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Investment in Leasing Operations: (Tables)

12 Months Ended

Dec. 26, 2020

Investment in Leasing Operations:

Schedule of investment in leasing operations


		December 26, 2020			December 28, 2019
Direct financing and sales-type leases:
Minimum lease payments receivable		$	12,536,300		$	26,001,200
Estimated unguaranteed residual value of equipment			2,950,100			4,109,800
Unearned lease income, net of initial direct costs deferred			(1,439,500)			(4,039,400)
Security deposits			(2,169,000)			(3,852,000)
Equipment installed on leases not yet commenced			1,634,400			3,437,800
Total investment in direct financing and sales-type leases			13,512,300			25,657,400
Allowance for credit losses			(270,200)			(580,600)
Net investment in direct financing and sales-type leases			13,242,100			25,076,800
Operating leases:
Operating lease assets			599,100			820,700
Less accumulated depreciation and amortization			(580,100)			(591,900)
Net investment in operating leases			19,000			228,800
Total net investment in leasing operations		$	13,261,100		$	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

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 26, 2020:


		Direct Financing and Sales-Type Leases
		Minimum Lease			Income
Fiscal Year		Payments Receivable			Amortization
2021		$	9,880,100		$	1,286,000
2022			2,584,500			151,400
2023			71,700			2,100
		$	12,536,300		$	1,439,500

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


		December 26, 2020			December 28, 2019			December 29, 2018
Balance at beginning of period		$	580,600		$	861,200		$	711,200
Provisions charged to expense			(79,300)			(78,300)			38,600
Recoveries			(11,800)			21,900			213,500
Deductions for amounts written-off			(219,300)			(224,200)			(102,100)
Balance at end of period		$	270,200		$	580,600		$	861,200

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


		December 26, 2020						December 28, 2019
		Investment			Allowance for			Investment			Allowance for
		In Leases			Credit Losses			In Leases			Credit Losses
Collectively evaluated for loss potential		$	13,512,300		$	270,200		$	25,657,400		$	580,600
Individually evaluated for loss potential			—			—			—			—
Total		$	13,512,300		$	270,200		$	25,657,400		$	580,600

Schedule of information regarding accruing and non-accrual leases


		December 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		$	13,512,300		$	—		$	—		$	—		$	13,512,300
Small-Ticket			—			—			—			—			—
Total Investment in Leases		$	13,512,300		$	—		$	—		$	—		$	13,512,300


		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


	Year Ended			Year Ended
	December 26, 2020			December 28, 2019
Interest income on direct financing and sales-type leases	$	3,651,700		$	7,602,600
Selling profit (loss) at commencement of sales-type leases		2,117,500			2,470,300
Operating lease income		2,346,500			2,525,600
Income on sales of equipment under lease		5,246,000			2,855,400
Other		1,122,300			601,900
Leasing income	$	14,484,000		$	16,055,800