UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

[x] Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934



For the quarterly period ended		September 30, 2017

[ ] Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934



For the transition period from		to



Commission File Number:		000-53919

ICON Equipment and Corporate Infrastructure Fund Fourteen, L.P.

(Exact name of registrant as specified in its charter)



Delaware	26-3215092
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)



3 Park Avenue, 36th Floor, New York, New York	10016
(Address of principal executive offices)	(Zip Code)

(212) 418-4700

(Registrant's telephone number, including area code)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.



	þ Yes	o No

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).



	þ Yes	o No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.



Large accelerated filer ☐	Accelerated filer ☐

Non-accelerated filer ☐ (Do not check if a smaller reporting company)	Smaller reporting company þ

	Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.



		o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).



	o Yes	þ No

Number of outstanding limited partnership interests of the registrant on November 8, 2017 is 258,761.

Table of Contents

ICON Equipment and Corporate Infrastructure Fund Fourteen, L.P.

Table of Contents



PART I - FINANCIAL INFORMATION	Page

Item 1. Consolidated Financial Statements	1

Consolidated Balance Sheets	1

Consolidated Statements of Operations	2

Consolidated Statements of Changes in Equity	3

Consolidated Statements of Cash Flows	4

Notes to Consolidated Financial Statements	5

Item 2. General Partner’s Discussion and Analysis of Financial Condition and Results of Operations	16

Item 3. Quantitative and Qualitative Disclosures About Market Risk	28

Item 4. Controls and Procedures	28

PART II – OTHER INFORMATION

Item 1. Legal Proceedings	29

Item 1A. Risk Factors	29

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds	29

Item 3. Defaults Upon Senior Securities	29

Item 4. Mine Safety Disclosures	29

Item 5. Other Information	29

Item 6. Exhibits	30

Signatures	31

Table of Contents

PART I – FINANCIAL INFORMATION

Item 1. Consolidated Financial Statements

ICON Equipment and Corporate Infrastructure Fund Fourteen, L.P.

(A Delaware Limited Partnership)

Consolidated Balance Sheets



	September 30,			December 31,
	2017			2016
	(unaudited)
Assets
Cash and cash equivalents	$	8,044,263		$	19,452,937
Restricted cash	1,366,928			1,500,000
Vessel (less accumulated depreciation of $2,554,193 and $976,088, respectively)	36,000,000			47,023,912
Leased equipment at cost (less accumulated depreciation
of $1,054,824 and $416,254, respectively)	19,945,176			20,583,746
Net investment in notes receivable	9,166,518			11,571,378
Note receivable from joint venture, net	494,930			1,329,483
Investment in joint ventures	5,078,536			9,441,801
Other assets	2,327,375			3,228,015
Total assets	$	82,423,726		$	114,131,272
Liabilities and Equity
Liabilities:
Non-recourse long-term debt	$	32,820,168		$	35,185,385
Deferred revenue	2,947,171			1,467,325
Due to General Partner and affiliates, net	68,503			204,430
Accrued expenses and other liabilities	863,348			1,216,834
Total liabilities	36,699,190			38,073,974

Commitments and contingencies (Note 10)

Equity:
Partners' equity:
Limited partners	47,557,975			77,588,121
General Partner	(1,842,436		)	(1,539,101		)
Total partners' equity	45,715,539			76,049,020
Noncontrolling interests	8,997			8,278
Total equity	45,724,536			76,057,298
Total liabilities and equity	$	82,423,726		$	114,131,272

See accompanying notes to consolidated financial statements.

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ICON Equipment and Corporate Infrastructure Fund Fourteen, L.P.

(A Delaware Limited Partnership)

Consolidated Statements of Operations

(unaudited)



	Three Months Ended September 30,						Nine Months Ended September 30,
	2017			2016			2017			2016
Revenue and other income:
Finance income	$	220,052		$	253,834		$	796,963		$	943,476
Rental income	480,333			30,852			1,125,736			8,668,970
Pool revenue	656,113			663,153			3,097,667			663,153
Income (loss) from investment in joint ventures	202,348			361,414			(1,163,891		)	1,291,898
Gain on extinguishment of debt	—			2,343,762			—			2,343,762
Gain on sale of subsidiaries	—			—			—			8,721,363
Gain on sale of investment in joint ventures	—			—			—			291,990
Other income	4,934			128,785			23,078			136,845
Total revenue and other income	1,563,780			3,781,800			3,879,553			23,061,457
Expenses:
Management fees	—			196,304			216,979			755,151
Administrative expense reimbursements	259,327			336,553			859,040			1,016,087
General and administrative	306,896			489,717			1,431,792			2,095,220
Credit loss, net	1,750,000			—			2,584,553			14,361,159
Depreciation	738,892			665,136			2,216,675			4,683,483
Interest	467,339			513,062			1,380,606			3,629,167
Impairment loss	10,299,807			—			10,299,807			—
Vessel operating expenses	1,058,917			2,802,945			3,104,345			3,519,526
Loss on derivative financial instruments	—			—			—			1,211,654
Total expenses	14,881,178			5,003,717			22,093,797			31,271,447
Net loss	(13,317,398		)	(1,221,917		)	(18,214,244		)	(8,209,990		)
Less: net income (loss) attributable to noncontrolling interests	1,348			(356		)	(1,978		)	1,232,342
Net loss attributable to Fund Fourteen	$	(13,318,746	)	$	(1,221,561	)	$	(18,212,266	)	$	(9,442,332	)

Net loss attributable to Fund Fourteen allocable to:
Limited partners	$	(13,185,558	)	$	(1,209,346	)	$	(18,030,143	)	$	(9,347,909	)
General Partner	(133,188		)	(12,215		)	(182,123		)	(94,423		)
	$	(13,318,746	)	$	(1,221,561	)	$	(18,212,266	)	$	(9,442,332	)

Weighted average number of limited partnership interests outstanding	258,761			258,761			258,761			258,761
Net loss attributable to Fund Fourteen per weighted average limited partnership interest outstanding	$	(50.96	)	$	(4.67	)	$	(69.68	)	$	(36.13	)

See accompanying notes to consolidated financial statements.

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ICON Equipment and Corporate Infrastructure Fund Fourteen, L.P.

(A Delaware Limited Partnership)

Consolidated Statements of Changes in Equity



	Partners' Equity
	Limited Partnership Interests	Limited Partners			General Partner			Total Partners' Equity			Noncontrolling Interests			Total Equity
Balance, December 31, 2016	258,761	$	77,588,121		$	(1,539,101	)	$	76,049,020		$	8,278		$	76,057,298
Net loss (unaudited)	—	(1,025,076		)	(10,354		)	(1,035,430		)	(620		)	(1,036,050		)
Balance, March 31, 2017 (unaudited)	258,761	76,563,045			(1,549,455		)	75,013,590			7,658			75,021,248
Net loss (unaudited)	—	(3,819,509		)	(38,581		)	(3,858,090		)	(2,706		)	(3,860,796		)
Investment by noncontrolling interests (unaudited)	—	—			—			—			2,697			2,697
Balance, June 30, 2017 (unaudited)	258,761	72,743,536			(1,588,036		)	71,155,500			7,649			71,163,149
Net (loss) income (unaudited)	—	(13,185,558		)	(133,188		)	(13,318,746		)	1,348			(13,317,398		)
Distributions (unaudited)	—	(12,000,003		)	(121,212		)	(12,121,215		)	—			(12,121,215		)
Balance, September 30, 2017 (unaudited)	258,761	$	47,557,975		$	(1,842,436	)	$	45,715,539		$	8,997		$	45,724,536

See accompanying notes to consolidated financial statements.

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ICON Equipment and Corporate Infrastructure Fund Fourteen, L.P.

(A Delaware Limited Partnership)

Consolidated Statements of Cash Flows

(unaudited)



	Nine Months Ended September 30,
	2017			2016
Cash flows from operating activities:
Net loss	$	(18,214,244	)	$	(8,209,990	)
Adjustments to reconcile net loss to net cash used in operating activities:
Finance income, net of costs and fees	(12,967		)	166,540
Loss (income) from investment in joint ventures	1,163,891			(1,291,898		)
Depreciation	2,216,675			4,683,483
Credit loss, net	2,584,553			14,361,159
Impairment loss	10,299,807			—
Interest expense from amortization of debt financing costs	147,283			346,555
Interest expense from amortization of seller's credit	—			234,805
Loss on derivative financial instruments	—			537,861
Gain on sale of subsidiaries	—			(8,721,363		)
Gain on sale of investment in joint ventures	—			(291,990		)
Gain on extinguishment of debt	—			(2,343,762		)
Changes in operating assets and liabilities:
Restricted cash	133,072			650,000
Other assets	(164,028		)	(2,352,070		)
Accrued expenses and other liabilities	(353,486		)	896,212
Deferred revenue	1,479,846			281,375
Due to General Partner and affiliates, net	(135,927		)	(731,386		)
Distributions from joint ventures	329,943			870,158
Net cash used in operating activities	(525,582		)	(914,311		)
Cash flows from investing activities:
Principal received on finance leases	—			4,164,553
Investment in joint ventures	—			(56		)
Distributions received from joint ventures in excess of profits	2,015,431			5,755,336
Principal and sale proceeds received on notes receivable	1,732,495			2,631,999
Proceeds from sale of subsidiaries, net of cash transferred	—			49,423,757
Proceeds from sale of investment in joint ventures	—			7,803,189
Net cash provided by investing activities	3,747,926			69,778,778
Cash flows from financing activities:
Payment of debt financing costs	—			(690,000		)
Repayment of non-recourse long-term debt	(2,512,500		)	(23,620,784		)
Proceeds from revolving line of credit, recourse	—			1,500,000
Repayment of revolving line of credit, recourse	—			(6,000,000		)
Investment by noncontrolling interests	2,697			7,042
Distributions to noncontrolling interests	—			(12,330,838		)
Distributions to partners	(12,121,215		)	(10,455,010		)
Net cash used in financing activities	(14,631,018		)	(51,589,590		)
Net (decrease) increase in cash and cash equivalents	(11,408,674		)	17,274,877
Cash and cash equivalents, beginning of period	19,452,937			9,281,044
Cash and cash equivalents, end of period	$	8,044,263		$	26,555,921

Supplemental disclosure of cash flow information:
Cash paid for interest	$	1,226,463		$	2,882,145

See accompanying notes to consolidated financial statements.

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ICON Equipment and Corporate Infrastructure Fund Fourteen, L.P.

(A Delaware Limited Partnership)

Notes to Consolidated Financial Statements

September 30, 2017

(unaudited)


(1)	Organization

ICON Equipment and Corporate Infrastructure Fund Fourteen, L.P. (the “Partnership”) was formed on August 20, 2008 as a Delaware limited partnership. When used in these notes to consolidated financial statements, the terms “we,” “us,” “our” or similar terms refer to the Partnership and its consolidated subsidiaries.

We engaged in one business segment, the business of investing in business-essential equipment and corporate infrastructure (collectively, “Capital Assets”), including, but not limited to, Capital Assets that were already subject to lease, Capital Assets that we purchased and leased to domestic and international businesses, loans secured by Capital Assets and ownership rights to leased Capital Assets at lease expiration.

Our general partner is ICON GP 14, LLC, a Delaware limited liability company (the “General Partner”), which is a wholly-owned subsidiary of ICON Capital, LLC, a Delaware limited liability company (“ICON Capital”). Our General Partner manages and controls our business affairs, including, but not limited to, our investments in Capital Assets. Our General Partner has engaged ICON Capital as our investment manager (the “Investment Manager”) to, among other things, facilitate the acquisition and servicing of our investments.

Our operating period commenced on May 19, 2011 and ended on May 18, 2016. On May 19, 2016, we commenced our liquidation period, during which we have sold and will continue to sell our assets and/or let our investments mature in the ordinary course of business.

On May 30, 2017, our Investment Manager retained ABN AMRO Securities (USA) LLC (“ABN AMRO”) as its financial advisor to assist our Investment Manager and us in identifying, evaluating and executing a potential sale of certain shipping and offshore energy assets currently included within our investment portfolio. We, however, cannot assure that the identification or evaluation to be performed will result in any specific sale transaction or series of transactions.


