0001213900-21-014067 | 10-K | XBRL Viewer

PROMISSORY NOTES RELATED PARTIES

5. PROMISSORY NOTES-RELATED PARTIES

January 2018 Notes - In January 2018, FlexShopper, LLC entered into letter agreements with H. Russell Heiser Jr., FlexShopper's Chief Financial Officer, and NRNS Capital Holdings LLC ("NRNS"), the manager of which is the Chairman of the Company's Board of Directors, (together, the "Commitment Letters"), pursuant to which FlexShopper, LLC issued a subordinated promissory note to each of Mr. Heiser and NRNS (together, the "Notes"). The Commitment Letters provided that Mr. Heiser and NRNS would each make advances to FlexShopper, LLC under the applicable Note in aggregate amounts up to $1,000,000 and $2,500,000, respectively. Payments of principal and accrued interest are due and payable by FlexShopper, LLC upon 30 days' prior written notice from the applicable noteholder and the Company can prepay principal and interest at any time without penalty. However, repayment is not permitted without the consent of the Credit Agreement lender. The Notes bear interest at a rate equal to 5.00% per annum in excess of the non-default rate of interest from time to time in effect under the Credit Agreement entered into on March 6, 2015, computed on the basis of a 360-day year, which equaled 16.16% at December 31, 2020.

Upon issuance of the Notes, FlexShopper, LLC borrowed $500,000 and a subsequent $500,000 on February 20, 2018 on the Note held by Mr. Heiser and $2,500,000 on the Note held by NRNS. On August 29, 2018, FlexShopper, LLC issued amended and restated Notes to Mr. Heiser and NRNS under which (1) the maturity date for such Notes was set at June 30, 2019 and (2) in connection with the completion of an Equity Financing (as defined in the Notes), the holders of such Notes were granted the option to convert up to 50% of the outstanding principal of the Notes plus accrued and unpaid interest thereon into the securities issued in the Equity Financing at a conversion price equal to the price paid to the Company by the underwriters for such securities, net of the underwriting discount. In connection with the offering of units in September 2018, Mr. Heiser and NRNS elected to convert the convertible portion of the Notes, resulting in the issuance by the Company of 602,974 shares of common stock and warrants to purchase 301,487 shares to Mr. Heiser, and 1,507,395 shares of common stock and warrants to purchase 753,697 shares to NRNS.

Prior to Mr. Heiser's Note maturity date, the Company paid down the entire principal and interest balance on June 28, 2019 in the amount of $507,339. NRNS amended and restated the NRNS Note such that the maturity date of the revised Note was set at June 30, 2021. In addition, the Company borrowed $500,000 on the Note held by NRNS on June 28, 2019. As of December 31, 2020, $1,777,212 of principal and accrued, unpaid interest was outstanding on NRNS's Note.

January 2019 Note - On January 25, 2019, FlexShopper, LLC 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 "January 2019 Note") in the principal amount of $1,000,000. Mr. Heiser, FlexShopper's Chief Financial Officer, is a member of 122 Partners, LLC. The Company paid a commitment fee of 2% to the lender totaling $20,000. Payment of the principal amount and accrued interest under the January 2019 Note was due and payable by FlexShopper, LLC on April 30, 2020 and FlexShopper, LLC can prepay principal and interest at any time without penalty. Amounts outstanding under the January 2019 Note bear interest at a rate equal to 5.00% per annum in excess of the non-default rate of interest from time to time in effect under the Credit Agreement, which equaled 16.16% at December 31, 2020. Obligations under the January 2019 Note are subordinated to obligations under the Credit Agreement. The January Note is subject to customary representations and warranties and events of default. If an event of default occurs and is continuing, FlexShopper, LLC may be required to repay all amounts outstanding under the January Note. Obligations under the January 2019 Note are secured by substantially all of FlexShopper, LLC's assets, subject to rights of the lenders under the Credit Agreement. As of December 31, 2020, $1,015,510 of principal and accrued, unpaid interest was outstanding on the January 2019 Note. On April 30, 2020, pursuant to an amendment to the subordinated debt financing letter agreement, FlexShopper, LLC and 122 Partners, LLC agreed to extend the maturity date of the January 2019 Note to April 30, 2021.

February 2019 Note - On February 19, 2019, FlexShopper, LLC entered into a letter agreement with NRNS, the manager of which is the Chairman of the Company's Board of Directors, pursuant to which FlexShopper, LLC issued a subordinated promissory note to NRNS (the "February 2019 Note") in the principal amount of $2,000,000. The Company paid a commitment fee of 2% to the lender totaling $40,000. Payment of principal and accrued interest under the February 2019 Note is due and payable by FlexShopper, LLC on June 30, 2021 and FlexShopper, LLC can prepay principal and interest at any time without penalty. Amounts outstanding under the February 2019 Note bear interest at a rate equal to 5.00% per annum in excess of the non-default rate of interest from time to time in effect under the Credit Agreement, which equaled 16.16% at December 31, 2020. Obligations under the February 2019 Note are subordinated to obligations under the Credit Agreement. The February 2019 Note is subject to customary representations and warranties and events of default. If an event of default occurs and is continuing, FlexShopper, LLC may be required to repay all amounts outstanding under the February Note. Obligations under the February 2019 Note are secured by substantially all of FlexShopper, LLC's assets, subject to rights of the lenders under the Credit Agreement. As of December 31, 2020, $2,031,100 of principal and accrued, unpaid interest was outstanding on the February 2019 Note.

The Company is pursuing a refinancing of both related party subordinated notes with a non-related party note with a term that is similar to the Credit Agreement. Besides extending the maturity date, no material changes are expected in the terms of the interest rate of the new subordinated facility. If the Company is unsuccessful refinancing the related party notes, then the Company doesn't not foresee any difficulty in extending the maturity of the current related party subordinated notes.

Amounts payable under the promissory notes are as follows:

		Debt Principal				Interest
2021		$	4,750,000			$	73,822

Loan Payable Under Credit Agreement

12 Months Ended

Dec. 31, 2020

LOAN PAYABLE UNDER CREDIT AGREEMENT

6. LOAN PAYABLE UNDER CREDIT AGREEMENT

On March 6, 2015, FlexShopper, through a wholly-owned subsidiary (the "Borrower"), entered into a credit agreement (as amended from time-to-time and including the Fee Letter (as defined therein), 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 (the "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 $47,500,000 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). On April 1, 2019, the Commitment Termination Date was extended to February 28, 2021. The Lender was granted a security interest in certain leases as collateral under the Credit Agreement. The interest rate charged on amounts borrowed is LIBOR plus 11% per annum.

At December 31, 2020, amounts borrowed bear interest at 11.16%. The Company had $9,217,592 available under the Credit Agreement as of December 31, 2020.

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 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 Unrestricted Cash (including a reserve upon which the Lender may draw to satisfy unpaid amounts under the Credit Agreement) 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 December 31, 2020, follows:

	December 31, 2020
	Required Covenant		Actual Position

Equity Book Value not less than	$	8,000,000	$	11,154,046
Unrestricted Cash greater than		1,500,000		8,541,232
Consolidated Total Debt to Equity Book Value ratio not to exceed		4.75		3.93

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.

Availability under the Credit Agreement is subject to a borrowing base which is redetermined from time to time and based on specific advance rates on eligible current assets. Interest expense incurred under the Credit Agreement amounted to $ 3,192,019 for the year ended December 31, 2020, and $3,146,002 for the year ended December 31, 2019, respectively. As of December 31, 2020, the outstanding balance under the Credit Agreement was $37,195,626. Such amount is presented in the consolidated balance sheet net of unamortized issuance costs of $61,617. 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 (See Note 14), or from reductions in the borrowing base. Accordingly, all principal is shown as a non-current liability at December 31, 2019.

