FINTECH MERGER AND STELLA POINT ACQUISITION (Tables)

9 Months Ended

Sep. 30, 2018

FINTECH MERGER AND STELLA POINT ACQUISITION [Abstract]

Net Cash Proceeds Received in Reverse Recapitalization

In accounting for the reverse recapitalization, the net cash proceeds received from FinTech amounted to $4,626 as shown in the table below:

Cash balance available to Intermex prior to the consummation of the Merger	$	110,726,342
Less:
Intermex Merger costs paid from acquisition proceeds at closing		(9,062,769	)
Cash consideration to Intermex shareholders		(101,658,947	)
Net cash proceeds from reverse recapitalization	$	4,626
Cash balance available to Intermex prior to the consummation of the Merger	$	110,726,342
Less:
Cash consideration to Intermex shareholders		(101,658,947	)
Other FinTech assets acquired and liabilities assumed in the Merger:
Prepaid expenses		76,478
Accrued liabilities		(180,352	)
Net equity infusion from FinTech	$	8,963,521

Assets Acquired and Liabilities Assumed

The acquisition method for a business combination requires that the assets acquired and liabilities assumed be recognized at their allocated fair values as of the February 1, 2017 acquisition date, which is summarized below:

	Successor Company
Cash	$	43,064,931
Accounts receivables		24,031,575
Prepaid and other current assets		3,712,848
Property and equipment		6,328,146
Other assets		1,345,562
Total tangible assets acquired		78,483,062
Intangible assets acquired		62,660,000
Deferred tax asset, net		2,118,801
Less: Liabilities assumed		(115,111,529	)
Net assets		28,150,334
Goodwill		36,259,666
Total purchase price	$	64,410,000