FlexShopper, Inc. (Nasdaq:FPAY) (“FlexShopper”), a leading national
online lease-to-own (“LTO”) retailer and LTO payment solution
provider, today announced its financial results for the quarter and
year ended December 31, 2019, highlighted by record net income and
Adjusted EBITDA.
Results for Quarter Ended December 31,
2019 vs. Quarter Ended December 31, 2018:
- Net lease revenues and fees
increased 23.3% to $21.4 million from $17.3 million.
- FlexShopper originated 56,391 gross
leases, down 15.7% from 65,250.
- Gross lease originations decreased
$3.3 million, a decrease of 13.7%, to $24.1 million from $27.4
million.
- The average origination value
increased to $427 from $420.
- Net loss of $(1.0) million compared
with net loss of $(2.5) million.
- Net loss attributable to common
stockholders of $(1.6) million, or $(0.09) per diluted share,
compared to $(3.1) million, or $(0.18) per diluted share.
- Gross profit increased 13.5% to
$7.5 million from $6.7 million.
- Adjusted EBITDA1 increased to $1.1
million compared to ($0.8) million.
Results for the Year Ended December 31,
2019 vs. Year Ended December 31, 2018:
- Net lease revenues and fees
increased 44.1% to $85.3 million from $59.2 million.
- Lease originations increased to
152,122, an increase of 8.7% from 139,934.
- Gross lease originations increased
$10.6 million, an increase of 18.2%, to $68.8 million from $58.2
million.
- The average origination value
increased to $452 versus $416.
- Net income was $0.6
million compared to a net loss of $(9.5) million.
- Net loss attributable to common
shareholders of $(1.9) million or $(0.11) per
diluted share, compared to $(11.9)
million, or $(1.39) per diluted share.
- Gross profit increased 47.1% to
$28.6 million from $19.4 million.
- Adjusted EBITDA1 increased to $8.3
million compared to $(3.1) million.
¹Adjusted EBITDA is a non-GAAP financial
measure. Refer to the definition and reconciliation of this
measures under “Non-GAAP Measures”.
2019 Highlights and Recent
Developments
- First profitable fiscal
year in FlexShopper’s history. With net income of
approximately $600,000, fiscal year 2019 was the first profitable
year for the Company. Additionally, Adjusted EBITDA of $8.3
million was up $11.4 million from the prior year.
- Continued strong top line
growth. Net revenue and fees increased 44.1% to
$85.3 million, driven by origination growth of 8.7% coupled with an
increase in average origination value from $416 to $452.
During the fourth quarter the Company tightened its underwriting
algorithm with the intention of reducing the approval rate of
lower-quality leases. This impacted the number of lease
approvals while benefiting gross margin and Adjusted
EBITDA.
- B to B to C Channel
continued to expand. As of December 31, 2019,
FlexShopper’s integrationless, app-based RTO checkout option was
available at 1,348 retail partner locations compared with 771
locations at December 31, 2018.
- Completed warrant exchange
subsequent to year-end. As a first step toward
simplifying the company’s capital structure, FlexShopper completed
a warrant exchange on February 19, 2020, which resulted in the
FPAYW ticker delisting from NASDAQ.
Rich House, CEO, stated, “We closed 2019 with
record results for FlexShopper, punctuated by the first annual
profit in the Company’s history of approximately $600,000. We
also continued to grow our top line during the year, although we
did make some strategic changes to our origination funnel. As
I reported last quarter, we are currently in a position where we
can couple continued strong orgination and revenue growth with an
emphasis on profitability and return on capital.”
Financial Outlook –
Guidance
|
Current Guidance |
2019 Actual |
2020 Gross Lease Originations |
> $82.0 million |
> $68.8 million |
2020 Revenue |
> $100.0 million |
> $88.8 million |
2020 Gross Profit |
> $35.0 million |
> $28.6 million |
2020 Adjusted EBITDA |
> $11.0 million |
> $8.3 million |
|
|
|
Mr. House continued, “We are excited about what lies ahead for
FlexShopper as 2020 promises to be an exciting year.
