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Investment in Leasing Operations: | 12 Months Ended
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Dec. 28, 2019
Investment in Leasing Operations: |
Investment in Leasing Operations: | 3. Investment in Leasing Operations: Investment in leasing operations consists of the following:
|  | December 28, 2019 |  | December 29, 2018
Direct financing and sales-type leases: |  |  |  |  |  |
Minimum lease payments receivable |  | $ | 26,001,200 |  | $ | 40,822,400
Estimated unguaranteed residual value of equipment |  |  | 4,109,800 |  |  | 4,741,200
Unearned lease income, net of initial direct costs deferred |  |  | (4,039,400) |  |  | (6,739,900)
Security deposits |  |  | (3,852,000) |  |  | (4,118,300)
Equipment installed on leases not yet commenced |  |  | 3,437,800 |  |  | 5,094,800
Total investment in direct financing and sales-type leases |  |  | 25,657,400 |  |  | 39,800,200
Allowance for credit losses |  |  | (580,600) |  |  | (861,200)
Net investment in direct financing and sales-type leases |  |  | 25,076,800 |  |  | 38,939,000
Operating leases: |  |  |  |  |  |
Operating lease assets |  |  | 820,700 |  |  | 777,000
Less accumulated depreciation and amortization |  |  | (591,900) |  |  | (713,000)
Net investment in operating leases |  |  | 228,800 |  |  | 64,000
Total net investment in leasing operations |  | $ | 25,305,600 |  | $ | 39,003,000
As of December 28, 2019, the $25.3 million total net investment in leases consisted of $12.8 million classified as current and $12.5 million classified as long-term. As of December 29, 2018, the $39.0 million total net investment in leases consisted of $18.5 million classified as current and $20.5 million classified as long-term. As of December 28, 2019, no customer had leased assets totaling more than 10% of the Company’s total assets. As of December 29, 2018, leased assets with two customers approximated 24% and 11%, respectively, 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 28, 2019:
|  | Direct Financing and Sales-Type Leases |
|  | Minimum Lease |  | Income |
Fiscal Year |  | Payments Receivable |  | Amortization |
2020 |  | $ | 16,855,200 |  | $ | 3,193,700 |
2021 |  |  | 8,049,100 |  |  | 802,000 |
2022 |  |  | 1,084,400 |  |  | 43,100 |
2023 |  |  | 8,100 |  |  | 500 |
2024 |  |  | 4,400 |  |  | 100 |
Thereafter |  |  | — |  |  | — |
|  | $ | 26,001,200 |  | $ | 4,039,400 |
The activity in the allowance for credit losses for leasing operations during 2019, 2018 and 2017, respectively, is as follows:
|  | December 28, 2019 |  | December 29, 2018 |  | December 30, 2017 |
Balance at beginning of period |  | $ | 861,200 |  | $ | 711,200 |  | $ | 896,000 |
Provisions charged to expense |  |  | (78,300) |  |  | 38,600 |  |  | 9,000 |
Recoveries |  |  | 21,900 |  |  | 213,500 |  |  | 8,600 |
Deductions for amounts written-off |  |  | (224,200) |  |  | (102,100) |  |  | (202,400) |
Balance at end of period |  | $ | 580,600 |  | $ | 861,200 |  | $ | 711,200 |
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 28, 2019 |  | December 29, 2018
|  | Investment |  | Allowance for |  | Investment |  | Allowance for
|  | In Leases |  | Credit Losses |  | In Leases |  | Credit Losses
Collectively evaluated for loss potential |  | $ | 25,657,400 |  |  | 580,600 |  | $ | 39,800,200 |  | $ | 861,200
Individually evaluated for loss potential |  |  | — |  |  | — |  |  | — |  |  | —
Total |  | $ | 25,657,400 |  | $ | 580,600 |  | $ | 39,800,200 |  | $ | 861,200
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 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
|  | 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
The Company leases high-technology and other business-essential equipment to its leasing customers. Upon expiration of the initial term or extended lease term, depending on the structure of the lease, the customer may return the equipment, renew the lease for an additional term, or purchase the equipment. Due to the uncertainty of such outcome at the end of the lease term, the lease as recorded at commencement represents only the current terms of the agreement. As a lessor, the Company’s leases do not contain non-lease components. The residual values reflect the estimated amounts to be received at lease termination from sales or other dispositions of leased equipment to unrelated parties. The leased equipment residual values are based on the Company’s best estimate. The Company’s risk management strategy for its residual value includes the contractual obligations of customer to maintain, service, and insure the leased equipment, the use of third party remarketers as well as the analytical review of historical asset dispositions. Leasing income as presented on the Consolidated Statements of Operations consists of the following:
| Year Ended |
| December 28, 2019 |
Interest income on direct financing and sales-type leases | $ | 7,602,600 |
Selling profit (loss) at commencement of sales-type leases |  | 2,470,300 |
Operating lease income |  | 2,525,600 |
Income on sales of equipment under lease |  | 2,855,400 |
Other |  | 601,900 |
Leasing income | $ | 16,055,800 |

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