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Recast of Prior Period Amounts | 12 Months Ended
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Dec. 31, 2019
Recast Of Prior Period Amounts |
4. Recast of Prior Period Amounts | During 2019, the Company changed its presentation of loan protection revenue and associated costs. Historically, the Company presented costs associated with loan protection as part of transaction costs. Under the new presentation, the Company is presenting revenue net of expenses. This results in a decrease in revenue and a corresponding decrease in transaction costs by $4,628 in 2019, $4,727 in 2018, and $3,133 in 2017. The changes to the presentation of loan protection revenue and associated costs did not have an impact on the Company’s gross profit. As well, to conform to current year presentation, certain amounts historically presented as transaction costs but are not incremental to earning revenue have been reclassified to operating expenses. There is no impact on net loss and comprehensive loss and the consolidated statement of financial position, consolidated statement of changes in equity and the consolidated statement of cash flows remain unchanged as a result of this recast. The impact of the changes to the presentation of revenue is as follows:
|  | 2018 (Previously reported) |  |  | Loan protection recast |  |  | Other recast |  |  | 2018 (Revised) |
Total revenue |  |  | 61,277 |  |  |  | (4,727 | ) |  |  | - |  |  |  | 56,550 |
Cost of revenue |  |  | (22,426 | ) |  |  | 4,727 |  |  |  | 765 |  |  |  | (16,934 | )
Gross profit |  |  | 38,851 |  |  |  | - |  |  |  | 765 |  |  |  | 39,616 |
Operating expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Technology and development |  |  | 14,747 |  |  |  | - |  |  |  | 281 |  |  |  | 15,028 |
Marketing |  |  | 8,772 |  |  |  | - |  |  |  | - |  |  |  | 8,772 |
Customer service and operations |  |  | 8,383 |  |  |  | - |  |  |  | - |  |  |  | 8,383 |
General and administration |  |  | 11,177 |  |  |  | - |  |  |  | 484 |  |  |  | 11,661 |
Total operating Expenses |  |  | 43,079 |  |  |  | - |  |  |  | 765 |  |  |  | 43,844 |
Loss from operations |  |  | (4,228 | ) |  |  | - |  |  |  | - |  |  |  | (4,228 | )
|  | 2017 (Previously reported) |  |  | Loan protection recast |  |  | Other recast |  |  | 2017 (Revised) |
Total revenue |  |  | 48,681 |  |  |  | (3,133 | ) |  |  | - |  |  |  | 45,548 |
Cost of revenue |  |  | (15,872 | ) |  |  | 3,133 |  |  |  | 795 |  |  |  | (11,944 | )
Gross profit |  |  | 32,809 |  |  |  | - |  |  |  | 795 |  |  |  | 33,604 |
Operating expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Technology and development |  |  | 11,373 |  |  |  | - |  |  |  | 287 |  |  |  | 11,660 |
Marketing |  |  | 6,854 |  |  |  | - |  |  |  | - |  |  |  | 6,854 |
Customer service and operations |  |  | 7,663 |  |  |  | - |  |  |  | - |  |  |  | 7,663 |
General and administration |  |  | 9,826 |  |  |  | - |  |  |  | 508 |  |  |  | 10,334 |
Total operating Expenses |  |  | 35,716 |  |  |  | - |  |  |  | 795 |  |  |  | 36,511 |
Loss from operations |  |  | (2,907 | ) |  |  | - |  |  |  | - |  |  |  | (2,907 | )

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