(2)	Summary of Significant Accounting Policies

Basis of Presentation and Consolidation

Our accompanying consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) for interim financial information and pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”) for Quarterly Reports on Form 10-Q. In the opinion of our General Partner, all adjustments, which are of a normal recurring nature, considered necessary for a fair presentation have been included. These consolidated financial statements should be read together with the consolidated financial statements and notes included in our Annual Report on Form 10-K for the year ended December 31, 2016. The results for the interim period are not necessarily indicative of the results for the full year.

Restricted Cash

Cash that is restricted from use in operations is generally classified as restricted cash. Classification of changes in restricted cash within the consolidated statements of cash flows depends on the predominant source of the related cash flows. For the nine months ended September 30, 2017 and 2016, the predominant cash generated from restricted cash was related to the release of restricted cash sourced from rental receipts associated with our leasing operations that were previously restricted pursuant to certain provisions in the applicable non-recourse long-term debt agreements. As a result, these changes in restricted cash were classified within cash flows from operating activities for the nine months ended September 30, 2017 and 2016.

Credit Quality of Notes Receivable and Finance Leases and Credit Loss Reserve

Our Investment Manager monitors the ongoing credit quality of our financing receivables by (i) reviewing and analyzing a borrower’s financial performance on a regular basis, including review of financial statements received on a monthly, quarterly or annual basis as prescribed in the loan or lease agreement, (ii) tracking the relevant credit metrics of each financing receivable and a borrower’s compliance with financial and non-financial covenants, (iii) monitoring a borrower’s payment history and public credit rating, if available, and (iv) assessing our exposure based on the current investment mix. As part of the monitoring process, our Investment Manager may physically inspect the collateral or a borrower’s facility and meet with a borrower’s management to better understand such borrower’s financial performance and its future plans on an as-needed basis.

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ICON Equipment and Corporate Infrastructure Fund Fourteen, L.P.

(A Delaware Limited Partnership)

Notes to Consolidated Financial Statements

September 30, 2017

(unaudited)

As our financing receivables, generally notes receivable and finance leases, are limited in number, our Investment Manager is able to estimate the credit loss reserve based on a detailed analysis of each financing receivable as opposed to using portfolio-based metrics. Our Investment Manager does not use a system of assigning internal risk ratings to each of our financing receivables. Rather, each financing receivable is analyzed quarterly and categorized as either performing or non-performing based on certain factors including, but not limited to, financial results, satisfying scheduled payments and compliance with financial covenants. A financing receivable is usually categorized as non-performing only when a borrower experiences financial difficulties and has failed to make scheduled payments. Our Investment Manager then analyzes whether the financing receivable should be placed on a non-accrual status, a credit loss reserve should be established or the financing receivable should be restructured. As part of the assessment, updated collateral value is usually considered and such collateral value can be based on a third party industry expert appraisal or, depending on the type of collateral and accessibility to relevant published guides or market sales data, internally derived fair value. Material events would be specifically disclosed in the discussion of each financing receivable held.

Financing receivables are generally placed on a non-accrual status when payments are more than 90 days past due. Additionally, our Investment Manager periodically reviews the creditworthiness of companies with payments outstanding less than 90 days and based upon our Investment Manager’s judgment, these accounts may be placed on a non-accrual status.

In accordance with the cost recovery method, payments received on non-accrual financing receivables are applied to principal if there is doubt regarding the ultimate collectability of principal. If collection of the principal of non-accrual financing receivables is not in doubt, interest income is recognized on a cash basis. Financing receivables on non-accrual status may not be restored to accrual status until all delinquent payments have been received, and we believe recovery of the remaining unpaid receivable is probable.

When our Investment Manager deems it is probable that we will not be able to collect all contractual principal and interest on a non-performing financing receivable, we perform an analysis to determine if a credit loss reserve is necessary. This analysis considers the estimated cash flows from the financing receivable, and/or the collateral value of the asset underlying the financing receivable when financing receivable repayment is collateral dependent. If it is determined that the impaired value of the non-performing financing receivable is less than the net carrying value, we will recognize a credit loss reserve or adjust the existing credit loss reserve with a corresponding charge to earnings. We then charge off a financing receivable in the period that it is deemed uncollectible by reducing the credit loss reserve and the balance of the financing receivable.

Recently Adopted Accounting Pronouncements

In March 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-05, Derivatives and Hedging: Effect of Derivative Contract Novations on Existing Hedge Accounting Relationships (“ASU 2016-05”), which clarifies that a change in the counterparty to a derivative instrument that has been designated as a hedging instrument does not, in and of itself, require de-designation of that hedging relationship provided that all other hedge accounting criteria continue to be met. We adopted ASU 2016-05 on January 1, 2017, which did not have an effect on our consolidated financial statements.

In March 2016, FASB issued ASU No. 2016-07, Investments – Equity Method and Joint Ventures: Simplifying the Transition to the Equity Method of Accounting (“ASU 2016-07”), which eliminates the retroactive adjustments to an investment upon it qualifying for the equity method of accounting as a result of an increase in the level of ownership interest or degree of influence by the investor. ASU 2016-07 requires that the equity method investor add the cost of acquiring the additional interest in the investee to the current basis of the investor’s previously held interest and adopt the equity method of accounting as of the date the investment qualifies for equity method accounting. We adopted ASU 2016-07 on January 1, 2017, which did not have an effect on our consolidated financial statements.

In October 2016, FASB issued ASU No. 2016-17, Consolidation (“ASU 2016-17”), which amends the consolidation guidance on how a reporting entity that is the single decision maker of a variable interest entity should treat indirect interests in such entity held by related parties that are under common control with the reporting entity when determining whether it is the primary beneficiary of that variable interest entity. Under ASU 2016-17, a single decision maker is not required to consider indirect interests held by related parties that are under common control with the single decision maker to be the equivalent of direct interests in their entirety. We adopted ASU 2016-17 on January 1, 2017, which did not have an effect on our consolidated financial statements.

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ICON Equipment and Corporate Infrastructure Fund Fourteen, L.P.

(A Delaware Limited Partnership)

Notes to Consolidated Financial Statements

September 30, 2017

(unaudited)

Other Recent Accounting Pronouncements

In May 2014, FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (“ASU 2014-09”), requiring revenue to be recognized in an amount that reflects the consideration expected to be received in exchange for goods and services. This new revenue standard may be applied retrospectively to each prior period presented, or retrospectively with the cumulative effect recognized as of the date of adoption. In August 2015, FASB issued ASU No. 2015-14, Revenue from Contracts with Customers – Deferral of the Effective Date (“ASU 2015-14”), which defers implementation of ASU 2014-09 by one year. Under such deferral, the adoption of ASU 2014-09 becomes effective for us on January 1, 2018, including interim periods within that reporting period. Early adoption is permitted, but not before our original effective date of January 1, 2017. Our evaluation of the impact of the adoption of ASU 2014-09 on our consolidated financial statements is ongoing and our implementation efforts have included the identification of revenue within the scope of the guidance and the evaluation of applicable revenue contracts. We continue to evaluate the timing of recognition of various revenue; however, since a substantial portion of our revenue is recognized from our leasing contracts, which is subject to ASU 2016-02 (as defined below), such revenue is excluded from our evaluation of ASU 2014-09.

In January 2016, FASB issued ASU No. 2016-01, Financial Instruments – Overall: Recognition and Measurement of Financial Assets and Financial Liabilities (“ASU 2016-01”), which provides guidance related to accounting for equity investments, financial liabilities under the fair value option, and the presentation and disclosure requirements for financial instruments. In addition, FASB clarified guidance related to the valuation allowance assessment when recognizing deferred tax assets resulting from unrealized losses on available-for-sale debt securities. The adoption of ASU 2016-01 becomes effective for us on January 1, 2018, including interim periods within that reporting period. We are currently in the process of evaluating the impact of the adoption of ASU 2016-01 on our consolidated financial statements.

In February 2016, FASB issued ASU No. 2016-02, Leases (“ASU 2016-02”), which requires lessees to recognize assets and liabilities for leases with lease terms greater than twelve months on the balance sheet and disclose key information about leasing arrangements. ASU 2016-02 implements changes to lessor accounting focused on conforming with certain changes made to lessee accounting and the recently released revenue recognition guidance. The adoption of ASU 2016-02 becomes effective for us on January 1, 2019. Early adoption is permitted. Based on our preliminary assessment, most, if not all, of our leases are subject to lessor accounting and the accounting applied by a lessor is largely unchanged from that applied under current U.S. GAAP. We continue to evaluate the impact of the adoption of ASU 2016-02 on our consolidated financial statements.

In June 2016, FASB issued ASU No. 2016-13, Financial Instruments – Credit Losses (“ASU 2016-13”), which modifies the measurement of credit losses by eliminating the probable initial recognition threshold set forth in current guidance, and instead reflects an entity’s current estimate of all expected credit losses. The measurement of expected credit losses is based on relevant information about past events, including historical experience, current conditions, and reasonable and supportable forecasts that affect the collectability of the reported amount. An entity will apply the amendments within ASU 2016-13 through a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is effective. The adoption of ASU 2016-13 becomes effective for us on January 1, 2020, including interim periods within that reporting period. Early adoption is permitted. We are currently in the process of evaluating the impact of the adoption of ASU 2016-13 on our consolidated financial statements.

In August 2016, FASB issued ASU No. 2016-15, Statement of Cash Flows: Classification of Certain Cash Receipts and Cash Payments (“ASU 2016-15”), which provides guidance on how certain cash receipts and cash payments are to be presented and classified in the statement of cash flows. The adoption of ASU 2016-15 becomes effective for us on January 1, 2018, including interim periods within that reporting period. Early adoption is permitted. An entity will apply the amendments within ASU 2016-15 using a retrospective transition method to each period presented. We are currently in the process of evaluating the impact of the adoption of ASU 2016-15 on our consolidated financial statements.

In November 2016, FASB issued ASU No. 2016-18, Statement of Cash Flows (“ASU 2016-18”), which provides guidance on the presentation of restricted cash or restricted cash equivalents in the statement of cash flows. The adoption of ASU 2016-18 becomes effective for us on January 1, 2018, including interim periods within that reporting period. Early adoption is permitted. An entity will apply the amendments within ASU 2016-18 using a retrospective transition method to each period presented. We are currently in the process of evaluating the impact of the adoption of ASU 2016-18 on our consolidated financial statements.

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ICON Equipment and Corporate Infrastructure Fund Fourteen, L.P.

(A Delaware Limited Partnership)

Notes to Consolidated Financial Statements

September 30, 2017

(unaudited)

In January 2017, FASB issued ASU No. 2017-01, Business Combinations (“ASU 2017-01”), which clarifies the definition of a business. ASU 2017-01 sets forth requirements to be met for a set to be deemed a business and establishes a practical way to determine when a set is not a business. To be considered a business, a set must include, at a minimum, an input and a substantive process that together significantly contribute to the ability to create an output, and removes the evaluation of whether a market participant could replace missing elements. In addition, ASU 2017-01 narrows the definition of outputs and aligns such definition with how outputs are described within the revenue guidance. The adoption of ASU 2017-01 becomes effective for us on January 1, 2018, including interim periods within that reporting period. Early adoption is permitted for transactions that occur before the issuance date or effective date of ASU 2017-01 to the extent that such transactions have not been reported in financial statements that have been issued or made available for issuance. We are currently in the process of evaluating the impact of the adoption of ASU 2017-01 on our consolidated financial statements.


(3)	Net Investment in Notes Receivable

As of September 30, 2017, we had net investment in notes receivable on non-accrual status of $2,815,158 and no net investment in notes receivable that was past due 90 days or more and still accruing. As of December 31, 2016, we had investment in notes receivable on non-accrual status of $33,393,546, which had been fully reserved, and net investment in notes receivable of $3,500,490, of which $1,380,312 was over 90 days past due and still accruing.

