0001213900-18-014876.txt : 20181105 0001213900-18-014876.hdr.sgml : 20181105 20181105092410 ACCESSION NUMBER: 0001213900-18-014876 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 56 CONFORMED PERIOD OF REPORT: 20180930 FILED AS OF DATE: 20181105 DATE AS OF CHANGE: 20181105 FILER: COMPANY DATA: COMPANY CONFORMED NAME: FlexShopper, Inc. CENTRAL INDEX KEY: 0001397047 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-EQUIPMENT RENTAL & LEASING, NEC [7359] IRS NUMBER: 205456087 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-37945 FILM NUMBER: 181158974 BUSINESS ADDRESS: STREET 1: 2700 N. MILITARY TRAIL SUITE 200 CITY: BOCA RATON STATE: FL ZIP: 33431 BUSINESS PHONE: (561) 367-1504 MAIL ADDRESS: STREET 1: 2700 N. MILITARY TRAIL SUITE 200 CITY: BOCA RATON STATE: FL ZIP: 33431 FORMER COMPANY: FORMER CONFORMED NAME: Anchor Funding Services, Inc. DATE OF NAME CHANGE: 20070419 10-Q 1 f10q0918_flexshopperinc.htm QUARTERLY REPORT

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2018

☐ TRANSITION PERIOD PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _____________ to _________________

Commission File Number	Exact name of registrant as specified in its charter, address of principal executive offices and registrants’ telephone number	IRS Employer Identification Number
001-37945	FLEXSHOPPER, INC.	20-5456087

	2700 N. Military Trail, Suite 200 Boca Raton, Florida 33431 (855) 353-9289

State or other jurisdiction of incorporation or organization: Delaware

Former name, former address and formal fiscal year, if changed since last report: Not applicable

Indicate by check mark whether the registrants (1) have filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months, and (2) have been subject to such filing requirements for the past 90 days. Yes þ No ☐

Indicate by check mark whether the registrants have submitted electronically and posted on their corporate website, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months. Yes þ No ☐

Indicate by check mark whether the registrants are a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company.

	Large Accelerated Filer ☐	Non-Accelerated Filer þ
	Accelerated Filer ☐	Smaller Reporting Company þ
		Emerging Growth Company ☐

If an emerging growth company, indicate by check mark if the registrants have elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Securities Exchange Act of 1934. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Securities Exchange Act of 1934). Yes ☐ No þ

As of November 5, 2018, the Company had a total of 17,579,870 shares of common stock outstanding, excluding 239,405 outstanding shares of Series 1 Preferred Stock convertible into 145,197 shares of common stock and excluding 21,952 outstanding shares of Series 2 Preferred Stock convertible into 7,506,249 shares of common stock.

CAUTIONARY STATEMENT ABOUT FORWARD-LOOKING STATEMENTS

Certain information set forth in this prospectus may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, that are intended to be covered by the “safe harbor” created by those sections. Forward-looking statements, which are based on certain assumptions and describe our future plans, strategies and expectations, can generally be identified by the use of forward-looking terms such as “believe,” “expect,” “may,” “will,” “should,” “could,” “would,” “seek,” “intend,” “plan,” “goal,” “project,” “estimate,” “anticipate” “strategy,” “future,” “likely” or other comparable terms and references to future periods. All statements other than statements of historical facts included in this prospectus regarding our strategies, prospects, financial condition, operations, costs, plans and objectives are forward-looking statements. Examples of forward-looking statements include, among others, statements we make regarding: the expansion of our lease-to-own program; expectation concerning our partnerships with retail partners; investments in, and the success of, our underwriting technology and risk analytics platform; our ability to collect payments due from customers; expected future operating results and; expectations concerning our business strategy.

Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Our actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include, among others, the following:

●

our limited operating history, limited cash and history of losses;

●

our ability to obtain adequate financing to fund our business operations in the future;

●

the failure to successfully manage and grow our FlexShopper.com e-commerce platform;

●

our ability to maintain compliance with financial covenants under our Credit Agreement;

●

our dependence on the success of our third-party retail partners and our continued relationships with them;

●

our compliance with various federal, state and local laws and regulations, including those related to consumer protection;

●

the failure to protect the integrity and security of customer and employee information; and

●

the other risks and uncertainties described in the Risk Factors and in Management’s Discussion and Analysis of Financial Condition and Results of Operations sections in our Annual Report on Form 10-K for the fiscal year ended December 31, 2017.

Any forward-looking statement made by us in this report is based only on information currently available to us and speaks only as of the date on which it is made. We undertake no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise, except as may be required under applicable law. We anticipate that subsequent events and developments will cause our views to change. You should read this prospectus and the documents filed as exhibits to the registration statement, of which this prospectus is a part, completely and with the understanding that our actual future results may be materially different from what we expect. Our forward-looking statements do not reflect the potential impact of any future acquisitions, merger, dispositions, joint ventures or investments we may undertake. We qualify all of our forward-looking statements by these cautionary statements.

TABLE OF CONTENTS

		Page No.

Forward-Looking Statements		i

	PART I - FINANCIAL INFORMATION

Item 1.	Financial Statements	1
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	15
Item 4.	Controls and Procedures	22

	PART II - OTHER INFORMATION

Item 1A.	Risk Factors	23
Item 6.	Exhibits	24

Signatures		25

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

FLEXSHOPPER, INC.

CONSOLIDATED BALANCE SHEETS

	September 30,			December 31,
	2018			2017
	(unaudited)
ASSETS
CURRENT ASSETS:
Cash	$	7,282,103		$	4,968,915
Accounts receivable, net		4,815,676			4,259,468
Prepaid expenses		182,189			321,035
Lease merchandise, net		18,326,430			21,415,322
Total current assets		30,606,398			30,964,740

PROPERTY AND EQUIPMENT, net		3,313,109			2,948,164

OTHER ASSETS, net		91,390			95,722
	$	34,010,897		$	34,008,626

LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES:
Current portion of loan payable under credit agreement to beneficial shareholder net of $89,180 at 2018 and $118,404 at 2017 of unamortized issuance costs	$	3,580,330		$	14,094,096
Accounts payable		5,928,893			7,702,145
Accrued payroll and related taxes		225,081			404,346
Promissory notes		1,750,000			-
Accrued expenses		858,863			786,095
Total current liabilities		12,343,167			22,986,682

Loan payable under credit agreement to beneficial shareholder net of $264,633 at 2018 and $39,468 at 2017 of unamortized issuance costs and current portion		10,624,240			4,698,032
Total liabilities		22,967,407			27,684,714

STOCKHOLDERS’ EQUITY
Series 1 Convertible Preferred Stock, $0.001 par value- authorized 250,000 shares, issued and outstanding 239,405 shares at $5.00 stated value		1,197,025			1,197,025
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 25,000,000 shares, issued and outstanding: 17,579,870 shares at 2018 and 5,294,501 at 2017		1,758			529
Additional paid in capital		34,142,693			22,445,691
Accumulated deficit		(46,249,986	)		(39,271,333	)
Total stockholders’ equity		11,043,490			6,323,912
	$	34,010,897		$	34,008,626

The accompanying notes are an integral part of these consolidated statements.

FLEXSHOPPER, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(unaudited)

	For the three months ended September 30,						For the nine months ended September 30,
	2018			2017			2018			2017

Revenues:
Lease revenues and fees	$	20,514,492		$	16,144,184		$	58,439,865		$	49,458,109
Lease merchandise sold		490,208			359,656			1,592,556			1,174,608
Total revenues		21,004,700			16,503,840			60,032,421			50,632,717

Costs and expenses:
Cost of lease revenues, consisting of depreciation and impairment of lease merchandise		10,289,709			8,146,293			29,684,867			24,733,915
Cost of lease merchandise sold		349,209			280,130			1,007,677			816,058
Provision for doubtful accounts		5,905,083			4,681,832			16,563,888			14,357,461
Marketing		1,596,322			994,576			4,025,509			2,625,367
Salaries and benefits		2,186,835			1,900,925			6,397,999			5,567,082
Operating expenses		2,206,496			1,723,309			6,163,680			5,266,278
Total costs and expenses		22,533,654			17,727,065			63,843,620			53,366,161

Operating loss		(1,528,954	)		(1,223,225	)		(3,811,199	)		(2,733,444	)

Loss on extinguishment of debt		126,622			-			126,622			-
Interest expense including amortization of debt issuance costs		1,061,827			504,392			3,040,832			1,611,687
Net loss		(2,717,403	)		(1,727,617	)		(6,978,653	)		(4,345,131	)

Dividends on Series 2 Convertible Preferred Shares		609,168			603,680			1,817,672			1,712,716
Net loss attributable to common shareholders	$	(3,326,571	)	$	(2,331,297	)	$	(8,796,325	)	$	(6,057,847	)

Basic and diluted (loss) per common share:
Net loss	$	(0.56	)	$	(0.44	)	$	(1.59	)	$	(1.14	)

WEIGHTED AVERAGE COMMON SHARES:
Basic and diluted		5,950,161			5,292,281			5,539,815			5,290,077

The accompanying notes are an integral part of these consolidated statements.

FLEXSHOPPER, INC.

CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS’ EQUITY

For the nine months ended September 30, 2018

(unaudited)

	Series 1 Convertible Preferred Stock				Series 2 Convertible Preferred Stock				Common Stock				Additional Paid in			Accumulated
	Shares		Amount		Shares		Amount		Shares		Amount		Capital			Deficit			Total
Balance, January 1, 2018		239,405	$	1,197,025		21,952	$	21,952,000		5,294,501	$	529	$	22,445,691		$	(39,271,333	)	$	6,323,912
Provision for compensation expense related to stock options		-		-		-		-		-		-		101,025			-			101,025
Warrants issued in connection with amended credit agreement and subsequent issuance of common stock upon exercise of the warrants		-		-		-		-		175,000		18		523,232			-			523,250
Issuance of shares and warrants in connection with equity raise		-		-		-		-		10,000,000		1,000		10,006,500			-			10,007,500
Offering costs related to equity raise		-		-		-		-		-		-		(1,022,810	)		-			(1,022,810	)
Conversion of debt and accrued interest to common shares		-		-		-		-		2,110,369		211		2,089,055			-			2,089,266
Net loss		-		-		-		-		-		-		-			(6,978,653	)		(6,978,653	)
Balance, September 30, 2018		239,405	$	1,197,025		21,952	$	21,952,000		17,579,870	$	1,758	$	34,142,693		$	(46,249,986	)	$	11,043,490

The accompanying notes are an integral part of these consolidated statements.

FLEXSHOPPER, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

For the nine months ended September 30, 2018 and 2017

(unaudited)

	2018			2017
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$	(6,978,653	)	$	(4,345,131	)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and impairment of lease merchandise		29,684,866			24,733,916
Other depreciation and amortization		1,850,452			1,536,491
Compensation expense related to issuance of stock options		101,025			64,896
Provision for doubtful accounts		16,563,888			14,357,461
Loss on debt extinguishment		126,622			-
Changes in operating assets and liabilities:
Accounts receivable		(17,120,096	)		(15,570,400	)
Prepaid expenses and other		141,126			13,255
Lease merchandise		(26,595,974	)		(17,315,091	)
Security deposits		2,025			(10,207	)
Accounts payable		(1,560,609	)		(1,188,200	)
Accrued payroll and related taxes		(179,265	)		(147,388	)
Accrued expenses		128,766			44,386
Net cash (used in) provided by operating activities		(3,835,827	)		2,173,988

CASH FLOWS FROM INVESTING ACTIVITIES
Purchases of property and equipment, including capitalized software costs		(1,752,095	)		(1,487,441	)
Net cash (used in) investing activities		(1,752,095	)		(1,487,441	)

CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from exercise of stock options		-			15,000
Proceeds from exercise of warrants		1,750			-
Proceeds from public offering		10,007,500			-
Equity issuance related costs		(862,810	)		-
Proceeds from promissory notes		3,465,000			-
Proceeds from loan payable under credit agreement		5,185,000			-
Repayment of loan payable under credit agreement		(9,786,487	)		(2,288,207	)
Repayment of installment loan		(8,405	)		-
Debt issuance related costs		(100,438	)		-
Net cash provided by (used in) financing activities		7,901,110			(2,273,207	)

INCREASE/(DECREASE) IN CASH		2,313,188			(1,586,660	)

CASH, beginning of period		4,968,915			5,412,495

CASH, end of period	$	7,282,103		$	3,825,835

Supplemental cash flow information:
Interest paid	$	2,104,110		$	1,179,826
Non-cash financing activities:
Issuance of common stock and warrants to extinguishment debt and accrued interest	$	2,089,266			-
Accrued equity issuance costs	$	160,000			-
Warrants issued for debt issuance costs	$	523,250			-

The accompanying notes are an integral part of these consolidated statements.

FLEXSHOPPER, INC.

Notes To Consolidated Financial Statements

For the nine months ended September 30, 2018 and 2017

(Unaudited)

1. BASIS OF PRESENTATION

Our 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 our interim financial statements does not include all information and disclosures necessary for a fair presentation of our 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 our Annual Report on Form 10-K for the fiscal year ended December 31, 2017.

The consolidated balance sheet as of December 31, 2017 contained herein has been derived from audited financial statements.

2. BUSINESS

FlexShopper, Inc. (the “Company”) is a corporation organized under the laws of the State of Delaware on August 16, 2006. The Company owns 100% of FlexShopper, LLC, a limited liability company incorporated under the laws of North Carolina on June 24, 2013, which in turns owns 100% of FlexShopper 1, LLC and FlexShopper 2, LLC. The Company is a holding corporation with no operations except for those conducted by FlexShopper, LLC. FlexShopper, LLC provides through e-commerce sites certain types of durable goods to consumers, including customers of third-party retailers and e-tailers, on a lease-to-own basis (“LTO”).

To date, funds derived from the sale of FlexShopper’s common stock and Series 2 Convertible Preferred Stock and the Company’s ability to borrow funds against the lease portfolio have provided the liquidity and capital resources necessary to fund its operations.

3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

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 - 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 period. Actual results could differ from those estimates.

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 payments of all required lease payments, generally 52 weeks, for ownership. On any current lease, customers have the option to cancel the agreement in accordance with lease terms and return the merchandise. Accordingly, customer agreements are accounted for as operating leases with lease revenues recognized in the month they are due on the accrual basis of accounting. Merchandise sales revenue is recognized when the customer exercises the purchase option and pays the purchase price. Revenue for lease payments received prior to their due date is deferred and recognized as revenue in the period to which the payments relate. Revenues from leases and sales are reported net of sales taxes.

Accounts Receivable and Allowance for Doubtful Accounts - FlexShopper seeks to collect amounts owed under its leases from each customer on a weekly basis by charging their bank accounts or credit cards. Accounts receivable are principally comprised of lease payments currently owed to FlexShopper which are past due, as FlexShopper has been unable to successfully collect in the manner described above. The allowance for doubtful accounts is based upon revenues and historical experience of balances charged off as a percentage of revenues. The accounts receivable balances consisted of the following as of September 30, 2018 and December 31, 2017:

	September 30, 2018			December 31, 2017

Accounts receivable	$	9,393,310		$	6,399,233
Allowance for doubtful accounts		(4,577,634	)		(2,139,765	)
Accounts receivable, net	$	4,815,676		$	4,259,468

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. In addition, while collections are pursued, the same delinquent customers continue to accrue weekly charges until they are charged off with such charges being fully reserved for. Accounts receivable balances charged off against the allowance were $6,766,876 and $14,209,066 for the three and nine months ended September 30, 2018, respectively, and $7,133,260 and $20,713,314 for the three and nine months ended September 30, 2017, respectively.

Lease Merchandise - 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 or anticipated to be 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 impairment charge amounted to approximately $2,029,000 and $4,148,000 for the three and nine months ended September 30, 2018, respectively, and $664,000 and $3,948,000 for the three and nine months ended September 30, 2017, respectively.

The net leased merchandise balances consisted of the following as of September 30, 2018 and December 31, 2017:

	September 30, 2018			December 31, 2017
Lease merchandise at cost	$	35,707,612		$	34,501,555
Accumulated depreciation		(15,710,483	)		(11,974,953	)
Impairment reserve		(1,670,699	)		(1,111,280	)
Lease merchandise, net	$	18,326,430		$	21,415,322

Lease merchandise at cost represents the undepreciated cost of rental merchandise at the time of purchase.

Deferred Debt Issuance Costs - Debt issuance costs incurred in conjunction with the Credit Agreement entered into on March 6, 2015 (see Note 6) 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 $167,689 and $425,996 for the three and nine months ended September 30, 2018, respectively, and $118,404 and $355,212 for the three and nine months ended September 30, 2017, respectively.

Debt issuance costs of $35,000 incurred in conjunction with the subordinated Promissory Notes entered into on January 29, 2018 and January 30, 2018 (see Note 5) 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 $35,000 for the nine months ended September 30, 2018.

Intangible Assets - Intangible assets consist of a patent on the Company’s LTO payment method at check-out for third party e-commerce sites. Patents are 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.

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 $730,554 and $1,737,931 for the three and nine months ended September 30, 2018, respectively, and $481,306 and $1,419,273 for the three and nine months ended September 30, 2017, respectively.

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.

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 7). 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 income from continuing operations and from net income. Loss attributable to common shareholders is computed by increasing loss from continuing operations and net loss by such dividends. Where the Company has undistributed net income available to common shareholders, basic earnings per common share is computed based on the total of any dividends paid or declared per common share plus undistributed income per common share determined by dividing net income 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 plus the weighted average number of common shares issuable upon conversion of outstanding participating Series 1 Convertible Preferred Stock during the period. Where the Company has a net loss, basic per share data (including income from continuing operations) is computed based solely on the weighted average number of common shares outstanding during the period. As the participating Series 1 Convertible Preferred Stock has no contractual obligation to share in the losses of the Company, common shares issuable upon conversion of such preferred stock are not included in such computations.

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 and warrants. The dilutive effect of stock options and warrants is 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 and warrants will have a dilutive effect when the average price of common stock during the period exceeds the exercise price of options 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.

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:

	Nine Months ended
	September 30,
	2018		2017
Series 1 Convertible Preferred Stock		145,197		147,417
Series 2 Convertible Preferred Stock		7,506,249		2,710,124
Series 2 Convertible Preferred Stock issuable upon exercise of warrants		150,111		54,217
Common Stock Options		445,400		302,900
Common Stock Warrants		7,182,488		511,553
		15,429,445		3,726,211

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

Compensation expense is determined by reference to the fair value of an award on the date of grant and is amortized 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 (see Note 8).

Fair Value of Financial Instruments - The carrying value of loans payable under the Credit Agreement increased by unamortized issuance costs (see Note 6) and notes payable approximates fair value. The carrying value of cash, receivables, and payables approximate fair value due to their short-term nature.

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, 2018, and 2017, 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.

Recent Accounting Pronouncements - In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers, on revenue recognition. The new standard provides for a single five-step model to be applied to all revenue contracts with customers as well as requires additional financial statement disclosures that will enable users to understand the nature, amount, timing and uncertainty of revenue and cash flows relating to customer contracts. Companies have an option to use either a retrospective approach or cumulative effect adjustment approach to implement the standard. ASU 2014-09 is effective for annual reporting periods beginning after December 15, 2017, including interim periods within that reporting period. The Company adopted this guidance on January 1, 2018 but it did not have a material impact on its financial statements as a majority of the Company’s revenue generating activities are leasing arrangements, which are outside the scope of the guidance.

In February 2016, the FASB issued ASU No. 2016-02, Leases, which is effective for fiscal years, and interim periods within those years, beginning after December 15, 2018 with early adoption permitted. Under ASU 2016-02, lessees will be required to recognize for all leases at the commencement date 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. The Company has preliminarily determined that the new standard will not materially impact the timing of revenue recognition. The new standard will result in the Company classifying bad debt expense incurred as a reduction of lease revenue and fees within the consolidated statements of earnings.

