<SEC-DOCUMENT>0001477932-20-006358.txt : 20201110
<SEC-HEADER>0001477932-20-006358.hdr.sgml : 20201110
<ACCEPTANCE-DATETIME>20201110075517
ACCESSION NUMBER: 0001477932-20-006358
CONFORMED SUBMISSION TYPE: 6-K
PUBLIC DOCUMENT COUNT: 8
CONFORMED PERIOD OF REPORT: 20200930
FILED AS OF DATE: 20201110
DATE AS OF CHANGE: 20201110
FILER:
COMPANY DATA:
COMPANY CONFORMED NAME: Mogo Inc.
CENTRAL INDEX KEY: 0001602842
STANDARD INDUSTRIAL CLASSIFICATION: FINANCE SERVICES [6199]
IRS NUMBER: 000000000
STATE OF INCORPORATION: A1
FISCAL YEAR END: 1231
FILING VALUES:
FORM TYPE: 6-K
SEC ACT: 1934 Act
SEC FILE NUMBER: 001-38409
FILM NUMBER: 201299667
BUSINESS ADDRESS:
STREET 1: 2100-401 WEST GEORGIA STREET
CITY: VANCOUVER
STATE: A1
ZIP: V6B 5A1
BUSINESS PHONE: 604-659-4380
MAIL ADDRESS:
STREET 1: 2100-401 WEST GEORGIA STREET
CITY: VANCOUVER
STATE: A1
ZIP: V6B 5A1
FORMER COMPANY:
FORMER CONFORMED NAME: Mogo Finance Technology Inc.
DATE OF NAME CHANGE: 20140317
FORMER COMPANY:
FORMER CONFORMED NAME: Mogo Finance Technology, Inc.
DATE OF NAME CHANGE: 20140317
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>mogo_6k.htm
<DESCRIPTION>FORM 6-K
<TEXT>
<html><head><title>mogo_6k.htm</title><!--Document created using EDGARMaster--></head><body style="TEXT-ALIGN: left; FONT: 10pt times new roman; MARGIN: 0px 7%"><table style="font-size:1px;width:100%" cellpadding="1"> <tr > <td style="border-bottom:5px solid;padding:1px;"></td></tr> <tr > <td style="border-bottom:2px solid;padding-bottom:1px;padding-top:1px;padding-left:1px;padding-right:1px;padding:1px;"></td></tr></table> <p style="font-size:10pt;font-family:times new roman;margin:0px"> </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;"><strong>UNITED STATES</strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;"><strong>SECURITIES AND EXCHANGE COMMISSION</strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;"><strong>Washington, D.C. 20549</strong></p> <p style="font-size:10pt;font-family:times new roman;margin:0px"> </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;"><strong><font style="font-size:24pt">FORM 6-K</font></strong></p> <p style="font-size:10pt;font-family:times new roman;margin:0px"> </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;"><strong>REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16</strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;"><strong>UNDER THE SECURITIES EXCHANGE ACT OF 1934</strong></p> <p style="font-size:10pt;font-family:times new roman;margin:0px"> </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;">For the month of <strong>November, 2020</strong></p> <p style="font-size:10pt;font-family:times new roman;margin:0px"> </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;">Commission File Number: <strong>001-3</strong><strong>8409</strong></p> <p style="font-size:10pt;font-family:times new roman;margin:0px"> </p> <table style="border-spacing:0;font-size:10pt;text-align:left;margin-left:auto;margin-right:auto;width:40%" cellpadding="0"> <tr style="height:15px"> <td style="BORDER-BOTTOM: #000000 1px solid;"> <p style="MARGIN: 0px; text-align:center;"><strong>Mogo Inc.</strong></p></td></tr> <tr style="height:15px"> <td> <p style="MARGIN: 0px; text-align:center;">(formerly Mogo Finance Technology Inc.)</p></td></tr></table> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;"> </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;"><strong>2100-401 West Georgia St.</strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;"><strong>Vancouver, British Columbia</strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;"><strong><u>V6B 5A1, Canada</u></strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;">(<em>Address of principal executive office</em>s)</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;"> </p> <p style="font-size:10pt;font-family:times new roman;margin:0px">Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.</p> <p style="font-size:10pt;font-family:times new roman;margin:0px"> </p> <table style="border-spacing:0;font-size:10pt;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="width:25%;"> <p style="margin:0px"> </p></td> <td style="width:25%;"> <p style="MARGIN: 0px; text-align:center;">☒ Form 20-F</p></td> <td style="width:25%;"> <p style="MARGIN: 0px; text-align:center;">☐ Form 40-F</p></td> <td style="width:25%;"></td></tr></table> <p style="font-size:10pt;font-family:times new roman;margin:0px"> </p> <p style="font-size:10pt;font-family:times new roman;margin:0px">Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ☐</p> <p style="font-size:10pt;font-family:times new roman;margin:0px"> </p> <p style="font-size:10pt;font-family:times new roman;margin:0px">Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ☐</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:left;"> </p> <table style="font-size:1px;width:100%" cellpadding="1"> <tr > <td style="border-bottom:2px solid;padding:1px;"></td></tr> <tr > <td style="border-bottom:5px solid;padding-bottom:1px;padding-top:1px;padding-left:1px;padding-right:1px;padding:1px;"></td></tr></table> <table style="border-spacing:0;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px"> <td class="hpbhr"> </td></tr> <tr style="height:15px"> <td style="TEXT-INDENT: 0px;"></td></tr> <tr style="height:15px"> <td><p style='page-break-after: always'></p></td></tr> <tr style="height:15px"> <td> </td></tr></table> <p style="font-size:10pt;font-family:times new roman;margin:0px"> </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;"><strong>SIGNATURES</strong></p> <p style="font-size:10pt;font-family:times new roman;margin:0px"> </p> <p style="font-size:10pt;font-family:times new roman;margin:0px">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.</p> <p style="font-size:10pt;font-family:times new roman;margin:0px"> </p> <table style="border-spacing:0;font-size:10pt;width:100%" cellpadding="0"> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td colspan="2" style="vertical-align:top;"> <p style="margin:0px"><strong>Mogo Inc.</strong></p></td> <td></td></tr> <tr style="height:15px"> <td></td> <td colspan="2"></td> <td></td></tr> <tr style="height:15px"> <td style="width:50%;"></td> <td style="width:5%;"></td> <td style="width:35%;"></td> <td style="width:10%;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px"> <td style="vertical-align:top;"> <p style="margin:0px">Date: November 10, 2020</p></td> <td style="vertical-align:top;"> <p style="margin:0px">By:</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;vertical-align:top;"> <p style="margin:0px"><em>/s/ Gregory Feller</em></p></td> <td></td></tr> <tr style="height:15px"> <td></td> <td style="vertical-align:top;"> <p style="margin:0px">Name: </p></td> <td style="vertical-align:bottom;"> <p style="margin:0px">Gregory Feller</p></td> <td></td></tr> <tr style="height:15px"> <td></td> <td style="vertical-align:top;"> <p style="margin:0px">Title: </p></td> <td colspan="2" style="vertical-align:top;"> <p style="margin:0px">President & Chief Financial Officer</p></td></tr></table> <p style="font-size:10pt;font-family:times new roman;margin:0px"> </p> <table style="border-spacing:0;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px"> <td class="hpbhr"> </td></tr> <tr style="height:15px"> <td style="BORDER-BOTTOM: black 1px solid; TEXT-INDENT: 0px;"> <p style="MARGIN: 0px; text-align:center;">2</p></td></tr> <tr style="height:15px"> <td><p style='page-break-after: always'></p></td></tr> <tr style="height:15px"> <td> </td></tr></table> <p style="font-size:10pt;font-family:times new roman;margin:0px"> </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;"><strong>Form 6-K Exhibit Index</strong></p> <p style="font-size:10pt;font-family:times new roman;margin:0px"> </p> <table style="border-spacing:0;font-size:10pt;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="BORDER-BOTTOM: 1px solid;width:10%;vertical-align:bottom;"> <p style="MARGIN: 0px 0px 0px 0in; text-align:center;"><strong>Exhibit Number</strong></p></td> <td style="width:2%;"> <p style="MARGIN: 0px; text-align:center;"> </p></td> <td style="BORDER-BOTTOM: 1px solid;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in"><strong>Document Description</strong></p></td></tr> <tr style="height:15px"> <td></td> <td></td> <td> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="MARGIN: 0px; text-align:center;"><a href="mogo_ex991.htm">99.1</a></p></td> <td> <p style="margin:0px"> </p></td> <td style="vertical-align:top;"> <p style="margin:0px"><a href="mogo_ex991.htm">Unaudited interim condensed consolidated financial statements for the nine months ended September 30, 2020 and 2019</a></p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td> <p style="margin:0px"> </p></td> <td> <p style="margin:0px"> </p></td> <td> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td> <p style="MARGIN: 0px; text-align:center;"><a href="mogo_ex992.htm">99.2</a></p></td> <td></td> <td> <p style="margin:0px"><a href="mogo_ex992.htm">Management’s discussion and analysis for the quarter ended September 30, 2020</a></p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td> <p style="margin:0px"> </p></td> <td> <p style="margin:0px"> </p></td> <td> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="MARGIN: 0px; text-align:center;"><a href="mogo_ex993.htm">99.3</a></p></td> <td> <p style="margin:0px"> </p></td> <td style="vertical-align:top;"> <p style="margin:0px"><a href="mogo_ex993.htm">Form 52-109F2 - Certificate of Interim Filings (CEO)</a></p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td></td> <td></td> <td> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="MARGIN: 0px; text-align:center;"><a href="mogo_ex994.htm">99.4</a></p></td> <td> <p style="margin:0px"> </p></td> <td style="vertical-align:top;"> <p style="margin:0px"><a href="mogo_ex994.htm">Form 52-109F2 - Certificate of Interim Filings (CFO)</a></p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td> <p style="margin:0px"> </p></td> <td> <p style="margin:0px"> </p></td> <td> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td> <p style="MARGIN: 0px; text-align:center;"><a href="mogo_ex995.htm">99.5</a></p></td> <td> <p style="margin:0px"> </p></td> <td> <p style="margin:0px"><a href="mogo_ex995.htm">Press release dated November 10, 2020 announcing third quarter 2020 financial results</a></p></td></tr></table> <p style="font-size:10pt;font-family:times new roman;margin:0px"> </p> <table style="border-spacing:0;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px"> <td class="hpbhr"> </td></tr> <tr style="height:15px"> <td style="BORDER-BOTTOM: black 1px solid; TEXT-INDENT: 0px;"> <p style="MARGIN: 0px; text-align:center;">3</p></td></tr></table> <p style="font-size:10pt;font-family:times new roman;margin:0px"> </p><body>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>mogo_ex991.htm
<DESCRIPTION>FINANCIAL STATEMENTS
<TEXT>
<html><head><title>mogo_ex991.htm</title><!--Document created using EDGARMaster--></head><body style="TEXT-ALIGN: left; FONT: 10pt times new roman; MARGIN: 0px 7%"><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:right;"><strong>EXHIBIT 99.1</strong> </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:right;"> </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:right;"><strong> Mogo Inc.</strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:right;"><strong>Unaudited Interim Condensed Consolidated Financial Statements</strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:right;">For the nine months ended September 30, 2020 and 2019</p> <p style="font-size:10pt;font-family:times new roman;margin:0px"> </p> <p style="font-size:10pt;font-family:times new roman;margin:0px"> </p> <p style="font-size:10pt;font-family:times new roman;margin:0px"> </p> <p style="font-size:10pt;font-family:times new roman;margin:0px"> </p> <p style="font-size:10pt;font-family:times new roman;margin:0px"> </p> <p style="font-size:10pt;font-family:times new roman;margin:0px"> </p> <table style="border-spacing:0;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px"> <td class="hpbhr"> </td></tr> <tr style="height:15px"> <td style="BORDER-BOTTOM: black 1px solid; TEXT-INDENT: 0px;text-align:center;">1</td></tr> <tr style="height:15px"> <td><p style='page-break-after: always'></p></td></tr> <tr style="height:15px"> <td> </td></tr></table> <p style="font-size:10pt;font-family:times new roman;margin:0px"> </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:right;"><strong><strong>Mogo Inc.</strong></strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:right;"><strong>Interim Condensed Consolidated Statement of <strong>Financial Position</strong></strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:right;"><em>(Unaudited)</em></p> <table style="border-spacing:0;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="BORDER-BOTTOM: black 1px solid;"> <p style="MARGIN: 0px; text-align:right;">(Expressed in thousands of Canadian Dollars)</p></td></tr></table> <p style="font-size:10pt;font-family:times new roman;margin:0px"> </p> <table style="border-spacing:0;text-align:left;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:center;"> <p style="MARGIN: 0px 0px 0px 0in; text-align:center;"><strong>Note</strong></p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="MARGIN: 0px 0px 0px 0in; text-align:right;"><strong>September 30, </strong></p> <p style="MARGIN: 0px 0px 0px 0in; text-align:right;"><strong>2020</strong></p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="MARGIN: 0px 0px 0px 0in; text-align:right;">December 31,</p> <p style="MARGIN: 0px 0px 0px 0in; text-align:right;">2019</p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px"> <td style="vertical-align:bottom;"> <p style="margin:0px"><strong>Assets</strong></p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" style="width:9%;"></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" colspan="2" style="width:9%;"></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" colspan="2" style="width:9%;vertical-align:bottom;text-align:center;"> <p style="MARGIN: 0px 0px 0px 0in; text-align:right;"><em>(audited)</em></p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="margin:0px 0px 0px 15px">Cash and cash equivalent</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;"><strong>9,855</strong></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">10,417</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="margin:0px 0px 0px 15px">Loans receivable </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;"> <p style="MARGIN: 0px; text-align:center;">5</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;"><strong>46,541</strong></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">88,655</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="margin:0px 0px 0px 15px">Prepaid expenses, deposits and other assets</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;"><strong>4,099</strong></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">3,248</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="margin:0px 0px 0px 15px">Investment portfolio </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;"> <p style="MARGIN: 0px; text-align:center;">14</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;"><strong>16,895</strong></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">20,790</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="margin:0px 0px 0px 15px">Deferred costs </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;"><strong>-</strong></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">137</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="margin:0px 0px 0px 15px">Property and equipment </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;"> <p style="MARGIN: 0px; text-align:center;">7</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;"><strong>980</strong></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">1,773</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="margin:0px 0px 0px 15px">Right-of-use assets</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;"><strong>4,036</strong></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">4,821</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="margin:0px 0px 0px 15px">Intangible assets </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;"> <p style="MARGIN: 0px; text-align:center;">8</p></td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;"><strong>19,053</strong></td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">21,257</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="margin:0px"><strong>Total assets</strong></p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;"> <p style="margin:0px"> </p></td> <td style="PADDING-BOTTOM: 3px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: black 3px double;width:9%;vertical-align:bottom;text-align:right;"><strong>101,459</strong></td> <td style="PADDING-BOTTOM: 3px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: black 3px double;width:9%;vertical-align:bottom;text-align:right;">151,098</td> <td style="PADDING-BOTTOM: 3px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="margin:0px"><strong>Liabilities</strong></p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td colspan="2"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td colspan="2"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="margin:0px 0px 0px 15px">Accounts payable and accruals </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;"><strong>6,419</strong></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">11,254</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="margin:0px 0px 0px 15px">Lease liabilities </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;"><strong>4,425</strong></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">5,208</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="margin:0px 0px 0px 15px">Credit facilities </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;"> <p style="MARGIN: 0px; text-align:center;">9</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;"><strong>37,188</strong></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">76,472</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="margin:0px 0px 0px 15px">Debentures</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;"> <p style="MARGIN: 0px; text-align:center;">10</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;"><strong>42,231</strong></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">44,039</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="margin:0px 0px 0px 15px">Convertible debentures </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;"> <p style="MARGIN: 0px; text-align:center;">11</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;"><strong>11,015</strong></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">12,373</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="margin:0px 0px 0px 15px">Warrants issuable</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;"> <p style="MARGIN: 0px; text-align:center;">10</p></td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;"><strong>3,500</strong></td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">-</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="margin:0px"><strong>Total liabilities</strong></p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;"> <p style="margin:0px"> </p></td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;"><strong>104,778</strong></td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">149,346</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="margin:0px"><strong>Shareholders’ Equity (Deficit)</strong></p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td colspan="2"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td colspan="2"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="margin:0px 0px 0px 15px">Share capital </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;"> <p style="MARGIN: 0px; text-align:center;">18(a)</p></td> <td style="width:1%;white-space: nowrap;"></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;"><strong>98,223</strong></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">94,500</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="margin:0px 0px 0px 15px">Contributed surplus</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;"><strong>10,663</strong></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">8,861</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="margin:0px 0px 0px 15px">Deficit</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;"> <p style="margin:0px"> </p></td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;"><strong>(112,205</strong></td> <td style="PADDING-BOTTOM: 1px;width:1%;vertical-align:bottom;white-space: nowrap;"><strong>)</strong></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">(101,609</td> <td style="PADDING-BOTTOM: 1px;width:1%;vertical-align:bottom;white-space: nowrap;">)</td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="margin:0px"><strong>Total shareholders’ equity (deficit)</strong></p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;"> <p style="margin:0px"> </p></td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;"><strong>(3,319</strong></td> <td style="PADDING-BOTTOM: 1px;width:1%;vertical-align:bottom;white-space: nowrap;"><strong>)</strong></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">1,752</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="margin:0px"><strong>Total equity and liabilities</strong></p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;"> <p style="margin:0px"> </p></td> <td style="PADDING-BOTTOM: 3px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: black 3px double;width:9%;vertical-align:bottom;text-align:right;"><strong>101,459</strong></td> <td style="PADDING-BOTTOM: 3px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: black 3px double;width:9%;vertical-align:bottom;text-align:right;">151,098</td> <td style="PADDING-BOTTOM: 3px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr></table> <p style="font-size:10pt;font-family:times new roman;margin:0px"> </p> <p style="font-size:10pt;font-family:times new roman;margin:0px"><strong>Approved on Behalf of the Board</strong></p> <p style="font-size:10pt;font-family:times new roman;margin:0px"> </p> <p style="font-size:10pt;font-family:times new roman;margin:0px"> </p> <p style="font-size:10pt;font-family:times new roman;margin:0px 0px 0px 0in"><em><u> Signed by “Greg Feller” </u></em><em>, Director</em></p> <p style="font-size:10pt;font-family:times new roman;margin:0px"> </p> <p style="font-size:10pt;font-family:times new roman;margin:0px"> </p> <p style="font-size:10pt;font-family:times new roman;margin:0px 0px 0px 0in"><em><u> Signed by “Minhas Mohamed” </u></em><em>, Director</em></p> <p style="font-size:10pt;font-family:times new roman;margin:0px"> </p> <p style="font-size:10pt;font-family:times new roman;margin:0px"> </p> <p style="font-size:10pt;font-family:times new roman;margin:0px 0px 0px 0in">The accompanying notes are an integral part of these financial statements.</p> <p style="font-size:10pt;font-family:times new roman;margin:0px 0px 0px 0in"> </p> <table style="border-spacing:0;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px"> <td class="hpbhr"> </td></tr> <tr style="height:15px"> <td style="BORDER-BOTTOM: black 1px solid; TEXT-INDENT: 0px;text-align:center;">2</td></tr> <tr style="height:15px"> <td><p style='page-break-after: always'></p></td></tr> <tr style="height:15px"> <td> </td></tr></table> <p style="font-size:10pt;font-family:times new roman;margin:0px"> </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:right;"><strong><strong>Mogo Inc. </strong></strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:right;"><strong><strong>Interim Condensed Consolidated Statement of Operations and Comprehensive Income (Loss)</strong></strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:right;"><em>(Unaudited)</em></p> <table style="border-spacing:0;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="BORDER-BOTTOM: black 1px solid;"> <p style="MARGIN: 0px; text-align:right;"> (Expressed in thousands of Canadian Dollars)</p></td></tr></table> <p style="font-size:10pt;font-family:times new roman;margin:0px"> </p> <table style="border-spacing:0;text-align:left;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" style="width:9%;"></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="6"> <p style="MARGIN: 0px 0px 0px 0in; text-align:right;"><strong>Three months ended</strong></p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="6"> <p style="MARGIN: 0px 0px 0px 0in; text-align:right;"><strong>Nine months ended</strong></p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:center;"> <p style="MARGIN: 0px 0px 0px 0in; text-align:center;"><strong>Note</strong></p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="MARGIN: 0px 0px 0px 0in; text-align:right;"><strong>September</strong></p> <p style="MARGIN: 0px 0px 0px 0in; text-align:right;"><strong>30, 2020</strong></p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="MARGIN: 0px 0px 0px 0in; text-align:right;">September</p> <p style="MARGIN: 0px 0px 0px 0in; text-align:right;">30, 2019<sup>(1)</sup></p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="MARGIN: 0px 0px 0px 0in; text-align:right;"><strong>September </strong></p> <p style="MARGIN: 0px 0px 0px 0in; text-align:right;"><strong>30, 2020</strong></p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="MARGIN: 0px 0px 0px 0in; text-align:right;">September </p> <p style="MARGIN: 0px 0px 0px 0in; text-align:right;">30, 2019<sup>(1)</sup></p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px"> <td style="vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in"><strong>Revenue</strong></p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" style="width:9%;"></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" colspan="2" style="width:9%;"></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" colspan="2" style="width:9%;"></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" colspan="2" style="width:9%;"></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" colspan="2" style="width:9%;"></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="margin:0px 0px 0px 15px">Subscription and services</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;"> <p style="MARGIN: 0px; text-align:center;">4,12</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;"><strong>4,206</strong></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">6,063</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;"><strong>14,553</strong></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">19,206</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="margin:0px 0px 0px 15px">Interest revenue</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;"> <p style="margin:0px"> </p></td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;"><strong>5,568</strong></td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">8,966</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;"><strong>19,690</strong></td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">25,581</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td> <p style="margin:0px"> </p></td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;"><strong>9,774</strong></td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">15,029</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;"><strong>34,243</strong></td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">44,787</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="margin:0px"><strong>Cost of revenue</strong></p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="margin:0px 0px 0px 15px">Provision for loan losses, net of recoveries</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;"> <p style="MARGIN: 0px; text-align:center;">5</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;"><strong>582</strong></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">4,830</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;"><strong>6,893</strong></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">13,211</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="margin:0px 0px 0px 15px">Transaction costs </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;"> <p style="margin:0px"> </p></td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;"><strong>75</strong></td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">110</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;"><strong>266</strong></td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">455</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td> <p style="margin:0px"> </p></td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;"><strong>657</strong></td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">4,940</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;"><strong>7,159</strong></td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">13,666</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="margin:0px"><strong>Gross profit</strong></p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td> <p style="margin:0px"> </p></td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;"><strong>9,117</strong></td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">10,089</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;"><strong>27,084</strong></td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">31,121</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="margin:0px"><strong>Operating expenses</strong></p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="margin:0px 0px 0px 15px">Technology and development</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;"> <p style="MARGIN: 0px; text-align:center;">3</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;"><strong>3,148</strong></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">3,599</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;"><strong>10,276</strong></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">12,331</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="margin:0px 0px 0px 15px">Marketing</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;"> <p style="MARGIN: 0px; text-align:center;">3</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;"><strong>783</strong></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">2,379</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;"><strong>2,642</strong></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">6,428</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="margin:0px 0px 0px 15px">Customer service and operations</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;"> <p style="MARGIN: 0px; text-align:center;">3</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;"><strong>966</strong></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">2,238</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;"><strong>4,329</strong></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">6,355</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="margin:0px 0px 0px 15px">General and administration</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;"> <p style="MARGIN: 0px; text-align:center;">3</p></td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;"><strong>2,238</strong></td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">2,969</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;"><strong>7,571</strong></td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">8,869</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="margin:0px"><strong>Total operating expenses</strong></p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td> <p style="margin:0px"> </p></td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;"><strong>7,135</strong></td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">11,185</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;"><strong>24,818</strong></td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">33,983</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="margin:0px"><strong>Income (loss) from operations </strong></p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td> <p style="margin:0px"> </p></td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;"><strong>1,982</strong></td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">(1,096</td> <td style="PADDING-BOTTOM: 1px;width:1%;vertical-align:bottom;white-space: nowrap;">)</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;"><strong>2,266</strong></td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">(2,862</td> <td style="PADDING-BOTTOM: 1px;width:1%;vertical-align:bottom;white-space: nowrap;">)</td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="margin:0px"><strong>Other (income) expenses</strong></p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="margin:0px 0px 0px 15px">Credit facility interest expense </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;"> <p style="MARGIN: 0px; text-align:center;">9</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;"><strong>1,039</strong></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">2,849</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;"><strong>5,185</strong></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">8,295</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="margin:0px 0px 0px 15px">Debenture interest and other financing expense</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;"> <p style="MARGIN: 0px; text-align:center;">6,10,11</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;"><strong>1,155</strong></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">1,851</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;"><strong>4,987</strong></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">5,553</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="margin:0px 0px 0px 15px">Accretion related to debentures</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;"> <p style="MARGIN: 0px; text-align:center;">10,11</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;"><strong>186</strong></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">194</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;"><strong>561</strong></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">561</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="margin:0px 0px 0px 15px">Gain on acquisition, net of transaction costs </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;"> <p style="MARGIN: 0px; text-align:center;">13</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;"><strong>-</strong></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;"><strong>-</strong></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">(13,249</td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="margin:0px 0px 0px 15px">Revaluation (gains) and losses</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;"> <p style="MARGIN: 0px; text-align:center;">15</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;"><strong>721</strong></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">(188</td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;"><strong>4,068</strong></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">201</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="margin:0px 0px 0px 15px">Other non-operating (income) expenses </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;"> <p style="MARGIN: 0px; text-align:center;">16</p></td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;"><strong>(2,138</strong></td> <td style="PADDING-BOTTOM: 1px;width:1%;vertical-align:bottom;white-space: nowrap;"><strong>)</strong></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">231</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;"><strong>(1,939</strong></td> <td style="PADDING-BOTTOM: 1px;width:1%;vertical-align:bottom;white-space: nowrap;"><strong>)</strong></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">414</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td> <p style="margin:0px"> </p></td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;"><strong>963</strong></td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">4,937</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;"><strong>12,862</strong></td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">1,775</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="margin:0px"><strong>Net income (loss) and comprehensive income (loss)</strong></p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;"> <p style="margin:0px"> </p></td> <td style="PADDING-BOTTOM: 3px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: black 3px double;width:9%;vertical-align:bottom;text-align:right;"><strong>1,019</strong></td> <td style="PADDING-BOTTOM: 3px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: black 3px double;width:9%;vertical-align:bottom;text-align:right;">(6,033</td> <td style="PADDING-BOTTOM: 3px;width:1%;vertical-align:bottom;white-space: nowrap;">)</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: black 3px double;width:9%;vertical-align:bottom;text-align:right;"><strong>(10,596</strong></td> <td style="PADDING-BOTTOM: 3px;width:1%;vertical-align:bottom;white-space: nowrap;"><strong>)</strong></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: black 3px double;width:9%;vertical-align:bottom;text-align:right;">(4,637</td> <td style="PADDING-BOTTOM: 3px;width:1%;vertical-align:bottom;white-space: nowrap;">)</td></tr> <tr style="height:15px;background-color:#cceeff"> <td> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;"> <p style="margin:0px"> </p></td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;"> <p style="margin:0px"> </p></td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;"> <p style="margin:0px"> </p></td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;"> <p style="margin:0px"> </p></td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;"> <p style="margin:0px"> </p></td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="margin:0px"><strong>Net income (loss) per share</strong></p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td colspan="2"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="margin:0px 0px 0px 15px">Basic </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;"><strong>0.035</strong></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">(0.221</td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;"><strong>(0.375</strong></td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;"><strong>)</strong></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">(0.186</td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="margin:0px 0px 0px 15px">Diluted </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;"><strong>0.035</strong></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">(0.221</td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;"><strong>(0.375</strong></td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;"><strong>)</strong></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">(0.186</td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td></tr> <tr style="height:15px;background-color:#cceeff"> <td> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="margin:0px 0px 0px 15px">Weighted average number of basic shares</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;"><strong>29,068</strong></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">27,322</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;"><strong>28,280</strong></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">24,920</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="margin:0px 0px 0px 15px">Weighted average number of diluted shares</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;"> <p style="margin:0px"> </p></td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: black 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;vertical-align:bottom;text-align:right;"><strong>29,520</strong></td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: black 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;vertical-align:bottom;text-align:right;">27,322</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: black 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;vertical-align:bottom;text-align:right;"><strong>28,280</strong></td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: black 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;vertical-align:bottom;text-align:right;">24,920</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr></table> <p style="font-size:10pt;font-family:times new roman;margin:0px">__________________ </p> <table style="border-spacing:0;font-size:10pt;font-variant:normal;font-weight:normal;font-style:normal;text-align:justify;margin-left:auto;line-height:normal;margin-right:auto;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="width:3%;vertical-align:top;"> <p style="margin:0px">(1) </p></td> <td style="vertical-align:top;">The gain on acquisition, net of transactions costs was retrospectively adjusted from $(14,349) to $(13,249) for the nine months ended September 30, 2019, upon subsequent finalization of the purchase price allocation of consideration for the business combination described further in Note 13.</td></tr></table> <p style="font-size:10pt;font-family:times new roman;margin:0px"> </p> <p style="font-size:10pt;font-family:times new roman;margin:0px 0px 0px 0in">The accompanying notes are an integral part of these financial statements.</p> <p style="font-size:10pt;font-family:times new roman;margin:0px"> </p> <table style="border-spacing:0;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px"> <td class="hpbhr"> </td></tr> <tr style="height:15px"> <td style="BORDER-BOTTOM: black 1px solid; TEXT-INDENT: 0px;text-align:center;">3</td></tr> <tr style="height:15px"> <td><p style='page-break-after: always'></p></td></tr> <tr style="height:15px"> <td> </td></tr></table> <p style="font-size:10pt;font-family:times new roman;margin:0px"> </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:right;"><strong><strong>Mogo Inc. </strong></strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:right;"><strong><strong>Interim Condensed Consolidated Statement of Changes in Equity (Deficit)</strong></strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:right;"><em>(Unaudited)</em></p> <table style="border-spacing:0;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="BORDER-BOTTOM: black 1px solid;"> <p style="MARGIN: 0px; text-align:right;"><em> (Expressed in thousands of Canadian Dollars)</em></p></td></tr></table> <p style="font-size:10pt;font-family:times new roman;margin:0px"> </p> <table style="border-spacing:0;text-align:left;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="MARGIN: 0px 0px 0px 0in; text-align:right;"><strong>Number of shares (000s)</strong></p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="MARGIN: 0px 0px 0px 0in; text-align:right;"><strong>Share capital</strong></p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="MARGIN: 0px 0px 0px 0in; text-align:right;"><strong>Contributed</strong></p> <p style="MARGIN: 0px 0px 0px 0in; text-align:right;"><strong>surplus</strong></p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="MARGIN: 0px 0px 0px 0in; text-align:right;"><strong>Deficit</strong></p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="MARGIN: 0px 0px 0px 0in; text-align:right;"><strong>Total</strong></p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="margin:0px"><strong>Balance, December 31, 2019</strong></p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;"><strong>27,558</strong></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;"><strong>94,500</strong></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;"><strong>8,861</strong></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;"><strong>(101,609</strong></td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;"><strong>)</strong></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;"><strong>1,752</strong></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="margin:0px">Loss and comprehensive loss</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">(10,596</td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">(10,596</td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="margin:0px">Stock based compensation</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">1,058</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">1,058</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="margin:0px">Options and restricted share units (“RSUs”) exercised</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">109</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">378</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">(298</td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">80</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="margin:0px">Shares issued – Partial settlement of credit facility prepayment</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">307</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">1,000</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">1,000</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="margin:0px">Equity portion – convertible debentures</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">617</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">617</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="margin:0px">Shares issued – convertible debentures (Note 11)</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">810</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">1,423</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">1,423</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="margin:0px">Shares issued to settle debt</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">610</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">922</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">922</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="margin:0px">Amortization of warrants (Note 18d)</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">-</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">-</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">425</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">-</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">425</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="margin:0px"><strong>Balance, September 30, 2020</strong></p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: black 3px double;width:9%;vertical-align:bottom;text-align:right;"><strong>29,394</strong></td> <td style="PADDING-BOTTOM: 3px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: black 3px double;width:9%;vertical-align:bottom;text-align:right;"><strong>98,223</strong></td> <td style="PADDING-BOTTOM: 3px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: black 3px double;width:9%;vertical-align:bottom;text-align:right;"><strong>10,663</strong></td> <td style="PADDING-BOTTOM: 3px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: black 3px double;width:9%;vertical-align:bottom;text-align:right;"><strong>(112,205</strong></td> <td style="PADDING-BOTTOM: 3px;width:1%;vertical-align:bottom;white-space: nowrap;"><strong>)</strong></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: black 3px double;width:9%;vertical-align:bottom;text-align:right;"><strong>(3,319</strong></td> <td style="PADDING-BOTTOM: 3px;width:1%;vertical-align:bottom;white-space: nowrap;"><strong>)</strong></td></tr> <tr style="height:15px;background-color:#cceeff"> <td> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;"> <p style="margin:0px"> </p></td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;"> <p style="margin:0px"> </p></td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;"> <p style="margin:0px"> </p></td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;"> <p style="margin:0px"> </p></td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;"> <p style="margin:0px"> </p></td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="margin:0px"><strong>Balance as at June 30, 2020</strong></p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;"><strong>28,834</strong></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;"><strong>96,810</strong></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;"><strong>10,157</strong></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;"><strong>(113,224</strong></td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;"><strong>)</strong></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;"><strong>(6,257</strong></td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;"><strong>)</strong></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="margin:0px">Income and comprehensive net income</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">1,019</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">1,019</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="margin:0px">Stock based compensation</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">384</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">384</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="margin:0px">Options and restricted share units (“RSUs”) exercised</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">66</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">234</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">(169</td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">65</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="margin:0px">Shares issued – convertible debentures (Note 11)</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">311</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">794</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">794</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="margin:0px">Shares issued to settle debt</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">183</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">385</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">385</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="margin:0px">Amortization of warrants (Note 18d)</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">-</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">-</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">291</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">-</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">291</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="margin:0px"><strong>Balance, September 30, 2020</strong></p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: black 3px double;width:9%;vertical-align:bottom;text-align:right;"><strong>29,394</strong></td> <td style="PADDING-BOTTOM: 3px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: black 3px double;width:9%;vertical-align:bottom;text-align:right;"><strong>98,223</strong></td> <td style="PADDING-BOTTOM: 3px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: black 3px double;width:9%;vertical-align:bottom;text-align:right;"><strong>10,663</strong></td> <td style="PADDING-BOTTOM: 3px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: black 3px double;width:9%;vertical-align:bottom;text-align:right;"><strong>(112,205</strong></td> <td style="PADDING-BOTTOM: 3px;width:1%;vertical-align:bottom;white-space: nowrap;"><strong>)</strong></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: black 3px double;width:9%;vertical-align:bottom;text-align:right;"><strong>(3,319</strong></td> <td style="PADDING-BOTTOM: 3px;width:1%;vertical-align:bottom;white-space: nowrap;"><strong>)</strong></td></tr></table> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <table style="border-spacing:0;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px"> <td class="hpbhr"> </td></tr> <tr style="height:15px"> <td style="BORDER-BOTTOM: black 1px solid; TEXT-INDENT: 0px;text-align:center;">4</td></tr> <tr style="height:15px"> <td><p style='page-break-after: always'></p></td></tr> <tr style="height:15px"> <td> </td></tr></table> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:right;"><strong><strong>Mogo Inc.</strong></strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:right;"><strong><strong>Interim Condensed Consolidated Statement of Changes in Equity (Deficit)</strong></strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:right;"><em>(Unaudited)</em></p> <table style="border-spacing:0;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="BORDER-BOTTOM: black 1px solid;"> <p style="MARGIN: 0px; text-align:right;"><em> (Expressed in thousands of Canadian Dollars)</em></p></td></tr></table> <p style="font-size:10pt;font-family:times new roman;margin:0px"> </p> <table style="border-spacing:0;text-align:left;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="MARGIN: 0px 0px 0px 0in; text-align:right;"><strong>Number of shares (000s)</strong></p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="MARGIN: 0px 0px 0px 0in; text-align:right;"><strong>Share capital</strong></p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="MARGIN: 0px 0px 0px 0in; text-align:right;"><strong>Contributed</strong></p> <p style="MARGIN: 0px 0px 0px 0in; text-align:right;"><strong>surplus</strong></p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="MARGIN: 0px 0px 0px 0in; text-align:right;"><strong>Deficit</strong></p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="MARGIN: 0px 0px 0px 0in; text-align:right;"><strong>Total</strong></p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="margin:0px"><strong>Balance, December 31, 2018</strong></p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;"><strong>23,227</strong></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;"><strong>75,045</strong></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;"><strong>7,045</strong></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;"><strong>(90,784</strong></td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;"><strong>)</strong></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;"><strong>(8,694</strong></td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;"><strong>)</strong></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="margin:0px">Loss and comprehensive loss</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">(4,637</td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">(4,637</td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="margin:0px">Incremental share issuance – acquisition of Difference Capital Financial Inc. (“DCF”) (Note 13)</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">3,176</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">14,867</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">14,867</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="margin:0px">Issuance of replacement stock based awards – acquisition of DCF (Note 13)</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">682</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">682</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="margin:0px">Conversion of warrants (Note 18d)</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">337</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">1,534</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">1,534</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="margin:0px">Shares issued – convertible debentures (Note 11)</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">195</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">935</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">(19</td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">916</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="margin:0px">Stock based compensation</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">1,556</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">1,556</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="margin:0px">Options and Restricted share units (“RSUs”) exercised</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">402</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">1,163</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">(513</td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">650</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="margin:0px">Amortization of warrants</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">-</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">-</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">103</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">-</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">103</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="margin:0px"><strong>Balance, September 30, 2019</strong></p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: black 3px double;width:9%;vertical-align:bottom;text-align:right;"><strong>27,337</strong></td> <td style="PADDING-BOTTOM: 3px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: black 3px double;width:9%;vertical-align:bottom;text-align:right;"><strong>93,544</strong></td> <td style="PADDING-BOTTOM: 3px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: black 3px double;width:9%;vertical-align:bottom;text-align:right;"><strong>8,854</strong></td> <td style="PADDING-BOTTOM: 3px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: black 3px double;width:9%;vertical-align:bottom;text-align:right;"><strong>(95,421</strong></td> <td style="PADDING-BOTTOM: 3px;width:1%;vertical-align:bottom;white-space: nowrap;"><strong>)</strong></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: black 3px double;width:9%;vertical-align:bottom;text-align:right;"><strong>6,977</strong></td> <td style="PADDING-BOTTOM: 3px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;"> <p style="margin:0px"> </p></td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;"> <p style="margin:0px"> </p></td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;"> <p style="margin:0px"> </p></td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;"> <p style="margin:0px"> </p></td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;"> <p style="margin:0px"> </p></td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="margin:0px"><strong>Balance as at June 30, 2019</strong></p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;"><strong>27,289</strong></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;"><strong>93,483</strong></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;"><strong>8,657</strong></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;"><strong>(89,388</strong></td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;"><strong>)</strong></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;"><strong>12,752</strong></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="margin:0px">Loss and comprehensive loss</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">(6,033</td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">(6,033</td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="margin:0px">Shares issued – convertible debentures (Note 11)</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">3</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">15</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">(1</td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">14</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="margin:0px">Stock based compensation</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">165</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">165</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="margin:0px">Options and Restricted share units (“RSUs”) exercised</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">45</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">46</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">(1</td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">45</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="margin:0px">Amortization of warrants</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">-</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">-</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">34</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">-</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">34</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="margin:0px"><strong>Balance, September 30, 2019</strong></p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: black 3px double;width:9%;vertical-align:bottom;text-align:right;"><strong>27,337</strong></td> <td style="PADDING-BOTTOM: 3px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: black 3px double;width:9%;vertical-align:bottom;text-align:right;"><strong>93,544</strong></td> <td style="PADDING-BOTTOM: 3px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: black 3px double;width:9%;vertical-align:bottom;text-align:right;"><strong>8,854</strong></td> <td style="PADDING-BOTTOM: 3px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: black 3px double;width:9%;vertical-align:bottom;text-align:right;"><strong>(95,421</strong></td> <td style="PADDING-BOTTOM: 3px;width:1%;vertical-align:bottom;white-space: nowrap;"><strong>)</strong></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: black 3px double;width:9%;vertical-align:bottom;text-align:right;"><strong>6,977</strong></td> <td style="PADDING-BOTTOM: 3px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr></table> <p style="font-size:10pt;font-family:times new roman;margin:0px"> </p> <p style="font-size:10pt;font-family:times new roman;margin:0px 0px 0px 0in">The accompanying notes are an integral part of these financial statements.