Crucial 2011 Annual Report Download - page 161
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11
INOTERA MEMORIES, INC.
NOTES TO FINANCIAL STATEMENTS
(Continued)
(7)
Lease Receivables
(a)
The Company signed a long-
term lease agreement with Nanya Technology Corp. (NTC) to lease out a portion of the
building and land (including supplemental equipment) located at No. 667, Fuhsing 3rd Road, Hwa-
Ya Technology Park,
Kueishan Valley, Taoyuan County. The lease term is effective from July 1, 2005, and will expire on December 31, 2034
(including the period when the lease is automatically extended), a total lease period of 354 months. The lease agreement for
the building is treated as a capital lease because the present value of the periodic rental payments since the inception date is
at least 90% of the market value of the leased assets. The land is treated as an operating lease because the fair value of the
land is 25 percent or more of the total fair value of the leased property at the inception of the lease. The monthly rentals for
the lease of building and land were $2,058 and $310, respectively.
(b)
The initial total amount of lease receivables for the capital lease of the building was $728,587, with implicit interest rate of
5.88%. The cost of leased assets transferred was $345,637 (including the net book value of the building and miscellaneous
equipment of $277,372 and $68,265, respectively). The difference of $382,950 between the total amount of lease
receivables and the cost of leased assets transferred was recognized as unrealized interest income and is amortized over the
lease period. Interest income recognized for the years ended December 31, 2008, 2009 and 2010 amounted to $19,489,
$19,175 and $18,841, respectively, which was classified under non-operating income and gains - interest income.
(c)
The details of lease receivables as of December 31, 2009 and 2010, were as follows:
December 31,
2009 2010
Current Non-current Current Non-current
Gross lease receivables
$
24,698
592,749
24,698
568,051
Less: unrealized interest income
(18,841
)
(275,461
)
(18,487
)
(256,974
)
Net lease receivables
$
5,857
317,288
6,211
311,077
(d)
For the years ended December 31, 2008, 2009 and 2010, the rent revenues (classified under non-
operating income and
gains - others) from the operating lease of the land were $3,719.
(d)
As of December 31, 2009 and 2010, the uncollected rent revenues (classified under other receivables -
related parties) were
$310 and $0, respectively.