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LOANS RECEIVABLE, NET | 6 Months Ended
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Jun. 30, 2021
LOANS RECEIVABLE, NET [Abstract] |
LOANS RECEIVABLE, NET |
4. | LOANS RECEIVABLE, NET
Loans receivable represents loans granted to commercial and consumer customers. The Company monitors credit quality for all loans receivable on a recurring basis by evaluating the customer’s prior repayment history available internally and external sources information, where applicable. The Company uses delinquency status and trends to assist in making new and ongoing credit decisions, and to plan our collection practices and strategies. The following table presents the loans receivable by each of the loan portfolio:
|  | As of |
|  | December 31, 2020 |  |  | June 30, 2021 |
|  | $ |  |  | $ |
Commercial |  |  | 183,710 |  |  |  | 171,619 |
Consumer |  |  | 259,860 |  |  |  | 710,244 |
|  |  | 443,570 |  |  |  | 881,863 |
Allowance for credit losses |  |  | (40,484 | ) |  |  | (73,890 | )
|  |  | 403,086 |  |  |  | 807,973 |
|  | As of June 30, 2021 |
|  | Year of origination |  |  |  |
|  | 2021 |  |  | 2020 |  |  | 2019 |  |  | 2018 |  |  | 2017 |  |  | Prior |  |  | Total |
Commercial |  | $ |  |  | $ |  |  | $ |  |  | $ |  |  | $ |  |  | $ |  |  | $ |
Delinquency: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current |  |  | 19,522 |  |  |  | 106,345 |  |  |  | 16,132 |  |  |  | 5,217 |  |  |  | 3,812 |  |  |  | 1,607 |  |  |  | 152,635 |
Past due |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
- 1 to 30 days |  |  | 668 |  |  |  | 4,365 |  |  |  | 585 |  |  |  | 2,974 |  |  |  | 100 |  |  |  | 11 |  |  |  | 8,703 |
- 31 to 60 days |  |  | 340 |  |  |  | 3,162 |  |  |  | 276 |  |  |  | 61 |  |  |  | 128 |  |  |  | 2 |  |  |  | 3,969 |
- 61 to 90 days |  |  | 31 |  |  |  | 287 |  |  |  | 348 |  |  |  | 112 |  |  |  | 7 |  |  |  | 70 |  |  |  | 855 |
- More than 90 days |  |  | – |  |  |  | 5,017 |  |  |  | 228 |  |  |  | 131 |  |  |  | 34 |  |  |  | 47 |  |  |  | 5,457 |
|  |  | 20,561 |  |  |  | 119,176 |  |  |  | 17,569 |  |  |  | 8,495 |  |  |  | 4,081 |  |  |  | 1,737 |  |  |  | 171,619 |
Consumer |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Delinquency: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current |  |  | 633,129 |  |  |  | 7,871 |  |  |  | 12,325 |  |  |  | 9,461 |  |  |  | 5,989 |  |  |  | 1,313 |  |  |  | 670,088 |
Past due |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
- 1 to 30 days |  |  | 10,899 |  |  |  | 866 |  |  |  | 585 |  |  |  | 513 |  |  |  | 134 |  |  |  | 37 |  |  |  | 13,034 |
- 31 to 60 days |  |  | 6,483 |  |  |  | 506 |  |  |  | 1,000 |  |  |  | 1,676 |  |  |  | 734 |  |  |  | 119 |  |  |  | 10,518 |
- 61 to 90 days |  |  | 4,260 |  |  |  | 1,286 |  |  |  | 130 |  |  |  | 271 |  |  |  | 64 |  |  |  | 13 |  |  |  | 6,024 |
- More than 90 days |  |  | 7,101 |  |  |  | 2,962 |  |  |  | 246 |  |  |  | 88 |  |  |  | 25 |  |  |  | 158 |  |  |  | 10,580 |
|  |  | 661,872 |  |  |  | 13,491 |  |  |  | 14,286 |  |  |  | 12,009 |  |  |  | 6,946 |  |  |  | 1,640 |  |  |  | 710,244 |
An analysis of the loans receivable’s allowance for credit losses by portfolio segment is as follows:
|  | Commercial |  |  | Consumer |  |  | Total |
|  | $ |  |  | $ |  |  | $ |
Balance at January 1, 2020 |  |  | – |  |  |  | – |  |  |  | – |
Acquisition of subsidiaries |  |  | 14,721 |  |  |  | 6,750 |  |  |  | 21,471 |
(Reversal) Charged to expenses |  |  | (1,687 | ) |  |  | 12,944 |  |  |  | 11,257 |
Write-off of loans receivable |  |  | (3,911 | ) |  |  | (6,115 | ) |  |  | (10,026 | )
Exchange differences |  |  | (915 | ) |  |  | (201 | ) |  |  | (1,116 | )
Balance at June 30, 2020 |  |  | 8,208 |  |  |  | 13,378 |  |  |  | 21,586 |
Acquisition of subsidiaries |  |  | 2,335 |  |  |  | 2,604 |  |  |  | 4,939 |
Charged to expenses |  |  | 27,750 |  |  |  | 12,061 |  |  |  | 39,811 |
Write-off of loans receivable |  |  | (10,890 | ) |  |  | (16,460 | ) |  |  | (27,350 | )
Exchange differences |  |  | 921 |  |  |  | 577 |  |  |  | 1,498 |
Balance at December 31,2020 |  |  | 28,324 |  |  |  | 12,160 |  |  |  | 40,484 |
Charged to expenses |  |  | 11,001 |  |  |  | 36,695 |  |  |  | 47,696 |
Write-off of loans receivable |  |  | (9,757 | ) |  |  | (2,544 | ) |  |  | (12,301 | )
Exchange differences |  |  | (951 | ) |  |  | (1,038 | ) |  |  | (1,989 | )
Balance at June 30, 2021 |  |  | 28,617 |  |  |  | 45,273 |  |  |  | 73,890 |
Additions to the Company’s allowance for credit losses were recorded within general and administrative expenses.

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