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Loans receivable | 12 Months Ended
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Dec. 31, 2019
Loans Receivable |
5. Loans receivable | Loans receivable represent unsecured installment loans and lines of credit advanced to customers in the normal course of business. Current loans are defined as loans to customers with terms of one year or less, while non-current loans are those with terms exceeding one year. The Company phased out its legacy short-term loan products from its business in 2018. The breakdown of the Company’s gross loans receivable as at December 31, 2019 and December 31, 2018 are as follows:
|  | December 31, 2019 |  |  | December 31, 2018 |
Current |  |  | 69,949 |  |  |  | 62,439 |
Non-Current |  |  | 34,726 |  |  |  | 39,317 |
|  |  | 104,675 |  |  |  | 101,756 |
The following table provides a breakdown of gross loans receivable and allowance for loan losses by aging bucket, which represents our assessment of credit risk exposure and by their IFRS 9 ECL measurement stage. The entire loan balance of a customer is aged in the same category as its oldest individual past due payment, to align with the stage groupings used in calculating the allowance for loan losses under IFRS 9:
As at December 31, 2019 |
Risk Category |  | Days past due |  | Stage 1 |  |  | Stage 2 |  |  | Stage 3 |  |  | Total |
Strong |  | Not past due |  |  | 87,910 |  |  |  | - |  |  |  | - |  |  |  | 87,910 |
Satisfactory |  | 1-30 days past due |  |  | 3,240 |  |  |  | - |  |  |  | - |  |  |  | 3,240 |
Lower risk |  | 31-60 days past due |  |  | - |  |  |  | 1,650 |  |  |  | - |  |  |  | 1,650 |
Higher risk |  | 61-90 days past due |  |  | - |  |  |  | 1,289 |  |  |  | - |  |  |  | 1,289 |
Non-performing |  | 91+ days past due or bankrupt |  |  | - |  |  |  | - |  |  |  | 10,586 |  |  |  | 10,586 |
|  | Gross loans receivable |  |  | 91,150 |  |  |  | 2,939 |  |  |  | 10,586 |  |  |  | 104,675 |
|  | Allowance for loan losses |  |  | (7,477 | ) |  |  | (1,784 | ) |  |  | (6,759 | ) |  |  | (16,020 | )
|  | Loans receivable, net |  |  | 83,673 |  |  |  | 1,155 |  |  |  | 3,827 |  |  |  | 88,655 |
|  |  |  | As at December 31, 2018 |
Risk Category |  | Days past due |  | Stage 1 |  |  | Stage 2 |  |  | Stage 3 |  |  | Total |
Strong |  | Not past due |  |  | 88,035 |  |  |  | - |  |  |  | - |  |  |  | 88,035 |
Satisfactory |  | 1-30 days past due |  |  | 3,097 |  |  |  | - |  |  |  | - |  |  |  | 3,097 |
Lower risk |  | 31-60 days past due |  |  | - |  |  |  | 1,838 |  |  |  | - |  |  |  | 1,838 |
Higher risk |  | 61-90 days past due |  |  | - |  |  |  | 1,240 |  |  |  | - |  |  |  | 1,240 |
Non-performing |  | 91+ days past due or bankrupt |  |  | - |  |  |  | - |  |  |  | 7,546 |  |  |  | 7,546 |
|  | Gross loans receivable |  |  | 91,132 |  |  |  | 3,078 |  |  |  | 7,546 |  |  |  | 101,756 |
|  | Allowance for loan losses |  |  | (6,951 | ) |  |  | (2,118 | ) |  |  | (6,340 | ) |  |  | (15,409 | )
|  | Loans receivable, net |  |  | 84,181 |  |  |  | 960 |  |  |  | 1,206 |  |  |  | 86,347 |
The following tables show reconciliations from the opening to the closing balance of the loss allowance:
|  | As at December 31, 2019 |
|  | Stage 1 |  |  | Stage 2 |  |  | Stage 3 |  |  | Total |
