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Investment in Leasing Operations: | 9 Months Ended
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Sep. 26, 2020
Investment in Leasing Operations: |
Investment in Leasing Operations: | ​ 6. Investment in Leasing Operations: ​ Investment in leasing operations consists of the following: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | September 26, 2020 |  | December 28, 2019
Direct financing and sales-type leases: | ​ | ​ | ​ | ​ | ​ | ​
Minimum lease payments receivable | ​ | $ | 16,854,200 | ​ | $ | 26,001,200
Estimated unguaranteed residual value of equipment | ​ |  | 2,992,600 | ​ |  | 4,109,800
Unearned lease income, net of initial direct costs deferred | ​ |  | (1,823,600) | ​ |  | (4,039,400)
Security deposits | ​ |  | (2,637,800) | ​ |  | (3,852,000)
Equipment installed on leases not yet commenced | ​ |  | 660,300 | ​ |  | 3,437,800
Total investment in direct financing and sales-type leases | ​ |  | 16,045,700 | ​ |  | 25,657,400
Allowance for credit losses | ​ |  | (583,600) | ​ |  | (580,600)
Net investment in direct financing and sales-type leases | ​ |  | 15,462,100 | ​ |  | 25,076,800
Operating leases: | ​ | ​ | ​ | ​ | ​ | ​
Operating lease assets | ​ |  | 707,100 | ​ |  | 820,700
Less accumulated depreciation and amortization | ​ |  | (564,200) | ​ |  | (591,900)
Net investment in operating leases | ​ |  | 142,900 | ​ |  | 228,800
Total net investment in leasing operations | ​ | $ | 15,605,000 | ​ | $ | 25,305,600
​ As of September 26, 2020, the $15.6 million total net investment in leases consists of $10.5 million classified as current and $5.1 million classified as long-term. As of December 28, 2019, the $25.3 million total net investment in leases consists of $12.8 million classified as current and $12.5 million classified as long-term. ​ As of September 26, 2020, there were no customers with leased assets greater than 10% of the Company’s total assets. ​ Future minimum lease payments receivable under lease contracts and the amortization of unearned lease income, net of initial direct costs deferred, is as follows for the remainder of fiscal 2020 and the full fiscal years thereafter as of September 26, 2020: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Direct Financing and Sales-Type Leases |
​ |  | Minimum Lease |  | Income |
Fiscal Year | ​ | Payments Receivable | ​ | Amortization |
2020 | ​ | $ | 3,382,200 | ​ | $ | 564,900 | ​
2021 | ​ |  | 10,571,100 | ​ |  | 1,099,900 | ​
2022 | ​ |  | 2,726,500 | ​ |  | 150,200 | ​
2023 | ​ |  | 145,700 | ​ |  | 6,200 | ​
2024 | ​ |  | 15,200 | ​ |  | 1,700 | ​
Thereafter | ​ |  | 13,500 | ​ |  | 700 | ​
​ | ​ | $ | 16,854,200 | ​ | $ | 1,823,600 | ​
​ The activity in the allowance for credit losses for leasing operations during the first nine months of 2020 and 2019, respectively, is as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | September 26, 2020 |  | September 28, 2019 |
Balance at beginning of period | ​ | $ | 580,600 | ​ | $ | 861,200 | ​
Provisions charged to expense | ​ |  | 164,300 | ​ |  | 23,900 | ​
Recoveries | ​ |  | (12,400) | ​ |  | 15,700 | ​
Deductions for amounts written-off | ​ |  | (148,900) | ​ |  | (224,000) | ​
Balance at end of period | ​ | $ | 583,600 | ​ | $ | 676,800 | ​
​ 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: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | September 26, 2020 | ​ | December 28, 2019
​ |  | Investment |  | Allowance for |  | Investment |  | Allowance for
​ | ​ | In Leases | ​ | Credit Losses | ​ | In Leases | ​ | Credit Losses
Collectively evaluated for loss potential | ​ | $ | 16,045,700 | ​ | ​ | 583,600 | ​ | $ | 25,657,400 | ​ | $ | 580,600
Individually evaluated for loss potential | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | —
Total | ​ | $ | 16,045,700 | ​ | $ | 583,600 | ​ | $ | 25,657,400 | ​ | $ | 580,600
​ 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. ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | September 26, 2020
​ |  | 0-60 Days |  | 61-90 Days |  | Over 90 Days |  | ​ | ​ |  | ​ | ​
​ | ​ | Delinquent | ​ | Delinquent | ​ | Delinquent and | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | and Accruing | ​ | and Accruing | ​ | Accruing | ​ | Non-Accrual | ​ | Total
Middle-Market | ​ | $ | 15,051,900 | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | 15,051,900
Small-Ticket | ​ |  | 993,800 | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | 993,800
Total Investment in Leases | ​ | $ | 16,045,700 | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | 16,045,700
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 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
​ ​ ​ 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 Condensed Statements of Operations consists of the following: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended | ​ | Three Months Ended | ​ | Nine Months Ended | ​ | Nine Months Ended
​ |  | September 26, 2020 |  | September 28, 2019 |  | September 26, 2020 |  | September 28, 2019
Interest income on direct financing and sales-type leases | ​ | $ | 839,600 | ​ | $ | 1,856,000 | ​ | $ | 2,947,900 | ​ | $ | 6,066,800
Selling profit (loss) at commencement of sales-type leases | ​ |  | 267,700 | ​ |  | 1,098,100 | ​ |  | 1,453,600 | ​ |  | 1,971,600
Operating lease income | ​ | ​ | 668,600 | ​ | ​ | 702,600 | ​ | ​ | 1,758,500 | ​ | ​ | 1,908,700
Income on sales of equipment under lease | ​ | ​ | 913,400 | ​ | ​ | 496,600 | ​ | ​ | 5,078,300 | ​ | ​ | 2,268,500
Other | ​ | ​ | 6,500 | ​ | ​ | 222,200 | ​ | ​ | 802,500 | ​ | ​ | 518,200
Leasing income | ​ | $ | 2,695,800 | ​ | $ | 4,375,500 | ​ | $ | 12,040,800 | ​ | $ | 12,733,800
​

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