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Commonwealth Income & Growth Fund V (CIGF5)

Cover

Cover - shares3 Months Ended
Mar. 31, 2022May 18, 2022
Cover [Abstract]
Entity Registrant NameCOMMONWEALTH INCOME & GROWTH FUND V
Entity Central Index Key0001253347
Document Type10-Q
Amendment Flagfalse
Current Fiscal Year End Date--12-31
Entity Small Businesstrue
Entity Shell Companyfalse
Entity Emerging Growth Companyfalse
Entity Current Reporting StatusYes
Document Period End DateMar. 31,
2022
Entity Filer CategoryNon-accelerated Filer
Document Fiscal Period FocusQ1
Document Fiscal Year Focus2022
Entity Common Stock Shares Outstanding0
Document Quarterly Reporttrue
Document Transition Reportfalse
Entity File Number333-108057
Entity Incorporation State Country CodePA
Entity Tax Identification Number65-1189593
Entity Interactive Data CurrentYes
Entity Address Address Line 14532 US Highway 19 North
Entity Address Address Line 2Suite 200
Entity Address City Or TownNew Port Richey
Entity Address State Or ProvinceFL
Entity Address Postal Zip Code34652
City Area Code800
Local Phone Number249-3700

Condensed Balance Sheets (unaud

Condensed Balance Sheets (unaudited) - USD ($)Mar. 31, 2022Dec. 31, 2021
ASSETS
Cash and cash equivalents $ 513 $ 29,571
Lease income receivable, net of reserve of approximately $46,000 at both March 31, 2022 and December 31, 202160,071 36,537
Accounts receivable, Commonwealth Capital Corp, net0 0
Other receivables333 333
Prepaid expenses3,412 1,680
Total Current64,329 68,121
Equipment, at cost3,411,451 3,411,451
Accumulated depreciation(3,300,708)(3,282,768)
Total Non Current110,743 128,683
Total Assets175,072 196,804
LIABILITIES
Accounts payable138,430 165,476
Accounts payable, CIGF, Inc.120,613 100,732
Accounts payable, Commonwealth Capital Corp, net of accounts receivable of approximately $30,700 and $14,000 at March 31, 2022 and December 31, 2021, respectively172,870 165,514
Other accrued expenses0 0
Unearned lease income115 4,883
Notes payable13,518 14,695
Total Liabilities445,546 451,300
PARTNERS' DEFICIT
General Partner1,000 1,000
Limited Partners(271,474)(255,496)
Total Partners' Deficit(270,474)(254,496)
Total Liabilities and Partners' Deficit $ 175,072 $ 196,804

Condensed Balance Sheets (una_2

Condensed Balance Sheets (unaudited) (Parenthetical) - USD ($)Mar. 31, 2022Dec. 31, 2021
Condensed Balance Sheets (unaudited)
Reserve for doubtful lease income receivable $ 46,000 $ 46,000
Accounts receivable $ 30,700 $ 14,000

Condensed Statements of Operati

Condensed Statements of Operations (unaudited) - USD ($)3 Months Ended
Mar. 31, 2022Mar. 31, 2021
Revenue
Lease $ 46,094 $ 60,841
Interest and other90 34
Sales and property taxes1,277 2,662
Total revenue and gain on sale of equipment47,461 63,537
Expenses
Operating, excluding depreciation and amortization44,043 74,578
Interest179 313
Depreciation17,940 33,797
Sales and property taxes1,277 2,662
Loss on sale of equipment0 5,080
Total expenses63,439 116,430
Net Loss(15,978)(52,893)
Net Loss allocated to Limited Partners $ (15,978) $ (52,893)
Net Loss per equivalent Limited Partnership unit $ (0.01) $ (0.04)
Weighted average number of equivalent limited
partnership units outstanding during the year1,233,548 1,235,066

Condensed Statement of Partners

Condensed Statement of Partners' Equity (unaudited) - USD ($)TotalLimited Partner Units [Member]General Partner [Member]Limited Partner [Member]General Partner Unit [Member]
Balance, amount at Dec. 31, 2020 $ (94,974) $ 1,235,581 $ 1,000 $ (95,974) $ 50
Net loss(52,893)0 0 (52,893)0
Redemption0 (833)0 0 0
Balance, amount at Mar. 31, 2021(147,867)1,234,748 1,000 (148,867)50
Balance, amount at Dec. 31, 2021(254,496)1,233,548 1,000 (255,496)50
Net loss(15,978)0 0 (15,978)0
Balance, amount at Mar. 31, 2022 $ (270,474) $ 1,233,548 $ 1,000 $ (271,474) $ 50

