><font style="font-size: 10pt">Loans payable</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">66,635,114</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">66,635,114</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">68,044,254</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">68,044,254</font></td> <td style="padding-bottom: 2.5pt">&#160;</td></tr> </table> <p style="margin: 0pt"></p> <p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Geographic information for revenue for the three months ended September 30, 2018 and 2017 was as follows:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="text-align: center">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="14" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">Three Months Ended September 30, 2018</font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">United States</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">Europe</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">Mexico</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">Total</font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom"> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="text-align: center"><font style="font-size: 10pt">(unaudited)</font></td> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="text-align: center"><font style="font-size: 10pt">(unaudited)</font></td> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="text-align: center"><font style="font-size: 10pt">(unaudited)</font></td> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="text-align: center"><font style="font-size: 10pt">(unaudited)</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">Revenue:</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="width: 48%; padding-bottom: 2.5pt; padding-left: 10pt"><font style="font-size: 10pt">Rental income</font></td> <td style="width: 1%; padding-bottom: 2.5pt">&#160;</td> <td style="width: 1%; border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="width: 10%; border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">252,000</font></td> <td style="width: 1%; padding-bottom: 2.5pt">&#160;</td> <td style="width: 1%; padding-bottom: 2.5pt">&#160;</td> <td style="width: 1%; border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="width: 10%; border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">&#8212;</font></td> <td style="width: 1%; padding-bottom: 2.5pt">&#160;</td> <td style="width: 1%; padding-bottom: 2.5pt">&#160;</td> <td style="width: 1%; border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="width: 10%; border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">&#8212;</font></td> <td style="width: 1%; padding-bottom: 2.5pt">&#160;</td> <td style="width: 1%; padding-bottom: 2.5pt">&#160;</td> <td style="width: 1%; border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="width: 10%; border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">252,000</font></td> <td style="width: 1%; padding-bottom: 2.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 2.5pt; padding-left: 10pt"><font style="font-size: 10pt">Finance income</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">316,690</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">21,802</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">&#8212;</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">338,492</font></td> <td style="padding-bottom: 2.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2.5pt; padding-left: 10pt"><font style="font-size: 10pt">Interest income</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">525,648</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">481,573</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">187,044</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">1,194,265</font></td> <td style="padding-bottom: 2.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 2.5pt; padding-left: 10pt"><font style="font-size: 10pt">Income from equipment investment through SPV</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">&#8212;</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">4,774,457</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">&#8212;</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">4,774,457</font></td> <td style="padding-bottom: 2.5pt">&#160;</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="text-align: center">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="14" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">Three Months Ended September 30, 2017 </font><br /> <font style="font-size: 10pt">(unaudited)</font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom"> <td>&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">United States</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">Europe</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">Mexico</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">Total</font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">Revenue:</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="width: 48%; padding-bottom: 2.5pt; padding-left: 10pt"><font style="font-size: 10pt">Rental income</font></td> <td style="width: 1%; padding-bottom: 2.5pt">&#160;</td> <td style="width: 1%; border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="width: 10%; border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">332,160</font></td> <td style="width: 1%; padding-bottom: 2.5pt">&#160;</td> <td style="width: 1%; padding-bottom: 2.5pt">&#160;</td> <td style="width: 1%; border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="width: 10%; border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">&#8212;</font></td> <td style="width: 1%; padding-bottom: 2.5pt">&#160;</td> <td style="width: 1%; padding-bottom: 2.5pt">&#160;</td> <td style="width: 1%; border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="width: 10%; border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">&#8212;</font></td> <td style="width: 1%; padding-bottom: 2.5pt">&#160;</td> <td style="width: 1%; padding-bottom: 2.5pt">&#160;</td> <td style="width: 1%; border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="width: 10%; border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">332,160</font></td> <td style="width: 1%; padding-bottom: 2.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 2.5pt; padding-left: 10pt"><font style="font-size: 10pt">Finance income</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">641,840</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">30,242</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">&#8212;</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">672,082</font></td> <td style="padding-bottom: 2.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2.5pt; padding-left: 10pt"><font style="font-size: 10pt">Interest income</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">1,201,925</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">&#8212;</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">&#8212;</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">1,201,925</font></td> <td style="padding-bottom: 2.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 2.5pt; padding-left: 10pt"><font style="font-size: 10pt">Investment income from equity method investments</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">6,792</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">&#8212;</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">&#8212;</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">6,792</font></td> <td style="padding-bottom: 2.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2.5pt; padding-left: 10pt"><font style="font-size: 10pt">Income from equipment investment through SPV</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">&#8212;</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">4,035,381</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">&#8212;</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">4,035,381</font></td> <td style="padding-bottom: 2.5pt">&#160;</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Geographic information for revenue for the nine months ended September 30, 2018 and 2017 was as follows:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="text-align: center">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="14" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">Nine Months Ended September 30, 2018</font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">United States</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">Europe</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">Mexico</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">Total</font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom"> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="text-align: center"><font style="font-size: 10pt">(unaudited)</font></td> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="text-align: center"><font style="font-size: 10pt">(unaudited)</font></td> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="text-align: center"><font style="font-size: 10pt">(unaudited)</font></td> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="text-align: center"><font style="font-size: 10pt">(unaudited)</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">Revenue:</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="width: 48%; padding-bottom: 2.5pt; padding-left: 10pt"><font style="font-size: 10pt">Rental income</font></td> <td style="width: 1%; padding-bottom: 2.5pt">&#160;</td> <td style="width: 1%; border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="width: 10%; border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">756,000</font></td> <td style="width: 1%; padding-bottom: 2.5pt">&#160;</td> <td style="width: 1%; padding-bottom: 2.5pt">&#160;</td> <td style="width: 1%; border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="width: 10%; border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">&#8212;</font></td> <td style="width: 1%; padding-bottom: 2.5pt">&#160;</td> <td style="width: 1%; padding-bottom: 2.5pt">&#160;</td> <td style="width: 1%; border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="width: 10%; border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">&#8212;</font></td> <td style="width: 1%; padding-bottom: 2.5pt">&#160;</td> <td style="width: 1%; padding-bottom: 2.5pt">&#160;</td> <td style="width: 1%; border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="width: 10%; border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">756,000</font></td> <td style="width: 1%; padding-bottom: 2.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 2.5pt; padding-left: 10pt"><font style="font-size: 10pt">Finance income</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">981,716</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">71,955</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">&#8212;</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">1,053,671</font></td> <td style="padding-bottom: 2.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2.5pt; padding-left: 10pt"><font style="font-size: 10pt">Interest income</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">1,301,064</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">1,678,573</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">799,837</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">3,779,474</font></td> <td style="padding-bottom: 2.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 2.5pt; padding-left: 10pt"><font style="font-size: 10pt">Income from equipment investment in SPV</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">&#8212;</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">13,377,655</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">&#8212;</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">13,377,655</font></td> <td style="padding-bottom: 2.5pt">&#160;</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="text-align: center">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="14" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">Nine Months Ended September 30, 2017 </font><br /> <font style="font-size: 10pt">(unaudited)</font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom"> <td>&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">United States</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">Europe</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">Mexico</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">Total</font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">Revenue:</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="width: 48%; padding-bottom: 2.5pt; padding-left: 10pt"><font style="font-size: 10pt">Rental income</font></td> <td style="width: 1%; padding-bottom: 2.5pt">&#160;</td> <td style="width: 1%; border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="width: 10%; border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">1,342,436</font></td> <td style="width: 1%; padding-bottom: 2.5pt">&#160;</td> <td style="width: 1%; padding-bottom: 2.5pt">&#160;</td> <td style="width: 1%; border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="width: 10%; border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">&#8212;</font></td> <td style="width: 1%; padding-bottom: 2.5pt">&#160;</td> <td style="width: 1%; padding-bottom: 2.5pt">&#160;</td> <td style="width: 1%; border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="width: 10%; border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">&#8212;</font></td> <td style="width: 1%; padding-bottom: 2.5pt">&#160;</td> <td style="width: 1%; padding-bottom: 2.5pt">&#160;</td> <td style="width: 1%; border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="width: 10%; border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">1,342,436</font></td> <td style="width: 1%; padding-bottom: 2.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 2.5pt; padding-left: 10pt"><font style="font-size: 10pt">Finance income</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">1,606,981</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">96,547</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">&#8212;</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">1,703,528</font></td> <td style="padding-bottom: 2.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2.5pt; padding-left: 10pt"><font style="font-size: 10pt">Interest income</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">3,950,621</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">&#8212;</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">&#8212;</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">3,950,621</font></td> <td style="padding-bottom: 2.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 2.5pt; padding-left: 10pt"><font style="font-size: 10pt">Investment loss from equity method investments</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">(5,148</font></td> <td style="padding-bottom: 2.5pt"><font style="font-size: 10pt">)</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">&#8212;</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">&#8212;</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">(5,148</font></td> <td style="padding-bottom: 2.5pt"><font style="font-size: 10pt">)</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2.5pt; padding-left: 10pt"><font style="font-size: 10pt">Gain on sale of assets</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">120,601</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">142,422</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">&#8212;</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">263,023</font></td> <td style="padding-bottom: 2.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 2.5pt; padding-left: 10pt"><font style="font-size: 10pt">Income from equipment investment through SPV</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">-</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">11,072,567</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">-</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">11,072,567</font></td> <td style="padding-bottom: 2.5pt">&#160;</td></tr> </table> <p style="margin: 0pt"></p> <p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Geographic information for long-lived assets at September 30, 2018 and December 31, 2017 was as follows:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="text-align: center">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="14" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">September 30, 2018</font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">United States</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">Europe</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">Mexico</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">Total</font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom"> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="text-align: center"><font style="font-size: 10pt">(unaudited)</font></td> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="text-align: center"><font style="font-size: 10pt">(unaudited)</font></td> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="text-align: center"><font style="font-size: 10pt">(unaudited)</font></td> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="text-align: center"><font style="font-size: 10pt">(unaudited)</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">Long-lived assets:</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="width: 48%; padding-bottom: 2.5pt; padding-left: 10pt"><font style="font-size: 10pt">Investment in finance leases, net</font></td> <td style="width: 1%; padding-bottom: 2.5pt">&#160;</td> <td style="width: 1%; border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="width: 10%; border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">3,636,617</font></td> <td style="width: 1%; padding-bottom: 2.5pt">&#160;</td> <td style="width: 1%; padding-bottom: 2.5pt">&#160;</td> <td style="width: 1%; border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="width: 10%; border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">1,055,518</font></td> <td style="width: 1%; padding-bottom: 2.5pt">&#160;</td> <td style="width: 1%; padding-bottom: 2.5pt">&#160;</td> <td style="width: 1%; border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="width: 10%; border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">&#8212;</font></td> <td style="width: 1%; padding-bottom: 2.5pt">&#160;</td> <td style="width: 1%; padding-bottom: 2.5pt">&#160;</td> <td style="width: 1%; border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="width: 10%; border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">4,692,135</font></td> <td style="width: 1%; padding-bottom: 2.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 2.5pt; padding-left: 10pt"><font style="font-size: 10pt">Investments in equipment subject to operating leases, net</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">4,588,860</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">&#8212;</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">&#8212;</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">4,588,860</font></td> <td style="padding-bottom: 2.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2.5pt; padding-left: 10pt"><font style="font-size: 10pt">Equipment notes receivable, including accrued interest</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">12,096,128</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">2,261,811</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">2,000,000</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">16,357,939</font></td> <td style="padding-bottom: 2.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 2.5pt; padding-left: 10pt"><font style="font-size: 10pt">Equipment investment through SPV</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">&#8212;</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">32,075,023</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">&#8212;</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">32,075,023</font></td> <td style="padding-bottom: 2.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1.5pt; padding-left: 10pt"><font style="font-size: 10pt">Collateralized loan receivable, including accrued interest</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">10,461,691</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">24,106,240</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">6,849,998</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">41,417,929</font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td>&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="14" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">December 31, 2017</font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">United States</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">Europe</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">Mexico</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">Total</font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">Long-lived assets:</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="width: 48%; padding-bottom: 2.5pt; padding-left: 10pt"><font style="font-size: 10pt">Investment in finance leases, net</font></td> <td style="width: 1%; padding-bottom: 2.5pt">&#160;</td> <td style="width: 1%; border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="width: 10%; border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">7,116,760</font></td> <td style="width: 1%; padding-bottom: 2.5pt">&#160;</td> <td style="width: 1%; padding-bottom: 2.5pt">&#160;</td> <td style="width: 1%; border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="width: 10%; border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">269,079</font></td> <td style="width: 1%; padding-bottom: 2.5pt">&#160;</td> <td style="width: 1%; padding-bottom: 2.5pt">&#160;</td> <td style="width: 1%; border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="width: 10%; border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">&#8212;</font></td> <td style="width: 1%; padding-bottom: 2.5pt">&#160;</td> <td style="width: 1%; padding-bottom: 2.5pt">&#160;</td> <td style="width: 1%; border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="width: 10%; border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">7,412,839</font></td> <td style="width: 1%; padding-bottom: 2.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 2.5pt; padding-left: 10pt"><font style="font-size: 10pt">Investments in equipment subject to operating leases, net</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">5,557,494</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">&#8212;</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">&#8212;</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">5,557,494</font></td> <td style="padding-bottom: 2.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2.5pt; padding-left: 10pt"><font style="font-size: 10pt">Equipment notes receivable, including accrued interest</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">12,668,268</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">2,189,488</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">2,000,000</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">16,857,756</font></td> <td style="padding-bottom: 2.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 2.5pt; padding-left: 10pt"><font style="font-size: 10pt">Equipment investment through SPV</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">&#8212;</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">34,094,204</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">&#8212;</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">34,094,204</font></td> <td style="padding-bottom: 2.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2.5pt; padding-left: 10pt"><font style="font-size: 10pt">Collateralized loan receivable, including accrued interest</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">5,821,153</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">21,788,885</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">13,524,438</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">41,134,476</font></td> <td style="padding-bottom: 2.5pt">&#160;</td></tr> </table> <p style="margin: 0pt"></p> <p style="margin: 0pt"></p> <table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 24px; font: 12pt Times New Roman, Times, Serif"><font style="font-size: 10pt"><b>1.</b></font></td> <td style="font: 12pt Times New Roman, Times, Serif; text-align: justify"><font style="font-size: 10pt"><b>Organization and Nature of Operations </b></font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Organization </i></b>&#8211; SQN AIF IV, L.P. (the &#8220;Partnership&#8221;) was formed on August 10, 2012, as a Delaware limited partnership and is engaged in a single business segment, the ownership and investment in leased equipment and related financings which includes: (i) purchasing equipment and leasing it to third-party end users; (ii) providing equipment and other asset financing; (iii) acquiring equipment subject to lease and (iv) acquiring ownership rights (residual value interests) in leased equipment at lease expiration. The Partnership will terminate no later than December 31, 2036.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Nature of Operations </i></b>&#8211; The principal investment strategy of the Partnership is to invest in business-essential, revenue-producing (or cost-savings) equipment or other physical assets with high in-place value and long, relative to the investment term, economic life and project financings. The Partnership executes its investment strategy by making investments in equipment already subject to lease or originating equipment leases in such equipment, which will include: (i) purchasing equipment and leasing it to third-party end users; (ii) providing equipment and other asset and project financings; (iii) acquiring equipment subject to lease and (iv) acquiring ownership rights (residual value interests) in leased equipment at lease expiration. From time to time, the Partnership may also purchase equipment and sell it directly to its leasing customers. The Partnership may use other investment structures that SQN Capital Management, LLC (the &#8220;Investment Manager&#8221;) believes will provide the Partnership with an appropriate level of security, collateralization, and flexibility to optimize its return on its investment while protecting against downside risk. In many cases, the structure will include the Partnership holding title to or a priority or controlling position in the equipment or other asset.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The General Partner of the Partnership is SQN AIF IV GP, LLC (the &#8220;General Partner&#8221;), a wholly-owned subsidiary of the Partnership&#8217;s Investment Manager. Both the Partnership&#8217;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&#8217;s income, losses and distributions. The Investment Manager makes all investment decisions and manages the investment portfolio of the Partnership.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On January 19, 2015, the Investment Manager, through a wholly-owned subsidiary, entered into an agreement to acquire the leasing division of Summit Asset Management Limited (&#8220;Summit Asset Management&#8221;). Upon the acquisition, the Origination and Servicing Agreement between the Investment Manager and Summit Asset Management was terminated. From January 1, 2015, all activities of Summit Asset Management are conducted under SQN Capital Management (UK) Limited (&#8220;SQN UK&#8221;). Where Summit Asset Management was previously the servicer on transactions sold to the Partnership, SQN UK will now act as servicer.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On June 3, 2015, SQN Alpha, LLC (&#8220;Alpha&#8221;), a special purpose entity which is 32.5% owned by the Partnership and 67.5% owned by SQN Portfolio Acquisition Company, LLC (&#8220;SQN PAC&#8221;), acquired a promissory note with a principal amount equal to $2,650,000. The promissory note accrues interest at the rate of 11.1% per annum, payable quarterly in arrears, and matures on June 30, 2020. The promissory note is secured by a pledge of shares in an investment portfolio of insurance companies under common control of the third party which include equipment leases, direct hard assets and infrastructure investments, and other securities. On June 3, 2015, a participation agreement was entered into between SQN PAC (&#8220;Participation A&#8221;), the Partnership (&#8220;Participation B&#8221;), Alpha and SQN Capital Management, LLC. Under the agreement, Alpha created two collateralized participation interests for the collateral (&#8220;Promissory Note&#8221;); Participation A&#8217;s principal contribution is $1,788,750 and accrues interest at 9% per annum and Participation B&#8217;s principal contribution is $861,250 and accrues interest at 15.05% per annum. SQN Capital Management, LLC was appointed as a servicer for the Promissory Note. Participation A&#8217;s interest is senior to Participation B&#8217;s interest. Since the Partnership bears the primary risks and rewards of Alpha, the Partnership consolidates Alpha into the condensed consolidated financial statements. SQN PAC&#8217;s 67.5% investment in Alpha is presented as non-controlling interest on the condensed consolidated financial statements.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On December 2, 2015, the Partnership formed a special purpose entity SQN Juliet, LLC (&#8220;Juliet&#8221;), a limited liability company registered in the state of Delaware which is wholly owned by the Partnership. On December 29, 2015, Juliet entered into a loan agreement with a third party to borrow $3,071,000 for the funding of two loan facilities. The borrowers are both subsidiaries of a UK based parent company that provides small and medium sized secured business loans (&#8220;Just Loans&#8221;). Each facility provides financing up to a maximum borrowing of &#163;5,037,500 or together a total of &#163;10,075,000 and accrues interest at a rate of 10% per annum. The loans are secured by share pledges of the borrowers, a guaranty from the UK based parent company, and the underlying loan portfolio that Just Loans generates. In February 2016, the loan facilities were amended to include an annual fee, payable within 15 days of end of calendar year, equal to 30% of the interest paid or payable in the immediately preceding calendar year. On March 29, 2017, Juliet entered into a deed of novation agreement to novate 85% of this loan note to SQN Asset Finance (Ireland) Designated Activity Company (&#8220;SQN AFI&#8221;) for $6,416,092. In connection with the novation agreement, the Termination Date was extended to September 30, 2018. Management is currently in the process of extending this loan. On December 29, 2015, a participation agreement was entered into between a third party (&#8220;Juliet Participation A&#8221;), the Partnership (&#8220;Juliet Participation B&#8221;), and Juliet. In connection with the participation agreement, the Partnership assigned to Juliet various finance leases and equipment notes receivables with a total value equal to $4,866,750. Under the agreement, Juliet created two collateralized participation interests for the underlying loans (&#8220;Underlying Loans&#8221;); Juliet Participation A&#8217;s principal balance is $3,071,000 and accrues interest at 8.5% per annum and Juliet Participation B&#8217;s principal balance is the value of their assigned finance leases and equipment notes receivable of $4,866,750. Juliet Participation A&#8217;s interest is senior to Juliet Participation B&#8217;s interest. On April 22, 2016, the participation agreement dated December 29, 2015 between Juliet Participation A, Juliet Participation B, and Juliet was amended and restated. In connection with the amended participation agreement, Juliet Participation A funded Juliet cash of approximately $8,511,000 and assigned their interests of approximately $3,986,000 in a loan facility for a wood pellet business in Texas, which along with the outstanding principal payable balance of approximately $2,124,000 on the Just Loans transaction resulted in a Juliet Participation A balance of approximately $14,621,000. Under the amended agreement, Juliet Participation A&#8217;s principal balance accrues interest at 6% per annum and Juliet Participation B&#8217;s principal balance accrues interest at 12% per annum. Juliet Participation A&#8217;s interest is senior to Juliet Participation B&#8217;s interest. On March 29, 2017, Juliet entered into a deed of novation agreement to novate 85% of this loan note to SQN Asset Finance (Ireland) Designated Activity Company (&#8220;SQN AFI&#8221;) and on March 31, 2017, Juliet received cash proceeds of $6,416,092 from SQN AFI for the 85% interest. The loan note had a net book value of $6,273,670 resulting in a U.S. GAAP gain of $142,422. On March 31, 2017, the Partnership advanced a total of $374,610 to the Just Loans borrowers. On April 28, 2017, the Partnership advanced a total of $370,187 to the Just Loans borrowers.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On December 16, 2015, SQN Marine, LLC (&#8220;Marine&#8221;), a special purpose vehicle which is wholly owned by the Partnership, entered into a sale and assignment of partnership interest agreement with the Partnership and a third party. Under the terms of the agreement, Marine acquired an 88.20% (90% of 98%) economic interest in a portfolio of container feeder vessels, for an aggregate investment of $28,266,789. Marine contributed cash of $12,135,718 and entered into two loans payable with separate third parties of $7,500,000 and $9,604,091. Marine acquired their economic interest in the vessels through a limited partnership interest in CONT Feeder Portfolio GmbH &#38; Co. KG, a Germany based limited partnership (&#8220;CONT Feeder&#8221;), which acquired and operates the container feeder vessels, and entered into a separate note payable with an unrelated third party of $14,375,654. Marine bears the risks and rewards of ownership of CONT Feeder and therefore Marine consolidates the financial statements of CONT Feeder. Since the Partnership bears the primary risks and rewards of Marine, the Partnership consolidates Marine into the condensed consolidated financial statements. A third party contributed $3,140,754 to purchase a 10% share of CONT Feeder which is presented as non-controlling interest on the condensed consolidated financial statements.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On January 7, 2015, the Partnership acquired a junior participation interest in a portfolio of eight helicopters for $1,500,000. The Partnership, SQN PAC, SQN Asset Finance Income Fund Limited (&#8220;SQN AFIF&#8221;), a Guernsey incorporated closed ended investment company, a fund managed by the Partnership&#8217;s Investment Manager and a third party formed a special purpose entity SQN Helo whose sole purpose is to acquire the helicopter portfolio. SQN Helo is the sole owner of eight special purpose entities each of which own a helicopter. The purchase price of the helicopter portfolio was approximately $23,201,000 comprised of approximately $11,925,000 of cash payments and the assumption of approximately $11,276,000 of nonrecourse indebtedness. SQN PAC also acquired a junior participation interest in SQN Helo for $1,500,000. The senior participation interests in SQN Helo were acquired by SQN AFIF and the third party. The Partnership and SQN PAC each owned 50% of SQN Helo. The Partnership accounted for its investment in SQN Helo using the equity method. In November 2016, a lessee of five helicopters filed for bankruptcy protection under Chapter 11 and restructured the leases. As of December 31, 2016, the Partnership had advanced a total of $1,465,000. On January 19, 2017, the Partnership bought a debt position of a third party lender to SQN Helo for $3,325,506, which increased the Partnership&#8217;s controlling financial interest in SQN Helo to 76%. On September 29, 2017 and June 30, 2017, the Partnership received a distribution from SQN Helo of $249,287 and $250,000, respectively, which decreased the Partnership&#8217;s controlling financial interest in SQN Helo to 75%. As a result of the increase in the Partnership&#8217;s controlling financial interest and since the Partnership bears the primary risks and rewards of SQN Helo, the Partnership consolidates SQN Helo into the condensed consolidated financial statements. SQN PAC owns a 25% share of SQN Helo which is presented as due to SQN Portfolio Acquisition Company, LLC on the condensed consolidated financial statements.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Partnership&#8217;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 is currently in the Liquidation Period. The Offering Period concluded on April 2, 2016, which was three years from the date the Partnership was declared effective by the Securities and Exchange Commission (&#8220;SEC&#8221;). 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 Operating Period began on the date of the Partnership&#8217;s initial closing, which occurred on May 29, 2013 and concluded on May 29, 2017. The Liquidation Period, which began on May 30, 2017, 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">SQN Securities, LLC (&#8220;Securities&#8221;), a Delaware limited liability company, was the Partnership&#8217;s selling agent, and received an underwriting fee of 3% of the gross proceeds from Limited Partners&#8217; capital contributions (excluding proceeds, if any, the Partnership received from the sale of its Units to the General Partner or its affiliates). In addition, the Partnership paid a 7% sales commission to broker-dealers unaffiliated with the General Partner who sold the Partnership&#8217;s Units, on a best efforts basis. When the 7% sales commission was not required to be paid, the Partnership applied the proceeds that would otherwise be payable as sales commission toward the purchase of additional fractional Units at $1,000 per Unit.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">During the nine months ended September 30, 2018, the Partnership declared and made cash distributions to its Limited Partners totaling $1,489,247. The Partnership did not make a cash distribution to the General Partner during the nine months ended September 30, 2018; and accrued $14,892 for distributions due to the General Partner which resulted in a distributions payable to General Partner of $129,573 at September 30, 2018.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">From May 29, 2013 through September 30, 2018, the Partnership has admitted 1,508 Limited Partners with total capital contributions of $74,965,064 resulting in the sale of 74,965.07 Units. The Partnership received cash contributions of $72,504,327 and applied $2,460,737 which would have otherwise been paid as sales commission to the purchase of 2,460.74 additional Units.</p> <p style="margin: 0pt"></p> <table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 24px; font: 12pt Times New Roman, Times, Serif"><font style="font-size: 10pt"><b>2.</b></font></td> <td style="font: 12pt Times New Roman, Times, Serif; text-align: justify"><font style="font-size: 10pt"><b>Summary of Significant Accounting Policies</b></font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Basis of Presentation</i></b> &#8212; The condensed consolidated financial statements of SQN AIF IV, L.P. and Subsidiaries at September 30, 2018 and for the three and nine months ended September 30, 2018 and 2017 are unaudited and have been prepared in accordance with accounting principles generally accepted in the United States of America (&#8220;U.S. GAAP&#8221;) for interim financial information and pursuant to the rules and regulations of the SEC with respect to Form 10-Q and Article 8 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete condensed consolidated financial statements. The unaudited interim condensed consolidated financial statements furnished reflect all adjustments (consisting of normal recurring adjustments) which are, in the opinion of management, necessary for a fair statement of the results for the interim periods presented. The results reported in these condensed consolidated financial statements should not necessarily be taken as indicative of results that may be expected for the entire year. These unaudited interim condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements of the Partnership for the year ended December 31, 2017 and notes thereto contained in the Partnership&#8217;s annual report on Form 10-K for the year ended December 31, 2017, as filed with the SEC on April 2, 2018.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Principles of Consolidation </i></b>&#8212; The condensed consolidated financial statements include the accounts of the Partnership and its entities, where the Partnership has the primary economic benefits of ownership. The Partnership&#8217;s consolidation policy requires the consolidation of entities where a controlling financial interest is held as well as the consolidation of variable interest entities in which the Partnership has the primary economic benefits. All material intercompany balances and transactions are eliminated in consolidation.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Non-controlling interest represents the minority equity holders&#8217; investment in Alpha and CONT Feeder plus the minority&#8217;s share of the net operating results and other components of equity relating to the non-controlling interest.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Variable interests are investments or other interests that absorb portions of a variable interest entity&#8217;s (&#8220;VIE&#8221;) expected losses or receive portions of the Partnership&#8217;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&#8217;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 condensed 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&#8217;s economic performance (&#8220;Power&#8221;) and the obligation to absorb losses of, or the right to receive benefits from the VIE, that could potentially be significant to the VIE (&#8220;Benefits&#8221;). The determination of whether a reporting entity is the primary beneficiary involves complex and subjective analyses.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Use of estimates</i></b> &#8212; The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires the General Partner and Investment Manager to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities as of the date of the condensed consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. Significant estimates primarily include the determination of allowances for doubtful lease, notes and loan accounts, depreciation and amortization, impairment losses, estimated useful lives, and residual values. Actual results could differ from those estimates.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Cash and Cash Equivalents </i></b>&#8212; The Partnership considers all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents. Cash and cash equivalents consist of funds maintained in checking and money market accounts maintained at financial institutions.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Partnership&#8217;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 an international financial institution in order to minimize risk relating to exceeding insured limits. The Partnership, through Summit Asset Management Limited, maintains an unrestricted bank account at a major financial institution in the United Kingdom for purposes of receiving payments and funding transactions in Pound Sterling.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>&#160;</i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Credit Risk </i></b>&#8212; In the normal course of business, the Partnership is exposed to credit risk. Credit risk is the risk that the Partnerships&#8217; counterparty to an agreement either has an inability or unwillingness to make contractually required payments. The Partnership expects concentrations of credit risk with respect to lessees to be dispersed across different industry segments and different regions of the world.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Asset Impairments </i></b>&#8212; Assets in the Partnership&#8217;s investment portfolio, which are considered long-lived assets, are periodically reviewed, no less frequently than annually or when indicators of impairment exist, to determine whether events or changes in circumstances indicate that the carrying value of the asset may not be recoverable. An impairment loss is recognized only if the carrying amount of a long-lived asset is not recoverable and exceeds its fair value. If there is an indication of impairment, the Partnership estimates the future cash flows (undiscounted and without interest charges) expected from the use of the asset and its eventual disposition. Future cash flows are the future cash inflows expected to be generated by an asset less the future outflows expected to be necessary to obtain those inflows. If an impairment is determined to exist, the impairment loss is measured as the amount by which the carrying value of a long-lived asset exceeds its fair value and is recorded in the statement of operations in the period the determination is made. The events or changes in circumstances that generally indicate that an asset may be impaired are, (i) the estimated fair value of the underlying equipment is less than its carrying value, (ii) the lessee is experiencing financial difficulties and (iii) it does not appear likely that the estimated proceeds from the disposition of the asset will be sufficient to recover the carrying value of the asset. The preparation of the undiscounted cash flows requires the use of assumptions and estimates, including the level of future rents or receipts from the sale of the investment, estimated downtime between re-leasing events, and the amount of re-leasing costs. The Investment Manager&#8217;s review for impairment includes a consideration of the existence of impairment indicators, including third party appraisals, published values for similar assets, recent transactions for similar assets, adverse changes in market conditions for specific asset types, and the occurrence of significant adverse changes in general industry and market conditions that could affect the fair value of the asset.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Lease Classification and Revenue Recognition </i></b>&#8212; The Partnership records revenue based upon the lease classification determined at the inception of the transaction and based upon the terms of the lease or when there are significant changes to the lease terms.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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&#8217; business, the length of the lease and the industry in which the potential lessee operates. Unguaranteed residual values are reviewed for impairment in accordance with the Partnership&#8217;s policy relating to impairment review.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Finance Lease Receivables and Allowance for Doubtful Lease, Notes and Loan Accounts </i></b>&#8212; In the normal course of business, the Partnership provides credit or financing to its customers, performs credit evaluations of these customers, and maintains reserves for potential credit losses. These credit or financing transactions are normally collateralized by the equipment being financed. In determining the amount of allowance for doubtful lease, notes and loan accounts, the Investment Manager considers historical credit losses, the past due status of receivables, payment history, and other customer-specific information, including the value of the collateral. The past due status of a receivable is based on its contractual terms. Expected credit losses are recorded as an allowance for doubtful lease, notes and loan accounts. Receivables are written off when the Investment Manager determines they are uncollectible. At September 30, 2018, a reserve was required for an equipment notes receivables and a reserve for losses was recorded, there is a provision for lease, note and loan losses of $1,485,167. At December 31, 2017, a reserve was required for a finance lease, equipment notes receivables and an equity method investment and a reserve for losses was recorded, there is a provision for lease, note and loan losses of $3,001,573.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Equipment Notes and Loans Receivable </i></b>&#8212; Equipment notes and loans receivable are reported in the condensed consolidated financial statements as the outstanding principal balance net of any unamortized deferred fees, and premiums or discounts on purchased loans. Costs to originate loans, if any, are reported as other assets in the condensed consolidated financial statements and amortized to expense over the estimated life of the loan. Income is recognized over the life of the note agreement. On certain equipment notes and loans receivable, specific payment terms were reached requiring prepayments which resulted in the recognition of unearned interest income. Unearned income, discounts and premiums, if any, are amortized to interest income in the condensed consolidated statements of operations using the effective interest rate method. Equipment notes and loans receivable are generally placed in a non-accrual status when payments are more than 90 days past due and all unpaid accrued interest is reversed. Additionally, the Investment Manager periodically reviews the creditworthiness of companies with payments outstanding less than 90 days. Based upon the Investment Manager&#8217;s judgment, accounts may be placed in a non-accrual status. Accounts on a non-accrual status are only returned to an accrual status when the account has been brought current and the Partnership believes recovery of the remaining unpaid receivable is probable. Revenue on non-accrual accounts is recognized only when cash has been received.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Initial Direct Costs </i></b>&#8212; The Partnership capitalizes initial direct costs associated with the origination and funding of lease assets. These costs are amortized on a lease by lease basis over the actual contract term of each lease using the effective interest rate method for finance leases and the straight-line method for operating leases. Upon disposal of the underlying lease assets, both the initial direct costs and the associated accumulated amortization are relieved. Costs related to leases that are not consummated are not eligible for capitalization as initial direct costs and are expensed as incurred as acquisition expense.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Equity Method &#8212; </i></b>The Partnership records its 24.5% investment in Informage SQN Technologies LLC using the equity method of accounting. According to U.S. GAAP, a company that holds 20% or greater investment in another company could potentially exercise significant influence over the investee company&#8217;s operating and financing activities and should therefore utilize the equity method of accounting. The Partnership&#8217;s portion of earnings in the investee are recorded as an increase in its investment and recognized in the condensed consolidated statements of operations, and any distributions received from the investee are recorded as a reduction in its investment.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Acquisition Expense </i></b>&#8212; Acquisition expense represents costs which include, but are not limited to, legal fees and expenses, travel and communication expenses, cost of appraisals, accounting fees and expenses, and miscellaneous expenses related to the selection and acquisition of leased equipment which are incurred by the Partnership under the terms of the Partnership Agreement, as amended. As these costs are not eligible for capitalization as initial direct costs, such amounts are expensed as incurred.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>&#160;</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Income Taxes </i></b>&#8212; As a partnership, no provision for income taxes is recorded since the liability for such taxes is the responsibility of each of the Partners rather than the Partnership. The Partnership&#8217;s income tax returns are subject to examination by the federal and state taxing authorities, and changes, if any, could adjust the individual income tax of the Partners.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Partnership has adopted the provisions of FASB Topic 740, <i>Accounting for Uncertainty in Income Taxes.</i> This accounting guidance prescribes recognition thresholds that must be met before a tax position is recognized in the financial statements and provides guidance on de-recognition, classification, interest and penalties, accounting in interim periods, disclosure, and transition. Additionally, an entity may only recognize or continue to recognize tax positions that meet a &#8220;more likely than not&#8221; threshold. The Partnership has evaluated its entity level tax positions for the years ended December 31, 2017 and 2016, and does not expect any material adjustments to be made. The tax years 2017, 2016 and 2015 remain open to examination by the major taxing jurisdictions to which the Partnership is subject.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>&#160;</i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Per Share Data </i></b>&#8212; Net income or loss attributable to Limited Partners per weighted average number of limited partnership interests outstanding is calculated as follows; the net income or loss allocable to the Limited Partners divided by the weighted average number of limited partnership interests outstanding during the period.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Foreign Currency Transactions </i></b>&#8212; The Partnership has designated the United States of America dollar as the functional currency for the Partnership&#8217;s investments denominated in foreign currencies. Accordingly, certain assets and liabilities are translated at either the reporting period exchange rates or the historical exchange rates, revenues and expenses are translated at the average rate of exchange for the period, and all transaction gains or losses are reflected in the condensed consolidated statements of operations.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Depreciation </i></b>&#8212; The Partnership, and all consolidated entities, records depreciation expense on equipment when the lease is classified as an operating lease. In order to calculate depreciation, the Partnership first determines the depreciable equipment cost, which is the cost less the estimated residual value. The estimated residual value is the Partnership&#8217;s estimate of the value of the equipment at lease termination. Depreciation expense is recorded by applying the straight-line method of depreciation to the depreciable equipment cost over the lease term.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Recent Accounting Pronouncements</i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>&#160;</i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In August 2016, the Financial Accounting Standards Board (&#8220;FASB&#8221;) issued Accounting Standards Update (&#8220;ASU&#8221;) No. 2016-15, <i>Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments </i>(&#8220;ASU 2016-15&#8221;), which provides guidance on how certain cash receipts and cash payments are to be presented and classified in the statement of cash flows. The adoption of ASU 2016-15 becomes effective for fiscal years beginning on January 1, 2018, including interim periods within that reporting period. Early adoption is permitted. An entity will apply the amendments within ASU 2016-15 using a retrospective transition method to each period presented. The Partnership has adopted ASU No 2016-15 and has determined there was no significant impact on its condensed interim consolidated financial statements.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In June 2016, the FASB issued ASU 2016-13, <i>Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments </i>(&#8220;ASU 2016-13&#8221;), 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 is effective for fiscal periods beginning after December 15, 2019 and must be adopted as a cumulative effect adjustment to retained earnings. Early adoption is permitted. The Partnership is currently evaluating the impact of this guidance on its condensed interim consolidated financial statements.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In February 2016, the FASB issued ASU 2016-02, <i>Leases (Topic 842): Amendments to the FASB Accounting Standards Codification </i>(&#8220;ASU 2016-02&#8221;), effective for fiscal years beginning after December 15, 2018 and interim periods within those years. Early adoption is 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 is currently evaluating the impact of this guidance on its condensed interim consolidated financial statements.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In May 2014, the FASB issued ASU No. 2014-09<i>, Revenue from Contracts with Customers (Topic 606)</i> (&#8220;ASU 2014-09&#8221;)<i>, </i>ASU 2014-09 requires that an entity recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods and services. On July 9, 2015, the FASB approved amendments deferring the effective date by one year. ASU 2014-09 is now effective for annual reporting periods beginning after December 15, 2017, including interim periods within that reporting period. The amendments can be applied retrospectively to each prior reporting period or retrospectively with the cumulative effect of initially applying this Update recognized at the date of initial application. Early application was permitted but not before the original public entity effective date, i.e., annual periods beginning after December 15, 2016. The Partnership has adopted ASU 2014-09 and has determined there was no significant impact on its condensed interim consolidated financial statements.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Management does not believe that any other recently issued, but not yet effective accounting pronouncements, if adopted, would have a material effect on the condensed consolidated financial statements.</p> <p style="margin: 0pt"></p> <table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 24px; font: 12pt Times New Roman, Times, Serif"><font style="font-size: 10pt"><b>3.</b></font></td> <td style="font: 12pt Times New Roman, Times, Serif; text-align: justify"><font style="font-size: 10pt"><b>Related Party Transactions</b></font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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 pays the General Partner a fee for organizational and offering costs not to exceed 2% 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 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 September 30, 2018 and December 31, 2017.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Partnership pays the Investment Manager during the Offering Period, Operating Period and the Liquidation Period a management fee equal to or the greater of, (i) 2.5% per annum of the aggregate offering proceeds, or (ii) $125,000 monthly, until such time as an amount equal to at least 15% of the Partnership&#8217;s Limited Partners&#8217; capital contributions have been returned to the Limited Partners, after which the monthly management fee will equal 100% of the management fee as initially calculated above, less 1% for each additional 1% of the Partnership&#8217;s Limited Partners&#8217; capital contributions returned to them. Such amounts are measured on the last day of each month. The management fee is paid regardless of the performance of the Partnership and will be adjusted in the future to reflect the total equity raised. For the three months ended September 30, 2018 and 2017, the Partnership paid $375,000 in management fee expense to the Investment Manager. For the nine months ended September 30, 2018 and 2017, the Partnership paid $1,125,000 in management fee expense to the Investment Manager.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Securities is a Delaware limited liability company and in its capacity as the Partnership&#8217;s selling agent received an underwriting fee of 3% of the gross proceeds from Limited Partners&#8217; capital contributions (excluding proceeds, if any, the Partnership received from the sale of the Partnership&#8217;s Units to the General Partner or its affiliates).</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">For the nine months ended September 30, 2018 and year ended December 31, 2017, the Partnership incurred no underwriting discounts or fees, and made no payments to Securities as the offering period concluded on April 2, 2016.</p> <p style="margin: 0pt"></p> <table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 24px; font: 12pt Times New Roman, Times, Serif"><font style="font-size: 10pt"><b>4.</b></font></td> <td style="font: 12pt Times New Roman, Times, Serif; text-align: justify"><font style="font-size: 10pt"><b>Investments in Finance Leases</b></font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">At September 30, 2018 and December 31, 2017, net investment in finance leases consisted of the following:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="text-align: center">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>September 30, 2018</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>December 31, 2017</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center">&#160;</td> <td>&#160;</td> <td colspan="2" style="text-align: center"><font style="font-size: 10pt">(unaudited)</font></td> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="text-align: center">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 58%"><font style="font-size: 10pt">Minimum rents receivable</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 18%; text-align: right"><font style="font-size: 10pt">3,053,293</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 18%; text-align: right"><font style="font-size: 10pt">6,639,597</font></td> <td style="width: 1%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">Estimated unguaranteed residual value</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">1,929,320</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">2,003,757</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">Unearned income</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">(290,478</font></td> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">)</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">(1,230,515</font></td> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">)</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2.5pt"><font style="font-size: 10pt">Total</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">4,692,135</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">7,412,839</font></td> <td style="padding-bottom: 2.5pt">&#160;</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Aircraft</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>&#160;</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In connection with the consolidation of SQN Helo, the Partnership holds two helicopter finance leases with two different third parties. As of December 31, 2016, these finance leases have a net book value of $3,378,129. One finance lease requires 18 monthly payments of $79,167 which commenced in August 2016. Upon expiration of an operating lease in August 2017, the lease was restructured as a direct finance lease and the Partnership reclassified it to investment in finance leases. This finance lease requires 24 monthly payments of $79,167 which commenced in August 2017. The other finance lease requires 48 monthly payments of $32,500 commencing in April 2017. At September 30, 2018, there were no significant changes to these leases.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Aircraft Parts Equipment</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>&#160;</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In December 2016, the lease agreement for aircraft rotable parts equipment for approximately $775,000 was amended and extended for an additional 18 months. The amended finance leases require 18 monthly payments in aggregate of $90,116 commencing on December 16, 2016. This lease matured in June 2018.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Furniture and Fixtures and Server Equipment</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>&#160;</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On January 31, 2016, the Master Equipment Lease for servers, fixtures and furniture for approximately $2,700,000 commenced and the Partnership reclassified the equipment note to investment in finance lease. The finance lease requires 36 monthly payments of $77,727 which commenced on February 1, 2016. On June 24, 2016, Juliet entered into a second finance lease transaction for servers, fixtures and furniture for $337,131. The finance lease requires 31 monthly payments of $12,464 commenced on July 1, 2016. At September 30, 2018, there were no significant changes to these leases.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Furniture, Fixtures and Equipment, as well as Computer Hardware &#38; Software</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>&#160;</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On December 30, 2015, the Partnership entered into a finance lease transaction for furniture, fixtures and equipment, as well as computer hardware and software for $1,500,000. The finance lease requires 30 monthly payments of $58,950. At September 30, 2018, there were no significant changes to this lease.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Anaerobic Digestion Plant</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>&#160;</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On January 31, 2016, construction of the anaerobic digestion plant was completed and the lease commenced (as described in Note 6) and the Partnership reclassified the equipment note to investment in finance lease. The lease requires 20 quarterly payments of &#163;41,616 ($59,823 applying exchange rate of 1.4375 at May 16, 2016) began on April 30, 2016. At September 30, 2018, there were no significant changes to this lease.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Computer Networking Equipment</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>&#160;</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On September 1, 2015, the Partnership entered into a finance lease transaction for computer networking equipment for $446,677 (&#8220;Comp Net 1&#8221;). The Comp Net 1 finance lease requires 36 monthly payments of $14,195. On October 30, 2015, the Partnership entered into a second finance lease transaction for computer networking equipment for $297,689 (&#8220;Comp Net 2&#8221;). The Comp Net 2 finance lease requires 36 monthly payments of $9,460. On December 29, 2015, the Partnership entered into a third finance lease transaction for computer networking equipment for $389,266 (&#8220;Comp Net 3&#8221;). The Comp Net 3 finance lease requires 36 monthly payments of $12,456. On December 30, 2015, the Partnership assigned the Comp Net 1 and Comp Net 2 finance leases to Juliet. On March 30, 2017, the Partnership sold the Comp Net 3 finance lease to a third party for cash proceeds of $250,696. The finance lease had a net book value of $248,240 resulting in a U.S. GAAP gain of $2,456. On March 15, 2018, the Partnership purchased the Comp Net 3 finance lease for $93,230 (cash of $173,009 less $79,779 debt forgiveness). On August 29, 2018, the Fund received cash proceeds of $152,422 as payment for the balance of the lease.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Gamma Knife Suite - TRCL</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>&#160;</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On April 30, 2015, the Partnership acquired from a third party, 20 quarterly lease payments with respect to a gamma knife suite leased to a hospital in the United Kingdom. The Partnership paid &#163;375,000 ($576,750 applying exchange rate of 1.538 at April 30, 2015) for the equipment lease receivables which are payable under the lease from July 2015 through April 2020. The finance lease requires 20 quarterly payments of &#163;25,060. The equipment lease receivables are secured by the gamma knife suite. At September 30, 2018, there were no significant changes to this lease.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Medical Equipment</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>&#160;</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On March 31, 2014, the Partnership entered into a finance lease transaction for medical equipment for $247,920. The finance lease requires 48 monthly payments of $7,415. On December 30, 2015, the Partnership assigned this finance lease to Juliet. The finance lease terminated on March 31, 2018.</p> <p style="margin: 0pt"></p> <table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 24px; font: 12pt Times New Roman, Times, Serif"><font style="font-size: 10pt"><b>6.</b></font></td> <td style="font: 12pt Times New Roman, Times, Serif; text-align: justify"><font style="font-size: 10pt"><b>Equipment Notes Receivable</b></font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>&#160;</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Manufacturing / Solar Equipment</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>&#160;</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On June 29, 2016, SQN Gamma LLC, assigned its commitment interest in a loan facility, under a Credit Agreement dated November 17, 2015, to the Partnership and to Juliet in the amount of $3,893,165 and $2,500,000, respectively. On June 30, 2016, the Partnership and Juliet funded $3,893,165 and $2,500,000, respectively under this loan facility. The loan facility accrues interest at a rate of 11% per annum and matures on March 31, 2021. The borrower is required to make 51 monthly payments of principal and interest beginning on January 31, 2017 and an additional final payment due at maturity date of 8% of the aggregate principal amount of loans made. On August 17, 2016, the Partnership funded $730,170 to the same borrower. The loan facility accrues interest at a rate of 10.5% per annum and matures on August 1, 2019. The borrower is required to make 36 monthly payments of principal and interest beginning on September 1, 2016 and an additional final payment due at maturity date of 5% of the aggregate principal amount of loans made. The loan facilities are secured by solar products manufacturing equipment. On January 18, 2017, the Partnership entered into an assignment agreement to sell the solar products manufacturing equipment note dated June 29, 2016 for cash proceeds of $4,021,250 ($3,893,165 principal and $128,085 accrued interest). On March 29, 2017, the Partnership entered into an assignment agreement to repurchase the solar products manufacturing equipment note dated June 29, 2016 for cash proceeds of $4,107,294 ($3,893,165 principal and $214,129 purchase interest). On April 17, 2017, the borrower voluntarily filed for Chapter 11 bankruptcy protection. The Partnership received monthly payments in accordance with terms from this borrower through February 28, 2017. As of September 30, 2018, the March 2017 through September 2018 monthly payments are outstanding, therefore this loan facility is in non-accrual status as a result of the bankruptcy and of non-payment. As of September 30, 2018 and December 31, 2017, the Partnership placed a reserve on this asset of $1,485,167 and $1,022,742, respectively.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Construction Equipment</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On April 14, 2016, the Partnership, through Juliet, acquired an interest in loan notes from a third party leasing company for $1,529,674. The loan notes are secured by a portable wash plant and a fleet of cement mixers and dump trucks which are owned by a Texas-based construction company. Under the terms of the loan agreement, the borrower is required to make 72 monthly payments of principal and interest of $28,865. The loan is scheduled to mature on March 31, 2022.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On June 3, 2016 and on June 24, 2016, the Partnership, through Juliet, acquired additional interest in two loan notes from the third party leasing company for $205,000 and $1,289,163, respectively. Under the terms of the loan agreements, the borrower is required to make 60 and 72 monthly payments of principal and interest of $4,450 and $24,326, respectively. The loans are scheduled to mature on June 30, 2021 and June 30, 2022, respectively.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On September 30, 2016 and in December 2016, the Partnership, through Juliet, acquired an additional interest in a loan note from the third party leasing company for $1,426,732 and $1,619,283, respectively. Under the terms of the loan agreement, the borrower is required to make 72 monthly payments of principal and interest of $57,925 and the loan is scheduled to mature on September 30, 2022.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On December 2, 2016 and on December 23, 2016, the Partnership, through Juliet, acquired additional interest in two loan notes from the third party leasing company for $43,177 and $2,335,960, respectively. Under the terms of the loan agreements, the borrower is required to make 60 monthly payments of principal and interest of $950 and $48,100, respectively. These loans are scheduled to mature on November 30, 2021 and June 30, 2021, respectively. On January 9, 2017, the Partnership, through its investment in Juliet, sold the loan note for construction equipment dated December 23, 2016 to a third party for cash proceeds of $2,252,389. The loan note had a net book value of $2,239,760 resulting in a U.S. GAAP gain of $12,629.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">For the three and nine months ended September 30, 2018, the equipment notes earned interest income of $121,919 and $384,306, respectively.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Transportation Equipment</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>&#160;</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On January 23, 2016 and on March 4, 2016, the Partnership acquired two loan notes from a third party leasing company for approximately $247,194 and $204,303, respectively. The loans are secured by transportation equipment. Under the terms of the loan agreements, the borrower is required to make 72 monthly payments of principal and interest of $4,697 and $4,045, respectively. The loans are scheduled to mature on January 23, 2022 and March 3, 2022, respectively. For the three and nine months ended September 30, 2018, the equipment notes earned interest income of $8,784 and $27,756, respectively.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Secured Business Loans</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>&#160;</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On December 31, 2015, Juliet extended two separate loan facilities to two borrowers. The borrowers are both subsidiaries of a UK based parent company that provides small and medium sized secured business loans (&#8220;Just Loans&#8221;). Each facility provides financing up to a maximum borrowing of &#163;5,037,500 or together a total of &#163;10,075,000 and accrues interest at a rate of 10% per annum. The loans are secured by share pledges of the borrowers, a guaranty from the UK based parent company, and the underlying loan portfolio that Just Loans generates. In February 2016, the loan facilities were amended to include an annual fee, payable within 15 days of end of calendar year, equal to 30% of the interest paid or payable in the immediately preceding calendar year. In connection with the novation agreement, the Termination Date was extended to September 30, 2018. Management is currently in the process of extending this loan. On December 29, 2015, Juliet advanced a total of $2,974,000 to the Just Loans borrowers. On February 18, 2016, Juliet advanced a total of $2,878,000 to the Just Loans borrowers. On April 18, 2016, the Partnership, through its investment in Juliet, advanced a total of $2,140,350 to the Just Loans borrowers. On December 13, 2016, Juliet advanced a total of $740,160 to the Just Loans borrowers. On March 29, 2017, Juliet entered into a deed of novation agreement to novate 85% of this loan note to SQN Asset Finance (Ireland) Designated Activity Company (&#8220;SQN AFI&#8221;) and on March 31, 2017, Juliet received cash proceeds of $6,416,092 from SQN AFI for the 85% interest. The loan note had a net book value of $6,273,670 resulting in a U.S. GAAP gain of $142,422. On March 31, 2017 and on April 28, 2017, the Partnership advanced a total of $374,610 and $370,187, respectively, to the Just Loans borrowers. For the three and nine months ended September 30, 2018, the equipment note earned interest income of $49,786 and $387,283, respectively.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Honey Production Equipment</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>&#160;</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On December 14, 2015, the Partnership acquired a loan note from a third party leasing company for approximately $12,789, and is secured by honey production equipment. Under the terms of the loan agreement, the borrower is required to make 36 monthly payments of principal and interest of $425. The loan is scheduled to mature on November 30, 2018. For the three and nine months ended September 30, 2018, the equipment note earned interest income of $16 and $183, respectively.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Towing Equipment</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>&#160;</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On October 30, 2015, the Partnership acquired a loan note from a third party leasing company for approximately $96,000. The loan is secured by a heavy duty tow truck which is owned by a Connecticut-based towing and repair company. Under the terms of the loan agreement, the borrower is required to make 60 monthly payments of principal and interest of $2,041. The loan is scheduled to mature on October 31, 2020. On December 30, 2015, the Partnership assigned this equipment notes receivable to Juliet. In May 2018, the loan note was amended whereby the borrower is required to make 51 monthly payments of principal and interest of $2,450 commencing on June 1, 2018. The amended loan is scheduled to mature on August 31, 2022. For the three and nine months ended September 30, 2018, the equipment note earned interest income of $2,343 and $5,591, respectively.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Tractor and Trailer Equipment</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>&#160;</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On October 30, 2015 and on November 4, 2015, the Partnership acquired two loan notes from a third party leasing company for approximately $147,919 and $15,000, respectively. The loans are secured by tractor and trailer equipment. Under the terms of the loans agreements, the borrower is required to make 60 monthly payments of principal and interest of $3,255 and $330, respectively. The loans are scheduled to mature on October 31, 2020. On December 30, 2015, the Partnership assigned these equipment notes receivable to Juliet. For the three and nine months ended September 30, 2018, the equipment notes earned interest income of $2,642 and $8,544, respectively.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>&#160;</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Furniture, Fixtures and Equipment</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On October 30, 2015, the Partnership acquired a loan note from a third party leasing company for approximately $817,045. The loan is secured by furniture, fixtures and equipment. Under the terms of the loan agreement, the borrower is required to make 35 monthly payments of approximately $26,145, accrues interest at a rate of 18.84% per annum and has a final balloon payment of $117,000 which the Partnership received on November 1, 2018. On December 30, 2015, the Partnership assigned this equipment note receivable to Juliet. For the three and nine months ended September 30, 2018, the equipment notes earned interest income of $5,895 and $26,812, respectively.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Mineral Processing Equipment</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On September 27, 2013, the Partnership entered into a loan facility to provide financing up to a maximum borrowing of $3,000,000. The borrower is a Florida based company that builds, refurbishes and services mineral refining and mining equipment in the United States, Central and South America. The loan facility was secured by equipment that refines precious metals and other minerals. The Partnership advanced $2,500,000 to the borrower during September 2013. The loan facility required 48 monthly payments of principal and interest of $68,718 (revised from original payment of $69,577 upon second funding discussed below) and a balloon payment of $500,000 in September 2017. The loan facility was scheduled to mature in September 2017. On May 9, 2014, the Partnership made a second funding of $500,000 to the borrower under the above agreement. The loan facility required 41 monthly payments of principal and interest of $15,764 and was scheduled to mature in September 2017. The borrower&#8217;s obligations under the loan facility were also personally guaranteed by its majority shareholders.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On December 22, 2014, the outstanding principal of $2,537,822 and accrued interest of $204,721 of this note receivable was restructured into a new note receivable of $2,883,347. The new loan facility is secured by equipment that refines precious metals and other minerals and is guaranteed by the majority shareholders of the Florida based company referred to above. The new loan facility requires 48 monthly payments of principal and interest of $79,255 commencing on February 24, 2015 and a balloon payment of $500,000 in January 2019. The loan facility is scheduled to mature in January 2019. In connection with above restructured note, on December 22, 2014, the Partnership entered into a $200,000 promissory note with the same borrower. The promissory note requires five annual payments of $150,000 commencing on January 25, 2019 and matures in January 2023. As of December 31, 2014, the Partnership advanced $100,000. In January 2015, the Partnership advanced the remaining $100,000. In June 2015, the Partnership received a principal payment of $40,000. For the three and nine months ended September 30, 2018 and for the years ended December 31, 2017, 2016 and 2015, the mineral processing equipment note is in non-accrual status as a result of non-payment. As of December 31, 2017, the Partnership placed a reserve on this asset of $1,043,347. Based on a third party appraisal of the collateral value of the equipment, the Investment Manager believes that there is sufficient collateral value to cover the remaining outstanding balance of the restructured note receivable and the promissory note.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Medical Equipment</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On December 19, 2014, the Partnership entered into a $667,629 promissory note to finance the purchase of medical equipment located in Texas. The promissory note will be paid through 60 monthly installments of principal and interest of $15,300. The promissory note is secured by a first priority security interest in the medical equipment and other personal property located at the borrowers principal place of business. On December 30, 2015, the Partnership assigned this equipment note receivable to Juliet. For the three and nine months ended September 30, 2018, the medical equipment note earned interest income of $7,527 and $26,355, respectively.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Brake Manufacturing Equipment</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On May 2, 2014, the Partnership purchased a promissory note secured by brake manufacturing equipment with an aggregate principal amount of $432,000. The promissory note requires quarterly payments of $34,786, accrues interest at 12.5% per annum and matured in January 2018. In May 2018, the maturity date of the promissory note was extended to December 31, 2018. For the three and nine months ended September 30, 2018, the equipment note earned interest income of $5,299 and $15,724, respectively.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The future maturities of the Partnership&#8217;s equipment notes receivable at September 30, 2018 are as follows:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1.5pt solid"><font style="font-size: 10pt">Years ending September 30, (unaudited)</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom"> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="text-align: right">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 77%"><font style="font-size: 10pt">2019</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 20%; text-align: right"><font style="font-size: 10pt">6,901,636</font></td> <td style="width: 1%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">2020</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">3,648,809</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">2021</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">3,018,791</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">2022</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">1,957,946</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">2023</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">174,611</font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">15,701,793</font></td> <td style="padding-bottom: 2.5pt">&#160;</td></tr> </table> <p style="margin: 0pt"></p> <p style="margin: 0pt"></p> <table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="width: 24px; font: 12pt Times New Roman, Times, Serif"><font style="font-size: 10pt"><b>7.</b></font></td> <td style="font: 12pt Times New Roman, Times, Serif"><font style="font-size: 10pt"><b>Residual Value Investment in Equipment on Lease</b></font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On September 15, 2014, the Partnership entered into a Residual Interest Purchase Agreement with a leasing company to purchase up to $3 million of residual value interests in equipment. The leasing company has entered into a Master Lease Agreement with a third party to lease cash handling machines or smart safes under one or more lease schedules with original equipment cost of $20 million (&#8220;OEC&#8221;) and a term of five years from initiation of each lease schedule. In connection with the Master Lease Agreement, the leasing company has entered into a finance arrangement with another third party to finance 85% of the OEC up to an aggregate facility of $17 million and the Partnership has agreed to finance the remaining 15% of the OEC up to an aggregate facility of $3 million. As of September 30, 2018, the Partnership had advanced a net total of $2,775,060.</p> <p style="margin: 0pt"></p> <table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 24px; font: 12pt Times New Roman, Times, Serif"><font style="font-size: 10pt"><b>8.</b></font></td> <td style="font: 12pt Times New Roman, Times, Serif"><font style="font-size: 10pt"><b>Collateralized Loan Receivable </b></font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In July 2018, Juliet entered into an assignment agreement with a third party whereby Juliet purchased a $2,000,000 promissory note. The promissory note accrues interest at the rate of 9% per annum and matures on July 31, 2019. During August 2018, the Partnership and Juliet advanced a total of $1,715,500 (85% of principal plus accrued interest) for this note. For the three and nine months ended September 30, 2018, the promissory note earned interest income of $22,216.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On May 30, 2018, the Partnership entered into a loan agreement and a $5,000,000 promissory note with a borrower. On June 21, 2018, the Partnership assigned $3,400,000 of this note to Juliet. On that same date, the Partnership and Juliet funded the $5,000,000 promissory note. The promissory note accrues interest at the rate of 9% per annum, payable quarterly in arrears beginning on June 30, 2018, and matures on May 30, 2028. For the three and nine months ended September 30, 2018, the promissory note earned interest income of $151,250.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On July 20, 2017, the Partnership, through Juliet, provided secured financing in the amount of $3,867,435 after applicable exchange rates for a motion picture production company in the United Kingdom. The loan is secured by all of the assets, including tax credits, of the borrower and all of the borrower&#8217;s rights to proceeds from the motion picture. The loan accrues interest at a rate of 12% per annum and is scheduled to mature 24 months after the funding date. For the three and nine months ended September 30, 2018, the loan facility earned interest income of $116,977 and $347,116, respectively.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On September 23, 2016, the Partnership, through Juliet, provided secured financing in the amount of $1,845,655 after applicable exchange rates for a motion picture production company in the United Kingdom. The loan is secured by all of the assets, including tax credits, of the borrower and all of the borrower&#8217;s rights to proceeds from the motion picture. The loan accrues interest at a rate of 12% per annum and is scheduled to mature 24 months after the funding date. Management is currently in the process of extending this loan. For the three and nine months ended September 30, 2018, the loan facility earned interest income of $28,862 and $99,676, respectively.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On September 12, 2016, the Partnership, through Juliet, provided secured financing in the amount of $2,215,270 after applicable exchange rates for a motion picture production company in the United Kingdom. The loan is secured by all of the assets, including tax credits, of the borrower and all of the borrower&#8217;s rights to proceeds from the motion picture. The loan accrues interest at a rate of 12% per annum and is scheduled to mature 24 months after the funding date. Management is currently in the process of extending this loan. For the three and nine months ended September 30, 2018, the loan facility earned interest income of $67,004 and $198,828, respectively.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">From July 21, 2016 through December 31, 2017, the Partnership funded a total of $12,342,624 under a wholesale financing arrangement with an international leasing company that does business between the United States and Mexico. During the nine months ended September 30, 2018, the Partnership funded an additional total of $2,244,538 under this wholesale financing arrangement. The loans accrue interest at rate of 10% per annum and are secured by industrial and manufacturing equipment subject to equipment leases. During the nine months ended September 30, 2018, the Partnership received total payments of principal and interest of $3,699,815 from this wholesale financing arrangement. On June 21, 2018, the Partnership and Juliet sold a portion of this loan facility to SQN AFIF in the form of a senior participation interest for total cash proceeds of $5,568,262. For the three and nine months ended September 30, 2018, the loans earned interest income of $187,044 and $799,837, respectively.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On May 5, 2016, a third party on behalf of Juliet, provided secured financing in the amount of $2,926,342 after applicable exchange rates for a motion picture production company in the United Kingdom. The loan is secured by all of the assets, including tax credits, of the borrower and all of the borrower&#8217;s rights to proceeds from the motion picture. The loan accrues interest at a rate of 12% per annum and is scheduled to mature 24 months after the funding date. In June 2018, the maturity date of the loan facility was extended to May 5, 2020. For the three and nine months ended September 30, 2018, the loan facility earned interest income of $58,487 and $173,553 respectively.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On April 25, 2016, the Partnership entered into a loan agreement with a borrower to refinance the borrower&#8217;s loan facility. In connection with the refinancing, the Partnership received a promissory note from the borrower in the amount of $1,763,230. The note accrues interest at a rate of 20% per annum and matures on February 8, 2020. The borrower will make semi-annual payments of principal and interest in February and August. On August 5, 2016, the Partnership received a payment of $452,604. In March 2017, the Partnership received total payments of $335,644. In August 2017, the Partnership received total payments of $305,550. In February 2018, the Partnership received total payments of $278,919. For the three and nine months ended September 30, 2018, the promissory notes earned interest income of $58,161 and $172,588, respectively.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On June 3, 2015, Alpha, a special purpose entity which is 32.5% owned by the Partnership and 67.5% owned by SQN PAC, acquired a promissory note issued by a third party with a principal amount equal to $2,650,000. The promissory note accrues interest at the rate of 11.1% per annum, payable quarterly in arrears, and matures on June 30, 2020. The promissory note is secured by a pledge of shares in an investment portfolio of insurance companies under common control of the third party which include equipment leases, direct hard asset and infrastructure investments, and other securities. On June 3, 2015, a participation agreement was entered into between SQN PAC (&#8220;Alpha Participation A&#8221;), the Partnership (&#8220;Alpha Participation B&#8221;), Alpha and SQN Capital Management, LLC. Under the agreement, Alpha created two collateralized participation interests for the collateral; Alpha Participation A&#8217;s principal contribution is $1,788,750 and accrues interest at 9% per annum and Alpha Participation B&#8217;s principal contribution is $861,250 and accrues interest at 15.05% per annum. SQN Capital Management, LLC was appointed as a servicer for the promissory note. Alpha Participation A&#8217;s interest is senior to Alpha Participation B&#8217;s interest. For the three and nine months ended September 30, 2018, the Alpha Participation B earned interest income of $32,961 and $97,809, respectively.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On August 13, 2015, the Partnership entered into a Loan Note Instrument to provide &#8364;1,640,000 ($1,824,992 applying exchange rate of 1.1128 at August 13, 2015) (the &#8220;Facility&#8221;) of financing to a borrower to acquire shares of a special purpose entity (the &#8220;SPE&#8221;). The SPE previously acquired, by assignment, the rights to lease a parcel of land in Ireland on which planning permissions have been granted to construct an aerobic digestion plant (&#8220;AD Plant&#8221;). The Facility accrues interest at the rate of 18% per annum, compounding monthly on the last business day of each month, and matures on May 16, 2016. The maturity date was extended to November 30, 2016. The Facility is secured by the shares of the SPE and also secured by a personal guaranty from the principal owner of the borrower. On May 13, 2016, in connection with an extension of the Facility, the Partnership funded an additional $56,750 after applicable exchange rates. On July 29, 2016, the Partnership funded $1,574,724, after applicable exchange rates, under a Loan Note Instrument to provide additional financing of the Facility. The Loan Note Instrument was scheduled to mature on November 30, 2016. On November 4, 2016, the Partnership funded $700,000, after applicable exchange rates, under a Loan Note Instrument to provide additional financing of the Facility. As of December 31, 2017, the Loan Note Principal balance was $4,148,419. On February 28, 2018, the Loan Note Instruments were cancelled and replaced with a Loan Note Instrument of &#8364;5,167,426, which accrues interest at the rate of 9% per annum, compounding monthly on the last business day of each month, and matures on September 30, 2019. During the nine months ended September 30, 2018, the Partnership received a payment of &#8364;126,979 ($145,377 applying exchange rate of 1.1449 at June 6, 2018). For the three and nine months ended September 30, 2018, the Loan Note Instruments earned interest income of $138,233 and $449,872, respectively.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On December 28, 2015, the Partnership entered into a loan agreement and a $2,000,000 promissory note with a borrower. The promissory note accrues interest at the rate of 11% per annum, payable quarterly in arrears, and matures on December 28, 2020. On April 15, 2016, the loan agreement was amended and restated and the maturity date was amended to December 30, 2024. For the three and nine months ended September 30, 2018, the promissory notes earned interest income of $55,000 and $165,000, respectively.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On October 2, 2015, the Partnership entered in a syndicated loan agreement. Under the terms of the agreement, the Partnership agreed to contribute $5,000,000 of the $40,000,000 facility which will be secured by all of the equipment of the wood pellet business in Texas. The borrower&#8217;s parent company also pledged assets located at the parent&#8217;s company&#8217;s headquarters in Germany as additional collateral for the loan. In January 2016, the Partnership received cash of $2,610,959 as payment from this facility. On April 22, 2016, the Partnership and a third party assigned their interests in this loan facility of $2,389,041 and $3,985,959, respectively to Juliet. For the three and nine months ended September 30, 2018 and the years ended December 31, 2017 and 2016, this loan is in non-accrual status. Based on an appraisal of the collateral value of the equipment, the Investment Manager believes that there is sufficient collateral value to cover the outstanding balance of this loan.</p> <p style="margin: 0pt"></p> <table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 24px; font: 12pt Times New Roman, Times, Serif; text-align: justify"><font style="font-size: 10pt"><b>9.</b></font></td> <td style="font: 12pt Times New Roman, Times, Serif; text-align: justify"><font style="font-size: 10pt"><b>Equipment Investment through SPV </b></font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On December 16, 2015, Marine, a special purpose vehicle which is wholly owned by the Partnership, entered into a sale and assignment of partnership interest agreement with a third party. Under the terms of the agreement, Marine acquired an 88.20% (90% of 98%) economic interest in a portfolio of container feeder vessels. Marine acquired their economic interest in the vessels through a limited partnership interest in CONT Feeder, which acquired and operates the container feeder vessels. CONT Feeder acquired nine container feeder vessels for $37,911,665, drydocking fees of $4,158,807 and inventory supplies of $337,923 for an aggregate investment of $42,408,395. As of September 30, 2018, the Partnership has an aggregate investment balance of $32,075,023 consisting of feeder vessels of $30,137,762, drydocking fees of $1,683,807 and inventory supplies of $253,454.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">CONT Feeder acquired and operates nine container feeder vessels which collect shipping containers from different ports and transport them to central container terminals where they are loaded to bigger vessels. For the three months ended September 30, 2018, CONT Feeder recorded income of approximately $4,775,000 from charter rental fees less total expenses of $4,848,000, consisting of ship operating expenses, of approximately $2,473,000, ship management fees and charter commissions fees of approximately $437,000, general and administrative expenses, of approximately $1,033,000, depreciation expense, of approximately $677,000 and interest expense of approximately $228,000 resulting in a net loss of approximately $73,000. For the nine months ended September 30, 2018, CONT Feeder recorded income of approximately $13,378,000 from charter rental fees less total expenses of $13,526,000, consisting of ship operating expenses, of approximately $7,421,000, ship management fees and charter commissions fees of approximately $1,382,000, general and administrative expenses, of approximately $1,982,000, depreciation expense, of approximately $2,030,000 and interest expense of approximately $711,000 resulting in a net loss of approximately $148,000.</p> <p style="margin: 0pt"></p> <table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 24px; font: 12pt Times New Roman, Times, Serif"><font style="font-size: 10pt"><b>10.</b></font></td> <td style="font: 12pt Times New Roman, Times, Serif"><font style="font-size: 10pt"><b>Other Assets </b></font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Other assets of $3,897,655 is primarily made up of $2,355,950 related to the Partnership&#8217;s Equipment Investment through SPV and of $597,250 related to equipment held off lease by SQN Helo.</p> <p style="margin: 0pt"></p> <table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 24px; font: 12pt Times New Roman, Times, Serif; text-align: justify"><font style="font-size: 10pt"><b>11.</b></font></td> <td style="font: 12pt Times New Roman, Times, Serif; text-align: justify"><font style="font-size: 10pt"><b>Loans Payable</b></font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On April 22, 2016, Juliet, a third party and the third party&#8217;s affiliate amended and restated the participation agreement dated December 29, 2015. Juliet borrowed a total of approximately $14,621,000 in the form of a senior participation instruments with a third party and the third party&#8217;s affiliate consisting of the outstanding principal payable balance of approximately $2,124,000 on the Just Loans transaction, the third party also funded Juliet additional cash of approximately $8,511,000 and assigned their interests of approximately $3,986,000 in a loan facility for a wood pellet business in Texas. The senior participation instrument accrues interest at the rate of 6% per annum and also accrues PIK interest at the rate of 1.5% per annum. The senior participants, as collateral, have a first priority security interest in all of the assets acquired by Juliet as well as a senior participation interest in all of the proceeds from the assets, while Juliet has a junior participation interest until the loan is repaid in full. All of the cash proceeds received from these assets are applied as follows (1), to pay accrued and unpaid interest of the senior participant, (2), to pay any cumulative interest shortfall of the senior participant, (3), to pay accrued and unpaid interest of the junior participants, and (4), to reduce the outstanding principal balance of the senior participation with any excess distributed to the junior participants. There was no stated or agreed upon repayment term for the principal. On May 5, 2016, the third party provided additional financing, on behalf of Juliet, in the amount of approximately $2,926,000 after applicable exchange rates.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In connection with the CONT Feeder transaction, Marine borrowed $7,500,000 and $9,604,091 in the form of a senior participation instruments with a third party and the third party&#8217;s affiliate. The senior participation instrument accrues interest at the rate of 10% per annum and matures on December 16, 2020. The senior participants, as collateral, have a first priority security interest in all of the assets acquired by CONT Feeder as well as a senior participation interest in the proceeds from the assets, while Marine has a junior participation interest until the loan is repaid in full. All of the cash proceeds received from these assets will be applied first against the outstanding principal balance of the senior participation with any excess distributed to the junior participants. There was no stated or agreed upon repayment term for the principal.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In connection with the acquisition of container vessels, CONT Feeder borrowed $14,375,654 from third parties. As of September 30, 2018, the CONT Feeder loan payable was $9,131,578.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In connection with the consolidation of SQN Helo, the Partnership had an aggregate loans payable balance of $9,245,578 to SQN AFIF and to a third party in the form of a senior participation instruments. The senior participation instrument accrues interest at the rate of 7% per annum and PIK interest at the rate of 3.5% per annum and matures on January 6, 2022. The senior participants, as collateral, have a first priority security interest in all of the assets acquired by SQN Helo as well as a senior participation interest in the proceeds from the assets, while the Partnership and SQN PAC have a junior participation interest until the loan is repaid in full. All of the cash proceeds received from these assets will be applied first against the outstanding principal balance of the senior participation with any excess distributed to the junior participants. There was no stated or agreed upon repayment term for the principal.</p> <p style="margin: 0pt"></p> <table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 24px; font: 12pt Times New Roman, Times, Serif; text-align: justify"><font style="font-size: 10pt"><b>12.</b></font></td> <td style="font: 12pt Times New Roman, Times, Serif; text-align: justify"><font style="font-size: 10pt"><b>Fair Value of Financial Instruments</b></font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Partnership&#8217;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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Partnership&#8217;s carrying values and approximate fair values of its financial instruments were as follows:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td>&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="6" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">September 30, 2018</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="6" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">December 31, 2017</font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom"> <td>&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">Carrying</font><br /> <font style="font-size: 10pt">Value</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">Fair Value</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">Carrying</font><br /> <font style="font-size: 10pt">Value</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">Fair Value</font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom"> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="text-align: center"><font style="font-size: 10pt">(unaudited)</font></td> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="text-align: center"><font style="font-size: 10pt">(unaudited)</font></td> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="text-align: right">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">Assets:</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="width: 48%; padding-bottom: 1.5pt; padding-left: 10pt"><font style="font-size: 10pt">Equipment notes receivable</font></td> <td style="width: 1%; padding-bottom: 1.5pt">&#160;</td> <td style="width: 1%; border-bottom: black 1.5pt solid"><font style="font-size: 10pt">$</font></td> <td style="width: 10%; border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">15,701,793</font></td> <td style="width: 1%; padding-bottom: 1.5pt">&#160;</td> <td style="width: 1%; padding-bottom: 1.5pt">&#160;</td> <td style="width: 1%; border-bottom: black 1.5pt solid"><font style="font-size: 10pt">$</font></td> <td style="width: 10%; border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">15,701,793</font></td> <td style="width: 1%; padding-bottom: 1.5pt">&#160;</td> <td style="width: 1%; padding-bottom: 1.5pt">&#160;</td> <td style="width: 1%; border-bottom: black 1.5pt solid"><font style="font-size: 10pt">$</font></td> <td style="width: 10%; border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">16,497,270</font></td> <td style="width: 1%; padding-bottom: 1.5pt">&#160;</td> <td style="width: 1%; padding-bottom: 1.5pt">&#160;</td> <td style="width: 1%; border-bottom: black 1.5pt solid"><font style="font-size: 10pt">$</font></td> <td style="width: 10%; border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">16,497,270</font></td> <td style="width: 1%; padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 2.5pt; padding-left: 10pt"><font style="font-size: 10pt">Collateralized loans receivable</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">40,358,589</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">40,358,589</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">38,012,853</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">38,012,853</font></td> <td style="padding-bottom: 2.