FlexShopper, Inc
(NASDAQ:FPAY)

FlexShopper, Inc., a financial and technology company, operates an e-commerce marketplace to shop electronics, home furnishings, and other durable goods on a lease-to-own (LTO) basis. It offers durable products, such as consumer electronics; home appliances; computers, including tablets and wearable...

Website: http://www.flexshopper.com

Founded: 2003

Full Time Employees: 178

Sector: Industrials

Industry: Rental & Leasing Services

Industrials

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• Market Cap:

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• Employees:

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At a glance:

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Main Competitors:

Moat:

Income Statements:

Quarterly

Annual

Unit: USD	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-06-30	2018-03-31	2017-12-31	2017-09-30	2017-06-30	2017-03-31	2016-12-31	2016-09-30	2016-06-30	2016-03-31	2015-12-31	2015-09-30	2015-06-30	2015-03-31	2014-12-31	2014-09-30	2014-06-30	2014-03-31	2013-12-31	2012-03-31	2011-09-30	2008-06-30	2008-03-31

revenues:
lease revenues and fees	28,364,190	27,074,048	25,833,736	23,240,528	21,082,199	22,906,843	24,714,158	23,189,198	24,512,086	30,468,476	27,766,312	29,479,017	29,134,709	28,636,794	31,104,664	26,950,434	23,391,348	22,900,280	23,697,705	21,378,164	22,267,261	19,901,156	21,784,779	24,018,796	20,514,492	18,588,477	19,336,896	15,954,022	16,144,184	16,363,033	16,950,892	14,007,892	12,072,493	10,512,537	9,920,314	7,004,847	5,298,272	4,221,618	3,606,325				103,921
loan revenues and fees, net of changes in fair value	9,047,165	3,314,375	7,331,277	7,030,221	10,304,247	1,625,193	6,071,617	-1,777,863	1,629,365	6,079,675	1,188,924
retail revenues	1,177,146	1,370,462	779,860
total revenues	38,588,501	31,758,885	33,944,873	30,270,749	31,386,446	24,532,036	30,785,775	21,411,335	26,141,451	36,548,151	28,955,236	31,093,598	30,860,935	30,688,553	32,783,670	28,141,573	24,570,064	24,530,130	24,842,747	22,461,817	22,932,335	20,664,340	22,731,397	24,695,948	21,004,700	19,076,307		16,413,647	16,503,840	16,687,260		14,326,495	12,327,924	10,731,432	10,193,735	7,161,277	5,406,040	4,340,911	3,771,833
yoy	22.95%	29.46%	10.26%	41.38%	20.06%	-32.88%	6.32%	-31.14%	-15.29%	19.09%	-11.68%	10.49%	25.60%	25.11%	31.96%	25.29%	7.14%	18.71%	9.29%	-9.05%	9.18%	8.32%		50.46%	27.27%	14.32%		14.57%	33.87%	55.50%		100.06%	128.04%	147.22%	170.26%
qoq	21.50%	-6.44%	12.14%	-3.55%	27.94%	-20.31%	43.78%	-18.09%	-28.47%	26.22%	-6.88%	0.75%	0.56%	-6.39%	16.50%	14.54%	0.16%	-1.26%	10.60%	-2.05%	10.98%	-9.09%	-7.95%	17.57%	10.11%			-0.55%	-1.10%			16.21%	14.88%	5.27%	42.35%	32.47%	24.54%	15.09%
costs and expenses:
depreciation and impairment of lease merchandise	14,486,564	13,848,925	14,685,863	13,394,965	13,061,958	14,485,417	15,345,788
loan origination costs and fees	677,913	896,040	821,827	1,129,440	1,389,107	1,655,424	1,833,627	1,127,175	1,027,097	804,228	425,513
cost of retail revenues	923,203	1,059,098	611,204
marketing	2,005,559	2,545,814	1,765,572	3,361,891	1,671,137	1,488,578	1,099,189	2,853,575	2,393,185	3,770,820	2,014,115	3,557,825	1,824,402	1,914,095	1,832,740	2,260,152	1,650,717	938,049	1,031,145	1,618,065	868,452	314,229	848,546	3,021,303	1,596,322	1,260,237	1,168,950	3,468,963	994,576	818,609	812,182	4,006,635	2,442,243
salaries and benefits	4,049,422	4,224,614	4,083,918	3,565,101	3,231,100	2,976,008	2,726,890	2,192,082	2,820,033	3,014,920	2,964,442	3,160,020	2,672,864	2,747,005	2,909,319	3,116,073	2,499,235	2,276,516	2,548,869	2,484,537	2,189,629	2,037,081	1,758,087	2,398,012	2,186,835	2,031,788	2,179,376	2,295,632	1,900,925	1,898,005	1,768,152	1,687,648	1,522,792
operating expenses	6,888,348	6,807,328	6,932,507	6,881,363	6,080,725	5,957,932	5,627,708	4,271,479	5,702,800	5,748,286	5,673,202	4,611,743	4,325,825	5,213,789	4,114,424	4,367,210	3,528,890	3,337,162	3,171,692	3,188,853	2,718,110	2,841,846	2,596,282	1,540,920	2,206,496	1,918,246		1,316,569.5	1,723,309	1,869,317		886,553.75	1,307,418	4,833,423	3,983,052	4,729,574	2,925,076	2,707,442	2,094,276						415,404	393,617	557,650	664,255
total costs and expenses	29,031,009	29,381,819	28,900,891	24,654,071	25,434,027	26,563,359	26,633,202	26,885,929	30,690,012	31,545,559	30,237,883	30,205,895	26,995,066	29,477,540	31,383,436	26,808,924	23,329,368	23,741,072	23,579,436	22,204,930	20,482,559	19,952,302	21,045,861	26,062,965	22,533,654	20,005,875	21,304,091	19,842,702	17,727,065	17,698,959	17,940,137	17,340,644	14,482,056	13,768,312	12,414,639	10,373,600	7,414,755	6,174,462	5,208,119
operating income	9,557,492	2,377,066	5,043,982	5,616,678	5,952,419	-2,031,323	4,152,573	-5,474,594	-4,548,561	5,002,592	-1,282,647	887,703	3,865,869	1,211,013	1,400,234	1,332,649	1,240,696	789,058	1,263,311	256,887	2,449,776	712,038	1,685,536	-1,367,017	-1,528,954	-929,568	-1,352,677	-3,429,055	-1,223,225	-1,011,699	-498,520	-3,014,149	-2,154,132	-3,036,880	-2,220,904	-3,212,323	-2,008,715	-1,833,551	-1,436,286
yoy	60.56%	-217.02%	21.47%	-202.60%	-230.86%	-140.61%	-423.75%	-716.71%	-217.66%	313.09%	-191.60%	-33.39%	211.59%	53.48%	10.84%	418.77%	-49.35%	10.82%	-25.05%	-118.79%	-260.23%	-176.60%	-224.61%	-60.13%	24.99%	-8.12%	171.34%	13.77%	-43.21%	-66.69%	-77.55%	-6.17%	7.24%	65.63%	54.63%
qoq	302.07%	-52.87%	-10.20%	-5.64%	-393.03%	-148.92%	-175.85%	20.36%	-190.92%	-490.02%	-244.49%	-77.04%	219.23%	-13.51%	5.07%	7.41%	57.24%	-37.54%	391.78%	-89.51%	244.05%	-57.76%	-223.30%	-10.59%	64.48%	-31.28%	-60.55%	180.33%	20.91%	102.94%	-83.46%	39.92%	-29.07%	36.74%	-30.86%	59.92%	9.55%	27.66%
operating margin %	24.77%	7.48%	14.86%	18.55%	18.96%	-8.28%	13.49%	-25.57%	-17.40%	13.69%	-4.43%	2.85%	12.53%	3.95%	4.27%	4.74%	5.05%	3.22%	5.09%	1.14%	10.68%	3.45%	7.42%	-5.54%	-7.28%	-4.87%	-Infinity%	-20.89%	-7.41%	-6.06%	-Infinity%	-21.04%	-17.47%	-28.30%	-21.79%	-44.86%	-37.16%	-42.24%	-38.08%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%
interest expense including amortization of debt issuance costs	-5,672,594	-5,226,155	5,315,094	-5,067,088	-4,746,801	-4,568,557	4,531,327	-3,825,348	-3,030,142	-2,347,838	1,958,068	-1,383,546	-1,233,617	-1,222,400	1,398,997	1,088,478	951,336	1,051,120	1,211,626	1,044,651	1,061,794	1,021,984	1,181,993	1,115,592	1,061,827	1,045,338		556,575	504,392	551,304		479,642	459,360	495,842