The new standard will also impact the Company as a lessee by requiring all of its operating leases to be recognized on the balance sheet as a right-to-use asset and lease liability. The Company plans to elect a package of optional practical expedients which includes the option to retain the current classification of leases entered into prior to January 1, 2019, and thus does not anticipate a material impact to the consolidated balance sheets, consolidated statements of operations, or consolidated statements of cash flows. The Company intends to adopt the new standard in the first quarter of 2019.

4. PROPERTY AND EQUIPMENT

Property and equipment consist of the following:

	Estimated Useful Lives	September 30, 2018			December 31, 2017
Furniture, fixtures and vehicle	2-5 years	$	155,165		$	153,909
Website and internal use software	3 years		7,565,702			5,827,771
Computers and software	3-7 years		704,407			691,499
			8,425,274			6,673,179
Less: accumulated depreciation and amortization			(5,112,165	)		(3,725,015	)
		$	3,313,109		$	2,948,164

Depreciation and amortization expense were $490,483 and $414,674 for the three months ended September 30, 2018 and 2017, respectively, and $1,387,150 and $1,178,972 for the nine months ended September 30, 2018 and 2017, respectively.

5. PROMISSORY NOTES

On January 29, 2018 and January 30, 2018, the Company entered into letter agreements with Russ Heiser, the Company’s Chief Financial Officer, and NRNS Capital Holdings LLC (“NRNS”), respectively (such letter agreements, together, the “Commitment Letters”), for consideration of a one-time commitment fee of 1% of the lenders’ aggregate commitment, totaling $35,000, pursuant to which the Company issued a subordinated promissory note to each of Mr. Heiser and NRNS (together, the “Notes”). The Commitment Letters provide that Mr. Heiser and NRNS each shall make advances to the Company 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 the Company 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. Upon issuance of the Notes, the Company drew $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. The Notes bear interest at a rate equal to five (5%) 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 (see Note 6) computed on the basis of a 360-day year, which equaled 21.16% at September 30, 2018. Interest expense incurred under the Notes amounted to $58,214 for Mr. Heiser’s Note and $145,514 for NRNS’ Note, totaling $203,728 for the three months ended September 30, 2018, and $132,202 for Mr. Heiser’s Note and $341,445 for NRNS’ Note, totaling $473,647 for the nine months ended September 30, 2018. On August 29, 2018, the Company amended and restated the Notes such that (1) the maturity date for the Notes was set at June 30, 2019 and (2) in connection with the completion of the offering described in the Registration Statement on Form S-1 initially filed by the Company with the SEC on August 13, 2018, holders of the Notes may elect to convert up to 50% of the outstanding principal of the Notes plus accrued and unpaid interest thereon into shares of the Company’s common stock at a conversion price equal to the price paid to the Company by the underwriters for shares of common stock sold in such offering, net of the underwriting discount.

On September 28, 2018, each of Mr, Heiser and NRNS exercised its option to convert 50% of the outstanding principal and accrued interest to equity. Mr. Heiser elected to convert $500,000 of outstanding principal and $60,766 of accrued interest into 602,974 shares of common stock and warrants exercisable for 301,487 shares of common stock based on a $0.93 conversion price. NRNS converted $1,250,000 of outstanding principal and $151,878 of accrued interest into 1,507,395 shares of common stock and warrants exercisable for 753,698 shares of common stock based on a $0.93 conversion price. As a result of this conversion, the Company recorded a loss on extinguishment of debt of $126,622 in the three and nine months ended September 30, 2018 related to the difference between the conversion price and the price per unit offered in the September 2018 equity raise.

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 $25,000,000 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 September 28, 2018, the Commitment Termination Date was extended to June 30, 2019, which date may extend to a later date determined by the Administrative Agent in its sole discretion (but no later than February 28, 2021) with notice to the Borrower by April 1, 2019. The Lender was granted a security interest in certain leases as collateral under the Credit Agreement. At September 30, 2018, amounts borrowed bear interest at 19.16%.

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 the 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.

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.

Principal payable within twelve months of the balance sheet date based on the outstanding loan balance at such date is reflected as a current liability in the accompanying balance sheets. Interest expense incurred under the Credit Agreement amounted to $689,667 and $2,103,891 for the three and nine months ended September 30, 2018, respectively, and $385,989 and $1,256,475 for the three and nine months ended September 30, 2017, respectively. As of September 30, 2018, the outstanding balance under the Credit Agreement was $14,558,383. Such amount is presented in the consolidated balance sheet net of unamortized issuance costs of $353,813. The Company repaid $3,365,635 in the third quarter of 2018. Interest is payable monthly on the outstanding balance of the amounts borrowed.

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 amount, 250,000 shares has 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.

As of September 30, 2018, each share of Series 1 Convertible Preferred Stock was convertible into .60649 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.

During the year ended December 31, 2017, 3,660 shares of Series 1 Convertible Preferred Stock were converted into 2,220 shares of common stock. No shares of Series 1 Convertible Preferred Stock were converted into shares of common stock in the nine months ended September 30, 2018. As of September 30, 2018, there were 239,405 shares of Series 1 Convertible Preferred Stock outstanding, which are convertible into 145,197 shares of common stock.

Series 2 Convertible Preferred Stock - On June 10, 2016, the Company entered into a Subscription Agreement with B2 FIE V LLC (the “Investor”), an entity affiliated with Pacific Investment Management Company LLC, providing for the issuance and sale of 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 Convertible 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, 2018 totaled approximately $5,346,033. Each Series 2 Preferred Share is convertible at a conversion price of $2.92 into approximately 342 shares of common stock; provided, the conversion price is subject to further reduction pursuant to a weighted average anti-dilution provision. The holders of the Series 2 Preferred Shares 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 Shares 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 Series 2 Preferred Shares 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 $0.0001 par value common stock. On September 18, 2018, the Company filed with the Secretary of State of the State of Delaware a Certificate of Amendment to its Certificate of Incorporation that increased the authorized shares of common stock of the Company from 15,000,000 shares to 25,000,000 shares. On November 1, 2018, the Company received the required voter consent to increase the authorized shares of common stock of the company from 25,000,000 to 40,000,000 and on November 2, 2018, the Company filed with the Secretary of State of the State of Delaware another Certificate of Amendment to its Certificate of Incorporation that increased the authorized shares of common stock of the Company from 25,000,000 to 40,000,000. Each share of common stock entitles the holder to one vote at all stockholder meetings.

In September 2018, the Company completed an offering of 10,000,000 units (the “Offering”) issued at a price of $1.00 per unit, each unit consisting of one share of the Company’s common stock and one-half (1/2) of one warrant, each whole warrant exercisable for one share of common stock at an exercise price $1.25 per warrant. The common stock and warrants included in the units sold in the Offering were immediately separable and issued separately. The Company raised gross proceeds of $10,007,500, less underwriting fees and commissions of 7%, or approximately $0.7 million, and incurred other offering expenses of approximately $0.3 million to be paid from the proceeds of the offering, resulting in net proceeds of $9.0 million.

On September 28, 2018, both Mr. Heiser and NRNS elected to convert 50% of the outstanding principal and accrued interest on their promissory notes into equity interests issued in the Offering. As a result, the Company issuing 602,974 shares of common stock and 301,487 warrants to Mr. Heiser and 1,507,395 shares of common stock and 753,698 warrants to NRNS.

Warrants

On April 3, 2018, FlexShopper entered into the Sixth Amendment to the Credit Agreement. The Sixth Amendment provided for warrants exercisable for 175,000 shares of common stock with an exercise price per share of $0.01 to be issued to the Lender. On May 23, 2018, the Lender exercised the warrants.

As part of the Offering 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 warrants are immediately exercisable and expire five years from the date of issuance. The warrants are listed on the Nasdaq Capital Market under the symbol “FPAYW.”

The Company is also issuing additional warrant exercisable for an aggregate 1,055,185 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 immediately 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 of September 30, 2018, FlexShopper had outstanding warrants exercisable for (i) 7,182,488 shares of common stock and (ii) 439 shares of Series 2 Convertible Preferred Stock . See Note 9.

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, 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.

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 nine months ended September 30, 2018 follows:

	Number of options			Weighted average exercise price		Weighted average contractual term (years)		Aggregate intrinsic value
Outstanding at January 1, 2018		335,900		$	5.61
Granted		129,000			3.21
Forfeited		(19,500	)		4.57
Outstanding at September 30, 2018		445,400		$	4.96		7.23	$	-
Vested and exercisable at September 30, 2018		278,567		$	5.85		6.03	$	-
Vested and exercisable at September 30, 2018 and expected to vest thereafter		445,400		$	4.96		7.23	$	-

The weighted average grant date fair value of options granted during the nine-month period ending September 30, 2018 was $1.30 per share. The Company measured the fair value of each option award on the date of grant using the Black-Scholes-Merton (BSM) pricing model with the following assumptions:

Exercise price	$	2.95 to $ 4.35
Expected life		6 years
Expected volatility		38	%
Dividend yield		0	%
Risk-free interest rate		2.27% to 2.88	%

The expected dividend yield is based on the Company’s historical dividend yield. The expected volatility was based on the average of historical volatilities for a period comparable to the expected life of the options of certain entities considered to be similar to the Company. 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 for options in the statements of operations was $28,544 and $101,025, for the three and nine months ended September 30, 2018, respectively, and $22,685 and $64,896 for the three and nine months ended September 30, 2017, respectively. Unrecognized compensation cost related to non-vested options at September 30, 2018 amounted to approximately $169,867, which is expected to be recognized over a weighted average period of 2.12 years.

On October 2, 2018, FlexShopper’s Board of Directors approved issuance of 169,000 option awards under the 2018 Plan to the Company’s employees at an exercise price of $0.79 per option that vests in three (3) equal annual installments beginning on the first anniversary of the date of grant.

9. WARRANTS

The following table summarizes information about outstanding stock warrants as of September 30, 2018, all of which are exercisable:

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

$	10.00		200,000			1 years
$	5.50		177,303			3 years
$	1.25		6,805,185			5 years
$	1,250		-		439	5 years
			7,182,488		439

10. INCOME TAXES

As of December 31, 2017, the Company has federal net operating loss carryforwards of approximately $30,008,000 and state net operating loss carryforwards of approximately $16,011,000 available to offset future taxable income which expire from 2024 to 2037.

Management believes that the federal and state deferred tax asset as of December 31, 2017 does not satisfy the realization criteria and has recorded a full valuation allowance to offset the tax asset.

11. SUBSEQUENT EVENTS

On October 2, 2018, the Company’s Board of Directors approved issuance of 169,000 option awards under the 2018 Plan to the Company’s employees at an exercise price of $0.79 per option that vests in three (3) equal annual installments beginning on the first anniversary of the date of grant.

On October 10, 2018, the Company filed with the SEC and mailed to stockholders a Definitive Schedule 14A Consent Solicitation Statement (the “Consent Solicitation”). The Consent Solicitation solicited written consents of the Company’s stockholders approving and authorizing a Certificate of Amendment to its Certificate of Incorporation for the purpose of increasing the number of authorized shares of the Company’s common stock from 25,000,000 to 40,000,000 (the “Certificate of Amendment”). Upon receiving the necessary shareholder consent, the Company filed the Certificate of Amendment with the Secretary of State of the State of Delaware on November 2, 2018.

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

This discussion and analysis of our financial condition and results of operations should be read together with our consolidated financial statements and the related notes appearing at the end of our Form 10-K for the fiscal year ended December 31, 2017. Some of the information contained in this discussion and analysis or set forth elsewhere in this Form 10-Q, including information with respect to our plans and strategy for our business and related financing, includes forward-looking statements that involve risks and uncertainties. The “Risk Factors” section of our Form 10-K for the fiscal year ended December 31, 2017 should be read for a discussion of important factors that could cause actual results to differ materially from the results described in or implied by the forward-looking statements contained in the following discussion and analysis.

Executive Overview

The results of operations reflect the operations of FlexShopper, LLC (together with the Company and its direct and indirect wholly owned subsidiaries, “FlexShopper”), which provide certain types of durable goods to consumers on a lease-to-own (“LTO”) basis and also provides LTO terms to consumers of third-party retailers and e-retailers. FlexShopper began generating revenues from this line of business in December 2013. Management believes that the introduction of FlexShopper’s LTO programs support broad untapped expansion opportunities within the U.S. consumer e-commerce and retail marketplaces. FlexShopper and its online LTO platforms provide consumers the ability to acquire durable goods, including electronics, computers and furniture, on an affordable payment, lease basis. Concurrently, e-retailers and retailers that work with FlexShopper may increase their sales by utilizing FlexShopper’s online channels to connect with consumers that want to acquire products on an LTO basis. FlexShopper’s sales channels include (1) selling directly to consumers via the online FlexShopper.com LTO Marketplace featuring thousands of durable goods, (2) utilizing FlexShopper’s patent pending LTO payment method at check out on e-commerce sites and through in-store terminals and (3) facilitating LTO transactions with retailers that have not yet become part of the FlexShopper.com LTO marketplace.

Summary of Critical Accounting Policies

Management’s Discussion and Analysis of Financial Condition and Results of Operations discusses our financial statements, which have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). The preparation of these financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. On an on-going basis, management evaluates its estimates and judgments, including those related to credit provisions, intangible assets, contingencies, litigation and income taxes. Management bases its estimates and judgments on historical experience as well as various other factors that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying value of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions. Management believes the following critical accounting policies, among others, reflect the more significant judgments and estimates used in the preparation of our financial statements.

Accounts Receivable and Allowance for Doubtful Accounts - FlexShopper seeks to collect amounts owed under its leases from each customer on a weekly basis by charging their bank accounts or credit cards. Accounts receivable are principally comprised of lease payments currently owed to FlexShopper which are past due as FlexShopper has been unable to successfully collect in the manner described above. An allowance for doubtful accounts is estimated based upon revenues and historical experience of balances charged off as a percentage of revenues. The accounts receivable balances consisted of the following as of September 30, 2018 and December 31, 2017:

	September 30, 2018			December 31, 2017

Accounts receivable	$	9,393,310		$	6,399,233
Allowance for doubtful accounts		(4,577,634	)		(2,139,765	)
Accounts receivable, net	$	4,815,676		$	4,259,468

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. In addition, while collections are pursued, the same delinquent customers will continue to accrue weekly charges until they are charged off. Accounts receivable balances charged off against the allowance were $6,766,876 and $14,209,066 for the three and nine months ended September 30, 2018, respectively, and $7,133,260 and $20,713,314 for the three and nine months ended September 30, 2017, respectively.

Lease Merchandise - Until all payment obligations required for ownership are satisfied under the lease agreement, FlexShopper 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 or anticipated to be 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 impairment charge amounted was approximately $2,029,000 and $4,148,000 for the three and nine months ended September 30, 2018, respectively, and $664,000 and $3,948,000 for the three and nine months ended September 30, 2017, respectively.

Stock Based Compensation - The fair value of transactions in which FlexShopper exchanges its equity instruments for employee services (share-based payment transactions) is recognized as an expense in the financial statements as services are performed. Compensation expense is determined by reference to the fair value of an award on the date of grant and is amortized on a straight-line basis over the vesting period. We have elected to use the Black Scholes pricing model (“BSM”) to determine the fair value of all stock option awards.

Key Performance Metrics

We regularly review several metrics, including the following key metrics, to evaluate our business, measure our performance, identify trends affecting our business, formulate financial projections and make strategic decisions.

Key performance metrics for the three months ended September 30, 2018 and 2017 are as follows:

	Three months ended September 30,
	2018			2017			$ Change			% Change
Adjusted Gross Profit:
Lease revenues and fees	$	20,514,492		$	16,144,184		$	4,370,308			27.1
Lease merchandise sold		490,208			359,656			130,552			36.3
Cost of merchandise sold		(349,209	)		(280,130	)		(69,079	)		24.7
Provision for doubtful accounts		(5,905,083	)		(4,681,832	)		(1,223,251	)		26.1
Net revenues		14,750,408			11,541,878			3,208,530			27.8
Cost of lease revenues, consisting of depreciation and impairment of lease merchandise		(10,289,709	)		(8,146,293	)		(2,143,416	)		26.3
Adjusted Gross Profit	$	4,460,699		$	3,395,585		$	1,065,114			31.4
Gross profit margin		30	%		29	%
Net revenues as a percentage of cost of lease revenue		143	%		140	%

	Three months ended September 30,
	2018			2017			$ Change			% Change
Adjusted EBITDA:
Net loss	$	(2,717,403	)	$	(1,727,617	)	$	(989,786	)		57.3
Amortization of debt costs		167,689			118,404			49,285			41.6
Other amortization and depreciation		491,252			415,443			75,809			18.2
Loss on debt extinguishment		126,622			-			126,622			-
Interest expense		894,138			385,989			508,149			131.6
Stock compensation		28,544			22,685			5,859			25.8
Adjusted EBITDA	$	(1,009,158	)*	$	(785,096	)*	$	(224,062	)		28.5

* Represents loss

Key performance metrics for the nine months ended September 30, 2018 and 2017 are as follows:

	Nine months ended September 30,
	2018			2017			$ Change			% Change
Adjusted Gross Profit:
Lease revenues and fees	$	58,439,865		$	49,458,109		$	8,981,756			18.2
Lease merchandise sold		1,592,556			1,174,608			417,948			35.6
Cost of merchandise sold		(1,007,677	)		(816,058	)		(191,619	)		23.5
Provision for doubtful accounts		(16,563,888	)		(14,357,461	)		(2,206,427	)		15.4
Net revenues		42,460,856			35,459,198			7,001,658			19.7
Cost of lease revenues, consisting of depreciation and impairment of lease merchandise		(29,684,867	)		(24,733,915	)		(4,950,952	)		20.0
Adjusted Gross Profit	$	12,775,989		$	10,725,283		$	2,050,706			19.1
Gross profit margin		30	%		30	%
Net revenues as a percentage of cost of lease revenue		143	%		142	%

	Nine months ended September 30,
	2018			2017			$ Change			% Change
Adjusted EBITDA:
Net loss	$	(6,978,653	)	$	(4,345,131	)	$	(2,633,522	)		60.6
Amortization of debt costs		460,996			355,212			105,784			29.8
Other amortization and depreciation		1,389,456			1,181,279			208,177			17.6
Loss on debt extinguishment		126,622			-			126,622			-
Interest expense		2,579,836			1,256,475			1,323,361			105.3
Stock compensation		101,025			64,896			36,129			55.7
Adjusted EBITDA	$	(2,320,718	)*	$	(1,487,269	)*	$	(833,449	)		56.0

* Represents loss

Management believes that Adjusted Gross Profit and Adjusted EBITDA, provide relevant and useful information which is widely used by analysts, investors and competitors in our industry in assessing performance.

Adjusted Gross Profit represents GAAP revenue less the provision for doubtful accounts and cost of leased inventory and inventory sold. Adjusted Gross Profit provides us with an understanding of the results from the primary operations of our business. We use Adjusted Gross Profit to evaluate our period-over-period operating performance. This measure may be useful to an investor in evaluating the underlying operating performance of our business.

Adjusted EBITDA represents net income before interest, stock-based compensation, taxes, depreciation (other than depreciation of leased inventory) and amortization. We believe that Adjusted EBITDA provides us with an understanding of one aspect of earnings before the impact of investing and financing charges and income taxes. Adjusted EBITDA may be useful to an investor in evaluating our operating performance and liquidity because this measure:

●	is widely used by investors to measure a company’s operating performance without regard to items excluded from the calculation of such measure, which can vary substantially from company to company;

●	is a financial measurement that is used by rating agencies, lenders and other parties to evaluate our credit worthiness; and

●	is used by our management for various purposes, including as a measure of performance and as a basis for strategic planning and forecasting.

