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Recast of Prior Period Amounts
 12 Months Ended
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 )