income before income taxes	3,884,898	-2,849,089	-271,112			-6,599,880	-378,754	5,161,332	-7,578,703	2,654,754	-3,240,715	-495,843	2,632,252	1,920,438
income taxes benefit	-1,518,514
net income	2,366,384	-1,603,059	-214,179	354,152	940,101	-5,297,655	-230,215	7,903,867	-6,280,434	14,389,221	-2,380,935	633,320	1,696,023	942,194	1,237	-418,879	289,360	-262,062	51,685	-1,004,164	1,387,982	-309,946	503,543	-2,482,609	-2,717,403	-1,974,906	-2,286,344	-3,985,630	-1,727,617	-1,563,003	-1,054,511	-3,493,791	-2,613,492	-3,532,722	-2,613,703	-3,439,004	-2,149,828	-1,808,549	-1,393,723			-673,096	-946,729		36,769	61,448	-284,372	-422,881
yoy	151.72%	-69.74%	-6.97%	-95.52%	-114.97%	-136.82%	-90.33%	1148.01%	-470.30%	1427.20%	-192576.56%	-251.19%	486.13%	-459.53%	-97.61%	-58.29%	-79.15%	-15.45%	-89.74%	-59.55%	-151.08%	-84.31%	-122.02%	-37.71%	57.29%	26.35%	116.82%	14.08%	-33.90%	-55.76%	-59.65%	1.59%	21.57%	95.33%	87.53%			168.69%	47.21%			-1195.39%	232.92%
qoq	-247.62%	648.47%	-160.48%	-62.33%	-117.75%	2201.18%	-102.91%	-225.85%	-143.65%	-704.35%	-475.95%	-62.66%	80.01%	76067.66%	-100.30%	-244.76%	-210.42%	-607.04%	-105.15%	-172.35%	-547.81%	-161.55%	-120.28%	-8.64%	37.60%	-13.62%	-42.64%	130.70%	10.53%	48.22%	-69.82%	33.68%	-26.02%	35.16%	-24.00%	59.97%	18.87%	29.76%				-28.90%			-40.16%	-121.61%	-32.75%
net income margin %	6.13%	-5.05%	-0.63%	1.17%	3.00%	-21.59%	-0.75%	36.91%	-24.02%	39.37%	-8.22%	2.04%	5.50%	3.07%	0.00%	-1.49%	1.18%	-1.07%	0.21%	-4.47%	6.05%	-1.50%	2.22%	-10.05%	-12.94%	-10.35%	-Infinity%	-24.28%	-10.47%	-9.37%	-Infinity%	-24.39%	-21.20%	-32.92%	-25.64%	-48.02%	-39.77%	-41.66%	-36.95%	NaN%	NaN%	-Infinity%	-Infinity%	NaN%	Infinity%	Infinity%	-Infinity%	-Infinity%
dividends on series 2 convertible preferred shares	-1,176,402	-1,091,742	1,069,456	7,137,820	-1,069,456	-992,493	972,233	1,901,248	609,778	-609,777	609,777	609,777	609,777	-609,773	609,772	609,771	609,772	609,728	609,717	609,717	609,717	609,282	609,168	454,418	609,168	604,824		428,179	603,680	560,236
net income attributable to common and series 1 convertible preferred shareholders	1,189,982			-715,304	-129,355	-6,290,148		6,002,619	-6,890,212	13,779,444		23,543	1,086,246	332,421
basic and diluted income per common share:
basic	0.05	-0.13	-0.06	-0.16	-0.01	-0.22	-0.06	0.27	-0.32	0.63			0.05	0.02						-0.003	0.04
diluted	0.05	-0.13	-0.06	-0.16	-0.01	-0.22	-0.06	0.27	-0.32	0.51		0.01	0.05	0.01						-0.003	0.04
weighted-average common shares:
basic	21,586,935	21,469,720	21,586,019	16,260,349	21,716,852	28,923,393	21,751,304	21,646,896	21,681,853	21,605,234		21,387,960	21,608,878	21,605,461			21,358,141				17,666,193																52,034,907	52,019,457			32,128,770	24,676,348	21,148,862	18,987,702	18,634,369	17,763,618
diluted	22,231,788	21,469,720	21,586,019	16,260,349	21,716,852	28,923,393	21,751,304	22,425,354	21,681,853	27,898,824		23,227,964	23,577,179	23,603,477			21,358,141				19,798,386
benefit from income taxes		1,246,030	56,933			1,302,225	148,539	2,742,535	1,298,269	11,734,467
net loss attributable to common and series 1 convertible preferred shareholders		-2,694,801	-1,283,635				-1,202,448				-2,990,712
basic and diluted loss per common share:
basic	0.05	-0.13	-0.06	-0.16	-0.01	-0.22	-0.06	0.27	-0.32	0.63			0.05	0.02						-0.003	0.04
diluted	0.05	-0.13	-0.06	-0.16	-0.01	-0.22	-0.06	0.27	-0.32	0.51		0.01	0.05	0.01						-0.003	0.04
income/ (loss) before income taxes				-1,443,254	1,205,618
(loss)/ benefit from income taxes				296,311.75	-265,517
cost of lease revenues and merchandise sold								14,028,703.25	18,746,897	18,207,305
gain on extinguishment of debt														1,931,825
cost of lease revenues, consisting of depreciation and impairment of lease merchandise											19,160,611	17,614,938	16,936,374	17,864,471	21,200,510	16,326,208	14,886,798	15,898,255	16,196,949	14,152,683	14,248,969	14,260,308	15,277,939	10,954,365	10,289,709	8,987,412	10,407,746	6,719,331	8,146,293	8,126,839	8,460,783	5,917,537	5,525,701	5,601,362	5,689,953	3,634,856	2,759,992	2,175,345	2,182,540
income taxes											-859,780																																		36,769
basic and diluted loss per common share:
basic and diluted											-0.14				-0.03	-0.05	-0.02	-0.04	-0.06
weighted-average common shares:
basic and diluted											21,547,069				21,369,904	20,995,349		21,351,914	19,903,435	17,672,156		17,666,193	17,650,847	8,574,569	5,950,161	5,368,390	5,294,501	5,290,944	5,292,281	5,290,670	5,287,391	5,249,476	5,276,714	52,170,748	52,104,081	48,687,782			38,604,211	28,244,207
lease merchandise sold												1,614,581	1,726,226	2,051,759	1,679,006	1,191,139	1,178,716	1,629,850	1,145,042	1,083,653	665,074	763,184	946,618	677,152	490,208	487,830	614,518	459,625	359,656	324,227	490,725	318,603	255,431	218,895	273,421	156,430	107,768	119,293	165,508	353,666	266,988
cost of lease merchandise sold												1,261,369	1,235,601	1,738,180	1,326,443	739,281	763,728	1,291,090	630,781	760,792	457,399	498,838	565,007	415,849	349,209	324,705	333,763	182,742	280,130	226,310	309,618	189,397	182,879	138,815	176,900	85,787	57,623	62,819	108,522	266,568	222,120	107,145
provision for income taxes												1,129,163	-936,229	-978,244
deemed dividend from exchange offer of warrants																			713,212
net loss attributable to common shareholders															-608,535			-871,790	-1,271,244			-919,228	-105,625	-2,199,081.25	-3,326,571	-2,579,730	-2,890,024	-4,589,310	-2,331,297	-2,123,239	-1,603,311	-4,042,644	-3,162,239	-3,647,086								-0.03	-0.04
basic and diluted (loss) per common share:
basic and diluted											-0.14				-0.03	-0.05	-0.02	-0.04	-0.06
net income attributable to common stockholders																-615,861.5	-320,412
loss on extinguishment of debt																									126,622
net income attributable to common shareholders																				-61,647	778,265
basic and diluted (loss) per common share:
basic	0.05	-0.13	-0.06	-0.16	-0.01	-0.22	-0.06	0.27	-0.32	0.63			0.05	0.02						-0.003	0.04
diluted	0.05	-0.13	-0.06	-0.16	-0.01	-0.22	-0.06	0.27	-0.32	0.51		0.01	0.05	0.01						-0.003	0.04
basic and diluted (loss) per common share:
provision for doubtful accounts																								6,675,301	5,905,083	5,483,487	5,175,318	4,777,746	4,681,832	4,759,879	4,915,750	4,020,773	3,501,023	3,194,712	2,564,734	1,923,383	1,672,064	1,228,856	822,781