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">Liabilities:</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 2.5pt; padding-left: 10pt"><font style="font-size: 10pt">Loans payable</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">66,635,114</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">66,635,114</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">68,044,254</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">68,044,254</font></td> <td style="padding-bottom: 2.5pt">&#160;</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As of September 30, 2018, the Partnership evaluated the carrying values of its financial instruments and they approximate fair values.</p> <p style="margin: 0pt"></p> <table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 24px; font: 12pt Times New Roman, Times, Serif; text-align: justify"><font style="font-size: 10pt"><b>13.</b></font></td> <td style="font: 12pt Times New Roman, Times, Serif; text-align: justify"><font style="font-size: 10pt"><b>Business Concentrations</b></font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">For the nine months ended September 30, 2018, the Partnership had one lessee which accounted for approximately 100% of the Partnership&#8217;s rental income derived from operating leases. For the nine months ended September 30, 2017, the Partnership had two lessees which accounted for approximately 56% and 42% of the Partnership&#8217;s rental income derived from operating leases. For the nine months ended September 30, 2018, the Partnership had two leases which accounted for approximately 54% and 19% of the Partnership&#8217;s income derived from finance leases. For the nine months ended September 30, 2017, the Partnership had three leases which accounted for approximately 31%, 31% and 20% of the Partnership&#8217;s income derived from finance leases. For the nine months ended September 30, 2018, the Partnership had four leases which accounted for approximately 21%, 12%, 10% and 10% of the Partnership&#8217;s interest income. For the nine months ended September 30, 2017, the Partnership had four leases which accounted for approximately 18%, 14%, 13%, and 11% of the Partnership&#8217;s interest income.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">At September 30, 2018, the Partnership had four lessees which accounted for approximately 43%, 20%, 18% and 15% of the Partnership&#8217;s investment in finance leases. At September 30, 2017, the Partnership had four lessees which accounted for approximately 33%, 20%, 18% and 10% of the Partnership&#8217;s investment in finance leases. At September 30, 2018 and 2017, the Partnership had one lessee which accounted for approximately 100% of the Partnership&#8217;s investment in operating leases. At September 30, 2018, the Partnership had four lessees which accounted for approximately 35%, 32%, 14% and 12% of the Partnership&#8217;s investment in equipment notes receivable. At September 30, 2017, the Partnership had four lessees which accounted for approximately 36%, 29%, 16% and 11% of the Partnership&#8217;s investment in equipment notes receivable. At September 30, 2018, the Partnership had four lessees which accounted for approximately 17%, 17%, 15% and 15% of the Partnership&#8217;s investment in collateralized loans receivable. At September 30, 2017, the Partnership had four lessees which accounted for approximately 32%, 16%, 13% and 10% of the Partnership&#8217;s investment in collateralized loans receivable. At September 30, 2018 and 2017, the Partnership had one lessee which accounted for approximately 100% of the Partnership&#8217;s investment in residual value leases.</p> <p style="margin: 0pt"></p> <table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 24px; font: 12pt Times New Roman, Times, Serif; text-align: justify"><font style="font-size: 10pt"><b>14.</b></font></td> <td style="font: 12pt Times New Roman, Times, Serif; text-align: justify"><font style="font-size: 10pt"><b>Geographic Information</b></font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Geographic information for revenue for the three months ended September 30, 2018 and 2017 was as follows:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="text-align: center">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="14" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">Three Months Ended September 30, 2018</font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">United States</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">Europe</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">Mexico</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">Total</font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom"> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="text-align: center"><font style="font-size: 10pt">(unaudited)</font></td> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="text-align: center"><font style="font-size: 10pt">(unaudited)</font></td> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="text-align: center"><font style="font-size: 10pt">(unaudited)</font></td> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="text-align: center"><font style="font-size: 10pt">(unaudited)</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">Revenue:</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="width: 48%; padding-bottom: 2.5pt; padding-left: 10pt"><font style="font-size: 10pt">Rental income</font></td> <td style="width: 1%; padding-bottom: 2.5pt">&#160;</td> <td style="width: 1%; border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="width: 10%; border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">252,000</font></td> <td style="width: 1%; padding-bottom: 2.5pt">&#160;</td> <td style="width: 1%; padding-bottom: 2.5pt">&#160;</td> <td style="width: 1%; border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="width: 10%; border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">&#8212;</font></td> <td style="width: 1%; padding-bottom: 2.5pt">&#160;</td> <td style="width: 1%; padding-bottom: 2.5pt">&#160;</td> <td style="width: 1%; border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="width: 10%; border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">&#8212;</font></td> <td style="width: 1%; padding-bottom: 2.5pt">&#160;</td> <td style="width: 1%; padding-bottom: 2.5pt">&#160;</td> <td style="width: 1%; border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="width: 10%; border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">252,000</font></td> <td style="width: 1%; padding-bottom: 2.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 2.5pt; padding-left: 10pt"><font style="font-size: 10pt">Finance income</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">316,690</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">21,802</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">&#8212;</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">338,492</font></td> <td style="padding-bottom: 2.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2.5pt; padding-left: 10pt"><font style="font-size: 10pt">Interest income</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">525,648</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">481,573</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">187,044</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">1,194,265</font></td> <td style="padding-bottom: 2.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 2.5pt; padding-left: 10pt"><font style="font-size: 10pt">Income from equipment investment through SPV</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">&#8212;</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">4,774,457</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">&#8212;</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">4,774,457</font></td> <td style="padding-bottom: 2.5pt">&#160;</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="text-align: center">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="14" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">Three Months Ended September 30, 2017 </font><br /> <font style="font-size: 10pt">(unaudited)</font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom"> <td>&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">United States</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">Europe</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">Mexico</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">Total</font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">Revenue:</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="width: 48%; padding-bottom: 2.5pt; padding-left: 10pt"><font style="font-size: 10pt">Rental income</font></td> <td style="width: 1%; padding-bottom: 2.5pt">&#160;</td> <td style="width: 1%; border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="width: 10%; border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">332,160</font></td> <td style="width: 1%; padding-bottom: 2.5pt">&#160;</td> <td style="width: 1%; padding-bottom: 2.5pt">&#160;</td> <td style="width: 1%; border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="width: 10%; border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">&#8212;</font></td> <td style="width: 1%; padding-bottom: 2.5pt">&#160;</td> <td style="width: 1%; padding-bottom: 2.5pt">&#160;</td> <td style="width: 1%; border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="width: 10%; border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">&#8212;</font></td> <td style="width: 1%; padding-bottom: 2.5pt">&#160;</td> <td style="width: 1%; padding-bottom: 2.5pt">&#160;</td> <td style="width: 1%; border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="width: 10%; border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">332,160</font></td> <td style="width: 1%; padding-bottom: 2.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 2.5pt; padding-left: 10pt"><font style="font-size: 10pt">Finance income</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">641,840</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">30,242</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">&#8212;</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">672,082</font></td> <td style="padding-bottom: 2.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2.5pt; padding-left: 10pt"><font style="font-size: 10pt">Interest income</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">1,201,925</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">&#8212;</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">&#8212;</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">1,201,925</font></td> <td style="padding-bottom: 2.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 2.5pt; padding-left: 10pt"><font style="font-size: 10pt">Investment income from equity method investments</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">6,792</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">&#8212;</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">&#8212;</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">6,792</font></td> <td style="padding-bottom: 2.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2.5pt; padding-left: 10pt"><font style="font-size: 10pt">Income from equipment investment through SPV</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">&#8212;</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">4,035,381</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">&#8212;</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">4,035,381</font></td> <td style="padding-bottom: 2.5pt">&#160;</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Geographic information for revenue for the nine months ended September 30, 2018 and 2017 was as follows:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="text-align: center">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="14" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">Nine Months Ended September 30, 2018</font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">United States</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">Europe</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">Mexico</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">Total</font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom"> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="text-align: center"><font style="font-size: 10pt">(unaudited)</font></td> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="text-align: center"><font style="font-size: 10pt">(unaudited)</font></td> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="text-align: center"><font style="font-size: 10pt">(unaudited)</font></td> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="text-align: center"><font style="font-size: 10pt">(unaudited)</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">Revenue:</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="width: 48%; padding-bottom: 2.5pt; padding-left: 10pt"><font style="font-size: 10pt">Rental income</font></td> <td style="width: 1%; padding-bottom: 2.5pt">&#160;</td> <td style="width: 1%; border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="width: 10%; border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">756,000</font></td> <td style="width: 1%; padding-bottom: 2.5pt">&#160;</td> <td style="width: 1%; padding-bottom: 2.5pt">&#160;</td> <td style="width: 1%; border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="width: 10%; border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">&#8212;</font></td> <td style="width: 1%; padding-bottom: 2.5pt">&#160;</td> <td style="width: 1%; padding-bottom: 2.5pt">&#160;</td> <td style="width: 1%; border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="width: 10%; border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">&#8212;</font></td> <td style="width: 1%; padding-bottom: 2.5pt">&#160;</td> <td style="width: 1%; padding-bottom: 2.5pt">&#160;</td> <td style="width: 1%; border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="width: 10%; border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">756,000</font></td> <td style="width: 1%; padding-bottom: 2.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 2.5pt; padding-left: 10pt"><font style="font-size: 10pt">Finance income</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">981,716</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">71,955</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">&#8212;</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">1,053,671</font></td> <td style="padding-bottom: 2.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2.5pt; padding-left: 10pt"><font style="font-size: 10pt">Interest income</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">1,301,064</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">1,678,573</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">799,837</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">3,779,474</font></td> <td style="padding-bottom: 2.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 2.5pt; padding-left: 10pt"><font style="font-size: 10pt">Income from equipment investment in SPV</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">&#8212;</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">13,377,655</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">&#8212;</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">13,377,655</font></td> <td style="padding-bottom: 2.5pt">&#160;</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="text-align: center">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="14" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">Nine Months Ended September 30, 2017 </font><br /> <font style="font-size: 10pt">(unaudited)</font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom"> <td>&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">United States</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">Europe</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">Mexico</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">Total</font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">Revenue:</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="width: 48%; padding-bottom: 2.5pt; padding-left: 10pt"><font style="font-size: 10pt">Rental income</font></td> <td style="width: 1%; padding-bottom: 2.5pt">&#160;</td> <td style="width: 1%; border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="width: 10%; border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">1,342,436</font></td> <td style="width: 1%; padding-bottom: 2.5pt">&#160;</td> <td style="width: 1%; padding-bottom: 2.5pt">&#160;</td> <td style="width: 1%; border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="width: 10%; border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">&#8212;</font></td> <td style="width: 1%; padding-bottom: 2.5pt">&#160;</td> <td style="width: 1%; padding-bottom: 2.5pt">&#160;</td> <td style="width: 1%; border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="width: 10%; border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">&#8212;</font></td> <td style="width: 1%; padding-bottom: 2.5pt">&#160;</td> <td style="width: 1%; padding-bottom: 2.5pt">&#160;</td> <td style="width: 1%; border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="width: 10%; border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">1,342,436</font></td> <td style="width: 1%; padding-bottom: 2.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 2.5pt; padding-left: 10pt"><font style="font-size: 10pt">Finance income</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">1,606,981</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">96,547</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">&#8212;</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">1,703,528</font></td> <td style="padding-bottom: 2.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2.5pt; padding-left: 10pt"><font style="font-size: 10pt">Interest income</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">3,950,621</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">&#8212;</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">&#8212;</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">3,950,621</font></td> <td style="padding-bottom: 2.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 2.5pt; padding-left: 10pt"><font style="font-size: 10pt">Investment loss from equity method investments</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">(5,148</font></td> <td style="padding-bottom: 2.5pt"><font style="font-size: 10pt">)</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">&#8212;</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">&#8212;</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">(5,148</font></td> <td style="padding-bottom: 2.5pt"><font style="font-size: 10pt">)</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2.5pt; padding-left: 10pt"><font style="font-size: 10pt">Gain on sale of assets</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">120,601</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">142,422</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">&#8212;</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">263,023</font></td> <td style="padding-bottom: 2.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 2.5pt; padding-left: 10pt"><font style="font-size: 10pt">Income from equipment investment through SPV</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">-</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">11,072,567</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">-</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">11,072,567</font></td> <td style="padding-bottom: 2.5pt">&#160;</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Geographic information for long-lived assets at September 30, 2018 and December 31, 2017 was as follows:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="text-align: center">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="14" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">September 30, 2018</font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">United States</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">Europe</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">Mexico</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">Total</font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom"> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="text-align: center"><font style="font-size: 10pt">(unaudited)</font></td> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="text-align: center"><font style="font-size: 10pt">(unaudited)</font></td> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="text-align: center"><font style="font-size: 10pt">(unaudited)</font></td> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="text-align: center"><font style="font-size: 10pt">(unaudited)</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">Long-lived assets:</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="width: 48%; padding-bottom: 2.5pt; padding-left: 10pt"><font style="font-size: 10pt">Investment in finance leases, net</font></td> <td style="width: 1%; padding-bottom: 2.5pt">&#160;</td> <td style="width: 1%; border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="width: 10%; border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">3,636,617</font></td> <td style="width: 1%; padding-bottom: 2.5pt">&#160;</td> <td style="width: 1%; padding-bottom: 2.5pt">&#160;</td> <td style="width: 1%; border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="width: 10%; border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">1,055,518</font></td> <td style="width: 1%; padding-bottom: 2.5pt">&#160;</td> <td style="width: 1%; padding-bottom: 2.5pt">&#160;</td> <td style="width: 1%; border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="width: 10%; border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">&#8212;</font></td> <td style="width: 1%; padding-bottom: 2.5pt">&#160;</td> <td style="width: 1%; padding-bottom: 2.5pt">&#160;</td> <td style="width: 1%; border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="width: 10%; border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">4,692,135</font></td> <td style="width: 1%; padding-bottom: 2.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 2.5pt; padding-left: 10pt"><font style="font-size: 10pt">Investments in equipment subject to operating leases, net</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">4,588,860</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">&#8212;</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">&#8212;</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">4,588,860</font></td> <td style="padding-bottom: 2.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2.5pt; padding-left: 10pt"><font style="font-size: 10pt">Equipment notes receivable, including accrued interest</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">12,096,128</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">2,261,811</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">2,000,000</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">16,357,939</font></td> <td style="padding-bottom: 2.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 2.5pt; padding-left: 10pt"><font style="font-size: 10pt">Equipment investment through SPV</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">&#8212;</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">32,075,023</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">&#8212;</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">32,075,023</font></td> <td style="padding-bottom: 2.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1.5pt; padding-left: 10pt"><font style="font-size: 10pt">Collateralized loan receivable, including accrued interest</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">10,461,691</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">24,106,240</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">6,849,998</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">41,417,929</font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td>&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="14" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">December 31, 2017</font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">United States</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">Europe</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">Mexico</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">Total</font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">Long-lived assets:</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="width: 48%; padding-bottom: 2.5pt; padding-left: 10pt"><font style="font-size: 10pt">Investment in finance leases, net</font></td> <td style="width: 1%; padding-bottom: 2.5pt">&#160;</td> <td style="width: 1%; border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="width: 10%; border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">7,116,760</font></td> <td style="width: 1%; padding-bottom: 2.5pt">&#160;</td> <td style="width: 1%; padding-bottom: 2.5pt">&#160;</td> <td style="width: 1%; border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="width: 10%; border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">269,079</font></td> <td style="width: 1%; padding-bottom: 2.5pt">&#160;</td> <td style="width: 1%; padding-bottom: 2.5pt">&#160;</td> <td style="width: 1%; border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="width: 10%; border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">&#8212;</font></td> <td style="width: 1%; padding-bottom: 2.5pt">&#160;</td> <td style="width: 1%; padding-bottom: 2.5pt">&#160;</td> <td style="width: 1%; border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="width: 10%; border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">7,412,839</font></td> <td style="width: 1%; padding-bottom: 2.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 2.5pt; padding-left: 10pt"><font style="font-size: 10pt">Investments in equipment subject to operating leases, net</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">5,557,494</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">&#8212;</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">&#8212;</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">5,557,494</font></td> <td style="padding-bottom: 2.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2.5pt; padding-left: 10pt"><font style="font-size: 10pt">Equipment notes receivable, including accrued interest</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">12,668,268</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">2,189,488</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">2,000,000</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">16,857,756</font></td> <td style="padding-bottom: 2.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 2.5pt; padding-left: 10pt"><font style="font-size: 10pt">Equipment investment through SPV</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">&#8212;</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">34,094,204</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">&#8212;</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">34,094,204</font></td> <td style="padding-bottom: 2.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2.5pt; padding-left: 10pt"><font style="font-size: 10pt">Collateralized loan receivable, including accrued interest</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">5,821,153</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">21,788,885</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">13,524,438</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">41,134,476</font></td> <td style="padding-bottom: 2.5pt">&#160;</td></tr> </table> <p style="margin: 0pt"></p> <p style="margin: 0pt"></p> <table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 24px; font: 12pt Times New Roman, Times, Serif; text-align: justify"><font style="font-size: 10pt"><b>16.</b></font></td> <td style="font: 12pt Times New Roman, Times, Serif; text-align: justify"><font style="font-size: 10pt"><b>Subsequent Events</b></font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On November 6, 2018, the Partnership funded an additional $692,586 under a wholesale financing arrangement with an international leasing company that does business between the United States and Mexico.</p> <p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">At September 30, 2018 and December 31, 2017, net investment in finance leases consisted of the following:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="text-align: center">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>September 30, 2018</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>December 31, 2017</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center">&#160;</td> <td>&#160;</td> <td colspan="2" style="text-align: center"><font style="font-size: 10pt">(unaudited)</font></td> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="text-align: center">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 58%"><font style="font-size: 10pt">Minimum rents receivable</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 18%; text-align: right"><font style="font-size: 10pt">3,053,293</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 18%; text-align: right"><font style="font-size: 10pt">6,639,597</font></td> <td style="width: 1%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">Estimated unguaranteed residual value</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">1,929,320</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">2,003,757</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">Unearned income</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">(290,478</font></td> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">)</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">(1,230,515</font></td> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">)</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2.5pt"><font style="font-size: 10pt">Total</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">4,692,135</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">7,412,839</font></td> <td style="padding-bottom: 2.5pt">&#160;</td></tr> </table> <p style="margin: 0pt"></p> 36192333 40265072 -330387 4100678 4085636 -289959 36454353 32437084 -2566810 -3161160 -13252 -25536 -2528022 -431621 -871788 0001560046 <p style="margin: 0pt"></p> <table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 24px; font: 12pt Times New Roman, Times, Serif; text-align: justify"><font style="font-size: 10pt"><b>5.</b></font></td> <td style="font: 12pt Times New Roman, Times, Serif; text-align: justify"><font style="font-size: 10pt"><b>Investments in Equipment Subject to Operating Leases</b></font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In connection with the consolidation of SQN Helo, the Partnership holds four helicopter operating leases with two different third parties. As of December 31, 2016, these operating leases had an aggregate net book value of $9,871,737. One operating lease requires monthly payments of $80,160 and expired in August 2017. Upon expiration of operating lease, this lease was restructured as a direct finance lease and the Partnership reclassified it to investment in finance leases. The other three operating leases require 48 monthly payments of $32,500, $32,500 and $19,000, respectively, commencing in April 2017.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><u>September 30, 2018:</u></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1.5pt solid"><font style="font-size: 10pt"><b>Description</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>Cost Basis</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>Accumulated Depreciation</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>Net Book Value</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center">&#160;</td> <td>&#160;</td> <td colspan="2" style="text-align: center"><font style="font-size: 10pt">(unaudited)</font></td> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="text-align: center"><font style="font-size: 10pt">(unaudited)</font></td> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="text-align: center"><font style="font-size: 10pt">(unaudited)</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 49%; padding-bottom: 1.5pt"><font style="font-size: 10pt">Aircraft (Helicopters)</font></td> <td style="width: 1%; padding-bottom: 1.5pt">&#160;</td> <td style="width: 1%; border-bottom: black 1.5pt solid"><font style="font-size: 10pt">$</font></td> <td style="width: 14%; border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">9,432,030</font></td> <td style="width: 1%; padding-bottom: 1.5pt">&#160;</td> <td style="width: 1%; padding-bottom: 1.5pt">&#160;</td> <td style="width: 1%; border-bottom: black 1.5pt solid"><font style="font-size: 10pt">$</font></td> <td style="width: 14%; border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">4,843,170</font></td> <td style="width: 1%; padding-bottom: 1.5pt">&#160;</td> <td style="width: 1%; padding-bottom: 1.5pt">&#160;</td> <td style="width: 1%; border-bottom: black 1.5pt solid"><font style="font-size: 10pt">$</font></td> <td style="width: 14%; border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">4,588,860</font></td> <td style="width: 1%; padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">9,432,030</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">4,843,170</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">4,588,860</font></td> <td style="padding-bottom: 2.5pt">&#160;</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><u>December 31, 2017:</u></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1.5pt solid"><font style="font-size: 10pt"><b>Description</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>Cost Basis</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>Accumulated Depreciation</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>Net Book Value</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom"> <td>&#160;</td> <td>&#160;</td> <td colspan="2">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td colspan="2">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td colspan="2">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 49%; padding-bottom: 1.5pt"><font style="font-size: 10pt">Aircraft (Helicopters)</font></td> <td style="width: 1%; padding-bottom: 1.5pt">&#160;</td> <td style="width: 1%; border-bottom: black 1.5pt solid"><font style="font-size: 10pt">$</font></td> <td style="width: 14%; border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">9,432,030</font></td> <td style="width: 1%; padding-bottom: 1.5pt">&#160;</td> <td style="width: 1%; padding-bottom: 1.5pt">&#160;</td> <td style="width: 1%; border-bottom: black 1.5pt solid"><font style="font-size: 10pt">$</font></td> <td style="width: 14%; border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">3,874,536</font></td> <td style="width: 1%; padding-bottom: 1.5pt">&#160;</td> <td style="width: 1%; padding-bottom: 1.5pt">&#160;</td> <td style="width: 1%; border-bottom: black 1.5pt solid"><font style="font-size: 10pt">$</font></td> <td style="width: 14%; border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">5,557,494</font></td> <td style="width: 1%; padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">9,432,030</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">3,874,536</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">5,557,494</font></td> <td style="padding-bottom: 2.5pt">&#160;</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Depreciation expense for the three and nine months ended September 30, 2018 was $322,878 and $968,634, respectively.</p> 74527.94 106777374 111942070 32106697 36164394 -330387 -289959 32437084 36454353 70585041 71676998 38469 74581 129573 114681 724579 395415 2862817 2853578 106777374 111942070 3897655 2611981 32075023 32075023 34094204 34094204 147827 213377 2775060 2775060 656146 360486 417466 392133 1059340 3121623 -33.92 -33.48 -5.64 -8.71 74527.94 74584.73 74527.94 74532.51 -2553558 -2521997 -424682 -655426 -25536 -25220 -4247 -6554 -2528022 -2496777 -420435 -648872 -13252 -639163 -6939 -216362 -400522 326890 -92545 100361 19648814 21535636 6898290 6914211 13526104 13896567 4847915 4289422 157224 56777 36875 17952 44022 50235 9475 11103 350236 442216 144573 105068 1034184 2277513 344314 962854 1125000 1125000 375000 375000 18967693 18367301 6559214 6261777 893 40274 13437 12915099 -13232709 14892 29565 824946 2042423 1284883 1548631 -459937 -493792 -107330 1489247 4460815 3669521 -3191173 -5995206 3759787 725682 1505874 -2019181 -2165012 14700768 8461006 2594776 8960038 11709173 173009 3634618 846442 1782033 1080698 -347115 204194 9239 330954 1285674 362717 -3724848 -1862787 -3954115 -4056574 -396904 325407 3462490 3475306 -676279 1790 1199 0.20 0.25 0.675 0.325 0.245 0.01 0.245 0.51 0.8820 0.01 0.99 0.50 0.50 500000 200000 432000 667629 2650000 1788750 861250 2650000 1788750 1763230 861250 3071000 10075000 96000 147919 15000 817045 12789 1824992 1640000 247194 204303 10075000 2124000 1529674 205000 1289163 2124000 3893165 2500000 1619283 2244538 730170 1426732 43177 2335960 3893165 3893165 700000 2000000 370187 1574724 374610 370187 4148419 12342624 5000000 2000000 0.125 0.111 0.09 0.1505 0.111 0.09 0.20 0.1505 0.085 0.1884 0.18 0.10 0.20 0.80 0.06 0.12 0.10 0.12 0.06 0.11 0.11 0.12 0.12 0.10 0.015 0.30 0.105 0.07 0.035 0.11 0.12 0.10 0.09 0.09 0.09 0.50 0.09 0.85 2017-09-30 2018-01-31 2020-06-30 2017-09-30 2023-01-31 2020-06-30 2020-10-31 2020-10-31 2020-10-31 2018-11-01 2018-11-30 2020-02-08 2016-11-30 2022-01-23 2022-03-03 2021-03-31 2022-03-31 2021-06-30 2022-06-30 2021-03-31 2022-09-30 2020-12-28 2019-08-01 2021-11-30 2021-06-30 2024-12-30 2022-01-06 2019-01-31 2019-09-30 2020-12-16 2022-08-31 2018-12-31 2028-05-30 2028-05-30 2020-05-05 2019-07-31 0.675 3000000 5037500 5037500 2926342 1845655 2215270 2389041 3985959 3867435 374610 3400000 5000000 5000000 1715500 40000000 2018-09-30 4866750 3071000 4866750 14621000 8511000 8511000 3986000 3986000 Marine acquired an 88.20% (90% of 98%) economic interest in a portfolio of container feeder vessels Marine acquired an 88.20% (90% of 98%) economic interest in a portfolio of container feeder vessels. 28266789 42408395 32075023 30137762 14375654 0.10 1500000 1500000 23201000 11276000 1357622 1465000 3325506 249287 250000 0.03 0.07 0.07 1000 0.02 0.20 0.08 0.01 0.01 0.03 9871737 3378129 248240 2239760 6273670 6273670 P48M P30M P36M P36M P36M P36M P31M P18M P18M P24M 25060 7415 20000000 58950 14195 9460 12456 77727 3000000 12464 90116 79167 79167 152422 P48M 32500 775000 1500000 446677 297689 389266 375000 576750 2700000 337131 247920 41616 59823 2456 12629 142422 142422 1.538 1.1128 1.4375 1.1449 July 2015 through April 2020 3053293 6639597 1929320 2003757 290478 1230515 80160 32500 32500 19000 968634 322878 9432030 9432030 9432030 9432030 4843170 4843170 3874536 3874536 P41M P60M P48M P48M P60M P60M P60M P35M P36M P72M P72M P51M P72M P60M P72M P24M P51M P72M P24M P24M P36M P60M P60M P24M P51M 15764 15300 34786 79255 68718 2041 3255 330 26145 425 4697 4045 28865 4450 24326 57925 950 48100 2500000 3893165 2450 0.30 0.08 0.08 0.05 7500000 9604091 4021250 4107294 2252389 14375654 5568262 204721 128085 214129 5167426 387283 15724 26812 449872 26355 99676 198828 799837 173553 172588 97809 165000 347116 27756 183 5591 8544 49786 121919 384306 8784 16 2343 2642 5895 7527 5299 116977 28862 67004 187044 58487 58161 32961 138233 55000 22216 22216 151250 151250 2500000 100000 100000 2878000 2140350 2974000 740160 6416092 6416092 0.85 0.85 0.85 6416092 117000 500000 500000 69577 2537822 150000 2883347 40000 6901636 3648809 3018791 1957946 174611 15701793 0.85 0.15 17000000 3000000 145377 2610959 452604 335644 305550 278919 126979 0.325 0.675 2016-05-16 2926000 56750 690936 9 37911665 4158807 1683807 337923 253454 13378000 4775000 13526000 4848000 7421000 2473000 1982000 1033000 148000 73000 3897655 2355950 597250 14621000 1.00 0.18 0.21 0.12 0.43 0.20 1.00 1.00 0.29 0.32 0.35 0.10 0.14 0.56 0.18 0.16 0.33 0.20 0.18 0.10 0.14 0.13 0.17 0.15 0.15 0.32 0.16 0.13 0.12 0.54 0.19 0.31 0.31 0.20 0.42 0.11 0.15 0.36 1.00 1.00 0.17 0.10 0.11 0.10 1412654 1941332 100 1485167 319715 3001573 319715 <p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Basis of Presentation</i></b> &#8212; The condensed consolidated financial statements of SQN AIF IV, L.P. and Subsidiaries at September 30, 2018 and for the three and nine months ended September 30, 2018 and 2017 are unaudited and have been prepared in accordance with accounting principles generally accepted in the United States of America (&#8220;U.S. GAAP&#8221;) for interim financial information and pursuant to the rules and regulations of the SEC with respect to Form 10-Q and Article 8 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete condensed consolidated financial statements. The unaudited interim condensed consolidated financial statements furnished reflect all adjustments (consisting of normal recurring adjustments) which are, in the opinion of management, necessary for a fair statement of the results for the interim periods presented. The results reported in these condensed consolidated financial statements should not necessarily be taken as indicative of results that may be expected for the entire year. These unaudited interim condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements of the Partnership for the year ended December 31, 2017 and notes thereto contained in the Partnership&#8217;s annual report on Form 10-K for the year ended December 31, 2017, as filed with the SEC on April 2, 2018.</p> <p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Principles of Consolidation </i></b>&#8212; The condensed consolidated financial statements include the accounts of the Partnership and its entities, where the Partnership has the primary economic benefits of ownership. The Partnership&#8217;s consolidation policy requires the consolidation of entities where a controlling financial interest is held as well as the consolidation of variable interest entities in which the Partnership has the primary economic benefits. All material intercompany balances and transactions are eliminated in consolidation.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Non-controlling interest represents the minority equity holders&#8217; investment in Alpha and CONT Feeder plus the minority&#8217;s share of the net operating results and other components of equity relating to the non-controlling interest.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Variable interests are investments or other interests that absorb portions of a variable interest entity&#8217;s (&#8220;VIE&#8221;) expected losses or receive portions of the Partnership&#8217;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&#8217;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 condensed 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&#8217;s economic performance (&#8220;Power&#8221;) and the obligation to absorb losses of, or the right to receive benefits from the VIE, that could potentially be significant to the VIE (&#8220;Benefits&#8221;). The determination of whether a reporting entity is the primary beneficiary involves complex and subjective analyses.</p> <p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Use of estimates</i></b> &#8212; The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires the General Partner and Investment Manager to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities as of the date of the condensed consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. Significant estimates primarily include the determination of allowances for doubtful lease, notes and loan accounts, depreciation and amortization, impairment losses, estimated useful lives, and residual values. Actual results could differ from those estimates.</p> <p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Cash and Cash Equivalents </i></b>&#8212; The Partnership considers all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents. Cash and cash equivalents consist of funds maintained in checking and money market accounts maintained at financial institutions.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Partnership&#8217;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 an international financial institution in order to minimize risk relating to exceeding insured limits. The Partnership, through Summit Asset Management Limited, maintains an unrestricted bank account at a major financial institution in the United Kingdom for purposes of receiving payments and funding transactions in Pound Sterling.</p> <p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Credit Risk </i></b>&#8212; In the normal course of business, the Partnership is exposed to credit risk. Credit risk is the risk that the Partnerships&#8217; counterparty to an agreement either has an inability or unwillingness to make contractually required payments. The Partnership expects concentrations of credit risk with respect to lessees to be dispersed across different industry segments and different regions of the world.</p> <p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Asset Impairments </i></b>&#8212; Assets in the Partnership&#8217;s investment portfolio, which are considered long-lived assets, are periodically reviewed, no less frequently than annually or when indicators of impairment exist, to determine whether events or changes in circumstances indicate that the carrying value of the asset may not be recoverable. An impairment loss is recognized only if the carrying amount of a long-lived asset is not recoverable and exceeds its fair value. If there is an indication of impairment, the Partnership estimates the future cash flows (undiscounted and without interest charges) expected from the use of the asset and its eventual disposition. Future cash flows are the future cash inflows expected to be generated by an asset less the future outflows expected to be necessary to obtain those inflows. If an impairment is determined to exist, the impairment loss is measured as the amount by which the carrying value of a long-lived asset exceeds its fair value and is recorded in the statement of operations in the period the determination is made. The events or changes in circumstances that generally indicate that an asset may be impaired are, (i) the estimated fair value of the underlying equipment is less than its carrying value, (ii) the lessee is experiencing financial difficulties and (iii) it does not appear likely that the estimated proceeds from the disposition of the asset will be sufficient to recover the carrying value of the asset. The preparation of the undiscounted cash flows requires the use of assumptions and estimates, including the level of future rents or receipts from the sale of the investment, estimated downtime between re-leasing events, and the amount of re-leasing costs. The Investment Manager&#8217;s review for impairment includes a consideration of the existence of impairment indicators, including third party appraisals, published values for similar assets, recent transactions for similar assets, adverse changes in market conditions for specific asset types, and the occurrence of significant adverse changes in general industry and market conditions that could affect the fair value of the asset.</p> <p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Lease Classification and Revenue Recognition </i></b>&#8212; The Partnership records revenue based upon the lease classification determined at the inception of the transaction and based upon the terms of the lease or when there are significant changes to the lease terms.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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&#8217; business, the length of the lease and the industry in which the potential lessee operates. Unguaranteed residual values are reviewed for impairment in accordance with the Partnership&#8217;s policy relating to impairment review.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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.</p> <p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Finance Lease Receivables and Allowance for Doubtful Lease, Notes and Loan Accounts </i></b>&#8212; In the normal course of business, the Partnership provides credit or financing to its customers, performs credit evaluations of these customers, and maintains reserves for potential credit losses. These credit or financing transactions are normally collateralized by the equipment being financed. In determining the amount of allowance for doubtful lease, notes and loan accounts, the Investment Manager considers historical credit losses, the past due status of receivables, payment history, and other customer-specific information, including the value of the collateral. The past due status of a receivable is based on its contractual terms. Expected credit losses are recorded as an allowance for doubtful lease, notes and loan accounts. Receivables are written off when the Investment Manager determines they are uncollectible. At September 30, 2018, a reserve was required for an equipment notes receivables and a reserve for losses was recorded, there is a provision for lease, note and loan losses of $1,485,167. At December 31, 2017, a reserve was required for a finance lease, equipment notes receivables and an equity method investment and a reserve for losses was recorded, there is a provision for lease, note and loan losses of $3,001,573.</p> <p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Equipment Notes and Loans Receivable </i></b>&#8212; Equipment notes and loans receivable are reported in the condensed consolidated financial statements as the outstanding principal balance net of any unamortized deferred fees, and premiums or discounts on purchased loans. Costs to originate loans, if any, are reported as other assets in the condensed consolidated financial statements and amortized to expense over the estimated life of the loan. Income is recognized over the life of the note agreement. On certain equipment notes and loans receivable, specific payment terms were reached requiring prepayments which resulted in the recognition of unearned interest income. Unearned income, discounts and premiums, if any, are amortized to interest income in the condensed consolidated statements of operations using the effective interest rate method. Equipment notes and loans receivable are generally placed in a non-accrual status when payments are more than 90 days past due and all unpaid accrued interest is reversed. Additionally, the Investment Manager periodically reviews the creditworthiness of companies with payments outstanding less than 90 days. Based upon the Investment Manager&#8217;s judgment, accounts may be placed in a non-accrual status. Accounts on a non-accrual status are only returned to an accrual status when the account has been brought current and the Partnership believes recovery of the remaining unpaid receivable is probable. Revenue on non-accrual accounts is recognized only when cash has been received.</p> <p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Initial Direct Costs </i></b>&#8212; The Partnership capitalizes initial direct costs associated with the origination and funding of lease assets. These costs are amortized on a lease by lease basis over the actual contract term of each lease using the effective interest rate method for finance leases and the straight-line method for operating leases. Upon disposal of the underlying lease assets, both the initial direct costs and the associated accumulated amortization are relieved. Costs related to leases that are not consummated are not eligible for capitalization as initial direct costs and are expensed as incurred as acquisition expense.</p> <p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Equity Method &#8212; </i></b>The Partnership records its 24.5% investment in Informage SQN Technologies LLC using the equity method of accounting. According to U.S. GAAP, a company that holds 20% or greater investment in another company could potentially exercise significant influence over the investee company&#8217;s operating and financing activities and should therefore utilize the equity method of accounting. The Partnership&#8217;s portion of earnings in the investee are recorded as an increase in its investment and recognized in the condensed consolidated statements of operations, and any distributions received from the investee are recorded as a reduction in its investment.</p> <p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Acquisition Expense </i></b>&#8212; Acquisition expense represents costs which include, but are not limited to, legal fees and expenses, travel and communication expenses, cost of appraisals, accounting fees and expenses, and miscellaneous expenses related to the selection and acquisition of leased equipment which are incurred by the Partnership under the terms of the Partnership Agreement, as amended. As these costs are not eligible for capitalization as initial direct costs, such amounts are expensed as incurred.</p> <p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Income Taxes </i></b>&#8212; As a partnership, no provision for income taxes is recorded since the liability for such taxes is the responsibility of each of the Partners rather than the Partnership. The Partnership&#8217;s income tax returns are subject to examination by the federal and state taxing authorities, and changes, if any, could adjust the individual income tax of the Partners.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Partnership has adopted the provisions of FASB Topic 740, <i>Accounting for Uncertainty in Income Taxes.</i> This accounting guidance prescribes recognition thresholds that must be met before a tax position is recognized in the financial statements and provides guidance on de-recognition, classification, interest and penalties, accounting in interim periods, disclosure, and transition. Additionally, an entity may only recognize or continue to recognize tax positions that meet a &#8220;more likely than not&#8221; threshold. The Partnership has evaluated its entity level tax positions for the years ended December 31, 2017 and 2016, and does not expect any material adjustments to be made. The tax years 2017, 2016 and 2015 remain open to examination by the major taxing jurisdictions to which the Partnership is subject.</p> <p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Per Share Data </i></b>&#8212; Net income or loss attributable to Limited Partners per weighted average number of limited partnership interests outstanding is calculated as follows; the net income or loss allocable to the Limited Partners divided by the weighted average number of limited partnership interests outstanding during the period.</p> <p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Foreign Currency Transactions </i></b>&#8212; The Partnership has designated the United States of America dollar as the functional currency for the Partnership&#8217;s investments denominated in foreign currencies. Accordingly, certain assets and liabilities are translated at either the reporting period exchange rates or the historical exchange rates, revenues and expenses are translated at the average rate of exchange for the period, and all transaction gains or losses are reflected in the condensed consolidated statements of operations.</p> <p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Depreciation </i></b>&#8212; The Partnership, and all consolidated entities, records depreciation expense on equipment when the lease is classified as an operating lease. In order to calculate depreciation, the Partnership first determines the depreciable equipment cost, which is the cost less the estimated residual value. The estimated residual value is the Partnership&#8217;s estimate of the value of the equipment at lease termination. Depreciation expense is recorded by applying the straight-line method of depreciation to the depreciable equipment cost over the lease term.</p> <p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Recent Accounting Pronouncements</i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>&#160;</i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In August 2016, the Financial Accounting Standards Board (&#8220;FASB&#8221;) issued Accounting Standards Update (&#8220;ASU&#8221;) No. 2016-15, <i>Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments </i>(&#8220;ASU 2016-15&#8221;), which provides guidance on how certain cash receipts and cash payments are to be presented and classified in the statement of cash flows. The adoption of ASU 2016-15 becomes effective for fiscal years beginning on January 1, 2018, including interim periods within that reporting period. Early adoption is permitted. An entity will apply the amendments within ASU 2016-15 using a retrospective transition method to each period presented. The Partnership has adopted ASU No 2016-15 and has determined there was no significant impact on its condensed interim consolidated financial statements.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In June 2016, the FASB issued ASU 2016-13, <i>Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments </i>(&#8220;ASU 2016-13&#8221;), 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 is effective for fiscal periods beginning after December 15, 2019 and must be adopted as a cumulative effect adjustment to retained earnings. Early adoption is permitted. The Partnership is currently evaluating the impact of this guidance on its condensed interim consolidated financial statements.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In February 2016, the FASB issued ASU 2016-02, <i>Leases (Topic 842): Amendments to the FASB Accounting Standards Codification </i>(&#8220;ASU 2016-02&#8221;), effective for fiscal years beginning after December 15, 2018 and interim periods within those years. Early adoption is 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 is currently evaluating the impact of this guidance on its condensed interim consolidated financial statements.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In May 2014, the FASB issued ASU No. 2014-09<i>, Revenue from Contracts with Customers (Topic 606)</i> (&#8220;ASU 2014-09&#8221;)<i>, </i>ASU 2014-09 requires that an entity recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods and services. On July 9, 2015, the FASB approved amendments deferring the effective date by one year. ASU 2014-09 is now effective for annual reporting periods beginning after December 15, 2017, including interim periods within that reporting period. The amendments can be applied retrospectively to each prior reporting period or retrospectively with the cumulative effect of initially applying this Update recognized at the date of initial application. Early application was permitted but not before the original public entity effective date, i.e., annual periods beginning after December 15, 2016. The Partnership has adopted ASU 2014-09 and has determined there was no significant impact on its condensed interim consolidated financial statements.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Management does not believe that any other recently issued, but not yet effective accounting pronouncements, if adopted, would have a material effect on the condensed consolidated financial statements.</p> 32602 1508 74965.07 72504327 2460737 2460.74 14892 129573 537754 1043347 1022742 1485167 4085636 4100678 0.76 0.75 194489 194489 2007203 1812714 93230 79779 0 <p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><u>September 30, 2018:</u></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1.5pt solid"><font style="font-size: 10pt"><b>Description</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>Cost Basis</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>Accumulated Depreciation</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>Net Book Value</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center">&#160;</td> <td>&#160;</td> <td colspan="2" style="text-align: center"><font style="font-size: 10pt">(unaudited)</font></td> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="text-align: center"><font style="font-size: 10pt">(unaudited)</font></td> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="text-align: center"><font style="font-size: 10pt">(unaudited)</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 49%; padding-bottom: 1.5pt"><font style="font-size: 10pt">Aircraft (Helicopters)</font></td> <td style="width: 1%; padding-bottom: 1.5pt">&#160;</td> <td style="width: 1%; border-bottom: black 1.5pt solid"><font style="font-size: 10pt">$</font></td> <td style="width: 14%; border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">9,432,030</font></td> <td style="width: 1%; padding-bottom: 1.5pt">&#160;</td> <td style="width: 1%; padding-bottom: 1.5pt">&#160;</td> <td style="width: 1%; border-bottom: black 1.5pt solid"><font style="font-size: 10pt">$</font></td> <td style="width: 14%; border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">4,843,170</font></td> <td style="width: 1%; padding-bottom: 1.5pt">&#160;</td> <td style="width: 1%; padding-bottom: 1.5pt">&#160;</td> <td style="width: 1%; border-bottom: black 1.5pt solid"><font style="font-size: 10pt">$</font></td> <td style="width: 14%; border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">4,588,860</font></td> <td style="width: 1%; padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">9,432,030</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">4,843,170</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">4,588,860</font></td> <td style="padding-bottom: 2.5pt">&#160;</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><u>December 31, 2017:</u></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1.5pt solid"><font style="font-size: 10pt"><b>Description</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>Cost Basis</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>Accumulated Depreciation</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>Net Book Value</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom"> <td>&#160;</td> <td>&#160;</td> <td colspan="2">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td colspan="2">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td colspan="2">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 49%; padding-bottom: 1.5pt"><font style="font-size: 10pt">Aircraft (Helicopters)</font></td> <td style="width: 1%; padding-bottom: 1.5pt">&#160;</td> <td style="width: 1%; border-bottom: black 1.5pt solid"><font style="font-size: 10pt">$</font></td> <td style="width: 14%; border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">9,432,030</font></td> <td style="width: 1%; padding-bottom: 1.5pt">&#160;</td> <td style="width: 1%; padding-bottom: 1.5pt">&#160;</td> <td style="width: 1%; border-bottom: black 1.5pt solid"><font style="font-size: 10pt">$</font></td> <td style="width: 14%; border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">3,874,536</font></td> <td style="width: 1%; padding-bottom: 1.5pt">&#160;</td> <td style="width: 1%; padding-bottom: 1.5pt">&#160;</td> <td style="width: 1%; border-bottom: black 1.5pt solid"><font style="font-size: 10pt">$</font></td> <td style="width: 14%; border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">5,557,494</font></td> <td style="width: 1%; padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">9,432,030</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">3,874,536</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">5,557,494</font></td> <td style="padding-bottom: 2.5pt">&#160;</td></tr> </table> <p style="margin: 0pt"></p> 173009 3699815 1485167 370187 P48M P48M P48M P5Y 1382000 437000 587655 8939561 -4682210 -10279795 74966.07 74966.07 -1790 -1790 3669521 The Partnership pays the Investment Manager during the Offering Period, Operating Period and the Liquidation Period a management fee equal to or the greater of, (i) 2.5% per annum of the aggregate offering proceeds, or (ii) $125,000 monthly, until such time as an amount equal to at least 15% of the Partnership's Limited Partners' capital contributions have been returned to the Limited Partners, after which the monthly management fee will equal 100% of the management fee as initially calculated above, less 1% for each additional 1% of the Partnership's Limited Partners' capital contributions returned to them. Such amounts are measured on the last day of each month. expired in August 2017 17482526 18047586 6559214 5942062 2018 true false false -36112 1900008 692586 <p style="margin: 0pt"></p> <table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse"> <tr> <td style="width: 24px; font: 12pt Times New Roman, Times, Serif; text-align: justify"><font style="font-size: 10pt"><b>15.</b></font></td> <td style="font: 12pt Times New Roman, Times, Serif; text-align: justify"><font style="font-size: 10pt"><b>Indemnifications</b></font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Partnership enters into contracts that contain a variety of indemnifications. The Partnership&#8217;s maximum exposure under these arrangements is not known.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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, 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&#8217;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 Investment Manager, no liability will arise as a result of these provisions. The General Partner and Investment Manager know of no facts or circumstances that would make the Partnership&#8217;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&#8217;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.</p> EX-101.SCH 7 sqnf-20180930.xsd XBRL SCHEMA FILE 00000001 - Document - Document and Entity Information link:presentationLink link:calculationLink link:definitionLink 00000002 - Statement - Condensed Consolidated Balance Sheets link:presentationLink link:calculationLink link:definitionLink 00000003 - Statement - Condensed Consolidated Balance Sheets (Parenthetical) link:presentationLink link:calculationLink link:definitionLink 00000004 - Statement - Condensed Consolidated Statements of Operations (Unaudited) link:presentationLink link:calculationLink link:definitionLink 00000005 - Statement - Condensed Consolidated Statements of Operations (Unaudited) (Parenthetical) link:presentationLink link:calculationLink link:definitionLink 00000006 - Statement - Condensed Consolidated Statements of Changes in Partners' Equity (Unaudited) link:presentationLink link:calculationLink link:definitionLink 00000007 - Statement - Condensed Consolidated Statements of Cash Flows (Unaudited) link:presentationLink link:calculationLink link:definitionLink 00000008 - Disclosure - Organization and Nature of Operations link:presentationLink link:calculationLink link:definitionLink 00000009 - Disclosure - Summary of Significant Accounting Policies link:presentationLink link:calculationLink link:definitionLink 00000010 - Disclosure - Related Party Transactions link:presentationLink link:calculationLink link:definitionLink 00000011 - Disclosure - Investments in Finance Leases link:presentationLink link:calculationLink link:definitionLink 00000012 - Disclosure - Investments in Equipment Subject to Operating Leases link:presentationLink link:calculationLink link:definitionLink 00000013 - Disclosure - Equipment Notes Receivable link:presentationLink link:calculationLink link:definitionLink 00000014 - Disclosure - Residual Value Investment in Equipment on Lease link:presentationLink link:calculationLink link:definitionLink 00000015 - Disclosure - Collateralized Loan Receivable link:presentationLink link:calculationLink link:definitionLink 00000016 - Disclosure - Equipment Investment Through SPV link:presentationLink link:calculationLink link:definitionLink 00000017 - Disclosure - Other Assets link:presentationLink link:calculationLink link:definitionLink 00000018 - Disclosure - Loans Payable link:presentationLink link:calculationLink link:definitionLink 00000019 - Disclosure - Fair Value of Financial Instruments link:presentationLink link:calculationLink link:definitionLink 00000020 - Disclosure - Business Concentrations link:presentationLink link:calculationLink link:definitionLink 00000021 - Disclosure - Geographic Information link:presentationLink link:calculationLink link:definitionLink 00000022 - Disclosure - Indemnifications link:presentationLink link:calculationLink link:definitionLink 00000023 - Disclosure - Subsequent Events link:presentationLink link:calculationLink link:definitionLink 00000024 - Disclosure - Summary of Significant Accounting Policies (Policies) link:presentationLink link:calculationLink link:definitionLink 00000025 - Disclosure - Investments in Finance Leases (Tables) link:presentationLink link:calculationLink link:definitionLink 00000026 - Disclosure - Investments in Equipment Subject to Operating Leases (Tables) link:presentationLink link:calculationLink link:definitionLink 00000027 - Disclosure - Equipment Notes Receivable (Tables) link:presentationLink link:calculationLink link:definitionLink 00000028 - Disclosure - Fair Value of Financial Instruments (Tables) link:presentationLink link:calculationLink link:definitionLink 00000029 - Disclosure - Geographic Information (Tables) link:presentationLink link:calculationLink link:definitionLink 00000030 - Disclosure - Organization and Nature of Operations (Details Narrative) link:presentationLink link:calculationLink link:definitionLink 00000031 - Disclosure - Summary of Significant Accounting Policies (Details Narrative) link:presentationLink link:calculationLink link:definitionLink 00000032 - Disclosure - Related Party Transactions (Details Narrative) link:presentationLink link:calculationLink link:definitionLink 00000033 - Disclosure - Investments in Finance Leases (Details Narrative) link:presentationLink link:calculationLink link:definitionLink 00000034 - Disclosure - Investments in Finance Leases - Schedule of Investment in Finance Leases (Details) link:presentationLink link:calculationLink link:definitionLink 00000035 - Disclosure - Investments in Equipment Subject to Operating Leases (Details Narrative) link:presentationLink link:calculationLink link:definitionLink 00000036 - Disclosure - Investments in Equipment Subject to Operating Leases - Summary of Investments in Equipment Subject to Operating Leases (Details) link:presentationLink link:calculationLink link:definitionLink 00000037 - Disclosure - Equipment Notes Receivable (Details Narrative) link:presentationLink link:calculationLink link:definitionLink 00000038 - Disclosure - Equipment Notes Receivable - Schedule of Future Maturity of Notes Receivable (Details) link:presentationLink link:calculationLink link:definitionLink 00000039 - Disclosure - Residual Value Investment in Equipment on Lease (Details Narrative) link:presentationLink link:calculationLink link:definitionLink 00000040 - Disclosure - Collateralized Loan Receivable (Details Narrative) link:presentationLink link:calculationLink link:definitionLink 00000041 - Disclosure - Investment in Informage SQN Technologies LLC (Details Narrative) link:presentationLink link:calculationLink link:definitionLink 00000042 - Disclosure - Equipment Investment through SPV (Details Narrative) link:presentationLink link:calculationLink link:definitionLink 00000043 - Disclosure - Other Assets (Details Narrative) link:presentationLink link:calculationLink link:definitionLink 00000044 - Disclosure - Loans Payable (Details Narrative) link:presentationLink link:calculationLink link:definitionLink 00000045 - Disclosure - Fair Value of Financial Instruments - Schedule of Carrying Value of Financial Instruments (Details) link:presentationLink link:calculationLink link:definitionLink 00000046 - Disclosure - Business Concentrations (Details Narrative) link:presentationLink link:calculationLink link:definitionLink 00000047 - Disclosure - Geographic Information - Schedule of Geographic Information for Revenue (Details) link:presentationLink link:calculationLink link:definitionLink 00000048 - Disclosure - Geographic Information - Schedule of Geographic Information for Long-lived Assets (Details) link:presentationLink link:calculationLink link:definitionLink 00000049 - Disclosure - Subsequent Events (Details Narrative) link:presentationLink link:calculationLink link:definitionLink EX-101.CAL 8 sqnf-20180930_cal.xml XBRL CALCULATION FILE EX-101.DEF 9 sqnf-20180930_def.xml XBRL DEFINITION FILE EX-101.LAB 10 sqnf-20180930_lab.xml XBRL LABEL FILE Major Property Class [Axis] Aircraft (Helicopters) [Member] Geographical [Axis] United States [Member] Europe [Member] Mexico [Member] Measurement Input Type [Axis] Carrying Value [Member] Investment, Name [Axis] SQN Helo LLC [Member] Legal Entity [Axis] SQN PAC [Member] Ownership [Axis] SQN Portfolio Acquisition Company, LLC [Member] SQN Alpha LLC [Member] Property, Plant and Equipment, Type [Axis] Gamma Knife Suite [Member] Currency [Axis] GBP [Member] Receivable Type [Axis] Mineral Processing Equipment [Member] Mineral Equipment Loan Facility [Member] Mineral Processing Equipment Promissory Note [Member] Mineral Equipment Promissory Note Refinance [Member] Brake Manufacturing Equipment Notes Receivable [Member] Medical Equipment Note 1 [Member] Debt Instrument [Axis] Promissory Note [Member] Concentration Risk Benchmark [Axis] Rental Income Operating Leases [Member] Concentration Risk Type [Axis] Lessee #1 [Member] Interest Income [Member] Leases [Member] Leasees One [Member] Investment in Finance Leases [Member] Lessee #2 [Member] Investment in operating Leases [Member] Investment in Equipment Notes Receivable [Member] Leasees One [Member] Partner Type [Axis] Alpha Participation A [Member] Alpha Participation B [Member] Informage SQN Technologies LLC [Member] SQN AIF IV GP, LLC [Member] Medical Equipment [Member] Type of Arrangement and Non-arrangement Transactions [Axis] Participation Agreement [Member] Informage SQN [Member] Consolidated Entities [Axis] Third Party [Member] Debt Instrument, Redemption, Period [Axis] January 25, 2019 [Member] Master Lease Agreement [Member] Related Party Transaction [Axis] Third Party [Member] Loan Agreement [Member] Related Party [Axis] Borrower [Member] General Partner [Member] SQN Juliet, LLC [Member] UK Based Parent Company [Member] Just Loans [Member] Juliet Participation A [Member] Juliet Participation B [Member] Partnership Interest Agreement [Member] SQN Marine, LLC [Member] Third Parties One [Member] Third Parties Two [Member] CONT Feeder [Member] Unrelated Third Party [Member] Computer Hardware & Software [Member] Computer Networking Equipment [Member] Towing Equipment [Member] Tractor and Trailer Equipment [Member] Furniture, Fixtures and Equipment [Member] Honey Production Equipment [Member] Loan Note Instrument [Member] Euro [Member] Syndicated Loan Agreement [Member] Third Party Affiliate [Member] Leasees [Member] Limited Partners [Member] Limited Partner [Member] Transportation Equipment [Member] Secured Business Loans [Member] Furniture and Fixtures and Server Equipment [Member] Range [Axis] Maximum [Member] Leasees Two [Member] Leasees Two [Member] Manufacturing/Solar Equipment [Member] Partnership [Member] Construction Equipment [Member] Lessee #3 [Member] Juliet [Member] Partnership One [Member] Partnership Two [Member] Partnership Three [Member] Loan Restructuring Modification [Axis] PIK Interest [Member] Lease Agreement [Member] Feeder Vessels [Member] Scenario [Axis] Partnership's Equipment Investment through SPV [Member] Lessee #4 [Member] Aircraft Type [Axis] Aircraft [Member] Third Party 2 [Member] Lease Arrangement Type [Axis] Operating Lease One [Member ] Operating Lease Two [Member ] Operating Lease Three [Member ] SQN AFI [Member] SQN Helo [Member] PIK Interest [Member] Investment In Collateralized Loans Receivable [Member] Leasees Three [Member] SQN Asset Finance [Member] Anaerobic Digestion Plant [Member] Partnership's Equipment Investment through SQN Helo [Member] Income from Finance Leases [Member] Lessee #1 [Member] January 2019 [Member] Credit Facility [Axis] February 28 2018 [Member] Investment in Residual Value Leases [Member] Award Type [Axis] July 21, 2016 through December 31, 2017 [Member] Equity Components [Axis] Limited Partnership Interests [Member] Non-controlling Interest [Member] Fair Value [Member] Assignment Agreement [Member] Partnership and Juliet [Member] Leasees Three [Member] Subsequent Event Type [Axis] Subsequent Event [Member] Financing Agreement [Member] Document And Entity Information Entity Registrant Name Entity Central Index Key Document Type Document Period End Date Amendment Flag Current Fiscal Year End Date Entity Filer Category Entity Small Business Flag Entity Emerging Growth Company Entity Ex Transition Period Entity Common Stock, Shares Outstanding Document Fiscal Period Focus Document Fiscal Year Focus Statement of Financial Position [Abstract] Assets Cash and cash equivalents Investments in finance leases, net Investments in equipment subject to operating leases, net Equipment notes receivable, including accrued interest of $656,146 and $360,486 Residual value investment in equipment on lease Initial direct costs, net of accumulated amortization of $417,466 and $392,133 Collateralized loans receivable, including accrued interest of $1,059,340 and $3,121,623 Equipment investment through SPV Other assets Total Assets Liabilities and Partners' Equity Liabilities: Loans payable Accounts payable and accrued liabilities Deferred revenue Distributions payable to General Partner Due to SQN Portfolio Acquisition Company, LLC- JV Interest Participation Security deposits payable Total Liabilities Commitments and Contingencies Partners' Equity (Deficit): Limited Partners General Partner Total Partners' Equity attributable to the Partnership Non-controlling interest in consolidated entities Total Equity Total Liabilities and Partners' Equity Equipment notes receivable accrued interest Initial direct costs net of accumulated amortization Collateralized loans receivable accrued interest Income Statement [Abstract] Revenue: Rental income Finance income Interest income Income from equipment investment through SPV Investment loss from equity method investments Gain on sale of assets Other income Total Revenue Provision for lease, note, and loan losses Revenue less provision for lease, note, and loan losses Expenses: Management fees - Investment Manager Depreciation and amortization Professional fees Administration expense Interest expense Other expenses Expenses from equipment investment through SPV (including depreciation expense of approximately $677,000 and $2,030,000 for the three and nine months ending September 30, 2018, respectively) Total Expenses Foreign currency transaction (gains) losses Net loss Net loss attributable to non-controlling interest in consolidated entities Net loss attributable to the Partnership Net loss attributable to the Partnership Limited Partners General Partner Weighted average number of limited partnership interests outstanding Net loss attributable to Limited Partners per weighted average number of limited partnership interests outstanding Depreciation expense Statement [Table] Statement [Line Items] Balance Balance, shares Net loss Distributions to partners Redemption of non-controlling interest Redemption of initial Limited Partners' contributions Balance Balance, shares Statement of Cash Flows [Abstract] Cash flows from operating activities: Adjustments to reconcile net loss to net cash provided by operating activities: Finance income Accrued interest income Investment loss from equity method investments Gain on sale of assets Foreign currency transaction losses (gains) Change in operating assets and liabilities: Minimum rents receivable Accrued interest income Other assets Accounts payable and accrued liabilities Deferred revenue Security deposits payable Accrued interest on note payable Net cash provided by operating activities Cash flows from investing activities: Purchase of finance leases Cash received from residual value investments of equipment subject to lease Cash paid for initial direct costs Cash paid for collateralized loans receivable Cash received from collateralized loans receivable Proceeds from sale of leased assets and equipment notes Equipment investment through SPV Cash paid for equipment notes receivable Repayment of equipment notes receivable Net cash provided by investing activities Cash flows from financing activities: Cash received from loan payable Repayments of loan payable Cash paid to financial institutions for equipment notes payable Cash received from non-controlling interest contribution Cash paid for Limited Partner distributions Cash paid for Initial Limited Partners contribution redemption Retained loss of non-controlling interest to consolidated entities Cash paid for non-controlling interest distributions Net cash used in financing activities Net decrease in cash and cash equivalents Cash and cash equivalents, beginning of period Cash and cash equivalents, end of period Supplemental disclosure of other cash flow information: Cash paid for interest Supplemental disclosure of non-cash investing and financing activities: Debt assumed in lease purchase agreement Distributions payable to General Partner Reclassification of equipment subject to operating leases to investment in finance leases Increase in operating and finance leases due to consolidation Increase in equipment notes and loans payable due to consolidation Increase in collateralized loans receivable Organization, Consolidation and Presentation of Financial Statements [Abstract] Organization and Nature of Operations Accounting Policies [Abstract] Summary of Significant Accounting Policies Related Party Transactions [Abstract] Related Party Transactions Leases, Capital [Abstract] Investments in Finance Leases Leases, Operating [Abstract] Investments in Equipment Subject to Operating Leases Receivables [Abstract] Equipment Notes Receivable Leases [Abstract] Residual Value Investment in Equipment on Lease Collateralized Loan Receivable [Abstract] Collateralized Loan Receivable Investments, All Other Investments [Abstract] Equipment Investment Through SPV Other Assets [Abstract] Other Assets Debt Disclosure [Abstract] Loans Payable Fair Value Disclosures [Abstract] Fair Value of Financial Instruments Risks and Uncertainties [Abstract] Business Concentrations Segment Reporting [Abstract] Geographic Information Indemnifications Indemnifications Subsequent Events [Abstract] Subsequent Events Basis of Presentation Principles of Consolidation Use of Estimates Cash and Cash Equivalents Credit Risk Asset Impairments Lease Classification and Revenue Recognition Finance Lease Receivables and Allowance for Doubtful Lease, Notes and Loan Accounts Equipment Notes and Loans Receivable Initial Direct Costs Equity Method Acquisition Expense Income Taxes Per Share Data Foreign Currency Transactions Depreciation Recent Accounting Pronouncements Schedule of Investment in Finance Leases Summary of Investments in Equipment Subject to Operating Leases Schedule of Future Maturity of Notes Receivable Schedule of Carrying Value of Financial Instruments Schedule of Geographic Information for Revenue Schedule of Geographic Information for Long-lived Assets Partnership contribution Percentage of ownership Debt face amount Interest rate Maturity date Percentage of investment for non controlling interest Maximum borrowing capacity Percentage of loan Advances to loan issuer Facility expiration date Equipment notes receivables Loan facility, cash Loan facility, interest Net book value Gain on financing lease Acquisition of interest in assignment description Investment Contributed amount Note payable Percentage of purchase of shares Participation interest Purchase price of investment portfolio Cash paid for portfolio Nonrecourse indebtedness amount Equity method investment advances Partnership additional equity investment Controlling financial interest Distribution from related party Percentage of underwriting fee Percentage of sales commission Capital contribution percentage Price per unit, offering Capital distribution Accrued interest Distribution payable Number of partners Sale of unit Distribution to limited partners Cash applied for additional units Partnership additional units purchased Maximum percentage of average management fees Percentage of promotional interest Percentage of cumulative return on capital contributions Percentage interest in profits, losses and distributions of the partnership Percentage of distributed distributable cash received by general partner Description of management fee Management fee expense Percentage of gross proceeds of offering - underwriting fees Lease term Payment of equipment lease receivables Other finance lease monthly payments Other finance lease payments Aircraft rotable parts equipment Furniture, fixtures and equipment lease Foreign currency exchange rate Purchased the finance lease Lease payed as cash Debt forgiveness Lease payable date Minimum rents receivable Estimated unguaranteed residual value Unearned income Total investments in finance leases Lease Arrangement, Type [Axis] Operating leases amount Operating lease expiration Lease term Depreciation expenses Cost Basis Accumulated Depreciation Net Book Value Loan facility interest and principal payment Loan facility term Interest rate balloon payment Proceeds from issuance of debt Accrued interest Partnership reserve on asset Interest income debt Loan facility maximum borrowing Proceeds from related party Loan facility balloon payment Original payment Outstanding principal amount Note receivable Loan principal payment 2019 2020 2021 2022 2023 Total Original equipment cost Percentage of financing Lease commitment Promissory note interest rate percentage Promissory note maturity date Loan facility maximum borrowing capacity Interest income Payment for principal interest Total cash proceeds from issuance of debt Payment of facility Percentage of ownership interest in alpha, a special purpose entity Promissory note maturity date, starting Proceeds from additional line of credit Borrowing amount Advances Return of capital Partnership reserve on investment Partnership investment balance Percentage of acquired interest Number of container feeders vessels Payment to acquire equipment investment Drydocking fees Inventory supplies Income Charter rental fees Ship operating expenses Ship management fees and charter commissions fees General and administrative expenses Net loss Other assets receivable Borrowings Loan facility Proceeds from line of credit Proceeds from related party debt Loan payable Equipment notes receivable Collateralized loans receivable Concentration risk percentage Investment income from equity method investments Gain on asset sale Income from equipment investment SPV Investment in finance leases, net Equipment notes receivable, including accrued interest Collateralized loan receivable, including accrued interest Additional funded leasing amount Acquisition expense represents costs which include, but are not limited to, legal fees and expenses, travel and communication expenses, cost of appraisals, accounting fees and expenses, and miscellaneous expenses related to the selection and acquisition of leased equipment which are incurred by the Partnership under the terms of the Partnership Agreement [Policy Text Block]. An amount representing an as of balance sheet date adavance given to debt issuer. Aircraft [Member] aircraft rotable parts equipment. Alpha Participation A [Member] Alpha Participation B [Member] Anaerobic Digestion Plant [Member] Borrower [Member] Information pertaining to Brake Manufacturing Equipment Note Receivable. CONT Feeder [Member] Total amount of cash paid for initial direct costs during the current period. Cash outflow to financial institutions for equipment notes payable. Collateralized loan receivable. Collateralized loan receivable accrued interest. The entire disclosure for collateralized loan receivable [Text Block]. Computer Hardware &amp;amp; Software [Member] Computer Networking Equipment [Member] Construction Equipment [Member] Contribution interest. Lessee #4 [Member] Lessee #1 [Member] Lessee #3 [Member] Customer Concentration Risk Two [Member] Amount of expenses related to the managing member or general partner for management of the day-to-day business functions of the limited liability company (LLC) or limited partnership (LP). Distribution payable. The total amount of distributions to general partner, paid or accrued during period. The total amount of distributions to general partner, paid or accrued during period. Equipment Investment Expenses. Equipment Investment Through Related Parties [Text Block] Equipment notes receivable accrued interest. The company's policy regarding Equipment Notes Receivable [Policy Text Block]. Equipment Notes Receivables. February 28 2018 [Member] Feeder Vessels [Member] Amount of expenses for services paid to unaffiliated entities to provide investor relations services. Furniture, Fixtures and Equipment [Member] Furniture and Fixtures and Server Equipment [Member] Gamma Knife Suite [Member] Honey Production Equipment [Member] Income from equipment investment. Income from Finance Leases [Member] Increase in collateralized loans receivable. Increase in equipment notes and loans payable due to consolidation. Increase in operating and finance leases due to consolidation &#160;. Informage SQN Technologies LLC [Member] Informage SQN [Member] Describes the partnership's accounting practices relating to initial direct costs associated with the origination and funding of lease assets [Policy Text Block]. Interest rate balloon payment. Investment In Collateralized Loans Receivable [Member] Investment in Residual Value Leases [Member] January 25, 2019 [Member] January 2019 [Member] Juliet [Member] Juliet Participation A [Member] Juliet Participation B [Member] July 21, 2016 through December 31, 2017 [Member] Just Loans [Member] Lease Agreement [Member] Lease payable date. Lease payed as cash. Refers to revised percentage investment held by the managing member or general partner of the limited liability company (LLC) or limited partnership (LP). Party to a partnership business who has limited liability. Loan Agreement [Member] Loan facility, cash. Loan facility, interest. Loan Note Instrument [Member] Manufacturing/Solar Equipment [Member] Master Lease Agreement [Member] Percentage represents the annual average management fee to be paid over the remaining life of the partnership. Medical Equipment [Member] Medical Equipment Note1 [Member]. Medical Equipment Financing Note 3. The refinancing of promissory note receivable to Medical Processing Equipment. Mineral Processing Equipment [Member] Mining equipment note representing an agreement for an unconditional promise by the maker to pay the Entity (holder) a definite sum of money at a future date(s) within one year of the balance sheet date. Such amount may include accrued interest receivable in accordance with the terms of the note. The note also may contain provisions including a discount or premium, payable on demand, secured, or unsecured, interest bearing or noninterest bearing, among myriad other features and characteristics. Number of container feeders vessels. Number of partners admitted after balance sheet date. Operating lease expiration. Operating Lease One [Member] Operating Lease Three [Member ] Operating Lease Two [Member] Other finance lease monthly payments. Other finance lease payments. PIK Interest [Member] Participation Agreement [Member] Partnership additional equity investment. The total additional partnership units purchased. Partnership Interest Agreement [Member] Partnership investment balance. Partnership One [Member] Partnership reserve on asset. Partnership reserve on investment. Partnership Three [Member] Partnership Two [Member] Partnership&amp;#8217;s Equipment Investment through SPV [Member] Partnership's Equipment Investment through SQN Helo [Member] Payment for principal interest. Payment for initial limited partners contribution redemption. The cash outflow to acquire an agreement for an unconditional promise by the maker to pay the entity (holder) a definite sum of money at a future date. Such amount may include accrued interest receivable in accordance with the terms of the note. The note also may contain provisions including a discount or premium, payable on demand, secured, or unsecured, interest bearing or noninterest bearing, among myriad other features and characteristics. Payments To Noncontrolling Interest Distributions. Refers to cumulative percentage of returns on capital contributions by partners during the period. Percentage of distributed distributable cash received by related party. Refers to gross percentage of proceeds of offering underwriing fees during the period. Percentage of investment for non controlling interest. Percentage of loan . Percentage of purchase of shares. Percentage of sales commission. Percentage of underwriting fee. The par value of each unit authorized during the company's offering. Proceeds form the collection of notes receivable. Promissory Note [Member] Purchased the finance lease. The entire disclosure for residual value investments. A residual value investment is one where the entity acquires an ownership interest in leased equipment once the initial lease term of the equipment has expired [Text Block]. SQN AFI [Member] SQN AIFIVGP LLC [Member] SQN Alpha LLC [Member] SQN Asset Finance [Member] Refers to entity. SQN Helo [Member] SQN Juliet, LLC [Member] SQN Marine, LLC [Member] SQN PAC [Member]. SQN Portfolio Acquisition Company LLC [Member] Revenue during the period derived from a specified product line, after deducting returns, allowances and discounts, when it serves as a benchmark in a concentration of risk calculation. Revenue during the period derived from a specified product line, after deducting returns, allowances and discounts, when it serves as a benchmark in a concentration of risk calculation. Tabular disclosure as of the date of the latest balance sheet presented showing the components of investment in finance leases, net, which are comprised of (I) minimum rents receivable, (ii) estimated unguaranteed residual value and (III) unearned income [Table Text Block]. Secured Business Loans [Member] Syndicated Loan Agreement [Member] The term period of the entire lease agreement. Third Parties One [Member] Third Parties Two [Member] Third Party Affiliate [Member] Third Party [Member] Third Party 2 [Member] Towing Equipment [Member] Tractor and Trailer Equipment [Member] UK Based Parent Company [Member] Refers to a person who is involved by chance or only incidentally in a legal proceeding, agreement, or other transaction. Ship management fees and charter commissions fees. Limited Partnership Interests [Member] Debt assumed in lease purchase agreement. Leases [Member] Leasees One [Member] Leasees Two [Member] Leases Three [Member] Assignment Agreement [Member] Leasees [Member] Leasees One [Member] Leasees Two [Member] Leasees Three [Member] Leasees Four [Member] Euro [Member] Reclassification of equipment subject to operating leases to investment in finance leases. Partnership and Juliet [Member] Additional funded leasing amount. Financing Agreement [Member] GBP [Member] Indemnifications [Text Block] LeaseesOneMember Third Party (collateralized purchase agreement ) [Member] LeaseesTwoMember PIKInterestMember MedicalEquipmentNote1Member LeasesThreeMember Assets [Default Label] Liabilities Partners' Capital Partners' Capital, Including Portion Attributable to Noncontrolling Interest Liabilities and Equity Revenues Cost of Revenue Costs and Expenses Foreign Currency Transaction Gain (Loss), before Tax Income (Loss) Attributable to Parent, before Tax Net Income (Loss) Allocated to Limited Partners Net Income (Loss) Allocated to General Partners Partners' Capital Account, Units Increase (Decrease) in Accrued Interest Receivable, Net Foreign Currency Transaction Gain (Loss), Realized Increase (Decrease) in Leasing Receivables Increase (Decrease) in Interest and Dividends Receivable Increase (Decrease) in Other Operating Assets Increase (Decrease) in Accounts Payable and Accrued Liabilities Increase (Decrease) in Deferred Revenue Increase (Decrease) in Security Deposits Net Cash Provided by (Used in) Operating Activities Payments to Acquire Lease Receivables CashPaidForInitialDirectCosts Payments to Acquire Loans Receivable PaymentsToAcquireEquipmentNotesReceivable Payments to Acquire Notes Receivable Net Cash Provided by (Used in) Investing Activities CashPaidToFinancialInstitutionsForEquipmentNotesPayable Distribution Made to Limited Partner, Cash Distributions Paid Payments to Noncontrolling Interests Percentage of cumulative return on capital contributions [Default Label] Net Cash Provided by (Used in) Financing Activities Cash and Cash Equivalents, Period Increase (Decrease) DistributionsPayableToGeneralPartner1 IndemnificationsTextBlock Capital Leases, Net Investment in Direct Financing Leases, Deferred Income Lessee, Operating Lease, Term of Contract Interest Payable, Current Operating Leases, Future Minimum Payments Receivable Net Income (Loss) Attributable to Parent EX-101.PRE 11 sqnf-20180930_pre.xml XBRL PRESENTATION FILE XML 12 R1.htm IDEA: XBRL DOCUMENT v3.10.0.1
Document and Entity Information - shares
 9 Months Ended
Sep. 30, 2018
Nov. 14, 2018
Document And Entity Information    
Entity Registrant Name SQN AIF IV, L.P.  
Entity Central Index Key 0001560046  
Document Type 10-Q  
Document Period End Date Sep. 30, 2018  
Amendment Flag false  
Current Fiscal Year End Date --12-31  
Entity Filer Category Non-accelerated Filer  
Entity Small Business Flag true  
Entity Emerging Growth Company false  
Entity Ex Transition Period false  
Entity Common Stock, Shares Outstanding   74,527.94
Document Fiscal Period Focus Q3  
Document Fiscal Year Focus 2018  
XML 13 R2.htm IDEA: XBRL DOCUMENT v3.10.0.1
Condensed Consolidated Balance Sheets - USD ($)
Sep. 30, 2018
Dec. 31, 2017
Assets    
Cash and cash equivalents $ 824,946 $ 1,284,883
Investments in finance leases, net 4,692,135 7,412,839
Investments in equipment subject to operating leases, net 4,588,860 5,557,494
Equipment notes receivable, including accrued interest of $656,146 and $360,486 16,357,939 16,857,756
Residual value investment in equipment on lease 2,775,060 2,775,060
Initial direct costs, net of accumulated amortization of $417,466 and $392,133 147,827 213,377
Collateralized loans receivable, including accrued interest of $1,059,340 and $3,121,623 41,417,929 41,134,476
Equipment investment through SPV 32,075,023 34,094,204
Other assets 3,897,655 2,611,981
Total Assets 106,777,374 111,942,070
Liabilities:    
Loans payable 66,635,114 68,044,254
Accounts payable and accrued liabilities 2,862,817 2,853,578
Deferred revenue 724,579 395,415
Distributions payable to General Partner 129,573 114,681
Due to SQN Portfolio Acquisition Company, LLC- JV Interest Participation 194,489 194,489
Security deposits payable 38,469 74,581
Total Liabilities 70,585,041 71,676,998
Commitments and Contingencies
Partners' Equity (Deficit):    
Limited Partners 32,437,084 36,454,353
General Partner (330,387) (289,959)
Total Partners' Equity attributable to the Partnership 32,106,697 36,164,394
Non-controlling interest in consolidated entities 4,085,636 4,100,678
Total Equity 36,192,333 40,265,072
Total Liabilities and Partners' Equity $ 106,777,374 $ 111,942,070
XML 14 R3.htm IDEA: XBRL DOCUMENT v3.10.0.1
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($)
Sep. 30, 2018
Dec. 31, 2017
Statement of Financial Position [Abstract]    
Equipment notes receivable accrued interest $ 656,146 $ 360,486
Initial direct costs net of accumulated amortization 417,466 392,133
Collateralized loans receivable accrued interest $ 1,059,340 $ 3,121,623
XML 15 R4.htm IDEA: XBRL DOCUMENT v3.10.0.1
Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
 3 Months Ended 9 Months Ended
Sep. 30, 2018
Sep. 30, 2017
Sep. 30, 2018
Sep. 30, 2017
Revenue:        
Rental income $ 252,000 $ 332,160 $ 756,000 $ 1,342,436
Finance income 338,492 672,082 1,053,671 1,703,528
Interest income 1,194,265 1,201,925 3,779,474 3,950,621
Income from equipment investment through SPV 4,774,457 4,035,381 13,377,655 11,072,567
Investment loss from equity method investments 6,792 (5,148)
Gain on sale of assets 263,023
Other income 13,437 893 40,274
Total Revenue 6,559,214 6,261,777 18,967,693 18,367,301
Provision for lease, note, and loan losses 319,715 1,485,167 319,715
Revenue less provision for lease, note, and loan losses 6,559,214 5,942,062 17,482,526 18,047,586
Expenses:        
Management fees - Investment Manager 375,000 375,000 1,125,000 1,125,000
Depreciation and amortization 344,314 962,854 1,034,184 2,277,513
Professional fees 144,573 105,068 350,236 442,216
Administration expense 9,475 11,103 44,022 50,235
Interest expense 1,140,138 1,152,812 3,412,044 3,687,328
Other expenses 36,875 17,952 157,224 56,777
Expenses from equipment investment through SPV (including depreciation expense of approximately $677,000 and $2,030,000 for the three and nine months ending September 30, 2018, respectively) 4,847,915 4,289,422 13,526,104 13,896,567
Total Expenses 6,898,290 6,914,211 19,648,814 21,535,636
Foreign currency transaction (gains) losses 92,545 (100,361) 400,522 (326,890)
Net loss (431,621) (871,788) (2,566,810) (3,161,160)
Net loss attributable to non-controlling interest in consolidated entities (6,939) (216,362) (13,252) (639,163)
Net loss attributable to the Partnership (424,682) (655,426) (2,553,558) (2,521,997)
Net loss attributable to the Partnership        
Limited Partners (420,435) (648,872) (2,528,022) (2,496,777)
General Partner (4,247) (6,554) (25,536) (25,220)
Net loss attributable to the Partnership $ (424,682) $ (655,426) $ (2,553,558) $ (2,521,997)
Weighted average number of limited partnership interests outstanding 74,527.94 74,532.51 74,527.94 74,584.73
Net loss attributable to Limited Partners per weighted average number of limited partnership interests outstanding $ (5.64) $ (8.71) $ (33.92) $ (33.48)
XML 16 R5.htm IDEA: XBRL DOCUMENT v3.10.0.1
Condensed Consolidated Statements of Operations (Unaudited) (Parenthetical) - USD ($)
 3 Months Ended 9 Months Ended
Sep. 30, 2018
Sep. 30, 2018
Income Statement [Abstract]    
Depreciation expense $ 677,000 $ 2,030,000
XML 17 R6.htm IDEA: XBRL DOCUMENT v3.10.0.1
Condensed Consolidated Statements of Changes in Partners' Equity (Unaudited) - 9 months ended Sep. 30, 2018 - USD ($)
Limited Partnership Interests [Member]
Total
General Partner [Member]
Limited Partners [Member]
Non-controlling Interest [Member]
Balance at Dec. 31, 2017   $ 40,265,072 $ (289,959) $ 36,454,353 $ 4,100,678
Balance, shares at Dec. 31, 2017 74,966.07        
Net loss (2,566,810) (25,536) (2,528,022) (13,252)
Distributions to partners (1,504,139) (14,892) (1,489,247)
Redemption of non-controlling interest (1,790) (1,790)
Balance at Sep. 30, 2018   $ 36,192,333 $ (330,387) $ 32,437,084 $ 4,085,636
Balance, shares at Sep. 30, 2018 74,966.07        
XML 18 R7.htm IDEA: XBRL DOCUMENT v3.10.0.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 9 Months Ended
Sep. 30, 2018
Sep. 30, 2017
Cash flows from operating activities:    
Net loss $ (2,566,810) $ (3,161,160)
Adjustments to reconcile net loss to net cash provided by operating activities:    
Finance income (1,053,671) (1,703,528)
Accrued interest income (3,462,490) (3,475,306)
Investment loss from equity method investments 5,148
Provision for lease, note, and loan losses 1,485,167 319,715
Depreciation and amortization 1,034,184 2,277,513
Gain on sale of assets (263,023)
Foreign currency transaction losses (gains) 396,904 (325,407)
Change in operating assets and liabilities:    
Minimum rents receivable 3,954,115 4,056,574
Accrued interest income 3,724,848 1,862,787
Other assets (1,285,674) (362,717)
Accounts payable and accrued liabilities 9,239 330,954
Deferred revenue (347,115) 204,194
Security deposits payable (36,112)
Accrued interest on note payable 1,782,033 1,080,698
Net cash provided by operating activities 3,634,618 846,442
Cash flows from investing activities:    
Purchase of finance leases (173,009)
Cash received from residual value investments of equipment subject to lease 85,093
Cash paid for initial direct costs (32,602)
Cash paid for collateralized loans receivable (8,960,038) (11,709,173)
Cash received from collateralized loans receivable 8,461,006 2,594,776
Proceeds from sale of leased assets and equipment notes 14,700,768
Equipment investment through SPV 2,019,181 2,165,012
Cash paid for equipment notes receivable (1,485,167) (370,187)
Repayment of equipment notes receivable 725,682 1,505,874
Net cash provided by investing activities 587,655 8,939,561
Cash flows from financing activities:    
Cash received from loan payable 3,759,787
Repayments of loan payable (3,191,173) (5,995,206)
Cash paid to financial institutions for equipment notes payable (3,669,521)
Cash received from non-controlling interest contribution 2,007,203
Cash paid for Limited Partner distributions (1,489,247) (4,460,815)
Cash paid for Initial Limited Partners contribution redemption (107,330)
Retained loss of non-controlling interest to consolidated entities (1,812,714)
Cash paid for non-controlling interest distributions (1,790) (1,199)
Net cash used in financing activities (4,682,210) (10,279,795)
Net decrease in cash and cash equivalents (459,937) (493,792)
Cash and cash equivalents, beginning of period 1,284,883 2,042,423
Cash and cash equivalents, end of period 824,946 1,548,631
Supplemental disclosure of other cash flow information:    
Cash paid for interest 1,412,654 1,941,332
Supplemental disclosure of non-cash investing and financing activities:    
Debt assumed in lease purchase agreement 3,669,521
Distributions payable to General Partner 14,892 29,565
Reclassification of equipment subject to operating leases to investment in finance leases 1,900,008
Increase in operating and finance leases due to consolidation (13,232,709)
Increase in equipment notes and loans payable due to consolidation 12,915,099
Increase in collateralized loans receivable $ (676,279)
XML 19 R8.htm IDEA: XBRL DOCUMENT v3.10.0.1
Organization and Nature of Operations
 9 Months Ended
Sep. 30, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Organization and Nature of Operations

