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NET INVESTMENT IN SALES-TYPE LEASES (Tables)

6 Months Ended

Jun. 30, 2013

Components of Net Investment in Sales-Type Leases

The components of the net investment in sales-type leases as of June 30, 2013 and December 31, 2012 are as follows:

	2013		2012
Total future minimum lease payments receivable	$	451,595,852	$	380,608,263
Less: executory cost		(123,200,558)		(113,529,216)
Less: unearned interest income		(174,581,819)		(138,668,584)
Net investment in sales - type leases		153,813,475		128,410,463
Current portion		10,785,754		10,389,028
Noncurrent portion	$	143,027,721	$	118,021,435

Future Minimum Rentals to be Received on Non-Cancelable Sales-Type Leases by Years

As of June 30, 2013, the future minimum rentals to be received on non-cancelable sales-type leases by years are as follows:

2014	$	39,630,307
2015		31,985,296
2016		31,952,927
2017		31,952,927
2018		31,952,927
Thereafter		284,121,468
Total	$	451,595,852

- Definition

Tabular disclosure of leases entered into in connection with the transaction involving the sale of property to another party and the lease of the property back to the seller was accounted for as an operating or capital lease. If the sale of the asset(s) did not meet the requirements to be accounted for as a sale whether the transaction was accounted for using the deposit method or as a financing. Disclosure may also include a description of the terms of the sale-leaseback transaction, including future commitments, obligations, provisions, or circumstances that require or result in the seller-lessee's continuing involvement. For leasing transactions involving "Special Purpose Entities"', disclosure may include a general description of the significant terms of the leasing arrangement including renewal or purchase options, escalation clauses, obligations with respect to refinancing of the lessor's debt, significant penalties and the provisions of any significant guarantees, such as residual value guarantees.

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