PREPAID EXPENSES AND OTHER ASSETS

6 Months Ended

Jun. 30, 2023

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):

	June 30, 2023		December 31, 2022
Prepaid insurance	$	432	$	1,578
Prepaid fees and services	2,029		1,986
Agent incentives advances	1,094		1,014
Agent advances receivable, net of allowance	1,434		1,311
Tenant allowance	2,815		3,753
Prepaid income taxes	3,430		2,130
Prepaid expenses and current assets - other	1,086		977
	$	12,320	$	12,749

Other assets consisted of the following (in thousands):

	June 30, 2023		December 31, 2022
Revolving line origination fees	$	1,997	$	1,578
Agent incentives advances	2,063		1,062
Agent advances receivable, net of allowance	1,483		1,392
Right-of-use assets, net	24,446		24,768
Funds held by seized banking entities, net of allowance	1,868		1,646
Other assets	2,604		1,430
	$	34,461	$	31,876

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 $5.2 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 any of the Company's funds on deposit. The Company maintains a valuation allowance of approximately $3.6 million in connection with the balance of deposits held by the financial institution as a result of its closure.