1. Organization and Nature of Operations

 

Organization – SQN AIF IV, L.P. (the “Partnership”) was formed on August 10, 2012, as a Delaware limited partnership and is engaged in a single business segment, the ownership and investment in leased equipment and related financings which includes: (i) purchasing equipment and leasing it to third-party end users; (ii) providing equipment and other asset financing; (iii) acquiring equipment subject to lease and (iv) acquiring ownership rights (residual value interests) in leased equipment at lease expiration. The Partnership will terminate no later than December 31, 2036.

 

Nature of Operations – The principal investment strategy of the Partnership is to invest in business-essential, revenue-producing (or cost-savings) equipment or other physical assets with high in-place value and long, relative to the investment term, economic life and project financings. The Partnership executes its investment strategy by making investments in equipment already subject to lease or originating equipment leases in such equipment, which will include: (i) purchasing equipment and leasing it to third-party end users; (ii) providing equipment and other asset and project financings; (iii) acquiring equipment subject to lease and (iv) acquiring ownership rights (residual value interests) in leased equipment at lease expiration. From time to time, the Partnership may also purchase equipment and sell it directly to its leasing customers. The Partnership may use other investment structures that SQN Capital Management, LLC (the “Investment Manager”) believes will provide the Partnership with an appropriate level of security, collateralization, and flexibility to optimize its return on its investment while protecting against downside risk. In many cases, the structure will include the Partnership holding title to or a priority or controlling position in the equipment or other asset.

 

The General Partner of the Partnership is SQN AIF IV 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.

 

On January 19, 2015, the Investment Manager, through a wholly-owned subsidiary, entered into an agreement to acquire the leasing division of Summit Asset Management Limited (“Summit Asset Management”). Upon the acquisition, the Origination and Servicing Agreement between the Investment Manager and Summit Asset Management was terminated. From January 1, 2015, all activities of Summit Asset Management are conducted under SQN Capital Management (UK) Limited (“SQN UK”). Where Summit Asset Management was previously the servicer on transactions sold to the Partnership, SQN UK will now act as servicer.

 

On June 3, 2015, SQN Alpha, LLC (“Alpha”), a special purpose entity which is 32.5% owned by the Partnership and 67.5% owned by SQN Portfolio Acquisition Company, LLC (“SQN PAC”), acquired a promissory note with a principal amount equal to $2,650,000. The promissory note accrues interest at the rate of 11.1% per annum, payable quarterly in arrears, and matures on June 30, 2020. The promissory note is secured by a pledge of shares in an investment portfolio of insurance companies under common control of the third party which include equipment leases, direct hard assets and infrastructure investments, and other securities. On June 3, 2015, a participation agreement was entered into between SQN PAC (“Participation A”), the Partnership (“Participation B”), Alpha and SQN Capital Management, LLC. Under the agreement, Alpha created two collateralized participation interests for the collateral (“Promissory Note”); Participation A’s principal contribution is $1,788,750 and accrues interest at 9% per annum and Participation B’s principal contribution is $861,250 and accrues interest at 15.05% per annum. SQN Capital Management, LLC was appointed as a servicer for the Promissory Note. Participation A’s interest is senior to Participation B’s interest. Since the Partnership bears the primary risks and rewards of Alpha, the Partnership consolidates Alpha into the condensed consolidated financial statements. SQN PAC’s 67.5% investment in Alpha is presented as non-controlling interest on the condensed consolidated financial statements.

 

On December 2, 2015, the Partnership formed a special purpose entity SQN Juliet, LLC (“Juliet”), a limited liability company registered in the state of Delaware which is wholly owned by the Partnership. On December 29, 2015, Juliet entered into a loan agreement with a third party to borrow $3,071,000 for the funding of two loan facilities. The borrowers are both subsidiaries of a UK based parent company that provides small and medium sized secured business loans (“Just Loans”). Each facility provides financing up to a maximum borrowing of £5,037,500 or together a total of £10,075,000 and accrues interest at a rate of 10% per annum. The loans are secured by share pledges of the borrowers, a guaranty from the UK based parent company, and the underlying loan portfolio that Just Loans generates. In February 2016, the loan facilities were amended to include an annual fee, payable within 15 days of end of calendar year, equal to 30% of the interest paid or payable in the immediately preceding calendar year. On March 29, 2017, Juliet entered into a deed of novation agreement to novate 85% of this loan note to SQN Asset Finance (Ireland) Designated Activity Company (“SQN AFI”) for $6,416,092. In connection with the novation agreement, the Termination Date was extended to September 30, 2018. Management is currently in the process of extending this loan. On December 29, 2015, a participation agreement was entered into between a third party (“Juliet Participation A”), the Partnership (“Juliet Participation B”), and Juliet. In connection with the participation agreement, the Partnership assigned to Juliet various finance leases and equipment notes receivables with a total value equal to $4,866,750. Under the agreement, Juliet created two collateralized participation interests for the underlying loans (“Underlying Loans”); Juliet Participation A’s principal balance is $3,071,000 and accrues interest at 8.5% per annum and Juliet Participation B’s principal balance is the value of their assigned finance leases and equipment notes receivable of $4,866,750. Juliet Participation A’s interest is senior to Juliet Participation B’s interest. On April 22, 2016, the participation agreement dated December 29, 2015 between Juliet Participation A, Juliet Participation B, and Juliet was amended and restated. In connection with the amended participation agreement, Juliet Participation A funded Juliet cash of approximately $8,511,000 and assigned their interests of approximately $3,986,000 in a loan facility for a wood pellet business in Texas, which along with the outstanding principal payable balance of approximately $2,124,000 on the Just Loans transaction resulted in a Juliet Participation A balance of approximately $14,621,000. Under the amended agreement, Juliet Participation A’s principal balance accrues interest at 6% per annum and Juliet Participation B’s principal balance accrues interest at 12% per annum. Juliet Participation A’s interest is senior to Juliet Participation B’s interest. On March 29, 2017, Juliet entered into a deed of novation agreement to novate 85% of this loan note to SQN Asset Finance (Ireland) Designated Activity Company (“SQN AFI”) and on March 31, 2017, Juliet received cash proceeds of $6,416,092 from SQN AFI for the 85% interest. The loan note had a net book value of $6,273,670 resulting in a U.S. GAAP gain of $142,422. On March 31, 2017, the Partnership advanced a total of $374,610 to the Just Loans borrowers. On April 28, 2017, the Partnership advanced a total of $370,187 to the Just Loans borrowers.

 

On December 16, 2015, SQN Marine, LLC (“Marine”), a special purpose vehicle which is wholly owned by the Partnership, entered into a sale and assignment of partnership interest agreement with the Partnership and a third party. Under the terms of the agreement, Marine acquired an 88.20% (90% of 98%) economic interest in a portfolio of container feeder vessels, for an aggregate investment of $28,266,789. Marine contributed cash of $12,135,718 and entered into two loans payable with separate third parties of $7,500,000 and $9,604,091. Marine acquired their economic interest in the vessels through a limited partnership interest in CONT Feeder Portfolio GmbH & Co. KG, a Germany based limited partnership (“CONT Feeder”), which acquired and operates the container feeder vessels, and entered into a separate note payable with an unrelated third party of $14,375,654. Marine bears the risks and rewards of ownership of CONT Feeder and therefore Marine consolidates the financial statements of CONT Feeder. Since the Partnership bears the primary risks and rewards of Marine, the Partnership consolidates Marine into the condensed consolidated financial statements. A third party contributed $3,140,754 to purchase a 10% share of CONT Feeder which is presented as non-controlling interest on the condensed consolidated financial statements.

 

On January 7, 2015, the Partnership acquired a junior participation interest in a portfolio of eight helicopters for $1,500,000. The Partnership, SQN PAC, SQN Asset Finance Income Fund Limited (“SQN AFIF”), a Guernsey incorporated closed ended investment company, a fund managed by the Partnership’s Investment Manager and a third party formed a special purpose entity SQN Helo whose sole purpose is to acquire the helicopter portfolio. SQN Helo is the sole owner of eight special purpose entities each of which own a helicopter. The purchase price of the helicopter portfolio was approximately $23,201,000 comprised of approximately $11,925,000 of cash payments and the assumption of approximately $11,276,000 of nonrecourse indebtedness. SQN PAC also acquired a junior participation interest in SQN Helo for $1,500,000. The senior participation interests in SQN Helo were acquired by SQN AFIF and the third party. The Partnership and SQN PAC each owned 50% of SQN Helo. The Partnership accounted for its investment in SQN Helo using the equity method. In November 2016, a lessee of five helicopters filed for bankruptcy protection under Chapter 11 and restructured the leases. As of December 31, 2016, the Partnership had advanced a total of $1,465,000. On January 19, 2017, the Partnership bought a debt position of a third party lender to SQN Helo for $3,325,506, which increased the Partnership’s controlling financial interest in SQN Helo to 76%. On September 29, 2017 and June 30, 2017, the Partnership received a distribution from SQN Helo of $249,287 and $250,000, respectively, which decreased the Partnership’s controlling financial interest in SQN Helo to 75%. As a result of the increase in the Partnership’s controlling financial interest and since the Partnership bears the primary risks and rewards of SQN Helo, the Partnership consolidates SQN Helo into the condensed consolidated financial statements. SQN PAC owns a 25% share of SQN Helo which is presented as due to SQN Portfolio Acquisition Company, LLC on the condensed consolidated financial statements.

 

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 is currently in the Liquidation Period. The Offering Period concluded on April 2, 2016, which was three years from the date the Partnership was declared effective by the Securities and Exchange Commission (“SEC”). 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 Operating Period began on the date of the Partnership’s initial closing, which occurred on May 29, 2013 and concluded on May 29, 2017. The Liquidation Period, which began on May 30, 2017, 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.

 

SQN Securities, LLC (“Securities”), a Delaware limited liability company, was the Partnership’s selling agent, and received an underwriting fee of 3% of the gross proceeds from Limited Partners’ capital contributions (excluding proceeds, if any, the Partnership received from the sale of its Units to the General Partner or its affiliates). In addition, the Partnership paid a 7% sales commission to broker-dealers unaffiliated with the General Partner who sold the Partnership’s Units, on a best efforts basis. When the 7% sales commission was not required to be paid, the Partnership applied the proceeds that would otherwise be payable as sales commission toward the purchase of additional fractional Units at $1,000 per Unit.

 

During the nine months ended September 30, 2018, the Partnership declared and made cash distributions to its Limited Partners totaling $1,489,247. The Partnership did not make a cash distribution to the General Partner during the nine months ended September 30, 2018; and accrued $14,892 for distributions due to the General Partner which resulted in a distributions payable to General Partner of $129,573 at September 30, 2018.

 

From May 29, 2013 through September 30, 2018, the Partnership has admitted 1,508 Limited Partners with total capital contributions of $74,965,064 resulting in the sale of 74,965.07 Units. The Partnership received cash contributions of $72,504,327 and applied $2,460,737 which would have otherwise been paid as sales commission to the purchase of 2,460.74 additional Units.
XML 20 R9.htm IDEA: XBRL DOCUMENT v3.10.0.1
Summary of Significant Accounting Policies
 9 Months Ended
Sep. 30, 2018
Accounting Policies [Abstract]  
Summary of Significant Accounting Policies

2. Summary of Significant Accounting Policies

 

Basis of Presentation — The condensed consolidated financial statements of SQN AIF IV, L.P. and Subsidiaries at September 30, 2018 and for the three and nine months ended September 30, 2018 and 2017 are unaudited and have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and pursuant to the rules and regulations of the SEC with respect to Form 10-Q and Article 8 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete condensed consolidated financial statements. The unaudited interim condensed consolidated financial statements furnished reflect all adjustments (consisting of normal recurring adjustments) which are, in the opinion of management, necessary for a fair statement of the results for the interim periods presented. The results reported in these condensed consolidated financial statements should not necessarily be taken as indicative of results that may be expected for the entire year. These unaudited interim condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements of the Partnership for the year ended December 31, 2017 and notes thereto contained in the Partnership’s annual report on Form 10-K for the year ended December 31, 2017, as filed with the SEC on April 2, 2018.

 

Principles of Consolidation — The condensed consolidated financial statements include the accounts of the Partnership and its entities, where the Partnership has the primary economic benefits of ownership. The Partnership’s consolidation policy requires the consolidation of entities where a controlling financial interest is held as well as the consolidation of variable interest entities in which the Partnership has the primary economic benefits. All material intercompany balances and transactions are eliminated in consolidation.

 

Non-controlling interest represents the minority equity holders’ investment in Alpha and CONT Feeder plus the minority’s share of the net operating results and other components of equity relating to the non-controlling interest.

 

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 condensed 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 — The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires the General Partner and Investment Manager to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities as of the date of the condensed consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. Significant estimates primarily include the determination of allowances for doubtful lease, notes and loan accounts, depreciation and amortization, impairment losses, estimated useful lives, and residual values. Actual results could differ from those estimates.

 

Cash and Cash Equivalents — The Partnership considers all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents. Cash and cash equivalents consist of funds maintained in checking and money market accounts maintained at financial institutions.

 

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 an international financial institution in order to minimize risk relating to exceeding insured limits. The Partnership, through Summit Asset Management Limited, maintains an unrestricted bank account at a major financial institution in the United Kingdom for purposes of receiving payments and funding transactions in Pound Sterling.

 

Credit Risk — In the normal course of business, the Partnership is exposed to credit risk. Credit risk is the risk that the Partnerships’ counterparty to an agreement either has an inability or unwillingness to make contractually required payments. The Partnership expects concentrations of credit risk with respect to lessees to be dispersed across different industry segments and different regions of the world.

 

Asset Impairments — Assets in the Partnership’s investment portfolio, which are considered long-lived assets, are periodically reviewed, no less frequently than annually or when indicators of impairment exist, to determine whether events or changes in circumstances indicate that the carrying value of the asset may not be recoverable. An impairment loss is recognized only if the carrying amount of a long-lived asset is not recoverable and exceeds its fair value. If there is an indication of impairment, the Partnership estimates the future cash flows (undiscounted and without interest charges) expected from the use of the asset and its eventual disposition. Future cash flows are the future cash inflows expected to be generated by an asset less the future outflows expected to be necessary to obtain those inflows. If an impairment is determined to exist, the impairment loss is measured as the amount by which the carrying value of a long-lived asset exceeds its fair value and is recorded in the statement of operations in the period the determination is made. The events or changes in circumstances that generally indicate that an asset may be impaired are, (i) the estimated fair value of the underlying equipment is less than its carrying value, (ii) the lessee is experiencing financial difficulties and (iii) it does not appear likely that the estimated proceeds from the disposition of the asset will be sufficient to recover the carrying value of the asset. The preparation of the undiscounted cash flows requires the use of assumptions and estimates, including the level of future rents or receipts from the sale of the investment, estimated downtime between re-leasing events, and the amount of re-leasing costs. The Investment Manager’s review for impairment includes a consideration of the existence of impairment indicators, including third party appraisals, published values for similar assets, recent transactions for similar assets, adverse changes in market conditions for specific asset types, and the occurrence of significant adverse changes in general industry and market conditions that could affect the fair value of the asset.

 

Lease Classification and Revenue Recognition — The Partnership records revenue based upon the lease classification determined at the inception of the transaction and based upon the terms of the lease or when there are significant changes to the lease terms.

 

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 and the industry in which the potential lessee operates. 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 — In the normal course of business, the Partnership provides credit or financing to its customers, performs credit evaluations of these customers, and maintains reserves for potential credit losses. These credit or financing transactions are normally collateralized by the equipment being financed. In determining the amount of allowance for doubtful lease, notes and loan accounts, the Investment Manager considers historical credit losses, the past due status of receivables, payment history, and other customer-specific information, including the value of the collateral. The past due status of a receivable is based on its contractual terms. Expected credit losses are recorded as an allowance for doubtful lease, notes and loan accounts. Receivables are written off when the Investment Manager determines they are uncollectible. At September 30, 2018, a reserve was required for an equipment notes receivables and a reserve for losses was recorded, there is a provision for lease, note and loan losses of $1,485,167. At December 31, 2017, a reserve was required for a finance lease, equipment notes receivables and an equity method investment and a reserve for losses was recorded, there is a provision for lease, note and loan losses of $3,001,573.

 

Equipment Notes and Loans Receivable — Equipment notes and loans receivable are reported in the condensed consolidated financial statements as the outstanding principal balance net of any unamortized deferred fees, and premiums or discounts on purchased loans. Costs to originate loans, if any, are reported as other assets in the condensed consolidated financial statements and amortized to expense over the estimated life of the loan. Income is recognized over the life of the note agreement. On certain equipment notes and loans receivable, specific payment terms were reached requiring prepayments which resulted in the recognition of unearned interest income. Unearned income, discounts and premiums, if any, are amortized to interest income in the condensed consolidated statements of operations using the effective interest rate method. Equipment notes and loans receivable are generally placed in a non-accrual status when payments are more than 90 days past due and all unpaid accrued interest is reversed. Additionally, the Investment Manager periodically reviews the creditworthiness of companies with payments outstanding less than 90 days. Based upon the Investment Manager’s judgment, accounts may be placed in a non-accrual status. Accounts on a non-accrual status are only returned to an accrual status when the account has been brought current and the Partnership believes recovery of the remaining unpaid receivable is probable. Revenue on non-accrual accounts is recognized only when cash has been received.

 

Initial Direct Costs — The Partnership capitalizes initial direct costs associated with the origination and funding of lease assets. These costs are amortized on a lease by lease basis over the actual contract term of each lease using the effective interest rate method for finance leases and the straight-line method for operating leases. Upon disposal of the underlying lease assets, both the initial direct costs and the associated accumulated amortization are relieved. Costs related to leases that are not consummated are not eligible for capitalization as initial direct costs and are expensed as incurred as acquisition expense.

 

Equity Method — The Partnership records its 24.5% investment in Informage SQN Technologies LLC using the equity method of accounting. According to U.S. GAAP, a company that holds 20% or greater investment in another company could potentially exercise significant influence over the investee company’s operating and financing activities and should therefore utilize the equity method of accounting. The Partnership’s portion of earnings in the investee are recorded as an increase in its investment and recognized in the condensed consolidated statements of operations, and any distributions received from the investee are recorded as a reduction in its investment.

 

Acquisition Expense — Acquisition expense represents costs which include, but are not limited to, legal fees and expenses, travel and communication expenses, cost of appraisals, accounting fees and expenses, and miscellaneous expenses related to the selection and acquisition of leased equipment which are incurred by the Partnership under the terms of the Partnership Agreement, as amended. As these costs are not eligible for capitalization as initial direct costs, such amounts are expensed as incurred.

 

Income Taxes — As a partnership, no provision for income taxes is recorded since the liability for such taxes is the responsibility of each of the Partners rather than the Partnership. The Partnership’s income tax returns are subject to examination by the federal and state taxing authorities, and changes, if any, could adjust the individual income tax of the Partners.

 

The Partnership has adopted the provisions of FASB Topic 740, Accounting for Uncertainty in Income Taxes. This accounting guidance prescribes recognition thresholds that must be met before a tax position is recognized in the financial statements and provides guidance on de-recognition, classification, interest and penalties, accounting in interim periods, disclosure, and transition. Additionally, an entity may only recognize or continue to recognize tax positions that meet a “more likely than not” threshold. The Partnership has evaluated its entity level tax positions for the years ended December 31, 2017 and 2016, and does not expect any material adjustments to be made. The tax years 2017, 2016 and 2015 remain open to examination by the major taxing jurisdictions to which the Partnership is subject.

 

Per Share Data — Net income or loss attributable to Limited Partners per weighted average number of limited partnership interests outstanding is calculated as follows; the net income or loss allocable to the Limited Partners divided by the weighted average number of limited partnership interests outstanding during the period.

 

Foreign Currency Transactions — The Partnership has designated the United States of America dollar as the functional currency for the Partnership’s investments denominated in foreign currencies. Accordingly, certain assets and liabilities are translated at either the reporting period exchange rates or the historical exchange rates, revenues and expenses are translated at the average rate of exchange for the period, and all transaction gains or losses are reflected in the condensed consolidated statements of operations.

 

Depreciation — The Partnership, and all consolidated entities, records depreciation expense on equipment when the lease is classified as an operating lease. In order to calculate depreciation, the Partnership first determines the depreciable equipment cost, which is the cost less the estimated residual value. The estimated residual value is the Partnership’s estimate of the value of the equipment at lease termination. Depreciation expense is recorded by applying the straight-line method of depreciation to the depreciable equipment cost over the lease term.

 

Recent Accounting Pronouncements

 

In August 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments (“ASU 2016-15”), which provides guidance on how certain cash receipts and cash payments are to be presented and classified in the statement of cash flows. The adoption of ASU 2016-15 becomes effective for fiscal years beginning on January 1, 2018, including interim periods within that reporting period. Early adoption is permitted. An entity will apply the amendments within ASU 2016-15 using a retrospective transition method to each period presented. The Partnership has adopted ASU No 2016-15 and has determined there was no significant impact on its condensed interim consolidated financial statements.

 

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 is effective for fiscal periods beginning after December 15, 2019 and must be adopted as a cumulative effect adjustment to retained earnings. Early adoption is permitted. The Partnership is currently evaluating the impact of this guidance on its condensed interim consolidated financial statements.

 

In February 2016, the FASB issued 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 is 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 is currently evaluating the impact of this guidance on its condensed interim consolidated financial statements.

 

In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606) (“ASU 2014-09”), ASU 2014-09 requires that an entity recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods and services. On July 9, 2015, the FASB approved amendments deferring the effective date by one year. ASU 2014-09 is now effective for annual reporting periods beginning after December 15, 2017, including interim periods within that reporting period. The amendments can be applied retrospectively to each prior reporting period or retrospectively with the cumulative effect of initially applying this Update recognized at the date of initial application. Early application was permitted but not before the original public entity effective date, i.e., annual periods beginning after December 15, 2016. The Partnership has adopted ASU 2014-09 and has determined there was no significant impact on its condensed interim consolidated financial statements.

 

Management does not believe that any other recently issued, but not yet effective accounting pronouncements, if adopted, would have a material effect on the condensed consolidated financial statements.
XML 21 R10.htm IDEA: XBRL DOCUMENT v3.10.0.1
Related Party Transactions
 9 Months Ended
Sep. 30, 2018
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 pays the General Partner a fee for organizational and offering costs not to exceed 2% 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 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 September 30, 2018 and December 31, 2017.

 

The Partnership pays the Investment Manager during the Offering Period, Operating Period and the Liquidation Period a management fee equal to or the greater of, (i) 2.5% per annum of the aggregate offering proceeds, or (ii) $125,000 monthly, until such time as an amount equal to at least 15% of the Partnership’s Limited Partners’ capital contributions have been returned to the Limited Partners, after which the monthly management fee will equal 100% of the management fee as initially calculated above, less 1% for each additional 1% of the Partnership’s Limited Partners’ capital contributions returned to them. Such amounts are measured on the last day of each month. The management fee is paid regardless of the performance of the Partnership and will be adjusted in the future to reflect the total equity raised. For the three months ended September 30, 2018 and 2017, the Partnership paid $375,000 in management fee expense to the Investment Manager. For the nine months ended September 30, 2018 and 2017, the Partnership paid $1,125,000 in management fee expense to the Investment Manager.

 

Securities is a Delaware limited liability company and in its capacity as the Partnership’s selling agent received an underwriting fee of 3% 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).

 

For the nine months ended September 30, 2018 and year ended December 31, 2017, the Partnership incurred no underwriting discounts or fees, and made no payments to Securities as the offering period concluded on April 2, 2016.
XML 22 R11.htm IDEA: XBRL DOCUMENT v3.10.0.1
Investments in Finance Leases
 9 Months Ended
Sep. 30, 2018
Leases, Capital [Abstract]  
Investments in Finance Leases

4. Investments in Finance Leases

 

At September 30, 2018 and December 31, 2017, net investment in finance leases consisted of the following:

 

    September 30, 2018     December 31, 2017  
    (unaudited)        
Minimum rents receivable   $ 3,053,293     $ 6,639,597  
Estimated unguaranteed residual value     1,929,320       2,003,757  
Unearned income     (290,478 )     (1,230,515 )
Total   $ 4,692,135     $ 7,412,839  

 

Aircraft

 

In connection with the consolidation of SQN Helo, the Partnership holds two helicopter finance leases with two different third parties. As of December 31, 2016, these finance leases have a net book value of $3,378,129. One finance lease requires 18 monthly payments of $79,167 which commenced in August 2016. Upon expiration of an operating lease in August 2017, the lease was restructured as a direct finance lease and the Partnership reclassified it to investment in finance leases. This finance lease requires 24 monthly payments of $79,167 which commenced in August 2017. The other finance lease requires 48 monthly payments of $32,500 commencing in April 2017. At September 30, 2018, there were no significant changes to these leases.

 

Aircraft Parts Equipment

 

In December 2016, the lease agreement for aircraft rotable parts equipment for approximately $775,000 was amended and extended for an additional 18 months. The amended finance leases require 18 monthly payments in aggregate of $90,116 commencing on December 16, 2016. This lease matured in June 2018.

 

Furniture and Fixtures and Server Equipment

 

On January 31, 2016, the Master Equipment Lease for servers, fixtures and furniture for approximately $2,700,000 commenced and the Partnership reclassified the equipment note to investment in finance lease. The finance lease requires 36 monthly payments of $77,727 which commenced on February 1, 2016. On June 24, 2016, Juliet entered into a second finance lease transaction for servers, fixtures and furniture for $337,131. The finance lease requires 31 monthly payments of $12,464 commenced on July 1, 2016. At September 30, 2018, there were no significant changes to these leases.

 

Furniture, Fixtures and Equipment, as well as Computer Hardware & Software

 

On December 30, 2015, the Partnership entered into a finance lease transaction for furniture, fixtures and equipment, as well as computer hardware and software for $1,500,000. The finance lease requires 30 monthly payments of $58,950. At September 30, 2018, there were no significant changes to this lease.

 

Anaerobic Digestion Plant

 

On January 31, 2016, construction of the anaerobic digestion plant was completed and the lease commenced (as described in Note 6) and the Partnership reclassified the equipment note to investment in finance lease. The lease requires 20 quarterly payments of £41,616 ($59,823 applying exchange rate of 1.4375 at May 16, 2016) began on April 30, 2016. At September 30, 2018, there were no significant changes to this lease.

