0001213900-22-071148 | 10-Q | XBRL Viewer

Principles of Consolidation

Principles of Consolidation - The accompanying consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries after elimination of intercompany balances and transactions.

Estimates

Estimates - The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates.

Restricted Cash

Restricted Cash – The Company classifies all cash whose use is limited by contractual provisions as restricted cash. Restricted cash as of September 30, 2022 and December 31, 2021 consists primarily of cash required by our third-party banking partner to cover obligations related to loan participation.

Revenue Recognition

Revenue Recognition - Merchandise is leased to customers pursuant to lease purchase agreements which provide for weekly lease terms with non-refundable lease payments. Generally, the customer has the right to acquire title either through a 90-day same as cash option, an early purchase option, or through completion of all required lease payments, generally 52 weeks. On any current lease, customers have the option to cancel the agreement in accordance with lease terms and return the merchandise. Customer agreements are accounted for as operating leases with lease revenues recognized in the month they are due on the accrual basis of accounting. Revenue for lease payments received prior to their due date is deferred and is recognized as revenue in the period to which the payments relate. Revenues from leases and sales are reported net of sales taxes.

Lease Receivable and Allowance for Doubtful Accounts

Lease Receivables and Allowance for Doubtful Accounts - FlexShopper seeks to collect amounts owed under its leases from each customer on a weekly or biweekly basis by charging their bank accounts or credit cards. Lease receivables are principally comprised of lease payments currently owed to FlexShopper which are past due, as FlexShopper has been unable to successfully collect in the aforementioned manner and therefore the Company has an in-house and near-shore team to collect on the past due amounts. FlexShopper maintains an allowance for doubtful accounts, under which FlexShopper’s policy is to record an allowance for estimated uncollectible charges, primarily based on historical collection experience that considers both the aging of the lease and the origination channel. Other qualitative factors are considered in estimating the allowance, such as seasonality, underwriting changes and other business trends. We believe our allowance is adequate to absorb all expected losses. The lease receivables balances consisted of the following as of September 30, 2022 and December 31, 2021:

	September 30, 2022			December 31, 2021

Lease receivables	$	46,790,076		$	53,176,432
Allowance for doubtful accounts		(13,364,953	)		(27,703,278	)
Lease receivables, net	$	33,425,123		$	25,473,154

The allowance is a significant percentage of the balance because FlexShopper does not charge off any customer account until it has exhausted all collection efforts with respect to each account, including attempts to repossess items. As the lease ages, the greater the allowance attributable to that account to reflect the decreased likelihood of successful collection efforts. Lease receivables balances charged off against the allowance were $16,174,329 and $56,977,427 for the three and nine months ended September 30, 2022, respectively, and $18,437,746 and $27,454,106 for the three and nine months ended September 30, 2021, respectively.

	Nine Months Ended September 30, 2022			Year Ended December 31, 2021
Beginning balance	$	27,703,278		$	22,138,541
Provision		42,639,102			40,342,618
Accounts written off		(56,977,427	)		(34,777,881	)
Ending balance	$	13,364,953		$	27,703,278

Lease Merchandise, net - Until all payment obligations for ownership are satisfied under the lease agreement, the Company maintains ownership of the lease merchandise. Lease merchandise consists primarily of residential furniture, consumer electronics, computers, appliances and household accessories and is recorded at cost net of accumulated depreciation. The Company depreciates leased merchandise using the straight-line method over the applicable agreement period for a consumer to acquire ownership, generally twelve months with no salvage value. Upon transfer of ownership of merchandise to customers resulting from satisfaction of their lease obligations, the related cost and accumulated depreciation are eliminated from lease merchandise. For lease merchandise returned either voluntarily or through repossession, the Company provides an impairment reserve for the undepreciated balance of the merchandise net of any estimated salvage value with a corresponding charge to cost of lease revenue. The cost, accumulated depreciation and impairment reserve related to such merchandise are written off upon determination that no salvage value is obtainable.

The net leased merchandise balances consisted of the following as of September 30, 2022 and December 31, 2021:

	September 30, 2022			December 31, 2021
Lease merchandise at cost	$	68,329,607		$	72,159,063
Accumulated depreciation		(34,037,173	)		(29,505,431	)
Impairment reserve		(3,639,610	)		(1,711,520	)
Lease merchandise, net	$	30,652,824		$	40,942,112

Cost of lease revenue and merchandise sold represents the depreciation and impairment of lease merchandise and the undepreciated cost of rental merchandise at the time of sale.

Loan receivables at fair value – The Company elected the fair value option on its entire loan receivables portfolio purchased from its bank partner. As such, loan receivables are carried at fair value in the condensed consolidated balance sheets with changes in fair value recorded in the condensed consolidated statements of operations. Accrued and unpaid interest and fees are included in loan receivables at fair value in the condensed consolidated balance sheets. Management believes the reporting of these receivables at fair value more closely approximates the true economics of the loan receivable.

Interest and fees are discontinued when loan receivables become contractually 120 or more days past due. The Company charges-off loans at the earlier of when the loans are determined to be uncollectible or when the loans are 120 days contractually past due. Recoveries on loan receivables that were previously charged off are recognized when cash is received. Changes in the fair value of loan receivables include the impact of current period charge offs associated with these receivables.

The Company estimates the fair value of the loan receivables using a discounted cash flow analysis at an individual loan level to more accurately predict future payments. The Company adjusts expected cash flows for estimated losses and servicing costs over the estimated duration of the underlying assets. These adjustments are determined using historical data and include appropriate consideration of recent trends and anticipated future performance. Future cash flows are discounted using a rate of return that the Company believes a market participant would require. Model results may be adjusted by management if the Company does not believe the output reflects the fair value of the instrument, as defined under U.S. GAAP. The models are updated at each measurement date to capture any changes in internal factors such as nature, term, volume, payment trends, remaining time to maturity, and portfolio mix, as well as changes in underwriting or observed trends expected to impact future performance.

Further details concerning loan receivables at fair value are presented within “Fair Value Measurement” section in this Note.

A third party bank partner originates our credit product and initially provides all of the funding for the loans. The third-party sells a participation of all loans originated to the Company. FlexShopper services the loans and remits the corresponding portion of any collections to the third party. Loan revenues and fees is representative of the Company’s portion of participation in the loans.

Net changes in the fair value of loan receivables at fair value, which is included in the consolidated statements of operations in the line “loan revenues and fees, net of changes in fair value” was a loss of $4,396,421 and a loss of $1,938,570 for the three and nine months ended September 30, 2022, respectively, and a gain of $4,339 and a loss of $54,236 for the three and nine months ended September 30, 2021, respectively.

Lease accounting

The Company accounts for leases in accordance with Accounting Standards Codification (ASC) Topic 842 Leases (Topic 842). Under Topic 842, lessees are required to recognize leases at the commencement date as a lease liability, which is a lessee’s obligation to make lease payments arising from a lease measured on a discounted basis, and a right-to-use asset, which is an asset that represents the lessee’s right to use or control the use of a specified asset for the lease term. Under the same Topic, lessors are also required to classify leases. All customer agreements are considered operating leases, and the Company currently does not have any sales-type or direct financing leases as a lessor. An operating lease results in the recognition of lease income on a straight-line basis, while the underlying leased asset remains on the lessor’s balance sheet and continues to depreciate.

The breakout of lease revenues and fees, net of lessor bad debt expense, that ties to the condensed consolidated statements of operations is shown below:

	Three Months ended September 30,						Nine Months ended September 30,
	2022			2021			2022			2021
Lease billings and accruals	$	38,580,116		$	42,528,079		$	117,774,390		$	124,720,272
Provision for doubtful accounts		(15,075,109	)		(11,787,960	)		(42,639,102	)		(30,566,352	)
Gain on sale of lease receivables		1,007,079			-			7,611,586			-
Lease revenues and fees	$	24,512,086		$	30,740,119		$	82,746,874		$	94,153,920

Deferred Debt Issuance Costs - Debt issuance costs incurred in conjunction with the Credit Agreement entered into on March 6, 2015 and subsequent amendments are offset against the outstanding balance of the loan payable and are amortized using the straight-line method over the remaining term of the related debt, which approximates the effective interest method. Amortization, which is included in interest expense, was $56,283 and $161,895 for the three and nine months ended September 30, 2022, respectively, and $41,794 and $171,918 for the three and nine months ended September 30, 2021, respectively.

Debt issuance costs incurred in conjunction with the subordinated Promissory Notes are offset against the outstanding balance of the loan payable and are amortized using the straight-line method over the remaining term of the related debt, which approximates the effective interest method. Amortization, which is included in interest expense, was $0 and $1,274 for the three and nine months ended September 30, 2022, respectively, and $1,273 and $5,729 for the three and nine months ended September 30, 2021, respectively.

Intangible Assets - Intangible assets consist of a patent on the Company’s LTO payment method at check-out for third party e-commerce sites. The patent is stated at cost less accumulated amortization. Patent costs are amortized by using the straight-line method over the legal life, or if shorter, the useful life of the patent, which has been estimated to be 10 years. Intangible assets amortization expense was $769 and $2,307 for the three and nine months ended September 30, 2022 and September 30, 2021, respectively.

Software Costs - Costs related to developing or obtaining internal-use software incurred during the preliminary project and post-implementation stages of an internal use software project are expensed as incurred and certain costs incurred in the project’s application development stage are capitalized as property and equipment. The Company expenses costs related to the planning and operating stages of a website. Costs associated with minor enhancements and maintenance for the website are included in expenses as incurred. Direct costs incurred in the website’s development stage are capitalized as property and equipment. Capitalized software costs amounted to $1,485,669 and $3,755,750 for the three and nine months ended September 30, 2022, respectively, and $900,031 and $2,015,746 for the three and nine months ended September 30, 2021, respectively. Capitalized software amortization expense was $759,825 and $2,064,681 for the three and nine months ended September 30, 2022, respectively, and $572,195 and $1,726,199 for the three and nine months ended September 30, 2021, respectively.

Data Costs - The Company buys data from different vendors upon receipt of an application. The data costs directly used to make underwriting decisions are expensed as incurred. Certain data costs that are probable to provide future economic benefit to the Company are capitalized and amortized on a straight-line basis over their estimated useful lives. The probability to provide future economic benefit of the data cost assets is estimated based upon future usage of the information in different areas and products of the Company. At the beginning of the third quarter of 2021, the Company made several changes including the implementation of a more disciplined process around data procurement and storage. Those improvements triggered a change in the estimate of the probability to provide future economic benefit of some data cost.

Capitalized data costs amounted to $458,018 and $1,220,722 for the three and nine months ended September 30, 2022, respectively, and $461,379 for the three and nine months ended September 30, 2021. Capitalized data costs amortization expense was $162,290 and $371,949 for the three and nine months ended September 30, 2022, respectively, and $24,406 for the three and nine months ended September 30, 2021.

Operating Expenses - Operating expenses include corporate overhead expenses such as salaries, stock-based compensation, insurance, occupancy, and other administrative expenses.

Marketing Costs - Marketing costs, primarily consisting of advertising, are charged to expense as incurred. Direct acquisition costs, primarily consisting of commissions earned based on lease originations, are capitalized and amortized over the life of the lease.

Per Share Data - Per share data is computed by use of the two-class method as a result of outstanding Series 1 Convertible Preferred Stock, which participates in dividends with the common stock and accordingly has participation rights in undistributed earnings as if all such earnings had been distributed during the period (see Note 8). Under such method income available to common shareholders is computed by deducting both dividends declared or, if not declared, accumulated on Series 2 Convertible Preferred Stock from net income. Loss attributable to common shareholders is computed by increasing net loss by such dividends. Where the Company has a net loss, as the participating Series 1 Convertible Preferred Stock has no contractual obligation to share in the losses of the Company, there is no loss allocation between common stock and Series 1 Convertible Preferred Stock.

Basic earnings per common share is computed by dividing net income/ (loss) available to common shareholders reduced by any dividends paid or declared on common and participating Series 1 Convertible Preferred Stock by the total of the weighted average number of common shares outstanding during the period.

Diluted earnings per share is based on the more dilutive of the if-converted method (which assumes conversion of the participating Series 1 Convertible Preferred Stock as of the beginning of the period) or the two-class method (which assumes that the participating Series 1 Convertible Preferred Stock is not converted) plus the potential impact of dilutive non-participating Series 2 Convertible Preferred Stock, options, performance share units and warrants. The dilutive effect of Series 2 Convertible Preferred Stock is computed using the if-converted method. The dilutive effect of options, performance share units and warrants are computed using the treasury stock method, which assumes the repurchase of common shares at the average market price during the period. Under the treasury stock method, options, performance share units and warrants will have a dilutive effect when the average price of common stock during the period exceeds the exercise price of options, performance share units or warrants. When there is a loss from continuing operations, potential common shares are not included in the computation of diluted loss per share since they have an anti-dilutive effect.

The following table reflects the number of common shares issuable upon conversion or exercise.

	September 30,
	2022		2021
Series 1 Convertible Preferred Stock		225,231		225,231
Series 2 Convertible Preferred Stock		5,845,695		5,845,695
Series 2 Convertible Preferred Stock issuable upon exercise of warrants		116,903		116,903
Common Stock Options		3,834,047		3,113,715
Common Stock Warrants		2,255,184		2,432,488
Performance Share Units		790,327		-
		13,067,387		11,734,032

The following table sets forth the computation of basic and diluted earnings per common share for the nine months ended September 30, 2022 and 2021:

	Nine Months ended
	September 30,
	2022			2021
Numerator
Net income	$	5,727,852		$	2,639,454
Series 2 Convertible Preferred Stock dividends		(1,829,332	)		(1,829,322	)
Net income attributable to common and Series 1 Convertible Preferred Stock		3,898,520			810,132
Net income attributable to Series 1 Convertible Preferred Stock		(59,078	)		(27,518	)
Series 2 Convertible Preferred Stock dividends attributable to Series 1 Convertible Preferred Stock		18,868			19,072
Net income attributable to common shares - Numerator for basic and diluted EPS	$	3,858,310		$	801,686
Denominator
Weighted average of common shares outstanding- Denominator for basic EPS		21,611,879			21,377,978
Effect of dilutive securities:
Series 1 Convertible Preferred Stock		225,231			225,231
Common stock options and performance share units		323,166			1,244,353
Common stock warrants		243,171			834,703
Adjusted weighted average of common shares outstanding and assumed conversions- Denominator diluted EPS		22,403,447			23,682,265
Basic EPS	$	0.18		$	0.04
Diluted EPS	$	0.17		$	0.03

The following table sets forth the computation of basic and diluted earnings per common share for the three months ended September 30, 2022 and 2021:

	Three Months ended
	September 30,
	2022			2021
Numerator
Net (loss)/income	$	(6,280,434	)	$	1,696,023
Series 2 Convertible Preferred Stock dividends		(609,778	)		(609,777	)
Net income attributable to common and Series 1 Convertible Preferred Stock		(6,890,212	)		1,086,246
Net income attributable to Series 1 Convertible Preferred Stock		-			(17,678	)
Series 2 Convertible Preferred Stock dividends attributable to Series 1 Convertible Preferred Stock		-			6,356
Net (loss)/income attributable to common shares - Numerator for basic and diluted EPS	$	(6,890,212	)	$	1,074,924
Denominator
Weighted average of common shares outstanding- Denominator for basic EPS		21,681,853			21,383,647
Effect of dilutive securities
Series 1 Convertible Preferred Stock		-			225,231
Common stock options and performance share units		-			1,112,537
Common stock warrants		-			855,764
Adjusted weighted average of common shares outstanding and assumed conversions- Denominator for diluted EPS		21,681,853			23,577,179
Basic earnings/ (loss) per share	$	(0.32	)	$	0.05
Diluted earnings/ (loss) per share	$	(0.32	)	$	0.05

Stock-Based Compensation - The fair value of transactions in which the Company exchanges its equity instruments for employee and non-employee services (share-based payment transactions) is recognized as a compensation expense in the financial statements as services are performed.

Compensation expense for stock options is determined by reference to the fair value of an award on the date of grant and is recognized on a straight-line basis over the vesting period. The Company has elected to use the Black-Scholes-Merton (BSM) pricing model to determine the fair value of all stock option awards.

Compensation expense for performance share units is recognized on an accelerated basis over the vesting period based on the Company’s projected assessment of the level of performance that will be achieved and earned. The fair value of performance share units is based on the fair market value of the Company’s common stock on the date of grant (see Note 9).

