<SEC-DOCUMENT>0001213900-25-077470.txt : 20250815
<SEC-HEADER>0001213900-25-077470.hdr.sgml : 20250815
<ACCEPTANCE-DATETIME>20250815161746
ACCESSION NUMBER:		0001213900-25-077470
CONFORMED SUBMISSION TYPE:	NT 10-Q
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20250630
FILED AS OF DATE:		20250815
DATE AS OF CHANGE:		20250815
EFFECTIVENESS DATE:		20250815

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			FlexShopper, Inc.
		CENTRAL INDEX KEY:			0001397047
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-EQUIPMENT RENTAL & LEASING, NEC [7359]
		ORGANIZATION NAME:           	07 Trade & Services
		EIN:				205456087
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		NT 10-Q
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-37945
		FILM NUMBER:		251224875

	BUSINESS ADDRESS:	
		STREET 1:		901 YAMATO ROAD
		STREET 2:		SUITE 260
		CITY:			BOCA RATON
		STATE:			FL
		ZIP:			33431
		BUSINESS PHONE:		(561) 367-1504

	MAIL ADDRESS:	
		STREET 1:		901 YAMATO ROAD
		STREET 2:		SUITE 260
		CITY:			BOCA RATON
		STATE:			FL
		ZIP:			33431

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Anchor Funding Services, Inc.
		DATE OF NAME CHANGE:	20070419
</SEC-HEADER>
<DOCUMENT>
<TYPE>NT 10-Q
<SEQUENCE>1
<FILENAME>ea0253561-nt10q_flexshopper.htm
<DESCRIPTION>NOTIFICATION OF LATE FILING
<TEXT>
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<P STYLE="text-align: center; margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="text-align: center; margin-top: 0; margin-bottom: 0"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">WASHINGTON, D.C.
20549</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">FORM 12b-25</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Commission File Number 001-37945</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><FONT STYLE="text-decoration: none">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><U>NOTIFICATION
OF LATE FILING</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Check One):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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    <TD STYLE="width: 25%; text-align: left">&#9744;&nbsp;Form 10-K</TD>
    <TD STYLE="width: 25%; text-align: center">&#9744;&nbsp;Form 11-K</TD>
    <TD STYLE="width: 25%; text-align: center">&#9744;&nbsp;Form 20-F</TD>
    <TD STYLE="width: 25%; text-align: center">&#9746;&nbsp;Form 10-Q</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="4" STYLE="text-align: justify">For Period Ended: June 30, 2025</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="4" STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="4" STYLE="text-align: justify">Nothing in this Form shall be construed to imply that the Commission has verified any information contained herein.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="4" STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="4" STYLE="text-align: justify">If the notification relates to a portion of the filing checked above, identify the Item(s) to which the notification relates:</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="4" STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="4" STYLE="border-bottom: Black 1.5pt solid; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="4" STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="4" STYLE="border-bottom: Black 1.5pt solid; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="4" STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="4" STYLE="border-bottom: Black 1.5pt solid; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="4" STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="4" STYLE="text-align: justify"><B>Part I- Registrant Information</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="4" STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="4" STYLE="border-bottom: Black 1.5pt solid; text-align: left">Full Name of Registrant: <B>FlexShopper, Inc.</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="4" STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="4" STYLE="text-align: left">Former Name if Applicable:</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="4" STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="4" STYLE="border-bottom: Black 1.5pt solid; text-align: left">Address of Principal Executive Office (Street and Number): 901 Yamato Road, Suite 260</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="4" STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="4" STYLE="border-bottom: Black 1.5pt solid; text-align: left">City, State and Zip Code: Boca Raton, Florida 33431</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5in; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Part II - Rule 12b-25(b) and (c)</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt; text-transform: uppercase; text-align: justify">____________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If the subject report could not be filed without
unreasonable effort or expense and the registrant seeks relief pursuant to Rule 12b-25(b), the following should be completed. (Check box
if appropriate.)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -1in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%; text-align: justify">&#9746;</TD>
    <TD STYLE="width: 5%; text-align: justify">(a)</TD>
    <TD STYLE="width: 90%; text-align: justify">The reasons described in reasonable detail in Part III of this form could not be eliminated without unreasonable effort or expense;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&#9744;</TD>
    <TD STYLE="text-align: justify">(b)</TD>
    <TD STYLE="text-align: justify">The subject annual report or portion thereof will be filed on or before the 15th calendar day following the prescribed due date; or the subject quarterly report or portion thereof will be filed on or before the fifth calendar day following the prescribed due date; and</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&#9744;</TD>