Adjusted Gross Profit and Adjusted EBITDA are supplemental measures of FlexShopper’s performance that are neither required by, nor presented in accordance with, GAAP. Adjusted Gross Profit and Adjusted EBITDA should not be considered as substitutes for GAAP metrics such as operating loss, net income or any other performance measures derived in accordance with GAAP.

Results of Operations

Three Months Ended September 30, 2018 compared to Three Months Ended September 30, 2017

The following table details operating results for the three months ended September 30, 2018 and 2017:

	2018			2017			$ Change			% Change

Total revenues	$	21,004,700		$	16,503,840		$	4,500,860			27.3
Cost of lease revenue and merchandise sold		10,638,918			8,426,423			2,212,495			26.3
Provision for doubtful accounts		5,905,083			4,681,832			1,223,251			26.1
Marketing		1,596,322			994,576			601,746			60.5
Salaries and benefits		2,186,835			1,900,925			285,910			15.0
Other operating expenses		2,206,496			1,723,309			483,187			28.0
Operating loss		(1,528,954	)		(1,223,225	)		(305,729	)		25.0
Loss on extinguishment of debt		126,622			-			126,622			-
Interest expense		1,061,827			504,392			557,435			110.5
Net loss	$	(2,717,403	)	$	(1,727,617	)	$	(989,786	)		57.3

FlexShopper originated 29,185 gross leases less same day modifications and cancellations with an average origination value of $424 for the three months ended September 30, 2018 compared to 15,629 gross leases less same day modifications and cancellations (13,893 net leases as of the filing of the 2017 quarterly report) with an average origination value of $418 for the comparable period last year. Total lease revenues for the three months ended September 30, 2018 were $21,004,700 compared to $16,503,839 for the three months ended September 30, 2017, representing an increase of $4,500,860, or 27.3%. Continued growth in repeat customers coupled with acquiring new customers with additional marketing spend is primarily responsible for the increase in leases and related revenue.

Cost of lease revenue and merchandise sold for the three months ended September 30, 2018 was $10,638,918 compared to $8,426,423 for the three months ended September 30, 2017, representing an increase of $2,212,495, or 26.3%. Cost of lease revenue and merchandise sold for the three months ended September 30, 2018 is comprised of depreciation expense on lease merchandise of $10,289,709 and the net book value of merchandise sold of $349,209. Cost of lease revenue and merchandise sold for the three months ended September 30, 2017 is comprised of depreciation expense on lease merchandise of $8,146,293 and the net book value of merchandise sold of $280,130. As the Company’s lease revenues increase, the direct costs associated with them also increase.

Provision for doubtful accounts was $5,905,083 and $4,681,832 for the three months ended September 30, 2018 and 2017, respectively. The primary reason for the increase is that the Company does not charge off any customer accounts until it has exhausted all collection efforts, including attempts to repossess items. While collection efforts are pursued, delinquent customers continue to accrue weekly charges resulting in a significant balance requiring a reserve. During the three months ended September 30, 2018 and 2017, $6,766,876 and $7,133,260 of accounts receivable balances were charged off against the allowance, respectively, after the Company exhausted all collection efforts with respect to such accounts. The provision increase was primarily driven by the increase in FlexShopper’s lease portfolio revenue.

Marketing expenses in the three months ended September 30, 2018 was $1,596,322 compared to $994,576 in the three months ended September 30, 2017, an increase of $601,746, or 60.5%. The Company strategically increased marketing expenditures in its digital channels where it is acquiring customers efficiently at its targeted acquisition cost.

Salaries and benefits in the three months ended September 30, 2018 was $2,186,835 compared to $1,900,925 in the three months ended September 30, 2017, an increase of $285,910, or 15.0%. Investments in our software engineering team, much of which occurred throughout 2017, and certain key management hires are the primary reasons for the increase in salaries and benefits expenses.

Other operating expenses for the three months ended September 30, 2018 and 2017 included the following:

	Three months ended		Three months ended
	September 30, 2018		September 30, 2017
Amortization and depreciation	$	491,252	$	533,847
Computer and internet expenses		329,171		349,775
Legal and professional fees		225,709		185,291
Merchant bank fees		330,284		257,854
Stock compensation expense		28,544		22,685
Customer verification expenses		276,601		149,726
Other		524,935		224,130
Total	$	2,206,496	$	1,723,308

Nine Months Ended September 30, 2018 compared to Nine Months Ended September 30, 2017

The following table details operating results for the nine months ended September 30, 2018 and 2017:

	2018			2017			$ Change			% Change

Total revenues	$	60,032,421		$	50,632,717		$	9,399,704			18.6
Cost of lease revenue and merchandise sold		30,692,544			25,549,973			5,142,571			20.1
Provision for doubtful accounts		16,563,888			14,357,461			2,206,427			15.4
Marketing		4,025,509			2,625,367			1,400,142			53.3
Salaries and benefits		6,397,999			5,567,082			830,917			14.9
Other operating expenses		6,163,680			5,266,278			897,402			17.0
Operating loss		(3,811,199	)		(2,733,444	)		(1,077,755	)		39.4
Loss on extinguishment of debt		126,622			-			126,622			-
Interest expense		3,040,832			1,611,687			1,429,145			88.7
Net loss	$	(6,978,653	)	$	(4,345,131	)	$	(2,633,522	)		60.6

FlexShopper originated 74,702 gross leases less same day modifications and cancellations with an average origination value of $412 for the nine months ended September 30, 2018 compared to 50,786 gross leases less same day modifications and cancellations (43,992 net leases as of the filing of the 2017 quarterly report) with an average origination value of $412 for the comparable period last year. Total lease revenues for the nine months ended September 30, 2018 were $60,032,421 compared to $50,632,717 for the nine months ended September 30, 2017, representing an increase of $9,399,704, or 18.6%. Continued growth in repeat customers coupled with acquiring new customers with additional marketing spend is primarily responsible for the increase in leases and related revenue.

Cost of lease revenue and merchandise sold for the nine months ended September 30, 2018 was $30,692,544 compared to $25,549,973 for the nine months ended September 30, 2017, representing an increase of $5,142,571, or 20.1%. Cost of lease revenue and merchandise sold for the nine months ended September 30, 2018 is comprised of depreciation expense on lease merchandise of $29,684,867 and the net book value of merchandise sold of $1,007,677. Cost of lease revenue and merchandise sold for the nine months ended September 30, 2017 is comprised of depreciation expense on lease merchandise of $24,733,915, the net book value of merchandise sold of $816,058. As the Company’s lease revenues increase, the direct costs associated with them also increase.

Provision for doubtful accounts was $16,563,888 and $14,357,461 for the nine months ended September 30, 2018 and 2017, respectively. The primary reason for the increase is that the Company does not charge off any customer accounts until it has exhausted all collection efforts, including attempts to repossess items. While collection efforts are pursued, delinquent customers continue to accrue weekly charges resulting in a significant balance requiring a reserve. During the nine months ended September 30, 2018 and 2017, $14,209,066 and $20,713,314 of accounts receivable balances were charged off against the allowance, respectively, after the Company exhausted all collection efforts with respect to such accounts. The provision increase was primarily driven by the increase in FlexShopper’s lease portfolio revenue.

Marketing expenses in the first nine months of 2018 were $4,025,509 compared to $2,625,367 in the first nine months of 2017, an increase of $1,400,142, or 53.3%. The Company strategically increased marketing expenditures in the first nine months of 2018 in its digital channels where it is acquiring customers efficiently at its targeted acquisition cost.

Salary and benefits expenses in the first nine months of 2018 were $6,397,999 compared to $5,567,082 in the first nine months of 2017, an increase of $830,917, or 14.9%. Investments in our software engineering team, much of which occurred throughout 2017, and certain key management hires are the primary reasons for the increase in salaries and benefits expenses.

Other operating expenses for the nine months ended September 30, 2018 and 2017 included the following:

	Nine months ended		Nine months ended
	September 30, 2018		September 30, 2017
Amortization and depreciation	$	1,389,456	$	1,536,491
Computer and internet expenses		1,010,211		894,924
Legal and professional fees		627,977		706,480
Merchant bank fees		964,768		749,791
Stock compensation expense		101,025		64,896
Customer verification expenses		776,549		484,520
Other		1,293,694		829,176
Total	$	6,163,680	$	5,266,278

Plan of Operation

We promote our FlexShopper products and services across all sales channels through strategic partnerships, direct response marketing, and affiliate and internet marketing, all of which are designed to increase our lease transactions and name recognition. Our advertisements emphasize such features as instant spending limits and affordable weekly payments. We believe that as the FlexShopper name gains familiarity and national recognition through our advertising efforts, we will continue to educate our customers and potential customers about the lease-to-own payment alternative as well as solidify our reputation as a leading provider of high-quality branded merchandise and services.

For each of our sales channels, FlexShopper has a marketing strategy that includes the following:

Online LTO Marketplace	Patent pending LTO Payment Method	In-store LTO technology platform
Search engine optimization; pay-per click	Direct to retailers/e-retailers	Direct to retailers/e-retailers
Online affiliate networks	Partnerships with payment aggregators	Consultants & strategic relationships
Direct response television campaigns	Consultants & strategic relationships
Direct mail

The Company believes it has a competitive advantage over competitors in the LTO industry by providing all three channels as a bundled package to retailers and e-retailers. Management is anticipating a rapid development of the FlexShopper business as we are able to penetrate each of our sales channels. To support our anticipated growth, FlexShopper will need the availability of substantial capital resources. See the section captioned “Liquidity and Capital Resources” below.

Liquidity and Capital Resources

As of September 30, 2018, the Company had cash of $7,282,103 compared to $3,825,835 at the same date in 2017.

As of September 30, 2018, the Company had accounts receivable of $9,393,310 offset by an allowance for doubtful accounts of $4,577,634, resulting in net accounts receivable of $4,815,676. Accounts receivable are principally comprised of lease payments owed to the Company. An allowance for doubtful accounts is estimated based upon historical collection and delinquency percentages.

On July 31, 2018, August 29, 2018, September 22, 2018 and September 25, 2018, the Borrower entered into Amendments Nos. 7, 8, 9 and 10 (the “Series of Amendments”) to the Credit Agreement, respectively. The Series of Amendments amended the definitions of Equity Raise and Scheduled Commitment Termination Date in the Credit Agreement such that, upon consummation of the Company’s offering of units on September 28, 2018, the Commitment Termination Date was extended to June 30, 2019, as described above. As of September 30, 2018, the outstanding balance under the Credit Agreement was $14,558,383. Such amount is presented in the consolidated balance sheet net of unamortized issuance costs of $353,813.

On September 28, 2018, each of Mr. Heiser and NRNS exercised its option to convert 50% of the outstanding principal and accrued interest to equity. As of September 30, 2018, the outstanding balance of each promissory note was $561,375 and $1,403,452 respectively.

Recent Financing Activity

On September 28, 2018, the Company completed an offering of 10,000,000 units (the “Offering”) issued at a price of $1.00 per unit, each unit consisting of one share of the Company’s common stock and one-half (1/2) of one warrant, each whole warrant exercisable for one share of common stock at an exercise price of $1.25 per warrant. In addition, in connection with the closing of the Offering, the underwriter in the Offering partially exercised its over-allotment option under the underwriting agreement relating to the Offering by electing to purchase warrants exercisable for 750,000 shares of common stock having the same terms as the warrants sold in the Offering. The common stock and warrants included in the units sold in the Offering were immediately separable and issued separately. Net proceeds for the Offering were approximately $9.2 million, after deducting underwriting discounts and commissions and other offering expenses, of which amount the Company used approximately $2.7 million to repay indebtedness owing under the Credit Agreement. As a result of the Offering, pursuant to anti-dilution provisions, the conversion price of Series 2 Convertible Preferred Stock decreased from $8.10 per share of common stock to $2.92.

Pursuant to amendments to the Credit Agreement entered into prior to the Offering, upon consummation of the Offering the Commitment Termination Date (as defined in the Credit Agreement) was extended to June 30, 2019, which date may extend to a later date determined by the Credit Agreement lender in its sole discretion (but no later than February 28, 2021) with notice to the Company by April 1, 2019.

Prior to the Offering, on August 29, 2018, the Company amended and restated outstanding promissory notes issued in January 2018 to Russ Heiser, the Company’s Chief Financial Officer, and NRNS Capital Holdings LLC (“NRNS”) in the aggregate principal amount of $3.5 million such that (1) the maturity date for the notes was set at June 30, 2019 and (2) in connection with the completion of the Offering, holders of the notes could elect to convert up to 50% of the outstanding principal of such notes plus accrued and unpaid interest thereon into equity interests of the Company equal to the price paid to the Company by the underwriter for equity interests sold in such offering, net of the underwriting discount. On September 28, 2018, each of Mr. Heiser and NRNS exercised its option to convert 50% of outstanding principal and accrued and unpaid interest thereon, resulting in the Company issuing 602,974 shares of common stock and 301,487 warrants to Mr. Heiser and 1,507,395 shares of common stock and 753,698 warrants to NRNS.

Cash Flow Summary

Cash Flows from Operating Activities

Net cash used in operating activities was $3,835,827 for the nine months ended September 30, 2018 and was primarily due to the net loss for the period.

Net cash provided by operating activities was $2,173,989 for the nine months ended September 30, 2017 and was primarily due to the increase in net revenues and gross profit and more efficient marketing spend for the period.

Cash Flows from Investing Activities

For the nine months ended September 30, 2018, net cash used in investing activities was $1,752,095, comprised of $14,164 for the purchase of property and equipment and $1,737,931 for capitalized software costs.

For the nine months ended September 30, 2017, net cash used in investing activities was $1,487,442, comprised of $68,169 for the purchase of property and equipment and $1,419,273 for capitalized software costs.

Cash Flows from Financing Activities

Net cash provided by financing activities was $7,901,110 for the nine months ended September 30, 2018 due to $9,144,690 of net proceeds from the equity raise, $3,465,000 of funds drawn on the Promissory Notes and $5,185,000 of funds drawn on the Credit Agreement, partially offset by loan repayments on the Credit Agreement of $9,786,487.

Capital Resources

To date, funds derived from the sale of FlexShopper’s common stock, warrants and Series 2 Convertible Preferred Stock and the Company’s ability to borrow funds against the lease portfolio have provided the liquidity and capital resources necessary to fund its operations.

Off-Balance Sheet Arrangements

The Company does not have any off-balance sheet arrangements.

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Not applicable.

ITEM 4. CONTROLS AND PROCEDURES

The Company maintains disclosure controls and procedures that are designed to ensure that information required to be disclosed in the Company’s Exchange Act reports is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to the Company’s management, including its Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure based closely on the definition of “disclosure controls and procedures” in Rule 13a-15(e). In designing and evaluating the disclosure controls and procedures, management recognized that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives, and management necessarily was required to apply its judgment in evaluating the cost-benefit relationship of possible controls and procedures. The Company carried out an evaluation, under the supervision and with the participation of the Company’s management, including the Company’s Chief Executive Officer and the Company’s Chief Financial Officer, of the effectiveness of the design and operation of the Company’s disclosure controls and procedures. Based on the foregoing, the Company’s Chief Executive Officer and Chief Financial Officer concluded that the Company’s disclosure controls and procedures were effective at the reasonable assurance level at September 30, 2018.

There were no changes in the Company’s internal controls over financial reporting during the most recently completed fiscal quarter that have materially affected or are reasonably likely to materially affect the Company’s internal control over financial reporting.

PART II. OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS:

We are not a party to any pending material legal proceedings.

ITEM 1A. RISK FACTORS:

In addition to the other information set forth in this report, you should carefully consider the factors discussed under Part I, Item 1A, “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2017. These factors could materially adversely affect our business, financial condition, liquidity, results of operations and capital position, and could cause our actual results to differ materially from our historical results or the results contemplated by the forward-looking statements contained in this report. There have been no material changes to such risk factors.

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS:

Other than as previously reported in the Company’s Current Reports on Form 8-K, the Company did not sell any unregistered securities during the period covered by this report.

ITEM 3. DEFAULTS UPON SENIOR SECURITIES:

Not applicable.

ITEM 4. MINE SAFETY DISCLOSURES:

Not applicable.

ITEM 5. OTHER INFORMATION:

The following is intended to satisfy the Company’s Form 8-K disclosure requirements under Items 5.03 and 5.07 by making timely disclosure under Item 5(a) of this Form 10-Q.

On October 10, 2018, the Company filed with the Securities and Exchange Commission and mailed to stockholders a Definitive Schedule 14A Consent Solicitation Statement (the “Consent Solicitation”). The Consent Solicitation solicited written consents of the Company’s stockholders approving and authorizing a Certificate of Amendment to its Certificate of Incorporation increasing the number of authorized shares of the Company’s common stock from 25,000,000 shares to 40,000,000 shares (the “Certificate of Amendment”).

As of September 24, 2018, the record date for the determination of stockholders entitled to act with respect to the Consent Solicitation, there were outstanding approximately 5,469,501 shares of common stock entitled to 5,469,501 votes, 239,405 shares of Series 1 Preferred Stock entitled to 1,385,605 votes, and 21,952 shares of Series 2 Preferred Stock entitled to 2,710,124 votes. Accordingly, the votes or written consents of stockholders holding (i) at least 2,734,751 shares of the issued and outstanding common stock and (ii) at least 4,782,616 votes cast by the common stock and preferred stock voting together as a single class were necessary to approve the Certificate of Amendment.

As of November 2, 2018, the Company had received the written consent of (1) 2,798,968 outstanding shares of common stock, constituting a majority of voting power of common stock entitled to vote, and (2) 5,908,426 votes represented by outstanding common stock and preferred stock entitled to vote, constituting a majority of voting power of common stock and preferred stock voting together as a single class, in favor of the Certificate of Amendment and, accordingly, terminated the consent solicitation period. The Company did not receive any votes against or abstaining from approval of the proposal set forth in the Consent Solicitation prior to terminating the consent solicitation period.

On November 2, 2018, the Company filed the Certificate of Amendment with the Secretary of State of the State of Delaware. The Certificate of Amendment became effective on upon filing with the Secretary of State.

The foregoing description of the Certificate of Amendment does not purport to be complete and is qualified in its entirety by reference to the full text of the Certificate of Amendment, a copy of which is filed herewith as Exhibit 3.4 and incorporated herein by reference.

