FlexShopper (FPAY) 10-K 11 Mar 19 2018 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2018	Mar. 11, 2019	Jun. 29, 2018
Document and Entity Information [Abstract]
Entity Registrant Name	FlexShopper, Inc.
Entity Central Index Key	0001397047
Amendment Flag	false
Trading Symbol	FPAY
Current Fiscal Year End Date	--12-31
Document Type	10-K
Document Period End Date	Dec. 31, 2018
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2018
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Public Float			$ 6,864,280
Entity Common Stock, Shares Outstanding		17,579,870

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($)	Dec. 31, 2018	Dec. 31, 2017
CURRENT ASSETS:
Cash	$ 6,141,210	$ 4,968,915
Accounts receivable, net	6,375,963	4,259,468
Prepaid expenses	317,160	321,035
Lease merchandise, net	32,364,697	21,415,322
Total current assets	45,199,030	30,964,740
PROPERTY AND EQUIPMENT, net	3,336,664	2,948,164
OTHER ASSETS, net	90,621	95,722
Total assets	48,626,315	34,008,626
CURRENT LIABILITIES:
Current portion of loan payable under credit agreement to beneficial shareholder net of $167,483 at 2018 and $118,404 at 2017 of unamortized issuance costs	14,252,717	14,094,096
Accounts payable	8,317,216	7,702,145
Accrued payroll and related taxes	393,095	404,346
Promissory notes to related parties, including interest of $64,771	1,814,771
Accrued expenses	1,335,505	786,095
Total current liabilities	26,113,304	22,986,682
Loan payable under credit agreement to beneficial shareholder net of $164,752 at 2018 and $39,468 at 2017 of unamortized issuance costs and current portion	14,020,335	4,698,032
Total liabilities	40,133,639	27,684,714
STOCKHOLDERS' EQUITY
Series 1 Convertible Preferred Stock, $0.001 par value- authorized 250,000 shares, issued and outstanding 239,405 shares at $5.00 stated value	1,197,025	1,197,025
Series 2 Convertible Preferred Stock, $0.001 par value- authorized 25,000 shares, issued and outstanding 21,952 shares at $1,000 stated value	21,952,000	21,952,000
Common stock, $0.0001 par value- authorized 40,000,000 and 15,000,000 shares, issued and outstanding: 17,579,870 shares at 2018 and 5,294,501 at 2017	1,758	529
Additional paid in capital	34,074,488	22,445,691
Accumulated deficit	(48,732,595)	(39,271,333)
Total stockholders' equity	8,492,676	6,323,912
Total liabilities and stockholder's equity	$ 48,626,315	$ 34,008,626

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($)	Dec. 31, 2018	Dec. 31, 2017
Promissory notes to related parties, including interest	$ 64,771
Loan payable unamortized issuance costs	167,483	$ 118,404
Unamortized issuance costs	$ 164,752	$ 39,468
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	40,000,000	15,000,000
Common stock, shares issued	17,579,870	5,294,501
Common stock, shares outstanding	17,579,870	5,294,501
Series 1 Convertible Preferred Stock
Convertible preferred stock, stated value	$ 5	$ 5
Convertible preferred stock, par value	$ 0.001	$ 0.001
Convertible preferred stock, shares authorized	250,000	250,000
Convertible preferred stock, shares issued	239,405	239,405
Convertible preferred stock, shares outstanding	239,405	239,405
Series 2 Convertible Preferred Stock
Convertible preferred stock, stated value	$ 1,000	$ 1,000
Convertible preferred stock, par value	$ 0.001	$ 0.001
Convertible preferred stock, shares authorized	25,000	25,000
Convertible preferred stock, shares issued	21,952	21,952
Convertible preferred stock, shares outstanding	21,952	21,952

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Revenues:
Lease revenues and fees	$ 82,458,661	$ 65,412,131
Lease merchandise sold	2,269,708	1,634,233
Total revenues	84,728,369	67,046,364
Costs and expenses:
Cost of lease revenues, consisting of depreciation and impairment of lease merchandise	40,639,232	31,453,246
Cost of lease merchandise sold	1,423,526	998,800
Provision for doubtful accounts	23,239,189	19,135,207
Marketing	7,046,812	6,094,330
Salaries and benefits	8,796,011	7,862,714
Other operating expenses	8,761,815	7,664,566
Total costs and expenses	89,906,585	73,208,863
Operating loss	(5,178,216)	(6,162,499)
Loss on extinguishment of debt	126,622
Interest expense including amortization of debt issuance costs	4,156,424	2,168,262
Net loss	(9,461,262)	(8,330,761)
Dividends on Series 2 Convertible Preferred Stock	2,426,840	2,316,396
Net loss attributable to common stockholders	$ (11,888,102)	$ (10,647,157)
Basic and diluted (loss) per common share:
Net loss	$ (1.39)	$ (2.01)
Weighted average common shares outstanding:
Basic and diluted	8,574,569	5,290,944

Consolidated Statements of Stoc

Consolidated Statements of Stockholders' Equity - USD ($)	Series 1 Convertible Preferred Stock	Series 2 Convertible Preferred Stock	Common Stock	Additional Paid in Capital	Accumulated Deficit	Total
Balance at Dec. 31, 2016	$ 1,215,325	$ 21,952,000	$ 529	$ 22,298,439	$ (30,940,572)	$ 14,525,721
Balance, shares at Dec. 31, 2016	243,065	21,952	5,287,281
Provision for compensation expense related to stock options				113,952		113,952
Exercise of stock options				15,000		15,000
Exercise of stock options, shares			5,000
Conversion of preferred stock to common stock	$ (18,300)			18,300
Conversion of preferred stock to common stock, shares	(3,660)		2,220
Net loss					(8,330,761)	(8,330,761)
Balance at Dec. 31, 2017	$ 1,197,025	$ 21,952,000	$ 529	22,445,691	(39,271,333)	6,323,912
Balance, shares at Dec. 31, 2017	239,405	21,952	5,294,501
Provision for compensation expense related to stock options				133,428		133,428
Warrants issued in connection with amended credit agreement and subsequent issuance of common stock upon exercise of the warrants			$ 18	523,233		523,251
Warrants issued in connection with amended credit agreement and subsequent issuance of common stock upon exercise of the warrants, shares			175,000
Issuance of shares and warrants in connection with equity raise			$ 1,000	10,006,500		10,007,500
Issuance of shares and warrants in connection with equity raise, shares			10,000,000
Offering costs related to equity raise				(1,123,419)		(1,123,419)
Conversion of debt and accrued interest to common shares and warrants			$ 211	2,089,055		2,089,266
Conversion of debt and accrued interest to common shares and warrants, shares			2,110,369
Net loss					(9,461,262)	(9,461,262)
Balance at Dec. 31, 2018	$ 1,197,025	$ 21,952,000	$ 1,758	$ 34,074,488	$ (48,732,595)	$ 8,492,676
Balance, shares at Dec. 31, 2018	239,405	21,952	17,579,870

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (9,461,262)	$ (8,330,761)
Adjustments to reconcile net loss to net cash (used in) operating activities:
Depreciation and impairment of lease merchandise	40,639,232	31,453,246
Other depreciation and amortization	2,410,537	2,090,581
Compensation expense related to issuance of stock options	133,428	113,952
Provision for doubtful accounts	23,239,189	19,135,207
Loss on debt extinguishment	126,622
Payment of interest in kind under promissory notes	64,771
Payment of interest in kind under credit agreement	248,535
Changes in operating assets and liabilities:
Accounts receivable	(25,355,684)	(21,212,888)
Prepaid expenses and other	6,844	32,296
Lease merchandise	(51,588,607)	(34,298,108)
Security deposits	2,025	(10,206)
Accounts payable	827,715	3,784,397
Accrued payroll and related taxes	(11,251)	108,013
Accrued expenses	557,648	535,437
Net cash (used in) operating activities	(18,160,258)	(6,598,834)
CASH FLOWS FROM INVESTING ACTIVITIES
Purchases of property and equipment, including capitalized software costs	(2,284,876)	(2,021,538)
Net cash (used in) investing activities	(2,284,876)	(2,021,538)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from exercise of stock options		15,000
Proceeds from exercise of warrants	1,750
Proceeds from public offering	10,007,500
Costs incurred from public offering	(1,123,419)
Proceeds from promissory notes	3,465,000
Proceeds from loan payable under credit agreement	19,366,359	10,450,000
Repayment of loan payable under credit agreement	(9,959,607)	(2,288,208)
Repayment of installment loan	(11,208)
Debt issuance related costs	(128,946)
Net cash provided by financing activities	21,617,429	8,176,792
INCREASE/(DECREASE) IN CASH	1,172,295	(443,580)
CASH, beginning of year	4,968,915	5,412,495
CASH, end of year	6,141,210	4,968,915
Supplemental cash flow information:
Interest paid	2,806,285	1,649,795
Non-cash financing activities:
Issuance of common stock and warrants to extinguish debt and accrued interest	2,089,266
Conversion of preferred stock to common stock		18,300
Warrants issued for debt issuance costs	$ 523,251

Business

Business	12 Months Ended
	Dec. 31, 2018
Business [Abstract]
BUSINESS	1. BUSINESS: FlexShopper, Inc. (the “Company”) is a corporation organized under the laws of the State of Delaware on August 16, 2006. The Company owns 100% of FlexShopper, LLC, a limited liability company incorporated under the laws of North Carolina on June 24, 2013. The Company is a holding corporation with no operations except for those conducted by FlexShopper LLC. FlexShopper LLC provides through e-commerce sites, certain types of durable goods to consumers on a lease-to-own basis (“LTO”) including consumers of third-party retailers and e-tailers. In January 2015, in connection with the credit agreement entered into in March 2015 (see Note 5), FlexShopper 1 LLC and FlexShopper 2 LLC were organized as wholly owned Delaware subsidiaries of FlexShopper LLC to conduct operations. FlexShopper LLC together with its subsidiaries are hereafter referred to as “FlexShopper.” FlexShopper through FlexShopper 2, LLC (the “Borrower”), is party to a credit agreement (as amended, the “Credit Agreement”) with WE2014-1, LLC (the “Lender”) (see Note 5). Upon the Commitment Termination Date, which is June 30, 2019 or such later date determined by the Lender in its sole discretion by notice to the Borrower on or before April 1, 2019, but no later than February 28, 2021, the Lender will no longer be obligated to lend money to the Borrower for new leases and all amounts outstanding under the Credit Agreement will be due by the twelve-month anniversary thereof. FlexShopper will have, in the earliest Commitment Termination Date scenario, at least 90 days from the date of notice to the Commitment Termination Date to arrange for a new senior lending facility. If necessary, the Company would curtail marketing expenditures and new lease originations to optimize operating cash flow until a new facility is obtained or the old facility is retired.