Continuing our practice from last year, we are providing guidance
which is summarized in the accompanying table. Notably, our
outlook for 2020 includes continued solid growth in originations
and revenues with an even more significant expansion in
profitability.”
The Company's guidance for Gross Lease
Originations, Revenue, Gross Profit and Adjusted EBITDA are
forward-looking statements. They are subject to various risks and
uncertainties that could cause the Company's actual results to
differ materially from the anticipated targets. There can be no
assurance the Company will meet these financial projections. See
the cautionary information about forward-looking statements in the
"Forward-Looking Statements" section of this press release.
Additionally, Adjusted EBITDA is a non-GAAP financial measure.
Refer to the definition of this measure under “Non-GAAP Measures,”
but note that information reconciling forward-looking non-GAAP
measures to GAAP measures is not available without unreasonable
effort.
|
Conference Call Details |
Date: |
Tuesday, March
3, 2020 |
Time: |
9:00 a.m. Eastern Time |
|
|
Participant Dial-In Numbers: |
Domestic callers: |
(877) 407-3944 |
International callers: |
(412) 902-0038 |
|
|
Access by WebcastThe call will also be
simultaneously webcast over the Internet via the “Investor” section
of the Company’s website at www.flexshopper.com or by clicking on
the conference call link:
https://78449.themediaframe.com/dataconf/productusers/fpay/mediaframe/35941/indexl.html.
An audio replay of the call will be archived on the Company’s
website.
FLEXSHOPPER,
INC.CONSOLIDATED STATEMENTS OF
OPERATIONS
|
|
For the three months ended December 31, |
|
|
For the twelve months ended December 31, |
|
|
|
2019 |
|
|
2018 |
|
|
2019 |
|
|
2018 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
Lease revenues and fees, net |
|
$ |
21,378,164 |
|
|
$ |
17,343,495 |
|
|
$ |
85,331,360 |
|
|
$ |
59,219,472 |
|
Lease merchandise sold |
|
|
1,083,653 |
|
|
|
677,152 |
|
|
|
3,458,529 |
|
|
|
2,269,708 |
|
Total revenues |
|
|
22,461,817 |
|
|
|
18,020,647 |
|
|
|
88,789,889 |
|
|
|
61,489,180 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Costs and
expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of lease revenues,
consisting of depreciation and impairment of lease merchandise |
|
|
14,152,683 |
|
|
|
10,954,365 |
|
|
|
57,939,899 |
|
|
|
40,639,232 |
|
Cost of lease merchandise
sold |
|
|
760,792 |
|
|
|
415,849 |
|
|
|
2,282,036 |
|
|
|
1,423,526 |
|
Marketing |
|
|
1,618,065 |
|
|
|
3,021,303 |
|
|
|
3,649,292 |
|
|
|
7,046,812 |
|
Salaries and benefits |
|
|
2,484,537 |
|
|
|
2,398,012 |
|
|
|
8,469,334 |
|
|
|
8,796,011 |
|
Operating expenses |
|
|
3,188,853 |
|
|
|
2,598,135 |
|
|
|
11,345,091 |
|
|
|
8,761,815 |
|
Total costs and expenses |
|
|
22,204,930 |
|
|
|
19,387,664 |
|
|
|
83,685,652 |
|
|
|
66,667,396 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
income/(loss) |
|
|
256,887 |
|
|
|
(1,367,017 |
) |
|
|
5,104,237 |
|
|
|
(5,178,216 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss on extinguishment of