Capital Structure

12 Months Ended

Dec. 31, 2020

Stockholders' Equity Note [Abstract]

CAPITAL STRUCTURE

7. 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 number of shares, 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 ("Series 1 Preferred Stock") ranks senior to common stock upon liquidation and has a stated value of $5.00 per share.

As of December 31, 2020, each share of Series 1 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 Preferred Stock have the option to convert the shares into 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 Preferred Stock have the same dividend rights as holders of common stock, as if the Series 1 Preferred Stock had been converted to common stock. The Series 1 Preferred Stockholders vote with holders of common stock and are entitled to a number of votes equal to a fraction, the numerator is 7,700,000 and the denominator is the number of shares of Series 1 Preferred Stock issued.

859 shares of Series 1 Convertible Preferred Stock were converted into 1,136 shares of common stock during the year ended December 31, 2020.

As of December 31, 2020, 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 shares of Series 2 Preferred Stock 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 and unpaid dividends as of December 31, 2020 totaled approximately $10,832,073. As of December 31, 2020, each share of Series 2 Preferred Stock 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 to common stock is automatic. Upon a Liquidation Event or Deemed Liquidation Event (each as defined), holders of Series 2 Preferred Stock will 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, 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 for five years from the date of issuance. The warrants were listed on the Nasdaq Capital Market under the symbol "FPAYW" (See Note 11).

The Company also issued additional warrants exercisable for an aggregate of 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 Preferred Stock in June 2016, the Company issued to the placement agent in such offering warrants exercisable for 439 shares of Series 2 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 "Consultant"), an entity of which the Company's Chairman is the manager, the Company agreed to issue 40,000 warrants to the Consultant 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 was automatically renewed for one successive six-month period, therefore the new termination date is July 31, 2021.

This amendment also changed the alternative minimum exercise price of the monthly warrant consideration issuable to the Consultant to $1.60 per share, 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 year ended December 31, 2020, the Company recorded an expense of $407,495 based on a weighted average valuation of $0.85 per warrant.

	Warrants		Expense		Valuation
Grant Date	Granted		Recorded		Per Warrant
January 31, 2020		40,000	$	16,503	$	0.41
February 29, 2020		40,000	$	18,727	$	0.47
March 31, 2020		40,000	$	8,769	$	0.22
April 30, 2020		40,000	$	25,412	$	0.64
May 31, 2020		40,000	$	33,388	$	0.83
June 30, 2020		40,000	$	36,681	$	0.92
July 31, 2020		40,000	$	29,587	$	0.74
August 31, 2020		40,000	$	46,744	$	1.17
September 30, 2020		40,000	$	43,229	$	1.08
October 31,2020		40,000	$	37,414	$	0.94
November 30, 2020		40,000	$	45,883	$	1.15
December 31, 2020		40,000	$	65,157	$	1.63
		480,000	$	407,494	$	0.85

The following table summarizes information about outstanding warrants as of December 31, 2020, all of which are exercisable:

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

$	1.25		1,215,184				3 years
$	1.34		40,000				3 years
$	1.40		40,000				3 years
$	1.54		40,000				3 years
$	1.62		40,000				3 years
$	1.68		40,000				4 years
$	1.69		40,000				3 years
$	1.74		40,000				3 years
$	1.76		40,000				3 years
$	1.91		40,000				3 years
$	1.95		40,000				4 years
$	2.00		40,000				3 years
$	2.01		40,000				3 years
$	2.08		40,000				4 years
$	2.45		40,000				3 years
$	2.53		40,000				3 years
$	2.57		40,000				4 years
$	2.78		40,000				3 years
$	2.93		40,000				3 years
$	5.50		177,304				2 years
$	1,250		-		439	*	3 years
			2,112,488		439

*	At December 31, 2020, the above warrants were convertible into 116,903 shares of common stock

Stock Options

12 Months Ended

Dec. 31, 2020

Share-based Payment Arrangement [Abstract]

STOCK OPTIONS

8. STOCK OPTIONS

On April 26, 2018 at the Company's annual meeting, the Company's stockholders approved the FlexShopper, Inc. 2018 Omnibus Equity Compensation Plan (the "2018 Plan"). Upon the 2018 Plan's approval, approximately 1,057,000 shares of Company common stock were available for issuance thereunder, consisting of 750,000 shares authorized for issuance under the 2018 Plan and an aggregate 307,000 shares then remaining available for issuance under the Company's 2007 Omnibus Equity Compensation Plan (the "2007 Plan") and 2015 Omnibus Equity Compensation Plan (the "2015 Plan", and together with the 2007 Plan, the "Prior Plans"). 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 paid under the applicable Prior Plan.

On February 21, 2019, the Company's Board of Directors approved amendment No. 1 to the 2018 Plan, subject to stockholder approval. On May 2, 2019, the Company's stockholders approved the 2018 plan amendment that increased (a) the total number of shares available for issuance under the 2018 Plan by 1,000,000 shares and (b) the number of shares available for issuance as "incentive stock options" within the meaning of Internal Revenue Code Section 422 by 1,000,000 shares.

On April 24, 2020, the Company's Board of Directors approved an Amendment to the 2018 Plan, subject to stockholder approval. On June 10, 2020, the Company's stockholders approved the 2018 Plan Amendment that increased (a) the total number of shares available for issuance under the 2018 Plan by 1,000,000 shares and (b) the number of shares available for issuance as "incentive stock options" within the meaning of Internal Revenue Code Section 422 by 1,000,000 shares.

Grants under the 2018 Plan and the Prior Plans consist of incentive stock options, non-qualified stock options, stock appreciation rights, stock awards, stock unit awards, 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. Options granted under the 2018 Plan and the Prior Plans vest over periods ranging from immediately upon grant to a three-year period and expire ten years from date of grant.

Activity in stock options for the year ended December 31, 2020 and 2019 is as follows:

	Number of options			Weighted average exercise price		Weighted average contractual term (years)		Aggregate intrinsic value
Outstanding at January 1, 2020		2,004,318		$	1.72			$	2,542,361
Granted		860,465			2.38
Exercised		(7,166	)		0.79				6,523
Forfeited		(261,917	)		1.90				134,070
Outstanding at December 31, 2020		2,595,700		$	1.92		7.60		2,491,026
Vested and exercisable at December 31, 2020		1,730,198			1.90		7.82		1.967,071

Outstanding at January 1, 2019		620,900		$	3.75
Granted		1,694,851			1.00
Forfeited		(203,766	)		1.71				104,868
Expired		(25,000	)		6.20
Exercised		(82,667	)		0.84				67,911
Outstanding at December 31, 2019		2,004,318		$	1.72				2,542,361

The weighted average grant date fair value of options granted during the twelve-month period ended December 31, 2020 and 2019 was $1.47 and $0.61 per share. The Company measured the fair value of each option award on the date of grant using the Black-Scholes-Merton pricing model with the following assumptions:

	2020			2019
Exercise price		1.47			$0.83 to $1.80
Expected life		5.3 years			6.8 years
Expected volatility		76.0	%		64	%
Dividend yield		0	%		0	%
Risk-free interest rate		0.28% to 1.72%			1.43% to 2.55%

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 (the "SEC"), 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.

The value of stock options is recognized as compensation expense by the straight-line method over the vesting period. Compensation expense recorded was $981,261 and $595,833 for the year ended December 31, 2020 and December 31, 2019, respectively. Unrecognized compensation cost related to non-vested options at December 31, 2020 amounted to approximately $743,726, which is expected to be recognized over a weighted average period of 3.6 years.

