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Investment in Leasing Operations: (Tables)
6 Months Ended
Jun. 27, 2020
Investment in Leasing Operations:  
Schedule of investment in leasing operations

​

​

​

​

​

​

​

​

​

    

June 27, 2020

    

December 28, 2019

Direct financing and sales-type leases:

​

​

​

​

​

​

Minimum lease payments receivable

​

$

20,832,100

​

$

26,001,200

Estimated unguaranteed residual value of equipment

​

 

3,340,300

​

 

4,109,800

Unearned lease income, net of initial direct costs deferred

​

 

(2,350,800)

​

 

(4,039,400)

Security deposits

​

 

(2,757,300)

​

 

(3,852,000)

Equipment installed on leases not yet commenced

​

 

631,300

​

 

3,437,800

Total investment in direct financing and sales-type leases

​

 

19,695,600

​

 

25,657,400

Allowance for credit losses

​

 

(923,800)

​

 

(580,600)

Net investment in direct financing and sales-type leases

​

 

18,771,800

​

 

25,076,800

Operating leases:

​

​

​

​

​

​

Operating lease assets

​

 

612,600

​

 

820,700

Less accumulated depreciation and amortization

​

 

(543,300)

​

 

(591,900)

Net investment in operating leases

​

 

69,300

​

 

228,800

Total net investment in leasing operations

​

$

18,841,100

​

$

25,305,600

Schedule of future minimum lease payments receivable under lease contracts and the amortization of unearned lease income, net of initial direct costs deferred

​

​

​

​

​

​

​

​

​

​

​

Direct Financing and Sales-Type Leases

 

​

    

Minimum Lease

    

Income

 

Fiscal Year

​

Payments Receivable

​

 Amortization

 

2020

​

$

7,994,800

​

$

1,205,600

​

2021

​

 

10,202,700

​

 

1,017,800

​

2022

​

 

2,546,000

​

 

122,000

​

2023

​

 

59,900

​

 

3,100

​

2024

​

 

15,200

​

 

1,600

​

Thereafter

​

 

13,500

​

 

700

​

​

​

$

20,832,100

​

$

2,350,800

​

Schedule of activity in the allowance for credit losses for leasing operations

​

​

​

​

​

​

​

​

​

​

    

June 27, 2020

    

June 29, 2019

    

Balance at beginning of period

​

$

580,600

​

$

861,200

​

Provisions charged to expense

​

 

503,900

​

 

79,400

​

Recoveries

​

 

(11,800)

​

 

10,600

​

Deductions for amounts written-off

​

 

(148,900)

​

 

(224,100)

​

Balance at end of period

​

$

923,800

​

$

727,100

​

Schedule of investment in direct financing and sales-type leases (investment in leases) and allowance for credit losses by loss evaluation methodology

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

June 27, 2020

​

December 28, 2019

​

    

Investment

    

Allowance for

    

Investment

    

Allowance for

​

​

In Leases

​

Credit Losses

​

In Leases

​

Credit Losses

Collectively evaluated for loss potential

​

$

19,695,600

​

​

923,800

​

$

25,657,400

​

$

580,600

Individually evaluated for loss potential

​

 

—

​

 

—

​

 

—

​

 

—

Total

​

$

19,695,600

​

$

923,800

​

$

25,657,400

​

$

580,600

Schedule of information regarding accruing and non-accrual leases

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

June 27, 2020

​

    

0-60 Days

    

61-90 Days

    

Over 90 Days

    

​

​

    

​

​

​

​

Delinquent

​

Delinquent

​

Delinquent and

​

​

​

​

​

​

​

​

and Accruing

​

and Accruing

​

Accruing

​

Non-Accrual

​

Total

Middle-Market

​

$

18,722,100

​

$

—

​

$

—

​

$

—

​

$

18,722,100

Small-Ticket

​

 

973,500

​

 

—

​

 

—

​

 

—

​

 

973,500

Total Investment in Leases

​

$

19,695,600

​

$

—

​

$

—

​

$

—

​

$

19,695,600

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

December 28, 2019

​

    

0-60 Days

    

61-90 Days

    

Over 90 Days

    

​

​

    

​

​

​

​

Delinquent

​

Delinquent

​

Delinquent and

​

​

​

​

​

​

​

​

and Accruing

​

and Accruing

​

Accruing

​

Non-Accrual

​

Total

Middle-Market

​

$

24,546,300

​

$

—

​

$

—

​

$

—

​

$

24,546,300

Small-Ticket

​

 

1,111,100

​

 

—

​

 

—

​

 

—

​

 

1,111,100

Total Investment in Leases

​

$

25,657,400

​

$

—

​

$

—

​

$

—

​

$

25,657,400

Schedule of components of leasing income

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended

​

Three Months Ended

​

Six Months Ended

​

Six Months Ended

​

    

June 27, 2020

    

June 29, 2019

    

June 27, 2020

    

June 29, 2019

Interest income on direct financing and sales-type leases

​

$

979,700

​

$

2,028,300

​

$

2,108,300

​

$

4,210,800

Selling profit (loss) at commencement of sales-type leases

​

 

872,700

​

 

—

​

 

1,185,900

​

 

873,500

Operating lease income

​

​

654,500

​

​

567,800

​

​

1,089,900

​

​

1,206,100

Income on sales of equipment under lease

​

​

903,600

​

​

546,300

​

​

4,164,900

​

​

1,771,900

Other

​

​

63,300

​

​

60,600

​

​

796,000

​

​

296,000

Leasing income

​

$

3,473,800

​

$

3,203,000

​

$

9,345,000

​

$

8,358,300