Commonwealth Income & Growth Fund V (CIGF5) 10-Q23 Aug 222022 Q2 Quarterly reportFinancial data

Company Profile

Cover

Cover - shares	6 Months Ended
Cover - shares	Jun. 30, 2022	Aug. 20, 2022
Cover [Abstract]
Entity Registrant Name	COMMONWEALTH INCOME & GROWTH FUND V
Entity Central Index Key	0001253347
Document Type	10-Q
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Small Business	true
Entity Shell Company	false
Entity Emerging Growth Company	false
Entity Current Reporting Status	Yes
Document Period End Date	Jun. 30, 2022
Entity Filer Category	Non-accelerated Filer
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2022
Entity Common Stock Shares Outstanding		0
Document Quarterly Report	true
Document Transition Report	false
Entity File Number	333-108057
Entity Incorporation State Country Code	PA
Entity Tax Identification Number	65-1189593
Entity Address Address Line 1	4532 US Highway 19 North
Entity Address Address Line 2	Suite 200
Entity Address City Or Town	New Port Richey
Entity Address State Or Province	FL
Entity Address Postal Zip Code	34652
City Area Code	800
Local Phone Number	249-3700
Entity Interactive Data Current	Yes

Condensed Balance Sheets

Condensed Balance Sheets - USD ($)	Jun. 30, 2022	Dec. 31, 2021
ASSETS
Cash and cash equivalents	$ 955	$ 29,571
Lease income receivable, net of reserve of approximately $46,000 at both June 30, 2022 and December 31, 2021	58,594	36,537
Other receivables	333	333
Prepaid expenses	2,377	1,680
Total Current	62,259	68,121
Equipment, at cost	3,470,113	3,411,451
Accumulated depreciation	(3,377,310)	(3,282,768)
Total Non Current	92,804	128,683
Total Assets	155,063	196,804
LIABILITIES
Accounts payable	147,320	165,476
Accounts payable, CIGF, Inc.	146,037	100,732
Accounts payable, Commonwealth Capital Corp, net of accounts receivable of approximately $66,000 and $14,000 at June 30, 2022 and December 31, 2021, respectively	167,151	165,514
Unearned lease income	115	4,883
Notes payable	12,326	14,695
Total Liabilities	472,950	451,300
PARTNERS' DEFICIT
General Partner	1,000	1,000
Limited Partners	(318,887)	(255,496)
Total Partners' Deficit	(317,887)	(254,496)
Total Liabilities and Partners' Deficit	$ 155,063	$ 196,804

Condensed Balance Sheets (Paren

Condensed Balance Sheets (Parenthetical) - USD ($)	Jun. 30, 2022	Dec. 31, 2021
Condensed Balance Sheets
Reserve for doubtful lease income receivable	$ 46,000	$ 46,000
Accounts receivable	$ 66,000	$ 14,000

Condensed Statements of Operati

Condensed Statements of Operations (unaudited) - USD ($)	3 Months Ended		6 Months Ended
Condensed Statements of Operations (unaudited) - USD ($)	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Revenue
Lease	$ 38,440	$ 55,691	$ 84,534	$ 116,532
Interest and other	328	0	418	34
Sales and property taxes	1,321	2,527	2,597	5,189
Gain on sale of equipment	0	15,325	0	10,245
Total revenue and gain on sale of equipment	40,089	73,543	87,549	132,000
Expenses
Operating, excluding depreciation and amortization	68,078	52,252	112,121	126,830
Interest	164	222	343	535
Depreciation	17,940	26,856	35,880	60,653
Sales and property taxes	1,321	2,527	2,597	5,189
Bad debt recovery	0	0	0	0
Total expenses	87,502	81,857	150,940	193,207
Net Loss	(47,413)	(8,314)	(63,391)	(61,207)
Net Loss allocated to Limited Partners	$ (47,413)	$ (8,314)	$ (63,391)	$ (61,207)
Net Loss per equivalent Limited Partnership unit	$ (0.04)	$ (0.01)	$ (0.05)	$ (0.05)
Weighted average number of equivalent limited
partnership units outstanding during the period	1,233,244	1,234,748	1,233,354	1,235,006

