Company: IMXI
Filing Date: 2025-05-08
Form Type: 10-Q
Source: 0001683695-25-000063
Chunk: 17

Company: International Money Express, Inc.
Filing Date: 2025-05-08
Form: 10-Q
Item: Item 1
Chunk 17
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 specified categories of expenses (including purchases of inventory, employee compensation, intangible asset amortization, and depreciation) included in certain expense captions presented on the face of the statement of income. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026 and interim reporting periods within fiscal years beginning one year later. Early adoption is permitted. The Company is currently evaluating the impact this guidance will have on the condensed consolidated financial statements. 

9

ReclassificationsCertain reclassifications have been made to the prior year financial statements in order to concur with current financial presentation primarily as it relates to disclosure of the provision for credit losses as a separate item in the condensed consolidated statements of income and comprehensive income.

NOTE 2 – ACQUISITIONS 

On July 2, 2024, 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 — $