debt |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
126,622 |
|
Interest expense including
amortization of debt issuance costs |
|
|
1,044,651 |
|
|
|
1,115,592 |
|
|
|
4,310,422 |
|
|
|
4,156,424 |
|
Income/(loss) before income
taxes |
|
|
(787,764 |
) |
|
|
(2,482,609 |
) |
|
|
793,815 |
|
|
|
(9,461,262 |
) |
Provision for income
taxes |
|
|
216,400 |
|
|
|
|
|
|
|
216,400 |
|
|
|
|
|
Net
income/(loss) |
|
|
(1,004,164 |
) |
|
|
(2,482,609 |
) |
|
|
577,415 |
|
|
|
(9,461,262 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends on Series 2
Convertible Preferred Shares |
|
|
609,717 |
|
|
|
609,168 |
|
|
|
2,437,884 |
|
|
|
2,426,840 |
|
Net income/(loss)
attributable to common shareholders |
|
$ |
(1,613,881 |
) |
|
$ |
(3,091,777 |
) |
|
$ |
(1,860,469 |
) |
|
$ |
(11,888,102 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted
(loss) per common share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted |
|
$ |
(0.09 |
) |
|
$ |
(0.18 |
) |
|
$ |
(0.11 |
) |
|
$ |
(1.39 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
WEIGHTED AVERAGE COMMON
SHARES: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted |
|
|
17,704,865 |
|
|
|
17,579,870 |
|
|
|
17,672,156 |
|
|
|
8,574,569 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FLEXSHOPPER,
INC.CONSOLIDATED BALANCE SHEETS
|
|
December 31, |
|
|
December 31, |
|
|
|
2019 |
|
|
2018 |
|
|
|
|
|
|
|
|
ASSETS |
|
|
|
|
|
|
CURRENT ASSETS: |
|
|
|
|
|
|
Cash |
|
$ |
6,868,472 |
|
|
$ |
6,141,210 |
|
Accounts receivable, net |
|
|
8,272,332 |
|
|
|
6,375,963 |
|
Prepaid expenses |
|
|
672,242 |
|
|
|
317,160 |
|
Lease merchandise, net |
|
|
31,063,104 |
|
|
|
32,364,697 |
|
Total current assets |
|
|
46,876,150 |
|
|
|
45,199,030 |
|
|
|
|
|
|
|
|
|
|
PROPERTY AND EQUIPMENT,
net |
|
|
5,260,407 |
|
|
|
3,336,664 |
|
|
|
|
|
|
|
|
|
|
OTHER ASSETS, net |
|
|
78,335 |
|
|
|
90,621 |
|
|
|
$ |
52,214,892 |
|
|
$ |
48,626,315 |
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
|
|
|
|
|
CURRENT LIABILITIES: |
|
|
|
|
|
|
|
|
Current portion of loan
payable under credit agreement to beneficial shareholder, net of $0
at 2019 and $167,483 at 2018 of unamortized issuance costs |
|
$ |
- |
|
|
$ |
14,252,717 |
|
Accounts payable |
|
|
4,567,889 |
|
|
|
8,317,216 |
|
Accrued payroll and related
taxes |
|
|
513,267 |
|
|
|
393,095 |
|
Promissory notes to related
parties, net of $5,333 at 2019 and $0 at 2018 of unamortized
issuance costs, including accrued interest |
|
|
1,067,740 |
|
|
|
1,814,771 |
|
Accrued expenses |
|
|
1,372,901 |
|
|
|
1,335,505 |
|
Lease liability - current
portion |
|
|
27,726 |
|
|
|
- |
|
Total current liabilities |
|
|
7,549,523 |
|
|
|
26,113,304 |
|
|
|
|
|
|
|
|
|
|
Loan payable under credit
agreement to beneficial shareholder, net of $281,138 at 2019 and
$164,752 at 2018 of unamortized issuance costs and current
portion |
|
|
28,904,738 |
|
|
|
14,020,335 |
|
Promissory notes to related
parties, net of $24,828 at 2019 and $0 at 2018 of unamortized
issuance costs and current portion |
|
|
3,725,172 |
|
|
|
- |
|
Lease liabilities less current
portion |
|
|
2,067,184 |
|
|
|
- |
|
Total liabilities |
|
