ICON LEASING FUND TWELVE, LLC - FORM 8-K - EX-99.1

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Exhibit 99.1

ICON Leasing Fund Twelve, LLC

Portfolio Overview

Second Quarter 2013

	Table of Contents


	Introduction to Portfolio Overview	1

	Investments During the Quarter	1

	Investments Following the Quarter	2

	Dispositions During the Quarter	2

	Dispositions Following the Quarter	3

	Portfolio Overview	4

	Revolving Line of Credit	6

	Performance Analysis	6

	Transactions with Related Parties	8

	Financial Statements	9

	Forward Looking Statements	13

	Additional Information	13

ICON Leasing Fund Twelve, LLC

As of October 18, 2013

Introduction to Portfolio Overview

We are pleased to present ICON Leasing Fund Twelve, LLC’s (the “Fund”) Portfolio Overview for the quarter ended June 30, 2013. References to “we,” “us,” and “our” are references to the Fund, and references to the “Manager” are references to the manager of the Fund, ICON Capital, LLC.

The Fund raised $347,686,947 commencing with our initial offering on May 7, 2007 through the closing of our offering on April 30, 2009. During our operating period, we will continue to seek to finance equipment subject to lease or to structure financings secured primarily by equipment. Following our operating period, we will enter our liquidation period, during which time the loans and leases we own will mature or be sold in the ordinary course of business.

Investments During the Quarter

The Fund made the following investments during the quarter ended June 30, 2013:

Lubricating Specialties Company
Investment Date:	04/05/2013	Collateral:	Liquid storage tanks, blending lines and packaging equipment valued at $52,030,000.
Structure:	Loan
Expiration Date:	08/01/2018
Facility Amount:	$18,000,000
Equity Invested:	$3,870,000

Jurong Aromatics Corporation Pte. Ltd.
Investment Date:	05/15/2013	Collateral:	Equipment, plant, and machinery associated with the condensate splitter and aromatics complex located on Jurong Island, Singapore valued at $2,260,000,000.
Structure:	Loan
Expiration Date:	01/16/2021
Facility Amount:	$27,500,000
Equity Invested:	$5,977,000

NTS, Inc.
Investment Date:	06/27/2013	Collateral:	All of the telecommunications equipment and assets of NTS valued at $60,000,000.
Structure:	Loan
Expiration Date:	07/01/2017
Facility Amount:	$4,300,000
Equity Invested:	$1,935,000

ICON Leasing Fund Twelve, LLC

Investments Following the Quarter

The Fund made the following investments after the quarter ended June 30, 2013:

Murray Energy Corporation
Investment Date:	09/12/2013	Collateral:	Mining equipment acquired for $15,107,000.
Structure:	Lease
Expiration Date:	09/30/2015
Purchase Price:	$15,107,000
Equity Invested:	$4,985,000

Cenveo Corporation
Investment Date:	09/16/2013	Collateral:	Printing, folding and packaging equipment used in the production of commercial envelopes valued at $29,123,000.
Structure:	Loan
Expiration Date:	10/01/2018
Facility Amount:	$20,000,000
Equity Invested:	$11,000,000

Dispositions During the Quarter

The Fund disposed of the following investments during the quarter ended June 30, 2013:

Atlas Pipeline Mid-Continent, LLC
Structure:	Lease	Collateral:	Natural gas compressors.
Disposition Date:	05/30/2013
Equity Invested:	$6,214,000
Total Proceeds Received:	$9,390,000

AET, Inc. Limited
Structure:	Lease	Collateral:	One Aframax tanker.
Disposition Date:	06/05/2013
Equity Invested:	$13,965,000
Total Proceeds Received:	$5,340,000

ICON Leasing Fund Twelve, LLC

Dispositions Following the Quarter

The Fund disposed of the following investments after the quarter ended June 30, 2013:

Ionian Group
Structure:	Lease	Collateral:	A product tanker vessel.
Disposition Date:	07/02/2013
Equity Invested:	$1,056,000
Total Proceeds Received:	$1,775,000

Sealynx
Structure:	Lease	Collateral:	Auto parts manufacturing equipment.
Disposition Date:	07/08/2013
Equity Invested:	€7,638,000
Total Proceeds Received:	€7,430,000