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2018
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Principles of Consolidation - Estimates - Revenue Recognition Accounts Receivable and Allowance for Doubtful Accounts - December 31, December 31, Accounts receivable $ 10,130,269 $ 6,399,233 Allowance for doubtful accounts (3,754,306 ) (2,139,765 ) Accounts receivable, net $ 6,375,963 $ 4,259,468 The allowance is a significant percentage of the balance because FlexShopper does not charge off any customer account until it has exhausted all collection efforts with respect to each account including attempts to repossess items. In addition, while collections are pursued, the same delinquent customers will continue to accrue weekly charges until they are charged off. The allowance for bad debt at January 1, 2017 was $9,508,708. During the years ended December 31, 2018 and 2017, $21,624,648 and $26,504,150 of accounts receivable balances, respectively, were charged off against the allowance. During the years ended December 31, 2018 and 2017, the provision for bad debts was $23,239,189 and $19,135,207, respectively. The following table shows the activity in the allowance for doubtful accounts: December 31, 2018 December 31, 2017 Beginning balance $ 2,139,765 $ 9,508,708 Provision for write-offs 23,239,189 19,135,207 Accounts written off (21,624,648 ) (26,504,150 ) Ending balance $ 3,754,306 $ 2,139,765 Lease Merchandise - December 31, December 31, Lease merchandise at cost $ 48,893,012 $ 34,501,555 Accumulated depreciation (14,338,295 ) (11,974,953 ) Impairment reserve (2,190,020 ) (1,111,280 ) Lease merchandise, net $ 32,364,697 $ 21,415,322 Cost of lease merchandise sold represents the undepreciated cost of rental merchandise at the time of sale. Deferred Debt Issuance Costs Debt issuance costs of $35,000 incurred in conjunction with the subordinated Promissory Notes entered into on January 29, 2018 and January 30, 2018 (see Note 4) are offset against the outstanding balance of the loan payable and are amortized using the straight-line method over the remaining term of the related debt, which approximates the effective interest method. Amortization, which is included in interest expense, was $35,000 for the year ended December 31, 2018. Software Costs - Operating Expenses - Marketing - Per Share Data - Diluted earnings per share is based on the more dilutive of the if-converted method (which assumes conversion of the participating preferred stock as of the beginning of the period) or the two-class method (which assumes that the participating preferred stock is not converted) plus the potential impact of dilutive non-participating Series 2 Convertible Preferred Stock, options and warrants. The dilutive effect of stock options and warrants is computed using the treasury stock method, which assumes the repurchase of common shares at the average market price during the period. Under the treasury stock method, options and warrants will have a dilutive effect when the average price of common stock during the period exceeds the exercise price of options or warrants. When there is a loss from continuing operations, potential common shares are not included in the computation of diluted loss per share, since they have an anti-dilutive effect. In computing diluted loss per share, no effect has been given to the issuance of common stock upon conversion or exercise of the following securities as their effect is anti-dilutive: Year ended 2018 2017 Series 1 Convertible Preferred Stock 302,960 145,197 Series 2 Convertible Preferred Stock 5,639,745 2,710,124 Series 2 Convertible Preferred Stock issuable upon exercise of warrants 112,785 54,217 Common Stock Options 620,900 335,900 Common Stock Warrants 7,182,488 511,553 13,858,878 3,756,991 Stock Based Compensation - Compensation expense is determined by reference to the fair value of an award on the date of grant and is amortized on a straight-line basis over the vesting period. The Company uses the Black-Scholes-Merton (BSM) pricing model to determine the fair value of all stock option awards. See Note 7. Fair Value of Financial Instruments – Income Taxes The Company recognizes a tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by taxing authorities, based on the technical merits of the position. The tax benefits recognized in the consolidated financial statements from such a position are measured based on the largest benefit that has a greater than 50% likelihood of being realized upon ultimate settlement. As of December 31, 2018 and 2017, the Company has not recorded any unrecognized tax benefits. Interest and penalties related to liabilities for uncertain tax positions will be charged to interest and operating expenses, respectively. Recent Accounting Pronouncements - In February 2016, the FASB issued ASU No. 2016-02, Leases, which is effective for fiscal years, and interim periods within those years, beginning after December 15, 2018. Under ASU 2016-02, lessees will be required to recognize for all leases at the commencement date a lease liability, which is a lessee’s obligation to make lease payments arising from a lease measured on a discounted basis, and a right-to-use asset, which is an asset that represents the lessee’s right to use or control the use of a specified asset for the lease term. The Company has determined that the new standard will not materially impact the timing of revenue recognition. The new standard will result in the Company classifying bad debt expense incurred as a reduction of lease revenue and fees within the consolidated statements of earnings. The new standard will also impact the Company as a lessee by requiring all of its operating leases to be recognized on the balance sheet as a right-to-use asset and lease liability. The Company has elected a package of optional practical expedients which includes the option to retain the current classification of leases entered into prior to January 1, 2019. The Company has performed the proper analysis and has concluded that there is no material impact to the consolidated balance sheets, consolidated statements of operations, or consolidated statements of cash flows. The Company will adopt the new standard in the first quarter of 2019.

Property and Equipment

Property and Equipment	12 Months Ended
	Dec. 31, 2018
Property, Plant and Equipment [Abstract]
PROPERTY AND EQUIPMENT	3. PROPERTY AND EQUIPMENT: Property and equipment consist of the following: Estimated December 31, December 31, Furniture, fixtures and vehicle 2-5 years $ 155,165 $ 153,909 Website and internal use software 3 years 8,098,483 5,827,771 Computers and software 3-7 years 704,407 691,499 8,958,055 6,673,179 Less: accumulated depreciation and amortization (5,621,391 ) (3,725,015 ) $ 3,336,664 $ 2,948,164 Depreciation and amortization expense was $1,896,376 and $1,613,888 for the years ended December 31, 2018 and 2017, respectively.

Loans Payable to Related Partie

Loans Payable to Related Parties	12 Months Ended
	Dec. 31, 2018
Promissory Notes [Abstract]
LOANS PAYABLE TO RELATED PARTIES	4. LOANS PAYABLE TO RELATED PARTIES: On January 29, 2018 and January 30, 2018, the Company entered into letter agreements with Russ Heiser, the Company’s Chief Financial Officer, and NRNS Capital Holdings LLC (“NRNS”) the manager of which is the Chairman of the Company’s Board, respectively (such letter agreements, together, the “Commitment Letters”), for consideration of a one-time commitment fee of 1% of the lenders’ aggregate commitment, totaling $35,000, pursuant to which the Company issued a subordinated promissory note to each of Mr. Heiser and NRNS (together, the “Notes”). The Commitment Letters provide that Mr. Heiser and NRNS each shall make advances to the Company under the applicable Note in aggregate amounts up to $1,000,000 and $2,500,000, respectively. Payments of principal and accrued interest are due and payable by the Company upon 30 days’ prior written notice from the applicable noteholder and the Company can prepay principal and interest at any time without penalty. However, repayment is not permitted without the consent of the Credit Agreement Lender. Upon issuance of the Notes, the Company drew $500,000 and a subsequent $500,000 on February 20, 2018 on the Note held by Mr. Heiser and $2,500,000 on the Note held by NRNS. The Notes bear interest at a rate equal to five (5%) per annum in excess of the non-default rate of interest from time to time in effect under the Credit Agreement entered into on March 6, 2015 (see Note 5) computed on the basis of a 360-day year, which equaled 21.46% at December 31, 2018. Interest expense incurred under the Notes amounted to $161,081 for Mr. Heiser’s Note and $413,753 for NRNS’ Note, totaling $574,834 for the year ended 2018. On August 29, 2018, the Company amended and restated the Notes such that (1) the maturity date for the Notes was set at June 30, 2019 and (2) in connection with the completion of the offering described in the Registration Statement on Form S-1 initially filed by the Company with the SEC on August 13, 2018, holders of the Notes may elect to convert up to 50% of the outstanding principal of the Notes plus accrued and unpaid interest thereon into shares of the Company’s common stock at a conversion price equal to the price paid to the Company by the underwriters for shares of common stock sold in such offering, net of the underwriting discount. On September 28, 2018, each of Mr, Heiser and NRNS exercised its option to convert 50% of the outstanding principal and accrued interest to equity. Mr. Heiser elected to convert $500,000 of outstanding principal and $60,766 of accrued interest into 602,974 shares of common stock and warrants exercisable for 301,487 shares of common stock based on a $0.93 conversion price. NRNS converted $1,250,000 of outstanding principal and $151,878 of accrued interest into 1,507,395 shares of common stock and warrants exercisable for 753,697 shares of common stock based on a $0.93 conversion price. As a result of this conversion, the Company recorded a loss on extinguishment of debt of $126,622 in the year ended December 31, 2018 representing the difference between the conversion price and the price per unit offered in the September 2018 equity raise.