|
42,246,617 |
|
|
|
40,133,639 |
|
|
|
|
|
|
|
|
|
|
STOCKHOLDERS’ EQUITY |
|
|
|
|
|
|
|
|
Preferred Stock authorized
500,000 shares, $0.001 par value |
|
|
|
|
|
|
|
|
Series 1 Convertible Preferred Stock, $0.001 par value - designated
250,000 shares, issued and outstanding 171,191 shares at 2019 and
239,405 shares at 2018 at $5.00 stated value |
|
|
855,955 |
|
|
|
1,197,025 |
|
Series 2 Convertible Preferred Stock, $0.001 par value -
designated25,000 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
17,783,960 shares at 2019 and 17,579,870 shares at 2018 |
|
|
1,779 |
|
|
|
1,758 |
|
Additional paid in
capital |
|
|
35,313,721 |
|
|
|
34,074,488 |
|
Accumulated deficit |
|
|
(48,155,180 |
) |
|
|
(48,732,595 |
) |
Total stockholders’
equity |
|
|
9,968,275 |
|
|
|
8,492,676 |
|
|
|
$ |
52,214,892 |
|
|
$ |
48,626,315 |
|
|
|
|
|
|
|
|
|
|
FLEXSHOPPER,
INC.CONSOLIDATED STATEMENTS OF CASH
FLOWS For the years ended December 31,
2019 and 2018
|
|
2019 |
|
|
2018 |
|
CASH FLOWS FROM OPERATING
ACTIVITIES: |
|
|
|
|
|
|
Net income/(loss) |
|
$ |
577,415 |
|
|
$ |
(9,461,262 |
) |
Adjustments to reconcile net
income/(loss) to net cash used in operating activities: |
|
|
|
|
|
|
|
|
Depreciation and impairment of
lease merchandise |
|
|
58,253,095 |
|
|
|
40,639,232 |
|
Other depreciation and
amortization |
|
|
2,524,422 |
|
|
|
2,410,537 |
|
Compensation expense related
to issuance of stock options and warrants |
|
|
723,394 |
|
|
|
133,428 |
|
Provision for doubtful
accounts |
|
|
34,838,046 |
|
|
|
23,239,189 |
|
Loss on debt
extinguishment |
|
|
- |
|
|
|
126,622 |
|
Payment of interest in kind
under promissory notes |
|
|
73,073 |
|
|
|
64,771 |
|
Payment of interest in kind
under credit agreement |
|
|
170,550 |
|
|
|
248,535 |
|
Changes in operating
assets and liabilities: |
|
|
|
|
|
|
|
|
Accounts receivable |
|
|
(36,734,415 |
) |
|
|
(25,355,684 |
) |
Prepaid expenses and
other |
|
|
(352,710 |
) |
|
|
6,844 |
|
Lease merchandise |
|
|
(56,951,502 |
) |
|
|
(51,588,607 |
) |
Security deposits |
|
|
9,210 |
|
|
|
2,025 |
|
Accounts payable |
|
|
(3,814,098 |
) |
|
|
827,715 |
|
Accrued payroll and related
taxes |
|
|
120,172 |
|
|
|
(11,251 |
) |
Accrued expenses |
|
|
93,887 |
|
|
|
557,648 |
|
Net cash used in operating
activities |
|
|
(469,461 |
) |
|
|
(18,160,258 |
) |
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM INVESTING
ACTIVITIES |
|
|
|
|
|
|
|
|
Purchases of property and
equipment, including capitalized software costs |
|
|
(2,241,172 |
) |
|
|
(2,284,876 |
) |
Net cash used in investing
activities |
|
|
(2,241,172 |
) |
|
|
(2,284,876 |
) |
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM FINANCING
ACTIVITIES |
|
|
|
|
|
|
|
|
Principal payment under
finance lease obligation |
|
|
(2,527 |
) |
|
|
- |
|
Refund of equity issuance
related costs |
|
|
61,509 |
|
|
|
- |
|
Proceeds from exercise of
warrants |
|
|
43,875 |
|
|
|
1,750 |
|
Proceeds from exercise of
stock options |
|
|
69,406 |
|
|
|
- |
|
Proceeds from public
offering |
|
|
- |
|
|
|
10,007,500 |
|
Equity issuance related
costs |
|
|
- |
|
|
|
(1,123,419 |
) |
