Finance Lease Receivables

12 Months Ended

Mar. 31, 2020

Disclosure of Finance Lease Receivables [Abstract]

5. Finance Lease Receivables

Greenpower's wholly owned subsidiary San Joaquin Valley Equipment Leasing Inc. ("SJVEL") leases vehicles to several customers, and as at March 31, 2020 the Company had a total of 25 (2019 - 1) vehicles on lease that were determined to be finance leases, and the Company had a total of 2 (2019 - 2) vehicles on lease that were determined to be operating leases. During the year ended March 31, 2020, the Company entered into 8 finance leases for vehicles where SJVEL subsequently entered into a mutual release agreement with the lessee after which the vehicles were sold to a third party. For operating leases, lease payments are recognized in revenue when earned.

For the year ended March 31, 2020, selling profit on finance leases was $865,009 (2019 - $102,155, 2018 - nil). The following table shows changes in Finance Lease Receivables during the years ended March 31, 2020 and 2019:

		For the years ended
		March 31, 2020			March 31, 2019
Finance lease receivable, beginning of period	$	324,903		$	—
Net investment recognized		1,030,408			329,090
Lease payments received		(87,703	)		(4,274	)
Interest income recognized		62,683			87

Finance lease receivable, end of period	$	1,330,291		$	324,903

Current portion of Finance Lease Receivable	$	82,501		$	21,101

Long Term Portion of Finance Lease Receivable	$	1,247,790		$	303,802

Payments to be received on Finance Lease Receivables (undiscounted):

Year 1	$	208,104
Year 2		236,715
Year 3		378,298
Year 4, including unguaranteed residual		685,449
Year 5, including unguaranteed residual		51,281
Remainder, including unguaranteed residual		175,997
less: amount representing interest income		(405,550	)
Finance Lease Receivable	$	1,330,291