 

Computer Networking Equipment

 

On September 1, 2015, the Partnership entered into a finance lease transaction for computer networking equipment for $446,677 (“Comp Net 1”). The Comp Net 1 finance lease requires 36 monthly payments of $14,195. On October 30, 2015, the Partnership entered into a second finance lease transaction for computer networking equipment for $297,689 (“Comp Net 2”). The Comp Net 2 finance lease requires 36 monthly payments of $9,460. On December 29, 2015, the Partnership entered into a third finance lease transaction for computer networking equipment for $389,266 (“Comp Net 3”). The Comp Net 3 finance lease requires 36 monthly payments of $12,456. On December 30, 2015, the Partnership assigned the Comp Net 1 and Comp Net 2 finance leases to Juliet. On March 30, 2017, the Partnership sold the Comp Net 3 finance lease to a third party for cash proceeds of $250,696. The finance lease had a net book value of $248,240 resulting in a U.S. GAAP gain of $2,456. On March 15, 2018, the Partnership purchased the Comp Net 3 finance lease for $93,230 (cash of $173,009 less $79,779 debt forgiveness). On August 29, 2018, the Fund received cash proceeds of $152,422 as payment for the balance of the lease.

 

Gamma Knife Suite - TRCL

 

On April 30, 2015, the Partnership acquired from a third party, 20 quarterly lease payments with respect to a gamma knife suite leased to a hospital in the United Kingdom. The Partnership paid £375,000 ($576,750 applying exchange rate of 1.538 at April 30, 2015) for the equipment lease receivables which are payable under the lease from July 2015 through April 2020. The finance lease requires 20 quarterly payments of £25,060. The equipment lease receivables are secured by the gamma knife suite. At September 30, 2018, there were no significant changes to this lease.

 

Medical Equipment

 

On March 31, 2014, the Partnership entered into a finance lease transaction for medical equipment for $247,920. The finance lease requires 48 monthly payments of $7,415. On December 30, 2015, the Partnership assigned this finance lease to Juliet. The finance lease terminated on March 31, 2018.
XML 23 R12.htm IDEA: XBRL DOCUMENT v3.10.0.1
Investments in Equipment Subject to Operating Leases
 9 Months Ended
Sep. 30, 2018
Leases, Operating [Abstract]  
Investments in Equipment Subject to Operating Leases

5. Investments in Equipment Subject to Operating Leases

 

In connection with the consolidation of SQN Helo, the Partnership holds four helicopter operating leases with two different third parties. As of December 31, 2016, these operating leases had an aggregate net book value of $9,871,737. One operating lease requires monthly payments of $80,160 and expired in August 2017. Upon expiration of operating lease, this lease was restructured as a direct finance lease and the Partnership reclassified it to investment in finance leases. The other three operating leases require 48 monthly payments of $32,500, $32,500 and $19,000, respectively, commencing in April 2017.

 

September 30, 2018:

 

Description   Cost Basis     Accumulated Depreciation     Net Book Value  
    (unaudited)     (unaudited)     (unaudited)  
Aircraft (Helicopters)   $ 9,432,030     $ 4,843,170     $ 4,588,860  
    $ 9,432,030     $ 4,843,170     $ 4,588,860  

 

December 31, 2017:

 

Description   Cost Basis     Accumulated Depreciation     Net Book Value  
                   
Aircraft (Helicopters)   $ 9,432,030     $ 3,874,536     $ 5,557,494  
    $ 9,432,030     $ 3,874,536     $ 5,557,494  

 

Depreciation expense for the three and nine months ended September 30, 2018 was $322,878 and $968,634, respectively.
XML 24 R13.htm IDEA: XBRL DOCUMENT v3.10.0.1
Equipment Notes Receivable
 9 Months Ended
Sep. 30, 2018
Receivables [Abstract]  
Equipment Notes Receivable

6. Equipment Notes Receivable

 

Manufacturing / Solar Equipment

 

On June 29, 2016, SQN Gamma LLC, assigned its commitment interest in a loan facility, under a Credit Agreement dated November 17, 2015, to the Partnership and to Juliet in the amount of $3,893,165 and $2,500,000, respectively. On June 30, 2016, the Partnership and Juliet funded $3,893,165 and $2,500,000, respectively under this loan facility. The loan facility accrues interest at a rate of 11% per annum and matures on March 31, 2021. The borrower is required to make 51 monthly payments of principal and interest beginning on January 31, 2017 and an additional final payment due at maturity date of 8% of the aggregate principal amount of loans made. On August 17, 2016, the Partnership funded $730,170 to the same borrower. The loan facility accrues interest at a rate of 10.5% per annum and matures on August 1, 2019. The borrower is required to make 36 monthly payments of principal and interest beginning on September 1, 2016 and an additional final payment due at maturity date of 5% of the aggregate principal amount of loans made. The loan facilities are secured by solar products manufacturing equipment. On January 18, 2017, the Partnership entered into an assignment agreement to sell the solar products manufacturing equipment note dated June 29, 2016 for cash proceeds of $4,021,250 ($3,893,165 principal and $128,085 accrued interest). On March 29, 2017, the Partnership entered into an assignment agreement to repurchase the solar products manufacturing equipment note dated June 29, 2016 for cash proceeds of $4,107,294 ($3,893,165 principal and $214,129 purchase interest). On April 17, 2017, the borrower voluntarily filed for Chapter 11 bankruptcy protection. The Partnership received monthly payments in accordance with terms from this borrower through February 28, 2017. As of September 30, 2018, the March 2017 through September 2018 monthly payments are outstanding, therefore this loan facility is in non-accrual status as a result of the bankruptcy and of non-payment. As of September 30, 2018 and December 31, 2017, the Partnership placed a reserve on this asset of $1,485,167 and $1,022,742, respectively.

 

Construction Equipment

 

On April 14, 2016, the Partnership, through Juliet, acquired an interest in loan notes from a third party leasing company for $1,529,674. The loan notes are secured by a portable wash plant and a fleet of cement mixers and dump trucks which are owned by a Texas-based construction company. Under the terms of the loan agreement, the borrower is required to make 72 monthly payments of principal and interest of $28,865. The loan is scheduled to mature on March 31, 2022.

 

On June 3, 2016 and on June 24, 2016, the Partnership, through Juliet, acquired additional interest in two loan notes from the third party leasing company for $205,000 and $1,289,163, respectively. Under the terms of the loan agreements, the borrower is required to make 60 and 72 monthly payments of principal and interest of $4,450 and $24,326, respectively. The loans are scheduled to mature on June 30, 2021 and June 30, 2022, respectively.

 

On September 30, 2016 and in December 2016, the Partnership, through Juliet, acquired an additional interest in a loan note from the third party leasing company for $1,426,732 and $1,619,283, respectively. Under the terms of the loan agreement, the borrower is required to make 72 monthly payments of principal and interest of $57,925 and the loan is scheduled to mature on September 30, 2022.

 

On December 2, 2016 and on December 23, 2016, the Partnership, through Juliet, acquired additional interest in two loan notes from the third party leasing company for $43,177 and $2,335,960, respectively. Under the terms of the loan agreements, the borrower is required to make 60 monthly payments of principal and interest of $950 and $48,100, respectively. These loans are scheduled to mature on November 30, 2021 and June 30, 2021, respectively. On January 9, 2017, the Partnership, through its investment in Juliet, sold the loan note for construction equipment dated December 23, 2016 to a third party for cash proceeds of $2,252,389. The loan note had a net book value of $2,239,760 resulting in a U.S. GAAP gain of $12,629.

 

For the three and nine months ended September 30, 2018, the equipment notes earned interest income of $121,919 and $384,306, respectively.

 

Transportation Equipment

 

On January 23, 2016 and on March 4, 2016, the Partnership acquired two loan notes from a third party leasing company for approximately $247,194 and $204,303, respectively. The loans are secured by transportation equipment. Under the terms of the loan agreements, the borrower is required to make 72 monthly payments of principal and interest of $4,697 and $4,045, respectively. The loans are scheduled to mature on January 23, 2022 and March 3, 2022, respectively. For the three and nine months ended September 30, 2018, the equipment notes earned interest income of $8,784 and $27,756, respectively.

 

Secured Business Loans

 

On December 31, 2015, Juliet extended two separate loan facilities to two borrowers. The borrowers are both subsidiaries of a UK based parent company that provides small and medium sized secured business loans (“Just Loans”). Each facility provides financing up to a maximum borrowing of £5,037,500 or together a total of £10,075,000 and accrues interest at a rate of 10% per annum. The loans are secured by share pledges of the borrowers, a guaranty from the UK based parent company, and the underlying loan portfolio that Just Loans generates. In February 2016, the loan facilities were amended to include an annual fee, payable within 15 days of end of calendar year, equal to 30% of the interest paid or payable in the immediately preceding calendar year. In connection with the novation agreement, the Termination Date was extended to September 30, 2018. Management is currently in the process of extending this loan. On December 29, 2015, Juliet advanced a total of $2,974,000 to the Just Loans borrowers. On February 18, 2016, Juliet advanced a total of $2,878,000 to the Just Loans borrowers. On April 18, 2016, the Partnership, through its investment in Juliet, advanced a total of $2,140,350 to the Just Loans borrowers. On December 13, 2016, Juliet advanced a total of $740,160 to the Just Loans borrowers. On March 29, 2017, Juliet entered into a deed of novation agreement to novate 85% of this loan note to SQN Asset Finance (Ireland) Designated Activity Company (“SQN AFI”) and on March 31, 2017, Juliet received cash proceeds of $6,416,092 from SQN AFI for the 85% interest. The loan note had a net book value of $6,273,670 resulting in a U.S. GAAP gain of $142,422. On March 31, 2017 and on April 28, 2017, the Partnership advanced a total of $374,610 and $370,187, respectively, to the Just Loans borrowers. For the three and nine months ended September 30, 2018, the equipment note earned interest income of $49,786 and $387,283, respectively.

 

Honey Production Equipment

 

On December 14, 2015, the Partnership acquired a loan note from a third party leasing company for approximately $12,789, and is secured by honey production equipment. Under the terms of the loan agreement, the borrower is required to make 36 monthly payments of principal and interest of $425. The loan is scheduled to mature on November 30, 2018. For the three and nine months ended September 30, 2018, the equipment note earned interest income of $16 and $183, respectively.

 

Towing Equipment

 

On October 30, 2015, the Partnership acquired a loan note from a third party leasing company for approximately $96,000. The loan is secured by a heavy duty tow truck which is owned by a Connecticut-based towing and repair company. Under the terms of the loan agreement, the borrower is required to make 60 monthly payments of principal and interest of $2,041. The loan is scheduled to mature on October 31, 2020. On December 30, 2015, the Partnership assigned this equipment notes receivable to Juliet. In May 2018, the loan note was amended whereby the borrower is required to make 51 monthly payments of principal and interest of $2,450 commencing on June 1, 2018. The amended loan is scheduled to mature on August 31, 2022. For the three and nine months ended September 30, 2018, the equipment note earned interest income of $2,343 and $5,591, respectively.

 

Tractor and Trailer Equipment

 

On October 30, 2015 and on November 4, 2015, the Partnership acquired two loan notes from a third party leasing company for approximately $147,919 and $15,000, respectively. The loans are secured by tractor and trailer equipment. Under the terms of the loans agreements, the borrower is required to make 60 monthly payments of principal and interest of $3,255 and $330, respectively. The loans are scheduled to mature on October 31, 2020. On December 30, 2015, the Partnership assigned these equipment notes receivable to Juliet. For the three and nine months ended September 30, 2018, the equipment notes earned interest income of $2,642 and $8,544, respectively.

 

Furniture, Fixtures and Equipment

 

On October 30, 2015, the Partnership acquired a loan note from a third party leasing company for approximately $817,045. The loan is secured by furniture, fixtures and equipment. Under the terms of the loan agreement, the borrower is required to make 35 monthly payments of approximately $26,145, accrues interest at a rate of 18.84% per annum and has a final balloon payment of $117,000 which the Partnership received on November 1, 2018. On December 30, 2015, the Partnership assigned this equipment note receivable to Juliet. For the three and nine months ended September 30, 2018, the equipment notes earned interest income of $5,895 and $26,812, respectively.

 

Mineral Processing Equipment

 

On September 27, 2013, the Partnership entered into a loan facility to provide financing up to a maximum borrowing of $3,000,000. The borrower is a Florida based company that builds, refurbishes and services mineral refining and mining equipment in the United States, Central and South America. The loan facility was secured by equipment that refines precious metals and other minerals. The Partnership advanced $2,500,000 to the borrower during September 2013. The loan facility required 48 monthly payments of principal and interest of $68,718 (revised from original payment of $69,577 upon second funding discussed below) and a balloon payment of $500,000 in September 2017. The loan facility was scheduled to mature in September 2017. On May 9, 2014, the Partnership made a second funding of $500,000 to the borrower under the above agreement. The loan facility required 41 monthly payments of principal and interest of $15,764 and was scheduled to mature in September 2017. The borrower’s obligations under the loan facility were also personally guaranteed by its majority shareholders.

 

On December 22, 2014, the outstanding principal of $2,537,822 and accrued interest of $204,721 of this note receivable was restructured into a new note receivable of $2,883,347. The new loan facility is secured by equipment that refines precious metals and other minerals and is guaranteed by the majority shareholders of the Florida based company referred to above. The new loan facility requires 48 monthly payments of principal and interest of $79,255 commencing on February 24, 2015 and a balloon payment of $500,000 in January 2019. The loan facility is scheduled to mature in January 2019. In connection with above restructured note, on December 22, 2014, the Partnership entered into a $200,000 promissory note with the same borrower. The promissory note requires five annual payments of $150,000 commencing on January 25, 2019 and matures in January 2023. As of December 31, 2014, the Partnership advanced $100,000. In January 2015, the Partnership advanced the remaining $100,000. In June 2015, the Partnership received a principal payment of $40,000. For the three and nine months ended September 30, 2018 and for the years ended December 31, 2017, 2016 and 2015, the mineral processing equipment note is in non-accrual status as a result of non-payment. As of December 31, 2017, the Partnership placed a reserve on this asset of $1,043,347. Based on a third party appraisal of the collateral value of the equipment, the Investment Manager believes that there is sufficient collateral value to cover the remaining outstanding balance of the restructured note receivable and the promissory note.

 

Medical Equipment

 

On December 19, 2014, the Partnership entered into a $667,629 promissory note to finance the purchase of medical equipment located in Texas. The promissory note will be paid through 60 monthly installments of principal and interest of $15,300. The promissory note is secured by a first priority security interest in the medical equipment and other personal property located at the borrowers principal place of business. On December 30, 2015, the Partnership assigned this equipment note receivable to Juliet. For the three and nine months ended September 30, 2018, the medical equipment note earned interest income of $7,527 and $26,355, respectively.

 

Brake Manufacturing Equipment

 

On May 2, 2014, the Partnership purchased a promissory note secured by brake manufacturing equipment with an aggregate principal amount of $432,000. The promissory note requires quarterly payments of $34,786, accrues interest at 12.5% per annum and matured in January 2018. In May 2018, the maturity date of the promissory note was extended to December 31, 2018. For the three and nine months ended September 30, 2018, the equipment note earned interest income of $5,299 and $15,724, respectively.

 

The future maturities of the Partnership’s equipment notes receivable at September 30, 2018 are as follows:

 

Years ending September 30, (unaudited)      
       
2019     6,901,636  
2020     3,648,809  
2021     3,018,791  
2022     1,957,946  
2023     174,611  
    $ 15,701,793  
XML 25 R14.htm IDEA: XBRL DOCUMENT v3.10.0.1
Residual Value Investment in Equipment on Lease
 9 Months Ended
Sep. 30, 2018
Leases [Abstract]  
Residual Value Investment in Equipment on Lease

7. Residual Value Investment in Equipment on Lease

 

On September 15, 2014, the Partnership entered into a Residual Interest Purchase Agreement with a leasing company to purchase up to $3 million of residual value interests in equipment. The leasing company has entered into a Master Lease Agreement with a third party to lease cash handling machines or smart safes under one or more lease schedules with original equipment cost of $20 million (“OEC”) and a term of five years from initiation of each lease schedule. In connection with the Master Lease Agreement, the leasing company has entered into a finance arrangement with another third party to finance 85% of the OEC up to an aggregate facility of $17 million and the Partnership has agreed to finance the remaining 15% of the OEC up to an aggregate facility of $3 million. As of September 30, 2018, the Partnership had advanced a net total of $2,775,060.
XML 26 R15.htm IDEA: XBRL DOCUMENT v3.10.0.1
Collateralized Loan Receivable
 9 Months Ended
Sep. 30, 2018
Collateralized Loan Receivable [Abstract]  
Collateralized Loan Receivable

8. Collateralized Loan Receivable

 

In July 2018, Juliet entered into an assignment agreement with a third party whereby Juliet purchased a $2,000,000 promissory note. The promissory note accrues interest at the rate of 9% per annum and matures on July 31, 2019. During August 2018, the Partnership and Juliet advanced a total of $1,715,500 (85% of principal plus accrued interest) for this note. For the three and nine months ended September 30, 2018, the promissory note earned interest income of $22,216.

 

On May 30, 2018, the Partnership entered into a loan agreement and a $5,000,000 promissory note with a borrower. On June 21, 2018, the Partnership assigned $3,400,000 of this note to Juliet. On that same date, the Partnership and Juliet funded the $5,000,000 promissory note. The promissory note accrues interest at the rate of 9% per annum, payable quarterly in arrears beginning on June 30, 2018, and matures on May 30, 2028. For the three and nine months ended September 30, 2018, the promissory note earned interest income of $151,250.

 

On July 20, 2017, the Partnership, through Juliet, provided secured financing in the amount of $3,867,435 after applicable exchange rates for a motion picture production company in the United Kingdom. The loan is secured by all of the assets, including tax credits, of the borrower and all of the borrower’s rights to proceeds from the motion picture. The loan accrues interest at a rate of 12% per annum and is scheduled to mature 24 months after the funding date. For the three and nine months ended September 30, 2018, the loan facility earned interest income of $116,977 and $347,116, respectively.

 

On September 23, 2016, the Partnership, through Juliet, provided secured financing in the amount of $1,845,655 after applicable exchange rates for a motion picture production company in the United Kingdom. The loan is secured by all of the assets, including tax credits, of the borrower and all of the borrower’s rights to proceeds from the motion picture. The loan accrues interest at a rate of 12% per annum and is scheduled to mature 24 months after the funding date. Management is currently in the process of extending this loan. For the three and nine months ended September 30, 2018, the loan facility earned interest income of $28,862 and $99,676, respectively.

 

On September 12, 2016, the Partnership, through Juliet, provided secured financing in the amount of $2,215,270 after applicable exchange rates for a motion picture production company in the United Kingdom. The loan is secured by all of the assets, including tax credits, of the borrower and all of the borrower’s rights to proceeds from the motion picture. The loan accrues interest at a rate of 12% per annum and is scheduled to mature 24 months after the funding date. Management is currently in the process of extending this loan. For the three and nine months ended September 30, 2018, the loan facility earned interest income of $67,004 and $198,828, respectively.

 

From July 21, 2016 through December 31, 2017, the Partnership funded a total of $12,342,624 under a wholesale financing arrangement with an international leasing company that does business between the United States and Mexico. During the nine months ended September 30, 2018, the Partnership funded an additional total of $2,244,538 under this wholesale financing arrangement. The loans accrue interest at rate of 10% per annum and are secured by industrial and manufacturing equipment subject to equipment leases. During the nine months ended September 30, 2018, the Partnership received total payments of principal and interest of $3,699,815 from this wholesale financing arrangement. On June 21, 2018, the Partnership and Juliet sold a portion of this loan facility to SQN AFIF in the form of a senior participation interest for total cash proceeds of $5,568,262. For the three and nine months ended September 30, 2018, the loans earned interest income of $187,044 and $799,837, respectively.

 

On May 5, 2016, a third party on behalf of Juliet, provided secured financing in the amount of $2,926,342 after applicable exchange rates for a motion picture production company in the United Kingdom. The loan is secured by all of the assets, including tax credits, of the borrower and all of the borrower’s rights to proceeds from the motion picture. The loan accrues interest at a rate of 12% per annum and is scheduled to mature 24 months after the funding date. In June 2018, the maturity date of the loan facility was extended to May 5, 2020. For the three and nine months ended September 30, 2018, the loan facility earned interest income of $58,487 and $173,553 respectively.

 

On April 25, 2016, the Partnership entered into a loan agreement with a borrower to refinance the borrower’s loan facility. In connection with the refinancing, the Partnership received a promissory note from the borrower in the amount of $1,763,230. The note accrues interest at a rate of 20% per annum and matures on February 8, 2020. The borrower will make semi-annual payments of principal and interest in February and August. On August 5, 2016, the Partnership received a payment of $452,604. In March 2017, the Partnership received total payments of $335,644. In August 2017, the Partnership received total payments of $305,550. In February 2018, the Partnership received total payments of $278,919. For the three and nine months ended September 30, 2018, the promissory notes earned interest income of $58,161 and $172,588, respectively.

 

On June 3, 2015, Alpha, a special purpose entity which is 32.5% owned by the Partnership and 67.5% owned by SQN PAC, acquired a promissory note issued by a third party with a principal amount equal to $2,650,000. The promissory note accrues interest at the rate of 11.1% per annum, payable quarterly in arrears, and matures on June 30, 2020. The promissory note is secured by a pledge of shares in an investment portfolio of insurance companies under common control of the third party which include equipment leases, direct hard asset and infrastructure investments, and other securities. On June 3, 2015, a participation agreement was entered into between SQN PAC (“Alpha Participation A”), the Partnership (“Alpha Participation B”), Alpha and SQN Capital Management, LLC. Under the agreement, Alpha created two collateralized participation interests for the collateral; Alpha Participation A’s principal contribution is $1,788,750 and accrues interest at 9% per annum and Alpha Participation B’s principal contribution is $861,250 and accrues interest at 15.05% per annum. SQN Capital Management, LLC was appointed as a servicer for the promissory note. Alpha Participation A’s interest is senior to Alpha Participation B’s interest. For the three and nine months ended September 30, 2018, the Alpha Participation B earned interest income of $32,961 and $97,809, respectively.

 

On August 13, 2015, the Partnership entered into a Loan Note Instrument to provide €1,640,000 ($1,824,992 applying exchange rate of 1.1128 at August 13, 2015) (the “Facility”) of financing to a borrower to acquire shares of a special purpose entity (the “SPE”). The SPE previously acquired, by assignment, the rights to lease a parcel of land in Ireland on which planning permissions have been granted to construct an aerobic digestion plant (“AD Plant”). The Facility accrues interest at the rate of 18% per annum, compounding monthly on the last business day of each month, and matures on May 16, 2016. The maturity date was extended to November 30, 2016. The Facility is secured by the shares of the SPE and also secured by a personal guaranty from the principal owner of the borrower. On May 13, 2016, in connection with an extension of the Facility, the Partnership funded an additional $56,750 after applicable exchange rates. On July 29, 2016, the Partnership funded $1,574,724, after applicable exchange rates, under a Loan Note Instrument to provide additional financing of the Facility. The Loan Note Instrument was scheduled to mature on November 30, 2016. On November 4, 2016, the Partnership funded $700,000, after applicable exchange rates, under a Loan Note Instrument to provide additional financing of the Facility. As of December 31, 2017, the Loan Note Principal balance was $4,148,419. On February 28, 2018, the Loan Note Instruments were cancelled and replaced with a Loan Note Instrument of €5,167,426, which accrues interest at the rate of 9% per annum, compounding monthly on the last business day of each month, and matures on September 30, 2019. During the nine months ended September 30, 2018, the Partnership received a payment of €126,979 ($145,377 applying exchange rate of 1.1449 at June 6, 2018). For the three and nine months ended September 30, 2018, the Loan Note Instruments earned interest income of $138,233 and $449,872, respectively.

 

On December 28, 2015, the Partnership entered into a loan agreement and a $2,000,000 promissory note with a borrower. The promissory note accrues interest at the rate of 11% per annum, payable quarterly in arrears, and matures on December 28, 2020. On April 15, 2016, the loan agreement was amended and restated and the maturity date was amended to December 30, 2024. For the three and nine months ended September 30, 2018, the promissory notes earned interest income of $55,000 and $165,000, respectively.

 

On October 2, 2015, the Partnership entered in a syndicated loan agreement. Under the terms of the agreement, the Partnership agreed to contribute $5,000,000 of the $40,000,000 facility which will be secured by all of the equipment of the wood pellet business in Texas. The borrower’s parent company also pledged assets located at the parent’s company’s headquarters in Germany as additional collateral for the loan. In January 2016, the Partnership received cash of $2,610,959 as payment from this facility. On April 22, 2016, the Partnership and a third party assigned their interests in this loan facility of $2,389,041 and $3,985,959, respectively to Juliet. For the three and nine months ended September 30, 2018 and the years ended December 31, 2017 and 2016, this loan is in non-accrual status. Based on an appraisal of the collateral value of the equipment, the Investment Manager believes that there is sufficient collateral value to cover the outstanding balance of this loan.
XML 27 R16.htm IDEA: XBRL DOCUMENT v3.10.0.1
Equipment Investment Through SPV
 9 Months Ended
Sep. 30, 2018
Investments, All Other Investments [Abstract]  
Equipment Investment Through SPV

9. Equipment Investment through SPV

 

On December 16, 2015, Marine, a special purpose vehicle which is wholly owned by the Partnership, entered into a sale and assignment of partnership interest agreement with a third party. Under the terms of the agreement, Marine acquired an 88.20% (90% of 98%) economic interest in a portfolio of container feeder vessels. Marine acquired their economic interest in the vessels through a limited partnership interest in CONT Feeder, which acquired and operates the container feeder vessels. CONT Feeder acquired nine container feeder vessels for $37,911,665, drydocking fees of $4,158,807 and inventory supplies of $337,923 for an aggregate investment of $42,408,395. As of September 30, 2018, the Partnership has an aggregate investment balance of $32,075,023 consisting of feeder vessels of $30,137,762, drydocking fees of $1,683,807 and inventory supplies of $253,454.

 

CONT Feeder acquired and operates nine container feeder vessels which collect shipping containers from different ports and transport them to central container terminals where they are loaded to bigger vessels. For the three months ended September 30, 2018, CONT Feeder recorded income of approximately $4,775,000 from charter rental fees less total expenses of $4,848,000, consisting of ship operating expenses, of approximately $2,473,000, ship management fees and charter commissions fees of approximately $437,000, general and administrative expenses, of approximately $1,033,000, depreciation expense, of approximately $677,000 and interest expense of approximately $228,000 resulting in a net loss of approximately $73,000. For the nine months ended September 30, 2018, CONT Feeder recorded income of approximately $13,378,000 from charter rental fees less total expenses of $13,526,000, consisting of ship operating expenses, of approximately $7,421,000, ship management fees and charter commissions fees of approximately $1,382,000, general and administrative expenses, of approximately $1,982,000, depreciation expense, of approximately $2,030,000 and interest expense of approximately $711,000 resulting in a net loss of approximately $148,000.
XML 28 R17.htm IDEA: XBRL DOCUMENT v3.10.0.1
Other Assets
 9 Months Ended
Sep. 30, 2018
Other Assets [Abstract]  
Other Assets

10. Other Assets

 

Other assets of $3,897,655 is primarily made up of $2,355,950 related to the Partnership’s Equipment Investment through SPV and of $597,250 related to equipment held off lease by SQN Helo.
XML 29 R18.htm IDEA: XBRL DOCUMENT v3.10.0.1
Loans Payable
 9 Months Ended
Sep. 30, 2018
Debt Disclosure [Abstract]  
Loans Payable

11. Loans Payable

 

On April 22, 2016, Juliet, a third party and the third party’s affiliate amended and restated the participation agreement dated December 29, 2015. Juliet borrowed a total of approximately $14,621,000 in the form of a senior participation instruments with a third party and the third party’s affiliate consisting of the outstanding principal payable balance of approximately $2,124,000 on the Just Loans transaction, the third party also funded Juliet additional cash of approximately $8,511,000 and assigned their interests of approximately $3,986,000 in a loan facility for a wood pellet business in Texas. The senior participation instrument accrues interest at the rate of 6% per annum and also accrues PIK interest at the rate of 1.5% per annum. The senior participants, as collateral, have a first priority security interest in all of the assets acquired by Juliet as well as a senior participation interest in all of the proceeds from the assets, while Juliet has a junior participation interest until the loan is repaid in full. All of the cash proceeds received from these assets are applied as follows (1), to pay accrued and unpaid interest of the senior participant, (2), to pay any cumulative interest shortfall of the senior participant, (3), to pay accrued and unpaid interest of the junior participants, and (4), to reduce the outstanding principal balance of the senior participation with any excess distributed to the junior participants. There was no stated or agreed upon repayment term for the principal. On May 5, 2016, the third party provided additional financing, on behalf of Juliet, in the amount of approximately $2,926,000 after applicable exchange rates.

 

In connection with the CONT Feeder transaction, Marine borrowed $7,500,000 and $9,604,091 in the form of a senior participation instruments with a third party and the third party’s affiliate. The senior participation instrument accrues interest at the rate of 10% per annum and matures on December 16, 2020. The senior participants, as collateral, have a first priority security interest in all of the assets acquired by CONT Feeder as well as a senior participation interest in the proceeds from the assets, while Marine has a junior participation interest until the loan is repaid in full. All of the cash proceeds received from these assets will be applied first against the outstanding principal balance of the senior participation with any excess distributed to the junior participants. There was no stated or agreed upon repayment term for the principal.

 

In connection with the acquisition of container vessels, CONT Feeder borrowed $14,375,654 from third parties. As of September 30, 2018, the CONT Feeder loan payable was $9,131,578.

 

In connection with the consolidation of SQN Helo, the Partnership had an aggregate loans payable balance of $9,245,578 to SQN AFIF and to a third party in the form of a senior participation instruments. The senior participation instrument accrues interest at the rate of 7% per annum and PIK interest at the rate of 3.5% per annum and matures on January 6, 2022. The senior participants, as collateral, have a first priority security interest in all of the assets acquired by SQN Helo as well as a senior participation interest in the proceeds from the assets, while the Partnership and SQN PAC have a junior participation interest until the loan is repaid in full. All of the cash proceeds received from these assets will be applied first against the outstanding principal balance of the senior participation with any excess distributed to the junior participants. There was no stated or agreed upon repayment term for the principal.
XML 30 R19.htm IDEA: XBRL DOCUMENT v3.10.0.1
Fair Value of Financial Instruments
 9 Months Ended
Sep. 30, 2018
Fair Value Disclosures [Abstract]  
Fair Value of Financial Instruments

12. 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:

 

    September 30, 2018     December 31, 2017  
    Carrying
Value		     Fair Value     Carrying
Value		     Fair Value  
    (unaudited)     (unaudited)              
Assets:                                
Equipment notes receivable   $ 15,701,793     $ 15,701,793     $ 16,497,270     $ 16,497,270  
Collateralized loans receivable   $ 40,358,589     $ 40,358,589     $ 38,012,853     $ 38,012,853  
Liabilities:                                
Loans payable   $ 66,635,114     $ 66,635,114     $ 68,044,254     $ 68,044,254  

 

As of September 30, 2018, the Partnership evaluated the carrying values of its financial instruments and they approximate fair values.
XML 31 R20.htm IDEA: XBRL DOCUMENT v3.10.0.1
Business Concentrations
 9 Months Ended
Sep. 30, 2018
Risks and Uncertainties [Abstract]  
Business Concentrations

13. Business Concentrations

 

For the nine months ended September 30, 2018, the Partnership had one lessee which accounted for approximately 100% of the Partnership’s rental income derived from operating leases. For the nine months ended September 30, 2017, the Partnership had two lessees which accounted for approximately 56% and 42% of the Partnership’s rental income derived from operating leases. For the nine months ended September 30, 2018, the Partnership had two leases which accounted for approximately 54% and 19% of the Partnership’s income derived from finance leases. For the nine months ended September 30, 2017, the Partnership had three leases which accounted for approximately 31%, 31% and 20% of the Partnership’s income derived from finance leases. For the nine months ended September 30, 2018, the Partnership had four leases which accounted for approximately 21%, 12%, 10% and 10% of the Partnership’s interest income. For the nine months ended September 30, 2017, the Partnership had four leases which accounted for approximately 18%, 14%, 13%, and 11% of the Partnership’s interest income.

 

At September 30, 2018, the Partnership had four lessees which accounted for approximately 43%, 20%, 18% and 15% of the Partnership’s investment in finance leases. At September 30, 2017, the Partnership had four lessees which accounted for approximately 33%, 20%, 18% and 10% of the Partnership’s investment in finance leases. At September 30, 2018 and 2017, the Partnership had one lessee which accounted for approximately 100% of the Partnership’s investment in operating leases. At September 30, 2018, the Partnership had four lessees which accounted for approximately 35%, 32%, 14% and 12% of the Partnership’s investment in equipment notes receivable. At September 30, 2017, the Partnership had four lessees which accounted for approximately 36%, 29%, 16% and 11% of the Partnership’s investment in equipment notes receivable. At September 30, 2018, the Partnership had four lessees which accounted for approximately 17%, 17%, 15% and 15% of the Partnership’s investment in collateralized loans receivable. At September 30, 2017, the Partnership had four lessees which accounted for approximately 32%, 16%, 13% and 10% of the Partnership’s investment in collateralized loans receivable. At September 30, 2018 and 2017, the Partnership had one lessee which accounted for approximately 100% of the Partnership’s investment in residual value leases.
XML 32 R21.htm IDEA: XBRL DOCUMENT v3.10.0.1
Geographic Information
 9 Months Ended
Sep. 30, 2018
Segment Reporting [Abstract]  
Geographic Information

14. Geographic Information

 

Geographic information for revenue for the three months ended September 30, 2018 and 2017 was as follows:

 

    Three Months Ended September 30, 2018  
    United States     Europe     Mexico     Total  
    (unaudited)     (unaudited)     (unaudited)     (unaudited)  
Revenue:                                
Rental income   $ 252,000     $ —     $ —     $ 252,000  
Finance income   $ 316,690     $ 21,802     $ —     $ 338,492  
Interest income   $ 525,648     $ 481,573     $ 187,044     $ 1,194,265  
Income from equipment investment through SPV   $ —     $ 4,774,457     $ —     $ 4,774,457  

 

    Three Months Ended September 30, 2017
(unaudited)		  
    United States     Europe     Mexico     Total  
Revenue:                                
Rental income   $ 332,160     $ —     $ —     $ 332,160  
Finance income   $ 641,840     $ 30,242     $ —     $ 672,082  
Interest income   $ 1,201,925     $ —     $ —     $ 1,201,925  
Investment income from equity method investments   $ 6,792     $ —     $ —     $ 6,792  
Income from equipment investment through SPV   $ —     $ 4,035,381     $ —     $ 4,035,381  

 

Geographic information for revenue for the nine months ended September 30, 2018 and 2017 was as follows:

 

    Nine Months Ended September 30, 2018  
    United States     Europe     Mexico     Total  
    (unaudited)     (unaudited)     (unaudited)     (unaudited)  
Revenue:                                
Rental income   $ 756,000     $ —     $ —     $ 756,000  
Finance income   $ 981,716     $ 71,955     $ —     $ 1,053,671  
Interest income   $ 1,301,064     $ 1,678,573     $ 799,837     $ 3,779,474  
Income from equipment investment in SPV   $ —     $ 13,377,655     $ —     $ 13,377,655  

 

    Nine Months Ended September 30, 2017
(unaudited)		  
    United States     Europe     Mexico     Total  
Revenue:                                
Rental income   $ 1,342,436     $ —     $ —     $ 1,342,436  
Finance income   $ 1,606,981     $ 96,547     $ —     $ 1,703,528  
Interest income   $ 3,950,621     $ —     $ —     $ 3,950,621  
Investment loss from equity method investments   $ (5,148 )   $ —     $ —     $ (5,148 )
Gain on sale of assets   $ 120,601     $ 142,422     $ —     $ 263,023  
Income from equipment investment through SPV   $ -     $ 11,072,567     $ -     $ 11,072,567  

 

Geographic information for long-lived assets at September 30, 2018 and December 31, 2017 was as follows:

 

    September 30, 2018  
    United States     Europe     Mexico     Total  
    (unaudited)     (unaudited)     (unaudited)     (unaudited)  
Long-lived assets:                                
Investment in finance leases, net   $ 3,636,617     $ 1,055,518     $ —     $ 4,692,135  
Investments in equipment subject to operating leases, net   $ 4,588,860     $ —     $ —     $ 4,588,860  
Equipment notes receivable, including accrued interest   $ 12,096,128     $ 2,261,811     $ 2,000,000     $ 16,357,939  
Equipment investment through SPV   $ —     $ 32,075,023     $ —     $ 32,075,023  
Collateralized loan receivable, including accrued interest   $ 10,461,691     $ 24,106,240     $ 6,849,998     $ 41,417,929  

 

    December 31, 2017  
    United States     Europe     Mexico     Total  
Long-lived assets:                                
Investment in finance leases, net   $ 7,116,760     $ 269,079     $ —     $ 7,412,839  
Investments in equipment subject to operating leases, net   $ 5,557,494     $ —     $ —     $ 5,557,494  
Equipment notes receivable, including accrued interest   $ 12,668,268     $ 2,189,488     $ 2,000,000     $ 16,857,756  
Equipment investment through SPV   $ —     $ 34,094,204     $ —     $ 34,094,204  
Collateralized loan receivable, including accrued interest   $ 5,821,153     $ 21,788,885     $ 13,524,438     $ 41,134,476  
XML 33 R22.htm IDEA: XBRL DOCUMENT v3.10.0.1
Indemnifications
 9 Months Ended
Sep. 30, 2018
Indemnifications  
Indemnifications

15. 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, 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 Investment Manager, no liability will arise as a result of these provisions. The General Partner and Investment Manager know 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.
XML 34 R23.htm IDEA: XBRL DOCUMENT v3.10.0.1
Subsequent Events
 9 Months Ended
Sep. 30, 2018
Subsequent Events [Abstract]  
Subsequent Events

16. Subsequent Events

 

On November 6, 2018, the Partnership funded an additional $692,586 under a wholesale financing arrangement with an international leasing company that does business between the United States and Mexico.
XML 35 R24.htm IDEA: XBRL DOCUMENT v3.10.0.1
Summary of Significant Accounting Policies (Policies)
 9 Months Ended
Sep. 30, 2018
Accounting Policies [Abstract]  
Basis of Presentation

Basis of Presentation — The condensed consolidated financial statements of SQN AIF IV, L.P. and Subsidiaries at September 30, 2018 and for the three and nine months ended September 30, 2018 and 2017 are unaudited and have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and pursuant to the rules and regulations of the SEC with respect to Form 10-Q and Article 8 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete condensed consolidated financial statements. The unaudited interim condensed consolidated financial statements furnished reflect all adjustments (consisting of normal recurring adjustments) which are, in the opinion of management, necessary for a fair statement of the results for the interim periods presented. The results reported in these condensed consolidated financial statements should not necessarily be taken as indicative of results that may be expected for the entire year. These unaudited interim condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements of the Partnership for the year ended December 31, 2017 and notes thereto contained in the Partnership’s annual report on Form 10-K for the year ended December 31, 2017, as filed with the SEC on April 2, 2018.
Principles of Consolidation

Principles of Consolidation — The condensed consolidated financial statements include the accounts of the Partnership and its entities, where the Partnership has the primary economic benefits of ownership. The Partnership’s consolidation policy requires the consolidation of entities where a controlling financial interest is held as well as the consolidation of variable interest entities in which the Partnership has the primary economic benefits. All material intercompany balances and transactions are eliminated in consolidation.

 

Non-controlling interest represents the minority equity holders’ investment in Alpha and CONT Feeder plus the minority’s share of the net operating results and other components of equity relating to the non-controlling interest.

 

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 condensed 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 — The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires the General Partner and Investment Manager to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities as of the date of the condensed consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. Significant estimates primarily include the determination of allowances for doubtful lease, notes and loan accounts, depreciation and amortization, impairment losses, estimated useful lives, and residual values. Actual results could differ from those estimates.
Cash and Cash Equivalents

Cash and Cash Equivalents — The Partnership considers all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents. Cash and cash equivalents consist of funds maintained in checking and money market accounts maintained at financial institutions.

 

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 an international financial institution in order to minimize risk relating to exceeding insured limits. The Partnership, through Summit Asset Management Limited, maintains an unrestricted bank account at a major financial institution in the United Kingdom for purposes of receiving payments and funding transactions in Pound Sterling.
Credit Risk

Credit Risk — In the normal course of business, the Partnership is exposed to credit risk. Credit risk is the risk that the Partnerships’ counterparty to an agreement either has an inability or unwillingness to make contractually required payments. The Partnership expects concentrations of credit risk with respect to lessees to be dispersed across different industry segments and different regions of the world.
Asset Impairments

Asset Impairments — Assets in the Partnership’s investment portfolio, which are considered long-lived assets, are periodically reviewed, no less frequently than annually or when indicators of impairment exist, to determine whether events or changes in circumstances indicate that the carrying value of the asset may not be recoverable. An impairment loss is recognized only if the carrying amount of a long-lived asset is not recoverable and exceeds its fair value. If there is an indication of impairment, the Partnership estimates the future cash flows (undiscounted and without interest charges) expected from the use of the asset and its eventual disposition. Future cash flows are the future cash inflows expected to be generated by an asset less the future outflows expected to be necessary to obtain those inflows. If an impairment is determined to exist, the impairment loss is measured as the amount by which the carrying value of a long-lived asset exceeds its fair value and is recorded in the statement of operations in the period the determination is made. The events or changes in circumstances that generally indicate that an asset may be impaired are, (i) the estimated fair value of the underlying equipment is less than its carrying value, (ii) the lessee is experiencing financial difficulties and (iii) it does not appear likely that the estimated proceeds from the disposition of the asset will be sufficient to recover the carrying value of the asset. The preparation of the undiscounted cash flows requires the use of assumptions and estimates, including the level of future rents or receipts from the sale of the investment, estimated downtime between re-leasing events, and the amount of re-leasing costs. The Investment Manager’s review for impairment includes a consideration of the existence of impairment indicators, including third party appraisals, published values for similar assets, recent transactions for similar assets, adverse changes in market conditions for specific asset types, and the occurrence of significant adverse changes in general industry and market conditions that could affect the fair value of the asset.
Lease Classification and Revenue Recognition

Lease Classification and Revenue Recognition — The Partnership records revenue based upon the lease classification determined at the inception of the transaction and based upon the terms of the lease or when there are significant changes to the lease terms.

 

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 and the industry in which the potential lessee operates. 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 — In the normal course of business, the Partnership provides credit or financing to its customers, performs credit evaluations of these customers, and maintains reserves for potential credit losses. These credit or financing transactions are normally collateralized by the equipment being financed. In determining the amount of allowance for doubtful lease, notes and loan accounts, the Investment Manager considers historical credit losses, the past due status of receivables, payment history, and other customer-specific information, including the value of the collateral. The past due status of a receivable is based on its contractual terms. Expected credit losses are recorded as an allowance for doubtful lease, notes and loan accounts. Receivables are written off when the Investment Manager determines they are uncollectible. At September 30, 2018, a reserve was required for an equipment notes receivables and a reserve for losses was recorded, there is a provision for lease, note and loan losses of $1,485,167. At December 31, 2017, a reserve was required for a finance lease, equipment notes receivables and an equity method investment and a reserve for losses was recorded, there is a provision for lease, note and loan losses of $3,001,573.
Equipment Notes and Loans Receivable

Equipment Notes and Loans Receivable — Equipment notes and loans receivable are reported in the condensed consolidated financial statements as the outstanding principal balance net of any unamortized deferred fees, and premiums or discounts on purchased loans. Costs to originate loans, if any, are reported as other assets in the condensed consolidated financial statements and amortized to expense over the estimated life of the loan. Income is recognized over the life of the note agreement. On certain equipment notes and loans receivable, specific payment terms were reached requiring prepayments which resulted in the recognition of unearned interest income. Unearned income, discounts and premiums, if any, are amortized to interest income in the condensed consolidated statements of operations using the effective interest rate method. Equipment notes and loans receivable are generally placed in a non-accrual status when payments are more than 90 days past due and all unpaid accrued interest is reversed. Additionally, the Investment Manager periodically reviews the creditworthiness of companies with payments outstanding less than 90 days. Based upon the Investment Manager’s judgment, accounts may be placed in a non-accrual status. Accounts on a non-accrual status are only returned to an accrual status when the account has been brought current and the Partnership believes recovery of the remaining unpaid receivable is probable. Revenue on non-accrual accounts is recognized only when cash has been received.
Initial Direct Costs

Initial Direct Costs — The Partnership capitalizes initial direct costs associated with the origination and funding of lease assets. These costs are amortized on a lease by lease basis over the actual contract term of each lease using the effective interest rate method for finance leases and the straight-line method for operating leases. Upon disposal of the underlying lease assets, both the initial direct costs and the associated accumulated amortization are relieved. Costs related to leases that are not consummated are not eligible for capitalization as initial direct costs and are expensed as incurred as acquisition expense.
Equity Method

Equity Method — The Partnership records its 24.5% investment in Informage SQN Technologies LLC using the equity method of accounting. According to U.S. GAAP, a company that holds 20% or greater investment in another company could potentially exercise significant influence over the investee company’s operating and financing activities and should therefore utilize the equity method of accounting. The Partnership’s portion of earnings in the investee are recorded as an increase in its investment and recognized in the condensed consolidated statements of operations, and any distributions received from the investee are recorded as a reduction in its investment.
Acquisition Expense

Acquisition Expense — Acquisition expense represents costs which include, but are not limited to, legal fees and expenses, travel and communication expenses, cost of appraisals, accounting fees and expenses, and miscellaneous expenses related to the selection and acquisition of leased equipment which are incurred by the Partnership under the terms of the Partnership Agreement, as amended. As these costs are not eligible for capitalization as initial direct costs, such amounts are expensed as incurred.
Income Taxes

Income Taxes — As a partnership, no provision for income taxes is recorded since the liability for such taxes is the responsibility of each of the Partners rather than the Partnership. The Partnership’s income tax returns are subject to examination by the federal and state taxing authorities, and changes, if any, could adjust the individual income tax of the Partners.

 

The Partnership has adopted the provisions of FASB Topic 740, Accounting for Uncertainty in Income Taxes. This accounting guidance prescribes recognition thresholds that must be met before a tax position is recognized in the financial statements and provides guidance on de-recognition, classification, interest and penalties, accounting in interim periods, disclosure, and transition. Additionally, an entity may only recognize or continue to recognize tax positions that meet a “more likely than not” threshold. The Partnership has evaluated its entity level tax positions for the years ended December 31, 2017 and 2016, and does not expect any material adjustments to be made. The tax years 2017, 2016 and 2015 remain open to examination by the major taxing jurisdictions to which the Partnership is subject.
Per Share Data

Per Share Data — Net income or loss attributable to Limited Partners per weighted average number of limited partnership interests outstanding is calculated as follows; the net income or loss allocable to the Limited Partners divided by the weighted average number of limited partnership interests outstanding during the period.
Foreign Currency Transactions

Foreign Currency Transactions — The Partnership has designated the United States of America dollar as the functional currency for the Partnership’s investments denominated in foreign currencies. Accordingly, certain assets and liabilities are translated at either the reporting period exchange rates or the historical exchange rates, revenues and expenses are translated at the average rate of exchange for the period, and all transaction gains or losses are reflected in the condensed consolidated statements of operations.
Depreciation

Depreciation — The Partnership, and all consolidated entities, records depreciation expense on equipment when the lease is classified as an operating lease. In order to calculate depreciation, the Partnership first determines the depreciable equipment cost, which is the cost less the estimated residual value. The estimated residual value is the Partnership’s estimate of the value of the equipment at lease termination. Depreciation expense is recorded by applying the straight-line method of depreciation to the depreciable equipment cost over the lease term.
Recent Accounting Pronouncements

Recent Accounting Pronouncements

 

In August 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments (“ASU 2016-15”), which provides guidance on how certain cash receipts and cash payments are to be presented and classified in the statement of cash flows. The adoption of ASU 2016-15 becomes effective for fiscal years beginning on January 1, 2018, including interim periods within that reporting period. Early adoption is permitted. An entity will apply the amendments within ASU 2016-15 using a retrospective transition method to each period presented. The Partnership has adopted ASU No 2016-15 and has determined there was no significant impact on its condensed interim consolidated financial statements.

 

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 is effective for fiscal periods beginning after December 15, 2019 and must be adopted as a cumulative effect adjustment to retained earnings. Early adoption is permitted. The Partnership is currently evaluating the impact of this guidance on its condensed interim consolidated financial statements.

 

In February 2016, the FASB issued 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 is 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 is currently evaluating the impact of this guidance on its condensed interim consolidated financial statements.

 

In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606) (“ASU 2014-09”), ASU 2014-09 requires that an entity recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods and services. On July 9, 2015, the FASB approved amendments deferring the effective date by one year. ASU 2014-09 is now effective for annual reporting periods beginning after December 15, 2017, including interim periods within that reporting period. The amendments can be applied retrospectively to each prior reporting period or retrospectively with the cumulative effect of initially applying this Update recognized at the date of initial application. Early application was permitted but not before the original public entity effective date, i.e., annual periods beginning after December 15, 2016. The Partnership has adopted ASU 2014-09 and has determined there was no significant impact on its condensed interim consolidated financial statements.

 

Management does not believe that any other recently issued, but not yet effective accounting pronouncements, if adopted, would have a material effect on the condensed consolidated financial statements.
XML 36 R25.htm IDEA: XBRL DOCUMENT v3.10.0.1
Investments in Finance Leases (Tables)
 9 Months Ended
Sep. 30, 2018
Leases, Capital [Abstract]  
Schedule of Investment in Finance Leases

At September 30, 2018 and December 31, 2017, net investment in finance leases consisted of the following:

 

    September 30, 2018     December 31, 2017  
    (unaudited)        
Minimum rents receivable   $ 3,053,293     $ 6,639,597  
Estimated unguaranteed residual value     1,929,320       2,003,757  
Unearned income     (290,478 )     (1,230,515 )
Total   $ 4,692,135     $ 7,412,839  
XML 37 R26.htm IDEA: XBRL DOCUMENT v3.10.0.1
Investments in Equipment Subject to Operating Leases (Tables)
 9 Months Ended
Sep. 30, 2018
Leases, Operating [Abstract]  
Summary of Investments in Equipment Subject to Operating Leases

September 30, 2018:

 

Description   Cost Basis     Accumulated Depreciation     Net Book Value  
    (unaudited)     (unaudited)     (unaudited)  
Aircraft (Helicopters)   $ 9,432,030     $ 4,843,170     $ 4,588,860  
    $ 9,432,030     $ 4,843,170     $ 4,588,860  

 

December 31, 2017:

 

Description   Cost Basis     Accumulated Depreciation     Net Book Value  
                   
Aircraft (Helicopters)   $ 9,432,030     $ 3,874,536     $ 5,557,494  
    $ 9,432,030     $ 3,874,536     $ 5,557,494  
XML 38 R27.htm IDEA: XBRL DOCUMENT v3.10.0.1
Equipment Notes Receivable (Tables)
 9 Months Ended
Sep. 30, 2018
Receivables [Abstract]  
Schedule of Future Maturity of Notes Receivable

The future maturities of the Partnership’s equipment notes receivable at September 30, 2018 are as follows:

 

Years ending September 30, (unaudited)      
       
2019     6,901,636  
2020     3,648,809  
2021     3,018,791  
2022     1,957,946  
2023     174,611  
    $ 15,701,793  
XML 39 R28.htm IDEA: XBRL DOCUMENT v3.10.0.1
Fair Value of Financial Instruments (Tables)
 9 Months Ended
Sep. 30, 2018
Fair Value Disclosures [Abstract]  
Schedule of Carrying Value of Financial Instruments

The Partnership’s carrying values and approximate fair values of its financial instruments were as follows:

 

    September 30, 2018     December 31, 2017  
    Carrying
Value		     Fair Value     Carrying
Value		     Fair Value  
    (unaudited)     (unaudited)              
Assets:                                
Equipment notes receivable   $ 15,701,793     $ 15,701,793     $ 16,497,270     $ 16,497,270  
Collateralized loans receivable   $ 40,358,589     $ 40,358,589     $ 38,012,853     $ 38,012,853  
Liabilities:                                
Loans payable   $ 66,635,114     $ 66,635,114     $ 68,044,254     $ 68,044,254  
XML 40 R29.htm IDEA: XBRL DOCUMENT v3.10.0.1
Geographic Information (Tables)
 9 Months Ended
Sep. 30, 2018
Segment Reporting [Abstract]  
Schedule of Geographic Information for Revenue

Geographic information for revenue for the three months ended September 30, 2018 and 2017 was as follows:

 

    Three Months Ended September 30, 2018  
    United States     Europe     Mexico     Total  
    (unaudited)     (unaudited)     (unaudited)     (unaudited)  
Revenue:                                
Rental income   $ 252,000     $ —     $ —     $ 252,000  
Finance income   $ 316,690     $ 21,802     $ —     $ 338,492  
Interest income   $ 525,648     $ 481,573     $ 187,044     $ 1,194,265  
Income from equipment investment through SPV   $ —     $ 4,774,457     $ —     $ 4,774,457  

 

    Three Months Ended September 30, 2017
(unaudited)		  
    United States     Europe     Mexico     Total  
Revenue:                                
Rental income   $ 332,160     $ —     $ —     $ 332,160  
Finance income   $ 641,840     $ 30,242     $ —     $ 672,082  
Interest income   $ 1,201,925     $ —     $ —     $ 1,201,925  
Investment income from equity method investments   $ 6,792     $ —     $ —     $ 6,792  
Income from equipment investment through SPV   $ —     $ 4,035,381     $ —     $ 4,035,381  

 

Geographic information for revenue for the nine months ended September 30, 2018 and 2017 was as follows:

 

    Nine Months Ended September 30, 2018  
    United States     Europe     Mexico     Total  
    (unaudited)     (unaudited)     (unaudited)     (unaudited)  
Revenue:                                
Rental income   $ 756,000     $ —     $ —     $ 756,000  
Finance income   $ 981,716     $ 71,955     $ —     $ 1,053,671  
Interest income   $ 1,301,064     $ 1,678,573     $ 799,837     $ 3,779,474  
Income from equipment investment in SPV   $ —     $ 13,377,655     $ —     $ 13,377,655  

 

    Nine Months Ended September 30, 2017
(unaudited)		  
    United States     Europe     Mexico     Total  
Revenue:                                
Rental income   $ 1,342,436     $ —     $ —     $ 1,342,436  
Finance income   $ 1,606,981     $ 96,547     $ —     $ 1,703,528  
Interest income   $ 3,950,621     $ —     $ —     $ 3,950,621  
Investment loss from equity method investments   $ (5,148 )   $ —     $ —     $ (5,148 )
Gain on sale of assets   $ 120,601     $ 142,422     $ —     $ 263,023  
Income from equipment investment through SPV   $ -     $ 11,072,567     $ -     $ 11,072,567  
Schedule of Geographic Information for Long-lived Assets

Geographic information for long-lived assets at September 30, 2018 and December 31, 2017 was as follows:

 

    September 30, 2018  
    United States     Europe     Mexico     Total  
    (unaudited)     (unaudited)     (unaudited)     (unaudited)  
Long-lived assets:                                
Investment in finance leases, net   $ 3,636,617     $ 1,055,518     $ —     $ 4,692,135  
Investments in equipment subject to operating leases, net   $ 4,588,860     $ —     $ —     $ 4,588,860  
Equipment notes receivable, including accrued interest   $ 12,096,128     $ 2,261,811     $ 2,000,000     $ 16,357,939  
Equipment investment through SPV   $ —     $ 32,075,023     $ —     $ 32,075,023  
Collateralized loan receivable, including accrued interest   $ 10,461,691     $ 24,106,240     $ 6,849,998     $ 41,417,929  

 