    <TD STYLE="text-align: justify">(c)</TD>
    <TD STYLE="text-align: justify">The accountant's statement or other exhibit required by Rule 12b-25(c) has been attached if applicable.</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Part III - Narrative</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt; text-transform: uppercase; text-align: justify">_____________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">State below in reasonable detail the reasons why
Form 10-K, 11-K, 20-F or 10-Q or portion thereof could not be filed within the prescribed time period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><U>Reference is made to Appendix A attached hereto.</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Part IV - Other Information</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify"><FONT STYLE="text-decoration: none">_____________</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-transform: uppercase; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(1)</TD><TD STYLE="text-align: justify">Name and telephone number of person to contact in regard to this notification:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 1.5pt; width: 0.5in">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 0pt; width: 35%; text-align: center; padding-right: 0pt; padding-left: 0pt">John Davis, President and COO</TD>
    <TD STYLE="padding: 0pt 0pt 1.5pt; width: 1%; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 0pt; width: 25%; text-align: center; padding-right: 0pt; padding-left: 0pt">(855)</TD>
    <TD STYLE="padding: 0pt 0pt 1.5pt; width: 1%; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 0pt; text-align: center; padding-right: 0pt; padding-left: 0pt">353-9289</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 0pt; text-align: center; padding-right: 0pt; padding-left: 0pt">(Name)</TD>
    <TD STYLE="padding-top: 0pt; text-align: center; padding-right: 0pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0pt; text-align: center; padding-right: 0pt; padding-left: 0pt">(Area Code)</TD>
    <TD STYLE="padding-top: 0pt; text-align: center; padding-right: 0pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0pt; text-align: center; padding-right: 0pt; padding-left: 0pt">(Telephone Number)</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 26.65pt">&nbsp;</P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(2)</TD><TD STYLE="text-align: justify">Have all other periodic reports required under Section 13 or 15(d) of the Securities Exchange Act of 1934
during the preceding 12 months or for such shorter period that the registrant was required to file such report(s) been filed? If the answer
is no, identify report(s): Annual Report on Form 10-K for the year ended December 31, 2024 and Quarterly Report on Form 10-Q for the quarter
ended March 31, 2025</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 324.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 324.45pt; text-align: right">&#9744;&nbsp;Yes&nbsp;&nbsp;&nbsp;&nbsp;&#9746;&nbsp;No</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(3)</TD><TD STYLE="text-align: justify">Is it anticipated that any significant change in results of operations from the corresponding period for
the last fiscal year will be reflected by the earnings statements to be included in the subject report or portion thereof?</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 324.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 324.45pt; text-align: right">&#9746;&nbsp;Yes&nbsp;&nbsp;&nbsp;&nbsp;&#9744;&nbsp;No</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 324.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">If so: attach an explanation of the
anticipated change, both narratively and quantitatively, and, if appropriate, state the reasons why a reasonable estimate of the results
cannot be made.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><U>Reference is made to Appendix A attached
hereto.</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>FlexShopper, Inc.</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Name of Registrant as specified in charter)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">has caused this notification to be signed on its
behalf by the undersigned thereunto duly authorized.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 60%; text-align: justify">Date:&nbsp;&nbsp;August 15, 2025</TD>
    <TD STYLE="width: 4%; text-align: justify">By:</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; width: 36%; text-align: justify">/s/ John Davis</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">John Davis</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">President &amp; COO</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.75in; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>Appendix A</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><B>Non-Reliance Determination</B>.
On July 30, 2025, the Board of Directors of FlexShopper, Inc. (the &ldquo;Company&rdquo;), after consultation with its independent forensic
investigations firm and Grant Thornton LLP, the Company&rsquo;s independent registered public accounting firm, concluded that the following
previously issued financial statements of the Company should no longer be relied upon:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.35in; text-align: left">(i)</TD><TD STYLE="text-align: left">the Company&rsquo;s audited consolidated financial statements
for the fiscal years ended December 31, 2022 and 2023, contained in its Annual Report on Form 10-K for the year ended December 31, 2022