ITEM 6. EXHIBITS:

Exhibit Number		Description
3.1		Restated Certificate of Incorporation of FlexShopper, Inc. (previously filed as Exhibit 3.1 to the Company’s Annual Report on Form 10-K for the year ended December 31, 2017 and incorporated herein by reference)
3.2		Amended and Restated Bylaws (previously filed as Exhibit 3.1 to the Company’s Current Report on Form 8-K filed on March 7, 2018 and incorporated herein by reference)
3.3		Certificate of Amendment to the Certificate of Incorporation of the Company (previously filed as Exhibit 3.1 to the Company’s Current Report on Form 8-K filed on September 21, 2018 and incorporated herein by reference)
3.4		Certificate of Amendment to the Certificate of Incorporation of the Company*
4.1		Common Stock Purchase Warrant, dated October 9, 2014, issued by FlexShopper, Inc. to Fordham Financial Management, Inc. (previously filed as Exhibit 4.1 to the Company’s Registration Statement on Form S-1 (File No. 333-201644) and incorporated herein by reference)
4.2		Common Stock Purchase Warrant, dated October 9, 2014, issued by FlexShopper, Inc. to Paulson Investment Company, Inc. (previously filed as Exhibit 4.2 to the Company’s Registration Statement on Form S-1 (File No. 333-201644) and incorporated herein by reference)
4.3		Common Stock Purchase Warrant, dated October 9, 2014, issued by FlexShopper, Inc. to Spartan Capital Securities, LLC (previously filed as Exhibit 4.3 to the Company’s Registration Statement on Form S-1 (File No. 333-201644) and incorporated herein by reference)
4.4		Certificate of Designations of Series 1 Convertible Preferred Stock (previously filed as Exhibit 3.4 to the Company’s General Form of Registration on Form 10-SB filed on April 30, 2007 and incorporated herein by reference)
4.5		Certificate of Designations for Series 2 Convertible Preferred Stock, dated as of June 10, 2016 (previously filed as Exhibit 4.1 to the Company’s Current Report on Form 8-K filed on June 13, 2016 and incorporated herein by reference)
4.6		Form of Warrant included in form of Warrant Agency Agreement (previously filed as Exhibit 4.4 to Amendment No. 3 to the Company’s Registration Statement on Form S-1 filed on September 24, 2018 and incorporated by reference herein)
10.1		Amendment No. 7 to Credit Agreement, dated July 31, 2018, between FlexShopper 2, LLC and WE 2014-1, LLC (previously filed as Exhibit 10.4 to the Company’s Quarterly Report on Form 10-Q filed on August 6, 2018 and incorporated herein by reference)
10.2		Form of Amended and Restated Subordinated Promissory Note issued by FlexShopper, LLC to each of Russ Heiser and NRNS Capital Holdings LLC (previously filed as Exhibit 10.3 to the Company’s Current Report on Form 8-K filed on August 30, 2018 and incorporated herein by reference)
10.3		Amendment No. 2 to Investor Rights Agreement, dated August 27, 2018, by and among the Company, B2 FIE V LLC and the other parties thereto (previously filed as Exhibit 10.2 to the Company’s Current Report on Form 8-K filed on August 30, 2018 and incorporated herein by reference)
10.4		Amendment No. 8 to Credit Agreement, dated August 29, 2018, between FlexShopper 2, LLC and WE 2014-1, LLC (previously filed as Exhibit 10.1 to the Company’s Current Report on Form 8-K filed on August 30, 2018 and incorporated herein by reference)
10.5		Amendment No. 9 to Credit Agreement, dated September 22, 2018, between FlexShopper 2, LLC and WE 2014-1, LLC (previously filed as Exhibit 10.1 to the Company’s Current Report on Form 8-K filed on September 24, 2018 and incorporated herein by reference)
10.6		Amendment No. 10 to Credit Agreement, dated September 24, 2018, between FlexShopper 2, LLC and WE 2014-1, LLC (previously filed as Exhibit 10.1 to the Company’s Current Report on Form 8-K filed on October 1, 2018 and incorporated herein by reference)
31.1		Rule 13a-14(a) Certification - Principal Executive Officer*
31.2		Rule 13a-14(a) Certification - Principal Financial Officer*
32.1		Section 1350 Certification - Principal Executive Officer*
32.2		Section 1350 Certification - Principal Financial Officer*
101.INS		XBRL Instance Document, XBRL Taxonomy Extension Schema *
101.SCH		Document, XBRL Taxonomy Extension *
101.CAL		Calculation Linkbase, XBRL Taxonomy Extension Definition *
101.DEF		Linkbase, XBRL Taxonomy Extension Labels *
101.LAB		Linkbase, XBRL Taxonomy Extension *
101.PRE		Presentation Linkbase *

* Filed herewith.

SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	FLEXSHOPPER, INC.

Date: November 5, 2018	By:	/s/ Brad Bernstein
		Brad Bernstein
		President and Principal Executive Officer

Date: November 5, 2018	By:	/s/ Russ Heiser
		Russ Heiser
		Chief Financial Officer

EX-3.4 2 f10q0918ex3-4_flexshopper.htm CERTIFICATE OF AMENDMENT TO THE CERTIFICATE OF INCORPORATION OF THE COMPANY

Exhibit 3.4

CERTIFICATE OF AMENDMENT

CERTIFICATE OF INCORPORATION

FLEXSHOPPER, INC.

FLEXSHOPPER, INC., a corporation duly organized and existing under the General Corporation Law of the State of Delaware (the “Corporation”), does hereby certify that:

1. The Certificate of Incorporation of the Corporation is hereby amended by deleting Section 1 of Article FOURTH thereof in its entirety and replacing Section 1 of Article FOURTH with the following:

“Section 1. Authorization of Shares.

The aggregate number of shares of capital stock which the Corporation will have authority to issue is 40,500,000 shares, consisting of 40,000,000 shares of common stock, having a par value of $.0001 per share (“Common Stock”), and 500,000 shares of Preferred Stock, having a par value of $.001 per share (“Preferred Stock”).”

2. The foregoing amendment was duly adopted in accordance with the provisions of Section 242 of the General Corporation Law of the State of Delaware.

[SIGNATURE PAGE FOLLOWS]

IN WITNESS WHEREOF, FLEXSHOPPER, INC. has caused this Certificate to be executed by its duly authorized officer on this 2nd day of November 2018.

	By:	/s/ Brad Bernstein
	Name:	Brad Bernstein
	Title:	President and Chief Executive Officer

EX-31.1 3 f10q0918ex31-1_flexshopper.htm CERTIFICATION

Exhibit 31.1

CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER

I, Brad Bernstein, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of FlexShopper, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

DATE: November 5, 2018	By:	/s/ BRAD BERNSTEIN
		Brad Bernstein
		Principal Executive Officer

EX-31.2 4 f10q0918ex31-2_flexshopper.htm CERTIFICATION

Exhibit 31.2

CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER

I, Russ Heiser, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of FlexShopper, Inc.;

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

DATE: November 5, 2018	By:	/s/ Russ Heiser
		Russ Heiser
		Chief Financial Officer

EX-32.1 5 f10q0918ex32-1_flexshopper.htm CERTIFICATION

Exhibit 32.1

CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER

PURSUANT TO 18 U.S.C. SECTION 1350

In connection with the Quarterly Report of FlexShopper, Inc. (the “Company”) on Form 10-Q for the period ending September 30, 2018 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Brad Bernstein, Principal Executive Officer of the Company, certify, pursuant to 18 U.S.C. ss.1350, as adopted pursuant to ss.906 of the Sarbanes-Oxley Act, that:

(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

	By:	/s/ BRAD BERNSTEIN
		Brad Bernstein,
		Principal Executive Officer
		November 5, 2018

EX-32.2 6 f10q0918ex32-2_flexshopper.htm CERTIFICATION

Exhibit 32.2

CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER

PURSUANT TO 18U.S.C. SECTION 1350

In connection with the Quarterly Report of FlexShopper, Inc. (the “Company”) on Form 10-Q for the period ending September 30, 2018 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Russ Heiser, Principal Financial Officer of the Company, certify, pursuant to 18 U.S.C. ss.1350, as adopted pursuant to ss.906 of the Sarbanes-Oxley Act, that:

(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

	By:	/s/ Russ Heiser
		Russ Heiser,
		Chief Financial Officer
		November 5, 2018

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<div> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 29.7pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">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. <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 29.7pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">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 period. Actual results could differ from those estimates. <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">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 payments of all required lease payments, generally 52 weeks, for ownership. On any current lease, customers have the option to cancel the agreement in accordance with lease terms and return the merchandise. Accordingly, customer agreements are accounted for as operating leases with lease revenues recognized in the month they are due on the accrual basis of accounting. Merchandise sales revenue is recognized when the customer exercises the purchase option and pays the purchase price. Revenue for lease payments received prior to their due date is deferred and recognized as revenue in the period to which the payments relate. Revenues from leases and sales are reported net of sales taxes. <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 29.7pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">Accounts Receivable and Allowance for Doubtful Accounts - FlexShopper seeks to collect amounts owed under its leases from each customer on a weekly basis by charging their bank accounts or credit cards. Accounts receivable are principally comprised of lease payments currently owed to FlexShopper which are past due, as FlexShopper has been unable to successfully collect in the manner described above. The allowance for doubtful accounts is based upon revenues and historical experience of balances charged off as a percentage of revenues. The accounts receivable balances consisted of the following as of September 30, 2018 and December 31, 2017: <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 29.7pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">  <table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">September 30, 2018</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">December 31, 2017</td> <td style="padding-bottom: 1.5pt;"> </td> </tr> <tr style="vertical-align: bottom;"> <td> </td> <td> </td> <td style="text-align: right;" colspan="2"> </td> <td> </td> <td> </td> <td style="text-align: right;" colspan="2"> </td> <td> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="width: 1191px; text-align: left;">Accounts receivable</td> <td style="width: 16px;"> </td> <td style="width: 16px; text-align: left;">$</td> <td style="width: 142px; text-align: right;">9,393,310</td> <td style="width: 16px; text-align: left;"> </td> <td style="width: 15px;"> </td> <td style="width: 15px; text-align: left;">$</td> <td style="width: 141px; text-align: right;">6,399,233</td> <td style="width: 15px; text-align: left;"> </td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left; padding-bottom: 1.5pt;">Allowance for doubtful accounts</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">(4,577,634</td> <td style="text-align: left; padding-bottom: 1.5pt;">)</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">(2,139,765</td> <td style="text-align: left; padding-bottom: 1.5pt;">)</td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left; padding-bottom: 4pt;">Accounts receivable, net</td> <td style="padding-bottom: 4pt;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">4,815,676</td> <td style="text-align: left; padding-bottom: 4pt;"> </td> <td style="padding-bottom: 4pt;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">4,259,468</td> <td style="text-align: left; padding-bottom: 4pt;"> </td> </tr> </table> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 29.7pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">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. In addition, while collections are pursued, the same delinquent customers continue to accrue weekly charges until they are charged off with such charges being fully reserved for. Accounts receivable balances charged off against the allowance were $6,766,876 and $14,209,066 for the three and nine months ended September 30, 2018, respectively, and $7,133,260 and $20,713,314 for the three and nine months ended September 30, 2017, respectively. <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: -29.7pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">Lease Merchandise - 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 or anticipated to be 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 impairment charge amounted to approximately $2,029,000 and $4,148,000 for the three and nine months ended September 30, 2018, respectively, and $664,000 and $3,948,000 for the three and nine months ended September 30, 2017, respectively. <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">The net leased merchandise balances consisted of the following as of September 30, 2018 and December 31, 2017: <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">  <table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">September 30, 2018</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">December 31, 2017</td> <td style="padding-bottom: 1.5pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="width: 1191px; text-align: left;">Lease merchandise at cost</td> <td style="width: 16px;"> </td> <td style="width: 16px; text-align: left;">$</td> <td style="width: 142px; text-align: right;">35,707,612</td> <td style="width: 16px; text-align: left;"> </td> <td style="width: 15px;"> </td> <td style="width: 15px; text-align: left;">$</td> <td style="width: 141px; text-align: right;">34,501,555</td> <td style="width: 15px; text-align: left;"> </td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left;">Accumulated depreciation</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(15,710,483</td> <td style="text-align: left;">)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(11,974,953</td> <td style="text-align: left;">)</td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left; padding-bottom: 1.5pt;">Impairment reserve</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">(1,670,699</td> <td style="text-align: left; padding-bottom: 1.5pt;">)</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">(1,111,280</td> <td style="text-align: left; padding-bottom: 1.5pt;">)</td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left; padding-bottom: 4pt;">Lease merchandise, net</td> <td style="padding-bottom: 4pt;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">18,326,430</td> <td style="text-align: left; padding-bottom: 4pt;"> </td> <td style="padding-bottom: 4pt;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">21,415,322</td> <td style="text-align: left; padding-bottom: 4pt;"> </td> </tr> </table> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 29.7pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">Lease merchandise at cost represents the undepreciated cost of rental merchandise at the time of sale. <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 29.7pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">Deferred Debt Issuance Costs - Debt issuance costs incurred in conjunction with the Credit Agreement entered into on March 6, 2015 (see Note 6) 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 $167,689 and $425,996 for the three and nine months ended September 30, 2018, respectively, and $118,404 and $355,212 for the three and nine months ended September 30, 2017, respectively. <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">Debt issuance costs of $35,000 incurred in conjunction with the subordinated Promissory Notes entered into on January 29, 2018 and January 30, 2018 (see Note 5) 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 $35,000 for the nine months ended September 30, 2018. <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 29.7pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">Intangible Assets - Intangible assets consist of a patent on the Company’s LTO payment method at check-out for third party e-commerce sites. Patents are 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. <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 29.7pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">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 $730,554 and $1,737,931 for the three and nine months ended September 30, 2018, respectively, and $481,306 and $1,419,273 for the three and nine months ended September 30, 2017, respectively. <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">Operating Expenses - Operating expenses include corporate overhead expenses such as salaries, stock-based compensation, insurance, occupancy, and other administrative expenses. <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">Marketing Costs - Marketing costs, primarily consisting of advertising, are charged to expense as incurred. <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 29.7pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">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 7). 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 income from continuing operations and from net income. Loss attributable to common shareholders is computed by increasing loss from continuing operations and net loss by such dividends. Where the Company has undistributed net income available to common shareholders, basic earnings per common share is computed based on the total of any dividends paid or declared per common share plus undistributed income per common share determined by dividing net income 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 plus the weighted average number of common shares issuable upon conversion of outstanding participating Series 1 Convertible Preferred Stock during the period. Where the Company has a net loss, basic per share data (including income from continuing operations) is computed based solely on the weighted average number of common shares outstanding during the period. As the participating Series 1 Convertible Preferred Stock has no contractual obligation to share in the losses of the Company, common shares issuable upon conversion of such preferred stock are not included in such computations. <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">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 and warrants. The dilutive effect of stock options and warrants is 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 and warrants will have a dilutive effect when the average price of common stock during the period exceeds the exercise price of options 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. <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 29.7pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">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: <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">  <table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td> </td> <td> </td> <td style="text-align: center;" colspan="6">Nine Months ended</td> <td> </td> </tr> <tr style="vertical-align: bottom;"> <td> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="6">September 30,</td> <td style="padding-bottom: 1.5pt;"> </td> </tr> <tr style="vertical-align: bottom;"> <td> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">2018</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">2017</td> <td style="padding-bottom: 1.5pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="width: 1191px; text-align: left;">Series 1 Convertible Preferred Stock</td> <td style="width: 16px;"> </td> <td style="width: 16px; text-align: left;"> </td> <td style="width: 142px; text-align: right;">145,197</td> <td style="width: 16px; text-align: left;"> </td> <td style="width: 15px;"> </td> <td style="width: 15px; text-align: left;"> </td> <td style="width: 141px; text-align: right;">147,417</td> <td style="width: 15px; text-align: left;"> </td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left;">Series 2 Convertible Preferred Stock</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">2,710,124</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">2,710,124</td> <td style="text-align: left;"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left;">Series 2 Convertible Preferred Stock issuable upon exercise of warrants</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">54,217</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">54,217</td> <td style="text-align: left;"> </td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left;">Common Stock Options</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">445,400</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">302,900</td> <td style="text-align: left;"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left; padding-bottom: 1.5pt;">Common Stock Warrants</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">7,182,488</td> <td style="text-align: left; padding-bottom: 1.5pt;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">511,553</td> <td style="text-align: left; padding-bottom: 1.5pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="padding-bottom: 4pt;"> </td> <td style="padding-bottom: 4pt;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"> </td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">10,537,426</td> <td style="text-align: left; padding-bottom: 4pt;"> </td> <td style="padding-bottom: 4pt;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"> </td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">3,726,211</td> <td style="text-align: left; padding-bottom: 4pt;"> </td> </tr> </table> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 29.7pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">Stock-Based Compensation - The fair value of transactions in which the Company exchanges its equity instruments for employee services (share-based payment transactions) is recognized as an expense in the financial statements as services are performed. <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 29.7pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">Compensation expense is determined by reference to the fair value of an award on the date of grant and is amortized on a straight-line basis over the vesting period. We have elected to use the Black-Scholes-Merton (BSM) pricing model to determine the fair value of all stock option awards (see Note 8). <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 29.7pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">Fair Value of Financial Instruments - The carrying value of loans payable under the Credit Agreement increased by unamortized issuance costs (see Note 6) approximates fair value. <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 29.7pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">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. <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">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, 2018 and 2017, the Company had not recorded any unrecognized tax benefits. <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 29.7pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">Interest and penalties related to liabilities for uncertain tax positions will be charged to interest and operating expenses, respectively. <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">Recent Accounting Pronouncements - In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers, on revenue recognition. The new standard provides for a single five-step model to be applied to all revenue contracts with customers as well as requires additional financial statement disclosures that will enable users to understand the nature, amount, timing and uncertainty of revenue and cash flows relating to customer contracts. Companies have an option to use either a retrospective approach or cumulative effect adjustment approach to implement the standard. ASU 2014-09 is effective for annual reporting periods beginning after December 15, 2017, including interim periods within that reporting period. The Company adopted this guidance on January 1, 2018 but it did not have a material impact on its financial statements as a majority of the Company’s revenue generating activities are leasing arrangements, which are outside the scope of the guidance. <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">In February 2016, the FASB issued ASU No. 2016-02, Leases, which is effective for fiscal years, and interim periods within those years, beginning after December 15, 2018 with early adoption permitted. Under ASU 2016-02, lessees will be required to recognize for all leases at the commencement date 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. The Company has preliminarily determined that the new standard will not materially impact the timing of revenue recognition. The new standard will result in the Company continuing to classify bad debt expense incurred as a reduction of lease revenue and fees within the consolidated statements of earnings. <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">The new standard will also impact the Company as a lessee by requiring all of its operating leases to be recognized on the balance sheet as a right-to-use asset and lease liability. The Company plans to elect a package of optional practical expedients which includes the option to retain the current classification of leases entered into prior to January 1, 2019, and thus does not anticipate a material impact to the consolidated statements of earnings or consolidated statements of cash flows. The Company intends to adopt the new standard in the first quarter of 2019. </div>