Broadview Networks Holdings, Inc.
Structure:	Lease	Collateral:	Telecommunications equipment.
Disposition Dates:	07/31/2013 08/31/2013
Equity Invested:	$602,00 $613,000
Total Proceeds Received:	$783,000 $797,000

AET, Inc. Limited
Structure:	Lease	Collateral:	One Aframax tanker.
Disposition Date:	08/16/2013
Equity Invested:	$14,475,000
Total Proceeds Received:	$3,260,000

Leighton Holdings Ltd.
Structure:	Lease	Collateral:	An accommodation and work barge.
Disposition Date:	8/25/2013
Equity Invested:	$3,889,000
Total Proceeds Received:	$8,159,000

EMS Enterprise Holdings, LLC
Structure:	Loan	Collateral:	Metal cladding equipment consisting of furnaces, rolling mills, winders, slitters and production lines.
Disposition Date:	09/03/2013
Equity Invested:	$3,200,000
Total Proceeds Received:	$4,460,000

Pliant Corporation
Structure:	Lease	Collateral:	Plastic films and flexible packaging manufacturing equipment.
Disposition Date:	10/07/2013
Equity Invested:	$5,452,000
Total Proceeds Received:	$9,497,000

ICON Leasing Fund Twelve, LLC

Portfolio Overview

As of June 30, 2013, our portfolio consisted of the following investments:

VAS Aero Services, LLC
Structure:	Loan	Collateral:	Aircraft engines and related parts.
Expiration Date:	10/06/2014		Aircraft engines and related parts.

Palmali Holding Company Limited
Structure:	Loan	Collateral:	Two Aframax tanker vessels.
Expiration Dates:	07/28/2016 09/14/2016		Two Aframax tanker vessels.

Superior Tube Inc.
Structure:	Loan	Collateral:	Equipment and related inventory used in oil field services business.
Expiration Date:	10/01/2017

Jurong Aromatics Corporation Pte. Ltd.			Equipment, plant, and machinery associated with the condensate splitter and aromatics complex located on Jurong Island, Singapore.
Structure:	Loan	Collateral:
Expiration Date:	01/16/2021

Magnum Coal Company
Structure:	Lease	Collateral:	A Bucyrus Erie model 1570 Dragline.
Expiration Date:	8/1/2015

Sealynx
Structure:	Lease	Collateral:	Auto parts manufacturing equipment.
Expiration Date:	6/1/2013

Broadview Networks Holdings, Inc.
Structure:	Lease	Collateral:	Telecommunications equipment.
Expiration Dates:	Various dates through
	3/31/2014

Frontier Oilfield Services, Inc.
Structure:	Loan	Collateral:	Saltwater disposal wells and related equipment.
Expiration Date:	2/1/2018		Saltwater disposal wells and related equipment.

ION Geophysical, Inc.
Structure:	Loan	Collateral:	Analog seismic system equipment.
Expiration Date:	8/1/2014

Pliant Corporation
Structure:	Lease	Collateral:	Plastic films and flexible packaging manufacturing equipment.
Expiration Date:	9/30/2013

AET, Inc. Limited
Structure:	Lease	Collateral:	Five Aframax tankers and two Very Large Crude Carriers.
Expiration Dates:	11/14/2013
	3/29/2014
	3/29/2021

SAExploration, Inc.
Structure:	Loan	Collateral:	Seismic imaging equipment.
Expiration Date:	11/28/2016

Vroon Group B.V.
Structure:	Lease	Collateral:	Two handy-size container vessels.
Expiration Date:	4/24/2014

ICON Leasing Fund Twelve, LLC

Portfolio Overview (continued)

Swiber Holdings Limited
Structure:	Lease	Collateral:	A saturation diving system and a 300-man accommodation and work barge.
Expiration Date:	6/30/2014
	3/23/2017

Ionian Group
Structure:	Lease	Collateral:	A product tanker vessel.
Expiration Date:	10/29/2014

EMS Enterprise Holdings, LLC			Metal cladding equipment consisting of furnaces, rolling mills, winders, slitters and production lines.
Structure:	Loan	Collateral:
Expiration Date:	9/1/2014

Leighton Holdings Ltd.
Structure:	Lease	Collateral:	An accommodation and work barge and three pipelay barges.
Expiration Dates:	06/25/2017 10/27/2017		An accommodation and work barge and three pipelay barges.
	1/4/2018

NTS, Inc.
Structure:	Loan	Collateral:	All of the telecommunications equipment and assets of NTS.
Expiration Date:	7/1/2017		All of the telecommunications equipment and assets of NTS.