Income Taxes

12 Months Ended

Dec. 31, 2020

Income Tax Disclosure [Abstract]

INCOME TAXES

9. INCOME TAXES

Reconciliation of the benefit for income taxes from continuing operations recorded in the consolidated statements of operations with the amounts computed at the statutory federal tax rates for each year:

	2020			2019

Federal tax at statutory rate	$	67,862		$	167,000
State tax, net of federal tax		29,866			65,000
Permanent differences		126,301			92,000
Change in statutory rate		(69,835	)		(197,000	)
Change in valuation allowance		522,738			(10,000	)
Other		(13,882	)		99,000
Expense for income taxes	$	663,050		$	216,000

Tax affected components of deferred tax assets and deferred tax liabilities at December 31, 2020 and 2019 were as follows:

	2020			2019
Deferred tax assets (liabilities):
Equity based compensation	$	368,000		$	240,000
Allowance for doubtful accounts		5,527,000			2,478,000
Fixed assets		256,000			(6,476,000	)
Lease impairment		587,000			553,000
Lease Liability		526,000			520,000
Right of use asset		(425,000	)		(466,000	)
Tax credit carryforward		32,000			32,000
Federal loss carry-forwards		4,779,000			14,047,000
State loss carry forward		161,000			353,000
Other		(6,000	)		-

Gross deferred tax assets		11,805,000			11,281,000
Valuation allowance		(11,805,000	)		(11,281,000	)
Net deferred tax assets	$	-		$	-

Based on consideration of the available evidence including historical losses a valuation allowance has been recognized to offset certain deferred tax assets, as management was unable to conclude that realization of deferred tax assets were more likely than not.

As of December 31, 2020, the Company has federal net operating loss carryforwards of approximately $22,755,000 and state net operating loss carryforwards of approximately $2,857,000 available to offset future taxable income. Federal loss carryforwards incurred prior to January 1, 2018, expire in 2037. Federal loss carryforwards incurred after January 1, 2018 do not expire. State loss carryforwards expire in 2037 and 2038. Federal and state loss carryforwards are subject to an annual limitation on utilization under Section 382 of the Internal Revenue Code.

Section 382 of the Internal Revenue Code imposes a limitation on a corporation's ability to utilize net operating loss carryforwards ("NOLs") if it experiences an "ownership change." In general, an ownership change may result from transactions increasing the ownership of certain stockholders in the stock of a corporation by more than 50 percentage points over a three-year period. If such a change were to occur, certain NOLs available to be used could be disallowed and an annual limitation on utilization of other NOLs would occur.

The components of income tax expense (benefits) for the years ended December 31, 2020 and 2019 were as follows:

	2020		2019
Current Income Tax:
Federal	$	-		-
State		663,050		216,400
Deferred Income Tax:
Federal		-		-
Sate		-		-
	$	663,050	$	216,400

The Company's effective tax rate for the year ended December 31, 2020 and 2019 differs from the statutory rate of 21% primarily due to a valuation allowance applied against the Company's net deferred tax assets. State taxes and permanent differences also impacted the effective tax rate. The Company accrued a $663,050 current state income tax expense for the year ended December 31, 2020 for certain states in which taxable income exceeded available net operating loss carryforwards.

The Company files tax returns in the U.S. federal jurisdiction and various states. At December 31, 2020, federal tax returns remained open for Internal Revenue Service review for tax years after 2017, while state tax returns remain open for review by state taxing authorities for tax years after 2015. The IRS completed an examination of the Company's 2016 tax return during 2018, resulting in a reduction to the net operating loss carryforward of approximately $50,000. During 2020, the Company was notified that its 2017 federal income tax return was selected for examination, and that exam remains open as of December 31, 2020. There were no other federal or state income tax audits being conducted as of December 31, 2020.

The Company completed its analysis and review of all tax positions taken through December 31, 2020 and does not believe that there are any unrecognized tax benefits related to tax positions taken on its income tax returns.

Commitments and Contingencies Disclosure [Abstract]

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.

+ References + Details

Commitments

12 Months Ended

Dec. 31, 2020

COMMITMENTS

10. COMMITMENTS

The Company does not have any commitments other than real property leases (see Note 3).

Exchange Offer of Warrants

12 Months Ended

Dec. 31, 2020

Warrants [Abstract]

EXCHANGE OFFER OF WARRANTS

11. EXCHANGE OFFER OF WARRANTS

On February 4, 2020, the Company completed an exchange offer relating to its outstanding public warrants, in which the holders of the public warrants were offered 0.62 shares of common stock for each outstanding warrant tendered (the "Warrant Exchange Offer"). In total, 5,351,290 warrants were exchanged for 3,317,812 shares of common stock in accordance with the Warrant Exchange Offer.

On February 19, 2020, the Company exchanged all remaining untendered public warrants for common stock at a rate of 0.56 shares per public warrant in accordance with the terms of the Warrant Agreement (the "Mandatory Conversion of Warrants"). In total 258,610 warrants were exchanged for 144,871 shares in this transaction.

As a result of these transactions, the Company recognized a deemed dividend of $713,212 resulting from the excess of the fair value of the common stock over the intrinsic value of the warrants.

Contingencies and Other Uncertainties

12 Months Ended

Dec. 31, 2020

Commitments and Contingencies Disclosure [Abstract]

CONTINGENCIES AND OTHER UNCERTAINTIES

12. 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 recent 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 are impacted by this outbreak for an extended period, our results of operations may be materially adversely affected.

Promissory Note- Paycheck Protection Program

12 Months Ended

Dec. 31, 2020

Paycheck Protection Program [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 "PPP 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 "SBA").

The Loan is evidenced by a promissory note (the "Note"), dated April 30, 2020, issued by the Borrower to the PPP Lender. The Note matures on April 30, 2022, and bears interest at the rate of 1.00% per annum, payable monthly commencing the later of on November 30, 2020 or the SBA review of the forgiveness application. The Note may be prepaid by the Borrower at any time prior to maturity with no prepayment penalty. Proceeds from the Loan will be 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 may be forgiven to the extent the Loan proceeds are 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. The Company believes that it used the entire Loan amount for designated qualifying expenses and has submitted a loan forgiveness application to the PPP Lender that is pending review.

Subsequent Events

12 Months Ended

Dec. 31, 2020

Subsequent Events [Abstract]

SUBSEQUENT EVENTS

14. SUBSEQUENT EVENTS

On January 29, 2021, the Company and the Lender signed an Omnibus Amendment to the Credit Agreement (See Note 6). This Amendment extended the Commitment Termination Date to April 1, 2024, improved other covenant requirements, partially removed indebtedness covenants and improved eligibility rules. The interest rate charged on amounts borrowed remains LIBOR plus 11% per annum.

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2020

Accounting Policies [Abstract]

Principles of Consolidation

Estimates

Revenue Recognition

Accounts Receivable and Allowance for Doubtful Accounts

	December 31, 2020			December 31, 2019

Accounts receivable	$	32,171,255		$	18,249,273
Allowance for doubtful accounts		(22,138,541	)		(9,976,941	)
Accounts receivable, net	$	10,032,714		$	8,272,332

	December 31, 2020			December 31, 2019

Beginning balance	$	9,976,941		$	3,754,306
Provision		31,930,714			34,838,046
Accounts written off		(19,769,114	)		(28,615,411	)
Ending balance	$	22,138,541		$	9,976,941

Lease Merchandise

The net leased merchandise balances consisted of the following as of December 31, 2020 and December 31, 2019:

	December 31, 2020			December 31, 2019

Lease merchandise at cost	$	64,335,971		$	46,807,570
Accumulated depreciation		(19,162,357	)		(13,518,181	)
Impairment reserve		(2,351,274	)		(2,226,285	)
Lease merchandise, net	$	42,822,340		$	31,063,104

Cost of lease merchandise sold represents the undepreciated cost of rental merchandise at the time of sale.

Deferred Debt Issuance Costs

Software Costs

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 $2,365,612 and $2,130,922 for the years ended December 31, 2020 and 2019, respectively. The Company wrote off $105,575 of capitalized development costs in 2019. Capitalized software amortization expense was $2,102,983 and $2,126,343 for the years ended December 31, 2020 and 2019, respectively.

Operating Expenses

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

Marketing

Per Share Data

In computing diluted loss per share, no effect has been given to the issuance of common stock upon conversion or exercise of the following securities as their effect is anti-dilutive:

	Year ended December 31,
	2020		2019
Series 1 Convertible Preferred Stock		225,231		218,104
Series 2 Convertible Preferred Stock		5,845,695		5,679,615
Series 2 Convertible Preferred Stock issuable upon exercise of warrants		116,903		113,582
Common Stock Options		2,595,700		2,004,318
Common Stock Warrants		2,112,488		7,347,388
		10,896,017		15,363,007

The following table sets forth the computation of basic and diluted earnings per share as of December 31, 2020 and December 31, 2019:

	December 31,			December 31,
	2020			2019
Numerator
Net (loss)/ income	$	(339,896	)	$	577,415
Convertible Series 2 Preferred Share dividends		(2,438,988	)		(2,437,884	)
Deemed dividend from exchange offer of warrants (See Note 11)		(713,212	)		-
Numerator for basic and diluted EPS	$	(3,492,096	)	$	(1,860,469	)
Denominator
Denominator for basic and diluted EPS - weighted average shares		20,995,349			17,672,156
Basic EPS	$	(0.17	)	$	(0.11	)
Diluted EPS	$	(0.17	)	$	(0.11	)

Stock-Based Compensation

Fair Value of Financial Instruments

Income Taxes

Interest and penalties related to liabilities for uncertain tax positions will be charged to interest and operating expenses, respectively.

Recent Accounting Pronouncements

Recent Accounting Pronouncements

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2020

Accounting Policies [Abstract]

Schedule of accounts receivable

	December 31, 2020			December 31, 2019

Accounts receivable	$	32,171,255		$	18,249,273
Allowance for doubtful accounts		(22,138,541	)		(9,976,941	)
Accounts receivable, net	$	10,032,714		$	8,272,332

Schedule of allowance for doubtful accounts

	December 31, 2020			December 31, 2019

Beginning balance	$	9,976,941		$	3,754,306
Provision		31,930,714			34,838,046
Accounts written off		(19,769,114	)		(28,615,411	)
Ending balance	$	22,138,541		$	9,976,941

Schedule of net leased merchandise

	December 31, 2020			December 31, 2019

Lease merchandise at cost	$	64,335,971		$	46,807,570
Accumulated depreciation		(19,162,357	)		(13,518,181	)
Impairment reserve		(2,351,274	)		(2,226,285	)
Lease merchandise, net	$	42,822,340		$	31,063,104

Schedule of anti-dilutive securities excluded from computation of earnings per share

	Year ended December 31,
	2020		2019
Series 1 Convertible Preferred Stock		225,231		218,104
Series 2 Convertible Preferred Stock		5,845,695		5,679,615
Series 2 Convertible Preferred Stock issuable upon exercise of warrants		116,903		113,582
Common Stock Options		2,595,700		2,004,318
Common Stock Warrants		2,112,488		7,347,388
		10,896,017		15,363,007

Schedule of basic and diluted earnings per share

	December 31,			December 31,
	2020			2019
Numerator
Net (loss)/ income	$	(339,896	)	$	577,415
Convertible Series 2 Preferred Share dividends		(2,438,988	)		(2,437,884	)
Deemed dividend from exchange offer of warrants (See Note 11)		(713,212	)		-
Numerator for basic and diluted EPS	$	(3,492,096	)	$	(1,860,469	)
Denominator
Denominator for basic and diluted EPS - weighted average shares		20,995,349			17,672,156
Basic EPS	$	(0.17	)	$	(0.11	)
Diluted EPS	$	(0.17	)	$	(0.11	)

Leases (Tables)

12 Months Ended

Dec. 31, 2020

Leases [Abstract]

Schedule of lease revenues and fees

	Year ended
	December 31,
	2020			2019
Gross lease billings and fees	$	128,870,481		$	120,169,406
Provision for doubtful accounts		(31,930,714	)		34,838,046
Lease revenues and fees, net	$	96,939,767		$	85,331,360

Schedule of future minimum annual lease payments

2021	$	426,233
2022		416,627
2023		427,305
2024		434,916
2025		443,038
2026 and thereafter		1,229,924
	$	3,378,043

Schedule of balance sheet information related to leases

	Balance Sheet Classification	December 30, 2020		December 31, 2019
Assets
Operating Lease Asset	Property and Equipment, net	$	1,673,432	$	1,847,932
Finance Lease Asset	Property and Equipment, net		27,106		31,299
Total Lease Assets		$	1,700,538	$	1,879,231

Liabilities
Operating Lease Liability - current portion	Current Lease Liabilities	$	153,019	$	22,088
Finance Lease Liability - current portion	Current Lease Liabilities		7,707		5,638
Operating Lease Liability- net of current portion	Long Term Lease Liabilities		1,925,498		2,040,576
Finance Lease Liability - net of current portion	Long Term Lease Liabilities		21,857		26,608
Total Lease Liabilities		$	2,108,081	$	2,094,910

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		13.06	%		8
Finance Leases		13.31	%		3

Schedule of supplemental cash flow information

	December 31,		December 31,
	2020		2019
Cash payments for operating leases	$	221,433	$	164,664
Cash payments for finance leases		11,049		4,782
New operating lease asset obtained in exchange for lease liabilities		-		2,060,288
New finance lease asset obtained in exchange for lease liabilities		4,033		34,772

Schedule of undiscounted operating lease liabilities

	Operating Leases
2021	$	415,050
2022		405,443
2023		417,606
2024		430,134
2025		443,038
2026 and thereafter		1,229,924
Total undiscounted cash flows		3,341,195
Less: interest		(1,262,678	)
Present value of lease liabilities	$	2,078,517

Schedule of undiscounted finance lease liabilities

	Finance Leases
2021	$	11,184
2022		11,184
2023		9,699
2024		4,782
Total undiscounted cash flows		36,849
Less: interest		(7,284	)
Present value of lease liabilities	$	29,565

Property and Equipment (Tables)

12 Months Ended

Dec. 31, 2020

Property, Plant and Equipment [Abstract]

Schedule of property and equipment

	Estimated Useful Lives	December 31, 2020			December 31, 2019
Furniture, fixtures and vehicle	2-5 years	$	303,285		$	95,671
Website and internal use software	3 years		12,489,441			10,123,830
Computers and software	3-7 years		1,121,914			596,946
			13,914,640			10,816,447
Less: accumulated depreciation and amortization			(9,703,482	)		(7,435,271	)
Right of use assets, net			1,700,538			1,879,231
		$	5,911,696		$	5,260,407

Promissory Notes-Related Parties (Tables)

12 Months Ended

Dec. 31, 2020

Schedule of amounts payable under the promissory notes

		Debt Principal				Interest
2021		$	4,750,000			$	73,822

Loan Payable Under Credit Agreement (Tables)

12 Months Ended

Dec. 31, 2020

Schedule of covenant requirements, and FlexShopper's actual results

	December 31, 2020
	Required Covenant		Actual Position

Equity Book Value not less than	$	8,000,000	$	11,154,046
Unrestricted Cash greater than		1,500,000		8,541,232
Consolidated Total Debt to Equity Book Value ratio not to exceed		4.75		3.93

Capital Structure (Tables)

12 Months Ended

Dec. 31, 2020

Stockholders' Equity Note [Abstract]

