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Arboretum Silverleaf Income Fund, L.P. – ‘10-Q’ for 3/31/21 – ‘EX-101.INS’

On:  Friday, 5/14/21, at 3:54pm ET   ·   For:  3/31/21   ·   Accession #:  1493152-21-11492   ·   File #:  333-211626

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  As Of               Filer                 Filing    For·On·As Docs:Size             Issuer                      Filing Agent

 5/14/21  Arboretum Silverleaf Income Fd LP 10-Q        3/31/21   56:2M                                     M2 Compliance LLC/FA

Quarterly Report   —   Form 10-Q

Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 10-Q        Quarterly Report                                    HTML    209K 
 2: EX-31.1     Certification -- §302 - SOA'02                      HTML     21K 
 3: EX-31.2     Certification -- §302 - SOA'02                      HTML     21K 
 4: EX-32.1     Certification -- §906 - SOA'02                      HTML     17K 
 5: EX-32.2     Certification -- §906 - SOA'02                      HTML     17K 
12: R1          Document and Entity Information                     HTML     45K 
13: R2          Condensed Balance Sheets                            HTML     71K 
14: R3          Condensed Balance Sheets (Parenthetical)            HTML     20K 
15: R4          Condensed Statements of Operations (Unaudited)      HTML     84K 
16: R5          Condensed Statements of Changes in Partners'        HTML     37K 
                Equity (Deficit) (Unaudited)                                     
17: R6          Condensed Statements of Cash Flows (Unaudited)      HTML     89K 
18: R7          Organization and Nature of Operations               HTML     26K 
19: R8          Summary of Significant Accounting Policies          HTML     38K 
20: R9          Related Party Transactions                          HTML     23K 
21: R10         Investments in Finance Leases                       HTML     22K 
22: R11         Investment in Equipment Subject to Operating        HTML     24K 
                Leases                                                           
23: R12         Collateralized Loans Receivable                     HTML     21K 
24: R13         Other Assets                                        HTML     19K 
25: R14         Loan Payable                                        HTML     24K 
26: R15         Fair Value of Financial Instruments                 HTML     26K 
27: R16         Indemnifications                                    HTML     20K 
28: R17         Business Concentrations                             HTML     20K 
29: R18         Geographic Information                              HTML     22K 
30: R19         Commitments and Contingencies                       HTML     19K 
31: R20         Covid-19                                            HTML     19K 
32: R21         Subsequent Events                                   HTML     19K 
33: R22         Summary of Significant Accounting Policies          HTML     69K 
                (Policies)                                                       
34: R23         Investments in Finance Leases (Tables)              HTML     22K 
35: R24         Investment in Equipment Subject to Operating        HTML     24K 
                Leases (Tables)                                                  
36: R25         Collateralized Loans Receivable (Tables)            HTML     21K 
37: R26         Loan Payable (Tables)                               HTML     19K 
38: R27         Fair Value of Financial Instruments (Tables)        HTML     25K 
39: R28         Organization and Nature of Operations (Details      HTML     62K 
                Narrative)                                                       
40: R29         Summary of Significant Accounting Policies          HTML     19K 
                (Details Narrative)                                              
41: R30         Related Party Transactions (Details Narrative)      HTML     52K 
42: R31         Investments in Finance Leases - Schedule of Net     HTML     25K 
                Investments in Finance Leases (Details)                          
43: R32         Investment in Equipment Subject to Operating        HTML     19K 
                Leases (Details Narrative)                                       
44: R33         Investment in Equipment Subject to Operating        HTML     31K 
                Leases - Schedule of Composition of Equipment                    
                Subject to Operating Leases of Partnership                       
                (Details)                                                        
45: R34         Collateralized Loans Receivable - Schedule of       HTML     37K 
                Future Principal Maturities (Details)                            
46: R35         Other Assets (Details Narrative)                    HTML     22K 
47: R36         Loan Payable (Details Narrative)                    HTML     37K 
48: R37         Loan Payable - Schedule of Future Maturities of     HTML     20K 
                Loan Payable (Details)                                           
49: R38         Fair Value of Financial Instruments - Schedule of   HTML     23K 
                Fair Values of Financial Instruments (Details)                   
50: R39         Business Concentrations (Details Narrative)         HTML     47K 
51: R40         Commitments and Contingencies (Details Narrative)   HTML     18K 
52: R41         Covid-19 (Details Narrative)                        HTML     19K 
53: R42         Subsequent Events (Details Narrative)               HTML     19K 
55: XML         IDEA XML File -- Filing Summary                      XML     96K 
54: EXCEL       IDEA Workbook of Financial Reports                  XLSX     52K 
 6: EX-101.INS  XBRL Instance -- alif-20210331                       XML    439K 
 8: EX-101.CAL  XBRL Calculations -- alif-20210331_cal               XML    118K 
 9: EX-101.DEF  XBRL Definitions -- alif-20210331_def                XML    222K 
10: EX-101.LAB  XBRL Labels -- alif-20210331_lab                     XML    530K 
11: EX-101.PRE  XBRL Presentations -- alif-20210331_pre              XML    378K 
 7: EX-101.SCH  XBRL Schema -- alif-20210331                         XSD    106K 
56: ZIP         XBRL Zipped Folder -- 0001493152-21-011492-xbrl      Zip     63K

‘EX-101.INS’   —   XBRL Instance — alif-20210331

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<ALIF:DistributionsPayableToLimitedPartners contextRef="From2020-01-01to2020-03-31" unitRef="USD" decimals="0"> 505152 </ALIF:DistributionsPayableToLimitedPartners>
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<ALIF:DistributionsPayableToGeneralPartner contextRef="From2020-01-01to2020-03-31" unitRef="USD" decimals="0"> 5052 </ALIF:DistributionsPayableToGeneralPartner>
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<us-gaap:InterestReceivable contextRef="AsOf2021-03-31" unitRef="USD" decimals="0"> 4235 </us-gaap:InterestReceivable>
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<us-gaap:PartnersCapitalAccountDistributions contextRef="From2021-01-01to2021-03-31" unitRef="USD" decimals="0"> 3689 </us-gaap:PartnersCapitalAccountDistributions>
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<us-gaap:PartnersCapitalAccountDistributions contextRef="From2020-01-01to2020-03-31_custom_LimitedPartnersMember" unitRef="USD" decimals="0"> 505152 </us-gaap:PartnersCapitalAccountDistributions>
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<us-gaap:LoansNotesTradeAndOtherReceivablesDisclosureTextBlock contextRef="From2021-01-01to2021-03-31">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>6. Collateralized Loans Receivable.</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Partnership has no allowance for loan losses or nonperforming loans at March 31, 2021 and December 31, 2020. The future principal maturities of the Partnership’s performing collateralized loans receivable at March 31, 2021 are as follows:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"> </p> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1.5pt solid"><font style="font-size: 10pt"><b>Years ending March 31, (unaudited)</b></font></td> <td> </td> <td colspan="2"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 84%"><font style="font-size: 10pt">2022</font></td> <td style="width: 1%"> </td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 13%; text-align: right"><font style="font-size: 10pt">877,585</font></td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">2023</font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font-size: 10pt">1,964,269</font></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">2024</font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font-size: 10pt">147,018</font></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">2025</font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font-size: 10pt">171,472</font></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">2026</font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font-size: 10pt">—</font></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">Thereafter</font></td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">—</font></td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 2.5pt"><font style="font-size: 10pt">Total</font></td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">3,161,008</font></td> <td style="padding-bottom: 2.5pt"> </td></tr> </table>
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<us-gaap:FinancialInstrumentsDisclosureTextBlock contextRef="From2021-01-01to2021-03-31">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>9. Fair Value of Financial Instruments</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Partnership’s carrying value of cash and cash equivalents, accounts payable and accrued liabilities, and other liabilities, approximate fair value due to their short term until maturities.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Partnership’s carrying values and approximate fair values of its financial instruments were as follows:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1.5pt; text-align: center"> </td> <td style="padding-bottom: 1.5pt; text-align: center"> </td> <td colspan="6" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">March 31, 2021</font></td> <td style="padding-bottom: 1.5pt; text-align: center"> </td> <td style="padding-bottom: 1.5pt; text-align: center"> </td> <td colspan="6" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">December 31, 2020</font></td> <td style="padding-bottom: 1.5pt; text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1.5pt; text-align: center"> </td> <td style="padding-bottom: 1.5pt; text-align: center"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">Carrying Value</font></td> <td style="padding-bottom: 1.5pt; text-align: center"> </td> <td style="padding-bottom: 1.5pt; text-align: center"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">Fair Value</font></td> <td style="padding-bottom: 1.5pt; text-align: center"> </td> <td style="padding-bottom: 1.5pt; text-align: center"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">Carrying Value</font></td> <td style="padding-bottom: 1.5pt; text-align: center"> </td> <td style="padding-bottom: 1.5pt; text-align: center"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">Fair Value</font></td> <td style="padding-bottom: 1.5pt; text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td colspan="2" style="text-align: center"><font style="font-size: 10pt">(unaudited)</font></td> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td colspan="2" style="text-align: center"><font style="font-size: 10pt">(unaudited)</font></td> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td colspan="2" style="text-align: center"> </td> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td colspan="2" style="text-align: center"> </td> <td style="text-align: center"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt"><b>Assets:</b></font></td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="width: 48%; padding-bottom: 2.5pt"><font style="font-size: 10pt">Collateralized loans receivable</font></td> <td style="width: 1%; padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double; width: 1%"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; width: 10%; text-align: right"><font style="font-size: 10pt">3,165,243</font></td> <td style="width: 1%; padding-bottom: 2.5pt"> </td> <td style="width: 1%; padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double; width: 1%"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; width: 10%; text-align: right"><font style="font-size: 10pt">3,165,243</font></td> <td style="width: 1%; padding-bottom: 2.5pt"> </td> <td style="width: 1%; padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double; width: 1%"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; width: 10%; text-align: right"><font style="font-size: 10pt">3,986,896</font></td> <td style="width: 1%; padding-bottom: 2.5pt"> </td> <td style="width: 1%; padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double; width: 1%"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; width: 10%; text-align: right"><font style="font-size: 10pt">3,986,896</font></td> <td style="width: 1%; padding-bottom: 2.