Condensed Statements of Cash Fl

Condensed Statements of Cash Flow (unaudited) - USD ($)3 Months Ended
Mar. 31, 2022Mar. 31, 2021
Condensed Statements of Cash Flow (unaudited)
Net cash used in operating activities $ (29,058) $ (11,075)
Investing activities:
Net proceeds from the sale of equipment0 2,400
Net cash provided by investing activities0 2,400
Net decrease in cash and cash equivalents(29,058)(8,675)
Cash and cash equivalents at beginning of period29,571 33,920
Cash and cash equivalents at end of period $ 513 $ 25,245

Business

Business3 Months Ended
Mar. 31, 2022
Business
1. Business1. Business Commonwealth Income & Growth Fund V (the “Partnership”) is a limited partnership organized in the Commonwealth of Pennsylvania in May 2003. The Partnership offered for sale up to 1,250,000 units of the limited partnership at the purchase price of $20 per unit (the “offering”). The Partnership reached the minimum amount in escrow and commenced operations on March 14, 2005. As of February 24, 2006, the Partnership was fully subscribed. The Partnership used the proceeds of the offering to acquire, own and lease various types of information technology, medical technology, telecommunications technology, inventory management equipment and other similar capital equipment, which is leased primarily to U.S. corporations and institutions. Commonwealth Capital Corp. (“CCC”), on behalf of the Partnership and other affiliated partnerships, acquires equipment subject to associated debt obligations and lease agreements and allocates a participation in the cost, debt and lease revenue to the various partnerships that it manages based on certain risk factors. The Partnership’s investment objective is to acquire primarily high technology equipment. Information technology has developed rapidly in recent years and is expected to continue to do so. Technological advances have permitted reductions in the cost of information technology processing capacity, speed, and utility. In the future, the rate and nature of equipment development may cause equipment to become obsolete more rapidly. The Partnership also acquires high technology medical, telecommunications and inventory management equipment. The Partnership’s general partner will seek to maintain an appropriate balance and diversity in the types of equipment acquired. The market for high technology medical equipment is growing each year. Generally, this type of equipment will have a longer useful life than other types of technology equipment. This allows for increased re-marketability, if it is returned before its economic or announcement cycle is depleted. The Partnership’s General Partner is Commonwealth Income & Growth Fund, Inc. (the “General Partner”), a Pennsylvania corporation which is an indirect wholly owned subsidiary of CCC. Approximately ten years after the commencement of operations (the “operational phase”), the Partnership intended to sell or otherwise dispose of all of its equipment; make final distributions to partners, and to dissolve. The Partnership was originally scheduled to end its operational phase on February 4, 2017. During the year ended December 31, 2015, the operational phase was officially extended to December 31, 2020 through an investor proxy vote. The Partnership is expected to terminate on December 31, 2022. Liquidity and Going Concern For the three months ended March 31, 2022, the Partnership incurred negative cash flow. At March 31, 2022, the Partnership has a working capital deficit of approximately $381,000. Such factors raise substantial doubt about the Partnership’s ability to continue as a going concern. The financial statements do not include any adjustments that might result from the outcome of this uncertainty. The General Partner agreed to forgo distributions and allocations of net income owed to it, and suspended limited partner distributions. The General Partner will continue to waive certain fees and may defer certain related party payables owed to the Partnership in an effort to further increase the Partnership’s cash flow. Additionally, the Partnership will seek to enhance portfolio returns and maximize cash flow through the use of leveraged lease transactions: the acquisition of lease equipment through financing. The Partnership may also attempt to obtain additional funds by disposing of or refinancing equipment, or by borrowing within its permissible limits. However, at this time, it is uncertain as to whether the General Partner’s plans will be successful.

