Notes Receivable, Net

9 Months Ended

Sep. 30, 2019

Notes Receivable, Net [Abstract]

Notes Receivable, Net

3. Notes receivable, net:

The Company has various notes receivables from borrowers who have financed the purchase of equipment through the Company. The original terms of the notes receivable are from 24 to 42 months and bear interest at rates ranging from 11.6% to 16.49% per annum. The notes are secured by the equipment financed. The notes mature from 2020 through 2022. There were neither impaired notes nor notes placed on non-accrual status as of September 30, 2019 and December 31, 2018.

As of September 30, 2019, the future minimum payments receivable are as follows (in thousands):

Three months ending December 31, 2019	$	458
Year ending December 31, 2020		830
2021		437
2022		9
		1,734
Less: portion representing unearned interest income		(155)
		1,579
Less: warrants - notes receivable discount		(110)
Unamortized initial direct costs		3
Notes receivable, net	$	1,472

IDC (Initial Direct Cost) amortization expense related to notes receivable and operating leases for the three and nine months ended September 30, 2019 and 2018 are as follows (in thousands):

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2019		2018		2019		2018
IDC amortization - notes receivable	$	7	$	4	$	7	$	9
IDC amortization - lease assets		45		17		46		49
Total	$	52	$	21	$	53	$	58