</p> <p style="font-size:10pt;font-family:times new roman;margin:0px"> </p> <table style="border-spacing:0;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px"> <td class="hpbhr"> </td></tr> <tr style="height:15px"> <td style="BORDER-BOTTOM: black 1px solid; TEXT-INDENT: 0px;text-align:center;">5</td></tr> <tr style="height:15px"> <td><p style='page-break-after: always'></p></td></tr> <tr style="height:15px"> <td> </td></tr></table> <p style="font-size:10pt;font-family:times new roman;margin:0px"> </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:right;"><strong><strong>Mogo Inc. </strong></strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:right;"><strong><strong>Interim Condensed Consolidated Statement of Cash Flows</strong></strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:right;"><em>(Unaudited)</em></p> <table style="border-spacing:0;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="BORDER-BOTTOM: black 1px solid;"> <p style="MARGIN: 0px; text-align:right;"><em>(Expressed in thousands of Canadian Dollars)</em></p></td></tr></table> <p style="font-size:10pt;font-family:times new roman;margin:0px"> </p> <table style="border-spacing:0;text-align:left;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" style="width:9%;"></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: black 1px solid;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" style="BORDER-BOTTOM: black 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="6"> <p style="MARGIN: 0px; text-align:right;"><strong>Three months ended </strong></p> <p style="MARGIN: 0px 0px 0px 0in; text-align:right;"><strong>September 30,</strong></p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: black 1px solid;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" style="BORDER-BOTTOM: black 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="6"> <p style="MARGIN: 0px; text-align:right;"><strong>Nine months ended </strong></p> <p style="MARGIN: 0px 0px 0px 0in; text-align:right;"><strong>September 30,</strong></p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" style="BORDER-BOTTOM: black 1px solid;width:9%;vertical-align:bottom;text-align:center;"> <p style="MARGIN: 0px; text-align:center;"><strong>Note</strong></p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: black 1px solid;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" style="BORDER-BOTTOM: black 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="MARGIN: 0px; text-align:center;"><strong>2020</strong></p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: black 1px solid;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" style="BORDER-BOTTOM: black 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="MARGIN: 0px; text-align:center;">2019</p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: black 1px solid;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" style="BORDER-BOTTOM: black 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="MARGIN: 0px; text-align:center;"><strong>2020</strong></p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: black 1px solid;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" style="BORDER-BOTTOM: black 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="MARGIN: 0px; text-align:center;">2019</p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px"> <td style="vertical-align:top;"> <p style="margin:0px"><strong>Cash provided by (used in) the following activities:</strong></p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" colspan="2" style="width:9%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" colspan="2" style="width:9%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" colspan="2" style="width:9%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" colspan="2" style="width:9%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px"> <td style="vertical-align:top;"> <p style="margin:0px 0px 0px 15px"><strong>Operating activities</strong></p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" colspan="2" style="width:9%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" colspan="2" style="width:9%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" colspan="2" style="width:9%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" colspan="2" style="width:9%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="margin:0px 0px 0px 30px">Net income (loss) and comprehensive income (loss)</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;"><strong>1,019</strong></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">(6,033</td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;"><strong>(10,596</strong></td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;"><strong>)</strong></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">(4,637</td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="margin:0px 0px 0px 30px">Items not affecting cash:</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="margin:0px 0px 0px 45px">Depreciation and amortization</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;"><strong>2,288</strong></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">1,945</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;"><strong>6,800</strong></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">6,008</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="margin:0px 0px 0px 45px">Non-cash warrant expense</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;"> <p style="MARGIN: 0px; text-align:center;">18(d)</p></td> <td style="width:1%;white-space: nowrap;"></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;"><strong>291</strong></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">67</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;"><strong>562</strong></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">204</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="margin:0px 0px 0px 45px">Gain on acquisition</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;"> <p style="MARGIN: 0px; text-align:center;">5,16</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;"><strong>-</strong></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;"><strong>-</strong></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">(15,886</td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="margin:0px 0px 0px 45px">Gain on sale of loan book</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;"><strong>-</strong></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;"><strong>(1,676</strong></td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;"><strong>)</strong></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="margin:0px 0px 0px 45px">Credit facility prepayment expense </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;"> <p style="MARGIN: 0px; text-align:center;">9</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;"><strong>-</strong></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;"><strong>1,000</strong></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="margin:0px 0px 0px 45px">Other </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;"><strong>(870</strong></td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;"><strong>)</strong></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;"><strong>(856</strong></td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;"><strong>)</strong></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">183</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="margin:0px 0px 0px 45px">Loss on disposition of property and equipment</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;"> <p style="MARGIN: 0px; text-align:center;">7,15</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;"><strong>9</strong></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;"><strong>272</strong></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">102</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="margin:0px 0px 0px 45px">Provision for loan losses </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;"> <p style="MARGIN: 0px; text-align:center;">5</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;"><strong>758</strong></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">5,243</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;"><strong>7,741</strong></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">14,539</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="margin:0px 0px 0px 45px">Credit facility and debenture and other financing expense</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;"> <p style="MARGIN: 0px; text-align:center;"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;"><strong>2,380</strong></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">4,894</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;"><strong>10,733</strong></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">14,409</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="margin:0px 0px 0px 45px">Stock based compensation expense</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;"><strong>384</strong></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">165</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;"><strong>1,058</strong></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">1,556</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="margin:0px 0px 0px 45px">Unrealized loss on derivative liability</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;"><strong>-</strong></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;"><strong>-</strong></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">570</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="margin:0px 0px 0px 45px">Unrealized foreign exchange (gain) loss</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;"> <p style="MARGIN: 0px; text-align:center;">15</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;"><strong>(7</strong></td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;"><strong>)</strong></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">106</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;"><strong>87</strong></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">(177</td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="margin:0px 0px 0px 45px">Unrealized loss on investment portfolio</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;"> <p style="MARGIN: 0px; text-align:center;">15</p></td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;"><strong>719</strong></td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">-</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;"><strong>3,709</strong></td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">1,100</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;"><strong>6,971</strong></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">6,387</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;"><strong>18,834</strong></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">17,971</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="margin:0px 0px 0px 30px">Changes in: </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="margin:0px 0px 0px 45px">Net collection (issuance) of loans receivable</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;"><strong>1,048</strong></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">(5,730</td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;"><strong>4,476</strong></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">(20,037</td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="margin:0px 0px 0px 45px">Proceeds from sale of loan book</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;"><strong>-</strong></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;"><strong>31,572</strong></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="margin:0px 0px 0px 45px">Prepaid expenses, deposits and other assets</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;"><strong>(185</strong></td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;"><strong>)</strong></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">(494</td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;"><strong>(560</strong></td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;"><strong>)</strong></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">(1,298</td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="margin:0px 0px 0px 45px">Accounts payable and accruals</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;"> <p style="margin:0px"> </p></td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;"><strong>(1,523</strong></td> <td style="PADDING-BOTTOM: 1px;width:1%;vertical-align:bottom;white-space: nowrap;"><strong>)</strong></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">(773</td> <td style="PADDING-BOTTOM: 1px;width:1%;vertical-align:bottom;white-space: nowrap;">)</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;"><strong>(4,755</strong></td> <td style="PADDING-BOTTOM: 1px;width:1%;vertical-align:bottom;white-space: nowrap;"><strong>)</strong></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">1,020</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="margin:0px">Cash generated from (used in) operating activities</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;"><strong>6,311</strong></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">(610</td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;"><strong>49,567</strong></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">(2,344</td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="margin:0px 0px 0px 45px">Interest paid</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;"> <p style="margin:0px"> </p></td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;"><strong>(1,105</strong></td> <td style="PADDING-BOTTOM: 1px;width:1%;vertical-align:bottom;white-space: nowrap;"><strong>)</strong></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">(4,535</td> <td style="PADDING-BOTTOM: 1px;width:1%;vertical-align:bottom;white-space: nowrap;">)</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;"><strong>(6,944</strong></td> <td style="PADDING-BOTTOM: 1px;width:1%;vertical-align:bottom;white-space: nowrap;"><strong>)</strong></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">(12,879</td> <td style="PADDING-BOTTOM: 1px;width:1%;vertical-align:bottom;white-space: nowrap;">)</td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="margin:0px 0px 0px 1.85pt"><strong>Net cash provided by (used in) operating activities</strong></p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;"> <p style="margin:0px"> </p></td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;"><strong>5,206</strong></td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">(5,145</td> <td style="PADDING-BOTTOM: 1px;width:1%;vertical-align:bottom;white-space: nowrap;">)</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;"><strong>42,623</strong></td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">(15,223</td> <td style="PADDING-BOTTOM: 1px;width:1%;vertical-align:bottom;white-space: nowrap;">)</td></tr> <tr style="height:15px;background-color:#cceeff"> <td> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="margin:0px"><strong>Investing activities</strong></p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="margin:0px 0px 0px 30px">Purchases of property and equipment </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;"><strong>-</strong></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">(76</td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;"><strong>(23</strong></td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;"><strong>)</strong></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">(613</td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="margin:0px 0px 0px 30px">Investment in intangible assets </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;"> <p style="margin:0px"> </p></td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;"><strong>(839</strong></td> <td style="PADDING-BOTTOM: 1px;width:1%;vertical-align:bottom;white-space: nowrap;"><strong>)</strong></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">(2,009</td> <td style="PADDING-BOTTOM: 1px;width:1%;vertical-align:bottom;white-space: nowrap;">)</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;"><strong>(3,569</strong></td> <td style="PADDING-BOTTOM: 1px;width:1%;vertical-align:bottom;white-space: nowrap;"><strong>)</strong></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">(6,207</td> <td style="PADDING-BOTTOM: 1px;width:1%;vertical-align:bottom;white-space: nowrap;">)</td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="margin:0px"><strong>Net cash used in investing activities </strong></p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;"> <p style="margin:0px"> </p></td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;"><strong>(839</strong></td> <td style="PADDING-BOTTOM: 1px;width:1%;vertical-align:bottom;white-space: nowrap;"><strong>)</strong></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">(2,085</td> <td style="PADDING-BOTTOM: 1px;width:1%;vertical-align:bottom;white-space: nowrap;">)</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;"><strong>(3,592</strong></td> <td style="PADDING-BOTTOM: 1px;width:1%;vertical-align:bottom;white-space: nowrap;"><strong>)</strong></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">(6,820</td> <td style="PADDING-BOTTOM: 1px;width:1%;vertical-align:bottom;white-space: nowrap;">)</td></tr> <tr style="height:15px;background-color:#ffffff"> <td> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="margin:0px"><strong>Financing activities </strong></p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="margin:0px 0px 0px 30px">Cash acquired upon acquisition of DCF</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;"><strong>-</strong></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;"><strong>-</strong></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">10,246</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="margin:0px 0px 0px 30px">Proceeds from sale of investment</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;"><strong>-</strong></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">14</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;"><strong>-</strong></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">2,114</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="margin:0px 0px 0px 30px">Lease liabilities – principal payments</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;"><strong>(82</strong></td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;"><strong>)</strong></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">(215</td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;"><strong>(355</strong></td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;"><strong>)</strong></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">(685</td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="margin:0px 0px 0px 30px">Net (repayments) advances on debentures</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;"><strong>-</strong></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">(35</td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;"><strong>(5</strong></td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;"><strong>)</strong></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">1,074</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="margin:0px 0px 0px 30px">Net (repayments) advances on credit facilities</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;"><strong>(1,981</strong></td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;"><strong>)</strong></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">1,007</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;"><strong>(39,314</strong></td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;"><strong>)</strong></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">1,849</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="margin:0px 0px 0px 30px">Cash payments on options exercised</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;"> <p style="margin:0px"> </p></td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;"><strong>66</strong></td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">46</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;"><strong>81</strong></td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">651</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="margin:0px"><strong>Net cash (used in) provided by financing activities </strong></p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;"> <p style="margin:0px"> </p></td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;"><strong>(1,997</strong></td> <td style="PADDING-BOTTOM: 1px;width:1%;vertical-align:bottom;white-space: nowrap;"><strong>)</strong></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">817</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;"><strong>(39,593</strong></td> <td style="PADDING-BOTTOM: 1px;width:1%;vertical-align:bottom;white-space: nowrap;"><strong>)</strong></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">15,249</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="margin:0px"><strong>Net increase (decrease) in cash</strong><em> </em></p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;"><strong>2,370</strong></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">(6,413</td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;"><strong>(562</strong></td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;"><strong>)</strong></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">(6,794</td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="margin:0px">Cash and cash equivalent, beginning of period</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;"> <p style="margin:0px"> </p></td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;"><strong>7,485</strong></td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">20,058</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;"><strong>10,417</strong></td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">20,439</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="margin:0px"><strong>Cash</strong> <strong>and cash equivalent, end of period</strong></p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: black 3px double;width:9%;vertical-align:bottom;text-align:right;"><strong>9,855</strong></td> <td style="PADDING-BOTTOM: 3px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: black 3px double;width:9%;vertical-align:bottom;text-align:right;">13,645</td> <td style="PADDING-BOTTOM: 3px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: black 3px double;width:9%;vertical-align:bottom;text-align:right;"><strong>9,855</strong></td> <td style="PADDING-BOTTOM: 3px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: black 3px double;width:9%;vertical-align:bottom;text-align:right;">13,645</td> <td style="PADDING-BOTTOM: 3px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr></table> <p style="font-size:10pt;font-family:times new roman;margin:0px"> </p> <p style="font-size:10pt;font-family:times new roman;margin:0px 0px 0px 0in">The accompanying notes are an integral part of these financial statements.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <table style="border-spacing:0;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px"> <td class="hpbhr"> </td></tr> <tr style="height:15px"> <td style="BORDER-BOTTOM: black 1px solid; TEXT-INDENT: 0px;text-align:center;">6</td></tr> <tr style="height:15px"> <td><p style='page-break-after: always'></p></td></tr> <tr style="height:15px"> <td> </td></tr></table> <p style="font-size:10pt;font-family:times new roman;margin:0px"> </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:right;"><strong><strong>Mogo Inc. </strong></strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:right;"><strong><strong>Notes to the Interim Condensed Consolidated Financial Statements</strong></strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:right;"><em>(Unaudited)</em></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:right;"><em>(Expressed in thousands of Canadian dollars, except per share amounts)</em></p> <table style="border-spacing:0;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="BORDER-BOTTOM: black 1px solid;"> <p style="MARGIN: 0px; text-align:right;"><em>For the three and nine months ended September 30, 2020 and 2019</em></p></td></tr> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td></tr></table> <p style="font-size:10pt;font-family:times new roman;margin:0px"> </p> <table style="border-spacing:0;font-size:10pt;font-variant:normal;font-weight:normal;font-style:normal;text-align:justify;margin-left:auto;line-height:normal;margin-right:auto;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="width:4%;vertical-align:top;"> <p style="margin:0px"><strong>1. </strong></p></td> <td style="vertical-align:top;"><strong>Nature of operations</strong></td></tr> <tr style="height:15px"> <td> <p style="margin:0px;text-indent:30px"> </p></td> <td> <p style="margin:0px"> </p></td></tr> <tr style="height:15px"> <td></td> <td style="vertical-align:top;"> <p style="margin:0px">Mogo Inc. (formerly Difference Capital Financial Inc.) (“Mogo” or the “Company”) was continued under the Business Corporations Act (British Columbia) on June 21, 2019 in connection with the combination with Mogo Finance Technology Inc. (“Mogo Finance”) as further described in Note 13. The transaction was accounted for as a business combination, with Mogo Finance as the accounting acquirer. Accordingly, these financial statements reflect the continuing financial statements of Mogo Finance. The address of the Company’s registered office is Suite 1700, Park Place, 666 Burrard Street, Vancouver, British Columbia, Canada, V6C 2X8. The Company’s common shares are listed on the Toronto Stock Exchange (“TSX”) and the Nasdaq Capital Market under the symbol “MOGO”. </p></td></tr> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td> <p style="margin:0px"> </p></td></tr> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td> <p style="margin:0px">Mogo — a financial technology company — offers a finance app that empowers consumers with simple solutions to help them get in control of their financial health and be more mindful of the impact they have on society and the planet. Users can sign up for Mogo and get instant access to an ecosystem of free financial products and content to help them live a more sustainable lifestyle. Mogo offers free credit score monitoring, identity fraud protection, bitcoin trading, loans and a digital spending account that comes with a prepaid Mogo Visa* Platinum Prepaid Card to help members control their spending and help fight climate change, by automatically offsetting CO<sub>2</sub> as you spend. With a marketing partnership with Canada’s largest news media company, Mogo continues to execute on its vision of becoming the go-to financial app for the next generation of Canadians.</p></td></tr> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td> <p style="margin:0px"> </p></td></tr> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td> <p style="margin:0px"><strong>COVID-19 Pandemic </strong></p></td></tr> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td> <p style="margin:0px"> </p></td></tr> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td> <p style="margin:0px">During 2020, the Canadian economy experienced significant disruption and market volatility related to the global COVID-19 pandemic. The overall impact of the pandemic continues to be uncertain and dependent on actions taken by the Canadian government, businesses, and individuals to limit spread of the COVID-19 virus, as well as governmental economic response and support efforts.</p></td></tr> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td> <p style="margin:0px"> </p></td></tr> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td> <p style="margin:0px">The rapid worldwide spread of COVID-19 has prompted governments to implement restrictive measures to curb the spread of the pandemic. During this period of uncertainty, the Company’s priority has been to protect the health and safety of its employees, support and enforce government actions to slow the spread of COVID-19, and to continually assess and take appropriate actions to mitigate the risks to the business operations as a result of this pandemic.</p></td></tr> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td> <p style="margin:0px"> </p></td></tr> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td> <p style="margin:0px">The Company has implemented a COVID-19 response plan (the “COVID-19 Response Plan”) that includes a number of measures to safeguard against the spread of the virus at its offices and has maintained regular communications with suppliers, customers and business partners to monitor any potential risks to its ongoing operations. Operationally, the Company has shifted its employees to work remotely, which has been a relatively easy transition given the digital nature of our business. The Company is working closely with customers to support them through this changing environment and in certain circumstances, offering more flexible options including extended payment terms, payment deferrals and interest relief. </p></td></tr> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td> <p style="margin:0px"> </p></td></tr> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td> <p style="margin:0px">As described in Note 3(o) of the audited consolidated financial statements for the year ended December 31, 2019, we make estimates and assumptions in preparing the financial statements. These estimates and assumptions have been made taking into consideration the economic impact of the COVID-19 pandemic and the significant economic volatility and uncertainty it has created. Actual results could differ materially from these estimates, in which case the impact would be recognized in the consolidated financial statements in future periods.</p></td></tr> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td> <p style="margin:0px"> </p></td></tr> <tr style="height:15px"> <td> <p style="margin:0px"><strong>2.</strong></p></td> <td> <p style="margin:0px"><strong>Basis of presentation</strong></p></td></tr> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td> <p style="margin:0px"> </p></td></tr> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td> <p style="margin:0px"><strong>Statement of compliance</strong></p></td></tr> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td> <p style="margin:0px"> </p></td></tr> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td> <p style="margin:0px"> These interim condensed consolidated financial statements have been prepared in accordance with International Accounting Standards (“IAS”) 34, Interim Financial Reporting, as issued by the International Accounting Standards Board (“IASB”). The interim condensed consolidated financial statements do not include all the information and disclosures required in annual financial statements, and should be read in conjunction with the Company’s annual financial statements as at December 31, 2019.The policies applied in these interim condensed consolidated financial statements were based on IFRS issued and outstanding at September 30, 2020.<strong> </strong></p></td></tr> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td> <p style="margin:0px"> </p></td></tr> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td> <p style="margin:0px">The Company presents its interim condensed consolidated statement of financial position on a non-classified basis in order of liquidity.</p></td></tr> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td> <p style="margin:0px"> </p></td></tr> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td> <p style="margin:0px">These interim condensed consolidated financial statements were authorized for issue by the Board of Directors (the “Board”) on November 9, 2020.</p></td></tr></table> <p style="font-size:10pt;font-family:times new roman;margin:0px"> </p> <table style="border-spacing:0;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px"> <td class="hpbhr"> </td></tr> <tr style="height:15px"> <td style="BORDER-BOTTOM: black 1px solid; TEXT-INDENT: 0px;text-align:center;">7</td></tr> <tr style="height:15px"> <td><p style='page-break-after: always'></p></td></tr> <tr style="height:15px"> <td> </td></tr></table> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:right;"><strong><strong>Mogo Inc. </strong></strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:right;"><strong><strong>Notes to the Interim Condensed Consolidated Financial Statements</strong></strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:right;"><em>(Unaudited)</em></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:right;"><em>(Expressed in thousands of Canadian dollars, except per share amounts)</em></p> <table style="border-spacing:0;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="BORDER-BOTTOM: black 1px solid;"> <p style="MARGIN: 0px; text-align:right;"><em>For the three and nine months ended September 30, 2020 and 2019</em></p></td></tr></table> <p style="font-size:10pt;font-family:times new roman;margin:0px"> </p> <table style="border-spacing:0;font-size:10pt;font-variant:normal;font-weight:normal;font-style:normal;text-align:justify;margin-left:auto;line-height:normal;margin-right:auto;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="width:4%;vertical-align:top;"> <p style="margin:0px"><strong>2. </strong></p></td> <td style="vertical-align:top;"><strong>Basis of presentation</strong> <em>(Continued from previous page)</em></td></tr> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td> <p style="margin:0px"> </p></td></tr> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td> <p style="margin:0px">These interim condensed consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the payment of liabilities in the ordinary course of business. Should the Company be unable to continue as a going concern, it may be unable to realize the carrying value of its assets and to meet its liabilities as they become due in the normal course.</p></td></tr> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td> <p style="margin:0px"> </p></td></tr> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td> <p style="margin:0px">Management routinely plans future activities which includes forecasting future cash flows. Management has reviewed their plan with the Board and has collectively formed a judgment that the Company has adequate resources to continue as a going concern for the foreseeable future, which Management and the Board have defined as being at least the next 12 months from the balance sheet date. In arriving at this judgment, Management has considered the following: (i) cash flow projections of the Company, which incorporates a rolling forecast and detailed cash flow modeling through the current fiscal year, and (ii) the base of investors and debt lenders historically available to the Company. The expected cash flows have been modeled based on anticipated revenue and profit streams with debt programmed into the model. Refer to Notes 9, 10, 11 and 17 for details on amounts that may come due in the next 12 months. The cash flows are management’s best projections based on current and anticipated market conditions. Given the ongoing, changing, and uncertain situation regarding COVID-19 it is possible that underperformance to these projections could occur if business restrictions were to have a longer duration or a greater impact than currently anticipated. Management continues to monitor, evaluate and adapt projections as the situation evolves.</p></td></tr> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td> <p style="margin:0px"> </p></td></tr> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td> <p style="margin:0px"><strong>Functional and presentation currency</strong></p></td></tr> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td> <p style="margin:0px"> </p></td></tr> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td> <p style="margin:0px">These interim condensed consolidated financial statements are presented in Canadian dollars, which is the Company’s and its subsidiaries’ functional currency.</p></td></tr> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td> <p style="margin:0px"> </p></td></tr> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td> <p style="margin:0px"><strong>Basis of consolidation</strong></p></td></tr> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td> <p style="margin:0px"> </p></td></tr> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td> <p style="margin:0px">The Company has consolidated the assets, liabilities, revenues and expenses of all its subsidiaries and its structured entity. The consolidated financial statements include the accounts of the Company, and its direct and indirect wholly-owned subsidiaries, Mogo Finance, Mogo Financial (Alberta) Inc., Mogo Financial (B.C.) Inc., Mogo Financial Inc., Mogo Financial (Ontario) Inc., Mogo Mortgage Technology Inc., Hornby Loan Brokers (Ottawa) Inc., Hornby Leasing Inc., Mogo Technology Inc. (a US subsidiary), Mogo Blockchain Technology Inc., Mogo Wealth Technology Inc., Thurlow Management Inc., Thurlow Capital (Alberta) Inc., Thurlow Capital (B.C.) Inc., Thurlow Capital (Manitoba) Inc., Thurlow Capital (Ontario) Inc., and Thurlow Capital (Ottawa) Inc. and its special purpose entity, Mogo Finance Trust (the “Trust”). The financial statements of the subsidiaries and the Trust are prepared for the same reporting period as the Company, using consistent accounting policies.</p></td></tr> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td> <p style="margin:0px"> </p></td></tr> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td> <p style="margin:0px">The accounting policies adopted in the preparation of the interim condensed consolidated financial statements are consistent with those followed in the preparation of the Company’s annual consolidated financial statements for the year ended December 31, 2019.</p></td></tr> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td> <p style="margin:0px"> </p></td></tr> <tr style="height:15px"> <td> <p style="margin:0px"><strong>3. </strong></p></td> <td> <p style="margin:0px"><strong>Significant accounting policies</strong></p></td></tr> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td> <p style="margin:0px"> </p></td></tr> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td> <p style="margin:0px">The accounting policies adopted in the preparation of the interim condensed consolidated financial statements are consistent with those followed in the preparation of the Company’s annual consolidated financial statements for the year ended December 31, 2019, except for the new policies discussed below and adoption of new standards effective as of January 1, 2020.</p></td></tr> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td> <p style="margin:0px"> </p></td></tr> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td> <p style="margin:0px"><em>Government grants</em></p></td></tr> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td> <p style="margin:0px"> </p></td></tr> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td> <p style="margin:0px">Government grants are recognised if there is reasonable assurance that they will be received, and the Company will comply with any conditions associated with the grant. Grants that compensate the Company for expenses incurred are recognized in profit or loss on a gross basis in the period in which the expenses are recognized.</p></td></tr> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td> <p style="margin:0px"> </p></td></tr> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td> <p style="margin:0px"><strong>New and amended standards and interpretations</strong></p></td></tr> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td> <p style="margin:0px"> </p></td></tr> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td> <p style="margin:0px">Certain new or amended standards and interpretations became effective on January 1, 2020 or later, the Company has adopted following amendments on the interim condensed consolidated financial statements of the Company. The Company has not adopted any standards or interpretations that have been issued but are not yet effective.</p></td></tr> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td> <p style="margin:0px"> </p></td></tr> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td> <p style="margin:0px">Amendments to IFRS 16 - COVID-19 Related rent concessions – The Company has applied the practical expedient allowing it not to assess whether eligible rent concessions that are a direct consequence of the COVID-19 pandemic are lease modifications. </p></td></tr></table> <p style="font-size:10pt;font-family:times new roman;margin:0px"> </p> <table style="border-spacing:0;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px"> <td class="hpbhr"> </td></tr> <tr style="height:15px"> <td style="BORDER-BOTTOM: black 1px solid; TEXT-INDENT: 0px;text-align:center;">8</td></tr> <tr style="height:15px"> <td><p style='page-break-after: always'></p></td></tr> <tr style="height:15px"> <td> </td></tr></table> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:right;"><strong><strong>Mogo Inc. </strong></strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:right;"><strong><strong>Notes to the Interim Condensed Consolidated Financial Statements</strong></strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:right;"><em>(Unaudited)</em></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:right;"><em>(Expressed in thousands of Canadian dollars, except per share amounts)</em></p> <table style="border-spacing:0;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="BORDER-BOTTOM: black 1px solid;"> <p style="MARGIN: 0px; text-align:right;"><em>For the three and nine months ended September 30, 2020 and 2019</em></p></td></tr></table> <p style="font-size:10pt;font-family:times new roman;margin:0px"> </p> <table style="border-spacing:0;font-size:10pt;font-variant:normal;font-weight:normal;font-style:normal;text-align:justify;margin-left:auto;line-height:normal;margin-right:auto;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="width:4%;vertical-align:top;"> <p style="margin:0px"><strong>3. </strong></p></td> <td style="vertical-align:top;"><strong>Significant accounting policies</strong> <em>(Continued from previous page)</em></td></tr> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td> <p style="margin:0px"> </p></td></tr> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td> <p style="margin:0px"><strong>Significant accounting estimates and assumptions</strong></p></td></tr> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td> <p style="margin:0px"> </p></td></tr> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td> <p style="margin:0px">The preparation of the interim condensed consolidated financial statements requires management to make estimates, assumptions and judgments that affect the reported amount of assets and liabilities, the disclosure of contingent assets and liabilities and the reported amount of revenues and expenses during the period. The critical accounting estimates and judgments have been set out in the notes to the Company’s consolidated financial statements for the year ended December 31, 2019.</p></td></tr> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td> <p style="margin:0px"> </p></td></tr> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td> <p style="margin:0px"><strong>Impact of COVID-19</strong></p></td></tr> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td> <p style="margin:0px"> </p></td></tr> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td> <p style="margin:0px">The current outbreak of COVID-19, and any future emergence and spread of similar pathogens, could have a material adverse effect on global and local economic and business conditions which may adversely impact our business and results of operations, and the operations of contractors and service providers. In March 2020, the Company announced and implemented a number of cost saving initiatives to reduce operating expenses in response to the pandemic as part of its COVID-19 Response Plan.</p></td></tr> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td> <p style="margin:0px"> </p></td></tr> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td> <p style="margin:0px">The overall economic impacts of COVID-19 could include an impact on our ability to obtain debt and equity financing or potential future decreases in revenue or the profitability of our ongoing operations. This is an evolving situation and we will continue to evaluate and adapt on an ongoing basis. The extent of the impact that this pandemic may have on the Canadian economy and the Company’s business is currently highly uncertain and difficult to predict. Accordingly, there is a higher level of uncertainty with respect to management’s judgements and estimates at this time, particularly as it relates to the measurement of allowance for loan losses and fair valuation of our investment portfolio. We will continue to revisit our judgements and estimates where appropriate in future reporting periods as economic conditions surrounding the COVID-19 pandemic continue to evolve. </p></td></tr> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td> <p style="margin:0px"> </p></td></tr> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td> <p style="margin:0px"><em>Rent concessions</em></p></td></tr> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td> <p style="margin:0px"> </p></td></tr> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td> <p style="margin:0px">The Company negotiated rent concessions with its landlords for some of its leased properties in relation to actions taken as part of its COVID-19 Response Plan during the current period. The Company has applied the IFRS 16 practical expedient for COVID-19 related to rent concessions to all eligible rent concessions. The Company recognized a gain of $107 for the three months ended September 30, 2020 (three months ended September 30, 2019 - $nil) which is included in other non-operating (income) expenses in the interim condensed consolidated statement of comprehensive income (loss) to reflect changes in lease payments arising from rent concessions.</p></td></tr> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td> <p style="margin:0px"> </p></td></tr> <tr style="height:15px"> <td> <p style="margin:0px"><strong>4. </strong></p></td> <td> <p style="margin:0px"><strong>Recast of prior period amounts</strong></p></td></tr> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td> <p style="margin:0px"> </p></td></tr> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td> <p style="margin:0px">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 $1,556 and $4,527 for the three and nine months ended September 30, 2019 respectively. The changes to the presentation of loan protection revenue and associated costs did not have an impact on the Company’s gross profit and net loss and comprehensive loss. 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.