Schedule of weighted average valuation

	Warrants		Expense		Valuation
Grant Date	Granted		Recorded		Per Warrant
January 31, 2020		40,000	$	16,503	$	0.41
February 29, 2020		40,000	$	18,727	$	0.47
March 31, 2020		40,000	$	8,769	$	0.22
April 30, 2020		40,000	$	25,412	$	0.64
May 31, 2020		40,000	$	33,388	$	0.83
June 30, 2020		40,000	$	36,681	$	0.92
July 31, 2020		40,000	$	29,587	$	0.74
August 31, 2020		40,000	$	46,744	$	1.17
September 30, 2020		40,000	$	43,229	$	1.08
October 31,2020		40,000	$	37,414	$	0.94
November 30, 2020		40,000	$	45,883	$	1.15
December 31, 2020		40,000	$	65,157	$	1.63
		480,000	$	407,494	$	0.85

Schedule of outstanding stock warrants

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

$	1.25		1,215,184				3 years
$	1.34		40,000				3 years
$	1.40		40,000				3 years
$	1.54		40,000				3 years
$	1.62		40,000				3 years
$	1.68		40,000				4 years
$	1.69		40,000				3 years
$	1.74		40,000				3 years
$	1.76		40,000				3 years
$	1.91		40,000				3 years
$	1.95		40,000				4 years
$	2.00		40,000				3 years
$	2.01		40,000				3 years
$	2.08		40,000				4 years
$	2.45		40,000				3 years
$	2.53		40,000				3 years
$	2.57		40,000				4 years
$	2.78		40,000				3 years
$	2.93		40,000				3 years
$	5.50		177,304				2 years
$	1,250		-		439	*	3 years
			2,112,488		439

*	At December 31, 2020, the above warrants were convertible into 116,903 shares of common stock

Stock Options (Tables)

12 Months Ended

Dec. 31, 2020

Share-based Payment Arrangement [Abstract]

Schedule of information about stock options

	Number of options			Weighted average exercise price		Weighted average contractual term (years)		Aggregate intrinsic value
Outstanding at January 1, 2020		2,004,318		$	1.72			$	2,542,361
Granted		860,465			2.38
Exercised		(7,166	)		0.79				6,523
Forfeited		(261,917	)		1.90				134,070
Outstanding at December 31, 2020		2,595,700		$	1.92		7.60		2,491,026
Vested and exercisable at December 31, 2020		1,730,198			1.90		7.82		1.967,071

Outstanding at January 1, 2019		620,900		$	3.75
Granted		1,694,851			1.00
Forfeited		(203,766	)		1.71				104,868
Expired		(25,000	)		6.20
Exercised		(82,667	)		0.84				67,911
Outstanding at December 31, 2019		2,004,318		$	1.72				2,542,361

Schedule of option input into a Black Scholes option pricing model

	2020			2019
Exercise price		1.47			$0.83 to $1.80
Expected life		5.3 years			6.8 years
Expected volatility		76.0	%		64	%
Dividend yield		0	%		0	%
Risk-free interest rate		0.28% to 1.72%			1.43% to 2.55%

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2020

Income Tax Disclosure [Abstract]

Schedule of reconciliation of the benefit for income taxes from continuing operations

	2020			2019

Federal tax at statutory rate	$	67,862		$	167,000
State tax, net of federal tax		29,866			65,000
Permanent differences		126,301			92,000
Change in statutory rate		(69,835	)		(197,000	)
Change in valuation allowance		522,738			(10,000	)
Other		(13,882	)		99,000
Expense for income taxes	$	663,050		$	216,000

Schedule of deferred tax assets and liabilities

	2020			2019
Deferred tax assets (liabilities):
Equity based compensation	$	368,000		$	240,000
Allowance for doubtful accounts		5,527,000			2,478,000
Fixed assets		256,000			(6,476,000	)
Lease impairment		587,000			553,000
Lease Liability		526,000			520,000
Right of use asset		(425,000	)		(466,000	)
Tax credit carryforward		32,000			32,000
Federal loss carry-forwards		4,779,000			14,047,000
State loss carry forward		161,000			353,000
Other		(6,000	)		-

Gross deferred tax assets		11,805,000			11,281,000
Valuation allowance		(11,805,000	)		(11,281,000	)
Net deferred tax assets	$	-		$	-

Schedule of income tax expense benefits

	2020		2019
Current Income Tax:
Federal	$	-		-
State		663,050		216,400
Deferred Income Tax:
Federal		-		-
Sate		-		-
	$	663,050	$	216,400

Business (Details)	12 Months Ended
Business (Details)	Dec. 31, 2020
Business (Textual)
Ownership percentage	100.00%
FlexShopper, LLC [Member]
Business (Textual)
Limited liability percentage	100.00%

Summary of Significant Accounting Policies (Details) - USD ($)	Dec. 31, 2020	Dec. 31, 2019
Accounting Policies [Abstract]
Accounts receivable	$ 32,171,255	$ 18,249,273
Allowance for doubtful accounts	(22,138,541)	(9,976,941)
Accounts receivable, net	$ 10,032,714	$ 8,272,332

Summary of Significant Accounting Policies (Details 1) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Accounting Policies [Abstract]
Beginning balance	$ 9,976,941	$ 3,754,306
Provision	(31,930,714)	34,838,046
Accounts written off	(19,769,114)	(28,615,411)
Ending balance	$ 22,138,541	$ 9,976,941

Summary of Significant Accounting Policies (Details 2) - USD ($)	Dec. 31, 2020	Dec. 31, 2019
Accounting Policies [Abstract]
Lease merchandise at cost	$ 64,335,971	$ 46,807,570
Accumulated depreciation	(19,162,357)	(13,518,181)
Impairment reserve	(2,351,274)	(2,226,285)
Lease merchandise, net	$ 42,822,340	$ 31,063,104

Summary of Significant Accounting Policies (Details 3) - shares	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share	10,896,017	15,363,007
Common Stock Options [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share	2,595,700	2,004,318
Common Stock Warrants [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share	2,112,488	7,347,388
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	218,104
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	5,679,615
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	113,582

Summary of Significant Accounting Policies (Details 4) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Numerator
Net (loss)/ income	$ (339,896)	$ 577,415
Convertible Series 2 Preferred Share dividends	(2,438,988)	(2,437,884)
Deemed dividend from exchange offer of warrants	(713,212)
Numerator for basic and diluted EPS	$ (3,492,096)	$ (1,860,469)
Denominator
Denominator for basic and diluted EPS - weighted average shares	20,995,349	17,672,156
Basic EPS	$ (0.17)	$ (0.11)
Diluted EPS	$ (0.17)	$ (0.11)

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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

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Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities; of income (loss) available to common shareholders.

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Summary of Significant Accounting Policies (Details Textual) - USD ($)	1 Months Ended		12 Months Ended
	Feb. 19, 2019	Jan. 25, 2019	Dec. 31, 2020	Dec. 31, 2019
Summary of Significant Accounting Policies (Textual)
Amortization method			Straight-line method
Accounts receivable charged off against allowance			$ 19,769,114	$ 28,615,411
Provision for bad debts			31,930,714	34,838,046
Capitalized software costs			2,365,612	2,130,922
Capitalized software amortization expense			$ 2,102,983	2,126,343
Revenue recognition, description			Through a 90-day same as cash option, an early purchase option, or through payments of all required lease payments, generally 52 weeks, for ownership.
Debt issuance costs	$ 60,000	$ 60,000
Intangible assets, terms			10 years
Tax benefits, description			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.
Capitalized development costs			$ 105,575
Credit Agreement [Member]
Summary of Significant Accounting Policies (Textual)
Amortization included in interest expense			283,912	294,847
Promissory Notes [Member]
Summary of Significant Accounting Policies (Textual)
Amortization included in interest expense			$ 21,885	$ 29,839

