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Investment in Leasing Operations: | 12 Months Ended
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Dec. 29, 2018
Investment in Leasing Operations: |
Investment in Leasing Operations: | 3. Investment in Leasing Operations: Investment in leasing operations consists of the following:
|  | December 29, 2018 |  | December 30, 2017
Direct financing and sales-type leases: |  |  |  |  |  |
Minimum lease payments receivable |  | $ | 40,822,400 |  | $ | 36,119,700
Estimated residual value of equipment |  |  | 4,741,200 |  |  | 4,762,700
Unearned lease income net of initial direct costs deferred |  |  | (6,739,900) |  |  | (5,371,900)
Security deposits |  |  | (4,118,300) |  |  | (4,526,000)
Equipment installed on leases not yet commenced |  |  | 5,094,800 |  |  | 10,989,700
Total investment in direct financing and sales-type leases |  |  | 39,800,200 |  |  | 41,974,200
Allowance for credit losses |  |  | (861,200) |  |  | (711,200)
Net investment in direct financing and sales-type leases |  |  | 38,939,000 |  |  | 41,263,000
Operating leases: |  |  |  |  |  |
Operating lease assets |  |  | 777,000 |  |  | 1,045,400
Less accumulated depreciation and amortization |  |  | (713,000) |  |  | (1,030,800)
Net investment in operating leases |  |  | 64,000 |  |  | 14,600
Total net investment in leasing operations |  | $ | 39,003,000 |  | $ | 41,277,600
As of December 29, 2018, the $39.0 million total net investment in leases consists of $18.5 million classified as current and $20.5 million classified as long-term. As of December 30, 2017, the $41.3 million total net investment in leases consists of $15.3 million classified as current and $26.0 million classified as long-term. As of December 29, 2018, leased assets with two customers approximated 24% and 11%, respectively, of the Company’s total assets. As of December 30, 2017, leased assets with one customer approximated 26% of the Company’s total assets. A portion of the lease payments receivable from these customers is assigned as collateral in non-recourse financing with financial institutions. See Note 8 – “Discounted Lease Rentals”. Future minimum lease payments receivable under lease contracts and the amortization of unearned lease income, net of initial direct costs deferred, is as follows as of December 29, 2018:
|  | Direct Financing and Sales-Type Leases |  | Operating Leases |
|  | Minimum Lease |  | Income |  | Minimum Lease |
Fiscal Year |  | Payments Receivable |  | Amortization |  | Payments Receivable |
2019 |  | $ | 25,060,400 |  | $ | 5,350,300 |  | $ | 76,900 |
2020 |  |  | 12,094,200 |  |  | 1,244,800 |  |  | — |
2021 |  |  | 3,641,700 |  |  | 142,900 |  |  | — |
2022 |  |  | 13,700 |  |  | 1,300 |  |  | — |
2023 |  |  | 8,000 |  |  | 500 |  |  | — |
Thereafter |  |  | 4,400 |  |  | 100 |  |  | — |
|  | $ | 40,822,400 |  | $ | 6,739,900 |  | $ | 76,900 |
The activity in the allowance for credit losses for leasing operations during 2018, 2017 and 2016, respectively, is as follows:
|  | December 29, 2018 |  | December 30, 2017 |  | December 31, 2016 |
Balance at beginning of period |  | $ | 711,200 |  | $ | 896,000 |  | $ | 859,100 |
Provisions charged to expense |  |  | 38,600 |  |  | 9,000 |  |  | 18,500 |
Recoveries |  |  | 213,500 |  |  | 8,600 |  |  | 47,700 |
Deductions for amounts written-off |  |  | (102,100) |  |  | (202,400) |  |  | (29,300) |
Balance at end of period |  | $ | 861,200 |  | $ | 711,200 |  | $ | 896,000 |
The Company’s investment in direct financing and sales-type leases (“Investment In Leases”) and allowance for credit losses by loss evaluation methodology are as follows:
|  | December 29, 2018 |  | December 30, 2017
|  | Investment |  | Allowance for |  | Investment |  | Allowance for
|  | In Leases |  | Credit Losses |  | In Leases |  | Credit Losses
Collectively evaluated for loss potential |  | $ | 39,800,200 |  |  | 861,200 |  | $ | 41,974,200 |  | $ | 711,200
Individually evaluated for loss potential |  |  | — |  |  | — |  |  | — |  |  | —
Total |  | $ | 39,800,200 |  | $ | 861,200 |  | $ | 41,974,200 |  | $ | 711,200
The Company’s key credit quality indicator for its investment in direct financing and sales-type leases is the status of the lease, defined as accruing or non-accrual. Leases that are accruing income are considered to have a lower risk of loss. Non-accrual leases are those that the Company believes have a higher risk of loss. The following table sets forth information regarding the Company’s accruing and non-accrual leases. Delinquent balances are determined based on the contractual terms of the lease.
|  | December 29, 2018
|  | 0-60 Days |  | 61-90 Days |  | Over 90 Days |  |  |  |  |  |
|  | Delinquent |  | Delinquent |  | Delinquent and |  |  |  |  |  |
|  | and Accruing |  | and Accruing |  | Accruing |  | Non-Accrual |  | Total
Middle-Market |  | $ | 38,395,000 |  | $ | — |  | $ | — |  | $ | 70,000 |  | $ | 38,465,000
Small-Ticket |  |  | 1,335,200 |  |  | — |  |  | — |  |  | — |  |  | 1,335,200
Total Investment in Leases |  | $ | 39,730,200 |  | $ | — |  | $ | — |  | $ | 70,000 |  | $ | 39,800,200
|  | December 30, 2017
|  | 0-60 Days |  | 61-90 Days |  | Over 90 Days |  |  |  |  |  |
|  | Delinquent |  | Delinquent |  | Delinquent and |  |  |  |  |  |
|  | and Accruing |  | and Accruing |  | Accruing |  | Non-Accrual |  | Total
Middle-Market |  | $ | 40,657,500 |  | $ | 133,700 |  | $ | — |  | $ | — |  | $ | 40,791,200
Small-Ticket |  |  | 1,183,000 |  |  | — |  |  | — |  |  | — |  |  | 1,183,000
Total Investment in Leases |  | $ | 41,840,500 |  | $ | 133,700 |  | $ | — |  | $ | — |  | $ | 41,974,200

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- Definition The entire disclosure for lessor entity's leasing arrangements for operating, capital and leveraged leases. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -URI http://asc.fasb.org/topic&trid=2208923 + Details
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