Condensed Statement of Partners

Condensed Statement of Partners' Equity (unaudited) - USD ($)	Total	General Partners [Member]	Limited Partners [Member]
Balance, shares at Dec. 31, 2020		50	1,235,581
Balance, amount at Dec. 31, 2020	$ (94,974)	$ 1,000	$ (95,974)
Net Income (Loss)	(52,893)		$ (52,893)
Redemption, shares			(833)
Balance, shares at Mar. 31, 2021		50	1,234,748
Balance, amount at Mar. 31, 2021	(147,867)	$ 1,000	$ (148,867)
Balance, shares at Dec. 31, 2020		50	1,235,581
Balance, amount at Dec. 31, 2020	(94,974)	$ 1,000	$ (95,974)
Net Income (Loss)	(61,207)
Balance, shares at Jun. 30, 2021		50	1,234,748
Balance, amount at Jun. 30, 2021	(156,181)	$ 1,000	$ (157,181)
Balance, shares at Mar. 31, 2021		50	1,234,748
Balance, amount at Mar. 31, 2021	(147,867)	$ 1,000	$ (148,867)
Net Income (Loss)	(8,314)		$ (8,314)
Balance, shares at Jun. 30, 2021		50	1,234,748
Balance, amount at Jun. 30, 2021	(156,181)	$ 1,000	$ (157,181)
Balance, shares at Dec. 31, 2021		50	1,233,548
Balance, amount at Dec. 31, 2021	(254,496)	$ 1,000	$ (255,496)
Net Income (Loss)	(15,978)		$ (15,978)
Balance, shares at Mar. 31, 2022		50	1,233,548
Balance, amount at Mar. 31, 2022	(270,474)	$ 1,000	$ (271,474)
Balance, shares at Dec. 31, 2021		50	1,233,548
Balance, amount at Dec. 31, 2021	(254,496)	$ 1,000	$ (255,496)
Net Income (Loss)	(63,391)
Balance, shares at Jun. 30, 2022		50	1,233,199
Balance, amount at Jun. 30, 2022	(317,887)	$ 1,000	$ (318,887)
Balance, shares at Mar. 31, 2022		50	1,233,548
Balance, amount at Mar. 31, 2022	(270,474)	$ 1,000	$ (271,474)
Net Income (Loss)	(47,413)		$ (47,413)
Redemption, shares			(349)
Balance, shares at Jun. 30, 2022		50	1,233,199
Balance, amount at Jun. 30, 2022	$ (317,887)	$ 1,000	$ (318,887)

Condensed Statements of Cash Fl

Condensed Statements of Cash Flow (unaudited) - USD ($)	6 Months Ended
Condensed Statements of Cash Flow (unaudited) - USD ($)	Jun. 30, 2022	Jun. 30, 2021
Condensed Statements of Cash Flow (unaudited)
Net cash used in operating activities	$ (28,616)	$ (25,421)
Investing activities:
Net proceeds from the sale of equipment	0	17,725
Net cash provided by investing activities	0	17,725
Net (decrease) increase in cash and cash equivalents	(28,616)	(7,696)
Cash and cash equivalents at beginning of period	29,571	33,920
Cash and cash equivalents at end of period	$ 995	$ 26,224

Business

Business	6 Months Ended
Business	Jun. 30, 2022
Business
Business	1. 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 six months ended June 30, 2022, the Partnership incurred negative cash flow. At June 30, 2022, the Partnership has a working capital deficit of approximately $409,000. 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 Policies	6 Months Ended
Summary of Significant Accounting Policies	Jun. 30, 2022
Summary of Significant Accounting Policies
Summary of Significant Accounting Policies	2. 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 and six months ended June 30, 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 June 30, 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 June 30, 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 an original maturity of 90 days or less. At June 30, 2022, cash and cash equivalents were 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 June 30, 2022, the total cash bank balance was as follows: At June 30, 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 six months ended June 30, 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 and Other Business-Essential Capital Equipment ("Equipment")	6 Months Ended
	Jun. 30, 2022
Information Technology, Medical Technology, Telecommunications Technology, Inventory Management and Other Business-Essential Capital Equipment ("Equipment")
Information Technology, Medical Technology, Telecommunications Technology, Inventory Management and Other Business-Essential Capital Equipment ("Equipment")	3. Information Technology, Medical Technology, Telecommunications Technology, Inventory Management and Other Business-Essential Capital Equipment (“Equipment”) The Partnership is the lessor of equipment under 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 or 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 and six months ended June 30, 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 June 30, 2022 was approximately $1,656,000 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 June 30, 2022 was approximately $7,759,000. The Partnership’s share of the outstanding debt associated with this equipment at June 30, 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 June 30, 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 June 30, 2022: For the period ended December Amount Six months ended December 31, 2022 $ 15,000 Year Ended December 31, 2023 22,500 Year Ended December 31, 2024 21,000 Year Ended December 31. 2025 9,000 $ 67,500