</p></td></tr></table> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <table style="border-spacing:0;text-align:left;font:10pt times new roman;margin-left:auto;margin-right:auto;width:92%" cellpadding="0"> <tr style="height:15px"> <td style="BORDER-BOTTOM: 1px solid;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in"><strong>Three month period ended September 30, 2019</strong></p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="MARGIN: 0px 0px 0px 0in; text-align:right;"><strong> Previously</strong></p> <p style="MARGIN: 0px 0px 0px 0in; text-align:right;"><strong>reported</strong></p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="MARGIN: 0px 0px 0px 0in; text-align:right;"><strong>Loan</strong></p> <p style="MARGIN: 0px 0px 0px 0in; text-align:right;"><strong>protection recast</strong></p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="MARGIN: 0px 0px 0px 0in; text-align:right;"><strong>Revised</strong></p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" colspan="2" style="width:9%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" colspan="2" style="width:9%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" colspan="2" style="width:9%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="margin:0px 0px 0px 1.8pt;text-indent:0.05pt">Total revenue</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">16,585</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">(1,556</td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">15,029</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="margin:0px 0px 0px 1.8pt;text-indent:0.05pt">Cost of revenue </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">(6,496</td> <td style="PADDING-BOTTOM: 1px;width:1%;vertical-align:bottom;white-space: nowrap;">)</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">1,556</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">(4,940</td> <td style="PADDING-BOTTOM: 1px;width:1%;vertical-align:bottom;white-space: nowrap;">)</td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="margin:0px 0px 0px 1.8pt;text-indent:0.05pt"><strong>Gross profit </strong></p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">10,089</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">-</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">10,089</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr></table> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <table style="border-spacing:0;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px"> <td class="hpbhr"> </td></tr> <tr style="height:15px"> <td style="BORDER-BOTTOM: black 1px solid; TEXT-INDENT: 0px;text-align:center;">9</td></tr> <tr style="height:15px"> <td><p style='page-break-after: always'></p></td></tr> <tr style="height:15px"> <td> </td></tr></table> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:right;"><strong><strong>Mogo Inc. </strong></strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:right;"><strong><strong>Notes to the Interim Condensed Consolidated Financial Statements</strong></strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:right;"><em>(Unaudited)</em></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:right;"><em>(Expressed in thousands of Canadian dollars, except per share amounts)</em></p> <table style="border-spacing:0;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="BORDER-BOTTOM: black 1px solid;"> <p style="MARGIN: 0px; text-align:right;"><em>For the three and nine months ended September 30, 2020 and 2019</em></p></td></tr></table> <p style="font-size:10pt;font-family:times new roman;margin:0px"> </p> <table style="border-spacing:0;font-size:10pt;font-variant:normal;font-weight:normal;font-style:normal;text-align:left;line-height:normal;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="width:4%;vertical-align:top;"> <p style="margin:0px"><strong>4. </strong></p></td> <td style="vertical-align:top;"><strong>Recast of prior period amounts <em>(Continued from previous page)</em></strong></td></tr></table> <p style="font-size:10pt;font-family:times new roman;margin:0px"> </p> <table style="border-spacing:0;text-align:left;font:10pt times new roman;margin-left:auto;margin-right:auto;width:92%" cellpadding="0"> <tr style="height:15px"> <td style="BORDER-BOTTOM: 1px solid;vertical-align:bottom;"> <p style="margin:0px"><strong>Nine month period ended September 30, 2019</strong></p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="MARGIN: 0px 0px 0px 0in; text-align:right;"><strong> Previously</strong></p> <p style="MARGIN: 0px 0px 0px 0in; text-align:right;"><strong>reported</strong></p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="MARGIN: 0px 0px 0px 0in; text-align:right;"><strong>Loan protection recast</strong></p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="MARGIN: 0px 0px 0px 0in; text-align:right;"><strong>Revised</strong></p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" colspan="2" style="width:9%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" colspan="2" style="width:9%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" colspan="2" style="width:9%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="margin:0px">Total revenue</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">49,314</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">(4,527</td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">44,787</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="margin:0px">Cost of revenue </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">(18,193</td> <td style="PADDING-BOTTOM: 1px;width:1%;vertical-align:bottom;white-space: nowrap;">)</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">4,527</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">(13,666</td> <td style="PADDING-BOTTOM: 1px;width:1%;vertical-align:bottom;white-space: nowrap;">)</td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="margin:0px"><strong>Gross profit </strong></p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">31,121</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">-</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">31,121</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr></table> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <table style="border-spacing:0;font-size:10pt;font-variant:normal;font-weight:normal;font-style:normal;text-align:justify;margin-left:auto;line-height:normal;margin-right:auto;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="width:4%;vertical-align:top;"> <p style="margin:0px"><strong>5. </strong></p></td> <td style="vertical-align:top;"><strong>Loans receivable</strong></td></tr> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td> <p style="margin:0px"> </p></td></tr> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td> <p style="margin:0px">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 breakdown of the Company’s gross loans receivable as at September 30, 2020 and December 31, 2019 are as follows:</p></td></tr></table> <p style="font-size:10pt;font-family:times new roman;margin:0px"> </p> <table style="border-spacing:0;text-align:left;font:10pt times new roman;margin-left:auto;margin-right:auto;width:92%" cellpadding="0"> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="MARGIN: 0px 0px 0px -8.1pt; text-align:right;"><strong>September 30, </strong></p> <p style="MARGIN: 0px 0px 0px -8.1pt; text-align:right;"><strong>2020</strong></p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="MARGIN: 0px 0px 0px -8.1pt; text-align:right;">December 31,</p> <p style="MARGIN: 0px 0px 0px -8.1pt; text-align:right;">2019</p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="MARGIN: 0px 0px 0px 0in; text-align:justify;">Current (terms of one year or less)</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;"><strong>54,413</strong></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">69,949</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="MARGIN: 0px 0px 0px 0in; text-align:justify;">Non-Current (terms exceeding one year)</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;"><strong>1,433</strong></td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">34,726</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: black 3px double;width:9%;vertical-align:bottom;text-align:right;"><strong>55,846</strong></td> <td style="PADDING-BOTTOM: 3px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: black 3px double;width:9%;vertical-align:bottom;text-align:right;">104,675</td> <td style="PADDING-BOTTOM: 3px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr></table> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <table style="border-spacing:0;font-size:10pt;text-align:justify;margin-left:auto;margin-right:auto;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="width:4%;"> <p style="margin:0px"> </p></td> <td> <p style="margin:0px">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:</p></td></tr></table> <p style="font-size:10pt;font-family:times new roman;margin:0px"> </p> <table style="border-spacing:0;text-align:left;font:10pt times new roman;margin-left:auto;margin-right:auto;width:92%" cellpadding="0"> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td> <p style="margin:0px"> </p></td> <td class="hdcell"> <p style="margin:0px"> </p></td> <td> <p style="margin:0px"> </p></td> <td class="hdcell" colspan="2"> <p style="margin:0px"> </p></td> <td> <p style="margin:0px"> </p></td> <td> <p style="margin:0px"> </p></td> <td class="hdcell" colspan="2"> <p style="margin:0px"> </p></td> <td> <p style="margin:0px"> </p></td> <td> <p style="margin:0px"> </p></td> <td class="hdcell" colspan="6"> <p style="MARGIN: 0px 0px 0px 0.25in; text-align:right;"><strong>As at September 30, 2020</strong></p></td> <td> <p style="margin:0px"> </p></td></tr> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td> <p style="margin:0px"> </p></td> <td class="hdcell"> <p style="margin:0px"> </p></td> <td> <p style="margin:0px"> </p></td> <td class="hdcell" colspan="2"> <p style="margin:0px"> </p></td> <td> <p style="margin:0px"> </p></td> <td> <p style="margin:0px"> </p></td> <td class="hdcell" colspan="2"> <p style="margin:0px"> </p></td> <td> <p style="margin:0px"> </p></td> <td> <p style="margin:0px"> </p></td> <td class="hdcell" colspan="2"> <p style="margin:0px"> </p></td> <td> <p style="margin:0px"> </p></td> <td> <p style="margin:0px"> </p></td> <td class="hdcell" colspan="2"> <p style="margin:0px"> </p></td> <td> <p style="margin:0px"> </p></td></tr> <tr style="height:15px"> <td style="BORDER-BOTTOM: 1px solid;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in"><strong>Risk Category</strong></p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;vertical-align:bottom;text-align:center;"> <p style="margin:0px 0px 0px 0in"><strong>Days past due</strong></p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;vertical-align:bottom;text-align:center;" colspan="2"> <p style="MARGIN: 0px 0px 0px 0in; text-align:right;"><strong>Stage 1</strong></p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;vertical-align:bottom;text-align:center;" colspan="2"> <p style="MARGIN: 0px 0px 0px 0in; text-align:right;"><strong>Stage 2</strong></p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;vertical-align:bottom;text-align:center;" colspan="2"> <p style="MARGIN: 0px 0px 0px 0in; text-align:right;"><strong>Stage 3</strong></p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;vertical-align:bottom;text-align:center;" colspan="2"> <p style="MARGIN: 0px 0px 0px 0in; text-align:right;"><strong>Total</strong></p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="margin:0px 0px 0px 0in">Strong</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:20%;"> <p style="margin:0px 0px 0px 0in">Not past due</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">46,924</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">46,924</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="margin:0px 0px 0px 0in">Satisfactory</p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td> <p style="margin:0px 0px 0px 0in">1-30 days past due</p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="vertical-align:bottom;text-align:right;">1,725</td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="vertical-align:bottom;text-align:right;">-</td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="vertical-align:bottom;text-align:right;">-</td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="vertical-align:bottom;text-align:right;">1,725</td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="margin:0px 0px 0px 0in">Lower risk</p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td> <p style="margin:0px 0px 0px 0in">31-60 days past due</p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="vertical-align:bottom;text-align:right;">-</td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="vertical-align:bottom;text-align:right;">582</td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="vertical-align:bottom;text-align:right;">-</td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="vertical-align:bottom;text-align:right;">582</td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="margin:0px 0px 0px 0in">Higher risk</p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td> <p style="margin:0px 0px 0px 0in">61-90 days past due</p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="vertical-align:bottom;text-align:right;">-</td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="vertical-align:bottom;text-align:right;">384</td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="vertical-align:bottom;text-align:right;">-</td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="vertical-align:bottom;text-align:right;">384</td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="margin:0px 0px 0px 0in">Non-performing </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td> <p style="margin:0px 0px 0px 0in">91+ days past due or bankrupt </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;vertical-align:bottom;text-align:right;">-</td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;vertical-align:bottom;text-align:right;">-</td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;vertical-align:bottom;text-align:right;">6,231</td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;vertical-align:bottom;text-align:right;">6,231</td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td> <p style="margin:0px 0px 0px -5.75pt">Gross loans receivable</p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="vertical-align:bottom;text-align:right;">48,649</td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="vertical-align:bottom;text-align:right;">966</td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="vertical-align:bottom;text-align:right;">6,231</td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="vertical-align:bottom;text-align:right;">55,846</td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td> <p style="margin:0px 0px 0px -5.75pt">Allowance<strong> </strong>for loan losses</p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;vertical-align:bottom;text-align:right;">(5,965</td> <td style="PADDING-BOTTOM: 1px;vertical-align:bottom;white-space: nowrap;">)</td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;vertical-align:bottom;text-align:right;">(652</td> <td style="PADDING-BOTTOM: 1px;vertical-align:bottom;white-space: nowrap;">)</td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;vertical-align:bottom;text-align:right;">(2,688</td> <td style="PADDING-BOTTOM: 1px;vertical-align:bottom;white-space: nowrap;">)</td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;vertical-align:bottom;text-align:right;">(9,305</td> <td style="PADDING-BOTTOM: 1px;vertical-align:bottom;white-space: nowrap;">)</td></tr> <tr style="height:15px;background-color:#ffffff"> <td> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td> <p style="margin:0px 0px 0px -5.75pt"><strong>Loans receivable, net</strong></p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: black 3px double;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: black 3px double;vertical-align:bottom;text-align:right;"><strong>42,684</strong></td> <td style="PADDING-BOTTOM: 3px;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: black 3px double;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: black 3px double;vertical-align:bottom;text-align:right;"><strong>314</strong></td> <td style="PADDING-BOTTOM: 3px;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: black 3px double;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: black 3px double;vertical-align:bottom;text-align:right;"><strong>3,543</strong></td> <td style="PADDING-BOTTOM: 3px;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: black 3px double;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: black 3px double;vertical-align:bottom;text-align:right;"><strong>46,541</strong></td> <td style="PADDING-BOTTOM: 3px;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr></table> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:right;"> </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px -8.1pt; text-align:right;"> </p> <table style="border-spacing:0;text-align:left;font:10pt times new roman;margin-left:auto;margin-right:auto;width:92%" cellpadding="0"> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td> <p style="margin:0px"> </p></td> <td class="hdcell"> <p style="margin:0px"> </p></td> <td> <p style="margin:0px"> </p></td> <td class="hdcell" colspan="2"> <p style="margin:0px"> </p></td> <td> <p style="margin:0px"> </p></td> <td> <p style="margin:0px"> </p></td> <td class="hdcell" colspan="2"> <p style="margin:0px"> </p></td> <td> <p style="margin:0px"> </p></td> <td> <p style="margin:0px"> </p></td> <td class="hdcell" colspan="6"> <p style="MARGIN: 0px; text-align:right;"><strong>As at December 31, 2019</strong></p></td> <td> <p style="margin:0px"> </p></td></tr> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td> <p style="margin:0px"> </p></td> <td class="hdcell"> <p style="margin:0px"> </p></td> <td> <p style="margin:0px"> </p></td> <td class="hdcell" colspan="2"> <p style="margin:0px"> </p></td> <td> <p style="margin:0px"> </p></td> <td> <p style="margin:0px"> </p></td> <td class="hdcell" colspan="2"> <p style="margin:0px"> </p></td> <td> <p style="margin:0px"> </p></td> <td> <p style="margin:0px"> </p></td> <td class="hdcell" colspan="2"> <p style="margin:0px"> </p></td> <td> <p style="margin:0px"> </p></td> <td> <p style="margin:0px"> </p></td> <td class="hdcell" colspan="2"> <p style="margin:0px"> </p></td> <td> <p style="margin:0px"> </p></td></tr> <tr style="height:15px"> <td style="BORDER-BOTTOM: 1px solid;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in"><strong>Risk Category</strong></p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;vertical-align:bottom;text-align:center;"> <p style="margin:0px 0px 0px 0in"><strong>Days past due</strong></p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;vertical-align:bottom;text-align:center;" colspan="2"> <p style="MARGIN: 0px 0px 0px 0in; text-align:right;"><strong>Stage 1</strong></p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;vertical-align:bottom;text-align:center;" colspan="2"> <p style="MARGIN: 0px 0px 0px -9.35pt; text-align:right;"><strong>Stage 2</strong></p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;vertical-align:bottom;text-align:center;" colspan="2"> <p style="MARGIN: 0px 0px 0px 0in; text-align:right;"><strong>Stage 3</strong></p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;vertical-align:bottom;text-align:center;" colspan="2"> <p style="MARGIN: 0px 0px 0px 0in; text-align:right;"><strong>Total</strong></p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="margin:0px 0px 0px 0in">Strong</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:20%;"> <p style="margin:0px 0px 0px 0in">Not past due</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">87,910</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">87,910</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="margin:0px 0px 0px 0in">Satisfactory</p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td> <p style="margin:0px 0px 0px 0in">1-30 days past due</p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="vertical-align:bottom;text-align:right;">3,240</td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="vertical-align:bottom;text-align:right;">-</td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="vertical-align:bottom;text-align:right;">-</td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="vertical-align:bottom;text-align:right;">3,240</td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="margin:0px 0px 0px 0in">Lower risk</p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td> <p style="margin:0px 0px 0px 0in">31-60 days past due</p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="vertical-align:bottom;text-align:right;">-</td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="vertical-align:bottom;text-align:right;">1,650</td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="vertical-align:bottom;text-align:right;">-</td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="vertical-align:bottom;text-align:right;">1,650</td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="margin:0px 0px 0px 0in">Higher risk</p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td> <p style="margin:0px 0px 0px 0in">61-90 days past due</p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="vertical-align:bottom;text-align:right;">-</td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="vertical-align:bottom;text-align:right;">1,289</td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="vertical-align:bottom;text-align:right;">-</td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="vertical-align:bottom;text-align:right;">1,289</td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="margin:0px 0px 0px 0in">Non-performing</p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td> <p style="margin:0px 0px 0px 0in">91+ days past due or bankrupt</p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;vertical-align:bottom;text-align:right;">-</td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;vertical-align:bottom;text-align:right;">-</td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;vertical-align:bottom;text-align:right;">10,586</td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;vertical-align:bottom;text-align:right;">10,586</td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td> <p style="margin:0px 0px 0px 3.4pt">Gross loans receivable</p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="vertical-align:bottom;text-align:right;">91,150</td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="vertical-align:bottom;text-align:right;">2,939</td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="vertical-align:bottom;text-align:right;">10,586</td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="vertical-align:bottom;text-align:right;">104,675</td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td> <p style="margin:0px 0px 0px 3.4pt">Allowance for loan losses</p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;vertical-align:bottom;text-align:right;">(7,477</td> <td style="PADDING-BOTTOM: 1px;vertical-align:bottom;white-space: nowrap;">)</td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;vertical-align:bottom;text-align:right;">(1,784</td> <td style="PADDING-BOTTOM: 1px;vertical-align:bottom;white-space: nowrap;">)</td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;vertical-align:bottom;text-align:right;">(6,759</td> <td style="PADDING-BOTTOM: 1px;vertical-align:bottom;white-space: nowrap;">)</td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;vertical-align:bottom;text-align:right;">(16,020</td> <td style="PADDING-BOTTOM: 1px;vertical-align:bottom;white-space: nowrap;">)</td></tr> <tr style="height:15px;background-color:#ffffff"> <td> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td> <p style="margin:0px 0px 0px 3.4pt"><strong>Loans receivable, net</strong></p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: black 3px double;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: black 3px double;vertical-align:bottom;text-align:right;"><strong>83,673</strong></td> <td style="PADDING-BOTTOM: 3px;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: black 3px double;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: black 3px double;vertical-align:bottom;text-align:right;"><strong>1,155</strong></td> <td style="PADDING-BOTTOM: 3px;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: black 3px double;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: black 3px double;vertical-align:bottom;text-align:right;"><strong>3,827</strong></td> <td style="PADDING-BOTTOM: 3px;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: black 3px double;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: black 3px double;vertical-align:bottom;text-align:right;"><strong>88,655</strong></td> <td style="PADDING-BOTTOM: 3px;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr></table> <p style="font-size:10pt;font-family:times new roman;margin:0px"> </p> <table style="border-spacing:0;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px"> <td class="hpbhr"> </td></tr> <tr style="height:15px"> <td style="BORDER-BOTTOM: black 1px solid; TEXT-INDENT: 0px;text-align:center;">10</td></tr> <tr style="height:15px"> <td><p style='page-break-after: always'></p></td></tr> <tr style="height:15px"> <td> </td></tr></table> <p style="font-size:10pt;font-family:times new roman;margin:0px"> </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:right;"><strong><strong>Mogo Inc. </strong></strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:right;"><strong><strong>Notes to the Interim Condensed Consolidated Financial Statements</strong></strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:right;"><em>(Unaudited)</em></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:right;"><em>(Expressed in thousands of Canadian dollars, except per share amounts)</em></p> <table style="border-spacing:0;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="BORDER-BOTTOM: black 1px solid;"> <p style="MARGIN: 0px; text-align:right;"><em>For the three and nine months ended September 30, 2020 and 2019</em></p></td></tr></table> <p style="font-size:10pt;font-family:times new roman;margin:0px"> </p> <table style="border-spacing:0;font-size:10pt;font-variant:normal;font-weight:normal;font-style:normal;text-align:justify;margin-left:auto;line-height:normal;margin-right:auto;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="width:4%;vertical-align:top;"> <p style="margin:0px"><strong>5. </strong></p></td> <td style="vertical-align:top;"><strong>Loans receivable</strong> <em>(Continued from previous page)</em></td></tr> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td> <p style="margin:0px"> </p></td></tr> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td> <p style="margin:0px">The Company’s measurement of ECLs is impacted by forward looking indicators (FLIs) including the consideration of forward macroeconomic conditions. In light of the COVID-19 pandemic, management has applied a probability weighted approach to the measurement of ECL as at September 30, 2020, involving multiple stress scenarios and additional FLIs. Additional factors considered include the possibility of a prolonged economic recession, the effectiveness of collection strategies implemented to assist customers experiencing financial difficulty (including varying potential levels of defaults for customers who have been offered payment deferral plans), the extent to which government subsidies will continue to be available as the COVID-19 pandemic continues, and the level of loan protection insurance held by customers within our portfolio. Management intends to continue using these inputs to measure ECL as conditions surrounding the pandemic evolve. </p></td></tr> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td> <p style="margin:0px"> </p></td></tr> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td> <p style="margin:0px">As at September 30, 2020, our allowance for loan losses includes $1,145 attributable to COVID-19 related allowance, which we believe provides adequate provision to absorb the impact on our loan book of any potential deterioration in future macroeconomic conditions that may result from the ongoing COVID-19 pandemic.</p></td></tr> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td> <p style="margin:0px"> </p></td></tr> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td> <p style="margin:0px">The overall changes in the allowance for loan losses are summarized below:</p></td></tr></table> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <table style="border-spacing:0;text-align:left;font:10pt times new roman;margin-left:auto;margin-right:auto;width:92%" cellpadding="0"> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="6"> <p style="MARGIN: 0px 0px 0px 0in; text-align:right;"><strong>Three months ended</strong></p> <p style="MARGIN: 0px 0px 0px 0in; text-align:right;"><strong>September 30, </strong></p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="6"> <p style="MARGIN: 0px 0px 0px 0in; text-align:right;"><strong>Nine months ended</strong></p> <p style="MARGIN: 0px 0px 0px 0in; text-align:right;"><strong>September 30,</strong></p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px"> <td style="BORDER-BOTTOM: 1px solid;vertical-align:bottom;"> <p style="margin:0px"><strong>Allowance for loan losses </strong></p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="MARGIN: 0px 0px 0px 0in; TEXT-INDENT: 14.2pt; text-align:right;"><strong>2020</strong></p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="MARGIN: 0px 0px 0px 0in; text-align:right;">2019</p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="MARGIN: 0px 0px 0px 0in; text-align:right;"><strong>2020</strong></p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="MARGIN: 0px 0px 0px 0in; text-align:right;">2019</p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="margin:0px">Balance, beginning of period</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;"><strong>12,314</strong></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">15,387</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;"><strong>16,020</strong></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">15,409</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="margin:0px">Derecognition of provision associated with loan sale</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;"><strong>-</strong></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;"><strong>(2,131</strong></td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;"><strong>)</strong></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="margin:0px">Provision for loan losses</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;"><strong>758</strong></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">5,243</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;"><strong>7,741</strong></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">14,539</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="margin:0px">Charge offs</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;"><strong>(3,767</strong></td> <td style="PADDING-BOTTOM: 1px;width:1%;vertical-align:bottom;white-space: nowrap;"><strong>)</strong></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">(5,204</td> <td style="PADDING-BOTTOM: 1px;width:1%;vertical-align:bottom;white-space: nowrap;">)</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;"><strong>(12,325</strong></td> <td style="PADDING-BOTTOM: 1px;width:1%;vertical-align:bottom;white-space: nowrap;"><strong>)</strong></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">(14,522</td> <td style="PADDING-BOTTOM: 1px;width:1%;vertical-align:bottom;white-space: nowrap;">)</td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="margin:0px"><strong>Balance, end of period</strong></p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: black 3px double;width:9%;vertical-align:bottom;text-align:right;"><strong>9,305</strong></td> <td style="PADDING-BOTTOM: 3px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: black 3px double;width:9%;vertical-align:bottom;text-align:right;">15,426</td> <td style="PADDING-BOTTOM: 3px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: black 3px double;width:9%;vertical-align:bottom;text-align:right;"><strong>9,305</strong></td> <td style="PADDING-BOTTOM: 3px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: black 3px double;width:9%;vertical-align:bottom;text-align:right;">15,426</td> <td style="PADDING-BOTTOM: 3px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr></table> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <table style="border-spacing:0;font-size:10pt;text-align:justify;margin-left:auto;margin-right:auto;width:100%" cellpadding="0"> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td> <p style="margin:0px">The provision for loan losses in the interim condensed consolidated statement of comprehensive loss is recorded net of recoveries for the three and nine months ended September 30, 2020 of $176 and $848 respectively (three and nine months ended September 30, 2019 - $413 and $1,328 respectively).</p></td></tr> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td> <p style="margin:0px"> </p></td></tr> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td> <p style="margin:0px">On February 28, 2020, Mogo completed the sale of the majority of its non-current (“MogoLiquid”) loan portfolio (the “Liquid Sale”) for gross consideration of $31,572, de-recognized net loan receivables of $29,896 and recognized a corresponding gain on sale of loan book amounting to $1,676. This gain is presented within other non-operating expenses, in the interim condensed consolidated statement of operations and comprehensive loss.</p></td></tr> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td> <p style="margin:0px"> </p></td></tr> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td> <p style="margin:0px">Mogo is also eligible for an additional performance-based payment of up to $1,500 payable upon achieving certain agreed-upon annual origination amounts under the 3-year lending partnership with the purchaser of the Liquid Sale. These performance-based payments are not recognizable into revenue until the related performance milestones are fully achieved. </p></td></tr> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td> <p style="margin:0px"> </p></td></tr> <tr style="height:15px"> <td style="width:4%;"> <p style="margin:0px"><strong>6. </strong></p></td> <td> <p style="margin:0px"><strong>Related party transactions</strong></p></td></tr> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td> <p style="margin:0px"> </p></td></tr> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td> <p style="margin:0px">Related party transactions during the three and nine months ended September 30, 2020 include transactions with debenture holders that incur interest. The related party debentures balance as at September 30, 2020 totaled $367 (December 31, 2019 – $348). The debentures bear annual coupon interest of 8.0% (December 31, 2019 – 10.0% to 18.0%) with interest expense for three and nine months ended September 30, 2020 totalling $7 and $26, respectively (three and nine months ended September 30, 2019 - $23 and $47, respectively). The related parties involved in such transactions include shareholders, officers, directors, and management, members of their families, or entities which are directly or indirectly controlled by members of their families. The debentures are ongoing contractual obligations that are used to fund our corporate and operational activities. In relation to the amendment to the terms of debentures on September 30, 2020 (see Note 10), there were 35,831 warrants issuable to related parties as at September 30, 2020 with a fair value of $28. </p></td></tr></table> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <table style="border-spacing:0;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px"> <td class="hpbhr"> </td></tr> <tr style="height:15px"> <td style="BORDER-BOTTOM: black 1px solid; TEXT-INDENT: 0px;text-align:center;">11</td></tr> <tr style="height:15px"> <td><p style='page-break-after: always'></p></td></tr> <tr style="height:15px"> <td> </td></tr></table> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:right;"><strong><strong>Mogo Inc. </strong></strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:right;"><strong><strong>Notes to the Interim Condensed Consolidated Financial Statements</strong></strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:right;"><em>(Unaudited)</em></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:right;"><em>(Expressed in thousands of Canadian dollars, except per share amounts)</em><em> </em></p> <table style="border-spacing:0;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="BORDER-BOTTOM: black 1px solid;"> <p style="MARGIN: 0px; text-align:right;"><em>For the three and nine months ended September 30, 2020 and 2019</em></p></td></tr></table> <p style="font-size:10pt;font-family:times new roman;margin:0px"> </p> <table style="border-spacing:0;font-size:10pt;font-variant:normal;font-weight:normal;font-style:normal;text-align:left;line-height:normal;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="width:4%;vertical-align:top;"> <p style="margin:0px"><strong>7.</strong></p></td> <td style="vertical-align:top;"><strong> Property and equipment</strong></td></tr></table> <p style="font-size:10pt;font-family:times new roman;margin:0px"> </p> <table style="border-spacing:0;text-align:left;font:10pt times new roman;margin-left:auto;margin-right:auto;width:92%" cellpadding="0"> <tr style="height:15px"> <td style="BORDER-BOTTOM: 1px solid;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="MARGIN: 0px 0px 0px 0in; text-align:right;"><strong>Computer equipment</strong></p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="MARGIN: 0px 0px 0px 0in; text-align:right;"><strong>Furniture and fixtures</strong></p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="MARGIN: 0px 0px 0px -9.35pt; text-align:right;"><strong>Leasehold improvements</strong></p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="MARGIN: 0px 0px 0px 0in; text-align:right;"><strong>Total</strong></p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px"> <td style="vertical-align:top;"> <p style="margin:0px"><strong>Cost</strong></p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" colspan="2" style="width:9%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" colspan="2" style="width:9%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" colspan="2" style="width:9%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" colspan="2" style="width:9%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="margin:0px">Balance at December 31, 2018</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">5,046</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">1,502</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">2,509</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">9,057</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="margin:0px">Additions</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">186</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">3</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">189</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="margin:0px">Disposals</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">(719</td> <td style="PADDING-BOTTOM: 1px;width:1%;vertical-align:bottom;white-space: nowrap;">)</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">(325</td> <td style="PADDING-BOTTOM: 1px;width:1%;vertical-align:bottom;white-space: nowrap;">)</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">-</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">(1,044</td> <td style="PADDING-BOTTOM: 1px;width:1%;vertical-align:bottom;white-space: nowrap;">)</td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="margin:0px">Balance at December 31, 2019</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">4,513</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">1,180</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">2,509</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">8,202</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="margin:0px">Additions</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">22</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">22</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="margin:0px">Disposals</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">(25</td> <td style="PADDING-BOTTOM: 1px;width:1%;vertical-align:bottom;white-space: nowrap;">)</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">-</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">(454</td> <td style="PADDING-BOTTOM: 1px;width:1%;vertical-align:bottom;white-space: nowrap;">)</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">(479</td> <td style="PADDING-BOTTOM: 1px;width:1%;vertical-align:bottom;white-space: nowrap;">)</td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="margin:0px"><strong>Balance at September 30, 2020</strong></p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: black 3px double;width:9%;vertical-align:bottom;text-align:right;"><strong>4,510</strong></td> <td style="PADDING-BOTTOM: 3px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: black 3px double;width:9%;vertical-align:bottom;text-align:right;"><strong>1,180</strong></td> <td style="PADDING-BOTTOM: 3px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: black 3px double;width:9%;vertical-align:bottom;text-align:right;"><strong>2,055</strong></td> <td style="PADDING-BOTTOM: 3px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: black 3px double;width:9%;vertical-align:bottom;text-align:right;"><strong>7,745</strong></td> <td style="PADDING-BOTTOM: 3px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="margin:0px"><strong>Accumulated depreciation</strong></p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="margin:0px">Balance at December 31, 2018</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">3,672</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">899</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">1,470</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">6,041</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="margin:0px 0px 0px 0in">Depreciation</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">749</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">116</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">465</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">1,330</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="margin:0px 0px 0px 0in">Disposals</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">(660</td> <td style="PADDING-BOTTOM: 1px;width:1%;vertical-align:bottom;white-space: nowrap;">)</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">(282</td> <td style="PADDING-BOTTOM: 1px;width:1%;vertical-align:bottom;white-space: nowrap;">)</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">-</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">(942</td> <td style="PADDING-BOTTOM: 1px;width:1%;vertical-align:bottom;white-space: nowrap;">)</td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="margin:0px">Balance at December 31, 2019</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">3,761</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">733</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">1,935</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">6,429</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="margin:0px">Depreciation</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">172</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">69</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">302</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">543</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="margin:0px">Disposals</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">(16</td> <td style="PADDING-BOTTOM: 1px;width:1%;vertical-align:bottom;white-space: nowrap;">)</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">-</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">(191</td> <td style="PADDING-BOTTOM: 1px;width:1%;vertical-align:bottom;white-space: nowrap;">)</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">(207</td> <td style="PADDING-BOTTOM: 1px;width:1%;vertical-align:bottom;white-space: nowrap;">)</td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="margin:0px"><strong>Balance at September 30, 2020</strong></p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: black 3px double;width:9%;vertical-align:bottom;text-align:right;"><strong>3,917</strong></td> <td style="PADDING-BOTTOM: 3px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: black 3px double;width:9%;vertical-align:bottom;text-align:right;"><strong>802</strong></td> <td style="PADDING-BOTTOM: 3px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;" colspan="2"> <p style="MARGIN: 0px 0px 0px 0in; text-align:right;"><strong>2,046</strong></p></td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: black 3px double;width:9%;vertical-align:bottom;text-align:right;"><strong>6,765</strong></td> <td style="PADDING-BOTTOM: 3px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="margin:0px"><strong>Net book value</strong></p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="margin:0px">At December 31, 2019</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: black 3px double;width:9%;vertical-align:bottom;text-align:right;">752</td> <td style="PADDING-BOTTOM: 3px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: black 3px double;width:9%;vertical-align:bottom;text-align:right;">447</td> <td style="PADDING-BOTTOM: 3px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: black 3px double;width:9%;vertical-align:bottom;text-align:right;">574</td> <td style="PADDING-BOTTOM: 3px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: black 3px double;width:9%;vertical-align:bottom;text-align:right;">1,773</td> <td style="PADDING-BOTTOM: 3px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="margin:0px"><strong>At September 30, 2020</strong></p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: black 3px double;width:9%;vertical-align:bottom;text-align:right;"><strong>593</strong></td> <td style="PADDING-BOTTOM: 3px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: black 3px double;width:9%;vertical-align:bottom;text-align:right;"><strong>378</strong></td> <td style="PADDING-BOTTOM: 3px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: black 3px double;width:9%;vertical-align:bottom;text-align:right;"><strong>9</strong></td> <td style="PADDING-BOTTOM: 3px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: black 3px double;width:9%;vertical-align:bottom;text-align:right;"><strong>980</strong></td> <td style="PADDING-BOTTOM: 3px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr></table> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <table style="border-spacing:0;font-size:10pt;font-variant:normal;font-weight:normal;font-style:normal;text-align:justify;margin-left:auto;line-height:normal;margin-right:auto;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="width:4%;"> <p style="margin:0px"> </p></td> <td style="vertical-align:top;">During Q2 2020 the Company vacated one of its leased properties and accordingly wrote off $263 of net book value related to leasehold improvements for the right of use asset. For the three and nine months ended September 30, 2019, the Company recognized $nil and a $102 loss respectively on the disposal of computer equipment and furniture and fixtures and recorded a non-cash expense in the interim condensed consolidated statement of operations and comprehensive loss.</td></tr> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td> <p style="margin:0px"> </p></td></tr> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td> <p style="margin:0px">Depreciation of $75 and $302 for the three and nine months ended September 30, 2020, respectively ($116 and $348 for the three and nine months ended September 30, 2019, respectively) are included in general and administration expenses. Depreciation expense of $78 and $241 for the three and nine months ended September 30, 2020, respectively ($101 and $753 for the three and nine months ended September 30, 2019) for all other property and equipment are included in technology and development costs. </p></td></tr></table> <p style="font-size:10pt;font-family:times new roman;margin:0px"> </p> <table style="border-spacing:0;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px"> <td class="hpbhr"> </td></tr> <tr style="height:15px"> <td style="BORDER-BOTTOM: black 1px solid; TEXT-INDENT: 0px;text-align:center;">12</td></tr> <tr style="height:15px"> <td><p style='page-break-after: always'></p></td></tr> <tr style="height:15px"> <td> </td></tr></table> <p style="font-size:10pt;font-family:times new roman;margin:0px"> </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:right;"><strong><strong>Mogo Inc. </strong></strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:right;"><strong><strong>Notes to the Interim Condensed Consolidated Financial Statements</strong></strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:right;"><em>(Unaudited)</em></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:right;"><em>(Expressed in thousands of Canadian dollars, except per share amounts)</em><em> </em></p> <table style="border-spacing:0;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="BORDER-BOTTOM: black 1px solid;"> <p style="MARGIN: 0px; text-align:right;"><em>For the three and nine months ended September 30, 2020 and 2019</em></p></td></tr></table> <p style="font-size:10pt;font-family:times new roman;margin:0px"> </p> <table style="border-spacing:0;font-size:10pt;font-variant:normal;font-weight:normal;font-style:normal;text-align:left;line-height:normal;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="width:4%;vertical-align:top;"> <p style="margin:0px"><strong>8. </strong></p></td> <td style="vertical-align:top;"><strong>Intangible assets</strong></td></tr></table> <p style="font-size:10pt;font-family:times new roman;margin:0px"> </p> <table style="border-spacing:0;text-align:left;font:10pt times new roman;margin-left:auto;margin-right:auto;width:92%" cellpadding="0"> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="MARGIN: 0px; text-align:right;"><strong>Internally</strong></p> <p style="MARGIN: 0px; text-align:right;"><strong>generated – Completed</strong></p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="MARGIN: 0px 0px 0px -6.7pt; text-align:right;"><strong>Internally</strong></p> <p style="MARGIN: 0px; text-align:right;"><strong> generated –</strong></p> <p style="MARGIN: 0px 0px 0px -6.7pt; text-align:right;"><strong> In Process</strong></p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="MARGIN: 0px; text-align:right;"><strong>Acquired software licenses </strong></p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="MARGIN: 0px 0px 0px -6.7pt; text-align:right;"><strong>Total</strong></p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px"> <td style="vertical-align:top;"> <p style="margin:0px"><strong>Cost</strong></p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" colspan="2" style="width:9%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" colspan="2" style="width:9%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" colspan="2" style="width:9%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" colspan="2" style="width:9%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="margin:0px">Balance at December 31, 2018</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">26,901</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">898</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">3,356</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">31,155</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="margin:0px">Additions</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">8,438</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">8,438</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="margin:0px">Transfers</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">7,948</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">(7,948</td> <td style="PADDING-BOTTOM: 1px;width:1%;vertical-align:bottom;white-space: nowrap;">)</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">-</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">-</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="margin:0px">Balance at December 31, 2019</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">34,849</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">1,388</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">3,356</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">39,593</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="margin:0px">Additions</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">3,569</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">3,569</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="margin:0px">Transfers</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">3,778</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">(3,778</td> <td style="PADDING-BOTTOM: 1px;width:1%;vertical-align:bottom;white-space: nowrap;">)</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;"> <p style="margin:0px"> </p></td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">-</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="margin:0px"><strong>Balance at September 30, 2020</strong></p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: black 3px double;width:9%;vertical-align:bottom;text-align:right;"><strong>38,627</strong></td> <td style="PADDING-BOTTOM: 3px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: black 3px double;width:9%;vertical-align:bottom;text-align:right;"><strong>1,179</strong></td> <td style="PADDING-BOTTOM: 3px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: black 3px double;width:9%;vertical-align:bottom;text-align:right;"><strong>3,356</strong></td> <td style="PADDING-BOTTOM: 3px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: black 3px double;width:9%;vertical-align:bottom;text-align:right;"><strong>43,162</strong></td> <td style="PADDING-BOTTOM: 3px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="margin:0px"><strong>Accumulated depreciation</strong></p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="margin:0px">Balance at December 31, 2018</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">9,374</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">3,123</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">12,497</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="margin:0px">Amortization</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: black 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;vertical-align:bottom;text-align:right;">5,764</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: black 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;vertical-align:bottom;text-align:right;">-</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: black 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;vertical-align:bottom;text-align:right;">75</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: black 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;vertical-align:bottom;text-align:right;">5,839</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="margin:0px">Balance at December 31, 2019</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">15,138</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">3,198</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">18,336</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="margin:0px">Amortization</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: black 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;vertical-align:bottom;text-align:right;">5,737</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: black 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;vertical-align:bottom;text-align:right;">-</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: black 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;vertical-align:bottom;text-align:right;">36</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: black 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;vertical-align:bottom;text-align:right;">5,773</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="margin:0px"><strong>Balance at September 30, 2020</strong></p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: black 3px double;width:9%;vertical-align:bottom;text-align:right;"><strong>20,875</strong></td> <td style="PADDING-BOTTOM: 3px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: black 3px double;width:9%;vertical-align:bottom;text-align:right;"><strong>-</strong></td> <td style="PADDING-BOTTOM: 3px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: black 3px double;width:9%;vertical-align:bottom;text-align:right;"><strong>3,234</strong></td> <td style="PADDING-BOTTOM: 3px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: black 3px double;width:9%;vertical-align:bottom;text-align:right;"><strong>24,109</strong></td> <td style="PADDING-BOTTOM: 3px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="margin:0px"><strong>Net book value</strong></p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="margin:0px">At December 31, 2019</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: black 3px double;width:9%;vertical-align:bottom;text-align:right;">19,711</td> <td style="PADDING-BOTTOM: 3px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: black 3px double;width:9%;vertical-align:bottom;text-align:right;">1,388</td> <td style="PADDING-BOTTOM: 3px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: black 3px double;width:9%;vertical-align:bottom;text-align:right;">158</td> <td style="PADDING-BOTTOM: 3px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: black 3px double;width:9%;vertical-align:bottom;text-align:right;">21,257</td> <td style="PADDING-BOTTOM: 3px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="margin:0px"><strong>At September 30, 2020</strong></p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: black 3px double;width:9%;vertical-align:bottom;text-align:right;"><strong>17,752</strong></td> <td style="PADDING-BOTTOM: 3px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: black 3px double;width:9%;vertical-align:bottom;text-align:right;"><strong>1,179</strong></td> <td style="PADDING-BOTTOM: 3px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: black 3px double;width:9%;vertical-align:bottom;text-align:right;"><strong>122</strong></td> <td style="PADDING-BOTTOM: 3px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: black 3px double;width:9%;vertical-align:bottom;text-align:right;"><strong>19,053</strong></td> <td style="PADDING-BOTTOM: 3px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr></table> <p style="font-size:10pt;font-family:times new roman;margin:0px"> </p> <table style="border-spacing:0;font-size:10pt;text-align:justify;margin-left:auto;margin-right:auto;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="width:4%;"> <p style="margin:0px"> </p></td> <td> <p style="margin:0px">Intangible assets include both internally generated and acquired software with finite useful lives. Amortization of intangible assets of $1,978 and $5,773 for the three and nine months ended September 30, 2020 (three and nine months ended September 30, 2019 - $1,416 and $2,706, respectively) is included in technology and development costs.</p></td></tr></table> <p style="font-size:10pt;font-family:times new roman;margin:0px"> </p> <table style="border-spacing:0;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px"> <td class="hpbhr"> </td></tr> <tr style="height:15px"> <td style="BORDER-BOTTOM: black 1px solid; TEXT-INDENT: 0px;text-align:center;">13</td></tr> <tr style="height:15px"> <td><p style='page-break-after: always'></p></td></tr> <tr style="height:15px"> <td> </td></tr></table> <p style="font-size:10pt;font-family:times new roman;margin:0px"> </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:right;"><strong><strong>Mogo Inc. </strong></strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:right;"><strong><strong>Notes to the Interim Condensed Consolidated Financial Statements</strong></strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:right;"><em>(Unaudited)</em></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:right;"><em>(Expressed in thousands of Canadian dollars, except per share amounts)</em><em> </em></p> <table style="border-spacing:0;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="BORDER-BOTTOM: black 1px solid;"> <p style="MARGIN: 0px; text-align:right;"><em>For the three and nine months ended September 30, 2020 and 2019</em></p></td></tr></table> <p style="font-size:10pt;font-family:times new roman;margin:0px"> </p> <table style="border-spacing:0;font-size:10pt;font-variant:normal;font-weight:normal;font-style:normal;text-align:justify;margin-left:auto;line-height:normal;margin-right:auto;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="width:4%;vertical-align:top;"> <p style="margin:0px"><strong>9. </strong></p></td> <td style="vertical-align:top;"><strong>Credit facilities</strong></td></tr> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td> <p style="margin:0px"> </p></td></tr> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td> <p style="margin:0px">The Company’s credit facility, the “Credit Facility – Other” is used to finance the Company’s loan products. The facility matures on July 2, 2022. The credit facility is subject to variable interest rates that reference LIBOR, or under certain conditions, the Federal Funds Rate in effect.</p></td></tr> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td> <p style="margin:0px"> </p></td></tr> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td> <p style="margin:0px">On December 31, 2019, the Company amended its Credit Facility – Other. The amendments lowered the effective interest rate from a maximum of 12.5% plus LIBOR (with a LIBOR floor of 2%) to 9% plus LIBOR (with a LIBOR floor of 1.5%) effective July 2, 2020, payable on the greater of the actual aggregate unpaid principal balance, or the prescribed minimum balance under the term loan agreement. In addition, the amendment increased the available loan capital from $50 million to $60 million. There is a 0.33% fee on the available but undrawn portion of the facility. </p></td></tr> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td> <p style="margin:0px"> </p></td></tr> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td> <p style="margin:0px">On June 29, 2020, the Company further amended its Credit Facility – Other. The amendments decreased the available loan capital back from $60 million to $50 million and reduced the prescribed minimum balances applicable in the calculation of interest as described above.</p></td></tr> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td> <p style="margin:0px"> </p></td></tr> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td> <p style="margin:0px">On February 28, 2020, in conjunction with the Liquid Sale, Mogo repaid and extinguished its Credit Facility – Liquid, which held a principal outstanding balance of approximately $28,683 immediately prior to derecognition. As part of extinguishing the facility in advance of its maturity, Mogo recognized a prepayment penalty of $2,500 of which $1,500 was payable in cash and of which $1,000 was settled in shares on March 5, 2020, through the issuance of 306,842 common shares, priced at $3.259 per share.</p></td></tr></table> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <table style="border-spacing:0;text-align:left;font:10pt times new roman;margin-left:auto;margin-right:auto;width:92%" cellpadding="0"> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="MARGIN: 0px 0px 0px 0in; text-align:right;"><strong>September 30, 2020</strong></p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="MARGIN: 0px 0px 0px 0in; text-align:right;">December 31,</p> <p style="MARGIN: 0px 0px 0px 0in; text-align:right;">2019</p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px"> <td style="vertical-align:top;"> <p style="MARGIN: 0px 0px 0px 0in; text-align:justify;"><strong>Credit Facility – Other</strong></p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" colspan="2" style="width:9%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" colspan="2" style="width:9%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="margin:0px 0px 0px 15px">Funds drawn </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;"><strong>37,188</strong></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">47,248</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="margin:0px 0px 0px 0in"><strong>Credit Facility – Liquid</strong></p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="margin:0px 0px 0px 15px">Funds drawn </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;"><strong>-</strong></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">29,255</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="margin:0px 0px 0px 15px">Interest payable</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;"><strong>-</strong></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">191</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="margin:0px 0px 0px 15px">Unamortized deferred financing cost</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;"><strong>-</strong></td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">(222</td> <td style="PADDING-BOTTOM: 1px;width:1%;vertical-align:bottom;white-space: nowrap;">)</td></tr> <tr style="height:15px;background-color:#ffffff"> <td> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;"><strong>-</strong></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">29,224</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;"> <p style="margin:0px"> </p></td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;"> <p style="margin:0px"> </p></td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="margin:0px 0px 0px 0in"><strong>Credit Facilities – Total</strong></p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: black 3px double;width:9%;vertical-align:bottom;text-align:right;"><strong>37,188</strong></td> <td style="PADDING-BOTTOM: 3px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: black 3px double;width:9%;vertical-align:bottom;text-align:right;">76,472</td> <td style="PADDING-BOTTOM: 3px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr></table> <p style="font-size:10pt;font-family:times new roman;margin:0px"> </p> <table style="border-spacing:0;font-size:10pt;text-align:justify;margin-left:auto;margin-right:auto;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="width:4%;"> <p style="margin:0px"> </p></td> <td> <p style="margin:0px">The Credit Facility - Other is subject to certain covenants and events of default. As of September 30, 2020, the Company was in compliance with these covenants. Interest expense on both credit facilities is included in credit facility interest expense in the interim condensed consolidated statement of operations and comprehensive loss.</p></td></tr> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td> <p style="margin:0px"> </p></td></tr> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td> <p style="margin:0px">Management routinely reviews and renegotiates terms, including interest rates and maturity dates, and will continue to refinance these credit facilities as they become due and payable.</p></td></tr> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td> <p style="margin:0px"> </p></td></tr> <tr style="height:15px"> <td> <p style="margin:0px"><strong>10. </strong></p></td> <td> <p style="margin:0px"><strong>Debentures</strong></p></td></tr> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td> <p style="margin:0px"> </p></td></tr> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td> <p style="margin:0px">On September 30, 2020, the Company and its debenture holders approved certain amendments to the terms of the debentures, with an effective date of July 1, 2020. Among other things, the amendments include:</p></td></tr></table> <p style="font-size:10pt;font-family:times new roman;margin:0px"> </p> <table style="border-spacing:0;font-size:10pt;font-variant:normal;font-weight:normal;font-style:normal;text-align:justify;margin-left:auto;line-height:normal;margin-right:auto;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="width:4%;"> <p style="margin:0px"> </p></td> <td style="width:4%;vertical-align:top;"> <p style="margin:0px">i) </p></td> <td style="MARGIN: 0px;vertical-align:top;">a reduction in the weighted average coupon interest rate, from approximately 14% to approximately 7% and the extension of the maturity date for 50% of the principal balance to January 31, 2023, and the remainder to January 31, 2024;</td></tr> <tr style="height:15px"> <td> <p style="margin:0px;text-indent:30px"> </p></td> <td> <p style="margin:0px;text-indent:30px"> </p></td> <td> <p style="margin:0px"> </p></td></tr> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td style="vertical-align:top;"> <p style="margin:0px">ii) </p></td> <td style="MARGIN: 0px;vertical-align:top;">replacement of the former monthly interest payable by a new quarterly payment (the “Quarterly Payment”), the amount of which is fixed at 12% per annum (3% per quarter) of the principal balance of the debentures as at September 29, 2020. Debenture holders received an election to either receive the Quarterly Payment as a) an interest payment of 8% per annum (2% per quarter) with the remainder of the payment going towards reducing the principal balance of the debenture, or b) a reduction of the principal balance of the debenture equal to the amount of the Quarterly Payment;</td></tr> <tr style="height:15px"> <td> <p style="margin:0px;text-indent:30px"> </p></td> <td> <p style="margin:0px;text-indent:30px"> </p></td> <td> <p style="margin:0px"> </p></td></tr> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td style="vertical-align:top;"> <p style="margin:0px">iii) </p></td> <td style="MARGIN: 0px;vertical-align:top;">settlement of the new Quarterly Payment on the first business day following the end of a calendar quarter at the Company’s option either in cash or the Company’s shares; and </td></tr> <tr style="height:15px"> <td> <p style="margin:0px;text-indent:30px"> </p></td> <td> <p style="margin:0px;text-indent:30px"> </p></td> <td> <p style="margin:0px"> </p></td></tr> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td style="vertical-align:top;"> <p style="margin:0px">iv) </p></td> <td style="MARGIN: 0px;vertical-align:top;">an option for all debenture holders to receive a lump-sum payout of their previously unpaid interest for the period of March 1, 2020 to June 30, 2020, at a reduced interest rate of 10%. Those who elected this option were paid in shares in October 2020 subsequent to the end of the quarter.</td></tr></table> <p style="font-size:10pt;font-family:times new roman;margin:0px"> </p> <table style="border-spacing:0;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px"> <td class="hpbhr"> </td></tr> <tr style="height:15px"> <td style="BORDER-BOTTOM: black 1px solid; TEXT-INDENT: 0px;text-align:center;">14</td></tr> <tr style="height:15px"> <td><p style='page-break-after: always'></p></td></tr> <tr style="height:15px"> <td> </td></tr></table> <p style="font-size:10pt;font-family:times new roman;margin:0px"> </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:right;"><strong><strong>Mogo Inc. </strong></strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:right;"><strong><strong>Notes to the Interim Condensed Consolidated Financial Statements</strong></strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:right;"><em>(Unaudited)</em></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:right;"><em>(Expressed in thousands of Canadian dollars, except per share amounts)</em><em> </em></p> <table style="border-spacing:0;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="BORDER-BOTTOM: black 1px solid;"> <p style="MARGIN: 0px; text-align:right;"><em>For the three and nine months ended September 30, 2020 and 2019</em></p></td></tr></table> <p style="font-size:10pt;font-family:times new roman;margin:0px"> </p> <table style="border-spacing:0;font-size:10pt;font-variant:normal;font-weight:normal;font-style:normal;text-align:justify;margin-left:auto;line-height:normal;margin-right:auto;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="width:4%;vertical-align:top;"> <p style="margin:0px"><strong>10. </strong></p></td> <td style="vertical-align:top;"><strong>Debentures</strong> <em>(Continued from previous page)</em><strong> </strong></td></tr> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td> <p style="margin:0px"> </p></td></tr> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td> <p style="margin:0px">On October 7, 2020, Mogo issued 4,479,392 warrants (the “Debenture Warrants”) to its debenture holders in connection with the debenture amendments approved on September 30, 2020, at an exercise price of $2.03 per warrant. The Debenture Warrants are exercisable at any time until December 31, 2022. These warrants were owing but not yet issued as at September 30, 2020, and were thus recognized on this date as a financial liability at fair value using the Black Scholes valuation model at an amount of $3,500.</p></td></tr> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td> <p style="margin:0px"> </p></td></tr> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td> <p style="margin:0px">The amendments to the debentures were accounted for as a settlement of the previous debt and replacement by a new financial liability. On September 30, 2020, the carrying amount of the previous debt of $47,264 was replaced by a new financial liability with a fair value of $42,231, calculated using the present value of future cash flows discounted at the prevailing market interest rate. The difference between the face value of the new financial liability and its fair value is recorded against the principal balance and accreted using the effective interest rate method over the term of the debentures. Additionally, the Debenture Warrants issuable at September 30, 2020, were recognized as a separate liability with a fair value of $3,500. The $1,533 difference in carrying value of the previous debt and fair value of the new financial liabilities was recorded as a $767 reduction to debenture interest expense and other financing expense to revise interest owing for the three months ended September 30, 2020 using the amended interest rate, and a $766 gain on debenture amendment recorded to other non-operating (income) expenses in the interim condensed consolidated statement of operations and comprehensive income (loss).</p></td></tr> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td> <p style="margin:0px"> </p></td></tr> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td> <p style="margin:0px">Transaction costs of $169 related to amendments were recorded in other non-operating (income) expenses in the interim condensed consolidated statement of operations and comprehensive income (loss). Interest expense on the debentures related to the coupon payment is included in debenture interest and other financing expense, and the portion of expense related to accretion of the discount is recorded separately to accretion related to debentures, in the interim condensed consolidated statement of operations and comprehensive income (loss).</p></td></tr></table> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <table style="border-spacing:0;text-align:left;font:10pt times new roman;margin-left:auto;margin-right:auto;width:92%" cellpadding="0"> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="MARGIN: 0px 0px 0px 0in; text-align:right;"><strong>September 30, 2020</strong></p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="MARGIN: 0px 0px 0px 0in; text-align:right;">December 31,</p> <p style="MARGIN: 0px 0px 0px 0in; text-align:right;">2019</p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="MARGIN: 0px 0px 0px 0in; text-align:justify;">Principal balance</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;"><strong>45,317</strong></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">43,496</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="margin:0px 0px 0px 0in">Discount</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;"><strong>(3,890</strong></td> <td style="PADDING-BOTTOM: 1px;width:1%;vertical-align:bottom;white-space: nowrap;"><strong>)</strong></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">-</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;"><strong>41,427</strong></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">43,496</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="margin:0px 0px 0px 0in">Interest payable</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;"><strong>804</strong></td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">543</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: black 3px double;width:9%;vertical-align:bottom;text-align:right;"><strong>42,231</strong></td> <td style="PADDING-BOTTOM: 3px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: black 3px double;width:9%;vertical-align:bottom;text-align:right;">44,039</td> <td style="PADDING-BOTTOM: 3px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr></table> <p style="font-size:10pt;font-family:times new roman;margin:0px"> </p> <table style="border-spacing:0;font-size:10pt;text-align:justify;margin-left:auto;margin-right:auto;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="width:4%;"> <p style="margin:0px"> </p></td> <td> <p style="margin:0px">Previously the debentures required monthly interest only payments and had annual interest rates ranging between 10.0% and 18.0% for the six months ended June 30, 2020 (year ended December 31, 2019 – 10.0% and 18.0%). For debenture interest owing from March to June 2020, the Company exercised its right to add the debenture interest to the principal balance of the debentures rather than paying it monthly in cash.</p></td></tr> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td> <p style="margin:0px"> </p></td></tr> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td> <p style="margin:0px">The debenture principal repayments will be made according to the following schedule and are payable in either cash or Mogo common shares at Mogo’s option:</p></td></tr></table> <p style="font-size:10pt;font-family:times new roman;margin:0px"> </p> <table style="border-spacing:0;text-align:left;font:10pt times new roman;margin-left:auto;margin-right:auto;width:92%" cellpadding="0"> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" style="BORDER-BOTTOM: black 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="MARGIN: 0px 0px 0px 0in; text-align:right;">March - June 2020 interest added to principal</p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" style="BORDER-BOTTOM: black 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="MARGIN: 0px 0px 0px 0in; text-align:right;">Principal component of Quarterly Payment</p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" style="BORDER-BOTTOM: black 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="MARGIN: 0px 0px 0px 0in; text-align:right;">Principal due on maturity</p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" style="BORDER-BOTTOM: black 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="MARGIN: 0px 0px 0px 0in; text-align:right;"><strong>Total</strong></p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="MARGIN: 0px 0px 0px 0in; text-align:justify;">2020</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">1,082</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">522</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;"><strong>1,604</strong></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="margin:0px 0px 0px 0in">2021</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">2,173</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;"><strong>2,173</strong></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="margin:0px 0px 0px 0in">2022</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">2,313</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;"><strong>2,313</strong></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="margin:0px 0px 0px 0in">2023</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">3,424</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">16,508</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;"><strong>19,932</strong></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="margin:0px 0px 0px 0in">2024</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">-</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">974</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">18,321</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;"><strong>19,295</strong></td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: black 3px double;width:9%;vertical-align:bottom;text-align:right;">1,082</td> <td style="PADDING-BOTTOM: 3px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: black 3px double;width:9%;vertical-align:bottom;text-align:right;">9,406</td> <td style="PADDING-BOTTOM: 3px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: black 3px double;width:9%;vertical-align:bottom;text-align:right;">34,829</td> <td style="PADDING-BOTTOM: 3px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: black 3px double;width:9%;vertical-align:bottom;text-align:right;"><strong>45,317</strong></td> <td style="PADDING-BOTTOM: 3px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr></table> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <table style="border-spacing:0;font-size:10pt;font-variant:normal;font-weight:normal;font-style:normal;text-align:justify;margin-left:auto;line-height:normal;margin-right:auto;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="width:4%;vertical-align:top;"> <p style="margin:0px">11. </p></td> <td style="vertical-align:top;"><strong>Convertible debentures </strong></td></tr> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td> <p style="margin:0px"> </p></td></tr> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td> <p style="margin:0px">On June 6, 2017, the Company issued 10% convertible debentures of $15,000 aggregate principal amount at a price of one thousand dollars per debenture, with a maturity date of May 31, 2020. On May 27, 2020, the Company amended the remaining $12,621 principal value of convertible debentures (the “Amendments”) to include, among other things, an extension of the maturity date to May 31, 2022, and a reduction in the conversion price of the principal by 45% from $5.00 to $2.75 per common share (the “Conversion Price”).</p></td></tr></table> <p style="font-size:10pt;font-family:times new roman;margin:0px"> </p> <table style="border-spacing:0;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px"> <td class="hpbhr"> </td></tr> <tr style="height:15px"> <td style="BORDER-BOTTOM: black 1px solid; TEXT-INDENT: 0px;text-align:center;">15</td></tr> <tr style="height:15px"> <td><p style='page-break-after: always'></p></td></tr> <tr style="height:15px"> <td> </td></tr></table> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:right;"><strong><strong>Mogo Inc. </strong></strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:right;"><strong><strong>Notes to the Interim Condensed Consolidated Financial Statements</strong></strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:right;"><em>(Unaudited)</em></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:right;"><em>(Expressed in thousands of Canadian dollars, except per share amounts)</em><em> </em></p> <table style="border-spacing:0;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="BORDER-BOTTOM: black 1px solid;"> <p style="MARGIN: 0px; text-align:right;"><em>For the three and nine months ended September 30, 2020 and 2019</em></p></td></tr></table> <p style="font-size:10pt;font-family:times new roman;margin:0px"> </p> <table style="border-spacing:0;font-size:10pt;font-variant:normal;font-weight:normal;font-style:normal;text-align:justify;margin-left:auto;line-height:normal;margin-right:auto;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="width:4%;vertical-align:top;"> <p style="margin:0px"><strong>11. </strong></p></td> <td style="vertical-align:top;"><strong>Convertible debentures</strong> <em>(Continued from previous page)</em></td></tr> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td> <p style="margin:0px"> </p></td></tr> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td> <p style="margin:0px">Subsequent to the Amendments, the interest is payable on a quarterly basis in arrears in February, May, August and November of each year, at the Company’s option either i) in common shares of the Company, issued at a price equal to the volume weighted average trading price (“VWAP”) of the common shares for the 20 trading days ending on the fifth day prior to the interest payment date, or ii) in cash. Prior to the Amendments, interest was payable on a semi-annual basis in arrears in May and November of each year.</p></td></tr> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td> <p style="margin:0px"> </p></td></tr> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td> <p style="margin:0px">At any time that the 20-day VWAP of the common shares on the TSX exceeds $3.4375 per share, representing 125% of the Conversion Price, the Company may convert the convertible debentures in whole or in part, including any accrued interest, to common shares at $2.75 per common share. This trigger price was changed from 115% of the former conversion price to 125% of the new Conversion Price as a result of the Amendments. Additionally, the convertible debentures are convertible, at the option of the holder, in whole or in part, into common shares of the Company at any time before the maturity date at the Conversion Price of $2.75 per share. </p></td></tr> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td> <p style="margin:0px"> </p></td></tr> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td> <p style="margin:0px">Upon maturity the convertible debentures are payable, at the Company’s option, either i) in common shares of the Company issued at a price equal to the 20-day VWAP of the common shares on the TSX ending on the fifth day prior to the maturity date, or ii) in cash. </p></td></tr> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td> <p style="margin:0px"> </p></td></tr> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td> <p style="margin:0px">The amendments to the convertible debentures were accounted for as a settlement of the previous debt and replacement by a new compound financial instrument. On May 27, 2020, the principal balance of $12,621 was bifurcated and first allocated to the debt component of the convertible debenture by discounting the future principal and interest payments at the prevailing market interest rate at the date of issuance for a similar non-convertible debt instrument. The residual difference between the $12,621 and the fair value allocated to the debt component, was then allocated to contributed surplus within shareholders’ equity. Transaction costs of $796 related to amendments were netted against their respective debt and equity components.</p></td></tr> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td> <p style="margin:0px"> </p></td></tr> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td> <p style="margin:0px">The following table summarizes the carrying value of the convertible debentures as at September 30, 2020:</p></td></tr></table> <p style="font-size:10pt;font-family:times new roman;margin:0px"> </p> <table style="border-spacing:0;text-align:left;font:10pt times new roman;margin-left:auto;margin-right:auto;width:92%" cellpadding="0"> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="MARGIN: 0px 0px 0px 0in; text-align:right;">Liability component of convertible debentures</p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="MARGIN: 0px 0px 0px 0in; text-align:right;">Equity component of convertible debentures</p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="MARGIN: 0px 0px 0px 0in; text-align:right;"><strong>Net book value, </strong></p> <p style="MARGIN: 0px 0px 0px 0in; text-align:right;"><strong>September 30, 2020</strong></p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="MARGIN: 0px 0px 0px 0in; text-align:right;">Net book value, December 31, 2019</p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="MARGIN: 0px; text-align:justify;">Convertible debentures</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">11,963</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">658</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;"><strong>12,621</strong></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">12,621</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="margin:0px">Transaction costs</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">(755</td> <td style="PADDING-BOTTOM: 1px;width:1%;vertical-align:bottom;white-space: nowrap;">)</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">(41</td> <td style="PADDING-BOTTOM: 1px;width:1%;vertical-align:bottom;white-space: nowrap;">)</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;"><strong>(796</strong></td> <td style="PADDING-BOTTOM: 1px;width:1%;vertical-align:bottom;white-space: nowrap;"><strong>)</strong></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">(1,318</td> <td style="PADDING-BOTTOM: 1px;width:1%;vertical-align:bottom;white-space: nowrap;">)</td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="margin:0px">Net proceeds</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">11,208</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">617</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;"><strong>11,825</strong></td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">11,303</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="margin:0px">Conversion of debentures to equity (net of $57 unamortized transaction costs)</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">(490</td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;"><strong>(490</strong></td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;"><strong>)</strong></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="margin:0px">Accretion in carrying value of debenture liability</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">201</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;"><strong>201</strong></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">1,786</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="margin:0px">Accrued interest</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">411</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">411</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">1,381</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="margin:0px">Interest converted in shares and paid</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">(315</td> <td style="PADDING-BOTTOM: 1px;width:1%;vertical-align:bottom;white-space: nowrap;">)</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">-</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;"><strong>(315</strong></td> <td style="PADDING-BOTTOM: 1px;width:1%;vertical-align:bottom;white-space: nowrap;"><strong>)</strong></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">(1,276</td> <td style="PADDING-BOTTOM: 1px;width:1%;vertical-align:bottom;white-space: nowrap;">)</td></tr> <tr style="height:15px;background-color:#ffffff"> <td> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: black 3px double;width:9%;vertical-align:bottom;text-align:right;">11,015</td> <td style="PADDING-BOTTOM: 3px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: black 3px double;width:9%;vertical-align:bottom;text-align:right;">617</td> <td style="PADDING-BOTTOM: 3px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: black 3px double;width:9%;vertical-align:bottom;text-align:right;"><strong>11,632</strong></td> <td style="PADDING-BOTTOM: 3px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: black 3px double;width:9%;vertical-align:bottom;text-align:right;">13,194</td> <td style="PADDING-BOTTOM: 3px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr></table> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <table style="border-spacing:0;font-size:10pt;text-align:justify;margin-left:auto;margin-right:auto;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="width:4%;"> <p style="margin:0px"> </p></td> <td> <p style="margin:0px">Interest expense related to convertible debentures, in the amount of $307 and $927 for the three and nine months ended September 30, 2020 respectively (three and nine months ended September 30, 2019 – $314 and $957 respectively) is included in debenture interest and other financing expense in the interim consolidated statement of operations and comprehensive income (loss).</p></td></tr> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td> <p style="margin:0px"> </p></td></tr> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td> <p style="margin:0px">During the three and nine months ended September 30, 2020, $794 and $1,423 respectively (three and nine months ended September 30, 2019 - $15 and $935 respectively) of convertible debentures were converted into 310,631 and 810,056 common shares (three and nine months ended September 30, 2019 – 3,000 and 194,741 respectively) in lieu of interest payable and conversion of debentures.</p></td></tr></table> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <table style="border-spacing:0;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px"> <td class="hpbhr"> </td></tr> <tr style="height:15px"> <td style="BORDER-BOTTOM: black 1px solid; TEXT-INDENT: 0px;text-align:center;">16</td></tr> <tr style="height:15px"> <td><p style='page-break-after: always'></p></td></tr> <tr style="height:15px"> <td> </td></tr></table> <p style="font-size:10pt;font-family:times new roman;margin:0px"> </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:right;"><strong><strong>Mogo Inc. </strong></strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:right;"><strong><strong>Notes to the Interim Condensed Consolidated Financial Statements</strong></strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:right;"><em>(Unaudited)</em></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:right;"><em>(Expressed in thousands of Canadian dollars, except per share amounts)</em><em> </em></p> <table style="border-spacing:0;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="BORDER-BOTTOM: black 1px solid;"> <p style="MARGIN: 0px; text-align:right;"><em>For the three and nine months ended September 30, 2020 and 2019</em></p></td></tr></table> <p style="font-size:10pt;font-family:times new roman;margin:0px"> </p> <table style="border-spacing:0;font-size:10pt;font-variant:normal;font-weight:normal;font-style:normal;text-align:left;line-height:normal;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="width:4%;vertical-align:top;"> <p style="margin:0px"><strong>12. </strong></p></td> <td style="vertical-align:top;"><strong>Revenue </strong></td></tr> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td> <p style="margin:0px"> </p></td></tr> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td> <p style="margin:0px">Subscription and services </p></td></tr></table> <p style="font-size:10pt;font-family:times new roman;margin:0px"> </p> <table style="border-spacing:0;text-align:left;font:10pt times new roman;margin-left:auto;margin-right:auto;width:92%" cellpadding="0"> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="6"> <p style="MARGIN: 0px 0px 0px -4.65pt; TEXT-INDENT: 4.65pt; text-align:right;"><strong>Three months ended</strong></p> <p style="MARGIN: 0px 0px 0px -4.65pt; TEXT-INDENT: 4.65pt; text-align:right;"><strong>September 30,</strong></p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="6"> <p style="MARGIN: 0px 0px 0px 0in; text-align:right;"><strong>Nine months ended </strong></p> <p style="MARGIN: 0px 0px 0px 0in; text-align:right;"><strong>September 30,</strong></p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="MARGIN: 0px 0px 0px -4.65pt; TEXT-INDENT: 4.65pt; text-align:right;"><strong>2020</strong></p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="MARGIN: 0px 0px 0px -4.65pt; TEXT-INDENT: 4.65pt; text-align:right;">2019</p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="MARGIN: 0px 0px 0px 0in; text-align:right;"><strong>2020</strong></p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="MARGIN: 0px 0px 0px 0in; text-align:right;">2019</p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="margin:0px">Revenue from contracts with customers </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;"><strong>4,206</strong></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">5,863</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;"><strong>14,553</strong></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">17,344</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="margin:0px">Other </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: black 3px double;width:9%;vertical-align:bottom;text-align:right;"><strong>-</strong></td> <td style="PADDING-BOTTOM: 3px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: black 3px double;width:9%;vertical-align:bottom;text-align:right;">200</td> <td style="PADDING-BOTTOM: 3px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: black 3px double;width:9%;vertical-align:bottom;text-align:right;"><strong>-</strong></td> <td style="PADDING-BOTTOM: 3px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: black 3px double;width:9%;vertical-align:bottom;text-align:right;">1,862</td> <td style="PADDING-BOTTOM: 3px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="margin:0px">Total </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: black 3px double;width:9%;vertical-align:bottom;text-align:right;"><strong>4,206</strong></td> <td style="PADDING-BOTTOM: 3px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: black 3px double;width:9%;vertical-align:bottom;text-align:right;">6,063</td> <td style="PADDING-BOTTOM: 3px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: black 3px double;width:9%;vertical-align:bottom;text-align:right;"><strong>14,553</strong></td> <td style="PADDING-BOTTOM: 3px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: black 3px double;width:9%;vertical-align:bottom;text-align:right;">19,206</td> <td style="PADDING-BOTTOM: 3px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr></table> <p style="font-size:10pt;font-family:times new roman;margin:0px"> </p> <table style="border-spacing:0;font-size:10pt;text-align:justify;margin-left:auto;margin-right:auto;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="width:4%;"> <p style="margin:0px"> <strong>13.</strong></p></td> <td> <p style="margin:0px"> <strong>Business combination</strong></p></td></tr> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td> <p style="margin:0px"> </p></td></tr> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td> <p style="margin:0px">On June 21, 2019, Mogo Finance and the Company, formerly named Difference Capital Financial Inc. (“Difference”), completed a plan of arrangement (the “Business Combination”). Under the Business Combination, Mogo Finance amalgamated with a wholly-owned subsidiary of Difference. In connection with the Business Combination, Difference was continued into British Columbia and changed its name to Mogo Inc. and continues to execute on Mogo Finance’s vision of building the leading fintech platform in Canada. Details of this business combination were disclosed in Note 21 of the Company’s annual financial statements for the year ended December 31, 2019. </p></td></tr> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td> <p style="margin:0px"> </p></td></tr> <tr style="height:15px"> <td> <p style="margin:0px"><strong>14. </strong></p></td> <td> <p style="margin:0px"><strong>Fair value of financial instruments </strong></p></td></tr> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td> <p style="margin:0px"> </p></td></tr> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td> <p style="margin:0px">The fair value of a financial instrument is the price that would be received to sell an asset, or paid to transfer a liability, in an orderly transaction between market participants which takes place in the principal (or most advantageous) market at the measurement date. The fair value of a liability reflects its non-performing risk. Assets and liabilities recorded at fair value in the consolidated statement of financial position are measured and classified in a hierarchy consisting of three levels for disclosure purposes. The three levels are based on the priority of the inputs to the respective valuation technique. The fair value hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). An asset or liability’s classification within the fair value hierarchy is based on the lowest level of significant input to its valuation. The input levels are defined as follows:</p></td></tr></table> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:right;"> </p> <table style="border-spacing:0;font-size:10pt;font-variant:normal;font-weight:normal;font-style:normal;text-align:left;line-height:normal;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="width:4%;"> <p style="margin:0px"> </p></td> <td style="width:4%;vertical-align:top;"> <p style="margin:0px"><font style="font-family:symbol">·</font></p></td> <td style="vertical-align:top;">Level 1: Unadjusted quoted prices in an active market for identical assets and liabilities.</td></tr> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td> <p style="margin:0px;text-indent:30px"> </p></td> <td> <p style="margin:0px"> </p></td></tr> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td style="vertical-align:top;"> <p style="margin:0px"><font style="font-family:symbol">·</font></p></td> <td style="vertical-align:top;">Level 2: Quoted prices in markets that are not active or inputs that are derived from quoted prices of similar (but not identical) assets or liabilities in active markets. </td></tr> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td> <p style="margin:0px;text-indent:30px"> </p></td> <td> <p style="margin:0px"> </p></td></tr> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td style="vertical-align:top;"> <p style="margin:0px"><font style="font-family:symbol">·</font></p></td> <td style="vertical-align:top;">Level 3: Unobservable inputs that are supported by little or no market activity and are significant to the estimated fair value of the assets or liabilities.</td></tr></table> <p style="font-size:10pt;font-family:times new roman;margin:0px"> </p> <table style="border-spacing:0;font-size:10pt;font-variant:normal;font-weight:normal;font-style:normal;text-align:justify;margin-left:auto;line-height:normal;margin-right:auto;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="width:4%;"> <p style="margin:0px"> </p></td> <td style="width:4%;vertical-align:top;"> <p style="margin:0px">(a) </p></td> <td style="vertical-align:top;">Valuation process </td></tr> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td> <p style="margin:0px"> </p></td> <td> <p style="margin:0px"> </p></td></tr> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td> <p style="margin:0px"> </p></td> <td> <p style="margin:0px">The Company maximizes the use of quoted prices from active markets, when available. A market is regarded as active if transactions take place with sufficient frequency and volume to provide pricing information on an ongoing basis. Where independent quoted market prices are not available, the Company uses quoted market prices for similar instruments, other third party evidence or valuation techniques.</p></td></tr> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td> <p style="margin:0px"> </p></td> <td> <p style="margin:0px"> </p></td></tr> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td> <p style="margin:0px"> </p></td> <td> <p style="margin:0px">The fair value of financial instruments determined using valuation techniques include the use of recent arm’s length transactions and discounted cash flow analysis for investments in unquoted securities, discounted cash flow analysis for derivatives, third-party pricing models or other valuation techniques commonly used by market participants and utilize independent observable market inputs to the maximum extent possible.</p></td></tr> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td> <p style="margin:0px"> </p></td> <td> <p style="margin:0px"> </p></td></tr> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td> <p style="margin:0px"> </p></td> <td> <p style="margin:0px">The use of valuation techniques to determine the fair value of a financial instrument requires management to make assumptions such as the amount and timing of future cash flows and discount rates and incorporate the Company’s estimate of assumptions that a market participant would make when valuing the instruments.</p></td></tr> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td> <p style="margin:0px"> </p></td> <td> <p style="margin:0px"> </p></td></tr> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td> <p style="margin:0px"> (b)</p></td> <td> <p style="margin:0px">Accounting classifications and fair values</p></td></tr> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td> <p style="margin:0px"> </p></td> <td> <p style="margin:0px"> </p></td></tr> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td> <p style="margin:0px"> </p></td> <td> <p style="margin:0px">The following table shows the carrying amount and fair values of financial assets and financial liabilities, including their levels in the fair value hierarchy. It does not include fair value information for financial assets and financial liabilities not measured at fair value if the carrying amount is a reasonable approximation of fair value. There has not been any transfer between fair value hierarchy levels during the three and nine months ended September 30, 2020. The fair value disclosure of lease liabilities is also not required. </p></td></tr></table> <p style="font-size:10pt;font-family:times new roman;margin:0px"> </p> <table style="border-spacing:0;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px"> <td class="hpbhr"> </td></tr> <tr style="height:15px"> <td style="BORDER-BOTTOM: black 1px solid; TEXT-INDENT: 0px;text-align:center;">17</td></tr> <tr style="height:15px"> <td><p style='page-break-after: always'></p></td></tr> <tr style="height:15px"> <td> </td></tr></table> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:right;"><strong><strong>Mogo Inc. </strong></strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:right;"><strong><strong>Notes to the Interim Condensed Consolidated Financial Statements</strong></strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:right;"><em>(Unaudited)</em></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:right;"><em>(Expressed in thousands of Canadian dollars, except per share amounts)</em><em> </em></p> <table style="border-spacing:0;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="BORDER-BOTTOM: black 1px solid;"> <p style="MARGIN: 0px; text-align:right;"><em>For the three and nine months ended September 30, 2020 and 2019</em></p></td></tr></table> <p style="font-size:10pt;font-family:times new roman;margin:0px"> </p> <table style="border-spacing:0;font-size:10pt;font-variant:normal;font-weight:normal;font-style:normal;text-align:left;line-height:normal;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="width:4%;vertical-align:top;"> <p style="margin:0px"><strong>14. </strong></p></td> <td style="vertical-align:top;"><strong>Fair value of financial instruments</strong> <em>(Continued from previous page)</em></td></tr></table> <p style="font-size:10pt;font-family:times new roman;margin:0px"> </p> <table style="border-spacing:0;text-align:left;font:10pt times new roman;margin-left:auto;margin-right:auto;width:92%" cellpadding="0"> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td></td> <td class="hdcell" style="width:6%;"> <p style="margin:0px"> </p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:6%;vertical-align:bottom;text-align:center;" colspan="14"> <p style="MARGIN: 0px 0px 0px 0in; text-align:center;"><strong>Carrying amount</strong></p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:6%;vertical-align:bottom;text-align:center;" colspan="14"> <p style="MARGIN: 0px 0px 0px 0in; text-align:center;"><strong>Fair value</strong></p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px"> <td style="BORDER-BOTTOM: 1px solid;vertical-align:bottom;"> <p style="margin:0px"><strong>September 30, 2020</strong></p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td></td> <td class="hdcell" style="BORDER-BOTTOM: #000000 1px solid;width:6%;vertical-align:bottom;text-align:center;"> <p style="MARGIN: 0px 0px 0px 0in; text-align:center;"><strong>Note</strong></p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:6%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="MARGIN: 0px 0px 0px 0in; text-align:center;"><strong>Mandatorily at FVTPL</strong></p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:6%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="MARGIN: 0px 0px 0px 0in; text-align:center;"><strong>Financial asset at amortized cost</strong></p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:6%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="MARGIN: 0px 0px 0px 0in; text-align:center;"><strong>Other financial liabilities</strong></p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:6%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="MARGIN: 0px 0px 0px 0in; text-align:center;"><strong>Total</strong></p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:6%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="MARGIN: 0px 0px 0px 0in; text-align:center;"><strong>Level 1</strong></p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:6%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="MARGIN: 0px 0px 0px 0in; text-align:center;"><strong>Level 2</strong></p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:6%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="MARGIN: 0px 0px 0px 0in; text-align:center;"><strong>Level 3</strong></p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:6%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="MARGIN: 0px 0px 0px 0in; text-align:center;"><strong>Total</strong></p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px"> <td style="vertical-align:top;"> <p style="margin:0px"><strong>Financial assets measured at fair value</strong></p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td></td> <td class="ffcell" style="width:6%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" colspan="2" style="width:6%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" colspan="2" style="width:6%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" colspan="2" style="width:6%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" colspan="2" style="width:6%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" colspan="2" style="width:6%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" colspan="2" style="width:6%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" colspan="2" style="width:6%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" colspan="2" style="width:6%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px"> <td style="vertical-align:top;"> <p style="margin:0px"><strong>Investment portfolio:</strong></p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td></td> <td class="ffcell" style="width:6%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" colspan="2" style="width:6%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" colspan="2" style="width:6%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" colspan="2" style="width:6%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" colspan="2" style="width:6%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" colspan="2" style="width:6%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" colspan="2" style="width:6%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" colspan="2" style="width:6%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" colspan="2" style="width:6%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="margin:0px">Equities</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td></td> <td class="ffcell" style="width:6%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">16,695</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;"><strong>16,695</strong></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">165</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">16,530</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;"><strong>16,695</strong></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="margin:0px">Partnership interest and other</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td></td> <td class="ffcell" style="width:6%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:6%;vertical-align:bottom;text-align:right;">200</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:6%;vertical-align:bottom;text-align:right;">-</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:6%;vertical-align:bottom;text-align:right;">-</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:6%;vertical-align:bottom;text-align:right;"><strong>200</strong></td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">200</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;"><strong>200</strong></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td></td> <td class="ffcell" style="width:6%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: black 3px double;width:6%;vertical-align:bottom;text-align:right;">16,895</td> <td style="PADDING-BOTTOM: 3px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: black 3px double;width:6%;vertical-align:bottom;text-align:right;">-</td> <td style="PADDING-BOTTOM: 3px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: black 3px double;width:6%;vertical-align:bottom;text-align:right;">-</td> <td style="PADDING-BOTTOM: 3px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: black 3px double;width:6%;vertical-align:bottom;text-align:right;"><strong>16,895</strong></td> <td style="PADDING-BOTTOM: 3px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="margin:0px"><strong>Financial assets not measured at fair value</strong></p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td></td> <td class="ffcell" style="width:6%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="margin:0px">Cash and cash equivalent</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td></td> <td class="ffcell" style="width:6%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">9,855</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;"><strong>9,855</strong></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">9,855</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;"><strong>9,855</strong></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="margin:0px">Loans receivable – current</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;"> <p style="MARGIN: 0px; text-align:center;">5</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">54,413</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;"><strong>54,413</strong></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">54,413</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;"><strong>54,413</strong></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="margin:0px">Loans receivable – non-current</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;"> <p style="MARGIN: 0px; text-align:center;">5</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: black 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:6%;vertical-align:bottom;text-align:right;">-</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: black 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:6%;vertical-align:bottom;text-align:right;">1,433</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: black 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:6%;vertical-align:bottom;text-align:right;">-</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: black 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:6%;vertical-align:bottom;text-align:right;"><strong>1,433</strong></td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">1,442</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;"><strong>1,442</strong></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: black 3px double;width:6%;vertical-align:bottom;text-align:right;">-</td> <td style="PADDING-BOTTOM: 3px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: black 3px double;width:6%;vertical-align:bottom;text-align:right;">65,701</td> <td style="PADDING-BOTTOM: 3px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: black 3px double;width:6%;vertical-align:bottom;text-align:right;">-</td> <td style="PADDING-BOTTOM: 3px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: black 3px double;width:6%;vertical-align:bottom;text-align:right;"><strong>65,701</strong></td> <td style="PADDING-BOTTOM: 3px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="margin:0px"><strong>Financial liabilities measured at fair value</strong></p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="margin:0px">Warrants issuable</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;"> <p style="MARGIN: 0px; text-align:center;">10</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: black 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:6%;vertical-align:bottom;text-align:right;">3,500</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: black 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:6%;vertical-align:bottom;text-align:right;">-</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: black 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:6%;vertical-align:bottom;text-align:right;">-</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: black 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:6%;vertical-align:bottom;text-align:right;"><strong>3,500</strong></td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">3,500</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;"><strong>3,500</strong></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: black 3px double;width:6%;vertical-align:bottom;text-align:right;">3,500</td> <td style="PADDING-BOTTOM: 3px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: black 3px double;width:6%;vertical-align:bottom;text-align:right;">-</td> <td style="PADDING-BOTTOM: 3px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: black 3px double;width:6%;vertical-align:bottom;text-align:right;">-</td> <td style="PADDING-BOTTOM: 3px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: black 3px double;width:6%;vertical-align:bottom;text-align:right;"><strong>3,500</strong></td> <td style="PADDING-BOTTOM: 3px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="margin:0px"><strong>Financial liabilities not measured at fair value</strong></p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="margin:0px">Accounts payable and accruals</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">6,419</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;"><strong>6,419</strong></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">6,419</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;"><strong>6,419</strong></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="margin:0px">Credit facilities</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;"> <p style="MARGIN: 0px; text-align:center;">9</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">37,188</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;"><strong>37,188</strong></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">37,188</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;"><strong>37,188</strong></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="margin:0px">Debentures</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;"> <p style="MARGIN: 0px; text-align:center;">10</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">42,231</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;"><strong>42,231</strong></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">42,231</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;"><strong>42,231</strong></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="margin:0px">Convertible debentures</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;"> <p style="MARGIN: 0px; text-align:center;">11</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:6%;vertical-align:bottom;text-align:right;">-</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:6%;vertical-align:bottom;text-align:right;">-</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:6%;vertical-align:bottom;text-align:right;">11,015</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:6%;vertical-align:bottom;text-align:right;"><strong>11,015</strong></td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">11,015</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;"><strong>11,015</strong></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: black 3px double;width:6%;vertical-align:bottom;text-align:right;">-</td> <td style="PADDING-BOTTOM: 3px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: black 3px double;width:6%;vertical-align:bottom;text-align:right;">-</td> <td style="PADDING-BOTTOM: 3px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: black 3px double;width:6%;vertical-align:bottom;text-align:right;">96,853</td> <td style="PADDING-BOTTOM: 3px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: black 3px double;width:6%;vertical-align:bottom;text-align:right;"><strong>96,853</strong></td> <td style="PADDING-BOTTOM: 3px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr></table> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <table style="border-spacing:0;text-align:left;font:10pt times new roman;margin-left:auto;margin-right:auto;width:92%" cellpadding="0"> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td></td> <td class="hdcell" style="width:6%;"> <p style="margin:0px"> </p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:6%;vertical-align:bottom;text-align:center;" colspan="14"> <p style="MARGIN: 0px 0px 0px 0in; text-align:center;"><strong>Carrying amount</strong></p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:6%;vertical-align:bottom;text-align:center;" colspan="14"> <p style="MARGIN: 0px 0px 0px 0in; text-align:center;"><strong>Fair value</strong></p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px"> <td style="BORDER-BOTTOM: #000000 1px solid;vertical-align:bottom;"> <p style="margin:0px"><strong>December 31, 2019</strong></p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:6%;vertical-align:bottom;text-align:center;"> <p style="MARGIN: 0px 0px 0px 0in; text-align:center;"><strong>Note</strong></p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:6%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="MARGIN: 0px 0px 0px 0in; text-align:center;"><strong>Mandatorily at FVTPL</strong></p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:6%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="MARGIN: 0px 0px 0px 0in; text-align:center;"><strong>Financial asset at amortized cost</strong></p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:6%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="MARGIN: 0px 0px 0px 0in; text-align:center;"><strong>Other financial liabilities</strong></p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:6%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="MARGIN: 0px 0px 0px 0in; text-align:center;"><strong>Total</strong></p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:6%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="MARGIN: 0px 0px 0px 0in; text-align:center;"><strong>Level 1</strong></p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:6%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="MARGIN: 0px 0px 0px 0in; text-align:center;"><strong>Level 2</strong></p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:6%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="MARGIN: 0px 0px 0px 0in; text-align:center;"><strong>Level 3</strong></p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:6%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="MARGIN: 0px 0px 0px 0in; text-align:center;"><strong>Total</strong></p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px"> <td style="vertical-align:top;"> <p style="margin:0px"><strong>Financial assets measured at fair value</strong></p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td></td> <td class="ffcell" style="width:6%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" colspan="2" style="width:6%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" colspan="2" style="width:6%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" colspan="2" style="width:6%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" colspan="2" style="width:6%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" colspan="2" style="width:6%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" colspan="2" style="width:6%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" colspan="2" style="width:6%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" colspan="2" style="width:6%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px"> <td style="vertical-align:top;"> <p style="margin:0px"><strong>Investment portfolio:</strong></p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td></td> <td class="ffcell" style="width:6%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" colspan="2" style="width:6%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" colspan="2" style="width:6%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" colspan="2" style="width:6%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" colspan="2" style="width:6%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" colspan="2" style="width:6%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" colspan="2" style="width:6%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" colspan="2" style="width:6%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" colspan="2" style="width:6%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="margin:0px">Equities</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td></td> <td class="ffcell" style="width:6%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">20,590</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;"><strong>20,590</strong></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">99</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">20,491</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;"><strong>20,590</strong></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="margin:0px">Partnership interest and other</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td></td> <td class="ffcell" style="width:6%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:6%;vertical-align:bottom;text-align:right;">200</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:6%;vertical-align:bottom;text-align:right;">-</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:6%;vertical-align:bottom;text-align:right;">-</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:6%;vertical-align:bottom;text-align:right;"><strong>200</strong></td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">200</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;"><strong>200</strong></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td></td> <td class="ffcell" style="width:6%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: black 3px double;width:6%;vertical-align:bottom;text-align:right;">20,790</td> <td style="PADDING-BOTTOM: 3px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: black 3px double;width:6%;vertical-align:bottom;text-align:right;">-</td> <td style="PADDING-BOTTOM: 3px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: black 3px double;width:6%;vertical-align:bottom;text-align:right;">-</td> <td style="PADDING-BOTTOM: 3px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: black 3px double;width:6%;vertical-align:bottom;text-align:right;"><strong>20,790</strong></td> <td style="PADDING-BOTTOM: 3px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="margin:0px"><strong>Financial assets not measured at fair value</strong></p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td></td> <td class="ffcell" style="width:6%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="margin:0px">Cash and cash equivalent</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td></td> <td class="ffcell" style="width:6%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">10,417</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;"><strong>10,417</strong></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">10,417</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;"><strong>10,417</strong></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="margin:0px">Loans receivable – current</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;"> <p style="MARGIN: 0px; text-align:center;">5</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">69,949</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;"><strong>69,949</strong></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">69,647</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;"><strong>69,647</strong></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="margin:0px">Loans receivable – non-current</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;"> <p style="MARGIN: 0px; text-align:center;">5</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:6%;vertical-align:bottom;text-align:right;">-</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:6%;vertical-align:bottom;text-align:right;">34,726</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:6%;vertical-align:bottom;text-align:right;">-</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:6%;vertical-align:bottom;text-align:right;"><strong>34,726</strong></td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">34,396</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;"><strong>34,396</strong></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: black 3px double;width:6%;vertical-align:bottom;text-align:right;">-</td> <td style="PADDING-BOTTOM: 3px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: black 3px double;width:6%;vertical-align:bottom;text-align:right;">115,092</td> <td style="PADDING-BOTTOM: 3px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: black 3px double;width:6%;vertical-align:bottom;text-align:right;">-</td> <td style="PADDING-BOTTOM: 3px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: black 3px double;width:6%;vertical-align:bottom;text-align:right;"><strong>115,092</strong></td> <td style="PADDING-BOTTOM: 3px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="MARGIN: 0px; text-align:left;"><strong>Financial liabilities not measured at fair value</strong></p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="margin:0px">Accounts payable and accruals</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">11,254</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;"><strong>11,254</strong></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">11,254</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;"><strong>11,254</strong></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="margin:0px">Credit facilities</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;"> <p style="MARGIN: 0px; text-align:center;">9</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">76,472</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;"><strong>76,472</strong></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">76,472</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;"><strong>76,472</strong></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="margin:0px">Debentures</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;"> <p style="MARGIN: 0px; text-align:center;">10</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">44,039</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;"><strong>44,039</strong></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">44,867</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;"><strong>44,867</strong></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="margin:0px">Convertible debentures</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;"> <p style="MARGIN: 0px; text-align:center;">11</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:6%;vertical-align:bottom;text-align:right;">-</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:6%;vertical-align:bottom;text-align:right;">-</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:6%;vertical-align:bottom;text-align:right;">12,373</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:6%;vertical-align:bottom;text-align:right;"><strong>12,373</strong></td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">12,373</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;"><strong>12,373</strong></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: black 3px double;width:6%;vertical-align:bottom;text-align:right;">-</td> <td style="PADDING-BOTTOM: 3px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: black 3px double;width:6%;vertical-align:bottom;text-align:right;">-</td> <td style="PADDING-BOTTOM: 3px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: black 3px double;width:6%;vertical-align:bottom;text-align:right;">144,138</td> <td style="PADDING-BOTTOM: 3px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: black 3px double;width:6%;vertical-align:bottom;text-align:right;"><strong>144,138</strong></td> <td style="PADDING-BOTTOM: 3px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr></table> <p style="font-size:10pt;font-family:times new roman;margin:0px"> </p> <table style="border-spacing:0;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px"> <td class="hpbhr"> </td></tr> <tr style="height:15px"> <td style="BORDER-BOTTOM: black 1px solid; TEXT-INDENT: 0px;text-align:center;">18</td></tr> <tr style="height:15px"> <td><p style='page-break-after: always'></p></td></tr> <tr style="height:15px"> <td> </td></tr></table> <p style="font-size:10pt;font-family:times new roman;margin:0px"> </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:right;"><strong><strong>Mogo Inc. </strong></strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:right;"><strong><strong>Notes to the Interim Condensed Consolidated Financial Statements</strong></strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:right;"><em>(Unaudited)</em></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:right;"><em>(Expressed in thousands of Canadian dollars, except per share amounts)</em><em> </em></p> <table style="border-spacing:0;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="BORDER-BOTTOM: black 1px solid;"> <p style="MARGIN: 0px; text-align:right;"><em>For the three and nine months ended September 30, 2020 and 2019</em></p></td></tr></table> <p style="font-size:10pt;font-family:times new roman;margin:0px"> </p> <table style="border-spacing:0;font-size:10pt;font-variant:normal;font-weight:normal;font-style:normal;text-align:left;line-height:normal;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="width:4%;vertical-align:top;"> <p style="margin:0px"><strong>14. </strong></p></td> <td style="vertical-align:top;"><strong>Fair value of financial instruments</strong> <em>(Continued from previous page)</em></td></tr></table> <p style="font-size:10pt;font-family:times new roman;margin:0px"> </p> <table style="border-spacing:0;font-size:10pt;font-variant:normal;font-weight:normal;font-style:normal;text-align:justify;margin-left:auto;line-height:normal;margin-right:auto;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="width:4%;"> <p style="margin:0px"> </p></td> <td style="width:4%;vertical-align:top;"> <p style="margin:0px">(c) </p></td> <td style="vertical-align:top;">Measurement of fair values:</td></tr> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td> <p style="margin:0px"> </p></td> <td> <p style="margin:0px"> </p></td></tr> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td> <p style="margin:0px"><em>(i)</em></p></td> <td> <p style="margin:0px"><em>Valuation techniques and significant unobservable inputs</em></p></td></tr> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td> <p style="margin:0px"> </p></td> <td> <p style="margin:0px"> </p></td></tr> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td colspan="2"> <p style="MARGIN: 0px; text-align:justify;">The Company has been closely monitoring developments related to COVID-19, including the existing and potential impact on its investment portfolio. As a result of the ongoing and developing COVID-19 pandemic and its resulting impact on the global economy, we believe that there is increased uncertainty to input factors on fair value of our Level 3 investments, including revenue multiples, time to exit events and increased equity volatility. See Note 15 for gain (loss) on investments related to the impact of COVID-19. </p></td></tr> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td colspan="2"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td colspan="2"> <p style="margin:0px">The following tables show the valuation techniques used in measuring Level 3 fair values for financial instruments in the statement of financial position, as well as the significant unobservable inputs used. </p></td></tr> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td colspan="2"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td colspan="2"> <p style="margin:0px"><em>Financial instrument measured at FV</em></p></td></tr></table> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <table style="border-spacing:0;font-size:10pt;text-align:justify;margin-left:auto;margin-right:auto;width:92%" cellpadding="0"> <tr style="height:15px"> <td style="BORDER-BOTTOM: 1px solid;vertical-align:bottom;"> <p style="margin:0px"><strong>Type</strong></p></td> <td style="BORDER-BOTTOM: #000000 1px solid;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: #000000 1px solid;vertical-align:bottom;" colspan="2"> <p style="MARGIN: 0px; text-align:center;"><strong>Valuation technique</strong></p></td> <td style="BORDER-BOTTOM: #000000 1px solid;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: #000000 1px solid;vertical-align:bottom;" colspan="2"> <p style="MARGIN: 0px; text-align:center;"><strong>Significant unobservable inputs</strong></p></td> <td style="BORDER-BOTTOM: #000000 1px solid;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: #000000 1px solid;" colspan="2"> <p style="MARGIN: 0px; text-align:center;"><strong>Inter-relationship between significant </strong></p> <p style="MARGIN: 0px 0px 0px 0in; text-align:center;"><strong>unobservable inputs and FV</strong></p></td></tr> <tr style="height:15px"> <td style="vertical-align:top;"> <p style="MARGIN: 0px; text-align:left;"><strong>Investment portfolio:</strong></p></td> <td style="width:1%;"> <p style="margin:0px"> </p></td> <td style="width:2%;"> <p style="margin:0px"> </p></td> <td style="width:25%;"> <p style="MARGIN: 0px; text-align:justify;"> </p></td> <td style="width:1%;"> <p style="margin:0px"> </p></td> <td style="width:2%;"> <p style="margin:0px"> </p></td> <td style="width:25%;"> <p style="margin:0px"> </p></td> <td style="width:1%;"> <p style="margin:0px"> </p></td> <td style="width:2%;"> <p style="margin:0px"> </p></td> <td style="width:25%;"> <p style="MARGIN: 0px; text-align:justify;"> </p></td></tr> <tr style="height:15px"> <td style="vertical-align:top;"> <p style="MARGIN: 0px; text-align:left;"><strong>Equities</strong></p></td> <td> <p style="margin:0px"> </p></td> <td> <p style="margin:0px"> </p></td> <td> <p style="MARGIN: 0px; text-align:right;"> </p></td> <td> <p style="margin:0px"> </p></td> <td> <p style="margin:0px"> </p></td> <td> <p style="margin:0px"> </p></td> <td> <p style="margin:0px"> </p></td> <td> <p style="margin:0px"> </p></td> <td> <p style="MARGIN: 0px; text-align:right;"> </p></td></tr> <tr style="height:15px"> <td style="vertical-align:top;"> <p style="MARGIN: 0px; text-align:left;">Unlisted</p></td> <td> <p style="margin:0px"> </p></td> <td style="vertical-align:top;"> <p style="margin:0px"><font style="font-family:symbol">·</font></p></td> <td style="vertical-align:top;"> <p style="MARGIN: 0px; text-align:left;">Price of recent investments in the investee company</p></td> <td> <p style="margin:0px"> </p></td> <td style="vertical-align:top;"> <p style="margin:0px"><font style="font-family:symbol">·</font><font style="font:7pt times new roman"> </font></p></td> <td style="vertical-align:top;"> <p style="MARGIN: 0px; text-align:left;">Third-party transactions</p></td> <td> <p style="margin:0px"> </p></td> <td style="vertical-align:top;"> <p style="margin:0px"><font style="font-family:symbol">·</font><font style="font:7pt times new roman"> </font></p></td> <td style="vertical-align:top;"> <p style="MARGIN: 0px; text-align:left;">Increases in revenue multiples increases fair value</p></td></tr> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td> <p style="margin:0px"> </p></td> <td style="vertical-align:top;"> <p style="margin:0px"><font style="font-family:symbol">·</font><font style="font:7pt times new roman"> </font></p></td> <td style="vertical-align:top;"> <p style="MARGIN: 0px; text-align:left;">Implied multiples from recent transactions of the underlying investee companies</p></td> <td> <p style="margin:0px"> </p></td> <td style="vertical-align:top;"> <p style="margin:0px"><font style="font-family:symbol">·</font><font style="font:7pt times new roman"> </font></p></td> <td style="vertical-align:top;"> <p style="MARGIN: 0px; text-align:left;">Revenue multiples</p></td> <td> <p style="margin:0px"> </p></td> <td style="vertical-align:top;"> <p style="margin:0px"><font style="font-family:symbol">·</font><font style="font:7pt times new roman"> </font></p></td> <td style="vertical-align:top;"> <p style="MARGIN: 0px; text-align:left;">Increases in equity volatility can increase or decrease fair value depending on class of shares held in the investee company</p></td></tr> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td> <p style="margin:0px"> </p></td> <td style="vertical-align:top;"> <p style="margin:0px"><font style="font-family:symbol">·</font><font style="font:7pt times new roman"> </font></p></td> <td style="vertical-align:top;"> <p style="MARGIN: 0px; text-align:left;">Offers received by investee companies</p></td> <td> <p style="margin:0px"> </p></td> <td style="vertical-align:top;"> <p style="margin:0px"><font style="font-family:symbol">·</font><font style="font:7pt times new roman"> </font></p></td> <td style="vertical-align:top;"> <p style="MARGIN: 0px; text-align:left;">Balance sheets and last twelve-month revenues for certain of the investee companies</p></td> <td> <p style="margin:0px"> </p></td> <td style="vertical-align:top;"> <p style="margin:0px"><font style="font-family:symbol">·</font><font style="font:7pt times new roman"> </font></p></td> <td style="vertical-align:top;"> <p style="MARGIN: 0px; text-align:left;">Increases in estimated time to exit event can increase or decrease fair value depending on class of shares held in the investee company</p></td></tr> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td> <p style="margin:0px"> </p></td> <td style="vertical-align:top;"> <p style="margin:0px"><font style="font-family:symbol">·</font></p></td> <td style="vertical-align:top;"> <p style="MARGIN: 0px; text-align:left;">Revenue multiples derived from comparable public companies and transactions</p></td> <td> <p style="margin:0px"> </p></td> <td style="vertical-align:top;"> <p style="margin:0px"><font style="font-family:symbol">·</font><font style="font:7pt times new roman"> </font></p></td> <td style="vertical-align:top;"> <p style="MARGIN: 0px; text-align:left;">Equity volatility</p></td> <td> <p style="margin:0px"> </p></td> <td> <p style="margin:0px"> </p></td> <td> <p style="margin:0px"> </p></td></tr> <tr style="height:15px"> <td></td> <td> <p style="margin:0px"> </p></td> <td style="vertical-align:top;"> <p style="margin:0px"><font style="font-family:symbol">·</font><font style="font:7pt times new roman"> </font></p></td> <td style="vertical-align:top;"> <p style="margin:0px">Option pricing model</p></td> <td> <p style="margin:0px"> </p></td> <td style="vertical-align:top;"> <p style="margin:0px"><font style="font-family:symbol">·</font></p></td> <td style="vertical-align:top;"> <p style="MARGIN: 0px; text-align:left;">Time to exit events</p></td> <td> <p style="margin:0px"> </p></td> <td> <p style="margin:0px"> </p></td> <td> <p style="margin:0px 0px 0px 16.5pt"> </p></td></tr> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td> <p style="margin:0px"> </p></td> <td> <p style="margin:0px"> </p></td> <td> <p style="margin:0px"> </p></td> <td> <p style="margin:0px"> </p></td> <td> <p style="margin:0px"> </p></td> <td> <p style="margin:0px"> </p></td> <td> <p style="margin:0px"> </p></td> <td> <p style="margin:0px"> </p></td> <td> <p style="margin:0px"> </p></td></tr> <tr style="height:15px"> <td style="vertical-align:top;"> <p style="MARGIN: 0px 0px 0px 0in; text-align:left;"><strong>Partnership interest and others</strong></p></td> <td> <p style="margin:0px"> </p></td> <td style="vertical-align:top;"> <p style="margin:0px"><font style="font-family:symbol">·</font></p></td> <td style="vertical-align:top;"> <p style="MARGIN: 0px; text-align:left;"><font style="font:7pt times new roman"> </font>Adjusted net book value</p></td> <td> <p style="margin:0px"> </p></td> <td style="vertical-align:top;"> <p style="margin:0px"><font style="font-family:symbol">·</font></p></td> <td style="vertical-align:top;"> <p style="MARGIN: 0px; text-align:left;"><font style="font:7pt times new roman"> </font>Net asset value per unit</p> <p style="margin:0px"> </p></td> <td> <p style="margin:0px"> </p></td> <td> <p style="margin:0px"> </p></td> <td> <p style="margin:0px"> </p></td></tr> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td> <p style="margin:0px"> </p></td> <td> <p style="margin:0px"> </p></td> <td> <p style="margin:0px"> </p></td> <td> <p style="margin:0px"> </p></td> <td style="vertical-align:top;"> <p style="margin:0px"><font style="font-family:symbol">·</font><font style="font:7pt times new roman"> </font></p></td> <td style="vertical-align:top;"> <p style="MARGIN: 0px; text-align:left;">Change in market pricing of comparable companies of the underlying investments made by the partnership</p></td> <td> <p style="margin:0px"> </p></td> <td> <p style="margin:0px"> </p></td> <td> <p style="margin:0px"> </p></td></tr> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td> <p style="margin:0px"> </p></td> <td> <p style="margin:0px"> </p></td> <td> <p style="margin:0px"> </p></td> <td> <p style="margin:0px"> </p></td> <td> <p style="margin:0px"> </p></td> <td> <p style="margin:0px"> </p></td> <td> <p style="margin:0px"> </p></td> <td> <p style="margin:0px"> </p></td> <td> <p style="margin:0px"> </p></td></tr> <tr style="height:15px"> <td rowspan="2" style="vertical-align:top;"> <p style="MARGIN: 0px 0px 0px 0in; text-align:left;"><strong>Loan receivable – non-current </strong></p> <p style="margin:0px"> </p></td> <td> <p style="margin:0px"> </p></td> <td style="vertical-align:top;"> <p style="margin:0px"><font style="font-family:symbol">·</font></p></td> <td rowspan="2" style="vertical-align:top;"> <p style="MARGIN: 0px; text-align:left;"><font style="font:7pt times new roman"> </font>Discounted cash flows: Considering expected prepayments and using management’s best estimate of average market interest rates with similar remaining terms. </p></td> <td> <p style="margin:0px"> </p></td> <td style="vertical-align:top;"> <p style="margin:0px"><font style="font-family:symbol">·</font></p></td> <td style="vertical-align:top;"> <p style="MARGIN: 0px; text-align:left;">Expected timing of cash flows </p> <p style="margin:0px"> </p></td> <td> <p style="margin:0px"> </p></td> <td style="vertical-align:top;"> <p style="margin:0px"><font style="font-family:symbol">·</font></p></td> <td style="vertical-align:top;"> <p style="MARGIN: 0px; text-align:left;">Changes to the expected timing of cash flow changes fair value </p></td></tr> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td> <p style="margin:0px"> </p></td> <td> <p style="margin:0px"> </p></td> <td style="vertical-align:top;"> <p style="margin:0px"><font style="font-family:symbol">·</font><font style="font:7pt times new roman"> </font></p></td> <td style="vertical-align:top;"> <p style="margin:0px">Discount rate 11% </p></td> <td> <p style="margin:0px"> </p></td> <td style="vertical-align:top;"> <p style="margin:0px"><font style="font-family:symbol">·</font><font style="font:7pt times new roman"> </font></p></td> <td style="vertical-align:top;"> <p style="MARGIN: 0px; text-align:left;">Increases to the discount rate can decrease fair value</p></td></tr></table> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <table style="border-spacing:0;font-size:10pt;text-align:left;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="width:4%;"> <p style="margin:0px"> </p></td> <td> <p style="margin:0px">The following table presents the changes in fair value measurements of the Company’s investment portfolio recognized at fair value and classified as Level 3:</p></td></tr></table> <p style="font-size:10pt;font-family:times new roman;margin:0px"> </p> <table style="border-spacing:0;text-align:left;font:10pt times new roman;margin-left:auto;margin-right:auto;width:92%" cellpadding="0"> <tr style="height:15px"> <td style="BORDER-BOTTOM: 1px solid;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="MARGIN: 0px 0px 0px 0in; text-align:right;"><strong>September 30, 2020</strong></p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="MARGIN: 0px 0px 0px 0in; text-align:right;">December 31,</p> <p style="MARGIN: 0px 0px 0px 0in; text-align:right;">2019</p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="MARGIN: 0px; text-align:justify;">Opening balance of Level 3 investments</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;"><strong>20,691</strong></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;"><strong>-</strong></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="margin:0px">Acquired in business combination with Difference</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;"><strong>-</strong></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">22,648</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="margin:0px">Disposal</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;"><strong>-</strong></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">(2,100</td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="margin:0px">Repayment of debenture</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;"><strong>-</strong></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">(14</td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="margin:0px">Unrealized exchange gain (loss)</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;"><strong>104</strong></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">(118</td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="margin:0px">Unrealized gain (loss) on investment portfolio</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;"><strong>(4,065</strong></td> <td style="PADDING-BOTTOM: 1px;width:1%;vertical-align:bottom;white-space: nowrap;"><strong>)</strong></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">275</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="margin:0px"><strong>Balance of Level 3 investments, end of period</strong></p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: black 3px double;width:9%;vertical-align:bottom;text-align:right;"><strong>16,730</strong></td> <td style="PADDING-BOTTOM: 3px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: black 3px double;width:9%;vertical-align:bottom;text-align:right;">20,691</td> <td style="PADDING-BOTTOM: 3px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr></table> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <table style="border-spacing:0;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px"> <td class="hpbhr"> </td></tr> <tr style="height:15px"> <td style="BORDER-BOTTOM: black 1px solid; TEXT-INDENT: 0px;text-align:center;">19</td></tr> <tr style="height:15px"> <td><p style='page-break-after: always'></p></td></tr> <tr style="height:15px"> <td> </td></tr></table> <p style="font-size:10pt;font-family:times new roman;margin:0px"> </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:right;"><strong><strong>Mogo Inc. </strong></strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:right;"><strong><strong>Notes to the Interim Condensed Consolidated Financial Statements</strong></strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:right;"><em>(Unaudited)</em></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:right;"><em>(Expressed in thousands of Canadian dollars, except per share amounts)</em><em> </em></p> <table style="border-spacing:0;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="BORDER-BOTTOM: black 1px solid;"> <p style="MARGIN: 0px; text-align:right;"><em>For the three and nine months ended September 30, 2020 and 2019</em></p></td></tr></table> <p style="font-size:10pt;font-family:times new roman;margin:0px"> </p> <table style="border-spacing:0;font-size:10pt;font-variant:normal;font-weight:normal;font-style:normal;text-align:left;line-height:normal;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="width:4%;vertical-align:top;"> <p style="margin:0px"><strong>14. </strong></p></td> <td style="vertical-align:top;"><strong>Fair value of financial instruments</strong> <em>(Continued from previous page)</em></td></tr></table> <p style="font-size:10pt;font-family:times new roman;margin:0px"> </p> <table style="border-spacing:0;font-size:10pt;font-variant:normal;font-weight:normal;font-style:normal;text-align:left;line-height:normal;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="width:4%;"> <p style="margin:0px"> </p></td> <td style="width:4%;vertical-align:top;"> <p style="margin:0px"><em>(ii) </em></p></td> <td style="vertical-align:top;"><em>Sensitivity analysis</em></td></tr> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td> <p style="margin:0px"> </p></td> <td> <p style="margin:0px"> </p></td></tr> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td colspan="2"> <p style="margin:0px">For the fair value of equity securities, reasonably possible changes at the reporting date to one of the significant unobservable inputs, holding other inputs constant, would have the following effects.</p></td></tr></table> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <table style="border-spacing:0;text-align:left;font:10pt times new roman;margin-left:auto;margin-right:auto;width:92%" cellpadding="0"> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="6"> <p style="MARGIN: 0px 0px 0px 0in; text-align:center;"><strong>Profit or loss</strong></p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="MARGIN: 0px 0px 0px 0in; text-align:center;"><strong>Increase</strong></p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="MARGIN: 0px 0px 0px 0in; text-align:center;"><strong>Decrease</strong></p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px"> <td> <p style="margin:0px"><strong>Investment portfolio:</strong></p></td> <td> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" colspan="2" style="width:9%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" colspan="2" style="width:9%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td> <p style="margin:0px">September 30, 2020</p></td> <td style="vertical-align:top;"> <p style="margin:0px">Adjusted market multiple (5% movement)</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: black 3px double;width:9%;vertical-align:bottom;text-align:right;">887</td> <td style="PADDING-BOTTOM: 3px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: black 3px double;width:9%;vertical-align:bottom;text-align:right;">(887</td> <td style="PADDING-BOTTOM: 3px;width:1%;vertical-align:bottom;white-space: nowrap;">)</td></tr> <tr style="height:15px;background-color:#ffffff"> <td> <p style="margin:0px">December 31, 2019</p></td> <td style="vertical-align:top;"> <p style="margin:0px">Adjusted market multiple (5% movement)</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: black 3px double;width:9%;vertical-align:bottom;text-align:right;">1,000</td> <td style="PADDING-BOTTOM: 3px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: black 3px double;width:9%;vertical-align:bottom;text-align:right;">(1,000</td> <td style="PADDING-BOTTOM: 3px;width:1%;vertical-align:bottom;white-space: nowrap;">)</td></tr></table> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <table style="border-spacing:0;font-size:10pt;font-variant:normal;font-weight:normal;font-style:normal;text-align:left;line-height:normal;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="width:4%;vertical-align:top;"> <p style="margin:0px"><strong>15. </strong></p></td> <td style="vertical-align:top;"><strong>Revaluation</strong> (gains) and losses </td></tr></table> <p style="font-size:10pt;font-family:times new roman;margin:0px"> </p> <table style="border-spacing:0;text-align:left;font:10pt times new roman;margin-left:auto;margin-right:auto;width:92%" cellpadding="0"> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="6"> <p style="MARGIN: 0px 0px 0px -4.65pt; TEXT-INDENT: 4.65pt; text-align:right;"><strong>Three months ended </strong></p> <p style="MARGIN: 0px 0px 0px -4.65pt; TEXT-INDENT: 4.65pt; text-align:right;"><strong>September 30</strong></p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="6"> <p style="MARGIN: 0px 0px 0px 0in; text-align:right;">Nine months ended </p> <p style="MARGIN: 0px 0px 0px 0in; text-align:right;">September 30,</p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="MARGIN: 0px 0px 0px -4.65pt; TEXT-INDENT: 4.65pt; text-align:right;"><strong>2020</strong></p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="MARGIN: 0px 0px 0px -4.65pt; TEXT-INDENT: 4.65pt; text-align:right;">2019</p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="MARGIN: 0px 0px 0px 0in; text-align:right;"><strong>2020</strong></p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="MARGIN: 0px 0px 0px 0in; text-align:right;">2019</p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="margin:0px">Unrealized exchange (gain) loss</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;"><strong>(7</strong></td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;"><strong>)</strong></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">106</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;"><strong>87</strong></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">(177</td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="margin:0px">Change in fair value due to revaluation of derivative liability</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;"><strong>-</strong></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;"><strong>-</strong></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">570</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="margin:0px">Unrealized loss (gain) on investment portfolio, net</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;"><strong>719</strong></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">(294</td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;"><strong>3,998</strong></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">(294</td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="margin:0px">Unrealized (gain) on other receivable</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;"><strong>-</strong></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;"><strong>(289</strong></td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;"><strong>)</strong></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="margin:0px">Loss on disposition of property and equipment </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: black 3px double;width:9%;vertical-align:bottom;text-align:right;"><strong>9</strong></td> <td style="PADDING-BOTTOM: 3px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: black 3px double;width:9%;vertical-align:bottom;text-align:right;">-</td> <td style="PADDING-BOTTOM: 3px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: black 3px double;width:9%;vertical-align:bottom;text-align:right;"><strong>272</strong></td> <td style="PADDING-BOTTOM: 3px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: black 3px double;width:9%;vertical-align:bottom;text-align:right;">102</td> <td style="PADDING-BOTTOM: 3px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: black 3px double;width:9%;vertical-align:bottom;text-align:right;"><strong>721</strong></td> <td style="PADDING-BOTTOM: 3px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: black 3px double;width:9%;vertical-align:bottom;text-align:right;">(188</td> <td style="PADDING-BOTTOM: 3px;width:1%;vertical-align:bottom;white-space: nowrap;">)</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: black 3px double;width:9%;vertical-align:bottom;text-align:right;"><strong>4,068</strong></td> <td style="PADDING-BOTTOM: 3px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: black 3px double;width:9%;vertical-align:bottom;text-align:right;">201</td> <td style="PADDING-BOTTOM: 3px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr></table> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <table style="border-spacing:0;font-size:10pt;font-variant:normal;font-weight:normal;font-style:normal;text-align:left;line-height:normal;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="width:4%;vertical-align:top;"> <p style="margin:0px"><strong>16. </strong></p></td> <td style="vertical-align:top;"><strong>Other non-operating (income) expenses</strong></td></tr></table> <p style="font-size:10pt;font-family:times new roman;margin:0px"> </p> <table style="border-spacing:0;text-align:left;font:10pt times new roman;margin-left:auto;margin-right:auto;width:92%" cellpadding="0"> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="6"> <p style="MARGIN: 0px 0px 0px -4.65pt; TEXT-INDENT: 4.65pt; text-align:right;"><strong>Three months ended </strong></p> <p style="MARGIN: 0px 0px 0px -4.65pt; TEXT-INDENT: 4.65pt; text-align:right;"><strong>September 30</strong></p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="6"> <p style="MARGIN: 0px 0px 0px 0in; text-align:right;">Nine months ended </p> <p style="MARGIN: 0px 0px 0px 0in; text-align:right;">September 30,</p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="MARGIN: 0px 0px 0px -4.65pt; TEXT-INDENT: 4.65pt; text-align:right;"><strong>2020</strong></p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="MARGIN: 0px 0px 0px -4.65pt; TEXT-INDENT: 4.65pt; text-align:right;">2019</p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="MARGIN: 0px 0px 0px 0in; text-align:right;"><strong>2020</strong></p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="MARGIN: 0px 0px 0px 0in; text-align:right;">2019</p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="margin:0px">Gain on sale of loan book</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;"><strong>-</strong></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;"><strong>(1,676</strong></td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;"><strong>)</strong></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="margin:0px">Credit facility prepayment and related expenses</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;"><strong>(9</strong></td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;"><strong>)</strong></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;"><strong>2,609</strong></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="margin:0px">Government grant</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;"><strong>(1,336</strong></td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;"><strong>)</strong></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;"><strong>(2,668</strong></td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;"><strong>)</strong></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="margin:0px">Gain on amendment of debentures</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;"><strong>(766</strong></td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;"><strong>)</strong></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;"><strong>(766</strong></td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;"><strong>)</strong></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="margin:0px">Restructuring and other</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: black 3px double;width:9%;vertical-align:bottom;text-align:right;"><strong>(27</strong></td> <td style="PADDING-BOTTOM: 3px;width:1%;vertical-align:bottom;white-space: nowrap;"><strong>)</strong></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: black 3px double;width:9%;vertical-align:bottom;text-align:right;">231</td> <td style="PADDING-BOTTOM: 3px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: black 3px double;width:9%;vertical-align:bottom;text-align:right;"><strong>562</strong></td> <td style="PADDING-BOTTOM: 3px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: black 3px double;width:9%;vertical-align:bottom;text-align:right;">414</td> <td style="PADDING-BOTTOM: 3px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;"><strong>(2,138</strong></td> <td style="PADDING-BOTTOM: 1px;width:1%;vertical-align:bottom;white-space: nowrap;"><strong>)</strong></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">231</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;"><strong>(1,939</strong></td> <td style="PADDING-BOTTOM: 1px;width:1%;vertical-align:bottom;white-space: nowrap;"><strong>)</strong></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">414</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr></table> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <table style="border-spacing:0;font-size:10pt;text-align:justify;margin-left:auto;margin-right:auto;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="width:4%;"> <p style="margin:0px"> </p></td> <td> <p style="margin:0px">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 5). 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 9). Mogo also recognized $109 of other related legal and termination expenses in connection with the transactions.</p></td></tr> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td> <p style="margin:0px"> </p></td></tr> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td> <p style="margin:0px">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 $1,336 and $2,668 for the three and nine months ended September 30, 2020 respectively in respect of the CEWS.</p></td></tr></table> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <table style="border-spacing:0;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px"> <td class="hpbhr"> </td></tr> <tr style="height:15px"> <td style="BORDER-BOTTOM: black 1px solid; TEXT-INDENT: 0px;text-align:center;">20</td></tr> <tr style="height:15px"> <td><p style='page-break-after: always'></p></td></tr> <tr style="height:15px"> <td> </td></tr></table> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:right;"><strong><strong>Mogo Inc. </strong></strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:right;"><strong><strong>Notes to the Interim Condensed Consolidated Financial Statements</strong></strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:right;"><em>(Unaudited)</em></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:right;"><em>(Expressed in thousands of Canadian dollars, except per share amounts)</em><em> </em></p> <table style="border-spacing:0;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="BORDER-BOTTOM: black 1px solid;"> <p style="MARGIN: 0px; text-align:right;"><em>For the three and nine months ended September 30, 2020 and 2019</em></p></td></tr></table> <p style="font-size:10pt;font-family:times new roman;margin:0px"> </p> <table style="border-spacing:0;font-size:10pt;text-align:justify;margin-left:auto;margin-right:auto;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="width:4%;"> <p style="margin:0px"> <strong>17.</strong></p></td> <td> <p style="margin:0px"><strong>Nature and extent of risk arising from financial instruments</strong></p></td></tr> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td> <p style="margin:0px"> </p></td></tr> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td> <p style="margin:0px"><strong><em>Risk management policy</em></strong></p></td></tr> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td> <p style="margin:0px"> </p></td></tr> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td> <p style="margin:0px">In the normal course of business, the Company is exposed to financial risk that arises from a number of sources. Management’s involvement in operations helps identify risks and variations from expectations. As a part of the overall operation of the Company, Management takes steps to avoid undue concentrations of risk. The Company manages the risks as follows:</p></td></tr> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td> <p style="margin:0px"> </p></td></tr> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td> <p style="margin:0px"><strong><em>Credit risk</em></strong></p></td></tr> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td> <p style="margin:0px"> </p></td></tr> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td> <p style="margin:0px">Credit risk is the risk of financial loss to the Company if a customer or counter‑party to a financial instrument fails to meet its contractual obligations and arises primarily from the Company’s loans receivable. The maximum amount of credit risk exposure is limited to the gross carrying amount of the loans receivable disclosed in these financial statements.</p></td></tr> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td> <p style="margin:0px"> </p></td></tr> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td> <p style="margin:0px">The Company acts as a lender of unsecured consumer loans and lines of credit and has little concentration of credit risk with any particular individual, company or other entity, relating to these services. However, the credit risk relates to the possibility of default of payment on the Company’s loans receivable. The Company performs on‑going credit evaluations, monitors aging of the loan portfolio, monitors payment history of individual loans, and maintains an allowance for loan loss to mitigate this risk. </p></td></tr> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td> <p style="margin:0px"> </p></td></tr> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td> <p style="margin:0px">The credit risk decisions on the Company’s loans receivable are made in accordance with the Company’s credit policies and lending practices, which are overseen by the Company’s senior management. Credit quality of the customer is assessed based on a credit rating scorecard and individual credit limits are defined in accordance with this assessment. The consumer loans receivable are unsecured. The Company develops underwriting models based on the historical performance of groups of customer loans which guide its lending decisions. To the extent that such historical data used to develop its underwriting models is not representative or predictive of current loan book performance, the Company could suffer increased loan losses.</p></td></tr> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td> <p style="margin:0px"> </p></td></tr> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td> <p style="margin:0px">The Company cannot guarantee that delinquency and loss levels will correspond with the historical levels experienced and there is a risk that delinquency and loss rates could increase significantly.</p></td></tr></table> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <table style="border-spacing:0;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px"> <td class="hpbhr"> </td></tr> <tr style="height:15px"> <td style="BORDER-BOTTOM: black 1px solid; TEXT-INDENT: 0px;text-align:center;">21</td></tr> <tr style="height:15px"> <td><p style='page-break-after: always'></p></td></tr> <tr style="height:15px"> <td> </td></tr></table> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:right;"><strong><strong>Mogo Inc. </strong></strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:right;"><strong><strong>Notes to the Interim Condensed Consolidated Financial Statements</strong></strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:right;"><em>(Unaudited)</em></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:right;"><em>(Expressed in thousands of Canadian dollars, except per share amounts)</em><em> </em></p> <table style="border-spacing:0;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="BORDER-BOTTOM: black 1px solid;"> <p style="MARGIN: 0px; text-align:right;"><em>For the three and nine months ended September 30, 2020 and 2019</em></p></td></tr></table> <p style="font-size:10pt;font-family:times new roman;margin:0px"> </p> <table style="border-spacing:0;font-size:10pt;font-variant:normal;font-weight:normal;font-style:normal;text-align:justify;margin-left:auto;line-height:normal;margin-right:auto;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="width:4%;vertical-align:top;"> <p style="margin:0px"><strong>17. </strong></p></td> <td style="vertical-align:top;"><strong>Nature and extent of risk arising from financial instruments</strong><em> </em><em>(Continued from previous page)</em><strong> </strong></td></tr> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td> <p style="margin:0px"> </p></td></tr> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td> <p style="margin:0px"><strong><em>Liquidity risk</em></strong></p></td></tr> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td> <p style="margin:0px"> </p></td></tr> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td> <p style="margin:0px">Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they become due or will not receive sufficient funds from its third-party lenders to advance to the Company’s customers. The Company manages all liquidity risk through maintaining a sufficient working capital amount through daily monitoring of controls, cash balances and operating results. The Company’s principal sources of cash are funds from operations, which the Company believes will be sufficient to cover its normal operating and capital expenditures.</p></td></tr> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td> <p style="margin:0px"> </p></td></tr> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td> <p style="margin:0px">The Company’s accounts payable and accruals are substantially due within 12 months. The maturity schedule of the Company’s credit facilities, debentures, and convertible debentures are described below. Management’s intention is to continue to refinance any outstanding amounts owing under the credit facilities and debentures and will consider the issuance of shares in lieu of amounts owing under the convertible debentures, in each case as they become due and payable. The debentures are subordinated to the credit facilities which has the effect of extending the maturity date of the debentures to the later of contractual maturity or the maturity date of credit facilities. See Note 9 for further details.