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt"><b>Liabilities:</b></font></td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 2.5pt"><font style="font-size: 10pt">Loan payable</font></td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">11,721,245</font></td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">11,721,245</font></td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">12,375,581</font></td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">12,375,581</font></td> <td style="padding-bottom: 2.5pt"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As of March 31, 2021, the Partnership evaluated the carrying values of its financial instruments and they approximate fair value.</p>
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<ALIF:IndemnificationsDisclosureTextBlock contextRef="From2021-01-01to2021-03-31">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>10. Indemnifications</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Partnership enters into contracts that contain a variety of indemnifications. The Partnership’s maximum exposure under these arrangements is not known.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In the normal course of business, the Partnership enters into contracts of various types, including lease contracts, contracts for the sale or purchase of lease assets, loan agreements and management contracts. It is prevalent industry practice for most contracts of any significant value to include provisions that each of the contracting parties, in addition to assuming liability for breaches of the representations, warranties, and covenants that are part of the underlying contractual obligations, to also assume an obligation to indemnify and hold the other contractual party harmless for such breaches, and for harm caused by such party’s gross negligence and willful misconduct, including, in certain instances, certain costs and expenses arising from the contract. Generally, to the extent these contracts are performed in the ordinary course of business under the reasonable business judgment of the General Partner and the Investment Manager, no liability will arise as a result of these provisions. The General Partner and Investment Manager knows of no facts or circumstances that would make the Partnership’s contractual commitments outside standard mutual covenants applicable to commercial transactions between businesses. Accordingly, the Partnership believes that these indemnification obligations are made in the ordinary course of business as part of standard commercial and industry practice, and that any potential liability under the Partnership’s similar commitments is remote. Should any such indemnification obligation become payable, the Partnership would separately record and/or disclose such liability in accordance with U.S. GAAP.</p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Basis of Presentation</i></b> — The interim condensed balance sheets, statements of operations, statement of changes in partners’ equity and statements of cash flows of the Partnership at March 31, 2021 and 2020 and for the three months ended March 31, 2021 and 2020 are unaudited and have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and pursuant to the rules and regulations of the SEC with respect to Form 10-Q and Article 8 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. The unaudited interim condensed financial statements furnished reflect all adjustments (consisting of normal recurring adjustments) which are, in the opinion of management, necessary for a fair statement of the results for the interim periods presented. The results reported in these interim condensed financial statements should not necessarily be taken as indicative of results that may be expected for the entire year. These unaudited interim condensed financial statements should be read in conjunction with the consolidated financial statements and notes contained in the Partnership’s annual report on Form 10-K, as filed with the SEC on March 31, 2021.</p>
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<us-gaap:UseOfEstimates contextRef="From2021-01-01to2021-03-31">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Use of Estimates</i></b> — The preparation of interim condensed financial statements in conformity with U.S. GAAP requires the General Partner and Investment Manager to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities as of the date of the interim financial statements and the reported amounts of revenue and expenses during the reporting period. Significant estimates primarily include the determination of allowances for doubtful lease, notes and loan accounts, depreciation and amortization, impairment losses, estimated useful lives, and residual values. Actual results could differ from those estimates.</p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Cash and Cash Equivalents</i></b> — The Partnership considers all highly liquid investments with an original maturity of three months or less when purchased to be cash equivalents. Cash and cash equivalents consist of funds maintained in checking and money market accounts maintained at financial institutions.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Partnership’s cash and cash equivalents are held principally at one financial institution and at times may exceed federally insured limits. The Partnership has placed these funds in a full service commercial financial institution in order to minimize risk relating to exceeding insured limits.</p>
</us-gaap:CashAndCashEquivalentsPolicyTextBlock>
<us-gaap:ConcentrationRiskCreditRisk contextRef="From2021-01-01to2021-03-31">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Credit Risk</i></b> — In the normal course of business, the Partnership is exposed to credit risk. Credit risk is the risk that the Partnership’s counterparty to an agreement either has an inability or unwillingness to make contractually required payments. The Partnership expects concentrations of credit risk with respect to lessees to be dispersed across different industry segments and different regions of the world.</p>
</us-gaap:ConcentrationRiskCreditRisk>
<us-gaap:RevenueRecognitionLeases contextRef="From2021-01-01to2021-03-31">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Lease Classification and Revenue Recognition </i></b>— The Partnership records revenue based upon the lease classification determined at the inception of the transaction and based upon the terms of the lease or when there are significant changes to the lease terms.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Partnership leases equipment to third parties and each such lease may be classified as either a finance lease or an operating lease. Initial direct costs are capitalized and amortized over the term of the related lease for a finance lease. For an operating lease, initial direct costs are included as a component of the cost of the equipment and depreciated.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">For finance leases, the Partnership records, at lease inception, the total minimum lease payments receivable from the lessee, the estimated unguaranteed residual value of the equipment upon lease termination, the initial direct costs, if any, related to the lease and the related unearned income. Unearned income represents the difference between the sum of the minimum lease payments receivable plus the estimated unguaranteed residual value, minus the cost of the leased equipment. Unearned income is recognized as finance income over the term of the lease using the effective interest rate method.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">For operating leases, rental income is recognized on the straight line basis over the lease term. Billed and uncollected operating lease receivables will be included in accounts receivable. Accounts receivable are stated at their estimated net realizable value. Rental income received in advance is the difference between the timing of the cash payments and the income recognized on the straight line basis.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The investment committee of the Investment Manager approves each new equipment lease, financing transaction, and lease acquisition. As part of this process it determines the unguaranteed residual value, if any, to be used once the acquisition has been approved. The factors considered in determining the unguaranteed residual value include, but are not limited to, the creditworthiness of the potential lessee, the type of equipment being considered, how the equipment is integrated into the potential lessees’ business, the length of the lease the industry in which the potential lessee operates and the secondary market value of the equipment. Unguaranteed residual values are reviewed for impairment in accordance with the Partnership’s policy relating to impairment review.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The residual value assumes, among other things, that the asset will be utilized normally in an open, unrestricted and stable market. Short-term fluctuations in the marketplace are disregarded, and it is assumed that there is no necessity either to dispose of a significant number of the assets, if held in quantity, simultaneously or to dispose of the asset quickly. The residual value is calculated using information from various external sources, such as trade publications, auction data, equipment dealers, wholesalers and industry experts, as well as inspection of the physical asset and other economic indicators.</p>
</us-gaap:RevenueRecognitionLeases>
<us-gaap:EarningsPerSharePolicyTextBlock contextRef="From2021-01-01to2021-03-31">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Per Share Data</i></b> — Net income or loss attributable to Limited Partners per weighted average number of limited partnership interests outstanding is calculated as follows; the net income or loss allocable to the Limited Partners divided by the weighted average number of limited partnership interests outstanding during the period.</p>
</us-gaap:EarningsPerSharePolicyTextBlock>
<us-gaap:ForeignCurrencyTransactionsAndTranslationsPolicyTextBlock contextRef="From2021-01-01to2021-03-31">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Foreign Currency Transactions</i></b> — The Partnership has designated the United States of America dollar as the functional currency for the Partnership’s investments denominated in foreign currencies. Accordingly, certain assets and liabilities are translated at either the reporting period exchange rates or the historical exchange rates, revenues and expenses are translated at the average rate of exchange for the period, and all transaction gains or losses are reflected in the condensed statements of operations.</p>
</us-gaap:ForeignCurrencyTransactionsAndTranslationsPolicyTextBlock>
