FPAY · As filed with the SEC
FlexShopper balance sheet, by fiscal year
The statement as FlexShopper presents it in its 10-Q and 10-K: its own lines, labels and order. Tables over time lines up standardized figures across every filing.
Consolidated Balance Sheets · USD
| USD | FY2023 Dec 31, 2023 | FY2022 Dec 31, 2022 | FY2021 Dec 31, 2021 | FY2020 Dec 31, 2020 | FY2019 Dec 31, 2019 | FY2018 Dec 31, 2018 | Dec 31, 2017 Dec 31, 2017 | Dec 31, 2016 Dec 31, 2016 |
|---|---|---|---|---|---|---|---|---|
| CURRENT ASSETS: | ||||||||
| Cash | — | 6,051,713 | 5,094,642 | — | — | — | — | — |
| Cash | 4,413,130 | — | — | 8,541,232 | 6,868,472 | 6,141,210 | 4,968,915 | — |
| Restricted cash | — | 121,636 | — | — | — | — | — | — |
| Lease receivables, net | 44,795,090 | 35,540,043 | 29,898,991 | 10,032,714 | 8,272,332 | 6,375,963 | 4,259,468 | — |
| Loan receivables at fair value | — | 32,932,504 | — | — | — | — | — | — |
| Prepaid expenses and other assets | — | 3,489,136 | 957,527 | 869,081 | 672,242 | 317,160 | 321,035 | — |
| Lease merchandise, net | — | 31,550,441 | 40,942,112 | 42,822,340 | 31,063,104 | 32,364,697 | 21,415,322 | — |
| Loan receivables at fair value | 35,794,290 | — | — | — | — | — | — | — |
| Prepaid expenses and other assets | 3,300,677 | — | — | — | — | — | — | — |
| Lease merchandise, net | 29,131,440 | — | — | — | — | — | — | — |
| Total current assets | 117,434,627 | 109,685,473 | 76,893,272 | 62,265,367 | 46,876,150 | 45,199,030 | 30,964,740 | — |
| Property and equipment, net | 9,308,859 | 8,086,862 | 7,841,206 | 5,911,696 | 5,260,407 | 3,336,664 | 2,948,164 | — |
| Right of use asset, net | — | 1,406,270 | — | — | — | — | — | — |
| Right of use asset net | 1,237,010 | — | — | — | — | — | — | — |
| Intangible assets, net | 13,391,305 | 15,162,349 | — | — | — | — | — | — |
| Other assets, net | 2,175,215 | 1,934,728 | 77,578 | 72,316 | 78,335 | 90,621 | 95,722 | — |
| Deferred tax asset, net | 12,943,361 | 12,013,828 | — | — | — | — | — | — |
| Total assets | 156,490,377 | 148,289,510 | 84,812,056 | 68,249,379 | 52,214,892 | 48,626,315 | 34,008,626 | — |
| CURRENT LIABILITIES: | ||||||||
| Short-Term Debt | — | — | — | — | — | 14,252,717 | 14,094,096 | — |
| Accounts payable | 7,139,848 | 6,511,943 | 7,982,180 | 7,907,619 | 4,567,889 | 8,317,216 | 7,702,145 | — |
| Accrued payroll and related taxes | — | 310,820 | 391,078 | 352,102 | 513,267 | 393,095 | 404,346 | — |
| Promissory notes to related parties, net of $1,274 at 2021 and net of $8,276 at 2020 of unamortized issuance costs, including accrued interest | — | — | 1,053,088 | 4,815,546 | 1,067,740 | 1,814,771 | — | — |
| Current portion of promissory note – Paycheck Protection Program, including accrued interest | — | — | — | 1,184,952 | — | — | — | — |
| Promissory notes to related parties, net of $0 at 2022 and $1,274 at 2021 of unamortized issuance costs, including accrued interest | — | 1,209,455 | — | — | — | — | — | — |
| Accrued payroll and related taxes | 578,197 | — | — | — | — | — | — | — |
| Related Party | 198,624 | — | — | — | — | — | — | — |
| Accrued expenses | 3,972,397 | 3,988,093 | 2,987,646 | 2,646,800 | 1,372,901 | 1,335,505 | 786,095 | — |
| Lease liability - current portion | — | 208,001 | 172,732 | 160,726 | 27,726 | — | — | — |
| Lease liability - current portion | 245,052 | — | — | — | — | — | — | — |
