Company: IMXI
Filing Date: 2025-05-08
Form Type: 10-Q
Source: 0001683695-25-000063
Chunk: 67

Company: International Money Express, Inc.
Filing Date: 2025-05-08
Form: 10-Q
Item: Item 8
Chunk 67
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 the Company completed the acquisition of 100% of the issued and outstanding stock of a money services entity incorporated in the United Kingdom. This acquisition provides the Company the opportunity to enter into markets in which it did not have a presence previously, such as the ability to provide outbound remittance services from the United Kingdom.The total consideration transferred by the Company in connection with the acquisition was approximately $1.4 million in cash, subject to customary purchase price adjustments. The acquisition was funded with cash on hand.The following table summarizes the fair values of consideration transferred and identifiable net assets acquired in the acquisition on July 2, 2024, the measurement period adjustments through the period ended March 31, 2025 and the fair values of consideration transferred and identifiable net assets acquired as of March 31, 2025.(in thousands)July 2, 2024(As initially reported)Measurement Period AdjustmentsMarch 31, 2025(As Adjusted)Assets acquired:Cash and cash equivalents$184 — $184 Accounts receivable26 — 26 Prepaid expenses and other current assets2 — 2 Property and equipment82 — 82 Other assets105 — 105 Total identifiable assets acquired399 — 399 Liabilities assumed:Accounts payable(35)— (35)Accrued and other liabilities(29)— (29)Lease liabilities(81)— (81)Debt(31)— (31)Total liabilities assumed(176)— (176)Net identifiable assets acquired223 — 223 Consideration transferred1,432 — 1,432 Goodwill$1,209 — $1,209 The goodwill balance for this acquisition represents the estimated values of the Company’s assembled workforce and synergies expected to be achieved from the combined operations of the acquired entity and the Company. Goodwill resulting from this acquisition is not deductible for tax purposes.Restructuring costsDuring 2024, the Company started executing a restructuring plan primarily related to certain of its foreign operations and Envios de Valores La Nacional Corp (“La Nacional”). These restructuring costs are part of the Company's plan, for which the objectives are to reorganize the workforce, streamline operational processes, integrate technology functionality, as well as to develop efficiencies within the Company. For the three months ended March 31, 2025, the Company incurred approximately $0.3 million in expenses for a reduction of workforce in certain locations. These expenses primarily