    December 31, 2017  
    United States     Europe     Mexico     Total  
Long-lived assets:                                
Investment in finance leases, net   $ 7,116,760     $ 269,079     $ —     $ 7,412,839  
Investments in equipment subject to operating leases, net   $ 5,557,494     $ —     $ —     $ 5,557,494  
Equipment notes receivable, including accrued interest   $ 12,668,268     $ 2,189,488     $ 2,000,000     $ 16,857,756  
Equipment investment through SPV   $ —     $ 34,094,204     $ —     $ 34,094,204  
Collateralized loan receivable, including accrued interest   $ 5,821,153     $ 21,788,885     $ 13,524,438     $ 41,134,476  
XML 41 R30.htm IDEA: XBRL DOCUMENT v3.10.0.1
Organization and Nature of Operations (Details Narrative)
 9 Months Ended 64 Months Ended
Sep. 29, 2017
USD ($)
Jun. 30, 2017
USD ($)
Mar. 31, 2017
USD ($)
Mar. 29, 2017
USD ($)
Apr. 15, 2016
Dec. 28, 2015
USD ($)
Dec. 16, 2015
USD ($)
Jun. 03, 2015
USD ($)
Jan. 07, 2015
USD ($)
Sep. 30, 2018
USD ($)
$ / shares
Sep. 30, 2017
USD ($)
Sep. 30, 2018
USD ($)
Leases
$ / shares
shares
Jun. 21, 2018
USD ($)
May 30, 2018
USD ($)
Dec. 31, 2017
USD ($)
Apr. 28, 2017
USD ($)
Jan. 19, 2017
USD ($)
Dec. 31, 2016
USD ($)
Nov. 04, 2016
USD ($)
Apr. 22, 2016
USD ($)
Feb. 29, 2016
Dec. 29, 2015
USD ($)
Dec. 02, 2015
GBP (£)
Percentage of ownership                   20.00%   20.00%                      
Debt face amount                             $ 4,148,419       $ 700,000        
Net book value                                   $ 9,871,737          
Loans payable                   $ 66,635,114   $ 66,635,114     $ 68,044,254                
Cash paid for portfolio                   $ 85,093                        
Capital distribution                   1,504,139                          
Loan Agreement [Member]                                              
Debt face amount           $ 2,000,000               $ 5,000,000                  
Interest rate           11.00%                                  
Maturity date         Dec. 30, 2024 Dec. 28, 2020                                  
Maximum borrowing capacity                         $ 3,400,000                    
Juliet Participation A [Member]                                              
Debt face amount                                       $ 2,124,000      
Interest rate                                       6.00%      
Equipment notes receivables                                       $ 14,621,000      
Loan facility, cash                                       8,511,000      
Loan facility, interest                                       $ 3,986,000      
Juliet Participation B [Member]                                              
Interest rate                                       12.00%      
Limited Partner [Member]                                              
Capital distribution                   1,489,247   $ 74,965,064                      
Number of partners | Leases                       1,508                      
Sale of unit | shares                       74,965.07                      
Distribution to limited partners                       $ 72,504,327                      
Cash applied for additional units                       $ 2,460,737                      
Partnership additional units purchased | shares                       2,460.74                      
General Partner [Member]                                              
Capital distribution                   14,892                          
Accrued interest                   14,892   $ 14,892                      
Distribution payable                   $ 129,573   $ 129,573                      
SQN Alpha LLC [Member] | Promissory Note [Member]                                              
Debt face amount               $ 2,650,000                              
Interest rate               11.10%                              
Maturity date               Jun. 30, 2020                              
SQN Alpha LLC [Member] | Promissory Note [Member] | Alpha Participation A [Member]                                              
Debt face amount               $ 1,788,750                              
Interest rate               9.00%                              
SQN Alpha LLC [Member] | Promissory Note [Member] | Alpha Participation B [Member]                                              
Debt face amount               $ 861,250                              
Interest rate               15.05%                              
SQN Juliet, LLC [Member]                                              
Equipment notes receivables                                           $ 4,866,750  
SQN Juliet, LLC [Member] | Loan Agreement [Member]                                              
Debt face amount                                           $ 3,071,000  
SQN Juliet, LLC [Member] | Juliet Participation A [Member]                                              
Interest rate                                           8.50%  
Equipment notes receivables                                           $ 3,071,000  
SQN Juliet, LLC [Member] | Juliet Participation B [Member]                                              
Equipment notes receivables                                           $ 4,866,750  
SQN Marine, LLC [Member]                                              
Percentage of underwriting fee                   3.00%                          
Percentage of sales commission                   7.00%                          
Capital contribution percentage                   7.00%   7.00%                      
Price per unit, offering | $ / shares                   $ 1,000   $ 1,000                      
SQN Marine, LLC [Member] | Limited Partners [Member]                                              
Percentage of ownership                   99.00%   99.00%                      
Interest rate                   80.00%   80.00%                      
SQN Marine, LLC [Member] | Partnership Interest Agreement [Member]                                              
Acquisition of interest in assignment description             Marine acquired an 88.20% (90% of 98%) economic interest in a portfolio of container feeder vessels                                
Investment             $ 28,266,789                                
Contributed amount             12,135,718                                
SQN Marine, LLC [Member] | Partnership Interest Agreement [Member] | Third Parties One [Member]                                              
Loans payable             7,500,000                                
SQN Marine, LLC [Member] | Partnership Interest Agreement [Member] | Third Parties Two [Member]                                              
Loans payable             9,604,091                                
CONT Feeder [Member]                                              
Interest rate                   10.00%   10.00%                      
Loans payable                   $ 9,131,578   $ 9,131,578                      
CONT Feeder [Member] | Third Party [Member]                                              
Contributed amount                   $ 3,140,754                          
Percentage of purchase of shares                   10.00%                          
CONT Feeder [Member] | Unrelated Third Party [Member]                                              
Note payable             $ 14,375,654                                
SQN Helo LLC [Member]                                              
Participation interest                 $ 1,500,000                            
Purchase price of investment portfolio                 23,201,000                            
Cash paid for portfolio                 11,925,000                            
Nonrecourse indebtedness amount                 $ 11,276,000                            
Equity method investment advances                                   $ 1,465,000          
Distribution from related party $ 249,287 $ 250,000                                          
SQN Alpha LLC [Member]                                              
Percentage of ownership               32.50%                              
SQN Portfolio Acquisition Company, LLC [Member]                                              
Percentage of ownership               67.50%                              
SQN Helo LLC [Member]                                              
Partnership additional equity investment                                 $ 3,325,506            
Controlling financial interest 75.00%                               76.00%            
SQN Marine, LLC [Member] | General Partner [Member]                                              
Percentage of ownership                   1.00%   1.00%                      
Interest rate                   20.00%   20.00%                      
SQN AIF IV GP, LLC [Member]                                              
Partnership contribution                   $ 100   $ 100                      
Percentage of ownership                   1.00%   1.00%                      
SQN Alpha LLC [Member]                                              
Percentage of investment for non controlling interest               67.50%                              
UK Based Parent Company [Member] | Just Loans [Member]                                              
Interest rate                                         30.00%   10.00%
UK Based Parent Company [Member] | Just Loans [Member] | GBP [Member]                                              
Debt face amount | £                                             £ 10,075,000
Maximum borrowing capacity | £                                             £ 5,037,500
SQN AFI [Member]                                              
Percentage of loan     85.00% 85.00%                                      
SQN Asset Finance [Member]                                              
Debt face amount                               $ 370,187              
Maximum borrowing capacity     $ 374,610                                        
Percentage of loan     85.00%                                        
Advances to loan issuer     $ 6,416,092 $ 6,416,092                                      
Facility expiration date       Sep. 30, 2018                                      
Net book value     6,273,670                                        
Gain on financing lease     $ 142,422                                        
SQN PAC [Member]                                              
Debt face amount               $ 2,650,000                              
Interest rate               11.10%                              
Maturity date               Jun. 30, 2020                              
SQN PAC [Member] | SQN Helo LLC [Member]                                              
Percentage of ownership                 25.00% 50.00%   50.00%                      
Participation interest                 $ 1,500,000                            
Partnership [Member] | SQN Helo LLC [Member]                                              
Percentage of ownership                   50.00%   50.00%                      
XML 42 R31.htm IDEA: XBRL DOCUMENT v3.10.0.1
Summary of Significant Accounting Policies (Details Narrative) - USD ($)
 3 Months Ended 9 Months Ended 12 Months Ended
Sep. 30, 2018
Sep. 30, 2017
Sep. 30, 2018
Sep. 30, 2017
Dec. 31, 2017
Provision for lease, note, and loan losses $ 319,715 $ 1,485,167 $ 319,715 $ 3,001,573
Percentage of ownership 20.00%   20.00%    
Informage SQN Technologies LLC [Member]          
Percentage of ownership 24.50%   24.50%    
XML 43 R32.htm IDEA: XBRL DOCUMENT v3.10.0.1
Related Party Transactions (Details Narrative) - USD ($)
 3 Months Ended 9 Months Ended
Sep. 30, 2018
Sep. 30, 2017
Sep. 30, 2018
Sep. 30, 2017
Related Party Transactions [Abstract]        
Maximum percentage of average management fees 2.00%   2.00%  
Percentage of promotional interest     20.00%  
Percentage of cumulative return on capital contributions     8.00%  
Percentage interest in profits, losses and distributions of the partnership     1.00%  
Percentage of distributed distributable cash received by general partner     1.00%  
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 or the greater of, (i) 2.5% per annum of the aggregate offering proceeds, or (ii) $125,000 monthly, until such time as an amount equal to at least 15% of the Partnership's Limited Partners' capital contributions have been returned to the Limited Partners, after which the monthly management fee will equal 100% of the management fee as initially calculated above, less 1% for each additional 1% of the Partnership's Limited Partners' capital contributions returned to them. Such amounts are measured on the last day of each month.  
Management fee expense $ 375,000 $ 375,000 $ 1,125,000 $ 1,125,000
Percentage of gross proceeds of offering - underwriting fees     3.00%  
XML 44 R33.htm IDEA: XBRL DOCUMENT v3.10.0.1
Investments in Finance Leases (Details Narrative)
 1 Months Ended 12 Months Ended
Aug. 29, 2018
USD ($)
Mar. 15, 2018
USD ($)
Mar. 30, 2017
USD ($)
Jun. 24, 2016
USD ($)
Jan. 31, 2016
USD ($)
Dec. 30, 2015
USD ($)
Dec. 29, 2015
USD ($)
Oct. 30, 2015
USD ($)
Sep. 01, 2015
USD ($)
Apr. 30, 2015
GBP (£)
Sep. 15, 2014
USD ($)
Mar. 31, 2014
USD ($)
Aug. 31, 2017
USD ($)
Apr. 30, 2017
USD ($)
Dec. 31, 2016
USD ($)
Dec. 31, 2016
USD ($)
Jun. 06, 2018
May 16, 2016
USD ($)
Jan. 31, 2016
GBP (£)
Apr. 30, 2015
USD ($)
Apr. 30, 2015
GBP (£)
Net book value                             $ 9,871,737 $ 9,871,737          
Payment of equipment lease receivables $ 152,422                   $ 20,000,000                    
Foreign currency exchange rate                                 1.1449        
Purchased the finance lease   $ 93,230                                      
Lease payed as cash   173,009                                      
Debt forgiveness   $ 79,779                                      
Furniture and Fixtures and Server Equipment [Member]                                          
Lease term       31 months 36 months                                
Payment of equipment lease receivables       $ 12,464 $ 77,727                                
Furniture, fixtures and equipment lease       $ 337,131 $ 2,700,000                                
Third Party 2 [Member]                                          
Net book value     $ 248,240                                    
Contributed amount     250,696                                    
Gain on financing lease     $ 2,456                                    
Computer Hardware & Software [Member]                                          
Lease term           30 months                              
Payment of equipment lease receivables           $ 58,950                              
Furniture, fixtures and equipment lease           $ 1,500,000                              
Anaerobic Digestion Plant [Member]                                          
Furniture, fixtures and equipment lease                                   $ 59,823      
Foreign currency exchange rate                                   1.4375      
Anaerobic Digestion Plant [Member] | GBP [Member]                                          
Furniture, fixtures and equipment lease | £                                     £ 41,616    
Computer Networking Equipment [Member]                                          
Lease term             36 months 36 months 36 months                        
Payment of equipment lease receivables             $ 12,456 $ 9,460 $ 14,195                        
Furniture, fixtures and equipment lease             $ 389,266 $ 297,689 $ 446,677                        
Gamma Knife Suite [Member]                                          
Furniture, fixtures and equipment lease                                       $ 576,750  
Foreign currency exchange rate                                       1.538 1.538
Lease payable date                   July 2015 through April 2020                      
Gamma Knife Suite [Member] | GBP [Member]                                          
Payment of equipment lease receivables | £                   £ 25,060                      
Furniture, fixtures and equipment lease | £                                         £ 375,000
Medical Equipment [Member]                                          
Lease term                       48 months                  
Payment of equipment lease receivables                       $ 7,415                  
Furniture, fixtures and equipment lease                       $ 247,920                  
Lease Agreement [Member]                                          
Lease term                             18 months            
Payment of equipment lease receivables                             $ 90,116            
Aircraft rotable parts equipment                             775,000            
Aircraft [Member]                                          
Net book value                             $ 3,378,129 $ 3,378,129          
Lease term                         24 months     18 months          
Payment of equipment lease receivables                         $ 79,167     $ 79,167          
Other finance lease monthly payments                           48 months              
Other finance lease payments                           $ 32,500              
XML 45 R34.htm IDEA: XBRL DOCUMENT v3.10.0.1
Investments in Finance Leases - Schedule of Investment in Finance Leases (Details) - USD ($)
Sep. 30, 2018
Dec. 31, 2017
Leases, Capital [Abstract]    
Minimum rents receivable $ 3,053,293 $ 6,639,597
Estimated unguaranteed residual value 1,929,320 2,003,757
Unearned income (290,478) (1,230,515)
Total investments in finance leases $ 4,692,135 $ 7,412,839
XML 46 R35.htm IDEA: XBRL DOCUMENT v3.10.0.1
Investments in Equipment Subject to Operating Leases (Details Narrative) - USD ($)
 3 Months Ended 9 Months Ended
Sep. 30, 2018
Sep. 30, 2018
Dec. 31, 2016
Sep. 15, 2014
Net book value     $ 9,871,737  
Operating leases amount   $ 80,160    
Operating lease expiration   expired in August 2017    
Lease term       5 years
Depreciation expenses $ 322,878 $ 968,634    
Operating Lease One [Member ]        
Operating leases amount   $ 32,500    
Lease term 48 months 48 months    
Operating Lease Two [Member ]        
Operating leases amount   $ 32,500    
Lease term 48 months 48 months    
Operating Lease Three [Member ]        
Operating leases amount   $ 19,000    
Lease term 48 months 48 months    
XML 47 R36.htm IDEA: XBRL DOCUMENT v3.10.0.1
Investments in Equipment Subject to Operating Leases - Summary of Investments in Equipment Subject to Operating Leases (Details) - USD ($)
Sep. 30, 2018
Dec. 31, 2017
Cost Basis $ 9,432,030 $ 9,432,030
Accumulated Depreciation 4,843,170 3,874,536
Net Book Value 4,588,860 5,557,494
Aircraft (Helicopters) [Member]    
Cost Basis 9,432,030 9,432,030
Accumulated Depreciation 4,843,170 3,874,536
Net Book Value $ 4,588,860 $ 5,557,494
XML 48 R37.htm IDEA: XBRL DOCUMENT v3.10.0.1
Equipment Notes Receivable (Details Narrative)
 1 Months Ended 3 Months Ended 9 Months Ended
Jun. 21, 2018
USD ($)
Jul. 20, 2017
USD ($)
Mar. 31, 2017
USD ($)
Mar. 29, 2017
USD ($)
Jan. 18, 2017
USD ($)
Jan. 09, 2017
USD ($)
Dec. 23, 2016
USD ($)
Dec. 02, 2016
USD ($)
Aug. 17, 2016
USD ($)
Jun. 30, 2016
USD ($)
Jun. 29, 2016
USD ($)
Jun. 24, 2016
USD ($)
Jun. 03, 2016
USD ($)
Apr. 14, 2016
USD ($)
Mar. 04, 2016
USD ($)
Jan. 23, 2016
USD ($)
Dec. 14, 2015
USD ($)
Nov. 04, 2015
USD ($)
Oct. 30, 2015
USD ($)
Feb. 24, 2015
USD ($)
Dec. 22, 2014
USD ($)
Dec. 19, 2014
USD ($)
May 09, 2014
USD ($)
May 02, 2014
USD ($)
Sep. 27, 2013
USD ($)
May 31, 2018
USD ($)
Jun. 30, 2015
USD ($)
Sep. 30, 2018
USD ($)
Sep. 30, 2018
USD ($)
Aug. 08, 2018
Dec. 31, 2017
USD ($)
Sep. 30, 2017
USD ($)
Apr. 28, 2017
USD ($)
Dec. 31, 2016
USD ($)
Dec. 13, 2016
USD ($)
Nov. 04, 2016
USD ($)
Sep. 30, 2016
USD ($)
Apr. 22, 2016
USD ($)
Apr. 18, 2016
USD ($)
Feb. 18, 2016
USD ($)
Dec. 31, 2015
GBP (£)
Dec. 29, 2015
USD ($)
Jan. 31, 2015
USD ($)
Dec. 31, 2014
USD ($)
Debt face amount                                                             $ 4,148,419         $ 700,000                
Net book value                                                                   $ 9,871,737                    
Interest income debt                                                       $ 49,786 $ 387,283                              
SQN AFI [Member]                                                                                        
Percentage of loan     85.00% 85.00%                                                                                
Proceeds from related party     $ 6,416,092                                                                                  
Partnership [Member]                                                                                        
Debt face amount     $ 374,610                                                           $ 370,187                      
Interest rate 9.00% 12.00%                                                       50.00%                            
Maturity date May 30, 2028                                                                                      
Loan facility term   24 months                                                                                    
Interest income debt                                                       116,977 347,116                              
Loan facility maximum borrowing $ 5,000,000 $ 3,867,435                                                                       $ 2,389,041            
Partnership [Member]                                                                                        
Loan facility interest and principal payment                   $ 2,500,000                                                                    
Juliet [Member]                                                                                        
Loan facility interest and principal payment                   $ 3,893,165                                                                    
Net book value                                                       6,273,670 6,273,670                              
Gain on financing lease                                                         142,422                              
Manufacturing/Solar Equipment [Member]                                                                                        
Debt face amount       $ 3,893,165 $ 3,893,165                                                                              
Proceeds from issuance of debt       4,107,294 4,021,250                                                                              
Accrued interest       $ 214,129 $ 128,085                                                                              
Partnership reserve on asset                                                       1,485,167 1,485,167   1,022,742                          
Manufacturing/Solar Equipment [Member] | Partnership [Member]                                                                                        
Debt face amount                 $ 730,170   $ 3,893,165                                                                  
Interest rate                 10.50%   11.00%                                                                  
Maturity date                 Aug. 01, 2019   Mar. 31, 2021                                                                  
Loan facility term                 36 months   51 months                                                                  
Interest rate balloon payment                 5.00%   8.00%                                                                  
Manufacturing/Solar Equipment [Member] | Juliet [Member]                                                                                        
Debt face amount                     $ 2,500,000                                                                  
Interest rate                     11.00%                                                                  
Maturity date                     Mar. 31, 2021                                                                  
Loan facility term                     51 months                                                                  
Interest rate balloon payment                     8.00%                                                                  
Construction Equipment [Member]                                                                                        
Debt face amount                       $ 1,289,163 $ 205,000 $ 1,529,674                                                            
Loan facility interest and principal payment                       $ 24,326 $ 4,450 $ 28,865                                                            
Maturity date                       Jun. 30, 2022 Jun. 30, 2021 Mar. 31, 2022                                                            
Loan facility term                       72 months 60 months 72 months                                                            
Interest income debt                                                       121,919 384,306                              
Construction Equipment [Member] | Juliet [Member]                                                                                        
Debt face amount             $ 2,335,960 $ 43,177                                                   $ 1,619,283     $ 1,426,732              
Loan facility interest and principal payment             $ 48,100 $ 950                                         $ 57,925                              
Maturity date             Jun. 30, 2021 Nov. 30, 2021                                         Sep. 30, 2022                              
Loan facility term             60 months 60 months                                         72 months                              
Proceeds from issuance of debt           $ 2,252,389                                                                            
Net book value           2,239,760                                                                            
Gain on financing lease           $ 12,629                                                                            
Transportation Equipment [Member]                                                                                        
Debt face amount                             $ 204,303 $ 247,194                                                        
Loan facility interest and principal payment                             $ 4,045 $ 4,697                                                        
Maturity date                             Mar. 03, 2022 Jan. 23, 2022                                                        
Loan facility term                             72 months 72 months                                                        
Interest income debt                                                       8,784 $ 27,756                              
Secured Business Loans [Member]                                                                                        
Interest rate                                                                                 10.00%      
Interest rate balloon payment                                                                                 30.00%      
Advances to loan issuer                                                                                   $ 2,974,000    
Secured Business Loans [Member] | SQN Juliet, LLC [Member]                                                                                        
Advances to loan issuer                                                                     $ 740,160       $ 2,140,350 $ 2,878,000        
Secured Business Loans [Member] | GBP [Member]                                                                                        
Debt face amount | £                                                                                 £ 10,075,000      
Loan facility maximum borrowing | £                                                                                 £ 5,037,500      
Honey Production Equipment [Member]                                                                                        
Debt face amount                                 $ 12,789                                                      
Loan facility interest and principal payment                                 $ 425                                                      
Maturity date                                 Nov. 30, 2018                                                      
Loan facility term                                 36 months                                                      
Interest income debt                                                       16 183                              
Towing Equipment [Member]                                                                                        
Debt face amount                                     $ 96,000                                                  
Loan facility interest and principal payment                                     $ 2,041             $ 2,450                                    
Maturity date                                     Oct. 31, 2020             Aug. 31, 2022                                    
Loan facility term                                     60 months             51 months                                    
Interest income debt                                                       2,343 5,591                              
Tractor and Trailer Equipment [Member]                                                                                        
Debt face amount                                   $ 15,000 $ 147,919                                                  
Loan facility interest and principal payment                                   $ 330 $ 3,255                                                  
Maturity date                                   Oct. 31, 2020 Oct. 31, 2020                                                  
Loan facility term                                   60 months 60 months                                                  
Interest income debt                                                       2,642 8,544                              
Furniture, Fixtures and Equipment [Member]                                                                                        
Debt face amount                                     $ 817,045                                                  
Loan facility interest and principal payment                                     $ 26,145                                                  
Interest rate                                     18.84%                                                  
Maturity date                                     Nov. 01, 2018                                                  
Loan facility term                                     35 months                                                  
Interest income debt                                                       5,895 $ 26,812                              
Loan facility balloon payment                                     $ 117,000                                                  
Mineral Processing Equipment [Member]                                                                                        
Loan facility interest and principal payment                                                 $ 68,718                                      
Maturity date                                                 Sep. 30, 2017                                      
Loan facility term                                                 48 months                                      
Partnership reserve on asset                                                             $ 1,043,347                          
Loan facility maximum borrowing                                                 $ 3,000,000                                      
Advances to loan issuer                                                 2,500,000                                      
Loan facility balloon payment                                                               $ 500,000                        
Original payment                                                 $ 69,577                                      
Mineral Equipment Loan Facility [Member]                                                                                        
Debt face amount                                             $ 500,000                                          
Loan facility interest and principal payment                                             $ 15,764                                          
Maturity date                                             Sep. 30, 2017                                          
Loan facility term                                             41 months                                          
Mineral Equipment Promissory Note Refinance [Member]                                                                                        
Debt face amount                                         $ 200,000                                              
Loan facility interest and principal payment                                       $ 79,255                                                
Loan facility term                                       48 months                                                
Accrued interest                                         204,721                                              
Outstanding principal amount                                         2,537,822                                              
Note receivable                                         $ 2,883,347                                              
Mineral Equipment Promissory Note Refinance [Member] | January 2019 [Member]                                                                                        
Maturity date                                                         Jan. 31, 2019                              
Loan facility balloon payment                                                       500,000 $ 500,000                              
Mineral Equipment Promissory Note Refinance [Member] | January 25, 2019 [Member]                                                                                        
Maturity date                                         Jan. 31, 2023                                              
Outstanding principal amount                                         $ 150,000                                              
Mineral Processing Equipment Promissory Note [Member]                                                                                        
Advances to loan issuer                                                                                     $ 100,000 $ 100,000
Loan principal payment                                                     $ 40,000                                  
Medical Equipment Note 1 [Member]                                                                                        
Debt face amount                                           $ 667,629                                            
Loan facility interest and principal payment                                           $ 15,300                                            
Loan facility term                                           60 months                                            
Interest income debt                                                       7,527 26,355                              
Brake Manufacturing Equipment Notes Receivable [Member]                                                                                        
Debt face amount                                               $ 432,000                                        
Loan facility interest and principal payment                                               $ 34,786                                        
Interest rate                                               12.50%                                        
Maturity date                                               Jan. 31, 2018   Dec. 31, 2018                                    
Interest income debt                                                       $ 5,299 $ 15,724                              
XML 49 R38.htm IDEA: XBRL DOCUMENT v3.10.0.1
Equipment Notes Receivable - Schedule of Future Maturity of Notes Receivable (Details)
Sep. 30, 2018
USD ($)
Receivables [Abstract]  
2019 $ 6,901,636
2020 3,648,809
2021 3,018,791
2022 1,957,946
2023 174,611
Total $ 15,701,793
XML 50 R39.htm IDEA: XBRL DOCUMENT v3.10.0.1
Residual Value Investment in Equipment on Lease (Details Narrative) - USD ($)
Aug. 29, 2018
Sep. 15, 2014
Sep. 30, 2018
Dec. 31, 2017
Original equipment cost $ 152,422 $ 20,000,000    
Lease term   5 years    
Residual value investment in equipment on lease     $ 2,775,060 $ 2,775,060
Master Lease Agreement [Member]        
Percentage of financing   15.00%    
Lease commitment   $ 3,000,000    
Master Lease Agreement [Member] | Third Party [Member]        
Percentage of financing   85.00%    
Lease commitment   $ 17,000,000    
Maximum [Member]        
Original equipment cost   $ 3,000,000    
XML 51 R40.htm IDEA: XBRL DOCUMENT v3.10.0.1
Collateralized Loan Receivable (Details Narrative)
 1 Months Ended 3 Months Ended 9 Months Ended 12 Months Ended
Jul. 31, 2018
USD ($)
Jun. 21, 2018
USD ($)
Jul. 20, 2017
USD ($)
Sep. 23, 2016
USD ($)
Sep. 12, 2016
USD ($)
Aug. 05, 2016
USD ($)
May 05, 2016
USD ($)
Apr. 25, 2016
USD ($)
Apr. 15, 2016
Dec. 28, 2015
USD ($)
Oct. 02, 2015
USD ($)
Aug. 13, 2015
USD ($)
Jun. 03, 2015
USD ($)
May 13, 2015
USD ($)
Sep. 30, 2018
USD ($)
Feb. 28, 2018
USD ($)
Aug. 31, 2017
USD ($)
Mar. 31, 2017
USD ($)
Jan. 31, 2016
USD ($)
Sep. 30, 2018
USD ($)
Sep. 30, 2018
USD ($)
Sep. 30, 2018
EUR (€)
Dec. 31, 2017
USD ($)
Aug. 31, 2018
USD ($)
Aug. 08, 2018
Jun. 06, 2018
May 30, 2018
USD ($)
Feb. 28, 2018
EUR (€)
Apr. 28, 2017
USD ($)
Nov. 04, 2016
USD ($)
Jul. 29, 2016
USD ($)
Apr. 22, 2016
USD ($)
Aug. 13, 2015
EUR (€)
Debt face amount                                             $ 4,148,419             $ 700,000      
Interest income                                       $ 49,786 $ 387,283                        
Payment of facility                                         145,377                        
Foreign currency exchange rate                                                   1.1449              
February 28 2018 [Member]                                                                  
Promissory note interest rate percentage                                             9.00%                    
Promissory note maturity date                                             Sep. 30, 2019                    
Euro [Member]                                                                  
Payment of facility | €                                           € 126,979                      
Accrued interest | €                                                       € 5,167,426          
SQN PAC [Member]                                                                  
Debt face amount                         $ 2,650,000                                        
Promissory note interest rate percentage                         11.10%                                        
Promissory note maturity date                         Jun. 30, 2020                                        
Percentage of ownership interest in alpha, a special purpose entity                         67.50%                                        
Promissory Note [Member]                                                                  
Interest income                                       22,216 22,216                        
Loan Note Instrument [Member]                                                                  
Debt face amount                       $ 1,824,992                                     $ 1,574,724    
Promissory note interest rate percentage                       18.00%                                         18.00%
Promissory note maturity date                       Nov. 30, 2016                                          
Interest income                                       138,233 449,872                        
Foreign currency exchange rate                       1.1128                                         1.1128
Promissory note maturity date, starting                       May 16, 2016                                          
Proceeds from additional line of credit                           $ 56,750                                      
Loan Note Instrument [Member] | Euro [Member]                                                                  
Debt face amount | €                                                                 € 1,640,000
Third Party [Member]                                                                  
Promissory note interest rate percentage             12.00%                                                    
Promissory note maturity date                             May 05, 2020                                    
Loan facility maximum borrowing capacity             $ 2,926,342                                                    
Interest income                                       58,487 173,553                        
Loan facility term             24 months                                                    
Proceeds from additional line of credit             $ 2,926,000                                                    
Assignment Agreement [Member] | Juliet [Member]                                                                  
Debt face amount $ 2,000,000                                                                
Promissory note interest rate percentage 9.00%                                                                
Promissory note maturity date Jul. 31, 2019                                                                
Assignment Agreement [Member] | Partnership and Juliet [Member]                                                                  
Promissory note interest rate percentage                                               85.00%                  
Loan facility maximum borrowing capacity                                               $ 1,715,500                  
Loan Agreement [Member]                                                                  
Debt face amount                   $ 2,000,000                                 $ 5,000,000            
Promissory note interest rate percentage                   11.00%                                              
Promissory note maturity date                 Dec. 30, 2024 Dec. 28, 2020                                              
Loan facility maximum borrowing capacity   $ 3,400,000                                                              
Interest income                                       55,000 165,000                        
Payment of facility           $ 452,604                   $ 278,919 $ 305,550 $ 335,644                              
Loan Agreement [Member] | Promissory Note [Member]                                                                  
Interest income                                       58,161 172,588                        
Participation Agreement [Member] | Alpha Participation A [Member]                                                                  
Debt face amount                         $ 1,788,750                                        
Promissory note interest rate percentage                         9.00%                                        
Participation Agreement [Member] | Alpha Participation B [Member]                                                                  
Debt face amount                         $ 861,250                                        
Promissory note interest rate percentage                         15.05%                                        
Interest income                                       32,961 97,809                        
Syndicated Loan Agreement [Member]                                                                  
Payment of facility                                     $ 2,610,959                            
Contributed amount                     $ 5,000,000                                            
Borrowing amount                     $ 40,000,000                                            
Partnership [Member]                                                                  
Debt face amount                                   $ 374,610                     $ 370,187        
Promissory note interest rate percentage   9.00% 12.00%                                           50.00%                
Promissory note maturity date   May 30, 2028                                                              
Loan facility maximum borrowing capacity   $ 5,000,000 $ 3,867,435                                                         $ 2,389,041  
Interest income                                       116,977 347,116                        
Loan facility term     24 months                                                            
Juliet [Member]                                                                  
Promissory note interest rate percentage   9.00%                                                              
Promissory note maturity date   May 30, 2028                                                              
Loan facility maximum borrowing capacity   $ 5,000,000                                                           $ 3,985,959  
Partnership and Juliet [Member]                                                                  
Interest income                                       151,250 151,250                        
Partnership One [Member]                                                                  
Promissory note interest rate percentage       12.00%                                                          
Loan facility maximum borrowing capacity       $ 1,845,655                                                          
Interest income                                       28,862 99,676                        
Loan facility term       24 months                                                          
Partnership Two [Member]                                                                  
Promissory note interest rate percentage         12.00%                                                        
Loan facility maximum borrowing capacity         $ 2,215,270                                                        
Interest income                                       67,004 198,828                        
Loan facility term         24 months                                                        
Partnership Three [Member]                                                                  
Debt face amount                             $ 2,244,538         $ 2,244,538 $ 2,244,538                        
Promissory note interest rate percentage                             10.00%         10.00% 10.00%                        
Interest income                                       $ 187,044 $ 799,837                        
Payment for principal interest                                         3,699,815                        
Total cash proceeds from issuance of debt   $ 5,568,262                                                              
Partnership Three [Member] | July 21, 2016 through December 31, 2017 [Member]                                                                  
Debt face amount                             $ 12,342,624         $ 12,342,624 $ 12,342,624                        
Borrower [Member] | Loan Agreement [Member] | Promissory Note [Member]                                                                  
Debt face amount               $ 1,763,230                                                  
Promissory note interest rate percentage               20.00%                                                  
Promissory note maturity date               Feb. 08, 2020                                                  
General Partner [Member]                                                                  
Percentage of ownership interest in alpha, a special purpose entity                         32.50%                                        
XML 52 R41.htm IDEA: XBRL DOCUMENT v3.10.0.1
Investment in Informage SQN Technologies LLC (Details Narrative) - USD ($)
 12 Months Ended
Dec. 31, 2016
Sep. 30, 2018
Dec. 31, 2017
Aug. 01, 2014
Percentage of ownership   20.00%    
Informage SQN [Member]        
Advances $ 1,357,622      
Return of capital $ 690,936      
Partnership reserve on investment     $ 537,754  
Partnership investment balance   $ 0    
Informage SQN [Member] | Third Party [Member]        
Percentage of ownership       51.00%
SQN PAC [Member] | Informage SQN [Member]        
Percentage of ownership       24.50%
XML 53 R42.htm IDEA: XBRL DOCUMENT v3.10.0.1
Equipment Investment through SPV (Details Narrative)
 3 Months Ended 9 Months Ended
Dec. 16, 2015
USD ($)
Container
Sep. 30, 2018
USD ($)
Sep. 30, 2017
USD ($)
Sep. 30, 2018
USD ($)
Sep. 30, 2017
USD ($)
Percentage of acquired interest   20.00%   20.00%  
Depreciation expense   $ 677,000   $ 2,030,000  
Interest expense   1,140,138 $ 1,152,812 3,412,044 $ 3,687,328
CONT Feeder [Member]          
Income   4,775,000   13,378,000  
Charter rental fees   4,848,000   13,526,000  
Ship operating expenses   2,473,000   7,421,000  
Ship management fees and charter commissions fees   437,000   1,382,000  
General and administrative expenses   1,033,000   1,982,000  
Depreciation expense   677,000   2,030,000  
Interest expense   228,000   711,000  
Net loss   73,000   148,000  
SQN Marine, LLC [Member]          
Acquisition of interest in assignment description Marine acquired an 88.20% (90% of 98%) economic interest in a portfolio of container feeder vessels.        
Percentage of acquired interest 88.20%        
SQN Marine, LLC [Member] | CONT Feeder [Member]          
Number of container feeders vessels | Container 9        
Payment to acquire equipment investment $ 37,911,665        
Drydocking fees 4,158,807     1,683,807  
Inventory supplies 337,923 253,454   253,454  
Investment $ 42,408,395 32,075,023   32,075,023  
SQN Marine, LLC [Member] | Feeder Vessels [Member]          
Investment   $ 30,137,762   $ 30,137,762  
XML 54 R43.htm IDEA: XBRL DOCUMENT v3.10.0.1
Other Assets (Details Narrative)
Sep. 30, 2018
USD ($)
Other assets receivable $ 3,897,655
Partnership's Equipment Investment through SPV [Member] | Maximum [Member]  
Other assets receivable 2,355,950
Partnership's Equipment Investment through SQN Helo [Member]  
Other assets receivable $ 597,250
XML 55 R44.htm IDEA: XBRL DOCUMENT v3.10.0.1
Loans Payable (Details Narrative) - USD ($)
 1 Months Ended 9 Months Ended
May 05, 2016
Sep. 30, 2018
Sep. 30, 2018
Dec. 31, 2017
Nov. 04, 2016
Apr. 22, 2016
Loan facility       $ 4,148,419 $ 700,000  
Loan payable   $ 66,635,114 $ 66,635,114 $ 68,044,254    
Third Party [Member]            
Interest rate 12.00%          
Proceeds from line of credit $ 2,926,000          
Maturity date   May 05, 2020        
SQN Helo [Member]            
Interest rate   7.00% 7.00%      
Loan payable   $ 9,245,578 $ 9,245,578      
SQN Helo [Member] | PIK Interest [Member]            
Interest rate   3.50% 3.50%      
Maturity date     Jan. 06, 2022      
CONT Feeder [Member]            
Proceeds from related party debt     $ 14,375,654      
Maturity date     Dec. 16, 2020      
SQN Juliet, LLC [Member] | Third Party Affiliate [Member]            
Borrowings           $ 14,621,000
Loan facility           2,124,000
Loan facility, cash           8,511,000
Loan facility, interest           $ 3,986,000
Interest rate           6.00%
SQN Juliet, LLC [Member] | Third Party Affiliate [Member] | PIK Interest [Member]            
Interest rate           1.50%
CONT Feeder [Member]            
Interest rate   10.00% 10.00%      
Loan payable   $ 9,131,578 $ 9,131,578      
CONT Feeder [Member] | Third Party Affiliate [Member]            
Proceeds from related party debt     9,604,091      
