XML 56 R45.htm IDEA: XBRL DOCUMENT v3.20.2
Promissory Notes Related Parties (Details Textual) - USD ($)
1 Months Ended 6 Months Ended
Apr. 30, 2020
Feb. 19, 2019
Jan. 25, 2019
Sep. 30, 2018
Aug. 29, 2018
Jan. 31, 2018
Jun. 30, 2020
Promissory Notes (Textual)              
Description of credit facility           Upon 30 days' prior written notice from the applicable noteholder and the Company can prepay principal and interest at any time without penalty.  
Description of notes           The Company paid down the entire principal and interest balance on June 28, 2019 in the amount of $507,339. NRNS amended and restated the NRNS Note such that the maturity date of the revised Note was set at June 30, 2021. In addition, the Company drew $500,000 on the Note held by NRNS on June 28, 2019. As of June 30, 2020, $1,772,119 of principal and accrued and unpaid interest was outstanding on NRNS’s Note.  
Debt instrument maturity date Apr. 30, 2021            
NRNS [Member]              
Promissory Notes (Textual)              
Description of credit facility   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.          
Interest rate             16.18%
Description of notes         FlexShopper, LLC issued amended and restated Notes to Mr. Heiser and NRNS under which (1) the maturity date for such Notes was set at June 30, 2019 and (2) in connection with the completion of an Equity Financing (as defined in the Notes), the holders of such Notes were granted the option to convert up to 50% of the outstanding principal of the Notes plus accrued and unpaid interest thereon into the securities issued in the Equity Financing at a conversion price equal to the price paid to the Company by the underwriters for such securities, net of the underwriting discount.   As of June 30, 2020, $2,025,279 of principal and accrued and unpaid interest was outstanding on the February Note.
Principal amount   $ 2,000,000          
Commitment fee percentage   2.00%          
Lender total value   $ 40,000          
Issuance of common stock       1,507,395      
Issuance of warrants       753,697      
Bear interest rate             (5.00%)
Heiser [Member]              
Promissory Notes (Textual)              
Interest rate             16.18%
Description of notes             Upon issuance of the Notes, FlexShopper, LLC 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.
Issuance of common stock       602,974      
Issuance of warrants       301,487      
Bear interest rate             (5.00%)
Chief Financial Officer [Member]              
Promissory Notes (Textual)              
Description of credit facility     Payment of the principal amount and accrued interest under the January 2019 Note was due and payable by FlexShopper, LLC on April 30, 2020 and FlexShopper, LLC can prepay principal and interest at any time without penalty.        
Interest rate             16.18%
Description of notes             As of June 30, 2020, $1,013,072 of principal and accrued and unpaid interest was outstanding on the January Note.
Principal amount     $ 1,000,000        
Commitment fee percentage     2.00%        
Lender total value     $ 20,000        
Minimum [Member]              
Promissory Notes (Textual)              
Principal amount           $ 1,000,000  
Maximum [Member]              
Promissory Notes (Textual)              
Principal amount           $ 2,500,000