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v3.20.1

Consolidated Statement of Operations and Comprehensive Loss - CAD ($) shares in Thousands, $ in Thousands | 12 Months Ended
--- | ---
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017
Revenue |  |  |  |  |
Subscription and services | $ 25,311 | $ 21,550 | [1] | $ 9,455 | [1]
Interest revenue | 34,494 | 26,889 | [1] | 18,571 | [1]
Loan fees |  | 8,111 | [1] | 17,522 | [1]
Total revenue | 59,805 | 56,550 | [1] | 45,548 | [1]
Cost of revenue |  |  |  |  |
Provision for loan losses, net of recoveries | 18,162 | 16,367 | [1] | 11,409 | [1]
Transaction costs | 625 | 567 | [1] | 535 | [1]
Cost of revenue | 18,787 | 16,934 | [1] | 11,944 | [1]
Gross profit | 41,018 | 39,616 | [1] | 33,604 | [1]
Operating expenses |  |  |  |  |
Technology and development | 14,989 | 15,028 | [1] | 11,660 | [1]
Marketing | 9,412 | 8,772 | [1] | 6,854 | [1]
Customer service and operations | 8,787 | 8,383 | [1] | 7,663 | [1]
General and administration | 11,484 | 11,661 | [1] | 10,334 | [1]
Total operating expenses | 44,672 | 43,844 | [1] | 36,511 | [1]
Loss from operations | (3,654) | (4,228) | [1] | (2,907) | [1]
Other expenses (income) |  |  |  |  |
Credit facility interest expense | 11,316 | 9,353 | [1] | 7,178 | [1]
Debenture and other financing expense | 8,471 | 8,036 | [1] | 7,503 | [1]
Unrealized exchange (gain) loss | (296) | 651 | [1] | (379) | [1]
Change in fair value due to revaluation of derivative liability | 570 | (1,733) | [1] | 2,207 | [1]
Gain on acquisition, net | (13,141) |  |  |  |
Gain on investment portfolio | (294) |  | [1] |  | [1]
Unrealized gain on investment portfolio | (100) |  |  |  |
Impairment of equipment |  | 1,105 | [1] |  | [1]
Other | 645 | 382 | [1] | 313 | [1]
Total other expenses | 7,171 | 17,794 | [1] | 16,822 | [1]
Net loss and comprehensive loss | $ (10,825) | $ (22,022) | [1] | $ (19,729) | [1]
Net loss per share |  |  |  |  |
Basic and fully diluted | $ (0.42) | $ (0.97) | [1] | $ (1.07) | [1]
Weighted average number of basic and fully diluted common shares (in 000’s) | 25,545 | 22,714 | [1] | 18,381 | [1]
[1] | The consolidated statement of operations and comprehensive loss for fiscal year 2019 reflects the adoption of IFRS 16 on January 1, 2019, and for fiscal year 2018 reflects the adoption of IFRS 9 on January 1, 2018. The comparative information has not been restated.

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