CONT Feeder [Member] | Third Party [Member]            
Proceeds from related party debt     $ 7,500,000      
XML 56 R45.htm IDEA: XBRL DOCUMENT v3.10.0.1
Fair Value of Financial Instruments - Schedule of Carrying Value of Financial Instruments (Details) - USD ($)
Sep. 30, 2018
Dec. 31, 2017
Equipment notes receivable $ 16,357,939 $ 16,857,756
Collateralized loans receivable 41,417,929 41,134,476
Loans payable 66,635,114 68,044,254
Carrying Value [Member]    
Equipment notes receivable 15,701,793 16,497,270
Collateralized loans receivable 40,358,589 38,012,853
Loans payable 66,635,114 68,044,254
Fair Value [Member]    
Equipment notes receivable 15,701,793 16,497,270
Collateralized loans receivable 40,358,589 38,012,853
Loans payable $ 66,635,114 $ 68,044,254
XML 57 R46.htm IDEA: XBRL DOCUMENT v3.10.0.1
Business Concentrations (Details Narrative)
 9 Months Ended
Sep. 30, 2018
Sep. 30, 2017
Rental Income Operating Leases [Member] | Lessee #1 [Member]    
Concentration risk percentage 100.00% 56.00%
Rental Income Operating Leases [Member] | Lessee #2 [Member]    
Concentration risk percentage   42.00%
Income from Finance Leases [Member] | Lessee #2 [Member]    
Concentration risk percentage 19.00% 31.00%
Income from Finance Leases [Member] | Lessee #1 [Member]    
Concentration risk percentage 54.00% 31.00%
Income from Finance Leases [Member] | Lessee #3 [Member]    
Concentration risk percentage   20.00%
Interest Income [Member] | Leases [Member]    
Concentration risk percentage 21.00% 18.00%
Interest Income [Member] | Leasees One [Member]    
Concentration risk percentage 12.00% 14.00%
Interest Income [Member] | Leasees Two [Member]    
Concentration risk percentage 10.00% 13.00%
Interest Income [Member] | Leasees Three [Member]    
Concentration risk percentage 10.00%  
Interest Income [Member] | Leasees Three [Member]    
Concentration risk percentage   11.00%
Investment in Finance Leases [Member] | Lessee #1 [Member]    
Concentration risk percentage 43.00% 33.00%
Investment in Finance Leases [Member] | Lessee #2 [Member]    
Concentration risk percentage 20.00% 20.00%
Investment in Finance Leases [Member] | Lessee #3 [Member]    
Concentration risk percentage 18.00% 18.00%
Investment in Finance Leases [Member] | Lessee #4 [Member]    
Concentration risk percentage 15.00% 10.00%
Investment in operating Leases [Member] | Lessee #1 [Member]    
Concentration risk percentage 100.00% 100.00%
Investment in Equipment Notes Receivable [Member] | Leasees Three [Member]    
Concentration risk percentage 12.00% 11.00%
Investment in Equipment Notes Receivable [Member] | Leasees [Member]    
Concentration risk percentage 35.00% 36.00%
Investment in Equipment Notes Receivable [Member] | Leasees One [Member]    
Concentration risk percentage 32.00% 29.00%
Investment in Equipment Notes Receivable [Member] | Leasees Two [Member]    
Concentration risk percentage 14.00% 16.00%
Investment In Collateralized Loans Receivable [Member] | Leasees One [Member]    
Concentration risk percentage   16.00%
Investment In Collateralized Loans Receivable [Member] | Leasees Two [Member]    
Concentration risk percentage   13.00%
Investment In Collateralized Loans Receivable [Member] | Leasees Three [Member]    
Concentration risk percentage   10.00%
Investment In Collateralized Loans Receivable [Member] | Leasees Three [Member]    
Concentration risk percentage 15.00%  
Investment In Collateralized Loans Receivable [Member] | Leasees [Member]    
Concentration risk percentage 17.00% 32.00%
Investment In Collateralized Loans Receivable [Member] | Leasees One [Member]    
Concentration risk percentage 17.00%  
Investment In Collateralized Loans Receivable [Member] | Leasees Two [Member]    
Concentration risk percentage 15.00%  
Investment in Residual Value Leases [Member] | Lessee #1 [Member]    
Concentration risk percentage 100.00% 100.00%
XML 58 R47.htm IDEA: XBRL DOCUMENT v3.10.0.1
Geographic Information - Schedule of Geographic Information for Revenue (Details) - USD ($)
 3 Months Ended 9 Months Ended
Sep. 30, 2018
Sep. 30, 2017
Sep. 30, 2018
Sep. 30, 2017
Rental income $ 252,000 $ 332,160 $ 756,000 $ 1,342,436
Finance income 338,492 672,082 1,053,671 1,703,528
Interest income 1,194,265 1,201,925 3,779,474 3,950,621
Investment income from equity method investments 6,792 (5,148)
Gain on asset sale 263,023
Income from equipment investment SPV 4,774,457 4,035,381 13,377,655 11,072,567
United States [Member]        
Rental income 252,000 332,160 756,000 1,342,436
Finance income 316,690 641,840 981,716 1,606,981
Interest income 525,648 1,201,925 1,301,064 3,950,621
Investment income from equity method investments   6,792   (5,148)
Gain on asset sale       120,601
Income from equipment investment SPV
Europe [Member]        
Rental income
Finance income 21,802 30,242 71,955 96,547
Interest income 481,573 1,678,573
Investment income from equity method investments    
Gain on asset sale     142,422
Income from equipment investment SPV 4,774,457 4,035,381 13,377,655 11,072,567
Mexico [Member]        
Rental income
Finance income
Interest income 187,044 799,837
Investment income from equity method investments    
Gain on asset sale    
Income from equipment investment SPV
XML 59 R48.htm IDEA: XBRL DOCUMENT v3.10.0.1
Geographic Information - Schedule of Geographic Information for Long-lived Assets (Details) - USD ($)
Sep. 30, 2018
Dec. 31, 2017
Investment in finance leases, net $ 4,692,135 $ 7,412,839
Investments in equipment subject to operating leases, net 4,588,860 5,557,494
Equipment notes receivable, including accrued interest 16,357,939 16,857,756
Equipment investment through SPV 32,075,023 34,094,204
Collateralized loan receivable, including accrued interest 41,417,929 41,134,476
United States [Member]    
Investment in finance leases, net 3,636,617 7,116,760
Investments in equipment subject to operating leases, net 4,588,860 5,557,494
Equipment notes receivable, including accrued interest 12,096,128 12,668,268
Equipment investment through SPV
Collateralized loan receivable, including accrued interest 10,461,691 5,821,153
Europe [Member]    
Investment in finance leases, net 1,055,518 269,079
Investments in equipment subject to operating leases, net
Equipment notes receivable, including accrued interest 2,261,811 2,189,488
Equipment investment through SPV 32,075,023 34,094,204
Collateralized loan receivable, including accrued interest 24,106,240 21,788,885
Mexico [Member]    
Investment in finance leases, net
Investments in equipment subject to operating leases, net
Equipment notes receivable, including accrued interest 2,000,000 2,000,000
Equipment investment through SPV
Collateralized loan receivable, including accrued interest $ 6,849,998 $ 13,524,438
XML 60 R49.htm IDEA: XBRL DOCUMENT v3.10.0.1
Subsequent Events (Details Narrative)
Nov. 06, 2018
USD ($)
Subsequent Event [Member] | Financing Agreement [Member]  
Additional funded leasing amount $ 692,586
EXCEL 61 Financial_Report.xlsx IDEA: XBRL DOCUMENT begin 644 Financial_Report.xlsx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end XML 62 Show.js IDEA: XBRL DOCUMENT // Edgar(tm) Renderer was created by staff of the U.S. Securities and Exchange Commission. Data and content created by government employees within the scope of their employment are not subject to domestic copyright protection. 17 U.S.C. 105. var Show={};Show.LastAR=null,Show.showAR=function(a,r,w){if(Show.LastAR)Show.hideAR();var e=a;while(e&&e.nodeName!='TABLE')e=e.nextSibling;if(!e||e.nodeName!='TABLE'){var ref=((window)?w.document:document).getElementById(r);if(ref){e=ref.cloneNode(!0); e.removeAttribute('id');a.parentNode.appendChild(e)}} if(e)e.style.display='block';Show.LastAR=e};Show.hideAR=function(){Show.LastAR.style.display='none'};Show.toggleNext=function(a){var e=a;while(e.nodeName!='DIV')e=e.nextSibling;if(!e.style){}else if(!e.style.display){}else{var d,p_;if(e.style.display=='none'){d='block';p='-'}else{d='none';p='+'} e.style.display=d;if(a.textContent){a.textContent=p+a.textContent.substring(1)}else{a.innerText=p+a.innerText.substring(1)}}} XML 63 report.css IDEA: XBRL DOCUMENT /* Updated 2009-11-04 */ /* v2.2.0.24 */ /* DefRef Styles */ ..report table.authRefData{ background-color: #def; border: 2px solid #2F4497; font-size: 1em; position: absolute; } ..report table.authRefData a { display: block; font-weight: bold; } ..report table.authRefData p { margin-top: 0px; } ..report table.authRefData .hide { background-color: #2F4497; padding: 1px 3px 0px 0px; text-align: right; } ..report table.authRefData .hide a:hover { background-color: #2F4497; } ..report table.authRefData .body { height: 150px; overflow: auto; width: 400px; } ..report table.authRefData table{ font-size: 1em; } /* Report Styles */ ..pl a, .pl a:visited { color: black; text-decoration: none; } /* table */ ..report { background-color: white; border: 2px solid #acf; clear: both; color: black; font: normal 8pt Helvetica, Arial, san-serif; margin-bottom: 2em; } ..report hr { border: 1px solid #acf; } /* Top labels */ ..report th { background-color: #acf; color: black; font-weight: bold; text-align: center; } ..report th.void { background-color: transparent; color: #000000; font: bold 10pt Helvetica, Arial, san-serif; text-align: left; } ..report .pl { text-align: left; vertical-align: top; white-space: normal; width: 200px; white-space: normal; /* word-wrap: break-word; */ } ..report td.pl a.a { cursor: pointer; display: block; width: 200px; overflow: hidden; } ..report td.pl div.a { width: 200px; } ..report td.pl a:hover { background-color: #ffc; } /* Header rows... */ ..report tr.rh { background-color: #acf; color: black; font-weight: bold; } /* Calendars... */ ..report .rc { background-color: #f0f0f0; } /* Even rows... */ ..report .re, .report .reu { background-color: #def; } ..report .reu td { border-bottom: 1px solid black; } /* Odd rows... */ ..report .ro, .report .rou { background-color: white; } ..report .rou td { border-bottom: 1px solid black; } ..report .rou table td, .report .reu table td { border-bottom: 0px solid black; } /* styles for footnote marker */ ..report .fn { white-space: nowrap; } /* styles for numeric types */ ..report .num, .report .nump { text-align: right; white-space: nowrap; } ..report .nump { padding-left: 2em; } ..report .nump { padding: 0px 0.4em 0px 2em; } /* styles for text types */ ..report .text { text-align: left; white-space: normal; } ..report .text .big { margin-bottom: 1em; width: 17em; } ..report .text .more { display: none; } ..report .text .note { font-style: italic; font-weight: bold; } ..report .text .small { width: 10em; } ..report sup { font-style: italic; } ..report .outerFootnotes { font-size: 1em; } XML 65 FilingSummary.xml IDEA: XBRL DOCUMENT 3.10.0.1 html 368 255 1 false 132 0 false 8 false false R1.htm 00000001 - Document - Document and Entity Information Sheet http://sqncapital.com/role/DocumentAndEntityInformation Document and Entity Information Cover 1 false false R2.htm 00000002 - Statement - Condensed Consolidated Balance Sheets Sheet http://sqncapital.com/role/BalanceSheets Condensed Consolidated Balance Sheets Statements 2 false false R3.htm 00000003 - Statement - Condensed Consolidated Balance Sheets (Parenthetical) Sheet http://sqncapital.com/role/BalanceSheetsParenthetical Condensed Consolidated Balance Sheets (Parenthetical) Statements 3 false false R4.htm 00000004 - Statement - Condensed Consolidated Statements of Operations (Unaudited) Sheet http://sqncapital.com/role/StatementsOfOperations Condensed Consolidated Statements of Operations (Unaudited) Statements 4 false false R5.htm 00000005 - Statement - Condensed Consolidated Statements of Operations (Unaudited) (Parenthetical) Sheet http://sqncapital.com/role/StatementsOfOperationsParenthetical Condensed Consolidated Statements of Operations (Unaudited) (Parenthetical) Statements 5 false false R6.htm 00000006 - Statement - Condensed Consolidated Statements of Changes in Partners' Equity (Unaudited) Sheet http://sqncapital.com/role/StatementsOfChangesInPartnersEquity Condensed Consolidated Statements of Changes in Partners' Equity (Unaudited) Statements 6 false false R7.htm 00000007 - Statement - Condensed Consolidated Statements of Cash Flows (Unaudited) Sheet http://sqncapital.com/role/StatementsOfCashFlows Condensed Consolidated Statements of Cash Flows (Unaudited) Statements 7 false false R8.htm 00000008 - Disclosure - Organization and Nature of Operations Sheet http://sqncapital.com/role/OrganizationAndNatureOfOperations Organization and Nature of Operations Notes 8 false false R9.htm 00000009 - Disclosure - Summary of Significant Accounting Policies Sheet http://sqncapital.com/role/SummaryOfSignificantAccountingPolicies Summary of Significant Accounting Policies Notes 9 false false R10.htm 00000010 - Disclosure - Related Party Transactions Sheet http://sqncapital.com/role/RelatedPartyTransactions Related Party Transactions Notes 10 false false R11.htm 00000011 - Disclosure - Investments in Finance Leases Sheet http://sqncapital.com/role/InvestmentsInFinanceLeases Investments in Finance Leases Notes 11 false false R12.htm 00000012 - Disclosure - Investments in Equipment Subject to Operating Leases Sheet http://sqncapital.com/role/InvestmentsInEquipmentSubjectToOperatingLeases Investments in Equipment Subject to Operating Leases Notes 12 false false R13.htm 00000013 - Disclosure - Equipment Notes Receivable Notes http://sqncapital.com/role/EquipmentNotesReceivable Equipment Notes Receivable Notes 13 false false R14.htm 00000014 - Disclosure - Residual Value Investment in Equipment on Lease Sheet http://sqncapital.com/role/ResidualValueInvestmentInEquipmentOnLease Residual Value Investment in Equipment on Lease Notes 14 false false R15.htm 00000015 - Disclosure - Collateralized Loan Receivable Sheet http://sqncapital.com/role/CollateralizedLoanReceivable Collateralized Loan Receivable Notes 15 false false R16.htm 00000016 - Disclosure - Equipment Investment Through SPV Sheet http://sqncapital.com/role/EquipmentInvestmentThroughSpv Equipment Investment Through SPV Notes 16 false false R17.htm 00000017 - Disclosure - Other Assets Sheet http://sqncapital.com/role/OtherAssets Other Assets Notes 17 false false R18.htm 00000018 - Disclosure - Loans Payable Sheet http://sqncapital.com/role/LoansPayable Loans Payable Notes 18 false false R19.htm 00000019 - Disclosure - Fair Value of Financial Instruments Sheet http://sqncapital.com/role/FairValueOfFinancialInstruments Fair Value of Financial Instruments Notes 19 false false R20.htm 00000020 - Disclosure - Business Concentrations Sheet http://sqncapital.com/role/BusinessConcentrations Business Concentrations Notes 20 false false R21.htm 00000021 - Disclosure - Geographic Information Sheet http://sqncapital.com/role/GeographicInformation Geographic Information Notes 21 false false R22.htm 00000022 - Disclosure - Indemnifications Sheet http://sqncapital.com/role/Indemnifications Indemnifications Notes 22 false false R23.htm 00000023 - Disclosure - Subsequent Events Sheet http://sqncapital.com/role/SubsequentEvents Subsequent Events Notes 23 false false R24.htm 00000024 - Disclosure - Summary of Significant Accounting Policies (Policies) Sheet http://sqncapital.com/role/SummaryOfSignificantAccountingPoliciesPolicies Summary of Significant Accounting Policies (Policies) Policies http://sqncapital.com/role/SummaryOfSignificantAccountingPolicies 24 false false R25.htm 00000025 - Disclosure - Investments in Finance Leases (Tables) Sheet http://sqncapital.com/role/InvestmentsInFinanceLeasesTables Investments in Finance Leases (Tables) Tables http://sqncapital.com/role/InvestmentsInFinanceLeases 25 false false R26.htm 00000026 - Disclosure - Investments in Equipment Subject to Operating Leases (Tables) Sheet http://sqncapital.com/role/InvestmentsInEquipmentSubjectToOperatingLeasesTables Investments in Equipment Subject to Operating Leases (Tables) Tables http://sqncapital.com/role/InvestmentsInEquipmentSubjectToOperatingLeases 26 false false R27.htm 00000027 - Disclosure - Equipment Notes Receivable (Tables) Notes http://sqncapital.com/role/EquipmentNotesReceivableTables Equipment Notes Receivable (Tables) Tables http://sqncapital.com/role/EquipmentNotesReceivable 27 false false R28.htm 00000028 - Disclosure - Fair Value of Financial Instruments (Tables) Sheet http://sqncapital.com/role/FairValueOfFinancialInstrumentsTables Fair Value of Financial Instruments (Tables) Tables http://sqncapital.com/role/FairValueOfFinancialInstruments 28 false false R29.htm 00000029 - Disclosure - Geographic Information (Tables) Sheet http://sqncapital.com/role/GeographicInformationTables Geographic Information (Tables) Tables http://sqncapital.com/role/GeographicInformation 29 false false R30.htm 00000030 - Disclosure - Organization and Nature of Operations (Details Narrative) Sheet http://sqncapital.com/role/OrganizationAndNatureOfOperationsDetailsNarrative Organization and Nature of Operations (Details Narrative) Details http://sqncapital.com/role/OrganizationAndNatureOfOperations 30 false false R31.htm 00000031 - Disclosure - Summary of Significant Accounting Policies (Details Narrative) Sheet http://sqncapital.com/role/SummaryOfSignificantAccountingPoliciesDetailsNarrative Summary of Significant Accounting Policies (Details Narrative) Details http://sqncapital.com/role/SummaryOfSignificantAccountingPoliciesPolicies 31 false false R32.htm 00000032 - Disclosure - Related Party Transactions (Details Narrative) Sheet http://sqncapital.com/role/RelatedPartyTransactionsDetailsNarrative Related Party Transactions (Details Narrative) Details http://sqncapital.com/role/RelatedPartyTransactions 32 false false R33.htm 00000033 - Disclosure - Investments in Finance Leases (Details Narrative) Sheet http://sqncapital.com/role/InvestmentsInFinanceLeasesDetailsNarrative Investments in Finance Leases (Details Narrative) Details http://sqncapital.com/role/InvestmentsInFinanceLeasesTables 33 false false R34.htm 00000034 - Disclosure - Investments in Finance Leases - Schedule of Investment in Finance Leases (Details) Sheet http://sqncapital.com/role/InvestmentsInFinanceLeases-ScheduleOfInvestmentInFinanceLeasesDetails Investments in Finance Leases - Schedule of Investment in Finance Leases (Details) Details 34 false false R35.htm 00000035 - Disclosure - Investments in Equipment Subject to Operating Leases (Details Narrative) Sheet http://sqncapital.com/role/InvestmentsInEquipmentSubjectToOperatingLeasesDetailsNarrative Investments in Equipment Subject to Operating Leases (Details Narrative) Details http://sqncapital.com/role/InvestmentsInEquipmentSubjectToOperatingLeasesTables 35 false false R36.htm 00000036 - Disclosure - Investments in Equipment Subject to Operating Leases - Summary of Investments in Equipment Subject to Operating Leases (Details) Sheet http://sqncapital.com/role/InvestmentsInEquipmentSubjectToOperatingLeases-SummaryOfInvestmentsInEquipmentSubjectToOperatingLeasesDetails Investments in Equipment Subject to Operating Leases - Summary of Investments in Equipment Subject to Operating Leases (Details) Details 36 false false R37.htm 00000037 - Disclosure - Equipment Notes Receivable (Details Narrative) Notes http://sqncapital.com/role/EquipmentNotesReceivableDetailsNarrative Equipment Notes Receivable (Details Narrative) Details http://sqncapital.com/role/EquipmentNotesReceivableTables 37 false false R38.htm 00000038 - Disclosure - Equipment Notes Receivable - Schedule of Future Maturity of Notes Receivable (Details) Notes http://sqncapital.com/role/EquipmentNotesReceivable-ScheduleOfFutureMaturityOfNotesReceivableDetails Equipment Notes Receivable - Schedule of Future Maturity of Notes Receivable (Details) Details 38 false false R39.htm 00000039 - Disclosure - Residual Value Investment in Equipment on Lease (Details Narrative) Sheet http://sqncapital.com/role/ResidualValueInvestmentInEquipmentOnLeaseDetailsNarrative Residual Value Investment in Equipment on Lease (Details Narrative) Details http://sqncapital.com/role/ResidualValueInvestmentInEquipmentOnLease 39 false false R40.htm 00000040 - Disclosure - Collateralized Loan Receivable (Details Narrative) Sheet http://sqncapital.com/role/CollateralizedLoanReceivableDetailsNarrative Collateralized Loan Receivable (Details Narrative) Details http://sqncapital.com/role/CollateralizedLoanReceivable 40 false false R41.htm 00000041 - Disclosure - Investment in Informage SQN Technologies LLC (Details Narrative) Sheet http://sqncapital.com/role/InvestmentInInformageSqnTechnologiesLlcDetailsNarrative Investment in Informage SQN Technologies LLC (Details Narrative) Details 41 false false R42.htm 00000042 - Disclosure - Equipment Investment through SPV (Details Narrative) Sheet http://sqncapital.com/role/EquipmentInvestmentThroughSpvDetailsNarrative Equipment Investment through SPV (Details Narrative) Details 42 false false R43.htm 00000043 - Disclosure - Other Assets (Details Narrative) Sheet http://sqncapital.com/role/OtherAssetsDetailsNarrative Other Assets (Details Narrative) Details http://sqncapital.com/role/OtherAssets 43 false false R44.htm 00000044 - Disclosure - Loans Payable (Details Narrative) Sheet http://sqncapital.com/role/LoansPayableDetailsNarrative Loans Payable (Details Narrative) Details http://sqncapital.com/role/LoansPayable 44 false false R45.htm 00000045 - Disclosure - Fair Value of Financial Instruments - Schedule of Carrying Value of Financial Instruments (Details) Sheet http://sqncapital.com/role/FairValueOfFinancialInstruments-ScheduleOfCarryingValueOfFinancialInstrumentsDetails Fair Value of Financial Instruments - Schedule of Carrying Value of Financial Instruments (Details) Details 45 false false R46.htm 00000046 - Disclosure - Business Concentrations (Details Narrative) Sheet http://sqncapital.com/role/BusinessConcentrationsDetailsNarrative Business Concentrations (Details Narrative) Details http://sqncapital.com/role/BusinessConcentrations 46 false false R47.htm 00000047 - Disclosure - Geographic Information - Schedule of Geographic Information for Revenue (Details) Sheet http://sqncapital.com/role/GeographicInformation-ScheduleOfGeographicInformationForRevenueDetails Geographic Information - Schedule of Geographic Information for Revenue (Details) Details 47 false false R48.htm 00000048 - Disclosure - Geographic Information - Schedule of Geographic Information for Long-lived Assets (Details) Sheet http://sqncapital.com/role/GeographicInformation-ScheduleOfGeographicInformationForLong-livedAssetsDetails Geographic Information - Schedule of Geographic Information for Long-lived Assets (Details) Details 48 false false R49.htm 00000049 - Disclosure - Subsequent Events (Details Narrative) Sheet http://sqncapital.com/role/SubsequentEventsDetailsNarrative Subsequent Events (Details Narrative) Details http://sqncapital.com/role/SubsequentEvents 49 false false All Reports Book All Reports sqnf-20180930.xml sqnf-20180930.xsd sqnf-20180930_cal.xml sqnf-20180930_def.xml sqnf-20180930_lab.xml sqnf-20180930_pre.xml http://fasb.org/srt/2018-01-31 http://xbrl.sec.gov/country/2017-01-31 http://fasb.org/us-gaap/2018-01-31 http://xbrl.sec.gov/currency/2017-01-31 http://xbrl.sec.gov/dei/2018-01-31 true true ZIP 67 0001493152-18-016046-xbrl.zip IDEA: XBRL DOCUMENT begin 644 0001493152-18-016046-xbrl.zip M4$L#!!0 ( !V ;DTNZD.@Z?H -:M"P 1 MRVTBR+OI_1:QWP/%RKW!'0#(!WNWIV2'+5H][?&O+W7O.^3,!D44) M8Q#@ *!DS=.?RJPK0( D*(($R=HQ>[4LD4!5YI?7RLSZR__Y,0VL>Q(G?A3^ M\LPY;SVS2#B*QGYX^\NS/Z[/+JXOW[]_9OV?O_[W?UGT__WE_SD[LZY\$HQ? M66^CT=G[D%<_A-=.4')+8NH^DL("FA?V!O M>F5USMV.9YV=K?'>XCB[\GY*%KO M<=?1/!X1^:SKWS_]Y+YU6\Z@-6RW+*?UN_5[VWI[]>G\QX3NY*V7T@_!G^FG M' ?^3^>;VWK5&=#__7]KOC'UTGDBW]CZ,6BU+ENMEL.^_IG2K[S\Q\A[ MSG X?(E_%1]=^"2\7+RC_1+^?.,EZLFPP"6?7U@)_>LXE5_0/]Q]R?Z8^:A? M^-$>^Z@O/CHFN<\E9'1^&]V_I']X"1PZ:SEG;4=\/":3TB7W7M*_B@_Z2=1Q MG?ZR_;%/B"_,D[-;SYO)+TR\Y 8_S/]0L!CZES@*2%+X'?Q+P9?"* SGT^)U MC=/X9?HX(R_IA\[HITCLC^3W5G\I^P6Z!OAU\>KP+P6K&T7S,(T?BUG"_PA? MZ^>^-H]CJF'*OL?_6O#%)$X7UT=_6;"TY-^AXCW]Q\B;^:D74!4Q?2DD_9D0 M7 #[JP1%ZBN96"@GK^X0/?"<,_&%\Q_)^!G_,]"$_MD'M?;,>BD>Q01Y%(4I M^9%:_OB79U=Q-!7K:SEIQ'X>GJGWRZ^1,/731_E;^7M_#'^9^%2/XBI)AK>" M<)?O__[LKZ!3NKU6J]/[R\O\E]7K7A:^C[]M1G$1C1=7004\3D$9_E5M1SQ) M_6WA:U1U:U^"?:O7CS-?$;_/+$#\DI.TG,X7R>?)P=*6J<^T@$CB+W40Z9]< M6_WSPH^_Q5Z8S**8&BIJG=_]>^[/IG0/'\GTAL1[HZ8"'[F%Y6A_X'\:T\7\ MF 7^R.=KM<8^_21S9OC^7GWT_A7%7^*($BU]O R\)+GXX2?/_BK^OFK_?WE9 M^"I]F2^+UWE0<. J^Y]_7!\JPZDQ> 6^%H'O_DJBV]B;W?DC+V#\YAM\]<[KTXOC1#V^_$@@.R/AB"I2X\OP8?GN>!>QK6<"^ MB;KKYFXF9=G?)&79KS-EN004QF4T(%E;!Z0SQ,X[DT?/Y+T+AJ_#^])DL(C%W]+")1S<3WS[W#R*D^BU;A:9W%C MXK_Z0&Z]X!T2,_L^2?H]ALH<*+5F5E: T0"O(O .'0R]LU9;UT!1G$ZBP(\N M1I1:B0]5&U!DZH6/1X&1SP\AB9,[?Y:3_C6VO5\L )]VC(6+8';G'3/7LQL\ M5OYRUY2^HW/F#M$UQ9_!-66\_M6;3KV_A_Z$7%,-2;)NR:]OOAPV $3*7!2J M?0DH;2_"L2Q&>_.H\NL(C4)Z;,<' 31>\E)<_8V"R'OUH#E$JGG0'$NU>M!M M\-)=Z;1\]*$?(J ,'9$D\34#>/*J?1:(]*CO.S%J-6>>L17$YU "CDP!(>N6-_ #=08,8@9CE M--HC9#@[:X8,KSGAD"%CR'!(>@!E70,6 99RZNP5)O47LN [7'<93+Z2"1+S MP!/"-<,E1Z5]P\9U=V"0)&S>Q-YW\M$+YQ-OE,YC7?$BF14E#88XAJJ2;._F MJFY 4= ZPV5ZR#'86:)_G ; !%E8:]3/H#C J-\XQ8?O%&?B=<[<:O%ZSI>N MY1B4(5N@SBBJ0U14.:0A0ZLB+:/?:D(:H-G1])OQL8[7QRK0?A7/^W.N62V8 MA!>.#A8CY/#@RNG"<').R^_,AHPU/0ALVK?E+:L$>A+[3A MTC-F\8K3W%K%BW\JW MIUGPM96O?L"^\P+A:R\ ?7%/PCFY)O&]/R+))\+IIKK<$/TDOHRHG0O3&&>F M?/63[X:LJ!VE(X_"G2.8NATK_#PP;AMK31#M,6 MB\3?(R Y6'8"2'F[\V3B!SZUM6/&M&/%)HZLC,(D"ORQW"V-SM6] ,64,&C= M)UI[V7%VQP7'8P-$;P=WI+%YXCW1AVN&P#=V"'R^W1785BTFS,V.KZNON](\ MZ4,%U<[&1]<+HF8.=JX^35-\]#?'N(OMU%\\0+QQYD MA294L _/';^2,9G.('C]@G#15E:%D7OUV6H<$JJ/37,=-3;- M2(:1C&9*QN)T.+?R)*Z,0-5W\Y:9Z7W(,[TY"^O.[ S/G*Z$B4>#@AA+@TN2 MX-_N_'@,.=DCF92Z+/==3HWMJL6O)( ,$E+U&UU(XHTPV:U6DJ?Z?C,X@)AF MH-*@[YBXKZI%Z#LZHEH$WK=(K0V&95TH'WEAQ>5=)I M-&MT,6LU7,-=I'+^VSSP27KPQZI[=0NW=Z:;X\9>@8H@JA^HZC*,/_[^AH;0 MX++05?.;K7/'!O0_F#C,_OK@K_\MUV'E--E11),C^?8$IDDW#.=Q7_.]:#D% M?3Q:V"C"F@"A%"#\^IA*V_<(F6WY%>5,,; MA>V!QS['"=LFQ$#. MMRY/Z\#//3V.AP$ =_[L/?U>3'E6'CI]]&(_) =OM-<-XY?3I6F15(XY>\YB M(>"J9K$0F35GL0SZ#?KK5^@*QO7Y(=N!\4+UC']$XP]/'.-;.%@KJO3Q]SB; M\;@$[6AFL!M!JTG0]C8,?K^"=OGYT[]8BCVW!-H\O78- MV5*^G )L58\=G%?,J8K[FQ>/'[R87(3CZVB2PH^'#=/J_78K2;%O9-0\6(SE M=?HJYV)0<@@H64QCJ"E.%=(8]<_^'FIC6 05/Y'T(8J_']^,L>J *B7%?DMA MAK5-F% 5?(,S=R J^ Q*#@,E^1I X&'E&D =7'5E3UL%=LP JGF RGH[K1UX M.RTU=\*@Y$!0DO=V6AO,H\B J[Y#&W7J;@#57$#MXV!;#[(,2@X!)5L*LA2X MZ@JR5LY/.IJ"W)T-5%HW*=K8:MG,_*6Z!@";P5W-&MRU*P1DW.E!D3O]+7HX M/ENVA4$IA739MV%K;1#&[\2?-H@Z$$3M*HXO@4;LC=(H]L(Q_ X-/ VW7PISCII2 #]W#.:.!G/.!N,/$ -U^TP&9P>-LZQA MU &S:\-X-8]#/YW'Y,K_ ?^!T:$&/WG\K$&E?:NJAIG'8A_>H.U T;9C3WZ MUQ.P.=>YNT\-A X40AF%Q1E<36'E[F"ML2E/^E9_BT+R^"6.QG.L,C9 RP-M M.8'V?>3KU.Y7T7>TM5YF YS#!$Y!QW"[LC>EXZV69 ,;XLE&_IJQM V9/V;& MTCY)V#BFJPE;;IIM7247 ZH%= $#_BD6'X?,E,*V;,/[/>X>:(JYOJ)U1XZ= M-1!H 06*]*=ZE-I=>348IV7!*T&.4U 3H.#SK7TC/C[NS^^&OALOZ1/DO7H M+9S3$GJ*_2R'P%X_AG#%$_48"]SE0T?;LNA@Z<;W'8RV*BLMSM;Z4_L&.LV" M3CY/7]\G$B8^)6 MS_TT_#9#,3>"2=F$)@.?==^X<0:Y^I"GDT+SNH;-(/AD$;SCZ6"YC.2Q &YO M,^MJ T,NX;CK^JJR:8=FR.'^AQR6*[-]CSIL>)Y]&["_F$S\P/<.O>GYV/&? M8Y,1A(J"<.T%)/E*[DDX)[P\ZP/UVMRL6.!]ZTQ/+53[Z_ M>7Q#PM'=U(N_ZT[L4N)L5P8*EI0KH%=#R>].GN# MYY/#'KZ!7<; !>F88[RN'CR^SP_\UH/]9V38"L2'B@A]K,%W911^\*<^I^!1 MH/#0;\00'RKBRZF#UN"R.>>Y>TXA&G T#AP-=V+7J*#.J%SGL&$E!P^RW;!J M(G$UU:4W\U,OX"UV>A141 (#I.)HB"[,;4M'"BWY+(I3SS1CYIHQ94G;,A+M MT99Q5M;JW-!WM&&@CH'+,<"E7?K5:)J#A?JU?QD-(_)^,T\H5%,PCB1/24YFJGS6YAM44ZM M[22K&CV3OOXT/L6_>^8,UL(F(Q*@4\M._#8/?)(>?';B@!"[M"XTQX[]>H^ MK+K1J_=)R4E='O!,#NNZ)O&]F>2Y9+#9&N3:=]1:EQK4PY!VJZCYSH#J:$"U M&*"HW%D#.OA69VX_$FB'#"09@4]'DK_= O264,>D=HN0UH%W.&P&&ONY*T/A MC]X/?SJ?'C:XP+G_"GW%'"7TGYE][146G/K58,'95&N\NKJHXL@:7TRGU2&= MC L-I==57K/-%12;)M\>HL-&Y_KEIN*3I939+GC7+#95'#!6N,ZBZA,">G/K MJ@W6B[&N$C:=,U<..F+9*K!QE$(S).[%<6"X6CE*.1WVFWN%\0F/^>4S9<1T%7IZB,MH5-N/.GQEHBH3O*NIM-PA8 MVX;GOJ!XU@#YZ&\B'\/Z@P)UW0N-M6!2L;GKI1#S2ZBS;]^PYAN"V#O:ZL86 M YF#@\SB=255[P;*(:TNA01U@09=!X:N?(S1JKW508\K#$P.%":["$758&^C M60X0,HN.] :SOW6%5&.@69CT,$@[6*0U*J51M:7!@.M)]>"U&;X=]19TUNTM M,.T$IIU@C0Q#[>T$7?J_8QO3N]8\GD:,OLWR&WA1MV=.WR'O #:\;\S88\Z9 MRHZ/#IF:[M1H=;4K3;OF2M.&74S)&50-.9R3NRQ]6C2N9DSVRLE/E=V1+:C( M QB4O:LB':X#^UK!:G]I479\[X](\HGD#[,O$>DD7BBK/&R@/[52.T>N[<)[ M:0FK_-!RQNQ5L_M"+E7!]-&=6_W<7DP)7_TV1B@60[E F6 M&5R#-7N5BN:5>B^Q$J:MP;0U'*,%Z.+ACHP*]2,^ZK5>!+,[[^!3FDOSA-DM M[CL [&EW-:\= -9W.IXUJ'4 M '7?Y*IF(P5&"HY%P2^[[[&\>L: >OOU1L<)YX8G-;)7@QGD&^37H\CKK\K" MRB_EEYC2O8,LW:O+VBOG=0BC^#E(M&CV:*ZIK7S<6T2$_3I]P]HN\U!1/7V' M*Z)Z XD&0B(?#0^UX_^UH^%AW;"Z3G(/4CC-L YVDROCJRM 9]#00/7DGQZFWG&T]TV0@T1B%TCS35#PX62?< M\11R/0D_^RN::L#@8@.+YL&BX8I%^;P#[WNV[D=;'+IW*#^1B7($G9X21K\/#"0:01D.&>J%J@A"W?IOES_ M_NEO)(@6^I/H[[]<''@QX_9:DC(DVLX1UM)*2TGZ8W6@U@3CT15''AXDFUCK MN MH/KV34Z+W/7UX3-GXE?[I#67;PTC_2;R=C$\7J]L^./O;[P$F4=7?1E-9U[XF*_- M2=(C*'@H]Q?*2;!=I):.",A1>+\ K*]J0H;IU$F7D_XRE6+81W5*05?!?O<< MJ"-OJ@;JF7JL^G([3D_E=IR^:1$ZYLKQQKC-BXDLIU=5/A"O=9_2&IDP,K$7 MCT$'=WUUEJ:3PM23UP;A'61#P+%R#80-A.N!,,*K?@B[ZTQE-Q V$-X,PK57 MZN=2#T8C&S@W+Y?2JJFB5Y<"V:]BE+J1@KJEH'JO3<86U->DK.82F[G[9N[^ M$YT7I_8VPXX8JLU^-N6-33DU0)X&G>/3B8:TDQ\@E)Q%Q84YP[)NPT.%,X2$GQ]X8/JD)L':(D5.^?KK>U0OQH4?CV)O301[A-Z61L33+:U01=KNPCM';@(!CN-PT[6DVCO<:S79_I@ZF^'M]CZ>#23 M;%DCIRI6R%F@DEV;8]XGH>=H5$HE]#3# !T!>HXG.5D-/PW)_#4602S6[@M7 MF/X\6+NM]M"1U(SFV;IS:T[%B_ X"G:06S-(.V2D+23L)&3J*NV@06!/Q>P5 M[E$T\&D>? HB_(J3)C@*ZH_P#=(.&FGY?$#-$Y_8@=9 >52MH6DX,PUG-7IX MK>JI44!E_1Z>0;Y!?HT>9ZO>(^*<[;_^_=/%U?O#QN?2!@NYN^,WT/0=?>WT MSS$\WH.[7STOT:[M8+BXQ^683-)!JOD]7\MC^+]W5='8Q/D2V*@S\.. 3DD1 M0.&IOX',VM:%5UR>"D8RVSU6F[(&IV4#[?N_BQ']!@+UC9M?(/.Q0F^M*1@& MAJ<*PX:;R(J-2->,)EDH8\5'+ 8;T9A8F,QOL0+42-0WH>740#&.O8"_S]DC (X>CCTH>^U71^PG2.O OH;_[^T(E7I>KTBU5QVL6^5V-Y$ M)=9>J=H[+-2@,C2PUHO>.\J)7?>,N,ZQ[O==]5 MQC$U]/[LCG8_6JT@.,(:[LK3N!I2QK\;MF?F/.;'F0[Z3K\U;'>'AXH!&/EX M3=D"P.GT I* ;GF&"IB2/[2O%39AO?K(/7K;GNNED0]=.XW/#!NN&99/4?]?3B)XJEW2Z[_'1XV8K;D M6"\29*^8:M[L=>F1&QPU&T<9[[S^RQKP %$-XQ]F1ZX>AHTUL93;P>7/!RK3FK^/5##VJ(BSMU. M]KC](QG[(R\XLJF>7^*($BE]_!)0^EV$8[F]A7*DXOWO$0.=[%EZ74EB&GVW M3)*XP4EB8%#=;BCU=J7;8 #1.$#DW86^=D?@VNZ"CJ.=U2H:'#461XW-O5&L M#K2:P(&I"6Q*NI9SIK+J&=1]K>&RT3_%5Q*[IH^2!3U+R;.=\T[3-EGSY0PP MWC9)2,KF;!\X@)=/\5W8YGZ=\]V/;#9M?_*G/@U4:F3J'#9;-!GX7DF"O0.+\:I#; MJ:IB>N(FNAX_8#S:#,_:*&IF>H?SJFH93(VGBDM =(0=*P=ZZT#S8%/NVYK[ M:NJ PZX\V1Q?C]:.'.1)PV1525LXZ[1%23: M*V#J[V[#(E\%F(O0(W%TXX_>^K\3++BXI*1AN=F"33 Y^<-;[.+(\O8&*Y<3:]>GP:J:8T^)=RL+I#50\ %EHQD#%QLK"TN&BQBXJ2Q:,76B@+#3#+IR>+)Q<1>EA2$-#*DR;)P^Y\6&FJ.C89X0M:;>X M\.-1[$T._-0%,M1B)_G\>&:#^]8$S>RM0 PJ?'0TRVCPL5-\=#;!1VFN=LQXJKW=^K%KG@2=P:Z>E&EXXGWBC=![[X>UU%'BQ MJ=58J-581:,C+];(Q=.FNN>PJWMJ/"0O+JK(CV8!PGXE$SU&DQ7$5-2\^%&; M_4II#]-@U?17 Z^%63<%!-UNIB8[D?8K&9/I#,TFHD2O@U[-OR,O$%ER6&OD MP,C!_N3@,,YWN]"*T')1?+K9[I(B;KM&%I;(PMI3(&I$&F=H-:1U=]"0@M1M.W_\_8V78#$_W>QE-)UYX6-.)]/_(&\.&W/EV?-R$M2I13-=5!D*[]%3 MX.#8921^16YB9C/HJA_?^;=WJ68^\-]'8_LO8ZJMTBMOY =9"%8API%'W=3: MZE< OOOCZV'SOJ310.YKOW%!?3?\%18H&,D_),G?QI'_SNXG.+!VA-UKU&(Z??&CC=8;]_Z,)6>01"$36./%]3H)2&L059.V6$\C@K2+>OD4/YCRZ &:%=#'HJHJNV!NE$3408_J3'Q!3 M*K,(M!4D,I@KP9RK84Y/^YF)^?N&C+L)9/1T8BW)GH4^<',997,OH]QSW.2G\KT6S'8J!_-!R[A@+4'FHD)$- M(QOURT;S[$9Q OJW> M!7.YCRB@OGCPXG'.9:F)D-L5J\H9V&+^'6M*/M?@(:S A1\?=0761^]?42RF M<%P&7I)D]>RJ_>\1#KLL/3:3-XYB\L8N-$@.,I_IPZC@A+?H,!W-R&+ M9 @SWM.OQ"1)CR3]+F]I8K5/T)T?A?2?2>E-R 5$.%8'>W4JV^"CB?AH>!:X MV!P;*#412GM.[7R*0OA4' 4!=5@$+4X"#^)CRTAP@H;'(*.1R#@LDV- U$@0 M[O*'MWXR"J)D'A_)*=1'XL%F6%GB M;)XNU@=6(,:1PR2?]C(P.3B8[,@)Z>>B\H\M4#Y"VN[KTIUSH97-HA-/>S0RXPB+')=39=X323+6W;-2)0=IA(JUA ML? 2G6:&J1[',-7&ZK8R*VJ&J1[T,-7&XJVKX:VKU52:8:H'-$RUNPFZNCL8 M^EZFS0RZ#@A=C=5=I>@RHWH/?53OP6'N:AZ'?CJ/R97_ _Z#]Q89V.5@MP:5 M#/(J(J_H[D_'(&[)S:B.0=I&,<&;V/M.,EW9&;(FB@D&?AQ^54FV;TP>7"1A M,'GTF&R8GE1%,UV],F>N8_C=#'X#+^H^T:;O: F;@[R7 ME4^J\_$X6%]EI%>NLE(18=]V MA5V4[H.*K+3ACL- X[NU(FQ<;CMWG@DR.Q M&I6G >J;/U:V+[$A!@+[A4##K<8:M2?&@C3!@C0\2EV=.=$H>#3#!)\RFG9O MLP6/"4E',YOP24..&W&QUJ$CZ7A&'1[HP.R#05.9CVW0U& T-=;O'I95%=WY M,:/M4>-(+Q+*[7C?D!DV50&5%J(9R!B;50TR!0_)3?I>VR*RKVYB-(&R1OX\I1.,VS_*8'T13"[\S(??'/\N%Y&F.T M?$S\5Q_(K1>\0ZII[RXEN(%WQ6;3=W]\/6RH)G'ZZG(>QR0 M01>L,=>NG6')OKWNIA[*.,Z9TSGD0QG<0-W*8G#F]H2RH#_O[W*/[8 1ME,9 MC+#ONNUV7QN:$E6 L!8/7(1C ^@= [J<_/N.RW9_!X,HJNK>(-RV!^]Y MZ#-L_W']=@&&4W8?^E_]).JX3O\5_8QXF/A3]A7PM)+G7]]Y,4E*7\&)@!_: M^!UT?5]*WC/V[RG^%VD+W_TTGU(UG$8%T*M @_P:BYZJO?0M":,IQ>6*UZZF M2_Z]10\6?\]080V"?J&O6<&R&?UQ8X9]*'VX9H\V?CHU>*E'W5PO/NCZ\;O^#7-U]6/I]^9OWGP^B M]$(\[*@.2VN'+Z2R;)P_ME? MG=;9[W]YF?]ZT6._H YZQS34VL_70[C2I^FO8[WMZ96?C+S@_R5>7/6-9V>. MBR=%RYZFO_$=ZOPKN$[MDO[I-HH?UW[9IR@\\T8C$H!J(&,+G\)>7?#8(K*R MI3%R7-'?)6N_^_=VEJ0+3Q*ODW664- =IX_4>O^+C-)OT>?XXM[S W!0KZ+X M\PPV0:TJBNDGDF96HLYR\>T6H __ (;&&I.1/_6"Y)=G=&&=[F PZ%&&;_KB M&AY"K"?8,J?7 M[O:'[:%:V^*SG_3V=87:<5O#GN,.ZEO(.I*969+K]IR!X]1/FD79S*ZCA?]O M^^NHJ'<=M]<;N+T:6%1%>69)XPR&G4&-*]HWB_+@O?3B^!&OU --1,874UC@ ME>?'?WK!G+RE/G(003"U!O&<;I]N=-BNGY];776O,^R[_?K$8<7;!]U^O]NK MG]-?**6@<%&1J>EP-6UC)V@JXU>DY MO:&SFT555\8=I]5S.ZW=TFR%9NX-.L/A<%#OFJH&, /7<;KMW:QI YO:IY'S MH+M;DJU@H]/NNIU.NV8^UFEM.ZUV=] =U*Q1ZK2\[4&+.N@[PNT*[>RT.YU^ M;[=HV)9]VP\2MK7ZS5& -0-?O$6(:P9\[8[;:?=VO[YMG&)LBT;53RZ>B)AUN;,+\"SK4=@5 M-F[7F4NZ)/-49<^G-?/IJ5AK(%B"G#[[U8S)*9;4O?H9W MFVS#N7%:W7:OKV>+-UM+C5MZBF_4:_6&@X/;7>5T[+#7[?0/;9=-E9=UP46! MU7=Z3:;ZIHYAUH-UAMWNH>VR$=BJ[)GV6^VN7MW22%I7\FO;[4%GZ#9Y1U6] MXE[?;0T:O:,G^-1MI]<;M@YMG7; MR.=MB4"[!LOZB?"6T^K5BINM.-1.KS_H]MN[7N>:133]X7#0[N\8WON6N*IN MK>,,.VZO6S.5*OFE#OWSO.5 V$W"&6JEKAO3)Q#?M<)Z$J)HCTA-?.P;YQB-ZP M93]=N]= P^KR^:OGA["(S^%;/YE%B0_%49\G%TE"TL2I2>?+7U[/4JO'8!VWX[K[7?0N0555V[N]=LMM[XX^6U#P&Q%EE6;?R4N?K.NV MLXJGYW?>_9B1,-E*74*[0_5*4<3#W['!$BKG'7J#?MLM"%HW7\*2R>>5ZJO[ MCI.I?=K*RBIF0#HMI[U5XE3.>#A==^"X-5-A(_ZX[J *?[YXC^B.7$7QEWD\ MNO,2\GGR.;TC<;U^PD;O[>)[V65L[.=^KC1?=C*LRJ&YW0R55BYG*^NOJ@8& MW9;>&%U]D7$THKA!-U1K"X$);;%_,P=574QF:"CIF'?,C%W:WGPJJ?J'AYW&=\T:J M@/O=SCZV1J6F?>8.A 2UM:VI+:S7L40U0&_8>]HF^,?X4>G%"/T8Z@C);VR: M2\N-2&AU''T&SAKOK6^I@MX?_*G/;WF@#W;6BGP&0UZ9.]S. M/OJ=8:^;.>YK($-T%9ULYMMO<8DB2OX4A?"-. H"/[P5Z]OW\IQ!?SAT6DYK MN!J_#6&Z6G*5Q3]1^#(E(9](JL]?+RH)V7R\26\(_D!)3QL4A*G$%_1S8QQ+''AKE\;]=4(70]A8X\P#]">S MPCM-,%N#2$/ 6S6KW>GW.YWN;J2J4JX;QD&UH9%Q#Q3;I<@] ML81O5^S;3H_&UJ"S2]OUM"Z)G>%XNP><;\F,NGJ^5R'9N]Q/;[6S>6G]!5MX M^6:'5EM>5"7-V^OWZWSW1@2ILJ;KT1T9SP/R>7(U3^B'_G0^93,%M#.C M[-CVY!L,,_I&U_\FB$;?U_;@_S=(7\^L)'T,R"_/IEY\ZX>OK-8L??:_M^EK M^./+&?[T/TZ;_Q_]"Q/ZEE>60S]O??.G-%CZ1!ZLK]'4"VWV"]NZ)K$_>6W) M1[^V8%UG7N#?TG_^BQ+3GSSBV[[=$6N"6Z:?IO_Q85R9%4VLE/Y!2X/^KS>= MO?Z?@>OT7R>X)"($V0IAM]\,?I'6RM]=-KZR:**9S/1C!@<9:05Y;XZ9E:#RPE%N^Y)W'JC[Q M;/,F2JEHJ$\#KO$;8_$-_@KV0?J%P*-8=?(W79#\$AZML=F> M/6PY=J_=JV''6^+RPQW5!:7H7XNA;FO-[6U=H)8+T1J+;]N]SL >M-:%Y#Z% MK@)#G -F"'5![/[PZ3MHD'RX!\L.QQYV^_:PLZX":X)16N(MK,>N]FX=HTK. MWQ8?^!3#YO0[=L]95TAWZ,=5$N&R=;D;,7 [3RGDFGON MO&T9S&.6LSZ7E% M]JQ^]9,@T[7[U!GJ#Y\J7JOH6H":EQ@@YN+&A4"V/,!7N8FMY!_R20TYN9F5 MMGYD5_"./X>?HI"&Z_,XI@]ZXR5^ I_"O,@W,KH+_7_/Z:,//:M1DKRP1GRL MOG4/I$DL+QSC:KS9+(Y^^%.XJ'="*2?^'DTL/TVL"3LG]@++#Y,TGK,&M >R MIZS&:60PZH[HRP+IWK/-K-V(0#7>VKIK,4NV%Q?AP*CVEHPXT1PD6K]Y[D*3 ML.SNABOBMI(%9MS$ULL,\58]"4W600O"CD@.]MTRU#( ;2K)=P;0':OHIQ#\ M">2L?L9B-M20LY-FKVY+"9$M))E9I/IJ7VAH' +,RD]SY5N2R)4I2A[(=P8T MCB\TNNK7 9FDFJ2N(\WO2FM$*OH#\N"R9)6;G^#*],73JR.JYD5E$F6-1>PE M0UHGU0T;#1M/DXT]NS/LVVY_W>H&PT;#QGV?=;M/=@6R%TA; 5P&NKD_8,Y$ MEZZFT[+;W8'='50MB3,GUH8[)\Z=]L!N.:X]Z-9=3V"XTV3NU!V K[OA#[YW MXP?8E6&R8F;EI[WR0W: /Z#'._,>C;N[;:/0Z]F]=M=VG(XQV88[ACN5N$,= MJD['=KN&.Z?,G0++NKWBYNW4(9>W;%^36SAD^DIF49SB2,1)%$_Q.6\>^1\/ MNISY5Q+=QM[LSA]9OMJ;17^R8GYC)/R232G6??CS!.LTM'PS+9#1\WX:.<,^"^-KPTO#2\; @O=ZY? MZW?3ZRM48!=BD,U< 7.>M[Q\S>G9O6%5()JCUAVPQG7L06O=B7J&,SODS.:6 MV+!G%SJM/; [P[HE9U=1]O;MJ;B@T1C4&L#7=;LP:M?HA>:QIC-P[&[?=%$T MD#7.H ]U988U#62-[0P[MMOK'H8]W4N$RFX3LB9Q-+74-22^NE HO:.+O+VS MKK_\:O7^MWT^@[63.EGC:-< M.HX]Z)C2SP:RIMVRW8XI_6P@9\R96:/9T^N[=FM@2C_+"U5,Z6>-E5)NR[&' M;MV54H8Y1G$;]ACV'*%J.^18];TJ]_1S]:#IHS4EZ5TTUFI"GWHT;A":]?SL M?NTM/X8Q1K,;]ACV')E:.^1PUO1=&+5AV%-0.]YJ=^WVP#',:1YSC.PTFCV[ MDIT"L]N@OHM&W!L0^J&Y-L!TLI354N^JD^43P-#<&E /$TU72C,)9KI2UJ64 MZ4I9EU(-[4HITI3KTO IM&[("'>S(;.A'6]H R$UK6.GT\9D5K[[E6]))$WK MV.FV-O2[/7-KP!'PT;0;&5X:7C:/ESO7K_6[Z?75!IC6L?J .!PX=M_I[86H MAC7+=81C#[NF Z&!G#''_HUFCV.WNFV[U]_#L?_!5-N9YK$:X==N40CVS ST M1C*GUQ^8NP.:R9S^<&@/VF;"= -9T[;[_:'=Z=>MU XY3EU9P^Z'IGS=^.(G MQ1ZG;;?[?;MG MDF%E\WBY!PU;OZM>WQF:J?6LM?:AU;.'9I10$YDS[-G=CBE] M:"!GS"%9H]GCV/U6V^ZZ3YW;8JH]#?PV*HP:=EMVSS5&M8',,:K;L,>PI^FJ M[9#C5>VJ@"!*$G-1P [Q^:)K.YTMNGUKO/*I12>&@\8 &/88]AR?_CO<\/A7 MSP^M*+02+R!6-+&\)"'&5&\Y2>-21[)E8N0FL@:.IUQSX5(#66/L;Z/9X_;: M=LNMNY/XL*-C0AK[)'GSR'Y\ ME.^V1I34]!]?R>279U?4@,/5*&Z MDRB(P(,!8HCX'I;BI677$+TE(_Y;QS9W$IG.V1J[M\P-1(?6;V>:7DW3JVEZ MW3.E&MKT6J0IUZ7A4VC=D.M@S(;,AG:\H0V$M*;.] _Y(,/TJ)N5G_;*MR2< M>^Y1?Y^9X3CA/6H!\1((E4.25O1#3%?EDTM3>^V>W7.J9@5-?VS3. G#VKMV MMW+2PW"R:9PT7>O'P\N.W1NZMM.N.GCR1+O6E7^0@(.@2AV2^E7OU3(GN::8S;#'L*?![-F5:MM5O+Y]&_Q. M&MTP2DEBQ61$_'LX%;>A\3V8PX,M;S2*YP2:\EA/O#' VRWSMUO#GNW4/HS! M<&>3>F7;[3GVP#%M&(UD3JO5VN!.6,.<7>BUGMWN]NUA>W@8YGG0G/OJ)=Y\G&]A(JKVD(2]?V'QK.!I$7 M[B;BW:RV<%4EX&Z!6EJ"6-$K;-D=&E#UAD\-J/92KWG,G'$[MM/JV6[GJ=&4 MX-@&%,UP>S8'8>&N.Y30]P-:JJW?-?@";=1[5@@=MXK MM="6MWNPFE8ITRIE6J4:0"G3*K4NI1K:*F6Z,$ZQ(\"LW'1AF"Z,HZ@2[MN. MT[/[E8N23+UWTSCI]H9VJU\U]#=\;!H?30_&\?"R;W<[T]Q#RUG'Y4?VW%N5O3/HIXC*P6N:-;D2HUGVRWI22- M9LN<)_XRMS/[\=H"'*[3]K)^*$ _7^$BW_]I6Q_.OYQ;+]([8HE/N:W77[PX#4F>K?H MTM,O)%0V*<=@03=S^@^2)%;"+G.S+5A8])#Y>J:0%4M1QEK!"GPD)A!:C'F5 M*WU\ A'.Z(X'%21Y9;WP?[9F\WATY\'KU?=Q&? ,>##\QB'XVSGZ)U]K@$N@[ M<6OXI!?^O?X-10^TB(GU@BICU/'6O1?,B8R4DI^+293R9Y,?,Y])V[GUC1): M9SLLXL$/ HK#>$I7GQ(KI&N"D(U2@P9KN6ZR=N]\QW+0&/DKUU[E&::90R(#P4'^S"P5\C,&?W_]+O4"-M4 .Y)."=G M%)KC.<#.>A'%U*PE5"=[]R 0/^<@3__,\#J[>TS MO'V#^O!3^^L.XHS^JZS M&771" <9"@EU-VPF;M3I8()",MES"A[;(M3P1U-_1%7"A'V1+@S+RI2$GDN* MZ)LE/\AH#H?A/A:F+1+HYI'R[#L*:ED)FQ=0SVC\J)>R,?C#GJD$ ;@7=0"K M<8,G)7.J.>0?;:Y*4#:X/BE7)]:&J@274*Y.BDFXAFZQJN@57,0V= OX>E9* M!0WW3_]K+Z!ZZCU21B61H"(I4,D) 9+3V,"/Z5:"1Y0#RFU!WQ&5TFA*'[B@ MS?#Q;ST9GY*-_S1"ZF50J;C&CY\N%RPE%I;!?MX MG#&8-R3PJ2PF#"Z,O61A\RAC5*5Z,_H)JA! V0;T:P'(?T(E(*:>O\W<4IXR M0\K:DC23@/SP;_R ?HZ5:E(J4^<+R1,3NK\0#'9.B"B0 U! 44K)B9FV6\\/ M$PB^'L($%AK[R?=SZWU(Z1<^6B-6]0FKEV3#C>$RN"PL;.XN"M XTN@E0 !0 ML?- [46P*POU$@U#Z-[@4[,H\=&/H>"")RED20V%(G BQ@9P_"L)@>>"J"4V M@0(7UT)].^O]G]:O7ZAK5X#7W,-TL%+_C4*"\N'Q##3!&'0&18'OQ45V2-JR M_NO$6I2"<^L-Y19S999\,;\W=/#2H@=:X%(N^):![W'4CZ+IC'K!A M_?I^P MD"D^*<&7<,PEN*VQAU(#__&H)-Q3!/*/1^ MQKQ7=7$;$]0JA2NE[K(_1F5P2S]W"ZI@Q/41KMF_F:-\T)<\I^$KWL_K6L)W.O83^7!.PP(F4%L+GP\RWLJ8C/P$:00/$E3. M>0)P9?,D"ORH@) G(LR?0^LW+YR#/#E#C)FZ3)LN$MKFDL-J#TKEDKI6R'4\ M'(D8:CBX )+,M#.5+(PDI(,2#J#K^91"U,)41\GG=25R;OTQ MBQ@ \>U,F[-M?A;.%H_Z*>7N??1.I4A0@YD^$!*6D$7:N[*50X J Y8Q]SPD MT07- ;^:H"^A!.@:*G;4B09)GH=COH9B-\%Z\*A[.X^Q\UGZ M"TRJX=]3N@SN%P@CA<&:Q8*U3 I)9?3/6]UM?>=EW$!]0E A@:;$3QAS-*VTKA0Q3?H8GV0R3SV;D!3R,50"DW!C$-0FO \+PT&QFC N2K/ M/V$DCZTHO1C"4#P87B@,0TA?:)^226-*M40>9IU+HZ]I7=P"T^?9G#1_#]IO M2,DQ$H=1>*9'NI)SJ_K+.8789)!1W<8_; J;S![!]],2Q&4 CS:#S5Q7W3*7K<8/#)V*?*,$&%+HVY M./6!M20Y[E !^0"_SOK.[SQ*7+[J1_DRE0NUYC,,@"C,?OA3^D:V(Y%9I>L7 MH&Z_[MJM=M_N4A*AQKHE+,M$?P35F?FHTV*SE5OEBMBSI#_4RNACH"O;(-"4 M[YV=>CTRYX4[-#*!(+D B+RE3I07TLU.,)E*_UQ"?^91P ?0L0D>L6,;N*P\ M(6211EM8Q2WF(5* P/O0NB(W,09-%(T])G4YI%@/$+YX%(=C,F9'$LPS H32 M+5/:30A17B!@E4J,TX4\"^X1LM_T/R,OH#]YS.H\4I5O*[^T36G(J2&)C F2 M*)8/YF+H3P%<= ,! ((*%*)+0 M1^'P%_KZ%U?O,VEED.7G/;M#6=,:NL@P:C1"@O$@TPI DL6%,TY^XQ$R_.DM M; )=R!^I9.4UF:7\<(\=[@Z8!=3B4[I=BF 'O/KF86.1B#'P%M\&N9]!67* M--U:GBTJ0"8MW+/-JKU%E5[FJZQV3?OF"_G>/D; M@7*,O$Q)^;%BY#*VX5+RK,.4KL:<-7\.F8:A^PLLE[E97.&7 MB25S3!;EHX_V+:'@QY^$2M== OZR#/W#U%$ M5TZ"@"Y!.$+<"%$]_<-+Q(&S!X?M:M/1/*5D82I685/81('1Q26YMN-V<$D\ M[E!N@)Y49)D=DLR#5-3IE%"Q_%5.Q^ZY#DLJ:9I&L'85?W3 XG(61;#( >MM M1;@+8VSW)[8.Y=3M2D9+O!96)I -$?;BM2P>%DPYY<_6T8T@^Y/&K&^<0.DMG7G04XT! &+HN]*8=/GNOVV MW>NW+(9T%I9#:'-^?6[]>G'QQ8(3<7;6UG'MCNMJS% [6##FXWL@G8A*92#Q MO-VG(N&T1)Y>$SWIZ^,+N#8>K'J!E7UXRW8&_<6',[=)ON#TD@=@T%36GW*/ M:MG%3 #[_3IY_WM"-3*$-&O&^/EC.BNA48EF2UA]PR13*9GU6K(1?]'!0L8= MUO5MYDQ:4[ILN]JI06@-!N#%G4-1S\]+.LW1*!D3QC]K*9=4AM45F! M!"*56_J?>ZA'"RC/T,[IY]E:M@QPZ\*\#>KS#(;G8E$R_2G4 4H@-5WMKMUW M!O(8,$-6DPGB.4;^TZ\^'=J\%C7O.^0)QF*F7=6P9 MYO#@A^_74H>V106P.@4O/W_Z1@-MI)8Z!/IU>O,WGG)H#UY3!7MN_?U7B))^ MI8R$ )$%_04/7U#"V@NRT0OW*!3K1:4#/[6 ,0-6 MD%+-/6UI1MI:F8T6*D8$0Z4I:;[GC7+2U/?2R:G+#'4\G4Z+AA$=L :BI(YK M,\A+L7Q3CH)2G9F\];;J//IE:6LA>YPG_YJC8U@<6!=H6P(%FM8="?Q1-$LA M48LI(4EO M*5R)_ @KK-9K9A1]%?7541 ^ARD'[% M$)"3X@5XFT&O;%'IHW8#J5$^QN" ?I#GVT&4I;B["SS ';*0!_B]GOB(51C4&<^FL= 5(J &XH("&O/ MY6DT5OIJ]0HKX2_I70!S=L1 ECPAR3R"Y:W%RWD1!D!;[C?C2>5+B<4)-^R# M<1*\/EQ$E_E-XDT%WQV-H.X"U"-=;*X<5U_C/&&I4U9G0($[)>E=Q%(@GZ)[ MGGC!3 WU,\ X T9P$1.HQ,]H!C_@+[SQPN_Q?):.'F75;Q3R^H?+.P^![C@R MZ<++%<:R?@S.!BX2=M25O4JHMZ#A<"T8>17%*H[=Z749!Q>KX@H"GAMPJ5*, M;F]2522,YU"Z_$.RG\0\D,4E*-2T[38%>K?5LU4I1\SJUY?52^JV3QFU0G#2 MU_9[/^&65 :=QNRX$-@8ST?(2I>BKY<4!.:V^D3\FM )4SU.2N%W-S](,3Y&3-9Y#]D55&:PN"3/>UY*2^16U MSY:J>^956UKM,Q[/>D$0C9"2P^%/(J.2+^A&I#GRS_E";JKH_:#XBW<>U=%" MT'F_'ZC&[$+DD0V+/HO*P"F,@GF"L3M+>[+S4S#XT9QGT.$H%E3!:#Z=\T8M MU1*2>?1"Z1'H^PE8!>R!8IT[K/@[3T>U=-:X$EIS>Z,0.$M M ;F&*BM8<,;C?I.]O1HH+C/6K8*3B-$JF>(14J$ZRX M(Q\C8$Z@=9L*6;XAVUCXL]XIMZ2C$,I)4@^?K+<'WC/:P/B?3,\1_6HT\A%# M?!G0@D2\:2)S004MA8SO.3)11-YZ ON,C2NZ6_S0QW5"4.-#PR-WW$>(/9[3 M9IXP3]"W18^)0AC]A$S?LX4M E4\6:X0OJ0\!1YKS-@V*(78IXL<+^0\[Y=+ M!.&Y@$3QF)(HAHP!NNAT][("!Y:-WPT\"A?(J#VR:MUY"%XF=-_YJE3 YF7 M+/RA&H!:?7EXQ(F:E^'3,$)@Q)6X%Q1QR[\5Y9M7MCF!8^!V8?1@M46M#:L'BJERSZF)O-+6WEABGEZ0'V*.EW@4!3)U MVV$/I:ZOT+(LM//8V3@@&6[$3,H,+@^IO F->$!7)#]CO 33/U03BOX^UFIE M]7_"A'R"->!<$4,971Q])_'9F-"_\3+4>2@?/E:I^/PZ'NXBB[5C+.$/[L0& M(?>HO%-AH^:">GT)I'?]!+M#F+@6K(Z)..;FX-Q,Y*BAZAOW5)!NFLT"GP@/[@)X0]@J7/H4MDD2[@6$O>R#0%1&*="E8S\28^U=9;Y$W M0R_X5>A9PAH@Z![0B+'37W2DQE00*)AXF^1WROO%5Y2)W7CM+6(EV6NM.&>, M)P #.-BEPIO9#W/,YZ3LKY0:]SMMP&:1>5N)X%. M;(_3/).V/+U:)(EH2JE4'%,DM=J""9DM44(S[YO-_1-21;?-'$KVU/WB)G5M9M97>[!S.J"_E0^ 4!#CJ6@8PGLF'E=:\X+ M>@,>'A!4%^>B>4%R< .,>895?JN6\1.)1S83@L_Z8NW36C-'H0'$CXD"*Y8 M$=FR=8P\S^9 QCN&1@2/A@ I=V!0I3)%&D/I +?>%%#Q&"O.6-F ABOS@-% MRYH4 G[N1#\#;Y:=.*!483DIGJU#5]B4LFGD96N/16W70D4]YIS]:28+#0>* MJF,]/^\AGHN*:Q9?W6*"39L6(%/(2Z=;QC M*83M!6#CYS%ZG=IG?V:&F[$CQA'2+-\Q\T-^6#35^B!# KT*H-I8(>[$\V.U M-L% YHNH)E.!$9:$T;+XC"3\X[QZ%LYG)3J3:J*;W*'_ &8@ALSC'2U8J48U4UY/NH&!S&1D3ARQ!-%*E4QX0TQWW!A"YS<9*DW ML'T/MTN_\Z]YJ J)5:DV?\U:JBOO:XH-P,JYYLF?0S*?CD$>BX'22!8SB=Z> MI6$Y[UQBO(/H7$CKW]=Z/NERZ'Z2/=OEX_, MV] "ZE.IN$DIQ)88/"2*-" 52^*%##\_U.\K\]0VU3A.62E=U:HNC%7/G MK1H%9N!*/0IE+6OQM$]@VQQ;(C^EP&J&E>>V"90$X%'C V2%O9)G0\\1;ZKC MWY15*TOSS2M)0FT9?2W4C,1R8:)AE-?<\WH3;; ).@\$DJ"LZIQI%K7B$Y&B M3V45>%1+,?/#B$_)A#/56%< JQN!Z6NY1&U1LSI07B\%Q%/%S#,SN65QJBT. MD]35P,(*R:D6W">8SJ)0Z'6^-#8V$C)'S)DJ*S0\$2[_F1<]!G]]K*48@9>I MQ>86W[M)HO@&Z]2$ ^J5B7.6F[IS_.?[=QFW6#H/_*27KH#G5_0WK:PJD8^1 MPR39"33#"1^RE$+2> XGC5)WVFKJ'WW /,19=)FJ+L^B2V848*>IRM]@_Y;' M7NC?ZR/BS\PKQM0G%)[:2HR'R^5G]#Q^:3UXX M/\N2-);QXF#7A(XN%0I5X'TPCF8R@>B9Q10S:,Q->;W5+7R;+8W^2;038C9= MS:Z"G4;S5$\M)?,;=L0G1GAIAG$^ [:]!K*^<']FI3MP%? M6#C.Z=<(PL)#2FY@(,4[Q?2( U"3Y]Q2!!=?62\\I!D?ZXFG."'_69QZB:SD M?<0" >JH4Z,04#^,3T"F!,*TM1I%AY# 4!,F3,O$!=.->#(OCH"3^4AT+><) MSVQW5I5*,@!LQ]!-@6!!HF _5980%#RO+/^(# M%\#IATF@3,+T&I#HABH.3V3CN/6MB9>4/6D]8F*8(9]U,^>C4*[H5[S$?-9*>LT;W=D#LOF""$0DD;P=($ M\OP:>;".=4(U+T>'&(I]PV"UDF2\6VP9V5Z,V+/PT? 80;D,Z1>46R&BE,+! M_?A0,<)&ULE2($WS)/GSO1+GEX;UH!F$_\7O)JC2KM-XL-RE95"WFA \!A'$Z("@Z ME7++Q'9%XV]5GP.N0_0Z" LG=R+Z!WEEOG #E7S)_!,;]LA*$=PEWQ7ZCF]EJH*O<3;BQ8LJKU$\AF4;0@BK9TZ*Z&9\7H_ M_:1"$8P)D8^E@BHKL""-4*[XP )2/)6.YC?I9!ZP"GAV"LH23&P"OA?*Q()- M'P:C9WR5@:5;H4OCX[HMGP:\?LRF!J)FLN7RV3%?U+./_%P!9^@,M][V$84+KB;@8MT90O%O>9 M_T>='[@0@>(HP!*^C)/,1Z_@9$L_Y3XR^,?\Q(0B"BOI'J"^1YP22^,.*R5J MI:SF4VXD_V>+)\?A)=!.E=#7^CS9B5KHCHSP;@2L&Z$!.%R6$'^'"P1$*DS[ M@I=F,D>4M"DO CX-!"U-TY6Q0/JOF%Z385H.*K,)EP&R#F#?, M4!7([@S X$9/SK"UL93,TD5EIU:OF"YM2^PEHD<8JG?0DX9&)8%1-E1MZOV+ M2D[I+M3I'R[A[W2Q8ZH*07_S]CMN3<#G0TNA][B)D7B9W"-]ZA>HH;>N878M M_?.NQ6!!H>4$(Z_ ]JUN*3 HN[\">E8H6*C*9!D_.,WC&<)\+?)B&1Q6'L\B MKBY'['WLBHI+]0_A,N//Z!/EGI.M6L5^O!BC'!'Y9$8L\K@5ZYP :B(E$4&# M!Y1*4V1@Z;1PT+1,5O"HHC^J^C=PPK2=Y4^26>-?PHT' M1,7TD:#)1UB[RYP"EN<=4][1^('?JR5:-L3?8:BE=FK]$,7!^$2T_B*0F<)Z M+UVUE?X"4W%R:M/R5H+%N=1R' /+@H@$)(Q[.@M8O38^W\9/,!<7*IH07?<^ M>0!=&C(T4 ^0 @[[8;@NEM,8 \0LNAW\X#ABF3[-*<4LIHU1O<@'R. 4''&6 M@]82JR,_'LVGD!D:$7D@3:38,='VXAA'O662K[@G-'V0[<*SXU%T3XW?34 P M29+SE5DJ9!11Q_X_F"0"&\EC#?$"/M4<\QJ*?"IX@6>PDFGY*C;0X@,%R^7*9#UD$BFAM32\S%',DQPEY0$FL&G.>LE$G^RY=56X!(\?<+(%,M_& M#]G?Y"N9QG&9Q)3 MS!5A (5*C$5\3&F$AOX)/XWD>+AYU$XN!5AP&1*1WH*XE8#"XC<8 H3B,PM#;PY6 MB&[$[(D+5P5+H"&?(!*IF;P0)Y829$V\,JD>+K!ZP@95C] 4^HWW0G/*.\"X M>,4"&NC'SO23&O'@/AE MF/M!(<9QES[.B$9:WC7(MZCGD?E+=+GG0J[\-Y$&6WRSEJ_6"=V> MMNC;?<"I!)\2MS,:1N7N7ZY9UY9A<2F;=DP[KFXDXD=C?B M*/M^S<1Q!0?S#F:Z7.0G<\*2=99?"#A?$"QJFB539MC;V0E[?JBSB'LL:" M9=BRUWEA&;[H9?8X&2Q9U*-R_JK%/'MWJ4R+DU,)*Z]DMDJ,SBEL=P5=P;M^ MQ<6I4O;9%U@5"2;GYE/^$9F\TH9'2T^ ^5YVSE&:A_P" 4+RYPIZ ;EB&^H5 MI1.XO\I=[P*0J*Y>.>M/UROJC"?@ZZ&.'4M3PR@)&%C)?L%-/0XCR]6WB7S% M2/DPK'Y# G\UF61AVPK2*!_0AJ?.DP6$YZ^^55O@>\I%K)Z:Y,[_7BB[;.DX M_TF65:E)$JKT#QQ^/A3J="0JIZ[0@PM3+RBD.'-?17A&'4,X^ ]PQ"1KP!'D M5R@_M][0*(&'X_,0>LM8&)M[L3YP7P864D/ZZD10*[/AB0UQ\*)A$@TSCCCG M]A]&C4IXAC@;&>_\A0_SU,37S+YESR.\FLW;$FE0)32\=D$)#MP1S"^"N2,E MH]_4"U3FI8RB)P+$;YD0B_5^IBF1'G;) 3Z.S;L7X_]"NH#<%7*V=GV-YN^Q MT(%K434-"N=N@5\BYWB+VS<@@!8>I;H]:XD!T 8R8+9FCI,"Q<@M[9VL @@O MWV";X5TO$[I22"9JV4M?N;6Z)EMFAKC\V-;-/)5E<&("1LKG=[%T^ -U?^[8 MQ!).=%FCD[%_$'N)8D9U\<(-X<6;?+&V=1<]Y+P6G\U?OXUYX;EHZ\V])G.6 MD#VY"$AXF]YEU;J2*A;/B92Q2D_E7R#G\H)Y*:4=<]%$-G@QZ%[HKEN2HV;5 M+Z(109T":@]D+SHA<<\A%9,X&-1/X4X&5J ,@+Q-Q!$H#^2RJ:=YZC,_GAU\ M\0LQT0L/[>P)*-9QL39I%NN?6]=W%/5GZ"M, AC-F$TQLH_AD; \E![[".R"Y7T)3B_%)*D>/H9S['S2TPK,"<23 M<)_%J?^&;DF\O#ZACEF0>B%A]]E&^8L+@X!\84Q2'WY9)H'H^ 9QBV>7C9Q9BP-!&+PX&?LJ=B]$Q3E72+F;GOCD.B4)S';R0(;-H]7LO'[J MPB$OJ^F*BNFLTD*ZK",E)SZK*BSJ\5 )04'*;%U<741CI/&<#Y"BOO5M1OXA7$/Y.Y7$W)Y#+UV?2JHA\_+O#X+0'C.7/RY[PS0O/__83G M\B)^K*(J"'@^SGHGSM,R>^56GY]$L0J%8GKSXX1E-#_/BAE],HP'H_""P8 R MCUC$%.5MPB<>>Q,AB:T>X3%CE!"W\AJ*)(HEJ!L"925W;Z?5Q#T7]ODN6G\T V?G- MY()#OJ$P._(YTSFT^8:MLLWFNA_@#K66 X.13M;VO)-IA:.*J);['CC/V%><$BJLQL$9K(AJ,!SM/:*.'A0O MY%53$7MM>1K(N,)-#CNKP4'T,:0#,* #S<'&G1"9AEF<N8%EVAH-6"B%GVK-,\_*A,Q<5UYRR,D2:1E@$0]7NL,5NIA6^ \,9=>7G(1L4R4?6 MZ4WU<,P')7?4.L@&3#ZKI:BVGJI;1C$KHCKWB(6X8VN(8IICCL< >@0Y1 M^RL33C ^X[70C)59YXL:R1N6G>6G MP")SK&]&DJ6@#@V7COE3N5Z1D3U9*RK.,]^R,R)F*39JO)#GGVH2<_9T4LV& M5K=C(3&/#X%VX>Q0_9PP/NIPN?79[E8)97 M.\RQ5A_DH(^6/324)\YZROT,4^[:=_+'(E3Q@^BS[(HG6W7U*WDU(MBJJ;.( MOIDE:+2F L$&RI-LEQ,W]RB*8^$B:&>"_)2=%:OQ+"\8$)@SE[(Z-?P=?<*M MCR>;/*260."O*8,#GRC G8(Q^R ?U0TQDI;/YI\Y62%]QR*-CPQ*NN]:)*DY MR13A"]:[0-SJ=L[Q)DY]O,A[%C??$AQ$]XV,[L(HB&[!HL%,[))[;M!1E0/@ MM#EH "#92TE=%=X[P.;(L";E**#+@6L,J6#IY[PA#+5.2O<$L+/GDN(OHR,:562B5I()F#TYGC(]+()6JF\OHYGBE=3 M)L^3Q41^+.<&45<04M3"?Q.++\HBZ!>XY*XIXI/$A0%/]X:+2RA4%]A[GG_'M:"093K_+JI.5G M=6SF <24O,*>M>W:D'J$HE9V/\)T.@]%%9SZ"+Q(U)[J)9W:2,B"!V.6E(8V M) C8*8/\6[XB)2$!3\NS2=2*6L(]R%_5KAHTI"59O+&.7Z2U4(NG?^1"W;^J M;CG'H]PTYXCH)E!FJ]8S@>*,@W=1EQG#O?6S906E$E[G7 PF&\9$=\G 4NU(,+$U_TG$WDW8$ZL,"' M%%.A, [,H6[Y!#JU3#64"0I2V! )EE[Q9'\\ASWO4Q7'E"E^'PW;G%HI?NN% M]!QYI:E*,? Z99S=*0[$J3W$@SYM/;E]GHA"SP= ;,1Z-&/WYQ*%,MDC>'5Q M_<;Z%LW\D=7OM&Q+LP1*8T9P[P+/7>%@)TL'_;D"/44+Y([55V_AFAJ +)B" M$374),FDH*"_/4&_2QU^3X&S-QBET/^@3^,A3V5S1C:.%D.ZRO)]\IA-+@8+ MI\^T==BYNFJ>A-0ODJ-*T O8>$=M?SYOEE9C76UM$H:MQA**PIM,JL>3\WP@ M8<(3'7Q?XC203=)@EQFH/^KD$!-S"!P)2T_<;;W&_)1J@,$K[;61,HKXQ2WB M_&R18',8L^QLL:RW)+L$?<)ILG3"*K]Z$DI[1:\.:_E"?TZ.>=0G^;+:(FQT MDG$^O)Z]C!VFP&/%\[L\;8/5$25JB'6%<]7SKWGL)V-_)*_#*!Q7";CCNLTT M="\?U4J9?HV3'M]ZJ;?2*GXB(D',U!([G+*\5+L6CC)EX78(N!#F 6_,!?<$ MVC)IL*B*2Y9=HI[-@V9J0YCM2?BPON0U2^;+)5IR>7@W'5\;?&9A?6B8E,-7 M;:D9%91=KC; AH^M.0WS5E#L054<_9AUR1JC'JUO>GG")CE#'!)'('CWA-4L MG0T_AA/[6)RC3?C8:DCIB>4(M;BZJ9O?6D.@CD>.K)WP[?'G^23)#787!TI> MR8"EF/?_!*)$6%1GW2W./H*V534',V:;91_5*B;$AS#[F,BK_;(A5<&+,07( M<1_S:4_R68),,WZ7G6Q6"0*]X,2ZQ3(6=7C-@OH)K[3>['#I9&7GK3YPJF*S MFG+0@449.JLQV"+!EYEL)0]<]5-062+"^UB27#]4<=<3-Q9\"(U4X)GW+59= M3?PX27.%)_(KH,W5LB DMM6UNZEHXY"]Z]G#XFS!(>_)EL7XB^6(RQ2#^)X( M9#*50EJ'5&HM--KPVSZ+B*Z'DC?8],IR^J5'!/2%&>YQ2U=.+IG@5&5#K#WB M5*7L*^L3UB^]B:.0_CQBRJB)[EN3G,OWH74QOX604-T5+V^OTLEZ#=X1W-R- M"WH3P5V#^E!-B'0STS_])($S^:)'6'_,<"*A_OV+ZS\R7_\4G>.2SIRN%C9? MZ\,<.^&4,S@D3Q]Q&]>.(?A((ZH"50%EOG[ M5N"$%Y?GI8MS'W$1[[P8IJ^)Y?D)GZJ-=[2HX;M8DX^ZDQ>MTG!73?"#P?B* M%_R8"DX;TCAB1=WW1,L)"$W+IYM@DH[[8[D+8LH2._"V3Y%\(;LG*3O]!*OZ MV*V?V7.IZY,:!')\K8M%Z+5 MHP/)WH?4QLX94L[$W+$/S)-E^L%JNSVJ&SZR8312C60^"1?+%#YRE5YH+]X7 M+&K$^+"1;(4P8!,LNN(YCS+4K)Q4J_9"ZX_:@&L3=E+J:ROD>1SQ==6IZH5J M[(^V"/K^,0FL%[$H-(3J'^Z'\6*>PJ^]N'QW^>%G]NV?H92-':[X_(&VNID$ M15GX6DP79FD@RP+9S4?Y^FHU-T7L,G?-.\PBX>K[ A)HPX^A_X ]6>Y5V3W D8NX'T\HFZ)%S;2A\GR(W7& PO) M1)N\!X@^!^I#4]$'E'V-Z%C2,K14;0<^B;53+F"06G^H_26S15P"?NQ:!:*%$^%>64*SK;'5S" RFPDR\/R MN:?B7/S<6FHZ\MH;XAO&;"@8X"TKKEYO3T!U90AZV#T/='_PB_2TLX]$;ETV"&A_UCTQ M5:"LC9U4AQE3%E-[W.BDV,7.:\]9&<@=(6+&% S*I-^'Z7:H]M4D&G@VM$[D M2ER@79H_7*Q863P/E!#S7$L=-&Q8]OCM@-B<$01RX(ND2XK7!!#,U_*N7V26 M76@+\.I@?M;$YSY#BD/$V##Q2YA1;258&C=19R!/U"D+?I_1)XOZ!*^X;CF= M8E7"@\#.66LH%0G3*V(J%+H#E]QMX+78EZ)!3VB;7JOWLW:*6J S\ V:SE!O MTW2-]EE]@AP;[<>#%REV/&7%5HEC.^E*6)X6(3=A)Q,4^U,?L'$;@5*!6@,2 MW_LC)G.RU9"W(_,&/AYC86)671>G1K:)$S99P,X7)^;9,D<1?QFPH#*7*@:5 MQA:$901\1=AC\=N<"@"[D[RK,4V,'=##-=; 4CPN!27VYA$'<;/[+G7J8M/S M0\X)R5P J6++U?J[KRG+3.RU5NC*8FJU*QK9H5?#;R?/Z+4 +X1B02;]N!WPQFR)J0Q+*:7/R;DM>+4NAWKG\G:/96&X@,<68O 5NCA7'GDB M^E@;!2^+!WCKAM!SC]H]=VQ&(\Q*0(UM2]0\PI!6B8O,?=%Z;I95'3'^4C.- ME4?\7C!9IY"]$&Q)+>L*,_J7E_/D[-;S9J^T&TB4HREN2O]&*?,FB$;?__K? M_P47O/]%?.LK*U0$=#[JAZ!O936*_"I&L?0?7\GDEV=75+^#"WG6JBE3"BPZ=)_>=9ZAO^>P4US_-_\H0_^.+T# M>+1^>FW=X%G.&?9!SQ+RRA(_/5-O@1?$XMLT.$_A4%) )8UFZJ- '?SX./\_77Y=?;%*UQW4J?%:RT >9;-X774PEMP;7-+LQX([W'\U[&<>P]A$77!_(WW>*]"7*HM*BW!=TK0U%.8=V-H%1* M(N9'H*L=\;5HC;,+P*&>/;O8$5M5&*%E'P3T98N?F2;VDCN;NS7Y$V=8"-X& MPTZ'<(3 X"?=QV-UO3:;V#D/V6?8G0!V:=V3#.(Y^ZT,Z\MIP[H^ MN _/EG4?X3C7^;$H7YG72% C6)2[RE&(JW#6)B9+FS]@1QAK[/6T(166&%"! MRUPH@CP15ZU4S11T%&/EDZII^RQD\ LO!_HL:S_8;Z3J_("7:+$80?R):T:6 MBR=$20NO,1*-77"Q(\RT=Z'S;,97 =B627WO]A9&8&&DPE:J\HUAU3Q<)K% /JNJ5;R9'2QX)!@'?!KAMN\[TN\FA*S-S&?GY/M4\@79AF41MF[CV[ MM(#WB,/@M$"?,:CN)2US!8098T<-6ET[&^"/&5-,J+ 4C7Y#-+0YB0.;*P[S MS,UQK!Z[1$.Q!$1^2;B1Y^T^ S=.K,^*%2\IXI JGES)AD5C_2P6%3UQ-8XM MA&W5>G 1BYKF1'3O-1G-62,-&^7SEOKY#QXV S"ADC('B/7< ^[:4[)RW!$G2#:7Z!?4Y^3&# M4LYR*&D.1HO]H?KE%\O4#=0 RT.@O%,!'5N@02832E0HB_WY1(!61;IEQ2AD M4\LZ1 IN;A/GP6&4Q90V7BC6)A!!EPA\5A8M49XI>1"U_9@OE$:=>0YPB1J; MPDRU_\4LID;,A15A;4-4 M4EXUS094DNWUP;Q=+7 3I6DT7:8(= *,\,"]:/]+)97O]XR]C*[]O"ND:YVG MT#U1"H:_/',EN?B^Q0-O H]J:GRLA<< 6;[IRZXB\@56=5-E]402'#@A%Z1] M9W0LT+I[$H:G<.D)/'@Q#SWJKU.-^?.:I-[GAI[TV@UX334H!3P-CZBO"UHT MBE]9_W-Y^>[=U=4:SE%W\-/:?/C(+[R)<_?<5,2_T/X_5=8=N6^NL>3G&ZYM M\%-6:\30Y[3V6]MVJ]NVW6%[7Y0Y0IKV[%Y[:'>'_1IHNB6I>[BC.JI(YM;= MX[MU;M#:EPHL4'O5..C80W=HM]W6GG:PNYVZ=JO5MOO==;':!'NPQ"M98\>Y MV;][\2Q7^8%;?^!3U-D+=]BR._W!]BBUQDO7=9].F2^.[=)(J>MT&\*9NFU3 MV?K=2NO_!H=+3Z28NSUTN>22B AHRXS=1]%V-)GG>MMO]@>VX0VC$ M(+G+JV5#BC.0Y27J4@+Z[?X0+LOA12@PX!4&)N.)-!L @6M@M?@XHYS\F/FQ MI-7BB!CU3>UHD?V%77H#K;>C="Z&>XM!J-EE%]P6(&K+M:D'*;OLHOR3&"4(2E!J'=6KRX5.S#IF?57"P8 M:X8$5<.'\(/0X_4#DRX4Y<_[O'CI0]BYZC*B.8"2@FYCSVW#%V(G!J4G/ MU3P.?:Q^ [9=^3_@9U;]>PWWF,5&H+2E?%;3<#)6W/KH):E.*U8BP*H6>3\G M%H%.= )/).T+),NU^ZT6RI8R2D77ZF2,9'9R&5S-A$M8;CCY+='%)JW=*S&; M?;OO+IK-2)L.X(C*'EC"9R%C'4&VW^:!#SUBF79N2BGH[\JM1I]/N"XYG[?; M?1H,.JJKL&R'3O$.:;C2Z76R>\/&5[&OI5;;*K#8K!+06.V,WK&S2D=*D+RK M5]2374;3V1R$[&]>/,922[:)]N"U=1U-4OB545$@:"K2:.D]VIG^%B9UN!8N M>RV MJLMAUG,6[L"I2>!%Z)$XNO%'UEO_%N8S08-'X!D[7V;G(7> X:R<+@6PYD3$ M!8TE(6= 2/2*010"DFK6FZ%;V947;!PRCNY'9Q0N-K5Z/]=J[O/1<0981,\*+]NN/8/>I@OWC>'=H#MZW&$&3&%<-WG/-.N]]E>CO%Z1["_?X9 MI@! &D&$OUQ:-S"F1HCA!VD4/Q&XF_([\,,X[!E!5JARMF8-I7T+%=FS, M8M;8M3OLV[W!L'C7[I)=NQ4"$%P0QOS40V_AIE6:8[CFKEF.]@ELEF1YWAX, M;;?7*]YT>\FFVU6C+HA)NKWLCBF?1=JV8-=@*V[Y(:O M^NC%-,CC>"KH'TFB@,E.NFQS&M5G. R!79F5W&4ZNI^[W9;=&_:*@M([;UR< M%'<[ ]OMM'C2"&YCYCE63UU'B(/MV::/VTITA"(9M. ?' M);S 72&_^G!A^Y#U8D*JN=\?4EM_@])RZ]\3N$GX9UR+R#0/]<5758KH=?%U<+O[_L_>NS7%BR:+H]QMQ_P,QQ[W#'8$UO!_= M9W>$+-L]WF-;&LO=]YQ/$ZB*DIA&4 .%U)I??S/7 Q844$!15,DB8J)'EJH@ M7RM7OI-OUWZ)-^2OWOV])_T]PJWAUUD %LH;Z=O7BT_SY8B78\D*JU,?"Z*1 MV'@=[.@KG6&Y;#C2XU"L1\?,& [N8)O*/#B#R(P_"#-2P@RVT(_\]2Y.:?LA M:\ME2T'^#H=Y&=_7S^0C7:N%DKBW^V2>[XV?[NZQBF/5 C6]C!./[GM&Y M:GH:MNSN.%%-"5JL3C'S0'6'^)E@5FVEG 7C:1L4OD2$QI-+M'%J>V#W:F2M M=L5^X"N.OQ9Z8>YZG:;KU7HV7:]%%@LC4:GTM=RXC^(I;P8NR%8ZS M)WWP?Y6N8]QG-M\1Y6 K20VZ/-**R^BIW?[ITX5<*%N^)!-CIP&/;A9CK#PI MC#VX(T"]X. -F9EC'M_ND*]WENBDSR_Q PL,V;F>C^MGR'&5SDQ3&MNDXX9H M598#_I]JT=4@KS2>VI"Y^4NFO++9N8 J#WO67"SP??:J%9T%UOQP[N\6@V>S M8@U#B10LYBO^BLW52@L*XFS/PCA6R<0FB4YKHE,?:-:G$7810%[9P7O*5YMY] M09P!O%#8_*QZ;G#(Z-J%(M_=RHV&"%,7;E0#JM8V.XC10YFRBQWF '94"1AL M>SZ:GD.XZ@7^A.-Z*--+ M$$BEMQ-XRID;II-*FK A1&;(<.IDS40WMU .9=:]4C5'5APS'Y_'>?EC$?FB M84-W7XP3G\?)=N(MU>%,P.B&MZK8LN8:;7AK& K7W#QV5T&8D/+*X@9_G:EIHC#Y,XJ/DJD<6[#A M*1+6X,H\E)CP&>#5FP652X!KKZ,W1-+8[.4LI?6^-!K+3[A .CH(E'R/O;P9 M&WK;U@X0V0[9AAZIE,(W8Y40'3.'