net revenues																											19,951,414				17,441,617
other operating expenses																											2,038,938				1,673,652
interest expense, including amortization of debt issuance costs																											933,667				555,991
cumulative dividends on series 2 convertible preferred shares																											603,680				548,800	548,853	548,747	114,364
weighted-average common shares outstanding:
basic and diluted											21,547,069				21,369,904	20,995,349		21,351,914	19,903,435	17,672,156		17,666,193	17,650,847	8,574,569	5,950,161	5,368,390	5,294,501	5,290,944	5,292,281	5,290,670	5,287,391	5,249,476	5,276,714	52,170,748	52,104,081	48,687,782			38,604,211	28,244,207
basic and diluted income per common share:
loss from continuing operations, before income tax benefits																																-2,189,979	-2,613,492	-3,532,722	-2,613,703	-3,439,004	-2,149,828	-1,894,242	-1,514,207
income tax benefit																																						32,604	45,784
loss from continuing operations																																-3,493,791	-2,613,492	-3,532,722	-2,613,703	-3,439,004	-2,149,828	-1,861,638	-1,468,423			-1,244,069	-1,201,375
income from discontinued operations, including gain from the sale of discontinued assets, net of income taxes																																				31,947.25		53,089
income from discontinued operations																																											254,646
interest expense																																			392,799	226,681	141,113	60,691	77,921
income from discontinued operations, net of income taxes of 45,784
weighted-average shares
basic	21,586,935	21,469,720	21,586,019	16,260,349	21,716,852	28,923,393	21,751,304	21,646,896	21,681,853	21,605,234		21,387,960	21,608,878	21,605,461			21,358,141				17,666,193																52,034,907	52,019,457			32,128,770	24,676,348	21,148,862	18,987,702	18,634,369	17,763,618
dilutive																																				11,888,214.5	52,034,907	52,019,457		6,498,610.5	32,128,770	24,676,348	21,148,862		20,516,132	20,572,341	-0.03	-0.05
income from discontinued operations, net of income taxes of 45,784 and 96,765																																							74,700
revenue:
lease revenue and fees																																								503,907	1,346,552	689,329
revenue: - sum																																								601,697.5	1,613,540
cost of revenue:
cost of lease revenue and fees																																								329,927.25	874,863	396,720
gross profit																																								188,602.75	516,557	185,464	52,390
yoy
qoq																																								-63.49%	178.52%	254.01%
gross margin %	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	NaN%	0%	0%	0%	NaN%	0%	0%	0%	0%	0%	0%	0%	0%	Infinity%	Infinity%	Infinity%	Infinity%	NaN%	NaN%	NaN%	NaN%	NaN%
general and administrative expenses																																								1,141,119.5	1,881,180	1,429,533	1,253,765
income from discontinued operations (including income from the sale of discontinued assets of
445,474 in 2014 )																																								240,684.25	137,118
net
basic earnings per common share:
income from discountinued operations																																								0.01		0.02
diluted earnings per common share:
income from discontinued operations (including income
from the sale of discontinued assets of 445,474 in 2014 )																																										570,973
diluted earnings percommon share:
cost of revenues:
cost of lease revenues and fees																																											48,126
cost of merchandise sold																																											3,405
weighted-average shares outstanding:
basic	21,586,935	21,469,720	21,586,019	16,260,349	21,716,852	28,923,393	21,751,304	21,646,896	21,681,853	21,605,234		21,387,960	21,608,878	21,605,461			21,358,141				17,666,193																52,034,907	52,019,457			32,128,770	24,676,348	21,148,862	18,987,702	18,634,369	17,763,618
finance revenues																																													542,496	561,014	273,516	211,661
interest expense - financial institution																																													-90,323
interest expense - related party
net finance revenues																																													452,173	453,419	284,418	235,278
benefit for credit losses																																														1,646
finance revenues, net of interest expense
and credit losses																																													452,173	455,065	273,278
income from continuing operations before
income from continuing operations																																													36,769	61,448
loss from discontinued operations
net income attributable to common shareholder																																														61,448
weighted-average number of shares outstanding
basic	21,586,935	21,469,720	21,586,019	16,260,349	21,716,852	28,923,393	21,751,304	21,646,896	21,681,853	21,605,234		21,387,960	21,608,878	21,605,461			21,358,141				17,666,193																52,034,907	52,019,457			32,128,770	24,676,348	21,148,862	18,987,702	18,634,369	17,763,618
the accompanying notes to consolidated financial statements are an integral part of these statements.
income from continuing operations before income taxes																																														61,448
less: noncontrolling interest share
controlling interest share																																														61,448
net loss attributable to common shareholder
interest income																																															10,902	23,617
provision for credit losses																																															11,140
net income before income taxes																																															-284,372	-422,881
income tax benefit:
current
deferred
total
deemed dividend on convertible preferred stock																																															-124,777	-136,404
net income attributable to common
shareholder																																															-409,149	-559,285
shareholder, per share
basic																																															-0.03	-0.05
weighted average number of shares outstanding
basic and dilutive																																															12,883,803	12,110,860
benefit for recoveries (provision for
credit losses)																																																6,096
and credit beneftis																																																241,374