Lubricating Specialties Company
Structure:	Loan	Collateral:	Liquid storage tanks, blending lines and packaging equipment.
Expiration Date:	8/1/2018

ICON Leasing Fund Twelve, LLC

Revolving Line of Credit

On May 10, 2011, the Fund entered into a loan agreement with California Bank & Trust (“CB&T”) for a revolving line of credit of up to $10,000,000 (the “Facility”), which is secured by all of the Fund’s assets not subject to a first priority lien. Amounts available under the Facility are subject to a borrowing base that is determined, subject to certain limitations, based on the present value of the future receivables under certain loans and lease agreements in which the Fund has a beneficial interest.

The Facility has been extended through March 31, 2015. The interest rate on general advances under the Facility is CB&T’s prime rate. We may elect to designate up to five advances on the outstanding principal balance of the Facility to bear interest at the London Interbank Offered Rate plus 2.5% per year. In all instances, borrowings under the Facility are subject to an interest rate floor of 4.0% per year. In addition, we are obligated to pay an annualized 0.5% fee on unused commitments under the Facility. On June 18, 2013 and June 21, 2013, the Fund borrowed $1,000,000 and $2,000,000, respectively, under the Facility and fully repaid the $3,000,000 on July 9, 2013. On September 9, 2013, we borrowed an additional $7,500,000 under the Facility and fully repaid the $7,500,000 on October 8, 2013.

Performance Analysis

Capital Invested as of June 30, 2013	$376,838,048
Leverage Ratio	0.92:1*
% of Receivables Collected in the Quarter Ended June 30, 2013	100%**

* Leverage ratio is defined as total liabilities divided by total equity.

** Collections as of October 7, 2013.

One of our objectives is to provide cash distributions to our members. In order to assess our ability to meet this objective, unaffiliated broker dealers, third party due diligence providers and other members of the investing community have requested that we report a financial measure that can be reconciled to our financial statements and can be used to assess our ability to support cash distributions from our business operations. We refer to this financial measure as cash available from our business operations, or CABO. CABO is not equivalent to our net operating income or loss as determined under GAAP. Rather, it is a measure that may be a better financial measure for an equipment fund because it measures cash generated by investments, net of management fees and expenses, during a specific period of time. We define CABO as the net change in cash during the period plus distributions to members and investments made during such period, less the debt proceeds used to make such investments and the activity related to the Facility, as well as the net proceeds from equity raised through the sale of interests during such period, if any.

We believe that CABO may be an appropriate supplemental measure of an equipment fund’s performance because it is based on a measurement of cash during a specific period that excludes cash from non-business operations, such as distributions, investments and equity raised.

Presentation of this information is intended to assist unaffiliated broker dealers, third party due diligence providers and other members of the investing community in understanding the Fund’s ability to support its distributions from its business operations. It should be noted, however, that no other equipment funds calculate CABO, and therefore comparisons with other equipment funds are not meaningful. CABO should not be considered as an alternative to net income (loss) as an indication of our performance or as an indication of our liquidity. CABO should be reviewed in conjunction with other measurements as an indication of our performance.

Cash Available from Business Operations, or CABO, is the cash generated by investments during a specific period of time, net of fees and expenses, excluding distributions to members, net equity raised and investments made.

Net Change in Cash per GAAP

Cash Flow Statement

Business Operations

Net cash flow generated by our investments,

net of fees and expenses

(CABO)

Non-Business Operations

Net Equity Raised

Cash expended to make Investments

and Distributions to Members

As indicated above, the total net change in cash is the aggregate of the net cash flows from Business Operations and the net cash flows from Non-Business Operations. By taking the total net change in cash and removing the cash activity related to Non-Business Operations (distributions, investments and equity raised), the amount remaining is the net cash available from Business Operations (net cash flows generated by investments, net of fees and expenses).

ICON Leasing Fund Twelve, LLC

Performance Analysis (continued)

In summary, CABO is calculated as:

Net change in cash during the period per the GAAP cash flow statement

+ distributions to Members during the period

+ investments made during the period

- debt proceeds to be specifically used to make an investment

- net proceeds from the sale of Interests during the period

= CABO

ICON Leasing Fund Twelve, LLC
Cash Available From Business Operations
for the Period January 1, 2013 to June 30, 2013

Cash Balance at January 1, 2013	$	30,980,776
Cash Balance at June 30, 2013	$	12,024,042
Net Change in Cash			$	(18,956,734)
Add Back:
Distributions Paid to Members from January 1, 2013 to June 30, 2013			$	13,461,322
Investments made during the Period:
Investment in Notes Receivable	$	6,823,515
Investment in Joint Ventures	$	6,456,049
Deduct:
Net Equity raised during the Period			$	(31,816)	(1)
Debt Proceeds used specifically for Investments and activity related to the revolver			$	3,000,000
Cash Available from Business Operations (CABO)			$	4,815,968	(2)

(1) This amount is the net amount of (a) Sale of Limited Liability Company Interests, (b) Sales and Offering Expenses Paid, (c) Deferred Charges and (d) Repurchase of Limited Liability Company Interests, all directly from the GAAP Cash Flow statement. This amount is deducted as it is not considered a source for distributions.

(2) Cash available from business operations includes the collection of principal and interest from our investments in notes receivable and finance leases. Distributions paid to Members and CABO for the period January 1, 2012 to December 31, 2012 were $33,974,546 and $64,482,246, respectively.

ICON Leasing Fund Twelve, LLC

Transactions with Related Parties

We entered into certain agreements with our Manager and ICON Securities, LLC (“ICON Securities”), a wholly-owned subsidiary of our Manager and our dealer manager for our offering, whereby we paid certain fees and reimbursements to those parties. Our Manager was entitled to receive an organizational and offering expense allowance of 3.5% of capital raised up to $50,000,000, 2.5% of capital raised between $50,000,001 and $100,000,000, 1.5% of capital raised between $100,000,001 and $200,000,000, 1.0% of capital raised between $200,000,001, and $250,000,000 and 0.5% of capital raised over $250,000,000. ICON Securities was entitled to receive a 2% underwriting fee from the gross proceeds from sales of shares to additional members.

In accordance with the terms of our limited liability company agreement, we pay or paid our Manager (i) management fees ranging from 1% to 7% based on the type of transaction, and (ii) acquisition fees, through the end of the operating period, of 3% of the total purchase price (including indebtedness incurred or assumed and all fees and expenses incurred in connection therewith) of, or the value of the Capital Assets secured by or subject to, our investments. For a more detailed analysis of the fees payable to our Manager, please see the Fund’s prospectus. In connection with the investments made for the period January 1, 2013 through the date of this report, we paid our Manager aggregate acquisition fees in the amount of approximately $1,525,000.

Our Manager performs certain services relating to the management of our equipment leasing and other financing activities. Such services include, but are not limited to, the collection of lease payments from the lessees of the equipment or loan payments from borrowers, re-leasing services in connection with equipment which is off-lease, inspections of the equipment, liaising with and general supervision of lessees and borrowers to ensure that the equipment is being properly operated and maintained, monitoring performance by the lessees and borrowers of their obligations under the leases and loans, and the payment of operating expenses. Administrative expense reimbursements are costs incurred by our Manager or its affiliates that are necessary to our operations.

Our Manager also has a 1% interest in our profits, losses, cash distributions and liquidation proceeds. We paid distributions to our Manager of $63,779 and $134,609 for the three and six months ended June 30, 2013, respectively. We paid distributions to our Manager of $84,950 and $169,909 for the three and six months ended June 30, 2012, respectively. Additionally, our Manager’s interest in our net income (loss) was $7,750 and $(2,813) for the three and six months ended June 30, 2013, respectively. Our Manager’s interest in our net income was $1,105 and $37,674 for the three and six months ended June 30, 2012, respectively.

