SEC Form 20-IS - iRemit Global Remittance

8. Other Receivables
This account consists of:
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2011 2010
Related parties (Note 22) P=137,260,244 P=97,767,888
Officers and employees 2,526,259 2,991,428
Noncontrolling shareholders (Note 10) – 39,981,243
Others 3,457,329 1,166,686
P=143,243,832 P=141,907,245
Receivable from the noncontrolling shareholders pertain to the Parent Company’s advances to the
noncontrolling shareholders of IRCGmbH and WEPL. In 2011, the Parent Company acquired
additional interest in IRCGmbH and WEPL. The receivable from noncontrolling shareholders of
IRCGmbH and WEPL amounting to P=25.01 million and P=12.30 million, respectively, were
applied against the acquisition costs (see Note 10). The remaining P=2.67 million was settled in
July 2011.
‘Others’ includes advances to contractors and trading clients for foreign exchange transactions.
These outstanding receivables are due within one year.
9. Other Current Assets
This account consists of:
2011 2010
Receivable from Bureau of Internal Revenue (BIR) P=13,160,535 P=13,160,535
Prepaid expenses 5,579,968 1,895,811
Visa cards inventory 3,371,662 8,054,220
Suppliers and contractors 1,087,500 50,000
Office supplies 190,328 199,689
Creditable withholding tax 2,979 –
P=23,392,972 P=23,360,255
Receivable from BIR pertains to the excess payments made by the Parent Company in 2007 for
the Initial Public Offering (IPO) percentage tax. As of December 31, 2011, the case is pending
resolution with the Court of Tax Appeals. The Parent Company believes that it will be able to
obtain the refund from the BIR.
Prepaid expenses include prepayments for business development, rent, internet connection and
association dues.
*SGVMC116501*