As of December 31, 2016, we had investment in notes receivable on non-accrual status of $33,393,546, which had been fully reserved, resulting in a net investment in notes receivable of $0 related to Jurong Aromatics Corporation Pte. Ltd. (“JAC”). On December 22, 2011, a joint venture owned 75% by us and 25% by ICON Leasing Fund Twelve Liquidating Trust (formerly, ICON Leasing Fund Twelve, LLC) (“Fund Twelve”), an entity also managed by our Investment Manager, made a $20,124,000 subordinated term loan to JAC as part of a $171,050,000 term loan facility. The loan initially bore interest at rates ranging between 12.5% and 15% per year and was scheduled to mature in January 2021. As a result of JAC’s failure to make an expected payment that was due to the joint venture during the three months ended March 31, 2015, the interest rate payable by JAC under the loan increased from 12.5% to 15.5%. The loan was secured by a second priority security interest in all of JAC’s assets, which included, among other things, all equipment, plant and machinery associated with a condensate splitter and aromatics complex.

During 2015, JAC experienced liquidity constraints as a result of a general economic slow-down in China and India, which led to lower demand from such countries, as well as the price decline of energy and other commodities. As a result, JAC’s manufacturing facility ceased operations and JAC was not able to service interest payments under the loan. During the three months ended June 30, 2015, an expected tolling arrangement with JAC’s suppliers that would have allowed JAC’s manufacturing facility to resume operations did not commence as originally anticipated. Accordingly, our Investment Manager determined that there was doubt regarding our ultimate collectability of the loan. Commencing with the three months ended June 30, 2015, our Investment Manager placed the loan on non-accrual status, ceased recognizing finance income and began recording credit losses. Subsequently, discussions among the senior lenders and certain other stakeholders of JAC regarding a restructuring plan ended as the senior lenders did not agree to amendments to their credit facilities as part of the broader restructuring that was being contemplated. As a result, JAC entered receivership on September 28, 2015. In July 2016, the tolling arrangement was implemented and the manufacturing facility resumed operations. Although JAC's manufacturing facility resumed operations, no debt payments were made by JAC to us while operating under the tolling arrangement. As part of the tolling arrangement and the receivership process, JAC incurred additional senior debt, which could have been up to $55,000,000, to fund its operations as well as any receivership-related costs. As a result, our Investment Manager determined that the ultimate collectability of the loan was further in doubt. As of June 30, 2016, our Investment Manager updated its quarterly assessment by considering (i) a comparable enterprise value derived from EBITDA multiples; (ii) the average trading price of unsecured distressed debt in comparable industries and (iii) the additional senior debt incurred by JAC, which had priority over the joint venture's loan. Based upon this reassessment, our Investment Manager determined that we should fully reserve the outstanding balance of the loan due from JAC as of June 30, 2016. As a result, we recorded an additional credit loss of $4,772,088 for the three months ended June 30, 2016. During the fourth quarter of 2016, the Receiver formally commenced the process of marketing JAC’s manufacturing facility for sale. On September 12, 2017, our Investment Manager received a formal notice from the Receiver notifying us that on August 28, 2017, the Receiver concluded a sale of substantially all of the assets of JAC (including the manufacturing facility) to a third party and confirmed that no sales proceeds are anticipated to be distributed to the subordinated lenders. As a result, we wrote off an aggregate credit loss reserve and the corresponding balance related to the loan of $33,393,546 during the three months ended September 30, 2017.

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ICON Equipment and Corporate Infrastructure Fund Fourteen, L.P.

(A Delaware Limited Partnership)

Notes to Consolidated Financial Statements

September 30, 2017

(unaudited)

As of December 31, 2016, our net investment in note receivable and accrued interest related to four affiliates of Técnicas Maritimas Avanzadas, S.A. de C.V. (collectively, "TMA") totaled $3,500,490 and $953,389, respectively. TMA has been in technical default due to its failure to cause all four platform supply vessels to be under contract by March 31, 2015 and in payment default while available cash has been swept by the senior lender and applied to the senior tranche of the facility (the "Senior Loan") in accordance with the secured term loan credit facility agreement. As a result, the principal balance of the Senior Loan was paid down at a faster rate. In January 2016, the remaining two previously unchartered vessels had commenced employment. Based on, among other things, TMA’s payment history and estimated collateral value as of December 31, 2016, our Investment Manager believed that it was likely that all outstanding principal and accrued interest under our tranche of the facility (the "ICON Loan") would be collectible and as a result, we continued to account for our net investment in note receivable related to TMA on an accrual basis as of December 31, 2016 despite a portion of the outstanding balance being over 90 days past due. Though on an accrual basis, default interest was not accrued on either the principal balance of the note receivable or the interest receivable. In addition, interest was not assessed on the overdue principal balance of the note receivable. Our Investment Manager continues to assess the collectability of the note receivable at each reporting date. During the three months ended June 30, 2017, our Investment Manager believed it was prudent to place the note receivable on non-accrual status. In September 2017, our Investment Manager met with certain restructuring advisors engaged by TMA to discuss a potential restructuring of the company. In light of these developments and a decrease in the fair market value of the collateral, in which we have a second priority security interest, our Investment Manager determined to record a credit loss of $1,750,000 during the three months ended September 30, 2017. As of September 30, 2017 and December 31, 2016, our share of the collateral value, net of the balance of the Senior Loan, was estimated to be approximately $1,500,000 and $800,000, respectively. As of September 30, 2017, our net investment in note receivable related to TMA was $2,815,158. In addition, we have an accrued interest receivable related to TMA of $1,064,668, which has been fully reserved, resulting in a net carrying value of $0. For the three and nine months ended September 30, 2017, we recognized finance income of $0 and $111,279, respectively, of which no amount was recognized on a cash basis. For the three and nine months ended September 30, 2016, we recognized finance income of $121,771 and $374,444, respectively, of which no amount was recognized on a cash basis.

Net investment in notes receivable consisted of the following:



	September 30, 2017			December 31, 2016
Principal outstanding⁽¹⁾	$	10,178,995		$	43,699,502
Initial direct costs	—			2,414,038
Deferred fees	(327,145		)	(1,148,616		)
Credit loss reserve⁽²⁾	(685,332		)	(33,393,546		)
Net investment in notes receivable⁽³⁾	$	9,166,518		$	11,571,378

(1) As of September 30, 2017 and December 31, 2016, total principal outstanding related to our impaired loan was $3,500,490 and $31,788,011, respectively.

(2) As of September 30, 2017, we had a credit loss reserve of $1,750,000 related to TMA, of which $1,064,668 was reserved against the accrued interest receivable included in other assets and $685,332 was reserved against net investment in notes receivable. As of December 31, 2016, the credit loss reserve of $33,393,546 was related to JAC.

(3) As of September 30, 2017 and December 31, 2016, net investment in note receivable related to our impaired loan was $2,815,158 and $0, respectively.

On January 24, 2017, Asphalt Carrier Shipping Company Limited ("Asphalt") satisfied its obligations in connection with a secured term loan scheduled to mature on December 31, 2018 by making a prepayment of $1,731,830, comprised of all outstanding principal, accrued interest and a prepayment fee of $81,400. The prepayment fee was recognized as additional finance income.

Credit loss allowance activities for the three months ended September 30, 2017 were as follows:



Credit Loss Allowance
Allowance for credit loss as of June 30, 2017	$	33,393,546
Provisions	1,750,000
Write-offs	(33,393,546		)
Allowance for credit loss as of September 30, 2017	$	1,750,000

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ICON Equipment and Corporate Infrastructure Fund Fourteen, L.P.

(A Delaware Limited Partnership)

Notes to Consolidated Financial Statements

September 30, 2017

(unaudited)

Credit loss allowance activities for the three months ended September 30, 2016 were as follows:



Credit Loss Allowance
Allowance for credit loss as of June 30, 2016	$	33,393,546
Provisions	—
Write-offs	—
Allowance for credit loss as of September 30, 2016	$	33,393,546

Credit loss allowance activities for the nine months ended September 30, 2017 were as follows:



Credit Loss Allowance
Allowance for credit loss as of December 31, 2016	$	33,393,546
Provisions	1,750,000
Write-offs	(33,393,546		)
Allowance for credit loss as of September 30, 2017	$	1,750,000

Credit loss allowance activities for the nine months ended September 30, 2016 were as follows:



Credit Loss Allowance
Allowance for credit loss as of December 31, 2015	$	28,621,458
Provisions	4,772,088
Write-offs	—
Allowance for credit loss as of September 30, 2016	$	33,393,546


(4)	Leased Equipment at Cost

Leased equipment at cost consisted of the following:



		September 30, 2017		December 31, 2016
Marine - dry bulk vessels		$	21,000,000	$	21,000,000
Less: accumulated depreciation		1,054,824		416,254
	Leased equipment at cost, less accumulated depreciation	$	19,945,176	$	20,583,746

Depreciation expense was $212,857 and $203,394 for the three months ended September 30, 2017 and 2016, respectively. Depreciation expense was $638,570 and $4,221,741 for the nine months ended September 30, 2017 and 2016, respectively.


(5)	Vessel

On July 14, 2016, we entered the Shamrock (f/k/a the Center) into a pooling arrangement, Stena Sonangol Suezmax Pool LLC (the "Stena Pooling Arrangement"), with other crude oil tankers owned by unaffiliated third parties. The term of the pooling arrangement is for at least 12 months, after which the time charter and participation of the vessel in the pool may be terminated by either party at any time. As part of the Stena Pooling Arrangement, we are entitled to receive a monthly distribution, calculated on a time charter equivalent basis, whereby net pool earnings are allocated to each pool participant according to an agreed upon formula based on, among other things, the number of days a vessel operates in the pool and other technical characteristics, such as speed and fuel consumption. The Stena Pooling Arrangement also includes a shortfall provision that will require us to pay back a portion of the monthly distribution received upon certain criteria being met if we remove the vessel from the pool. The shortfall provision expires on July 14, 2018. At September 30, 2017 and December 31, 2016, the total amount subject to the shortfall provision of $2,947,171 and $1,467,325, respectively, was recognized as deferred revenue on our consolidated balance sheets. Monthly distributions, net of the amount subject to the shortfall provision, are recognized as pool revenue on our consolidated statements of operations.

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ICON Equipment and Corporate Infrastructure Fund Fourteen, L.P.

(A Delaware Limited Partnership)

Notes to Consolidated Financial Statements

September 30, 2017

(unaudited)

For the three months ended September 30, 2017, an impairment assessment on the vessel was triggered as a result of a price indicator from a potential purchaser as part of our Investment Manager’s and ABN AMRO’s efforts to identify and execute the sale of certain of our shipping and offshore energy assets. As a result of such assessment, our Investment Manager recorded an impairment loss of $9,445,807 based on an estimated fair value of $36,000,000. Key assumptions used in determining fair value included assigning probabilities to (i) fair values determined by two third-party valuation firms and (ii) fair value derived from discounted cash flows using current charter rates and sales data from a reputable firm who provides integrated shipping data and services.

Depreciation expense was $526,035 and $461,742 for the three months ended September 30, 2017 and 2016, respectively. Depreciation expense was $1,578,105 and $461,742 for the nine months ended September 30, 2017 and 2016, respectively.