Fair Value of Financial Instruments - The carrying value of certain financial instruments such as cash, accounts receivable, and accounts payable approximate their fair value due to their short-term nature. The carrying value of loans payable under the Credit Agreement and the carrying value of promissory notes to related parties approximates fair value based upon their interest rates, which approximate current market interest rates.

The Company utilizes the fair value option on its entire loan receivables portfolio purchased from its bank partner.

Fair Value Measurements- The Company uses a hierarchical framework that prioritizes and ranks the market observability of inputs used in its fair value measurements. Market price observability is affected by a number of factors, including the type of asset or liability and the characteristics specific to the asset or liability being measured. Assets and liabilities with readily available, active, quoted market prices or for which fair value can be measured from actively quoted prices generally are deemed to have a higher degree of market price observability and a lesser degree of judgment used in measuring fair value. The Company classifies the inputs used to measure fair value into one of three levels as follows:

●	Level 1: Quoted prices in active markets for identical assets or liabilities.

●	Level 2: Inputs other than Level 1, quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets and liabilities in markets that are not active, and model-derived prices whose inputs are observable or whose significant value drivers are observable.

●	Level 3: Unobservable inputs for the asset or liability measured.

Observable inputs are based on market data obtained from independent sources, while unobservable inputs are based on the Company’s market assumptions. Unobservable inputs require significant management judgment or estimation.

The Company’s financial instruments that are measured at fair value on a recurring basis as of September 30, 2022 and December 31, 2021 is as follows:

	Fair Value Measurement Using						Carrying
Financial instruments – As of September 30, 2022 (1)	Level 1		Level 2		Level 3		Amount
Loan receivables at fair value	$	-	$	-	$	26,591,546	$	20,784,782

	Fair Value Measurement Using						Carrying
Financial instruments – As of December 31, 2021 (1)	Level 1		Level 2		Level 3		Amount
Loan receivables at fair value	$	-	$	-	$	3,560,108	$	3,151,184

(1)

For cash, accounts receivable, and accounts payable the carrying amount is a reasonable estimate of fair value due to their short-term nature. The carrying value of loans payable under the Credit Agreement and the carrying value of promissory notes to related parties approximates fair value based upon their interest rates, which approximate current market interest rates.

The Company primarily estimates the fair value of its loan receivables portfolio using discounted cash flow models. The models use inputs, such as estimated losses, servicing costs and discount rates, that are unobservable but reflect the Company’s best estimates of the assumptions a market participant would use to calculate fair value. Certain unobservable inputs may, in isolation, have either a directionally consistent or opposite impact on the fair value of the financial instrument for a given change in that input. An increase to the net loss rate, servicing cost, or discount rate would decrease the fair value of the Company’s loan receivables. When multiple inputs are used within the valuation techniques for loan receivables, a change in one input in a certain direction may be offset by an opposite change from another input.

The following describes the primary inputs to the discounted cash flow models that require significant judgement:

●

Estimated losses are estimates of the principal payments that will not be repaid over the life of the loans, net of the expected principal recoveries on charged-off receivables. FlexShopper systems monitor collections and portfolio performance data that are used to continually refine the analytical models and statistical measures used in making marketing and underwriting decisions. Leveraging the data at the core of the business, the Company utilizes the models to estimate lifetime credit losses for loan receivables. Inputs to the models include expected cash flows, historical and current performance, and behavioral information. Management may also incorporate discretionary adjustments based on the Company’s expectations of future credit performance.

●

Servicing costs – Servicing costs applied to the expected cash flows of the portfolio reflect the Company’s estimate of the amount investors would incur to service the underlying assets for the remainder of their lives. Servicing costs are derived from the Company internal analysis of our cost structure considering the characteristics of the receivables and have been benchmarked against observable information on comparable assets in the marketplace.

●	Discount rates – the discount rates utilized in the cash flow analyses reflect the Company’s estimates of the rates of return that investors would require when investing in financial instruments with similar risk and return characteristics.

For Level 3 assets carried at fair value measured on a recurring basis using significant unobservable inputs, the following table presents a reconciliation of the beginning and ending balances for the years ended September 30, 2022 and December 31, 2021:

	Nine months Ended September 30, 2022			Year Ended December 31, 2021
Beginning balance	$	3,560,108		$	89,445
Purchases of loan participation		26,844,927			3,309,732
Obligation of loan participation		467,266			163,307
Interest and fees⁽¹⁾		10,836,534			672,272
Collections		(13,178,721	)		(907,169	)
Net charge off ⁽¹⁾		(4,450,274	)		(146,923	)
Net change in fair value⁽¹⁾		2,511,706			379,444
Ending balance	$	26,591,546		$	3,560,108

⁽¹⁾	Included in loan revenues and fees, net of changes in fair value in the condensed consolidated statements of operations

For Level 3 assets carried at fair value measured on a recurring basis using significant unobservable inputs, the following table presents quantitative information about the inputs used in the fair value measurement as of September 30, 2022 and December 31, 2021:

	September 30, 2022									December 31, 2021
	Minimum			Maximum			Weighted Average⁽²⁾			Minimum			Maximum			Weighted Average
Estimated losses⁽¹⁾		3.3	%		39.2	%		19.6	%		26.0	%		35.0	%		34.6	%
Servicing costs		-			-			3.9	%		-			-			4.6	%
Discount rate		-			-			20.3	%		-			-			11.1	%

(1)	Figure disclosed as a percentage of outstanding principal balance.
(2)	Unobservable inputs were weighted by outstanding principal balance, which are grouped by origination channel.

Other relevant data as of September 30, 2022 and December 31, 2021 concerning loan receivables at fair value are as follows:

	September 30, 2022		December 31, 2021
Aggregate fair value of loan receivables that are 90 days or more past due	$	507,897	$	-
Unpaid principal balance of loan receivables that are 90 days or more past due		510,625		-
Aggregate fair value of loan receivables in non-accrual status		-		-

Lease Merchandise, net

The net leased merchandise balances consisted of the following as of September 30, 2022 and December 31, 2021:

	September 30, 2022			December 31, 2021
Lease merchandise at cost	$	68,329,607		$	72,159,063
Accumulated depreciation		(34,037,173	)		(29,505,431	)
Impairment reserve		(3,639,610	)		(1,711,520	)
Lease merchandise, net	$	30,652,824		$	40,942,112

Cost of lease revenue and merchandise sold represents the depreciation and impairment of lease merchandise and the undepreciated cost of rental merchandise at the time of sale.

Loans receivable at fair value

The Company elected the fair value option on its entire loan receivables portfolio purchased from its bank partner. As such, loan receivables are carried at fair value in the condensed consolidated balance sheets with changes in fair value recorded in the condensed consolidated statements of operations. Accrued and unpaid interest and fees are included in loan receivables at fair value in the condensed consolidated balance sheets. Management believes the reporting of these receivables at fair value more closely approximates the true economics of the loan receivable.

Further details concerning loan receivables at fair value are presented within “Fair Value Measurement” section in this Note.

Lease accounting

Lease accounting

The breakout of lease revenues and fees, net of lessor bad debt expense, that ties to the condensed consolidated statements of operations is shown below:

	Three Months ended September 30,						Nine Months ended September 30,
	2022			2021			2022			2021
Lease billings and accruals	$	38,580,116		$	42,528,079		$	117,774,390		$	124,720,272
Provision for doubtful accounts		(15,075,109	)		(11,787,960	)		(42,639,102	)		(30,566,352	)
Gain on sale of lease receivables		1,007,079			-			7,611,586			-
Lease revenues and fees	$	24,512,086		$	30,740,119		$	82,746,874		$	94,153,920

Deferred Debt Issuance Costs

conjunction with the Credit Agreement entered into on March 6, 2015 and subsequent amendments are offset against the outstanding balance of the loan payable and are amortized using the straight-line method over the remaining term of the related debt, which approximates the effective interest method. Amortization, which is included in interest expense, was $56,283 and $161,895 for the three and nine months ended September 30, 2022, respectively, and $41,794 and $171,918 for the three and nine months ended September 30, 2021, respectively.

Intangible Assets

Software Costs

Data Costs

The data costs directly used to make underwriting decisions are expensed as incurred. Certain data costs that are probable to provide future economic benefit to the Company are capitalized and amortized on a straight-line basis over their estimated useful lives. The probability to provide future economic benefit of the data cost assets is estimated based upon future usage of the information in different areas and products of the Company. At the beginning of the third quarter of 2021, the Company made several changes including the implementation of a more disciplined process around data procurement and storage. Those improvements triggered a change in the estimate of the probability to provide future economic benefit of some data cost.

Operating Expenses

Operating Expenses - Operating expenses include corporate overhead expenses such as salaries, stock-based compensation, insurance, occupancy, and other administrative expenses.

Marketing Costs

Per Share Data

The following table reflects the number of common shares issuable upon conversion or exercise.

	September 30,
	2022		2021
Series 1 Convertible Preferred Stock		225,231		225,231
Series 2 Convertible Preferred Stock		5,845,695		5,845,695
Series 2 Convertible Preferred Stock issuable upon exercise of warrants		116,903		116,903
Common Stock Options		3,834,047		3,113,715
Common Stock Warrants		2,255,184		2,432,488
Performance Share Units		790,327		-
		13,067,387		11,734,032

The following table sets forth the computation of basic and diluted earnings per common share for the nine months ended September 30, 2022 and 2021:

	Nine Months ended
	September 30,
	2022			2021
Numerator
Net income	$	5,727,852		$	2,639,454
Series 2 Convertible Preferred Stock dividends		(1,829,332	)		(1,829,322	)
Net income attributable to common and Series 1 Convertible Preferred Stock		3,898,520			810,132
Net income attributable to Series 1 Convertible Preferred Stock		(59,078	)		(27,518	)
Series 2 Convertible Preferred Stock dividends attributable to Series 1 Convertible Preferred Stock		18,868			19,072
Net income attributable to common shares - Numerator for basic and diluted EPS	$	3,858,310		$	801,686
Denominator
Weighted average of common shares outstanding- Denominator for basic EPS		21,611,879			21,377,978
Effect of dilutive securities:
Series 1 Convertible Preferred Stock		225,231			225,231
Common stock options and performance share units		323,166			1,244,353
Common stock warrants		243,171			834,703
Adjusted weighted average of common shares outstanding and assumed conversions- Denominator diluted EPS		22,403,447			23,682,265
Basic EPS	$	0.18		$	0.04
Diluted EPS	$	0.17		$	0.03

The following table sets forth the computation of basic and diluted earnings per common share for the three months ended September 30, 2022 and 2021:

	Three Months ended
	September 30,
	2022			2021
Numerator
Net (loss)/income	$	(6,280,434	)	$	1,696,023
Series 2 Convertible Preferred Stock dividends		(609,778	)		(609,777	)
Net income attributable to common and Series 1 Convertible Preferred Stock		(6,890,212	)		1,086,246
Net income attributable to Series 1 Convertible Preferred Stock		-			(17,678	)
Series 2 Convertible Preferred Stock dividends attributable to Series 1 Convertible Preferred Stock		-			6,356
Net (loss)/income attributable to common shares - Numerator for basic and diluted EPS	$	(6,890,212	)	$	1,074,924
Denominator
Weighted average of common shares outstanding- Denominator for basic EPS		21,681,853			21,383,647
Effect of dilutive securities
Series 1 Convertible Preferred Stock		-			225,231
Common stock options and performance share units		-			1,112,537
Common stock warrants		-			855,764
Adjusted weighted average of common shares outstanding and assumed conversions- Denominator for diluted EPS		21,681,853			23,577,179
Basic earnings/ (loss) per share	$	(0.32	)	$	0.05
Diluted earnings/ (loss) per share	$	(0.32	)	$	0.05

Stock-Based Compensation

Fair Value of Financial Instruments

The Company utilizes the fair value option on its entire loan receivables portfolio purchased from its bank partner.

Fair Value Measurements

Income Taxes

– Deferred tax assets and liabilities are determined based on the estimated future tax effects of net operating loss carryforwards and temporary differences between the tax bases of assets and liabilities and their respective financial reporting amounts measured at the current enacted tax rates. The Company records a valuation allowance for its deferred tax assets when management concludes that it is not more likely than not that such assets will be recognized.

The Company recognizes a tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by taxing authorities, based on the technical merits of the position. The tax benefits recognized in the consolidated financial statements from such a position are measured based on the largest benefit that has a greater than 50% likelihood of being realized upon ultimate settlement. As of September 30, 2022, and 2021, the Company had not recorded any unrecognized tax benefits. Interest and penalties related to liabilities for uncertain tax positions will be charged to interest and operating expenses, respectively.

Summary of Significant Accounting Policies (Details) - Schedule of fair value assets measured on recurring basis, unobservable input reconciliation - Level 3 [Member] - USD ($)

9 Months Ended

12 Months Ended

Sep. 30, 2022

Dec. 31, 2021

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]

Beginning balance

$ 3,560,108

$ 89,445

Purchases of loan participation

26,844,927

3,309,732

Obligation of loan participation

467,266

163,307

Interest and fees

^[1]

10,836,534

672,272

Collections

(13,178,721)

(907,169)

Net charge off

^[1]

(4,450,274)

(146,923)

Net change in fair value

^[1]

2,511,706

379,444

Ending balance

$ 26,591,546

$ 3,560,108

[1]	Included in loan revenues and fees, net of changes in fair value in the condensed consolidated statements of operations

Summary of Significant Accounting Policies (Details) - Schedule of allowance for doubtful accounts - USD ($)	9 Months Ended	12 Months Ended
	Sep. 30, 2022	Dec. 31, 2021
Schedule Of Allowance For Doubtful Accounts Abstract
Beginning balance	$ 27,703,278	$ 22,138,541
Provision	42,639,102	40,342,618
Accounts written off	(56,977,427)	(34,777,881)
Ending balance	$ 13,364,953	$ 27,703,278

Capital Structure (Details) - Schedule of outstanding stock warrants - Warrant [Member]

9 Months Ended

Sep. 30, 2022

$ / shares

Series 2 Preferred Stock Warrants Outstanding

2,255,184

439

Exercise Price 1.25 [Member]

$ 1.25

1,055,184

Exercise Price 1.25 [Member]

1 year

$ 1.25

160,000

Exercise Price 1.34 [Member]

1 year

$ 1.34

40,000

Exercise Price 1.40 [Member]

1 year

$ 1.4

40,000

Exercise Price 1.54 [Member]

1 year

$ 1.54

40,000

Exercise Price 1.62 [Member]

1 year

$ 1.62

40,000

Exercise Price 1.68 [Member]

1 year

$ 1.68

40,000

Exercise Price 1.69 [Member]

2 years

$ 1.69

40,000

Exercise Price 1.74 [Member]

1 year

$ 1.74

40,000

Exercise Price 1.76 [Member]

1 year

$ 1.76

40,000

Exercise Price 1.91 [Member]

1 year

$ 1.91

40,000

Exercise Price 1.95 [Member]

1 year

$ 1.95

40,000

Exercise Price 2.00 [Member]

2 years

$ 2

40,000

Exercise Price 2.01 [Member]

1 year

$ 2.01

40,000

Exercise Price 2.08 [Member]

1 year

$ 2.08

40,000

Exercise Price 2.45 [Member]

4 years

$ 2.45

40,000

Exercise Price 2.53 [Member]

1 year

$ 2.53

40,000

Exercise Price 2.57 [Member]

1 year

$ 2.57

40,000

Exercise Price 2.70 [Member]

3 years

$ 2.7

40,000

Exercise Price 2.78 [Member]

4 years

$ 2.78

40,000

Exercise Price 2.79 [Member]

1 year

$ 2.79

40,000

Exercise Price 2.89 [Member]

4 years

$ 2.89

40,000

Exercise Price 2.93 [Member]

3 years

$ 2.93

40,000

Exercise Price 2.97 [Member]

1 year

$ 2.97

40,000

Exercise Price 3.09 [Member]

4 years

$ 3.09

40,000

Exercise Price 3.17 [Member]

4 years

$ 3.17

40,000

Exercise Price 3.19 [Member]

4 years

$ 3.19

40,000

Exercise Price 3.27 [Member]

4 years

$ 3.27

40,000

Exercise Price 1,250 [Member]

4 years

Series 2 Preferred Stock Warrants Outstanding

$ 1,250

439

^[1]

1 year

[1]	At September 30, 2022, these warrants were exercisable into Series 2 Preferred Stock which, in turn, were convertible into 116,903 shares of common stock

Income Taxes

9 Months Ended

Sep. 30, 2022

Income Tax Disclosure [Abstract]

INCOME TAXES

10. INCOME TAXES

During the second quarter of 2022, the Company released the valuation allowance of the Company’s deferred tax asset recorded as of December 31, 2021. The Company had historical cumulative positive pre-tax income plus permanent differences. The realization of the deferred tax asset as of September 30, 2022 is more likely than not based on the refined and updated net income forecast of the Company for 2022, mainly considering the expansion of our loan portfolio with our bank partner and the sale of past due lease receivables that occurred in the second quarter of the year.

