Company: IMXI
Filing Date: 2025-02-27
Form Type: 10-K
Source: 0001683695-25-000030
Chunk: 118

Company: International Money Express, Inc.
Filing Date: 2025-02-27
Form: 10-K
Item: Item 8
Chunk 118
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4.

F-13

July 2, 2024 (As initially reported)Measurement Period AdjustmentsDecember 31, 2024 (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 acquired$399 $— $399 Liabilities assumed:Accounts payable$(35)$— $(35)Accrued and other liabilities(29)— (29)Lease liabilities(81)— (81)Deferred tax liability(31)— (31)Total liabilities assumed$(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.The acquired entity's results of operations have been included in the Company's results of operations from the date of its acquisition. The Company’s consolidated statement of income and comprehensive income includes $178.2 thousand and $174.9 thousand of revenue and net loss for the year ended December 31, 2024, respectively, from the acquired entity.Restructuring costsDuring the year 2024, the Company executed a restructuring plan primarily related to certain of its foreign operations and 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 year ended December 31, 2024, the Company incurred approximately $3.1 million in expenses for a reduction of workforce in certain locations, closing of certain facilities, discontinuing technology and disposal of obsolete assets. These expenses include approximately $2.3 million in severance payments and related benefits, $0.4 million in software and software development costs write-offs and $0.4 million in legal and professional fees, which are included in restructuring costs in the consolidated statement of income and comprehensive income.The following table presents the changes in our liability balance related to restructuring costs for the year