XML 33 R22.htm IDEA: XBRL DOCUMENT
v3.21.2

Summary of Significant Accounting Policies (Tables) | 6 Months Ended
--- | ---
Jun. 30, 2021
Accounting Policies [Abstract] |
Schedule of accounts receivable |
|  | June 30, 2021 |  |  | December 31, 2020 |
Accounts receivable |  | $ | 45,051,239 |  |  | $ | 32,171,255 |
Allowance for doubtful accounts |  |  | (31,900,573 | ) |  |  | (22,138,541 | )
Accounts receivable, net |  | $ | 13,150,666 |  |  | $ | 10,032,714 |
Schedule of allowance for doubtful accounts |
|  | Six Months Ended June 30, 2021 |  |  | Year Ended December 31, 2020 |
Beginning balance |  | $ | 22,138,541 |  |  | $ | 9,976,941 |
Provision |  |  | 18,804,705 |  |  |  | 31,930,714 |
Accounts written off |  |  | (9,042,673 | ) |  |  | (19,769,114 | )
Ending balance |  | $ | 31,900,573 |  |  | $ | 22,138,541 |
Schedule of net leased merchandise |
|  | June 30, 2021 |  |  | December 31, 2020 |
Lease merchandise at cost |  | $ | 69,111,583 |  |  | $ | 64,335,971 |
Accumulated depreciation |  |  | (29,224,625 | ) |  |  | (19,162,357 | )
Impairment reserve |  |  | (2,253,640 | ) |  |  | (2,351,274 | )
Lease merchandise, net |  | $ | 37,633,318 |  |  | $ | 42,822,340 |
Schedule of lease revenues and fees |
|  | Six Months ended |
|  | June 30, |
|  | 2021 |  |  | 2020 |
Lease billings and accruals |  | $ | 78,546,163 |  |  | $ | 62,162,183 |
Provision for doubtful accounts |  |  | (18,804,705 | ) |  |  | (15,564,198 | )
Lease revenues and fees |  | $ | 59,741,458 |  |  | $ | 46,597,985 |
Schedule of anti-dilutive securities excluded from computation of earnings per share |
|  | Six Months ended |
|  | June 30, |
|  | 2021 |  |  | 2020 |
Series 1 Convertible Preferred Stock |  |  | 225,231 |  |  |  | 225,231 |
Series 2 Convertible Preferred Stock |  |  | 5,845,695 |  |  |  | 5,845,695 |
Series 2 Convertible Preferred Stock issuable upon exercise of warrants |  |  | 116,903 |  |  |  | 116,903 |
Common Stock Options |  |  | 3,117,310 |  |  |  | 2,571,411 |
Common Stock Warrants |  |  | 2,352,488 |  |  |  | 1,872,488 |
|  |  | 11,657,627 |  |  |  | 10,613,728 |
Schedule of basic and diluted earnings per share |
|  | Six Months ended |
|  | June 30, |
|  | 2021 |  |  | 2020 |
Numerator |  |  |  |  |  |
Net income/(loss) |  | $ | 943,431 |  |  | $ | (210,377 | )
Convertible Series 2 Preferred Share dividends |  |  | (1,219,545 | ) |  |  | (1,219,445 | )
Deemed dividend from exchange offer of warrants |  |  | - |  |  |  | (713,212 | )
Numerator for basic and diluted EPS |  | $ | (276,114 | ) |  | $ | (2,143,034 | )
Denominator |  |  |  |  |  |  |  |
Denominator for basic and diluted EPS - weighted average shares |  |  | 21,375,096 |  |  |  | 20,627,674 |
Basic EPS |  | $ | (0.01 | ) |  | $ | (0.10 | )
Diluted EPS |  | $ | (0.01 | ) |  | $ | (0.10 | )
Schedule of basic and diluted earnings per share |
|  | Three Months ended |
|  | June 30, |
|  | 2021 |  |  | 2020 |
Numerator |  |  |  |  |  |
Net income/(loss) |  | $ | 942,194 |  |  | $ | (262,062 | )
Convertible Series 2 Preferred Share dividends |  |  | (609,773 | ) |  |  | (609,728 | )
Net income/(loss) attributable to common and Series 1 Convertible Preferred Stock |  |  | 332,421 |  |  |  | (871,790 | )
Convertible Series 2 Preferred Share dividends attributable to Series 1 Convertible Preferred Stock |  |  | 6,357 |  |  |  | - |
Net income attributable to Series 1 Convertible Preferred Stock |  |  | (9,822 | ) |  |  | - |
Net income/(loss) attributable to common shares - Numerator for basic and diluted EPS |  | $ | 328,956 |  |  | $ | (871,790 | )
Denominator |  |  |  |  |  |  |  |
Weighted average of common shares outstanding |  |  | 21,380,230 |  |  |  | 21,351,914 |
Weighted average of common shares issuable upon conversion of outstanding Series 1 Convertible Preferred Stock |  |  | 225,231 |  |  |  | - |
Denominator for basic EPS- weighted average shares |  |  | 21,605,461 |  |  |  | 21,351,914 |
Effect of dilutive securities |  |  |  |  |  |  |  |
Common stock options |  |  | 1,156,512 |  |  |  | - |
Common stock warrants |  |  | 841,504 |  |  |  | - |
Denominator for diluted EPS – adjusted weighted average shares |  |  | 23,603,477 |  |  |  | 21,351,914 |
Basic EPS |  | $ | 0.02 |  |  | $ | (0.04 | )
Diluted EPS |  | $ | 0.01 |  |  | $ | (0.04 | )

X
- Definition Tabular disclosure of Lease merchandise. + References No definition available. + Details
Name: | fpay_LeaseMerchandiseTableTextBlock
Namespace Prefix: | fpay_
Data Type: | dtr:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of allowance for doubtful accounts. + References No definition available. + Details
Name: | fpay_ScheduleOfAllowanceForDoubtfulAccountsTableTextBlock
Namespace Prefix: | fpay_
Data Type: | dtr:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | fpay_ScheduleOfBasicAndDilutedEarningsPerShareTableTextBlock
Namespace Prefix: | fpay_
Data Type: | dtr:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_AccountingPoliciesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of components of income from operating lease. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 30 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=124258985&loc=SL77919372-209981 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section 50 -Paragraph 6A -URI http://asc.fasb.org/extlink&oid=124502072&loc=SL77927221-108306 + Details
Name: | us-gaap_OperatingLeaseLeaseIncomeTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the various types of trade accounts and notes receivable and for each the gross carrying value, allowance, and net carrying value as of the balance sheet date. Presentation is categorized by current, noncurrent and unclassified receivables. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.3,4) -URI http://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682 + Details
Name: | us-gaap_ScheduleOfAccountsNotesLoansAndFinancingReceivableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of securities (including those issuable pursuant to contingent stock agreements) that could potentially dilute basic earnings per share (EPS) in the future that were not included in the computation of diluted EPS because to do so would increase EPS amounts or decrease loss per share amounts for the period presented, by antidilutive securities. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=124432515&loc=d3e3550-109257 + Details
Name: | us-gaap_ScheduleOfAntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of an entity's basic and diluted earnings per share calculations, including a reconciliation of numerators and denominators of the basic and diluted per-share computations for income from continuing operations. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=124432515&loc=d3e3550-109257 + Details
Name: | us-gaap_ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration