PREPAID EXPENSES AND OTHER ASSETS

12 Months Ended

Dec. 31, 2021

Prepaid Expense and Other Assets [Abstract]

PREPAID EXPENSES AND OTHER ASSETS

PREPAID EXPENSES AND OTHER ASSETS

Prepaid expenses and other current assets consisted of the following (in thousands):

	December 31,
	2021		2020
Prepaid insurance	$	923	$	465
Prepaid fees and services	1,930		1,452
Agent advances receivable, net of allowance	735		466
Assets pending settlement	331		218
Prepaid income taxes	1,563		103
Prepaid expenses and current assets - other	1,506		817
	$	6,988	$	3,521

Other assets consisted of the following (in thousands):

	December 31,
	2021		2020
Revolving line origination fees	$	2,032	$	423
Agent incentives advances	1,010		1,110
Agent advances receivable, net of allowance	644		521
Funds held by seized banking entities, net of allowance	3,114		130
Other assets	634		852
	$	7,434	$	3,036

During September 2021, 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 $5.1 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. Consequently, the Company recorded a valuation allowance of $2.0 million in connection with the balance of deposits held by the financial institution as a result of its closure.