Summary of Significant Accounti

Summary of Significant Accounting Policies3 Months Ended
Mar. 31, 2022
Summary of Significant Accounting Policies
2. Summary of Significant Accounting Policies2. Summary of Significant Accounting Policies Basis of Presentation The financial information presented as of any date other than December 31, 2021 has been prepared from the books and records without audit. The following unaudited condensed financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission. Financial information as of December 31, 2021 has been derived from the audited financial statements of the Partnership, but does not include all disclosures required by generally accepted accounting principles to be included in audited financial statements. In the opinion of management, all adjustments, consisting only of normal recurring adjustments, necessary for a fair presentation of the financial information for the periods indicated, have been included. Operating results for the three months ended March 31, 2022 are not necessarily indicative of financial results that may be expected for the full year ended December 31, 2022. Disclosure of Fair Value of Financial Instruments Estimated fair value was determined by management using available market information and appropriate valuation methodologies. However, judgment was necessary to interpret market data and develop estimated fair value. Receivables, accounts payable and accrued expenses and other liabilities are carried at amounts which reasonably approximate their fair values as of March 31, 2022 and December 31, 2021 due to the short-term nature of these financial instruments. The Partnership’s long-term debt consists of notes payable, which are secured by specific equipment and are nonrecourse liabilities of the Partnership. The estimated fair value of this debt at March 31, 2022 and December 31, 2021 approximates the carrying value of these instruments, due to the interest rates on the debt approximating current market interest rates. The Partnership classifies the fair value of its notes payable within Level 2 of the valuation hierarchy based on the observable inputs used to estimate fair value. Cash and cash equivalents We consider cash equivalents to be highly liquid investments with the original maturity dates of 90 days or less. At March 31, 2022, cash and cash equivalents was held in one account maintained at one financial institution with an aggregate balance of approximately $2,000. Bank accounts are federally insured up to $250,000 by the FDIC. At March 31, 2022, the total cash bank balance was as follows: At March 31, 2022 Balance Total bank balance $ 2,000 FDIC insured (2,000 ) Uninsured amount $ - The Partnership’s bank balances are fully insured by the FDIC. The Partnership deposits its funds with a Moody’s Aaa-Rated banking institution which is one of only three Aaa-Rated banks listed on the New York Stock Exchange. The Partnership has not experienced any losses in such accounts, and believes it is not exposed to any significant credit risk. The amount in such accounts will fluctuate throughout 2022 due to many factors, including cash receipts, equipment acquisitions and interest rates. Recent Accounting Pronouncements Not Yet Adopted In June 2016, the FASB issued Accounting Standards Update (“ASU”) 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”). This standard establishes an impairment model (known as the current expected credit loss (“CECL”) model) that is based on expected losses rather than incurred losses. Under the new guidance, an entity recognizes as an allowance its estimate of expected credit losses, which is intended to result in a timelier recognition of losses. Under the CECL model, entities will estimate credit losses over the entire contractual term of the instrument (considering estimated prepayments, but not expected extensions or modifications) from the date of initial recognition of the financial instrument. Measurement of expected credit losses are to be based on relevant forecasts that affect collectability. The scope of financial assets within the CECL methodology is broad and includes trade receivables from certain revenue transactions and certain off-balance sheet credit exposures. Different components of the guidance require modified retrospective or prospective adoption. In November 2018, the FASB issued ASU No. 2018-19, Codification Improvements to Topic 326, Financial Instruments-Credit Losses. ASU 2018-19 clarifies that receivables arising from operating leases are not within the scope of the credit losses standard. Instead, entities would need to apply other U.S. GAAP, namely Topic 842 (Leases), to account for changes in the collectability assessment for operating leases. Other than operating lease receivables, Partnership trade receivables include receivables from finance leases and equipment sales. Under Topic 606 (Revenue from Contracts with Customers), revenue is recognized when, among other criteria, it is probable that the entity will collect the consideration to which it is entitled for goods or services transferred to a customer. At the point that finance lease receivables are recorded, they become subject to the CECL model and estimates of expected credit losses over their contractual life will be required to be recorded at inception based on historical information, current conditions, and reasonable and supportable forecasts. Trade receivables derived from equipment sales are of short duration and there is not a material difference between incurred losses and expected losses. In April 2019, the FASB issued ASU 2019-04, Codification Improvements to Topic 326, Financial Instruments-Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments, which amends and clarifies several provisions of Topic 326. In May 2019, the FASB issued ASU 2019-05, Financial Instruments-Credit Losses (Topic 326): Targeted Transition Relief, which amends Topic 326 to allow the fair value option to be elected for certain financial instruments upon adoption. ASU 2019-10 extended the effective date of ASU 2016-13 for the Partnership until December 15, 2022. While the Partnership continues to evaluate the new guidance, including the subsequent updates to Topic 326, it does not anticipate that adoption will have a material impact on the Partnership’s financial statements and related disclosures. For the three months ended March 31, 2022, the Partnership’s finance lease revenue subject to CECL represented less than 1% of total lease revenue.