</p></td></tr></table> <p style="font-size:10pt;font-family:times new roman;margin:0px"> </p> <table style="border-spacing:0;text-align:left;font:10pt times new roman;margin-left:auto;margin-right:auto;width:92%" cellpadding="0"> <tr style="height:15px"> <td style="BORDER-BOTTOM: #000000 1px solid;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in">($000s)</p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" colspan="2" style="width:6%;"></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" colspan="2" style="width:6%;"></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" colspan="2" style="width:6%;"></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" colspan="2" style="width:6%;"></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" colspan="2" style="width:6%;"></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" colspan="2" style="width:6%;"></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:6%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="MARGIN: 0px 0px 0px 0in; text-align:right;"><strong>2020 </strong></p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:6%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="MARGIN: 0px 0px 0px 0in; text-align:right;"><strong>2021</strong></p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:6%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="MARGIN: 0px 0px 0px 0in; text-align:right;"><strong>2022</strong></p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:6%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="MARGIN: 0px 0px 0px 0in; text-align:right;"><strong>2023</strong></p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:6%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="MARGIN: 0px 0px 0px 0in; text-align:right;"><strong>2024</strong></p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:6%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="MARGIN: 0px 0px 0px 0in; text-align:right;"><strong>Thereafter</strong></p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px"> <td style="vertical-align:top;"> <p style="margin:0px 0px 0px 0in"><strong><em>Commitments - operational</em></strong></p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" colspan="2" style="width:6%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" colspan="2" style="width:6%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" colspan="2" style="width:6%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" colspan="2" style="width:6%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" colspan="2" style="width:6%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" colspan="2" style="width:6%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="margin:0px 0px 0px 0in">Lease payments</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">317</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">1,395</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">1,307</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">1,296</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">1,206</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">3,967</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="margin:0px 0px 0px 0in">Trade payables </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">3,384</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="margin:0px 0px 0px 0in">Accrued wages and other expenses</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">3,037</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="margin:0px 0px 0px 0in">Interest – Credit Facility - Other (Note 9)</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">976</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">3,905</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">1,952</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="margin:0px 0px 0px 0in">Interest – Debentures (Note 10)</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">804</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">3,135</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">2,996</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">1,884</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">353</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="margin:0px 0px 0px 0in">Interest – Convertible debentures (Note 11) </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">300</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">1,200</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">500</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="margin:0px 0px 0px 0in">Purchase obligations </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:6%;vertical-align:bottom;text-align:right;">263</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:6%;vertical-align:bottom;text-align:right;">1,052</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:6%;vertical-align:bottom;text-align:right;">1,052</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:6%;vertical-align:bottom;text-align:right;">-</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:6%;vertical-align:bottom;text-align:right;">-</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:6%;vertical-align:bottom;text-align:right;">-</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:6%;vertical-align:bottom;text-align:right;">9,081</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:6%;vertical-align:bottom;text-align:right;">10,687</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:6%;vertical-align:bottom;text-align:right;">7,807</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:6%;vertical-align:bottom;text-align:right;">3,180</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:6%;vertical-align:bottom;text-align:right;">1,559</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:6%;vertical-align:bottom;text-align:right;">3,967</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="margin:0px 0px 0px 0in"><strong><em>Commitments – principal repayments</em></strong></p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="margin:0px 0px 0px 0in">Credit Facility – Other (Note 9)</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">37,188</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="margin:0px 0px 0px 0in">Debenture (Note 10)</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">1,604</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">2,173</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">2,313</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">19,932</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">19,295</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="margin:0px 0px 0px 0in">Convertible debentures (Note 11)</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:6%;vertical-align:bottom;text-align:right;">-</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:6%;vertical-align:bottom;text-align:right;">-</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:6%;vertical-align:bottom;text-align:right;">12,074</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:6%;vertical-align:bottom;text-align:right;">-</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:6%;vertical-align:bottom;text-align:right;">-</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:6%;vertical-align:bottom;text-align:right;">-</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:6%;vertical-align:bottom;text-align:right;">1,604</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:6%;vertical-align:bottom;text-align:right;">2,173</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:6%;vertical-align:bottom;text-align:right;">51,575</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:6%;vertical-align:bottom;text-align:right;">19,932</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:6%;vertical-align:bottom;text-align:right;">19,295</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:6%;vertical-align:bottom;text-align:right;">-</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;"> <p style="margin:0px"> </p></td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;"> <p style="margin:0px"> </p></td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;"> <p style="margin:0px"> </p></td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;"> <p style="margin:0px"> </p></td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;"> <p style="margin:0px"> </p></td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;"> <p style="margin:0px"> </p></td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="margin:0px 0px 0px 0in">Total contractual obligations </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:6%;vertical-align:bottom;text-align:right;">10,685</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:6%;vertical-align:bottom;text-align:right;">12,860</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:6%;vertical-align:bottom;text-align:right;">59,382</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:6%;vertical-align:bottom;text-align:right;">23,112</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:6%;vertical-align:bottom;text-align:right;">20,854</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:6%;vertical-align:bottom;text-align:right;">3,967</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr></table> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <table style="border-spacing:0;font-size:10pt;text-align:justify;margin-left:auto;margin-right:auto;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="width:4%;"> <p style="margin:0px"> </p></td> <td> <p style="margin:0px"><strong><em>Market risk</em></strong></p></td></tr> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td> <p style="margin:0px"> </p></td></tr> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td> <p style="margin:0px">Market risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market prices. Market risk comprises three types of risk: interest rate risk, currency risk and other price risk, such as equity price risk and commodity risk. Financial instruments affected by market risk include cash, investment portfolio, debentures, credit facilities and derivative financial liability. </p></td></tr></table> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <table style="border-spacing:0;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px"> <td class="hpbhr"> </td></tr> <tr style="height:15px"> <td style="BORDER-BOTTOM: black 1px solid; TEXT-INDENT: 0px;text-align:center;">22</td></tr> <tr style="height:15px"> <td><p style='page-break-after: always'></p></td></tr> <tr style="height:15px"> <td> </td></tr></table> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:right;"><strong><strong>Mogo Inc. </strong></strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:right;"><strong><strong>Notes to the Interim Condensed Consolidated Financial Statements</strong></strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:right;"><em>(Unaudited)</em></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:right;"><em>(Expressed in thousands of Canadian dollars, except per share amounts)</em><em> </em></p> <table style="border-spacing:0;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="BORDER-BOTTOM: black 1px solid;"> <p style="MARGIN: 0px; text-align:right;"><em>For the three and nine months ended September 30, 2020 and 2019</em></p></td></tr></table> <p style="font-size:10pt;font-family:times new roman;margin:0px"> </p> <table style="border-spacing:0;font-size:10pt;font-variant:normal;font-weight:normal;font-style:normal;text-align:justify;margin-left:auto;line-height:normal;margin-right:auto;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="width:4%;vertical-align:top;"> <p style="margin:0px"><strong>17. </strong></p></td> <td style="vertical-align:top;"><strong>Nature and extent of risk arising from financial instruments</strong> <em>(Continued from previous page)</em></td></tr> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td> <p style="margin:0px"> </p></td></tr> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td> <p style="margin:0px"><strong><em>Interest rate risk</em></strong></p></td></tr> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td> <p style="margin:0px"> </p></td></tr> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td> <p style="margin:0px">Changes in market interest rates may have an effect on the cash flows associated with some financial assets and liabilities, known as cash flow risk, and on the fair value of other financial assets or liabilities, known as price risk. The Company is exposed to interest rate risk primarily relating to its credit facility that bears interest fluctuating with LIBOR. The Credit Facility - Other had a LIBOR floor of 2.00% until July 2, 2020, on which date the LIBOR floor was reduced to 1.50%. As at September 30, 2020, LIBOR is 0.15% (December 31, 2019 – 1.74%). A 50-basis point change in LIBOR would not increase or decrease credit facility interest expense.</p></td></tr> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td> <p style="margin:0px"> </p></td></tr> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td> <p style="margin:0px">The debentures and convertible debentures have fixed rates of interest and are not subject to interest rate risk.</p></td></tr> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td> <p style="margin:0px"> </p></td></tr> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td> <p style="margin:0px"><strong><em>Currency risk<br></em></strong></p> <p style="margin:0px">Currency risk is the risk that changes in foreign exchange rates may have an effect on future cash flows associated with financial instruments. The Company is exposed to foreign currency risk on the following financial instruments denominated in U.S. dollars. A 5% increase or decrease in the U.S. dollar exchange rate would increase or decrease the unrealized exchange gain (loss) by $14.<strong><em> </em></strong></p></td></tr></table> <p style="font-size:10pt;font-family:times new roman;margin:0px"> </p> <table style="border-spacing:0;text-align:left;font:10pt times new roman;margin-left:auto;margin-right:auto;width:92%" cellpadding="0"> <tr style="height:15px"> <td style="BORDER-BOTTOM: 1px solid;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in"><strong>(Thousands of $USD)</strong></p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="MARGIN: 0px 0px 0px 0in; text-align:right;"><strong>September 30, </strong></p> <p style="MARGIN: 0px 0px 0px 0in; text-align:right;"><strong>2020</strong></p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="MARGIN: 0px 0px 0px 0in; text-align:right;">December 31,</p> <p style="MARGIN: 0px 0px 0px 0in; text-align:right;">2019</p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="margin:0px 0px 0px 0in">Cash</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;"><strong>263</strong></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">322</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="margin:0px 0px 0px 0in">Investment portfolio</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;"><strong>5,211</strong></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">7,060</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="margin:0px 0px 0px 0in">Debentures</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;"><strong>5,265</strong></td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">5,020</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr></table> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <table style="border-spacing:0;font-size:10pt;text-align:justify;margin-left:auto;margin-right:auto;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="width:4%;"> <p style="margin:0px"> </p></td> <td> <p style="margin:0px"><strong><em>Other price risk</em></strong></p></td></tr> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td> <p style="margin:0px"> </p></td></tr> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td> <p style="margin:0px">Other market price risk is the risk that the fair value of the financial instrument will fluctuate as a result of changes in market prices (other than those arising from interest rate risks or currency risk), whether caused by factors specific to an individual investment or its issuers or factors affecting all instruments traded in the market. Our investment portfolio comprises of non-listed closely held equity instruments which are not exposed to market prices. Fair valuation of our investment portfolio is conducted on a quarterly basis.</p></td></tr> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td> <p style="margin:0px"> </p></td></tr> <tr style="height:15px"> <td> <p style="margin:0px"> <strong>18.</strong></p></td> <td> <p style="margin:0px"><strong>Equity </strong></p></td></tr></table> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <table style="border-spacing:0;font-size:10pt;text-align:justify;margin-left:auto;margin-right:auto;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="width:4%;"> <p style="margin:0px"> </p></td> <td style="width:4%;"> <p style="margin:0px"> (a)<font style="font:7pt times new roman"> </font></p></td> <td> <p style="margin:0px"> Share capital</p></td></tr> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td> <p style="margin:0px"> </p></td> <td> <p style="margin:0px"> </p></td></tr> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td> <p style="margin:0px"> </p></td> <td> <p style="margin:0px">The Company’s authorized share capital is comprised of an unlimited number of common shares with no par value and an unlimited number of preferred shares issuable in one or more series. The Board is authorized to determine the rights and privileges and number of shares of each series. </p></td></tr> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td> <p style="margin:0px"> </p></td> <td> <p style="margin:0px"> </p></td></tr> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td> <p style="margin:0px"> </p></td> <td> <p style="margin:0px">As at September 30, 2020, there are 29,393,979 common shares and no preferred shares issued and outstanding.</p></td></tr> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td> <p style="margin:0px"> </p></td> <td> <p style="margin:0px"> </p></td></tr> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td> <p style="margin:0px"> (b)</p></td> <td> <p style="margin:0px">Options </p></td></tr> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td> <p style="margin:0px"> </p></td> <td> <p style="margin:0px"> </p></td></tr> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td> <p style="margin:0px"> </p></td> <td> <p style="margin:0px">The Company has a stock option plan (the “Plan”) that provides for the granting of options to directors, officers, employees and consultants. The exercise price of an option is set at the time that such option is granted under the Plan. The maximum number of common shares reserved for issuance under the Plan is the greater of i) 15% of the number of common shares issued and outstanding of the Company and ii) 3,800,000. As a result of the Business Combination described in Note 13, there are an additional 536,000 options issued and outstanding as at December 31, 2019, which were granted pursuant to the Company’s prior stock option plan (the “Prior Plan”). These 536,000 options outstanding do not contribute towards the maximum number of common shares reserved for issuance under the Plan as described above. </p></td></tr> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td> <p style="margin:0px"> </p></td> <td> <p style="margin:0px"> </p></td></tr> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td> <p style="margin:0px"> </p></td> <td> <p style="margin:0px">Each option converts into one common share of the Company upon exercise. No amounts are paid or payable by the recipient on receipt of the option. The options carry neither rights to dividends nor voting rights. Options may be exercised at any time from the date of vesting to the date of expiry. Options issued under the Plan have a maximum contractual term of eight years, and options issued under the Prior Plan have a maximum contractual term of ten years.</p></td></tr></table> <p style="font-size:10pt;font-family:times new roman;margin:0px"> </p> <table style="border-spacing:0;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px"> <td class="hpbhr"> </td></tr> <tr style="height:15px"> <td style="BORDER-BOTTOM: black 1px solid; TEXT-INDENT: 0px;text-align:center;">23</td></tr> <tr style="height:15px"> <td><p style='page-break-after: always'></p></td></tr> <tr style="height:15px"> <td> </td></tr></table> <p style="font-size:10pt;font-family:times new roman;margin:0px"> </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:right;"><strong><strong>Mogo Inc. </strong></strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:right;"><strong><strong>Notes to the Interim Condensed Consolidated Financial Statements</strong></strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:right;"><em>(Unaudited)</em></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:right;"><em>(Expressed in thousands of Canadian dollars, except per share amounts)</em><em> </em></p> <table style="border-spacing:0;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="BORDER-BOTTOM: black 1px solid;"> <p style="MARGIN: 0px; text-align:right;"><em>For the three and nine months ended September 30, 2020 and 2019</em></p></td></tr></table> <p style="font-size:10pt;font-family:times new roman;margin:0px"> </p> <table style="border-spacing:0;font-size:10pt;font-variant:normal;font-weight:normal;font-style:normal;text-align:left;line-height:normal;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="width:4%;vertical-align:top;"> <p style="margin:0px"><strong>18. </strong></p></td> <td style="vertical-align:top;"><strong>Equity</strong> <em>(Continued from previous page) </em></td></tr> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td> <p style="margin:0px"> </p></td></tr> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td> <p style="margin:0px">A summary of the status of the stock options and changes in the period is as follows:</p></td></tr></table> <p style="font-size:10pt;font-family:times new roman;margin:0px"> </p> <table style="border-spacing:0;text-align:left;font:10pt times new roman;margin-left:auto;margin-right:auto;width:92%" cellpadding="0"> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="MARGIN: 0px 0px 0px 0in; text-align:right;"><strong>Options Outstanding (000s)</strong></p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="MARGIN: 0px 0px 0px 0in; text-align:right;"><strong>Weighted Average Grant Date Fair Value $</strong></p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="MARGIN: 0px 0px 0px 0in; text-align:right;"><strong>Weighted Average Exercise <br>Price $</strong></p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="MARGIN: 0px 0px 0px 0in; text-align:right;"><strong>Options Exercisable (000s)</strong></p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="MARGIN: 0px 0px 0px 0in; text-align:right;"><strong>Weighted Average Exercise <br>Price $</strong></p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="margin:0px 0px 0px 0in">As at December 31, 2018</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;"><strong>3,108</strong></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" colspan="2" style="width:9%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;"><strong>3.88</strong></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;"><strong>1,965</strong></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;"><strong>3.80</strong></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="margin:0px">Options granted</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">817</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">1.86</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">4.06</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="margin:0px">Replacement awards</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">536</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">1.69</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">2.64</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="margin:0px">Exercised</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">(356</td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">2.16</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="margin:0px">Forfeited</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">(408</td> <td style="PADDING-BOTTOM: 1px;width:1%;vertical-align:bottom;white-space: nowrap;">)</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">-</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">5.11</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;"> <p style="margin:0px"> </p></td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;"> <p style="margin:0px"> </p></td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="margin:0px"><strong>As at December 31, 2019</strong></p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;"><strong>3,697</strong></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;"><strong>4.05</strong></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;"><strong>2,833</strong></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;"><strong>4.12</strong></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="margin:0px">Options granted</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">1,366</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">0.87</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">1.54</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="margin:0px">Exercised</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">(52</td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">1.71</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="margin:0px">Forfeited</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">(425</td> <td style="PADDING-BOTTOM: 1px;width:1%;vertical-align:bottom;white-space: nowrap;">)</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">-</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">2.89</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;"> <p style="margin:0px"> </p></td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;"> <p style="margin:0px"> </p></td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="margin:0px"><strong>As at September 30, 2020</strong></p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: black 3px double;width:9%;vertical-align:bottom;text-align:right;"><strong>4,586</strong></td> <td style="PADDING-BOTTOM: 3px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: black 3px double;width:9%;"> <p style="margin:0px"> </p></td> <td style="PADDING-BOTTOM: 3px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: black 3px double;width:9%;vertical-align:bottom;text-align:right;"><strong>2.87</strong></td> <td style="PADDING-BOTTOM: 3px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: black 3px double;width:9%;vertical-align:bottom;text-align:right;"><strong>2,985</strong></td> <td style="PADDING-BOTTOM: 3px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: black 3px double;width:9%;vertical-align:bottom;text-align:right;"><strong>3.45</strong></td> <td style="PADDING-BOTTOM: 3px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr></table> <p style="font-size:10pt;font-family:times new roman;margin:0px"> </p> <table style="border-spacing:0;font-size:10pt;text-align:justify;margin-left:auto;margin-right:auto;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="width:4%;"> <p style="margin:0px"> </p></td> <td> <p style="margin:0px">The above noted options have expiry dates ranging from November 2021 to December 2029.</p></td></tr> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td> <p style="margin:0px"> </p></td></tr> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td> <p style="margin:0px">On June 10, 2020, Mogo modified the exercise price of 1,394,425 outstanding options previously granted to non-executive employees to $1.56. The incremental modification expense arising from the repricing of these options was $397, of which $299 was amortized into stock based compensation expense for nine months ended September 30, 2020. During the three months ended September 30, 2020, Mogo modified a further 141,914 options previously granted to non-executive and executive employees resulting in an incremental modification expense of $88. </p></td></tr> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td> <p style="margin:0px"> </p></td></tr> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td> <p style="margin:0px">Options granted during the nine months ended September 30, 2020 include 150,000 options granted to non-employees and measured at the fair value of corresponding services received, rather than using the Black-Scholes option pricing model. </p></td></tr> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td> <p style="margin:0px"> </p></td></tr> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td> <p style="margin:0px">The estimated fair value of options granted using the Black-Scholes option pricing model had the following assumptions:</p></td></tr></table> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <table style="border-spacing:0;text-align:left;font:10pt times new roman;margin-left:auto;margin-right:auto;width:92%" cellpadding="0"> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;vertical-align:bottom;text-align:center;" colspan="2"> <p style="MARGIN: 0px 0px 0px 0in; text-align:right;"><strong>For the nine months ended September 30,2020</strong></p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;vertical-align:bottom;text-align:center;" colspan="2"> <p style="MARGIN: 0px 0px 0px 0in; text-align:right;">For the year ended December 31, 2019</p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:bottom;"> <p style="margin:0px">Risk-free interest rate</p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" colspan="2" style="vertical-align:bottom;text-align:center;"> <p style="MARGIN: 0px; text-align:right;"><strong>0.33% - 0.35</strong></p></td> <td style="white-space: nowrap;"> <p style="margin:0px"><strong>%</strong></p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" colspan="2" style="vertical-align:bottom;text-align:center;"> <p style="MARGIN: 0px 0px 0px 0in; text-align:right;">1.17% - 1.83</p></td> <td style="white-space: nowrap;"> <p style="margin:0px">%</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:bottom;"> <p style="margin:0px">Expected life</p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" colspan="2" style="vertical-align:bottom;text-align:center;"> <p style="MARGIN: 0px 0px 0px 0in; text-align:right;"><strong>5 years</strong></p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" colspan="2" style="vertical-align:bottom;text-align:center;"> <p style="MARGIN: 0px 0px 0px 0in; text-align:right;">5 years</p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="margin:0px">Volatility in market price of shares</p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td colspan="2"> <p style="MARGIN: 0px 0px 0px 0in; text-align:right;"><strong>72% - 75</strong></p></td> <td style="white-space: nowrap;"> <p style="margin:0px"><strong>%</strong></p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="vertical-align:bottom;text-align:right;">50</td> <td style="vertical-align:bottom;white-space: nowrap;">%</td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="margin:0px">Expected dividend yield</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:11%;vertical-align:bottom;text-align:right;"><strong>0</strong></td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;"><strong>%</strong></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:11%;vertical-align:bottom;text-align:right;">0</td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">%</td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="margin:0px">Expected forfeiture rate</p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;vertical-align:bottom;text-align:right;"><strong>15</strong></td> <td style="PADDING-BOTTOM: 1px;vertical-align:bottom;white-space: nowrap;"><strong>%</strong></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;vertical-align:bottom;text-align:right;">15</td> <td style="PADDING-BOTTOM: 1px;vertical-align:bottom;white-space: nowrap;">%</td></tr></table> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <table style="border-spacing:0;font-size:10pt;text-align:justify;margin-left:auto;margin-right:auto;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="width:4%;"> <p style="margin:0px"> </p></td> <td> <p style="margin:0px">These options generally vest either immediately or monthly over a three to four year period after an initial one year cliff. For the nine months ended September 20, 2020, expected volatility is calculated based on Mogo’s historical stock price as quoted on the Toronto Stock Exchange (the “TSX”).</p></td></tr> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td> <p style="margin:0px"> </p></td></tr> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td> <p style="margin:0px">Total share-based compensation costs related to options and RSUs for the three and nine months ended September 30, 2020 were $384 and $1,058 respectively (three and nine months ended September 30, 2019 - $165 and $1,556, respectively).</p></td></tr></table> <p style="font-size:10pt;font-family:times new roman;margin:0px"> </p> <table style="border-spacing:0;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px"> <td class="hpbhr"> </td></tr> <tr style="height:15px"> <td style="BORDER-BOTTOM: black 1px solid; TEXT-INDENT: 0px;text-align:center;">24</td></tr> <tr style="height:15px"> <td><p style='page-break-after: always'></p></td></tr> <tr style="height:15px"> <td> </td></tr></table> <p style="font-size:10pt;font-family:times new roman;margin:0px"> </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:right;"><strong><strong>Mogo Inc.</strong></strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:right;"><strong><strong><strong>Notes to the Interim Condensed Consolidated Financial Statements</strong></strong></strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:right;"><em>(Unaudited)</em></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:right;"><em>(Expressed in thousands of Canadian dollars, except per share amounts)</em><em> </em></p> <table style="border-spacing:0;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="BORDER-BOTTOM: black 1px solid;"> <p style="MARGIN: 0px; text-align:right;"><em>For the three and nine months ended September 30, 2020 and 2019</em></p></td></tr></table> <p style="font-size:10pt;font-family:times new roman;margin:0px"> </p> <table style="border-spacing:0;font-size:10pt;font-variant:normal;font-weight:normal;font-style:normal;text-align:left;line-height:normal;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="width:4%;vertical-align:top;"> <p style="margin:0px"><strong>18. </strong></p></td> <td style="vertical-align:top;"><strong>Equity</strong> <em>(Continued from previous page)</em></td></tr></table> <p style="font-size:10pt;font-family:times new roman;margin:0px"> </p> <table style="border-spacing:0;font-size:10pt;font-variant:normal;font-weight:normal;font-style:normal;text-align:justify;margin-left:auto;line-height:normal;margin-right:auto;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="width:4%;"> <p style="margin:0px"> </p></td> <td style="width:4%;vertical-align:top;"> <p style="margin:0px">(c) </p></td> <td style="vertical-align:top;">Restricted share units</td></tr> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td> <p style="margin:0px"> </p></td> <td> <p style="margin:0px"> </p></td></tr> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td> <p style="margin:0px"> </p></td> <td> <p style="margin:0px">RSUs are granted to executives and other key employees. The fair value of an RSU at the grant date is equal to the market value of one of the Company’s common shares. Executives and other key employees are granted a specific number of RSUs for a given performance period based on their position and level of contribution. RSUs vest fully after three years of continuous employment from the date of grant and, in certain cases, if performance objectives are met as determined by the Board of Directors. The maximum number of shares which may be made subject to issuance under RSUs awarded under the RSU Plan is 500,000.</p></td></tr> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td> <p style="margin:0px"> </p></td> <td> <p style="margin:0px"> </p></td></tr> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td> <p style="margin:0px"> </p></td> <td> <p style="margin:0px">Details of outstanding RSUs as at September 30, 2020 are as follows: </p></td></tr></table> <p style="font-size:10pt;font-family:times new roman;margin:0px"> </p> <table style="border-spacing:0;text-align:left;font:10pt times new roman;margin-left:auto;margin-right:auto;width:84%" cellpadding="0"> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="MARGIN: 0px 0px 0px 0in; text-align:right;"><strong>Number of RSUs (000s)</strong></p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="margin:0px 0px 0px 0in">Outstanding, December 31, 2018</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">246</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="margin:0px 0px 0px 0in">Converted</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">(94</td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="margin:0px 0px 0px 0in">Expired</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">(11</td> <td style="PADDING-BOTTOM: 1px;width:1%;vertical-align:bottom;white-space: nowrap;">)</td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="margin:0px 0px 0px 0in">Outstanding, December 31, 2019</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">141</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="margin:0px 0px 0px 0in">Converted</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">(57</td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="margin:0px 0px 0px 0in">Expired</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">(5</td> <td style="PADDING-BOTTOM: 1px;width:1%;vertical-align:bottom;white-space: nowrap;">)</td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="margin:0px 0px 0px 0in"><strong>Outstanding, September 30, 2020</strong></p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: black 3px double;width:9%;vertical-align:bottom;text-align:right;"><strong>79</strong></td> <td style="PADDING-BOTTOM: 3px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr></table> <p style="font-size:10pt;font-family:times new roman;margin:0px"> </p> <table style="border-spacing:0;font-size:10pt;text-align:left;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="width:4%;"> <p style="margin:0px"> </p></td> <td style="width:4%;"> <p style="margin:0px">(d)</p></td> <td> <p style="margin:0px"> Warrants </p></td></tr></table> <p style="font-size:10pt;font-family:times new roman;margin:0px"> </p> <table style="border-spacing:0;text-align:left;font:10pt times new roman;margin-left:auto;margin-right:auto;width:84%" cellpadding="0"> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="MARGIN: 0px 0px 0px 0in; text-align:right;"><strong>Warrants Outstanding (000s)</strong></p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="MARGIN: 0px 0px 0px 0in; text-align:right;"><strong>Weighted Average Exercise <br>Price $</strong></p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="MARGIN: 0px 0px 0px 0in; text-align:right;"><strong>Warrants Exercisable (000s)</strong></p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="MARGIN: 0px 0px 0px 0in; text-align:right;"><strong>Weighted Average Exercise <br>Price (Warrants Exercisable) $</strong></p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="margin:0px 0px 0px 0in">As at December 31, 2018</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">1,779</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">2.66</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">982</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">2.42</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="margin:0px 0px 0px 0in">Warrants exercised </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">(583</td> <td style="PADDING-BOTTOM: 1px;width:1%;vertical-align:bottom;white-space: nowrap;">)</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">2.05</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">-</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;"> <p style="margin:0px"> </p></td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="margin:0px 0px 0px 0in">As at December 31, 2019</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">1,196</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">2.96</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">598</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">2.96</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="margin:0px 0px 0px 0in">Warrants issued</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">350</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">1.29</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">-</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;"> <p style="margin:0px"> </p></td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="margin:0px 0px 0px 0in"><strong>As at September 30, 2020</strong></p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: black 3px double;width:9%;vertical-align:bottom;text-align:right;"><strong>1,546</strong></td> <td style="PADDING-BOTTOM: 3px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: black 3px double;width:9%;vertical-align:bottom;text-align:right;"><strong>1.29</strong></td> <td style="PADDING-BOTTOM: 3px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: black 3px double;width:9%;vertical-align:bottom;text-align:right;"><strong>897</strong></td> <td style="PADDING-BOTTOM: 3px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: black 3px double;width:9%;vertical-align:bottom;text-align:right;"><strong>1.29</strong></td> <td style="PADDING-BOTTOM: 3px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr></table> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <table style="border-spacing:0;font-size:10pt;text-align:left;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="width:8%;"> <p style="margin:0px"> </p></td> <td> <p style="margin:0px">The 1,546,120 warrants outstanding noted above have expiry dates ranging from January 2021 to August 2023. </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">On October 7, 2020, Mogo issued 4,479,392 Debenture Warrants to its debenture holders in connection with the debenture amendments approved on September 30, 2020, at an exercise price of $2.03 per warrant. The Debenture Warrants are exercisable at any time until December 31, 2022. Refer to Note 10 for additional details.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">Effective January 1, 2020, Mogo amended and extended the Postmedia Agreement for an additional two years expiring on December 31, 2022. Under the amended and extended Postmedia Agreement, Postmedia receives a quarterly revenue share payment of $263, reduced from $527 in Q4 2019. Further, the contractual life of 50% of the warrants previously issued to Postmedia was extended to seven years such that the new expiry date is January 25, 2023. Mogo also granted Postmedia additional 3.5-year warrants (the “New Warrants”) to acquire 350,000 common shares of Mogo at an exercise price of $3.537, which will vest in equal instalments over three years.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">On June 3, 2020, we entered into a further amendment with Postmedia pursuant to which Postmedia agreed to waive certain amounts payable by Mogo through December 31, 2020 in exchange for Mogo reducing the exercise price of the 1,546,120 common share purchase warrants previously issued to Postmedia, to $1.292.</p></td></tr></table> <p style="font-size:10pt;font-family:times new roman;margin:0px"> </p> <table style="border-spacing:0;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px"> <td class="hpbhr"> </td></tr> <tr style="height:15px"> <td style="BORDER-BOTTOM: black 1px solid; TEXT-INDENT: 0px;text-align:center;">25</td></tr> <tr style="height:15px"> <td><p style='page-break-after: always'></p></td></tr> <tr style="height:15px"> <td> </td></tr></table> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:right;"><strong><strong>Mogo Inc. </strong></strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:right;"><strong><strong>Notes to the Interim Condensed Consolidated Financial Statements</strong></strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:right;"><em>(Unaudited)</em></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:right;"><em>(Expressed in thousands of Canadian dollars, except per share amounts)</em><em> </em></p> <table style="border-spacing:0;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="BORDER-BOTTOM: black 1px solid;"> <p style="MARGIN: 0px; text-align:right;"><em>For the three and nine months ended September 30, 2020 and 2019</em></p></td></tr></table> <p style="font-size:10pt;font-family:times new roman;margin:0px"> </p> <table style="border-spacing:0;font-size:10pt;font-variant:normal;font-weight:normal;font-style:normal;text-align:left;line-height:normal;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="width:4%;vertical-align:top;"> <p style="margin:0px"><strong>18. </strong></p></td> <td style="vertical-align:top;"><strong>Equity</strong> <em>(Continued from previous page)</em></td></tr> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td> <p style="margin:0px"> </p></td></tr> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td> <p style="margin:0px">The fair value of the warrants outstanding was estimated using the Black-Scholes option pricing model with the following assumptions:</p></td></tr></table> <p style="font-size:10pt;font-family:times new roman;margin:0px"> </p> <table style="border-spacing:0;text-align:left;font:10pt times new roman;margin-left:auto;margin-right:auto;width:84%" cellpadding="0"> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;vertical-align:bottom;text-align:center;" colspan="2"> <p style="MARGIN: 0px 0px 0px 0in; text-align:right;"><strong>For the nine months ended September 30, 2020</strong></p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;vertical-align:bottom;text-align:center;" colspan="2"> <p style="MARGIN: 0px 0px 0px 0in; text-align:right;">For the year ended December 31, 2019</p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:bottom;"> <p style="margin:0px">Risk-free interest rate</p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" colspan="2" style="vertical-align:bottom;text-align:center;"> <p style="MARGIN: 0px 0px 0px -5.15pt; TEXT-INDENT: 6.85pt; text-align:right;"><strong>0.31- 1.66</strong></p></td> <td style="white-space: nowrap;"> <p style="margin:0px"><strong>%</strong></p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" colspan="2" style="vertical-align:bottom;text-align:center;"> <p style="MARGIN: 0px 0px 0px -5.15pt; TEXT-INDENT: 6.85pt; text-align:right;">0.64 - 2.05</p></td> <td style="white-space: nowrap;"> <p style="margin:0px">%</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:bottom;"> <p style="margin:0px">Expected life</p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" colspan="2" style="vertical-align:bottom;text-align:center;"> <p style="MARGIN: 0px 0px 0px -5.15pt; TEXT-INDENT: 6.85pt; text-align:right;"><strong>3.5-7 years</strong></p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" colspan="2" style="vertical-align:bottom;text-align:center;"> <p style="MARGIN: 0px 0px 0px -5.15pt; TEXT-INDENT: 6.85pt; text-align:right;">5-7 years</p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:bottom;"> <p style="margin:0px">Volatility in market price of shares</p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" colspan="2" style="vertical-align:bottom;text-align:center;"> <p style="MARGIN: 0px 0px 0px -5.15pt; TEXT-INDENT: 6.85pt; text-align:right;"><strong>50-72</strong></p></td> <td style="white-space: nowrap;"> <p style="margin:0px"><strong>%</strong></p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" colspan="2" style="vertical-align:bottom;text-align:center;"> <p style="MARGIN: 0px 0px 0px -5.15pt; TEXT-INDENT: 6.85pt; text-align:right;">50-55</p></td> <td style="white-space: nowrap;"> <p style="margin:0px">%</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="margin:0px">Expected dividend yield</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:11%;vertical-align:bottom;text-align:right;"><strong>0</strong></td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;"><strong>%</strong></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:11%;vertical-align:bottom;text-align:right;">0</td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">%</td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="margin:0px">Expected forfeiture rate</p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;vertical-align:bottom;text-align:right;"><strong>0</strong></td> <td style="PADDING-BOTTOM: 1px;vertical-align:bottom;white-space: nowrap;"><strong>%</strong></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;vertical-align:bottom;text-align:right;">0</td> <td style="PADDING-BOTTOM: 1px;vertical-align:bottom;white-space: nowrap;">%</td></tr></table> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <table style="border-spacing:0;font-size:10pt;text-align:justify;margin-left:auto;margin-right:auto;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="width:4%;"> <p style="margin:0px"> </p></td> <td style="width:4%;"> <p style="margin:0px">(e)</p></td> <td> <p style="margin:0px">Income (loss) per share </p></td></tr> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td> <p style="margin:0px"> </p></td> <td> <p style="margin:0px"> </p></td></tr> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td> <p style="margin:0px"> </p></td> <td style="MARGIN: 0px;"> <p style="margin:0px">Income (loss) per share is based on consolidated comprehensive income (loss) for the three and nine months ended September 30, 2020 divided by the weighted average number of shares outstanding during that period. Diluted income (loss) per share is based on the weighted average number of shares plus the effect of dilutive potential shares computed using the treasury stock method.</p></td></tr></table> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0.5in; text-align:justify;"> </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <table style="border-spacing:0;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="BORDER-BOTTOM: black 1px solid; TEXT-INDENT: 0px;"> <p style="MARGIN: 0px; text-align:center;">26</p></td></tr></table> <p style="font-size:10pt;font-family:times new roman;margin:0px"> </p> <p style="font-size:10pt;font-family:times new roman;margin:0px"> </p><body>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>3
<FILENAME>mogo_ex992.htm
<DESCRIPTION>MANAGEMENT'S DISCUSSION AND ANALYSIS
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<html><head><title>mogo_ex992.htm</title><!--Document created using EDGARMaster--></head><body style="TEXT-ALIGN: justify; FONT: 10pt times new roman; MARGIN-LEFT: 7%; MARGIN-RIGHT: 7%"><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:right;"> <strong>EXHIBIT 99.2</strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <table style="border-spacing:0;font-size:10pt;text-align:left;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="width:70%;"> <p style="margin:0px"><img src="mogo_ex992img1.jpg"></p></td> <td style="vertical-align:bottom;"> <p style="margin:0px">Management’s Discussion and Analysis</p></td></tr></table> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><strong>MOGO INC.</strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><strong>MANAGEMENT’S DISCUSSION AND ANALYSIS</strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><strong>FOR THE QUARTER ENDED SEPTEMBER 30, 2020</strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><strong>DATED: NOVEMBER </strong><strong>9, 2020</strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><strong> </strong></p> <table style="border-spacing:0;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px"> <td class="hpbhr"> </td></tr> <tr style="height:15px"> <td style="BORDER-BOTTOM: black 1px solid; TEXT-INDENT: 0px;text-align:left;">1 | Page</td></tr> <tr style="height:15px"> <td><p style='page-break-after: always'></p></td></tr> <tr style="height:15px"> <td> </td></tr></table> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <table style="border-spacing:0;font-size:10pt;text-align:left;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="width:70%;"> <p style="margin:0px"><img src="mogo_ex992img1.jpg"></p></td> <td style="vertical-align:bottom;"> <p style="margin:0px">Management’s Discussion and Analysis</p></td></tr></table> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><strong>Table of Contents</strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <table style="border-spacing:0;text-align:left;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" colspan="2" style="width:9%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" colspan="2" style="width:9%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="margin:0px"><strong>Non-IFRS Financial Measures</strong></p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;"><strong>3</strong></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="margin:0px"><strong>Caution Regarding Forward-looking Statements </strong></p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;"><strong>4</strong></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="margin:0px"><strong>Company Overview</strong></p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;"><strong>5</strong></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="margin:0px"><strong>Mission</strong></p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;"><strong>6</strong></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="margin:0px"><strong>Q3 2020 Update on COVID-19 Impact</strong></p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;"><strong>6</strong></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="margin:0px"><strong>Financial Performance Review</strong></p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;"><strong>9</strong></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="margin:0px"><strong>Liquidity and Capital Resources</strong></p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;"><strong>22</strong></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="margin:0px"><strong>Risk Management</strong></p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;"><strong>25</strong></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="margin:0px"><strong>Non-IFRS Financial Measures</strong></p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;"><strong>26</strong></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="margin:0px"><strong>Non-Financial Measures </strong></p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;"><strong>29</strong></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="margin:0px"><strong>Critical Accounting Estimates </strong></p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;"><strong>30</strong></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="margin:0px"><strong>Changes in Accounting Policies</strong></p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;"><strong>30</strong></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="margin:0px"><strong>Controls and Procedures</strong></p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;"><strong>30</strong></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr></table> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <table style="border-spacing:0;text-align:left;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px"> <td class="hpbhr"> </td></tr> <tr style="height:15px"> <td style="BORDER-BOTTOM: black 1px solid; TEXT-INDENT: 0px;text-align:left;">2 | Page</td></tr> <tr style="height:15px"> <td><p style='page-break-after: always'></p></td></tr> <tr style="height:15px"> <td> </td></tr></table> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;"> </p> <table style="border-spacing:0;font-size:10pt;text-align:left;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="width:70%;"> <p style="margin:0px"><img src="mogo_ex992img1.jpg"></p></td> <td style="vertical-align:bottom;"> <p style="margin:0px">Management’s Discussion and Analysis</p></td></tr></table> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;"> </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;"><strong>MANAGEMENT’S DISCUSSION AND ANALYSIS</strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><em>This Management’s Discussion and Analysis (“<strong>MD&A</strong>”) is current as of November 9, 2020 and presents an analysis of the financial condition of Mogo Inc. and its subsidiaries (collectively referred to as “<strong>Mogo</strong>” or the “<strong>Company</strong>”) as at and for the three and nine months ended September 30, 2020 compared with the corresponding periods in the prior year. This MD&A should be read in conjunction with the Company’s </em><em>interim condensed consolidated financial statements and the related notes thereto for the three and nine months ended September 30, 2020. The financial information presented in this MD&A is derived from our </em><em>interim condensed consolidated financial statements prepared in accordance with International Financial Reporting Standards (“<strong>IFRS</strong>”) as issued by the International Accounting Standards Board (“<strong>IASB</strong>”).<strike></strike></em></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><em>This MD&A is the responsibility of management. The Board of Directors has approved this MD&A after receiving the recommendation of the Company’s Audit Committee, which is comprised exclusively of independent directors, and the Company’s Disclosure Committee.</em></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><em>Unless otherwise noted or the context indicates otherwise “we”, “us”, “our”, the “Company” or “Mogo” refer to Mogo Inc. and its direct and indirect subsidiaries. The Company presents its consolidated financial statements in Canadian dollars. Amounts in this MD&A are stated in Canadian dollars unless otherwise indicated.</em></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><em>This MD&A may refer to trademarks, trade names and material which are subject to copyright, which are protected under applicable intellectual property laws and are the property of Mogo. Solely for convenience, our trademarks, trade names and copyrighted material referred to in this MD&A may appear without the</em><em> <sup>®</sup> or © symbol, but such references are not intended to indicate, in any way, that we will not assert, to the fullest extent under applicable law, our rights to these trademarks, trade names and copyrights. All other trade‑marks used in this MD&A are the property of their respective owners.</em></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><em>The Company’s continuous disclosure materials, including interim filings, audited consolidated financial statements, annual information form and annual report on Form 20-F can be found on SEDAR at </em><em>www.sedar.com</em><em>, with the Company’s filings with the United States Securities and Exchange Commission at </em><em>www.sec.gov</em>,<em> and on the Company’s website at </em><em>www.mogo.ca</em>. </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><strong>Non-IFRS Financial Measures</strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><em>This MD&A makes reference to certain non‑IFRS financial measures. These measures are not recognized measures under IFRS, do not have a standardized meaning prescribed by IFRS and are therefore unlikely to be comparable to similar measures presented by other companies. These measures are provided as additional information to complement the IFRS financial measures contained herein by providing further metrics to understand the Company’s results of operations from management’s perspective. Accordingly, they should not be considered in isolation nor as a substitute for analysis of our financial results reported under IFRS. We use non‑IFRS financial measures, including core revenue, </em><em>adjusted EBITDA, adjusted cash net income (loss) and cash operating expenses to provide investors with supplemental measures of our operating performance and thus highlight trends in our core business that may not otherwise be apparent when relying solely on IFRS financial measures. We also use non‑IFRS financial measures in order to facilitate operating performance comparisons from period to period, prepare annual operating budgets and assess our ability to meet our capital expenditure and working capital requirements. See “Key Performance Indicators” and “Non‑IFRS Financial Measures”.