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Other non-operating (income) expenses
 12 Months Ended
Dec. 31, 2020
Other Non Operating Income Expenses [Abstract]  
19. Other non-operating (income) expenses

19.

Other non-operating (income) expenses

 

 

 

2020

 

 

2019

 

Gain on sale of loan book

 

 

(1,676

)

 

 

—

 

Credit facility prepayment and related expenses

 

 

2,608

 

 

 

—

 

Convertible debenture early conversion

 

 

927

 

 

 

—

 

Gain on amendment of debentures

 

 

(765

)

 

 

—

 

Government grant

 

 

(3,201

)

 

 

—

 

Restructuring and other

 

 

938

 

 

 

543

 

 

 

 

(1,169

)

 

 

543

 

 

On February 28, 2020, Mogo completed the Liquid Sale and recognized a gain on sale of loan book amounting to $1,676 (refer to Note 4). On the same date, Mogo repaid and extinguished its Credit Facility – Liquid and recognized an early prepayment expense of $2,500 as a result of paying down the facility in advance of the maturity date (refer to Note 12). Mogo also recognized $108 of other related legal and termination expenses in connection with the transactions.

 

Due to the outbreak of COVID-19, the Government of Canada announced the Canadian Emergency Wage Subsidy (“CEWS”) to support companies that have experienced a certain level of revenue decline in their operations. Mogo has determined that it qualifies for the CEWS and has made an accounting policy election to record the grant on a gross basis. As a result, Mogo has recorded other non-operating income of $3,201 for the year ended December 31, 2020.