$FPAY
FlexShopper, Inc.

2024 Q3 Form 10-Q Financial Statement

#000121390024065631 Filed on August 06, 2024

View on sec.gov

Income Statement

Concept 2024 Q3 2024 Q2 2023 Q4
Revenue $38.59M $31.76M $30.27M
YoY Change 22.95% 29.46% 41.38%
Cost Of Revenue $923.2K $15.80M $14.52M
YoY Change -93.61% -2.09% -17.33%
Gross Profit $37.67M $15.95M $15.75M
YoY Change 122.41% 90.14% 309.79%
Gross Profit Margin 97.61% 50.24% 52.02%
Selling, General & Admin $6.055M $7.363M $7.375M
YoY Change 3.02% 40.78% 33.21%
% of Gross Profit 16.08% 46.15% 46.84%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $1.606M $1.561M $2.206M
YoY Change 26.33% 29.35% 50.49%
% of Gross Profit 4.26% 9.79% 14.01%
Operating Expenses $12.94M $13.58M $10.13M
YoY Change 17.85% -48.89% -62.32%
Operating Profit $9.557M $2.377M $5.617M
YoY Change 60.56% -217.02% -124.37%
Interest Expense -$5.673M $5.226M -$5.067M
YoY Change -219.5% 14.39% 32.46%
% of Operating Profit -59.35% 219.86% -90.22%
Other Income/Expense, Net
YoY Change
Pretax Income $3.885M -$2.849M $549.6K
YoY Change 222.23% -56.83% -89.35%
Income Tax $1.519M -$1.246M $195.4K
% Of Pretax Income 39.09% 35.56%
Net Earnings $2.366M -$1.603M -$715.3K
YoY Change 151.72% -69.74% -112.04%
Net Earnings / Revenue 6.13% -5.05% -2.36%
Basic Earnings Per Share $0.05 -$0.13
Diluted Earnings Per Share $0.05 -$0.13 -$0.04
COMMON SHARES
Basic Shares Outstanding 21.62M shares 21.75M shares 21.65M shares
Diluted Shares Outstanding 22.23M shares 21.47M shares

Balance Sheet

Concept 2024 Q3 2024 Q2 2023 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $7.331M $4.893M $4.413M
YoY Change 27.88% -23.22% -27.08%
Cash & Equivalents $7.331M $4.893M $4.413M
Short-Term Investments
Other Short-Term Assets $28.67M $30.31M $32.43M
YoY Change 8.43% 9.53% -7.76%
Inventory
Prepaid Expenses
Receivables $66.18M $57.15M $44.80M
Other Receivables $66.18M $57.15M $44.80M
Total Short-Term Assets $149.3M $132.4M $117.4M
YoY Change 41.82% 34.62% 7.06%
LONG-TERM ASSETS
Property, Plant & Equipment $9.495M $9.419M $10.55M
YoY Change 5.37% 6.66% 30.41%
Goodwill
YoY Change
Intangibles $12.51M $13.39M
YoY Change -12.4% -11.68%
Long-Term Investments
YoY Change
Other Assets $15.31M $15.76M $13.89M
YoY Change 1.96% 2.99% -0.4%
Total Long-Term Assets $37.96M $39.77M $39.06M
YoY Change -3.01% 0.1% 1.17%
TOTAL ASSETS
Total Short-Term Assets $149.3M $132.4M $117.4M
Total Long-Term Assets $37.96M $39.77M $39.06M
Total Assets $187.3M $172.2M $156.5M
YoY Change 29.67% 24.69% 5.53%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.605M $3.811M $7.140M
YoY Change -10.12% -4.84% 9.64%
Accrued Expenses $3.477M $3.764M $4.791M
YoY Change 22.66% 57.71% 20.13%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $10.62M $174.1K $203.2K
YoY Change 2416.89% -87.8% -85.58%
Total Short-Term Liabilities $18.72M $8.394M $12.13M
YoY Change 137.61% 3.28% -0.77%
LONG-TERM LIABILITIES
Long-Term Debt $137.6M $135.2M $113.8M
YoY Change 29.16% 33.49% 20.1%
Other Long-Term Liabilities $1.112M $1.185M $1.322M
YoY Change -19.83% -18.17% -87.13%
Total Long-Term Liabilities $138.7M $136.3M $115.1M
YoY Change 28.53% 32.76% 9.62%
TOTAL LIABILITIES
Total Short-Term Liabilities $18.72M $8.394M $12.13M
Total Long-Term Liabilities $138.7M $136.3M $115.1M
Total Liabilities $157.5M $144.7M $127.3M
YoY Change 35.95% 30.6% 8.53%
SHAREHOLDERS EQUITY
Retained Earnings -$35.28M -$37.64M -$35.82M
YoY Change -2.5% 1.41% 13.4%
Common Stock $2.200K $2.200K $2.176K
YoY Change 1.1% 1.1% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost) $367.6K $166.8K
YoY Change
Treasury Stock Shares
Shareholders Equity $29.81M $27.48M $29.23M
YoY Change
Total Liabilities & Shareholders Equity $187.3M $172.2M $156.5M
YoY Change 29.67% 24.69% 5.53%