<div> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">5. PROMISSORY NOTES <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 29.7pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">On January 29, 2018 and January 30, 2018, the Company entered into letter agreements with Russ Heiser, the Company’s Chief Financial Officer, and NRNS Capital Holdings LLC (“NRNS”), respectively (such letter agreements, together, the “Commitment Letters”), for consideration of a one-time commitment fee of 1% of the lenders’ aggregate commitment, totaling $35,000, pursuant to which the Company issued a subordinated promissory note to each of Mr. Heiser and NRNS (together, the “Notes”). The Commitment Letters provide that Mr. Heiser and NRNS each shall make advances to the Company 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 the Company 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. Upon issuance of the Notes, the Company drew $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. The Notes bear interest at a rate equal to five (5%) 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 (see Note 6) computed on the basis of a 360-day year, which equaled 21.16% at September 30, 2018. Interest expense incurred under the Notes amounted to $58,214 for Mr. Heiser’s Note and $145,514 for NRNS’ Note, totaling $203,728 for the three months ended September 30, 2018, and $132,202 for Mr. Heiser’s Note and $341,445 for NRNS’ Note, totaling $473,647 for the nine months ended September 30, 2018. On August 29, 2018, the Company amended and restated the Notes such that (1) the maturity date for the Notes was set at June 30, 2019 and (2) in connection with the completion of the offering described in the Registration Statement on Form S-1 initially filed by the Company with the SEC on August 13, 2018, holders of the Notes may elect to convert up to 50% of the outstanding principal of the Notes plus accrued and unpaid interest thereon into shares of the Company’s common stock at a conversion price equal to the price paid to the Company by the underwriters for shares of common stock sold in such offering, net of the underwriting discount. <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">On September 28, 2018, each of Mr, Heiser and NRNS exercised its option to convert 50% of the outstanding principal and accrued interest to equity. Mr. Heiser elected to convert $500,000 of outstanding principal and $60,765.82 of accrued interest into 602,974 shares of common stock and warrants exercisable for 301,487 shares of common stock based on a $0.93 conversion price. NRNS converted $1,250,000 of outstanding principal and $151,877.50 of accrued interest into 1,507,395 shares of common stock and warrants exercisable for 753,698 shares of common stock based on a $0.93 conversion price. As a result of this conversion, the Company recorded a loss on extinguishment of debt of $126,622 in the three and nine months ended September 30, 2018 related to the difference between the conversion price and the price per common share offered in the September 2018 equity raise. </div> <div> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">6. LOAN PAYABLE UNDER CREDIT AGREEMENT <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 29.7pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">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 $25,000,000 from the Lender until the Commitment Termination Date and must repay all borrowed amounts one year thereafter, on the Commitment Maturity Date (unless such amounts become due or payable on an earlier date pursuant to the terms of the Credit Agreement). Upon consummation of an Equity Raise (as defined in the Credit Agreement) on September 28, 2018, the Commitment Termination Date was extended to June 30, 2019, which date may extended to a later date determined by the Lender in its sole discretion (but no later than February 28, 2021) with notice to the Borrower by April 1, 2019. The Lender receives security interests in certain leases as collateral under the Credit Agreement. <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">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 the 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. <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">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. <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">On July 31, 2018, August 29, 2018, September 22, 2018 and September 25, 2018, the Borrower entered into Amendments Nos. 7, 8, 9 and 10 (the “Series of Amendments”) to the Credit Agreement, respectively. The Series of Amendments amended the definitions of Equity Raise and Scheduled Commitment Termination Date in the Credit Agreement such that, upon consummation of the Company’s offering of units on September 28, 2018, the Commitment Termination Date was extended to June 30, 2019, as described above..   <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">Principal payable within twelve months of the balance sheet date based on the outstanding loan balance at such date is reflected as a current liability in the accompanying balance sheets. Interest expense incurred under the Credit Agreement amounted to $689,667 and $2,103,891 for the three and nine months ended September 30, 2018, respectively, and $385,989 and $1,256,475 for the three and nine months ended September 30, 2017, respectively. As of September 30, 2018, the outstanding balance under the Credit Agreement was $14,558,383. Such amount is presented in the consolidated balance sheet net of unamortized issuance costs of $353,813. The Company repaid $3,365,635 in the third quarter of 2018. Interest is payable monthly on the outstanding balance of the amounts borrowed. </div>

<div> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">8. STOCK OPTIONS <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">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, 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. <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">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. <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">Activity in stock options for the nine months ended September 30, 2018 follows:  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 29.7pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">  <table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">Number of options</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">Weighted average exercise price</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">Weighted average contractual term (years)</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">Aggregate intrinsic value</td> <td style="padding-bottom: 1.5pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="width: 815px;">Outstanding at January 1, 2018</td> <td style="width: 16px;"> </td> <td style="width: 16px; text-align: left;"> </td> <td style="width: 142px; text-align: right;">335,900</td> <td style="width: 16px; text-align: left;"> </td> <td style="width: 16px;"> </td> <td style="width: 16px; text-align: left;">$</td> <td style="width: 142px; text-align: right;">5.61</td> <td style="width: 16px; text-align: left;"> </td> <td style="width: 15px;"> </td> <td style="width: 15px; text-align: left;"> </td> <td style="width: 141px; text-align: right;"> </td> <td style="width: 15px; text-align: left;"> </td> <td style="width: 15px;"> </td> <td style="width: 15px; text-align: left;"> </td> <td style="width: 141px; text-align: right;"> </td> <td style="width: 15px; text-align: left;"> </td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td>Granted</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">129,000</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">3.21</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="padding-bottom: 1.5pt;">Canceled/Forfeited</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">(19,500</td> <td style="text-align: left; padding-bottom: 1.5pt;">)</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="text-align: left; padding-bottom: 1.5pt;"> </td> <td style="text-align: right; padding-bottom: 1.5pt;">4.57</td> <td style="text-align: left; padding-bottom: 1.5pt;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="text-align: left; padding-bottom: 1.5pt;"> </td> <td style="text-align: right; padding-bottom: 1.5pt;"> </td> <td style="text-align: left; padding-bottom: 1.5pt;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="text-align: left; padding-bottom: 1.5pt;"> </td> <td style="text-align: right; padding-bottom: 1.5pt;"> </td> <td style="text-align: left; padding-bottom: 1.5pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="padding-bottom: 4pt;">Outstanding at September 30, 2018</td> <td style="padding-bottom: 4pt;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"> </td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">445,400</td> <td style="text-align: left; padding-bottom: 4pt;"> </td> <td style="padding-bottom: 4pt;"> </td> <td style="text-align: left; padding-bottom: 4pt;">$</td> <td style="text-align: right; padding-bottom: 4pt;">4.96</td> <td style="text-align: left; padding-bottom: 4pt;"> </td> <td style="padding-bottom: 4pt;"> </td> <td style="text-align: left; padding-bottom: 4pt;"> </td> <td style="text-align: right; padding-bottom: 4pt;">7.23</td> <td style="text-align: left; padding-bottom: 4pt;"> </td> <td style="padding-bottom: 4pt;"> </td> <td style="text-align: left; padding-bottom: 4pt;">$</td> <td style="text-align: right; padding-bottom: 4pt;">-</td> <td style="text-align: left; padding-bottom: 4pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left; padding-bottom: 4pt;">Vested and exercisable at September 30, 2018</td> <td style="padding-bottom: 4pt;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"> </td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">278,567</td> <td style="text-align: left; padding-bottom: 4pt;"> </td> <td style="padding-bottom: 4pt;"> </td> <td style="text-align: left; padding-bottom: 4pt;">$</td> <td style="text-align: right; padding-bottom: 4pt;">5.85</td> <td style="text-align: left; padding-bottom: 4pt;"> </td> <td style="padding-bottom: 4pt;"> </td> <td style="text-align: left; padding-bottom: 4pt;"> </td> <td style="text-align: right; padding-bottom: 4pt;">6.03</td> <td style="text-align: left; padding-bottom: 4pt;"> </td> <td style="padding-bottom: 4pt;"> </td> <td style="text-align: left; padding-bottom: 4pt;">$</td> <td style="text-align: right; padding-bottom: 4pt;">-</td> <td style="text-align: left; padding-bottom: 4pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left; padding-bottom: 4pt;">Vested and exercisable at September 30, 2018 and expected to vest thereafter</td> <td style="padding-bottom: 4pt;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"> </td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">445,400</td> <td style="text-align: left; padding-bottom: 4pt;"> </td> <td style="padding-bottom: 4pt;"> </td> <td style="text-align: left; padding-bottom: 4pt;">$</td> <td style="text-align: right; padding-bottom: 4pt;">4.96</td> <td style="text-align: left; padding-bottom: 4pt;"> </td> <td style="padding-bottom: 4pt;"> </td> <td style="text-align: left; padding-bottom: 4pt;"> </td> <td style="text-align: right; padding-bottom: 4pt;">7.23</td> <td style="text-align: left; padding-bottom: 4pt;"> </td> <td style="padding-bottom: 4pt;"> </td> <td style="text-align: left; padding-bottom: 4pt;">$</td> <td style="text-align: right; padding-bottom: 4pt;">-</td> <td style="text-align: left; padding-bottom: 4pt;"> </td> </tr> </table> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 29.7pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">The weighted average grant date fair value of options granted during the nine-month period ending September 30, 2018 was $1.30 per share. The Company measured the fair value of each option award on the date of grant using the Black-Scholes-Merton (BSM) pricing model with the following assumptions: <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">  <table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td>Exercise price</td> <td> </td> <td style="text-align: right; white-space: nowrap;">$</td> <td style="text-align: right; white-space: nowrap;">2.95 to $ 4.35</td> <td> </td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td>Expected life</td> <td> </td> <td style="text-align: right; white-space: nowrap;"> </td> <td style="text-align: right; white-space: nowrap;">6 years</td> <td> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="width: 1354px; text-align: left;">Expected volatility</td> <td style="width: 17px;"> </td> <td style="width: 17px; text-align: left; white-space: nowrap;"> </td> <td style="width: 161px; text-align: right; white-space: nowrap;">38</td> <td style="width: 18px; text-align: left;">%</td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left;">Dividend yield</td> <td> </td> <td style="text-align: left; white-space: nowrap;"> </td> <td style="text-align: right; white-space: nowrap;">0</td> <td style="text-align: left;">%</td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left;">Risk-free interest rate</td> <td> </td> <td style="text-align: left; white-space: nowrap;"> </td> <td style="text-align: right; white-space: nowrap;">2.27% to 2.88</td> <td style="text-align: left;">%</td> </tr> </table> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 29.7pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">The expected dividend yield is based on the Company’s historical dividend yield. The expected volatility was based on the average of historical volatilities for a period comparable to the expected life of the options of certain entities considered to be similar to the Company. 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. <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">The value of stock options is recognized as compensation expense by the straight-line method over the vesting period. Compensation expense recorded for options in the statements of operations was $28,544 and $101,025, for the three and nine months ended September 30, 2018, respectively, and $22,685 and $64,896 for the three and nine months ended September 30, 2017, respectively. Unrecognized compensation cost related to non-vested options at September 30, 2018 amounted to approximately $169,867, which is expected to be recognized over a weighted average period of 2.12 years. <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">On October 2, 2018, FlexShopper’s Board of Directors approved issuance of 169,000 option awards under the 2018 Plan to the Company’s employees at an exercise price of $0.79 per option that vests in three (3) equal annual installments beginning on the first anniversary of the date of grant and to have a term of three (3) years. </div>

<div> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">10. INCOME TAXES <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 29.7pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">As of December 31, 2017, the Company has federal net operating loss carryforwards of approximately $30,008,000 and state net operating loss carryforwards of approximately $16,011,000 available to offset future taxable income which expire from 2024 to 2037. <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 29.7pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">Management believes that the federal and state deferred tax asset as of December 31, 2017 does not satisfy the realization criteria and has recorded a full valuation allowance to offset the tax asset. </div>

<div> <table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">Estimated Useful Lives</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">September 30,  2018</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">December 31, 2017</td> <td style="padding-bottom: 1.5pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="width: 1003px; text-align: left;">Furniture, fixtures and vehicle</td> <td style="width: 16px;"> </td> <td style="width: 173px; text-align: center;">2-5 years</td> <td style="width: 16px;"> </td> <td style="width: 16px; text-align: left;">$</td> <td style="width: 142px; text-align: right;">155,165</td> <td style="width: 15px; text-align: left;"> </td> <td style="width: 15px;"> </td> <td style="width: 15px; text-align: left;">$</td> <td style="width: 141px; text-align: right;">153,909</td> <td style="width: 15px; text-align: left;"> </td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left;">Website and internal use software</td> <td> </td> <td style="text-align: center;">3 years</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">7,565,702</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">5,827,771</td> <td style="text-align: left;"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left; padding-bottom: 1.5pt;">Computers and software</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="text-align: center; padding-bottom: 1.5pt;">3-7 years</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">704,407</td> <td style="text-align: left; padding-bottom: 1.5pt;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">691,499</td> <td style="text-align: left; padding-bottom: 1.5pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">8,425,274</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">6,673,179</td> <td style="text-align: left;"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left; padding-bottom: 1.5pt;">Less: accumulated depreciation and amortization</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">(5,112,165</td> <td style="text-align: left; padding-bottom: 1.5pt;">)</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">(3,725,015</td> <td style="text-align: left; padding-bottom: 1.5pt;">)</td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="padding-bottom: 4pt;"> </td> <td style="padding-bottom: 4pt;"> </td> <td style="padding-bottom: 4pt;"> </td> <td style="padding-bottom: 4pt;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">3,313,109</td> <td style="text-align: left; padding-bottom: 4pt;"> </td> <td style="padding-bottom: 4pt;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">2,948,164</td> <td style="text-align: left; padding-bottom: 4pt;"> </td> </tr> </table> </div>

<div> <table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">Number of options</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">Weighted average exercise price</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">Weighted average contractual term (years)</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">Aggregate intrinsic value</td> <td style="padding-bottom: 1.5pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="width: 815px;">Outstanding at January 1, 2018</td> <td style="width: 16px;"> </td> <td style="width: 16px; text-align: left;"> </td> <td style="width: 142px; text-align: right;">335,900</td> <td style="width: 16px; text-align: left;"> </td> <td style="width: 16px;"> </td> <td style="width: 16px; text-align: left;">$</td> <td style="width: 142px; text-align: right;">5.61</td> <td style="width: 16px; text-align: left;"> </td> <td style="width: 15px;"> </td> <td style="width: 15px; text-align: left;"> </td> <td style="width: 141px; text-align: right;"> </td> <td style="width: 15px; text-align: left;"> </td> <td style="width: 15px;"> </td> <td style="width: 15px; text-align: left;"> </td> <td style="width: 141px; text-align: right;"> </td> <td style="width: 15px; text-align: left;"> </td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td>Granted</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">129,000</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">3.21</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="padding-bottom: 1.5pt;">Canceled/Forfeited</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">(19,500</td> <td style="text-align: left; padding-bottom: 1.5pt;">)</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="text-align: left; padding-bottom: 1.5pt;"> </td> <td style="text-align: right; padding-bottom: 1.5pt;">4.57</td> <td style="text-align: left; padding-bottom: 1.5pt;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="text-align: left; padding-bottom: 1.5pt;"> </td> <td style="text-align: right; padding-bottom: 1.5pt;"> </td> <td style="text-align: left; padding-bottom: 1.5pt;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="text-align: left; padding-bottom: 1.5pt;"> </td> <td style="text-align: right; padding-bottom: 1.5pt;"> </td> <td style="text-align: left; padding-bottom: 1.5pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="padding-bottom: 4pt;">Outstanding at September 30, 2018</td> <td style="padding-bottom: 4pt;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"> </td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">445,400</td> <td style="text-align: left; padding-bottom: 4pt;"> </td> <td style="padding-bottom: 4pt;"> </td> <td style="text-align: left; padding-bottom: 4pt;">$</td> <td style="text-align: right; padding-bottom: 4pt;">4.96</td> <td style="text-align: left; padding-bottom: 4pt;"> </td> <td style="padding-bottom: 4pt;"> </td> <td style="text-align: left; padding-bottom: 4pt;"> </td> <td style="text-align: right; padding-bottom: 4pt;">7.23</td> <td style="text-align: left; padding-bottom: 4pt;"> </td> <td style="padding-bottom: 4pt;"> </td> <td style="text-align: left; padding-bottom: 4pt;">$</td> <td style="text-align: right; padding-bottom: 4pt;">-</td> <td style="text-align: left; padding-bottom: 4pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left; padding-bottom: 4pt;">Vested and exercisable at September 30, 2018</td> <td style="padding-bottom: 4pt;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"> </td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">278,567</td> <td style="text-align: left; padding-bottom: 4pt;"> </td> <td style="padding-bottom: 4pt;"> </td> <td style="text-align: left; padding-bottom: 4pt;">$</td> <td style="text-align: right; padding-bottom: 4pt;">5.85</td> <td style="text-align: left; padding-bottom: 4pt;"> </td> <td style="padding-bottom: 4pt;"> </td> <td style="text-align: left; padding-bottom: 4pt;"> </td> <td style="text-align: right; padding-bottom: 4pt;">6.03</td> <td style="text-align: left; padding-bottom: 4pt;"> </td> <td style="padding-bottom: 4pt;"> </td> <td style="text-align: left; padding-bottom: 4pt;">$</td> <td style="text-align: right; padding-bottom: 4pt;">-</td> <td style="text-align: left; padding-bottom: 4pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left; padding-bottom: 4pt;">Vested and exercisable at September 30, 2018 and expected to vest thereafter</td> <td style="padding-bottom: 4pt;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"> </td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">445,400</td> <td style="text-align: left; padding-bottom: 4pt;"> </td> <td style="padding-bottom: 4pt;"> </td> <td style="text-align: left; padding-bottom: 4pt;">$</td> <td style="text-align: right; padding-bottom: 4pt;">4.96</td> <td style="text-align: left; padding-bottom: 4pt;"> </td> <td style="padding-bottom: 4pt;"> </td> <td style="text-align: left; padding-bottom: 4pt;"> </td> <td style="text-align: right; padding-bottom: 4pt;">7.23</td> <td style="text-align: left; padding-bottom: 4pt;"> </td> <td style="padding-bottom: 4pt;"> </td> <td style="text-align: left; padding-bottom: 4pt;">$</td> <td style="text-align: right; padding-bottom: 4pt;">-</td> <td style="text-align: left; padding-bottom: 4pt;"></td> </tr> </table> </div>

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Customers have the option to cancel the agreement in accordance with lease terms and return the merchandise. Accordingly, customer agreements are accounted for as operating leases with lease revenues recognized in the month they are due on the accrual basis of accounting. Merchandise sales revenue is recognized when the customer exercises the purchase option and pays the purchase price. 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.

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Payments of principal and accrued interest are due and payable by the Company upon 30 days' prior written notice from the applicable noteholder and the Company can prepay principal and interest at any time without penalty.

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The Company drew $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.

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Each Series 2 Preferred Share is convertible at a conversion price of $2.92 into approximately 342 shares of common stock; provided, the conversion price is subject to further reduction pursuant to a weighted average anti-dilution provision contained in the Series 2 Certificate of Designations. The holders of the Series 2 Preferred Shares 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 in the Series 2 Certificate of Designations), holders of Series 2 Preferred Shares 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 Series 2 Preferred Shares been converted to common stock immediately before the Liquidation Event or Deemed Liquidation Event.

239,405 shares of Series 1 Convertible Preferred Stock outstanding, which are convertible into 145,197 shares of common stock.

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Each share of common stock entitles the holder to one vote at all stockholder meetings.

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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.

Board of Directors approved issuance of 169,000 option awards under the 2018 Plan to the Company's employees at an exercise price of $0.79 per option that vests in three (3) equal annual installments beginning on the first anniversary of the date of grant and to have a term of three (3) years.

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The Company completed an offering of 10,000,000 units (the "Offering") issued at a price of $1.00 per unit, each unit consisting of one share of the Company's common stock and one-half (1/2) of one warrant, each whole warrant exercisable for one share of common stock at an exercise price $1.25 per warrant.

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439 5750000 1055185 1055185 Expire seven years after the date of issuance. Expire on September 28, 2023. The Company amended and restated the Notes such that (1) the maturity date for the Notes was set at June 30, 2019 and (2) in connection with the completion of the offering described in the Registration Statement on Form S-1 initially filed by the Company with the SEC on August 13, 2018, holders of the Notes may elect to convert up to 50% of the outstanding principal of the Notes plus accrued and unpaid interest thereon into shares of the Company's common stock at a conversion price equal to the price paid to the Company by the underwriters for shares of common stock sold in such offering, net of the underwriting discount.

