Macquarie Equipment Leasing Fund, LLC

CIK:0001446714|SEC Filings

STATEMENTS OF OPERATIONS - USD ($)	12 Months Ended
STATEMENTS OF OPERATIONS - USD ($)	Dec. 31, 2017	Dec. 31, 2016
REVENUE
Finance and rental income	$ 2,775,121	$ 10,646,123
Gain on sale of leased equipment	4,008,655	5,115,704
Interest income	1,018,807	1,992,600
Other income	165,594	194,687
Total revenue	7,968,177	17,949,114
EXPENSES
Operating expenses (related party)	371,520	373,074
Management fees (related party)	313,110	568,133
Depreciation	703,901	3,814,615
Impairment loss	584,590	0
Interest expense	311,541	519,217
Other expenses (including related party expenses of $478,201 and $387,039 for the year ended December 31, 2017 and 2016, respectively)	1,091,034	1,097,492
Total expenses	3,375,696	6,372,531
Net income	$ 4,592,481	$ 11,576,583
Basic and diluted earnings per share	$ 0.5	$ 1.26
Weighted average number of shares outstanding: basic and diluted	9,145,957	9,220,361

STATEMENTS OF CASH FLOWS - USD ($)	12 Months Ended
STATEMENTS OF CASH FLOWS - USD ($)	Dec. 31, 2017	Dec. 31, 2016
Cash flow from operating activities:
Net income	$ 4,592,481	$ 11,576,583
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	703,901	3,814,615
Impairment loss	584,590	0
Net gain on sale of leased equipment	(4,008,655)	(5,115,704)
Recognition of maintenance reserves in finance and rental income	0	(1,582,919)
Amortization of loan origination fees	(37,757)	(50,408)
Amortization of debt discount and issuance costs	4,256	5,905
Changes in operating assets and liabilities:
Fees payable (related party)	(42,364)	5,711
Lease receivables	0	315,800
Accrued interest receivable	114,231	(60,802)
Net investment in finance lease	727,858	800,797
Net investment in sale type lease	655,147	337,743
Other receivables	28,479	33,808
Other payables	(569,269)	(236,084)
Accrued interest payable	(30,896)	(3,595)
Deferred finance and rental income	(287,756)	(181,320)
Other assets	0	3,572
Net cash provided by operating activities	2,434,246	9,663,702
Cash flow from investing activities:
Proceeds from sale of leased equipment	45,366,472	18,504,025
Participating interest - loans receivable	0	(28,345,392)
Repayment of participating interest - loans receivable	0	36,321,345
Loan to others	0	(14,470,905)
Repayment of loan by others	12,639,891	3,005,561
Restricted cash	0	1,445,270
Net cash provided by investing activities	58,006,363	16,459,904
Cash flow from financing activities:
Distributions paid to members	(47,725,332)	(38,703,860)
Liquidation reserves payment to Manager	(2,600,000)	0
Repurchase of shares	(171,946)	(842,871)
Repayment of principal on long-term debt	(14,706,279)	(1,710,754)
Maintenance reserve received	0	129,170
Net cash used in financing activities	(65,203,557)	(41,128,315)
Net decrease in cash and cash equivalents	(4,762,948)	(15,004,709)
Cash and cash equivalents, beginning of the period	4,762,948	19,767,657
Cash and cash equivalents, end of the period	0	4,762,948
Non cash investing and financing activities
Maintenance reserve	0	1,582,919
Distribution Payable	0	623,976
Operating Expense from Manager capitalized into loan to others	0	12,740
Loan to others	0	620,000
Repayment of loan by others	0	430,000
Cash paid during the period for interest	$ 341,562	$ 509,269

BALANCE SHEETS - USD ($)	Dec. 31, 2017	Dec. 31, 2016
Current Assets
Cash and cash equivalents	$ 0	$ 4,762,948
Leased equipment held for sale	0	19,046,393
Net investment in finance lease	0	537,382
Loans receivable less: (unamortized deferred loan origination fees and costs of $0 and $45,858 for December 31, 2017 and 2016, respectively)	0	12,593,290
Accrued interest receivable	0	114,231
Maintenance reserve and other receivables	0	28,479
Total Current Assets	0	37,082,723
Non-current Assets
Net investment in finance lease	0	1,890,442
Leased equipment at cost (net of accumulated depreciation of $0 and $5,384,317 as of December 31, 2017 and 2016, respectively)	0	23,227,614
Total Non-current Assets	0	25,118,056
Total Assets	0	62,200,779
Current Liabilities
Fees payable (related party)	0	42,364
Deferred finance and rental income	0	951,429
Distribution payable	0	623,976
Other payables	0	124,624
Current portion of long-term debt	0	1,770,199
Accrued interest payable	0	30,896
Total Current Liabilities	0	3,543,488
Non-current Liabilities
Other payables	0	444,645
Long-term debt, less current portion ($16,750,000 face value, less: unamortized debt discount and issuance costs of $0 and $50,746 as of December 31, 2017 and 2016, respectively)	0	12,931,825
Total Non-current Liabilities	0	13,376,470
Total Liabilities	0	16,919,958
Commitments and Contingencies (Note 12)
Members’ Equity
Shares of membership interests, $10.00 par value as may be reduced (i) under a distribution reinvestment plan, (ii) for volume discounts, or (iii) for reductions in selling commissions Authorized: 15,800,500 shares; Issued and outstanding: Nil and 9,183,494 shares as of December 31, 2017 and 2016 respectively, net of repurchases of NA and 474,623, respectively	0	45,280,821
Accumulated surplus	0	0
Total Members’ Equity	0	45,280,821
Total Liabilities and Members’ Equity	$ 0	$ 62,200,779