Company: IMXI
Filing Date: 2025-02-27
Form Type: 10-K
Source: 0001683695-25-000030
Chunk: 122

Company: International Money Express, Inc.
Filing Date: 2025-02-27
Form: 10-K
Item: Item 8
Chunk 122
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 $10,068 Other assets consisted of the following (in thousands):December 31,20242023Revolving credit facility origination fees$4,576 $1,692 Agent incentives advances3,702 3,372 Agent advances receivable, net of allowance2,198 2,897 Right-of-use assets, net18,511 22,100 Funds held by seized banking entities, net of allowance1,539 1,890 Fixed assets in process— 6,358 Other assets1,672 1,844 $32,198 $40,153 As of December 31, 2023, fixed assets in process included approximately $6.1 million in capital expenditures related to lease hold improvements and other assets in connection with our new headquarters (see Note 8).Prior to 2022, local banking regulators in Mexico resolved to close and liquidate a local financial institution, citing a lack of compliance with minimum capital requirements. The Company has approximately $5.3 million of exposure from deposits it held with this bank when it was closed. In accordance with the banking regulations in Mexico, large depositors such as the Company will be paid once the assets of the financial institution are liquidated. Currently, it is difficult to predict the length of the liquidation process or if the proceeds from the asset liquidation will be sufficient to recover a portion or all of its funds on deposit. The Company maintains a valuation allowance of approximately $3.8 million as of December 31, 2024, in connection with the balance of deposits held by the financial institution as a result of its closure, which has not materially changed since 2022.

F-17

NOTE 7 – PROPERTY AND EQUIPMENT

Property and equipment consists of the following (in thousands):December 31,EstimatedUseful Life(in years)20242023Land$36 $36 Building658 663 30Computer equipment43,055 38,193 3 to 5Computer software31,451 19,452 3 to 5Office improvements14,349 5,887 2 to 10Furniture and fixtures4,373 3,508 793,922 67,739 Less accumulated depreciation(43,568)(36,083)$50,354 $31,656 Depreciation expense included in depreciation and amortization expense in the consolidated statements of income and comprehensive income was approximately $9.6 million