</em></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <table style="border-spacing:0;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px"> <td class="hpbhr"> </td></tr> <tr style="height:15px"> <td style="BORDER-BOTTOM: black 1px solid; TEXT-INDENT: 0px;text-align:left;">3 | Page</td></tr> <tr style="height:15px"> <td><p style='page-break-after: always'></p></td></tr> <tr style="height:15px"> <td> </td></tr></table> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <table style="border-spacing:0;font-size:10pt;text-align:left;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="width:70%;"> <p style="margin:0px"><img src="mogo_ex992img1.jpg"></p></td> <td style="vertical-align:bottom;"> <p style="margin:0px">Management’s Discussion and Analysis</p></td></tr></table> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><strong> </strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><strong>Caution Regarding Forward-Looking Statements</strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">This MD&A contains forward‑looking statements that relate to the Company’s current expectations and views of future events. In some cases, these forward‑looking statements can be identified by words or phrases such as “outlook”, “may”, “might”, “will”, “expect”, “anticipate”, “estimate”, “intend”, “plan”, “indicate”, “seek”, “believe”, “predict” or “likely”, or the negative of these terms, or other similar expressions intended to identify forward‑looking statements. The Company has based these forward‑looking statements on its current expectations and projections about future events and financial trends that it believes might affect its financial condition, results of operations, business strategy and financial needs. These forward‑looking statements include, among other things, statements relating to the Company’s expectations regarding its revenue, expenses and operations, key performance indicators, provision for loan losses (net of recoveries), anticipated cash needs and its need for additional financing, funding costs, ability to extend or refinance any outstanding amounts under the Company’s credit facilities, ability to protect, maintain and enforce its intellectual property, plans for and timing of expansion of its product and services, future growth plans, ability to attract new members and develop and maintain existing customers, ability to attract and retain personnel, expectations with respect to advancement of its product offering, competitive position and the regulatory environment in which the Company operates, anticipated trends and challenges in the Company’s business and the markets in which it operates, third‑party claims of infringement or violation of, or other conflicts with, intellectual property rights, the resolution of any legal matters, and the acceptance by the Company’s consumers and the marketplace of new technologies and solutions.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">Forward-looking statements are based on certain assumptions and analyses made by the Company in light of the experience and perception of historical trends, current conditions and expected future developments and other factors it believes are appropriate and are subject to risks and uncertainties. Although we believe that the assumptions underlying these statements are reasonable, they may prove to be incorrect, and we cannot assure that actual results will be consistent with these forward-looking statements. Given these risks, uncertainties and assumptions, any investors or users of this document should not place undue reliance on these forward-looking statements.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">Whether actual results, performance or achievements will conform to the Company’s expectations and predictions is subject to a number of known and unknown risks, uncertainties, assumptions and other factors that are discussed in greater detail in the “Risk Factors” section of the Company’s current annual information form and annual report on Form 20-F available at www.sedar.com and at www.sec.gov, which risk factors are incorporated herein by reference. </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">The forward-looking statements made in this MD&A relate only to events or information as of the date of this MD&A and are expressly qualified in their entirety by this cautionary statement. Except as required by law, we do not assume any obligation to update or revise any of these forward-looking statements to reflect events or circumstances after the date of this MD&A, including the occurrence of unanticipated events. A reader should review this MD&A with the understanding that our actual future results may be materially different from what we expect.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;">[The rest of this page left intentionally blank]</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <table style="border-spacing:0;text-align:left;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px"> <td class="hpbhr"> </td></tr> <tr style="height:15px"> <td style="BORDER-BOTTOM: black 1px solid; TEXT-INDENT: 0px;text-align:left;">4 | Page</td></tr> <tr style="height:15px"> <td><p style='page-break-after: always'></p></td></tr> <tr style="height:15px"> <td> </td></tr></table> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <table style="border-spacing:0;font-size:10pt;text-align:left;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="width:70%;"> <p style="margin:0px"><img src="mogo_ex992img1.jpg"></p></td> <td style="vertical-align:bottom;"> <p style="margin:0px">Management’s Discussion and Analysis</p></td></tr></table> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><strong>Company Overview</strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">Mogo — a financial technology company — offers a finance app that empowers consumers with simple solutions to help them get in control of their financial health and be more mindful of the impact they have on society and the planet. We all know it’s time to do things differently. It’s time for a new way to manage our money, one that’s inclusive and sustainable. One that takes into account our financial health, the planet’s health and the health of our society. At Mogo, users can sign up for a free account in only three minutes and begin to learn the 4 habits of financial health and get convenient access to products that can help them achieve their financial goals and have a positive impact on the planet including a digital spending account with Mogo Visa* Platinum Prepaid Card (<strong>“MogoCard”</strong>) featuring automatic carbon offsetting, free monthly credit score monitoring, ID fraud protection and personal loans. The Mogo platform has been purpose-built to deliver a best-in-class digital experience, with best-in-class products all through one account. With more than one million members and a marketing partnership with Canada's largest news media company, Mogo continues to execute on its vision of becoming the go-to financial app for the next generation of Canadians. To learn more, please visit mogo.ca or download the mobile app (iOS or Android).</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">In addition to the products described above, the following key corporate changes, transactions and material contracts are referred to, and assist in understanding this MD&A:</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <table style="border-spacing:0;font-size:10pt;font-variant:normal;font-weight:normal;font-style:normal;text-align:justify;margin-left:auto;line-height:normal;margin-right:auto;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="width:4%;"> <p style="margin:0px"> </p></td> <td style="width:4%;vertical-align:top;"> <p style="margin:0px"><font style="font-family:symbol">·</font></p></td> <td style="vertical-align:top;">In July 2020, we announced a new automatic carbon offsetting feature with the MogoCard, designed to help Canadians improve their financial health and the health of the planet through better spending control, and automatic carbon offsetting. By separating spending into a separate account, and avoiding credit, consumers are able to limit themselves to a specific budget. MogoCard is the only card in Canada that helps fight climate change by automatically offsetting carbon as you spend.</td></tr> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td> <p style="margin:0px;text-indent:30px"> </p></td> <td> <p style="margin:0px"> </p></td></tr> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td style="vertical-align:top;"> <p style="margin:0px"><font style="font-family:symbol">·</font></p></td> <td style="vertical-align:top;">In November 2020, we announced that MogoCard now supports Apple Pay®, Google Pay™ and Samsung Pay. This provides MogoCard users with even more options for cashless, contactless payment using their smartphone or other devices, while continuing to get all the benefits and security of MogoCard.</td></tr> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td> <p style="margin:0px;text-indent:30px"> </p></td> <td> <p style="margin:0px"> </p></td></tr> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td style="vertical-align:top;"> <p style="margin:0px"><font style="font-family:symbol">·</font></p></td> <td style="vertical-align:top;">In August 2020, we announced that we have established a new referral agreement with EQ Bank, the digital banking platform offered by Equitable Bank, through which Mogo will offer access to EQ Bank’s Savings Plus Account to Mogo members through the Mogo app.</td></tr> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td> <p style="margin:0px;text-indent:30px"> </p></td> <td> <p style="margin:0px"> </p></td></tr> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td style="vertical-align:top;"> <p style="margin:0px"><font style="font-family:symbol">·</font></p></td> <td style="vertical-align:top;">In August 2020, we announced that we have established a new referral agreement with Lendful Financial Inc. (<strong>“Lendful”</strong>), through which Mogo will offer its members access to Lendful’s prime loan products through the Mogo app.</td></tr> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td> <p style="margin:0px;text-indent:30px"> </p></td> <td> <p style="margin:0px"> </p></td></tr> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td style="vertical-align:top;"> <p style="margin:0px"><font style="font-family:symbol">·</font></p></td> <td style="vertical-align:top;">In August 2020, we announced plans to launch a mobile peer-to-peer (<strong>“P2P”</strong>) payment solution that will enable users to quickly and easily make and share payments with friends and family through Mogo’s mobile app. The Company expects to launch the solution in the first half of 2021.</td></tr> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td> <p style="margin:0px;text-indent:30px"> </p></td> <td> <p style="margin:0px"> </p></td></tr> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td style="vertical-align:top;"> <p style="margin:0px"><font style="font-family:symbol">·</font></p></td> <td style="vertical-align:top;">In September 2020, the Company and its debenture holders approved certain amendments to the terms of the debentures, effective July 1, 2020. The amendments include a reduction in the average coupon interest rate, from approximately 14% to approximately 7% , the extension of the maturity date for 50% of the principal balance to January 31, 2023, and the remainder to January 31, 2024, and the choice to settle principal and interest payments at the Company’s option either in cash or the Company’s shares. In connection with the amendment, the Company issued approximately 4.5 million common share purchase warrants to the debenture holders subsequent to the end of the quarter.</td></tr> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td> <p style="margin:0px;text-indent:30px"> </p></td> <td> <p style="margin:0px"> </p></td></tr> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td style="vertical-align:top;"> <p style="margin:0px"><font style="font-family:symbol">·</font></p></td> <td style="vertical-align:top;">In Q2 2020 we reduced our cash operating expenses<sup>(1)</sup> by $5.4 million relative to Q4 2019, a decrease of over 50%, in connection with our cost saving initiatives announced in March 2020 (the "<strong>COVID-19 Response Plan</strong>"). During Q1 and Q2 2020 we reduced our total workforce by approximately 40% relative to the end of Q4 2019. Based on its business needs, Mogo subsequently facilitated a return to work for some of its employees that had been placed on temporary layoff.</td></tr> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td> <p style="margin:0px;text-indent:30px"> </p></td> <td> <p style="margin:0px"> </p></td></tr> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td style="vertical-align:top;"> <p style="margin:0px"><font style="font-family:symbol">·</font></p></td> <td style="vertical-align:top;">In February 2020, we signed a three-year lending partnership (the “<strong>goeasy Arrangement</strong>”) with goeasy Ltd. (“<strong>goeasy</strong>”), one of Canada’s largest and most experienced non-prime consumer lenders, enabling Mogo to monetize its lending platform and drive new recurring fee-based revenue, with no capital investment or credit risk from these loans. Additionally, we also completed the sale of the majority of our “MogoLiquid” loan portfolio to goeasy for gross consideration of $31.6 million (the “<strong>Liquid Sale</strong>”).</td></tr> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td> <p style="margin:0px;text-indent:30px"> </p></td> <td> <p style="margin:0px"> </p></td></tr> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td style="vertical-align:top;"> <p style="margin:0px"><font style="font-family:symbol">·</font></p></td> <td style="vertical-align:top;">In February 2020, in conjunction with the Liquid Sale, we repaid and extinguished the Credit Facility – Liquid, which had an outstanding balance of $29.3 million as at December 31, 2019.</td></tr></table> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <table style="border-spacing:0;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px"> <td class="hpbhr"> </td></tr> <tr style="height:15px"> <td style="BORDER-BOTTOM: black 1px solid; TEXT-INDENT: 0px;text-align:left;">5 | Page</td></tr> <tr style="height:15px"> <td><p style='page-break-after: always'></p></td></tr> <tr style="height:15px"> <td> </td></tr></table> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <table style="border-spacing:0;font-size:10pt;text-align:left;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="width:70%;"> <p style="margin:0px"><img src="mogo_ex992img1.jpg"></p></td> <td style="vertical-align:bottom;"> <p style="margin:0px">Management’s Discussion and Analysis</p></td></tr></table> <table style="border-spacing:0;font-size:10pt;font-variant:normal;font-weight:normal;font-style:normal;text-align:justify;margin-left:auto;line-height:normal;margin-right:auto;width:100%" cellpadding="0"> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td> <p style="margin:0px"> </p></td> <td> <p style="margin:0px"> </p></td></tr> <tr style="height:15px"> <td style="width:4%;"> <p style="margin:0px"> </p></td> <td style="width:4%;vertical-align:top;"> <p style="margin:0px"><font style="font-family:symbol">·</font></p></td> <td style="vertical-align:top;">In May 2020, we amended certain terms of our 10% convertible senior secured debentures previously set to mature on May 31, 2020. The amendments include, among other things, extending the maturity date of the convertible debentures to May 31, 2022 and reducing the conversion price of the outstanding principal amount by 45% from $5.00 to $2.75 per common share.</td></tr> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td> <p style="margin:0px;text-indent:30px"> </p></td> <td> <p style="margin:0px"> </p></td></tr> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td style="vertical-align:top;"> <p style="margin:0px"><font style="font-family:symbol">·</font></p></td> <td style="vertical-align:top;">In December 2019, we renegotiated our Credit Facility – Other, decreasing the interest rate by up to 400 basis points effective July 2, 2020, and extending the maturity to July 2, 2022 (the “<strong>Credit Facility Renewal</strong>”).</td></tr> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td> <p style="margin:0px;text-indent:30px"> </p></td> <td> <p style="margin:0px"> </p></td></tr> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td style="vertical-align:top;"> <p style="margin:0px"><font style="font-family:symbol">·</font></p></td> <td style="vertical-align:top;">In January 2020, we achieved a new milestone, exceeding 1,000,000 Mogo members on our digital platform.</td></tr> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td> <p style="margin:0px;text-indent:30px"> </p></td> <td> <p style="margin:0px"> </p></td></tr> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td style="vertical-align:top;"> <p style="margin:0px"><font style="font-family:symbol">·</font></p></td> <td style="vertical-align:top;">In January 2020, we extended the term of our strategic marketing collaboration agreement with Canada’s premier news media company, Postmedia Network Inc. (“<strong>Postmedia</strong>”), for an additional two years to the end of 2022, while decreasing our quarterly payments from $0.5M to $0.3M (the “<strong>Postmedia Extension</strong>”). We also issued additional 3.5-year warrants to acquire 350,000 common shares of Mogo at an exercise price of $3.54, which along with existing outstanding warrants held by Postmedia, were amended to an exercise price of $1.29 in June 2020 in exchange for Postmedia waiving certain amounts payable by Mogo through December 31, 2020.</td></tr> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td> <p style="margin:0px;text-indent:30px"> </p></td> <td> <p style="margin:0px"> </p></td></tr> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td style="vertical-align:top;"> <p style="margin:0px"><font style="font-family:symbol">·</font></p></td> <td style="vertical-align:top;">In Q2 2019, we completed the Business Combination (as further described in Note 13 to our interim condensed consolidated financial statements) which included the acquisition of cash and an investment portfolio which, before transaction related expenses, had a total fair value of $30.3 million.</td></tr></table> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><strong>Mission</strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">Mogo’s mission is to make it easy and engaging for consumers to get financially fit and live a more sustainable lifestyle.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><strong>Q3 2020 Update on COVID-19 Impact</strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><strong>Daily Operations and Safety</strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">The rapid worldwide spread of COVID-19 has prompted governments to implement restrictive measures to curb the spread of the pandemic. During this period of uncertainty, our priority is to protect the health and safety of our employees, support and enforce government actions to slow the spread of COVID-19, and to continually assess and take appropriate actions to mitigate the risks to our business operations as a result of this pandemic.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><font style="color:windowtext">In the first half of 2020, we implemented a COVID-19 response plan that includes a number of measures to safeguard against the spread of the virus at our offices and maintain regular communications with suppliers, customers and business partners to monitor any potential risks to our ongoing operations. Operationally, Mogo has shifted its employees to work remotely. Given the digital nature of our business, the customer experience has been wholly unchanged.</font></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><strong>Cash Flow and Operating Expenses</strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">In March 2020, in light of the uncertain economic environment, Mogo undertook a thorough review of all its expenses and implemented a plan to significantly reduce those expenses. Operating expense reduction initiatives resulted in a $5.4 million reduction in Q2 2020 cash operating expenses<sup>(1)</sup> relative to Q4 2019, and this reduced cost base continued into Q3 2020 with a focus on deferring growth investments in technology and development and marketing. Included in this targeted reduction were cash personnel costs that are capitalized to intangible assets.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">As we continue to increase loan originations and focus on growing our member base and developing P2P, we expect a moderate increase in operating expenses in the fourth quarter. Given the ongoing, changing and uncertain situation regarding COVID-19, Mogo continues to monitor, evaluate, and adapt to developments as they unfold.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <table style="border-spacing:0;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px"> <td class="hpbhr"> </td></tr> <tr style="height:15px"> <td style="BORDER-BOTTOM: black 1px solid; TEXT-INDENT: 0px;text-align:left;">6 | Page</td></tr> <tr style="height:15px"> <td><p style='page-break-after: always'></p></td></tr> <tr style="height:15px"> <td> </td></tr></table> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <table style="border-spacing:0;font-size:10pt;text-align:left;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="width:70%;"> <p style="margin:0px"><img src="mogo_ex992img1.jpg"></p></td> <td style="vertical-align:bottom;"> <p style="margin:0px">Management’s Discussion and Analysis</p></td></tr></table> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><em>Summary of</em><em> Reductions to Operating Expenses and Improvements to Cash Flow</em></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <table style="border-spacing:0;font-size:10pt;font-variant:normal;font-weight:normal;font-style:normal;text-align:left;line-height:normal;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="width:4%;"> <p style="margin:0px"> </p></td> <td style="width:4%;vertical-align:top;"> <p style="margin:0px"><font style="font-family:symbol">·</font></p></td> <td style="vertical-align:top;"> <p style="MARGIN: 0px; text-align:justify;">The following table provides a reconciliation of cash operating expenses, a non-IFRS measure, to operating expenses, the nearest IFRS measure:</p></td></tr></table> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <table style="border-spacing:0;text-align:left;font:10pt times new roman;margin-left:auto;margin-right:auto;width:84%" cellpadding="0"> <tr style="height:15px"> <td style="BORDER-BOTTOM: #000000 1px solid;vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:justify;">($000s)</p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" colspan="2" style="width:9%;"></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" colspan="2" style="width:9%;"></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" colspan="2" style="width:9%;"></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" colspan="2" style="width:9%;"></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="MARGIN: 0px; text-align:center;"><strong>Three months </strong></p> <p style="MARGIN: 0px; text-align:center;"><strong>ended </strong></p> <p style="MARGIN: 0px; text-align:center;"><strong>September </strong><strong>30, </strong></p> <p style="MARGIN: 0px; text-align:center;"><strong>2020</strong></p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="MARGIN: 0px; text-align:center;"> </p></td> <td style="white-space: nowrap;"> <p style="MARGIN: 0px; text-align:center;"> </p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="MARGIN: 0px; text-align:center;"><strong>Three months </strong></p> <p style="MARGIN: 0px; text-align:center;"><strong>ended </strong></p> <p style="MARGIN: 0px; text-align:center;"><strong>June </strong><strong>30, </strong></p> <p style="MARGIN: 0px; text-align:center;"><strong>2020</strong></p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="MARGIN: 0px; text-align:center;"> </p></td> <td style="white-space: nowrap;"> <p style="MARGIN: 0px; text-align:center;"> </p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="MARGIN: 0px; text-align:center;"><strong>Three months </strong></p> <p style="MARGIN: 0px; text-align:center;"><strong>ended </strong></p> <p style="MARGIN: 0px; text-align:center;"><strong>March 31, </strong></p> <p style="MARGIN: 0px; text-align:center;"><strong>2020</strong></p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="MARGIN: 0px; text-align:center;"> </p></td> <td style="white-space: nowrap;"> <p style="MARGIN: 0px; text-align:center;"> </p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="MARGIN: 0px; text-align:center;"><strong>Three months </strong></p> <p style="MARGIN: 0px; text-align:center;"><strong>ended </strong></p> <p style="MARGIN: 0px; text-align:center;"><strong>December </strong><strong>31, </strong></p> <p style="MARGIN: 0px; text-align:center;"><strong>2019</strong></p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" colspan="2" style="width:9%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" colspan="2" style="width:9%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" colspan="2" style="width:9%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" colspan="2" style="width:9%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="MARGIN: 0px; text-align:justify;">Operating expenses</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">7,135</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">7,638</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">10,045</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">10,689</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="MARGIN: 0px; text-align:justify;">Add: Capitalized cost of intangible assets</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">839</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">882</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">1,849</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">2,213</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="MARGIN: 0px; text-align:justify;">Less:</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="MARGIN: 0px; text-align:justify;">Depreciation and amortization </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">(2,288</td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">(2,287</td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">(2,225</td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">(2,042</td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="MARGIN: 0px; text-align:justify;">Stock-based compensation </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">(384</td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">(460</td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">(214</td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">(177</td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="MARGIN: 0px; text-align:justify;">Non-cash warrant expense</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">(291</td> <td style="PADDING-BOTTOM: 1px;width:1%;vertical-align:bottom;white-space: nowrap;">)</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">(516</td> <td style="PADDING-BOTTOM: 1px;width:1%;vertical-align:bottom;white-space: nowrap;">)</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">245</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">(68</td> <td style="PADDING-BOTTOM: 1px;width:1%;vertical-align:bottom;white-space: nowrap;">)</td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="MARGIN: 0px; text-align:justify;">Cash operating expenses</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: black 3px double;width:9%;vertical-align:bottom;text-align:right;"><strong>5,011</strong></td> <td style="PADDING-BOTTOM: 3px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: black 3px double;width:9%;vertical-align:bottom;text-align:right;"><strong>5,257</strong></td> <td style="PADDING-BOTTOM: 3px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: black 3px double;width:9%;vertical-align:bottom;text-align:right;"><strong>9,700</strong></td> <td style="PADDING-BOTTOM: 3px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: black 3px double;width:9%;vertical-align:bottom;text-align:right;"><strong>10,615</strong></td> <td style="PADDING-BOTTOM: 3px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr></table> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <table style="border-spacing:0;font-size:10pt;font-variant:normal;font-weight:normal;font-style:normal;text-align:left;line-height:normal;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="width:4%;"> <p style="margin:0px"> </p></td> <td style="width:4%;vertical-align:top;"> <p style="margin:0px"><font style="font-family:symbol">·</font></p></td> <td style="vertical-align:top;"> <p style="MARGIN: 0px; text-align:justify;">In Q1 and Q2 2020, we saw reductions to headcount in some areas of the business, including natural attrition and both temporary and permanent layoffs. We also implemented temporary salary reductions including a 40% reduction for our CEO and President & CFO, 5-20% for most of our other salaried employees and reduced hours for the majority of other hourly based employees. At the beginning of Q3 2020, we were able to return a small number of employees on temporary layoff to their positions and return hourly employees to their full schedules. We have committed to revert to regular salary levels for all affected employees in Q4 2020.</p></td></tr> <tr style="height:15px"> <td> <p style="MARGIN: 0px; text-align:justify;"> </p></td> <td> <p style="MARGIN: 0px; TEXT-INDENT: 30px; text-align:justify;"> </p></td> <td> <p style="MARGIN: 0px; text-align:justify;"> </p></td></tr> <tr style="height:15px"> <td> <p style="MARGIN: 0px; text-align:justify;"> </p></td> <td style="vertical-align:top;"> <p style="MARGIN: 0px; text-align:justify;"><font style="font-family:symbol">·</font></p></td> <td style="vertical-align:top;"> <p style="MARGIN: 0px; text-align:justify;">The amendment of our non-convertible debentures in Q3 2020 significantly reduces our interest obligations, reducing our average coupon interest rate from 14% to 7%, and further providing us with flexibility to settle interest and principal in either Mogo common shares or cash, at our option. Mogo paid $nil cash interest in Q3 2020 in respect of these debentures (Q2 2020 - $nil; Q1 2020 - $1.5 million).</p></td></tr> <tr style="height:15px"> <td> <p style="MARGIN: 0px; text-align:justify;"> </p></td> <td> <p style="MARGIN: 0px; TEXT-INDENT: 30px; text-align:justify;"> </p></td> <td> <p style="MARGIN: 0px; text-align:justify;"> </p></td></tr> <tr style="height:15px"> <td> <p style="MARGIN: 0px; text-align:justify;"> </p></td> <td style="vertical-align:top;"> <p style="MARGIN: 0px; text-align:justify;"><font style="font-family:symbol">·</font></p></td> <td style="vertical-align:top;"> <p style="MARGIN: 0px; text-align:justify;">We worked with vendors to ensure continuity of service at reduced rates, securing significant one-time and ongoing savings of cash operating expenses.</p></td></tr> <tr style="height:15px"> <td> <p style="MARGIN: 0px; text-align:justify;"> </p></td> <td> <p style="MARGIN: 0px; TEXT-INDENT: 30px; text-align:justify;"> </p></td> <td> <p style="MARGIN: 0px; text-align:justify;"> </p></td></tr> <tr style="height:15px"> <td> <p style="MARGIN: 0px; text-align:justify;"> </p></td> <td style="vertical-align:top;"> <p style="MARGIN: 0px; text-align:justify;"><font style="font-family:symbol">·</font></p></td> <td style="vertical-align:top;"> <p style="MARGIN: 0px; text-align:justify;">Cash flow from operations remained positive in Q3 2020 despite a steady resumption of loan offers to new customers. Net loan originations were $3.0 million in Q3 2020, compared to $0.6 million in Q2 2020. We expect to continue taking a cautious and measured approach in resuming higher levels of loan originations on a go-forward basis.</p></td></tr> <tr style="height:15px"> <td> <p style="MARGIN: 0px; text-align:justify;"> </p></td> <td> <p style="MARGIN: 0px; TEXT-INDENT: 30px; text-align:justify;"> </p></td> <td> <p style="MARGIN: 0px; text-align:justify;"> </p></td></tr> <tr style="height:15px"> <td> <p style="MARGIN: 0px; text-align:justify;"> </p></td> <td style="vertical-align:top;"> <p style="MARGIN: 0px; text-align:justify;"><font style="font-family:symbol">·</font></p></td> <td style="vertical-align:top;"> <p style="MARGIN: 0px; text-align:justify;">Cash provided by (used in) operating activities was $5.2 million in the three months ended September 30, 2020 compared to ($5.1) million in the comparative period, due primarily to lesser cash used in the loan book and lower operating expenses. Cash used in investing activities decreased to $0.8 million from $2.1 million in the same respective periods, as a result of a reduced workforce and lesser growth investment in Q3 2020.</p></td></tr></table> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <table style="border-spacing:0;text-align:left;font:10pt times new roman;margin-left:auto;margin-right:auto;width:84%" cellpadding="0"> <tr style="height:15px"> <td style="BORDER-BOTTOM: #000000 1px solid;vertical-align:bottom;"> <p style="margin:0px 0px 0px -3.7pt">($000s)</p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" colspan="2" style="width:9%;"></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" colspan="2" style="width:9%;"></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="MARGIN: 0px 0px 0px 3.4pt; text-align:center;"><strong>Three months ended </strong></p> <p style="MARGIN: 0px 0px 0px 3.4pt; text-align:center;"><strong>September</strong><strong> 30, 2020</strong></p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="MARGIN: 0px; text-align:center;"> </p></td> <td style="white-space: nowrap;"> <p style="MARGIN: 0px; text-align:center;"> </p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="MARGIN: 0px 0px 0px 3.4pt; text-align:center;"><strong>Three months ended </strong></p> <p style="MARGIN: 0px; text-align:center;"><strong>September</strong><strong> 30, </strong></p> <p style="MARGIN: 0px; text-align:center;"><strong>2019</strong></p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="margin:0px">Cash provided by (used in) operating activities </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">5,206</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">(5,145</td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="margin:0px">Cash used in investing activities </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">(839</td> <td style="PADDING-BOTTOM: 1px;width:1%;vertical-align:bottom;white-space: nowrap;">)</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">(2,085</td> <td style="PADDING-BOTTOM: 1px;width:1%;vertical-align:bottom;white-space: nowrap;">)</td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="margin:0px">Cash provided by (used in) operating and investing activities</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;"><strong>4,367</strong></td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"><strong> </strong></p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"><strong> </strong></p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"><strong> </strong></p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;"><strong>(7,230</strong></td> <td style="PADDING-BOTTOM: 1px;width:1%;vertical-align:bottom;white-space: nowrap;"><strong>)</strong></td></tr></table> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">_________________</p> <table style="border-spacing:0;font-size:10pt;font-variant:normal;font-weight:normal;font-style:normal;text-align:left;line-height:normal;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="width:4%;vertical-align:top;"> <p style="margin:0px">(1) </p></td> <td style="vertical-align:top;"> <p style="MARGIN: 0px; text-align:justify;">For more information regarding our use of these non-IFRS measures and, where applicable, a reconciliation to the most comparable IFRS measure, see “Non-IFRS Financial Measures”.</p></td></tr></table> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <table style="border-spacing:0;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px"> <td class="hpbhr"> </td></tr> <tr style="height:15px"> <td style="BORDER-BOTTOM: black 1px solid; TEXT-INDENT: 0px;text-align:left;">7 | Page</td></tr> <tr style="height:15px"> <td><p style='page-break-after: always'></p></td></tr> <tr style="height:15px"> <td> </td></tr></table> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <table style="border-spacing:0;font-size:10pt;text-align:left;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="width:70%;"> <p style="margin:0px"><img src="mogo_ex992img1.jpg"></p></td> <td style="vertical-align:bottom;"> <p style="margin:0px">Management’s Discussion and Analysis</p></td></tr></table> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><strong>Digital Lending and Customer Support</strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">Mogo has been working closely with customers to support them through this changing environment and has launched a Job Loss Action Plan for members, including payment programs for affected loan customers. In addition, measures have been taken to limit additional credit exposure during this uncertain time. Specific actions and results include:</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <table style="border-spacing:0;font-size:10pt;font-variant:normal;font-weight:normal;font-style:normal;text-align:left;line-height:normal;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="width:4%;"> <p style="margin:0px"> </p></td> <td style="width:4%;vertical-align:top;"> <p style="margin:0px"><font style="font-family:symbol">·</font></p></td> <td style="vertical-align:top;"> <p style="MARGIN: 0px; text-align:justify;">To date we have provided approximately 7% of our loan customers with some form of relief, including reduced interest and deferred payments, with less than 0.5% of customers still on relief as at the date of this filing. The number of customers on relief options has reduced significantly in Q3 2020 as compared to March and April 2020.</p></td></tr> <tr style="height:15px"> <td> <p style="MARGIN: 0px; text-align:justify;"> </p></td> <td> <p style="MARGIN: 0px; TEXT-INDENT: 30px; text-align:justify;"> </p></td> <td> <p style="MARGIN: 0px; text-align:justify;"> </p></td></tr> <tr style="height:15px"> <td> <p style="MARGIN: 0px; text-align:justify;"> </p></td> <td style="vertical-align:top;"> <p style="MARGIN: 0px; text-align:justify;"><font style="font-family:symbol">·</font></p></td> <td style="vertical-align:top;"> <p style="MARGIN: 0px; text-align:justify;">In Q3 2020, we experienced lower rates of customer default relative to historical levels, which is a continuation of this positive trend established in Q2 2020.</p></td></tr> <tr style="height:15px"> <td> <p style="MARGIN: 0px; text-align:justify;"> </p></td> <td> <p style="MARGIN: 0px; TEXT-INDENT: 30px; text-align:justify;"> </p></td> <td> <p style="MARGIN: 0px; text-align:justify;"> </p></td></tr> <tr style="height:15px"> <td> <p style="MARGIN: 0px; text-align:justify;"> </p></td> <td style="vertical-align:top;"> <p style="MARGIN: 0px; text-align:justify;"><font style="font-family:symbol">·</font></p></td> <td style="vertical-align:top;"> <p style="MARGIN: 0px; text-align:justify;">In March 2020, we temporarily paused new on-balance sheet loan originations, instead focusing on servicing our existing members and loan customers, and directed a certain portion of the reduced loan demand to our lending partner. In late Q2 2020 and continuing into Q3 2020, we have restarted on-balance sheet loan offers to new customers.</p></td></tr> <tr style="height:15px"> <td> <p style="MARGIN: 0px; text-align:justify;"> </p></td> <td> <p style="MARGIN: 0px; TEXT-INDENT: 30px; text-align:justify;"> </p></td> <td> <p style="MARGIN: 0px; text-align:justify;"> </p></td></tr> <tr style="height:15px"> <td> <p style="MARGIN: 0px; text-align:justify;"> </p></td> <td style="vertical-align:top;"> <p style="MARGIN: 0px; text-align:justify;"><font style="font-family:symbol">·</font></p></td> <td style="vertical-align:top;"> <p style="MARGIN: 0px; text-align:justify;">We continue to take a slow and measured approach to restarting new loan originations. Since Q2 2020, we introduced an enhanced employment and income verification framework to help identify higher risk loan applications. Q3 2020 saw a return to moderate loan origination volume to new customers for the first time since March 2020, in addition to loan balance increases to existing customers in good standing, and loans to past customers who had previously paid in full. In Q3 2020, 48% of net originations were to new customers and 52% were to existing and returning past customers.</p></td></tr> <tr style="height:15px"> <td> <p style="MARGIN: 0px; text-align:justify;"> </p></td> <td> <p style="MARGIN: 0px; TEXT-INDENT: 30px; text-align:justify;"> </p></td> <td> <p style="MARGIN: 0px; text-align:justify;"> </p></td></tr> <tr style="height:15px"> <td> <p style="MARGIN: 0px; text-align:justify;"> </p></td> <td style="vertical-align:top;"> <p style="MARGIN: 0px; text-align:justify;"><font style="font-family:symbol">·</font></p></td> <td style="vertical-align:top;"> <p style="MARGIN: 0px; text-align:justify;">In Q3 2020, the volume of early loan repayments reverted closer to historical levels. Previously in Q2 2020, we had seen a higher than historical rate of early loan repayments from our customers.</p></td></tr></table> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><strong>Revenue</strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">As a result of efforts to manage our credit risk and operating spend in light of COVID-19, we have experienced a decrease in certain revenues attributable to measures taken in response to the pandemic. Specifically, as described above, we reduced loan originations compared to historical levels in order to limit credit exposure, and significantly reduced marketing expenses, which has resulted in a corresponding decrease in revenue in the last three quarters:</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <table style="border-spacing:0;text-align:left;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="BORDER-BOTTOM: #000000 1px solid;vertical-align:bottom;"> <p style="margin:0px">($000s)</p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" colspan="2" style="width:9%;"></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" colspan="2" style="width:9%;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" colspan="2" style="width:9%;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" colspan="2" style="width:9%;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="MARGIN: 0px; text-align:center;"><strong>Three months </strong></p> <p style="MARGIN: 0px; text-align:center;"><strong>ended </strong></p> <p style="MARGIN: 0px; text-align:center;"><strong>September 30, </strong></p> <p style="MARGIN: 0px; text-align:center;"><strong>2020</strong></p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="MARGIN: 0px; text-align:center;"><strong>Three months </strong></p> <p style="MARGIN: 0px; text-align:center;"><strong>ended </strong></p> <p style="MARGIN: 0px; text-align:center;"><strong>June 30, </strong></p> <p style="MARGIN: 0px; text-align:center;"><strong>2020</strong></p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="MARGIN: 0px; text-align:center;"><strong>Three months </strong></p> <p style="MARGIN: 0px; text-align:center;"><strong>ended </strong></p> <p style="MARGIN: 0px; text-align:center;"><strong>March 31, </strong></p> <p style="MARGIN: 0px; text-align:center;"><strong>2020</strong></p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="MARGIN: 0px; text-align:center;"><strong>Three months </strong></p> <p style="MARGIN: 0px; text-align:center;"><strong>ended </strong></p> <p style="MARGIN: 0px; text-align:center;"><strong>December 31, </strong></p> <p style="MARGIN: 0px; text-align:center;"><strong>2019</strong></p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" colspan="2" style="width:9%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" colspan="2" style="width:9%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" colspan="2" style="width:9%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" colspan="2" style="width:9%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="margin:0px">Total revenue</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">9,774</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">10,559</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">13,910</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">15,018</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="margin:0px">Less: MogoLiquid loan revenue</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">-</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">-</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">(1,721</td> <td style="PADDING-BOTTOM: 1px;width:1%;vertical-align:bottom;white-space: nowrap;">)</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">(2,663</td> <td style="PADDING-BOTTOM: 1px;width:1%;vertical-align:bottom;white-space: nowrap;">)</td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="margin:0px">Core revenue<sup> (1) (2)</sup></p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">9,774</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">10,559</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">12,189</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">12,355</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="margin:0px">Quarter over quarter % change</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">(7.4</td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">)%</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">(13.4</td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">)%</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">(1.3</td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">)%</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr></table> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">Excluding the impact of the Liquid loan book sold in Q1 2020, our revenues declined by 7.4% in Q3 2020 compared to Q2 2020, an improvement from the 13.4% decline in Q2 2020. It should be noted that while our gross loans receivable continued to decline in Q3 2020 as a result of our COVID-19 credit risk response measures, our interest revenue in the same period has declined at a much slower rate. This indicates an improvement in our interest revenue yield which is directly attributable to the lower concentration of delinquent loans in our loan portfolio, as the credit quality of the book continues to improve despite the challenging economic environment. Separately, subscription and services revenue relating to partner lending, MogoCard, and MogoCrypto grew slightly in Q3 2020 compared to Q2 2020 which offset part of the revenue decline despite limited marketing spend. We expect this revenue trend to accelerate as we resume our growth investments.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">_________</p> <table style="border-spacing:0;font-size:10pt;font-variant:normal;font-weight:normal;font-style:normal;text-align:left;line-height:normal;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="width:4%;vertical-align:top;"> <p style="margin:0px">(1) </p></td> <td style="vertical-align:top;"> <p style="MARGIN: 0px; text-align:justify;">For more information regarding our use of these non-IFRS measures and, where applicable, a reconciliation to the most comparable IFRS measure, see “Non-IFRS Financial Measures”.</p></td></tr> <tr style="height:15px"> <td style="vertical-align:top;"> <p style="MARGIN: 0px; text-align:justify;">(2) </p></td> <td style="vertical-align:top;"> <p style="MARGIN: 0px; text-align:justify;">In light of our exit from our bitcoin mining operations and the Liquid Sale, the Company has revised its definition of core revenue to exclude revenue from bitcoin mining and revenue related to Liquid loans. The prior period comparative figures for core revenue have been revised to conform with this new definition. See “Non-IFRS Financial Measures” for a reconciliation of core revenue to amounts reported as such in prior periods.</p></td></tr></table> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <table style="border-spacing:0;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px"> <td class="hpbhr"> </td></tr> <tr style="height:15px"> <td style="BORDER-BOTTOM: black 1px solid; TEXT-INDENT: 0px;text-align:left;">8 | Page</td></tr> <tr style="height:15px"> <td><p style='page-break-after: always'></p></td></tr> <tr style="height:15px"> <td> </td></tr></table> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <table style="border-spacing:0;font-size:10pt;text-align:left;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="width:70%;"> <p style="margin:0px"><img src="mogo_ex992img1.jpg"></p></td> <td style="vertical-align:bottom;"> <p style="margin:0px">Management’s Discussion and Analysis</p></td></tr></table> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><strong> </strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><strong>Risk Management and Critical Accounting Estimates</strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">The current outbreak of COVID-19, and any future emergence and spread of similar pathogens, could have a material adverse effect on global and local economic and business conditions which may adversely impact our business and results of operations, and the operations of contractors and service providers. The overall economic impacts of COVID-19 could include an impact on our ability to obtain debt and equity financing or potential future decreases in revenue or the profitability of our ongoing operations. The extent of the impact that this pandemic may have on the Canadian economy and the Company’s business is currently highly uncertain and difficult to predict. Accordingly, there is a higher level of uncertainty with respect to management’s judgements and estimates at this time, particularly as it relates to the measurement of allowance for loan losses and fair valuation of our investment portfolio. We will continue to revisit our judgements and estimates where appropriate in future reporting periods as economic conditions surrounding the COVID-19 pandemic continue to evolve.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><strong>Financial Performance Review</strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">The following provides insight on the Company’s financial performance by illustrating and providing commentary on its key performance indicators and operating results.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">The key performance indicators that we use to manage our business and evaluate our financial results and operating performance consist of: core revenue<sup>(1) (2)</sup>, adjusted EBITDA<sup>(1)</sup>, adjusted cash net loss<sup>(1)</sup>, and Mogo members.