<us-gaap:DepreciationDepletionAndAmortizationPolicyTextBlock contextRef="From2021-01-01to2021-03-31">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Depreciation </i></b>— The Partnership records depreciation expense on equipment when the lease is classified as an operating lease. In order to calculate depreciation, the Partnership first determines the depreciable equipment cost, which is the cost less the estimated residual value. The estimated residual value is the Partnership’s estimate of the value of the equipment at lease termination. Depreciation expense is recorded by applying the straight-line method of depreciation to the depreciable equipment cost over the lease term.</p>
</us-gaap:DepreciationDepletionAndAmortizationPolicyTextBlock>
<us-gaap:ScheduleOfMaturitiesOfLongTermDebtTableTextBlock contextRef="From2021-01-01to2021-03-31">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The future principal maturities of the Partnership’s performing collateralized loans receivable at March 31, 2021 are as follows:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"> </p> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1.5pt solid"><font style="font-size: 10pt"><b>Years ending March 31, (unaudited)</b></font></td> <td> </td> <td colspan="2"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 84%"><font style="font-size: 10pt">2022</font></td> <td style="width: 1%"> </td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 13%; text-align: right"><font style="font-size: 10pt">877,585</font></td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">2023</font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font-size: 10pt">1,964,269</font></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">2024</font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font-size: 10pt">147,018</font></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">2025</font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font-size: 10pt">171,472</font></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">2026</font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font-size: 10pt">—</font></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">Thereafter</font></td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">—</font></td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 2.5pt"><font style="font-size: 10pt">Total</font></td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">3,161,008</font></td> <td style="padding-bottom: 2.5pt"> </td></tr> </table>
</us-gaap:ScheduleOfMaturitiesOfLongTermDebtTableTextBlock>
<us-gaap:FairValueByBalanceSheetGroupingTextBlock contextRef="From2021-01-01to2021-03-31">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Partnership’s carrying values and approximate fair values of its financial instruments were as follows:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1.5pt; text-align: center"> </td> <td style="padding-bottom: 1.5pt; text-align: center"> </td> <td colspan="6" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">March 31, 2021</font></td> <td style="padding-bottom: 1.5pt; text-align: center"> </td> <td style="padding-bottom: 1.5pt; text-align: center"> </td> <td colspan="6" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">December 31, 2020</font></td> <td style="padding-bottom: 1.5pt; text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1.5pt; text-align: center"> </td> <td style="padding-bottom: 1.5pt; text-align: center"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">Carrying Value</font></td> <td style="padding-bottom: 1.5pt; text-align: center"> </td> <td style="padding-bottom: 1.5pt; text-align: center"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">Fair Value</font></td> <td style="padding-bottom: 1.5pt; text-align: center"> </td> <td style="padding-bottom: 1.5pt; text-align: center"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">Carrying Value</font></td> <td style="padding-bottom: 1.5pt; text-align: center"> </td> <td style="padding-bottom: 1.5pt; text-align: center"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">Fair Value</font></td> <td style="padding-bottom: 1.5pt; text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td colspan="2" style="text-align: center"><font style="font-size: 10pt">(unaudited)</font></td> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td colspan="2" style="text-align: center"><font style="font-size: 10pt">(unaudited)</font></td> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td colspan="2" style="text-align: center"> </td> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td colspan="2" style="text-align: center"> </td> <td style="text-align: center"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt"><b>Assets:</b></font></td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="width: 48%; padding-bottom: 2.5pt"><font style="font-size: 10pt">Collateralized loans receivable</font></td> <td style="width: 1%; padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double; width: 1%"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; width: 10%; text-align: right"><font style="font-size: 10pt">3,165,243</font></td> <td style="width: 1%; padding-bottom: 2.5pt"> </td> <td style="width: 1%; padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double; width: 1%"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; width: 10%; text-align: right"><font style="font-size: 10pt">3,165,243</font></td> <td style="width: 1%; padding-bottom: 2.5pt"> </td> <td style="width: 1%; padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double; width: 1%"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; width: 10%; text-align: right"><font style="font-size: 10pt">3,986,896</font></td> <td style="width: 1%; padding-bottom: 2.5pt"> </td> <td style="width: 1%; padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double; width: 1%"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; width: 10%; text-align: right"><font style="font-size: 10pt">3,986,896</font></td> <td style="width: 1%; padding-bottom: 2.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt"><b>Liabilities:</b></font></td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 2.5pt"><font style="font-size: 10pt">Loan payable</font></td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">11,721,245</font></td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">11,721,245</font></td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">12,375,581</font></td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">12,375,581</font></td> <td style="padding-bottom: 2.5pt"> </td></tr> </table>
</us-gaap:FairValueByBalanceSheetGroupingTextBlock>
<us-gaap:NumberOfOperatingSegments contextRef="From2021-01-01to2021-03-31" unitRef="Number" decimals="INF"> 1 </us-gaap:NumberOfOperatingSegments>
<us-gaap:EquityMethodInvestmentAggregateCost contextRef="AsOf2021-03-31_custom_ASIFGPLLCMember" unitRef="USD" decimals="0"> 100 </us-gaap:EquityMethodInvestmentAggregateCost>
<us-gaap:EquityMethodInvestmentOwnershipPercentage contextRef="AsOf2021-03-31_custom_ASIFGPLLCMember" unitRef="Percentage" decimals="INF"> 0.01 </us-gaap:EquityMethodInvestmentOwnershipPercentage>
<ALIF:PercentageOfCapitalInterest contextRef="AsOf2021-03-31_custom_ASIFGPLLCMember_us-gaap_LimitedPartnerMember" unitRef="Percentage" decimals="INF"> 0.99 </ALIF:PercentageOfCapitalInterest>
<ALIF:PercentageOfCapitalInterest contextRef="AsOf2021-03-31_custom_ASIFGPLLCMember_us-gaap_GeneralPartnerMember" unitRef="Percentage" decimals="INF"> 0.01 </ALIF:PercentageOfCapitalInterest>
<ALIF:PercentageOfCumulativeReturnOnCapitalContributions contextRef="AsOf2021-03-31_custom_ASIFGPLLCMember_us-gaap_LimitedPartnerMember" unitRef="Percentage" decimals="INF"> 0.08 </ALIF:PercentageOfCumulativeReturnOnCapitalContributions>
<ALIF:PercentageOfDistributableCashAllocated contextRef="AsOf2021-03-31_custom_ASIFGPLLCMember_us-gaap_LimitedPartnerMember" unitRef="Percentage" decimals="INF"> 0.80 </ALIF:PercentageOfDistributableCashAllocated>
<ALIF:PercentageOfDistributableCashAllocated contextRef="AsOf2021-03-31_custom_ASIFGPLLCMember_us-gaap_GeneralPartnerMember" unitRef="Percentage" decimals="INF"> 0.20 </ALIF:PercentageOfDistributableCashAllocated>
<us-gaap:IncentiveDistributionPaymentsMadeAndMinimumDistributionLevel contextRef="From2021-01-01to2021-03-31_custom_LimitedPartnersMember"> We intend to pay cash distributions on a quarterly basis to our Limited Partners at 1.5% per quarter, the equivalent rate of 6.0% per annum, of each Limited Partners' capital contribution (pro-rated to the date of admission for each Limited Partner). Since June 30, 2017, our distribution rate has been 6.5% annually, paid quarterly at 1.625%, of capital contributions. Beginning as of March 31, 2018, we increased our distribution to 7.0% annually, paid quarterly at 1.75% of capital contributions. Beginning as of June 30, 2018, we increased our distribution to 7.5%, paid quarterly at 1.875% of capital contributions. Beginning as of September 30, 2018 we increased our distribution to 8.0%, paid quarterly at 2.00% of capital contributions. Beginning as of June 30, 2020, we decreased our distribution to 4.0%, paid quarterly at 1.00% of capital contributions. </us-gaap:IncentiveDistributionPaymentsMadeAndMinimumDistributionLevel>
<ALIF:LimitedPartnersCapitalAccountPeriodicDistributionAmount contextRef="From2021-01-01to2021-03-31_custom_LimitedPartnersMember" unitRef="USD" decimals="0"> 259051 </ALIF:LimitedPartnersCapitalAccountPeriodicDistributionAmount>
<ALIF:LimitedPartnersCapitalAccountPeriodicDistributionAmount contextRef="From2020-01-01to2020-03-31_custom_LimitedPartnersMember" unitRef="USD" decimals="0"> 515483 </ALIF:LimitedPartnersCapitalAccountPeriodicDistributionAmount>
<ALIF:NumberOfPartners contextRef="From2016-08-11to2019-03-31_custom_LimitedPartnersMember" unitRef="Number" decimals="INF"> 617 </ALIF:NumberOfPartners>
<us-gaap:PartnersCapitalAccountContributions contextRef="From2016-08-11to2019-03-31_custom_LimitedPartnersMember" unitRef="USD" decimals="0"> 25371709 </us-gaap:PartnersCapitalAccountContributions>
<us-gaap:PartnersCapitalAccountContributions contextRef="From2021-01-01to2021-03-31_custom_InvestmentManagerMember" unitRef="USD" decimals="0"> 24718035 </us-gaap:PartnersCapitalAccountContributions>
<us-gaap:PartnersCapitalAccountUnitsContributed contextRef="From2016-08-11to2019-03-31_custom_LimitedPartnersMember" unitRef="Shares" decimals="INF"> 2537170.91 </us-gaap:PartnersCapitalAccountUnitsContributed>
<us-gaap:ProceedsFromPartnershipContribution contextRef="From2016-08-11to2019-03-31_custom_LimitedPartnersMember" unitRef="USD" decimals="0"> 24718035 </us-gaap:ProceedsFromPartnershipContribution>
<ALIF:AdditionalUnitsValuePurchasedDuringPeriod contextRef="From2016-08-11to2019-03-31_custom_LimitedPartnersMember" unitRef="USD" decimals="0"> 653674 </ALIF:AdditionalUnitsValuePurchasedDuringPeriod>
<ALIF:AdditionalUnitsPurchasedDuringPeriod contextRef="From2016-08-11to2019-03-31_custom_LimitedPartnersMember" unitRef="Shares" decimals="INF"> 65367.46 </ALIF:AdditionalUnitsPurchasedDuringPeriod>
<ALIF:PercentageOfOrganizationalAndOfferingCost contextRef="AsOf2021-03-31" unitRef="Percentage" decimals="INF"> 0.015 </ALIF:PercentageOfOrganizationalAndOfferingCost>
<us-gaap:DeferredOfferingCosts contextRef="AsOf2021-03-31" unitRef="USD" decimals="0"> 370770 </us-gaap:DeferredOfferingCosts>
<ALIF:PartnerEquityRaisedPercentage contextRef="From2021-01-01to2021-03-31_custom_InvestmentManagerMember" unitRef="Percentage" decimals="INF"> 0.015 </ALIF:PartnerEquityRaisedPercentage>
<us-gaap:GeneralPartnersOfferingCosts contextRef="AsOf2021-03-31" unitRef="USD" decimals="0"> 926374 </us-gaap:GeneralPartnersOfferingCosts>
<ALIF:RepaymentOfPartnersOfferingExpenses contextRef="From2021-01-01to2021-03-31_custom_InvestmentManagerMember" unitRef="USD" decimals="0"> 555604 </ALIF:RepaymentOfPartnersOfferingExpenses>
<us-gaap:OtherPartnersCapital contextRef="AsOf2020-12-31" unitRef="USD" decimals="0"> 521716 </us-gaap:OtherPartnersCapital>
<us-gaap:OtherPartnersCapital contextRef="AsOf2021-03-31" unitRef="USD" decimals="0"> 407595 </us-gaap:OtherPartnersCapital>