Cashflow Statement

Concept 2024 Q3 2024 Q2 2023 Q4
OPERATING ACTIVITIES
Net Income $2.366M -$1.603M -$715.3K
YoY Change 151.72% -69.74% -112.04%
Depreciation, Depletion And Amortization $1.606M $1.561M $2.206M
YoY Change 26.33% 29.35% 50.49%
Cash From Operating Activities -$7.893M -$10.26M -$9.227M
YoY Change 171.49% 7894.32% 149.96%
INVESTING ACTIVITIES
Capital Expenditures $2.074M $1.872M $2.425M
YoY Change 23.67% 21.95% 17.52%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$2.074M -$1.872M -$2.425M
YoY Change 23.67% 21.95% -377.03%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 12.40M 11.43M 10.33M
YoY Change 214.16% -725.35% 219.38%
NET CHANGE
Cash From Operating Activities -7.893M -10.26M -9.227M
Cash From Investing Activities -2.074M -1.872M -2.425M
Cash From Financing Activities 12.40M 11.43M 10.33M
Net Change In Cash 2.438M -700.8K -1.325M
YoY Change -483.55% -79.92% -417.48%
FREE CASH FLOW
Cash From Operating Activities -$7.893M -$10.26M -$9.227M
Capital Expenditures $2.074M $1.872M $2.425M
Free Cash Flow -$9.966M -$12.13M -$11.65M
YoY Change 117.42% 629.08% 102.48%

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FLEXSHOPPER, INC.
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Estimates -</b> 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 periods. Actual results could differ from those estimates.</p>
us-gaap Number Of Operating Segments
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Retail Revenue Recognition </b>– The Company sells products directly to other lenders that offer alternative solutions on FlexShopper’s website and make a profit on the product margin. The Company accounts for the Retail Revenue under ASC 606. The Company has a single performance obligation that is the delivery of the product, at which point control transfers. Revenue for the sale of products is recognized at the time of delivery.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
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P4Y
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>12. CONTINGENCIES AND OTHER UNCERTAINTIES</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b> </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Regulatory inquiries</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In the first quarter of 2021, FlexShopper, along with a number of other lease-to-own companies, received a subpoena from the California Department of Financial Protection and Innovation (the “DFPI”) requesting the production of documents and information regarding the Company’s compliance with state consumer protection laws. The Company is cooperatively engaging with the DFPI in response to its inquiry. Although the Company believes it is in compliance with all applicable consumer protection laws and regulations in California, this inquiry ultimately could lead to an enforcement action and/or a consent order, and substantial costs, including legal fees, fines, penalties, and remediation expenses.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Litigation</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company is not involved in any current or pending material litigation. The Company could be involved in litigation incidental to the operation of the business. The Company intends to vigorously defend all matters in which the Company is named defendants, and, for insurable losses, maintain significant levels of insurance to protect against adverse judgments, claims or assessments that may affect the Company. Although the adequacy of existing insurance coverage of the outcome of any legal proceedings cannot be predicted with certainty, based on the current information available, the Company does not believe the ultimate liability associated with known claims or litigation, if any, in which the Company is involved will materially affect the Company’s consolidated financial condition or results of operations.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Employment agreements</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Certain executive management entered into employment agreements with the Company. The contracts are for a period of three years and renew for three successive one-year terms unless receipt of written notices by the parties. The contracts provide that such management may earn discretionary cash bonuses and equity awards, based on financial performance metrics defined each year by the Compensation Committee of the Company’s Board of Directors. Additionally, under certain termination conditions, such contracts provide for severance payments and other benefits.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>COVID-19 and other similar health crisis</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company has been, and may in the future, be impacted by COVID-19 or any similar pandemic or health crisis, and this could affect our results of operations, financial condition, or cash flow in the future. The extent and the effects of the impact of any of these events on the operation and financial performance of our business depend on several factors which are highly uncertain and cannot be predicted.</p>
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