FPAY · As filed with the SEC
FlexShopper balance sheet, by quarter
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.
Condensed Consolidated Balance Sheets · USD
| USD | Q3 2024 Sep 30, 2024 | Q2 2024 Jun 30, 2024 | Q1 2024 Mar 31, 2024 | Q4 2023 Dec 31, 2023 | Q3 2023 Sep 30, 2023 | Q2 2023 Jun 30, 2023 | Q1 2023 Mar 31, 2023 | Q4 2022 Dec 31, 2022 |
|---|---|---|---|---|---|---|---|---|
| ASSETS | ||||||||
| CURRENT ASSETS: | ||||||||
| Cash | — | — | — | — | — | 6,372,699 | 9,861,646 | 6,051,713 |
| Cash | — | — | — | 4,413,130 | 5,732,483 | — | — | — |
| Restricted cash | — | — | — | — | 5,326 | 6,285 | 7,881 | 121,636 |
| Cash | 7,330,542 | 4,892,912 | 5,593,750 | — | — | — | — | — |
| Lease receivables, net | — | — | 49,316,032 | 44,795,090 | 41,421,040 | 39,227,399 | 37,153,935 | 35,540,043 |
| Loan receivables at fair value | — | — | — | — | — | 25,105,046 | 29,317,948 | 32,932,504 |
| Prepaid expenses and other assets | — | — | — | — | — | 3,068,559 | 2,912,447 | 3,489,136 |
| Lease merchandise, net | — | — | — | — | — | 24,597,836 | 26,908,105 | 31,550,441 |
| Lease receivables, net | 66,181,471 | 57,151,127 | — | — | — | — | — | — |
| Loan receivables at fair value | 47,116,140 | 40,085,656 | 39,457,230 | 35,794,290 | 31,679,882 | — | — | — |
| Prepaid expenses and other assets | 4,583,392 | 4,452,164 | 3,308,255 | 3,300,677 | 2,839,591 | — | — | — |
| Lease merchandise, net | 24,087,010 | 25,856,542 | 25,896,510 | 29,131,440 | 23,596,608 | — | — | — |
| Total current assets | 149,298,555 | 132,438,401 | 123,571,777 | 117,434,627 | 105,274,930 | 98,377,824 | 106,161,962 | 109,685,473 |
| Property and equipment, net | 9,495,192 | 9,419,105 | 9,588,238 | 9,308,859 | 9,011,047 | 8,830,978 | 8,677,314 | 8,086,862 |
| Right of use asset, net | — | — | — | — | — | 1,324,953 | 1,366,235 | 1,406,270 |
| Right of use asset, net | — | 1,142,104 | 1,190,482 | 1,237,010 | 1,281,918 | — | — | — |
| Intangible assets, net | — | 12,506,545 | 12,948,971 | 13,391,305 | 13,833,595 | 14,276,231 | 14,719,290 | 15,162,349 |
| Right of use asset, net | 1,093,551 | — | — | — | — | — | — | — |
| Intangible assets, net | 12,064,118 | — | — | — | — | — | — | — |
| Other assets, net | 2,528,397 | 2,459,908 | 2,313,988 | 2,175,215 | 1,809,511 | 1,832,175 | 1,884,060 | 1,934,728 |
| Deferred tax asset, net | 12,781,946 | 14,246,325 | 13,000,294 | 12,943,361 | 13,206,051 | 13,471,568 | 12,162,368 | 12,013,828 |
| Total assets | 187,261,759 | 172,212,388 | 162,613,750 | 156,490,377 | 144,417,052 | 138,113,729 | 144,971,229 | 148,289,510 |
| LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||
| CURRENT LIABILITIES: | ||||||||
| Accounts payable | 3,604,816 | 3,811,310 | 3,370,054 | 7,139,848 | 4,010,544 | 4,005,219 | 3,843,178 | 6,511,943 |
| Accrued payroll and related taxes | — | — | — | — | — | 299,741 | 565,370 | 310,820 |
| 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 | 744,371 | 381,929 | 700,208 | 578,197 | 603,838 | — | — | — |
| Related Party | — | 174,096 | 198,398 | 198,624 | 192,009 | — | — | — |
| Promissory notes to related parties, including accrued interest, and net of unamortized issuance costs of $305,860 at September 30, 2024 | 10,616,988 | — | — | — | — | 1,207,798 | 1,210,806 | — |
| Accrued expenses | 3,477,386 | 3,763,725 | 4,498,602 | 3,972,397 | 2,834,954 | 2,386,547 | 2,647,608 | 3,988,093 |
| Lease liability - current portion | — | — | — | — | — | 228,358 | 217,862 | 208,001 |
| Lease liability - current portion | — | 263,111 | 253,936 | 245,052 | 236,628 | — | — | — |