Loan Payable Under Credit Agree

Loan Payable Under Credit Agreement	12 Months Ended
	Dec. 31, 2018
Debt Disclosure [Abstract]
LOAN PAYABLE UNDER CREDIT AGREEMENT	5. LOAN PAYABLE UNDER CREDIT AGREEMENT On March 6, 2015, FlexShopper, through a wholly-owned subsidiary, entered into a credit agreement (as amended from time to time, and including the Fee Letter (as defined therein), the “Credit Agreement”) with Wells Fargo Bank, National Association as paying agent, various lenders from time to time party thereto and WE 2014-1, LLC as administrative agent and lender (the “Lender”). FlexShopper is permitted to borrow funds under the Credit Agreement based on FlexShopper’s cash on hand and the Amortized Order Value of its Eligible Leases (as such terms are defined in the Credit Agreement) less certain deductions described in the Credit Agreement. As of December 31, 2018, under the terms of the Credit Agreement, subject to the satisfaction of certain conditions, FlexShopper could borrow up to $32,500,000 from the Lender. The Credit Agreement provides that FlexShopper may not incur additional indebtedness (other than expressly permitted indebtedness) without the permission of the Lender and also prohibits dividends on common stock. The Credit Agreement includes customary events of default, including, among others, failures to make payment of principal and interest, breaches or defaults under the terms of the Credit Agreement and related agreements entered into with the Lender, breaches of representations, warranties or certifications made by or on behalf of FlexShopper in the Credit Agreement and related documents (including certain financial and expense covenants), deficiencies in the borrowing base, certain judgments against FlexShopper and bankruptcy events. On January 27, 2017, FlexShopper entered into a fifth amendment to the Credit Agreement (the “Omnibus Amendment”). The Omnibus Amendment amended the Credit Agreement to, among other things, (1) extend the Commitment Termination Date, (2) require the Company to refinance the debt under the Credit Agreement upon a Permitted Change of Control (as defined in the Credit Agreement), subject to the payment of an early termination fee, (3) reduce the interest rate charged on amounts borrowed to be LIBOR plus 14% per annum and reduce the non-usage fee on undrawn amounts if the facility is less than 75% drawn on average, and (4) modify certain permitted debt and financial covenants including the covenant of the Borrower to maintain at least $1.5 million in Unrestricted Cash (as defined in the Credit Agreement). On April 3, 2018, FlexShopper entered into a sixth amendment to the Credit Agreement (the “Sixth Amendment”). The Sixth Amendment, among other things, modified certain financial covenants, including the covenants that Equity Book Value shall not be less than the sum of $8 million and 50% of any positive Net Income (as defined in the Credit Agreement) of the Company; and that the ratio of Consolidated Senior Debt to Equity Book Value shall not exceed 4.75:1. The Company was in compliance with its covenants under the Credit Agreement as of December 31, 2018. The Company had $3,894,713 available under the Credit Agreement as of December 31, 2018. In August and September 2018, FlexShopper entered into a series of amendments to the Credit Agreement (the “Offering Amendments”) to extend the deadline to complete an Equity Raise (as defined in the Credit Agreement) and reduce the required amount of proceeds for such a raise to qualify as an “Equity Raise.” If the Equity Raise was consummated on or before September 30, 2018, the Scheduled Commitment Termination Date would be extended to June 30, 2019 or such later date to be determined by the Administrative Agent in its sole discretion, but not later than February 28, 2021, by notice to the Borrower on or before April 1, 2019. The Commitment Maturity Date (as defined in the Credit Agreement) is one year after the Commitment Termination Date. Pursuant to the Offering Amendments, proceeds of a successful Equity Raise were required to be used to prepay loans under the Credit Agreement in an amount necessary such that the outstanding principal balance thereof was less than or equal to 95% of the Borrowing Base (as defined in the Credit Agreement). Additionally, following the Equity Raise, the Borrower must maintain a reserve amount of $1,000,000, which amount may be withdrawn by the Administrative Agent to pay any amounts not paid by the Borrower when due under the Credit Agreement or, in the discretion of the Administrative Agent, to pay any other commercially reasonable costs or expenses of the Borrower. If any portion of the reserve amount is used in such manner, such reserve will be replenished up to $1,000,000 in connection with the monthly applications of proceeds under the Credit Agreement. Additionally, the Offering Amendments amended the Credit Agreement to provide that, among other things, (a) following the Equity Raise, the interest rate on loans under the Credit Agreement will be reduced to a low double-digit percentage per annum beginning on February 1, 2019; and (b) certain increased advance rates established by a previous Credit Agreement amendment were extended through September 30, 2018. On September 25, 2018, FlexShopper completed the Equity Raise. Principal payable within twelve months of the balance sheet date based on the outstanding loan balance at such date is reflected as a current liability in the accompanying balance sheets. Interest expense incurred under the Credit Agreement for the years ended December 31, 2018 and 2017 was $3,067,569 and $1,694,096, respectively. As of December 31, 2018, the outstanding balance under the Credit Agreement was $28,605,287.

Capital Structure

Capital Structure	12 Months Ended
	Dec. 31, 2018
Stockholders' Equity Note [Abstract]
CAPITAL STRUCTURE	6. CAPITAL STRUCTURE: The Company’s capital structure consists of preferred and common stock as described below: Preferred Stock The Company is authorized to issue 500,000 shares of $0.001 par value preferred stock. Of this amount, 250,000 shares have been designated as Series 1 Convertible Preferred Stock and 25,000 shares have been designated as Series 2 Convertible Preferred Stock. The Company’s Board of Directors determines the rights and preferences of the Company’s preferred stock. ● Series 1 Convertible Preferred Stock - As of December 31, 2018, each share of Series 1 Convertible Preferred Stock was convertible into 1.26547 shares of the Company’s common stock, subject to certain anti-dilution rights. The holders of the Series 1 Convertible Preferred Stock have the option to convert the shares to common stock at any time. Upon conversion, all accumulated and unpaid dividends, if any, will be paid as additional shares of common stock. The holders of Series 1 Convertible Preferred Stock have the same dividend rights as holders of common stock, as if the Series 1 Convertible Preferred Stock had been converted to common stock. During the year ended December 31, 2017, 3,660 shares of Series 1 Convertible Preferred Stock were converted into 2,220 shares of common stock. As of December 31, 2017, there were 239,405 shares of Series 1 Convertible Preferred Stock outstanding, which were convertible at a conversion rate of 0.6065 into 145,197 shares of common stock. No shares of Series 1 Convertible Preferred Stock were converted into shares of common stock in the twelve months ended December 31, 2018. As of December 31, 2018, there were 239,405 shares of Series 1 Convertible Preferred Stock outstanding, which are convertible at a conversion rate of 1.27 into 302,960 shares of common stock. The increase in the conversion price from 2017 to 2018 is due to the Series 1 Convertible Preferred Stock anti-dilution adjustment as a result of the September 2018 Equity Raise. ● Series 2 Convertible Preferred Stock - The Series 2 Preferred Shares were sold for $1,000 per share (the “Stated Value”) and accrue dividends on the Stated Value at an annual rate of 10% compounded annually. Cumulative accrued dividends as of December 31, 2018 totaled approximately $5,955,201. As of December 31, 2017, each Series 2 Preferred Share was convertible into approximately 124 shares. As of December 31, 2018, each Series 2 Preferred Share was convertible into approximately 257 shares of common stock; provided, the conversion rate is subject to further increase pursuant to a weighted average anti-dilution provision. The increase in the convertible shares from 2017 to 2018 is due to the Series 2 Convertible Preferred Stock anti-dilution adjustment as a result of the September 2018 Equity Raise. The holders of the Series 2 Preferred Shares have the option to convert such shares into shares of common stock and have the right to vote with holders of common stock on an as-converted basis. If the average closing price during any 45-day consecutive trading day period or change of control transaction values the common stock at a price equal to or greater than $23.00 per share, then conversion shall be automatic. Upon a Liquidation Event or Deemed Liquidation Event (each as defined in the Certificate of Designations for the Series 2 Preferred Stock), holders of Series 2 Preferred Shares shall be entitled to receive out of the assets of the Company prior to and in preference to the common stock and Series 1 Convertible Preferred Stock an amount equal to the greater of (1) the Stated Value, plus any accrued and unpaid dividends thereon, and (2) the amount per share as would have been payable had all Series 2 Preferred Shares been converted to common stock immediately before the Liquidation Event or Deemed Liquidation Event. Common Stock The Company is authorized to issue 40,000,000 shares of $0.0001 par value common stock. On September 18, 2018, the Company filed with the Secretary of State of the State of Delaware a Certificate of Amendment to its Certificate of Incorporation that increased the authorized shares of common stock of the Company from 15,000,000 shares to 25,000,000 shares. On November 2, 2018, the Company filed with the Secretary of State of the State of Delaware another Certificate of Amendment to its Certificate of Incorporation that increased the authorized shares of common stock of the Company from 25,000,000 to 40,000,000. Each share of common stock entitles the holder to one vote at all stockholder meetings. In September 2018, the Company completed an offering of 10,000,000 units (the “Offering”) issued at a price of $1.00 per unit, each unit consisting of one share of the Company’s common stock and one-half (1/2) of one warrant, each whole warrant exercisable for one share of common stock at an exercise price $1.25 per warrant. The common stock and warrants included in the units sold in the Offering were immediately separable and issued separately. The Company raised gross proceeds of $10,007,500, less underwriting fees and commissions of 7%, or approximately $0.7 million, and incurred other offering expenses of approximately $0.4 million paid from the proceeds of the offering, resulting in net proceeds of $8.9 million. In connection with the closing of the Offering, the underwriters exercised their over-allotment option to purchase an additional 750,000 warrants for $7,500 with an exercise price of $1.25 per share (see Note 8). On September 28, 2018, both Mr. Heiser and NRNS elected to convert 50% of the outstanding principal and accrued interest on their promissory notes into equity interests issued in the Offering (see Note 4). As a result, the Company issued 602,974 shares of common stock and 301,487 warrants to Mr. Heiser and 1,507,395 shares of common stock and 753,697 warrants to NRNS.