<ALIF:PercentageOfDistributedCash contextRef="AsOf2021-03-31" unitRef="Percentage" decimals="INF"> 0.20 </ALIF:PercentageOfDistributedCash>
<ALIF:PercentageOfCapitalContributions contextRef="AsOf2021-03-31" unitRef="Percentage" decimals="INF"> 0.08 </ALIF:PercentageOfCapitalContributions>
<ALIF:PercentageOfInterestInProfitLossesAndDistributionsOfPartnership contextRef="AsOf2021-03-31" unitRef="Percentage" decimals="INF"> 0.01 </ALIF:PercentageOfInterestInProfitLossesAndDistributionsOfPartnership>
<ALIF:PercentageOfAllDistributedDistributableCash contextRef="AsOf2021-03-31" unitRef="Percentage" decimals="INF"> 0.01 </ALIF:PercentageOfAllDistributedDistributableCash>
<ALIF:DescriptionOfManagementFee contextRef="From2021-01-01to2021-03-31_custom_InvestmentManagerMember"> The Partnership pays the Investment Manager during the Offering Period, Operating Period and the Liquidation Period a management fee equal to the greater of (i) 2.5% per annum of the aggregate offering proceeds, payable monthly in advance or (ii) $62,500 per month. </ALIF:DescriptionOfManagementFee>
<ALIF:ManagementFeeEqualToPercentageOfPerAnnumOfAggregateOfferingProceeds contextRef="From2021-01-01to2021-03-31_custom_InvestmentManagerMember" unitRef="Percentage" decimals="INF"> 0.025 </ALIF:ManagementFeeEqualToPercentageOfPerAnnumOfAggregateOfferingProceeds>
<ALIF:ManagementFeePerMonthValue contextRef="From2021-01-01to2021-03-31_custom_InvestmentManagerMember" unitRef="USD" decimals="0"> 62500 </ALIF:ManagementFeePerMonthValue>
<ALIF:StructuringFeeAmountPercentage contextRef="From2021-01-01to2021-03-31_custom_InvestmentManagerMember" unitRef="Percentage" decimals="INF"> 0.015 </ALIF:StructuringFeeAmountPercentage>
<us-gaap:PaymentForAdministrativeFees contextRef="From2021-01-01to2021-03-31_custom_InvestmentManagerMember" unitRef="USD" decimals="0"> 44524 </us-gaap:PaymentForAdministrativeFees>
<us-gaap:PaymentForAdministrativeFees contextRef="From2020-01-01to2020-03-31_custom_InvestmentManagerMember" unitRef="USD" decimals="0"> 129397 </us-gaap:PaymentForAdministrativeFees>
<ALIF:UnderwritingFeePercentage contextRef="From2021-01-01to2021-03-31_custom_InvestmentManagerMember" unitRef="Percentage" decimals="INF"> 0.02 </ALIF:UnderwritingFeePercentage>
<us-gaap:DirectFinancingLeaseLeaseReceivable contextRef="AsOf2020-12-31" unitRef="USD" decimals="0"> 18550416 </us-gaap:DirectFinancingLeaseLeaseReceivable>
<us-gaap:DirectFinancingLeaseLeaseReceivable contextRef="AsOf2021-03-31" unitRef="USD" decimals="0"> 21159137 </us-gaap:DirectFinancingLeaseLeaseReceivable>
<us-gaap:DirectFinancingLeaseUnguaranteedResidualAsset contextRef="AsOf2020-12-31" unitRef="USD" decimals="0"> 71616 </us-gaap:DirectFinancingLeaseUnguaranteedResidualAsset>
<us-gaap:DirectFinancingLeaseUnguaranteedResidualAsset contextRef="AsOf2021-03-31" unitRef="USD" decimals="0"> 71616 </us-gaap:DirectFinancingLeaseUnguaranteedResidualAsset>
<us-gaap:DirectFinancingLeaseDeferredSellingProfit contextRef="AsOf2020-12-31" unitRef="USD" decimals="0"> 2854797 </us-gaap:DirectFinancingLeaseDeferredSellingProfit>
<us-gaap:DirectFinancingLeaseDeferredSellingProfit contextRef="AsOf2021-03-31" unitRef="USD" decimals="0"> 2945706 </us-gaap:DirectFinancingLeaseDeferredSellingProfit>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>1. Organization and Nature of Operations.</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Organization </i></b>– Arboretum Silverleaf Income Fund, L.P. (the “Partnership”) was formed on January 14, 2016, as a Delaware limited partnership. The Partnership is engaged in a single business segment, the ownership and investment in leased equipment and related financings which includes: (i) purchasing equipment and leasing it to third-party end users; (ii) providing equipment and other asset financing; (iii) acquiring equipment subject to lease; and (iv) acquiring ownership rights (residual value interests) in leased equipment at lease expiration. The Partnership will terminate no later than December 31, 2040.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Nature of Operations – </i></b>The principal investment strategy of the Partnership is to invest in business-essential, revenue-producing (or cost-saving) equipment or other physical assets with high in-place value and long, relative to the investment term, economic life and other financings. The Partnership executes its investment strategy by making investments in equipment already subject to lease or originating equipment leases and loans in such equipment, which will include: (i) purchasing equipment and leasing it to third-party end users; (ii) providing equipment and other asset financings; (iii) acquiring equipment subject to lease; and (iv) acquiring ownership rights (residual value interests) in leased equipment at lease expiration. From time to time, the Partnership may also purchase equipment and sell it directly to its leasing customers. The Partnership may use other investment structures that Arboretum Investment Advisors, LLC (the “Investment Manager”) believes will provide the Partnership with an appropriate level of security, collateralization, and flexibility to optimize its return on its investment while protecting against downside risk. In many cases, the structure will include the Partnership holding title to or a priority or controlling position in the equipment or other asset.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The General Partner of the Partnership is ASIF GP, LLC (the “General Partner”), a wholly-owned subsidiary of the Partnership’s Investment Manager. Both the Partnership’s General Partner and its Investment Manager are Delaware limited liability companies. The General Partner manages and controls the day to day activities and operations of the Partnership, pursuant to the terms of the Limited Partnership Agreement. The General Partner paid an aggregate capital contribution of $100 for a 1% interest in the Partnership’s income, losses and distributions. The Investment Manager makes all investment decisions and manages the investment portfolio of the Partnership. The Partnership’s income, losses and distributions are allocated 99% to the Limited Partners and 1% to the General Partner until the Limited Partners have received total distributions equal to their capital contributions plus an 8% per year, compounded annually, cumulative return on their capital contributions. After such time, all income, losses and distributable cash will be allocated 80% to the Limited Partners and 20% to the General Partner. The Partnership expects to conduct its activities for at least six years and divide the Partnership’s life into three distinct stages: (i) the Offering Period, (ii) the Operating Period and (iii) the Liquidation Period. The Offering Period began on August 11, 2016 and concluded on March 31, 2019. The Operating Period commenced on October 3, 2016, the date of the Partnership’s initial closing, and will last for four years unless extended at the sole discretion of the General Partner. The General Partner extended the Operating Period for an additional year. During the Operating Period, the Partnership will invest most of the net proceeds from its offering in business-essential, revenue-producing (or cost-saving) equipment, other physical assets with substantial economic lives and, in many cases, associated revenue streams and project financings. The Liquidation Period, which follows the conclusion of the Operating Period, is the period in which the Partnership will sell its assets in the ordinary course of business and will last two years, unless it is extended, at the sole discretion of the General Partner.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">American Elm Distribution Partners, LLC (“American Elm”), a Delaware limited liability company, is affiliated with our General Partner. American Elm acted initially as the selling agent for the offering of our units (“Units”). The Units are offered on a “best efforts,” “minimum-maximum” basis.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">During our Operating Period, we intend to pay cash distributions on a quarterly basis to our Limited Partners at 1.5% per quarter, the equivalent rate of 6.0% per annum, of each Limited Partners’ capital contribution (pro-rated to the date of admission for each Limited Partner). Since June 30, 2017, our distribution rate has been 6.5% annually, paid quarterly at 1.625%, of capital contributions. Beginning as of March 31, 2018, we increased our distribution to 7.0% annually, paid quarterly at 1.75% of capital contributions. Beginning as of June 30, 2018, we increased our distribution to 7.5%, paid quarterly at 1.875% of capital contributions. Beginning as of September 30, 2018 we increased our distribution to 8.0%, paid quarterly at 2.00% of capital contributions. Beginning as of June 30, 2020, we decreased our distribution to 4.0%, paid quarterly at 1.00% of capital contributions. The amount and rate of cash distributions could vary and are not guaranteed. During the three months ended March 31, 2021, we made quarterly cash distributions to our Limited Partners totaling $259,051. At March 31, 2021, the Partnership did not declare or accrue distributions due to the economic uncertainties from COVID-19. At March 31, 2021, the Partnership had a distribution payable to the General Partner of $48,698. During the three months ended March 31, 2020, we made quarterly cash distributions to our Limited Partners totaling $515,483, and accrued $505,152 for distributions due to Limited Partners which resulted in a distributions payable to Limited Partners of $505,152 at March 31, 2020. At March 31, 2020, the Partnership declared and accrued a distribution of $5,052, for distributions due to the General Partner which resulted in distributions payable to the General Partner of $41,065 at March 31, 2020.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">From August 11, 2016 through March 31, 2019, the Partnership admitted 617 Limited Partners with total capital contributions of $25,371,709 resulting in the sale of 2,537,170.91 Units. The Partnership received cash contributions of $24,718,035 and applied $653,674 which would have otherwise been paid as sales commission to the purchase of 65,367.46 additional Units.</p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>2. Summary of Significant Accounting Policies.</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Basis of Presentation</i></b> — The interim condensed balance sheets, statements of operations, statement of changes in partners’ equity and statements of cash flows of the Partnership at March 31, 2021 and 2020 and for the three months ended March 31, 2021 and 2020 are unaudited and have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and pursuant to the rules and regulations of the SEC with respect to Form 10-Q and Article 8 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. The unaudited interim condensed financial statements furnished reflect all adjustments (consisting of normal recurring adjustments) which are, in the opinion of management, necessary for a fair statement of the results for the interim periods presented. The results reported in these interim condensed financial statements should not necessarily be taken as indicative of results that may be expected for the entire year. These unaudited interim condensed financial statements should be read in conjunction with the consolidated financial statements and notes contained in the Partnership’s annual report on Form 10-K, as filed with the SEC on March 31, 2021.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Use of Estimates</i></b> — The preparation of interim condensed financial statements in conformity with U.S. GAAP requires the General Partner and Investment Manager to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities as of the date of the interim financial statements and the reported amounts of revenue and expenses during the reporting period. Significant estimates primarily include the determination of allowances for doubtful lease, notes and loan accounts, depreciation and amortization, impairment losses, estimated useful lives, and residual values. Actual results could differ from those estimates.