Balance Sheets:

Quarterly

Annual

Unit: USD	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2016-12-31	2015-12-31	2014-12-31	2014-09-30	2014-06-30	2014-03-31	2013-12-31	2013-09-30	2013-06-30	2013-03-31	2012-12-31	2012-09-30	2012-06-30	2012-03-31	2011-12-31	2011-09-30	2011-06-30	2011-03-31	2010-12-31	2010-09-30	2010-06-30	2010-03-31	2009-12-31	2009-09-30	2009-06-30	2009-03-31	2008-06-30	2008-03-31

assets
current assets:
cash	7,330,542	4,892,912	5,593,750	4,413,130	5,732,483	6,372,699	9,861,646	6,051,713	5,274,219	4,988,308	4,319,701	5,094,642	3,147,926	5,147,213	5,412,495	3,396,206	2,883,349	4,499,914	4,692,819	962,828	960,032	1,261,461	745,622	697,269	610,439	1,416,592	820,115	523,670	306,571	83,541	248,476	513,757	163,320	164,300	92,951	292,877	491,486	384,891	382,648	369,387	1,688,006	2,564,068
lease receivables	66,181,471	57,151,127	49,316,032	44,795,090	41,421,040	39,227,399	37,153,935	35,540,043	33,425,123
loan receivables at fair value	47,116,140	40,085,656	39,457,230	35,794,290	31,679,882	25,105,046	29,317,948	32,932,504	26,591,546
prepaid expenses and other assets	4,583,392	4,452,164	3,308,255	3,300,677	2,839,591	3,068,559	2,912,447	3,489,136	1,478,800
lease merchandise	24,087,010	25,856,542	25,896,510	29,131,440	23,596,608	24,597,836	26,908,105	31,550,441	30,652,824	36,136,995	36,597,829	40,942,112	33,332,854	37,633,318	18,570,460	11,204,136	4,241,918	2,572,850	1,619,068	652,044	8,004
total current assets	149,298,555	132,438,401	123,571,777	117,434,627	105,274,930	98,377,824	106,161,962	109,685,473	97,904,379	98,285,379	78,524,992	76,893,272	57,250,170	56,975,114	26,526,519	15,589,570	7,372,675	7,285,782	6,624,179	7,337,686	6,382,071	6,421,185	8,325,279	8,857,520	7,899,705	7,993,051	10,442,125	7,920,309	6,865,721	6,274,592	6,607,656	8,003,413	8,108,971	10,531,227	10,583,916	9,918,948	7,677,545	6,259,749	5,210,408	5,091,620	4,336,297	4,683,116
property and equipment	9,495,192	9,419,105	9,588,238	9,308,859	9,011,047	8,830,978	8,677,314	8,086,862	7,416,249	9,399,753	8,423,894	7,841,206	7,227,023	5,875,217	2,540,514	1,797,553	1,051,697	164,828	132,076	83,073	58,079	57,312	14,844	23,517	14,257	16,539	11,229	14,338	17,030	21,507	13,206	17,141	18,998	23,707	16,091	27,781	31,189	59,353	56,265	67,009	86,388	86,487
right of use asset	1,093,551	1,142,104	1,190,482	1,237,010	1,281,918	1,324,953	1,366,235	1,406,270	1,445,159
intangible assets	12,064,118	12,506,545	12,948,971	13,391,305	13,833,595	14,276,231	14,719,290	15,162,349							20,340	23,416	26,492
other assets	2,528,397	2,459,908	2,313,988	2,175,215	1,809,511	1,832,175	1,884,060	1,934,728	1,726,443	76,040	76,809	77,578	78,347	66,498
deferred tax asset	12,781,946	14,246,325	13,000,294	12,943,361	13,206,051	13,471,568	12,162,368	12,013,828	13,607,949	12,244,068
total assets	187,261,759	172,212,388	162,613,750	156,490,377	144,417,052	138,113,729	144,971,229	148,289,510	122,100,179	120,005,240	87,025,695	84,812,056	64,555,540	62,916,829																							8,194,220
liabilities and stockholders’ equity
current liabilities:
accounts payable	3,604,816	3,811,310	3,370,054	7,139,848	4,010,544	4,005,219	3,843,178	6,511,943	3,875,469	5,242,163	4,816,837	7,982,180	3,344,185	3,802,071	3,917,747	1,783,929	836,792	164,938	389,357	353,427	47,314	121,219	59,921	46,259	86,772	50,949	62,066	73,011	45,376	56,673	53,409	128,807	58,386	116,589	103,928	135,017	45,551	78,940	79,748	143,566	49,092	103,674
accrued payroll and related taxes	744,371	381,929	700,208	578,197	603,838	299,741	565,370	310,820	703,465	416,734	665,024	391,078	629,876	790,106	296,333	251,519	131,596	169,194	117,000	128,566	68,141	59,487	49,654	55,458	69,338	51,370	53,289	58,126	60,918	53,170	49,120	58,117	55,555	75,672	90,546	75,895	45,780	50,899	64,596	60,174	96,084	106,937
promissory notes to related parties, including accrued interest, and net of unamortized issuance costs of 305,860 at september 30, 2024	10,616,988
accrued expenses	3,477,386	3,763,725	4,498,602	3,972,397	2,834,954	2,386,547	2,647,608	3,988,093	3,243,570	4,777,278	1,579,036	2,987,646	3,446,104	2,500,944	259,104	487,120	197,584	127,481	116,644	31,386	55,412	90,777	25,382	33,882	59,252	70,604	33,374	33,134	29,609	39,734	32,780	53,346	73,102	211,901	251,268	321,129	316,204	42,305	19,708	19,735	32,706	33,813
lease liability - current portion	275,029	263,111	253,936	245,052	236,628	228,358	217,862	208,001	198,853	189,804	181,197	172,732	164,274	156,144
total current liabilities	18,718,590	8,394,171	9,021,198	12,134,118	7,877,973	8,127,663	8,484,824	12,228,312	9,203,942	11,793,850	7,467,221	12,586,724	12,387,089	12,051,891	4,473,184	2,522,568	2,173,598	602,121	1,019,277	5,165,443	3,424,137	3,982,995	5,581,258	6,131,784	5,221,767	5,387,304	7,950,510	5,610,176	4,600,185	4,037,952	4,425,350	5,999,725	6,124,235	8,460,325	9,158,069	7,809,813	5,510,306	3,991,777	2,449,566	2,005,402	470,169	414,015
loan payable under credit agreement to beneficial shareholder, net of unamortized issuance costs of 1,142,325 at september 30, 2024 and 70,780 at december 31, 2023	130,274,365
promissory notes to related parties, net of unamortized issuance costs of 649,953 at december 31, 2023 and net of current portion
loan payable under basepoint credit agreement, net of unamortized issuance costs of 64,113 at september 30, 2024 and 92,964 at december 31, 2023	7,348,492
lease liabilities, net of current portion	1,111,740	1,184,683	1,254,239	1,321,578	1,386,769	1,447,788
total liabilities	157,453,187	144,731,149	133,386,129	127,259,604	115,815,240	110,823,612	113,744,838	117,254,837	99,017,200	91,153,573	72,820,725	68,668,437	49,319,353	49,767,891	14,629,903	11,309,338																					5,510,306	3,991,777	2,449,566	2,055,402
stockholders’ equity
series 1 convertible preferred stock, 0.001 par value - authorized 250,000 shares, issued and outstanding 170,332 shares at 5.00 stated value	851,660	851,660	851,660	851,660	851,660	851,660	851,660	851,660	851,660	851,660	851,660	851,660	851,660	851,660
series 2 convertible preferred stock, 0.001 par value - authorized 25,000 shares, issued and outstanding 21,952 shares at 1,000 stated value	21,952,000	21,952,000	21,952,000	21,952,000	21,952,000	21,952,000	21,952,000	21,952,000	21,952,000	21,952,000	21,952,000	21,952,000	21,952,000	21,952,000
common stock	2,200	2,200	2,176	2,176	2,176	2,176	2,176	2,176	2,176	2,161	2,161	2,144	2,139	2,138	529	5,210		3,477	2,970	2,115	4,363	1,863	1,863	1,863	1,863	1,863	1,863	1,863	1,863	1,863	1,863	1,863	1,863	1,863	1,860	1,627	1,409	13,594	12,941	12,941	12,941	12,428
treasury shares, at cost- 526,822 shares at september 30, 2024 and 164,029 shares at december 31, 2023	-563,537
additional paid in capital	42,841,302	42,684,380	42,633,019	42,415,894	42,074,553	41,602,734	40,241,353	39,819,420	39,771,593	39,259,862	39,002,386	38,560,117	38,286,010	37,894,784	22,298,439	23,208,629	14,513,433	15,335,324	12,935,865	8,781,962	8,545,914	7,553,232	7,545,982	7,500,835	7,496,693	7,488,719	7,480,295	7,470,522	7,465,386	7,464,211	7,463,026	7,461,837	7,461,779	7,477,964	7,443,852	5,107,490	2,916,552	2,404,608	1,751,693	1,750,699	1,650,723	1,143,328
accumulated deficit	-35,275,053	-37,641,438	-36,038,379	-35,824,200	-36,178,352	-37,118,453	-31,820,798	-31,590,583	-39,494,450	-33,214,016	-47,603,237	-45,222,302	-45,855,622	-47,551,645	-30,940,572	-18,686,865	-9,895,761		-7,785,253	-7,112,157	-6,165,428	-5,699,200	-5,434,027	-5,418,831	-5,471,747	-5,534,219	-5,645,237	-5,813,837	-5,850,606	-5,873,850	-5,935,300	-6,108,794	-6,125,831	-6,250,631	-6,402,774	-5,839,528				-3,810,691	-2,565,644
total stockholders’ equity	29,808,572	27,481,239	29,227,621	29,230,773	28,601,812	27,290,117	31,226,391	31,034,673	23,082,979	28,851,667	14,204,970	16,143,619	15,236,187	13,148,937
promissory notes to related parties, including accrued interest		174,096	198,398	198,624	192,009	1,207,798	1,210,806
loan payable under credit agreement to beneficial shareholder, net of unamortized issuance costs of 1,332,712 at june 30, 2024 and 70,780 at december 31, 2023		117,483,978
promissory notes to related parties, net of unamortized issuance costs of 420,558 at june 30, 2024 and 649,953 at december 31, 2023 and net of current portion		10,329,442
loan payable under basepoint credit agreement, net of unamortized issuance costs of 73,730 at june 30, 2024 and 92,964 at december 31, 2023		7,338,875
treasury shares, at cost- 346,258 shares at june 30, 2024 and 164,029 shares at december 31, 2023		-367,563
loan payable under credit agreement to beneficial shareholder, net of unamortized issuance costs of 1,500,000 at march 31, 2024 and 70,780 at december 31, 2023			105,566,690
promissory notes to related parties, net of unamortized issuance cost of 535,256 at march 31, 2024 and 649,953 at december 31, 2023, and net of current portion			10,214,744
loan payable under basepoint credit agreement, net of unamortized issuance costs of 83,347 at march 31, 2024 and 92,963 at december 31, 2023			7,329,258
treasury shares, at cost -169,447 shares at march 31,2024 and 164,029 shares at december 31, 2023			-172,855
restricted cash					5,326	6,285	7,881	121,636	481,867	461,649
loan payable under credit agreement to beneficial shareholder, net of unamortized issuance costs of 70,780 at december 31,2023 and 352,252 at december 31,2022				96,384,220
promissory notes to related parties, net of unamortized issuance costs of 649,953 at december 31, 2023 and 0 at december 31, 2022, and net of current portion				10,100,047
promissory note related to acquisition, net of discount of 1,165,027 at december 31, 2022
loan payable under basepoint credit agreement, net of unamortized issuance costs of 92,963 at december 31, 2023				7,319,641
purchase consideration payable related to acquisition							8,844,959	8,703,684
treasury shares, at cost- 164,029 shares at 2023				-166,757
loan payable under credit agreement to beneficial shareholder, net of unamortized issuance costs of 141,148 at september 30, 2023 and 352,252 at december 31, 2022					86,063,852
promissory notes to related parties, net of unamortized issuance costs of 764,651 at september 30, 2023 and 0 at december 31, 2022 and net of current portion					9,985,349