Stock Options

Stock Options	12 Months Ended
	Dec. 31, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
STOCK OPTIONS	7. STOCK OPTIONS On April 26, 2018 at the Company’s annual meeting, the Company’s stockholders approved the FlexShopper, Inc. 2018 Omnibus Equity Compensation Plan (the “2018 Plan”). Upon the 2018 Plan’s approval, approximately 1,057,000 shares of Company common stock were available for issuance, consisting of 750,000 shares authorized for issuance under the 2018 Plan and an aggregate 307,000 shares then remaining available for issuance under the Company’s 2007 Omnibus Equity Compensation Plan (the “2007 Plan”) and 2015 Omnibus Equity Compensation Plan (the “2015 Plan”, and together with the 2007 Plan, the “Prior Plans”). The 2018 Plan replaced the Prior Plans. No new awards will be granted under the Prior Plans; however, awards outstanding under the Prior Plans upon approval of the 2018 Plan remain subject to and will be paid under the applicable Prior Plan. Grants under the 2018 Plan and the Prior Plans consist of incentive stock options, non-qualified stock options, stock appreciation rights, stock awards, stock unit awards, dividend equivalents and other stock-based awards. Employees, directors and consultants and other service providers are eligible to participate in the 2018 Plan and the Prior Plans. Options granted under the 2018 Plan and the Prior Plans vest over periods ranging from immediately upon grant to a three-year period and expire ten years from date of grant. Activity in stock options for the year ended December 31, 2017 and 2018 is as follows: Number of options Weighted average exercise price Weighted average contractual term (years) Aggregate intrinsic value Outstanding at January 1, 2017 411,600 $ 8.63 Granted 106,000 4.24 Forfeited (16,700 ) 6.01 Expired (160,000 ) 12.50 Exercised (5,000 ) 3.00 Outstanding at December 31, 2017 335,900 $ 5.61 Granted 308,000 1.80 Forfeited (23,000 ) 4.99 Outstanding at December 31, 2018 620,900 $ 3.75 7.78 $ - Vested and exercisable at December 31, 2018 278,567 $ 5.82 5.81 $ - The weighted average grant date fair value of options granted during the twelve-month period ending December 31, 2018 and 2017 was $0.69 and $1.65 per share. The Company measured the fair value of each option award on the date of grant using the Black-Scholes-Merton (BSM) pricing model with the following assumptions: 2018 2017 Exercise price $ 0.79 to $4.35 $ 4.02 to$ 5.25 Expected life 6.0 years 5.8 years Expected volatility 38 % 38 % Dividend yield 0 % 0 % Risk-free interest rate 2.27% to 2.99 % 1.89% to 2.06 % The expected dividend yield is based on the Company’s historical dividend yield. The expected volatility is based on the historical volatility of the Company’s common stock. The expected life is based on the simplified expected term calculation permitted by the Securities and Exchange Commission (the “SEC”), which defines the expected life as the average of the contractual term of the options and the weighted-average vesting period for all option tranches. The risk-free interest rate is based on the annual yield on the grant date of a zero-coupon U.S. Treasury bond the maturity of which equals the option’s expected life. The value of stock options is recognized as compensation expense by the straight-line method over the vesting period. Compensation expense recorded was $133,428 and $113,952 for the year ended December 31, 2018 and December 31, 2017, respectively. Unrecognized compensation cost related to non-vested options at December 31, 2018 amounted to approximately $183,000, which is expected to be recognized over a weighted average period of 2.18 years.

Warrants

Warrants	12 Months Ended
	Dec. 31, 2018
Warrants [Abstract]
WARRANTS	8. WARRANTS: On April 3, 2018, FlexShopper entered into the Sixth Amendment to the Credit Agreement (see Note 5). The Sixth Amendment provided for warrants exercisable for 175,000 shares of common stock with an exercise price per share of $0.01 to be issued to the Lender. On May 23, 2018, the Lender exercised the warrants. The warrants were accounted for at fair value based on the date of issuance. The $523,233 in proceeds allocated to the warrants was accounted for as paid-in capital with a corresponding discount to the loan payable which was amortized over the remaining life of the agreement. As part of the Offering in September 2018, the Company issued warrants exercisable for 5,000,000 shares of common stock at an exercise price of $1.25 per share. In connection with the closing of the Offering, the underwriters exercised their over-allotment option to purchase an additional 750,000 warrants for $7,500 with an exercise price of $1.25 per share. The warrants are immediately exercisable and expire five years from the date of issuance. The warrants are listed on the Nasdaq Capital Market under the symbol “FPAYW”. The Company has issued additional warrants exercisable for an aggregate 1,055,184 shares of common stock at an exercise price of $1.25 per warrant to Mr. Heiser and NRNS in connection with partial conversions of their promissory notes. The warrants are immediately exercisable at $1.25 per share of common stock and expire on September 28, 2023. In connection with the issuance of Series 2 Convertible Preferred Stock in June 2016, the Company issued to the placement agent in such offering warrants exercisable for 439 shares of Series 2 Convertible Preferred Stock at an initial exercise price of $1,250 per share, which expire seven years after the date of issuance. The following table summarizes information about outstanding stock warrants as of December 31, 2018, all of which are exercisable: Series 2 Preferred Weighted Average Exercise Common Stock Warrants Stock Warrants Remaining Price Outstanding Outstanding Contractual Life $ 10.00 200,000 1 years $ 5.50 177,303 3 years $ 1.25 6,805,185 5 years $ 1,250 - 439 5 years 7,182,488 439

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2018
Income Tax Disclosure [Abstract]
INCOME TAXES	9. INCOME TAXES: Reconciliation of the benefit for income taxes from continuing operations recorded in the consolidated statements of operations with the amounts computed at the statutory federal tax rates for each year: 2018 2017 Federal tax benefit at statutory rate $ (2,080,000 ) $ (2,830,000 ) State tax benefit, net of federal tax (207,000 ) (142,000 ) Permanent differences 66,000 39,000 Change in statutory rate 7,000 86,000 Change in valuation allowance 2,545,000 (1,934,000 ) Change in federal tax rate - 4,747,000 Other (331,000 ) 34,000 Benefit for income taxes $ - $ - Tax affected components of deferred tax assets and deferred tax liabilities at December 31, 2018 and 2017 were as follows: 2018 2017 Deferred tax assets: Equity based compensation $ 177,000 $ 170,000 Allowance for doubtful accounts 870,000 493,000 Lease merchandise - 779,000 Fixed assets (7,034,000 ) 4,000 Lease impairment 507,000 256,000 Deferred rent 1,000 2,000 Accrued expenses 12,000 45,000 Interest expense carryforward 88,000 - Tax credit carryforward 32,000 - Federal loss carry-forwards 15,823,000 6,302,000 State loss carry forward 816,000 696,000 Gross deferred tax assets 11,292,000 8,747,000 Valuation allowance (11,292,000 ) (8,747,000 ) Net deferred tax assets $ - $ - Based on consideration of the available evidence including historical losses a valuation allowance has been recognized to offset deferred tax assets, as management was unable to conclude that realization of deferred tax assets were more likely than not. As of December 31, 2018, the Company has federal net operating loss carryforwards of approximately $75,400,000 and state net operating loss carryforwards of approximately $18,600,000 available to offset future taxable income Losses incurred prior to January 1, 2018, expire from 2024 to 2037. Losses incurred after January 1, 2018 do not expire. Section 382 of the Internal Revenue Code imposes a limitation on a corporation’s ability to utilize net operating loss carryforwards (“NOLs”) if it experiences an “ownership change.” In general, an ownership change may result from transactions increasing the ownership of certain stockholders in the stock of a corporation by more than 50 percentage points over a three-year period. If such a change were to occur, certain NOLs available to be used could be disallowed and an annual limitation on utilization of other NOLs would occur. The Company files tax returns in the U.S. federal jurisdiction and various states. At December 31, 2018, federal tax returns remained open for Internal Revenue Service review for tax years after 2014, while state tax returns remain open for review by state taxing authorities for tax years after 2013. The IRS completed an examination of the Company’s 2016 tax return during 2018, resulting in a reduction to the net operating loss carryforward of approximately $50,000. There were no other federal or state income tax audits being conducted as of December 31, 2018. The Company completed its analysis and review of all tax positions taken through December 31, 2018 and does not believe that there are any unrecognized tax benefits related to tax positions taken on its income tax returns. The Tax Act, among other things, (i) lowered the U.S. corporate income tax rate from 35% to 21% effective January 1, 2018; (ii) provided for 100% expense deduction of certain qualified depreciable assets, including lease merchandise inventory, purchased after September 27, 2017 (but would be phased down starting in 2023); and (iii) failed to extend the manufacturing deduction that expired in 2017 under the terms of previous tax law. The effects of the change in tax rates on deferred tax balances were recognized through continuing operations in the period in which the new legislation was enacted. As the law was enacted on December 22, 2017, the impact to the net deferred tax assets due to the change in tax rate was recognized in the financial statements period ending December 31, 2017 which consisted of a reduction in deferred tax assets and a corresponding reduction in the valuation allowance of $4,747,000.