The release of the deferred tax asset valuation allowance resulted in a tax benefit of approximately $12.5 million in the three-month period ended June 30, 2022 and in the nine-month period ended September 30,2022.

As of September 30, 2022, the Company had federal and state net operating loss carryforwards of $56,361,269 and $3,419,272, respectively. Our federal loss carryforwards do not expire. The Company’s net operating losses may be subject to annual Section 382 of the Internal Revenue Code limitations due to ownership changes that could impact future realization.

Effective income tax rates for interim periods are based on our estimate of the applicable annual income tax rate. The Company’s effective income tax rate varies based upon the estimate of our annual taxable earnings and the allocation of those taxable earnings across the various states in which we operate. Changes in the annual allocation of the Company’s activity among these jurisdictions results in changes to the effective tax rate utilized to measure the Company’s income tax provision and deferred tax assets and liabilities.

The Company’s effective income tax rate for the three months ended September 30, 2022 is different than the statutory rate of 21% primally due to the state income taxes and permanent differences. The Company’s effective income tax rate for the nine months ended September 30, 2022 is different than the statutory rate of 21% primally due to the state income taxes, permanent differences and the release of the valuation allowance.

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Basis of Presentation

9 Months Ended

Sep. 30, 2022

EQUITY COMPENSATION PLANS

BASIS OF PRESENTATION

1. BASIS OF PRESENTATION

The unaudited condensed consolidated interim financial statements have been prepared in accordance with the instructions to Form 10-Q and Article 8 of Regulation S-X and in conformity with accounting principles generally accepted in the United States of America (“GAAP”) applicable to interim financial information. Accordingly, the information presented in the interim financial statements does not include all information and disclosures necessary for a fair presentation of FlexShopper, Inc.’s financial position, results of operations and cash flows in conformity with GAAP for annual financial statements. In the opinion of management, these financial statements reflect all adjustments consisting of normal recurring accruals, necessary for a fair statement of our financial position, results of operations and cash flows for such periods. The results of operations for any interim period are not necessarily indicative of the results for the full year. These financial statements should be read in conjunction with the financial statements and notes thereto contained in FlexShopper, Inc.’s Annual Report on Form 10-K for the fiscal year ended December 31, 2021 filed with the SEC on March 30, 2022.

The condensed consolidated balance sheet as of December 31, 2021 contained herein has been derived from audited financial statements at that date but does not include all of the information and footnotes required by GAAP for complete financial statements.

Certain prior year amounts have been reclassified to conform to the current year presentation.

Equity Compensation Plans

9 Months Ended

Sep. 30, 2022

Stock Options [Abstract]

9. EQUITY COMPENSATION PLANS

In April 2018, the Company adopted the FlexShopper, Inc. 2018 Omnibus Equity Compensation Plan (the “2018 Plan”). The 2018 Plan replaced the Prior Plans. No new awards will be granted under the Prior Plans; however, awards outstanding under the Prior Plans upon approval of the 2018 Plan remain subject to and will be settled with shares under the applicable Prior Plan.

Grants under the 2018 Plan and the Prior Plans consist of incentive stock options, non-qualified stock options, stock appreciation rights, restricted shares, restricted stock units, dividend equivalents and other stock-based awards. Employees, directors and consultants and other service providers are eligible to participate in the 2018 Plan and the Prior Plans. As of September 30, 2022, approximately 580,000 shares remained available for issuance under the 2018 Plan.

Stock-based compensation expense include the following components:

	Three Months ended September 30,				Nine Months ended September 30,
	2022		2021		2022		2021
Stock options	$	238,233	$	265,407	$	762,340	$	894,892
Performance share units		149,065		-		187,663		-
Total stock-based compensation	$	387,298	$	265,407	$	950,003	$	894,892

The fair value of stock-based compensation is recognized as compensation expense over the vesting period. Compensation expense recorded for stock-based compensation in the consolidated statements of operations was $387,298 and $950,003 for the three and nine months ended September 30, 2022, respectively, and $265,407 and $894,892 for the three and nine months ended September 30, 2021, respectively. Unrecognized compensation cost related to non-vested options and PSU at September 30, 2022 amounted to $1,452,640, which is expected to be recognized over a weighted average period of 2.38 years.

Stock options:

The fair value of stock options is recognized as compensation expense by the straight-line method over the vesting period. The Company measured the fair value of each stock option award on the date of grant using the Black-Scholes-Merton (BSM) pricing model with the following weighted average assumptions:

	Nine months ended September 30, 2022	Nine months ended September 30, 2021
Exercise price	$ 0.9 to 1.86	$ 2.38 to 3.09
Expected life	6 years	5 years
Expected volatility	69%	92%
Dividend yield	0%	0%
Risk-free interest rate	1.89 to 4.02 %	0.31 to 0.98 %

The expected dividend yield is based on the Company’s historical dividend yield. The expected volatility is based on the historical volatility of the Company’s common stock. The expected life is based on the simplified expected term calculation permitted by the Securities and Exchange Commission, which defines the expected life as the average of the contractual term of the options and the weighted-average vesting period for all option tranches. The risk-free interest rate is based on the annual yield on the grant date of a zero-coupon U.S. Treasury bond the maturity of which equals the option’s expected life.

Activity in stock options for the nine months period ended September 30, 2022 and September 30, 2021 was as follows:

	Number of options			Weighted average exercise price		Weighted average contractual term (years)		Aggregate intrinsic value
Outstanding at January 1, 2022		3,080,904		$	2.06			$	1,923,642
Granted		1,094,002			1.50				-
Exercised		(308,526	)		0.85				480,029
Forfeited		(7,333	)		2.22				2,273
Expired		(25,000	)		1.70				-
Outstanding at September 30, 2022		3,834,047		$	2.00		6.96	$	1,219,962
Vested and exercisable at September 30, 2022		2,694,862		$	2.10		6.48	$	928,330

Outstanding at January 1, 2021		2,595,700		$	1.92			$	2,491,026
Granted		592,348			2.52				-
Exercised		(30,999	)		0.81				68,278
Forfeited		(43,334	)		2.13				53,952
Outstanding at September 30, 2021		3,113,715		$	2.04		6.94	$	3,855,698
Vested and exercisable at September 30, 2021		2,127,537		$	2.03		7.02	$	2,850,630

The weighted average grant date fair value of options granted during the nine month period ended September 30, 2022 and September 30, 2021 was $0.91 and $1.77 per share, respectively.

Performance Share Units:

On February 10, 2022, the Compensation Committee of the Board of Directors approved awards of performance share units to certain senior executives of the Company.

For performance share units, which are settled in stock, the number of shares earned is subject to both performance and time-based vesting. For the performance component, the number of shares earned is determined at the end of the periods based upon achievement of specified performance conditions as adjusted EBITDA of the Company. When the performance criteria are met, the award is earned and vests assuming continued employment through the specified service period(s). Shares are issued from the Company’s 2018 Omnibus Equity Compensation Plan upon vesting. The number of performance-based shares which could potentially be issued ranges from 0 up to a maximum of 790,327 of the target awards depending on the specified terms and conditions of the target award.

The fair value of performance share units is based on the fair market value of the Company’s common stock on the date of grant. The compensation expense associated with these awards is amortized on an accelerated basis over the vesting period based on the Company’s projected assessment of the level of performance that will be achieved and earned. In the event the Company determines it is no longer probable that the minimum performance criteria specified in the plan will be achieved, all previously recognized compensation expense is reversed in the period such a determination is made. The Company determined it was probable that the minimum performance component would be met and accordingly commenced amortization in the quarter ended March 31, 2022.

Activity in performance share units for the nine months ended September 30, 2022 was as follows:

	Number of performance share units		Weighted average grant date fair value
Non- vested at January 1, 2022		-		-
Granted		790,327	$	1.53
Forfeited/ unearned		-		-
Vested		-		-
Non- vested at September 30, 2022		790,327	$	1.53

Capital Structure (Tables)

9 Months Ended

Sep. 30, 2022

Stockholders' Equity Note [Abstract]

Schedule of weighted average grant date fair value

	Warrants		Expense		Grant date fair value
Grant Date	Granted		Recorded		Per Warrant
January 31, 2021		40,000	$	73,595	$	1.84
February 29, 2021		40,000		76,318		1.91
March 31, 2021		40,000		63,010		1.58
April 30, 2021		40,000		60,542		1.51
May 31, 2021		40,000		63,156		1.58
June 30, 2021		40,000		68,228		1.71
July 31, 2021		40,000		55,658		1.39
August 31, 2021		40,000		62,301		1.56
		320,000		522,808		1.63

Schedule of outstanding stock warrants

		Common		Series 2 Preferred		Weighted Average
Exercise		Stock Warrants		Stock Warrants		Remaining
Price		Outstanding		Outstanding		Contractual Life

$	1.25		1,055,184			1 year
$	1.25		160,000			1 year
$	1.34		40,000			1 year
$	1.40		40,000			1 year
$	1.54		40,000			1 year
$	1.62		40,000			1 year
$	1.68		40,000			2 years
$	1.69		40,000			1 year
$	1.74		40,000			1 year
$	1.76		40,000			1 year
$	1.91		40,000			1 year
$	1.95		40,000			2 years
$	2.00		40,000			1 year
$	2.01		40,000			1 year
$	2.08		40,000			4 years
$	2.45		40,000			1 year
$	2.53		40,000			1 year
$	2.57		40,000			3 years
$	2.70		40,000			4 years
$	2.78		40,000			1 year
$	2.79		40,000			4 years
$	2.89		40,000			3 years
$	2.93		40,000			1 year
$	2.97		40,000			4 years
$	3.09		40,000			4 years
$	3.17		40,000			4 years
$	3.19		40,000			4 years
$	3.27		40,000			4 years
$	1,250			439	*	1 year
			2,255,184	439

Summary of Significant Accounting Policies (Details) - Schedule of reconciliation of cash and restricted cash - USD ($)	Sep. 30, 2022	Dec. 31, 2021	Sep. 30, 2021	Dec. 31, 2020
Schedule Of Reconciliation Of Cash And Restricted Cash Abstract
Cash	$ 5,274,219	$ 4,986,559
Restricted cash	481,867	108,083
Total cash and restricted cash	$ 5,756,086	$ 5,094,642	$ 3,147,926	$ 8,541,232

Property and Equipment (Details) - USD ($)	3 Months Ended		9 Months Ended
Property and Equipment (Details) - USD ($)	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Property, Plant and Equipment [Abstract]
Depreciation and amortization expense	$ 1,081,204	$ 683,584	$ 2,929,335	$ 2,006,098

Promissory Notes-Related Parties (Details) - Schedule of amounts payable under the promissory notes	9 Months Ended
	Sep. 30, 2022 USD ($)
2022 [Member]
Promissory Notes-Related Parties (Details) - Schedule of amounts payable under the promissory notes [Line Items]
Debt Principal
Interest	182,585
2023 [Member]
Promissory Notes-Related Parties (Details) - Schedule of amounts payable under the promissory notes [Line Items]
Debt Principal	1,000,000
Interest
2024 [Member]
Promissory Notes-Related Parties (Details) - Schedule of amounts payable under the promissory notes [Line Items]
Debt Principal	10,750,000
Interest

Loan Payable Under Credit Agreement (Details) - USD ($)		1 Months Ended		3 Months Ended		9 Months Ended
Loan Payable Under Credit Agreement (Details) - USD ($)	Jul. 01, 2022	Sep. 27, 2022	Jan. 29, 2021	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Mar. 08, 2022	Dec. 31, 2021	Mar. 06, 2015
Loan Payable Under Credit Agreement (Details) [Line Items]
Lender fee			$ 237,000
Loans percentage	100.00%	100.00%
Borrowed credit agreement				$ 15,055,000	$ 500,000	$ 32,855,000	$ 4,000,000
Repaid credit agreement				4,605,000	1,600,000	5,730,000	6,575,000
Debt [Member]
Loan Payable Under Credit Agreement (Details) [Line Items]
Outstanding balance under credit agreement				$ 77,600,000		$ 77,600,000			$ 50,475,000
Credit Agreement [Member]
Loan Payable Under Credit Agreement (Details) [Line Items]
Borrow from lender										$ 57,500,000
Description of credit facility			This Amendment extended the Commitment Termination Date to April 1, 2024, amended other covenant requirements, partially removed indebtedness covenants and amended eligibility rules.
Interest rate			11.00%
Bear interest rate				13.82%		13.82%
Increased commitment amount								$ 82,500,000
Available commitment balance						$ 110,000,000
Interest expense				$ 2,426,513	$ 1,015,930	5,874,504	$ 3,147,479
Credit Agreement [Member] \| Debt [Member]
Loan Payable Under Credit Agreement (Details) [Line Items]
Unamortized issuance costs				$ 338,113		$ 338,113			$ 413,076

Equity Compensation Plans (Details) - Schedule of measured the fair value of each stock option award on the date of grant using the black-scholes-merton - $ / shares	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Equity Compensation Plans (Details) - Schedule of measured the fair value of each stock option award on the date of grant using the black-scholes-merton [Line Items]
Expected life	6 years	5 years
Expected volatility	69.00%	92.00%
Dividend yield	0.00%	0.00%
Minimum [Member]
Equity Compensation Plans (Details) - Schedule of measured the fair value of each stock option award on the date of grant using the black-scholes-merton [Line Items]
Exercise price (in Dollars per share)	$ 0.9	$ 2.38
Risk-free interest rate	1.89%	0.31%
Maximum [Member]
Equity Compensation Plans (Details) - Schedule of measured the fair value of each stock option award on the date of grant using the black-scholes-merton [Line Items]
Exercise price (in Dollars per share)	$ 1.86	$ 3.09
Risk-free interest rate	4.02%	0.98%

Summary of Significant Accounting Policies (Details) - Schedule of series 2 convertible preferred stock as their effect is anti-dilutive - shares	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share	13,067,387	11,734,032
Common Stock Options [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share	3,834,047	3,113,715
Common Stock Warrants [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share	2,255,184	2,432,488
Performance Stock Units [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share	790,327
Series 1 Convertible Preferred Stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share	225,231	225,231
Series 2 Convertible Preferred Stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share	5,845,695	5,845,695
Series 2 Convertible Preferred Stock issuable upon exercise of warrants [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share	116,903	116,903

Equity Compensation Plans (Details) - Schedule of activity in performance share units	9 Months Ended
	Sep. 30, 2022 shares
Schedule Of Activity In Performance Share Units Abstract
Number of performance share units, Non- vested
Weighted average grant date fair value, Non- vested
Number of performance share units, Granted	790,327
Weighted average grant date fair value, Granted	1 year 6 months 10 days
Number of performance share units, Forfeited/ unearned
Weighted average grant date fair value, Forfeited/ unearned
Number of performance share units, Vested
Weighted average grant date fair value, Vested
Number of performance share units, Non- vested	790,327
Weighted average grant date fair value, Non- vested	1 year 6 months 10 days

Leases (Details) - Schedule of weighted-average discount rate and weighted-average remaining lease term	Sep. 30, 2022
Operating Leases [Member]
Leases (Details) - Schedule of weighted-average discount rate and weighted-average remaining lease term [Line Items]
Weighted Average Discount Rate	13.03%
Weighted Average Remaining Lease Term (in years)	6 years
Finance Leases [Member]
Leases (Details) - Schedule of weighted-average discount rate and weighted-average remaining lease term [Line Items]
Weighted Average Discount Rate	13.36%
Weighted Average Remaining Lease Term (in years)	2 years