Information Technology Medical

Information Technology Medical Technology Telecommunications Technology Inventory Management Equipment (Equipment)3 Months Ended
Mar. 31, 2022
Information Technology Medical Technology Telecommunications Technology Inventory Management Equipment (Equipment)
3. Information Technology, Medical Technology, Telecommunications Technology, Inventory Management and Other Business-Essential Capital Equipment ("Equipment")3. Information Technology, Medical Technology, Telecommunications Technology, Inventory Management Equipment and other Business-Essential Capital Equipment (“Equipment”) The Partnership is the lessor of equipment under operating leases with periods that generally will range from 12 to 48 months. In general, associated costs such as repairs and maintenance, insurance and property taxes are paid by the lessee. Gains and losses from the sale of equipment are recognized when the lease is modified and terminated concurrently. Gain from the sale of equipment included in lease revenue for the three months ended March 31, 2022, was approximately $0. CCC, on behalf of the Partnership and on behalf of other affiliated companies and partnerships (“partnerships”), acquires equipment subject to associated debt obligations and lease agreements and allocates a participation in the cost, debt and lease revenue to the various companies based on certain risk factors. The Partnership’s share of the cost of the equipment in which it participates with other partnerships at March 31, 2022 was approximately $1,887,000 and is included in the Partnership’s equipment on its balance sheet. The total cost of the equipment shared by the Partnership with other partnerships at March 31, 2022 was approximately $8,222,000. The Partnership’s share of the outstanding debt associated with this equipment at March 31, 2022 was approximately $0 and is included in the Partnership’s notes payable on its balance sheet. The total outstanding debt related to the equipment shared by the Partnership at March 31, 2022 was approximately $0. The Partnership’s share of the cost of the equipment in which it participates with other partnerships at December 31, 2021 was approximately $1,887,000 and is included in the Partnership’s equipment on its balance sheet. The total cost of the equipment shared by the Partnership with other partnerships at December 31, 2021 was approximately $8,222,000. The Partnership’s share of the outstanding debt associated with this equipment at December 31, 2021 was approximately $0 and is included in the Partnership’s notes payable on its balance sheet. The total outstanding debt related to the equipment shared by the Partnership at December 31, 2021 was approximately $0. As the Partnership and the other programs managed by the General Partner continue to acquire new equipment for the portfolio, opportunities for shared participation are expected to continue. Sharing in the acquisition of a lease portfolio gives the fund an opportunity to acquire additional assets and revenue streams, while allowing the fund to remain diversified and reducing its overall risk with respect to one portfolio. The following is a schedule of approximate future minimum rentals on non-cancellable operating leases at March 31, 2022: For the period ended December Amount Nine months ended December 31, 2022 $ 21,000 Year Ended December 31, 2023 23,000 Year Ended December 31, 2024 21,000 Year Ended December 31, 2025 9,000 $ 74,000

Related Party Transactions

Related Party Transactions3 Months Ended
Mar. 31, 2022
Related Party Transactions
4. Related Party Transactions4. Related Party Transactions Receivables/Payables As of March 31, 2022, and December 31, 2021, the Company’s related party receivables and payables are short term, unsecured and non-interest bearing. Three months ended March 31, 2022 2021 Reimbursable Expenses The General Partner and its affiliates are entitled to reimbursement by the Partnership for the cost of goods, supplies or services obtained and used by the General Partner in connection with the administration and operation of the Partnership from third parties unaffiliated with the General Partner. In addition, the General Partner and its affiliates are entitled to reimbursement of certain expenses incurred by the General Partner and its affiliates in connection with the administration and operation of the Partnership. For the three months ended March 31, 2022 and 2021, the General Partner waived certain reimbursable expenses due to it by the Partnership. For the three months ended March 31, 2022 and 2021, the Partnership was charged approximately $20,000 and $21,000 in Other LP expense, respectively. $ 42,000 $ 68,000 Equipment Acquisition Fee The General Partner earned an equipment acquisition fee of 4% of the purchase price of each item of equipment purchased as compensation for the negotiation of the acquisition of the equipment and lease thereof or sale under a conditional sales contract. For the three months ended March 31, 2022 and 2021, approximately $0 and $0 of acquisition fees were waived by the General Partner, respectively. $ - $ - Equipment Management Fee The General Partner is entitled to be paid for managing the equipment portfolio a monthly fee equal to the lesser of (i) the fees which would be charged by an independent third party for similar services for similar equipment or (ii) the sum of (a) two percent of (1) the gross lease revenues attributable to equipment which is subject to full payout net leases which contain net lease provisions plus (2) the purchase price paid on conditional sales contracts as received by the Partnership and (b) 5% of the gross lease revenues attributable to equipment which is subject to operating leases. In an effort to increase future cash flow for the fund our General Partner has elected to waive equipment management fees. For the three months ended March 31, 2022 and 2021, equipment management fees of approximately $2,000 and $3,000 were earned but waived by the General Partner, respectively. $ - $ - Equipment liquidation Fee With respect to each item of equipment sold by the General Partner (other than in connection with a conditional sales contract), a fee equal to the lesser of (i) 50% of the competitive equipment sale commission or (ii) three percent of the sales price for such equipment is payable to the General Partner. The payment of such fee is subordinated to the receipt by the limited partners of (i) a return of their net capital contributions and a 10% per annum cumulative return, compounded daily, on adjusted capital contributions and (ii) the net disposition proceeds from such sale in accordance with the Partnership Agreement. Such fee will be reduced to the extent any liquidation or resale fees are paid to unaffiliated parties. During the three months ended March 31, 2022 and 2021, the General Partner waived approximately $0 and $39 of equipment liquidation fees, respectively. $ - $ -