| Total current liabilities | 12,134,118 | 12,228,312 | 12,586,724 | 17,067,745 | 7,549,523 | 26,113,304 | 22,986,682 | — |
| Loan payable under credit agreement to beneficial shareholder, net of unamortized issuance costs of $70,780 at December 31,2023 and $352,252 at December 31,2022 | 96,384,220 | 80,847,748 | 50,061,924 | 37,134,009 | 28,904,738 | 14,020,335 | 4,698,032 | — |
| Long-Term Debt | — | — | — | — | 3,725,172 | — | — | — |
| Promissory notes to related parties, net of unamortized issuance costs of $649,953 at December 31, 2023 and $0 at December 31, 2022, and net of current portion | 10,100,047 | 10,750,000 | 3,750,000 | — | — | — | — | — |
| Promissory note – Paycheck Protection Program, net of current portion | — | — | — | 741,787 | — | — | — | — |
| Accrued payroll and related taxes net of current portion | — | — | — | 204,437 | — | — | — | — |
| Promissory note related to acquisition, net of discount of $1,165,027 at December 31, 2022 | — | 3,158,471 | — | — | — | — | — | — |
| Loan payable under Basepoint credit agreement, net of unamortized issuance costs of $92,963 at December 31, 2023 | 7,319,641 | — | — | — | — | — | — | — |
| Purchase consideration payable related to acquisition | — | 8,703,684 | — | — | — | — | — | — |
| Deferred income tax liability | — | — | 495,166 | — | — | — | — | — |
| Lease liabilities net of current portion | — | 1,566,622 | 1,774,623 | 1,947,355 | 2,067,184 | — | — | — |
| Lease liabilities, net of current portion | 1,321,578 | — | — | — | — | — | — | — |
| Total liabilities | 127,259,604 | 117,254,837 | 68,668,437 | 57,095,333 | 42,246,617 | 40,133,639 | 27,684,714 | — |
| STOCKHOLDERS’ EQUITY | ||||||||
| Series 1 Convertible Preferred Stock, $0.001 par value - designated 250,000 shares, issued and outstanding 170,332 shares at 2020 and 171,191 shares at 2019 at $5.00 stated value | — | — | — | 851,660 | 855,955 | 1,197,025 | 1,197,025 | — |
| 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 | — | — | — | — | — |
| 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 | 21,952,000 | 21,952,000 | 21,952,000 | — |
| Total Stockholders' Equity | — | — | — | 2,136 | 1,779 | 1,758 | 529 | — |
| Series 1 Convertible Preferred Stock | 851,660 | — | — | — | — | — | — | — |
| Series 2 Convertible Preferred Stock | 21,952,000 | — | — | — | — | — | — | — |
| Common stock, $0.0001 par value- authorized 40,000,000 shares, issued and outstanding 21,752,304 shares at December 31, 2023 and 21,750,804 shares at December 31, 2022 | 2,176 | 2,176 | 2,144 | — | — | — | — | — |
| Treasury shares, at cost- 164,029 shares at 2023 | (166,757) | — | — | — | — | — | — | — |
| Additional paid in capital | 42,415,894 | 39,819,420 | 38,560,117 | 36,843,326 | 35,313,721 | 34,074,488 | 22,445,691 | — |
| Accumulated deficit | (35,824,200) | (31,590,583) | (45,222,302) | (48,495,076) | (48,155,180) | (48,732,595) | (39,271,333) | — |
| Total stockholders’ equity | 29,230,773 | 31,034,673 | 16,143,619 | 11,154,046 | 9,968,275 | 8,492,676 | 6,323,912 | — |
| Total liabilities and stockholders' equity | 156,490,377 | 148,289,510 | 84,812,056 | 68,249,379 | 52,214,892 | 48,626,315 | 34,008,626 | — |
As filed on EDGAR · Not affiliated with the U.S. SEC · Not investment advice. Each column links to its filing.