Found it on their website

"How do I use my Flex EQMs?
Your Flex EQMs will be displayed on your OnePass account statement and may be redeemed at any time and added to your earned EQM balance to upgrade your Elite status or increase your current EQM balance. Effective Jan. 1, 2012, Flex EQMs can be redeemed to achieve up to Platinum Elite status or the equivalent level in MileagePlus. You may redeem your Flex EQMs on continental.com by logging into My Account and selecting “Transfer Flexible Elite Miles.” You have until March 31 to apply these miles to a previous year's balance. For example, a customer earned 70,000 EQMs in 2009, enough to earn Gold Elite status for the 2010 Elite year. That customer has until March 31, 2010, to apply 5,000 Flex EQMs to his 2009 balance to attain Platinum Elite status for 2010. "

https://www.continental.com/web/en-U...splus/faq.aspx