(6)	Investment in Joint Ventures

On December 19, 2011, a joint venture owned 40% by us and 60% by ICON ECI Fund Fifteen, L.P. ("Fund Fifteen"), an entity also managed by our Investment Manager, agreed to purchase an offshore support vessel, the AMC Ambassador (f/k/a the Lewek Ambassador), from Ezram LLC, a wholly-owned subsidiary of Ezra Holdings Limited ("Ezra"). The joint venture entered into a bareboat charter with Gallatin Marine Management, LLC ("Gallatin") for a period of nine years to commence on the delivery date of the vessel. Gallatin's obligations under the bareboat charter are guaranteed by Ezra. The vessel was delivered on June 4, 2012 and the purchase price was set at $24,869,000. The joint venture financed the purchase price through a combination of related party notes payable, non-recourse long-term debt and equity. In May 2016, Gallatin began paying its monthly charter payments late and all charter payments ceased since the payment due in December 2016. In December 2016, Ezra hired a restructuring advisor. In January 2017, our Investment Manager was informed that, following a deterioration of Ezra’s and its affiliated companies’ financial condition during the fourth quarter of 2016, payments under the bareboat charter could no longer be reasonably expected to be made. On February 6, 2017, EMAS Chiyoda Subsea Limited (“EMAS”), the time charterer of the vessel, filed a petition in Singapore to wind up and liquidate the company. In addition, Ezra may become subject to a winding up order in Singapore. On February 27, 2017, both Gallatin and EMAS commenced voluntary Chapter 11 proceedings in the Bankruptcy Court in the Southern District of Texas. On March 7, 2017, Gallatin and EMAS filed a motion with the bankruptcy court to reject the bareboat and time charters. On March 18, 2017, Ezra commenced a voluntary Chapter 11 proceeding in the Bankruptcy Court in the Southern District of New York. Consequently, as of December 31, 2016, our Investment Manager assessed the joint venture’s collectability of the finance lease based on the estimated fair market value of the vessel provided by an independent third party appraiser. As a result, the joint venture recorded a credit loss of $7,271,958 to write down its net investment in finance lease related to the vessel to $8,000,000. We were only allocated $1,306,625 of such credit loss as our investment in the joint venture was written down to zero. During the three months ended December 31, 2016, the joint venture placed the lease on non-accrual status and ceased to recognize finance income.

In April 2017, the bankruptcy court approved the motion filed by Gallatin and EMAS to reject the bareboat and time charters with an effective date of March 12, 2017. As a result, the bareboat and time charters were deemed terminated as of such date. During the three months ended June 30, 2017, the joint venture repossessed the AMC Ambassador. Our Investment Manager is currently seeking new charter proposals to re-employ the vessel as well as exploring a potential sale of the vessel. As part of this process, the joint venture obtained an updated third-party appraisal for the vessel, which provided an estimated fair value as of June 30, 2017 for the vessel that was below its then net book value. As a result, the joint venture recorded an additional impairment loss of $2,000,000 during the three months ended June 30, 2017, of which no impairment loss was allocated to us as our investment in the joint venture was previously written down to zero.

As of September 30, 2017 and December 31, 2016, our total net investment in joint venture related to the AMC Ambassador was $0. For the three and nine months ended September 30, 2017, the joint venture recognized finance income of $0 and $156,975, respectively, which was recognized on a cash basis. For the three and nine months ended September 30, 2016, the joint venture recognized finance income of $463,662 and $1,445,031, respectively, of which no amount was recognized on a cash basis.

On June 12, 2014, a joint venture owned 12.5% by us, 75% by Fund Twelve and 12.5% by Fund Fifteen purchased an offshore supply vessel from Pacific Crest Pte. Ltd. (“Pacific Crest”) for $40,000,000. Simultaneously, the vessel was bareboat chartered to Pacific Crest for ten years. The vessel was acquired for approximately $12,000,000 in cash, $26,000,000 of

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ICON Equipment and Corporate Infrastructure Fund Fourteen, L.P.

(A Delaware Limited Partnership)

Notes to Consolidated Financial Statements

September 30, 2017

(unaudited)

financing through a senior secured loan from DVB Group Merchant Bank (Asia) Ltd. (“DVB”) and $2,000,000 of financing through a subordinated, non-interest-bearing seller’s credit.

Since July 2017, Pacific Crest has failed to make its monthly charter payments and our Investment Manager was advised in July 2017 that Pacific Crest is engaged in discussions with its lenders regarding a potential restructuring of its outstanding debt obligations. As a result, the joint venture performed an impairment test on the vessel. Based on such test, the joint venture recorded an impairment loss of $14,661,525 during the three months ended June 30, 2017, of which we were only allocated $1,758,641 of such impairment loss as our investment in the joint venture was written down to zero. During the three months ended September 30, 2017, the joint venture ceased recognizing rental income on the lease.

Information as to the results of operations of this joint venture is summarized as follows:



	Three Months Ended September 30,					Nine Months Ended September 30,
	2017			2016		2017			2016
Revenue	$	137,958		$	1,164,394	$	2,466,746		$	3,493,181
Net (loss) income	$	(338,832	)	$	217,524	$	(14,530,337	)	$	640,670
Our share of net income (loss)	$	—		$	27,659	$	(1,698,951	)	$	81,490

On July 21, 2017, Blackhawk Mining, LLC and its affiliates (collectively, “Blackhawk”) satisfied their remaining lease obligations by making a prepayment of $7,753,666. As a result, the joint venture recognized finance income of $353,373, of which our share was $53,006.

On September 4, 2014, a joint venture currently owned 33.5% by us and 66.5% by ICON ECI Fund Sixteen ("Fund Sixteen"), an entity also managed by our Investment Manager, purchased certain land-based seismic testing equipment for $10,677,018. Simultaneously, the seismic testing equipment was leased to Geokinetics Inc., Geokinetics USA, Inc. and Geokinetics Acquisition Company (collectively, “Geokinetics”) for three years. Upon lease expiration, Geokinetics is obligated to purchase all of the seismic testing equipment from the joint venture at an agreed-upon purchase price. The lease expired on August 31, 2017 without Geokinetics satisfying its purchase obligations under the lease. On September 21, 2017, the joint venture entered into a forbearance agreement with Geokinetics pursuant to which Geokinetics is obligated to (i) satisfy in full its remaining lease and purchase obligations of $1,546,790; and (ii) pay a penalty and forbearance fee totaling $137,340, all in nine installments, with the final installment to be paid by November 15, 2017. Geokinetics is currently in compliance with its obligations under the forbearance agreement.

As part of our Investment Manager’s and ABN AMRO’s efforts to identify and execute the sale of certain of our shipping and offshore energy assets, price indicators from a potential purchaser triggered impairment assessments on our (i)15% investment in a joint venture that owns two geotechnical drilling vessels currently on lease to affiliates of Fugro N.V. (“Fugro”) and (ii)12.5% investment in a joint venture that owns two LPG tanker vessels currently on lease to an affiliate of Foreguard Shipping I Global Ships Ltd. ("Foreguard"). As a result of such assessments, our Investment Manager believed that the loss in value of these investments were other than temporary declines and as a result, determined to record an impairment loss of $664,000 on our investment in the joint venture related to Fugro and $190,000 on our investment in the joint venture related to Foreguard, each during the three months ended September 30, 2017.


(7)	Non-Recourse Long-Term Debt

As of September 30, 2017 and December 31, 2016, we had the following non-recourse long-term debt:



Counterparty	September 30, 2017		December 31, 2016		Maturity	Rate
DVB Bank SE	$	33,350,000	$	35,862,500	2021	LIBOR + 3.50% and LIBOR + 3.85%
Less: debt issuance costs	529,832		677,115
Total non-recourse long-term debt	$	32,820,168	$	35,185,385

As of September 30, 2017 and December 31, 2016, our non-recourse long-term debt obligations were $32,820,168 and $35,185,385, respectively. All of our non-recourse long-term debt obligations consist of notes payable in which the lender

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ICON Equipment and Corporate Infrastructure Fund Fourteen, L.P.

(A Delaware Limited Partnership)

Notes to Consolidated Financial Statements

September 30, 2017

(unaudited)

has a security interest in the underlying assets. If the borrower was to default on the underlying lease or loan, resulting in our default on the non-recourse long-term debt, the assets could be foreclosed upon and the proceeds would be remitted to the lender in extinguishment of that debt. As of September 30, 2017 and December 31, 2016, the total carrying value of assets subject to non-recourse long-term debt was $55,945,176 and $67,607,658, respectively.

On November 7, 2017, we were notified of an event of default for not making certain payments into a reserve account pursuant to the loan agreement in connection with the senior debt associated with the Shamrock. The lender has reserved, but not exercised, its rights under the loan agreement.

As of September 30, 2017, we were in compliance with the covenants related to our non-recourse long-term debt, except as discussed above.

For the three months ended September 30, 2017 and 2016, we recognized interest expense of $49,346 and $51,915, respectively, related to the amortization of debt financing costs. For the nine months ended September 30, 2017 and 2016, we recognized interest expense of $147,283 and $346,555, respectively, related to the amortization of debt financing costs.


(8)	Transactions with Related Parties

We paid distributions to our General Partner of $121,212 for the three and nine months ended September 30, 2017. We paid distributions to our General Partner of $0 and $104,550 for the three and nine months ended September 30, 2016, respectively. Our General Partner’s interest in the net loss attributable to us was $133,188 and $182,123 for the three and nine months ended September 30, 2017, respectively. Our General Partner’s interest in the net loss attributable to us was $12,215 and $94,423 for the three and nine months ended September 30, 2016, respectively. Effective May 1, 2017, our Investment Manager has waived all future management fees.

Fees and other expenses incurred by us to our General Partner or its affiliates were as follows:



			Three Months Ended September 30,				Nine Months Ended September 30,
Entity	Capacity	Description	2017		2016		2017		2016
ICON Capital, LLC	Investment Manager	Management fees ⁽¹⁾	$	—	$	196,304	$	216,979	$	755,151
ICON Capital, LLC	Investment Manager	Administrative expense reimbursements ⁽¹⁾	259,327		336,553		859,040		1,016,087
			$	259,327	$	532,857	$	1,076,019	$	1,771,238

(1) Amount charged directly to operations.

At September 30, 2017, we had a net payable of $68,503 due to our General Partner and affiliates, which primarily consisted of administrative expense reimbursements due to our Investment Manager. At December 31, 2016, we had a net payable of $204,430 due to our General Partner and affiliates, which primarily consisted of administrative expense reimbursements due to our Investment Manager.

We have a note receivable from a joint venture related to the AMC Ambassador. As of September 30, 2017, the outstanding balance of the note receivable was $494,930, net of an aggregate credit loss reserve of $2,349,051. As of December 31, 2016, the outstanding balance of the note receivable was $1,329,483, net of an aggregate credit loss reserve of $1,514,498. During the three months ended December 31, 2016, the joint venture wrote down its net investment in finance lease (see Note 6). As a result, our Investment Manager assessed the collectability of the note receivable due from the joint venture by considering the fair market value of the vessel and the balance of the joint venture’s non-recourse long-term debt associated with the vessel, which has priority over our related party note receivable. A credit loss reserve of $1,514,498 was recorded based on such assessment and the related party note receivable was placed on non-accrual status during the three months ended December 31, 2016. Our Investment Manager reassessed the collectability of the note receivable at each reporting date using the same approach and due to a decrease in the fair market value of the vessel, we recorded an additional credit loss reserve of $834,553 during the three months ended June 30, 2017. No interest income was recognized for the three and nine months ended September 30, 2017 as the note receivable was placed on non-accrual status during the three months ended December 31, 2016. For the three and nine months ended September 30, 2016, we recognized interest income of $103,295 and $307,885, respectively, of which no amount was recognized on a cash basis. The interest income is included in finance income on our consolidated statements of operations.

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ICON Equipment and Corporate Infrastructure Fund Fourteen, L.P.

(A Delaware Limited Partnership)

Notes to Consolidated Financial Statements

September 30, 2017

(unaudited)


(9)	Fair Value Measurements

Assets and liabilities carried at fair value are classified and disclosed in one of the following three categories:

· Level 1: Quoted market prices available in active markets for identical assets or liabilities as of the reporting date.

· Level 2: Pricing inputs other than quoted prices in active markets included in Level 1, which are either directly or indirectly observable as of the reporting date.

· Level 3: Pricing inputs that are generally unobservable and are supported by little or no market data.

Assets Measured at Fair Value on a Nonrecurring Basis

We are required, on a nonrecurring basis, to adjust the carrying value or provide valuation allowances for certain assets using fair value measurements. Our non-financial assets, such as leased equipment at cost, are measured at fair value when there is an indicator of impairment and recorded at fair value only when an impairment charge is recognized. To determine the fair value when impairment indicators exist, we utilize different valuation approaches based on transaction-specific facts and circumstances to determine fair value, including, but not limited to, discounted cash flow models and the use of comparable transactions.