promissory note related to acquisition, net of discount of 987,313 at september 30, 2023 and 1,165,027 at december 31, 2022					3,191,272
loan payable under basepoint credit agreement, net of unamortized issuance costs of 102,580 at september 30, 2023					7,310,025
treasury shares, at cost – 100,775 shares at september 30, 2023					-100,225
loan payable under credit agreement to beneficial shareholder, net of unamortized issuance costs of 211,516 at june 30, 2023 and 352,252 at december 31, 2022						80,943,484
promissory notes to related parties, net of unamortized issuance costs of 879,348 at june 30, 2023 and 0 at december 31, 2022 and net of current portion						9,870,652
promissory note related to acquisition, net of discount of 1,046,551 at june 30, 2023 and 1,165,027 at december 31, 2022						3,133,617
loan payable under basepoint credit agreement, net of unamortized issuance costs of 112,197 at june 30, 2023						7,300,408
loan payable under credit agreement to beneficial shareholder, net of 281,884 at 2023 and 352,252 at 2022 of unamortized issuance costs							81,093,116
promissory notes to related parties, net of current portion							10,750,000	10,750,000	10,750,000	10,750,000	7,750,000	3,750,000
promissory note related to acquisition, net of discount of 1,105,789 at 2023 and 1,165,027 at 2022							3,063,771
lease liabilities net of current portion							1,508,168	1,566,622	1,623,211	1,675,959	1,726,023	1,774,623	1,821,935	1,865,762
promissory notes to related parties, net of 0 at 2022 and 1,274 at 2021 of unamortized issuance costs, including accrued interest								1,209,455	1,182,585	1,167,871
loan payable under credit agreement to beneficial shareholder, net of 352,252 at 2022 and 413,076 at 2021 of unamortized issuance costs								80,847,748
promissory note related to acquisition, net of 1,165,027 discount at 2022								3,158,471
deferred income tax liability									178,160	178,160	178,160	495,166	700,199	378,859
loan payable under credit agreement to beneficial shareholder, net of 338,113 at 2022 and 413,076 at 2021 of unamortized issuance costs									77,261,887
accounts receivable										33,050,840	29,537,940	29,898,991	19,651,250	13,150,666	2,181,787	752,159	128,834	25,641	19,394	12,087
loans receivable at fair value										22,534,033
prepaid expenses										1,113,554	932,019	957,527	1,118,140	1,043,917	361,777	237,069	112,074	156,929	152,486	122,010																						84,558
loan payable under credit agreement to beneficial shareholder, net of 394,396 at 2022 and 413,076 at 2021 of unamortized issuance costs										66,755,604
loans receivable											7,137,503
promissory notes to related parties, net of 0 at 2022 and net of 1,274 at 2021 of unamortized issuance costs, including accrued interest											225,127
loan payable under credit agreement to beneficial shareholder, net of 450,679 at 2022 and 413,076 at 2021 of unamortized issuance costs and current portion											55,699,321
promissory notes to related parties, net of 1,274 at 2021 and net of 8,276 at 2020 of unamortized issuance costs, including accrued interest												1,053,088
current portion of promissory note – paycheck protection program, including accrued interest
loan payable under credit agreement to beneficial shareholder, net of 413,076 at 2021 and 61,617 at 2020 of unamortized issuance costs and current portion												50,061,924
promissory note – paycheck protection program, net of current portion
accrued payroll and related taxes net of current portion													204,437	204,437
promissory notes to related parties, net of 2,546 at 2021 and net of 8,276 at 2020 of unamortized issuance costs, including accrued interest													4,802,650
loan payable under credit agreement to beneficial shareholder, net of 419,307 at 2021 and 61,617 at 2020 of unamortized issuance costs and current portion													34,205,693
promissory notes to related parties, net of 3,820 at 2021 and net of 8,276 at 2020 of unamortized issuance costs, including accrued interest														4,802,626
loan payable under credit agreement to beneficial shareholder, net of 458,058 at 2021 and 61,617 at 2020 of unamortized issuance costs and current portion														35,266,942
other assets:
security deposits															68,251	66,758	55,003	57,253	57,253	57,253	9,485	11,145	6,023	6,023	6,023	5,486	5,486	5,486	5,486	5,486	5,486	5,486	5,486	5,486	5,486	5,486	5,486	19,500	19,500	19,500	20,216	20,216
other assets: - sum															88,591	90,174	81,495	88,013	88,013	88,013	40,245	31,802
liabilities and stockholders' equity
loan payable under credit agreement to beneficial shareholder net of 631,488 in 2016 and 832,792 in 2015 of unamortized issuance costs															10,156,719
commitments
series 1 convertible preferred stock, 0.001 par value- authorized 2,000,000 shares, issued and outstanding 243,065 shares in 2016 and 328,197 in 2015 at 5.00 stated value															1,215,325
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
assets of discontinued operations																	6,500	30,448	140,412	5,588,717														1,462,450
loans payable to shareholder																	1,000,000
liabilities of discontinued operations																	7,626	140,508	396,276	4,502,064														469,918
loan payable, net of 832,792 of unamortized issuance costs to beneficial shareholder																8,786,770
stockholders’ equity preferred stock, 0.001 par value- authorized 10,000,000 shares, issued and outstanding 328,197 in 2015 and 342,219 in 2014 at 5.00 stated value																1,640,985
commitments and contingencies
stockholders’ equity preferred stock, 0.001 par value- authorized 10,000,000 shares, issued
and outstanding 342,219 in 2014 and 376,387 in 2013 at 5.00 stated value																	1,711,095
outstanding 35,015,322 in 2014 and 21,148,862 in 2013																	3,502
intangible assets – patent costs																		30,760	30,760	30,760	30,760	20,657	20,339
stockholders’ equity preferred stock, net of issuance costs of
1,209,383																		610,459	671,409	671,409		671,409	671,409	671,409	671,409	671,409	671,409	671,409	671,409	671,409		671,409	671,409	671,679	698,984	3,028,574	5,212,719	4,736,937	5,361,512	5,361,512		5,376,542
stockholders’ equity preferred stock, net of issuance costs of - sum																			5,824,991
loan payable to officer																				150,000
stockholders’ equity: preferred stock, net of issuance costs of
retained interest in purchased accounts receivable																					4,966,338	4,472,459	7,057,649	7,517,934	7,019,463	6,370,882	9,344,051	7,188,309	6,331,156	5,967,046	6,127,957	7,236,420	7,641,953	8,683,555	10,196,575	9,338,297	6,775,364	5,392,420	4,287,428	4,394,063	2,543,471	1,993,464
due from clients																					256,313	509,970
earned but uncollected fee income																					138,480	107,091	211,516	174,112	168,805	134,202	202,154	135,884	157,070	125,192	153,217	151,242	203,068	171,670	214,474	215,074	163,116	93,427	101,764	114,130	47,573	41,026
prepaid expenses and other																					52,904	70,204	80,593	96,056	100,998	71,375	75,805	72,446	70,924	98,813	78,006	101,994	100,630	49,252	79,916	72,700	82,680	101,131	77,962	92,828	57,247
due to financial institution																					3,240,942	3,693,884	5,424,619	5,966,448	4,977,763	5,192,328	6,686,886	5,413,734	4,427,343	3,845,904	4,232,268	5,469,636	5,607,572	6,098,923	6,083,520	3,961,700	4,296,601	3,412,936	1,972,464	1,538,941
collected but unearned fee income																					12,328	17,628	21,682	29,737	28,642	22,053	31,166	32,171	36,939	42,471	57,773	49,819	39,620	38,336	50,215	45,296	52,430	52,145	52,339	63,351	34,663	34,525
convertible preferred stock, net of issuance
costs of 1,209,383																					671,409
convertible preferred stock, net of issuance - sum																					3,056,258
current assets
due from client																							229,899	372,149
total other assets																							26,362
current liabilities
convertible preferred stock, net of issuance costs of
convertible preferred stock, net of issuance costs of - sum																									2,698,218				2,288,052				2,009,220
the accompanying notes to consolidated financial statements are an integral part of these statements.
preferred stock, net of issuance costs of
preferred stock, net of issuance costs of - sum																										2,627,772	2,508,330			2,263,633		2,026,315		2,100,095	1,913,424	2,615,401				3,314,461
due to participant																											683,729								325,388	609,751	126,909
promissory notes payable – related party																											400,000
the accompanying notes to the consolidated financial statements are an integral part of these statements.
due to lender																																240,000	290,000	1,448,986	1,773,204	2,181,025
preferred stock, net of issuance costs of 1,209,383
deferred financing costs, current																																						72,728	145,454
goodwill																																			410,000	410,000	410,000
intangible asset - customer list																																			56,000	63,000
contingent note payable																																			480,000	480,000	480,000
noncontrolling interest																																		199,220	171,502	317,238	301,151
non-current assets of discounted operations
total non-current assets of discontinued operations
due from lender																																					164,899
due to client																																					146,831
intangible asset – customer list																																					70,000
deferred financing costs, non-current																																								191,734
loan fees payable																																								50,000
loan fees payable, non-current																																								50,000
other receivable																																						215,152	215,152
preferred dividends payable																																						354,552	260,711	129,635	257,624	135,066
deferred financing cost																																								121,212
preferred stock, net of issuance costs																																									4,874,712
of 1,209,383
commitments and contingencies - sum																																									3,972,732