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Warrants Issued In Connection With Amended Credit Agreement And Subsequent Issuance Of Common Stock Shares Upon Exercise Of Warrants Warrants issued in connection with amended credit agreement and subsequent issuance of common stock upon exercise of the warrants, shares Number of warrants issued in connection with amended credit agreement and subsequent issuance of common stock upon exercise of the warrants. Issuance Of Shares And Warrants In Eauity Raise Value Issuance of shares and warrants in connection with equity raise Issuance of shares and warrants in connection with equity raise. Issuance Of Shares And Warrants In Eauity Raise Issuance of shares and warrants in connection with equity raise, shares Issuance of shares and warrants in connection with equity shares. Stock Issued During Period, Value, Conversion of Convertible Securities Conversion of debt to common shares Stock Issued During Period, Shares, Conversion of Convertible Securities Conversion of debt to common shares, shares Issuance Of Warrants In Connection With Conversion Of Debt Issuance of warrants in connection with conversion of debt The value of the financial instrument(s) that the original debt is being converted into equity. Adjustments to Additional Paid in Capital, Other Offering costs related to equity raise Statement of Cash Flows [Abstract] Statement of Cash Flows [Abstract] Net Cash Provided By (Used In) Operating Activities [Abstract] CASH FLOWS FROM OPERATING ACTIVITIES: Adjustments To Reconcile Net Income (Loss) To Cash Provided By (Used In) Operating Activities [Abstract] Adjustments to reconcile net loss to net cash provided by (used in) operating activities: Depreciation, Amortization and Accretion, Net Depreciation and impairment of lease merchandise Other Depreciation and Amortization Other depreciation and amortization Share-based Compensation Compensation expense Compensation expense related to issuance of stock options Net compensation expense related to issuance of stock options Share-based Compensation Increase (Decrease) in Operating Capital [Abstract] Changes in operating assets and liabilities: Increase (Decrease) in Accounts Receivable (Increase) in accounts receivable Accounts receivable Increase (Decrease) In Prepaid Expense and Other Assets (Increase) in prepaid expenses and other Decrease in prepaid expenses and other Prepaid expenses and other Increase Decrease In Lease Merchandise Lease merchandise Increase decrease in lease merchandise. Increase (Decrease) In Security Deposits Security deposits Increase (Decrease) In Accounts Payable Accounts payable (Decrease) increase in accounts payable Increase (Decrease) In Employee Related Liabilities Accrued payroll and related taxes Increase in accrued payroll and related taxes (Decrease) increase in accrued payroll and related taxes Increase (Decrease) In Accrued Liabilities Accrued expenses Decrease in accrued expenses Net Cash Provided by (Used in) Operating Activities Net cash (used in) provided by operating activities Net cash provided by (used in) operating activities Net cash (used in) provided by operating activities Cash flows for operations Net Cash Provided By (Used In) Investing Activities [Abstract] CASH FLOWS FROM INVESTING ACTIVITIES Payments To Acquire Property, Plant, and Equipment Purchases of property and equipment Purchases of property and equipment Purchases of property and equipment, including capitalized software costs Net Cash Provided by (Used in) Investing Activities Net cash (used in) provided by investing activities Net cash (used in) investing activities Net Cash Provided By (Used In) Financing Activities [Abstract] CASH FLOWS FROM FINANCING ACTIVITIES Proceeds from Stock Options Exercised Proceeds from exercise of stock options Proceeds from Warrant Exercises Proceeds from exercise of warrants Proceeds from Issuance Initial Public Offering Proceeds from public offering Payments of Stock Issuance Costs Equity issuance related costs Equity issuance related costs Proceeds from Notes Payable Proceeds from promissory notes Proceeds from Debt, Net of Issuance Costs Proceeds from loan payable under credit agreement Repayments of Debt Repayment of loans payable Repayment of loan payable under credit agreement Repayments of Long-term Loans from Vendors Repayment of installment loan Repayment of installment loan Repayments of Convertible Debt Debt issuance related costs Net Cash Provided By (Used In) Financing Activities Net cash provided by (used in) financing activities Net cash provided by (used in) financing activities Cash and Cash Equivalents, Period Increase (Decrease) INCREASE IN CASH INCREASE/(DECREASE) IN CASH Supplemental Cash Flow Information [Abstract] Supplemental cash flow information: Interest Paid, Net Interest paid Interest paid Non-cash Conversion of debt into common stock and warrants Non-cash Conversion of debt into common stock Accrued Equity Issuance Costs Accrued equity issuance costs The amount of accrued equity issuance costs. Basis of Presentation [Abstract] Business Description and Basis of Presentation [Text Block] BASIS OF PRESENTATION Business [Abstract] Business Combination Disclosure [Text Block] BUSINESS Summary of Significant Accounting Policies [Abstract] Accounting Policies [Abstract] Significant Accounting Policies [Text Block] SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Property and Equipment [Abstract] Property, Plant and Equipment [Abstract] Property, Plant and Equipment Disclosure [Text Block] PROPERTY AND EQUIPMENT Promissory Notes [Abstract] Promissory Notes [Text Block] PROMISSORY NOTES The entire disclosure for promissory notes. Loan Payable Under Credit Agreement [Abstract] Loan Payable Disclosure [Text Block] LOAN PAYABLE UNDER CREDIT AGREEMENT 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. Capital Structure [Abstract] Stockholders' Equity Note [Abstract] Stockholders' Equity Note Disclosure [Text Block] CAPITAL STRUCTURE Stock Options [Abstract] Disclosure of Compensation Related Costs, Share-based Payments [Text Block] STOCK OPTIONS Warrants [Abstract] Warrants [Abstract] Warrants Disclosure [Text Block] WARRANTS The entire disclosure for warrants. Income Taxes [Abstract] Income Tax Disclosure [Abstract] Income Tax Disclosure [Text Block] INCOME TAXES Subsequent Events [Abstract] Subsequent Events [Text Block] SUBSEQUENT EVENTS Consolidation, Policy [Policy Text Block] Principles of Consolidation Use Of Estimates, Policy [Policy Text Block] Estimates Revenue Recognition, Policy [Policy Text Block] Revenue Recognition Receivables, Trade and Other Accounts Receivable, Allowance for Doubtful Accounts, Policy [Policy Text Block] Accounts Receivable and Allowance for Doubtful Accounts Lessor, Leases [Policy Text Block] Lease Merchandise Debt, Policy [Policy Text Block] Deferred Debt Issuance Costs Goodwill and Intangible Assets, Intangible Assets, Policy [Policy Text Block] Intangible Assets Software to be Sold, Leased, or Otherwise Marketed, Policy [Policy Text Block] Software Costs Selling, General and Administrative Expenses, Policy [Policy Text Block] Operating Expenses General and Administrative Expenses Marketing Costs [Policy Text Block] Marketing Costs Disclosure of accounting policy for markerting costs. Earnings Per Share, Policy [Policy Text Block] Per Share Data Compensation Related Costs, Policy [Policy Text Block] Stock-Based Compensation Fair Value of Financial Instruments, Policy [Policy Text Block] Fair Value of Financial Instruments Income Tax, Policy [Policy Text Block] Income Taxes New Accounting Pronouncements, Policy [Policy Text Block] Recent Accounting Pronouncements Recent Accounting Pronouncements Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] Schedule of accounts receivable Lease Merchandise [Table Text Block] Schedule of net leased merchandise Tabular disclosure of Lease merchandise. Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] Schedule of anti-dilutive securities excluded from computation of earnings per share Property, Plant and Equipment [Table Text Block] Schedule of property and equipment Schedule Of Share-Based Compensation, Stock Options, Activity [Table Text Block] Schedule of information about stock options Schedule Of Share-Based Payment Award, Employee Stock Purchase Plan, Valuation Assumptions [Table Text Block] Schedule of option input into a Black Scholes option pricing model Schedule of Stockholders' Equity Note, Warrants or Rights [Table Text Block] Schedule of outstanding stock warrants Business Textual [Abstract] Business (Textual) Limited Liability Company (LLC) or Limited Partnership (LP), Managing Member or General Partner, Ownership Interest Limited liability percentage of FlexShopper, LLC Ability To Borrow Additional Funds Ability to borrow additional funds Amount of ability to borrow additional funds Subordinated Promissory Note Description Subordinated promissory notes, description Description of subordinated promissory notes. Business Combination, Step Acquisition, Equity Interest in Acquiree, Percentage Business owner's percentage of FlexShopper 1, LLC and FlexShopper 2, LLC Accounts Receivable, Gross Accounts receivable Allowance for Doubtful Accounts Receivable Allowance for doubtful accounts Allowance for doubtful accounts Accounts Receivable, Net Accounts receivable, net Capital Leased Assets, Gross Lease merchandise at cost Capital Leases, Lessee Balance Sheet, Assets by Major Class, Accumulated Depreciation Accumulated depreciation Accumulated depreciation Capital Leases Impairment Reserve Impairment reserve Impairment reserve a company's asset that has a market price less than the value listed on the company's balance sheet. Impairment reserve EX-101.PRE 13 fpay-20180930_pre.xml XBRL PRESENTATION FILE XML 14 R1.htm IDEA: XBRL DOCUMENT

Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Sep. 30, 2018	Nov. 02, 2018
Document and Entity Information [Abstract]
Entity Registrant Name	FlexShopper, Inc.
Entity Central Index Key	0001397047
Amendment Flag	false
Trading Symbol	FPAY
Current Fiscal Year End Date	--12-31
Document Type	10-Q
Document Period End Date	Sep. 30, 2018
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2018
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Ex Transition Period	false
Entity Emerging Growth Company	false
Entity Common Stock, Shares Outstanding		17,579,870

XML 15 R2.htm IDEA: XBRL DOCUMENT

Consolidated Balance Sheets - USD ($)	Sep. 30, 2018	Dec. 31, 2017
CURRENT ASSETS:
Cash	$ 7,282,103	$ 4,968,915
Accounts receivable, net	4,815,676	4,259,468
Prepaid expenses	182,189	321,035
Lease merchandise, net	18,326,430	21,415,322
Total current assets	30,606,398	30,964,740
PROPERTY AND EQUIPMENT, net	3,313,109	2,948,164
OTHER ASSETS, net	91,390	95,722
Total assets	34,010,897	34,008,626
CURRENT LIABILITIES:
Current portion of loan payable under credit agreement to beneficial shareholder net of $202,179 at 2018 and $118,404 at 2017 of unamortized issuance costs	8,116,897	14,094,096
Accounts payable	5,928,868	7,702,145
Accrued payroll and related taxes	225,081	404,346
Promissory notes	1,750,000
Accrued expenses	858,863	786,095
Total current liabilities	16,879,709	22,986,682
Loan payable under credit agreement to beneficial shareholder net of $151,634 at September 30, 2018 and $39,468 at Dec 31, 2017 of unamortized issuance costs and current portion	6,087,673	4,698,032
Total liabilities	22,967,382	27,684,714
STOCKHOLDERS' EQUITY
Series 1 Convertible Preferred Stock, $0.001 par value- authorized 250,000 shares, issued and outstanding 239,405 shares at $5.00 stated value	1,197,025	1,197,025
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 17,579,870 shares as of 2018 and 5,294,501 as of 2017	1,758	529
Additional paid in capital	34,142,693	22,445,691
Accumulated deficit	(46,249,961)	(39,271,333)
Total stockholders' equity	11,043,515	6,323,912
Total liabilities and stockholder's equity	$ 34,010,897	$ 34,008,626

XML 16 R3.htm IDEA: XBRL DOCUMENT

Consolidated Balance Sheets (Parenthetical) - USD ($)	Sep. 30, 2018	Dec. 31, 2017
Loan payable unamortized issuance costs	$ 202,179	$ 118,404
Unamortized issuance costs	$ 151,634	$ 39,468
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	40,000,000	40,000,000
Common stock, shares issued	17,579,870	5,294,501
Common stock, shares outstanding	17,579,870	5,294,501
Series 1 Convertible Preferred Stock
Convertible preferred stock, stated value	$ 5.00	$ 5.00
Convertible preferred stock, par value	$ 0.001	$ 0.001
Convertible preferred stock, shares authorized	250,000	250,000
Convertible preferred stock, shares issued	239,405	239,405
Convertible preferred stock, shares outstanding	239,405	239,405
Series 2 Convertible Preferred Stock
Convertible preferred stock, stated value	$ 1,000	$ 1,000
Convertible preferred stock, par value	$ 0.001	$ 0.001
Convertible preferred stock, shares authorized	25,000	25,000
Convertible preferred stock, shares issued	21,952	21,952
Convertible preferred stock, shares outstanding	21,952	21,952

XML 17 R4.htm IDEA: XBRL DOCUMENT

Consolidated Statements of Operations (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Revenues:
Lease revenues and fees	$ 20,514,492	$ 16,144,184	$ 58,439,865	$ 49,458,109
Lease merchandise sold	490,208	359,656	1,592,556	1,174,608
Total revenues	21,004,700	16,503,840	60,032,421	50,632,717
Costs and expenses:
Cost of lease revenues, consisting of depreciation and impairment of lease merchandise	10,289,709	8,146,293	29,684,867	24,733,915
Cost of lease merchandise sold	349,209	280,130	1,007,677	816,058
Provision for doubtful accounts	5,905,083	4,681,832	16,563,888	14,357,461
Marketing	1,596,322	994,576	4,025,509	2,625,367
Salaries and benefits	2,186,835	1,900,925	6,397,999	5,567,082
Operating expenses	2,206,496	1,723,309	6,163,680	5,266,278
Total costs and expenses	22,533,654	17,727,065	63,843,620	53,366,161
Operating loss	(1,528,954)	(1,223,225)	(3,811,199)	(2,733,444)
Loss on debt extinguishment	126,597		126,597
Interest expense including amortization of debt issuance costs	1,061,827	504,392	3,040,832	1,611,687
Net loss	(2,717,378)	(1,727,617)	(6,978,628)	(4,345,131)
Dividends on Series 2 Convertible Preferred Shares	609,168	603,680	1,817,672	1,712,716
Net loss attributable to common shareholders	$ (3,326,546)	$ (2,331,297)	$ (8,796,300)	$ (6,057,847)
Basic and diluted (loss) per common share:
Net loss	$ (0.56)	$ (0.44)	$ (1.59)	$ (1.14)
WEIGHTED AVERAGE COMMON SHARES:
Basic and diluted	5,950,161	5,292,281	5,539,815	5,290,077

XML 18 R5.htm IDEA: XBRL DOCUMENT

Consolidated Statement of Changes in Stockholders' Equity (Unaudited) - 9 months ended Sep. 30, 2018 - USD ($)	Total	Series 1 Convertible Preferred Stock	Series 2 Convertible Preferred Stock	Common Stock	Additional Paid in Capital	Accumulated Deficit
Balance at Dec. 31, 2017	$ 6,323,912	$ 1,197,025	$ 21,952,000	$ 529	$ 22,445,691	$ (39,271,333)
Balance, shares at Dec. 31, 2017		239,405	21,952	5,294,501
Provision for compensation expense related to stock options	101,025				101,025
Warrants issued in connection with amended credit agreement and subsequent issuance of common stock upon exercise of the warrants	523,250			$ 18	523,232
Warrants issued in connection with amended credit agreement and subsequent issuance of common stock upon exercise of the warrants, shares				175,000
Issuance of shares and warrants in connection with equity raise	10,007,500			$ 1,000	10,006,500
Issuance of shares and warrants in connection with equity raise, shares				10,000,000
Conversion of debt to common shares	1,962,668			$ 211	1,962,457
Conversion of debt to common shares, shares				2,110,369
Issuance of warrants in connection with conversion of debt	126,598				126,598
Offering costs related to equity raise	(1,022,810)				(1,022,810)
Net loss	(6,978,628)					(6,978,628)
Balance at Sep. 30, 2018	$ 11,043,515	$ 1,197,025	$ 21,952,000	$ 1,758	$ 34,142,693	$ (46,249,961)
Balance, shares at Sep. 30, 2018		239,405	21,952	17,579,870

XML 19 R6.htm IDEA: XBRL DOCUMENT

Consolidated Statements of Cash Flows (Unaudited) - USD ($)	9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (6,978,628)	$ (4,345,131)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and impairment of lease merchandise	29,684,866	24,733,916
Other depreciation and amortization	1,850,453	1,536,491
Compensation expense related to issuance of stock options	101,025	64,896
Provision for doubtful accounts	16,563,888	14,357,461
Loss on debt extinguishment	126,597
Changes in operating assets and liabilities:
Accounts receivable	(17,120,096)	(15,570,400)
Prepaid expenses and other	141,126	13,255
Lease merchandise	(26,595,974)	(17,315,091)
Security deposits	2,025	(10,207)
Accounts payable	(1,560,609)	(1,188,200)
Accrued payroll and related taxes	(179,265)	(147,388)
Accrued expenses	128,765	44,386
Net cash (used in) provided by operating activities	(3,835,827)	2,173,988
CASH FLOWS FROM INVESTING ACTIVITIES
Purchases of property and equipment, including capitalized software costs	(1,752,095)	(1,487,441)
Net cash (used in) investing activities	(1,752,095)	(1,487,441)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from exercise of stock options		15,000
Proceeds from exercise of warrants	1,750
Proceeds from public offering	10,007,500
Equity issuance related costs	(862,810)
Proceeds from promissory notes	3,465,000
Proceeds from loan payable under credit agreement	5,185,000
Repayment of loan payable under credit agreement	(9,786,487)	(2,288,207)
Repayment of installment loan	(8,405)
Debt issuance related costs	(100,438)
Net cash provided by (used in) financing activities	7,901,110	(2,273,207)
INCREASE/(DECREASE) IN CASH	2,313,188	(1,586,660)
CASH, beginning of period	4,968,915	5,412,495
CASH, end of period	7,282,103	3,825,835
Supplemental cash flow information:
Interest paid	2,104,110	1,179,826
Non-cash Conversion of debt into common stock	$ 1,962,668

XML 20 R7.htm IDEA: XBRL DOCUMENT

Basis of Presentation	9 Months Ended
Basis of Presentation	Sep. 30, 2018
Basis of Presentation [Abstract]
BASIS OF PRESENTATION	1. BASIS OF PRESENTATION Our 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 our interim financial statements does not include all information and disclosures necessary for a fair presentation of our 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 our Annual Report on Form 10-K for the fiscal year ended December 31, 2017. The consolidated balance sheet as of December 31, 2017 contained herein has been derived from audited financial statements.

XML 21 R8.htm IDEA: XBRL DOCUMENT

Business	9 Months Ended
Business	Sep. 30, 2018
Business [Abstract]
BUSINESS	2. BUSINESS FlexShopper, Inc. (the “Company”) is a corporation organized under the laws of the State of Delaware on August 16, 2006. The Company owns 100% of FlexShopper, LLC, a limited liability company incorporated under the laws of North Carolina on June 24, 2013. The Company is a holding corporation with no operations except for those conducted by FlexShopper, LLC. FlexShopper, LLC provides through e-commerce sites certain types of durable goods to consumers, including customers of third-party retailers and e-tailers, on a lease-to-own basis (“LTO”). In January 2015, in connection with the credit agreement entered into in March 2015 (see Note 6), FlexShopper 1 LLC and FlexShopper 2 LLC were organized as wholly owned Delaware subsidiaries of FlexShopper, LLC to conduct operations. FlexShopper, LLC together with its subsidiaries are hereafter referred to as “FlexShopper.” To date, funds derived from the sale of FlexShopper’s common stock and Series 2 Convertible Preferred Stock and the Company’s ability to borrow funds against the lease portfolio have provided the liquidity and capital resources necessary to fund its operations.

XML 22 R9.htm IDEA: XBRL DOCUMENT

Summary of Significant Accounting Policies

9 Months Ended

Sep. 30, 2018

Summary of Significant Accounting Policies [Abstract]

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

	September 30, 2018			December 31, 2017

Accounts receivable	$	9,393,310		$	6,399,233
Allowance for doubtful accounts		(4,577,634	)		(2,139,765	)
Accounts receivable, net	$	4,815,676		$	4,259,468

The net leased merchandise balances consisted of the following as of September 30, 2018 and December 31, 2017:

	September 30, 2018			December 31, 2017
Lease merchandise at cost	$	35,707,612		$	34,501,555
Accumulated depreciation		(15,710,483	)		(11,974,953	)
Impairment reserve		(1,670,699	)		(1,111,280	)
Lease merchandise, net	$	18,326,430		$	21,415,322

Lease merchandise at cost represents the undepreciated cost of rental merchandise at the time of sale.

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.