([IPL1(-FLJ&8Y*B7WI0X#1ILFUHEE&Z0*DY2M"R#>&>HT^H7'$>F41,7"L2C23ZDM0=D/M86H4^E7@Z:EVZ M#_[$R;%DL&MVOY:0VW^D4A'%C!\C_N1O_I]>^H;NQ2K5/3!0BXU?-*21Y^0V M'.3\BBCKV%ICQ-;Z&",DA^/(CF4*%,*]\8L[?YF%[$(ASR;5@%6#57LA1SMW M-@0K+=XJPZR*-]/X]+K8%N_"Q"L-$'Z,MT2=3LC<(>R:0N/U3!-K#G9CZ-N> MS9:\2;6REG80-HN^;9?,Y9=.2>X,V3 9M$!"7;.J'AX72'9:N4A*)7$4?$!- M92Y?\9N7>1&5*C6X?\SG99:[&/+\9IU:KI'9J$ELO4)H>\@LV _ =UO7!13=T+@:%<^Z)JLJ6Y+^1O= =, Z5J&KP,FN?^))G72QR4$_$H M3ROAP=235C'.J:,B&N<$EKJ2G-H[9+=_66TS,VQ9=0UFTBHHN%M&# \H"^I: M*",I\UD(JXYV Q7&CQA1WN4BXC@0%N(Q9,4PAUGJ)3YAI5U$W4OF4=8:[%(O MQ2,-43IY":PCVP[GGBW;Y@O7.M=,,-_BXG,LNOR$')YU3KFL)2^$YSV8O%L; M54KJ@_+@J]JK619,:,%G^'%E/=SY/\E1NHDW=U*:W:3!,O 2_!;.CI!^^SO; MLPZ/1_'F2HDL%63;D< WN\X(BPK:2K=D.<,&1VY\I.T!-2O!JZ)#:@=Y MMS]I42*K (A[3C>%KGQ?SDLIV3Y6U<3E,'39%TT9++S0QQ739,F!3-?D\(B? M7BS+R8E,*D2!5?S!K+@TN$&(7>T4F2A^H+==V86G>7!6 MX(5_?H>LQ2:PXH#%-8K_3!*6;I:63!>[N19LTPU]4K[]%8E<:@<06 M#Q[M("_$%'P'US:(<+(TM MWN*H-4"A&HJLF]V@*"9%Z%U0M.'1H,YW4HZEX-R\1<-N:GQ?^C[+B%5E"U]" M?NM+#L^6\S0<\0Y1J/[Q13HG&2Z^H^#UQ\0/X6C_"*AAWC;/M)ZC:8!J\((I M8%&!DN=\^"AJS[)I6F3>&!HMW0F6; =%5>C2H@]N[2^$1'B)[6STVO)FJW+ MEEWK]%::/52#=$B(?2Q"$0E5G_DLGL;D?ZT,Z'!Z+)6%.70;!,*QR]:7W"X? M'P1"[&\JMKFGA@MFHL6]4[LF4OG"[,2_Q9'_)%W1(H79/VVV%5D>=%=KR%8D MO;?^&S7JY]->.NV[6X9'/NRN109_E-/W8F7#G>\] M/$G+;(/+?Q]IJ0*K5&#'3"A6N& F^B+;L)*%#66S1[HGP0%(&NL6AFH+ L.N MU$A-W8*L&&I#V4)97^0\H44+RE;3+^5473JJTIU2C2@5/6%BJ\K'B$QJ*#1, MP6-QN-LCUH*Q[K%2W=S^);^\-U>I#'$CZ1[>(E.:&=>A\H,5Q^:E'P=4NM70 MG";KAD[UKBF;[E:FZH5IWL0#B4X(/>#G()Q'R^U2P]SSRDT'H_70CYH74+&; MCB>T5+.FF2&O^F]*"^3LWC!V=\L-I+V2 P/UL"YK)NNGT/6Z[/3NU("@H)ES MWZBD6ZW(AW5QL1>HQFY.4>W[ MN2-E];33Z<8+PQB'C;$6&^+I(4UP(&^^9[ZV*4&\57+3ZI+&\GNW/U?,H@': M:]QB#%-V7-XL9\F.^C(+*HL.U("MTJ99A-/P?T^ARE2C74!ZIYD$Y:X7^!7+ M(G9-(K[2B0V5N[VB*O&D#V&\1@^$$3<];VG/Q8GISQ7A4P0@(=>P)\29B1=Q]GF3CJ_!X(NO$*Q M$B!RY-$?%-1L\7R2)R0@^"E)J@5Q!K#Y&R^D\-+I^0S8=+MI*H^S%UVN/(1> M4:>].^B'<3/PACY=NYT3LP +>0;=%"EP:[2?,WB1GC8KV-@*[IMV43AF_X@JBVR[QCW.J/$3.R @ M[(C,TM'_[.M8M<,_6M,LG%?:%M!RPVE=&,('=I46\B+>!)6AE%NG5U3:O#2M.&$$ M"/S8"[E="R_N9*;+G8"=H39:L36>VRO+LK'K94M/PU_Y<#8B9'QB!$CF]HRY M,%Z0!A_0 Z0YNE[U/P9A"&>'%!WRNAY2O":$J(,(SD(8=K1Z=>XP5E]539FN M@@2K'9. 6:+X-VYEE%K/4.MMH5<8,-S0Q1?"SQB*8ZA312!4^PHZ'548@LR+ M<[>+$H\731)')+-HTC8!=I50V;*IV7E023>K_00OXQ#FZNAM@B'/\G"SEZR: M2.Z\22D5[45!64YC^)U>M;FK12-EVUH\:JG\H-BO:(LN86N5!; M.W)"[$ABCM*TRHAWQMC(FCNJGH,09:%YR>;\IE1ERTQ!MV\Q;T>NI:=\5V6; .Y@#G1?_]%VWN]]ZXWA]MC4(>PI2N80TC MH6E8ZKW76P>@#^(-LG8+YG*T1!&/DY^D_W5Q\?[]AP\=IO?:]@^=11/C*CT% MCQ_#'WH+SM[?U/#D#U^\;LFNHLJ6;AT XY&X_'@'NJ!1^CLQ5%,ZHC?Z@6H_ M1!V UV7+<&1'Z2J2QSQT/1BB/F.&H)5HN_MC<$+G0WNV[%!E%^<8&5T5V"E< M2BW60C=VZ=,:1KV,OQ$?N,_%II+VNZZ'=$([KM<1;H)+&\3 <9Y2RS7M3$.V M+>,,_)S.3'K5DSV[7[V7R(#O#L:0[>Y[O';1M49JJDL0ZAW9YFT:Q4:0UB4> M?.-'^N]H]=-7/PV6F1?^CKF9(LF3?HSR4-UE1#:+?/]+0':[OA/M ;$/OP>D M/U!<4B0B*F)",!!Z8S'C2!?;[\:@PQ$(3RN",\4&4K-'WBKGR4<>D;SB&:IB MDP6-"&]52V-](O\P+4M\I4OW01BRW<4)?S9-V_*8)T9ZRQ&[8ENP^'BL0JY4 M3WSV4AR03L1C&SXQ2PT?9RN0<6+ G1X([4U;(%A"L0%X?56/B_/ MBB,?!WG/,)VS?'J/"%BOHCS6J(7[BZUA!QXI!,=O80$' M 886%I 2P" *-H''ET#[.%FF#$SCV)!Z$K%NNQT4IM48>;[22Q+Y.4/.* (YSL45_+W?Z.>QEHM MYQ2OT[)@D,D?PA8M:;X^.U^?I+XLY!G$VM$YXF82JB;;;A_>P,P>):1F27\W4OEBG@45KU94PK'Z.5=CNEUBM*=5J[3349$VU7D@"E=4)-%YF=3=^ MN0V-V2>OS"9)Y2)?5*CFZ]74IK?F]3>O=-E@CV4EUP4/RRO!254@*87%/'Z7 M-6;XB6:P6P]8N82)52'5';!B>EQ1UX"#H9*$F&_EG6+"'C9'WMYPQMFDT4(# M5LRU[YG866:DFF2ST\LY$$R[[QK330#A\]Y8ZU4Q$K+HP6(%;N7=?)8M&[HI M>2LTOW$A-)@Q*"6EE= I;3$%CA*K?1V0FE1A[A !@=OG]2NJ&P>:A'E)KH]_S;!(3:9A82"$M97QH=P99/?BQC) "Y M8R"E5KV[6LKU-8,?!4KE#:D580U0WKZ72KEK8->P(]6279O5ZNDXWUA]F5-Q MR\V.^5S#\8^8*CN&*5OF?,2.>\3V'",ZO FCPRDM&7VXO8G-EW!QU]5\/B55 M.]SY1!O;E#5;F<_G?#X[G$\+9TBPJ?*J"X<5)Z.^P .*T3IFH/)5M[R?8[NM M*_<0MI<"EUUTG N&:UB,?#_UXUT<^JD7BL,$:B*\E%=TMC0\;"OFSZ<%+&/ M.Y^2?N-O'GV_IO.?\/>S_V>PB//@ WZHNUE6ARG5$<+:(S$2JQF&;.J.N*=Z M!^ZE84SDK):.:NWP]+ROM3*3*HB6P-PD8)TV347V:7;S+Q!T5"1"^P]&@=/^ M=*J5BKPMDM*F\\PJ"RY+1S6Y6NM"/>;]$S!:(@"%NTZ6'M'5DBS%4;/TE4^< M_O#Q U=><'/VAT:9L6HZL67N.ZJ,2 MLV-"'PYL5@RFZ&PDKFZ_2$7' E,F-T'*(5-@WXU_YX4KWHHZT AQL7$*YXK- M1L@1C1"A8[NN)Z4O]^^!-S4R' MAHL[$![-S1*:X:'++VBRIY&/(J'$L0DF&)"*P?KK^);WEJ^7#8W\ L3=D99! MGU/DG;H_B-HE"MS9)IT%(>Z!J;$SRH^A'!$?I=D.3AT=*P/5852<(ZN62HU% MJE4TV71>IK=3WA<-(GD>KN\\- :0%&@UK[-D'>.\TFB3#Z!B,[DEG;2%YE.Y MZRQ,RRY]!"W(J_,+<5EJ39-[FO$&]U(6EVJORA)2JB'(1B!2\@2'Q%2:.V$; M\K?%Q:N>J9VS2W(N1*4,;[&IM&,;/UWLA*\GHX'(X!'B^N45><5>)OA0$*59 M0G0VM8@"EBZC'A;.ER%+VZ--$N>F3SD=3OC'=C%5_1U96@)CP!<"4)9L' E5 M;ZO$R^=V","ED1]#30(7D PX6W#E 3%B$=6?KTZ4*<;"S,#J7?!>,R MW\*#0YH7Y2J1>HJ=CD;QF[1XT"L9&4LTS16PM/VNC-)U*OU['^)0E'<3#QB$F.;C/:YO\A[%?;1::#>V6I+*1N8SO92[W# MF!VCYEJF@VU,"K2^H#K^2'8[\[5;?,8GX[)N&3^K8##1$H;7F/?2#-EU->+, MDLUY)5>67")GJJHY>* J@/THO4;(!"7T@4]V%/0.-]4*SYH +)KM[/KD]P6- MP=3>V%MOO+YZ7UZ4B#<4_!+GVSW@?#NXXOCM3)4HWE%YM16E;>'RTCI8HM47 M/KEN0GI;2&P9&=Z)],99PS])*<8:]^7!$W$*XYWW #8WJOE;,C-O2>=)L77; M>6S13^*;8 %7TRT< N)1P\,V97W^3KK"7VYCQXF\^_9W2G<_7J\Q\J+@\F':PM,T.!'LY\"5O;"JPYW=7V05<:&"G/)E$"H"I'8 M,,;2.$8:5XP./O-G>VUDH=/1<$NJ@9%\KBB(-0TR$C\FJ!G6%U&$TCRL6(#? M$DZ6A%#R*]/":VM7 *E8 D]"]VZ3<\7> L!MH_&*UUSE MLL>'QB%-7AFR:CBR@7ZBN)R2K>]SJD\I@&5+2!?XJ)#'SMB2(#J#C_D5M9C& M*_$>,,%QM&5# RI3C;9+G[B'5"=;MH0[+*73&JDI A#B?:AAM8V+MZ%ARCK6 MW;3=A8;A2F29+ !$U9_S8XVY1.L..YM,]@$EV[)[S>2GRSO>4:-VD':WIIPC' M!2*ORW+1N,BHLC>D% G+FZ9R)[E4&P$;CY@.)BU0,N6WXH,GZY%81QV&_ M>(SC)5P_<.D)UTIYE&5MO+^\*YS>EV0:.HE2L9!06IT02;]5>A!_@OB[.]]; MLF-+@/D5*(@Y/3PXA2DAS)CE;CTIAR' E(<8MP702::9YB$M59%=T\7W\#NM MR*@7R8TBS=)4FE7$3THQ-4_8[A0DI>;*NF0Z!4IW7-P-R*I69=.$A^38*+:A$?+EI<,L$S7%AK!3JX M*<4E5SOB25D6N1WR@!E)% NW4V'GUK8LL@1ILFG>6RL8&A0=(9L628YSIBD_ M2*]=A?0!NLX//TJXWP5LQT4I1^V5LTJHF#RM;@Z#B.)X .0:B%ZN93A ME7)8A4<5 )-;LND[Q,IXI>/Z2U6VP%26ELG3$M0UWAWPT2)[;LBJB9/;;)83 M>P VH"N39AA+\5EV')^DZ;2H26Q]%S)ZY&&:;"B.K+MF_^[WM/')PEV'*0(% M.^$!&(RI!G \:'RF@C_-Z!>U MTE:2UK+H43>%&*_T0Y MN2<6$-OM50@[:@^&7TB,W?!%&+NZDUP>RN>H[*ONM-%%0D!)C@: M%$O!'2WM1"0@P&$B8QK 2+H+>Z(7R AAFCYH^"%Z+30 A3_S[4?I4S&#-DQ M'.K1E@6;*!9*>AJ/HE^2&T" $VC3+6T2VXB5E^N3]R.).5R86>=I"WXJ*IL> M#=VF#[OUZ8X1)] M.W?U=3RY4,'7TT:0#)<_I:MDP,=UI8]LV*J:QQ]R^9!VR89*#^.V M2]7;0>+N%9]\=HG.WSD).;P+T@6\/TOF02L3#5I1E5.G@#4L@#SPC@-.-62%I0MN:!*A,C4WAAD#/+MT(VS/^7=KJQ MQ#S""#6\7BL_MPACWOGADBG"%2LS8!6$?_/#N*1JNBF+JFIYY]]L9IUR$B$: M57TV,9I/I,OHBJ:@9NTSH(,A#ZWSGJ)**#WB:[1*9:LE#>.M5D$8H.,K9.BD M/#O'$A*U9:9+\HDB*TA+1< #9\UP+">2-W VV6*&;%$+L7,WG%"2L#VCB@?H M=V+,6J%$V[8:[2[M723Z1H@);!F(JF;0)!1%XW^P8(T*.?$M/5+/(V\!E^>% M6'%)/J*JR.*P]$OEC8YL4AM3")35)$ZVOX@9$HM3W*M94DV;R#KDO78P:&=. MVA+J.HJ$$!*#?_/JX]^;,]IGY8K7.HAH674JI#ED6BK7?>G;5N-;$9XH9J%Y M6!\#'V2UM"U=G)5';K>ZT9?(O$4@]/D[2+ *=$';P[-H ZHAS\('N# (%^KA M6U=9&&(9;Y%7*G60YND^#@D+YG*D<:\0B4XMA?U"TFOU1YD4,GE/^7 TY&(6 ML=<67;B;6O[(TFM->$3T)"VR^RRDGERIS#F]PSBK0+O:A^F]X*E2,R_#?VW0 MYP";,]K51158K7JH[.6LY3\KY'O"TAY2F(3^*LE@YW9@#3!$JA-:$1'1N69, M-^,9I>EPLC@=V4SSL60 :U'%S6#,BPU+I1JBYLP[4NMJT>2BDY4KOHA 9T/CGQC@$2\, @U+&^1W*JY45(IXQ"L76]IDQ54GN42I M6N 7Z3A7P=84@MK:(YJ TI1B"?G^"K]),]THX[]9#?C9;2;3(?2)5*-6J019NVZ$*7[2>(?*^UI;DK'++PD M(1$NZL(\;D44(Z9=X,^LG7^Q0)^XN(^+#NZE!+[3#8;; E]L_*_\NO"D MI17RF;YY24MT::2/1$7HM8AZBNKR8L?T=.;4,^9E6HR]JZ4XL6L#G">0'Z^@ MVAEWC)W;'Y'R=15ZVQ!Z0'SO2.\J$;3R M\*=C22]X#WM 1YO:(*RMR$E/'"7!=09VU<#D5(Z %$VPP0IZP"7:LJVHLJVJY\0 MU6LMK MK7QH9QH*R#+. *R#B>GN5^\CG(8BZZ8CFXY[%+K.W)FY\VRYHSNRHFJR8_8U MLV;N?$_<.;0#WA7A3T51R!P5FR%_V9 _9P/XDUB>/9N[8UX*EB5;NBFKJC%? MV3-W9N[TXHZ#NUQES9RY\Y*Y4W.SOL@B\'XS)'TL$<['950+BUL+AUF?[5-# MH7=:VV/2JWFDVGER$4=TKB&VT'P-TC_FAI/3:#C1GTW#R5L^"Z0D2W.327?] MTFOR(X&EKN\SAB_C_$;?+[;H8+L)MMG%264* YX@WDW7U!/!!D.RH9)PU(JF MOGS@(X&&+KCL-<&R9B\NXH"K'"D.:0'L((BL MXBP1I+4#+AKBHFKX'X5Q9O>AJ2R,J86"ZB#0!OY'_X%VDZGJ M+M )5%7PIU6$1S/P-EW%B #"F-%531G( S@+,MF#2)AA=I"C?,(C=EV7CP.! MH@[H=NGI"K"^#?!.P6?2TP*T5$MEOANE ?(^EQH!HC3O\JQ_?)MX: MI%_Z&.'('")^LS?E/OM_!HMXIE0'34K&PS\+3=F5AOO0^KMNI9X1FA$: M\Y >J /]*W4\YF+;&?*7#?E(1W*O%O3]RVZ_BIG@GI9&2ZO>L#JU70V2TY2L M[6R1'*U\33/)KL43(OO,QR%\S&/T6M^([,S+F9;,Z7%F^$T\LV<*G:8[LN$>^N1, MY66/?Y]^+->/SA?JF,)G:J9L&?LFD6>]<(CQ+0XN*YNG@YP@:U3'QG[)F34G MR!I9=0U9L\SG<9\>Q4/]2+MC2%=,438MU,1N[@#(VSOI^NKW^;J=3?$7PQY# MMFU#-LQ]-[W,S)G/SDMCSU1GI^;BG:*FO0ZBN=BZ!U^_AV)K6]H2[MY+??I7 M,PVEZ 3M;&@Z?LM#9WKL^?Z[+D^>Z[/GDL_7W89X@SY7/HYEWX^N](D7==D MH,P)D7WFXUPN./-RYN7WPOAS?3#)=;FTL\#CB@V5-DQYM+/$V2-KLB: M,9=^GB!GYIS92;/'LC59<>;2S^9"E;GT\X"54IJBRJYVZ$JIF3FSXI[9,[/G M.U1MS]E7_2B.0"W7@VZ>I'M_?LSLY]%[/:F-E34SNNZ*:L.^K,G--CSGQV3IH]4YV=FFOWA/HN3F)O M0)=-8O/:@+F3Y<#%U%]0#.>M 8=AXMR5\I&.Y-PZ]G);&VS3FK<&? =\ MG-N-9E[.O#P]7DZN7P]OIA^N-F!N'3N<(+J.*MNJ=12BSJQIUQ&J[)IS!\() MU19,779LH^0]G\VU79S\]@!Q4]70 2M>0;Z23+'LIUY=\!I,L=V M7=G1YPG3)\@:7;9M5S;L0RNUY^RG[JQA#Z*Y?'VVQ5\4>U1=UFU;MF9']A2Y M,Q^>DV;/9(>GYM8=N8"][N5S974/%GX'E=7SBH )^3X78Y\FP>9B[*Z4FHNQ MNU+J1(NQYSK/EU-S.$,^UWG.=9[/K@Y)E75#DPV];P'(7%%V:IR'D'#'MY4/UP.;:[U/&CM@V+)[CQ*Z!29XUJR:WO&\ MU>('?F(W."3)GLR-1Y]:?-C>)SDVBN:?[8VGF MX8KU=(6^EZ*K'/F;GG;(W(6X=RFGI5NRI?:-HLW]I*?&21QN;LIF[Z#'S,E3 MX^335;WOH,87VN5=V R&.;FV0VI-QY$=J^\>JCGS.1=_S>R9V7/"[)E*M4WEKX]_![_/+]THWOBI ME/@+/WC K+B,C>)AA@^6O,4BR7QL8J,]Y/,%/&Y9O*RXEJP>?'C!S)TA];VR M9JFRH\YM"R?)'$51!NQ0G9DSA5ZS9-VT95=WG\?U>Q0G^/U<$#_;ZS-[6((" M]+EM3M!.,W-G/CS?&WLF.SS'\G;5O2_;"ZR\!A<68/L/N+-A[$73>+S#:@MW M50).*ZB-)8@]K4)%-L"ALMQ]':JCU&M^SYS1#%E5+%DS]O6F9LZ,S!E+=@Q7 M=MU#]SC,C.D;8%9E0P475]O7Q1U04WU"C6G/O(UJX@,Q>:_45EO>],(ZMTK- MK5)SJ]0)4&INE>I*J1-ME9J[,%YB1\ ,^=R%,7=A?!=5PK:LJI9L]RY*FNN] M3XV3FN7*BMW7]9_Y>&I\G'LPOA]>VK*A:K+3N^9D[L&8>S".E[LU9=,$R76- MHY!U9LY<]S"S9V;/LU9M4WGKS!.ECFJ)3MP_=IFW\WS+\D)GGLP9GM]9@\O(S=DQ35D39EC$2?(G?GP MG#1[)CL\S]?;/5H/QBRJE;@,:!%9->=6NQ-D#G#&QLDE3M]18C-WIG"J=-G4 M#-G0YWC$"7+' *T&][!A'\'EK?9D%/\)A>Z,O.="N#9I6\7__FN6OKGUO/5/ MU_XMNJ%?_76<8.[U79 NPCC-$O\;4.9M&"_^^.7__7\0B?^=?R6[2?U_9_"M M]P^8T,T_*"V !O"/K_[JO__R(8GO<5W*&T6%_VUB^K/[1E?^\DM'*,MH]6K^ M&+>E8Q.OVXP7]C+-6/_YLX1RT*WMI+$/IHM]#I^YH8&7,T*PFYQTW05Q8E + MN9&HX'0 O(/LA_OU(]4=O,DV1UU&TI?X@3;-6'2]D"QM[GSIRDLVD9^D=\%: M6H$A[2\))&##HJSCXBPOE%[A&%#3L23\0")Y8&;'H4\V2]/Z2V+=)HD7W?HD MUO08;.XD> :Q=".//0:K+?"3B_A^[45/\'X/]2.@=I/!'_P4?O WC[X?$1@0 MO%+C"%G)1>O]SVI53).^X(HE_7>T^NEZ<>;;R@($VF?P_#_O/N*,YF $OFEX.%6I2T2(0U29$Z\(I)$ M5Z(!?^>E:-_]4K2).E8*C5Z_'&W(7?0B6W]R0M9W3DY!QP$!G@,=AGVX="++ M;@Z/T"DTFG3(G3$=;#H_=.;#YR *[K-[*2$UHD6DKJ?\Y_6UO75'Y9L'\$?Y M&[ !9Y_M&HJIRYK;-Z V&F6^0YI:LJ6[LND.WEARQ!!Z5QS?@VUVCZ8SN NW MF0=>P<:'?R1^&BPS< ,>O##K>MI&5X$U:J_OIA)7Z;;AF+,X>^FSJ$O#O /\:$A#EY, D#D/X MR$=6UE&*#Y^GERLA)@PF<4#_\-OUN[](2W\!IG*88@#R%]U274W7]2*@/0(P M$^%GOU&U-[K:BI^A:):IV-ISQ(_Q[Y_L-?_\U8^PXH>][3.)J:FVXJC@VMFM M5'BCZXKNV,^1"(S).1'JOTF)T2X)JJ)8MO,<:5 5A.$T4!S3TJWG2 ,F!ZIC MNZZJJ(K;+O":X[JF^UT@VA%EW3),0S>?I29G MX54\W00>T9!\7T(_'&/\5I MNC>2+>G:=ADV+>G MX![S+$)M W]06J^9_TR#GZ(@_.^_;)+,_XOTU^- O_>=\D;5-5-[UBSL?*F8 MIGAY/FM,N^.L.8KVO/AK]U*S!F@A37T^"-H"@IVTK&.KMN.,C>#2#WYZ'VV" MS=,%^+\)WKI+_\^_^T^=2Y4415%-2U$,.%.-3ZO2\Y+/T2&.-I@/GWSPM).: MRLZY8'/Z@DWSV=1K5F8V%=VKU\7,IES6)"IL'7#K$'4*CU>4=ICW?HSPJ$5 M-% AM P3:_.P6 ]S"J02$POVKO_QA4#R-S^,MPM![^)PF8*\9HETYX?!(EZ# MOMD:F\4>_QA+RV"U\A/:9!PD2VD-SPK\]$PZ3_%EU:(CB[PQ]8LG$EC84^^\ M)9:.>K>WB7_K;7P%*"S=W^%AU23@C)<.I)H6NRJ2@R_X% ]DIUR0 $ @5@M$9A M>O##)QD+=^&[I-H7*;9.@I 4D9U-*^3'.ESXY Q_V"Y'I#6O6=LM-5>_[E7P M-]JZE?S:>>>GBR18X^$>?%,^USI03(1(;[TTZ'*1SH6TVP0\7RRR^RPD94[O M_#6H[\ [IB0] ]3*AM]M8'6K/7F.J\YQU><4QYKCJG-<]93(^;SCJEWI M.X0/8S_[Y<(PDH,X1Q5?5"1CCBI^#US49<<&STCO.YIRYN(I<7'H2JLYJCC' M1O;1Y3-S)F#.4!4],V<"YAQQF>!W'U44PP=8R.M'*4XI34CM+2V8Q7K7*(A\ M @FID$TE'X?@UDU+Q0K?5[JFP7FBHU-?N98C6[HA2V*9;.UHVNZM$C4]'?$] M@':]@3]>WWGPJLMLDVX @(#,TJWIX%35-ZHA-*+0KXF]*!^_?/C++[9A:O:9 M:Y1:/EI>5NW_^!1X-T$88*GW>;0DW\'*YZU1B@=9EAH*JJ:VB*K0P'K=(@.WA:A 9DLMSF00(#WMN% KJE6H;N-G?\ M5M];'I7 /W6^6( =-WA6QM84A=:W[ U2%\)L];GW JG2LCH.E;:[LUM?LS=, MW>2GVAO?"R;43P'M%8+3=@$P@&+"G@0ZDKHCE7;U^_9\2P/>N]XB:(ZA'+85 MTS$50ZU51SW?UX5[MFK9ENLZG=YW[2^R!#0@7,1Q&FSX)P??"[IC6*ZX4:+^ M\?N T8D&ANFHW<$@$^WJ+&N(P=>EYIJVS@8B=7G1*)!U MNRT-"TG5&S).VW?^RD\2?_G5?_"CS!]\2C3#M 7)J3QVP%L[:3K7-%2S\UN9 MPN.DP;E5=%^8<,(NL@3;[.!OV!!,_S&4*)IC:8XJ7*%# 3@D(EWHK#FF;HK3 MA$9#)$W]S6#57&/%T@=V?\U B[3^-9?8*+@?2KKCVI8IB+3PS)ZOZ\18"W 3 M56W+ZX0>XH_1^6H%;,:5(;@2)%@&7H+6.1\#AW?Z_\1!M/D=/IXEPV]?'>AN M*IHN]O/O <94./V3'(_DZ9^_7? MSW,[(7&HCICK+@Z&@FK0>"[B4*7]Z8C#,#GGBUN736K[$<,"_ MYNM4F,F][U!WGZ@'1[1G4,YVQ UG.>#Z,[!?XV(FF>6\7SPW#G_KQ%/Y\Q6 M#X7G_^=C#0+H17JUUS^A,8O$SI$W=-&N'?]:]\^ UDQ-=<62 M@D-#V'] K&983NT$W(.1L-^ 5\LT#:UV,'$7 $OWP'D8Q@NT;ZM9LG0T<;0: MKJ#F5X\(\1#QU)1C0CQ$7.TCD[B_^!X,X(I6'DF**S.Q.[Y\1)C[R['A8FKP MF# /D&3%T,TCD[FG+!N.8X\M&5,MG*A,\N\-Q$&PZ"WIENZJEGYJ:/06?LO5 MW5-#HO=QT( 3UI@B]2%.P.J.:"7%XNE;XD6I1P9/_^H%$3[UK;^"SPR-^FRI M($4Q14W?X_TC@][W'.B:Y;C**4#>6_1=S33,4X"\K[RKBJ);ZBB0D[#S>;1\ M3WL(1C%<5!>O)U4PMJIO&0)%7\'45'!)2UO(QH"BKY#!X7 T\7R,1(I>\F*Y MJJ&IZFX@RIF>(I%JJ_T&(YANUAG M>6!2]9(F0W-< R^KKD"52MQ&%273UC1!S91>T/OM?47&+#LZ^[V\KV3HEF-7 MBQ7WP;S?_6.[H@%?^W(B'!^R:'F^O \BK(\F.4SVL3&X;QA*+H6-+QH.3F]Q M4#3=/!PX?07$->P#0M-;8E15T;N"P^7J*HE7?IK"![SP@S^.RM"13>)FTLH[ MAL#05U(,T)[JR##T%0_5,$PQ_3,2'7J:L:9B.=UA$)M>X>?0)[O$HN:RC*'7 MBJ(;JMA9UN7%8P';V\S%HBA5/PZPO6\MP]#5XQ&VEW2ZEN:8>\+ZV8N\6Q]M M(I#G$:\^5=5,11&\BKH7#06FM^E\2&!Z2YA]4,+TDJ AL+ &JG',8W!I;,L5 M= -_>I^W]A8'1[=L75'W>VMO/]LT74U4+0-1[>=7@R-;\@&:7DHL9!J1'(.Q MCLA3X=D]7]O;;E$TN^IM#7IQ!^;NZA#8C5H_4T0W]*HO5T:-F*[PJP2+A3]& MY7)8N :PSI!WY;W+_&_Q16DOX3"N-U%A?&!ZGW+-54W%=9E-/QB6!HSRF2+P M %JM[[,B[HE)NR<@O;-*JJ[IFJULT[4'(+U[H-51;AO#<;4>_=#J.&#VMI== MTS*'@%FTEZ1W.#@!_@]E_<$+R2B%S867)$_ '])4,+3DVM$,UQ!#UEU>-AJ$ M5I<>#,70#+$U<5H0.[4-:X[A.$<$L4ODTG L73T(B%=^$L1+KCG>^?3_QTE3 MFJZKV[N@K@=@;.![JU8#0!22_\&*6;8$,__R%.RG8?NTP/(?,C@M*[ MUL&R7%/C0U\& E(365WX_C)%F+[Z?(7UY>J=?S-.N96NNJI:B?4VOG%?Z'KK M$;A13$VQ]H?N8YIF:!5?KC[%T>TW/[G?@X*[W,]A+^XM;[;IVN(DN-VO+5\/ MPL>Q*\XG-2&7JTH+YRCFOZV9I'J]UXM'@[:W^VHJIF,;>X'+)/-;?+X@F^B; M.F3'J056X!3G\Z8ZOWL\B/M7 JN6J:C:4(CK1/X:3+3+E3 I9ZCD]CG>W5[: M6P -6U'L2O:KY9UM$)((RRAQ1<-2E29=3-XR"(S>+KKI&K;="XRJ=)%/C7L$ M'==2%%UDV(Z7C@%D_UR,K;CERWYO*-'_*3X_3F;"UA7%;0.R\M)1H.Q S%V* MX8N_(69?$C\$2W_Y]NFW%+O)B^ <#DK>GD(YM%C!TN%$EGNC.[Y^7,#[BB$H M$L/0QH"[ZHA_C'C)-C.G<0O4*!+I:(I>FKBU^\5C =O[E"N.8KG.V,"VS88< M['P8MBJZHCO?.@J8O6\K3L4,C4=ARQ7F$W5\_+N#]>\),0[''@+M6_XL3G IFC60( M@L6M&6+#3C\0QD>@-_$-V]05:U\$*N4'VT.UQE;GE@V*<+ONH?7%8P&[AV=8 MB6[5MY>6DBOCN"NNLA59Z_#N<:'N'YW("X8&0QO[C!3R]N.+A_9 M/)PK/\&=PMYMQS*,JRSQM^;P*&?B/([.;QP55)/0U_[G(DLW\?T_K__QY6]^ M&'_Z=$&'!@N_OSJ_V!HDW(26>0)H66\4700_3C:K. QH-"<-D.L7\?W:BYYR M;'=C9MDGB-IYN+[S>B"A'Y\_^3AOBL3':!4G]_!9P.:;O[B+XC"^!2^K!U*: M<6I((6<^?OCX^Z]7/= 0BYJ/@X7Q1L&KHN[D;[/KW]$SX@_'C#WLG_FX[>5[ MLKQM?R3-HW//Q.(UU1*X]]E+@LCO(8*.<_QK:?LH5=#(F5@NI7P^QZP[AN5" MFJX8NN[I83B":6&>H&B6T>)L$Z8G3HH''1+8B23V(C4!LA_ H-XT+0?87^*BZU*B'SY. M:]<[@*Q- C+2. ?Y;>+]X7_VHFSE+399(M*[4J;0 7Y#UZ8AN>JVD5SM *J% MSK=[6%!WF<;\#U?@6P:X0/8)H>\B)Y9Y>$'9!WK^-_(-U#S!(EB33HWS#NBI MMN/8YK-$[VT']!P+VT>GQJ[N4CL-R2K+QVWBDX;19R-(@(KQ1C,YI'A+-2#1 M)DIOXR2)'VOLJ3JL+%W3GP./3NXO(6.'&8AHS(2_P/_1T+ Y5__^O9J"R7XW?:DM4H3]X%P4@2K M]5O\*%H>'2B/I6D3PYB A10G7K2$GX+03_J J^)4JX.;&ZH*NF@<>"<7@0]9 M N" (_(A^)-L$P/ ^T#LJ+9BF!.<1#6G\-_BR'\"I;[,2&:O%WTUVSF\]>F\ M4751Z>&U4WR]"YC8G2EVD!T14/[W][]]W8(<%PM60;>,PULR%J8K-#UWLDF> M=QTG&Z^O0&B&7:K'.A"T.BJ($:!5#%W1)SAL>A'XQ<7<_O)ME@:1GZ8G?K]1 MHU K;F2T*7K;KYJJ&=. 6B@U[*N'[_77:*;FENK #@2K:)4.A553)I$ ZXVV M/UDUISQT>P)IW3:"9 P@+FDWUHP<DAMENIT/@C'U_,V&N0]]/SQ(;9HC*%=4TQPM]"(7L[K MFHA>AT3;X>710!@'&AHVW$ '/_&*+<@?'.>G;X_PK:XR_W<49QF&N ML05HX_M1^?@/"RF8MF%K!_83R,'2U<&DQZ[@:81#2#]AG\F'SKGB*>2CR^@I M0S4N846H],NBRL?I#JX#;"KS5D7+K;$.- G[< @.]ZO<%J MNYU5>B/52S14V:A:XYW=!NNX6(Y4JM"$HKB)Y3FBV"<-W53BUZ@BGSL)MK.\ M36)@*BJGSAAP3UPC46'=IAGS>MG=T)+Y1K-X>A.:94FL79. M ]/A.? F'CI.HQDZJ=SVS#XWHG-\9"KNQ\7EEV\??'_979,T>Y-'0V+T'H93 MT):'[F)P3@#'(:GE)AUH/0=TNM]>C>']B>^N+E4+ST-I6,3[S0VO(O_[G'@R M:GK[M(_2^"GP1D?H&>+;'G(Z;4Q=(34G\.LRZA%H.A%$5*T&D6^/\7-"I&]Q MP&GK^#W58ZY(Q%>_]P+.&=!%=$-[U]UWF'QP&MP? MOWRD4=I/@*WU#;.=);,QY78:&.0*Z>/?^6,[HZ:? '=Z)?9/^,8FZ]@T9:_3 M<@+7W+Z]1\_C!K3+3ML'_R;)O(2EF-\'MW<;(6],_IWGC)]'_-PAEG*W>HAG M@,8@._Y$$,#_Y7RXSFY2_]\9?.']PR@W;',GY:1(CE$!<.IL[(&AP,CS:-D/ MWT.D*3Y[:-]MGM[!E^JFW-&:!X=,N>L]D^.78C1>$^3B^\> 5!4@'5ZI\0N? M2J@WV@_C 4[S>AH!?*_B"X!:4_ !4Y!;)W$(BT!-?[8%P2!) UQU1QMW M#N841XC&X@P"YD&*7IA" *>N,:\^JI8"RN5:JE-!P"^\RV B!$QPSVP.YEBY*,1!I07]$QU 52\.8+?.Z)S. M$\%H<:.W1TI#6_<8U:]&E*I/$]V%Q,W MK8![>"OJU)K.X$8._;G-9".P$8]T"MA:=$3'K%%NYS07N$P"[A"O76SUPH[& MLK..)W(:9[V\-&)XJH$!/8V:;KM>JO6ON8Y6IQ$24P#,%*C9'&70:,3VJ- - M#$@2>9D$<#" % [XCG01TI1U(QX'M":U/R50;L/YV*J29$XW5E). I@-P'# MAJ=BF+JQ>XH?77:39R(N5\6X\ ]Q\@77G&SMOMDW0MYQ4\H0T*K,^ 07R>7J M(H'[:)-G/KP_@_OLGH9:X+L7WAK^LGFJRQWU#9NWCQ^MM,3V 6YLQ*8=4VHJ M.HYQ.R'4QQ]5=U(X=J\$KVG==C5+%[&K6X>D64;^HF< M$SX09H]Q*^69,,=$IF(#]QT#HALG9#7TJ4SK,-'D%%#I>^9/#8GQ2YOJ=ABH MYD%,F\8NZ\(RO7Z*,):TH7M2^YP<>G":P.["BO=_KH.$9.K095(;HD4ZSTI4 M!L35JZU?"@^TG9Z5EY<J86F]"2U6)%YXZ=WAP'-,58"N^MY]@1I["/- :&LC-*.2 M$4Q>JQZP:@AF'^#&)F=WJ+E&KM^@]\Y/%TFP1F)=KJZ2($+2A>>+3? 0; *_ M=@DUK5\RA5HFJ^8ZYG T;[JIKN+\A?Y"\G E,=P''R4?8(KO@X441):[[2&#^(8'L8VY)6)%,@ <*I'Z;%#36,'D>A MZI%H=38VL8IO-E\[(\E2JZ?N:'#_B/M/!,#V@[EFXL?NH2TU%Z1F*([NFF- MN'LFR1 (=0W76(C%9Q- 2*'[G4IG)T-)U6W;TCH!26[U*^\)K_0.G*Y2*X\[ M1XD?HG'?*T*I&KIM6J8P.$D$IS&U<94EBSLOA9^N[[RD7J_T2*1V"*ZV=-'M MA*Z;[KS.[N^!_?_QE]3-"+R0[9[FY1=-07#$TQ:DJ,]^W8855**O-1SJV>7-<947EH[Z^?(!_6P G*0]TS2#R[G6UBSE?UI7M=? I)N@(S5V@.O> M.09053(YMFHKKFZZNUPPLS!S=\(F1H.6RP"%D];LH%G,>=X\N]\=Q%-=UTP3 MRY.Z@]!T5BY7[X)TDP0W&7X/!9:[!+5'AK0SL08(^O,P##3#U<19WAW &0\# M+'OE&%@MF\0[+)09A,'6M?5;!!?B8P*LBV[A=NQ?U]9LBS9./JBY/2M@-()[ M[85^>A'?8P<&X#@%N'8-N!4P2N"2L@;&@S:?>4S8ZMY9IF$2+'S X#=XXCE< M=^1Z>T?JHBY7*Q__?U\804ZOJ.FS!:D0"^D 2 EP%I86B?\MWH#?]> G\*_/ M7@3_)34E?JTARS#H0$M^)_1Y8SE80J<_*_^)DNB MR^C"6P= <%&HNQK[74;1UISG;C!LYQQZ$HX0+-WZXQ;)QD.VE*$_$+2-G,UO M(SCA_$?T\# &2B/*_O+MTU?J01(/;%3$1X"G$;5?DSA-21V9OP1%PU47O<;X M+3:BT-;=F=U@J HM7EV??'!4;[S%'Z2?S2.E_E_\S=LX_N-W+\P:1E?M7D_B MHIVK"[95EY>-#&">3 V21>*M.N7H==M1-?% M:15]&T?:2Z5TU[:.A-?V IQN0%N:K5OV\9BQ7]'-7M 3Y?3-3]!L"N+EY8I\ M,8]@-TP3T7GIM%$&OMI_PM, 5X;SF2G"YG?M 1)-!=M%5D+L\KM?P\61_,U+ MEH]@Y.)"HWBUP1]SZ'3EP- I3C$!@!3$5Z$#UCS&R1]U?1E7NG5HVBGI;X; ]W5HMZKCF$;#9XYYOSR^H[N0RM)==T.IL M&M,?Z;W,B/:5EH9I38W-6&9'J]JR;:TFV3*YWLIKWEEX=TC#WV1<&<7&VB%N MEC$]8OULLM;#KZCJ<AN\YTZ&;FF;K&5Y8+)-C#O\8DE(Z1RS0G\*&U@&V+]1)MD%0ED:5WR!O3MUZ( M2%[?^?Z&!,W2MT^?O7_%R47HI2E W'AFJ>ZXFF6=$G)C1P9TID*>$X;M+JM-NXU.!:%#.1:: M?6(J\U"VNJ[;JC@4YMAX[A_*T@S;U4Z+>G\0WP>)=<.NGF/&Z@H=N MAF@70[74$U*?9*Q(4=7?BFB[DG$=L1MB/[Q^]8+H4YRFEQ%F'"]7I:=5,2GU M[>;%H/MET,7(RRY@1@)>Y1L?#IA#5S5++&J8 K.6VLON8!ME_VTBCI3;P/=) MI.^+P(]$H9_^04TT).$GY8V=TF@630X?HW=! MXB^8F@ WBWX&-_A@,7$>@WKK\TK#;M7*=6%I4]?2$IC4I9GGQYE<1KOUKN(J]3Y\I8T%.Y)^L(\92\\]=P2 +:IDR?<1EQ M57:=W?P+3M"W^#+YFQ\NP2QKR[CU.@>NY5BZT8C2"% >C0YV'SKHFN:(:OKP M=*CY^/F#%X1HO\)WR@"0?I&A5Y!K@ DBSCSK_^J# I_7=YP'2?N6IF>)99?[ M]-2!_SY8=+Y8T&9!?RF>X*'GRG ,7;6'HM, S,0(CL/89TV)+N=3=VS#U*UG MC> XK)Z$$N7E"5B^WE JN,?VY2L#VQB:WS@4)AR^Q&'"GPN8:C;SJ#DTEG( M:'#-,Z]'I#\;;=!\+>\)XB5/8T.UUW+DPX#4?R/OH1BVQ^[=@X$T?,ONY%3J MM$_W2CZ6H2M7#TB[ M Z L?;\7HHQ37>-M?#0$BVVZCYZ+L=FVX.)';] MEUGNIZYHNW2P8'GGT=W/]HX"6^SP:@5L!"P&.:SM\.MBEN30\!>"07_.3WCO M/:+MRX!LIW%IZ]A([>FWM_>!:6;C:$OXA48_V%DMS,ETT,$S2WH.A M:Y,91B-&"]H;\=PIU=)H/FIK\GU**1O-IVW/.JO3^1GTM%C%R=&'[GO5J@WC MTP/>E]*ZX^KJ=$JVM[._HT>L+ZU)/T$^ ]O;^&^],(SCJ [DOIO-=P\,UGE' M0S,$>P Z8IJC^[SNT\"D7>J/A<-8$=3=F)B=,1%J.\B$:CR7N,4$8PR7JZU] M,P=9X%03NJ@JSF;PCHA(G^6(KJ48BJL>'B.Z-B9ODH2?G&M%4H[2'8&Q@'9(&R"G[_K>O6T"]SY*X*J.J91NB>]X/+-KV0*:) MC=%LHCNVYNC;P BO&0^2@V2!5-/6C(D1V#]([*C:Q#!W:/RO"X2Y(" 30SHT MR:E9NEFCFPX*:VVY2:M]Z5IVS>&?"LAN+8&JZSCBL(?)H>QXW]NNZX@+]8=TU&$2X92].GO!4E?_V-DZ2^+&;@6AKIG,, 0EP33C: MY WXG8?K.Z_TP;==#J7M*#6&PM1,:B>Y51ZM=U@@A\51=<,N#1*>!L;A:3;- MMLVIE?$>B5EU"8QJ&LQU[=SH9;*F8Z*"#[YA=5 M3775J?7E4&!UQ]"5R2B[OTYR;&ZB3:IG8HAZ$)U%'#':;F'DKS-BJS?D8@6("N/36->_OA M6*(T]3'K[8=;MJ),?1D,<,-5QU8FLZ(&N>&F8SA3BV1/+WP'_*IU*+.Z31 . MXV[KFCLY-H/"GZKN:/K4QD/?P(!YP+A HVST%6!-TZ8+##PK( MU>QXMNX]U M-LLY_JFOA@/#^B[SO\5YV09+B<$[O\31HCDA-V8_RW9)X$Z0QD'"*)>MU=FY M6A>B'PE\LSS]_[F!;V%.M\B6-Q<-_G/!1C#C[H+\X__X0D_%IT\7G6Q0VSD6 MED97+ CK5?-8N(3*.Q!?2SW,PO@!:I1FK4^%5*>OHOP3 M,@!N5SL2Y/NL+]@#N4G"_B==^M?KE .I+WP\>N-:@.KT&MOFD8&-UI M=0QX1B1+78G95Y_,42->:7O59.-RC!H(.PA5&Q"]:O^Q#3\M5R#C?/FSD46E]'O7A+@H[Y6%W\5^T?=-VH^"_&SEV[\I&YU>(>\6XLK M-1(&IT20W8@W;N,9%_'+FS"X)JO MV<$$MF$@[G)UD8"E,LK2(]4 PUFPO1I?MA=4E@!593WO]5.$1M?&7_;-.VJ6 MJKBF.P'LCC!@QQ$&M_:%V# U2ZRG. S )*C#B%T)\/0%6-=-RY@"8$< V-D' M8,4TQ;C_80 FC7?%(1.;\'H+L>V42ED/!G!3_K=CUZ"J6:X]!,[K["8-E@$X MN?C!^P /.MPJ9/#E17R_]J*GRX3]02RB>F0_\&1M)U=.*:9W_>K3H A]9.=! M&^*,G[% /S9)BNCNU?EVEJ:!$I8] 27*GO)G#ZL3-T^XJO4K;I6]WL"S:J-A M=*EPCF:G!<._:/D.WR9?O0&"MI![E_NC\^#O]J0@7!Y-HRY:CV O<$U"H9RR M9K_5S35!5!"D04 S,6)&TOEB@>''KSXP*,J7;N^V-4JU#!^C59S<>\#6?W>) MJ5FNXI;6VG0!J90E^I+A2^!O *:'45HZ 2']':QO/TSKZ8\I6%,8J6@)!_@S MF.21GR=;\]Z$YN$*^:NWSKC+$DP[@-QF#-7['^*D--T@W^XY"5HU5[_MJJHE M3J3:#>F63Q#ZN$EVX<-;CX2&H9J.HXC[<$68>@/<,SM 2*? M+^^#* !+#3[_X$\AEJZCE8#= BV7P^-']W=]]7ME>.-G[T],P71J)S7-TN#>4\;S'U_^YH==.LU,U];V0NKZ M+DY($0Z=(@(JLM8"(Y7'1>W"=OWJMF_>9WJC:EB5"Z4&KBTC/HZPPB\AX?^O M0?I'4?)7&_QHFT5Q[858.P$&8.9?^\E#L/#3+[Q+(O_4!<'13[;>W"TZI)Z5 MTA@MX.^+JBV@:K>B>KN=1Z*YKL[),F<:E+IS;V^4Q+%^)XY27=-L$Z.TT\** M#2[ :-:XQTPY$P<'G":JW%QHPK2NS[A)6H^H4_AU4(^K^ES59UOTYSM#M3]7 MM1H]U$L1B;,]3XN+>Z.F'U''#D&M,U[F:2G4EANQA^943U:=U'.K#VK&J1F: M![*IE3-Q$MPIR.: R[YV7L>1[>VQ+H8^0CL1)[L*[0$M5'TB"W4XJM^)A?K" M3N@XZ&(A^:E=HB.$-/HXRR=W?XYB\!S1+\YK28K(Y$4<8LMKXH7!?V@=Z]9, MM>&FN&H_U3Z*Z=1\T.V V(B<-8YH./3S7OI>+R>6F3VP:WU\0_=\IQ@=S29]#G*%OI*B7JCV^R![033D%TV>WMXE_BX,@X[1MFI!0,'G^\P+Z-UU;5%"VI:^$@#Y:ZY%JII MZ],!6%.V7@7PSS3X*0K"__[+)LE E?QU%*K8TW&-S&&Y7+$6TR"ZO8K#8/%$ M__L-0'L;QHL_NHK_+_\5;GY>2^GF*?3_^R_W7G(;1#])RGKSE_^ZW?R,?_SK MFOSTOU2=_4?\P@K>\I.DPN>E;\$]D.>+_RA]C>^]2*:_D"7P H/5SU+^Z)\E MA.L-W .W\,]_@>X(5D_YVV[X#P'^0'"5XI5T!=H+53BJ= )4D(-'OB']EW>_ M_OE_.9JJ42B_W9%2]26V9)#9D2G09XFS1"0Z?B[P0D "?D'[4N$=H+\D4 MQ]]EZ=/9U9GD14LI;V_'MCUO ]BL-T2U2;HB2TA(\K%5G$@;>.4&+RW\#0$B M@IM:._)M* GR,3) #DT*ZI6TJX1.!!#Z#;R;?1SA_B\A+KI$ M!/ES,(2#A2>]YH34E)]_.[L^DWX]/[_*?Z?^_"-!E72]!?<"*0/:/XW\(:"O MLP17FF^D34Q>F&0 % 4%_@I*/0O94!UX.7[@^OT%10^YD^0KM_\GS/IG! %:! ^R?B\)VD92U&\ < 68;8$GH0A M?(] @*^KPKN*XTV$PP7A_7 5(:EOGJ2< @3K17P/I-WT$JPS"26Q8"NC'(&C MCWRN<'QM>ND!2P<08"W[(0 M(65'@O*]A "= MUG!R"*@WB+Y'T(7O_"N+R&X[ @8Y OAN_II.J@N_(+3=Y @@Y$SSO /24,6C MRDS?1(1H/A("K$,X;PO6YD^U%Q,*X;FYDK5_!F5(!H=*E'<22 T_K7_O]'H9 M^;(*0OA;CC/J 'C0.:BQ4-)D @7JR+/B'BINS6[W8(UWP\@)%/\N[\RKX@X MR2CA*]5=G?O>G%S!$J&ES*B5212W8).20[4)$,M'%+LM&4,8[CPBE'B?W:/> M\0&,^#Y8P,F)_%5 7Q#S$3)4H33)Z:)$@35A.5?R]"WE3\"3.8CT1!(H/2(< M"3BQJ$O%>X\-W $[Y_< FYQ7?Y&]#=4#T\C"2P!T(K[UG M3?WT\0LZ@$>Z\4*T%U+"A WN__06]/9%H\,/@WM B"G@$L1G$TLS89QJ*1.? MHB]Q]$;D;\X;T&[TVJ+$!S+%. 2(@.,3EU6ZBT, M.VW%SXP1LW-;(G[=1SQ^X"!EN"X M??P.,\*B!C1?")=_KQX]*OZ!,)X&+JZ"IL7'B*7@W:1QY M*1K5OW]\7S*GSB47 MO@EJ*6(T01U)C%20?X 4A/+&9X\/@):@I]C75B"?I!^67$0!)8+_)QBW9])K M]4=4]Y0@,0YZ8L(N'#H -0G2/_!]091FJU6P"'SJB\ QN@\VY"VA?XO?IJ#! MG]A8.B20H*W7W9#G U4F000X6+,ULBVGY&LK[4?I7-X MEG2;Q-F:N"5<6PB'5!0_#GCH@34B$(2ZE4!N9"#(.\CT@@F@<)XKH' N_B2] M]@C-I"5<>> Y$ >._$;L"M;>HBI P$&/EP*(=AO27![AT<@AB/VAT\B M&2EA"!$)XJ)Z\.';* R@\='=>-J1=Y$!2/-%FB730%GSH5%&YX9XIS82B9XX2>>706UDG,3AA M0S4DR&^<3UO%W[$S3YR!ZD'=1H8<7O):)I[Y46X\GC]3NPC !Z$"JPJ>@TX[ MWWE"VP LA)==X0(XQ(!J'#\RL)G"@TT85 *87X"^ VXU_YX4K(D)13AO. MTA0D)17(L_$!HA5H7B8=C+2O;ZA8[209@:*=;*\7]%GDT9) N1+IMY1;K405 M"H?@ P*S!*\=SCWW;$J:1_#XZ>\;C-^;)Z(9N/U%S:X%ZDLJPS5_H">4O:46 M!F+1X22!@O0W,?.&UO$CL!,^QXXJ-;!SEE/O%4/SPN%#R:%'CZG?\B7!;4;0 M@B3\ >J. "->4%?XVM(518S&)C[G;"4WR::.A;G1O@*?B@,FLRN%.,1K<$.9 MY'-G7$"*FR](2!'2M^RY(K"4%YS6N=4-1CPY'![S5U&*BTMI4\\^9@20XY2R MZ,^?A!IP5O_E+T@\P0/M\004J/51V[S-JF?Z6^I?KMZ#0KLG,;GOPA<%G,A- MQ[':%;K-;W8:[\S9U\\?Q0^A>"-WB9U2A/%*?A^;Y,-M*L+9(O=$X/A,PF!) M?OOEF%"S*DVS^_6FN V%LY?'M+S[W"7V<.<8_6K(9J0&W"DCUW.Z@..44@SB?2=2=?" MT2T(1@\81N;$B,'62<4U28_46<4PTC+.;C:K+ 05[Z4^#0G1H!6A!*Y7XT$' M&1X&<@/XY5%=0 5 ^P_YA2P%X P'";$0J=:2<_"64I;ZY#5PIN'W-$C-+AMB MTJ)_38QG%K&D3AA57\L ^)YP]1:G@IS4JH7R4=^>/I_>G4=+_#_,BL+;D4_? M9:P*<:2>,?X@8-LY4B5&F+AOD1+KZ0ZN(1"V,("G+DM6-LV:8*B$3/2EAP8- M;):J ;$+T5R%2R/"1 :8FVEA'2"D?@'I&0$E1Z3Z9XE%Y?$EJRQ:IO#:@$59 MB:JZ\Q=_D/ \?!G>[S\A)?\ CS^/I0E? !4CVO= VDU&U,\+\>!;XWQ-+.!I M#AJ?6_,E2V@JH8?BUY.4Z@_0Y03H>^\)K%"<$PMV\)(FUHAOB68CAL]XID>4 M1[3FUN"U<(N/)!"H$*!?'5$/C:H^>'D]&/!)\#79%83+6(+_^-0[$J,[%#8: MTVD%2F:@4&_O.KM';YCLPI0^YRD?B@+U')PQE;Q\PYH$8CN4[8C%Z:GP.R$5S%X"4\ M]0K>CWE,/T$/N-X(ZZ)/=U9!T5'4^--WHGKIF&^"T YE"T81"Q]B2I&%&[.$ MVG8W; .PO!7P#TA4*F:J/7+ >'P#I"R+'@,2)T%P%I/AX= 02/T&S<\E\Q-D\HDUVQ'(Q/,A M\!]1,4=4G,#F!(GUT?%GBAU/ \G,AD3HB0W#TM\QC3L*9C")JXQ3+?P\K>[GYY;J!B])GE!7ET+!!"=RCV+LC63 %_$# MW*0WH4]"-A7KG 9F%C&X$O\A(2N\<)EWPU] /14:92G(5[A+^ Q\F_ J$X1M#Z3/JYH*AR_Y^5D8XY) =^VJBN\'!*^)IO3&"W %EF!1Y-*K_$& M2ZD"H^4]/+*<0D2RN4S-.IR";T4I;DT)(0]9GTH18$CZ5; M*8#44 HB^K?\E50[T?(A%O="F2(O)2(G/ &@K_UV7C'"=71\@U8$?D!@[+#?*Y $@+O*H7%@()+E$>EO'K4$H*)VI M*";+HH"J5/["DG/,)"'1)')JMSU$2BAD!PJGX]L1;09PY%+>.653C8^G3V> MWFSLQ@?4?; 2VERO+N"!;C,+-Y!HXX!?A]NRV7LTX/JK==8,A(&?V#$.;<& M"NC7;%E#<3 $L2\?$+SLD2#E_ ]3!5V4%0_KEB)1C%C%01:.5RFXQ ZL&"(B MJH=K"IF%0;AH4C(^^"'U%,GQ2KAH$*-X+490X7;.H2TN&3&@L8P?(W1>@ :; M1ZPA3/PW&$0A/"9")^>Q'WIPN TC?' 1I]P&*B)CS%-(2C<=O9IH=:!PH&FH M)Z6)*G+5E4A)SK>/6;>2AF57*[^U!%IA BA9LI@YB$OB!4 *^,0ZNPEI@1P- MUQ!(> Z+7ZA(1Y0#T8FH^YRWQ"W73$**8\D\-D0#A M5WI1(V2T>>/[L P)+M)%"#0D3,OC @QM2< [!Z[-<*SZ$O162?,XZPT)-&5K MEC7A_']Y0N1K0]Y MX(R1O":!Y&\:N_.S3+]"*F'NZM)E])(^C)<44_]R.H):;7#&SLN@V MPT5-&]^OYD$8R_(*.,HVHE<*G<"L76:XUPB)S"I^Y%SZ2GJER$F%#!XP"VG$ M'(*OTN*HUD]$OU[[=FEH&,(KK B:>T-YJ:+,D9T%^Y)<]T+.E$5 M=47L/]PN5$MQ:OQRYP[,2BQB"#$@&8;4":Z\ M6)"H-'=+<@T9%!E,EEKD'Z9=+5E%)LG%O"&R2.]_L/@*\<1:T<3'"X!\F 4V MOI;P9G49]-7+!RIDU4/#ZC"*@[/!(N';7'NCVU.*T#-+A+V@B-LT4?2%".*W MDH.&U^!]L 'EP0G94'" KDV,92?$>(@ @$+9LLN7>=?EI AU/)@67$3H M/"5V"7UMD%)/&L,HF\*B3',=TG(!%*J;QGJRE+!YP3L \G?2:B84'X8,Z_Q9 M :08BA1BGT%AUHJ:K.T:8N='EFZP-I.5](4T;P60T:N'1N,?P?RY(TD*3O2\ MWJAT_Z'GQ@LSUSE';GQ6B,J E:6[^+%BM9!"TXU_F[ B>G:955]32F64$R>A M']UN[LIJO3A5U!OD >*I)(0$ D)W,>H0(F=CP)YF_)L+'/DRH&K;!-0.Y[FW4CD MCUGA %DI&4MJTC9$X]-(P9E$E@N](;;"*LPPOU4*4-*/D>QTGA]?!BEVVY,P M)PTODT X 7^91^-H>#R*69 7DVO,=R&EBAA'8"%6T7V,R";94E""&H&8E.>" M_6_L&(4'RAB0R<*-%_EQEM)$1OGA!;7@#"[^")_RIL*2CL"09;C(F!&9TOQX MT?A)K&"LX(>WL/HFDI /I33.D@7RC+AM&%Y.O*5/@TS4#T=^9@OJD7L;3Q:T MP1+N7S\A#4XQG$OR#TI0'M8A45(2:"JZA8*() JYS\XUU=U3BLD?(>I/!2BO MY2S"9+51GJ8(3362\X'?)L54CG->B@7&%$TR>33O"4"FM_N5?D7P\+:5N;(PZ%9\GI4EY(0CZ6,D# M"[ 6%Q![%BVL.^/U62F_@Z4R3-46M%S%+4IC8C"54[YIZ6W,7*,E!D)$RZ$F MF)W7$]:5$TJ-I81ETXQ'O(42,["AX,R1HUE"G7YU[:44@F5&K?5,*&XA@B1S MZYD]Z4D6#CPOZG17%M ",5 ;$$ST*4),T.ABS-$]1 M$L$B?-)[GM\KX2W_E)^0\^#PIMT[\^R"[)WE5GL=-4?45E;X$C3/I@H2SL7HA"6Y) MMQ_]"[7:N1=<0A'+\6D@"?6 M!!2+^)7P>:IV>/'6 MH%ZB(VK\/&Q$'5E:2U_(1U*8J@BG$/OEK?:5(##[!65+P5*1V470 ME5(F_E ML3M85IZ[(11^](K!=C\\1=D'K22F';G8R.WA&EPF.ADO5F>4S5TZ0-2G]1NN M G[*4RKEQ@"1,W ]L@@\=2Q")%MU2P,-,"V)%8IP]^3-KVR^3MT]+):JL5 F M>OYI8RB&CB?@3;9%.%$X[D(%"L/@3'I;3F6V%R800/Z5+6]I?81054^2<.U4 M%2*P<0/=29]^1&KSL"61RA0U:X2/$2AR&X:73>*] M.;P\@ERZH_O)W_ [+!UZQ@GH0(A9M)#<6GW.4IW*K&60\!O0+X)NQ'\H)$N8Y<"\BSU>1 M2+:0L))V*TIB-3(CMG ABGP#3RN\(6D%X3O5U ]<%J@NEJS,I:;L322"7#3A MENG+:M]3(>4AT!H.47;/@DUBYQDS$?V3[8.P]IMZ&B[%O? MQXFF*$H4QU(?:]VQKAQCGNPC!4#H=FO&F?G#_]_>M?>VC1SQKT*D/30!9(6B MWKE> ,6.6Q^2V(V< OWK0%N4S98275**XW[ZSFM?)"51LNR\C -RLD3NSN[. MSL[,SORF@!USPF;_543HA.?1Y?4\3=(K/#+?O3NT]Y%CLZ$FK'&Q+' \Y#:= M#-NP(C-0;^8,]#0!<@+_%U2/03%$7T*!IG N3@IYKY3"#4P499=Q[@808=3O MDN/@E*3@=B.)L^/FG*!"LXU)9&G_D8U\@*YOAE4CNW.*&H^XSC?/3'%-RC<; MF0:% ET3??9*053$5SE!8'=E$IY!2UNPH:T3=JVV222LTC@;8J[?H51;9/$% M9P*:VUT=X[&:4OAK(D[L$J65]O?:3>TM0CZDX%3N< MU@(5K6B8/,)@:$5)PG)7RIP=QJ1JW\L\7 &"LY1I]1X@6V=2 Z MN[4HJC!@%!OLT%_<:X7YY M-M,W#=,#MZ#SW+QZM8PY&@//ATLXZJ/<\9(A>D%.FIN))YCAREZ0403_(ZTH MI#75V3*NJ:\PW%:Y)/4]HR:&8M$/+#H:A5!U\9,JNXY:B>9APNB?UOAB284W M:,$-"PRE85 K52R3XXT*-=P3^G3$%R/C4M>A#*:RC%0*$/WH3(<"5(KPEMVS M4(;(A68RDM!OLK 0A\SD5P, R.6J"E55 *AWDNSCDF #Y^9K@7OA0X\G1B=/ M<0X>:80:!=0&B%ZD$L]D99]A]]P9WR9ALZK]KGB6*.!DA1CBG'\1/?]>9G$^ MB>5:%UY8C68*O"?RK3HU9<595[(Q12<_B[(Q(F;^D$#AB M#1$6X8KY*5TR7+"-0&Y!6!N!>#!G&.P\[S9";PJJ+I@N"U:G"=M1"N>-G>&O M<2)MCZT3=2/)N +IF/_*UPZ:1$^3!S]?*MKPF1)]=#X997 [4AU)Y))K01D) M@%&EX;.>TTK1-" T8&D/.?7K[MR*=QC-)_2GX-__D"PKP_?4^#U[ G;R>1(H M883^A% =PRMK&$PP!B)3=X=3@5='EZ0B1\G9S6G[?**";9Y:$,E3&9ZT%T=Y MH0"!ND0+5X!V99*CE:@P;A5!=UW&T\+$9(.[FO%@^5$K!D4]1-Y3BG0G/[]K MN%5T3"Y,V4&9((CIMM0T,2$-DU"4)'8(CW=%@4$F'(#]#%.)AM_M0JWZ^G_7 M;5730=+#9] MA3UW#/W(3G/$8\/)B*O.>Y-#31"1]$'C]%>.DIO&6;XH! KI5_#4,62A6:\@ M.F(KD4=C'[C7[V[(J>3TZW2,7(+;Q2JA7?[AU53;IM M^5Y0TC3?>*R\0($.G=63$WGU='E.2KV5(%.UAW?8>L7="UO"*ON0I7/X>!E9 MGL@?$*>/M;FKC6M8U0- MPTRLZ3H+K'->Q$!SU#D!#3Q>SA?(@!P2P6&FBC;8BDCO%0G M\L)%&?Z4B !S ?$%%7EQ+L#S5/[(X%-3J@<)9(E474>);['QR5(H*6:B]M,JYA;U]2'6'7(+,A>2AT$X,]YRG[NW> M["9DP'>)(&9=S]A=7"EI0[&LG\._"(+H]R4$)"U&G">Q9E-EDYOD0MN1"Q+;Q*%\ M@H#CAHDC;Z*:8-9<#",#X+2P@O)(I2!I(-*$[YMCBT*6'?IU$WP7S@T6E44$ M]#^)$N]YIN)!,4A+E#N)N:I\[?GAV\-W+_CM%QAQR+=.L338,,5[:"LK!8YE MH3L'.GJ3BXH5@^P-F(\:I85Q)#JANH J1$@RRKU^KREF-T>K?!HS\K4=Y,\W MU'RW9LT.M0,?,$RPT(4[%CSD$DD/4^%E$G\*C>DH,7/YQ3>>EH$LJ670#H;Q M+E1ZF=N-2H2SO-0@MI,XRJSK/UP@0__<^L49(I% CS7M'4:0554'A!+UYH@( MIQ@*H;VQ>%9#(T.^"Q5GNQ*D=+R62)>%7'=X@I] M![,OJ:$-;&J3Q_&#$:(>D_C[(C4JK?N?7 ]=9XE8/]N:F(DCM\!4S87.C WU M4 Z=!8$C2(H !]-<1Y$"/D/X5W@?(1=)[!N (VP;\V<*@4*8A2^-*XK-B1>B M$&+-=:6"1GGPH13>I R=)-$X0GI>%E1)(R)GM223TV(U*L\"U![5?9L@FZ/? M1!GN"$.GCE&+$HI&G.HTO?O*E)+>]R1/RO+D?4BBI%,M2L0([!SX0RU(&D[( M-JD#AZ(V2,C\H6#?)%3*#>K!DANG-DC76LS:L(>--BO'B7K(J M"#/"D@5*V+5,+#?E:QG@_5F,O'&5HE#!>(LH^QQ?\I[3^::2Y2Y8GF)CD2_9 M5%0T.(+JEM%D7C!Q"J69%47Z,F&CLN#=1I'&!%$HA5!$J3"_+V$##$DN=JU% M4V@6MKG&>4;5&2"T8R_N"&J>2\G:LTNY]+<%)<2IK6ILR\WRNU^$E=S*=&6; MVHP*+#O2:E#$%.5:0C73V,B$E[/RO05]Y[S!EH**2"_I1Y982QP_9:S=*#9" MTF*3/-2'E/D*35<.[%2'%475,23Q-!5\7(F53R3?7_.4LZ0PT\VHV5!K57>% M>B8O=YT9KMAC#S;X!EE<"#+]2>2Q5>Q !U!(AHV2OYK'R6_/P%2-GGDO[]=AW^JP7]TA M5BNMVT/,#";]**SB=ZD"$"DK:!W[W(!C:0_^##[0_ M)(Y!WFZ])V%@D?G.)O+DP_&SUZVN/Q JBWT7+T+4]X<&O6[3[QOVJT==<4QN]X67CZQ0=T[EWO/@RES3#[I^IQU8 MX]J2PGJ+=IZ1,^N.YN1,4I'WO73ET06=GM]O;URT:NJCMJ" M4+@GM9U!M]6K/;>KA*(52WF>XBXT19C59ETSE+44=OQ!M]?NK1;(-?I^(/*% M;]:3W_+]7G^P5_)A-V%&PYWZ_505+S^+,E3+012\N8-^5HH/4!-;0\5 XW]\ M^'N4I._>'9;X!4Z$J'2AG&TA(7[R%E>9XQT MON4)N7Z'#CMP^EGA0O6ZVR.5==A\3U2>23D3U(74DI!6HRJA[]?,ND^WVQI; M@>_W []M"8(-G9:%%L>*G*>/.3-;=[KMO+0&K:#?ZM@":>^Q37VNTC&,@O=&T*(VJQE;*IE^6:,H]5J1Y1.B)=-A:B.O$U_<=BLH8JF4)-%A%4M3#5K< TP:+,?WL6 M/*L[3I<5+NFF=?NQHZ<0H:CB_&L-_3N?P)$%EV,'A3]-YT[3B7E_;]+T/]X_ M,6O@T2:1/F9[DU&K9J+&U-]GB>ZQ ,^7\W Y04?EBYI3_32@[W= .[ [G.VP MX:\RK%2.YWN:O?+^='CX]NWQ\;J=(-I!9PC*P9I-66/\HSB[S,+IPGO^]RB) M+_$2,LOK3D6!G-9Z:K:0LU:#>U-,_KSCH#HUB'"E=(994[7I&C8Z[:#AM_UO M:-*?5G';5>PT!IUVH]5_6L7O>Q6[@T%CT'O$5=S3H7%[#6?8NB.C2%>P%P5X MMU8JES!H!KB&6!4@B1Z,DS9W_35D^=/B/,+B["JBGQ;G419G-\F[[;16B-N7 MY,)SOOJQXAFQ9?*=EN"BGORJ3W[5[\F/]>17??*K?DO3^7W[5>O.[R[KL.^V M?UX:]F0@/GD5?RI/QI-7\4=8Q79CT ?+J-U[6L7O>!6[C6ZWW^@,.X^WBGLZ M-)Z\BM^";^3)J_@-+\ZN(OII<1YA<7:5O _@5:QVJJV.N#2QK?>-!75"7^FG ML_ NFHQR OS;0RQNJ]_V_:%$N18[* 3>4CPST'JFJK16)I6LCEA5,;A6,.WY M=19%->)PV[WA<-#JZFC77R4=U.]T'DUDG2?1C, M/6A\1[@\13;-9J=3!5U2(_K:??UTKI;^]5EG\-Y*Q-W8UR-0=WZ;?LO461OG M*]&'.!8H7EZ?=?^U2^^TE<<@! QFPW$4(>#WX35(B"@[3&>S.*>"+/C#EE+F M\/3#.;PV42FOZ[=P>Q#XOHKVWX*H/0^FOX_!=&"OWV7/W M*8\F)Y)7"VL[,M7Z]B!%NX-^K]NU02[J]KY?NK<5K(-A>]CMM1Z0\&-5'W&_ M$W[0Z2%2E+^1\HK^]TOYME-^T/*#_K _W,PM-4A?@V91(\FZ@!E!^4%2C60; M@(U>78"->U*_%HGA\:DOIJOJY"_@BX\@[68W7%ED']S>Z@_]U8FR*WI^6()W M689:Z8Y[)E,A252G==#AL^2U_^'5GU]"Q/44,S!%=+$9YOIRA MP&,33E(]=:7,AX!UVK';K>V67F_8#5H*A&1SIP4B=<#%Z=11@VIG619A-&\0 M1AF1O"QP$VXYLVM.G4ZG$?UQ)D5VM$HLW^A*X^_B_R+<)L'8J9^\F<$QFT94 MEP/QI%-5(4A5<$ZG#>]Y_ *='+]0I2]$K=.8T^$5/'?%0'I"S8UD:Q,6Z?,8 M7OUS*^@V0%_T9C AUPCBS##07#0SGD52LT6 &S4E4JUDX;6@ZW*9UK_DI5)? M?U&U5QDD6U?KF)!7"S[G:(\!5&W#15-Q3PRJK6BQ(48X%. MIPH =1\NF'YG$'0#"]##Z6+K_K?/_O<[_>Y@;_U7F()K^P?+:1C8Z /W'GY_ MF^%WAYW [P4;NI]$\:NC])+2_(\)O?I?49@=PS>U-;S7^/FO+]>T9'?VEO ] MQT!F\@9+":S&+RAWA$<>=U312KF3M[,(O<%7?\O2V\7U(=>\K]W9%";2Z:VR MN8I>OYQK[&72]2$CB*J=;H?1;W=:[4Z'SAI;?JT^]#%RJ^2>3C6 E?'Y._(Q/T^-#J%LU4A0YA] 8WMX"K<6FT-0 M/#0JYG[I'%D1=&Z^ M_.K5#QY?%V!?.V:TU6WN'"CZR*06>:,&W35N0I,'2"J0+V/$188&_68WGG_5 MG(NBQ4PY>[TETJ\. 4B9^&7> 9V M&RC75!K=5+O!BAE9AKCV#-T>,Z3U?^;I[?Q!(+WYOV8 B_#M9<.BEY4*A!(]U>L'K^%ZI:!\+NYND Y3CB31 %ST;,-Z3=7.S<.$ MJES?B/^!"E1SA1.J@:5JD2A#3+,*-=/T3J3*$A;B0'L4& 8&FMW!5UCY]I(+ M!E#A$X=F5"MM<'BN)0HC8^HCKN.76+#!OCHLQ2TI@+T#&/-[Q;XE5ND@I]@1T-Q^%"U9C(F 3L M5K5!G,X% >S26>D%K+YJ%BE*.F^V.X;53Q-VK'!Y,;M5[)BK M%5R'V8SL>QP7N3K4X)AR_!J? ?-]F7.!57J*6[#W[E6&Q;'FT150%"$(&;Z. M_H?I,O%F8)RDL+*7"XN]:+JE> L1@S6^4'')387I2P)'+Q1YCJE2H"X?ID;6 M] 3B%YTWXCF!#42EJ$B"& 9"OP)H4(B!IDLQ$@E4P@N+(I4WE55Z"]5I4$SP M^->__GLYN5)UZ/ 9H47M0AI#V576P"('FKN(!"Z:"(-DCQ/6V%TFJMG<9FP6 MIO4Z(E&)C4!_4]Y$P!-Q!L:C3+J1Y(S?C_6#UI;SM3GJ$J]0%U+G>KG "B:> M+B(T6\HS:A=(Q0HJJY;2NU%&@/]6U6VN8W$1+6[1(Z:FN52*O%@)68H1*? M-F+%\-:*V29"\G@68^EW>[:I_/$,FFQZXVM:.!*-N$E7CUNJAZ(3%U>A/(W, M GD$8PT76 R%2RP3%3"8E\ \$]C3"9:7H;[,4%"&T@H1%"&50_G4'#>I3)]3 MQF&][@X:_E]??KG(DO@5_@M__A]02P,$% @ '8!N39UHW G0$P ^=\ M !$ !S<6YF+3(P,3@P.3,P+GAS9.T]77/;.)+/=U7W'WBNNKK<@R+;2682 M;[);MAQE-"-;CJ5DIO9E"R8A"1L*4 #2MN;77X/?)#Y(*?:2=]+4U(P,=#>[ MT6B@N]$$W__M<>4[]Y@+PNB'HY.7QT<.IB[S"%U\./HR[9U/!Z/1D?.WO_[' MOSOPS_O_[/6<(<&^=^9<,KOD9.K]> [E=,/<:_W(XRNLL@6)_U^P\/#R\INT_SNU;%SOWR<@R27 M* @V0U0)R?R/Z]GI\=GK]_"OW]O^,0 !:'(GGC\^/;X>'!\?'S2#/V*"#=# M?O?3U5K\_'A+_EA@^C:\1/1!_(XVX]_O;M[]^>;O;S'^MKS__>+Q[O8;NM]\ M)N+-GR?A].OQ'W^03^[OHV'\R/?"7>(5O7O7CWI34 7R\8[[*>E7?=E]AP3.*$,OL< 3*@)$ MW1*\%V0(1> W_;BS!$JTH#_%H"0%]7 %3F#WY8+=]Z&C+^= [_BD]^HD!0]% M;X'0.D.9(W$7D4XZ]"B<^5AH<:(>#1)EE(8K_>AX >\'FS7N U /H# G;H97 MCU1& !YDLYZ[J$?#G?A.YQD"_.&B-0F0#_:XZJ=F!8N*CU>8!D/&5Y=XCD(? ME/<]1#Z9$^P=.0'B"QS(^2[6R,6U]%*S090RL"Y84I(6V;9>$S ?:/BW]W*> MG/X'[!X)T4O_D340!HQZFP*/\)9A//.CSG(2D$],\#'4@;A 'R98X(,"O9MS+_78EO-I%"?%%XI"CP#,027% M8=<83!- N[+>/)VR#O:D*&^P1'2!Q8C"R 00KHB/WT/8=57EF0#MROMI%^4E MCW((==*'_;<3/^Y@>F7M(;$<^NQ!LQCF778-_;R3AH"X$U$_**0_X0M$R9\1 M9^ "7T-LR[&Z4]6#V17U5OK'$/GZ3 B_%$D&#G,,G.IF&JQ7BF\E\ M2A840BH707CBNBR$F((N;F!:NP2G5M,,UJZ==U7M)%2E-@ITG9RPDU+>4Q7= M8E^N+'*%W\PXH@*Y!6LQ]EK5<')<54-")]I(-DZ1TIX.^XC>8Q%$*_F(#@F5 MX<88(Y%:@Z7?/O0GU:$O4));>4++B8D=1G]$I4NSEK^GX=T_L1O,6+)NTX51 M(_4X=BV=UF@IH^\D#W "YF2/V&_E96-SS0(L;K&+R3VZ\W&L)F.O72&OJ@K) M-1 1SKLMU@0+T1^E/#/IVO!%B8TFI?ISM$4W*Z8U^I6$A..3QX*AE.V M&W#&(O)[JJT!\^6.RY%/_L3>F"%:-10KA%TG;ZHZ*=-R)+&#P61S,9^BLR5G MX6(Y7=]7%BLMB%T)/YE7K()-).2SV\BI-@A6FMM-J'6!.[ MEO'W=' A4A?X>P@"?;S/%VZEU3ZX2AR:XSLQ@;T=W2;IX5U2RLU2RZ=*(-H\ MM>R\2'_MZ^&,.9TYDYY?;=(S@;)K2 E+K:E/YT5,]*"2)OE,HYJ:8MI5IP2S MN^1#]UVCIM1G47**FD&:M>,$E@W"/#V747:\**H M&!N 71U*O*V/0O9= [6U&))(]Q MLN?LJQZ;^=EZ9>Z(:]>HD@78QE<_J+6F-$2OR,;0=M4IV05SZ-U6JL)U]N\T(?MK3BN;E.2W7*W(:47<]*]L.N9UAQDR?+ M);=\1F^8$H>)T"2:;F#.V].PJ[XNK=(P-C]8_DX*[V4.TDY*WF5^_.@C[=/I M:5(])9?NAR;DODY#4R9(O\(TAK8K?ZL,TF'%J%%587L?AC)"O9)Q*@G W)V92M)*8NRRPY#_'@G?;YL,DZ/?9T4C0LL3>':KNAVI2NIKRWK-0]F MWZB&4Z_4K3"L>GRM),7L-9X'M6G\NQ%-DKT+//U.9]A=4N:S!<%B[+MUGOQV MR'9E6EX*D5:8/4C>.N,4'^6,QX.#:IN5]-8X3HU0[&I4QQOZXF>]'3>$M>M62109"JZJO3&CBYX/ M)N257*$?FQ(FHO:YH:2/?G1NY&Q4?;-]G275XG13B48-E%V/FCLY*B7M_[]7 M:?H+9X[T5VD9_+*R@]'@LC;9X^2MB7']]#;)?X!H+Q]7?@HB M25ON(HTT6AV-Y,$I"<1=A8IR5RH086O, XC_^RGS*8& !!+]IO 81SX'5HC^ M4XCLH[MM1084[#^CK&-)_TF%A-FWK9"5"?M,H@[RISRIP& ZVPITA1W.2^UGY^86OR=_52U_<@...!0Y7[86TW!<=W'(]9_+:4!47^U4OQ>K*I M=W+:>W7R\E%X.:?;,)$/PW9,I'@[,&&]KUC'A3 AR1^]'+LI ];;CPW#$#U? MB]C'?B#2EA_D1KVY>'=V(EH[\-/@TN8F4Z6(>1TCRKGR3LZ5DY]^D)G=&-F9 MB]+DB^I#^48.]L]-M*3#2__HY41VXR7D'%-W!V:*B-E?.["3S4'!@^TG;HH4 M3UKXRSQ?DVNY(_=3;B7_&%%P6O&0LY4FH7X4L2H/3^Q Q/=E,O##4 1+SAQ9TK1L%KY9M1@%<2'48! M'%O864))XA-GX3H%)0!BD\YP&"O4T]@9?@PN?.9^2V7>#76+D8A%CN]Z/PM2 M&D\@M.VP4A&S*7 7!#,?^11JI,$K483!/7SWC/+:%B*#S-NA=%1NS=KT\7$MKR@6EN6K ++[YON\ M@@U#6%*\%<2!(CE12)A.Q;(!=%4H\(2X7"X+7D!D<+!\ELY80UAJ\@NF(SXS M5VIG IUULW*ALFI@D*?\-D2#$=D.N;.CT63C.=EFESKILK3 LVR8,SZ2&1_D MC\F*)"Z5O-H>U)8)>(L]O%H7E;\S=E<7"'EU_ TBWHR5#M\34F+(>-GNLQO? MDBUM9_3N3A#.7(P](<-'N6/CZ"5#I?0YLX@MX+LZ"9)9+6;LW 5U<6R^6K=D M!HT0.JOH?"%7'3.-S,W!NZ_F:T9=N5*!(+!]I4YG:6U75=T,J;/JOL%<%HN@ M12FJA!4*Y!JH )4>ZX!Z&IT*8ULB%SBDV C]YQ4 M%DW[_P41JI/,T-=548HV<1-R=PG+XF0^72*>S[(:F):-Y-R[ER,%J]HEO@M& M0H1Y(L;0U]%X//4\EV1][GG1&2;RXZ\SJ8GQIL!=E;4PI[Y0#_,'3F3\-<18 M-^U4D)9G79&Y*8(5=\!6*R)$,<"P@K3,?S&Z49-;VK[F,^E9!IP3%\.0?H%@ M[3Q8,BX=MLN0PX28S.=8_C]WXYN [BA.M.P]@3Q7Z)&LPE5QDLQ8@/SS>_!& M%_@*4?AOY)_D%K$E3KL*2\+I,4%W\9[.5FM$-^/Q8,(KH3:L8>.;B'M0S15> MW6$^X>5$Q.0A 4PGY"V^)T)^SS?9=O]53^O0NC,(5U%ESSV^Q4'(Z80.XFK MH@%K=_'&F!V2-HM.P);3GY(WZ2O&GB_V+C;%*XMTDN]$I4.C (A"I'F*R3Q= MS^+],=T>M3IOC-FRM#/,Y0H'3YO,X_/!!<>XZ/I8(;;F/H9(6Y] @.A5L6(2 M^0J,:NEOTO [%:,!7 >%J95B&_9;"GK."7W++)]:>8B"Z6SV*$&J*NI MH50)T5D.K&+9#JFV[SB]Y+))%T^2MDMV5V#G OD^8S29/7FFS@+1LD-:6%ME MT*];R^JZNNE:%X;[% O-[/*'6Y*4>JJM92PW?T7N'-L%2@,ZJ++6#HA>? M"63H[.PR5M! /J,NXH=KM*2#Z:JB4@]>OG-;.CE3V[L:G"3..VR.-Q!#N&0M MBTPJI[16D*X*-H6Y5,J_RK*Z 6P/P'F>]Q?%Y,QV*)TU.'FR!DM[@J=-TL[ZR\AE[DF-9[+J2;['EA^5VH,Y*5_U8 MH29B-@-T(;"G(<"6.39UML_U MQ4V%TT)#Z]Q=D?B@6A[D";D^9WM6F>D&<%V0I3H MT X737F3*73,%B)_/KH>0B9!)?IYF6D;0 >YOZCC_J([W.?W]'^^+MW37XV[ MF@"V+HT,#D?#T==/-]JX4>UJG>.JHV)W8[K#=]D:TZ1VQ9.QP[0N0_$;%:;) M7NAIG=]?P4U'?#-[@-;-D-QC\ !F2Q8*1#TD7^>?!QA7)-D2IW49KY (,"\7 MNU9LP@;1.O^S)>%Q.769:TU[Z[S*[()AD/5=K7-\P3AG#YA78MAJ:^M\PF;S M:^@3'.BV(;6G=7Z__'8A2Q]@?D)SD@XN\VV%:)W_7R%&BMYIKRQ^2G,'.)7* MMSF[5H@N\G]1RW^'_-U214Q<;&'Q7FHA6Y<'UI,KQ"'VU*TT:D_K_&;[(-$$ MIZ;.3G&M)&A,G:US/9AOHID<*!M Z]S+#3&$->(7 MQ+T'V"+/J3=E\T#^K Q] \#.2'.-@P?&OYF/WIH MB[-C#V8)3!UML\U1V[ M.(1H\(OXF)L$J(=K799AR"F1'\4=DD?Y/QE[&L1I!MJZ1+\PBC=)XA=P#<+4 M0K4NAW2.Y2E3_JTP-0PT]+?.^\^WY?$Y\>7&Q*:VA K3.?7+6H3T Z1"7I4L;*@=FIL[6N9YB%Y9G+_VLG2;X MMD*TSG^VT41)T&ROF>,O/-OFQMA!VI? 6!^QA/VT:2U%";9UF>("_DQ)9%C MZ.L2S\I:8^CK%,_JC#;VMLZW[0ROJZ=W<58LN0BBLOEKNUKGN*#__-(6Y1,L MTYNOQFG3$*UU28UK]Y"%U01G(]#6)4HOWJF4"U5;6^]-I];,\LML MRO9D[NX8Y\IXF[N[QKFZ5=D 6N=>EH<-1VK)6*&M"SS*M^04)DN-K7-Y,_HM M/2^M[#F:CM:Y+;[E:KTCOUH@MBU:ZY*FL;1JF-J>UOF5UBY'LE@&!9:COQ71 MML1I7<9D-U&C,EU'Z]P6-_+2YVAUK[LU!6Y=JE]#/YDO8-!EHYB21SE?DG7X M$AP5R;2,XW3 \A4GC;4]&_G61TZ]0CWU6:OGB T 6Y<&?"2RH++-D(BS ;3. M??%&0^KI&UL[1UK<]LV\OO-W'_@N7-SZ0?%S[9)FES'L>.,;FPK ML93,W7WIP"0DX4H!"DC*=G_] 7Q(?.)!D00\;:<3VQ)VN2_L+A8+\.TOCRO? MV4 :((+?'1R_/#IP(':)A_#BW<&7Z>A\>C$>'SA!"+ '?(+ANP-,#G[YYU__ MXK#_WOYM-'*N$/2]-\XE<4=C/"<_.[=@!=\X'R&&%(2$_NQ\!7[$/R%7R(?4 MN2"KM0]#R+Y('OS&.7MY<@:(/4*_W(VW>)=AN'YS>/CP\/ 2DPUX M(/2WX*5+U-!-241=N,4U_7S[]Y/+DZ/C5T>O3X^.KHZ.+HZ.CXP3\K8_P M;V_X/_<@@ [3#P[>/ ;HW4&.SX?3EX0N#D\8U.&_;ZZG[A*NP AAKB<7'F10 M'$L=W/'KUZ\/XV^SH961C_?4SYYQ>IB1L\7,OD6"\3E* O0FB,F[)BX(8S.3 M/L9I','_&F7#1ORCT?')Z/3XY6/@'63"CR5(B0_OX-SA/YFU;)\:?,,N6*,0 M^,Q&5H?\ZT.FHF@%<7B.O0\X1.$3UQ==Q>0R%F)\2PKG[PX8]'R4F0=_Z''%Y^(CUP$Y<+5PM(5[7?09SKUN+$]S2C 7"5 MA"R#ZXJ^,=[ ((QM;HRO$.9N\AJR.">E4 [9"XU\NJ[Y[]/H_G_0#6-D^\):$,+B#+D0;<,]QBJF6P75GKP'R(N#'B>).5#E)37 L&;D! M:R+JBH,+XO.I0X&/?H?>-0%87!0OY7,[0K*K@V6*;QI*+'NK%=T7$%$(V->C)/O!X"_I@M/6B M63>.[ MRX#N _@M8JKXL%$QLJ;QPV9DW69F?65HS7G,C+N//?*@(KR9;*@%#YHX^\Z, MU#A0@QXH!JB1K(6D5Y^K1J\"Z&!KU$L8 N0'MX#R#S;2A* UPF$]IBY;^V'M M>XVKRXTNGOXC@"X'^ICZYV'$"_5>Y#-SSR_#ZJAKSUZ+AYB)AWMIM#5V,[R. MMNZA%1?=BJ8C8OK.-G3M0Q=/W_3G)N)5Q(/<#0]U*&1RKZ>P+8.M'S1XI4H_ M#.V)>(A*EBY3;7!U[[7&.$T=%W#Z#<^@N\3$)PN6HUS[;GO7W KM('6\UNY$ M!UD/=3[M_%H.VD<=4)=,%=B!UH@Y_WG!2'AB 4\P6M%9]_G,?BN2NIK4P]+K MZCDGU=KOKPB]@QN((]60V^U33/-^3?!BY#-E> 7_T)<0)(_KJR*KOW)7@Q?1 MZP+?C?R8\6OV=P$"/H80>]#+\'"B]VY'8A]S+$?)?\?.R,F@\K\"[#D)"J> MHT?BZ]N."M2>,!*W_17L=^8X/(@#Z/'? N(CC]<>G!23DZ)*2%F)+,P>*X&4&I-KJ"V,,ET#J1%P.3UK[+BVR$[2UJB,3F;?[!,:L:QQ MQ]]%1&E2!KTEV$W^$%3A6F,T7?V0JW1?:5FG_DLXAXQ"+]TG:=9J9:#I.H9< M60V\=:B#ZAX&_^17MM0**;J/TH.@L:G,2'(0WT_/6-9(FL.J@9JN3@ADK\Z$ MI3-B"MVX9^<2KDF PHS5I^:IT0QANGH@GR,R;JU3SV7$3"G7%:L=GI01F%[0 M*S@X/5E8I\OLN'E:G1!4V)0U)@$SG:RJ:4R)=^LT5B)WC%T_\N+3&S26;YBD%TE>P1T=P2&3':-C M,<8A9.MRT99=%\CM$4ZGPFC'O&%GM8]YE/<_V\M6;1(9]A+]B]?L[X%Z M^NIOF"HT^)VV:?!S7A0P?]]KEZ+DEJ\"-V=JW.Q0.F3N[) Z+[Y@P.R M8!-C6HT25.5W(PRZS3LFP-@UD!5D+H!DG3\BLIL@3+O)LLA+TU[&JG4AK;"; MG]"]-?JZW7QI<;*SZ)NP,I'/R48 T]5[B>(DC%JH&$[G M-0F"*\9IDF3#,YTWJVA'C79T"==LG8AB[MGO/DRO2SM?\6+I[X6S MP'5=4RK0-G@#!;WIB,(Z/3)O-H=,@#96F8Z16MHA)JF>M_3745,8_HK1#F39 Q-\UF MS@$$XTTO666"EI _E,1K%G,"F^8@0@C3*U@5J2NP;)VSV94'N^WGV1>OZ:RY M&[E4S@HV&)%U2VRVNF2$X*1QUKA[)GA(KX:=U/Z[\\94,?QX?-Z<>@Z_A:H[)GZ&I;06F3V M.?LB*W[\).C-2*FQ7%7G @2*<_[(LEFO*2#+I_>._E(?NKZ"*PA4%6SU9)8* MR*[^0YU7719:]W[HKG7/6'NB["V9!89_;,-P^@0'82=[QC^&0XG1BI)?V8;$)RFN+=+B:H]T]?& =CO.TY.F=)]$9RCX(.#BOR MZS]7X&W5]T?*U?_L,^W,0KKO1#6:/+"A^3G&*TWMQ M7?B*%H*ST@#^ "VO'8:&=DVQ?^@&J/[V$/?6ZS/MCK*GG:6_;8?4JO9HD\NC#N=]FA M.+E2@#9]*V<["# MN'-M)PK)!13%E*UJFX@?NDO+??!F(M#J-7 MSSW%]_18C"=*]"84FB &KI-J! D95[M13%8U]JDI'.ULZ?(NHN&=V3 M>>Z%%X+"D0*HI=MW^IJ5BJ=+S38<=X@Y :68@#4%I2% M7K/,@ES%39&BI7('W]#:(Q@.H-:F.9GS#?Q]A-!-=E%+%-6YS]A2E<$MW9Q2 MG9&:8K(N.#:POVU2W*.H48O#DCQ@' 01OPIY,K\F>#&#='4)[\6O_Y;"6EK6 M$*A2D ^(!62=&>=)OX/KU(].YNI:K4)96LQHI\\FH?2?W66K]AE)*>=7,#/7 M&B:O#6.+^6(6T_QZR'P-0!N;I:4/!6WNQ;:U>6#.-F\0)OS=9-,EH#"]OU]M MTM9#6EH4:3=Q1<*QS@WG7PAX SQ8/L_*Q5)Z:2 2=+.U1&=I;45=_WN)<8C% M01)*YMLZ;/E]8?SL4TK;'?3@:MW0;IQ;U&HCL[3\HNC0]Q.A=1-_MW+5=.82 M.$OK-1JN7$DPP\W9H.EP8L&?2 MM2C@LKGV#;JN+E6_(ZD\4H@K9'J+H\7;5WD0A M\BA6W>LQH0N TX--_-7!((PHE+^0ZY4S!V#/23 5+_/H M]_H*KG/Z-)E/T0*C.7(!#M/6T/A0OH_BI"B< M#,=0I&\+*-/H_G_0#6=DZ^Q%[)Q(V-FB=5*\3DB<+>8AN)1N$A;X.2WSLV,@ MAG?J=MQZF0P!\B+@?P5^!'EI$I\":F#CK#H[$GQ.C#"GI:*2F#^[+B8Q M/?#&=XK85*7)X33>/2'3R@]E=HHH'(YC*,W4W$D[6U(2+9;3]::>_!^;C2JG MB!2+,_WTM5<&3^5(EW',(I'[#I@;2XDZ9/9-YH0I-H^+E!@5Z*\&68TDG(8NW6T1. 5./7+R/ H1AP"LL+GN8*/$Y MJ<38#-@I0_=(\$=(%A2LE\@=XSFAJ^*Q] *]E=BZ@W4*P+T&50^NDAQ*(-F: ML%D&ZS5[O _@MXC?IKUI--V32BC<@3D9G/$45YCJGE3"H'JJZ[S(?NOW(KKF M_'%6[*4O,%8)B,(LTGF1X!J0$VDZ*>*N$B_;))7#,-V478K8J\37YAQS&"8D MD4W$2R4>*\2W89BJC1LB5BJANCYZ#$.]M%1Q"4. _. 64/[!ICY=.JU$<*72 MA?,BQ>YLT?=\&Z>2KU=CN9($Z/C\@?EN*GFH<5I)(II+((-SUAS6U'BK)!^2 M &<->Z.INX1>Q-O)\\OV.A'41(#%B!#R^P5RY<9@,H]'>)\H83G![N[O#NQ-YZ'F-P\-F9^^ M9IZ_-68W7=KXW8O/[L(:LJE["DI:-H;=H]8H(:KFDK%BB6$XPF6)*)3': M+J%:2;!><-W480HKL+U$;S)QS3SN3I#T?,.(XK6 *T*+8A7>=J./R6RCNCJQ M'RD)Q*WKVKA,IZ!MU5YM:6\I1NLBNQ8KYZX;K:*X*I&_;;@C&VG$;CIS-&$U M$E%;%N>;ZN9J$5VK@CYPW&[B+%<8NHIXS?6&5UY1^%0Y+BN,R96"NX#U8FTH M>:J3/99_U"@LDY&VE*&DPBJNR%5.S.OB,>A3]4@=X]D#^0\$HI,%[3&:CKCM MU%]^*?J> K4NZFHSQ!X.N[:1'$[3$=:,E52$^NSMY(I$M&,SR:$T76LQ8B45 MD3Y_(V%)4]=&LD-I^KRR&2,IB_29&TGR%@I!U:,E.M.'F0T81TF4=AVA4>Y+ M5UO(57IN-/O4!U_=B7K7E5@^J[3DB'O9#=:=^2&WN.UI :??\ RZ2TQ\LD P MN/9=-68%IUVX0K?XG>GG6R?_!.?Z^L+ZCM4\U90>WW5X2FKX006D"E M3MK0TEI4>L,@]IN3/G0@?;<5#;^S;>3S;IV"GZN74:6@NJ^,=D\O^\B^FVB+ MISK4YD7-:>#2*8_F&9$FG_R?>Y:,L4_^#U!+ P04 " =@&Y-V+!80;@V M ! E0, %0 '-Q;F8M,C Q.# Y,S!?9&5F+GAM;.U];7/;.++N]UMU_@-O M3MVZLQ\G3BA[-? MWGP='0Q&%]?7;YPX<<.)&]"0_/(FI&_^^__]Q_]RV'_^^K\/#IPKGP23GYU+ MZAUG+K.P8'&N+^3<$*CKP_7JW'G2?+\\^'A]^_?WX;TQ?U.HV_Q6X_J#3>B MR\@CJ[%&O]W]GY/+DZ/CCT>?WATYQT>_.;^])?LU;' MQ_Q_3A]/CGX^_^"''R2-OBEY\%%&_ MXT^?/AVFWQ9--UK^>(J"XC?>'1;DK$9FWTZ258=RX_>'V9?EIKYDZ!+1L?]S MG')R0STW26>DDB(';,'_=5 T.^ ?'1R?'+P[?OLCGKPI<$J%'=& /)"IP_^? M3:S5K\9_A)[[["=NP*;3XI!_?4-ZST]*&82_]'_U.F;O#ZS-1;[?(F\<0Y;TWGN!ERJHSDA2:PB3-BX$TKN MW8@)8$X2WW.#1F0)>YJBD:])PJ&)A]/A,]^W&"1*L2S?XF5"N&Z(1J-YY?!?1[HVFPTMP.O)GH3]EDXSM?)Y'EVSK"V?W-/ ]GZB% MVV@44[0_D(!A.N&3[?4QDY) MH;IG)S3RY?K,_QXMG_Y)O.21YA,OG+6@6WLT4[RL?O".)B1^(![Q7]PG/J:< M:E4_<_,U]B=+-TAMRK6H2I(:AJEDU!.XX4"F.+B@ 5\ZD1OX_R*3&^J&^E+6 MZ6M\)JR%\SB/Z'(V'SV_:$\'66=C&H.I]F@0QQKVGZ"I*2HX&LS2>-7!4=36 M%!U7KA^EDWHXS78]WPVNV=$C2BURI80TNQNSF9>Q'Y(XOJ!L>PX3314O[V6* MMB^$SB+W>>Y[#8X^TD[F-,Z$+#(C04M>4'MS%M!33/Y8,B@^O^A,,JA]OQ:9 M6^?:QA1U4[6_'&FK!0\,QN[:,]#C0Z]V3#M CN=$@G>ZY>O1J M=.WMC'I)$MK+:'5ER8%8TA8KJV-IK. MCZ;C=$U_:2%>+;F2N^6JSD^8W,44MF6P]0_U[JEJKH:V'+@/3U93IMJ,97[7 MN@YSTW%&1G^$C\2;AS2@,V:CW 1>^ZVYU;"]^/%:;R=-!NO S]?8OE9W[<(/ MV)1,G;X]G1%+^^<%(^&5*3Q):\W-NLO?[-8CV13)9J-T>GHN257X_16-'L@+ M"9>Z*M?LK]CF_8:&LX. @3&I[ ]="4'Q[0)PZU_,?*LMD-8H?)H>LZ6'>YE X0/=T MKW[L8$(7KM^0Z,W>/5"<_M+!@BR>2-20W&K7[FEU@Z 9A6F'[ND*:3)H2EK1 MI]Y5F]K$?^GS?NV'_K-!-?B0DG)!)03D?<.MH1/8Q'^4H M^\^Q<^ 4O2_=,F0(H2QPLRI'C/K(1TZ==:#.C]] M#=WEQ&=M++"D =9[<_S9@E 5)EGA]T,;?O-?-!)NT>G6.G7CIW1_7<8',]=]/N1VV"$)DKCX)+7,#HZ.\Y#N_\P_ M'J_H9:(EU^S/U70.W"<2I+\]SAN+VAXB(/VQ' (C(3MO5R=Y/;T&44%\KI\T MC8!,*?[LT3!A$_)SD/X:4ZQDQO\H*)M&=*&49RX[*N6@+&!&R!N'1A,2_?+F M^&A-2T#9W/SE#3OH"EBV@5(V[?ES%AKR]3'XX>O,-7$WHQ@*S7D59E4H +QD M/ O@LPI4C=;+_) 00T-PK,YI%%A8I4X%2' 0BV>\,I\5TN\BL^CP*2&Y(: ^ VZ1H* >!_L(.(W_OJU)K#8>Q8XPTA:HQ MT)N20F>NV, ;LWG3XYSHQ@ R,RVR- =!SH)*YXI:CT43NP==VVY94CU^P$5L M5_=6C3P56J+68]%\VQ&T0'[ M87"4BK8O Z]8#E)(Z2C5-9)$OE/RR1],$#% MYJ!R(]YF\/$'.W-!V\MFBD?4%EAM%7QEPE<;SZ).NP;G!NW@,K8*$YMU=$%N M:!R;7<#;C8L>; /L@0=@A,OVTH\SKLKWC[K+M](9/;*Z/$#PO;<*WZT?TBB- M-,AFVB7Q(AY6?<7D\4 F9/&L@%!S /0P-N$#@O(#PI6H!:*R*WKX]#B @#LK MW>@?UGACO_RMG]O^C61#E?O]LU;W^VQ,)QVTKW@-_<1$%>X^\N@E/^:WPJP] M^T=YG#2<*1NI&J31:2!&LU1%%6X^U;G)!^/4EX9SUN,YZP&[8TF9SZC,Q/%1 MG8F\>QHI\NI4!^B.:(T41Q6RC^MDEP;@<2[Y$$XQ1D^4ZRU=E9TY_V=\H#=+D0FN9%JG!QNKDRLO&R+* EC*H0 ML9TL'[4[UK2R)U6X>5_GICJ$P\?H"1>]C$H5ZC_ ,ZH$0SZ*,[K_O5/E)\B\ M5*'V;$/-\1Y.T:4[RH3)F"JD;6C@M(NSZM,=;;K9F"KD;JA8/DJ^_IB670WD M5$;J,)98GJVI3/O)AF8M.COUWMW1*T_A5"%W0Z.N^_8570[F=JH0*E"6]6Y= MVHM NJ<*B1L*<-W-*?K9MFFEMNW)AO+3MVV=GXJ_.CV":">#JO"UH0:E=J/S M4S96?XPTS0A586Y#2[8Q(WOA63.'5(6[#:T*6Y6]\- LJ52%E0TMK*'6>N%) M)_%4A9,-!2W6&KT0WS[S5)FE=QMZ6\M)X?R4C^ZLAM\_J-@_J$#ZH"(N>(^) M]W9&7PXGQ,\08G_4@6$?C6_(S VRMX9 H"-KM=$(:3"CB%10]GU*.2,(#$=C M3:HM>HXLE,B- A1"8MTJ,+!CN:*,X&LL^UY?((Q^NQM<7UW__N7^YN9"^N9 MT++O5P;0)*5**DUO$A)I!L]S5T>6E7;C,YRBW"02O*,S+,JO?S]GAYI)]K*7 MOU%PPU>I3.$.XT_XA*N@%I+RIPXF[-6U(HH4V_I@ 8*4"#@?I]N=29CE(>UYCCT?EIK=[[H6SU* M)JSTB"&3YG$'-@:-DBD-?#KP_ECZ<2J,W!K7D+%.[]X?G&E+7IMZ<*,QC\?? M2$ U!%]I-G[W'JN(!72"6\5[\]*\=2,_)!KRK#49TLK[/W?R4$/Z6$#8!MQL1K\5H0E(=/[_20ARB4V8+J?KT M;WX:08-J,XC(>#6/'U;3ME>,=\0P[MMYH;\VI'9R)P_)8>'^N@Q\DFA(M]9P M_'%'Q"NB&Y+OQ[9.C XLM9-=F;]"PD$MT-H9!XCX8GCW>$7(1)*&@K>K-QN? M]'TOUTJ\8K)!X9J^JFM[;COI^UZN[=P5D T*M_4-G1E/_B5Y2M:QA_+49J*V M2(\+$HK!PQ\B''1R5<$][*0AD\A:!LH.)!,?#^.:?3* M0\*E>D34U%:B*.7EGT^TGT^TGT^TAW.1PJHR-3+QBGR/?\Y>X\D599@^W'?=Y(F M,E>J.0)WX[;7+MHXG#?$(6]O*S-2!SB4.8)P^& 8A\PMVF!!P!W&QWW[@DU! MH>() N/XHV%'FX 0^;* .XR/+=GU7:!1X0E$PW3L?#7![W&#@AW'1?#"+J8W M5K #NN,LIS11H M=ZN E,B,^2M]&KKK3\KIYE2+J_% =LZ]?:PACS6;?#>=!OL3'J MAH-91%):Y-;*9LO> SFV7%A4S0TD]QZL]O9G*$O'60,PJ+@"[?8/QJ]!#)ZB M^HX/Z12/"E<@'F>&\1 4 =3;IM0=^P^/,H>/+G>@)6'VP*452GNQC"(2>E"F M&=:DV@*I=;Y!)R3C,P,2+E*A>/DOX>B MN;!U_T'F0JE2#5([-9=M(8#2Z&V/4J_&[)?S>ZEN6'W?>_R"SCRF$*&0^#[9 MK2H$9*:7>V2DG9#N_#JD@^<&C!"I;J05W>QX7G3$KP48\JB"+C!#J52ZP;57 MA?,X]Z.4#K:;#T-YA**P[?C$4DB WMJ@6N2#"\ET $"9AL?O5%O_ZO8921O2)&D6P-:M__BYFV8E>P (J^M?L#3U%=2U?_C2!2 M,@!N_)8C?$U<-/>=?F$+@& &((!.C^P"!)79.G\M?]/J;",<8R>/.A)I"$ZG M:/!L8CJC/./(Y X#MT/GG.8([>")9AL4[9QJY.;>IHEDZ3I8,NE%%G6%7'!Q MM'[/;V9UB'-Q#&:SB,P8LQ=45I=;H_/XU)))KEU.09L)\$X2(8"K?%;W3&&S M?[LS24D,[2%V%4R0%7!5(GHB?.5Z9+#@<98P@E /_(#)*0)9GQH NBN4^NX;:)NT02FW?OD(!.*O) M,9RN=^PK&MWQA*!APEAG@\R*605%XS0;!3$ZK;F!\+(;M\WY'$XO(C+Q^>[N M!UP]NS_\Q7)Q3J.(?F=\7+C/[)OD5>9)U!\%,;:MN8&P;1L"I+$6>>"JQF+C MS1!+'"87$JG=B_3+)7FD@^F4S0E^]DA#.)(LAB\+[9 9@QGQ1ZY:CUNML?5.N/'3YL)\#!MV,<$E8P51HBR#F![Q++7H!L4M^EG MJ6Q_+7"_<.,Y(.5Z,^3"%9,+RM1PB'KYUQ5FL*CI#LE6SZ ]MGOZ'[E!5C'\ MR?6^E=SN=R0YI_1;6HX9WN5U>B-&K#$7((AV#_M?F#1N:!P/0\X*TUC9@^:L MECGC0G)GKNB)'SP]#D#@[.:^$CMX+TGL1?XSE^]P>A_Y(7]4% S8G'SQ>613 M4]^W:CS\(&_#%PB]75?"F@T)GJ5&^$':(!:4O(FW/ELD((NH1\@DOF*![93#KZE] M\Y@5^HN(EA4GZX4?2C7U(%AV71L%X5PFE@ M!4T12U=.,BC?MCX =?Z5P622RL0-,KVVWC4ALTZG+W($&O 0F+7.7#KAS0J M.>\%P9;GKXQ-Z=UU@T$0 ]J6&1!9NTZ#0B$.IY=^O/)SQ*4+>@T33M(9/Y+: M3( (MO4\:!Q^OX;L)[ZSB>:'LRLB\BS4#Y"U'HCEKT4Y)'3CY8%*A/ KD_B" M+G@Q';';LTYZK<<."5U(.2ATPY$$9=>JXM9;U!2YF&&20?F:3GP7^1YA:']E M\A@DZ)W+I:W, @F'[G"Y*PUU143+%K.R,&+ZF M3( (VCVM%VL^]Z W"_34Z(P?06TF0 0-G_3+DP>^K.%-!2T1RUM*,2A]&&PZ$']Q6#($HVPT;$#/Q&!$W7D:OZ2PM[BD:+UOQ*/CQ;"KRJ#DA\)"2=K M45=DP4CULGGSUJ.+PU0,V07[ZW Z\F>A/_4]EQFAV:QBI\![&OAI!EV2N'X0 MW_$\ZHG_LDYGY"=\_*/T/^^.G0.'[3%>0-ED).P?^> .G3JEX9WU^$[Q \Y/ M^4\XJ]_XRQN+,>X@[(*(=D%;F^'YPKQ3$K+S=D87EQL$;]IF]=$/PA=GV!(^ MJ2IH85.33'YYDT1+ 4C;C(Q^NWLDWCRD 9TQK7AS?"[.*QJE-0?#2?J@DS_TE+J'I/W&EJH&-'F7 MI2(? LPN7KVF;<2.8C-.-,Y:_?J0H#R\>EZCD[K7*!_.2<=SR@,*O41KIHTS M5GJW MV>#P^6BS%=XS#\11QWF2&TL;=B14>;!4]ETF2;&P^RWFWK&\L9XO6F'2J^^L M^'FIHZS::-RS.2B?N%1&9B][26/]RKD83DMEEN7U6H#F2/=T.=&].*D: ]*R MXO4F5(T'LE._10X.W8ZE?A3*SF",4C5U/P]Z56+I ;!68!Y09:*FMAP<;9<6 MU6 '$OU[NZKO/J),T22O]X&;1FNO\HZ>OTK.-&MOG;HS;K78@'_!LL$)'2=< M51E+J[,=9=@$$DTP-R6"3AUVC29FM=%XF)/J;&TV^NQ%A)(WH M-.%_2K6@LA_CPHY.;+*F:&.&8/^>X>>G@] E$7WRO4M_1N+TW0QG2'[*EO49 M'_<=B[(=(!K,@&"T#E)1K)([DGRGT3<_G*V8T%HE8+_QL2@,'"\HF@R!P)P: M!N:+NUBX?P_]*1DM_42^90G;CD]V"P )$Z"=8%KHMV3B>UF2&/42$#>V5D*S MI=AE7(!R_VCWI+2O]-R6$PA1NT^V]Y6>]Y6>;1UX_CR5GA^_4\UBSZN6XQ-+ M1YFF]9YK%,.KQ*YBRI^?Q6D*YS2)-E/$>7K9<+8N'<0G5_&WVK>WW:BXE9<) MB0D\N98WRS*EZNU2U-J.2C."1GU[A(6!4,UMBQQF5=<3NKVJOZMEQ"2[C(C+ M6?G!_XK9GR,2O9!([QS79(CQ!UOZ4K**Z!:\0#A]Z#^D+,M3Y$'G-M:DV@*I M8MN@$Q2Q 0D7[RR]_!>YE,]6_^)2/BM)N?A\/ B"G$;^ A_:YHKFPM;]!_$) MI4HU2.U4V=A" *6B:8]2KTKCR_F]W)]:?-__S8+.1*8@I?"U@=T@LAX*.[XS MOQXL%'9\)UL&AIW=CR1:W)/(IY-A+58&M(V79PE?R_P0!-^R.%.V'BU J$@#5D?Y%+7H+W+?-+H(W%A>?+G9.(C1W((?"&&[V66O:$3\65@ M'CUT>AR QU?3:6&+!*AE8PDP381M$0M<03,H8L,N@L+^))-!?.'&;# C.F7.P3E:V;B3.J[-BK)).Y[19 M.IT#I_A!GH!ZW5:2>:>_;$*K8^MH^?1/XB6/=/A,>-*?<-8DP]![A4A6/^/D MO^,DU%G]TC[Q4%>D[Q,/]9=XJ#%*V>U"Z:6R,K@/[H$TOD%)M^GKJ^Z0405X MR?K8"=!32ET-$O(0/+,XH8R2,(UEK[$355MB&,I?I@&M>T\>KK\>J![QX.HQ M? *OTJ *\0=:CRV]!-Q&W%7BP3O&;L7-VC:9WZ7VM@)%MQ)YC7SPPLNN)N\A MF,C6"W^SP4329_UVM7SM1/K 6/[\XYDI5B)UH4N[X4=-@WS3QK/6/L>(\",7 MN'O:W"?6S1&+7$TVJ,(MV[]Q3$AM8R;18I@5-F?+7&8'J_HB!JPA#Z"]BVE? MNPX]NB KWB_)<;QW'/]I'<=I-%JQ5:51:7*W M,=0>M]-8SB4VE_$FM2I')-S#CKM8(6\5.,A=Q>;PP>PF-H(AYOI: S]*/1C/ M-$HRTTWY;#OOJNK9=S9^W85$&W.!9C MH:^]U9*E/P'6 \];+I9IBI_RFJ$7M2-V_3D?YCFA].B MOZ<8A N:/NSQ]%P^68Y^L(>U<@.ZDE?2#DJ]=8R;H8J,[7QS6K0=1.FCI M,P#N5J;?88Z(Q\Y,D_-E[/-';^DF+%TI<(?QNS.\HM.OH6D MS&.J*-OL)NPO/]#-FJOJ-OZ >(O79P""X8/I+7Z5N;>4MK=A_F*XY_@#\DU? MFP<0#].[_RW3/I$;I-E*XEA['U)U&Y\A7Q9Z#$ PG)E>%HR<,@W<&KAR/3_P MDU<5#O)^XS/D!P9-#D DNJZ-Q=T!#UQ<_+5[HT)9@I[C,^2:6IL'$ _3>EM$ MT4EC'/(>XX_(#5,E[9#6^W%!^P[.^PKMH-Q-S_?SR/U&*OXK MZ#Y2"D;38<:?K)5(TD.H'4,0;)\L5U#*,\)QEH?3(CUS$+F0#OS^QJPGVM MXK:<@'L:&CSWM8HQVB+[6L76:Q4CL!Y./V*M;"PG&<+B]..^(F-+W:-=D;%M MQ1H,]0![URS[BHS[BHS&3BWZ%1E[#U]J79%1$:VTS;$DKL_U"?&S[9S]4=_) MV4?C&S)S@\]AXH-'#=9JHQ'2_5Q$*B3G;2K!-Y9R1A"X=[ FU18][]@2N5& MPDXVZH[EBG(?;BS[7K??T6]WF3_EYN9"'E>ZT7!\VO?])J9I,T/ [,NR% M8P0,KJY5HEPU&9^*$+4OQ!J!H/C>V;TTK%8)>2 3LGCF8LMJOLI]:SI]D>K! M!AQ R-FM72BG7.6[T>MMQ]_6 ),F8"+WO'6/)TK=W@?FO9H#O[KATHU>'[_3 MQSE=\EC<03BY\T.2$!+*KY;4/<=GECQSC986;<$3!,_91]-W? 5%C(_7*_^% ME&AS^=O,J3Y0&D.,/UH*@=H:,6WF(.@^MC8,N]A1KUR/#!;\;E1W%UWW&'^R M%&G8LM9;G7(((4R69S8O?2^OV*T+4JW;KB$E)!^T4!#!=T3BA-_R>LL4 M2CRENRXZO.VNH;*FV;1G&K )RXOWW T"RLPD4 WQ'G 'Q++6(1RGKZ-<]OPZ MCI?\W=!PRB>-)*H![(,8(DW:P<.2592*N957P\TN_"0(B=OC1T=&-W@6,KMA ME>)?'DA,HALO,TPF*<1E&:QH5-,?9-\@I#U604_!@VYP8$ MU[+_8$D>Z6 Z91PPUG-;B/OX:>BI#$!U7_Q ZO( PM?6L0!9ABNOTW#*TUY M!F&M&6)!P^2",MTF<,WL:;42T:Y]7JWW0HR.-O4@6)C"*&KN>.Z(BJMNDD=Z M3NY=?R+9U5J.B!_D[3@#)X!=KP5GZH*&+^R4R80\C/R9'[H!_S2[03N6(RWM MNAN0:K 8M?6K]'%XAV$X9(GW_)#SW]F?S2[2!3WW@T$];@ 0;3K+JDE6E&4 M.A*UQ@\23#5XUXLI&JVVU:^F5TLEN.J/'[@F?(!0EAPB.(K.'(R\.9DLN6_G M:LE31A;WH,.IN#S-BKE*59J/#:K2'#C%;_):MMFO.L7/\H_ .C9_*4G/N(0> M2.Q/V(Z9.B37%79+Y7^'8>KWTJO3\ZDND6)\)_V!4@W?:@E?&F8%>_?%>_;% M>QJ[VO$4[]%Z&/W@AC.H^@[[OO0UTJ<#52)!<=L1+!RXFE-=-.C_Q?.FT*B8 MM'YL(N,R11E?KR_W'K-9:(D^=X?+A%]ITG?.*V#64IBZ7K:*QIHR2R,U8.8& M8R8]0TK?? '-D>[5KZVA3%*'=7]/.BY/EJ@J *PD'AVDX%GUXTQ(]TX/VQ]"-2=TM+XDE47<>6REKI MQY1H<8#S4'U#XIB0(=/6;N*'LY1<'B$QY+5,$UX]31+IJ.R+'CI-%G">OROA MSL,IYX5&G&[&">%/Z4/V;7SNQGX\>HZ(.QF&O[N1SZVL!^F[R2T'1H^Z"?YP MVIQESH9/@3]+Z]I*C@1 AYV"L$XW!(W=I[$WY(7M,C,R63U/*%_CUKY=W\U6 M+G[Y7&5?3]*G11)4S?\6^@G1$E2_^Z\.Z? Q1?$-^ZO^_57_[EWUFW(![&MYM*[E@<=3NJ_E@=WIMJ_E MH<.N<1<;@EH>UHJ7MR[E(;,/35T5-Q\=H]P4YR:" 3>\,)1(>OU-= :^: MCD]V91[72 :-F0YG\"-KJ#V'2XW')^]W1<[S9+)T B>6'O2J/Q M.]1B%1$+6F[O[3J.OY"0.X#RF:"RWD2M^R]OT-2"@ZD&/<:6HWSV(:_(KMSV M(:_[D-=]R.ONAKP.XMB?A2D#6A&O8'M+A@ (6HXM M&7T&9 ]Q ]XR=G"4\?E+\%106@#(NHQ/+3V+-P"%FB_0*/Q@&)71:SCQ/6[# MZJ\+:9_QF:5:'@9PT6 ,]+D>V;76!]_=:,(UI=Q*KS7#;9T+><(6]32:NQ$Y MYY$;%W3QS-C.%G5I,IZ_KMODX9HI9VOVPLE]X(9W[H*HKJ"Z^34[]KT87MH# MOTB-_]V?2IB/$;:F6[^%U99!7I5J&))J0;&1_X,7I7J<1W0YFU\2+]5J/-!? MU)B\L$&4-;ZZ^35K'NM.=QO:D]Q@ISF>6)C]JT'(OL<(T?[5(&*C8?]J<'=> M#38-I+%_IZ7U6+!.L^GKDQX":D2+&*.H%2R DC*##[E8JXU&2%6TB%1( MSMO4,&DLY8P@<(MG3:HM>E:W$KE1@,).]&K'=./KM[GYP(;]_ M+S49GY[VO"]#$Y/*" 3]G:>&U=T@>)Z[U?@*>9 5U+[_^!(-P2JH!:7\P?#Y M?Y..\X92/B_H[ON)32LI5Z@%I7QF-#Y8*_]S5DO/@RP)UJ3: JD9L4$G)&,3 M9; *5>?EO\BE?+;Z%Y?R64G*Q>=LS@V[C^=O%"J5(/43D_Q MMA! :8ZT1ZE7N^3SUP?I%K_ZOO^3HLY$IB"E\+'05**3DK_K8H?:S+$^+VEM!+2Q4&W80;4/*U33W1Q5<(X)UF=4]VKDG6/\=EN MU2ZL4PXAA.DJZYIM,!&)$YX=-&5[LBX$KHN8;(Q=PU#-"X0JIE575'V\E";+ MA?OL&FJ;M(/FA]U,JHRKX;2J$_(:5EG*!3^<7;C/[)OD%<:MR2CXD6S.#6BC M6,6VV#FN0X\NR#"9RQY8"QKC1PHD&O1I(MH2>6YTW:V0M\4/!T0S:!B:#J!, M'S!NJ''MEH^ M;^"5 /=!C)$F[5W>"VP3@_^M_S/R0;8R$_0[^ ?P*8Y12:+Y^L MSA>F*(@_"XN;F<\_O#E_!,@/E6D >9#>"Q_#TT%S /QH-V($/%IC\IB4SYII M=6(FBRB18*G5'3^2#=@ <;3K(RF;!YJ*%NR"'R\%Z2!&=CTD9:I+NW]:T\I_ M6B:EJT,Y6D#GW<)-R@2(H%T_2-F?H^?#PH_))K6@\.WZ/ KCB!U8^?5YIG8E M,(C;XP=$1C<(C;7*1^5Z3M?AE$8+ERG,/\)'XLU#&M"93^*;P-,K@G1<+X*T M'MWQ0VX@;%.JC[]OW$P@@;59K 338,%/Y0JJ6^,>]5H MY=.D5*]M-NQ;N^DO#JHB&\\>>$'#F ;^A <*IKJ;G;,EK^G UGBUE8K#CL.P M6J,@V\5D[2V\LE-)6 X&0LUB#@^L&L4(9CT61-6";3"=^H&_HE.2G2U*Q&T[ M@$NI5#36!-4A&^FEI=AB645#Z$3K:P]AJY*MMBNR&2>F#\=0.H/)"P\TBQ]I M>D4>QTLXDX&@*5ZA2RGNQ09K?GV<7YA>9%