Notes Payable

Notes Payable3 Months Ended
Mar. 31, 2022
Notes Payable
5. Notes Payable5. Notes Payable Notes payable consisted of the following approximate amounts: March 31, December 31, 2022 2021 Installment note payable to bank; interest at 5.00% due in monthly installments of $452, including interest, with final payment in November 2024 14,000 15,000 $ 14,000 $ 15,000 These notes are secured by specific equipment with a carrying value of approximately $19,000 and are nonrecourse liabilities of the Partnership. As such, the notes do not contain any financial debt covenants with which the Partnership must comply on either an annual or quarterly basis. Aggregate approximate maturities of notes payable for each of the periods subsequent to March 31, 2022 are as follows: Amount Nine months ended December 31, 2022 $ 4,000 Year ended December 31, 2023 5,000 Year ended December 31, 2024 5,000 $ 14,000

Supplemental Cash Flow Informat

Supplemental Cash Flow Information3 Months Ended
Mar. 31, 2022
Supplemental Cash Flow Information
6. Supplemental Cash Flow Information6. Supplemental Cash Flow Information No interest or principal on notes payable was paid by the Partnership during 2022 and 2021 because direct payment was made by lessee to the bank in lieu of collection of lease income and payment of interest and principal by the Partnership. Other noncash activities included in the determination of net income (loss) are as follows: Three months ended March 31, 2022 2021 Lease revenue net of interest expense on notes payable realized as a result of direct payment of principal by lessee to bank $ 1,000 $ 8,000