Related Party Transactions

Related Party Transactions	6 Months Ended
Related Party Transactions	Jun. 30, 2022
Related Party Transactions
Related Party Transactions	4. Related Party Transactions Receivables/Payables As of June 30, 2022, and December 31, 2021, the Company’s related party receivables and payables are short term, unsecured and non-interest bearing. Six months ended June 30, 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 six months ended June 30, 2022 and 2021, the General Partner waived certain reimbursable expenses due to it by the Partnership. For the six months ended both June 30, 2022 and 2021, the Partnership was charged approximately $45,000 and $47,000 in Other LP expense, respectively. $ 84,000 $ 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 six months ended June 30, 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 six months ended June 30, 2022 and 2021, equipment management fees of approximately $4,000 and $6,000 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 six months ended June 30, 2022 and 2021, the General Partner waived approximately $0 and $500 of equipment liquidation fees, respectively. $ - $ -

Notes Payable

Notes Payable	6 Months Ended
Notes Payable	Jun. 30, 2022
Notes Payable
Notes Payable	5. Notes Payable Notes payable consisted of the following approximate amounts: June 30, 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 12,000 15,000 $ 12,000 $ 15,000 The notes are secured by specific equipment with a carrying value of approximately $17,000 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 June 30, 2022 are as follows: Amount Six months ended December 31, 2022 $ 2,000 Year ended December 31, 2023 5,000 Year ended December 31, 2024 5,000 $ 12,000

Supplemental Cash Flow Informat

Supplemental Cash Flow Information	6 Months Ended
Supplemental Cash Flow Information	Jun. 30, 2022
Supplemental Cash Flow Information
Supplemental Cash Flow Information	6. 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 loss are as follows: Six months ended June 30, 2022 2021 Lease revenue net of interest expense on notes payable realized as a result of direct payment of principal by lessee to bank $ 2,000 $ 10,000

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
Commitments and Contingencies	Jun. 30, 2022
Commitments and Contingencies
Commitments and Contingencies	7. 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. FINRA On May 3, 2013, the FINRA Department of Enforcement filed a complaint naming Commonwealth Capital Securities Corp. (“CCSC”) and the owner of the firm, Kimberly Springsteen-Abbott, as respondents; however, on October 22, 2013, FINRA filed an amended complaint that dropped the allegations against CCSC and reduced the scope of the allegations against Ms. Springsteen-Abbott. The sole remaining charge was that Ms. Springsteen-Abbott had approved the misallocation of some expenses to certain Funds. Management believes that the expenses at issue include amounts that were proper and that were properly allocated to Funds, and also identified a smaller number of expenses that had been allocated in error, but were adjusted and repaid to the affected Funds when they were identified in 2012. During the period in question, Commonwealth Capital Corp. (“CCC”) and Ms. Springsteen-Abbott provided important financial support to the Funds, voluntarily absorbed expenses and voluntarily waived fees in amounts aggregating in excess of any questioned allocations. A Hearing Panel ruled on March 30, 2015, that Ms. Springsteen-Abbott should be barred from the securities industry because the Panel concluded that she allegedly misallocated approximately $208,000 of expenses involving certain Funds over the course of three years. As such, management had already at that time reallocated back approximately $151,225 of the $208,000 (in allegedly misallocated expenses) to the affected funds, which was fully documented, as good faith payments for the benefit of those Income Funds. The decision of the Hearing Panel was stayed when it was appealed to FINRA’s National Adjudicatory Council (the “NAC”) pursuant to FINRA Rule 9311. The NAC issued a decision that upheld the lower panel’s ruling and the bar took effect on August 23, 2016. Ms. Springsteen-Abbott appealed the NAC’s decision to the U.S. Securities and Exchange Commission (the “SEC”). On March 31, 2017, the SEC criticized that decision as so flawed that the SEC could not even review it, and remanded the matter back to FINRA for further consideration consistent with the SEC’s remand, but did not suggest any view as to a particular outcome. On July 21, 2017, FINRA reduced the list of 1,840 items totaling $208,000 to a remaining list of 87 items totaling $36,226 (which includes approximately $30,000 of continuing education expenses for personnel providing services to the Funds), and reduced the proposed fine from $100,000 to $50,000, but reaffirmed its position on the bar from the securities industry. Respondents promptly appealed FINRA’s revised ruling to the SEC. All the requested or allowed briefs have been filed with the SEC. Despite offering no additional evidence or legal reasoning from when SEC originally remanded this matter (for FINRA’s opinion being an unreviewably flawed opinion), the SEC upheld FINRA’s new order on February 7, 2020 as to the bar; however, FINRA’s fine was voided. Ms. Springsteen-Abbott has filed a Petition for Review in the United States Court of Appeals for the District of Columbia Circuit to review a final order entered against her by the U.S. Securities and Exchange Commission. On February 26, 2021, the United States Court of Appeals for the District of Columbia Circuit, made their ruling. They dismissed in part and denied in part Ms. Springsteen-Abbott’s petition. This was regardless of CCC’s good faith reimbursements made many years ago of the questioned expense items of $208,000 (due to improper documentation), initially claimed misallocations by FINRA, even prior to FINRA’s reducing its final claim to $36,226. Prior to the original appeal to the SEC, Ms. Springsteen-Abbott discovered CCC’s required documentation of these items for FINRA review, which FINRA refused to consider, despite such efforts the District Court upheld the bar, despite admittingly not addressing her “due process” rights, for legal administrative procedural reasons. However, given the SEC’s prior removal of FINRA’s fine and the District Court upholding that removal, the General Partner anticipates that this ruling will not result in any material financial impact to the Funds.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	6 Months Ended
Summary of Significant Accounting Policies (Policies)	Jun. 30, 2022
Summary of Significant Accounting Policies (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 and six months ended June 30, 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 June 30, 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 June 30, 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 an original maturity of 90 days or less. At June 30, 2022, cash and cash equivalents were 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 June 30, 2022, the total cash bank balance was as follows: At June 30, 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 six months ended June 30, 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)	6 Months Ended
Summary of Significant Accounting Policies (Tables)	Jun. 30, 2022
Summary of Significant Accounting Policies
Schedule of cash and cash equivalents	At June 30, 2022 Balance Total bank balance $ 2,000 FDIC insured (2,000 ) Uninsured amount $ -