Leases (Details)		1 Months Ended	9 Months Ended
Leases (Details)	Jan. 31, 2019 USD ($) m²	Sep. 30, 2021 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2021 USD ($)
Leases [Abstract]
Monthly rent			$ 2,300
Term of lease	108 months		12 months
Area of land (in Square Meters) \| m²	21,622
Exercise of stock options into common stock	$ 31,500
Annual percentage	3.00%
Monthly rent		$ 8,800
Rental expense			$ 531,000	$ 492,000
Lease costs			$ 292,056	$ 303,871

Income Taxes (Details)	3 Months Ended	9 Months Ended
Income Taxes (Details)	Sep. 30, 2022 USD ($)	Sep. 30, 2022 USD ($)
Income Tax Disclosure [Abstract]
Deferred tax asset valuation allowance	$ 12,500,000	$ 12,500,000
Federal net operating loss carryforwards	56,361,269	56,361,269
State net operating loss carryforwards	$ 3,419,272	3,419,272
Statutory rate percentage	21.00%
Statutory rate		$ 0.21

Promissory Notes-Related Parties (Tables)

9 Months Ended

Sep. 30, 2022

Debt Disclosure [Abstract]

Schedule of amounts payable under the promissory notes

	Debt Principal		Interest
2022	$	-	$	182,585
2023	$	1,000,000	$	-
2024	$	10,750,000	$	-

Summary of Significant Accounting Policies (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Summary of Significant Accounting Policies (Details) [Line Items]
Accounts receivable charged off against allowance	$ 16,174,329	$ 18,437,746	$ 56,977,427	$ 27,454,106
Net of changes in fair value of gain	4,396,421		1,938,570
Net of changes in fair value of loss		4,339		54,236
Amortization included in interest expense	56,283	41,794	$ 161,895	171,918
Intangible assets, terms			10 years
Amortization of intangible assets	769	769	$ 2,307	2,307
Capitalized software costs	1,485,669	900,031	3,755,750	2,015,746
Capitalized software amortization expense	759,825	572,195	2,064,681	1,726,199
Capitalized data costs	458,018	461,379	1,220,722
Capitalized data costs amortization expense	162,290	24,406	$ 371,949	9
Largest benefit percentage			50.00%
Promissory Notes [Member]
Summary of Significant Accounting Policies (Details) [Line Items]
Amortization included in interest expense	$ 0	$ 1,273	$ 1,274	$ 5,729

Subsequent Events

9 Months Ended

Sep. 30, 2022

Subsequent Events [Abstract]

SUBSEQUENT EVENTS

14. SUBSEQUENT EVENTS

Loan Payable Under Credit Agreement

On March 6, 2015, the Company, through a wholly-owned subsidiary (the “Borrower”), entered into a credit agreement (as amended and supplemented from time to time, the “Credit Agreement”) with Wells Fargo Bank, National Association, as paying agent, various lenders from time to time party thereto, and WE 2014-1, LLC, an affiliate of Waterfall Asset Management, LLC, as administrative agent and lender. See Note 7.

Effective September 27, 2022, WE 2014-1, LLC assigned 100% of its Commitments and all Loans to Powerscourt Investments 32, LP, an affiliate of Waterfall Asset Management, LLC.

On October 21, 2022, pursuant to Amendment No. 16 to the Credit Agreement between FlexShopper 2, LLC, as borrower, and Powerscourt Investments 32, LP, as administrative agent and lender, the Commitment Amount was increased to be up to $110,000,000. This amendment also replaced LIBOR references in the Credit Agreement with SOFR (Secured Overnight Financing Rate), as the basis for our interest payments under the Credit Agreement. No other changes were made to the Credit Agreement.

Promissory Notes-Related Parties

9 Months Ended

Sep. 30, 2022

Debt Disclosure [Abstract]

PROMISSORY NOTES-RELATED PARTIES

6. PROMISSORY NOTES-RELATED PARTIES

122 Partners Note- On January 25, 2019, FlexShopper, LLC (the “Borrower”) entered into a subordinated debt financing letter agreement with 122 Partners, LLC, as lender, pursuant to which FlexShopper, LLC issued a subordinated promissory note to 122 Partners, LLC (the “122 Partners Note”) in the principal amount of $1,000,000. H. Russell Heiser, Jr., FlexShopper’s Chief Financial Officer, is a member of 122 Partners, LLC. Payment of the principal amount and accrued interest under the 122 Partners Note was due and payable by the borrower on April 30, 2020 and the borrower can prepay principal and interest at any time without penalty. At September 30, 2022, amounts outstanding under the 122 Partners Note bear interest at a rate of 18.82%. Obligations under the 122 Partners Note are subordinated to obligations under the Credit Agreement. The 122 Partners Note is subject to customary representations and warranties and events of default. If an event of default occurs and is continuing, the Borrower may be required to repay all amounts outstanding under the 122 Partners Note. Obligations under the 122 Partners Note are secured by substantially all of the Borrower’s assets, subject to the senior rights of the lenders under the Credit Agreement. On April 30, 2020, pursuant to an amendment to the subordinated debt financing letter agreement, the Borrower and 122 Partners, LLC agreed to extend the maturity date of the 122 Partners Note to April 30, 2021. On March 22, 2021, FlexShopper, LLC executed a second amendment to the 122 Partners Note such that the maturity date of the 122 Partners Note was extended to April 1, 2022. On March 31, 2022, FlexShopper, LLC executed a third amendment to the 122 Partners Note such that the maturity date of the 122 Partners Note was extended to April 1, 2023. No other changes were made to the 122 Partners Note. Principal and accrued and unpaid interest outstanding on the 122 Partners Note was $1,015,539 as of September 30, 2022 and $1,011,615 as of September 30, 2021.

Interest paid for the 122 Partner Note were $45,278 and $36,779 for the three months ended September 30, 2022 and 2021, respectively, and $147,422 and $113,523 for the nine months ended September 30, 2022 and 2021, respectively.

Interest expensed for the 122 Partner Note were $46,530 and $36,516 for the three months ended September 30, 2022 and 2021, respectively, and $151,521 and $109,628 for the nine months ended September 30, 2022 and 2021, respectively.

NRNS Note- FlexShopper LLC (the “Borrower”) previously entered into letter agreements with NRNS Capital Holdings LLC (“NRNS”), the manager of which is the Chairman of the Company’s Board of Directors, pursuant to which the Borrower issued subordinated promissory notes to NRNS (the “NRNS Note”) in the total principal amount of $3,750,000. Payment of principal and accrued interest under the NRNS Note was due and payable by the Borrower on June 30, 2021 and FlexShopper, LLC can prepay principal and interest at any time without penalty. At September 30, 2022, amounts outstanding under the NRNS Note bear interest at a rate of 18.82%. Obligations under the NRNS Note are subordinated to obligations under the Credit Agreement. The NRNS Note is subject to customary representations and warranties and events of default. If an event of default occurs and is continuing, the Borrower may be required to repay all amounts outstanding under the NRNS Note. Obligations under the NRNS Note is secured by substantially all of the Borrower’s assets, subject to rights of the lenders under the Credit Agreement. On March 22, 2021, FlexShopper, LLC executed an amendment to the NRNS Note such that the maturity date was extended to April 1, 2022. On February 2, 2022, FlexShopper LLC executed another amendment to the NRNS Note. This last amendment extended the maturity date from April 1, 2022 to July 1, 2024 and increased the credit commitment from $3,750,000 to $11,000,000. No other changes were made to such NRNS Note. Principal and accrued and unpaid interest outstanding on the NRNS Note was $10,917,046 as of September 30, 2022 and $3,793,581 as of September 30, 2021.

Interest paid for the NRNS Note were $486,739 and $138,011 for the three months ended September 30, 2022 and 2021, respectively, and $1,020,523 and $426,345 for the nine months ended September 30, 2022 and 2021, respectively.

Interest expensed for the NRNS Note were $500,201 and $137,024 for the three months ended September 30, 2022 and 2021, respectively, and $1,144,646 and $411,615 for the nine months ended September 30, 2022 and 2021, respectively.

Amounts payable under the promissory notes are as follows:

	Debt Principal		Interest
2022	$	-	$	182,585
2023	$	1,000,000	$	-
2024	$	10,750,000	$	-

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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Property, Plant and Equipment [Abstract]

Summary of Significant Accounting Policies (Details) - Schedule of net leased merchandise - USD ($)	Sep. 30, 2022	Dec. 31, 2021
Schedule Of Net Leased Merchandise Abstract
Lease merchandise at cost	$ 68,329,607	$ 72,159,063
Accumulated depreciation	(34,037,173)	(29,505,431)
Impairment reserve	(3,639,610)	(1,711,520)
Lease merchandise, net	$ 30,652,824	$ 40,942,112

Property and Equipment (Tables)

9 Months Ended

Sep. 30, 2022

Schedule of property and equipment

	Estimated Useful Lives	September 30, 2022			December 31, 2021
Furniture, fixtures and vehicle	2-5 years	$	395,468		$	391,669
Website and internal use software	3 years		19,057,770			15,302,020
Computers and software	3-7 years		3,377,576			2,281,975
			22,830,814			17,975,664
Less: accumulated depreciation and amortization			(15,414,565	)		(12,485,230	)
		$	7,416,249		$	5,490,434

Loan Payable Under Credit Agreement (Tables)

9 Months Ended

Sep. 30, 2022

Loan Payable Disclosure Abstract

Schedule of covenant requirements, and flexshopper's actual results

	September 30, 2022
	Required Covenant		Actual Position
Equity Book Value not less than	$	9,636,387	$	23,082,979
Liquidity greater than		1,500,000		5,274,219
Cash greater than		500,000		5,756,086
Consolidated Total Debt to Equity Book Value ratio not to exceed		5.25		3.86

Capital Structure (Details) - Schedule of weighted average grant date fair value	9 Months Ended
	Sep. 30, 2022 USD ($) $ / shares shares
Capital Structure (Details) - Schedule of weighted average grant date fair value [Line Items]
Warrants Granted \| shares	320,000
Expense Recorded \| $	$ 522,808
Grant date fair value Per Warrant \| $ / shares	$ 1.63
Warrant [Member] \| January 31, 2021 [Member]
Capital Structure (Details) - Schedule of weighted average grant date fair value [Line Items]
Warrants Granted \| shares	40,000
Expense Recorded \| $	$ 73,595
Grant date fair value Per Warrant \| $ / shares	$ 1.84
Warrant [Member] \| February 29, 2021 [Member]
Capital Structure (Details) - Schedule of weighted average grant date fair value [Line Items]
Warrants Granted \| shares	40,000
Expense Recorded \| $	$ 76,318
Grant date fair value Per Warrant \| $ / shares	$ 1.91
Warrant [Member] \| March 31, 2021 [Member]
Capital Structure (Details) - Schedule of weighted average grant date fair value [Line Items]
Warrants Granted \| shares	40,000
Expense Recorded \| $	$ 63,010
Grant date fair value Per Warrant \| $ / shares	$ 1.58
Warrant [Member] \| April 30, 2021 [Member]
Capital Structure (Details) - Schedule of weighted average grant date fair value [Line Items]
Warrants Granted \| shares	40,000
Expense Recorded \| $	$ 60,542
Grant date fair value Per Warrant \| $ / shares	$ 1.51
Warrant [Member] \| May 31, 2021 [Member]
Capital Structure (Details) - Schedule of weighted average grant date fair value [Line Items]
Warrants Granted \| shares	40,000
Expense Recorded \| $	$ 63,156
Grant date fair value Per Warrant \| $ / shares	$ 1.58
Warrant [Member] \| June 30, 2021 [Member]
Capital Structure (Details) - Schedule of weighted average grant date fair value [Line Items]
Warrants Granted \| shares	40,000
Expense Recorded \| $	$ 68,228
Grant date fair value Per Warrant \| $ / shares	$ 1.71
Warrant [Member] \| July 31, 2021 [Member]
Capital Structure (Details) - Schedule of weighted average grant date fair value [Line Items]
Warrants Granted \| shares	40,000
Expense Recorded \| $	$ 55,658
Grant date fair value Per Warrant \| $ / shares	$ 1.39
Warrant [Member] \| August 31, 2021 [Member]
Capital Structure (Details) - Schedule of weighted average grant date fair value [Line Items]
Warrants Granted \| shares	40,000
Expense Recorded \| $	$ 62,301
Grant date fair value Per Warrant \| $ / shares	$ 1.56

Capital Structure (Details) - USD ($)		1 Months Ended	9 Months Ended
Capital Structure (Details) - USD ($)	Aug. 31, 2020	Sep. 30, 2018	Sep. 30, 2022	Sep. 30, 2021
Capital Structure (Details) [Line Items]
Warrant convertible into common stock			116,903
Preferred Stock [Member]
Capital Structure (Details) [Line Items]
Preferred stock, shares authorized			500,000
Preferred stock, par value (in Dollars per share)			$ 0.001
Common stock [Member]
Capital Structure (Details) [Line Items]
Common stock price (in Dollars per share)			$ 23
Common stock, share authorized			40,000,000
Common stock par or stated per share value (in Dollars per share)			$ 0.0001
Series 1 Convertible Preferred Stock [Member]
Capital Structure (Details) [Line Items]
Preferred stock conversion basis, description			As of September 30, 2022, each share of Series 1 Convertible Preferred Stock was convertible into 1.32230 shares of the Company’s common stock, subject to certain anti-dilution rights.
Convertible preferred stock, terms of conversion, description			As of September 30, 2022, there were 170,332 shares of Series 1 Convertible Preferred Stock outstanding, which were convertible into 225,231 shares of common stock.
Series 1 Convertible Preferred Stock [Member] \| Preferred Stock [Member]
Capital Structure (Details) [Line Items]
Preferred stock, shares authorized			250,000
Series 2 Convertible Preferred Stock [Member]
Capital Structure (Details) [Line Items]
Preferred stock, designated			25,000
Convertible preferred stock, shares issued upon conversion			20,000
Proceeds from sale of stock (in Dollars)			$ 20,000,000
Additional sale of shares			1,952
Gross proceeds (in Dollars)			$ 1,950,000
Preferred shares sold per share (in Dollars per share)			$ 1,000
Stated value, percentage			10.00%
Cumulative accrued dividends (in Dollars)			$ 15,100,505
Preferred stock conversion into common stock, shares			266
Description of warrants expiration			In connection with the issuance of Series 2 Convertible Preferred Stock in June 2016, the Company issued to the placement agent in such offering warrants exercisable for 439 shares of Series 2 Convertible Preferred Stock at an initial exercise price of $1,250 per share, which expire seven years after the date of issuance.
Consulting Agreement [Member]
Capital Structure (Details) [Line Items]
Warrant exercise price (in Dollars per share)	$ 1.6
Warrants expiration period	4 years
Warrant [Member]
Capital Structure (Details) [Line Items]
Warrants exercisable for shares of common stock		5,750,000	1,055,184
Warrant exercise price (in Dollars per share)		$ 1.25	$ 1.25
Description of warrants expiration		The warrants were immediately exercisable and expire five years from the date of issuance.	The warrants are exercisable at $1.25 per share of common stock and expire on September 28, 2023.
Issuance of warrants			40,000
Valuation expenses (in Dollars)				$ 522,808
Weighted average grant date fair value (in Dollars per share)				$ 1.63
Warrant [Member] \| Consulting Agreement [Member]
Capital Structure (Details) [Line Items]
Warrant exercise price (in Dollars per share)			$ 1.25
Description of warrants expiration			The warrants are immediately exercisable and expire following the close of business on June 30, 2023.
Warrant, description			As part of a consulting agreement with XLR8 Capital Partners LLC (the “Consulting Agreement”), an entity of which the Company’s Chairman is manager, the Company agreed to issue 40,000 warrants to XLR8 Capital Partners LLC monthly for 12 months beginning on March 1, 2019 at an exercise price of $1.25 per share or, if the closing share price on the last day of the month exceeds $1.25, then such exercise price will be 110% of the closing share price.