| Lease liability - current portion | 275,029 | — | — | — | — | — | — | — |
| Total current liabilities | 18,718,590 | 8,394,171 | 9,021,198 | 12,134,118 | 7,877,973 | 8,127,663 | 8,484,824 | 12,228,312 |
| Loans payable | — | 117,483,978 | 105,566,690 | 96,384,220 | 86,063,852 | 80,943,484 | 81,093,116 | 80,847,748 |
| 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 | 9,985,349 | 9,870,652 | 10,750,000 | 10,750,000 |
| Promissory notes to related parties, net of unamortized issuance costs of $420,558 at June 30, 2024 and $649,953 at December 31, 2023 and net of current portion | — | — | — | — | 3,191,272 | 3,133,617 | 3,063,771 | 3,158,471 |
| Related Party | — | 10,329,442 | 10,214,744 | — | — | — | — | — |
| Loan payable under Basepoint credit agreement, net of unamortized issuance costs of $73,730 at June 30, 2024 and $92,964 at December 31, 2023 | — | 7,338,875 | 7,329,258 | 7,319,641 | 7,310,025 | 7,300,408 | — | — |
| Purchase consideration payable related to acquisition | — | — | — | — | — | — | 8,844,959 | 8,703,684 |
| Lease liabilities, net of current portion | — | — | 1,254,239 | 1,321,578 | 1,386,769 | — | — | — |
| 2024 Credit Agreement | 130,274,365 | — | — | — | — | — | — | — |
| Basepoint Credit Agreement | 7,348,492 | — | — | — | — | — | — | — |
| Promissory notes to related parties, net of unamortized issuance costs of $649,953 at December 31, 2023 and net of current portion | 0 | — | — | — | — | — | — | — |
| Lease liabilities, net of current portion | 1,111,740 | 1,184,683 | — | — | — | 1,447,788 | 1,508,168 | 1,566,622 |
| Total liabilities | 157,453,187 | 144,731,149 | 133,386,129 | 127,259,604 | 115,815,240 | 110,823,612 | 113,744,838 | 117,254,837 |
| 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 |
| Series 1 Convertible Preferred Stock | — | — | — | — | — | 851,660 | — | — |
| Series 2 Convertible Preferred Stock | — | — | — | — | — | 21,952,000 | — | — |
| Series 1 Convertible Preferred Stock | 851,660 | 851,660 | 851,660 | 851,660 | 851,660 | — | — | — |
| Series 2 Convertible Preferred Stock | 21,952,000 | 21,952,000 | 21,952,000 | 21,952,000 | 21,952,000 | — | — | — |
| Common stock, $0.0001 par value - authorized 40,000,000 shares, issued 21,988,711 shares at September 30, 2024 and 21,752,304 shares at December 31, 2023 | 2,200 | 2,200 | 2,176 | 2,176 | 2,176 | 2,176 | 2,176 | 2,176 |
| Treasury shares, at cost- 346,258 shares at June 30, 2024 and 164,029 shares at December 31, 2023 | — | (367,563) | (172,855) | (166,757) | (100,225) | — | — | — |
| Treasury shares, at cost- 526,822 shares at September 30, 2024 and 164,029 shares at December 31, 2023 | (563,537) | — | — | — | — | — | — | — |
| Additional paid in capital | 42,841,302 | 42,684,380 | 42,633,019 | 42,415,894 | 42,074,553 | 41,602,734 | 40,241,353 | 39,819,420 |
| Accumulated deficit | (35,275,053) | (37,641,438) | (36,038,379) | (35,824,200) | (36,178,352) | (37,118,453) | (31,820,798) | (31,590,583) |
| Total stockholders’ equity | 29,808,572 | 27,481,239 | 29,227,621 | 29,230,773 | 28,601,812 | 27,290,117 | 31,226,391 | 31,034,673 |
| Series 1 Convertible Preferred Stock | — | — | — | — | — | 851,660 | — | — |
| Series 2 Convertible Preferred Stock | — | — | — | — | — | 21,952,000 | — | — |
| Total liabilities and stockholders' equity | 187,261,759 | 172,212,388 | 162,613,750 | 156,490,377 | 144,417,052 | 138,113,729 | 144,971,229 | 148,289,510 |
As filed on EDGAR · Not affiliated with the U.S. SEC · Not investment advice. Each column links to its filing.