and 2023 (the &ldquo;2023 Form 10-K&rdquo;), as amended (the &ldquo;2023 Form 10-K/A&rdquo;);</TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.5in"></TD><TD STYLE="width: 0.35in; text-align: left">(ii)</TD><TD STYLE="text-align: left">the Company&rsquo;s unaudited consolidated financial statements
for the three and six months ended June 30, 2022, contained in its Quarterly Report on Form 10-Q for the quarter ended June 30, 2022
(the &ldquo;Q2 2022 Form 10-Q&rdquo;);</TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.5in"></TD><TD STYLE="width: 0.35in; text-align: left">(iii)</TD><TD STYLE="text-align: left">the Company&rsquo;s unaudited consolidated financial statements
for the three and nine months ended September 30, 2022, contained in its Quarterly Report on Form 10-Q for the quarter ended September
30, 2022 (the &ldquo;Q3 2022 Form 10-Q&rdquo;);</TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.5in"></TD><TD STYLE="width: 0.35in; text-align: left">(iv)</TD><TD STYLE="text-align: left">the Company&rsquo;s unaudited consolidated financial statements
for the three months ended March 31, 2023, contained in its Quarterly Report on Form 10-Q for the quarter ended March 31, 2023 (the &ldquo;Q1
2023 Form 10-Q&rdquo;);</TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.5in"></TD><TD STYLE="width: 0.35in; text-align: left">(v)</TD><TD STYLE="text-align: left">the Company&rsquo;s unaudited consolidated financial statements
for the three and six months ended June 30, 2023, contained in its Quarterly Report on Form 10-Q for the quarter ended June 30, 2023
(the &ldquo;Q2 2023 Form 10-Q&rdquo;);</TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.5in"></TD><TD STYLE="width: 0.35in; text-align: left">(vi)</TD><TD STYLE="text-align: left">the Company&rsquo;s unaudited consolidated financial statements
for the three and nine months ended September 30, 2023, contained in its Quarterly Report on Form 10-Q for the quarter ended September
30, 2023 (the &ldquo;Q3 2023 Form 10-Q&rdquo;);</TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.5in"></TD><TD STYLE="width: 0.35in; text-align: left">(vii)</TD><TD STYLE="text-align: left">the Company&rsquo;s unaudited consolidated financial statements
for the three months ended March 31, 2024, contained in its Quarterly Report on Form 10-Q for the quarter ended March 31, 2024 (the &ldquo;Q1
2024 Form 10-Q&rdquo;);</TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.5in"></TD><TD STYLE="width: 0.35in; text-align: left">(viii)</TD><TD STYLE="text-align: left">the Company&rsquo;s unaudited consolidated financial statements
for the three and six months ended June 30, 2024, contained in its Quarterly Report on Form 10-Q for the quarter ended June 30, 2024
(the &ldquo;Q2 2024 Form 10-Q&rdquo;); and</TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.5in"></TD><TD STYLE="width: 0.35in; text-align: left">(ix)</TD><TD STYLE="text-align: left">the Company&rsquo;s unaudited consolidated financial statements
for the three and nine months ended September 30, 2024, contained in its Quarterly Report on Form 10-Q for the quarter ended September
30, 2024 (the &ldquo;Q3 2024 Form 10-Q&rdquo; and, collectively with the 2023 Form 10-K, the Q2 2022 Form 10-Q, the Q3 2022 Form 10-Q,
the Q1 2023 Form 10-Q, the Q2 2023 Form 10-Q, the Q3 2023 Form 10-Q, the Q1 2024 Form 10-Q, the Q2 2024 Form 10-Q and the Q3 2024 Form
10-Q, the &ldquo;Prior Filings&rdquo;).</TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><B>Basis for Non-Reliance Determination.</B>&nbsp;In
early June 2025, the Board of Directors of the Company retained an independent forensic investigations firm and began an independent investigation
to review allegations of potential fraudulent actions by certain officers and employees of the Company. The investigation relates to alleged
forged documents provided by certain officers and employees of the Company to Grant Thornton LLP in support of the Company&rsquo;s 2024
audit, and to other alleged misrepresentations. The independent investigation is ongoing and, therefore, the Company has not fully completed
its review of the factual matters related to the allegations. The Company continues to assess any potential financial impact on the Prior
Filings, if any.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">The conclusion that the previously
issued financial statements cannot be relied upon resulted from the fact that the management representation letters relied upon by Grant
Thornton LLP in connection with the Prior Filings were executed by one or more of the officers or employees of the Company that are the
subject of the investigation. In addition, the Audit Committee concluded that management&rsquo;s report on the effectiveness of internal
control over financial reporting as of December 31, 2023, should no longer be relied upon.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Accordingly, the Company filed
a Current Report on Form 8-K on August 5, 2025 reporting that investors should no longer rely upon earnings releases for these periods
or other communications relating to these financial statements. Investors should not rely on earnings releases or other communications
relating to the Company&rsquo;s performance and financials during the first six months of 2025.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">The Company intends to file amendments
to its Annual Reports on Form 10-K for the years ended December 31, 2022 and 2023, and file its Annual Report on Form 10-K for the year
ended December 31, 2024 and Quarterly Report on Form 10-Q for the quarter ended March 31, 2025, as soon as practicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

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