Notes Receivable, Net

3 Months Ended

Mar. 31, 2020

3. Notes receivable, net:

The Company has various notes receivable from borrowers who have financed the purchase of equipment through the Company. As of March 31, 2020, the original terms of the notes are from 30 to 42 months with interest rates ranging from 11.55% to 16.49% per annum. The notes are secured by the equipment financed and have maturity dates ranging from 2020 to 2022.

As of March 31, 2020, the minimum future payments receivable are as follows (in thousands):


Nine months ending December 31, 2020	$	510
Year ending December 31, 2021		436
2022		9
		955
Less: portion representing unearned interest income		(80)
		875
Less: warrants - notes receivable discount		(72)
Unamortized initial direct costs		2
Notes receivable, net	$	805

IDC amortization expense related to notes receivable and the Company’s operating leases for the three months ended March 31, 2020 and 2019 are as follows (in thousands):


	Three Months Ended
	March 31,
	2020		2019
IDC amortization - notes receivable	$	1	$	—
IDC amortization - lease assets		19		—
Total	$	20	$	—