Leases (Details) - USD ($)	12 Months Ended
Leases (Details) - USD ($)	Dec. 31, 2020	Dec. 31, 2019
Accounting Policies [Abstract]
Gross lease billings and fees	$ 128,870,481	$ 120,169,406
Provision for doubtful accounts	(31,930,714)	34,838,046
Lease revenues and fees, net	$ 96,939,767	$ 85,331,360

Leases (Details 1)	Dec. 31, 2020 USD ($)
Leases [Abstract]
2021	$ 426,233
2022	416,627
2023	427,305
2024	434,916
2025	443,038
2026 and thereafter	1,229,924
Total	$ 3,378,043

Leases (Details 2) - USD ($)	Dec. 31, 2020	Dec. 31, 2019
Assets
Operating Lease Asset	$ 1,673,432	$ 1,847,932
Finance Lease Asset	27,106	31,299
Total Lease Assets	1,700,538	1,879,231
Liabilities
Operating Lease Liability - current portion	153,019	22,088
Finance Lease Liability - current portion	7,707	5,638
Operating Lease Liability- net of current portion	1,925,498	2,040,576
Finance Lease Liability - net of current portion	21,857	26,608
Total Lease Liabilities	$ 2,108,081	$ 2,094,910

Leases (Details 3)	Dec. 31, 2020
Operating Leases [Member]
Weighted Average Discount Rate	13.06%
Weighted Average Remaining Lease Term (in years)	8 years
Finance Leases [Member]
Weighted Average Discount Rate	13.31%
Weighted Average Remaining Lease Term (in years)	3 years

Leases (Details 4) - USD ($)	12 Months Ended
Leases (Details 4) - USD ($)	Dec. 31, 2020	Dec. 31, 2019
Leases [Abstract]
Cash payments for operating leases	$ 221,433	$ 164,664
Cash payments for finance leases	11,049	4,782
New operating lease asset obtained in exchange for lease liabilities		2,060,288
New finance lease asset obtained in exchange for lease liabilities	$ 4,033	$ 34,772

Leases (Details 5)	Dec. 31, 2020 USD ($)
Finance Leases [Member]
2021	$ 11,184
2022	11,184
2023	9,699
2024	4,782
Total undiscounted cash flows	36,849
Less: interest	(7,284)
Present value of lease liabilities	29,565
Operating Leases [Member]
2021	415,050
2022	405,443
2023	417,606
2024	430,134
2025	443,038
2026 and thereafter	1,229,924
Total undiscounted cash flows	3,341,195
Less: interest	(1,262,678)
Present value of lease liabilities	$ 2,078,517

Leases (Details Textual)	1 Months Ended			12 Months Ended
Leases (Details Textual)	Jan. 31, 2019 USD ($) ft²	Apr. 30, 2018	Aug. 31, 2017	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)
Leases (Textual)
Lease description				The Company pays a base monthly rent of approximately $31,500 with payments increasing by 3% on each yearly anniversary of the commencement date. The initial lease term is for nine years with the Company having a one-time option to extend for five years.
Operating lease costs				$ 433,654	$ 395,455
Operating lease liability	$ 191,001
Operating lease assets	191,001
Rental expense				688,400	$ 520,700
Description of leasing arrangements		FlexShopper exercised its first option to extend the term of the lease to September 30, 2021.
Monthly rent	$ 31,500			$ 2,300
Term of lease	108 months		12 months	12 months
Area of land \| ft²	21,622
Additional lease term	5 years		3 years
Annual percentage	3.00%

Property and Equipment (Details) - USD ($)	12 Months Ended
Property and Equipment (Details) - USD ($)	Dec. 31, 2020	Dec. 31, 2019
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 13,914,640	$ 10,816,447
Less: accumulated depreciation and amortization	(9,703,482)	(7,435,271)
Right of use assets, net	1,700,538	1,879,231
Property and equipment, net	5,911,696	5,260,407
Furniture, fixtures and vehicle [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	303,285	95,671
Website and internal use software [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 12,489,441	10,123,830
Estimated Useful Lives	3 years
Computers and software [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 1,121,914	$ 596,946
Minimum [Member] \| Furniture, fixtures and vehicle [Member]
Property, Plant and Equipment [Line Items]
Estimated Useful Lives	2 years
Minimum [Member] \| Computers and software [Member]
Property, Plant and Equipment [Line Items]
Estimated Useful Lives	3 years
Maximum [Member] \| Furniture, fixtures and vehicle [Member]
Property, Plant and Equipment [Line Items]
Estimated Useful Lives	5 years
Maximum [Member] \| Computers and software [Member]
Property, Plant and Equipment [Line Items]
Estimated Useful Lives	7 years

Property and Equipment (Details Textual) - USD ($)	12 Months Ended
Property and Equipment (Details Textual) - USD ($)	Dec. 31, 2020	Dec. 31, 2019
Property and Equipment (Textual)
Depreciation and amortization expense	$ 2,268,211	$ 2,196,661

Promissory Notes-Related Parties (Details) - USD ($)		12 Months Ended
Promissory Notes-Related Parties (Details) - USD ($)	May 04, 2020	Dec. 31, 2020
Debt Principal	$ 1,914,100
2021 [Member]
Debt Principal		$ 4,750,000
Interest		$ (73,822)

Promissory Notes-Related Parties (Details Textual) - USD ($)	1 Months Ended						12 Months Ended
	Apr. 30, 2020	Feb. 19, 2019	Jan. 25, 2019	Sep. 30, 2018	Aug. 29, 2018	Jan. 31, 2018	Dec. 31, 2020
Promissory Notes (Textual)
Description of credit facility						Upon 30 days' prior written notice from the applicable noteholder and the Company can prepay principal and interest at any time without penalty.
Description of notes						The Company paid down the entire principal and interest balance on June 28, 2019 in the amount of $507,339. NRNS amended and restated the NRNS Note such that the maturity date of the revised Note was set at June 30, 2021. In addition, the Company borrowed $500,000 on the Note held by NRNS on June 28, 2019. As of September 30, 2020, $1,771,909 of principal and accrued, unpaid interest was outstanding on NRNS's Note.
Debt instrument maturity date	Apr. 30, 2021
NRNS [Member]
Promissory Notes (Textual)
Description of credit facility		Payment of principal and accrued interest under the February 2019 Note is due and payable by FlexShopper, LLC on June 30, 2021 and FlexShopper, LLC can prepay principal and interest at any time without penalty.
Interest rate		0.1616%					0.1616%
Description of notes					FlexShopper, LLC issued amended and restated Notes to Mr. Heiser and NRNS under which (1) the maturity date for such Notes was set at June 30, 2019 and (2) in connection with the completion of an Equity Financing (as defined in the Notes), the holders of such Notes were granted the option to convert up to 50% of the outstanding principal of the Notes plus accrued and unpaid interest thereon into the securities issued in the Equity Financing at a conversion price equal to the price paid to the Company by the underwriters for such securities, net of the underwriting discount. In connection with the offering of units in September 2018, Mr. Heiser and NRNS elected to convert the convertible portion of the Notes, resulting in the issuance by the Company of 602,974 shares of common stock and warrants to purchase 301,487 shares to Mr. Heiser, and 1,507,395 shares of common stock and warrants to purchase 753,697 shares to NRNS.		As of December 31, 2020, $2,031,100 of principal and accrued, unpaid interest was outstanding on the February 2019 Note.
Principal amount		$ 2,000,000
Commitment fee percentage		2.00%
Lender total value		$ 40,000
Issuance of common stock				1,507,395
Issuance of warrants to purchase				753,697
Bear interest rate		5.00%					5.00%
Heiser [Member]
Promissory Notes (Textual)
Description of notes							Upon issuance of the Notes, FlexShopper, LLC borrowed $500,000 and a subsequent $500,000 on February 20, 2018 on the Note held by Mr. Heiser and $2,500,000 on the Note held by NRNS.
Issuance of common stock				602,974
Issuance of warrants to purchase				301,487
Bear interest rate							50.00%
122 Partners, LLC [Member]
Promissory Notes (Textual)
Description of notes							As of December 31, 2020, $1,015,510 of principal and accrued, unpaid interest was outstanding on the January 2019 Note.
Chief Financial Officer [Member]
Promissory Notes (Textual)
Description of credit facility			Payment of the principal amount and accrued interest under the January 2019 Note was due and payable by FlexShopper, LLC on April 30, 2020 and FlexShopper, LLC can prepay principal and interest at any time without penalty.
Interest rate			0.1616%				0.1616%
Description of notes							As of December 31, 2020, $1,777,212 of principal and accrued, unpaid interest was outstanding on NRNS’s Note.
Principal amount			$ 1,000,000
Commitment fee percentage			2.00%
Lender total value			$ 20,000
Bear interest rate			5.00%
Minimum [Member]
Promissory Notes (Textual)
Principal amount						$ 1,000,000
Maximum [Member]
Promissory Notes (Textual)
Principal amount						$ 2,500,000

