Lease Equity Appreciation Fund II, L.P.

CIK:0001294154|SEC Filings

Consolidated Statements of Operations (Unaudited) (USD $) In Thousands, except Share data, unless otherwise specified	3 Months Ended		9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Revenues:
Interest on equipment financings	$ 70	$ 171	$ 341	$ 742
Rental income	3	13	15	50
Gains on sales of equipment and lease dispositions, net	35	329	116	432
Other income	15	38	43	181
Revenues	123	551	515	1,405
Expenses:
Interest expense	0	154	8	658
Interest expense to related party	113	153	384	473
Depreciation from operating leases	2	8	10	20
Provision for credit losses	163	254	668	535
General and administrative expenses	71	65	280	303
Administrative expenses reimbursed to affiliate	19	24	60	81
Loss on derivative activities	0	34	0	245
Expenses	368	692	1,410	2,315
Net loss	(245)	(141)	(895)	(910)
Net loss allocated to limited partners	$ (243)	$ (140)	$ (886)	$ (901)
Weighted average number of limited partner units outstanding during the period (in units)	592,809	592,809	592,809	592,809
Net loss per weighted average limited partner unit (in dollars per unit)	$ (0.41)	$ (0.24)	$ (1.49)	$ (1.52)

Consolidated Statements of Cash Flows (Unaudited) (USD $) In Thousands, unless otherwise specified	9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013
Cash flows from operating activities:
Net loss	$ (895)	$ (910)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation from operating leases	10	20
Amortization of deferred financing costs	8	478
Provision for credit losses	668	535
Gains on sales of equipment and lease dispositions, net	(116)	(432)
Net loss on derivative activities	0	245
Changes in operating assets and liabilities:
Other assets	(44)	(44)
Accounts payable and accrued expenses, and other liabilities	(171)	(370)
Due to affiliates	111	(297)
Net cash used in operating activities	(429)	(775)
Cash flows from investing activities:
Proceeds from leases and loans	2,391	7,860
Security deposits returned	(21)	(146)
Net cash provided by investing activities	2,370	7,714
Cash flows from financing activities:
Repayments of note payable to related party	(1,691)	(830)
Repayment of debt	0	(5,987)
Decrease in restricted cash	0	713
Decrease in deferred financing costs incurred	0	(66)
Cash distributions to partners	0	(899)
Net cash used in financing activities	(1,691)	(7,069)
Increase (decrease) in cash	250	(130)
Cash, beginning of period	40	249
Cash, end of period	290	119
Supplemental cash flow disclosure:
Cash paid for interest	$ 384	$ 700

Consolidated Balance Sheets (Unaudited) (USD $) In Thousands, unless otherwise specified	Sep. 30, 2014	Dec. 31, 2013
ASSETS
Cash	$ 290	$ 40
Investment in leases and loans, net	2,161	5,093
Other assets	66	30
Total assets	2,517	5,163
Liabilities:
Note payable to related party	4,042	5,733
Accounts payable and accrued expenses	188	276
Due to affiliates	16,390	16,279
Other liabilities	50	133
Total liabilities	20,670	22,421
Commitments and contingencies (Note 10)
Partners' Deficit:
General partner	(694)	(685)
Limited partners	(17,459)	(16,573)
Total partners' deficit	(18,153)	(17,258)
Total liabilities and partners' deficit	$ 2,517	$ 5,163