Information Technology, Medic_2

Information Technology, Medical Technology, Telecommunications Technology, Inventory Management and Other Business-Essential Capital Equipment ("Equipment") (Tables)	6 Months Ended
	Jun. 30, 2022
Information Technology, Medical Technology, Telecommunications Technology, Inventory Management and Other Business-Essential Capital Equipment ("Equipment") (Tables)
Schedule of future minimum rentals on non-cancellable operating leases	For the period ended December Amount Six months ended December 31, 2022 $ 15,000 Year Ended December 31, 2023 22,500 Year Ended December 31, 2024 21,000 Year Ended December 31. 2025 9,000 $ 67,500

Related Party Transactions (Tab

Related Party Transactions (Tables)	6 Months Ended
Related Party Transactions (Tables)	Jun. 30, 2022
Related Party Transactions
Related party transactions	Six months ended June 30, 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 six months ended June 30, 2022 and 2021, the General Partner waived certain reimbursable expenses due to it by the Partnership. For the six months ended both June 30, 2022 and 2021, the Partnership was charged approximately $45,000 and $47,000 in Other LP expense, respectively. $ 84,000 $ 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 six months ended June 30, 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 six months ended June 30, 2022 and 2021, equipment management fees of approximately $4,000 and $6,000 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 six months ended June 30, 2022 and 2021, the General Partner waived approximately $0 and $500 of equipment liquidation fees, respectively. $ - $ -

Notes Payable (Tables)

Notes Payable (Tables)	6 Months Ended
Notes Payable (Tables)	Jun. 30, 2022
Notes Payable
Notes payable	June 30, 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 12,000 15,000 $ 12,000 $ 15,000
Aggregate maturities of notes payable	Amount Six months ended December 31, 2022 $ 2,000 Year ended December 31, 2023 5,000 Year ended December 31, 2024 5,000 $ 12,000

Supplemental Cash Flow Inform_2

Supplemental Cash Flow Information (Tables)	6 Months Ended
Supplemental Cash Flow Information (Tables)	Jun. 30, 2022
Supplemental Cash Flow Information
Other noncash activities	Six months ended June 30, 2022 2021 Lease revenue net of interest expense on notes payable realized as a result of direct payment of principal by lessee to bank $ 2,000 $ 10,000

Business (Details Narrative)