Loan Payable Under Credit Agreement (Details)	Dec. 31, 2020 USD ($)
Required Covenant [Member]
Short-term Debt [Line Items]
Equity Book Value not less than	$ 8,000,000
Unrestricted Cash greater than	$ 1,500,000
Consolidated Total Debt to Equity Book Value ratio not to exceed	4.75
Actual Position [Member]
Short-term Debt [Line Items]
Equity Book Value not less than	$ 11,154,046
Unrestricted Cash greater than	$ 8,541,232
Consolidated Total Debt to Equity Book Value ratio not to exceed	3.93

Loan Payable Under Credit Agreement (Details Textual) - USD ($)		1 Months Ended	12 Months Ended
	Apr. 02, 2019	Jan. 31, 2018	Dec. 31, 2020	Dec. 31, 2019	Mar. 06, 2015
Loan Payable Under Credit Agreement (Textual)
Description of credit facility		Upon 30 days' prior written notice from the applicable noteholder and the Company can prepay principal and interest at any time without penalty.
Outstanding balance credit agreement			$ 37,195,626
Unamortized issuance costs			$ 61,617
Percentage of borrowing			100.00%
Credit Agreement [Member]
Loan Payable Under Credit Agreement (Textual)
Borrowed from lender					$ 42,500,000
Interest expense			$ 3,192,019	$ 3,146,002
Description of credit facility	The Commitment Termination Date was extended to February 28, 2021.
Interest rate			11.16%
Outstanding balance credit agreement			$ 9,217,592
Percentage of borrowing			11.00%

Capital Structure (Details)	12 Months Ended
Capital Structure (Details)	Dec. 31, 2020 USD ($) $ / shares shares
Class of Warrant or Right [Line Items]
Warrants Granted \| shares	480,000
Expense Recorded \| $	$ 407,494
Valuation Per Warrant \| $ / shares	$ 0.85
January 31, 2020 [Member] \| Warrant [Member]
Class of Warrant or Right [Line Items]
Grant Date	Jan. 31, 2020
Warrants Granted \| shares	40,000
Expense Recorded \| $	$ 16,503
Valuation Per Warrant \| $ / shares	$ 0.41
February 29, 2020 [Member] \| Warrant [Member]
Class of Warrant or Right [Line Items]
Grant Date	Feb. 29, 2020
Warrants Granted \| shares	40,000
Expense Recorded \| $	$ 18,727
Valuation Per Warrant \| $ / shares	$ 0.47
March 31, 2020 [Member] \| Warrant [Member]
Class of Warrant or Right [Line Items]
Grant Date	Mar. 31, 2020
Warrants Granted \| shares	40,000
Expense Recorded \| $	$ 8,769
Valuation Per Warrant \| $ / shares	$ 0.22
April 30, 2020 [Member] \| Warrant [Member]
Class of Warrant or Right [Line Items]
Grant Date	Apr. 30, 2020
Warrants Granted \| shares	40,000
Expense Recorded \| $	$ 25,412
Valuation Per Warrant \| $ / shares	$ 0.64
May 31, 2020 [Member] \| Warrant [Member]
Class of Warrant or Right [Line Items]
Grant Date	May 31, 2020
Warrants Granted \| shares	40,000
Expense Recorded \| $	$ 33,388
Valuation Per Warrant \| $ / shares	$ 0.83
June 30, 2020 [Member] \| Warrant [Member]
Class of Warrant or Right [Line Items]
Grant Date	Jun. 30, 2020
Warrants Granted \| shares	40,000
Expense Recorded \| $	$ 36,681
Valuation Per Warrant \| $ / shares	$ 0.92
July 31, 2020 [Member] \| Warrant [Member]
Class of Warrant or Right [Line Items]
Grant Date	Jul. 31, 2020
Warrants Granted \| shares	40,000
Expense Recorded \| $	$ 29,587
Valuation Per Warrant \| $ / shares	$ 0.74
August 31, 2020 [Member] \| Warrant [Member]
Class of Warrant or Right [Line Items]
Grant Date	Aug. 31, 2020
Warrants Granted \| shares	40,000
Expense Recorded \| $	$ 46,744
Valuation Per Warrant \| $ / shares	$ 1.17
September 30, 2020 [Member] \| Warrant [Member]
Class of Warrant or Right [Line Items]
Grant Date	Sep. 30, 2020
Warrants Granted \| shares	40,000
Expense Recorded \| $	$ 43,229
Valuation Per Warrant \| $ / shares	$ 1.08
October 31,2020 [Member] \| Warrant [Member]
Class of Warrant or Right [Line Items]
Grant Date	Oct. 31, 2020
Warrants Granted \| shares	40,000
Expense Recorded \| $	$ 37,414
Valuation Per Warrant \| $ / shares	$ 0.94
December 31, 2020 \| Warrant [Member]
Class of Warrant or Right [Line Items]
Warrants Granted \| shares	40,000
Expense Recorded \| $	$ 65,157
Valuation Per Warrant \| $ / shares	$ 1.63
November 30, 2020 [Member] \| Warrant [Member]
Class of Warrant or Right [Line Items]
Warrants Granted \| shares	40,000
Expense Recorded \| $	$ 45,883
Valuation Per Warrant \| $ / shares	$ 1.15

Capital Structure (Details 1) - Warrant [Member]

12 Months Ended

Dec. 31, 2020

$ / shares

Series 2 Preferred Stock Warrants Outstanding

2,112,488

439

Exercise Price 1.25 [Member]

$ 1.25

1,215,184

Exercise Price 1.34 [Member]

3 years

$ 1.34

40,000

Exercise Price 1.40 [Member]

3 years

$ 1.40

40,000

Exercise Price 1.54 [Member]

3 years

$ 1.54

40,000

Exercise Price 1.62 [Member]

3 years

$ 1.62

40,000

Exercise Price 1.68 [Member]

3 years

$ 1.68

40,000

Exercise Price 1.69 [Member]

4 years

$ 1.69

40,000

Exercise Price 1.74 [Member]

3 years

$ 1.74

40,000

Exercise Price 1.76 [Member]

3 years

$ 1.76

40,000

Exercise Price 1.91 [Member]

3 years

$ 1.91

40,000

Exercise Price 1.95 [Member]

3 years

$ 1.95

40,000

Exercise Price 2.00 [Member]

4 years

$ 2.00

40,000

Exercise Price 2.01 [Member]

3 years

$ 2.01

40,000

Exercise Price 2.08 [Member]

3 years

$ 2.08

40,000

Exercise Price 2.45 [Member]