Fees and other expenses paid or accrued by us to our Manager or its affiliates were as follows:

			Three Months Ended June 30,				Six Months Ended June 30,
Entity	Capacity	Description	2013		2012		2013		2012
ICON Capital, LLC	Manager	Acquisition fees (1)	$	813,997	$	6,694	$	894,977	$	964,335
ICON Capital, LLC	Manager	Management fees (2)		988,500		1,232,653		1,870,725		2,293,093
ICON Capital, LLC	Manager	Administrative expense reinbursements (2)		480,208		927,307		908,612		1,474,640
			$	2,282,685	$	2,166,654	$	3,674,314	$	4,732,068

(1) Admount capitalized and amortized to operations

(2) Amount charged directly to operations.

At June 30, 2013 and December 31, 2012, we had a net payable due to the Manager and its affiliates of $11,162 and $278,630, respectively, related to management fees and administrative expense reimbursements.

Your participation in the Fund is greatly appreciated.

We are committed to protecting the privacy of our investors in compliance with all applicable laws. Please be advised that, unless required by a regulatory authority such as FINRA or ordered by a court of competent jurisdiction, we will not share any of your personally identifiable information with any third party.

ICON Leasing Fund Twelve, LLC

(A Delaware Limited Liability Company)

Financial Statements

Consolidated Balance Sheets

		June 30, 2013 (unaudited)		December 31, 2012
	Assets
Current assets:
Cash and cash equivalents		$	12,024,042	$	30,980,776
Current portion of net investment in notes receivable			4,003,370		3,504,935
Current portion of net investment in finance leases			18,024,715		23,051,283
Other current assets			1,018,088		1,283,542
Total Current assets			35,070,215		58,820,536
Non-current assets:
Net investment in notes receivable, less current portion			28,491,198		23,912,048
Net investment in finance leases, less current portion			122,674,127		123,879,170
Leased equipment at cost (less accumulated depreciation of
$103,845,576 and $111,464,733, respectively)			100,776,221		141,269,561
Investment in joint ventures			21,876,860		14,286,846
Other non-current assets			2,488,555		3,618,861
Total non-current assets			276,306,961		306,966,486
Total assets		$	311,377,176	$	365,787,022
	Liabilities and Equity
Current liabilities:
Current portion of non-recourse long-term debt		$	57,707,836	$	62,260,590
Revolving line of credit, recourse			3,000,000		-
Derivative financial instruments			1,866,031		3,267,800
Deferred revenue			2,293,423		3,771,239
Due to Manager and affiliates, net			11,162		278,630
Accrued expenses and other current liabilities			6,227,680		3,345,031
Total current liabilities			71,106,132		72,923,290
Non-current liabilities:
Non-recourse long-term debt, less current portion			24,478,323		61,081,250
Seller's credit			53,246,655		55,453,973
Total non-current liabilities			77,724,978		116,535,223
Total Liabilities			148,831,110		189,458,513
Commitments and contingencies
Equity:
Members’ equity:
Additional members			150,568,608		164,205,604
Manager			(1,590,409)		(1,452,987)
Accumulated other comprehensive loss			(3,020,385)		(4,213,086)
Total Members’ equity:			145,957,814		158,539,531
Noncontrolling interests			16,588,252		17,788,978
Total Equity			162,546,066		176,328,509
Total liabilities and equity		$	311,377,176	$	365,787,022

ICON Leasing Fund Twelve, LLC

A Delaware Limited Liability Company)

Financial Statements

Consolidated Statements of Comprehensive Income (unaudited)