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Cash and Cash Equivalents</i></b> — The Partnership considers all highly liquid investments with an original maturity of three months or less when purchased to be cash equivalents. Cash and cash equivalents consist of funds maintained in checking and money market accounts maintained at financial institutions.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Partnership’s cash and cash equivalents are held principally at one financial institution and at times may exceed federally insured limits. The Partnership has placed these funds in a full service commercial financial institution in order to minimize risk relating to exceeding insured limits.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Credit Risk</i></b> — In the normal course of business, the Partnership is exposed to credit risk. Credit risk is the risk that the Partnership’s counterparty to an agreement either has an inability or unwillingness to make contractually required payments. The Partnership expects concentrations of credit risk with respect to lessees to be dispersed across different industry segments and different regions of the world.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Lease Classification and Revenue Recognition </i></b>— The Partnership records revenue based upon the lease classification determined at the inception of the transaction and based upon the terms of the lease or when there are significant changes to the lease terms.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Partnership leases equipment to third parties and each such lease may be classified as either a finance lease or an operating lease. Initial direct costs are capitalized and amortized over the term of the related lease for a finance lease. For an operating lease, initial direct costs are included as a component of the cost of the equipment and depreciated.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">For finance leases, the Partnership records, at lease inception, the total minimum lease payments receivable from the lessee, the estimated unguaranteed residual value of the equipment upon lease termination, the initial direct costs, if any, related to the lease and the related unearned income. Unearned income represents the difference between the sum of the minimum lease payments receivable plus the estimated unguaranteed residual value, minus the cost of the leased equipment. Unearned income is recognized as finance income over the term of the lease using the effective interest rate method.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">For operating leases, rental income is recognized on the straight line basis over the lease term. Billed and uncollected operating lease receivables will be included in accounts receivable. Accounts receivable are stated at their estimated net realizable value. Rental income received in advance is the difference between the timing of the cash payments and the income recognized on the straight line basis.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The investment committee of the Investment Manager approves each new equipment lease, financing transaction, and lease acquisition. As part of this process it determines the unguaranteed residual value, if any, to be used once the acquisition has been approved. The factors considered in determining the unguaranteed residual value include, but are not limited to, the creditworthiness of the potential lessee, the type of equipment being considered, how the equipment is integrated into the potential lessees’ business, the length of the lease the industry in which the potential lessee operates and the secondary market value of the equipment. Unguaranteed residual values are reviewed for impairment in accordance with the Partnership’s policy relating to impairment review.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The residual value assumes, among other things, that the asset will be utilized normally in an open, unrestricted and stable market. Short-term fluctuations in the marketplace are disregarded, and it is assumed that there is no necessity either to dispose of a significant number of the assets, if held in quantity, simultaneously or to dispose of the asset quickly. The residual value is calculated using information from various external sources, such as trade publications, auction data, equipment dealers, wholesalers and industry experts, as well as inspection of the physical asset and other economic indicators.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Collateralized Loans Receivable, Net </i></b>— Collateralized loans receivable are reported in the financial statements as the outstanding principal balance net of any unamortized deferred fees, and premiums or discounts on purchased loans. Costs to originate loans, if any, are reported as other assets in the financial statements and amortized to expense over the estimated life of the loan. Income is recognized over the life of the note agreement. On certain collateralized loans receivable, specific payment terms were reached requiring prepayments which resulted in the recognition of unearned interest income. Unearned income, discounts and premiums, if any, are amortized to interest income in the statements of operations using the effective interest rate method. Collateralized loans receivable are generally placed in a non-accrual status when payments are more than 90 days past due and all unpaid accrued interest is reversed. Additionally, the Investment Manager periodically reviews the creditworthiness of companies with payments outstanding less than 90 days. Based upon the Investment Manager’s judgment, accounts may be placed in a non-accrual status. Accounts on a non-accrual status are only returned to an accrual status when the account has been brought current and the Partnership believes recovery of the remaining unpaid receivable is probable. Revenue on non-accrual accounts is recognized only when cash has been received.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Finance Lease Receivables and Allowance for Loan and Lease Accounts</i></b> — In the normal course of business, the Partnership provides credit or financing to its customers, performs credit evaluations of these customers, and maintains reserves for potential credit losses. These credit or financing transactions are normally collateralized by the equipment being financed. In determining the amount of allowance for doubtful lease, notes and loan accounts, the Investment Manager considers historical credit losses, the past due status of receivables, payment history, and other customer-specific information, including the value of the collateral. The past due status of a receivable is based on its contractual terms. Expected credit losses are recorded as an allowance for doubtful lease, notes and loan accounts. Receivables are written off when the Investment Manager determines they are uncollectible. At March 31, 2021, an allowance for doubtful lease, notes and loan accounts is not provided since, in the opinion of the Investment Manager, all accounts recorded were deemed collectible. At December 31, 2020, an impairment was determined to exist for a collateralized loan receivable and for finance leases and an impairment loss was recorded. There is a provision for loan and lease losses of $1,592,055.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Long-lived Asset Impairments</i></b> — The Partnership assesses the impairment of long-lived assets with determinable useful lives whenever events or changes in business circumstances indicate that the carrying amount of an asset may not be recoverable (a triggering event). When such events occur, management determines whether there has been impairment by comparing the anticipated undiscounted net future cash flows to the related asset’s carrying value. If impairment exists, the asset is written down to its estimated carrying value. There was no evidence of a triggering event for the three months ended March 31, 2021 and for the year ended December 31, 2020.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Income Taxes</i></b> — As a partnership, no provision for income taxes is recorded since the liability for such taxes is the responsibility of each of the Partners rather than the Partnership. The Partnership’s income tax returns are subject to examination by the federal and state taxing authorities, and changes, if any, could adjust the individual income tax of the Partners.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Partnership is subject to the Bipartisan Budget Act of 2015 (“BBA”), which, among other requirements, stipulates that any tax liability incurred based on an IRS tax examination will become due by the Partnership versus the partners of the Partnership. The Partnership, at its discretion, will be able to seek repayment from its partners or treat as a distribution of the individual partners’ account to satisfy this obligation. The Partnership will treat any liability incurred as a deduction to equity. As of March 31, 2021, there were no expected liabilities to be incurred under the BBA.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Partnership has adopted the provisions of Financial Accounting Standards Board’s (“FASB”) Topic 740, <i>Accounting for Uncertainty in Income Taxes. </i>This accounting guidance prescribes recognition thresholds that must be met before a tax position is recognized in the interim financial statements and provides guidance on de-recognition, classification, interest and penalties, accounting in interim periods, disclosure, and transition. Additionally, an entity may only recognize or continue to recognize tax positions that meet a “more likely than not” threshold. The Partnership has evaluated its entity level tax positions for the years ended December 31, 2020 and 2019, and does not expect any material adjustments to be made. The tax years 2020, 2019 and 2018 remain open to examination by the major taxing jurisdictions to which the Partnership is subject.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Per Share Data</i></b> — Net income or loss attributable to Limited Partners per weighted average number of limited partnership interests outstanding is calculated as follows; the net income or loss allocable to the Limited Partners divided by the weighted average number of limited partnership interests outstanding during the period.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Foreign Currency Transactions</i></b> — The Partnership has designated the United States of America dollar as the functional currency for the Partnership’s investments denominated in foreign currencies. Accordingly, certain assets and liabilities are translated at either the reporting period exchange rates or the historical exchange rates, revenues and expenses are translated at the average rate of exchange for the period, and all transaction gains or losses are reflected in the condensed statements of operations.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Depreciation </i></b>— The Partnership records depreciation expense on equipment when the lease is classified as an operating lease. In order to calculate depreciation, the Partnership first determines the depreciable equipment cost, which is the cost less the estimated residual value. The estimated residual value is the Partnership’s estimate of the value of the equipment at lease termination. Depreciation expense is recorded by applying the straight-line method of depreciation to the depreciable equipment cost over the lease term.