Cashflow Statements:

Quarterly

Annual

Unit: USD	2024-09-30	2024-06-30	2024-03-31	2023-09-30	2023-06-30	2023-03-31	2022-09-30	2022-06-30	2022-03-31	2021-09-30	2021-06-30	2021-03-31	2020-09-30	2020-06-30	2020-03-31	2019-09-30	2019-06-30	2019-03-31	2018-09-30	2018-06-30	2018-03-31	2017-09-30	2017-06-30	2017-03-31	2016-09-30	2016-06-30	2016-03-31	2015-09-30	2015-06-30	2015-03-31	2014-12-31	2014-06-30	2014-03-31	2013-09-30	2013-06-30	2013-03-31	2012-09-30	2012-06-30	2012-03-31	2011-12-31	2011-06-30	2011-03-31	2010-12-31	2010-06-30	2010-03-31	2009-12-31	2009-09-30	2009-06-30	2009-03-31	2008-06-30	2008-03-31

cash flows from operating activities:
net income	549,147			-4,587,769	-5,527,870		5,727,852	12,008,286	-2,380,935	2,639,454	943,431	1,237	78,983	-210,377	51,685	1,581,579	193,597	503,543														-1,619,825		-227,453	-15,196	52,916	316,387	205,369	36,769	23,244	194,531	21,037
adjustments to reconcile net income to net cash from operating activities:
depreciation and impairment of lease merchandise	43,021,351	28,534,788	14,685,863	42,893,163	29,831,205	15,345,788	56,114,813	37,367,916	19,160,611	56,001,355	39,064,981	21,200,510	46,982,002	32,095,204	16,196,949	43,787,216	29,538,247	15,277,939	29,684,866	19,395,158	10,407,746	24,733,916	16,587,622	8,460,783	16,817,016	11,291,315		7,117,877	4,357,885
other depreciation and amortization	7,134,573	4,698,213	2,315,487	5,674,931	3,710,703	1,826,157	3,303,591	2,059,323	937,062	2,032,811	1,324,049	651,394	1,889,690	1,246,372	554,359	1,879,935	1,237,143	584,968	1,850,452	1,191,510	568,078	1,536,491	1,002,644	489,641	1,111,026	697,235	320,542	731,718	427,661
amortization of debt issuance costs	824,499	509,797	195,095	376,857	182,174	70,367	163,169	106,886	50,603	177,647	134,580	91,703
amortization of discount on the promissory note related to acquisition				177,714	118,476	59,239
compensation expense related to stock-based compensation	528,920	371,998	217,125	1,336,367	864,548	420,748
provision for doubtful accounts	25,373,485	17,290,476	9,484,049	32,123,950	22,085,828	11,238,415	42,639,102	27,563,993	11,831,117	30,622,139	18,804,705	8,833,349	23,643,556	15,564,198	7,682,927	25,075,156	15,774,830	7,344,944	16,563,888	10,658,805	5,175,318	14,357,461	9,675,629	4,915,750
deferred income tax	161,415	-1,302,963	-56,933	-1,192,223	-1,457,740	-148,539	-13,924,955	-12,561,074	-317,006	700,199	378,859
net changes in the fair value of loans receivables at fair value	-11,165,374	-4,898,876	-4,211,396	-6,258,279	837,048	-984,652
changes in operating assets and liabilities:
lease receivables	-46,759,866	-29,646,513	-14,004,991	-38,004,947	-25,773,184	-12,852,307	-58,202,657
loans receivables at fair value	-156,476	607,510	548,456	7,510,901	6,990,410	4,599,208
prepaid expenses and other assets	-1,404,487	-1,208,258	-19,349	641,039	412,391	576,689	344,766
lease merchandise	-37,976,921	-25,259,890	-11,450,933	-34,939,330	-22,878,600	-10,703,452	-45,825,525	-32,562,799	-14,816,328	-46,511,869	-33,875,960	-17,698,951	-46,577,002	-27,113,342	-15,032,521	-35,764,135	-21,598,717	-11,095,183	-26,595,974	-15,786,419	-7,947,647	-17,315,091
purchase consideration payable related to acquisition				208,921	208,921	141,275
lease liabilities	-31,801	-19,329	-9,665	-19,566	-12,243	-6,032	-8,732	-5,091	-2,511	-2,595	-2,598	-1,033
accounts payable	-3,535,032	-3,328,538	-3,769,794	-2,501,399	-2,506,724	-2,668,765	-4,106,711	-2,740,017	-3,165,343	-4,563,434	-4,105,547	-4,781,405	485,878	-1,488,607	-1,406,398	-5,656,655	-5,745,326	-5,211,226	-1,560,609	-3,188,174	-2,704,981	-1,188,200
accrued payroll and related taxes	166,174	-196,268	122,011	293,018	-11,079	254,550	312,387	25,656	273,946	277,774	438,010	208,230	62,108	84,922	-220,263	-161,009	-28,436	-197,565	-179,265	-38,832	-229,283	-147,388
accrued expenses	-520,787	-233,202	525,976	-1,170,585	-1,603,202	-1,340,486	264,019	1,794,983	-1,405,958	788,228	-158,248	208,271	273,903	27,258	330,408	-317,173	-511,712	-320,979	128,766	108,198	-3,774	44,386
net cash from operating activities	-23,791,180	-15,898,293	-5,643,178		5,471,062	5,599,339	-27,545,463	-19,671,372	-7,940,659	1,159,828		-563,003	4,555,130	5,794,941	558,529	3,990,643	-2,695,843	-466,654	-3,835,827	-2,412,710	-2,023,358	2,173,988	1,873,670	202,767	-7,109,978	-2,877,076					-6,472,772	2,652,202		2,018,294	610,343	-888,432	359,800	-2,825,534	-766,943	-357,582	1,754,849	541,559	1,940,920	-3,940,498	-2,036,571	-1,562,451	-1,438,229	-419,107	-373,560	-1,793,041	-929,003
capital expenditures	-4,889,386	-3,207,307	-1,815,091		-3,114,534	-1,753,800	-4,855,150	-3,687,241	-1,553,810	-3,459,424		-734,122	-2,099,654	-1,399,360	-646,414	-1,664,580	-1,105,122	-553,184	-1,752,095	-1,021,551	-307,340	-1,487,441	-979,562	-477,389	-1,436,701	-918,289					0	-107,393		-62,736	178	-13,423	-14,764	-4,194	-2,349	-827	-4,389	-3,186	-412	-8,160	-8,162	-14,621	0	-1,155	-9,874	-17,997	-5,973
free cash flows	-28,680,566	-19,105,600	-7,458,269		2,356,528	3,845,539	-32,400,613	-23,358,613	-9,494,469	-2,299,596		-1,297,125	2,455,476	4,395,581	-87,885	2,326,063	-3,800,965	-1,019,838	-5,587,922	-3,434,261	-2,330,698	686,547	894,108	-274,622	-8,546,679	-3,795,365					-6,472,772	2,544,809		1,955,558	610,521	-901,855	345,036	-2,829,728	-769,292	-358,409	1,750,460	538,373	1,940,508	-3,948,658	-2,044,733	-1,577,072	-1,438,229	-420,262	-383,434	-1,811,038	-934,976
cash flows from investing activities
purchases of property and equipment, including capitalized software costs	-4,889,386	-3,207,307	-1,815,091	-4,565,819	-3,114,534	-1,753,800	-4,855,150			-3,459,424	-1,367,154	-734,122	-2,099,654	-1,399,360	-646,414	-1,664,580	-1,105,122	-553,184	-1,752,095	-1,021,551	-307,340	-1,487,441	-979,562	-477,389
purchases of data costs	-1,335,743	-944,313	-464,441	-570,820	-343,428	-169,082	-1,220,722
net cash from investing activities	-6,225,129	-4,151,620	-2,279,532	-5,136,639	-3,457,962	-1,922,882	-6,075,872	-3,687,241	-1,553,810	-3,459,424	-1,367,154	-734,122	-2,099,654	-1,399,360	-646,414	-1,664,580	-1,105,122	-553,184	-1,752,095	-1,021,551	-307,340	-1,487,441	-979,562	-477,389	-1,436,701	-918,289						-107,393	-39,982	-83,393	-20,161	-13,423	-14,764	-4,194	-2,349		-4,389	-3,186		-8,160	-8,162				-9,874		-5,973
cash flows from financing activities
proceeds from loan payable under credit agreement	34,961,690	22,361,690	10,611,690	7,800,000	2,750,000	2,750,000	32,855,000	17,800,000	6,800,000	4,000,000	3,500,000	3,500,000	2,412,000	2,412,000	1,900,000	2,523,828	1,358,343	1,241,328	5,185,000	3,550,000	1,550,000
repayment of loan payable under credit agreement				-2,795,000	-2,795,000	-2,575,000	-5,730,000	-1,125,000	-1,125,000	-6,575,000	-4,975,000	-3,910,000	-7,023,250	-5,864,250	-3,353,000	-10,528,488	-9,255,988	-6,665,989	-9,786,487	-6,420,852	-5,855,000	-2,288,207	-788,207		-4,172,714	-4,172,714
repayment of loan payable under basepoint credit agreement				-1,500,000	-1,500,000
repayment of promissory notes to related parties				-1,000,000
debt issuance related costs	-1,523,100	-1,523,100	-1,500,000	-115,403	-115,403		-86,932	-86,932	-86,931	-529,608	-526,565	-526,565				-243,750			-100,438	-69,000
proceeds from exercise of stock options				1,185	1,185	1,185	261,505	137,057	137,057	24,988	17,126	12,912	5,267	2,634								15,000	15,000		42,500	42,500					-30
principal payment under finance lease obligation	-4,601	-4,601	-2,262	-7,308	-4,917	-2,526	-8,388	-5,592	-2,796	-5,684	-2,457	-1,833	-4,891	-3,175	-1,515	-1,243
repayment of purchase consideration payable related to acquisition				-144,913	-143,330	-153,938
tax payments associated with equity-based compensation transactions	-103,488	-103,488
purchase of treasury stock	-396,780	-200,806
net cash from financing activities	32,933,721	20,529,695	9,103,330	2,138,336	-1,807,465	19,721	34,282,779	23,713,928		-3,093,710	-1,992,499	-928,290	-2,573,929	-1,413,044	-1,326,067	-5,294,911	-4,940,102	-2,474,316	7,901,110	521,294	-840,000	-2,273,207						8,997,256	8,672,256	8,397,256	1,078,107	1,187,978	1,284,386		-541,829	988,685	764,985	3,343,272	986,391	581,439	-1,665,304	-187,936	-1,941,488	3,550,123	1,846,124				351,717
increase in cash	2,917,412	479,782	1,180,620								-3,394,019			2,982,537		-2,968,848		-3,494,154	2,313,188	-2,912,967		-1,586,660	120,901		9,697,127	14,419,531		1,784,212	4,906,217	7,298,625	-1,616,565	3,732,787	2,796	651,022	48,353	86,830	1,110,021	513,544	217,099		85,156	350,437									-934,976
cash, beginning of period	4,413,130	4,413,130	4,413,130						5,094,642	8,541,232	8,541,232	8,541,232	6,868,472	6,868,472	6,868,472	6,141,210	6,141,210	6,141,210	4,968,915	4,968,915	4,968,915	5,412,495	5,412,495	5,412,495	3,396,206	3,396,206	3,396,206	2,883,349	2,883,349	2,883,349	0	960,032	960,032	610,439	0	610,439	306,571	306,571	306,571	0	163,320	163,320	0	491,486	491,486	0	0	0	401,104	3,499,044	3,499,044
cash, end of period	7,330,542	4,892,912	5,593,750						4,319,701	3,147,926	5,147,213	6,315,815	6,750,019	9,851,009	5,454,520	3,172,362	2,791,829	2,647,056	7,282,103	2,055,948	1,798,217	3,825,835	5,533,396	5,137,873	13,093,333	17,815,737	1,641,596	4,667,561	7,789,566	10,181,974	-1,616,565	4,692,819	962,828	1,261,461	48,353	697,269	1,416,592	820,115	523,670	223,030	248,476	513,757	-980	92,951	292,877	106,595	2,243	13,261	369,387	1,688,006	2,564,068
supplemental cash flow information:
interest paid	14,759,775	9,414,926	5,057,635	12,676,766	8,453,511	3,867,982	6,828,663	3,953,765	1,679,296	3,702,949	2,506,589	1,282,781	3,021,833	2,120,502	985,763	2,700,709	1,936,218	993,544	2,104,110	1,422,484
noncash investing and financing activities
due date extension of warrants				917,581	917,581