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:

	Nine Months ended
	September 30,
	2018		2017
Series 1 Convertible Preferred Stock		145,197		147,417
Series 2 Convertible Preferred Stock		2,710,124		2,710,124
Series 2 Convertible Preferred Stock issuable upon exercise of warrants		54,217		54,217
Common Stock Options		445,400		302,900
Common Stock Warrants		7,182,488		511,553
		10,537,426		3,726,211

Compensation expense is determined by reference to the fair value of an award on the date of grant and is amortized on a straight-line basis over the vesting period. We have elected to use the Black-Scholes-Merton (BSM) pricing model to determine the fair value of all stock option awards (see Note 8).

Fair Value of Financial Instruments - The carrying value of loans payable under the Credit Agreement increased by unamortized issuance costs (see Note 6) approximates fair value.

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, 2018 and 2017, 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.

In February 2016, the FASB issued ASU No. 2016-02, Leases, which is effective for fiscal years, and interim periods within those years, beginning after December 15, 2018 with early adoption permitted. Under ASU 2016-02, lessees will be required to recognize for all leases at the commencement date 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. The Company has preliminarily determined that the new standard will not materially impact the timing of revenue recognition. The new standard will result in the Company continuing to classify bad debt expense incurred as a reduction of lease revenue and fees within the consolidated statements of earnings.

The new standard will also impact the Company as a lessee by requiring all of its operating leases to be recognized on the balance sheet as a right-to-use asset and lease liability. The Company plans to elect a package of optional practical expedients which includes the option to retain the current classification of leases entered into prior to January 1, 2019, and thus does not anticipate a material impact to the consolidated statements of earnings or consolidated statements of cash flows. The Company intends to adopt the new standard in the first quarter of 2019.

XML 23 R10.htm IDEA: XBRL DOCUMENT

Property and Equipment

9 Months Ended

Sep. 30, 2018

Property and Equipment [Abstract]

PROPERTY AND EQUIPMENT

4. PROPERTY AND EQUIPMENT

Property and equipment consist of the following:

	Estimated Useful Lives	September 30, 2018			December 31, 2017
Furniture, fixtures and vehicle	2-5 years	$	155,165		$	153,909
Website and internal use software	3 years		7,565,702			5,827,771
Computers and software	3-7 years		704,407			691,499
			8,425,274			6,673,179
Less: accumulated depreciation and amortization			(5,112,165	)		(3,725,015	)
		$	3,313,109		$	2,948,164

Depreciation and amortization expense were $490,483 and $414,674 for the three months ended September 30, 2018 and 2017, respectively, and $1,387,149 and $1,178,972 for the nine months ended September 30, 2018 and 2017, respectively.

XML 24 R11.htm IDEA: XBRL DOCUMENT

Promissory Notes	9 Months Ended
Promissory Notes	Sep. 30, 2018
Promissory Notes [Abstract]
PROMISSORY NOTES	5. PROMISSORY NOTES On January 29, 2018 and January 30, 2018, the Company entered into letter agreements with Russ Heiser, the Company’s Chief Financial Officer, and NRNS Capital Holdings LLC (“NRNS”), respectively (such letter agreements, together, the “Commitment Letters”), for consideration of a one-time commitment fee of 1% of the lenders’ aggregate commitment, totaling $35,000, pursuant to which the Company issued a subordinated promissory note to each of Mr. Heiser and NRNS (together, the “Notes”). The Commitment Letters provide that Mr. Heiser and NRNS each shall make advances to the Company 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 the Company 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. Upon issuance of the Notes, the Company drew $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. The Notes bear interest at a rate equal to five (5%) 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 (see Note 6) computed on the basis of a 360-day year, which equaled 21.16% at September 30, 2018. Interest expense incurred under the Notes amounted to $58,214 for Mr. Heiser’s Note and $145,514 for NRNS’ Note, totaling $203,728 for the three months ended September 30, 2018, and $132,202 for Mr. Heiser’s Note and $341,445 for NRNS’ Note, totaling $473,647 for the nine months ended September 30, 2018. On August 29, 2018, the Company amended and restated the Notes such that (1) the maturity date for the Notes was set at June 30, 2019 and (2) in connection with the completion of the offering described in the Registration Statement on Form S-1 initially filed by the Company with the SEC on August 13, 2018, holders of the Notes may elect to convert up to 50% of the outstanding principal of the Notes plus accrued and unpaid interest thereon into shares of the Company’s common stock at a conversion price equal to the price paid to the Company by the underwriters for shares of common stock sold in such offering, net of the underwriting discount. On September 28, 2018, each of Mr, Heiser and NRNS exercised its option to convert 50% of the outstanding principal and accrued interest to equity. Mr. Heiser elected to convert $500,000 of outstanding principal and $60,765.82 of accrued interest into 602,974 shares of common stock and warrants exercisable for 301,487 shares of common stock based on a $0.93 conversion price. NRNS converted $1,250,000 of outstanding principal and $151,877.50 of accrued interest into 1,507,395 shares of common stock and warrants exercisable for 753,698 shares of common stock based on a $0.93 conversion price. As a result of this conversion, the Company recorded a loss on extinguishment of debt of $126,622 in the three and nine months ended September 30, 2018 related to the difference between the conversion price and the price per common share offered in the September 2018 equity raise.

XML 25 R12.htm IDEA: XBRL DOCUMENT

Loan Payable Under Credit Agreement	9 Months Ended
Loan Payable Under Credit Agreement	Sep. 30, 2018
Loan Payable Under Credit Agreement [Abstract]
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 $25,000,000 from the Lender until the Commitment Termination Date and must repay all borrowed amounts one year thereafter, on the Commitment Maturity Date (unless such amounts become due or payable on an earlier date pursuant to the terms of the Credit Agreement). Upon consummation of an Equity Raise (as defined in the Credit Agreement) on September 28, 2018, the Commitment Termination Date was extended to June 30, 2019, which date may extended to a later date determined by the Lender in its sole discretion (but no later than February 28, 2021) with notice to the Borrower by April 1, 2019. The Lender receives security interests in certain leases as collateral under the Credit Agreement. 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 the 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. 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. On July 31, 2018, August 29, 2018, September 22, 2018 and September 25, 2018, the Borrower entered into Amendments Nos. 7, 8, 9 and 10 (the “Series of Amendments”) to the Credit Agreement, respectively. The Series of Amendments amended the definitions of Equity Raise and Scheduled Commitment Termination Date in the Credit Agreement such that, upon consummation of the Company’s offering of units on September 28, 2018, the Commitment Termination Date was extended to June 30, 2019, as described above.. Principal payable within twelve months of the balance sheet date based on the outstanding loan balance at such date is reflected as a current liability in the accompanying balance sheets. Interest expense incurred under the Credit Agreement amounted to $689,667 and $2,103,891 for the three and nine months ended September 30, 2018, respectively, and $385,989 and $1,256,475 for the three and nine months ended September 30, 2017, respectively. As of September 30, 2018, the outstanding balance under the Credit Agreement was $14,558,383. Such amount is presented in the consolidated balance sheet net of unamortized issuance costs of $353,813. The Company repaid $3,365,635 in the third quarter of 2018. Interest is payable monthly on the outstanding balance of the amounts borrowed.

XML 26 R13.htm IDEA: XBRL DOCUMENT

Capital Structure	9 Months Ended
Capital Structure	Sep. 30, 2018
Capital Structure [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 amount, 250,000 shares has 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 - On January 31, 2007, the Company filed a Certificate of Designations with the Secretary of State of Delaware. On November 9, 2017, the Company filed a Certificate of Decrease of the Number of Authorized Shares of Preferred Stock of FlexShopper, Inc. Designated as Series 1 Preferred Stock, reducing the number of shares designated as Series 1 Convertible Preferred Stock to 250,000. Series 1 Convertible Preferred Stock ranks senior to common stock. As of September 30, 2018, each share of Series 1 Convertible Preferred Stock was convertible into .60649 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. During the year ended December 31, 2017, 3,660 shares of Series 1 Convertible Preferred Stock were converted into 2,220 shares of common stock. [No shares of Series 1 Convertible Preferred Stock were converted into shares of common stock in the nine months ended September 30, 2018.] As of September 30, 2018, there were 239,405 shares of Series 1 Convertible Preferred Stock outstanding, which are convertible into 145,197 shares of common stock. Series 2 Convertible Preferred Stock - On June 10, 2016, the Company entered into a Subscription Agreement with B2 FIE V LLC (the “Investor”), an entity affiliated with Pacific Investment Management Company LLC, providing for the issuance and sale of 20,000 shares of Series 2 Convertible Preferred Stock for gross proceeds of $20.0 million. The Company sold an additional 1,952 shares of Series 2 Convertible Preferred Stock to a different investor for gross proceeds of $1.95 million at a subsequent closing. Pursuant to the authority expressly granted to the Board of Directors by the provisions of the Company’s Certificate of Incorporation, the Board of Directors of the Company created and designated 25,000 shares of Series 2 Convertible Preferred Stock, par value $0.001 per share (“Series 2 Preferred Shares”), by filing a Certificate of Designations with the Delaware Secretary of State (the “Series 2 Certificate of Designations”). 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, 2018 totaled approximately $5,346,033. Each Series 2 Preferred Share is convertible at a conversion price of $2.92 into approximately 342 shares of common stock; provided, the conversion price is subject to further reduction pursuant to a weighted average anti-dilution provision contained in the Series 2 Certificate of Designations. The holders of the Series 2 Preferred Shares 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 in the Series 2 Certificate of Designations), holders of Series 2 Preferred Shares 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 Series 2 Preferred Shares 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 $0.0001 par value common stock. On September 18, 2018, the Company filed with the Secretary of State of the State of Delaware a Certificate of Amendment to its Certificate of Incorporation that increased the authorized shares of common stock of the Company from 15,000,000 shares to 25,000,000 shares and, on [October] [__], 2018, the Company filed with the Secretary of State of the State of Delaware another Certificate of Amendment to its Certificate of Incorporation that increased the authorized shares of common stock of the Company from 25,000,000 shares to 40,000,000.Each share of common stock entitles the holder to one vote at all stockholder meetings. In connection with entering into the Credit Agreement on March 6, 2015, the Company raised approximately $8.6 million in net proceeds through direct sales of 1.7 million shares of its common stock to certain affiliates of the Lender and other accredited investors for a purchase price of $5.50 per share. As a result of the sale to certain affiliates, the Lender is considered a beneficial shareholder of the Company. In September 2018, the Company completed an offering of 10,000,000 units (the “Offering”) issued at a price of $1.00 per unit, each unit consisting of one share of the Company’s common stock and one-half (1/2) of one warrant, each whole warrant exercisable for one share of common stock at an exercise price $1.25 per warrant. The common stock and warrants included in the units sold in the Offering were immediately separable and issued separately. In connection with the Offering, both Mr. Heiser and NRNS elected to convert 50% of the outstanding principal and accrued interest on their promissory notes into equity interests issued in the Offering. As a result, the Company issuing 602,974 shares of common stock and 301487 warrants to Mr. Heiser and 1,507,395 shares of common stock and 753,698 warrants to NRNS.. Warrants As part of the Offering 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 warrants are immediately exercisable and expire five years from the date of issuance. The warrants are listed on the Nasdaq Capital Market under the symbol “FPAYW.” The Company also issued an additional warrants exercisable for an aggregate 1,055,185 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 immediately 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 of September 30, 2018, FlexShopper had outstanding warrants exercisable for (i) 7,182,488 shares of common stock and (ii) 439 shares of Series 2 Convertible Preferred Stock . See Note 9.

XML 27 R14.htm IDEA: XBRL DOCUMENT

Stock Options

9 Months Ended

Sep. 30, 2018

Stock Options [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, 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.

Activity in stock options for the nine months ended September 30, 2018 follows:

	Number of options			Weighted average exercise price		Weighted average contractual term (years)		Aggregate intrinsic value
Outstanding at January 1, 2018		335,900		$	5.61
Granted		129,000			3.21
Canceled/Forfeited		(19,500	)		4.57
Outstanding at September 30, 2018		445,400		$	4.96		7.23	$	-
Vested and exercisable at September 30, 2018		278,567		$	5.85		6.03	$	-
Vested and exercisable at September 30, 2018 and expected to vest thereafter		445,400		$	4.96		7.23	$	-

Exercise price	$	2.95 to $ 4.35
Expected life		6 years
Expected volatility		38	%
Dividend yield		0	%
Risk-free interest rate		2.27% to 2.88	%

XML 28 R15.htm IDEA: XBRL DOCUMENT

Warrants

9 Months Ended

Sep. 30, 2018

Warrants [Abstract]

WARRANTS

9. WARRANTS

The following table summarizes information about outstanding stock warrants as of September 30, 2018, all of which are exercisable:

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

$	10.00		200,000			1 years
$	5.50		177,303			3 years
$	1.25		6,805,185			5 years
$	1,250		-		439	5 years
			7,182,488		439

XML 29 R16.htm IDEA: XBRL DOCUMENT

Income Taxes	9 Months Ended
Income Taxes	Sep. 30, 2018
Income Taxes [Abstract]
INCOME TAXES	10. INCOME TAXES As of December 31, 2017, the Company has federal net operating loss carryforwards of approximately $30,008,000 and state net operating loss carryforwards of approximately $16,011,000 available to offset future taxable income which expire from 2024 to 2037. Management believes that the federal and state deferred tax asset as of December 31, 2017 does not satisfy the realization criteria and has recorded a full valuation allowance to offset the tax asset.

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Subsequent Events	9 Months Ended
Subsequent Events	Sep. 30, 2018
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	11. SUBSEQUENT EVENTS On October 2, 2018, the Company’s Board of Directors approved issuance of 169,000 option awards under the 2018 Plan to the Company’s employees at an exercise price of $0.79 per option that vests in three (3) equal annual installments beginning on the first anniversary of the date of grant and to have a term of three (3) years. On October 10, 2018, the Company filed with the SEC and mailed to stockholders a Definitive Schedule 14A Consent Solicitation Statement (the “Consent Solicitation”). The Consent Solicitation solicited written consents of the Company’s stockholders approving and authorizing a Certificate of Amendment to its Certificate of Incorporation for the purpose of increasing the number of authorized shares of the Company’s common stock from 25,000,000 shares to 40,000,000 shares (the “Charter Amendment”). Upon receiving the necessary shareholder consent, the Company filed the Charter Amendment with the Secretary of State of the State of Delaware on [October] [●], 2018.

XML 31 R18.htm IDEA: XBRL DOCUMENT

Summary of Significant Accounting Policies (Policies)

9 Months Ended

Sep. 30, 2018

Summary of Significant Accounting Policies [Abstract]

Principles of Consolidation

Estimates

Revenue Recognition

Accounts Receivable and Allowance for Doubtful Accounts

	September 30, 2018			December 31, 2017

Accounts receivable	$	9,393,310		$	6,399,233
Allowance for doubtful accounts		(4,577,634	)		(2,139,765	)
Accounts receivable, net	$	4,815,676		$	4,259,468

Lease Merchandise

The net leased merchandise balances consisted of the following as of September 30, 2018 and December 31, 2017:

	September 30, 2018			December 31, 2017
Lease merchandise at cost	$	35,707,612		$	34,501,555
Accumulated depreciation		(15,710,483	)		(11,974,953	)
Impairment reserve		(1,670,699	)		(1,111,280	)
Lease merchandise, net	$	18,326,430		$	21,415,322

Lease merchandise at cost represents the undepreciated cost of rental merchandise at the time of sale.

Deferred Debt Issuance Costs

Intangible Assets

Software Costs

Operating Expenses

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

Marketing Costs

Marketing Costs - Marketing costs, primarily consisting of advertising, are charged to expense as incurred.

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:

	Nine Months ended
	September 30,
	2018		2017
Series 1 Convertible Preferred Stock		145,197		147,417
Series 2 Convertible Preferred Stock		2,710,124		2,710,124
Series 2 Convertible Preferred Stock issuable upon exercise of warrants		54,217		54,217
Common Stock Options		445,400		302,900
Common Stock Warrants		7,182,488		511,553
		10,537,426		3,726,211

Stock-Based Compensation

Fair Value of Financial Instruments

Fair Value of Financial Instruments - The carrying value of loans payable under the Credit Agreement increased by unamortized issuance costs (see Note 6) approximates fair value.

Income Taxes

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, 2018 and 2017, 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.

Recent Accounting Pronouncements

In February 2016, the FASB issued ASU No. 2016-02, Leases, which is effective for fiscal years, and interim periods within those years, beginning after December 15, 2018 with early adoption permitted. Under ASU 2016-02, lessees will be required to recognize for all leases at the commencement date 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. The Company has preliminarily determined that the new standard will not materially impact the timing of revenue recognition. The new standard will result in the Company continuing to classify bad debt expense incurred as a reduction of lease revenue and fees within the consolidated statements of earnings.

The new standard will also impact the Company as a lessee by requiring all of its operating leases to be recognized on the balance sheet as a right-to-use asset and lease liability. The Company plans to elect a package of optional practical expedients which includes the option to retain the current classification of leases entered into prior to January 1, 2019, and thus does not anticipate a material impact to the consolidated statements of earnings or consolidated statements of cash flows. The Company intends to adopt the new standard in the first quarter of 2019.

XML 32 R19.htm IDEA: XBRL DOCUMENT

Summary of Significant Accounting Policies (Tables)

9 Months Ended

Sep. 30, 2018

Summary of Significant Accounting Policies [Abstract]

Schedule of accounts receivable

	September 30, 2018			December 31, 2017

Accounts receivable	$	9,393,310		$	6,399,233
Allowance for doubtful accounts		(4,577,634	)		(2,139,765	)
Accounts receivable, net	$	4,815,676		$	4,259,468

Schedule of net leased merchandise

	September 30, 2018			December 31, 2017
Lease merchandise at cost	$	35,707,612		$	34,501,555
Accumulated depreciation		(15,710,483	)		(11,974,953	)
Impairment reserve		(1,670,699	)		(1,111,280	)
Lease merchandise, net	$	18,326,430		$	21,415,322

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

	Nine Months ended
	September 30,
	2018		2017
Series 1 Convertible Preferred Stock		145,197		147,417
Series 2 Convertible Preferred Stock		2,710,124		2,710,124
Series 2 Convertible Preferred Stock issuable upon exercise of warrants		54,217		54,217
Common Stock Options		445,400		302,900
Common Stock Warrants		7,182,488		511,553
		10,537,426		3,726,211

XML 33 R20.htm IDEA: XBRL DOCUMENT

Property and Equipment (Tables)

9 Months Ended

Sep. 30, 2018

Property and Equipment [Abstract]

Schedule of property and equipment

	Estimated Useful Lives	September 30, 2018			December 31, 2017
Furniture, fixtures and vehicle	2-5 years	$	155,165		$	153,909
Website and internal use software	3 years		7,565,702			5,827,771
Computers and software	3-7 years		704,407			691,499
			8,425,274			6,673,179
Less: accumulated depreciation and amortization			(5,112,165	)		(3,725,015	)
		$	3,313,109		$	2,948,164

XML 34 R21.htm IDEA: XBRL DOCUMENT

Stock Options (Tables)

9 Months Ended

Sep. 30, 2018

Stock Options [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, 2018		335,900		$	5.61
Granted		129,000			3.21
Canceled/Forfeited		(19,500	)		4.57
Outstanding at September 30, 2018		445,400		$	4.96		7.23	$	-
Vested and exercisable at September 30, 2018		278,567		$	5.85		6.03	$	-
Vested and exercisable at September 30, 2018 and expected to vest thereafter		445,400		$	4.96		7.23	$	-

Schedule of option input into a Black Scholes option pricing model

Exercise price	$	2.95 to $ 4.35
Expected life		6 years
Expected volatility		38	%
Dividend yield		0	%
Risk-free interest rate		2.27% to 2.88	%

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Warrants (Tables)

9 Months Ended

Sep. 30, 2018

Warrants [Abstract]

Schedule of outstanding stock warrants

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

$	10.00		200,000			1 years
$	5.50		177,303			3 years
$	1.25		6,805,185			5 years
$	1,250		-		439	5 years
			7,182,488		439

- Definition

Tabular disclosure of warrants or rights issued. Warrants and rights outstanding are derivative securities that give the holder the right to purchase securities (usually equity) from the issuer at a specific price within a certain time frame. Warrants are often included in a new debt issue to entice investors by a higher return potential. The main difference between warrants and call options is that warrants are issued and guaranteed by the company, whereas options are exchange instruments and are not issued by the company. Also, the lifetime of a warrant is often measured in years, while the lifetime of a typical option is measured in months. Disclose the title of issue of securities called for by warrants and rights outstanding, the aggregate amount of securities called for by warrants and rights outstanding, the date from which the warrants or rights are exercisable, and the price at which the warrant or right is exercisable.