Commitments and Contingencies

Commitments and Contingencies3 Months Ended
Mar. 31, 2022
COMMITMENTS AND CONTINGENCIES
7. Commitments and Contingencies7. Commitments and Contingencies COVID-19 Pandemic The amount of revenue recognized and the pattern of revenue recognition may be impacted by COVID-19. In December 2019, a strain of coronavirus was reported to have surfaced in Wuhan, China, and has spread globally, and on March 12, 2020, the World Health Organization (“WHO”) declared COVID-19 to be a pandemic. In an effort to contain and mitigate the spread of COVID-19, many countries, including the United States, have imposed unprecedented restrictions on travel, quarantines, and other public health safety measures. Such government-imposed precautionary measures may have been relaxed in certain countries or states, but there is no assurance that more strict measures will be put in place again due to a resurgence in COVID-19 cases. In addition, the COVID-19 virus and other infectious diseases could result in a widespread health crisis that could adversely affect the economies and financial markets worldwide, resulting in an economic downturn that could impact the Company’s business, financial condition, and results of operations. The pattern of revenue recognition may change for delays in rendering services. In periods ended subsequent to the outbreak of COVID-19, the impact on expected credit losses and future cash flow projections used in impairment testing will need to be considered. The Partnership continues to evaluate whether adjustments to the financial statements are required or whether additional disclosures are necessary. In its leasing business, the Partnership is always subject to credit losses as it relates to a customer’s ability to make timely rental payments. The impact of COVID-19 may contribute to risk of non-performance, where a customer may experience financial difficulty and may delay in making timely payments. The Partnership recognizes impairment of receivables and loans when losses are incurred, which is when it is probable that an entity will be unable to collect all amounts due according to the contractual terms of the arrangement. Impairment is measured based on the present value of expected future cash flows discounted at a receivable’s or a loan’s effective interest rate, except that, as a practical expedient, impairment can be measured based on a receivable’s or a loans’ observable market price or the fair value of the underlying collateral. The Partnership believes its estimate of expected losses have been recognized based on historical experience, current conditions, and reasonable forecasts. The impacts of COVID-19 may necessitate additional adjustments in future forecasts of expected losses. Although the Partnership cannot estimate the length or gravity of the impact of the COVID-19 outbreak at this time, if the pandemic continues, it may have a material adverse effect on the Partnership’s results of future operations, financial position, and liquidity in fiscal year 2022 and beyond.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)3 Months Ended
Mar. 31, 2022
Summary of Significant Accounting Policies (Policies)
Basis of PresentationThe financial information presented as of any date other than December 31, 2021 has been prepared from the books and records without audit. The following unaudited condensed financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission. Financial information as of December 31, 2021 has been derived from the audited financial statements of the Partnership, but does not include all disclosures required by generally accepted accounting principles to be included in audited financial statements. In the opinion of management, all adjustments, consisting only of normal recurring adjustments, necessary for a fair presentation of the financial information for the periods indicated, have been included. Operating results for the three months ended March 31, 2022 are not necessarily indicative of financial results that may be expected for the full year ended December 31, 2022.
Disclosure of Fair Value of Financial InstrumentsEstimated fair value was determined by management using available market information and appropriate valuation methodologies. However, judgment was necessary to interpret market data and develop estimated fair value. Receivables, accounts payable and accrued expenses and other liabilities are carried at amounts which reasonably approximate their fair values as of March 31, 2022 and December 31, 2021 due to the short-term nature of these financial instruments. The Partnership’s long-term debt consists of notes payable, which are secured by specific equipment and are nonrecourse liabilities of the Partnership. The estimated fair value of this debt at March 31, 2022 and December 31, 2021 approximates the carrying value of these instruments, due to the interest rates on the debt approximating current market interest rates. The Partnership classifies the fair value of its notes payable within Level 2 of the valuation hierarchy based on the observable inputs used to estimate fair value.
Cash and Cash EquivalentsWe consider cash equivalents to be highly liquid investments with the original maturity dates of 90 days or less. At March 31, 2022, cash and cash equivalents was held in one account maintained at one financial institution with an aggregate balance of approximately $2,000. Bank accounts are federally insured up to $250,000 by the FDIC. At March 31, 2022, the total cash bank balance was as follows: At March 31, 2022 Balance Total bank balance $ 2,000 FDIC insured (2,000 ) Uninsured amount $ - The Partnership’s bank balances are fully insured by the FDIC. The Partnership deposits its funds with a Moody’s Aaa-Rated banking institution which is one of only three Aaa-Rated banks listed on the New York Stock Exchange. The Partnership has not experienced any losses in such accounts, and believes it is not exposed to any significant credit risk. The amount in such accounts will fluctuate throughout 2022 due to many factors, including cash receipts, equipment acquisitions and interest rates.
Recent Accounting Pronouncements Not Yet AdoptedIn June 2016, the FASB issued Accounting Standards Update (“ASU”) 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”). This standard establishes an impairment model (known as the current expected credit loss (“CECL”) model) that is based on expected losses rather than incurred losses. Under the new guidance, an entity recognizes as an allowance its estimate of expected credit losses, which is intended to result in a timelier recognition of losses. Under the CECL model, entities will estimate credit losses over the entire contractual term of the instrument (considering estimated prepayments, but not expected extensions or modifications) from the date of initial recognition of the financial instrument. Measurement of expected credit losses are to be based on relevant forecasts that affect collectability. The scope of financial assets within the CECL methodology is broad and includes trade receivables from certain revenue transactions and certain off-balance sheet credit exposures. Different components of the guidance require modified retrospective or prospective adoption. In November 2018, the FASB issued ASU No. 2018-19, Codification Improvements to Topic 326, Financial Instruments-Credit Losses. ASU 2018-19 clarifies that receivables arising from operating leases are not within the scope of the credit losses standard. Instead, entities would need to apply other U.S. GAAP, namely Topic 842 (Leases), to account for changes in the collectability assessment for operating leases. Other than operating lease receivables, Partnership trade receivables include receivables from finance leases and equipment sales. Under Topic 606 (Revenue from Contracts with Customers), revenue is recognized when, among other criteria, it is probable that the entity will collect the consideration to which it is entitled for goods or services transferred to a customer. At the point that finance lease receivables are recorded, they become subject to the CECL model and estimates of expected credit losses over their contractual life will be required to be recorded at inception based on historical information, current conditions, and reasonable and supportable forecasts. Trade receivables derived from equipment sales are of short duration and there is not a material difference between incurred losses and expected losses. In April 2019, the FASB issued ASU 2019-04, Codification Improvements to Topic 326, Financial Instruments-Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments, which amends and clarifies several provisions of Topic 326. In May 2019, the FASB issued ASU 2019-05, Financial Instruments-Credit Losses (Topic 326): Targeted Transition Relief, which amends Topic 326 to allow the fair value option to be elected for certain financial instruments upon adoption. ASU 2019-10 extended the effective date of ASU 2016-13 for the Partnership until December 15, 2022. While the Partnership continues to evaluate the new guidance, including the subsequent updates to Topic 326, it does not anticipate that adoption will have a material impact on the Partnership’s financial statements and related disclosures. For the three months ended March 31, 2022, the Partnership’s finance lease revenue subject to CECL represented less than 1% of total lease revenue.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)3 Months Ended
Mar. 31, 2022
Summary of Significant Accounting Policies
Schedule of cash and cash equivalentsAt March 31, 2022 Balance Total bank balance $ 2,000 FDIC insured (2,000 ) Uninsured amount $ -