The following table summarizes the valuation of our material non-financial asset measured at fair value on a nonrecurring basis, which is presented as of the date the impairment loss was recorded, while the carrying value of the asset is presented as of September 30, 2017.



	Carrying Value at		Fair Value at Impairment Date						Impairment Loss for the
	September 30, 2017		Level 1		Level 2		Level 3		Nine Months Ended September 30, 2017
Vessel	$	36,000,000	$	—	$	—	$	36,000,000	$	9,445,807

For the three months ended September 30, 2017, we identified impairment indicators and measured the Shamrock for impairment purposes. The estimated fair value of the vessel at September 30, 2017 was based on (i) independent third-party valuations using a combination of approaches including, but not limited to, the market approach and the replacement cost method and (ii) fair value derived from discounted cash flows using current charter rates and sales data from a reputable firm who provides integrated shipping data and services. As of September 30, 2017, the vessel was valued using inputs that are generally unobservable and are supported by little or no market data and were classified within Level 3.

Assets for which Fair Value is Disclosed

Our fixed-rate notes receivable, for which fair value is required to be disclosed, were valued using inputs that are generally unobservable and are supported by little or no market data and are therefore classified within Level 3. Under U.S. GAAP, we use projected cash flows for fair value measurements of these financial assets. Fair value information with respect to certain of our other assets and liabilities is not separately provided since (i) U.S. GAAP does not require fair value disclosures of lease arrangements and (ii) the carrying value of financial assets and liabilities, other than lease-related investments, approximates fair value due to their short-term maturities and/or variable interest rates.

The estimated fair value of our fixed-rate notes receivable was based on the discounted value of future cash flows related to the loans at inception, adjusted for changes in certain variables, including, but not limited to, credit quality, industry, financial markets and other recent comparables. The fair value of the principal outstanding on fixed-rate notes receivable was derived using discount rates ranging between 8.0% and 18.1% as of September 30, 2017.



	September 30, 2017
	Carrying		Fair Value
	Value		(Level 3)
Principal outstanding on fixed-rate notes receivable	$	9,988,593	$	9,633,059

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ICON Equipment and Corporate Infrastructure Fund Fourteen, L.P.

(A Delaware Limited Partnership)

Notes to Consolidated Financial Statements

September 30, 2017

(unaudited)

(10) Commitments and Contingencies

At the time we acquire or divest our interest in Capital Assets, we may, under very limited circumstances, agree to indemnify the seller or buyer for specific contingent liabilities. Our General Partner believes that any liability of ours that may arise as a result of any such indemnification obligations may or may not have a material adverse effect on our consolidated financial condition or results of operations taken as a whole. In addition, at times we may seek to enforce our rights under a personal guaranty in order to collect amounts from the guarantor that are owed to us by a defaulting borrower or lessee. Gain contingencies may arise from enforcement of such guaranty, but are not recognized until realizable. We are currently seeking to recover a judgment issued in our favor against a guarantor covering amounts owed to us related to a secured term loan to Kanza Construction, Inc. (“Kanza”).

On September 27, 2016, we commenced a legal proceeding against Center Navigation Ltd. (“Center Navigation”) and Geden Holdings Ltd. (“Geden”) seeking monetary damages incurred as a result of their failure to meet their payment and performance obligations under the charter and guaranty, respectively, related to the Center.

In connection with certain debt obligations, we are required to maintain restricted cash balances with certain banks. At September 30, 2017, we had restricted cash of $1,366,928.

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Item 2. General Partner's Discussion and Analysis of Financial Condition and Results of Operations

The following is a discussion of our current financial position and results of operations. This discussion should be read together with our unaudited consolidated financial statements and related notes included elsewhere in this Quarterly Report on Form 10-Q and our audited consolidated financial statements and related notes included in our Annual Report on Form 10-K for the year ended December 31, 2016. This discussion should also be read in conjunction with the disclosures below regarding “Forward-Looking Statements.”

As used in this Quarterly Report on Form 10-Q, references to “we,” “us,” “our” or similar terms include ICON Equipment and Corporate Infrastructure Fund Fourteen, L.P. and its consolidated subsidiaries.

Forward-Looking Statements

Certain statements within this Quarterly Report on Form 10-Q may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 (“PSLRA”). These statements are being made pursuant to the PSLRA, with the intention of obtaining the benefits of the “safe harbor” provisions of the PSLRA, and, other than as required by law, we assume no obligation to update or supplement such statements. Forward-looking statements are those that do not relate solely to historical fact. They include, but are not limited to, any statement that may predict, forecast, indicate or imply future results, performance, achievements or events. You can identify these statements by the use of words such as “may,” “would,” “could,” “anticipate,” “believe,” “estimate,” “expect,” “continue,” “further,” “plan,” “seek,” “intend,” “predict” or “project” and variations of these words or comparable words or phrases of similar meaning. These forward-looking statements reflect our current beliefs and expectations with respect to future events. They are based on assumptions and are subject to risks and uncertainties and other factors outside of our control that may cause actual results to differ materially from those projected. We undertake no obligation to update publicly or review any forward-looking statement, whether as a result of new information, future developments or otherwise.

Overview

We operated as an equipment leasing and finance fund in which the capital our partners invested was pooled together to make investments in Capital Assets, pay fees and establish a small reserve. During our offering period from May 18, 2009 to May 18, 2011, we raised total equity of $257,646,987. Our operating period commenced on May 19, 2011. We invested a substantial portion of the proceeds from the sale of our limited partnership interests ("Interests") in Capital Assets. After these proceeds were invested, additional investments were made with the cash generated from our initial investments to the extent that cash was not used for our expenses, reserves and distributions to limited partners. The investment in additional Capital Assets in this manner is called “reinvestment.” We invested and reinvested in Capital Assets from time to time during our five-year operating period. Our operating period ended on May 18, 2016 and our liquidation period commenced on May 19, 2016. During our liquidation period, we have sold and will continue to sell our assets and/or let our investments mature in the ordinary course of business.

On May 30, 2017, our Investment Manager retained ABN AMRO as its financial advisor to assist our Investment Manager and us in identifying, evaluating and executing a potential sale of certain shipping and offshore energy assets currently included within our investment portfolio. We, however, cannot assure that the identification or evaluation to be performed will result in any specific sale transaction or series of transactions.

Our General Partner manages and controls our business affairs, including, but not limited to, our investments in Capital Assets, under the terms of our limited partnership agreement. Our Investment Manager, an affiliate of our General Partner, originated and services our investments.

Recent Significant Transactions

We engaged in the following significant transactions since December 31, 2016:

Notes Receivable

On January 24, 2017, Asphalt satisfied its obligations in connection with a secured term loan scheduled to mature on December 31, 2018 by making a prepayment of $1,731,830, comprised of all outstanding principal, accrued interest and a prepayment fee of $81,400. The prepayment fee was recognized as additional finance income.

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As of December 31, 2016, our net investment in note receivable and accrued interest related to TMA totaled $3,500,490 and $953,389, respectively. Based on, among other things, TMA’s payment history and estimated collateral value as of December 31, 2016, our Investment Manager believed that it was likely that all outstanding principal and accrued interest under the ICON Loan would be collectible and as a result, we continued to account for our net investment in note receivable related to TMA on an accrual basis as of December 31, 2016 despite a portion of the outstanding balance being over 90 days past due. Our Investment Manager continues to assess the collectability of the note receivable at each reporting date. During the three months ended June 30, 2017, our Investment Manager believed it was prudent to place the note receivable on non-accrual status. In September 2017, our Investment Manager met with certain restructuring advisors engaged by TMA to discuss a potential restructuring of the company. In light of these developments and a decrease in the fair market value of the collateral, in which we have a second priority security interest, our Investment Manager determined to record a credit loss of $1,750,000 during the three months ended September 30, 2017. As of September 30, 2017, our net investment in note receivable related to TMA was $2,815,158. In addition, we have an accrued interest receivable related to TMA of $1,064,668, which has been fully reserved, resulting in a net carrying value of $0.

Mining Equipment

On July 21, 2017, Blackhawk satisfied its remaining lease obligations by making a prepayment of $7,753,666. As a result, the joint venture recognized finance income of $353,373, of which our share was $53,006.

Seismic Testing Equipment

On September 4, 2014, a joint venture currently owned 33.5% by us and 66.5% by Fund Sixteen purchased certain land-based seismic testing equipment for $10,677,018. Simultaneously, the seismic testing equipment was leased to Geokinetics for three years. Upon lease expiration, Geokinetics is obligated to purchase all of the seismic testing equipment from the joint venture at an agreed-upon purchase price. The lease expired on August 31, 2017 without Geokinetics satisfying its purchase obligations under the lease. On September 21, 2017, the joint venture entered into a forbearance agreement with Geokinetics pursuant to which Geokinetics is obligated to (i) satisfy in full its remaining lease and purchase obligations of $1,546,790; and (ii) pay a penalty and forbearance fee totaling $137,340, all in nine installments, with the final installment to be paid by November 15, 2017. Geokinetics is currently in compliance with its obligations under the forbearance agreement.

Marine Vessel

For the three months ended September 30, 2017, an impairment assessment on the Shamrock was triggered as a result of a price indicator from a potential purchaser as part of our Investment Manager’s and ABN AMRO’s efforts to identify and execute the sale of certain of our shipping and offshore energy assets. As a result of such assessment, our Investment Manager recorded an impairment loss of $9,445,807 based on an estimated fair value of $36,000,000. Key assumptions used in determining fair value included assigning probabilities to (i) fair values determined by two third-party valuation firms and (ii) fair value derived from discounted cash flows using current charter rates and sales data from a reputable firm who provides integrated shipping data and services.

Investment in Joint Ventures

As part of our Investment Manager’s and ABN AMRO’s efforts to identify and execute the sale of certain of our shipping and offshore energy assets, price indicators from a potential purchaser triggered impairment assessments on our (i)15% investment in a joint venture that owns two geotechnical drilling vessels currently on lease to affiliates of Fugro and (ii) 12.5% investment in a joint venture that owns two LPG tanker vessels currently on lease to an affiliate of Foreguard. As a result of such assessments, our Investment Manager believed that the loss in value of these investments were other than temporary declines and as a result, determined to record an impairment loss of $664,000 on our investment in the joint venture related to Fugro and $190,000 on our investment in the joint venture related to Foreguard, each during the three months ended September 30, 2017.

Recently Adopted Accounting Pronouncements

In March 2016, FASB issued ASU 2016-05, Derivatives and Hedging: Effect of Derivative Contract Novations on Existing Hedge Accounting Relationships, which we adopted on January 1, 2017. The adoption of ASU 2016-05 did not have an effect on our consolidated financial statements.

In March 2016, FASB issued ASU 2016-07, Investments – Equity Method and Joint Ventures: Simplifying the Transition to the Equity Method of Accounting, which we adopted on January 1, 2017. The adoption of ASU 2016-07 did not have an effect on our consolidated financial statements.

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In October 2016, FASB issued ASU 2016-17, Consolidation, which we adopted on January 1, 2017. The adoption of ASU 2016-17 did not have an effect on our consolidated financial statements.

Other Recent Accounting Pronouncements

In May 2014, FASB issued ASU 2014-09, Revenue from Contracts with Customers. In August 2015, FASB issued ASU 2015-14, Revenue from Contracts with Customers – Deferral of the Effective Date, which defers implementation of ASU 2014-09 by one year. ASU 2014-09 will become effective for us on January 1, 2018. Our evaluation of the impact of the adoption of ASU 2014-09 on our consolidated financial statements is ongoing and our implementation efforts have included the identification of revenue within the scope of the guidance and the evaluation of applicable revenue contracts. We continue to evaluate the timing of recognition of various revenue; however, since a substantial portion of our revenue is recognized from our leasing contracts, which is subject to ASU 2016-02, such revenue is excluded from our evaluation of ASU 2014-09.

In January 2016, FASB issued ASU 2016-01, Financial Instruments – Overall: Recognition and Measurement of Financial Assets and Financial Liabilities, which will become effective for us on January 1, 2018. We are currently in the process of evaluating the impact of the adoption of ASU 2016-01 on our consolidated financial statements.

