LEAF Equipment Leasing Income Fund III, L.P.

CIK:0001376074|SEC Filings

Consolidated Statements of Operations (Unaudited) (USD $) In Thousands, except Share data, unless otherwise specified	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Revenues:
Interest on equipment financings	$ 93	$ 273
Rental income	14	44
Gains on sales of equipment and lease dispositions, net	3	67
Other income	9us-gaap_OtherIncome	44us-gaap_OtherIncome
Revenues	119us-gaap_Revenues	428us-gaap_Revenues
Expenses:
Interest expense	59us-gaap_InterestExpense	222us-gaap_InterestExpense
Depreciation of operating leases	10	19
(Reduction) provision for credit losses	(46)us-gaap_ProvisionForLoanAndLeaseLosses	253us-gaap_ProvisionForLoanAndLeaseLosses
General and administrative expenses	137us-gaap_GeneralAndAdministrativeExpense	177us-gaap_GeneralAndAdministrativeExpense
Administrative expenses reimbursed to affiliate	9us-gaap_AffiliateCosts	21us-gaap_AffiliateCosts
Expenses	169us-gaap_OperatingExpenses	692us-gaap_OperatingExpenses
Loss before equity in losses of affiliate	(50)	(264)
Equity in losses of affiliate	(7)	(3)
Net loss	(57)us-gaap_NetIncomeLoss	(267)us-gaap_NetIncomeLoss
Net loss allocated to limited partners	$ (56)	$ (264)
Weighted average number of limited partnership units outstanding during the period (in units)	1,195,626	1,195,626
Net loss per limited partnership unit (in dollars per unit)	$ (0.05)	$ (0.22)

Consolidated Statements of Cash Flows (Unaudited) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Cash flows from operating activities:
Net loss	$ (57)us-gaap_NetIncomeLoss	$ (267)us-gaap_NetIncomeLoss
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation of operating leases	10	19
Amortization of deferred financing costs	6us-gaap_AdjustmentForAmortization	23us-gaap_AdjustmentForAmortization
Amortization of original issue discount on debt	18	78
(Reduction) provision for credit losses	(46)us-gaap_ProvisionForLoanAndLeaseLosses	253us-gaap_ProvisionForLoanAndLeaseLosses
Equity in losses of affiliate	7	3
Gains on sales of equipment and lease dispositions, net	(3)	(67)
Changes in operating assets and liabilities:
Other assets	2	(125)
Accounts payable and accrued expenses, and other liabilities	(145)	298
Due to affiliates	297	227
Net cash provided by operating activities	89	442
Cash flows from investing activities:
Proceeds from leases and loans	726	1,911
Security deposits returned	(70)	(48)
Net cash provided by investing activities	656	1,863
Cash flows from financing activities:
Decrease in restricted cash	172	283
Repayment of debt	(614)us-gaap_RepaymentsOfBankDebt	(2,217)us-gaap_RepaymentsOfBankDebt
Cash distributions to partners	(298)	(298)
Net cash used in financing activities	(740)	(2,232)
Increase in cash	5us-gaap_CashPeriodIncreaseDecrease	73us-gaap_CashPeriodIncreaseDecrease
Cash, beginning of period	21us-gaap_Cash	20us-gaap_Cash
Cash, end of period	26us-gaap_Cash	93us-gaap_Cash
Cash paid for interest	$ 36us-gaap_InterestPaid	$ 125us-gaap_InterestPaid

Consolidated Balance Sheets (Unaudited) (USD $) In Thousands, unless otherwise specified	Mar. 31, 2015	Dec. 31, 2014
ASSETS
Cash	$ 26us-gaap_Cash	$ 21us-gaap_Cash
Restricted cash	1,983	2,155
Investment in leases and loans, net	2,094	2,711
Investment in affiliated leasing entities	154us-gaap_EquityMethodInvestments	161us-gaap_EquityMethodInvestments
Deferred financing costs, net	22us-gaap_DeferredFinanceCostsNet	28us-gaap_DeferredFinanceCostsNet
Other assets	20us-gaap_OtherAssets	22us-gaap_OtherAssets
Total assets	4,299us-gaap_Assets	5,098us-gaap_Assets
Liabilities:
Debt	2,162us-gaap_SecuredDebt	2,758us-gaap_SecuredDebt
Accounts payable and accrued expenses	530	673
Due to affiliates	19,709	19,412
Other liabilities	31us-gaap_OtherLiabilities	33us-gaap_OtherLiabilities
Total liabilities	22,432us-gaap_Liabilities	22,876us-gaap_Liabilities
Commitments and contingencies (Note 9)
Partners' Deficit:
General partner	(1,220)us-gaap_GeneralPartnersCapitalAccount	(1,216)us-gaap_GeneralPartnersCapitalAccount
Limited partners	(16,913)us-gaap_LimitedPartnersCapitalAccount	(16,562)us-gaap_LimitedPartnersCapitalAccount
Total partners' deficit	(18,133)us-gaap_PartnersCapital	(17,778)us-gaap_PartnersCapital
Total liabilities and partners' deficit	$ 4,299	$ 5,098