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Recent Accounting Pronouncements</i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”), which requires credit losses on most financial assets measured at amortized cost and certain other instruments to be measured using an expected credit loss model (referred to as the current expected credit loss (CECL) model). Under this model, entities will estimate credit losses over the entire contractual term of the instrument from the date of initial recognition of that instrument. Current US GAAP is based on an incurred loss model that delays recognition of credit losses until it is probable the loss has been incurred. Accordingly, it is anticipated that credit losses will be recognized earlier under the CECL model than under the incurred loss model. ASU 2016-13 was to be effective for fiscal periods beginning after December 15, 2019 and must be adopted as a cumulative effect adjustment to retained earnings. In July 2019, the FASB decided to add a project to its technical agenda to propose staggered effective dates for certain accounting standards, including ASU 2016-13. The FASB has approved an approach that ASU 2016-13 will be effective for Public Business Entities that are SEC filers, excluding smaller reporting companies such as the Partnership, for fiscal years beginning after December 15, 2019 and interim periods within those fiscal years. For all other entities, including smaller reporting companies like the Partnership, ASU 2016-13 will be effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. For all entities, early adoption will continue to be permitted; that is, early adoption is allowed for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years (that is, effective January 1, 2019, for calendar-year-end companies). On November 15, 2019, the FASB delayed the effective date of FASB ASC Topic 326 for certain small public companies and other private companies. As amended, the effective date of ASC Topic 326 was delayed until fiscal years beginning after December 15, 2022 for SEC filers that are eligible to be smaller reporting companies under the SEC’s definition, as well as private companies and not-for-profit entities. Nothing in this staff interpretation 3 should be read to accelerate or delay the effective dates of the standard as modified by the FASB. The Partnership is currently evaluating the impact of this guidance on its interim condensed financial statements.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">  </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">During March 2020, the FASB issued ASU 2020-04, Facilitation of the Effects of Reference Rate Reform on Financial Reporting. ASU 2020-04 provides optional expedients and exceptions for applying generally accepted accounting principles (“GAAP”) to contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform, if certain criteria are met. Entities may elect the optional expedients and exceptions included in ASU 2020-04 as of March 12, 2020 and through December 31, 2022. The Partnership is currently assessing the effect that electing the optional expedients and exceptions included in ASU 2020-04 would have on its results of operations, financial position and cash flows.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Management does not believe that any other recently issued, but not yet effective accounting pronouncements, if adopted, would have a material effect on the interim condensed financial statements.</p>
</us-gaap:SignificantAccountingPoliciesTextBlock>
<us-gaap:FinanceLoansAndLeasesReceivablePolicy contextRef="From2021-01-01to2021-03-31">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Finance Lease Receivables and Allowance for Loan and Lease Accounts</i></b> — In the normal course of business, the Partnership provides credit or financing to its customers, performs credit evaluations of these customers, and maintains reserves for potential credit losses. These credit or financing transactions are normally collateralized by the equipment being financed. In determining the amount of allowance for doubtful lease, notes and loan accounts, the Investment Manager considers historical credit losses, the past due status of receivables, payment history, and other customer-specific information, including the value of the collateral. The past due status of a receivable is based on its contractual terms. Expected credit losses are recorded as an allowance for doubtful lease, notes and loan accounts. Receivables are written off when the Investment Manager determines they are uncollectible. At March 31, 2021, an allowance for doubtful lease, notes and loan accounts is not provided since, in the opinion of the Investment Manager, all accounts recorded were deemed collectible. At December 31, 2020, an impairment was determined to exist for a collateralized loan receivable and for finance leases and an impairment loss was recorded. There is a provision for loan and lease losses of $1,592,055.</p>
</us-gaap:FinanceLoansAndLeasesReceivablePolicy>
<us-gaap:PolicyLoansReceivablePolicy contextRef="From2021-01-01to2021-03-31">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Collateralized Loans Receivable, Net </i></b>— Collateralized loans receivable are reported in the financial statements as the outstanding principal balance net of any unamortized deferred fees, and premiums or discounts on purchased loans. Costs to originate loans, if any, are reported as other assets in the financial statements and amortized to expense over the estimated life of the loan. Income is recognized over the life of the note agreement. On certain collateralized loans receivable, specific payment terms were reached requiring prepayments which resulted in the recognition of unearned interest income. Unearned income, discounts and premiums, if any, are amortized to interest income in the statements of operations using the effective interest rate method. Collateralized loans receivable are generally placed in a non-accrual status when payments are more than 90 days past due and all unpaid accrued interest is reversed. Additionally, the Investment Manager periodically reviews the creditworthiness of companies with payments outstanding less than 90 days. Based upon the Investment Manager’s judgment, accounts may be placed in a non-accrual status. Accounts on a non-accrual status are only returned to an accrual status when the account has been brought current and the Partnership believes recovery of the remaining unpaid receivable is probable. Revenue on non-accrual accounts is recognized only when cash has been received.</p>
</us-gaap:PolicyLoansReceivablePolicy>
<us-gaap:ImpairmentOrDisposalOfLongLivedAssetsPolicyTextBlock contextRef="From2021-01-01to2021-03-31">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Long-lived Asset Impairments</i></b> — The Partnership assesses the impairment of long-lived assets with determinable useful lives whenever events or changes in business circumstances indicate that the carrying amount of an asset may not be recoverable (a triggering event). When such events occur, management determines whether there has been impairment by comparing the anticipated undiscounted net future cash flows to the related asset’s carrying value. If impairment exists, the asset is written down to its estimated carrying value. There was no evidence of a triggering event for the three months ended March 31, 2021 and for the year ended December 31, 2020.</p>
</us-gaap:ImpairmentOrDisposalOfLongLivedAssetsPolicyTextBlock>
<us-gaap:IncomeTaxPolicyTextBlock contextRef="From2021-01-01to2021-03-31">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Income Taxes</i></b> — As a partnership, no provision for income taxes is recorded since the liability for such taxes is the responsibility of each of the Partners rather than the Partnership. The Partnership’s income tax returns are subject to examination by the federal and state taxing authorities, and changes, if any, could adjust the individual income tax of the Partners.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Partnership is subject to the Bipartisan Budget Act of 2015 (“BBA”), which, among other requirements, stipulates that any tax liability incurred based on an IRS tax examination will become due by the Partnership versus the partners of the Partnership. The Partnership, at its discretion, will be able to seek repayment from its partners or treat as a distribution of the individual partners’ account to satisfy this obligation. The Partnership will treat any liability incurred as a deduction to equity. As of March 31, 2021, there were no expected liabilities to be incurred under the BBA.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Partnership has adopted the provisions of Financial Accounting Standards Board’s (“FASB”) Topic 740, <i>Accounting for Uncertainty in Income Taxes. </i>This accounting guidance prescribes recognition thresholds that must be met before a tax position is recognized in the interim financial statements and provides guidance on de-recognition, classification, interest and penalties, accounting in interim periods, disclosure, and transition. Additionally, an entity may only recognize or continue to recognize tax positions that meet a “more likely than not” threshold. The Partnership has evaluated its entity level tax positions for the years ended December 31, 2020 and 2019, and does not expect any material adjustments to be made. The tax years 2020, 2019 and 2018 remain open to examination by the major taxing jurisdictions to which the Partnership is subject.</p>
</us-gaap:IncomeTaxPolicyTextBlock>
<us-gaap:NewAccountingPronouncementsPolicyPolicyTextBlock contextRef="From2021-01-01to2021-03-31">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Recent Accounting Pronouncements</i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”), which requires credit losses on most financial assets measured at amortized cost and certain other instruments to be measured using an expected credit loss model (referred to as the current expected credit loss (CECL) model). Under this model, entities will estimate credit losses over the entire contractual term of the instrument from the date of initial recognition of that instrument. Current US GAAP is based on an incurred loss model that delays recognition of credit losses until it is probable the loss has been incurred. Accordingly, it is anticipated that credit losses will be recognized earlier under the CECL model than under the incurred loss model. ASU 2016-13 was to be effective for fiscal periods beginning after December 15, 2019 and must be adopted as a cumulative effect adjustment to retained earnings. In July 2019, the FASB decided to add a project to its technical agenda to propose staggered effective dates for certain accounting standards, including ASU 2016-13. The FASB has approved an approach that ASU 2016-13 will be effective for Public Business Entities that are SEC filers, excluding smaller reporting companies such as the Partnership, for fiscal years beginning after December 15, 2019 and interim periods within those fiscal years. For all other entities, including smaller reporting companies like the Partnership, ASU 2016-13 will be effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. For all entities, early adoption will continue to be permitted; that is, early adoption is allowed for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years (that is, effective January 1, 2019, for calendar-year-end companies). On November 15, 2019, the FASB delayed the effective date of FASB ASC Topic 326 for certain small public companies and other private companies. As amended, the effective date of ASC Topic 326 was delayed until fiscal years beginning after December 15, 2022 for SEC filers that are eligible to be smaller reporting companies under the SEC’s definition, as well as private companies and not-for-profit entities. Nothing in this staff interpretation 3 should be read to accelerate or delay the effective dates of the standard as modified by the FASB. The Partnership is currently evaluating the impact of this guidance on its interim condensed financial statements.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">  </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">During March 2020, the FASB issued ASU 2020-04, Facilitation of the Effects of Reference Rate Reform on Financial Reporting. ASU 2020-04 provides optional expedients and exceptions for applying generally accepted accounting principles (“GAAP”) to contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform, if certain criteria are met. Entities may elect the optional expedients and exceptions included in ASU 2020-04 as of March 12, 2020 and through December 31, 2022. The Partnership is currently assessing the effect that electing the optional expedients and exceptions included in ASU 2020-04 would have on its results of operations, financial position and cash flows.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Management does not believe that any other recently issued, but not yet effective accounting pronouncements, if adopted, would have a material effect on the interim condensed financial statements.</p>