Commitments

Commitments	12 Months Ended
	Dec. 31, 2018
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS	10. COMMITMENTS: Lease Commitments FlexShopper is party to a lease, as amended, for office space through June 2019. In September 2015, FlexShopper entered into a 48-month lease for additional office space in Fort Lauderdale, Florida to accommodate its call and customer service center. In August 2017, FlexShopper entered into a 12-month lease with two additional three-year options for retail store space in West Palm Beach, Florida. In April 2018, FlexShopper exercised its option to extend the term of the lease to September 30, 2021. In January 2019, FlexShopper entered into a 108-month lease with an option for one additional five-year term for 21,622 square feet of office space in Boca Raton, FL to accommodate FlexShopper’s business and its employees (the “January 2019 Lease”). The monthly rent for this space is approximately $31,500 with annual three percent increases throughout the initial 108-month lease term beginning on the anniversary of the commencement date. The rental expense for the years ended December 31, 2018 and 2017 was approximately $389,900 and $331,900, respectively. At December 31, 2018, including January 2019 Lease, the future minimum annual lease payments are approximately as follows: 2019 $ 164,000 2020 410,000 2021 421,000 2022 413,000 2023 426,000 Thereafter 2,082,000 $ 3,916,000

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2018
Subsequent Events [Abstract]
SUBSEQUENT EVENT	11. SUBSEQUENT EVENTS: On January 25, 2019, FlexShopper, LLC, a wholly-owned subsidiary of FlexShopper, entered into a letter agreement with 122 Partners, LLC (the lender), pursuant to which FlexShopper, LLC issued a subordinated promissory note to 122 Partners, LLC (the “January Note”) in the principal amount of $1,000,000. H. Russell Heiser, Jr., FlexShopper’s Chief Financial Officer, is a member of 122 Partners, LLC. Payment of principal and accrued interest under the January Note is due and payable by FlexShopper, LLC on April 30, 2020 and FlexShopper, LLC can prepay principal and interest at any time without penalty. Amounts outstanding under the January Note bear interest at a rate equal to five percent (5.00%) per annum in excess of the non-default rate of interest from time to time in effect under the Credit Agreement. Obligations under the January Note are subordinated to obligations under the Credit Agreement. The January Note is subject to customary representations and warranties and events of default. If an event of default occurs and is continuing, the Borrower may be required to repay all amounts outstanding under the January Note. Obligations under the January Note are secured by essentially all of FlexShopper, LLC’s assets, subject to rights of the lenders under the Credit Agreement. On January 29, 2019, FlexShopper, LLC (the “Tenant”) entered into an Office Lease (the “Lease”) with Mainstreet CV North 40, LLC (the “Landlord”) for the leasing of approximately 21,622 rentable square feet, which the Company expects to use for its new principal executive offices and for its call center, located at 901 Yamato Road, Boca Raton, Florida 33431 (the “New Headquarters”). The term of the Lease and the Tenant’s obligation to pay rent thereunder will commence on the later of: (i) July 1, 2019 or (ii) substantial completion of certain improvements to the New Headquarters to be made by the Landlord pursuant to the terms of the Lease (the “Commencement Date”). Under the Lease, the Tenant will lease the New Headquarters from the Landlord for an initial term of nine years (the “Initial Term”), with a one-time option held by the Tenant to extend the term of the Lease for an additional five years. Under the Lease, the Tenant will pay to the Landlord base annual rent in the first year in monthly installments of $31,532, with payments under the Lease increasing by 3% on each yearly anniversary of the Commencement Date throughout the Initial Term. On February 19, 2019, FlexShopper, LLC entered into a letter agreement with NRNS Capital Holdings LLC (“NRNS”), pursuant to which FlexShopper, LLC issued a subordinated promissory note to NRNS (the “February Note”) in the principal amount of $2,000,000. Payment of principal and accrued interest under the February Note is due and payable by FlexShopper, LLC on June 30, 2021 and FlexShopper, LLC can prepay principal and interest at any time without penalty. Amounts outstanding under the February Note bear interest at a rate equal to five percent (5.00%) per annum in excess of the non-default rate of interest from time to time in effect under the Credit Agreement. Obligations under the February Note are subordinated to obligations under the Credit Agreement. The February Note is subject to customary representations and warranties and events of default. If an event of default occurs and is continuing, FlexShopper, LLC may be required to repay all amounts outstanding under the February Note. Obligations under the February Note are secured by essentially all of FlexShopper, LLC’s assets, subject to rights of the lenders under the Credit Agreement.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2018
Accounting Policies [Abstract]
Principles of Consolidation	Principles of Consolidation -
Estimates	Estimates -
Revenue Recognition	Revenue Recognition
Accounts Receivable and Allowance for Doubtful Accounts	Accounts Receivable and Allowance for Doubtful Accounts - December 31, December 31, Accounts receivable $ 10,130,269 $ 6,399,233 Allowance for doubtful accounts (3,754,306 ) (2,139,765 ) Accounts receivable, net $ 6,375,963 $ 4,259,468 The allowance is a significant percentage of the balance because FlexShopper does not charge off any customer account until it has exhausted all collection efforts with respect to each account including attempts to repossess items. In addition, while collections are pursued, the same delinquent customers will continue to accrue weekly charges until they are charged off. The allowance for bad debt at January 1, 2017 was $9,508,708. During the years ended December 31, 2018 and 2017, $21,624,648 and $26,504,150 of accounts receivable balances, respectively, were charged off against the allowance. During the years ended December 31, 2018 and 2017, the provision for bad debts was $23,239,189 and $19,135,207, respectively. The following table shows the activity in the allowance for doubtful accounts: December 31, 2018 December 31, 2017 Beginning balance $ 2,139,765 $ 9,508,708 Provision for write-offs 23,239,189 19,135,207 Accounts written off (21,624,648 ) (26,504,150 ) Ending balance $ 3,754,306 $ 2,139,765
Lease Merchandise	Lease Merchandise - December 31, December 31, Lease merchandise at cost $ 48,893,012 $ 34,501,555 Accumulated depreciation (14,338,295 ) (11,974,953 ) Impairment reserve (2,190,020 ) (1,111,280 ) Lease merchandise, net $ 32,364,697 $ 21,415,322 Cost of lease merchandise sold represents the undepreciated cost of rental merchandise at the time of sale.
Deferred Debt Issuance Costs	Deferred Debt Issuance Costs Debt issuance costs of $35,000 incurred in conjunction with the subordinated Promissory Notes entered into on January 29, 2018 and January 30, 2018 (see Note 4) are offset against the outstanding balance of the loan payable and are amortized using the straight-line method over the remaining term of the related debt, which approximates the effective interest method. Amortization, which is included in interest expense, was $35,000 for the year ended December 31, 2018.
Software Costs	Software Costs -
Operating Expenses	Operating Expenses -
Marketing Costs	Marketing -
Per Share Data	Per Share Data - Diluted earnings per share is based on the more dilutive of the if-converted method (which assumes conversion of the participating preferred stock as of the beginning of the period) or the two-class method (which assumes that the participating preferred stock is not converted) plus the potential impact of dilutive non-participating Series 2 Convertible Preferred Stock, options and warrants. The dilutive effect of stock options and warrants is computed using the treasury stock method, which assumes the repurchase of common shares at the average market price during the period. Under the treasury stock method, options and warrants will have a dilutive effect when the average price of common stock during the period exceeds the exercise price of options or warrants. When there is a loss from continuing operations, potential common shares are not included in the computation of diluted loss per share, since they have an anti-dilutive effect. In computing diluted loss per share, no effect has been given to the issuance of common stock upon conversion or exercise of the following securities as their effect is anti-dilutive: Year ended 2018 2017 Series 1 Convertible Preferred Stock 302,960 145,197 Series 2 Convertible Preferred Stock 5,639,745 2,710,124 Series 2 Convertible Preferred Stock issuable upon exercise of warrants 112,785 54,217 Common Stock Options 620,900 335,900 Common Stock Warrants 7,182,488 511,553 13,858,878 3,756,991
Stock-Based Compensation	Stock Based Compensation - Compensation expense is determined by reference to the fair value of an award on the date of grant and is amortized on a straight-line basis over the vesting period. The Company uses the Black-Scholes-Merton (BSM) pricing model to determine the fair value of all stock option awards. See Note 7.
Fair Value of Financial Instruments	Fair Value of Financial Instruments –
Income Taxes	Income Taxes The Company recognizes a tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by taxing authorities, based on the technical merits of the position. The tax benefits recognized in the consolidated financial statements from such a position are measured based on the largest benefit that has a greater than 50% likelihood of being realized upon ultimate settlement. As of December 31, 2018 and 2017, the Company has not recorded any unrecognized tax benefits. Interest and penalties related to liabilities for uncertain tax positions will be charged to interest and operating expenses, respectively.
Recent Accounting Pronouncements	Recent Accounting Pronouncements - In February 2016, the FASB issued ASU No. 2016-02, Leases, which is effective for fiscal years, and interim periods within those years, beginning after December 15, 2018. Under ASU 2016-02, lessees will be required to recognize for all leases at the commencement date a lease liability, which is a lessee’s obligation to make lease payments arising from a lease measured on a discounted basis, and a right-to-use asset, which is an asset that represents the lessee’s right to use or control the use of a specified asset for the lease term. The Company has determined that the new standard will not materially impact the timing of revenue recognition. The new standard will result in the Company classifying bad debt expense incurred as a reduction of lease revenue and fees within the consolidated statements of earnings. The new standard will also impact the Company as a lessee by requiring all of its operating leases to be recognized on the balance sheet as a right-to-use asset and lease liability. The Company has elected a package of optional practical expedients which includes the option to retain the current classification of leases entered into prior to January 1, 2019. The Company has performed the proper analysis and has concluded that there is no material impact to the consolidated balance sheets, consolidated statements of operations, or consolidated statements of cash flows. The Company will adopt the new standard in the first quarter of 2019.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2018
Accounting Policies [Abstract]
Schedule of accounts receivable	December 31, 2018 December 31, 2017 Accounts receivable $ 10,130,269 $ 6,399,233 Allowance for doubtful accounts (3,754,306 ) (2,139,765 ) Accounts receivable, net $ 6,375,963 $ 4,259,468
Schedule of allowance for doubtful accounts	December 31, 2018 December 31, 2017 Beginning balance $ 2,139,765 $ 9,508,708 Provision for write-offs 23,239,189 19,135,207 Accounts written off (21,624,648 ) (26,504,150 ) Ending balance $ 3,754,306 $ 2,139,765
Schedule of net leased merchandise	December 31, December 31, Lease merchandise at cost $ 48,893,012 $ 34,501,555 Accumulated depreciation (14,338,295 ) (11,974,953 ) Impairment reserve (2,190,020 ) (1,111,280 ) Lease merchandise, net $ 32,364,697 $ 21,415,322
Schedule of anti-dilutive securities excluded from computation of earnings per share	Year ended 2018 2017 Series 1 Convertible Preferred Stock 302,960 145,197 Series 2 Convertible Preferred Stock 5,639,745 2,710,124 Series 2 Convertible Preferred Stock issuable upon exercise of warrants 112,785 54,217 Common Stock Options 620,900 335,900 Common Stock Warrants 7,182,488 511,553 13,858,878 3,756,991