Information Technology Medica_2

Information Technology Medical Technology Telecommunications Technology Inventory Management Equipment (Tables)3 Months Ended
Mar. 31, 2022
Information Technology Medical Technology Telecommunications Technology Inventory Management Equipment (Equipment)
Schedule of future minimum rentals on non-cancellable operating leases For the period ended December Amount Nine months ended December 31, 2022 $ 21,000 Year Ended December 31, 2023 23,000 Year Ended December 31, 2024 21,000 Year Ended December 31, 2025 9,000 $ 74,000

Related Party Transactions (Tab

Related Party Transactions (Tables)3 Months Ended
Mar. 31, 2022
Related Party Transactions
Related party transactionsThree months ended March 31, 2022 2021 Reimbursable Expenses The General Partner and its affiliates are entitled to reimbursement by the Partnership for the cost of goods, supplies or services obtained and used by the General Partner in connection with the administration and operation of the Partnership from third parties unaffiliated with the General Partner. In addition, the General Partner and its affiliates are entitled to reimbursement of certain expenses incurred by the General Partner and its affiliates in connection with the administration and operation of the Partnership. For the three months ended March 31, 2022 and 2021, the General Partner waived certain reimbursable expenses due to it by the Partnership. For the three months ended March 31, 2022 and 2021, the Partnership was charged approximately $20,000 and $21,000 in Other LP expense, respectively. $ 42,000 $ 68,000 Equipment Acquisition Fee The General Partner earned an equipment acquisition fee of 4% of the purchase price of each item of equipment purchased as compensation for the negotiation of the acquisition of the equipment and lease thereof or sale under a conditional sales contract. For the three months ended March 31, 2022 and 2021, approximately $0 and $0 of acquisition fees were waived by the General Partner, respectively. $ - $ - Equipment Management Fee The General Partner is entitled to be paid for managing the equipment portfolio a monthly fee equal to the lesser of (i) the fees which would be charged by an independent third party for similar services for similar equipment or (ii) the sum of (a) two percent of (1) the gross lease revenues attributable to equipment which is subject to full payout net leases which contain net lease provisions plus (2) the purchase price paid on conditional sales contracts as received by the Partnership and (b) 5% of the gross lease revenues attributable to equipment which is subject to operating leases. In an effort to increase future cash flow for the fund our General Partner has elected to waive equipment management fees. For the three months ended March 31, 2022 and 2021, equipment management fees of approximately $2,000 and $3,000 were earned but waived by the General Partner, respectively. $ - $ - Equipment liquidation Fee With respect to each item of equipment sold by the General Partner (other than in connection with a conditional sales contract), a fee equal to the lesser of (i) 50% of the competitive equipment sale commission or (ii) three percent of the sales price for such equipment is payable to the General Partner. The payment of such fee is subordinated to the receipt by the limited partners of (i) a return of their net capital contributions and a 10% per annum cumulative return, compounded daily, on adjusted capital contributions and (ii) the net disposition proceeds from such sale in accordance with the Partnership Agreement. Such fee will be reduced to the extent any liquidation or resale fees are paid to unaffiliated parties. During the three months ended March 31, 2022 and 2021, the General Partner waived approximately $0 and $39 of equipment liquidation fees, respectively. $ - $ -

Notes Payable (Tables)

Notes Payable (Tables)3 Months Ended
Mar. 31, 2022
Notes Payable
Notes payable March 31, December 31, 2022 2021 Installment note payable to bank; interest at 5.00% due in monthly installments of $452, including interest, with final payment in November 2024 14,000 15,000 $ 14,000 $ 15,000
Aggregate maturities of notes payable Amount Nine months ended December 31, 2022 $ 4,000 Year ended December 31, 2023 5,000 Year ended December 31, 2024 5,000 $ 14,000

Supplemental Cash Flow Inform_2

Supplemental Cash Flow Information (Tables)3 Months Ended
Mar. 31, 2022
Supplemental Cash Flow Information
Other noncash activitiesThree months ended March 31, 2022 2021 Lease revenue net of interest expense on notes payable realized as a result of direct payment of principal by lessee to bank $ 1,000 $ 8,000

Business (Details Narrative)