</us-gaap:NewAccountingPronouncementsPolicyPolicyTextBlock>
<us-gaap:RelatedPartyTransactionsDisclosureTextBlock contextRef="From2021-01-01to2021-03-31">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>3. Related Party Transactions.</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The General Partner is responsible for the operations of the Partnership and the Investment Manager makes all investment decisions and manages the investment portfolio of the Partnership. The Partnership reimburses the General Partner for actual incurred organizational and offering costs not to exceed 1.5% of all capital contributions received by the Partnership. Because organizational and offering expenses will be paid, as and to the extent they are incurred, organizational and offering expenses may be drawn disproportionately to the gross proceeds of each closing. The Offering Period concluded on March 31, 2019 with the Partnership receiving $24,718,035 in total capital contributions and as a result, organizational and offering expenses were limited to $370,770 or 1.5% of total equity raised. The Partnership paid the General Partner an allowance for organizational and offering expenses totaling $926,374, and as a result, the General Partner and/or its Investment Manager were required to reimburse the Partnership organizational and offering expenses of $555,604. At March 31, 2021 and 2020, the Partnership has a due from its Investment Manager balance of $407,595 and $521,716, respectively which is included in Other Assets in the condensed balance sheets. The General Partner also has a promotional interest in the Partnership equal to 20% of all distributed distributable cash, after the Partnership has provided an 8% cumulative return, compounded annually, to the Limited Partners on their capital contributions. The General Partner has a 1% interest in the profits, losses and distributions of the Partnership. The General Partner will initially receive 1% of all distributed distributable cash, which was accrued at March 31, 2021 and 2020.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Partnership pays the Investment Manager during the Offering Period, Operating Period and the Liquidation Period a management fee equal to the greater of, (i) 2.5% per annum of the aggregate offering proceeds, payable monthly in advance or (ii) $62,500 per month. For the three months ended March 31, 2021 and 2020, the Partnership paid $187,500 in management fee expense to the Investment Manager.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Partnership pays the Investment Manager during the Operating Period a structuring fee in an amount equal to 1.5% of each cash investment made, including reinvestments, payable on the date each such investment is made. For the three months ended March 31, 2021 and 2020, the Partnership accrued $44,524 and $129,397, respectively, of structuring fees to the Investment Manager.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">American Elm is a Delaware limited liability company and is a subsidiary of an affiliate of the Partnership’s Investment Manager. American Elm in its capacity as the Partnership’s selling agent received an underwriting fee of 2% of the gross proceeds from Limited Partners’ capital contributions (excluding proceeds, if any, the Partnership received from the sale of the Partnership’s Units to the General Partner or its affiliates). While American Elm is initially acting as the Partnership’s exclusive selling agent, the Partnership may engage additional selling agents in the future.</p>
</us-gaap:RelatedPartyTransactionsDisclosureTextBlock>
<ALIF:InvestmentsInFinanceLeasesTextBlock contextRef="From2021-01-01to2021-03-31">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>4. Investments in Finance Leases.</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">At March 31, 2021 and December 31, 2020, net investments in finance leases consisted of the following:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>March 31, 2021</b></font></td> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>December 31, 2020</b></font></td> <td style="text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td colspan="2" style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">(unaudited)</font></td> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td colspan="2" style="text-align: center"> </td> <td style="text-align: center"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 58%"><font style="font: 10pt Times New Roman, Times, Serif">Minimum rents receivable</font></td> <td style="width: 1%"> </td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="width: 18%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">21,159,137</font></td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="width: 18%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">18,550,416</font></td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font: 10pt Times New Roman, Times, Serif">Estimated unguaranteed residual value</font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">71,616</font></td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">71,616</font></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font: 10pt Times New Roman, Times, Serif">Unearned income</font></td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(2,945,706</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">)</font></td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(2,854,797</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">)</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font: 10pt Times New Roman, Times, Serif">Total</font></td> <td> </td> <td style="border-bottom: black 2.25pt double"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">18,285,047</font></td> <td> </td> <td> </td> <td style="border-bottom: black 2.25pt double"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">15,767,235</font></td> <td> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p>
</ALIF:InvestmentsInFinanceLeasesTextBlock>
<us-gaap:OperatingLeasesOfLessorDisclosureTextBlock contextRef="From2021-01-01to2021-03-31">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>5. Investment in Equipment Subject to Operating Leases.</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As of March 31, 2021, the Partnership did not have any equipment subject to operating leases. For the three months ended March 31, 2021, there was no depreciation expense.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The composition of the equipment subject to operating leases of the Partnership as of December 31, 2020 is as follows:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1.5pt solid"><font style="font: 10pt Times New Roman, Times, Serif"><b>Description</b></font></td> <td style="text-align: center"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">  <b>Cost Basis</b>  </font></td> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">  <b>Accumulated Depreciation</b>  </font></td> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">  <b>Reclass to Other Assets</b>  </font></td> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">  <b>Net Book Value</b>  </font></td> <td style="text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td colspan="2" style="text-align: center"> </td> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td colspan="2" style="text-align: center"> </td> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td colspan="2" style="text-align: center"> </td> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td colspan="2" style="text-align: center"> </td> <td style="text-align: center"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 44%"><font style="font: 10pt Times New Roman, Times, Serif">Food equipment</font></td> <td style="width: 2%"> </td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="width: 10%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">286,994</font></td> <td style="width: 1%"> </td> <td style="width: 2%"> </td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="width: 12%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">286,994</font></td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="width: 11%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="width: 9%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font: 10pt Times New Roman, Times, Serif">Fabrication Equipment</font></td> <td> </td> <td style="border-bottom: black 1.5pt solid"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">2,010,412</font></td> <td> </td> <td> </td> <td style="border-bottom: black 1.5pt solid"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">528,667</font></td> <td> </td> <td> </td> <td style="border-bottom: black 1.5pt solid"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,481,745</font></td> <td> </td> <td> </td> <td style="border-bottom: black 1.5pt solid"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td> </td> <td> </td> <td style="border-bottom: black 2.25pt double"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">2,297,406</font></td> <td> </td> <td> </td> <td style="border-bottom: black 2.25pt double"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">815,661</font></td> <td> </td> <td> </td> <td style="border-bottom: black 2.25pt double"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,481,745</font></td> <td> </td> <td> </td> <td style="border-bottom: black 2.25pt double"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Depreciation expense for the three months ended March 31, 2020 was $77,738.</p>
</us-gaap:OperatingLeasesOfLessorDisclosureTextBlock>
<ALIF:ScheduleOfNetInvestmentsInFinanceLeasesTableTextBlock contextRef="From2021-01-01to2021-03-31">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">At March 31, 2021 and December 31, 2020, net investments in finance leases consisted of the following:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>March 31, 2021</b></font></td> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>December 31, 2020</b></font></td> <td style="text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td colspan="2" style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">(unaudited)</font></td> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td colspan="2" style="text-align: center"> </td> <td style="text-align: center"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 58%"><font style="font: 10pt Times New Roman, Times, Serif">Minimum rents receivable</font></td> <td style="width: 1%"> </td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="width: 18%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">21,159,137</font></td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="width: 18%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">18,550,416</font></td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font: 10pt Times New Roman, Times, Serif">Estimated unguaranteed residual value</font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">71,616</font></td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">71,616</font></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font: 10pt Times New Roman, Times, Serif">Unearned income</font></td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(2,945,706</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">)</font></td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(2,854,797</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">)</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font: 10pt Times New Roman, Times, Serif">Total</font></td> <td> </td> <td style="border-bottom: black 2.25pt double"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">18,285,047</font></td> <td> </td> <td> </td> <td style="border-bottom: black 2.25pt double"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">15,767,235</font></td> <td> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p>