Property and Equipment (Tables)

Property and Equipment (Tables)	12 Months Ended
	Dec. 31, 2018
Property, Plant and Equipment [Abstract]
Schedule of property and equipment	Estimated December 31, December 31, Furniture, fixtures and vehicle 2-5 years $ 155,165 $ 153,909 Website and internal use software 3 years 8,098,483 5,827,771 Computers and software 3-7 years 704,407 691,499 8,958,055 6,673,179 Less: accumulated depreciation and amortization (5,621,391 ) (3,725,015 ) $ 3,336,664 $ 2,948,164

Stock Options (Tables)

Stock Options (Tables)	12 Months Ended
	Dec. 31, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Schedule of information about stock options	Number of options Weighted average exercise price Weighted average contractual term (years) Aggregate intrinsic value Outstanding at January 1, 2017 411,600 $ 8.63 Granted 106,000 4.24 Forfeited (16,700 ) 6.01 Expired (160,000 ) 12.50 Exercised (5,000 ) 3.00 Outstanding at December 31, 2017 335,900 $ 5.61 Granted 308,000 1.80 Forfeited (23,000 ) 4.99 Outstanding at December 31, 2018 620,900 $ 3.75 7.78 $ - Vested and exercisable at December 31, 2018 278,567 $ 5.82 5.81 $ -
Schedule of option input into a Black Scholes option pricing model	2018 2017 Exercise price $ 0.79 to $4.35 $ 4.02 to$ 5.25 Expected life 6.0 years 5.8 years Expected volatility 38 % 38 % Dividend yield 0 % 0 % Risk-free interest rate 2.27% to 2.99 % 1.89% to 2.06 %

Warrants (Tables)

Warrants (Tables)	12 Months Ended
	Dec. 31, 2018
Warrants [Abstract]
Schedule of outstanding stock warrants	Series 2 Preferred Weighted Average Exercise Common Stock Warrants Stock Warrants Remaining Price Outstanding Outstanding Contractual Life $ 10.00 200,000 1 years $ 5.50 177,303 3 years $ 1.25 6,805,185 5 years $ 1,250 - 439 5 years 7,182,488 439

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2018
Income Tax Disclosure [Abstract]
Schedule of reconciliation of the benefit for income taxes from continuing operations	2018 2017 Federal tax benefit at statutory rate $ (2,080,000 ) $ (2,830,000 ) State tax benefit, net of federal tax (207,000 ) (142,000 ) Permanent differences 66,000 39,000 Change in statutory rate 7,000 86,000 Change in valuation allowance 2,545,000 (1,934,000 ) Change in federal tax rate - 4,747,000 Other (331,000 ) 34,000 Benefit for income taxes $ - $ -
Schedule of deferred tax assets and liabilities	2018 2017 Deferred tax assets: Equity based compensation $ 177,000 $ 170,000 Allowance for doubtful accounts 870,000 493,000 Lease merchandise - 779,000 Fixed assets (7,034,000 ) 4,000 Lease impairment 507,000 256,000 Deferred rent 1,000 2,000 Accrued expenses 12,000 45,000 Interest expense carryforward 88,000 - Tax credit carryforward 32,000 - Federal loss carry-forwards 15,823,000 6,302,000 State loss carry forward 816,000 696,000 Gross deferred tax assets 11,292,000 8,747,000 Valuation allowance (11,292,000 ) (8,747,000 ) Net deferred tax assets $ - $ -

Commitments (Tables)

Commitments (Tables)	12 Months Ended
	Dec. 31, 2018
Commitments and Contingencies Disclosure [Abstract]
Schedule of future minimum annual lease payments	2019 $ 164,000 2020 410,000 2021 421,000 2022 413,000 2023 426,000 Thereafter 2,082,000 $ 3,916,000

Business (Details)

Business (Details)	12 Months Ended
	Dec. 31, 2018
Business (Textual)
Limited liability percentage of FlexShopper, LLC	100.00%

Summary of Significant Accoun_4

Summary of Significant Accounting Policies (Details) - USD ($)	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Accounting Policies [Abstract]
Accounts receivable	$ 10,130,269	$ 6,399,233
Allowance for doubtful accounts	(3,754,306)	(2,139,765)	$ (9,508,708)
Accounts receivable, net	$ 6,375,963	$ 4,259,468

Summary of Significant Accoun_5

Summary of Significant Accounting Policies (Details 1) - USD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Accounting Policies [Abstract]
Beginning balance	$ 2,139,765	$ 9,508,708
Provision for write-offs	23,239,189	19,135,207
Accounts written off	(21,624,648)	(26,504,150)
Ending balance	$ 3,754,306	$ 2,139,765

Summary of Significant Accoun_6

Summary of Significant Accounting Policies (Details 2) - USD ($)	Dec. 31, 2018	Dec. 31, 2017
Accounting Policies [Abstract]
Lease merchandise at cost	$ 48,893,012	$ 34,501,555
Accumulated depreciation	(14,338,295)	(11,974,953)
Impairment reserve	(2,190,020)	(1,111,280)
Lease merchandise, net	$ 32,364,697	$ 21,415,322

Summary of Significant Accoun_7

Summary of Significant Accounting Policies (Details 3) - shares	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share	13,858,878	3,756,991
Series 1 Convertible Preferred Stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share	302,960	145,197
Series 2 Convertible Preferred Stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share	5,639,745	2,710,124
Series 2 Convertible Preferred Stock issuable upon exercise of warrants [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share	112,785	54,217
Common Stock Options [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share	620,900	335,900
Common Stock Warrants [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share	7,182,488	511,553

Summary of Significant Accoun_8

Summary of Significant Accounting Policies (Details Textual) - USD ($)	Jan. 30, 2018	Jan. 29, 2018	Dec. 31, 2018	Dec. 31, 2017
Summary of Significant Accounting Policies (Textual)
Amortization method			Straight-line method
Accounts receivable charged off against allowance			$ 21,624,648	$ 26,504,150
Allowance for bad debt				9,508,708
Impairment charge			5,987,000	4,575,000
Amortization			476,085	473,616
Capitalized software costs			$ 2,270,712	1,894,172
Flexible options to obtain ownership, description			Customers have the option to cancel the agreement in accordance with lease terms and return the merchandise. Accordingly, customer agreements are accounted for as operating leases with lease revenues recognized in the month they are due on the accrual basis of accounting. Merchandise sales revenue is recognized when the customer exercises the purchase option and pays the purchase price.
Revenue recognition, description			Through a 90 day same as cash option, an early purchase option, or through payments of all required lease payments, generally 52 weeks, for ownership.
Debt issuance costs	$ 35,000	$ 35,000
Interest expense			$ 35,000
Provision for bad debts			$ 23,239,189	$ 19,135,207

Property and Equipment (Details

Property and Equipment (Details) - USD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 8,958,055	$ 6,673,179
Less: accumulated depreciation and amortization	(5,621,391)	(3,725,015)
Property and equipment, net	3,336,664	2,948,164
Furniture, fixtures and vehicle [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 155,165	153,909
Furniture, fixtures and vehicle [Member] | Minimum [Member]
Property, Plant and Equipment [Line Items]
Estimated Useful Lives	2 years
Furniture, fixtures and vehicle [Member] | Maximum [Member]
Property, Plant and Equipment [Line Items]
Estimated Useful Lives	5 years
Website and internal use software [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 8,098,483	5,827,771
Estimated Useful Lives	3 years
Computers and software [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 704,407	$ 691,499
Computers and software [Member] | Minimum [Member]
Property, Plant and Equipment [Line Items]
Estimated Useful Lives	3 years
Computers and software [Member] | Maximum [Member]
Property, Plant and Equipment [Line Items]
Estimated Useful Lives	7 years

Property and Equipment (Detai_2

Property and Equipment (Details Textual) - USD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Property and Equipment (Textual)
Depreciation and amortization expense	$ 1,896,376	$ 1,613,888