Business (Details Narrative)	Jun. 30, 2022 USD ($) $ / shares shares
Business
Common units, authorized \| shares	1,250,000
Price per unit \| $ / shares	$ 20
Working capital deficit \| $	$ (409,000)

Summary of Significant Accoun_4

Summary of Significant Accounting Policies (Details)	Jun. 30, 2022 USD ($)
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)	Jun. 30, 2022 USD ($)
Total bank balance	$ 2,000
FDIC insured	2,000
Maximum [Member]
FDIC insured	$ 250,000

Information Technology Medical

Information Technology Medical Technology Telecommunications Technology Inventory Management Equipment and other BusinessEssential Capital Equipment (Equipment) (Details)	Jun. 30, 2022 USD ($)
Information Technology, Medical Technology, Telecommunications Technology, Inventory Management and Other Business-Essential Capital Equipment ("Equipment")
Nine months ended December 31, 2022	$ 15,000
Year Ended December 31, 2023	22,500
Year ended December 31, 2024	21,000
Year ended December 31, 2025	9,000
Total	$ 67,500

Information Technology Medica_2

Information Technology Medical Technology Telecommunications Technology Inventory Management Equipment and other BusinessEssential Capital Equipment (Equipment) (Details Narrative) - USD ($)	6 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
Information Technology, Medical Technology, Telecommunications Technology, Inventory Management and Other Business-Essential Capital Equipment ("Equipment")
Lessor, operating lease, term of contract	12 to 48 months
Gains (Loss) on sales of equipment	$ 0
Equipment shared	1,656,000	$ 1,887,000
Total shared equipment	7,759,000	8,222,000
Debt shared	0	0
Outstanding debt total	$ 0	$ 0

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($)	6 Months Ended
Related Party Transactions (Details) - USD ($)	Jun. 30, 2022	Jun. 30, 2021
Related Party Transactions
Reimbursable expenses	$ 84,000	$ 68,000
Equipment acquisition fee	0	0
Equipment management fee	0	0
Equipment liquidation fee	$ 0	$ 0

Related Party Transactions (D_2

Related Party Transactions (Details Narrative) - USD ($)	6 Months Ended
Related Party Transactions (Details Narrative) - USD ($)	Jun. 30, 2022	Jun. 30, 2021
Related Party Transactions
Due to related party	$ 45,000	$ 47,000
Percentage of equipment acquisition fee	4%
Acquisition fees waived by related party	$ 0	0
Percentage of revenues attributable to equipment	5%
Equipment management fees waived by related party	$ 4,000	6,000
Equipment liquidation fees waived by related party	$ 0	$ 500

Notes Payable (Details)

Notes Payable (Details) - USD ($)	6 Months Ended
Notes Payable (Details) - USD ($)	Jun. 30, 2022	Dec. 31, 2021
Notes payable	$ 12,000	$ 15,000
Note 1 [Member]
Notes payable	$ 12,000	$ 15,000
Notes payable description	Installment 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)	Jun. 30, 2022 USD ($)
Notes Payable (Details)
Nine months ended December 31, 2022	$ 2,000
Year ended December 31, 2023	5,000
Year ended December 31, 2024	5,000
Total	$ 12,000

Notes Payable (Details Narrativ

Notes Payable (Details Narrative)	Jun. 30, 2022 USD ($)
Notes Payable (Details)
Nonrecourse liabilities	$ 17,000

Supplemental Cash Flow Inform_3

Supplemental Cash Flow Information (Details) - USD ($)	6 Months Ended
Supplemental Cash Flow Information (Details) - USD ($)	Jun. 30, 2022	Jun. 30, 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	$ 2,000	$ 10,000

Commitments and Contingencies (

Commitments and Contingencies (Details Narrative)	1 Months Ended		3 Months Ended		6 Months Ended
Commitments and Contingencies (Details Narrative)	Jul. 21, 2017 USD ($) integer	Mar. 30, 2015 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2021 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2021 USD ($)
Misallocated expenses			$ 87,502	$ 81,857	$ 150,940	$ 193,207
Ms. Springsteen-Abbott
Misallocated expenses		$ 208,000
Reallocated funds		$ 151,225
FINRA
Education expenses for personnel providing services	$ 30,000
Number of items list \| integer	1,840
Total amount for number of items list	$ 208,000
Number of remaining list items \| integer	87
Total amount for remaining list items	$ 36,226
Reduction in final claim	36,226
FINRA \| Maximum
Reduction in proposed fine	100,000
FINRA \| Minimum
Reduction in proposed fine	$ 50,000