Proceeds from promissory
notes, net of fees |
|
|
3,440,000 |
|
|
|
3,465,000 |
|
Repayment of promissory
note |
|
|
(500,000 |
) |
|
|
- |
|
Proceeds from loan payable
under credit agreement |
|
|
12,396,078 |
|
|
|
19,366,359 |
|
Repayment of loan payable
under credit agreement |
|
|
(11,815,488 |
) |
|
|
(9,959,607 |
) |
Repayment of installment
loan |
|
|
(11,208 |
) |
|
|
(11,208 |
) |
Debt issuance related
costs |
|
|
(243,750 |
) |
|
|
(128,946 |
) |
Net cash provided by financing
activities |
|
|
3,437,895 |
|
|
|
21,617,429 |
|
|
|
|
|
|
|
|
|
|
INCREASE IN CASH |
|
|
727,262 |
|
|
|
1,172,295 |
|
|
|
|
|
|
|
|
|
|
CASH, beginning of period |
|
|
6,141,210 |
|
|
|
4,968,915 |
|
|
|
|
|
|
|
|
|
|
CASH, end of period |
|
$ |
6,868,472 |
|
|
$ |
6,141,210 |
|
|
|
|
|
|
|
|
|
|
Supplemental cash flow
information: |
|
|
|
|
|
|
|
|
Interest paid |
|
$ |
3,606,328 |
|
|
$ |
2,806,285 |
|
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 |
|
|
- |
|
|
$ |
523,251 |
|
Conversion of preferred stock
to common stock |
|
$ |
341,070 |
|
|
|
- |
|
|
|
|
|
|
|
|
|
|
Non-GAAP MeasuresWe regularly
review a number of 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.
Adjusted EBITDA represents net income before
interest, stock-based compensation, taxes, depreciation (other than
depreciation of leased inventory), amortization, and one-time or
non-recurring items. 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.
Key performance metrics for the three months ended December 31,
2019 and 2018 were as follows:
|
|
Three months ended December 31, |
|
|
|
|
|
|
|
|
|
2019 |
|
|
2018 |
|
|
$ Change |
|
|
% Change |
|
Adjusted
EBITDA: |
|
|
|
|
|
|
|
|
|
|
|
|
Net Loss |
|
$ |
(1,004,164 |
) |
|
$ |
(2,482,609 |
) |
|
$ |
1,478,445 |
|
|
|
- |
|
Provision for income
taxes |
|
|
216,400 |
|
|
|
- |
|
|
|
216,400 |
|
|
|
- |
|
Amortization of debt
costs |
|
|
94,346 |
|
|
|
50,089 |
|
|
|
44,257 |
|
|
|
88.4 |
|
Other amortization and
depreciation |
|
|
550,140 |
|
|
|
524,628 |
|
|
|
25,512 |
|
|
|
4.9 |
|
Interest expense, excluding
amortization of debt costs |
|
|
950,305 |
|
|
|
1,065,503 |
|
|
|
(115,198 |
) |
|
|
(10.8 |
) |
Stock compensation |
|
|
149,927 |
|
|
|
32,403 |
|
|
|
117,524 |
|
|
|
362.7 |
|
Non-recurring
product/infrastructure expense |
|
|
95,513 |
|
|
|
- |
|
|
|
95,513 |
|
|
|
- |
|
Adjusted EBITDA |
|
$ |
1,052,467 |
|
|
$ |
(809,986 |
) |
|
$ |
1,862,453 |
|
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Key performance metrics for the twelve months ended December 31,
2019 and 2018 were as follows:
|
|
Twelve months ended December 31, |
|
|
|
|
|
|
|
|
|
2019 |
|
|
2018 |
|
|
$ Change |
|
|
% Change |
|
Adjusted
EBITDA: |
|
|
|
|
|
|
|
|
|
|
|
|
Net Loss |
|
$ |
577,415 |
|
|
$ |
(9,461,262 |
) |
|
$ |
10,038,677 |
|
|
|
- |
|
Provision for income
taxes |
|
|
216,400 |
|
|
|
- |
|
|
|
216,400 |
|
|
|
- |
|
Amortization of debt
costs |
|
|
324,686 |
|
|
|
511,085 |
|
|
|
(186,399 |
) |
|
|
(36.5 |
) |
Other amortization and
depreciation |
|
|
2,199,737 |
|
|
|
1,914,084 |
|
|
|
285,653 |
|
|
|
14.9 |
|
Interest expense, excluding
amortization of debt costs |
