LEASE EQUITY APPRECIATION FUND I LP

CIK:0001169083|SEC Filings

Consolidated Statements of Operations (Unaudited) (USD $) In Thousands, except Share data, unless otherwise specified	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Revenues:
Interest on equipment financings	$ 68	$ 87
Rental income	1	7
Gains on sales of equipment and lease dispositions, net	4	56
Gain on extinguishment of debt	250	0
Other income	4	34
Total Revenue	327	184
Expenses:
Interest expense	21	61
Depreciation on operating leases	0	1
Provision for credit losses	34	223
General and administrative expenses	34	74
Administrative expenses reimbursed to affiliate	15	15
Loss on derivative activities	20	51
Total Operating Expenses	124	425
Net income (loss)	203	(241)
Net income (loss) allocated to limited partners	$ 201	$ (239)
Weighted average number of limited partner units outstanding during the period (in units)	171,696	171,696
Net income (loss) per weighted average limited partner unit (in dollars per unit)	$ 1.17	$ (1.39)

Consolidated Statements of Cash Flows (Unaudited) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Cash flows from operating activities:
Net income (loss)	$ 203	$ (241)
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Depreciation on operating leases	0	1
Amortization of deferred financing costs	8	18
Provision for credit losses	34	223
Gains on sales of equipment and lease dispositions, net	(4)	(56)
Gain on extinguishment of debt	(250)	0
Net loss on derivative activities	20	51
Changes in operating assets and liabilities:
Other assets	(27)	(6)
Accounts payable and accrued expenses, and other liabilities	(19)	3
Due to affiliates	8	(80)
Net cash used in operating activities	(27)	(87)
Cash flows from investing activities:
Proceeds from leases and loans	153	949
Security deposits returned	0	(12)
Net cash provided by investing activities	153	937
Cash flows from financing activities:
Repayment of debt	(1,050)	(897)
Advance from affiliate	954	0
Decrease in restricted cash	30	41
Net cash used in financing activities	(66)	(856)
Increase (decrease) in cash	60	(6)
Cash, beginning of period	1	35
Cash, end of period	61	29
Supplemental cash flow disclosure:
Cash paid for interest	$ 14	$ 44

Consolidated Balance Sheets (Unaudited) (USD $) In Thousands, unless otherwise specified	Mar. 31, 2014	Dec. 31, 2013
ASSETS
Cash	$ 61	$ 1
Restricted cash	40	70
Investment in leases and loans, net	634	817
Deferred financing costs, net	0	8
Other assets	31	4
Total assets	766	900
Liabilities:
Bank debt	0	1,300
Accounts payable and accrued expenses	112	132
Due to affiliates	8,384	7,422
Derivative liabilities, at fair value	0	9
Other liabilities	44	43
Total liabilities	8,540	8,906
Commitments and contingencies (Note 10)
Partners' Deficit:
General partner	(226)	(228)
Limited partners	(7,548)	(7,749)
Accumulated other comprehensive loss	0	(29)
Total partners' deficit	(7,774)	(8,006)
Total liabilities and partners' deficit	$ 766	$ 900