	Three Months Ended June 30,				Six Months Ended Jume 30,
	2013		2012		2013		2012
Revenue and other income:
Finance income	$	4,638,049	$	4,885,569	$	8,906,895	$	10,379,839
Rental income		9,619,488		11,337,113		19,731,360		22,664,321
Income from investment in joint ventures		1,158,083		23,767		1,803,112		572,067
Gain on lease termination		2,887,375		-		2,887,375		-
(Loss) gain on sale of assets, net		(2,690,288)		-		(2,690,288)		289,669
Litigation settlement		-		418,900		-		418,900
Total revenue and other income		15,612,707		16,665,349		30,638,454		34,324,796
Expenses:
Management fees		988,500		1,232,653		1,870,725		2,293,093
Administrative expense reimbursements		480,208		927,307		908,612		1,474,640
General and administrative		994,182		829,381		1,791,602		1,687,452
Interest		2,398,784		3,139,124		5,010,573		6,455,784
Depreciation		9,598,966		10,325,480		19,090,548		20,650,962
Reversal of credit loss reserve		-		-		-		(345,000)
Impairment loss		-		-		1,770,529		-
Loss (gain) on derivative financial instruments		88,758		(427,590)		18,543		(2,720,078)
Total expenses		14,549,398		16,026,355		30,461,132		29,496,853
Net income		1,063,309		638,994		177,322		4,827,943
Less: net income attributable to noncontrolling interests		308,334		528,486		458,602		1,060,564
Net income (loss) attributable to Fund Twelve		754,975		110,508		(281,280)		3,767,379

Other comprehensive income:
Change in fair value of derivative financial instruments		635,988		640,190		1,254,718		1,037,568
Currency translation adjustments		22,566		(143,859)		(23,182)		(54,669)
Total other comprehensive income		658,554		496,331		1,231,536		982,899
Comprehensive income		1,721,863		1,135,325		1,408,858		5,810,842
Less: comprehensive income attributable to noncontrolling interests		325,505		558,355		497,437		1,107,296
Comprehensive income attributable to Fund Twelve	$	1,396,358	$	576,970	$	911,421	$	4,703,546

Net income (loss) attributable to Fund Twelve allocable to:
Additional members	$	747,425	$	109,403	$	(278,467)	$	3,729,705
Manager		7,550		1,105		(2,813)		37,674
	$	754,975	$	110,508	$	(281,280)	$	3,767,379

Weighted average number of additional shares of
limited liability company interests outstanding		348,346		348,598		348,387		348,617

Net income (loss) attributable to Fund Twelve per weighted average
additional share of limited liability company interests outstanding	$	2.15	$	0.31	$	(0.80)	$	10.70

ICON Leasing Fund Twelve, LLC

(A Delaware Limited Liability Company)

Financial Statements

Consolidated Statements of Changes in Equity

	Members' Equity
	Additional Shares of Limited Liability Company Interest		Additonal Members		Manager		Accumulated Other Comprehensive Income		Total Members' Equity		Noncontrolling Interests		Total Equity
Balance, December 31, 2012		348,429	$	164,205,604	$	(1,452,987)	$	(4,213,086)	$	158,539,531	$	17,788,978	$	176,328,509
Net (loss) income		-		(1,025,892)		(10,363)		-		(1,036,255)		150,268		(885,987)
Change in fair value of derivative
financial instruments		-		-		-		597,066		597,066		21,664		618,730
Currency translation adjustments		-		-		-		(45,748)		(45,748)		-		(45,748)
Cash distributions		-		(7,012,531)		(70,830)		-		(7,083,361)		(858,291)		(7,941,652)
Balance, March 31, 2013 (unaudited)		348,429		156,167,181		(1,534,180)		(3,661,768)		150,971,233		17,102,619		168,073,852
Net income		-		747,425		7,550		-		754,975		308,334		1,063,309
Change in fair value of derivative
financial instruments		-		-		-		618,817		618,817		17,171		635,988
Currency translation adjustments		-		-		-		22,566		22,566		-		22,566
Cash distributions		-		(6,314,182)		(63,779)		-		(6,377,961)		(839,872)		(7,217,833)
Repurchase of shares of limited liability
company interests		(94)		(31,816)		-		-		(31,816)		-		(31,816)
Balance, June 30, 2013 (unaudited)		348,335	$	150,568,608	$	(1,590,409)	$	(3,020,385)	$	145,957,814	$	16,588,252	$	162,546,066

ICON Leasing Fund Twelve, LLC

(A Delaware Limited Liability Company)

Financial Statements

Consolidated Statements of Cash Flows (unaudited)