Leases (Tables)

9 Months Ended

Sep. 30, 2022

Leases [Abstract]

Schedule of the future minimum annual lease payments

2022	$	133,000
2023		506,000
2024		435,000
2025		443,000
2026		456,000
Thereafter		774,000
	$	2,747,000

Schedule of balance sheet information related to leases

	Balance Sheet Classification	September 30, 2022		December 31, 2021
Assets
Operating Lease Asset	Right of use asset, net	$	1,432,446	$	1,534,512
Finance Lease Asset	Right of use asset, net		12,713		18,818
Total Lease Assets		$	1,445,159	$	1,553,330

Liabilities
Operating Lease Liability – current portion	Current Lease Liabilities	$	190,140	$	163,939
Finance Lease Liability – current portion	Current Lease Liabilities		8,713		8,793
Operating Lease Liability – net of current portion	Long Term Lease Liabilities		1,616,423		1,761,558
Finance Lease Liability – net of current portion	Long Term Lease Liabilities		6,788		13,065
Total Lease Liabilities		$	1,822,064	$	1,947,355

Schedule of weighted-average discount rate and weighted-average remaining lease term

	Weighted Average Discount Rate			Weighted Average Remaining Lease Term (in years)
Operating Leases		13.03	%	6
Finance Leases		13.36	%	2

Schedule of supplemental cash flow information related to operating leases

	Nine Months ended
	September 30,
	2022		2021
Cash payments for operating leases	$	302,075	$	300,415
Cash payments for finance leases		8,388		8,388

Schedule of undiscounted operating lease liabilities

	Operating Leases
2022	$	103,371
2023		417,606
2024		430,134
2025		443,038
2026		456,330
2027 and thereafter		773,593
Total undiscounted cash flows		2,624,072
Less: interest		(817,509	)
Present value of lease liabilities	$	1,806,563

Schedule of undiscounted finance lease liabilities

	Finance Leases
2022	$	2,931
2023		9,699
2024		4,781
Total undiscounted cash flows		17,411
Less: interest		(1,910	)
Present value of lease liabilities	$	15,501

Subsequent Events (Details) - USD ($)		1 Months Ended
Subsequent Events (Details) - USD ($)	Jul. 01, 2022	Sep. 27, 2022	Oct. 21, 2022
Subsequent Events (Details) [Line Items]
Loan percentage	100.00%	100.00%
Subsequent Event [Member]
Subsequent Events (Details) [Line Items]
Commitment amount			$ 110,000,000

Promissory Note- Paycheck Protection Program

9 Months Ended

Sep. 30, 2022

Pay Check Protection Programs Abstract

PROMISSORY NOTE- PAYCHECK PROTECTION PROGRAM

13. PROMISSORY NOTE- PAYCHECK PROTECTION PROGRAM

FlexShopper, LLC (the “Borrower”) applied for and received a loan (the “Loan”) on May 4, 2020, from Customers Bank (the “Lender”) in the principal amount of $1,914,100, pursuant to the Paycheck Protection Program (the “PPP”) under the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”), which was enacted March 27, 2020, and administered through the U.S. Small Business Administration.

The Loan was evidenced by a promissory note (the “Note”), dated April 30, 2020, issued by the Borrower to the Lender. The Note matured on April 30, 2022 and bore interest at the rate of 1.00% per annum, payable monthly commencing on November 30, 2020, following an initial deferral period as specified under the PPP. The Note might be prepaid by the Borrower at any time prior to maturity with no prepayment penalty. Proceeds from the Loan were available to the Borrower to fund designated expenses, including certain payroll costs, group health care benefits and other permitted expenses, in accordance with the PPP. Under the terms of the PPP, up to the entire sum of the principal amount and accrued interest might be forgiven to the extent the Loan proceeds were used for qualifying expenses as described in the CARES Act and applicable implementing guidance issued by the U.S. Small Business Administration under the PPP.

On June 21, 2021 we were notified that effective April 7, 2021, the U.S. Small Business Administration confirmed the waiver of FlexShopper’s repayment of a $1,914,000 Paycheck Protection Program promissory note issued to the Company on May 4, 2020.

As a result of the PPP promissory note forgiveness, the Company recognized in the year ended December 31, 2021 a gain from the extinguishment of the loan, including accrued interest, of $1,931,825.

Promissory Notes-Related Parties (Details) - USD ($)	3 Months Ended		9 Months Ended
Promissory Notes-Related Parties (Details) - USD ($)	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Jan. 25, 2019
Promissory Notes-Related Parties (Details) [Line Items]
Principal accrued unpaid interest outstanding			$ 1,015,539	$ 1,011,615
Interests paid	$ 45,278	$ 36,779	147,422	113,523
Interests expensed	46,530	36,516	$ 151,521	109,628
Description of notes			This last amendment extended the maturity date from April 1, 2022 to July 1, 2024 and increased the credit commitment from $3,750,000 to $11,000,000.
NRNS [Member]
Promissory Notes-Related Parties (Details) [Line Items]
Principal amount	3,750,000		$ 3,750,000
Principal accrued unpaid interest outstanding			10,917,046	3,793,581
Interests paid	486,739	138,011	1,020,523	426,345
Interests expensed	$ 500,201	$ 137,024	$ 1,144,646	$ 411,615
Bear interest rate	18.82%		18.82%
Chief Financial Officer [Member]
Promissory Notes-Related Parties (Details) [Line Items]
Principal amount					$ 1,000,000
Bear interest rate	18.82%		18.82%

Condensed Consolidated Balance Sheets - USD ($)	Sep. 30, 2022	Dec. 31, 2021
CURRENT ASSETS:
Cash	$ 5,274,219	$ 4,986,559
Restricted cash	481,867	108,083
Lease receivables, net	33,425,123	25,473,154
Loan receivables at fair value	26,591,546	3,560,108
Prepaid expenses and other assets	1,478,800	1,823,256
Lease merchandise, net	30,652,824	40,942,112
Total current assets	97,904,379	76,893,272
Property and equipment, net	7,416,249	5,490,434
Right of use asset, net	1,445,159	1,553,330
Other assets, net	1,726,443	875,020
Deferred tax asset, net	13,607,949
Total assets	122,100,179	84,812,056
CURRENT LIABILITIES:
Accounts payable	3,875,469	7,982,180
Accrued payroll and related taxes	703,465	391,078
Promissory notes to related parties, net of $0 at 2022 and $1,274 at 2021 of unamortized issuance costs, including accrued interest	1,182,585	1,053,088
Accrued expenses	3,243,570	2,987,646
Lease liability - current portion	198,853	172,732
Total current liabilities	9,203,942	12,586,724
Loan payable under credit agreement to beneficial shareholder, net of $338,113 at 2022 and $413,076 at 2021 of unamortized issuance costs	77,261,887	50,061,924
Promissory notes to related parties, net of current portion	10,750,000	3,750,000
Deferred income tax liability	178,160	495,166
Lease liabilities net of current portion	1,623,211	1,774,623
Total liabilities	99,017,200	68,668,437
STOCKHOLDERS’ EQUITY
Series 1 Convertible Preferred Stock, $0.001 par value - authorized 250,000 shares, issued and outstanding 170,332 shares at $5.00 stated value	851,660	851,660
Series 2 Convertible Preferred Stock, $0.001 par value - authorized 25,000 shares, issued and outstanding 21,952 shares at $1,000 stated value	21,952,000	21,952,000
Common stock, $0.0001 par value- authorized 40,000,000 shares, issued and outstanding 21,750,804 shares at September 30, 2022 and 21,442,278 shares at December 31, 2021	2,176	2,144
Additional paid in capital	39,771,593	38,560,117
Accumulated deficit	(39,494,450)	(45,222,302)
Total stockholders’ equity	23,082,979	16,143,619
Total liabilities and stockholders' equity	$ 122,100,179	$ 84,812,056

Capital Structure

9 Months Ended

Sep. 30, 2022

Stockholders' Equity Note [Abstract]

CAPITAL STRUCTURE

8. CAPITAL STRUCTURE

The Company’s capital structure consists of preferred and common stock as described below:

Preferred Stock

The Company is authorized to issue 500,000 shares of $0.001 par value preferred stock. Of this amount, 250,000 shares have been designated as Series 1 Convertible Preferred Stock and 25,000 shares have been designated as Series 2 Convertible Preferred Stock. The Company’s Board of Directors determines the rights and preferences of the Company’s preferred stock.

●	Series 1 Convertible Preferred Stock – Series 1 Convertible Preferred Stock ranks senior to common stock upon liquidation.

As of September 30, 2022, each share of Series 1 Convertible Preferred Stock was convertible into 1.32230 shares of the Company’s common stock, subject to certain anti-dilution rights. The holders of the Series 1 Convertible Preferred Stock have the option to convert the shares to common stock at any time. Upon conversion, all accumulated and unpaid dividends, if any, will be paid as additional shares of common stock. The holders of Series 1 Convertible Preferred Stock have the same dividend rights as holders of common stock, as if the Series 1 Convertible Preferred Stock had been converted to common stock.

As of September 30, 2022, there were 170,332 shares of Series 1 Convertible Preferred Stock outstanding, which were convertible into 225,231 shares of common stock.

●

Series 2 Convertible Preferred Stock – The Company sold to B2 FIE V LLC (the “Investor”), an entity affiliated with Pacific Investment Management Company LLC, 20,000 shares of Series 2 Convertible Preferred Stock (“Series 2 Preferred Stock”) for gross proceeds of $20.0 million. The Company sold an additional 1,952 shares of Series 2 Preferred Stock to a different investor for gross proceeds of $1.95 million at a subsequent closing.

The Series 2 Preferred Shares were sold for $1,000 per share (the “Stated Value”) and accrue dividends on the Stated Value at an annual rate of 10% compounded annually. Cumulative accrued dividends as of September 30, 2022 totaled approximately $15,100,505. As of September 30, 2022, each Series 2 Preferred Share was convertible into approximately 266 shares of common stock; however, the conversion rate is subject to further increase pursuant to a weighted average anti-dilution provision. The holders of the Series 2 Preferred Stock have the option to convert such shares into shares of common stock and have the right to vote with holders of common stock on an as-converted basis. If the average closing price during any 45-day consecutive trading day period or change of control transaction values the common stock at a price equal to or greater than $23.00 per share, then conversion shall be automatic. Upon a Liquidation Event or Deemed Liquidation Event (each as defined), holders of Series 2 Preferred Stock shall be entitled to receive out of the assets of the Company prior to and in preference to the common stock and Series 1 Convertible Preferred Stock an amount equal to the greater of (1) the Stated Value, plus any accrued and unpaid dividends thereon, and (2) the amount per share as would have been payable had all shares of Series 2 Preferred Stock been converted to common stock immediately before the Liquidation Event or Deemed Liquidation Event.

Common Stock

The Company is authorized to issue 40,000,000 shares of common stock, par value $0.0001 per share. Each share of common stock entitles the holder to one vote at all stockholder meetings. The common stock is traded on the Nasdaq Capital Market under the symbol “FPAY.”

Warrants

In September 2018, the Company issued warrants exercisable for 5,750,000 shares of common stock at an exercise price of $1.25 per share (the “Public Warrants”). The warrants were immediately exercisable and expire five years from the date of issuance. The warrants were listed on the Nasdaq Capital Market under the symbol “FPAYW”.

The Company also issued additional warrants exercisable for an aggregate 1,055,184 shares of common stock at an exercise price of $1.25 per warrant to Mr. Heiser and NRNS in connection with partial conversions of their promissory notes. The warrants are exercisable at $1.25 per share of common stock and expire on September 28, 2023.

In connection with the issuance of Series 2 Convertible Preferred Stock in June 2016, the Company issued to the placement agent in such offering warrants exercisable for 439 shares of Series 2 Convertible Preferred Stock at an initial exercise price of $1,250 per share, which expire seven years after the date of issuance.

As part of a consulting agreement with XLR8 Capital Partners LLC (the “Consulting Agreement”), an entity of which the Company’s Chairman is manager, the Company agreed to issue 40,000 warrants to XLR8 Capital Partners LLC monthly for 12 months beginning on March 1, 2019 at an exercise price of $1.25 per share or, if the closing share price on the last day of the month exceeds $1.25, then such exercise price will be 110% of the closing share price. The warrants are immediately exercisable and expire following the close of business on June 30, 2023. In February 2020, this agreement was extended for an additional six months through August 31, 2020. On August 30, 2020, the parties entered into an amendment to the Consulting Agreement to further extend the term for another six-month period through February 28, 2021. The Consulting Agreement automatically renewed for one successive six-month period, therefore the new termination date is August 31, 2021. There are no additional automatic renewals. The Consulting Agreement and amendments were approved by the Company’s Compensation Committee.

The August 2020 amendment also modified the alternative minimum exercise price of the monthly warrant consideration issuable to the Consultant to $1.60 per share going forward, and the expiration date of the warrants to the date that is four years following the last trading day of the calendar month relating to the applicable monthly warrant issuance.

During the nine months ended September 30, 2021, the Company recorded an expense of $522,808 based on a weighted average grant date fair value of $1.63 per warrant.

	Warrants		Expense		Grant date fair value
Grant Date	Granted		Recorded		Per Warrant
January 31, 2021		40,000	$	73,595	$	1.84
February 29, 2021		40,000		76,318		1.91
March 31, 2021		40,000		63,010		1.58
April 30, 2021		40,000		60,542		1.51
May 31, 2021		40,000		63,156		1.58
June 30, 2021		40,000		68,228		1.71
July 31, 2021		40,000		55,658		1.39
August 31, 2021		40,000		62,301		1.56
		320,000		522,808		1.63

The following table summarizes information about outstanding stock warrants as of September 30, 2022, all of which are exercisable:

		Common		Series 2 Preferred		Weighted Average
Exercise		Stock Warrants		Stock Warrants		Remaining
Price		Outstanding		Outstanding		Contractual Life

$	1.25		1,055,184			1 year
$	1.25		160,000			1 year
$	1.34		40,000			1 year
$	1.40		40,000			1 year
$	1.54		40,000			1 year
$	1.62		40,000			1 year
$	1.68		40,000			2 years
$	1.69		40,000			1 year
$	1.74		40,000			1 year
$	1.76		40,000			1 year
$	1.91		40,000			1 year
$	1.95		40,000			2 years
$	2.00		40,000			1 year
$	2.01		40,000			1 year
$	2.08		40,000			4 years
$	2.45		40,000			1 year
$	2.53		40,000			1 year
$	2.57		40,000			3 years
$	2.70		40,000			4 years
$	2.78		40,000			1 year
$	2.79		40,000			4 years
$	2.89		40,000			3 years
$	2.93		40,000			1 year
$	2.97		40,000			4 years
$	3.09		40,000			4 years
$	3.17		40,000			4 years
$	3.19		40,000			4 years
$	3.27		40,000			4 years
$	1,250			439	*	1 year
			2,255,184	439

(*)	At September 30, 2022, these warrants were exercisable into Series 2 Preferred Stock which, in turn, were convertible into 116,903 shares of common stock

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

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Equity Compensation Plans (Details) - Schedule of stock-based compensation expense - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Schedule Of Stock Based Compensation Expense Abstract
Stock options	$ 238,233	$ 265,407	$ 762,340	$ 894,892
Performance share units	149,065		187,663
Total stock-based compensation	$ 387,298	$ 265,407	$ 950,003	$ 894,892

Summary of Significant Accounting Policies (Tables)

9 Months Ended

Sep. 30, 2022

Schedule of reconciliation of cash and restricted cash

	September 30, 2022		December 31, 2021

Cash	$	5,274,219	$	4,986,559
Restricted cash		481,867		108,083
Total cash and restricted cash	$	5,756,086	$	5,094,642

Schedule of accounts receivable

	September 30, 2022			December 31, 2021

Lease receivables	$	46,790,076		$	53,176,432
Allowance for doubtful accounts		(13,364,953	)		(27,703,278	)
Lease receivables, net	$	33,425,123		$	25,473,154

Schedule of allowance for doubtful accounts

	Nine Months Ended September 30, 2022			Year Ended December 31, 2021
Beginning balance	$	27,703,278		$	22,138,541
Provision		42,639,102			40,342,618
Accounts written off		(56,977,427	)		(34,777,881	)
Ending balance	$	13,364,953		$	27,703,278

Schedule of net leased merchandise

	September 30, 2022			December 31, 2021
Lease merchandise at cost	$	68,329,607		$	72,159,063
Accumulated depreciation		(34,037,173	)		(29,505,431	)
Impairment reserve		(3,639,610	)		(1,711,520	)
Lease merchandise, net	$	30,652,824		$	40,942,112

Schedule of lessor revenues and fees

	Three Months ended September 30,						Nine Months ended September 30,
	2022			2021			2022			2021
Lease billings and accruals	$	38,580,116		$	42,528,079		$	117,774,390		$	124,720,272
Provision for doubtful accounts		(15,075,109	)		(11,787,960	)		(42,639,102	)		(30,566,352	)
Gain on sale of lease receivables		1,007,079			-			7,611,586			-
Lease revenues and fees	$	24,512,086		$	30,740,119		$	82,746,874		$	94,153,920