+ References + Details

XML 36 R23.htm IDEA: XBRL DOCUMENT

Business (Details)	9 Months Ended
Business (Details)	Sep. 30, 2018
Business (Textual)
Limited liability percentage of FlexShopper, LLC	100.00%

XML 37 R24.htm IDEA: XBRL DOCUMENT

Summary of Significant Accounting Policies (Details) - USD ($)	Sep. 30, 2018	Dec. 31, 2017
Summary of Significant Accounting Policies [Abstract]
Accounts receivable	$ 9,393,310	$ 6,399,233
Allowance for doubtful accounts	(4,577,634)	(2,139,765)
Accounts receivable, net	$ 4,815,676	$ 4,259,468

XML 38 R25.htm IDEA: XBRL DOCUMENT

Summary of Significant Accounting Policies (Details 1) - USD ($)	Sep. 30, 2018	Dec. 31, 2017
Summary of Significant Accounting Policies [Abstract]
Lease merchandise at cost	$ 35,707,612	$ 34,501,555
Accumulated depreciation	(15,710,483)	(11,974,953)
Impairment reserve	(1,670,699)	(1,111,280)
Lease merchandise, net	$ 18,326,430	$ 21,415,322

XML 39 R26.htm IDEA: XBRL DOCUMENT

Summary of Significant Accounting Policies (Details 2) - shares	9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share	10,537,426	3,726,211
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	145,197	147,417
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	2,710,124	2,710,124
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	54,217	54,217
Common Stock Options [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share	445,400	302,900
Common Stock Warrants [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share	7,182,488	511,553

XML 40 R27.htm IDEA: XBRL DOCUMENT

Summary of Significant Accounting Policies (Details Textual) - USD ($)		3 Months Ended		9 Months Ended
	Jan. 30, 2018	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Summary of Significant Accounting Policies (Textual)
Accounts receivable charged off against allowance		$ 6,766,876	$ 7,133,260	$ 14,209,066	$ 20,713,314
Impairment charge		2,029,000	664,000	4,148,000	3,948,000
Amortization		167,689	118,404	425,996	355,212
Capitalized software costs		$ 730,554	$ 481,306	$ 1,737,931	$ 1,419,273
Concentration risk, percentage				50.00%
Flexible options to obtain ownership, description				Customers have the option to cancel the agreement in accordance with lease terms and return the merchandise. Accordingly, customer agreements are accounted for as operating leases with lease revenues recognized in the month they are due on the accrual basis of accounting. Merchandise sales revenue is recognized when the customer exercises the purchase option and pays the purchase price.
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.
Useful life of patent				10 years
Debt issuance costs	$ 35,000
Interest expense				$ 35,000

XML 41 R28.htm IDEA: XBRL DOCUMENT

Property and Equipment (Details) - USD ($)	9 Months Ended
Property and Equipment (Details) - USD ($)	Sep. 30, 2018	Dec. 31, 2017
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 8,425,274	$ 6,673,179
Less: accumulated depreciation and amortization	(5,112,165)	(3,725,015)
Property and equipment, net	3,313,109	2,948,164
Furniture, fixtures and vehicle [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 155,165	153,909
Furniture, fixtures and vehicle [Member] \| Minimum [Member]
Property, Plant and Equipment [Line Items]
Estimated Useful Lives	2 years
Furniture, fixtures and vehicle [Member] \| Maximum [Member]
Property, Plant and Equipment [Line Items]
Estimated Useful Lives	5 years
Website and internal use software [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 7,565,702	5,827,771
Estimated Useful Lives	3 years
Computers and software [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 704,407	$ 691,499
Computers and software [Member] \| Minimum [Member]
Property, Plant and Equipment [Line Items]
Estimated Useful Lives	3 years
Computers and software [Member] \| Maximum [Member]
Property, Plant and Equipment [Line Items]
Estimated Useful Lives	7 years

XML 42 R29.htm IDEA: XBRL DOCUMENT

Property and Equipment (Details Textual) - USD ($)	3 Months Ended		9 Months Ended
Property and Equipment (Details Textual) - USD ($)	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Property and Equipment (Textual)
Depreciation and amortization expense	$ 490,483	$ 414,674	$ 1,387,149	$ 1,178,972

XML 43 R30.htm IDEA: XBRL DOCUMENT

Promissory Notes (Details) - USD ($)		1 Months Ended		3 Months Ended		9 Months Ended
Promissory Notes (Details) - USD ($)	Jan. 30, 2018	Sep. 28, 2018	Aug. 29, 2018	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Promissory Notes (Textual)
Commitment fee, percentage	1.00%
Aggregate commitment fee amount	$ 35,000
Description of credit facility	Payments of principal and accrued interest are due and payable by the Company upon 30 days' prior written notice from the applicable noteholder and the Company can prepay principal and interest at any time without penalty.
Interest expense on promissory notes				$ 203,728		$ 473,647
Description of notes amended and restated			The Company amended and restated the Notes such that (1) the maturity date for the Notes was set at June 30, 2019 and (2) in connection with the completion of the offering described in the Registration Statement on Form S-1 initially filed by the Company with the SEC on August 13, 2018, holders of the Notes may elect to convert up to 50% of the outstanding principal of the Notes plus accrued and unpaid interest thereon into shares of the Company's common stock at a conversion price equal to the price paid to the Company by the underwriters for shares of common stock sold in such offering, net of the underwriting discount.
Loss on debt extinguishment				$ (126,597)		$ (126,597)
Senior Credit Agreement [Member]
Promissory Notes (Textual)
Interest rate				21.16%		21.16%
Mr. Heiser [Member]
Promissory Notes (Textual)
Commitment letters aggregate amounts	$ 1,000,000
Interest expense on promissory notes				$ 58,214		$ 132,202
Conversion shares of outstanding principal		$ 500,000
Accrued interest rate of debt conversion		50.00%
Accrued Interest		$ 60,765.82
Common stock and warrants exercisable		602,974
Conversion price		$ 0.93
Shares of common stock		301,487
NRNS [Member]
Promissory Notes (Textual)
Commitment letters aggregate amounts	$ 2,500,000
Interest rate	5.00%
Interest expense on promissory notes				$ 145,514		$ 341,445
Issuance of notes, description	The Company drew $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.
Conversion shares of outstanding principal		$ 1,250,000
Accrued interest rate of debt conversion		50.00%
Accrued Interest		$ 151,877.50
Common stock and warrants exercisable		1,507,395
Conversion price		$ 0.93
Shares of common stock		753,698

XML 44 R31.htm IDEA: XBRL DOCUMENT

Loan Payable Under Credit Agreement (Details) - USD ($)	3 Months Ended		9 Months Ended
Loan Payable Under Credit Agreement (Details) - USD ($)	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017	Dec. 31, 2017	Mar. 06, 2015
Loan Payable Under Credit Agreement (Textual)
Interest expense	$ 1,061,827	$ 504,392	$ 3,040,832	$ 1,611,687
Repayment of loans payable			9,786,487	2,288,207
Unamortized issuance costs	151,634		151,634		$ 39,468
Credit Agreement [Member]
Loan Payable Under Credit Agreement (Textual)
Borrowed from lender						$ 25,000,000
Interest expense	689,667	$ 385,989	2,103,891	$ 1,256,475
Funded amount	14,558,383		14,558,383
Repayment of loans payable			3,365,635
Unamortized issuance costs	$ 353,813		$ 353,813

XML 45 R32.htm IDEA: XBRL DOCUMENT

Capital Structure (Details) - USD ($)					1 Months Ended	9 Months Ended	12 Months Ended
Capital Structure (Details) - USD ($)	Oct. 10, 2018	Nov. 09, 2017	Jun. 10, 2016	Mar. 06, 2015	Jun. 30, 2016	Sep. 30, 2018	Dec. 31, 2017	Sep. 28, 2018	Sep. 18, 2018
Capital Structure (Textual)
Common stock, shares authorized (in shares)						40,000,000	40,000,000
Common stock, par value						$ 0.0001	$ 0.0001
Purchase price per share				$ 5.50
Gross proceeds				$ 8,600,000
Additional sale of shares				1,700,000,000
Exercise price of warrants						$ 1.25
Description of common stock offering						The Company completed an offering of 10,000,000 units (the "Offering") issued at a price of $1.00 per unit, each unit consisting of one share of the Company's common stock and one-half (1/2) of one warrant, each whole warrant exercisable for one share of common stock at an exercise price $1.25 per warrant.
Warrants exercisable for shares of common stock						5,750,000
Mr. Heiser [Member]
Capital Structure (Textual)
Convertible, conversion price per share								$ 0.93
Outstanding principal percentage						50.00%
NRNS [Member]
Capital Structure (Textual)
Convertible, conversion price per share								$ 0.93
Outstanding principal percentage						50.00%
Warrants [Member]
Capital Structure (Textual)
Common stock warrants outstanding						7,182,488
Series 2 preferred stock warrants outstanding						439
Warrants [Member] \| Mr. Heiser [Member]
Capital Structure (Textual)
Issuance of shares						301,487
Warrants [Member] \| NRNS [Member]
Capital Structure (Textual)
Issuance of shares						753,698
Common Stock [Member]
Capital Structure (Textual)
Common stock, shares authorized (in shares)						40,000,000
Common stock, par value						$ 0.0001
Common stock voting rights, description						Each share of common stock entitles the holder to one vote at all stockholder meetings.
Description of warrants expiration						Expire on September 28, 2023.
Common Stock [Member] \| Mr. Heiser [Member]
Capital Structure (Textual)
Exercise price of warrants						$ 1.25
Issuance of shares						602,974
Warrants exercisable for shares of common stock						1,055,185
Common Stock [Member] \| NRNS [Member]
Capital Structure (Textual)
Exercise price of warrants						$ 1.25
Issuance of shares						1,507,395
Warrants exercisable for shares of common stock						1,055,185
Common Stock [Member] \| Maximum [Member]
Capital Structure (Textual)
Common stock, shares authorized (in shares)						40,000,000			25,000,000
Common Stock [Member] \| Minimum [Member]
Capital Structure (Textual)
Common stock, shares authorized (in shares)						25,000,000			15,000,000
Common Stock [Member] \| Subsequent Events [Member] \| Maximum [Member]
Capital Structure (Textual)
Common stock, shares authorized for issuance	40,000,000
Common Stock [Member] \| Subsequent Events [Member] \| Minimum [Member]
Capital Structure (Textual)
Common stock, shares authorized for issuance	25,000,000
Preferred Stock [Member]
Capital Structure (Textual)
Preferred stock, par value (in dollars per share)						$ 0.001
Preferred stock, shares authorized (in shares)						500,000
Series 1 Convertible Preferred Stock [Member]
Capital Structure (Textual)
Preferred stock, shares authorized (in shares)		250,000
Preferred stock conversion into common stock, shares		250,000
Convertible preferred stock, terms of conversion, description						239,405 shares of Series 1 Convertible Preferred Stock outstanding, which are convertible into 145,197 shares of common stock.
Convertible, conversion price per share						$ 60,649
Conversion of preferred stock to common stock, shares							3,660
Series 1 Convertible Preferred Stock [Member] \| Common Stock [Member]
Capital Structure (Textual)
Conversion of preferred stock to common stock, shares							2,220
Series 1 Convertible Preferred Stock [Member] \| Preferred Stock [Member]
Capital Structure (Textual)
Preferred stock, shares authorized (in shares)						250,000
Series 2 Convertible Preferred Stock [Member]
Capital Structure (Textual)
Preferred stock, par value (in dollars per share)						$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)						25,000	25,000
Proceeds from sale of stock			$ 20,000,000
Convertible preferred stock, terms of conversion, description			Each Series 2 Preferred Share is convertible at a conversion price of $2.92 into approximately 342 shares of common stock; provided, the conversion price is subject to further reduction pursuant to a weighted average anti-dilution provision contained in the Series 2 Certificate of Designations. The holders of the Series 2 Preferred Shares 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 in the Series 2 Certificate of Designations), holders of Series 2 Preferred Shares 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 Series 2 Preferred Shares been converted to common stock immediately before the Liquidation Event or Deemed Liquidation Event.
Convertible preferred stock, shares issued upon conversion			20,000
Convertible preferred stock, stated value						$ 1,000	$ 1,000
Gross proceeds			$ 1,950,000
Additional sale of shares			1,952
Cumulative accrued dividends						$ 5,346,033
Exercise price of warrants					$ 1,250
Warrants exercisable for shares of common stock					439
Description of warrants expiration					Expire seven years after the date of issuance.
Series 2 Convertible Preferred Stock [Member] \| Preferred Stock [Member]
Capital Structure (Textual)
Preferred stock, shares authorized (in shares)						25,000

XML 46 R33.htm IDEA: XBRL DOCUMENT

Stock Options (Details) - Stock option [Member]	9 Months Ended
Stock Options (Details) - Stock option [Member]	Sep. 30, 2018 USD ($) $ / shares shares
Number of options
Outstanding at January 1, 2018 \| shares	335,900
Number of options, Granted \| shares	129,000
Canceled/Forfeited \| shares	(19,500)
Outstanding at September 30, 2018 \| shares	445,400
Vested and exercisable at September 30, 2018 \| shares	278,567
Vested and exercisable at September 30, 2018 and expected to vest thereafter \| shares	445,400
Weighted average exercise price
Outstanding at January 1, 2018 \| $ / shares	$ 5.61
Granted \| $ / shares	3.21
Canceled/Forfeited \| $ / shares	4.57
Outstanding at September 30, 2018 \| $ / shares	4.96
Vested and exercisable at September 30, 2018 \| $ / shares	5.85
Vested and exercisable at September 30, 2018 and expected to vest thereafter \| $ / shares	$ 4.96
Weighted average contractual term (years)
Outstanding at September 30, 2018	7 years 2 months 23 days
Vested and exercisable at September 30, 2018	6 years 11 days
Vested and exercisable at September 30, 2018 and expected to vest thereafter	7 years 2 months 23 days
Aggregate intrinsic value
Outstanding at September 30, 2018 \| $
Vested and exercisable at September 30, 2018 \| $
Vested and exercisable at September 30, 2018 and expected to vest thereafter \| $

XML 47 R34.htm IDEA: XBRL DOCUMENT

Stock Options (Details 1) - Stock option [Member]	9 Months Ended
Stock Options (Details 1) - Stock option [Member]	Sep. 30, 2018 $ / shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected life	6 years
Expected volatility	38.00%
Dividend yield	0.00%
Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Exercise price	$ 2.95
Risk-free interest rate	2.27%
Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Exercise price	$ 4.35
Risk-free interest rate	2.88%

XML 48 R35.htm IDEA: XBRL DOCUMENT

Stock Options (Details Textual) - USD ($)	1 Months Ended	3 Months Ended		9 Months Ended
Stock Options (Details Textual) - USD ($)	Oct. 02, 2018	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017	Apr. 26, 2018
Stock Options (Textual)
Weighted average grant date fair value of options granted				$ 1.30
Unrecognized compensation cost related to non vested options				$ 169,867
Remaining contractual life				2 years 1 month 13 days
Compensation expense		$ 28,544	$ 22,685	$ 101,025	$ 64,896
Common Stock Options [Member]
Stock Options (Textual)
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.
Board Of Directors [Member] \| Subsequent Event [Member]
Stock Options (Textual)
Stock options granted period, description	Board of Directors approved issuance of 169,000 option awards under the 2018 Plan to the Company's employees at an exercise price of $0.79 per option that vests in three (3) equal annual installments beginning on the first anniversary of the date of grant and to have a term of three (3) years.
2018 Omnibus Equity Compensation Plan [Member]
Stock Options (Textual)
Issuance of shares						1,057,000
Common shares authorized for issuance (in shares)						750,000
2007 Omnibus Equity Compensation Plan [Member]
Stock Options (Textual)
Common shares authorized for issuance (in shares)						307,000

XML 49 R36.htm IDEA: XBRL DOCUMENT

Warrants (Details)	9 Months Ended
Warrants (Details)	Sep. 30, 2018 $ / shares shares
Class of Warrant or Right [Line Items]
Exercise Price \| $ / shares	$ 1.25
Warrants [Member]
Class of Warrant or Right [Line Items]
Common Stock Warrants Outstanding	7,182,488
Series 2 Preferred Stock Warrants Outstanding	439
Warrants [Member] \| $ 10.00 [Member]
Class of Warrant or Right [Line Items]
Exercise Price \| $ / shares	$ 10.00
Common Stock Warrants Outstanding	200,000
Series 2 Preferred Stock Warrants Outstanding
Weighted Average Remaining Contractual Life	1 year
Warrants [Member] \| $ 5.50 [Member]
Class of Warrant or Right [Line Items]
Exercise Price \| $ / shares	$ 5.50
Common Stock Warrants Outstanding	177,303
Series 2 Preferred Stock Warrants Outstanding
Weighted Average Remaining Contractual Life	3 years
Warrants [Member] \| 1.25 [Member]
Class of Warrant or Right [Line Items]
Exercise Price \| $ / shares	$ 1.25
Common Stock Warrants Outstanding	6,805,185
Series 2 Preferred Stock Warrants Outstanding
Weighted Average Remaining Contractual Life	5 years
Warrants [Member] \| $ 1,250 [Member]
Class of Warrant or Right [Line Items]
Exercise Price \| $ / shares	$ 1,250
Common Stock Warrants Outstanding
Series 2 Preferred Stock Warrants Outstanding	439
Weighted Average Remaining Contractual Life	5 years

XML 50 R37.htm IDEA: XBRL DOCUMENT

Income Taxes (Details)	12 Months Ended
Income Taxes (Details)	Dec. 31, 2017 USD ($)
Income Taxes (Textual)
Operating loss carryforwards expiration period, description	Offset future taxable income which expire from 2024 to 2037.
Federal [Member]
Income Taxes (Textual)
Net operating loss carryforwards	$ 30,008,000
State [Member]
Income Taxes (Textual)
Net operating loss carryforwards	$ 16,011,000

XML 51 R38.htm IDEA: XBRL DOCUMENT

Subsequent Events (Details) - Subsequent Events [Member] - shares		1 Months Ended
	Oct. 10, 2018	Oct. 02, 2018
Board of Directors [Member]
Subsequent Events (Textual)
Stock options granted period, description		Board of Directors approved issuance of 169,000 option awards under the 2018 Plan to the Company's employees at an exercise price of $0.79 per option that vests in three (3) equal annual installments beginning on the first anniversary of the date of grant and to have a term of three (3) years.
Common Stock [Member] \| Maximum [Member]
Subsequent Events (Textual)
Common stock, shares authorized for issuance	40,000,000
Common Stock [Member] \| Minimum [Member]
Subsequent Events (Textual)
Common stock, shares authorized for issuance	25,000,000

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