	Six Months Ended June 30,
	2013		2012
Cash flows from operating activities:
Net income	$	177,322	$	4,827,943
Adjustments to reconcile net income to net cash provided by operating activities:
Finance income		(6,838,573)		(6,690,121)
Rental income paid directly to lenders by lessees		(14,405,263)		(15,045,156)
Income from investment in joint ventures		(1,803,112)		(572,067)
Depreciation		19,090,548		20,650,962
Interest expense on non-recourse financing paid directly to lenders by lessees		1,181,314		1,696,078
Interest expense from amortization of debt financing costs		384,009		476,486
Net accretion of seller's credit and other		1,162,682		917,299
Impairment loss		1,770,529		-
Reversal of credit loss reserve		-		(345,000)
Gain on lease termination		(2,887,375)		-
Loss (gain) on sale of assets, net		2,690,288		(289,669)
Loss (gain) on derivative financial instruments		18,543		(2,720,078)
Changes in operating assets and liabilities:
Collection of finance leases		14,444,326		16,034,206
Other assets		1,027,068		981,882
Accrued expenses and other current liabilities		(720,259)		(927,040)
Deferred revenue		(353,910)		476,668
Due to Manager and affiliates, net		(267,468)		(51,083)
Distributions from joint ventures		288,782		583,965
Net cash provided by operating activities		14,959,451		20,005,275
Cash flows from investing activities:
Proceeds from sale of leased equipment		1,938,915		1,463,425
Investment in joint ventures		(6,456,049)		(137,500)
Distributions received from joint ventures in excess of profits		380,365		378,575
Investment in notes receivable		(6,823,515)		(16,356,054)
Principal received on notes receivable		1,618,487		16,900,498
Net cash (used in) provided by investing activities		(9,341,797)		2,248,944
Cash flows from financing activities:
Proceeds from revolving line of credit, recourse		3,000,000		1,200,000
Repayment of revolving line of credit, recourse		-		(1,200,000)
Repayment of non-recourse long-term debt		(12,383,014)		(9,165,119)
Repurchase of shares of limited liability company interests		(31,816)		(70,336)
Distributions to noncontrolling interests		(1,698,163)		(2,059,541)
Cash distributions to members		(13,461,322)		(16,990,919)
Net cash used in financing activities		(24,574,315)		(28,285,915)
Effects of exchange rates on cash and cash equivalents		(73)		9,464
Net decrease in cash and cash equivalents		(18,956,734)		(6,022,232)
Cash and cash equivalents, beginning of period		30,980,776		26,317,435
Cash and cash equivalents, end of period	$	12,024,042	$	20,295,203

Supplemental disclosure of cash flow information:
Cash paid for interest	$	3,108,319	$	3,202,932

Supplemental disclosure of non-cash investing and financing activities:
Principal and interest on non-recourse long-term debt paid directly to lenders by lessees	$	25,420,765	$	16,258,562
Reclassification of net assets from leased equipment at cost to net investment in
finance lease	$	9,376,510	$	-
Principal on non-recourse long-term debt paid directly to lenders by buyers of equipment	$	4,481,600	$	-

ICON Leasing Fund Twelve, LLC

Forward Looking Statements

Certain statements within this document 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,” “will,” “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 and are based on assumptions and are subject to risks and uncertainties and other factors outside 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.

Additional Information

“Total Proceeds Received,” as referenced in the sections entitled Dispositions During the Quarter and Dispositions Following the Quarter, does not include proceeds received to satisfy indebtedness incurred in connection with the investment, if any, or the payment of any fees or expenses with respect to such investment.

A detailed financial report on SEC Form 10-Q or 10-K (whichever is applicable) is available to you. It is typically filed either 45 or 90 days after the end of a quarter or year, respectively. Usually this means a filing will occur on or around March 31, May 15, August 14, and November 14 of each year. It contains financial statements and detailed sources and uses of cash plus explanatory notes. You are always entitled to these reports. Please access them by:

·	Visiting www.iconinvestments.com, or

·	Visiting www.sec.gov, or

·	Writing us at: Angie Seenauth c/o ICON Investments, 3 Park Avenue, 36th Floor, New York, NY 10016

We do not distribute these reports to you directly in order to keep our expenses down as the cost of mailing this report to all investors is significant. Nevertheless, the reports are immediately available upon your request.

ICON LEASING FUND TWELVE, LLC - FORM 8-K - EX-99.1 - November 15, 2013

Attached files

ICON LEASING FUND TWELVE, LLC Reports