Schedule of series 2 convertible preferred stock as their effect is anti-dilutive

	September 30,
	2022		2021
Series 1 Convertible Preferred Stock		225,231		225,231
Series 2 Convertible Preferred Stock		5,845,695		5,845,695
Series 2 Convertible Preferred Stock issuable upon exercise of warrants		116,903		116,903
Common Stock Options		3,834,047		3,113,715
Common Stock Warrants		2,255,184		2,432,488
Performance Share Units		790,327		-
		13,067,387		11,734,032

Schedule of basic and diluted earnings per share

	Nine Months ended
	September 30,
	2022			2021
Numerator
Net income	$	5,727,852		$	2,639,454
Series 2 Convertible Preferred Stock dividends		(1,829,332	)		(1,829,322	)
Net income attributable to common and Series 1 Convertible Preferred Stock		3,898,520			810,132
Net income attributable to Series 1 Convertible Preferred Stock		(59,078	)		(27,518	)
Series 2 Convertible Preferred Stock dividends attributable to Series 1 Convertible Preferred Stock		18,868			19,072
Net income attributable to common shares - Numerator for basic and diluted EPS	$	3,858,310		$	801,686
Denominator
Weighted average of common shares outstanding- Denominator for basic EPS		21,611,879			21,377,978
Effect of dilutive securities:
Series 1 Convertible Preferred Stock		225,231			225,231
Common stock options and performance share units		323,166			1,244,353
Common stock warrants		243,171			834,703
Adjusted weighted average of common shares outstanding and assumed conversions- Denominator diluted EPS		22,403,447			23,682,265
Basic EPS	$	0.18		$	0.04
Diluted EPS	$	0.17		$	0.03

	Three Months ended
	September 30,
	2022			2021
Numerator
Net (loss)/income	$	(6,280,434	)	$	1,696,023
Series 2 Convertible Preferred Stock dividends		(609,778	)		(609,777	)
Net income attributable to common and Series 1 Convertible Preferred Stock		(6,890,212	)		1,086,246
Net income attributable to Series 1 Convertible Preferred Stock		-			(17,678	)
Series 2 Convertible Preferred Stock dividends attributable to Series 1 Convertible Preferred Stock		-			6,356
Net (loss)/income attributable to common shares - Numerator for basic and diluted EPS	$	(6,890,212	)	$	1,074,924
Denominator
Weighted average of common shares outstanding- Denominator for basic EPS		21,681,853			21,383,647
Effect of dilutive securities
Series 1 Convertible Preferred Stock		-			225,231
Common stock options and performance share units		-			1,112,537
Common stock warrants		-			855,764
Adjusted weighted average of common shares outstanding and assumed conversions- Denominator for diluted EPS		21,681,853			23,577,179
Basic earnings/ (loss) per share	$	(0.32	)	$	0.05
Diluted earnings/ (loss) per share	$	(0.32	)	$	0.05

Schedule of fair value assets measured on recurring basis

	Fair Value Measurement Using						Carrying
Financial instruments – As of September 30, 2022 (1)	Level 1		Level 2		Level 3		Amount
Loan receivables at fair value	$	-	$	-	$	26,591,546	$	20,784,782

	Fair Value Measurement Using						Carrying
Financial instruments – As of December 31, 2021 (1)	Level 1		Level 2		Level 3		Amount
Loan receivables at fair value	$	-	$	-	$	3,560,108	$	3,151,184

Schedule of fair value assets measured on recurring basis, unobservable input reconciliation

	Nine months Ended September 30, 2022			Year Ended December 31, 2021
Beginning balance	$	3,560,108		$	89,445
Purchases of loan participation		26,844,927			3,309,732
Obligation of loan participation		467,266			163,307
Interest and fees⁽¹⁾		10,836,534			672,272
Collections		(13,178,721	)		(907,169	)
Net charge off ⁽¹⁾		(4,450,274	)		(146,923	)
Net change in fair value⁽¹⁾		2,511,706			379,444
Ending balance	$	26,591,546		$	3,560,108

Schedule of quantitative information about the inputs used in fair value measurement

	September 30, 2022									December 31, 2021
	Minimum			Maximum			Weighted Average⁽²⁾			Minimum			Maximum			Weighted Average
Estimated losses⁽¹⁾		3.3	%		39.2	%		19.6	%		26.0	%		35.0	%		34.6	%
Servicing costs		-			-			3.9	%		-			-			4.6	%
Discount rate		-			-			20.3	%		-			-			11.1	%

Schedule of concerning loan receivables at fair value

	September 30, 2022		December 31, 2021
Aggregate fair value of loan receivables that are 90 days or more past due	$	507,897	$	-
Unpaid principal balance of loan receivables that are 90 days or more past due		510,625		-
Aggregate fair value of loan receivables in non-accrual status		-		-

Promissory Note- Paycheck Protection Program (Details) - USD ($)			9 Months Ended	12 Months Ended
	Jun. 21, 2021	May 04, 2020	Sep. 30, 2022	Dec. 31, 2021
Promissory Note- Paycheck Protection Program (Details) [Line Items]
Principal amount		$ 1,914,100
Maturity date, description			The Note matured on April 30, 2022 and bore interest at the rate of 1.00% per annum, payable monthly commencing on November 30, 2020, following an initial deferral period as specified under the PPP.
Promissory Notes [Member]
Promissory Note- Paycheck Protection Program (Details) [Line Items]
Promissory note issued	$ 1,914,000
Accrued interest				$ 1,931,825

Equity Compensation Plans (Details) - USD ($)	3 Months Ended		9 Months Ended
Equity Compensation Plans (Details) - USD ($)	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Equity Compensation Plans (Details) [Line Items]
Compensation expense	$ 387,298	$ 265,407	$ 950,003	$ 894,892
Unrecognized compensation cost related to non-vested options	$ 1,452,640		$ 1,452,640
Weighted average period			2 years 4 months 17 days
Weighted average grant fair value (in Dollars per share)			$ 0.91	$ 1.77
2018 Plan [Member]
Equity Compensation Plans (Details) [Line Items]
Shares issued (in Shares)	580,000		580,000
Minimum [Member]
Equity Compensation Plans (Details) [Line Items]
Performance based shares (in Shares)			0
Maximum [Member]
Equity Compensation Plans (Details) [Line Items]
Performance based shares (in Shares)			790,327

Loan Payable Under Credit Agreement (Details) - Schedule of covenant requirements, and flexshopper's actual results	9 Months Ended
	Sep. 30, 2022 USD ($) $ / shares
Required Covenant [Member]
Loan Payable Under Credit Agreement (Details) - Schedule of covenant requirements, and flexshopper's actual results [Line Items]
Equity Book Value not less than	$ 9,636,387
Liquidity greater than	1,500,000
Cash greater than	$ 500,000
Consolidated Total Debt to Equity Book Value ratio not to exceed (in Dollars per share) \| $ / shares	$ 5.25
Actual Position [Member]
Loan Payable Under Credit Agreement (Details) - Schedule of covenant requirements, and flexshopper's actual results [Line Items]
Equity Book Value not less than	$ 23,082,979
Liquidity greater than	5,274,219
Cash greater than	$ 5,756,086
Consolidated Total Debt to Equity Book Value ratio not to exceed (in Dollars per share) \| $ / shares	$ 3.86

Equity Compensation Plans (Tables)

9 Months Ended

Sep. 30, 2022

Share-Based Payment Arrangement [Abstract]

Schedule of stock-based compensation expense

	Three Months ended September 30,				Nine Months ended September 30,
	2022		2021		2022		2021
Stock options	$	238,233	$	265,407	$	762,340	$	894,892
Performance share units		149,065		-		187,663		-
Total stock-based compensation	$	387,298	$	265,407	$	950,003	$	894,892

Schedule of measured the fair value of each stock option award on the date of grant using the black-scholes-merton

	Nine months ended September 30, 2022	Nine months ended September 30, 2021
Exercise price	$ 0.9 to 1.86	$ 2.38 to 3.09
Expected life	6 years	5 years
Expected volatility	69%	92%
Dividend yield	0%	0%
Risk-free interest rate	1.89 to 4.02 %	0.31 to 0.98 %

Schedule of stock option

	Number of options			Weighted average exercise price		Weighted average contractual term (years)		Aggregate intrinsic value
Outstanding at January 1, 2022		3,080,904		$	2.06			$	1,923,642
Granted		1,094,002			1.50				-
Exercised		(308,526	)		0.85				480,029
Forfeited		(7,333	)		2.22				2,273
Expired		(25,000	)		1.70				-
Outstanding at September 30, 2022		3,834,047		$	2.00		6.96	$	1,219,962
Vested and exercisable at September 30, 2022		2,694,862		$	2.10		6.48	$	928,330

Outstanding at January 1, 2021		2,595,700		$	1.92			$	2,491,026
Granted		592,348			2.52				-
Exercised		(30,999	)		0.81				68,278
Forfeited		(43,334	)		2.13				53,952
Outstanding at September 30, 2021		3,113,715		$	2.04		6.94	$	3,855,698
Vested and exercisable at September 30, 2021		2,127,537		$	2.03		7.02	$	2,850,630

Schedule of activity in performance share units

	Number of performance share units		Weighted average grant date fair value
Non- vested at January 1, 2022		-		-
Granted		790,327	$	1.53
Forfeited/ unearned		-		-
Vested		-		-
Non- vested at September 30, 2022		790,327	$	1.53

Summary of Significant Accounting Policies (Details) - Schedule of basic and diluted earnings per share - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Numerator
Net (loss)/income	$ (6,280,434)	$ 1,696,023	$ 5,727,852	$ 2,639,454
Series 2 Convertible Preferred Stock dividends	(609,778)	(609,777)	(1,829,332)	(1,829,322)
Net income attributable to common and Series 1 Convertible Preferred Stock	(6,890,212)	1,086,246	3,898,520	810,132
Net income attributable to Series 1 Convertible Preferred Stock		(17,678)	(59,078)	(27,518)
Series 2 Convertible Preferred Stock dividends attributable to Series 1 Convertible Preferred Stock		6,356	18,868	19,072
Net (loss)/income attributable to common shares - Numerator for basic and diluted EPS	$ (6,890,212)	$ 1,074,924	$ 3,858,310	$ 801,686
Denominator
Weighted average of common shares outstanding- Denominator for basic EPS (in Shares)	21,681,853	21,383,647	21,611,879	21,377,978
Series 1 Convertible Preferred Stock		$ 225,231	$ 225,231	$ 225,231
Common stock options and performance share units (in Shares)		1,112,537	323,166	1,244,353
Common stock warrants (in Shares)		855,764	243,171	834,703
Adjusted weighted average of common shares outstanding and assumed conversions- Denominator diluted EPS (in Shares)	21,681,853	23,577,179	22,403,447	23,682,265
Basic earnings/ (loss) per share (in Dollars per share)	$ (0.32)	$ 0.05	$ 0.18	$ 0.04
Diluted earnings/ (loss) per share (in Dollars per share)	$ (0.32)	$ 0.05	$ 0.17	$ 0.03

Document And Entity Information - shares	9 Months Ended
Document And Entity Information - shares	Sep. 30, 2022	Nov. 10, 2022
Document Information Line Items
Entity Registrant Name	FlexShopper, Inc.
Trading Symbol	FPAY
Document Type	10-Q
Current Fiscal Year End Date	--12-31
Entity Common Stock, Shares Outstanding		21,750,804
Amendment Flag	false
Entity Central Index Key	0001397047
Entity Current Reporting Status	Yes
Entity Filer Category	Non-accelerated Filer
Document Period End Date	Sep. 30, 2022
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q3
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Document Quarterly Report	true
Document Transition Report	false
Entity File Number	001-37945
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	20-5456087
Entity Address, Address Line One	901 Yamato Road
Entity Address, Address Line Two	Suite 260
Entity Address, City or Town	Boca Raton
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	33431
City Area Code	(855)
Local Phone Number	353-9289
Title of 12(b) Security	Common Stock, par value $0.0001 per share
Security Exchange Name	NASDAQ
Entity Interactive Data Current	Yes

Condensed Consolidated Statements of Operations (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Revenues:
Lease revenues and fees, net	$ 24,512,086	$ 30,740,119	$ 82,746,874	$ 94,153,920
Loan revenues and fees, net of changes in fair value	1,629,365	120,816	8,897,964	179,238
Total revenues	26,141,451	30,860,935	91,644,838	94,333,158
Costs and expenses:
Cost of lease revenues and merchandise sold	18,746,897	18,005,170	56,114,813	59,959,590
Loan origination costs and fees	1,027,097	166,805	2,256,838	341,989
Marketing	2,393,185	1,824,402	8,178,120	5,571,237
Salaries and benefits	2,820,033	2,672,864	8,799,395	8,329,188
Operating expenses	5,702,800	4,325,825	17,124,288	13,654,038
Total costs and expenses	30,690,012	26,995,066	92,473,454	87,856,042
Operating (loss)/ income	(4,548,561)	3,865,869	(828,616)	6,477,116
Gain on extinguishment of debt				1,931,825
Interest expense including amortization of debt issuance costs	(3,030,142)	(1,233,617)	(7,336,048)	(3,855,014)
(Loss)/income before income taxes	(7,578,703)	2,632,252	(8,164,664)	4,553,927
Benefit /(expense) from income taxes	1,298,269	(936,229)	13,892,516	(1,914,473)
Net (loss)/ income	(6,280,434)	1,696,023	5,727,852	2,639,454
Dividends on Series 2 Convertible Preferred Shares	609,778	609,777	1,829,332	1,829,322
Net income/(loss) attributable to common and Series 1 Convertible Preferred shareholders	$ (6,890,212)	$ 1,086,246	$ 3,898,520	$ 810,132
Basic and diluted income/(loss) per common share:
Basic (in Dollars per share)	$ (0.32)	$ 0.05	$ 0.18	$ 0.04
Diluted (in Dollars per share)	$ (0.32)	$ 0.05	$ 0.17	$ 0.03
WEIGHTED AVERAGE COMMON SHARES:
Basic (in Shares)	21,681,853	21,383,647	21,611,879	21,377,978
Diluted (in Shares)	21,681,853	23,577,179	22,403,447	23,682,265

Summary of Significant Accounting Policies (Details) - Schedule of fair value assets measured on recurring basis - Fair Value, Recurring [Member] - USD ($)

Sep. 30, 2022

Dec. 31, 2021

Summary of Significant Accounting Policies (Details) - Schedule of fair value assets measured on recurring basis [Line Items]

Summary of Significant Accounting Policies (Details) - Schedule of fair value assets measured on recurring basis [Line Items]

^[1]

$ 20,784,782

$ 3,151,184

Level 1 [Member]

Summary of Significant Accounting Policies (Details) - Schedule of fair value assets measured on recurring basis [Line Items]

^[1]

Level 2 [Member]

Summary of Significant Accounting Policies (Details) - Schedule of fair value assets measured on recurring basis [Line Items]

^[1]

Level 3 [Member]

^[1]

$ 26,591,546

$ 3,560,108

[1]

Leases

9 Months Ended

Sep. 30, 2022

Leases [Abstract]

LEASES

4. LEASES

Refer to Note 3 to these consolidated financial statements for further information about the Company’s revenue generating activities as a lessor. All the Company’s customer agreements are considered operating leases, and the Company currently does not have any sales-type or direct financing leases.

Lease Commitments

FlexShopper had a lease for retail store space in West Palm Beach, Florida. The term of the lease was to December 30, 2021. In March 2021, FlexShopper and the lessor agreed on the early termination of the lease for this property. The monthly rent for this space was approximately $2,300 per month.

In January 2019, FlexShopper entered into a 108-month lease with an option for one additional five-year term for 21,622 square feet of office space in Boca Raton, FL to accommodate FlexShopper’s business and its employees. The monthly rent for this space is approximately $31,500 with annual three percent increases throughout the initial 108-month lease term beginning on the anniversary of the commencement date.

In September 2021, FlexShopper entered into a 12-month lease for an office space for approximately 18 people at the Battery at SunTrust Park at Georgia, Atlanta mainly to expand the sales team. This lease was renewed for another twelve month period with a monthly rent of approximately $8,800. This lease is accounted for under the practical expedient for leases with initial terms for 12 months or less, and as such no related right of use asset or liability was recorded.