In February 2016, FASB issued ASU 2016-02, Leases, which will become effective for us on January 1, 2019. Based on our preliminary assessment, most, if not all, of our leases are subject to lessor accounting and the accounting applied by a lessor is largely unchanged from that applied under current U.S. GAAP. We continue to evaluate the impact of the adoption of ASU 2016-02 on our consolidated financial statements.

In June 2016, FASB issued ASU 2016-13, Financial Instruments – Credit Losses, which will become effective for us on January 1, 2020. We are currently in the process of evaluating the impact of the adoption of ASU 2016-13 on our consolidated financial statements.

In August 2016, FASB issued ASU 2016-15, Statement of Cash Flows: Classification of Certain Cash Receipts and Cash Payments, which will become effective for us on January 1, 2018. We are currently in the process of evaluating the impact of the adoption of ASU 2016-15 on our consolidated financial statements.

In November 2016, FASB issued ASU 2016-18, Statement of Cash Flows, which will become effective for us on January 1, 2018. We are currently in the process of evaluating the impact of the adoption of ASU 2016-18 on our consolidated financial statements.

In January 2017, FASB issued ASU 2017-01, Business Combinations, which will become effective for us on January 1, 2018. We are currently in the process of evaluating the impact of the adoption of ASU 2017-01 on our consolidated financial statements.

We do not believe any other recently issued, but not yet effective, accounting pronouncements, if currently adopted, would have a material effect on our consolidated financial statements.

Results of Operations for the Three Months Ended September 30, 2017 (the “2017 Quarter”) and 2016 (the “2016 Quarter”)

The following percentages are only as of a stated period and are not expected to be comparable in future periods. Further, these percentages are only representative of the percentage of the carrying value of such assets, finance income or rental income as of each stated period, and as such are not indicative of the concentration of any asset type or customer by the amount of equity invested or our investment portfolio as a whole.

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Financing Transactions

The following tables set forth the types of assets securing the financing transactions in our portfolio:



	September 30, 2017			December 31, 2016
Asset Type	Net Carrying Value		Percentage of Total Net Carrying Value	Net Carrying Value		Percentage of Total Net Carrying Value
Lubricant manufacturing and blending equipment	$	5,160,749	56%	$	5,138,818	44%
Platform supply vessels	2,815,158		31%	3,500,490		30%
Motor cargo vessel	1,190,611		13%	1,234,770		11%
Asphalt carrier vessel	—		—	1,697,300		15%
	$	9,166,518	100%	$	11,571,378	100%

The net carrying value of our financing transactions includes the balance of our net investment in notes receivable as of each reporting date.

During the 2017 Quarter and the 2016 Quarter, certain customers generated significant portions (defined as 10% or more) of our total finance income as follows:



		Percentage of Total Finance Income
Customer	Asset Type	2017 Quarter	2016 Quarter
Lubricating Specialties Company	Lubricant manufacturing and blending equipment	88%	—
CFL Momentum Beheer B.V. and C.V. CFL Momentum	Motor cargo vessel	12%	—
Técnicas Maritimas Avanzadas, S.A. de C.V.	Platform supply vessels	—	48%
Gallatin Marine Management, LLC	Offshore support vessel	—	40%
Asphalt Carrier Shipping Company Limited	Asphalt carrier vessel	—	23%
Premier Trailer Leasing, Inc.	Trailers ⁽¹⁾	—	(11)%
		100%	100%

(1) Upon the prepayment by Premier Trailer Leasing, Inc. of its secured term loan during the 2016 Quarter, a loss was recorded as a result of the write-off of the remaining unamortized initial direct costs.

Interest income and prepayment fees from our net investment in notes receivable and finance income from our net investment in finance leases are included in finance income in our consolidated statements of operations.

Non-performing Assets within Financing Transactions

As of December 31, 2016, our investment in note receivable related to JAC was $33,393,546, which had been fully reserved, resulting in a net investment in note receivable of $0. On December 22, 2011, a joint venture owned 75% by us and 25% by Fund Twelve made a $20,124,000 subordinated term loan to JAC as part of a $171,050,000 term loan facility. The loan initially bore interest at rates ranging between 12.5% and 15% per year and was scheduled to mature in January 2021. As a result of JAC’s failure to make an expected payment that was due to the joint venture during the three months ended March 31, 2015, the interest rate payable by JAC under the loan increased from 12.5% to 15.5%. The loan was secured by a second priority security interest in all of JAC’s assets, which included, among other things, all equipment, plant and machinery associated with a condensate splitter and aromatics complex.

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restructuring that was being contemplated. As a result, JAC entered receivership on September 28, 2015. In July 2016, the tolling arrangement was implemented and the manufacturing facility resumed operations. Although JAC's manufacturing facility resumed operations, no debt payments were made by JAC to us while operating under the tolling arrangement. As part of the tolling arrangement and the receivership process, JAC incurred additional senior debt, which could have been up to $55,000,000, to fund its operations as well as any receivership-related costs. As a result, as of June 30, 2016, our Investment Manager determined that we should fully reserve the outstanding balance of the loan due from JAC. During the fourth quarter of 2016, the Receiver formally commenced the process of marketing JAC's manufacturing facility for sale. On September 12, 2017, our Investment Manager received a formal notice from the Receiver notifying us that on August 28, 2017, the Receiver concluded a sale of substantially all of the assets of JAC (including the manufacturing facility) to a third party and confirmed that no sales proceeds are anticipated to be distributed to the subordinated lenders. As a result, we wrote off an aggregate credit loss reserve and the corresponding balance related to the loan of $33,393,546 during the 2017 Quarter. We did not recognize any finance income for the 2017 Quarter and the 2016 Quarter.

As of December 31, 2016, our net investment in note receivable and accrued interest related to TMA totaled $3,500,490 and $953,389, respectively. Based on, among other things, TMA’s payment history and estimated collateral value as of December 31, 2016, our Investment Manager believed that it was likely that all outstanding principal and accrued interest under the ICON Loan would be collectible and as a result, we continued to account for our net investment in note receivable related to TMA on an accrual basis as of December 31, 2016 despite a portion of the outstanding balance being over 90 days past due. Our Investment Manager continues to assess the collectability of the note receivable at each reporting date. During the three months ended June 30, 2017, our Investment Manager believed it was prudent to place the note receivable on non-accrual status. In September 2017, our Investment Manager met with certain restructuring advisors engaged by TMA to discuss a potential restructuring of the company. In light of these developments and a decrease in the fair market value of the collateral, in which we have a second priority security interest, we recorded a credit loss of $1,750,000 during the 2017 Quarter. As of September 30, 2017, our net investment in note receivable related to TMA was $2,815,158. In addition, we have an accrued interest receivable related to TMA of $1,064,668, which has been fully reserved, resulting in a net carrying value of $0. During the 2017 Quarter and the 2016 Quarter, we recognized finance income of $0 and $121,771, respectively.

Operating Lease Transactions

The following tables set forth the types of equipment subject to operating leases and charters in our portfolio:



	September 30, 2017			December 31, 2016
Asset Type	Net Carrying Value		Percentage of Total Net Carrying Value	Net Carrying Value		Percentage of Total Net Carrying Value
Marine - crude oil tanker	$	36,000,000	64%	$	47,023,912	70%
Marine - dry bulk vessels	19,945,176		36%	20,583,746		30%
	$	55,945,176	100%	$	67,607,658	100%

The net carrying value of our operating lease transactions represents the balance of our leased equipment at cost and vessel as of each reporting date.

During the 2017 Quarter and the 2016 Quarter, certain customers generated significant portions (defined as 10% or more) of our total rental income and pool revenue as follows:



		Percentage of Total Rental Income
Customer	Asset Type	2017 Quarter	2016 Quarter
Stena Sonangol Suezmax Pool LLC	Marine - crude oil tanker	58%	96%
Americas Bulk Transport (BVI) Limited	Marine - dry bulk vessels	42%	4%
		100%	100%

Impaired Leased Assets within Operating Lease Transactions

For the 2017 Quarter, an impairment assessment on the Shamrock was triggered as a result of a price indicator from a potential purchaser as part of our Investment Manager’s and ABN AMRO’s efforts to identify and execute the sale of certain of our shipping and offshore energy assets. As a result of such assessment, our Investment Manager recorded an impairment

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loss of $9,445,807 during the 2017 Quarter based on an estimated fair value of $36,000,000. During the 2017 Quarter and the 2016 Quarter, we recognized pool revenue of $656,113 and $663,153, respectively.

Revenue and other income for the 2017 Quarter and the 2016 Quarter is summarized as follows:



	Three Months Ended September 30,
	2017		2016		Change
Finance income	$	220,052	$	253,834	$	(33,782	)
Rental income	480,333		30,852		449,481
Pool revenue	656,113		663,153		(7,040		)
Income from investment in joint ventures	202,348		361,414		(159,066		)
Gain on extinguishment of debt	—		2,343,762		(2,343,762		)
Other income	4,934		128,785		(123,851		)
Total revenue and other income	$	1,563,780	$	3,781,800	$	(2,218,020	)

Total revenue and other income for the 2017 Quarter decreased $2,218,020, or 58.6%, as compared to the 2016 Quarter. The decrease was primarily due to (i) a non-recurring gain on extinguishment of debt recorded during the 2016 Quarter upon repayment of the prior facility related to two of the vessels previously on lease to Geden, the Amazing and the Fantastic, at a discount, (ii) a decrease in income from investment in joint ventures due to less gain recognized on one of our joint venture’s non-designated interest rate swaps and no allocation of income from two of our joint ventures as the underlying assets held by such joint ventures are on non-accrual status and (iii) insurance proceeds that we received and accounted for as other income during the 2016 Quarter with no comparable proceeds received during the 2017 Quarter. The decrease was partially offset by an increase in rental income due to rental income recognized on new operating leases that we entered into with Americas Bulk Transport (BVI) Limited (“Americas Bulk”) in July 2016.

Expenses for the 2017 Quarter and the 2016 Quarter are summarized as follows:



	Three Months Ended September 30,
	2017		2016		Change
Management fees	$	—	$	196,304	$	(196,304	)
Administrative expense reimbursements	259,327		336,553		(77,226		)
General and administrative	306,896		489,717		(182,821		)
Credit loss, net	1,750,000		—		1,750,000
Depreciation	738,892		665,136		73,756
Interest	467,339		513,062		(45,723		)
Impairment loss	10,299,807		—		10,299,807
Vessel operating expenses	1,058,917		2,802,945		(1,744,028		)
Total expenses	$	14,881,178	$	5,003,717	$	9,877,461

Total expenses for the 2017 Quarter increased $9,877,461, or 197.4%, as compared to the 2016 Quarter. The increase in total expenses was primarily due to the (i) impairment losses recorded during the 2017 Quarter related to the Shamrock and two investments in joint ventures with no comparable losses recorded during the 2016 Quarter and (ii) credit loss recorded during the 2017 Quarter related to TMA with no comparable credit loss recorded during the 2016 Quarter. The increase was partially offset by decreases in (a) vessel operating expenses during the 2017 Quarter due to dry-docking costs incurred during the 2016 Quarter subsequent to the redelivery of the Center to us, (b) management fees due to our Investment Manager waiving all future management fees effective May 1, 2017 and (c) general and administrative expenses primarily due to the reimbursement of insurance premiums by two lessees during the 2017 Quarter.

Net Income (Loss) Attributable to Noncontrolling Interests

Net income (loss) attributable to noncontrolling interests changed by $1,704, from a net loss of $356 in the 2016 Quarter to net income of $1,348 in the 2017 Quarter.

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Net Loss Attributable to Fund Fourteen

As a result of the foregoing factors, net loss attributable to us for the 2017 Quarter and the 2016 Quarter was $13,318,746 and $1,221,561, respectively. Net loss attributable to us per weighted average Interest outstanding for the 2017 Quarter and the 2016 Quarter was $50.96 and $4.67, respectively.