4 years

$ 2.45

40,000

Exercise Price 2.53 [Member]

3 years

$ 2.53

40,000

Exercise Price 2.57 [Member]

3 years

$ 2.57

40,000

Exercise Price 2.78 [Member]

4 years

$ 2.78

40,000

Exercise Price 2.93 [Member]

3 years

$ 2.93

40,000

Exercise Price 5.50 [Member]

3 years

$ 5.50

177,304

Exercise Price 1,250 [Member]

2 years

$ 1,250

Series 2 Preferred Stock Warrants Outstanding

439

^[1]

3 years

[1]	At December 31, 2020, the above warrants were convertible into 116,903 shares of common stock

Capital Structure (Details Textual) - USD ($)	1 Months Ended		12 Months Ended
Capital Structure (Details Textual) - USD ($)	Sep. 30, 2018	Jun. 30, 2016	Dec. 31, 2020	Dec. 31, 2019
Capital Structure (Textual)
Common stock, shares authorized			40,000,000	40,000,000
Common stock, par value			$ 0.0001	$ 0.0001
Issuance of warrants			$ 131,250	$ 43,875
Warrants convertible into common stock			116,903
Preferred Stock [Member]
Capital Structure (Textual)
Preferred stock, par value			$ 0.001
Preferred stock, shares authorized			500,000
Common Stock [Member]
Capital Structure (Textual)
Common stock, shares authorized			40,000,000
Common stock, par value			$ 0.0001
Convertible preferred stock, terms of conversion, description			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.
Common stock price			$ 23.00
Consultant [Member]
Capital Structure (Textual)
Warrant exercise price			$ 1.60
Series Two Convertible Preferred Stock [Member]
Capital Structure (Textual)
Description of warrants expiration		The Company issued to the placement agent in such offering warrants exercisable for 439 shares of Series 2 Preferred Stock at an initial exercise price of $1,250 per share, which expire seven years after the date of issuance.
Series 1 Convertible Preferred Stock [Member]
Capital Structure (Textual)
Preferred stock conversion into common stock, shares			7,700,000
Common stock, par value			$ 5.00
Convertible preferred stock, terms of conversion, description			859 shares of Series 1 Convertible Preferred Stock were converted into 1,136 shares of common stock during the year ended December 31, 2020. As of December 31, 2020, 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 (Textual)
Preferred stock, shares authorized			250,000
Series 2 Convertible Preferred Stock [Member]
Capital Structure (Textual)
Preferred stock, designated			25,000
Preferred stock conversion into common stock, shares			266
Proceeds from sale of stock			$ 20,000,000
Convertible preferred stock, shares issued upon conversion			20,000
Convertible preferred stock, stated value			$ 1,000
Gross proceeds			$ 1,950,000
Additional sale of shares			1,952
Cumulative accrued dividends			$ 10,832,073
Stated value, percentage			10.00%
Warrant [Member]
Capital Structure (Textual)
Common stock warrants outstanding			2,112,488
Series 2 preferred stock warrants outstanding			439
Warrants exercisable for shares of common stock	5,750,000		1,055,184
Description of warrants expiration	The warrants were immediately exercisable for 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.
Warrant exercise price	$ 1.25		$ 1.25
Valuation Expenses			$ 407,495
weighted average valuation			$ 0.72
Issuance of warrants			$ 40,000
Warrant [Member] \| Consultant [Member]
Capital Structure (Textual)
Description of warrants expiration			The warrants are immediately exercisable and expire following the close of business on June 30, 2023.
Warrant exercise price			$ 1.25
Warrant, description			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.

Stock Options (Details) - Employee Stock Option [Member] - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Number of options
Outstanding	2,004,318	620,900
Granted	860,465	1,694,851
Exercised	(7,166)	(82,667)
Forfeited	(261,917)	(203,766)
Expired		(25,000)
Outstanding	2,595,700	2,004,318
Weighted average exercise price
Outstanding	$ 1.72	$ 3.75
Granted	2.38	1.00
Exercise	0.79	0.84
Forfeited	1.90	1.71
Expired		6.20
Outstanding	$ 1.92	$ 1.72
Weighted average contractual term (years)
Outstanding	7 years 7 months 6 days
Aggregate intrinsic value
Outstanding	$ 2,542,361
Exercise	6,523	$ 67,911
Forfeited	134,070	104,868
Outstanding	$ 2,491,026	$ 2,542,361

Stock Options (Details1) - Employee Stock Option [Member] - $ / shares	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Exercise price	$ 1.47
Expected life	5 years 3 months 19 days	6 years 9 months 18 days
Expected volatility	76.00%	64.00%
Dividend yield	0.00%	0.00%
Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Exercise price		$ 0.83
Risk-free interest rate	0.28%	1.43%
Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Exercise price		$ 1.80
Risk-free interest rate	1.72%	2.55%

Stock Options (Details Textual) - USD ($)			12 Months Ended
Stock Options (Details Textual) - USD ($)	Jun. 10, 2020	May 02, 2019	Dec. 31, 2020	Dec. 31, 2019	Apr. 26, 2018
Stock Options (Textual)
Weighted average grant date fair value of options granted			$ 1.47	$ 0.61
Unrecognized compensation cost related to non-vested options			$ 743,726
Weighted average period			3 years 7 months 6 days
Compensation expense			$ 981,261	$ 595,833
Stock options granted period, description			Options granted under the 2018 Plan and the Prior Plans vest over periods ranging from immediately upon grant to a three-year period and expire ten years from date of grant.
Stock Options [Member]
Stock Options (Textual)
Stock options granted period, description	(a) the total number of shares available for issuance under the 2018 Plan by 1,000,000 shares and (b) the number of shares available for issuance as "incentive stock options" within the meaning of Internal Revenue Code Section 422 by 1,000,000 shares.	(a) the total number of shares available for issuance under the 2018 Plan by 1,000,000 shares and (b) the number of shares available for issuance as "incentive stock options" within the meaning of Internal Revenue Code Section 422 by 1,000,000 shares.
2007 Omnibus Equity Compensation Plan [Member]
Stock Options (Textual)
Common shares authorized for issuance (in shares)					307,000
Omnibus Equity Compensation Plan [Member]
Stock Options (Textual)
Issuance of shares					1,057,000
Common shares authorized for issuance (in shares)					750,000

Income Taxes (Details) - USD ($)	12 Months Ended
Income Taxes (Details) - USD ($)	Dec. 31, 2020	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Federal tax at statutory rate	$ 67,862	$ 167,000
State tax, net of federal tax	29,866	65,000
Permanent differences	126,301	92,000
Change in statutory rate	(69,835)	(197,000)
Change in valuation allowance	522,738	(10,000)
Other	(13,882)	99,000
Expense for income taxes	$ 663,050	$ 216,400

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Income Taxes (Details 1) - USD ($)	Dec. 31, 2020	Dec. 31, 2019
Deferred tax assets (liabilities):
Equity based compensation	$ 368,000	$ 240,000
Allowance for doubtful accounts	5,527,000	2,478,000
Fixed assets	256,000	(6,476,000)
Lease impairment	586,958	553,000
Lease Liability	526,000	520,000
Right of use asset	(425,000)	(466,000)
Tax credit carryforward	32,000	32,000
Federal loss carry-forwards	4,779,000	14,047,000
State loss carry forward	161,000	353,000
Other	(6,000)
Gross deferred tax assets	11,805,000	11,281,000
Valuation allowance	(11,805,000)	(11,281,000)
Net deferred tax assets

Income Taxes (Details 2) - USD ($)	12 Months Ended
Income Taxes (Details 2) - USD ($)	Dec. 31, 2020	Dec. 31, 2019
Current Income Tax:
Federal
State	663,050	216,400
Deferred Income Tax:
Federal
State
Total	$ 663,050	$ 216,400