The rental expense for the nine months ended September 30, 2022 and 2021 was approximately $531,000 and $492,000 respectively. At September 30, 2022, the future minimum annual lease payments are approximately as follows:

2022	$	133,000
2023		506,000
2024		435,000
2025		443,000
2026		456,000
Thereafter		774,000
	$	2,747,000

The Company determines if an arrangement is a lease at inception. Operating lease assets and liabilities are included in the Company’s consolidated balance sheets beginning January 1, 2019.

Supplemental balance sheet information related to leases is as follows:

	Balance Sheet Classification	September 30, 2022		December 31, 2021
Assets
Operating Lease Asset	Right of use asset, net	$	1,432,446	$	1,534,512
Finance Lease Asset	Right of use asset, net		12,713		18,818
Total Lease Assets		$	1,445,159	$	1,553,330

Liabilities
Operating Lease Liability – current portion	Current Lease Liabilities	$	190,140	$	163,939
Finance Lease Liability – current portion	Current Lease Liabilities		8,713		8,793
Operating Lease Liability – net of current portion	Long Term Lease Liabilities		1,616,423		1,761,558
Finance Lease Liability – net of current portion	Long Term Lease Liabilities		6,788		13,065
Total Lease Liabilities		$	1,822,064	$	1,947,355

Operating lease assets and liabilities are recognized at the present value of the future lease payments at the lease commencement date. The Company uses its incremental borrowing rate as the discount rate for its leases, as the implicit rate in the lease is not readily determinable. The incremental borrowing rate is estimated to approximate the interest rate on a collateralized basis with similar terms and payments, and in economic environments where the leased asset is located. Operating lease assets also include any prepaid lease payments and lease incentives. The lease terms include periods under options to extend or terminate the lease when it is reasonably certain that the Company will exercise the option. The Company generally uses the base, non-cancelable, lease term when determining the lease assets and liabilities. Under the short-term lease exception provided within ASC 842, the Company does not record a lease liability or right-of-use asset for any leases that have a lease term of 12 months or less at commencement.

Below is a summary of the weighted-average discount rate and weighted-average remaining lease term for the Company’s leases:

	Weighted Average Discount Rate			Weighted Average Remaining Lease Term (in years)
Operating Leases		13.03	%	6
Finance Leases		13.36	%	2

Operating lease expense is recognized on a straight-line basis over the lease term within operating expenses in the Company’s condensed consolidated statements of operations. Finance lease expense is recognized over the lease term within interest expense and amortization in the Company’s condensed consolidated statements of operations. The Company’s total operating and finance lease expense all relate to lease costs and amounted to $292,056 and $303,871 for the nine months ended September 30, 2022 and September 30, 2021, respectively.

Supplemental cash flow information related to operating leases is as follows:

	Nine Months ended
	September 30,
	2022		2021
Cash payments for operating leases	$	302,075	$	300,415
Cash payments for finance leases		8,388		8,388

Below is a summary of undiscounted operating lease liabilities as of September 30, 2022. The table also includes a reconciliation of the future undiscounted cash flows to the present value of the operating lease liabilities included in the consolidated balance sheet.

	Operating Leases
2022	$	103,371
2023		417,606
2024		430,134
2025		443,038
2026		456,330
2027 and thereafter		773,593
Total undiscounted cash flows		2,624,072
Less: interest		(817,509	)
Present value of lease liabilities	$	1,806,563

Below is a summary of undiscounted finance lease liabilities as of September 30, 2022. The table also includes a reconciliation of the future undiscounted cash flows to the present value of the finance lease liabilities included in the consolidated balance sheet.

	Finance Leases
2022	$	2,931
2023		9,699
2024		4,781
Total undiscounted cash flows		17,411
Less: interest		(1,910	)
Present value of lease liabilities	$	15,501

Summary of Significant Accounting Policies

9 Months Ended

Sep. 30, 2022

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

The reconciliation of cash and restricted cash is as follows:

	September 30, 2022		December 31, 2021

Cash	$	5,274,219	$	4,986,559
Restricted cash		481,867		108,083
Total cash and restricted cash	$	5,756,086	$	5,094,642

	September 30, 2022			December 31, 2021

Lease receivables	$	46,790,076		$	53,176,432
Allowance for doubtful accounts		(13,364,953	)		(27,703,278	)
Lease receivables, net	$	33,425,123		$	25,473,154

	Nine Months Ended September 30, 2022			Year Ended December 31, 2021
Beginning balance	$	27,703,278		$	22,138,541
Provision		42,639,102			40,342,618
Accounts written off		(56,977,427	)		(34,777,881	)
Ending balance	$	13,364,953		$	27,703,278

The net leased merchandise balances consisted of the following as of September 30, 2022 and December 31, 2021:

	September 30, 2022			December 31, 2021
Lease merchandise at cost	$	68,329,607		$	72,159,063
Accumulated depreciation		(34,037,173	)		(29,505,431	)
Impairment reserve		(3,639,610	)		(1,711,520	)
Lease merchandise, net	$	30,652,824		$	40,942,112

Cost of lease revenue and merchandise sold represents the depreciation and impairment of lease merchandise and the undepreciated cost of rental merchandise at the time of sale.

Further details concerning loan receivables at fair value are presented within “Fair Value Measurement” section in this Note.

Lease accounting

The breakout of lease revenues and fees, net of lessor bad debt expense, that ties to the condensed consolidated statements of operations is shown below:

	Three Months ended September 30,						Nine Months ended September 30,
	2022			2021			2022			2021
Lease billings and accruals	$	38,580,116		$	42,528,079		$	117,774,390		$	124,720,272
Provision for doubtful accounts		(15,075,109	)		(11,787,960	)		(42,639,102	)		(30,566,352	)
Gain on sale of lease receivables		1,007,079			-			7,611,586			-
Lease revenues and fees	$	24,512,086		$	30,740,119		$	82,746,874		$	94,153,920

Operating Expenses - Operating expenses include corporate overhead expenses such as salaries, stock-based compensation, insurance, occupancy, and other administrative expenses.

The following table reflects the number of common shares issuable upon conversion or exercise.

	September 30,
	2022		2021
Series 1 Convertible Preferred Stock		225,231		225,231
Series 2 Convertible Preferred Stock		5,845,695		5,845,695
Series 2 Convertible Preferred Stock issuable upon exercise of warrants		116,903		116,903
Common Stock Options		3,834,047		3,113,715
Common Stock Warrants		2,255,184		2,432,488
Performance Share Units		790,327		-
		13,067,387		11,734,032

The following table sets forth the computation of basic and diluted earnings per common share for the nine months ended September 30, 2022 and 2021:

	Nine Months ended
	September 30,
	2022			2021
Numerator
Net income	$	5,727,852		$	2,639,454
Series 2 Convertible Preferred Stock dividends		(1,829,332	)		(1,829,322	)
Net income attributable to common and Series 1 Convertible Preferred Stock		3,898,520			810,132
Net income attributable to Series 1 Convertible Preferred Stock		(59,078	)		(27,518	)
Series 2 Convertible Preferred Stock dividends attributable to Series 1 Convertible Preferred Stock		18,868			19,072
Net income attributable to common shares - Numerator for basic and diluted EPS	$	3,858,310		$	801,686
Denominator
Weighted average of common shares outstanding- Denominator for basic EPS		21,611,879			21,377,978
Effect of dilutive securities:
Series 1 Convertible Preferred Stock		225,231			225,231
Common stock options and performance share units		323,166			1,244,353
Common stock warrants		243,171			834,703
Adjusted weighted average of common shares outstanding and assumed conversions- Denominator diluted EPS		22,403,447			23,682,265
Basic EPS	$	0.18		$	0.04
Diluted EPS	$	0.17		$	0.03

The following table sets forth the computation of basic and diluted earnings per common share for the three months ended September 30, 2022 and 2021:

	Three Months ended
	September 30,
	2022			2021
Numerator
Net (loss)/income	$	(6,280,434	)	$	1,696,023
Series 2 Convertible Preferred Stock dividends		(609,778	)		(609,777	)
Net income attributable to common and Series 1 Convertible Preferred Stock		(6,890,212	)		1,086,246
Net income attributable to Series 1 Convertible Preferred Stock		-			(17,678	)
Series 2 Convertible Preferred Stock dividends attributable to Series 1 Convertible Preferred Stock		-			6,356
Net (loss)/income attributable to common shares - Numerator for basic and diluted EPS	$	(6,890,212	)	$	1,074,924
Denominator
Weighted average of common shares outstanding- Denominator for basic EPS		21,681,853			21,383,647
Effect of dilutive securities
Series 1 Convertible Preferred Stock		-			225,231
Common stock options and performance share units		-			1,112,537
Common stock warrants		-			855,764
Adjusted weighted average of common shares outstanding and assumed conversions- Denominator for diluted EPS		21,681,853			23,577,179
Basic earnings/ (loss) per share	$	(0.32	)	$	0.05
Diluted earnings/ (loss) per share	$	(0.32	)	$	0.05

The Company utilizes the fair value option on its entire loan receivables portfolio purchased from its bank partner.

●	Level 1: Quoted prices in active markets for identical assets or liabilities.

●	Level 2: Inputs other than Level 1, quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets and liabilities in markets that are not active, and model-derived prices whose inputs are observable or whose significant value drivers are observable.

●	Level 3: Unobservable inputs for the asset or liability measured.

The Company’s financial instruments that are measured at fair value on a recurring basis as of September 30, 2022 and December 31, 2021 is as follows:

	Fair Value Measurement Using						Carrying
Financial instruments – As of September 30, 2022 (1)	Level 1		Level 2		Level 3		Amount
Loan receivables at fair value	$	-	$	-	$	26,591,546	$	20,784,782

	Fair Value Measurement Using						Carrying
Financial instruments – As of December 31, 2021 (1)	Level 1		Level 2		Level 3		Amount
Loan receivables at fair value	$	-	$	-	$	3,560,108	$	3,151,184

(1)

The following describes the primary inputs to the discounted cash flow models that require significant judgement:

●

●	Discount rates – the discount rates utilized in the cash flow analyses reflect the Company’s estimates of the rates of return that investors would require when investing in financial instruments with similar risk and return characteristics.

	Nine months Ended September 30, 2022			Year Ended December 31, 2021
Beginning balance	$	3,560,108		$	89,445
Purchases of loan participation		26,844,927			3,309,732
Obligation of loan participation		467,266			163,307
Interest and fees⁽¹⁾		10,836,534			672,272
Collections		(13,178,721	)		(907,169	)
Net charge off ⁽¹⁾		(4,450,274	)		(146,923	)
Net change in fair value⁽¹⁾		2,511,706			379,444
Ending balance	$	26,591,546		$	3,560,108

⁽¹⁾	Included in loan revenues and fees, net of changes in fair value in the condensed consolidated statements of operations

	September 30, 2022									December 31, 2021
	Minimum			Maximum			Weighted Average⁽²⁾			Minimum			Maximum			Weighted Average
Estimated losses⁽¹⁾		3.3	%		39.2	%		19.6	%		26.0	%		35.0	%		34.6	%
Servicing costs		-			-			3.9	%		-			-			4.6	%
Discount rate		-			-			20.3	%		-			-			11.1	%

(1)	Figure disclosed as a percentage of outstanding principal balance.
(2)	Unobservable inputs were weighted by outstanding principal balance, which are grouped by origination channel.

Other relevant data as of September 30, 2022 and December 31, 2021 concerning loan receivables at fair value are as follows:

	September 30, 2022		December 31, 2021
Aggregate fair value of loan receivables that are 90 days or more past due	$	507,897	$	-
Unpaid principal balance of loan receivables that are 90 days or more past due		510,625		-
Aggregate fair value of loan receivables in non-accrual status		-		-

Income Taxes – Deferred tax assets and liabilities are determined based on the estimated future tax effects of net operating loss carryforwards and temporary differences between the tax bases of assets and liabilities and their respective financial reporting amounts measured at the current enacted tax rates. The Company records a valuation allowance for its deferred tax assets when management concludes that it is not more likely than not that such assets will be recognized.

Leases (Details) - Schedule of undiscounted operating lease liabilities	Sep. 30, 2022 USD ($)
Schedule Of Undiscounted Operating Lease Liabilities Abstract
2022	$ 103,371
2023	417,606
2024	430,134
2025	443,038
2026	456,330
2027 and thereafter	773,593
Total undiscounted cash flows	2,624,072
Less: interest	(817,509)
Present value of lease liabilities	$ 1,806,563

Commitments

9 Months Ended

Sep. 30, 2022

Commitments and Contingencies Disclosure [Abstract]

COMMITMENTS

12. COMMITMENTS

The Company does not have any commitments other than real property leases (Note 4).

Summary of Significant Accounting Policies (Details) - Schedule of quantitative information about the inputs used in fair value measurement

Sep. 30, 2022

Dec. 31, 2021

Minimum [Member]

Summary of Significant Accounting Policies (Details) - Schedule of quantitative information about the inputs used in fair value measurement [Line Items]

Estimated losses

^[1]

3.30%

26.00%

Servicing costs

Discount rate

Maximum [Member]

Summary of Significant Accounting Policies (Details) - Schedule of quantitative information about the inputs used in fair value measurement [Line Items]

Estimated losses

^[1]

39.20%

35.00%

Servicing costs

Discount rate

Weighted Average [Member]

Summary of Significant Accounting Policies (Details) - Schedule of quantitative information about the inputs used in fair value measurement [Line Items]

Estimated losses

^[1]

19.60%

^[2]

34.60%

Servicing costs

3.90%

^[2]

4.60%

Discount rate

20.30%

^[2]

11.10%

[1]	Figure disclosed as a percentage of outstanding principal balance.
[2]	Unobservable inputs were weighted by outstanding principal balance, which are grouped by origination channel.

Loan Payable Under Credit Agreement

9 Months Ended

Sep. 30, 2022

Loan Payable Disclosure Abstract

LOAN PAYABLE UNDER CREDIT AGREEMENT

7. LOAN PAYABLE UNDER CREDIT AGREEMENT

On March 6, 2015, FlexShopper, through a wholly-owned subsidiary (“Borrower”), entered into a credit agreement (as amended from time-to-time, the “Credit Agreement”) with Wells Fargo Bank, National Association as paying agent, various lenders from time to time party thereto and WE 2014-1, LLC, an affiliate of Waterfall Asset Management, LLC, as administrative agent and lender (“Lender”). The Borrower is permitted to borrow funds under the Credit Agreement based on FlexShopper’s cash on hand and the Amortized Order Value of its Eligible Leases (as such terms are defined in the Credit Agreement) less certain deductions described in the Credit Agreement. Under the terms of the Credit Agreement, subject to the satisfaction of certain conditions, the Borrower may borrow up to $57,500,000 from the Lender until the Commitment Termination Date and must repay all borrowed amounts one year thereafter, on the date that is 12 months following the Commitment Termination Date (unless such amounts become due or payable on an earlier date pursuant to the terms of the Credit Agreement). The Lender was granted a security interest in certain leases as collateral under this Agreement.

On January 29, 2021, the Company and the Lender signed an Omnibus Amendment to the Credit Agreement. This Amendment extended the Commitment Termination Date to April 1, 2024, amended other covenant requirements, partially removed indebtedness covenants and amended eligibility rules. The interest rate charged on amounts borrowed is LIBOR plus 11% per annum. The Company paid the lender a fee of $237,000 in consideration of the execution of this Omnibus Amendment. At September 30, 2022, amounts borrowed bear interest at 13.82%.

On March 8, 2022, pursuant to Amendment No. 15 to Credit Agreement, the Commitment Amount was increased to be up to $82,500,000. The incremental increase in the Commitment Amount was provided by WE 2022-1, LLC, as an additional lender under the Credit Agreement. WE 2022-1, LLC is an affiliate of Waterfall Asset Management, LLC. No other changes were made to the credit agreement. As of July 1, 2022, WE 2022-1, LLC assigned 100% of its Commitment and all Loans to WE 2014-1, LLC. Effective September 27, 2022, WE 2014-1, LLC assigned 100% of its Commitments and all Loans to Powerscourt Investments 32, LP, an affiliate of Waterfall Asset Management, LLC.