|
|
3,985,736 |
|
|
|
3,645,339 |
|
|
|
340,397 |
|
|
|
9.3 |
|
Loss on debt
extinguishment |
|
|
- |
|
|
|
126,622 |
|
|
|
(126,622 |
) |
|
|
- |
|
Stock compensation |
|
|
595,833 |
|
|
|
133,428 |
|
|
|
462,405 |
|
|
|
346.6 |
|
Non-recurring
product/infrastructure expense |
|
|
401,896 |
|
|
|
- |
|
|
|
401,896 |
|
|
|
- |
|
Adjusted EBITDA |
|
$ |
8,301,703 |
|
|
$ |
(3,130,704 |
) |
|
$ |
11,432,407 |
|
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The Company refers to Adjusted EBITDA in the
above table as the Company uses this measure to evaluate operating
performance and to make strategic decisions about the
Company. Management believes that Adjusted EBITDA provides
relevant and useful information which is widely used by analysts,
investors and competitors in its industry in assessing
performance.
About FlexShopper FlexShopper,
LLC, a wholly owned subsidiary of FlexShopper, Inc. (FPAY), is a
financial and technology company that provides brand name
electronics, home furnishings and other durable goods to consumers
on a lease-to-own (LTO) basis through its e-commerce marketplace
(www.FlexShopper.com) as well as its patented and patent pending
systems. FlexShopper also provides LTO technology platforms to
retailers and e-retailers to facilitate transactions with consumers
that want to acquire their products, but do not have sufficient
cash or credit. FlexShopper approves consumers utilizing its
proprietary consumer screening model, collects from consumers under
an LTO contract and funds the LTO transactions by paying merchants
for the goods.
Forward-Looking StatementsAll
statements in this release that are not based on historical fact
are “forward-looking statements” within the meaning of Section 27A
of the Securities Act of 1933 and Section 21E of the Securities
Exchange Act of 1934. These statements include the Company’s
financial guidance for fiscal year 2019. 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,” “seek,” “intend,”
“plan,” “goal,” “estimate,” “anticipate,” or other comparable
terms. Examples of forward-looking statements include, among
others, statements we make regarding expectations of lease
originations during the holiday season, the expansion of our
lease-to-own program; expectations 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 involve inherent risks and uncertainties
which could cause actual results to differ materially from those in
the forward-looking statements, as a result of various factors
including, 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 of our Annual Report on Form 10-K and
subsequently filed Quarterly Reports on Form 10-Q. The
forward-looking statements made in this release speak only as of
the date of this release, and FlexShopper assumes no obligation to
update any such forward-looking statements to reflect actual
results or changes in expectations, except as otherwise required by
law.
Contact:Jeremy HellmanSenior
AssociateThe Equity
Group212-836-9626jhellman@equityny.com
FlexShopper, Inc.Investor
Relationsir@flexshopper.com
FlexShopper, Inc.
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