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FlexShopper, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing total revenues of $38,588,501, an increase from $31,386,446 in the same quarter the previous year. This increase is attributed to higher lease and retail revenues.
Net lease revenues rose to $28,364,190 from $21,082,199, driven by an increase in lease originations and average origination value.
Net loan revenues decreased to $9,047,165 from $10,304,247, primarily due to changes in the fair value of loans receivable.
Depreciation and impairment of lease merchandise increased to $14,486,564 from $13,061,958, reflecting higher lease activity.
Marketing expenses rose to $2,005,559 from $1,671,137, as the company increased marketing efforts to drive lease originations.
Salaries and benefits increased to $4,049,422 from $3,231,100, due to additional hiring for new business initiatives.
Net income for the quarter was $2,366,384, up from $940,101 in the previous year. The increase is attributed to higher gross profit and operating income.
Interest expense increased to $5,672,594 from $4,746,801, due to higher borrowings under the company's credit agreement.
FlexShopper had cash of $7,330,542 as of September 30, 2024. The company continues to focus on expanding its lease-to-own and loan offerings.
The filing also details the company's new credit agreement, which allows borrowing up to $150 million, and the ongoing efforts to onboard a new bank partner for its loan model.
FlexShopper identified a material weakness in its internal controls over financial reporting related to monitoring assets pledged as collateral.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the FlexShopper Inc. quarterly 10-Q report dated November 19, 2024. To report an error, please email earnings@qz.com.