The Credit Agreement provides that FlexShopper may not incur additional indebtedness (other than expressly permitted indebtedness) without the permission of the Lender and also prohibits payments of cash dividends on common stock. Additionally, the Credit Agreement includes covenants requiring FlexShopper to maintain a minimum amount of Equity Book Value, maintain a minimum amount of liquidity and cash and maintain a certain ratio of Consolidated Total Debt to Equity Book Value (each capitalized term, as defined in the Credit Agreement). Upon a Permitted Change of Control (as defined in the Credit Agreement), FlexShopper must refinance the debt under the Credit Agreement, subject to the payment of an early termination fee. A summary of the covenant requirements, and FlexShopper’s actual results at September 30, 2022, follows:

	September 30, 2022
	Required Covenant		Actual Position
Equity Book Value not less than	$	9,636,387	$	23,082,979
Liquidity greater than		1,500,000		5,274,219
Cash greater than		500,000		5,756,086
Consolidated Total Debt to Equity Book Value ratio not to exceed		5.25		3.86

The Credit Agreement includes customary events of default, including, among others, failures to make payment of principal and interest, breaches or defaults under the terms of the Credit Agreement and related agreements entered into with the Lender, breaches of representations, warranties or certifications made by or on behalf of FlexShopper in the Credit Agreement and related documents (including certain financial and expense covenants), deficiencies in the borrowing base, certain judgments against FlexShopper and bankruptcy events.

The Company borrowed under the Credit Agreement $15,055,000 and $32,855,000 for the three and nine months ended September 30, 2022, respectively, and $500,000 and $4,000,000 for the three and nine months ended September 30, 2021, respectively. The Company repaid under the Credit Agreement and $4,605,000 and $5,730,000 for the three and nine months ended September 30, 2022, respectively, and $1,600,000 and $6,575,000 for the three and nine months ended September 30, 2021, respectively. The Commitment Amount as of November 10, 2022 is $110,000,000 (See Note 14).

Interest expense incurred under the Credit Agreement amounted to $2,426,513 and $5,874,504 for the three and nine months ended September 30, 2022, respectively, and $1,015,930 and $3,147,479 for the three and nine months ended September 30, 2021, respectively. The outstanding balance under the Credit Agreement was $77,600,000 as of September 30, 2022 and was $50,475,000 as of December 31, 2021. Such amount is presented in the consolidated balance sheets net of unamortized issuance costs of $338,113 and $413,076 as of September 30, 2022 and December 31, 2021, respectively. Interest is payable monthly on the outstanding balance of the amounts borrowed. No principal is expected to be repaid in the next twelve months due to the Commitment Termination Date having been extended to April 1, 2024, or from reductions in the borrowing base. Accordingly, all principal is shown as a non-current liability at September 30, 2022.

On March 5, 2021, the applicable regulators announced that LIBOR will cease to be provided and will no longer be representative (i) immediately after December 31, 2021 for all sterling, euro, Swiss franc and Japanese yen settings, and the one-week and two-month U.S. dollar settings and (ii) immediately after June 30,2023 for the remaining U.S. dollar settings. The Company’s debt bears interest based on the one-month LIBOR rate. If there is a LIBOR Disruption Event as defined in the Credit Agreement, LIBOR will be replaced with the Prime Rate.

Business

9 Months Ended

Sep. 30, 2022

Business Combinations [Abstract]

BUSINESS

2. BUSINESS

FlexShopper, Inc. (the “Company”) is a corporation organized under the laws of the State of Delaware in 2006. The Company owns 100% of FlexShopper, LLC, a North Carolina limited liability company and owns 100% of FlexLending, LLC, a Delaware limited liability company. The Company is a holding corporation with no operations except for those conducted by its subsidiaries FlexShopper, LLC and FlexLending, LLC.

In January 2015, in connection with the Credit Agreement entered in March 2015 (see Note 7), FlexShopper 1 LLC and FlexShopper 2 LLC were organized as wholly owned Delaware subsidiaries of FlexShopper LLC to conduct operations. FlexShopper Inc, together with its subsidiaries, are hereafter referred to as “FlexShopper.”

FlexShopper, LLC provides through e-commerce sites, certain types of durable goods to consumers on a lease-to-own basis (“LTO”) including consumers of third-party retailers and e-tailers. The Company effects these transactions by first approving consumers through its proprietary, risk analytics-powered underwriting model. After receiving a signed consumer lease, the Company then funds the leased item by purchasing the item from the Company’s merchant partner and leasing it to the consumer. The Company then collects payments from consumers under their consumer lease.

FlexLending, LLC participates in a consumer finance program offered by a third-party bank partner. The third-party originates unsecured consumer loans through strategic sales channels. Under this program, FlexLending, LLC purchases a participation interest in each of the loans originated by the third-party.

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 5,727,852	$ 2,639,454
Adjustments to reconcile net income to net cash (used in)/ provided by operating activities:
Depreciation and impairment of lease merchandise	56,114,813	59,959,590
Other depreciation and amortization	3,303,591	2,032,811
Amortization of debt issuance costs	163,169	177,647
Compensation expense related to stock-based compensation and warrants	950,003	1,417,699
Provision for doubtful accounts	42,639,102	30,566,352
Proceeds from sale of lease receivables	7,611,586
Interest in kind added to promissory notes balance	128,223	9,460
Deferred income tax	(13,924,955)	700,199
Gain on debt extinguishment		(1,931,825)
Net changes in the fair value of loan receivables at fair value	1,938,570	54,236
Changes in operating assets and liabilities:
Lease receivables	(58,202,657)	(39,915,536)
Loan receivables at fair value	(24,970,008)	(490,995)
Prepaid expenses and other assets	344,766	(80,795)
Lease merchandise	(45,825,525)	(50,470,104)
Security deposits	(4,956)	(8,338)
Lease liabilities	(8,732)	(2,595)
Accounts payable	(4,106,711)	(4,563,434)
Accrued payroll and related taxes	312,387	277,774
Accrued expenses	264,019	788,228
Net cash (used in)/ provided by operating activities	(27,545,463)	1,159,828
Purchases of property and equipment, including capitalized software costs	(4,855,150)	(2,998,044)
Purchases of data costs	(1,220,722)	(461,379)
Net cash used in investing activities	(6,075,872)	(3,459,424)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from loan payable under credit agreement	32,855,000	4,000,000
Repayment of loan payable under credit agreement	(5,730,000)	(6,575,000)
Debt issuance related costs	(86,932)	(529,608)
Proceeds from exercise of stock options	261,505	24,988
Proceeds from promissory notes	7,000,000
Principal payment under finance lease obligation	(8,388)	(5,684)
Repayment of installment loan	(8,406)	(8,406)
Net cash provided by/(used in) financing activities	34,282,779	(3,093,710)
INCREASE / (DECREASE) IN CASH and RESTRICTED CASH	661,444	(5,393,306)
CASH and RESTRICTED CASH, beginning of period	5,094,642	8,541,232
CASH and RESTRICTED CASH, end of period	5,756,086	3,147,926
Supplemental cash flow information:
Interest paid	$ 6,828,663	$ 3,702,949

Property and Equipment

9 Months Ended

Sep. 30, 2022

Property, Plant and Equipment [Abstract]

PROPERTY AND EQUIPMENT

5. PROPERTY AND EQUIPMENT

Property and equipment consist of the following:

	Estimated Useful Lives	September 30, 2022			December 31, 2021
Furniture, fixtures and vehicle	2-5 years	$	395,468		$	391,669
Website and internal use software	3 years		19,057,770			15,302,020
Computers and software	3-7 years		3,377,576			2,281,975
			22,830,814			17,975,664
Less: accumulated depreciation and amortization			(15,414,565	)		(12,485,230	)
		$	7,416,249		$	5,490,434

Depreciation and amortization expense were $1,081,204 and $683,584 for the three months ended September 30, 2022 and 2021, respectively, and $2,929,335 and $2,006,098 for the nine months ended September 30, 2022 and 2021, respectively.

Contingencies and Other Uncertainties

9 Months Ended

Sep. 30, 2022

Loss Contingency [Abstract]

CONTINGENCIES AND OTHER UNCERTAINTIES

11. CONTINGENCIES AND OTHER UNCERTAINTIES

Regulatory inquiries

In the first quarter of 2021, FlexShopper, along with a number of other lease-to-own companies, received a subpoena from the California Department of Financial Protection and Innovation (the “DFPI”) requesting the production of documents and information regarding the Company’s compliance with state consumer protection laws. The Company is cooperatively engaging with the DFPI in response to its inquiry. Although the Company believes it is in compliance with all applicable consumer protection laws and regulations in California, this inquiry ultimately could lead to an enforcement action and/or a consent order, and substantial costs, including legal fees, fines, penalties, and remediation expenses.

COVID-19

The extent of the impact and effects of the outbreak of the coronavirus (COVID-19) on the operation and financial performance of our business will depend on future developments, including the duration and spread of the outbreak, the recovery time of the disrupted supply chains, or the uncertainty with respect to the accessibility of additional liquidity or capital markets, all of which are highly uncertain and cannot be predicted. If the demand for the Company’s leases is impacted by this outbreak for an extended period, our results of operations may be materially adversely affected.

The entire disclosure for loss and gain contingencies. Describes any existing condition, situation, or set of circumstances involving uncertainty as of the balance sheet date (or prior to issuance of the financial statements) as to a probable or reasonably possible loss incurred by an entity that will ultimately be resolved when one or more future events occur or fail to occur, and typically discloses the amount of loss recorded or a range of possible loss, or an assertion that no reasonable estimate can be made.

+ References + Details

Equity Compensation Plans (Details) - Schedule of stock option - USD ($)	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Schedule Of Stock Option Abstract
Number of options Outstanding beginning	3,080,904	2,595,700
Weighted average exercise price Outstanding beginning	$ 2.06	$ 1.92
Weighted average contractual term (years) Outstanding beginning
Aggregate intrinsic value Outstanding beginning	$ 1,923,642	$ 2,491,026
Number of options Granted	1,094,002	592,348
Weighted average exercise price Granted	$ 1.5	$ 2.52
Aggregate intrinsic value Granted
Number of options Exercised	(308,526)	(30,999)
Weighted average exercise price Exercised	$ 0.85	$ 0.81
Aggregate intrinsic value Exercised	$ 480,029	$ 68,278
Number of options Forfeited	(7,333)	(43,334)
Weighted average exercise price Forfeited	$ 2.22	$ 2.13
Aggregate intrinsic value Forfeited	$ 2,273	$ 53,952
Number of options Expired	(25,000)
Weighted average exercise price Expired	$ 1.7
Number of options Outstanding ending	3,834,047	3,113,715
Weighted average exercise price Outstanding ending	$ 2	$ 2.04
Weighted average contractual term (years) Outstanding ending	6 years 11 months 15 days	6 years 11 months 8 days
Aggregate intrinsic value Outstanding ending	$ 1,219,962	$ 3,855,698
Number of options Vested and exercisable	2,694,862	2,127,537
Weighted average exercise price Vested and exercisable	$ 2.1	$ 2.03
Weighted average contractual term (years) Vested and exercisable	6 years 5 months 23 days	7 years 7 days
Aggregate intrinsic value Vested and exercisable	$ 928,330	$ 2,850,630

Summary of Significant Accounting Policies (Details) - Schedule of accounts receivable - USD ($)	Sep. 30, 2022	Dec. 31, 2021
Schedule Of Accounts Receivable Abstract
Lease receivables	$ 46,790,076	$ 53,176,432
Allowance for doubtful accounts	(13,364,953)	(27,703,278)
Lease receivables, net	$ 33,425,123	$ 25,473,154

Condensed Consolidated Statements of Changes in Stockholders’ Equity (Unaudited) - USD ($)	Series 1 Convertible Preferred Stock	Series 2 Convertible Preferred Stock	Common Stock	Additional Paid in Capital	Accumulated Deficit	Total
Balance at Dec. 31, 2020	$ 851,660	$ 21,952,000	$ 2,136	$ 36,843,326	$ (48,495,076)	$ 11,154,046
Balance (in Shares) at Dec. 31, 2020	170,332	21,952	21,359,945
Provision for compensation expense related to stock options				380,263		380,263
Issuance of warrants in connection with consulting agreement				212,923		212,923
Exercise of warrants into common stock			$ 2	12,910		12,912
Exercise of warrants into common stock (in Shares)			16,000
Net income (loss)					1,237	1,237
Balance at Mar. 31, 2021	$ 851,660	$ 21,952,000	$ 2,138	37,449,422	(48,493,839)	11,761,381
Balance (in Shares) at Mar. 31, 2021	170,332	21,952	21,375,945
Balance at Dec. 31, 2020	$ 851,660	$ 21,952,000	$ 2,136	36,843,326	(48,495,076)	11,154,046
Balance (in Shares) at Dec. 31, 2020	170,332	21,952	21,359,945
Net income (loss)						2,639,454
Balance at Sep. 30, 2021	$ 851,660	$ 21,952,000	$ 2,139	38,286,010	(45,855,622)	15,236,187
Balance (in Shares) at Sep. 30, 2021	170,332	21,952	21,390,944
Balance at Mar. 31, 2021	$ 851,660	$ 21,952,000	$ 2,138	37,449,422	(48,493,839)	11,761,381
Balance (in Shares) at Mar. 31, 2021	170,332	21,952	21,375,945
Provision for compensation expense related to stock options				249,222		249,222
Issuance of warrants in connection with consulting agreement				191,926		191,926
Exercise of stock options into common stock				4,214		4,214
Exercise of stock options into common stock (in Shares)			5,333
Net income (loss)					942,194	942,194
Balance at Jun. 30, 2021	$ 851,660	$ 21,952,000	$ 2,138	37,894,784	(47,551,645)	13,148,937
Balance (in Shares) at Jun. 30, 2021	170,332	21,952	21,381,278
Provision for compensation expense related to stock options				265,407		265,407
Issuance of warrants in connection with consulting agreement				117,958		117,958
Exercise of stock options into common stock			$ 1	7,861		7,862
Exercise of stock options into common stock (in Shares)			9,666
Net income (loss)					1,696,023	1,696,023
Balance at Sep. 30, 2021	$ 851,660	$ 21,952,000	$ 2,139	38,286,010	(45,855,622)	15,236,187
Balance (in Shares) at Sep. 30, 2021	170,332	21,952	21,390,944
Balance at Dec. 31, 2021	$ 851,660	$ 21,952,000	$ 2,144	38,560,117	(45,222,302)	16,143,619
Balance (in Shares) at Dec. 31, 2021	170,332	21,952	21,442,278
Provision for compensation expense related to stock options				305,229		305,229
Exercise of stock options into common stock			$ 17	137,040		137,057
Exercise of stock options into common stock (in Shares)			162,956
Net income (loss)					(2,380,935)	(2,380,935)
Balance at Mar. 31, 2022	$ 851,660	$ 21,952,000	$ 2,161	39,002,386	(47,603,237)	14,204,970
Balance (in Shares) at Mar. 31, 2022	170,332	21,952	21,605,234
Balance at Dec. 31, 2021	$ 851,660	$ 21,952,000	$ 2,144	38,560,117	(45,222,302)	16,143,619
Balance (in Shares) at Dec. 31, 2021	170,332	21,952	21,442,278
Net income (loss)						5,727,852
Balance at Sep. 30, 2022	$ 851,660	$ 21,952,000	$ 2,176	39,771,593	(39,494,450)	23,082,979
Balance (in Shares) at Sep. 30, 2022	170,332	21,952	21,750,804
Balance at Mar. 31, 2022	$ 851,660	$ 21,952,000	$ 2,161	39,002,386	(47,603,237)	14,204,970
Balance (in Shares) at Mar. 31, 2022	170,332	21,952	21,605,234
Provision for compensation expense related to stock options				257,476		257,476
Net income (loss)					14,389,221	14,389,221
Balance at Jun. 30, 2022	$ 851,660	$ 21,952,000	$ 2,161	39,259,862	(33,214,016)	28,851,667
Balance (in Shares) at Jun. 30, 2022	170,332	21,952	21,605,234
Provision for compensation expense related to stock options				387,298		387,298
Exercise of stock options into common stock			$ 15	124,433		124,448
Exercise of stock options into common stock (in Shares)			145,570
Net income (loss)					(6,280,434)	(6,280,434)
Balance at Sep. 30, 2022	$ 851,660	$ 21,952,000	$ 2,176	$ 39,771,593	$ (39,494,450)	$ 23,082,979
Balance (in Shares) at Sep. 30, 2022	170,332	21,952	21,750,804

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.

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