2+*,PN$T_U1R@:S3 M'2]@C;DP;<*I'\'O+\#WM\!_UO> =^Z$=ON;FZ4-\&UACCO@P5$=K%#=%9K M)#Y_+7_3JJ*/< RD6WH+3G">M>'J]7+<4%;VD[PBA(TMU4'U9A@JS<#*2$@MN#0,)Y7-?OAW$L(8-";85V32]OE"-QY8S5E>5 ;YP M6GB]WE7M*+X@*Z:-/&"?O%MR[H93_IZ,<4NB;'>)\^T%V#,5O1"#H4V]Z;L0 M4Q=:6;*$-/5(*;O%:CY)-DYU7\2X->3!]'6*H6RC 7$C?OO )IPL 6^Y&7Y, M!.1J7*Q8>0W)*QS3Z/7!_7[+F(M\-XAYY>/E\W,@M3E4/?&#I,-HT?3?#CD6W;LB. M1&FV/69=L*EQ,7)?D.2*>[\KS[91;X<=CDUI0^#@R M"2N72*TA?@B$!(,HV#V[WY'<2KRAL43+5YKA1T! +BA_:U&1:6KI01R3)-:+ M@7Q7CX%,1W"R(?;QCOMXQ]V)=S2(TL@CH1OY5!Y2 S3''3TCY1';M5A!X]

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end