Loans Payable To Related Part_2

Loans Payable To Related Parties (Details) - USD ($)	Jan. 30, 2018	Sep. 28, 2018	Aug. 29, 2018	Dec. 31, 2018
Promissory Notes (Textual)
Commitment fee, percentage	1.00%
Aggregate commitment fee amount	$ 35,000
Description of credit facility	Payments of principal and accrued interest are due and payable by the Company upon 30 days’ prior written notice from the applicable noteholder and the Company can prepay principal and interest at any time without penalty.
Interest expense on promissory notes				$ 574,834
Description of notes amended and restated			The Company amended and restated the Notes such that (1) the maturity date for the Notes was set at June 30, 2019 and (2) in connection with the completion of the offering described in the Registration Statement on Form S-1 initially filed by the Company with the SEC on August 13, 2018, holders of the Notes may elect to convert up to 50% of the outstanding principal of the Notes plus accrued and unpaid interest thereon into shares of the Company’s common stock at a conversion price equal to the price paid to the Company by the underwriters for shares of common stock sold in such offering, net of the underwriting discount.
Loss on debt extinguishment				(126,622)
NRNS [Member]
Promissory Notes (Textual)
Commitment letters aggregate amounts	$ 2,500,000
Interest rate	5.00%
Interest expense on promissory notes				413,753
Issuance of notes, description	The Company drew $500,000 and a subsequent $500,000 on February 20, 2018 on the Note held by Mr. Heiser and $2,500,000 on the Note held by NRNS.
Conversion shares of outstanding principal		$ 1,250,000
Accrued interest rate of debt conversion		50.00%
Common stock and warrants exercisable		1,507,395
Conversion price		$ 0.93
Shares of common stock		753,697
Mr. Heiser [Member]
Promissory Notes (Textual)
Commitment letters aggregate amounts	$ 1,000,000
Interest expense on promissory notes				$ 161,081
Conversion shares of outstanding principal		$ 500,000
Accrued interest rate of debt conversion		50.00%
Common stock and warrants exercisable		602,974
Conversion price		$ 0.93
Shares of common stock		301,487
Credit Agreement [Member]
Promissory Notes (Textual)
Interest rate				21.46%

Loan Payable Under Credit Agr_2

Loan Payable Under Credit Agreement (Details) - USD ($)	Apr. 03, 2018	Jan. 27, 2017	Sep. 30, 2018	Dec. 31, 2018	Dec. 31, 2017
Loan Payable Under Credit Agreement (Textual)
Interest expense				$ 4,156,424	$ 2,168,262
Fifth amendment to credit agreement, description		The Omnibus Amendment amended the Credit Agreement to, among other things, (1) extend the Commitment Termination Date, (2) require the Company to refinance the debt under the Credit Agreement upon a Permitted Change of Control (as defined in the Credit Agreement), subject to the payment of an early termination fee, (3) reduce the interest rate charged on amounts borrowed to be LIBOR plus 14% per annum and reduce the non-usage fee on undrawn amounts if the facility is less than 75% drawn on average, and (4) modify certain permitted debt and financial covenants including the covenant of the Borrower to maintain at least $1.5 million in Unrestricted Cash (as defined in the Credit Agreement).
Sixth amendment to credit agreement, description	The Sixth Amendment, among other things, modified certain financial covenants, including the covenants that Equity Book Value shall not be less than the sum of $8 million and 50% of any positive Net Income (as defined in the Credit Agreement) of the Company; and that the ratio of Consolidated Senior Debt to Equity Book Value shall not exceed 4.75:1. The Company was in compliance with its covenants under the Credit Agreement as of December 31, 2018. The Company had $3,894,713 available under the Credit Agreement as of December 31, 2018.
Series of amendments, description			Pursuant to the Offering Amendments, proceeds of a successful Equity Raise were required to be used to prepay loans under the Credit Agreement in an amount necessary such that the outstanding principal balance thereof was less than or equal to 95% of the Borrowing Base (as defined in the Credit Agreement). Additionally, following the Equity Raise, the Borrower must maintain a reserve amount of $1,000,000, which amount may be withdrawn by the Administrative Agent to pay any amounts not paid by the Borrower when due under the Credit Agreement or, in the discretion of the Administrative Agent, to pay any other commercially reasonable costs or expenses of the Borrower. If any portion of the reserve amount is used in such manner, such reserve will be replenished up to $1,000,000 in connection with the monthly applications of proceeds under the Credit Agreement.
Credit Agreement [Member]
Loan Payable Under Credit Agreement (Textual)
Borrowed from lender				32,500,000
Interest expense				3,067,569	$ 1,694,096
Funded amount				$ 28,605,287

Capital Structure (Details)

Capital Structure (Details) - USD ($)	Jun. 10, 2016	Sep. 30, 2018	Sep. 28, 2018	Apr. 30, 2018	Jun. 30, 2016	Dec. 31, 2018	Dec. 31, 2017	Sep. 18, 2018	Mar. 06, 2015
Capital Structure (Textual)
Common stock, shares authorized (in shares)						40,000,000	15,000,000
Common stock, par value						$ 0.0001	$ 0.0001
Purchase price per share									$ 5.50
Sixth amendment provided to warrants				175,000
Exercise price of warrants		$ 1.25		$ 0.01		$ 1.25
Common stock warrants outstanding						7,182,488
Description of common stock offering						The Company completed an offering of 10,000,000 units (the “Offering”) issued at a price of $1.00 per unit, each unit consisting of one share of the Company’s common stock and one-half (1/2) of one warrant, each whole warrant exercisable for one share of common stock at an exercise price $1.25 per warrant. The common stock and warrants included in the units sold in the Offering were immediately separable and issued separately. The Company raised gross proceeds of $10,007,500, less underwriting fees and commissions of 7%, or approximately $0.7 million, and incurred other offering expenses of approximately $0.4 million paid from the proceeds of the offering, resulting in net proceeds of $8.9 million.
Warrants exercisable for shares of common stock						5,750,000
Underwriters exercised over-allotment option to purchase warrant, Shares		750,000
Underwriters exercised over-allotment option to purchase warrant		$ 7,500
Warrant exercise price		$ 1.25				$ 1.25
NRNS [Member]
Capital Structure (Textual)
Convertible, conversion price per share			$ 0.93
Outstanding principal percentage			50.00%
Mr. Heiser [Member]
Capital Structure (Textual)
Convertible, conversion price per share			$ 0.93
Outstanding principal percentage			50.00%
Warrants [Member] | NRNS [Member]
Capital Structure (Textual)
Issuance of shares			753,697
Warrants [Member] | Mr. Heiser [Member]
Capital Structure (Textual)
Issuance of shares			301,487
Common Stock [Member]
Capital Structure (Textual)
Common stock, shares authorized (in shares)						40,000,000
Common stock, par value						$ 0.0001
Common stock voting rights, description						Each share of common stock entitles the holder to one vote at all stockholder meetings.
Conversion of preferred stock to common stock, shares							2,220
Common Stock [Member] | NRNS [Member]
Capital Structure (Textual)
Issuance of shares			1,507,395
Common Stock [Member] | Mr. Heiser [Member]
Capital Structure (Textual)
Issuance of shares			602,974
Warrants exercisable for shares of common stock			1,055,185
Common Stock [Member] | Minimum [Member]
Capital Structure (Textual)
Common stock, shares authorized (in shares)						25,000,000		15,000,000
Common Stock [Member] | Maximum [Member]
Capital Structure (Textual)
Common stock, shares authorized (in shares)						40,000,000		25,000,000
Preferred Stock [Member]
Capital Structure (Textual)
Preferred stock, par value (in dollars per share)						$ 0.001
Preferred stock, shares authorized (in shares)						500,000
Series 2 Convertible Preferred Stock [Member]
Capital Structure (Textual)
Preferred stock, par value (in dollars per share)						$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)						25,000	25,000
Proceeds from sale of stock	$ 20,000,000
Convertible preferred stock, shares issued upon conversion	20,000
Convertible preferred stock, stated value						$ 1,000	$ 1,000
Gross proceeds	$ 1,950,000
Additional sale of shares	1,952
Cumulative accrued dividends						$ 5,955,201
Series 2 Convertible Preferred Stock [Member] | Preferred Stock [Member]
Capital Structure (Textual)
Preferred stock, shares authorized (in shares)						25,000
Series 2 Convertible Preferred Stock [Member]
Capital Structure (Textual)
Convertible preferred stock, terms of conversion, description						Each Series 2 Preferred Share was convertible into approximately 124 shares. As of December 31, 2018, each Series 2 Preferred Share was convertible into approximately 257 shares of common stock; provided, the conversion rate is subject to further increase pursuant to a weighted average anti-dilution provision. The increase in the convertible shares from 2017 to 2018 is due to the Series 2 Convertible Preferred Stock anti-dilution adjustment as a result of the September 2018 Equity Raise. The holders of the Series 2 Preferred Shares have the option to convert such shares into shares of common stock and have the right to vote with holders of common stock on an as-converted basis. If the average closing price during any 45-day consecutive trading day period or change of control transaction values the common stock at a price equal to or greater than $23.00 per share, then conversion shall be automatic. Upon a Liquidation Event or Deemed Liquidation Event (each as defined in the Certificate of Designations for the Series 2 Preferred Stock), holders of Series 2 Preferred Shares shall be entitled to receive out of the assets of the Company prior to and in preference to the common stock and Series 1 Convertible Preferred Stock an amount equal to the greater of (1) the Stated Value, plus any accrued and unpaid dividends thereon, and (2) the amount per share as would have been payable had all Series 2 Preferred Shares been converted to common stock immediately before the Liquidation Event or Deemed Liquidation Event.
Series 2 preferred stock warrants outstanding					439
Warrant exercise price					$ 1.250
Series 1 Convertible Preferred Stock [Member]
Capital Structure (Textual)
Convertible preferred stock, terms of conversion, description						239,405 shares of Series 1 Convertible Preferred Stock outstanding, which are convertible at a conversion rate of 1.27 into 302,960 shares of common stock.	239,405 shares of Series 1 Convertible Preferred Stock outstanding, which were convertible at a conversion rate of 0.6065 into 145,197 shares of common stock.
Conversion of preferred stock to common stock, shares							3,660
Series 1 Convertible Preferred Stock [Member] | Common Stock [Member]
Capital Structure (Textual)
Conversion of preferred stock to common stock, shares							2,220
Series 1 Convertible Preferred Stock [Member] | Preferred Stock [Member]
Capital Structure (Textual)
Preferred stock, shares authorized (in shares)						250,000
Series 1 Convertible Preferred Stock [Member]
Capital Structure (Textual)
Preferred stock, par value (in dollars per share)						$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)						250,000	250,000
Convertible preferred stock, stated value						$ 5	$ 5