Business (Details Narrative)Mar. 31, 2022USD ($)$ / sharesshares
Business
Common units, authorized | shares1,250,000
Price per unit | $ / shares $ 20
Working capital deficit | $ $ (381,000)

Summary of Significant Accoun_4

Summary of Significant Accounting Policies (Details)Mar. 31, 2022USD ($)
Summary of Significant Accounting Policies
Total bank balance $ 2,000
FDIC insured(2,000)
Uninsured amount $ 0

Summary of Significant Accoun_5

Summary of Significant Accounting Policies (Details Narrative)Mar. 31, 2022USD ($)
Total bank balance $ 2,000
FDIC insured2,000
Maximum [Member]
FDIC insured $ 250,000

Information Technology Medica_3

Information Technology Medical Technology Telecommunications Technology Inventory Management Equipment and other BusinessEssential Capital Equipment (Equipment) (Details)Mar. 31, 2022USD ($)
Information Technology Medical Technology Telecommunications Technology Inventory Management Equipment (Equipment)
Nine months ended December 31, 2022 $ 21,000
Year Ended December 31, 202323,000
Year ended December 31, 202421,000
Year ended December 31, 20259,000
Total $ 74,000

Information Technology Medica_4

Information Technology Medical Technology Telecommunications Technology Inventory Management Equipment and other BusinessEssential Capital Equipment (Equipment) (Details Narrative) - USD ($)3 Months Ended
Mar. 31, 2022Dec. 31, 2021
Information Technology Medical Technology Telecommunications Technology Inventory Management Equipment (Equipment)
Lessor, operating lease, term of contract12 to 48 months
Gains (Loss) on sales of equipment $ 0
Equipment shared1,887,000 $ 1,887,000
Total shared equipment8,222,000 8,222,000
Debt shared0 0
Outstanding debt total $ 0 $ 0

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($)3 Months Ended
Mar. 31, 2022Mar. 31, 2021
Related Party Transactions
Reimbursable expenses $ 42,000 $ 68,000
Equipment acquisition fee0 0
Equipment management fee0 0
Equipment liquidation fee $ 0 $ 0

Related Party Transactions (D_2

Related Party Transactions (Details Narrative) - USD ($)3 Months Ended
Mar. 31, 2022Mar. 31, 2021
Related Party Transactions
Due to related party $ 20,000 $ 21,000
Percentage of equipment acquisition fee4.00%
Acquisition fees waived by related party $ 0 0
Percentage of revenues attributable to equipment5.00%
Equipment management fees waived by related party $ 2,000 3,000
Equipment liquidation fees waived by related party $ 0 $ 39

Notes Payable (Details)

Notes Payable (Details) - USD ($)3 Months Ended
Mar. 31, 2022Dec. 31, 2021
Notes payable $ 14,000 $ 15,000
Note 1 [Member]
Notes payable $ 14,000 $ 15,000
Notes payable descriptionInstallment note payable to bank; interest at 5.00% due in monthly installments of $452, including interest, with final payment in November 2024

Notes Payable (Details 1)

Notes Payable (Details 1)Mar. 31, 2022USD ($)
Notes Payable (Details)
Nine months ended December 31, 2022 $ 4,000
Year ended December 31, 20235,000
Year ended December 31, 20245,000
Total $ 14,000

Notes Payable (Details Narrativ

Notes Payable (Details Narrative)Mar. 31, 2022USD ($)
Notes Payable (Details)
Nonrecourse liabilities $ 19,000

Supplemental Cash Flow Inform_3

Supplemental Cash Flow Information (Details) - USD ($)3 Months Ended12 Months Ended
Mar. 31, 2022Dec. 31, 2021
Supplemental Cash Flow Information
Lease revenue net of interest expense on notes payable realized as a result of direct payment of principal by lessee to bank $ 1,000 $ 8,000

Commitments and Contingencies (

Commitments and Contingencies (Details Narrative)1 Months Ended3 Months Ended
Jul. 21, 2017USD ($)integerMar. 30, 2015USD ($)Mar. 31, 2022USD ($)Mar. 31, 2021USD ($)
Misallocated expenses $ 63,439 $ 116,430
Ms. Springsteen-Abbott
Misallocated expenses $ 208,000
Reallocated funds $ 151,225
FINRA
Education expenses for personnel providing services $ 30,000
Number of items list | integer1,840
Total amount for number of items list $ 208,000
Number of remaining list items | integer87
Total amount for remaining list items $ 36,226
Reduction in final claim36,226
FINRA | Maximum
Reduction in proposed fine100,000
FINRA | Minimum
Reduction in proposed fine $ 50,000