net loss		-1,817,238	-214,179			-230,215													-6,978,653	-4,261,250	-2,286,344	-4,345,131	-2,617,514	-1,054,511	-8,759,916	-6,146,424							-946,729																		-422,881
adjustments to reconcile net loss to net cash (used in)/ provided by operating activities:
adjustments to reconcile net loss to net cash from operating activities:
interest in kind added to promissory notes balance						1,351	128,223	113,509	170,765	9,460	9,461	9,098	7,814	2,989	141,038			167,119
purchases of treasury stock			-6,098	-100,225
net change in fair value of promissory note related to acquisiton
gain on bargain purchase
net changes in the fair value of loan receivables at fair value							1,938,570
changes in operating assets and liabilities, net of effects of acquisition:
loan receivables at fair value							-24,970,008
promissory note related to acquisition
cash acquired in business combination
proceeds from promissory notes to related parties
repayment of installment loan							-8,406	-5,605				-2,802			-2,802	-8,405	-5,604	-2,802	-8,405	-5,604
(decrease)/ increase in cash and restricted cash
cash and restricted cash, beginning of period				6,173,349	6,173,349	6,173,349	5,094,642	5,094,642
cash and restricted cash, end of period				5,737,809	6,378,984	9,869,527	5,756,086	5,449,957
acquisition of loan receivables at fair value
acquisition of property and equipment
acquisition of intangible assets
acquisition of purchase consideration payable related to acquisition
acquisition of accounts payable
acquisition of deferred tax liability
issuance of promissory note related to acquisition
security deposits							-4,956			-8,338	4,280	4,280	2,943	2,943	2,943	1,334	-40,801	-60,000	2,025			-10,207
net cash from/ (used in) operating activities				2,562,763
(decreased)/ increase in cash and restricted cash				-435,540
increase in cash and restricted cash					205,635	3,696,178	661,444	355,315
compensation expense related to stock-based compensation and warrants							950,003	562,705	305,229
gain on sale of lease receivables
gain on debt extinguishment										-1,931,825	-1,931,825
proceeds from sale of lease receivables							7,611,586	6,604,507
proceeds from promissory notes							7,000,000												3,465,000	3,465,000	3,465,000																	400,000
net changes in the fair value of loans receivable at fair value								-2,457,851
accounts receivable								-40,880,457	-15,030,174	-40,240,674	-21,922,656	-9,829,189	-23,226,544	-15,261,863	-7,870,539	-26,675,773	-16,296,288	-7,479,319	-17,120,096	-10,504,020	-4,690,455	-15,570,400												2,547,004	355,285	-498,471	-69,523	-3,019,844	-857,153	-376,080	1,513,996	405,533	1,015,957	-4,071,697	-2,562,934	-1,613,437	-1,104,992	91,052	-107,760	-1,046,300
loans receivable at fair value								-16,516,074
prepaid expenses and other								-155,773	25,658	-248,203	-174,222	-53,683	-120,482	81,916	-87,873	-290,556	-198,666	-17,624	141,126	-60,167	-361,718	13,255
purchases of property and equipment, including capitalized software costs and data costs								-3,687,241	-1,553,810
proceeds from promissory notes, net of fees								7,000,000	3,000,000					1,914,100		3,440,000	3,440,000	2,940,000
net changes in the fair value of loans receivable									523,424
loans receivable									-4,100,819
repayment of instalment loan									-2,802	-8,406	-5,603		-8,405	-5,603
net cash from/used in financing activities									8,719,528
decrease in cash									-774,941	-5,393,306		-2,225,417	-118,453		-1,413,952		-3,349,381				-3,170,698			-274,622																			-980	-398,535	-198,609		2,243	13,261	-31,717
amortization of debt issuance cost
compensation expense related to issuance of stock options and warrants										1,417,699	1,034,334	593,186	1,052,281	763,328	215,814	530,724	371,972	36,729										58,000	28,100
write off of capitalized software costs
purchases of property and equipment, including capitalized software and data costs
proceeds from promissory notes- paycheck protection program, net of fees
proceeds from exercise of warrants													131,250	131,250	131,250				1,750	1,750
deemed dividend from exchange offer of warrants													713,212	713,212	713,212
conversion of preferred stock to common stock													4,295	4,295		341,070	341,070	341,070
adjustments to reconcile net income to net used in/cash from operating activities:
net cash from/provided by operating activities											-34,366
payment of interest in kind under promissory notes
payment of interest in kind under credit agreement
proceeds from promissory notes to related parties, net of fees
repayment of promissory note																-500,000	-500,000
refund of equity issuance related costs																23,147	23,147	13,147
proceeds from promissory notes - paycheck protection program, net of fees													1,914,100
loss on debt extinguishment																			126,622
proceeds from public offering																			10,007,500
equity issuance related costs																			-862,810
non-cash financing activities:
issuance of common stock and warrants to extinguishment debt and accrued interest																			2,089,266
warrants issued for debt issuance costs																			523,250
accrued equity issuance costs																			160,000
compensation expense related to issuance of stock options																			101,025	72,481	49,702	64,896	42,211	22,890	124,244	78,381	20,438			13,200	28,000	234,500	231,000	54,623	45,147	2,226			1,302			58	-2,349	14,016	7,011				-5,817	10,257	6,398
costs incurred from public offering
cash, beginning of year
cash, end of year
issuance of common stock and warrants to extinguish debt and accrued interest
provision for uncollectible accounts																									9,260,469	5,759,446	2,564,734	3,723,701	2,051,637	822,781																			6,063
cash flows from investing activities:
cash flows from financing activities:
proceeds of loans from shareholder																									1,000,000	1,000,000
repayment of loans from shareholder																									-1,000,000	-1,000,000
proceeds from sale of series 2 convertible preferred stock, net of related costs of 1,519,339 in 2016
net cash from financing operations																							-773,207
warrants issued to placement agent in conjunction with sale of series 2 preferred stock
proceeds from sale of series 2 convertible preferred stock, net of related costs of 1,519,339																									20,432,661
(increase) in accounts receivable																							-9,885,543	-4,854,364								-160,798	-21,344
(increase) in prepaid expenses and other																							-110,749	-130,663								-102,299							-1,522
(increase) in lease merchandise																							-11,532,939	-6,025,515								-2,055,910	-692,166
(increase) in security deposits																							-5,928									-47,768	-47,768	-5,122
increase in accounts payable																							-1,337,021	-1,583,747	801,278	1,364,345	182,620	221,875	543,524	161,793	671,854	369,008	333,078	34,447	13,662	-40,513	5,573	16,690	27,635	-11,297	-4,977	70,421							20,666
increase in accrued payroll and related taxes																							-25,312		-126,617	28,710		169,613	73,824	88,618	-37,598	48,860	60,425						-2,792	7,748	-6,435	2,562	-20,116	44,766	30,115			4,422	25,107		5,689
increase in accrued expenses																							80,570	145,982	60,386	41,049	46,551	62,518	81,768	7,575	70,103	112,951	27,693	31,525	-8,500	-25,370	40,995	3,765	3,525				-138,799		4,925						-39,388
proceeds from sale of series 2 convertible preferred stock, net of related costs of 1,548,249																										20,403,751
decrease in security deposits																								-5,928			1,350
(decrease) in accrued payroll and related taxes																								-177,551										-9,851	-5,804	-13,880	-9,548
(income) from discontinued operation before income taxes
net cash from operating activities - continuing operations																									-7,109,978	-2,877,076														-353,582	1,754,849	541,559	1,351,672
net cash from operating activities - discontinued operations																												205,049	109,013	56,506													589,248
proceeds from loan payable under credit agreement, net of 400,000 and 1,170,501 of related costs in 2016 and 2015 respectively																									1,941,359	1,941,359
proceeds from sale of common stock, net of related costs of 801,806
proceeds from sale of series 2 convertible preferred stock, net of related costs
of 1,519,339
fees payable to lender in connection with modification of credit agreement
(income) from discontinued operations before income taxes
increase in accounts receivable																									-9,890,775	-6,088,922
increase in prepaid expenses and other																									-92,188	-320,114							-71,823
increase in lease merchandise																									-16,414,758	-9,581,954
increase in security deposits																									-143	-143
purchases of property and equipment, including capitalized software costs-continuing operations																									-1,436,701	-918,289
net cash from financing operations – continuing operations																									18,243,806	18,214,896		8,997,256	8,672,256		1,117,449	4,147,058	150,000
(income) from discontinued operations
depreciation of lease merchandise																											5,250,332			2,234,456	1,140,758	341,846	48,126
impairment of lease merchandise																											439,621			55,000	227,000	103,000
net cash from investing activities – continuing operations																																-107,393	-39,982
proceeds (repayment) of loans from shareholder																											1,000,000
proceeds from loans payable, net of 1,170,501 of related costs in 2015																											750,000