Results of Operations for the Nine Months Ended September 30, 2017 (the “2017 Period”) and 2016 (the “2016 Period”)

The following percentages are only as of a stated period and are not expected to be comparable in future periods. Further, these percentages are only representative of the percentage of finance income or rental income as of each stated period, and as such are not indicative of the concentration of any asset type or customer by the amount of equity invested or our investment portfolio as a whole.

Financing Transactions

During the 2017 Period and the 2016 Period, certain customers generated significant portions (defined as 10% or more) of our total finance income as follows:



		Percentage of Total Finance Income
Customer	Asset Type	2017 Period	2016 Period
Lubricating Specialties Company	Lubricant manufacturing and blending equipment	72%	—
Técnicas Maritimas Avanzadas, S.A. de C.V.	Platform supply vessels	14%	40%
Asphalt Carrier Shipping Company Limited	Asphalt carrier vessel	4%	19%
Gallatin Marine Management, LLC	Offshore support vessel	—	32%
		90%	91%

Non-performing Assets within Financing Transactions

We had three leases with Geden and they were placed on non-accrual status during the three months ended June 30, 2013. As a result, finance income was recognized on a cash basis. As our Investment Manager believed that Geden may have been unable to fully satisfy its remaining lease payment obligations and fulfill its purchase obligations at lease expiration, we recorded credit losses related to two of the vessels, the Amazing and the Fantastic, commencing with the three months ended December 31, 2014 based on our quarterly assessments. With respect to the Center, our Investment Manager determined that no credit loss reserve was required through December 31, 2015.

In April 2016, our Investment Manager was informed by Geden that it intended to return the three vessels to us prior to lease expiration and that it would not be fulfilling its purchase obligations with respect to the three vessels. As a result, our Investment Manager determined to record credit losses of $4,804,077, $4,641,478 and $396,762 related to the Amazing, the Fantastic and the Center, respectively, during the three months ended March 31, 2016 based primarily on the then current fair market value of the vessels.

On June 17, 2016, the Center was redelivered to us by Geden and the charter was terminated. Upon redelivery, the vessel was dry-docked until early July 2016, after which we renamed the vessel "Shamrock" and placed it into service for at least 12 months by participating in the Stena Pooling Arrangement. Upon redelivery of the vessel to us, we reclassified the Center from net investment in finance leases to vessel on our consolidated balance sheet as of June 30, 2016 at the then fair market value of $48,000,000. Upon reclassification, U.S. GAAP requires that we record the vessel at the lower of the present carrying value or the present fair market value. Due to the decrease in the fair market value of the Center, we recognized an additional credit loss of $6,546,754 during the three months ended June 30, 2016, net of the forfeiture of the $9,000,000 seller’s credit that was no longer payable to Geden as a result of Geden’s default on the charter.

On July 5, 2016, the Amazing and the Fantastic were also redelivered to us by Geden and the charters were terminated. Upon redelivery, the vessels were renamed "Bulk Progress" and "Bulk Power", respectively, and were bareboat chartered to Americas Bulk for five years. During the three months ended June 30, 2016, we recognized a reversal of an aggregate credit loss of $6,800,000 related to the Amazing and the Fantastic based on their then fair market values as of June 30, 2016.

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During the 2016 Period, we did not recognize any finance income related to the three vessels as the leases were already considered impaired.

During 2015, JAC experienced liquidity constraints as a result of a general economic slow-down in China and India, which led to lower demand from such countries, as well as the price decline of energy and other commodities. As a result, JAC’s manufacturing facility ceased operations and JAC was not able to service interest payments under the loan. During the three months ended June 30, 2015, an expected tolling arrangement with JAC’s suppliers that would have allowed JAC’s manufacturing facility to resume operations did not commence as originally anticipated. Accordingly, our Investment Manager determined that there was doubt regarding our ultimate collectability of the loan. Commencing with the three months ended June 30, 2015, our Investment Manager placed the loan on non-accrual status, ceased recognizing finance income and began recording credit losses. Subsequently, discussions among the senior lenders and certain other stakeholders of JAC regarding a restructuring plan ended as the senior lenders did not agree to amendments to their credit facilities as part of the broader restructuring that was being contemplated. As a result, JAC entered receivership on September 28, 2015. In July 2016, the tolling arrangement was implemented and the manufacturing facility resumed operations. Although JAC's manufacturing facility resumed operations, no debt payments were made by JAC to us while operating under the tolling arrangement. As part of the tolling arrangement and the receivership process, JAC incurred additional senior debt, which could have been up to $55,000,000, to fund its operations as well as any receivership-related costs. As a result, as of June 30, 2016, our Investment Manager determined that we should fully reserve the outstanding balance of the loan due from JAC. During the fourth quarter of 2016, the Receiver formally commenced the process of marketing JAC's manufacturing facility for sale. On September 12, 2017, our Investment Manager received a formal notice from the Receiver notifying us that on August 28, 2017, the Receiver concluded a sale of substantially all of the assets of JAC (including the manufacturing facility) to a third party and confirmed that no sales proceeds are anticipated to be distributed to the subordinated lenders. As a result, we wrote off an aggregate credit loss reserve and the corresponding balance related to the loan of $33,393,546 during the 2017 Quarter. We did not recognize any finance income for the 2017 Period and the 2016 Period.

As of December 31, 2016, our net investment in note receivable and accrued interest related to TMA totaled $3,500,490 and $953,389, respectively. Based on, among other things, TMA’s payment history and estimated collateral value as of December 31, 2016, our Investment Manager believed that it was likely that all outstanding principal and accrued interest under the ICON Loan would be collectible and as a result, we continued to account for our net investment in note receivable related to TMA on an accrual basis as of December 31, 2016 despite a portion of the outstanding balance being over 90 days past due. Our Investment Manager continues to assess the collectability of the note receivable at each reporting date. During the three months ended June 30, 2017, our Investment Manager believed it was prudent to place the note receivable on non-accrual status. In September 2017, our Investment Manager met with certain restructuring advisors engaged by TMA to discuss a potential restructuring of the company. In light of these developments and a decrease in the fair market value of the collateral, in which we have a second priority security interest, we recorded a credit loss of $1,750,000 during the 2017 Period. As of September 30, 2017, our net investment in note receivable related to TMA was $2,815,158. In addition, we have an accrued interest receivable related to TMA of $1,064,668, which has been fully reserved, resulting in a net carrying value of $0. During the 2017 Period and the 2016 Period, we recognized finance income of $111,279 and $374,444, respectively.

Operating Lease Transactions

During the 2017 Period and the 2016 Period, certain customers generated significant portions (defined as 10% or more) of our total rental income and pool revenue as follows:

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		Percentage of Total Rental Income
Customer	Asset Type	2017 Period	2016 Period
Stena Sonangol Suezmax Pool LLC	Marine - crude oil tanker	73%	7%
Americas Bulk Transport (BVI) Limited	Marine - dry bulk vessels	27%	1%
AET Inc. Limited	Marine - crude oil tankers	—	89%
		100%	97%

Impaired Leased Assets within Operating Lease Transactions

For the 2017 Period, an impairment assessment on the Shamrock was triggered as a result of a price indicator from a potential purchaser as part of our Investment Manager’s and ABN AMRO’s efforts to identify and execute the sale of certain of our shipping and offshore energy assets. As a result of such assessment, our Investment Manager recorded an impairment loss of $9,445,807 during the 2017 Period based on an estimated fair value of $36,000,000. During the 2017 Period and the 2016 Period, we recognized pool revenue of $3,097,667 and $663,153, respectively.

Revenue and other income for the 2017 Period and the 2016 Period is summarized as follows:



	Nine Months Ended September 30,
	2017			2016		Change
Finance income	$	796,963		$	943,476	$	(146,513	)
Rental income	1,125,736			8,668,970		(7,543,234		)
Pool revenue	3,097,667			663,153		2,434,514
(Loss) income from investment in joint ventures	(1,163,891		)	1,291,898		(2,455,789		)
Gain on extinguishment of debt	—			2,343,762		(2,343,762		)
Gain on sale of subsidiaries	—			8,721,363		(8,721,363		)
Gain on sale of investment in joint ventures	—			291,990		(291,990		)
Other income	23,078			136,845		(113,767		)
Total revenue and other income	$	3,879,553		$	23,061,457	$	(19,181,904	)

Total revenue and other income for the 2017 Period decreased $19,181,904, or 83.2%, as compared to the 2016 Period. The decrease was primarily due to (i) a gain on sale of subsidiaries recorded during the 2016 Period from the sale of our interests in ICON AET Holdings, LLC ("ICON AET") and ICON Exopack, LLC ("ICON Exopack") with no comparable sales recorded during the 2017 Period, (ii) a decrease in rental income as a result of the sale of our interests in ICON AET and ICON Exopack, partially offset by rental income recognized on new operating leases that we entered into with Americas Bulk in July 2016, (iii) loss from investment in joint ventures in the 2017 Period due primarily to the impairment loss recorded by our joint venture related to Pacific Crest during the 2017 Period as opposed to income from investment in joint ventures in the 2016 Period and (iv) a gain on extinguishment of debt recorded upon repayment of the prior facility related to the Amazing and the Fantastic at a discount with no comparable gain recorded during the 2017 Period. The decrease was partially offset by pool revenue recognized in connection with net earnings derived from placing the Shamrock in the Stena Pooling Arrangement since July 2016.

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Expenses for the 2017 Period and the 2016 Period are summarized as follows:



	Nine Months Ended September 30,
	2017		2016		Change
Management fees	$	216,979	$	755,151	$	(538,172	)
Administrative expense reimbursements	859,040		1,016,087		(157,047		)
General and administrative	1,431,792		2,095,220		(663,428		)
Credit loss, net	2,584,553		14,361,159		(11,776,606		)
Depreciation	2,216,675		4,683,483		(2,466,808		)
Interest	1,380,606		3,629,167		(2,248,561		)
Impairment loss	10,299,807		—		10,299,807
Vessel operating expenses	3,104,345		3,519,526		(415,181		)
Loss on derivative financial instruments	—		1,211,654		(1,211,654		)
Total expenses	$	22,093,797	$	31,271,447	$	(9,177,650	)

Total expenses for the 2017 Period decreased $9,177,650, or 29.3%, as compared to the 2016 Period. The decrease in total expenses was primarily due to (i) the credit loss recorded during the 2016 Period related to the three vessels previously on lease to Geden and related to JAC as opposed to the credit loss recorded during the 2017 Period related to TMA and the AMC Ambassador, (ii) a decrease in depreciation due to the sale of interests of ICON AET and ICON Exopack in June 2016, partially offset by depreciation recorded on the three vessels redelivered to us by Geden, which we redeployed in July 2016, (iii) a decrease in interest expense primarily due to the assumption and repayment of our debt obligations upon the sale of interests of ICON AET and partial repayments of our debt obligations related to the three vessels previously on lease to Geden, (iv) the loss on derivative financial instruments recorded in the 2016 Period as our interest rate swaps were assumed by a third party purchaser as part of the sale of our interests in ICON AET in June 2016, (v) a decrease in general and administrative expenses primarily due to lower legal, audit and bank fees recorded in the 2017 Period as compared to the 2016 Period, and the reimbursement of insurance premiums from two lessees during the 2017 Period and (vi) a decrease in management fees due to our Investment Manager waiving all future management fees effective May 1, 2017. The decrease was partially offset by impairment losses recorded during the 2017 Period related to the Shamrock and investments in two joint ventures with no comparable losses recorded during the 2016 Period.

Net (Loss) Income Attributable to Noncontrolling Interests

Net (loss) income attributable to noncontrolling interests changed by $1,234,320, from net income of $1,232,342 in the 2016 Period to a net loss of $1,978 in the 2017 Period. The change was primarily due to no income recognized related to ICON AET following the sale of our interests in such joint venture in June 2016, partially offset by no credit loss recorded on our consolidated joint venture related to JAC in the 2017 Period.

Net Loss Attributable to Fund Fourteen

As a result of the foregoing factors, net loss attributable to us for the 2017 Period and the 2016 Period was $18,212,266 and $9,442,332, respectively. The net loss attributable to us per weighted average Interest outstanding for the 2017 Period and the 2016 Period was $69.68 and $36.13, respectively.