</ALIF:ScheduleOfNetInvestmentsInFinanceLeasesTableTextBlock>
<us-gaap:OtherAssetsDisclosureTextBlock contextRef="From2021-01-01to2021-03-31">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>7. Other Assets.</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As of March 31, 2021, other assets of $4,381,600 primarily consists of equipment that is off lease and currently being remarketed for release/sale and is primarily made up of $3,006,741 related to infrastructure equipment and $800,000 related to fish processing equipment. As of December 31, 2020, other assets of $7,294,637 primarily consists of equipment that is off lease and currently being remarketed for release/sale and is primarily made up of $3,006,741 related to infrastructure equipment, $2,705,989 related to telecommunication equipment and $800,000 related to fish processing equipment.</p>
</us-gaap:OtherAssetsDisclosureTextBlock>
<us-gaap:DebtDisclosureTextBlock contextRef="From2021-01-01to2021-03-31">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>8. Loan Payable.</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On October 18, 2019, the Partnership entered into a loan and security agreement with a third party lender for a $25,000,000 loan facility (of which $20,000,000 is a Term Loan and $5,000,000 is a Revolving Loan) with a maturity date of October 18, 2022. During the three months ended March 31, 2021 and the year ended December 31, 2020, the Partnership borrowed a total of $2,800,000 and $13,632,000, respectively under the Term and Revolver Loans. Interest on the drawn funds shall accrue at a rate of 3 month LIBOR Rate plus 5.6% per annum (6.6% as of March 31, 2021). During the three months ended March 31, 2021 and the year ended December 31, 2020, the Partnership repaid total principal of $3,419,717 and $11,036,628, respectively. During the three months ended March 31, 2021 and 2020, the Partnership accrued interest expense of $194,081 and $179,501, respectively.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The future maturities of the Partnership’s loan payable at March 31, 2021 are as follows:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1.5pt solid"><font style="font: 10pt Times New Roman, Times, Serif"><b>Years ending March 31, (unaudited)</b></font></td> <td> </td> <td colspan="2"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 83%"><font style="font: 10pt Times New Roman, Times, Serif">2022</font></td> <td style="width: 2%"> </td> <td style="border-bottom: black 1.5pt solid; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 1.5pt solid; width: 13%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">11,660,729</font></td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font: 10pt Times New Roman, Times, Serif">Total</font></td> <td> </td> <td style="border-bottom: black 2.25pt double"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">11,660,729</font></td> <td> </td></tr> </table>
</us-gaap:DebtDisclosureTextBlock>
<ALIF:ScheduleOfFutureMaturitiesOfLoanPayable contextRef="From2021-01-01to2021-03-31">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The future maturities of the Partnership’s loan payable at March 31, 2021 are as follows:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1.5pt solid"><font style="font: 10pt Times New Roman, Times, Serif"><b>Years ending March 31, (unaudited)</b></font></td> <td> </td> <td colspan="2"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 83%"><font style="font: 10pt Times New Roman, Times, Serif">2022</font></td> <td style="width: 2%"> </td> <td style="border-bottom: black 1.5pt solid; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 1.5pt solid; width: 13%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">11,660,729</font></td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font: 10pt Times New Roman, Times, Serif">Total</font></td> <td> </td> <td style="border-bottom: black 2.25pt double"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">11,660,729</font></td> <td> </td></tr> </table>
</ALIF:ScheduleOfFutureMaturitiesOfLoanPayable>
<us-gaap:ConcentrationRiskDisclosureTextBlock contextRef="From2021-01-01to2021-03-31">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>11. Business Concentrations</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">For the three months ended March 31, 2021, the Partnership had four lessees which accounted for approximately 18%, 14%, 12% and 10% of the Partnership’s income derived from finance leases. For the three months ended March 31, 2020, the Partnership had three lessees which accounted for approximately 22%, 13% and 13% of the Partnership’s income derived from finance leases. For the three months ended March 31, 2020, the Partnership had two lessees which accounted for approximately 86% and 14% of the Partnership’s rental income derived from operating leases. For the three months ended March 31, 2021, the Partnership had two promissory notes which accounted for approximately 69% and 14% of the Partnership’s interest income derived from collateralized loans receivable. For the three months ended March 31, 2020, the Partnership had two promissory notes which accounted for approximately 65% and 26% of the Partnership’s interest income derived from collateralized loans receivable.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">At March 31, 2021, the Partnership had four lessees which accounted for approximately 18%, 13%, 13% and 11% of the Partnership’s investment in finance leases. At March 31, 2020, the Partnership had four lessees which accounted for approximately 15%, 14%, 14% and 11% of the Partnership’s investment in finance leases. At March 31, 2021, the Partnership did not have any investment in operating leases. At March 31, 2020, the Partnership had one lessee which accounted for approximately 100% of the Partnership’s investment in operating leases. At March 31, 2021, the Partnership had three promissory notes which accounted for approximately 72%, 13% and 10% of the Partnership’s investment in collateralized loans receivable. At March 31, 2020, the Partnership had three promissory notes which accounted for approximately 53%, 25% and 13% of the Partnership’s investment in collateralized loans receivable.</p>
</us-gaap:ConcentrationRiskDisclosureTextBlock>
<us-gaap:CommitmentsAndContingenciesDisclosureTextBlock contextRef="From2021-01-01to2021-03-31">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>13. Commitments and Contingencies</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As of March 31, 2021 and December 31, 2020, the Partnership has an unfunded commitment of $225,000 and $0, respectively.</p>
</us-gaap:CommitmentsAndContingenciesDisclosureTextBlock>
<us-gaap:UnusualOrInfrequentItemsDisclosureTextBlock contextRef="From2021-01-01to2021-03-31">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>14. COVID-19.</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In December 2019, a novel strain of coronavirus (also known as COVID-19) was reported to have surfaced in Wuhan, China. In January 2020, this coronavirus spread to other countries, including the United States and Europe. The outbreak has continued to spread and is currently classified as a pandemic. Efforts to contain the spread of this coronavirus has intensified. During the year ended December 31, 2020, COVID-19 had a negative impact on our business and an impairment loss of $1,592,055 was recorded as a result of that impact. Although the Partnership currently expects that the disruptive impact of coronavirus on its business will be temporary, this situation continues to evolve and improve and therefore the Partnership doesn’t think that the coronavirus will directly or indirectly have a continued negative effect on its business and operating results.</p>
</us-gaap:UnusualOrInfrequentItemsDisclosureTextBlock>
<us-gaap:SegmentReportingDisclosureTextBlock contextRef="From2021-01-01to2021-03-31">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>12. Geographic Information</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b> </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-align: justify">As of March 31, 2021 and December 31, 2020, all of the Partnership’s revenue and assets are based in the United States.</p>
</us-gaap:SegmentReportingDisclosureTextBlock>
<us-gaap:ScheduleOfPropertySubjectToOrAvailableForOperatingLeaseTextBlock contextRef="From2021-01-01to2021-03-31">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The composition of the equipment subject to operating leases of the Partnership as of December 31, 2020 is as follows:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1.5pt solid"><font style="font-size: 10pt"><b>Description</b></font></td> <td style="text-align: center"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">  <b>Cost Basis</b>  </font></td> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">  <b>Accumulated Depreciation</b>  </font></td> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">  <b>Reclass to Other Assets</b>  </font></td> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">  <b>Net Book Value</b>  </font></td> <td style="text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td colspan="2" style="text-align: center"> </td> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td colspan="2" style="text-align: center"> </td> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td colspan="2" style="text-align: center"> </td> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td colspan="2" style="text-align: center"> </td> <td style="text-align: center"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 44%"><font style="font-size: 10pt">Food equipment</font></td> <td style="width: 1%"> </td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 10%; text-align: right"><font style="font-size: 10pt">286,994</font></td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 12%; text-align: right"><font style="font-size: 10pt">286,994</font></td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 12%; text-align: right"><font style="font-size: 10pt">-</font></td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 10%; text-align: right"><font style="font-size: 10pt">-</font></td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">Fabrication Equipment</font></td> <td> </td> <td style="border-bottom: black 1.5pt solid"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">2,010,412</font></td> <td> </td> <td> </td> <td style="border-bottom: black 1.5pt solid"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">528,667</font></td> <td> </td> <td> </td> <td style="border-bottom: black 1.5pt solid"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">1,481,745</font></td> <td> </td> <td> </td> <td style="border-bottom: black 1.5pt solid"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">-</font></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td> </td> <td> </td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">2,297,406</font></td> <td> </td> <td> </td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">815,661</font></td> <td> </td> <td> </td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">1,481,745</font></td> <td> </td> <td> </td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">-</font></td> <td> </td></tr> </table>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>15. Subsequent Events</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b> </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On April 27, 2021, the Partnership funded the remaining $225,000 for a lease facility for welding system with a company based in Louisiana.</p>
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