Balance as at January 1, 2019 |  |  | 6,951 |  |  |  | 2,118 |  |  |  | 6,340 |  |  |  | 15,409 |
Gross loans originated |  |  | 4,296 |  |  |  | - |  |  |  | - |  |  |  | 4,296 |
Principal payments |  |  | (2,536 | ) |  |  | (449 | ) |  |  | (912 | ) |  |  | (3,897 | )
Re-measurement of allowance before transfers |  |  | 523 |  |  |  | (197 | ) |  |  | (20 | ) |  |  | 306 |
Re-measurement of amounts transferred between stages |  |  | (84 | ) |  |  | 1,528 |  |  |  | 17,750 |  |  |  | 19,194 |
Transfer to (from) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Stage 1 – 12 month ECLs |  |  | 96 |  |  |  | (76 | ) |  |  | (20 | ) |  |  | - |
Stage 2 - Lifetime ECLs |  |  | (238 | ) |  |  | 240 |  |  |  | (2 | ) |  |  | - |
Stage 3 - Lifetime ECLs |  |  | (1,529 | ) |  |  | (1,381 | ) |  |  | 2,910 |  |  |  | - |
Net amounts written off against allowance |  |  | - |  |  |  | - |  |  |  | (19,288 | ) |  |  | (19,288 | )
Balance as at December 31, 2019 |  |  | 7,479 |  |  |  | 1,783 |  |  |  | 6,758 |  |  |  | 16,020 |
|  | As at December 31, 2018 |
|  | Stage 1 |  |  | Stage 2 |  |  | Stage 3 |  |  | Total |
Balance as at January 1, 2018 |  |  | 6,853 |  |  |  | 1,579 |  |  |  | 4,137 |  |  |  | 12,569 |
Gross loans originated |  |  | 6,519 |  |  |  | - |  |  |  | - |  |  |  | 6,519 |
Principal payments |  |  | (2,999 | ) |  |  | 348 |  |  |  | (1,084 | ) |  |  | (3,735 | )
Re-measurement of allowance before transfers |  |  | (1,853 | ) |  |  | (525 | ) |  |  | (14 | ) |  |  | (2,392 | )
Re-measurement of amounts transferred between stages |  |  | (34 | ) |  |  | 1,846 |  |  |  | 16,202 |  |  |  | 18,014 |
Transfer to (from) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Stage 1 – 12 month ECLs |  |  | 39 |  |  |  | (24 | ) |  |  | (15 | ) |  |  | - |
Stage 2 - Lifetime ECLs |  |  | (270 | ) |  |  | 270 |  |  |  | - |  |  |  | - |
Stage 3 - Lifetime ECLs |  |  | (1,303 | ) |  |  | (1,377 | ) |  |  | 2,680 |  |  |  | - |
Net amounts written off against allowance |  |  | - |  |  |  | - |  |  |  | (15,566 | ) |  |  | (15,566 | )
Balance as at December 31, 2018 |  |  | 6,952 |  |  |  | 2,117 |  |  |  | 6,340 |  |  |  | 15,409 |
The overall changes in the allowance for loan losses are summarized below:
Allowance for loan losses |  | Year ended December 31, 2019 |  |  | Year ended December 31, 2018 |
Balance, beginning of period |  |  | 15,409 |  |  |  | 7,434 |
January 1, 2018 IFRS 9 adjustment |  |  | - |  |  |  | 5,135 |
Provision for loan losses |  |  | 19,899 |  |  |  | 18,406 |
Charge offs |  |  | (19,288 | ) |  |  | (15,566 | )
Balance, end of period |  |  | 16,020 |  |  |  | 15,409 |
The provision for loan losses in the consolidated statement of operations and comprehensive loss is recorded net of recoveries of $1,737 (2018- $2,039).

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- Definition The disclosure of loans and advances to customers. [Refer: Loans and advances to customers] + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Name IAS -Number 1 -IssueDate 2018-01-01 -Paragraph 10 -Subparagraph e -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&num=1&date=2018-03-01&anchor=para_10_e&doctype=Standard -URIDate 2018-03-16 + Details
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