repayment of loans payable
proceeds from sale of common stock, net of related costs of 801,806 in 2015
proceeds from sale of discontinued operations
(repayment) proceeds of loans from shareholders
proceeds from loans payable, net of 1,170,501 of related costs																												1,449,062	1,124,062
proceeds from sale of common stock																															1,029,096	3,186,058
payment of costs related to issuance of common stock																																-39,000
net cash from financing operations - discontinued operations																																	1,134,386
conversion of shareholders loans to common stock
* discontinued operations
purchases of property and equipment																																-107,393	-39,982	-62,736	178	-13,423	-14,764	-4,194	-2,349	-827	-4,389	-3,186	-412	-8,160	-8,162	-14,621	0	-1,155	-9,874	-17,997	-5,973
(repayment) proceeds of loans from shareholder
proceeds from sale of common stock, net of related costs of 801,806 in 2015 and
39,000 in 2014																												8,548,194	8,548,194
net cash from investing activities – discontinued operations
(income) from discontinued operation
depreciation and amortization																														154,332	120,086	33,396	14,988	19,681	8,495	4,163	15,255	9,995	5,041	5,304	10,181	5,043	5,121	37,260	18,572					20,653	8,531
compensation expense related to issuance of warrants																															128,420	7,000	2,800	1,916	0	1,916			3,834
net cash from investing activities- discontinued operations
(repayment) proceeds of loan from shareholder
proceeds from loan payable, net of 1,170,501 of related costs																														849,062
proceeds from sale of common stock, net of 801,806 of related costs																														8,548,194
net cash from financing activities – continuing operations																														8,397,256
net cash from financing activities - discontinued operations
loss from discontinued operation
amortization of patent costs
other
patent costs																																		-20,657
loans from shareholders																															1,000,000	1,000,000
net cash provided) by operating activities - discontinued operations
income from discontinued operation																																-825,619
allowance for uncollectible accounts																																141,523	9,376				29,797	6,949						650,485		230,493	0			5.044
net cash used by operating activities - continuing operations																																-3,420,135	-1,306,990
net cash provided (used) by operating activities - discontinued operations																																6,072,337	65,382
net cash used by financing operations - discontinued operations																																-2,959,080
adjustments to reconcile net loss to cash from operating activities:
income from discontinued operation:																																	-254,646
net cash used by operating activities																																	-1,241,608
loan from officer																																	150,000
adjustments to reconcile net income to net cash
from operating activities:
decrease in retained interest in purchased
increase in due from client
decrease in earned but uncollected																																				-5,307	22,868	-45,084	21,186	-31,878	49,851
decrease in prepaid expenses and other																																		30,794	15,463	4,942	-451	-4,881		27,889	22,624	-1,364	-51,378	2,763	9,980					7,769
decrease in collected but not earned																																										10,199		-2,215
(payments to) proceeds from financial institution																																		-1,283,879						581,439	-1,375,304
proceeds from capital contributions
provided by operating activities:
(increase) in due from client																																		-509,970	142,250	-372,149
decrease in earned but uncollected fee income																																		61,714
(decrease) in collected but not earned																																		-11,014
net cash (used in) provided by financing activities																																		-1,283,879
used in operating activities:
(increase) in retained interest in purchased
(increase) in earned but uncollected fee income
proceeds from financial institution																																			-541,829	988,685							-491,351	1,786,919	-334,901	883,665	1,440,472
proceeds from participant																																						683,729
increase in collected but not earned																																				1,095	-14,886	-5,773	-4,768		18,153				-7,134					3,915
loss from discontinued operations																																									-4,000
proceeds from (payments to) financial institution																																					764,985	2,259,543
payments to lender
the accompanying notes to consolidated financial statements are an integral part of these statements.
net compensation expense related to issuance of stock options and warrants																																					23,333	14,909
decrease in accrued payroll and related taxes																																						-7,629
proceeds from (repayments to) financial institution																																							986,391
repayments to lender
the accompanying notes to the consolidated financial statements are an integral part of these statements.
adjustments to reconcile net loss to net cash
decrease in accrued expenses																																								-10,125	-40,322			-64,936			22,597	-27	-25,406
(payments to) proceeds from lender																																								0	-290,000
net cash from financing activities - continuing operations																																								581,439	-1,665,304	-187,936	-1,650,337
noncontrolling interest share																																												-119,649	16,087
net compensation expense related to issuance of stock options																																									1,247
net cash from investing activities - continuing operations																																									-4,389	-3,186	-412
net cash provided by financing activities - discontinued operations
income from discontinued operations																																										-4,000
increase in retained interest in purchased
increase in earned but uncollected																																										51,826	-31,398	-51,358	-51,958	-69,689	8,337			-21,831
(decrease) in accrued expenses																																										-19,756
net cash from investing activities - discontinued operations
(repayments to) financial institution																																										-137,936
(repayments to) proceeds from lender																																										-50,000
increase in due from customer																																													164,899
decrease in accounts payable																																											-58,204	58,377	89,466					-19,636
decrease in loan fees payable
increase in due to participant																																												198,479	482,842
increase in due to client																																													-146,831
capital contributed
cash paid for common stock
proceeds from lender																																											-1,158,986	1,773,204	2,181,025
net cash provided (used) by financing activities - discontinued operations
net loss:																																												-654,857	-91,611	-818,373	-396,922	-347,772	-325,881	-707,253
amortization of loan fees																																															72,726	25,858	24,257
increase in other receivable
net cashused by financing activities - discontinued operations
decrease in due from customer																																												164,899
decrease in due to client																																												-146,831
distributions																																												-10,000
changes in operating assets and liabilities
increase in loan fees
increase in loan fees payable
depreciation																																															-3,088	11,898	13,047
compensation expense related to issuance of
stock options																																															981
decrease (increase) in prepaid expenses and other																																																	24,122
increase (decrease) in accrued payroll and related taxes
(decrease) increase in collected but not earned
the accompanying notes to financial statements are an integral part of these statements.
other receivable
increase in earned but uncollected fee income																																																	-26,601		-15,284
increase in collected but unearned fee income																																																	4,644		3,777
proceeds from line of credit																																																	351,717
see note 12 for supplemental disclosures of cash flow
benefit for deferred income taxes
decrease in due to related company
(decrease) increase in accrued payroll and related taxes																																																		-5,164
(decrease) increase in accrued expenses																																																		-40,495
payments to financial institution
proceeds from sale of preferred stock
payments made related to sale of preferred stock
increase (decrease) in cash																																																		-1,811,038
benefit for income taxes
increase in retained interest in purchased accounts receivable																																																			-491,249
decrease in prepaid expenses																																																			-19,542
(decrease) increase in accounts payable																																																			34,946
loans to related company
(payments to) borrowings from financial institution

FlexShopper, Inc(NASDAQ:FPAY)

FlexShopper, Inc
(NASDAQ:FPAY)