Stock Options (Details)

Stock Options (Details) - Stock option [Member] - USD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Number of options
Outstanding Balance	335,900	411,600
Granted	308,000	106,000
Forfeited	(23,000)	(16,700)
Expired		(160,000)
Exercised		(5,000)
Outstanding Balance	620,900	335,900
Vested and exercisable at December 31, 2018	278,567
Weighted average exercise price
Outstanding Balance	$ 5.61	$ 8.63
Granted	1.80	4.24
Forfeited	4.99	6.01
Expired		12.50
Exercised		3
Outstanding Balance	3.75	$ 5.61
Vested and exercisable at December 31, 2018	$ 5.82
Weighted average contractual term (years)
Outstanding at December 31, 2018	7 years 9 months 11 days
Vested and exercisable at December 31, 2018	5 years 9 months 22 days
Aggregate intrinsic value
Outstanding at December 31, 2018
Vested and exercisable at December 31, 2018

Stock Options (Details 1)

Stock Options (Details 1) - Stock option [Member] - $ / shares	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected life	6 years	5 years 9 months 18 days
Expected volatility	38.00%	38.00%
Dividend yield	0.00%	0.00%
Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Exercise price	$ 4.35	$ 5.25
Risk-free interest rate	2.99%	2.06%
Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Exercise price	$ 0.79	$ 4.02
Risk-free interest rate	2.27%	1.89%

Stock Options (Details Textual)

Stock Options (Details Textual) - USD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Apr. 26, 2018
Stock Options (Textual)
Weighted average grant date fair value of options granted	$ 0.69	$ 1.65
Unrecognized compensation cost related to non-vested options	$ 183,000
Weighted average period	2 years 2 months 5 days
Compensation expense	$ 133,428	$ 113,952
2007 Omnibus Equity Compensation Plan [Member]
Stock Options (Textual)
Common shares authorized for issuance (in shares)			307,000
2018 Omnibus Equity Compensation Plan [Member]
Stock Options (Textual)
Issuance of shares			1,057,000
Common shares authorized for issuance (in shares)			750,000
Common Stock Options [Member]
Stock Options (Textual)
Stock options granted period, description	Options granted under the 2018 Plan and the Prior Plans vest over periods ranging from immediately upon grant to a three-year period and expire ten years from date of grant.

Warrants (Details)

Warrants (Details) - $ / shares	12 Months Ended
	Dec. 31, 2018	Sep. 30, 2018	Apr. 30, 2018
Class of Warrant or Right [Line Items]
Exercise Price	$ 1.25	$ 1.25	$ 0.01
Common Stock Warrants Outstanding	7,182,488
Warrants [Member] | 5.50 [Member]
Class of Warrant or Right [Line Items]
Exercise Price	$ 5.50
Common Stock Warrants Outstanding	177,303
Series 2 Preferred Stock Warrants Outstanding
Weighted Average Remaining Contractual Life	3 years
Warrants [Member] | 1,250 [Member]
Class of Warrant or Right [Line Items]
Exercise Price	$ 1,250
Common Stock Warrants Outstanding
Series 2 Preferred Stock Warrants Outstanding	439
Weighted Average Remaining Contractual Life	5 years
Warrants [Member] | 1.25 [Member]
Class of Warrant or Right [Line Items]
Exercise Price	$ 1.25
Common Stock Warrants Outstanding	6,805,185
Series 2 Preferred Stock Warrants Outstanding
Weighted Average Remaining Contractual Life	5 years
Warrants [Member] | 10.00 [Member]
Class of Warrant or Right [Line Items]
Exercise Price	$ 10
Common Stock Warrants Outstanding	200,000
Series 2 Preferred Stock Warrants Outstanding
Weighted Average Remaining Contractual Life	1 year

Warrants (Details Textual)

Warrants (Details Textual) - USD ($)	1 Months Ended				12 Months Ended
	Sep. 30, 2018	May 23, 2018	Apr. 30, 2018	Jun. 30, 2016	Dec. 31, 2018
Warrants (Textual)
Warrants exercisable of common stock, shares	5,000,000				1,055,184
Exercise price of warrants / shares	$ 1.25		$ 0.01		$ 1.25
Sixth amendment provided to warrants / shares			175,000
Underwriters exercised over-allotment option to purchase warrant, Shares	750,000
Underwriters exercised over-allotment option to purchase warrant	$ 7,500
Warrant exercise price	$ 1.25				$ 1.25
Warrants exercisable term	5 years
Proceeds allocated to warrants was accounted for as paid-in capital		$ 523,233
Series 2 Convertible Preferred Stock [Member]
Warrants (Textual)
Warrant exercise price				$ 1.250
Warrants exercisable term				7 years
Series 2 preferred stock warrants outstanding				439

Income Taxes (Details)

Income Taxes (Details) - USD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Income Tax Disclosure [Abstract]
Federal tax benefit at statutory rate	$ (2,080,000)	$ (2,830,000)
State tax benefit, net of federal tax	(207,000)	(142,000)
Permanent differences	66,000	39,000
Change in statutory rate	7,000	86,000
Change in valuation allowance	2,545,000	(1,934,000)
Change in federal tax rate		4,747,000
Other	(331,000)	34,000
Benefit for income taxes

Income Taxes (Details 1)

Income Taxes (Details 1) - USD ($)	Dec. 31, 2018	Dec. 31, 2017
Deferred tax assets:
Equity based compensation	$ 177,000	$ 170,000
Allowance for doubtful accounts	870,000	493,000
Lease merchandise		779,000
Fixed assets	(7,034,000)	4,000
Lease Impairment	507,000	256,000
Deferred rent	1,000	2,000
Accrued expenses	12,000	45,000
Interest expense carryforward	88,000
Tax credit carryforward	32,000
Federal loss carry-forwards	15,823,000	6,302,000
State loss carry forward	816,000	696,000
Gross deferred tax assets	11,292,000	8,747,000
Valuation allowance	(11,292,000)	(8,747,000)
Net deferred tax assets

Income Taxes (Details Textual)

Income Taxes (Details Textual)	12 Months Ended
	Dec. 31, 2018USD ($)
Income Taxes (Textual)
Net operating loss carryforwards	$ 50,000
Operating loss carryforwards expiration period, description	Offset future taxable income Losses incurred prior to January 1, 2018, expire from 2024 to 2037.
Stockholders ownership, description	More than 50 percentage points over a three-year period.
Description of U.S. corporate income tax rate	The Tax Act, among other things, (i) lowered the U.S. corporate income tax rate from 35% to 21% effective January 1, 2018; (ii) provided for 100% expense deduction of certain qualified depreciable assets, including lease merchandise inventory, purchased after September 27, 2017 (but would be phased down starting in 2023); and (iii) failed to extend the manufacturing deduction that expired in 2017 under the terms of previous tax law.
Reduction in deferred tax assets valuation allowance	$ 4,747,000
Federal [Member]
Income Taxes (Textual)
Net operating loss carryforwards	75,400,000
State [Member]
Income Taxes (Textual)
Net operating loss carryforwards	$ 18,600,000

Commitments (Details)

Commitments (Details)	Dec. 31, 2018USD ($)
Commitments and Contingencies Disclosure [Abstract]
2019	$ 164,000
2020	410,000
2021	421,000
2022	413,000
2023	426,000
Thereafter	2,082,000
Total	$ 3,916,000

Commitments (Details Textual)

Commitments (Details Textual)	1 Months Ended				12 Months Ended
	Jan. 31, 2019USD ($)ft²	Apr. 30, 2018	Apr. 30, 2017	Sep. 30, 2015	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)
Commitments (Textual)
Rental expense					$ 389,900	$ 331,900
Description of leasing arrangements		FlexShopper exercised its option to extend the term of the lease to September 30, 2021.
Term of lease			12 months	48 months
Subsequent Event [Member]
Commitments (Textual)
Monthly rent	$ 31,500
Term of lease	108 months
Area of land | ft²	21,622
Additional lease term	5 years
Annual percentage	3.00%

Subsequent Events (Details)

Subsequent Events (Details) - Subsequent Event [Member] - USD ($)	1 Months Ended
	Feb. 19, 2019	Jan. 29, 2019	Jan. 25, 2019
Letter agreement [Member] | January Note [Member] | 122 Partners, LLC [Member]
Subsequent Events (Textual)
Principal amount			$ 1,000,000
Due date			Apr. 30, 2020
Note bear interest			5.00%
Letter agreement [Member] | February Note [Member] | NRNS Capital Holdings LLC [Member]
Subsequent Events (Textual)
Principal amount	$ 2,000,000
Due date	Jun. 30, 2021
Note bear interest	5.00%
OfficeLease [Member] | Mainstreet CV North 40, LLC [Member]
Subsequent Events (Textual)
Leasing of rentable square feet		21,622
Term of lease and tenant's obligation		The term of the Lease and the Tenant’s obligation to pay rent thereunder will commence on the later of: (i) July 1, 2019 or (ii) substantial completion of certain improvements to the New Headquarters to be made by the Landlord pursuant to the terms of the Lease (the “Commencement Date”). Under the Lease, the Tenant will lease the New Headquarters from the Landlord for an initial term of nine years (the “Initial Term”), with a one-time option held by the Tenant to extend the term of the Lease for an additional five years. Under the Lease, the Tenant will pay to the Landlord base annual rent in the first year in monthly installments of $31,532, with payments under the Lease increasing by 3% on each yearly anniversary of the Commencement Date throughout the Initial Term.