Financial Condition

This section discusses the major balance sheet variances at September 30, 2017 compared to December 31, 2016.

Total Assets

Total assets decreased $31,707,546, from $114,131,272 at December 31, 2016 to $82,423,726 at September 30, 2017. The decrease was primarily due to the (i) impairment and credit losses, (ii) distributions to our partners, (iii) payments of our operating expenses, (iv) repayment of our debt obligations and (v) depreciation of our leased equipment at cost and vessel, all recorded during the 2017 Period.

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Total Liabilities

Total liabilities decreased $1,374,784, from $38,073,974 at December 31, 2016 to $36,699,190 at September 30, 2017. The decrease was primarily due to repayments on certain non-recourse long-term debt and certain of our previously accrued liabilities, partially offset by an increase in deferred revenue related to the Shamrock during the 2017 Period.

Equity

Equity decreased $30,332,762, from $76,057,298 at December 31, 2016 to $45,724,536 at September 30, 2017. The decrease was primarily due to distributions to our partners and our net loss during the 2017 Period.

Liquidity and Capital Resources

Summary

At September 30, 2017 and December 31, 2016, we had cash and cash equivalents of $8,044,263 and $19,452,937, respectively. Pursuant to the terms of our offering, we have established a cash reserve in the amount of 0.50% of the gross offering proceeds from the sale of our Interests. As of September 30, 2017, the cash reserve was $1,288,235 and is included in our balance as of September 30, 2017. During our operating period, our main source of cash was typically from operating activities and our main use of cash was in investing and financing activities. Our operating period ended on May 18, 2016 and our liquidation period commenced on May 19, 2016. Our liquidity will vary in the future, increasing to the extent cash flows from investments and proceeds from the sale of our investments exceed expenses and decreasing as we pay distributions to our partners and noncontrolling interests and to the extent that expenses exceed cash flows from operations and proceeds from the sale of our investments.

We believe that cash on hand and cash generated from the expected results of our operations will be sufficient to finance our liquidity requirements for the foreseeable future. However, our equipment financing business has encountered significant challenges over the past several years. Specifically, we continue to suffer from an unprecedented and prolonged weakness in global shipping and offshore markets.

Our ability to generate cash in the future is subject to general economic, financial, competitive, regulatory and other factors that affect us and our lessees’ and borrowers’ businesses that are beyond our control.

We have used the net proceeds of the offering and cash from operations to invest in Capital Assets located in North America, Europe and other developed markets, including those in Asia and elsewhere. We have sought to acquire a portfolio of Capital Assets that is comprised of transactions that (a) provide current cash flow in the form of payments of principal and/or interest (in the case of secured loans) and rental payments (in the case of leases), (b) generate deferred cash flow from realizing the value of Capital Assets or interests therein at the maturity of the investment or exercise of an option to purchase Capital Assets, or (c) provide a combination of both.

Cash Flows

Operating Activities

Cash used in operating activities decreased $388,729, from $914,311 in the 2016 Period to $525,582 in the 2017 Period. The decrease was primarily related to (i) less cash generated from our investments in the 2017 Period due to certain prepayments by our borrowers and lessees and the sale of certain investments during or subsequent to the 2016 Period, (ii) less distributions received from our joint ventures and (iii) the timing of cash payments and cash receipts from period-to-period.

Investing Activities

Cash provided by investing activities decreased $66,030,852, from $69,778,778 in the 2016 Period to $3,747,926 in the 2017 Period. The decrease was primarily due to (i) the proceeds received from the sale of certain subsidiaries and joint ventures in the 2016 Period with no comparable sales in the 2017 Period, (ii) the principal received on the finance lease related to the Center while it was on lease to Geden during the 2016 Period with no comparable principal received during the 2017 Period and (iii) less distributions received from joint ventures in excess of profits.

Financing Activities

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Cash used in financing activities decreased $36,958,572, from $51,589,590 in the 2016 Period to $14,631,018 in the 2017 Period. The decrease was primarily due to (i) a decrease in repayments on our non-recourse long-term debt and our revolving line of credit in the 2017 Period and (ii) no distributions paid to our noncontrolling interests in the 2017 Period as opposed to $12,330,838 of distributions paid in the 2016 Period. This decrease was partially offset by an increase in distributions to our partners in the 2017 Period.

Non-Recourse Long-Term Debt

As of September 30, 2017 and December 31, 2016, our non-recourse long-term debt obligations were $32,820,168 and $35,185,385, respectively. As of September 30, 2017 and December 31, 2016, the total carrying value of assets subject to non-recourse long-term debt was $55,945,176 and $67,607,658, respectively.

As of September 30, 2017, we were in compliance with the covenants related to our non-recourse long-term debt, except as discussed above.

Distributions

We, at our General Partner’s discretion, paid monthly distributions to our limited partners beginning with the first month after each such limited partner’s admission and continued to pay such distributions until the termination of our operating period, which was May 18, 2016. We paid distributions to our General Partner and limited partners of $121,212 and $12,000,003, respectively, during the 2017 Period. We did not pay distributions to our noncontrolling interests during the 2017 Period. We expect that distributions paid during our liquidation period will vary, depending on the timing of the sale of our assets and/or the maturity of our investments, and our receipt of rental, finance and other income from our investments.

Commitments and Contingencies and Off-Balance Sheet Transactions

Commitments and Contingencies

At the time we acquire or divest of an interest in Capital Assets, we may, under very limited circumstances, agree to indemnify the seller or buyer for specific contingent liabilities. Our General Partner believes that any liability of ours that may arise as a result of any such indemnification obligations may or may not have a material adverse effect on our consolidated financial condition or results of operations taken as a whole. In addition, at times we may seek to enforce our rights under a personal guaranty in order to collect amounts from the guarantor that are owed to us by a defaulting borrower or lessee. Gain contingencies may arise from enforcement of such guaranty, but are not recognized until realizable. We are currently seeking to recover a judgment issued in our favor against a guarantor covering amounts owed to us related to a secured term loan to Kanza.

On September 27, 2016, we commenced a legal proceeding against Center Navigation and Geden seeking monetary damages incurred as a result of their failure to meet their payment and performance obligations under the charter and guaranty, respectively, related to the Center.

In connection with certain debt obligations, we are required to maintain restricted cash balances with certain banks. At September 30, 2017, we had restricted cash of $1,366,928.

Off-Balance Sheet Transactions

None.

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Item 3. Quantitative and Qualitative Disclosures About Market Risk

Smaller reporting companies are not required to provide the information required by this item.

Item 4. Controls and Procedures

Evaluation of disclosure controls and procedures

In connection with the preparation of this Quarterly Report on Form 10-Q for the three months ended September 30, 2017, our General Partner carried out an evaluation, under the supervision and with the participation of the management of our General Partner, including its Co-Chief Executive Officers and the Principal Financial and Accounting Officer, of the effectiveness of the design and operation of our General Partner’s disclosure controls and procedures as of the end of the period covered by this report pursuant to the Securities Exchange Act of 1934, as amended. Based on the foregoing evaluation, the Co-Chief Executive Officers and the Principal Financial and Accounting Officer concluded that our General Partner’s disclosure controls and procedures were effective.

In designing and evaluating our General Partner’s disclosure controls and procedures, our General Partner recognized that disclosure controls and procedures, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance that the objectives of the disclosure controls and procedures are met. Our General Partner’s disclosure controls and procedures have been designed to meet reasonable assurance standards. Disclosure controls and procedures cannot detect or prevent all error and fraud. Some inherent limitations in disclosure controls and procedures include costs of implementation, faulty decision-making, simple error and mistake. Additionally, controls can be circumvented by the individual acts of some persons, by collusion of two or more people, or by management override of the controls. The design of any system of controls is based, in part, upon certain assumptions about the likelihood of future events, and there can be no assurance that any design will succeed in achieving its stated goals under all anticipated and unanticipated future conditions. Over time, controls may become inadequate because of changes in conditions, or the degree of compliance with established policies or procedures.

Evaluation of internal control over financial reporting

There have been no changes in our internal control over financial reporting during the three months ended September 30, 2017 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

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PART II - OTHER INFORMATION

Item 1. Legal Proceedings

In the ordinary course of conducting our business, we may be subject to certain claims, suits, and complaints filed against us. In our General Partner’s opinion, the outcome of such matters, if any, will not have a material impact on our consolidated financial position or results of operations. We are not aware of any material legal proceedings that are currently pending against us or against any of our assets.

Item 1A. Risk Factors

Smaller reporting companies are not required to provide the information required by this item.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

We did not sell or repurchase any Interests during the three months ended September 30, 2017.

Item 3. Defaults Upon Senior Securities

Not applicable.

Item 4. Mine Safety Disclosures

Not applicable.

Item 5. Other Information

Not applicable.

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Item 6. Exhibits


3.1	Certificate of Limited Partnership of Registrant (Incorporated by reference to Exhibit 3.1 to Registrant’s Registration Statement on Form S-1 filed with the SEC on October 3, 2008 (File No. 333-153849)).


4.1	Limited Partnership Agreement of Registrant (Incorporated by reference to Exhibit A to Registrant’s Prospectus filed with the SEC on May 18, 2009 (File No. 333-153849)).


10.1	Investment Management Agreement, by and between ICON Equipment and Corporate Infrastructure Fund Fourteen, L.P. and ICON Capital Corp., dated as of May 18, 2009 (Incorporated by reference to Exhibit 10.1 to Registrant’s Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2009, filed August 13, 2009).


10.2	Commercial Loan Agreement, by and between California Bank & Trust and ICON Equipment and Corporate Infrastructure Fund Fourteen, L.P., dated as of May 10, 2011 (Incorporated by reference to Exhibit 10.8 to Registrant’s Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2011, filed May 16, 2011).


10.3	Loan Modification Agreement, dated as of March 31, 2013, by and between California Bank & Trust and ICON Equipment and Corporate Infrastructure Fund Fourteen, L.P (Incorporated by reference to Exhibit 10.2 to Registrant’s Annual Report on Form 10-K for the year ended December 31, 2012, filed March 26, 2013).


10.4	Loan Modification Agreement, by and between California Bank & Trust and ICON Equipment and Corporate Infrastructure Fund Fourteen, L.P., dated as of March 31, 2015 (Incorporated by reference to Exhibit 10.4 to Registrant’s Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2015, filed on May 15, 2015).


31.1	Rule 13a-14(a)/15d-14(a) Certification of Co-Chief Executive Officer.


31.2	Rule 13a-14(a)/15d-14(a) Certification of Co-Chief Executive Officer.


31.3	Rule 13a-14(a)/15d-14(a) Certification of Principal Financial and Accounting Officer.


32.1	Certification of Co-Chief Executive Officer pursuant to 18 U.S.C. §1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.


32.2	Certification of Co-Chief Executive Officer pursuant to 18 U.S.C. §1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.


32.3	Certification of Principal Financial and Accounting Officer pursuant to 18 U.S.C. §1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.


101.INS	XBRL Instance Document.


101.SCH	XBRL Taxonomy Extension Schema Document.


101.CAL	XBRL Taxonomy Extension Calculation Linkbase Document.


101.DEF	XBRL Taxonomy Extension Definition Linkbase Document.


101.LAB	XBRL Taxonomy Extension Labels Linkbase Document.


101.PRE	XBRL Taxonomy Extension Presentation Linkbase Document.

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

ICON Equipment and Corporate Infrastructure Fund Fourteen, L.P.

(Registrant)

By: ICON GP 14, LLC

(General Partner of the Registrant)

November 14, 2017

By: /s/ Michael A. Reisner

Michael A. Reisner

Co-Chief Executive Officer and Co-President

(Co-Principal Executive Officer)

By: /s/ Mark Gatto

Mark Gatto

Co-Chief Executive Officer and Co-President

(Co-Principal Executive Officer)

By: /s/ Christine H. Yap

Christine H. Yap

Managing Director

(Principal Financial and Accounting Officer)

ICON Equipment & Corporate Infrastructure Fund Fourteen, L.P. 10-Q