<sup> </sup>We evaluate our performance by comparing our actual results to prior year results. In order to ensure we are able to continue to provide meaningful comparisons, the Company reclassified certain prior period numbers to conform with the current presentation. The tables below provide the summary of key performance indicators and their most comparable IFRS measures, for the applicable reported periods:</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <table style="border-spacing:0;text-align:left;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="BORDER-BOTTOM: #000000 1px solid;vertical-align:bottom;"> <p style="margin:0px">($000s, except percentages and average revenue per member)</p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" colspan="2" style="width:6%;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" colspan="2" style="width:6%;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" colspan="2" style="width:6%;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" colspan="2" style="width:6%;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" colspan="2" style="width:6%;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" colspan="2" style="width:6%;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" style="BORDER-BOTTOM: #000000 1px solid;width:6%;vertical-align:bottom;text-align:center;" colspan="6"> <p style="MARGIN: 0px; text-align:center;"><strong>Three months </strong></p> <p style="MARGIN: 0px; text-align:center;"><strong>ended </strong></p> <p style="MARGIN: 0px; text-align:center;"><strong>September 30,</strong></p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" colspan="2" style="width:6%;vertical-align:bottom;text-align:center;"> <p style="MARGIN: 0px; text-align:center;"><strong>Percentage </strong></p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" style="BORDER-BOTTOM: #000000 1px solid;width:6%;vertical-align:bottom;text-align:center;" colspan="6"> <p style="MARGIN: 0px; text-align:center;"><strong>Nine months </strong></p> <p style="MARGIN: 0px; text-align:center;"><strong>ended </strong></p> <p style="MARGIN: 0px; text-align:center;"><strong>September 30,</strong></p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" colspan="2" style="width:6%;vertical-align:bottom;text-align:center;"> <p style="MARGIN: 0px; text-align:center;"><strong>Percentage </strong></p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:6%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="MARGIN: 0px; text-align:center;"><strong>2020</strong></p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:6%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="MARGIN: 0px; text-align:center;"><strong>2019</strong></p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" style="BORDER-BOTTOM: #000000 1px solid;width:6%;vertical-align:bottom;text-align:center;" colspan="2"><strong>Change</strong></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:6%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="MARGIN: 0px; text-align:center;"><strong>2020</strong></p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:6%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="MARGIN: 0px; text-align:center;"><strong>2019</strong></p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:6%;vertical-align:bottom;text-align:center;" colspan="2"><strong>Change</strong></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" colspan="2" style="width:6%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" colspan="2" style="width:6%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" colspan="2" style="width:6%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" colspan="2" style="width:6%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" colspan="2" style="width:6%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" colspan="2" style="width:6%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px"> <td style="vertical-align:top;"> <p style="margin:0px"><strong><em>IFRS Measures </em></strong></p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" colspan="2" style="width:6%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" colspan="2" style="width:6%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" colspan="2" style="width:6%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" colspan="2" style="width:6%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" colspan="2" style="width:6%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" colspan="2" style="width:6%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="margin:0px;text-indent:9pt">Revenue</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">9,774</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">15,029</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td colspan="2"> <p style="MARGIN: 0px; text-align:right;">(35</p></td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;"> <p style="margin:0px">)%</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">34,243</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">44,787</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td colspan="2"> <p style="MARGIN: 0px; text-align:right;">(24</p></td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;"> <p style="margin:0px">)% </p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="margin:0px 0px 0px 8.95pt">Net income (loss) and comprehensive income (loss)</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: black 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:6%;vertical-align:bottom;text-align:right;">1,019</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: black 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:6%;vertical-align:bottom;text-align:right;">(6,033</td> <td style="PADDING-BOTTOM: 1px;width:1%;vertical-align:bottom;white-space: nowrap;">)</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: black 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:6%;vertical-align:bottom;text-align:right;">n/a</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: black 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:6%;vertical-align:bottom;text-align:right;">(10,596</td> <td style="PADDING-BOTTOM: 1px;width:1%;vertical-align:bottom;white-space: nowrap;">)</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: black 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:6%;vertical-align:bottom;text-align:right;">(4,637</td> <td style="PADDING-BOTTOM: 1px;width:1%;vertical-align:bottom;white-space: nowrap;">)</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: black 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:6%;vertical-align:bottom;text-align:right;">129</td> <td style="PADDING-BOTTOM: 1px;width:1%;vertical-align:bottom;white-space: nowrap;">%</td></tr> <tr style="height:15px;background-color:#cceeff"> <td> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="margin:0px"><strong><em>Key Performance Indicators</em></strong><strong><em><sup>(1)</sup></em></strong></p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="margin:0px;text-indent:8.3pt">Core revenue</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">9,774</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">12,191</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td colspan="2"> <p style="MARGIN: 0px; text-align:right;">(20</p></td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;"> <p style="margin:0px">)% </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">32,522</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">34,822</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td colspan="2"> <p style="MARGIN: 0px; text-align:right;">(7</p></td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;"> <p style="margin:0px">)% </p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="margin:0px;text-indent:9pt">Adjusted EBITDA </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">4,825</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">1,081</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">346</td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">%</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">10,566</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">4,906</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">115</td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">%</td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="margin:0px;text-indent:9pt">Adjusted cash net income (loss)</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:6%;vertical-align:bottom;text-align:right;">3,407</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:6%;vertical-align:bottom;text-align:right;">(5,173</td> <td style="PADDING-BOTTOM: 1px;width:1%;vertical-align:bottom;white-space: nowrap;">)</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:6%;vertical-align:bottom;text-align:right;">n/a</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:6%;vertical-align:bottom;text-align:right;">799</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:6%;vertical-align:bottom;text-align:right;">(13,806</td> <td style="PADDING-BOTTOM: 1px;width:1%;vertical-align:bottom;white-space: nowrap;">)</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:6%;vertical-align:bottom;text-align:right;">n/a</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr></table> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <table style="border-spacing:0;text-align:left;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" colspan="2" style="width:9%;"></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" colspan="2" style="width:9%;"></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" colspan="2" style="width:9%;"></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="MARGIN: 0px; text-align:center;"> </p></td></tr> <tr style="height:15px"> <td> <p style="MARGIN: 0px; text-align:center;"> </p></td> <td style="white-space: nowrap;"> <p style="MARGIN: 0px; text-align:center;"> </p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="MARGIN: 0px; text-align:center;"><strong>September 30, </strong></p> <p style="MARGIN: 0px; text-align:center;"><strong>2020 </strong></p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="MARGIN: 0px; text-align:center;"> </p></td> <td style="white-space: nowrap;"> <p style="MARGIN: 0px; text-align:center;"> </p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="MARGIN: 0px; text-align:center;"><strong>September 30, </strong></p> <p style="MARGIN: 0px; text-align:center;"><strong>2019</strong></p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="MARGIN: 0px; text-align:center;"> </p></td> <td style="white-space: nowrap;"> <p style="MARGIN: 0px; text-align:center;"> </p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="MARGIN: 0px; text-align:center;"><strong>Percentage </strong></p> <p style="MARGIN: 0px; text-align:center;"><strong>Change</strong></p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px"> <td style="vertical-align:top;"> <p style="margin:0px"><strong><em>Non-Financial Measures</em></strong></p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" colspan="2" style="width:9%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" colspan="2" style="width:9%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" colspan="2" style="width:9%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="margin:0px;text-indent:9pt">Mogo members (000s)</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">1,074</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">925</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">16</td> <td style="PADDING-BOTTOM: 1px;width:1%;vertical-align:bottom;white-space: nowrap;">%</td></tr></table> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">_________</p> <table style="border-spacing:0;font-size:10pt;font-variant:normal;font-weight:normal;font-style:normal;text-align:left;line-height:normal;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="width:4%;vertical-align:top;"> <p style="margin:0px">(1) </p></td> <td style="vertical-align:top;"> <p style="MARGIN: 0px; text-align:justify;">For more information regarding our use of these non-IFRS measures and, where applicable, a reconciliation to the most comparable IFRS measure, see “Non-IFRS Financial Measures”.</p></td></tr> <tr style="height:15px"> <td style="vertical-align:top;"> <p style="MARGIN: 0px; text-align:justify;">(2) </p></td> <td style="vertical-align:top;"> <p style="MARGIN: 0px; text-align:justify;">In light of our exit from our bitcoin mining operations and the Liquid Sale, the Company has revised its definition of core revenue to exclude revenue from bitcoin mining and revenue related to Liquid loans. The prior period comparative figures for core revenue have been revised to conform with this new definition. See “Non-IFRS Financial Measures” for a reconciliation of core revenue to amounts reported as such in prior periods.</p></td></tr></table> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <table style="border-spacing:0;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px"> <td class="hpbhr"> </td></tr> <tr style="height:15px"> <td style="BORDER-BOTTOM: black 1px solid; TEXT-INDENT: 0px;text-align:left;">9 | Page</td></tr> <tr style="height:15px"> <td><p style='page-break-after: always'></p></td></tr> <tr style="height:15px"> <td> </td></tr></table> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <table style="border-spacing:0;font-size:10pt;text-align:left;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="width:70%;"> <p><img src="mogo_ex992img1.jpg"></p></td> <td style="vertical-align:bottom;"> <p style="margin:0px">Management’s Discussion and Analysis</p></td></tr></table> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><strong><em>Revenue<sup>(3)</sup></em></strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">Revenue was $9.8 million for the three months ended September 30, 2020, a decrease of 35% compared to $15.0 million in the three months ended September 30, 2019. Revenue was $34.2 million for the nine months ended September 30, 2020, a decrease of 24% compared to $44.8 million in the nine months ended September 30, 2019.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">The revenue decrease results primarily from the previously announced Liquid Sale in Q1 2020 and discontinuation of bitcoin mining operations in Q3 2019. In the three and nine months ended September 30, 2020, our exit from these revenue streams contributed to $2.8 million and $8.2 million of the decline in total revenue respectively, as compared to the same periods last year. In the three and nine months ended September 30, 2020, a lower average loan book size also contributed to a decrease in interest revenue and other loan related revenue streams, as Mogo purposely levered down its balance sheet in the last two quarters to minimize credit risk exposure in light of the COVID-19 pandemic. </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><strong><em>Net income (loss) and comprehensive income (loss)</em></strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">Net income (loss) and comprehensive income (loss) was $1.0 million in the three months ended September 30, 2020, compared to ($6.0) million in the three months ended September 30, 2019. The improvement from ($6.0) million to $1.0 million in the current quarter is primarily driven by a $4.1 million reduction in operating expenses as a result of our previously announced cost reduction initiatives, and a $1.8 million decrease in credit facility interest expense due to the full repayment of the Credit Facility – Liquid in Q1 2020, and a reduction in interest rate on our Credit Facility – Other from 14.5% to 10.5% effective July 2, 2020. There was also a $1.5 million reduction to expense as a result of the debenture amendments effected in the quarter.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">Net income (loss) and comprehensive income (loss) was ($10.6) million in the nine months ended September 30, 2020, compared to ($4.6) million in the nine months ended September 30, 2019. Net loss and comprehensive loss in the comparative period was driven by a one-time $13.3 million gain on acquisition of Difference Capital Financial Inc. (“Difference”). Excluding this one-time gain on acquisition, net income (loss) and comprehensive income (loss) in the comparable prior period was ($17.9) million. The variance was driven primarily by a $9.2 million reduction in operating expenses as a result of our previously announced cost reduction initiatives, a $3.7 million reduction in credit facility and debenture interest expense for the reasons described above, partially offset by $4.0 million lower gross profit, and $3.9 million of unrealized losses on our investment portfolio, the majority of which were recognized in the first half of 2020 and attributable to reduced valuations as a result of the uncertainty surrounding COVID-19’s impact on the business of the investees. Additionally, we recorded a $1.7 million one-time gain on the Liquid sale in Q1 2020.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><strong><em>Core revenue<sup>(1) (2)</sup></em></strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">Core revenue was $9.8 million for the three months ended September 30, 2020; a 20% decrease compared to $12.2 million in the same period last year. This decrease was driven by a lower average loan book size and thus lower loan related revenues, as Mogo intentionally levered down its balance sheet during the last two quarters to mitigate against credit risk during the COVID-19 pandemic. Management is encouraged with the results to date of our measured approach to managing the loan portfolio, as we experienced lower rates of customer default in Q3 2020 relative to historical levels despite the challenges of COVID-19, and saw an improvement in the aging of the loan portfolio during Q3 2020. Additionally, subscription and services revenue related to partner lending, MogoCard, and MogoCrypto increased slightly compared to the same period last year.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">In the nine months ended September 30, 2020, core revenue was $32.5 million compared to $34.8 million in the comparative period last year for the same reasons above, as growth in subscription and services revenue driven by our partner lending platform was offset by a decrease in loan related revenues. </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">_________</p> <table style="border-spacing:0;font-size:10pt;font-variant:normal;font-weight:normal;font-style:normal;text-align:left;line-height:normal;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="width:4%;vertical-align:top;"> <p style="margin:0px">(1) </p></td> <td style="vertical-align:top;"> <p style="MARGIN: 0px; text-align:justify;">For more information regarding our use of these non-IFRS measures and, where applicable, a reconciliation to the most comparable IFRS measure, see “Non-IFRS Financial Measures”.</p></td></tr> <tr style="height:15px"> <td style="vertical-align:top;"> <p style="MARGIN: 0px; text-align:justify;">(2) </p></td> <td style="vertical-align:top;"> <p style="MARGIN: 0px; text-align:justify;">In light of our exit from our bitcoin mining operations and the Liquid Sale, the Company has revised its definition of core revenue to exclude revenue from bitcoin mining and revenue related to Liquid loans. The prior period comparative figures for core revenue have been revised to conform with this new definition. See “Non-IFRS Financial Measures” for a reconciliation of core revenue to amounts reported as such in prior periods.</p></td></tr> <tr style="height:15px"> <td style="vertical-align:top;"> <p style="MARGIN: 0px; text-align:justify;">(3) </p></td> <td style="vertical-align:top;"> <p style="MARGIN: 0px; text-align:justify;">The Company changed certain prior period numbers to conform with current presentation. See the Selected Quarterly Information section for a reconciliation of the new presentation to previously reported amounts.</p></td></tr></table> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <table style="border-spacing:0;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px"> <td class="hpbhr"> </td></tr> <tr style="height:15px"> <td style="BORDER-BOTTOM: black 1px solid; TEXT-INDENT: 0px;text-align:left;">10 | Page</td></tr> <tr style="height:15px"> <td><p style='page-break-after: always'></p></td></tr> <tr style="height:15px"> <td> </td></tr></table> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <table style="border-spacing:0;font-size:10pt;text-align:left;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="width:70%;"> <p><img src="mogo_ex992img1.jpg"></p></td> <td style="vertical-align:bottom;"> <p style="margin:0px">Management’s Discussion and Analysis</p></td></tr></table> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><strong><em>Adjusted EBITDA</em></strong><strong><em><sup>(1)</sup></em></strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">Adjusted EBITDA was $4.8 million for the three months ended September 30, 2020, a 346% increase compared to $1.1 million in the same period last year. As described above, the improvement is driven primarily by a $4.1 million reduction in operating expenses, offset by a $0.9 million decrease in gross profit. The reduction in operating expenses is primarily attributable to significant cost reduction initiatives that we have implemented since March 2020. The decrease in gross profit results from lower revenue in the current period, largely offset by lower loan loss provision expense due to continued strong credit performance in the loan book despite the challenges of the COVID-19 pandemic. Although some of our cost reductions are temporary in nature, we expect that certain initiatives will result in permanent savings and efficiencies, which will provide us with an overall leaner cost structure going forward.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">In the nine months ended September 30, 2020, adjusted EBITDA was $10.6 million, a 115% increase compared to $4.9 million in the same period last year. This is driven by the factors noted above, partially offset by lower gross profit contribution due to the Liquid Sale in February 2020.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><strong><em>Adjusted cash net income (loss)</em></strong><strong><em><sup>(1)</sup></em></strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">Adjusted cash net income (loss) was $3.4 million for the three months ended September 30, 2020, compared to ($5.2) million in the three months ended September 30, 2019. The $8.6 million improvement in adjusted cash net income (loss) is driven primarily by the $4.1 million reduction in operating expenses. In addition, cash technology and development expenses capitalized to the balance sheet were reduced by $1.2 million compared to the same period last year, as a result of reductions in headcount. Further, there was a $1.6 million reduction in cash debenture interest paid in Q3 2020, as Mogo and its debenture holders approved certain amendments to the terms of the debentures in the quarter. There was also a $1.8 million reduction of cash credit facility interest expense in Q3 2020 compared to the same period last year, resulting from the paydown of the Credit Facility – Liquid in Q1 2020 and a reduction in interest rate on the Credit Facility – Other effective Q3 2020.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">In the nine months ended September 30, 2020, adjusted cash net income (loss) was $0.8 million compared to ($13.8) million in the same period last year, with the improvement primarily due to the variances described above, partially offset by an incremental $1.2 million loan loss allowance booked in Q1 2020 due to uncertainty surrounding COVID-19, and reduced to $1.1 million in Q3 2020. Refer to the section “Loans receivable” on page 20 for additional details on the allowance for loan losses in light of the COVID-19 pandemic.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><strong><em>Mogo members</em></strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">Our total member base has grown to 1,074,000 members as at September 30, 2020, from 925,000 members as at September 30, 2019, representing an increase of approximately 16% or 149,000 net members. Members increased by 34,000 relative to Q2 2020 representing a 3% increase compared to the previous quarter. The continuous increase in our member base, despite temporarily reducing performance marketing spend for the majority of Q3 2020, reflects increased brand awareness through our marketing collaboration agreement with Postmedia and the continuing adoption of the Company’s new and existing products.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">_________</p> <table style="border-spacing:0;font-size:10pt;font-variant:normal;font-weight:normal;font-style:normal;text-align:left;line-height:normal;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="width:4%;vertical-align:top;"> <p style="margin:0px">(1) </p></td> <td style="vertical-align:top;">For more information regarding our use of these non-IFRS measures and, where applicable, a reconciliation to the most comparable IFRS measure, see “Non-IFRS Financial Measures”.</td></tr></table> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <table style="border-spacing:0;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px"> <td class="hpbhr"> </td></tr> <tr style="height:15px"> <td style="BORDER-BOTTOM: black 1px solid; TEXT-INDENT: 0px;text-align:left;">11 | Page</td></tr> <tr style="height:15px"> <td><p style='page-break-after: always'></p></td></tr> <tr style="height:15px"> <td> </td></tr></table> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <table style="border-spacing:0;font-size:10pt;text-align:left;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="width:70%;"> <p><img src="mogo_ex992img1.jpg"></p></td> <td style="vertical-align:bottom;"> <p style="margin:0px">Management’s Discussion and Analysis</p></td></tr></table> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><strong><u>Results of Operations</u></strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">The following table sets forth a summary of our results of operations for the three and nine months ended September 30, 2020 and 2019:</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <table style="border-spacing:0;text-align:left;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="BORDER-BOTTOM: #000000 1px solid;vertical-align:bottom;"> <p style="margin:0px">($000s, except per share amounts)</p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" colspan="2" style="width:9%;"></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" colspan="2" style="width:9%;"></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" colspan="2" style="width:9%;"></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" colspan="2" style="width:9%;"></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="6"> <p style="margin:0px"><strong>Three months ended </strong></p> <p style="margin:0px"><strong>September 30</strong></p></td> <td style="white-space: nowrap;"> <p style="margin:0px"><strong> </strong></p></td> <td style="white-space: nowrap;"> <p style="margin:0px"><strong> </strong></p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="6"> <p style="margin:0px"><strong>Nine months ended </strong></p> <p style="margin:0px"><strong>September 30</strong></p></td> <td style="white-space: nowrap;"> <p style="margin:0px"><strong> </strong></p></td></tr> <tr style="height:15px"> <td> <p style="margin:0px"><strong> </strong></p></td> <td style="white-space: nowrap;"> <p style="margin:0px"><strong> </strong></p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="margin:0px"><strong>2020</strong></p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="margin:0px"><strong> </strong></p></td> <td style="white-space: nowrap;"> <p style="margin:0px"><strong> </strong></p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="margin:0px"><strong>2019<sup>(2)</sup></strong></p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="margin:0px"><strong> </strong></p></td> <td style="white-space: nowrap;"> <p style="margin:0px"><strong> </strong></p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="margin:0px"><strong>2020</strong></p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="margin:0px"><strong> </strong></p></td> <td style="white-space: nowrap;"> <p style="margin:0px"><strong> </strong></p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="margin:0px"><strong>2019<sup>(2)</sup></strong></p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="margin:0px">Total revenue </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">9,774</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">15,029</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">34,243</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">44,787</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="margin:0px">Cost of revenue </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">657</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">4,940</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">7,159</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">13,666</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="margin:0px">Gross profit </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">9,117</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">10,089</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">27,084</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">31,121</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="margin:0px">Technology and development expenses</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">3,148</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">3,599</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">10,276</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">12,331</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="margin:0px">Marketing expenses</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">783</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">2,379</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">2,642</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">6,428</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="margin:0px">Customer service and operations expenses</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">966</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">2,238</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">4,329</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">6,355</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="margin:0px">General and administration expenses</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">2,238</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">2,969</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">7,571</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">8,869</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="margin:0px">Operating expenses </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">7,135</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">11,185</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">24,818</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">33,983</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="margin:0px">Income (loss) from operations </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">1,982</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">(1,096</td> <td style="PADDING-BOTTOM: 1px;width:1%;vertical-align:bottom;white-space: nowrap;">)</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">2,266</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">(2,862</td> <td style="PADDING-BOTTOM: 1px;width:1%;vertical-align:bottom;white-space: nowrap;">)</td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="margin:0px">Credit facility interest expense </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">1,039</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">2,849</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">5,185</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">8,295</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="margin:0px">Debenture and other financing expense </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">1,155</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">1,851</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">4,987</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">5,553</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="margin:0px">Accretion related to debentures and </p> <p style="margin:0px">convertible debentures</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">186</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">194</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">561</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">561</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="margin:0px">Gain on acquisition, net of transaction costs</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">(13,249</td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="margin:0px">Revaluation (gains) losses</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">721</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">(188</td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">4,068</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">201</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="margin:0px">Other non-operating (income) expenses </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">(2,138</td> <td style="PADDING-BOTTOM: 1px;width:1%;vertical-align:bottom;white-space: nowrap;">)</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">231</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">(1,939</td> <td style="PADDING-BOTTOM: 1px;width:1%;vertical-align:bottom;white-space: nowrap;">)</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">414</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="margin:0px">Net income (loss) and comprehensive income (loss)</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 3px double;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 3px double;width:9%;vertical-align:bottom;text-align:right;">1,019</td> <td style="PADDING-BOTTOM: 3px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 3px double;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 3px double;width:9%;vertical-align:bottom;text-align:right;">(6,033</td> <td style="PADDING-BOTTOM: 3px;width:1%;vertical-align:bottom;white-space: nowrap;">)</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 3px double;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 3px double;width:9%;vertical-align:bottom;text-align:right;">(10,596</td> <td style="PADDING-BOTTOM: 3px;width:1%;vertical-align:bottom;white-space: nowrap;">)</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 3px double;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 3px double;width:9%;vertical-align:bottom;text-align:right;">(4,637</td> <td style="PADDING-BOTTOM: 3px;width:1%;vertical-align:bottom;white-space: nowrap;">)</td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="margin:0px">Adjusted EBITDA<sup>(1)</sup></p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">4,825</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">1,081</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">10,566</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">4,906</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="margin:0px">Adjusted cash net income (loss) <sup>(1)</sup></p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">3,407</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">(5,173</td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">799</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">(13,806</td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="margin:0px">Basic net income (loss) per common share</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">0.035</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">(0.221</td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">(0.375</td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">(0.186</td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="margin:0px">Diluted net income (loss) per common share</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">0.035</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">(0.221</td> <td style="PADDING-BOTTOM: 1px;width:1%;vertical-align:bottom;white-space: nowrap;">)</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">(0.375</td> <td style="PADDING-BOTTOM: 1px;width:1%;vertical-align:bottom;white-space: nowrap;">)</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">(0.186</td> <td style="PADDING-BOTTOM: 1px;width:1%;vertical-align:bottom;white-space: nowrap;">)</td></tr></table> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">_______ </p> <table style="border-spacing:0;font-size:10pt;font-variant:normal;font-weight:normal;font-style:normal;text-align:left;line-height:normal;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="width:4%;vertical-align:top;"> <p style="margin:0px">(1) </p></td> <td style="vertical-align:top;"> <p style="MARGIN: 0px; text-align:justify;">For more information regarding our use of these non-IFRS measures and, where applicable, a reconciliation to the most comparable IFRS measure, see “Non-IFRS Financial Measures”.</p></td></tr> <tr style="height:15px"> <td style="vertical-align:top;"> <p style="MARGIN: 0px; text-align:justify;">(2) </p></td> <td style="vertical-align:top;"> <p style="MARGIN: 0px; text-align:justify;">In Q4 2019, the Company changed certain prior period numbers to conform with current presentation. See the Selected Quarterly Information section for a reconciliation of the new presentation to previously reported amounts.</p></td></tr></table> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <table style="border-spacing:0;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px"> <td class="hpbhr"> </td></tr> <tr style="height:15px"> <td style="BORDER-BOTTOM: black 1px solid; TEXT-INDENT: 0px;text-align:left;">12 | Page</td></tr> <tr style="height:15px"> <td><p style='page-break-after: always'></p></td></tr> <tr style="height:15px"> <td> </td></tr></table> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <table style="border-spacing:0;font-size:10pt;text-align:left;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="width:70%;"> <p><img src="mogo_ex992img1.jpg"></p></td> <td style="vertical-align:bottom;"> <p style="margin:0px">Management’s Discussion and Analysis</p></td></tr></table> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><strong>Key Income Statement Components</strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><strong><em>Total revenue</em></strong><sup>(1)</sup></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">The following table summarizes total revenue for the three and nine months ended September 30, 2020 and 2019:</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <table style="border-spacing:0;text-align:left;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="BORDER-BOTTOM: #000000 1px solid;vertical-align:bottom;"> <p style="margin:0px">($000s, except percentages)</p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" colspan="2" style="width:9%;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" colspan="2" style="width:9%;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" style="width:9%;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" colspan="2" style="width:9%;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" colspan="2" style="width:9%;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" style="width:9%;"> <p style="margin:0px"> </p></td> <td style="width:1%;"> </td></tr> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="6"> <p style="MARGIN: 0px; text-align:center;"><strong>Three months ended </strong></p> <p style="MARGIN: 0px; text-align:center;"><strong>September 30</strong></p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" style="width:9%;vertical-align:bottom;text-align:center;"> <p style="MARGIN: 0px; text-align:center;"><strong>Percentage </strong></p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="6"> <p style="MARGIN: 0px; text-align:center;"><strong>Nine months ended </strong></p> <p style="MARGIN: 0px; text-align:center;"><strong>September 30</strong></p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" style="width:9%;vertical-align:bottom;text-align:center;"> <p style="MARGIN: 0px; text-align:center;"><strong>Percentage </strong></p></td> <td> </td></tr> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="MARGIN: 0px; text-align:center;"><strong>2020</strong></p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="MARGIN: 0px; text-align:center;"><strong>2019</strong></p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:center;"> <p style="MARGIN: 0px; text-align:center;"><strong>Change</strong></p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="MARGIN: 0px; text-align:center;"><strong>2020</strong></p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="MARGIN: 0px; text-align:center;"><strong>2019</strong></p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:center;"> <p style="MARGIN: 0px; text-align:center;"><strong>Change</strong></p></td> <td> </td></tr> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" colspan="2" style="width:9%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" colspan="2" style="width:9%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" colspan="2" style="width:9%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" colspan="2" style="width:9%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;"> <p style="margin:0px"> </p></td> <td style="width:1%;"> </td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="margin:0px">Subscription and services revenue</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">4,206</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">6,063</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td> <p style="MARGIN: 0px; text-align:right;">(31</p></td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;"> <p style="margin:0px">)% </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">14,553</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">19,206</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td> <p style="MARGIN: 0px; text-align:right;">(24</p></td> <td style="width:1%;">)% </td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="margin:0px">Interest revenue</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">5,568</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">8,966</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;"> <p style="MARGIN: 0px; text-align:right;">(38</p></td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;"> <p style="margin:0px">)% </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">19,690</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">25,581</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;"> <p style="MARGIN: 0px; text-align:right;">(23</p></td> <td style="width:1%;">)%</td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="margin:0px">Total revenue </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: black 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;vertical-align:bottom;text-align:right;">9,774</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: black 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;vertical-align:bottom;text-align:right;">15,029</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: #000000 1px solid;"> <p style="MARGIN: 0px; text-align:right;">(35</p></td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;"> <p style="margin:0px">)% </p></td> <td style="BORDER-BOTTOM: black 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;vertical-align:bottom;text-align:right;">34,243</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: black 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;vertical-align:bottom;text-align:right;">44,787</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: #000000 1px solid;"> <p style="MARGIN: 0px; text-align:right;">(24</p></td> <td style="width:1%;">)%</td></tr></table> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><em>Subscription and services revenue</em>– represent MogoProtect subscriptions, MogoCard revenue, MogoMortgage brokerage commissions, premium account revenue, net loan protection premiums, MogoCrypto revenue, partner lending fees, revenue from our bitcoin mining operations (in comparative period only) and other fees and charges.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><em>Interest revenue</em> - represents interest on our long-term loan products. Our long-term loans fall into two categories: line of credit accounts and installment loans. </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">Total revenue for the three months period ended September 30, 2020 was $9.8 million, decreased by 35% from $15.0 million for the three months ended September 30, 2019, and by 24% to $34.2 million from $44.8 million for the nine months ended September 30, 2020 and 2019, respectively.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">The revenue decreases result primarily from the previously announced Liquid Sale in Q1 2020 and discontinuation of bitcoin mining operations in Q3 2019. In the three and nine months ended September 30, 2020, our exit from these revenue streams contributed to $2.8 million and $8.2 million of the decline in total revenue respectively, as compared to the same periods last year. In the three months ended September 30, 2020, a lower average loan book size also contributed to revenue decrease, as Mogo purposely levered down its balance sheet in the quarter to minimize credit risk exposure in light of the COVID-19 pandemic. The decrease in loan revenue was partially offset by higher partner lending and MogoCard revenues in the same periods.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">For the three months ended September 30, 2020, subscription and services revenue was $4.2 million, a 31% decrease compared to $6.1 million in the same period last year. For the nine months ended September 30, 2020, subscription and services revenue decreased by 24% to $14.6 million from $19.2 million in the same period last year. The decrease in subscription and services revenue is primarily due to our strategic exit from bitcoin mining during Q3 2019 and to a loss of subscription and services related revenue associated with the Liquid Sale in February 2020, partially offset by partner lending and MogoCard revenues in the same periods.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">For the three months ended September 30, 2020, interest revenue was $5.6 million, a 28% decrease compared to $9.0 million in the same period last year. For the nine months ended September 30, 2020, interest revenue decreased by 23% to $19.7 million from $25.6 million in the same period last year. The decrease in interest revenue is primarily attributable to the Liquid Sale during Q1 2020.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">__________</p> <table style="border-spacing:0;font-size:10pt;font-variant:normal;font-weight:normal;font-style:normal;text-align:left;line-height:normal;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="width:4%;vertical-align:top;"> <p style="margin:0px">(1) </p></td> <td style="vertical-align:top;"> <p style="MARGIN: 0px; text-align:justify;">In Q4 2019, the Company retrospectively adjusted the accounting for loan protection revenue and associated costs. Historically, the Company had presented the amounts paid by borrowers for loan protection as part of its revenues, and the associated costs paid to insurers for loan protection as part of its 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 $1.5 and $4.5 million for the three and nine months period ended September 30, 2019 respectively. See the Selected Quarterly Information section for a reconciliation of revenue under the new presentation to our previously reported amounts.</p></td></tr></table> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <table style="border-spacing:0;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px"> <td class="hpbhr"> </td></tr> <tr style="height:15px"> <td style="BORDER-BOTTOM: black 1px solid; TEXT-INDENT: 0px;text-align:left;">13 | Page</td></tr> <tr style="height:15px"> <td><p style='page-break-after: always'></p></td></tr> <tr style="height:15px"> <td> </td></tr></table> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <table style="border-spacing:0;font-size:10pt;text-align:left;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="width:70%;"> <p><img src="mogo_ex992img1.jpg"></p></td> <td style="vertical-align:bottom;"> <p style="margin:0px">Management’s Discussion and Analysis</p></td></tr></table> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><strong><em>Cost of revenue</em></strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">The following table summarizes the cost of revenue for the three and nine months ended September 30, 2020 and 2019:</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <table style="border-spacing:0;text-align:left;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="BORDER-BOTTOM: #000000 1px solid;vertical-align:bottom;"> <p style="margin:0px">($000s, except percentages)</p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" colspan="2" style="width:9%;"></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" colspan="2" style="width:9%;"></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" style="width:9%;"></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" colspan="2" style="width:9%;"></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" colspan="2" style="width:9%;"></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" style="width:9%;"></td> <td style="width:1%;"> </td></tr> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="6"> <p style="MARGIN: 0px; text-align:center;"><strong>Three months ended </strong></p> <p style="MARGIN: 0px; text-align:center;"><strong>September 30</strong></p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" style="width:9%;vertical-align:bottom;text-align:center;"> <p style="MARGIN: 0px; text-align:center;"><strong>Percentage </strong></p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="6"> <p style="MARGIN: 0px; text-align:center;"><strong>Nine months ended</strong></p> <p style="MARGIN: 0px; text-align:center;"><strong>September 30</strong></p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" style="width:9%;vertical-align:bottom;text-align:center;"> <p style="MARGIN: 0px; text-align:center;"><strong>Percentage </strong></p></td> <td> </td></tr> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="MARGIN: 0px; text-align:center;"><strong>2020</strong></p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="MARGIN: 0px; text-align:center;"><strong>2019</strong></p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:center;"> <p style="MARGIN: 0px; text-align:center;"><strong>Change</strong></p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="MARGIN: 0px; text-align:center;"><strong>2020</strong></p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="MARGIN: 0px; text-align:center;"><strong>2019</strong></p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:center;"> <p style="MARGIN: 0px; text-align:center;"><strong>Change</strong></p></td> <td> </td></tr> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" colspan="2" style="width:9%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" colspan="2" style="width:9%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" colspan="2" style="width:9%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" colspan="2" style="width:9%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;"> <p style="margin:0px"> </p></td> <td style="width:1%;"> </td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="margin:0px">Provision for loan losses, net of recoveries </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">582</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">4,830</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td> <p style="MARGIN: 0px; text-align:right;">(88</p></td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;"> <p style="margin:0px">)% </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">6,893</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">13,211</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td> <p style="MARGIN: 0px; text-align:right;">(48</p></td> <td style="width:1%;">)% </td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="margin:0px">Transaction costs<sup>(1)</sup></p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">75</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">110</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;"> <p style="MARGIN: 0px; text-align:right;">(32</p></td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;"> <p style="margin:0px">)% </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">266</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">455</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;"> <p style="MARGIN: 0px; text-align:right;">(42</p></td> <td style="width:1%;">)% </td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="margin:0px">Cost of revenue </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">657</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">4,940</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;"> <p style="MARGIN: 0px; text-align:right;">(87</p></td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;"> <p style="margin:0px">)% </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">7,159</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">13,666</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;"> <p style="MARGIN: 0px; text-align:right;">(48</p></td> <td style="width:1%;">)% </td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="margin:0px">As a percentage of total revenue</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: black 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;vertical-align:bottom;text-align:right;">7</td> <td style="PADDING-BOTTOM: 1px;width:1%;vertical-align:bottom;white-space: nowrap;">%</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: black 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;vertical-align:bottom;text-align:right;">33</td> <td style="PADDING-BOTTOM: 1px;width:1%;vertical-align:bottom;white-space: nowrap;">%</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;"> <p style="margin:0px"> </p></td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: black 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;vertical-align:bottom;text-align:right;">21</td> <td style="PADDING-BOTTOM: 1px;width:1%;vertical-align:bottom;white-space: nowrap;">%</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: black 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;vertical-align:bottom;text-align:right;">31</td> <td style="PADDING-BOTTOM: 1px;width:1%;vertical-align:bottom;white-space: nowrap;">%</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;"> <p style="margin:0px"> </p></td> <td style="PADDING-BOTTOM: 1px;width:1%;"> </td></tr></table> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">Cost of revenue consists of provision for loan losses, net of recoveries, and transaction costs. Provision for loan losses, net of recoveries, represents the amounts charged against income during the period to maintain an adequate allowance for loan losses. Our allowance for loan losses represents our estimate of the expected credit losses (“ECL”) inherent in our portfolio and is based on various factors including the composition of the portfolio, delinquency levels, historical and current loan performance, expectations of future performance, and general economic conditions.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">Cost of revenue was $0.7 million for the three months ended September 30, 2020, an 87% decrease compared to $4.9 million in the same period last year, primarily related to a lower provision for loan losses as Mogo experienced lower than historical average defaults. For the nine months ended September 30, 2020, cost of revenue decreased by 48% to $7.1 million from $13.7 million in the same period last year for the same reasons as above, and additionally due to above average principal repayments despite the economic challenges presented by the COVID-19 pandemic. </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">As at September 30, 2020, Mogo’s COVID-19 related loan allowance was $1.1 million, which has already been expensed and reflected in the provision for loan losses for the nine months ended June 30, 2020. We believe we are adequately provisioned to absorb any potential future material shocks to the loan book as a result of any further deterioration in COVID-19 conditions. Please note that IFRS 9 requires the use of forward-looking indicators when measuring ECL, which can result in upfront recognition of expense prior to any actual occurrence of a default event. As a result of uncertain economic conditions arising from the COVID-19 pandemic, we have applied a probability weighted approach in applying these forward-looking indicators to measure incremental ECL. This approach involved multiple stress scenarios and a range of potential outcomes. Factors considered in determining the range of ECL outcomes include varying degrees of possible length and severity of a recession, the effectiveness of collection strategies implemented to assist customers experiencing financial difficulty, the extent to which government subsidies will continue to be available as the COVID-19 pandemic continues, and the level of loan protection insurance held by customers within our portfolio. We will continue to revisit assumptions under this methodology in upcoming quarters as economic conditions evolve.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">Transaction costs are expenses that relate directly to the onboarding and processing of new customers (excluding marketing) and include expenses such as credit scoring fees, loan system transaction fees and certain fees related to the MogoCard and MogoProtect programs. Transaction costs were approximately $0.1 million for the three months ended September 30, 2020 and 2019. For the nine months ended September 30, 2020, transaction costs decreased by 42% to $0.3 million from $0.5 million in the same period last year. The decrease in transaction costs is primarily due to reductions in loan origination activity in the corresponding period, as part of our measured approach to managing our loan book to mitigate against credit risk during the COVID-19 pandemic, and discounts received from our suppliers.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">___________</p> <table style="border-spacing:0;font-size:10pt;font-variant:normal;font-weight:normal;font-style:normal;text-align:left;line-height:normal;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="width:4%;vertical-align:top;"> <p style="margin:0px">(1) </p></td> <td style="vertical-align:top;"> <p style="MARGIN: 0px; text-align:justify;">In Q4 2019, the Company retrospectively adjusted the accounting for loan protection revenue and associated costs. Historically, the Company had 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 $1.5 million and $4.5 million for the three and nine month periods ended September 30, 2019 respectively. See the Selected Quarterly Information section for a reconciliation of revenue under the new presentation to our previously reported amounts.</p></td></tr></table> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <table style="border-spacing:0;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px"> <td class="hpbhr"> </td></tr> <tr style="height:15px"> <td style="BORDER-BOTTOM: black 1px solid; TEXT-INDENT: 0px;text-align:left;">14 | Page</td></tr> <tr style="height:15px"> <td><p style='page-break-after: always'></p></td></tr> <tr style="height:15px"> <td> </td></tr></table> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <table style="border-spacing:0;font-size:10pt;text-align:left;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="width:70%;"> <p><img src="mogo_ex992img1.jpg"></p></td> <td style="vertical-align:bottom;"> <p style="margin:0px">Management’s Discussion and Analysis</p></td></tr></table> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><strong><em>Technology and Development Expenses</em></strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">The following table provides the technology and development expenses for the three and nine months ended September 30, 2020 and 2019:</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <table style="border-spacing:0;text-align:left;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="BORDER-BOTTOM: #000000 1px solid;vertical-align:bottom;"> <p style="margin:0px">($000s, except percentages)</p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" colspan="2" style="width:9%;"></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" colspan="2" style="width:9%;"></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" style="width:9%;"></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" colspan="2" style="width:9%;"></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" colspan="2" style="width:9%;"></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" style="width:9%;"></td> <td style="width:1%;"> </td></tr> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="6"> <p style="MARGIN: 0px; text-align:center;"><strong>Three months ended </strong></p> <p style="MARGIN: 0px; text-align:center;"><strong>September 30</strong></p></td> <td style="white-space: nowrap;"> <p style="MARGIN: 0px; text-align:center;"> </p></td> <td style="white-space: nowrap;"> <p style="MARGIN: 0px; text-align:center;"> </p></td> <td class="hdcell" style="width:9%;vertical-align:bottom;text-align:center;"> <p style="MARGIN: 0px; text-align:center;"><strong>Percentage </strong></p></td> <td style="white-space: nowrap;"> <p style="MARGIN: 0px; text-align:center;"> </p></td> <td class="hdcell" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="6"> <p style="MARGIN: 0px; text-align:center;"><strong>Nine months ended </strong></p> <p style="MARGIN: 0px; text-align:center;"><strong>September 30</strong></p></td> <td style="white-space: nowrap;"> <p style="MARGIN: 0px; text-align:center;"> </p></td> <td style="white-space: nowrap;"> <p style="MARGIN: 0px; text-align:center;"> </p></td> <td class="hdcell" style="width:9%;vertical-align:bottom;text-align:center;"> <p style="MARGIN: 0px; text-align:center;"><strong>Percentage </strong></p></td> <td> <p style="MARGIN: 0px; text-align:center;"> </p></td></tr> <tr style="height:15px"> <td> <p style="MARGIN: 0px; text-align:center;"> </p></td> <td style="white-space: nowrap;"> <p style="MARGIN: 0px; text-align:center;"> </p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="MARGIN: 0px; text-align:center;"><strong>2020</strong></p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="MARGIN: 0px; text-align:center;"> </p></td> <td style="white-space: nowrap;"> <p style="MARGIN: 0px; text-align:center;"> </p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="MARGIN: 0px; text-align:center;"><strong>2019</strong></p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="MARGIN: 0px; text-align:center;"> </p></td> <td style="white-space: nowrap;"> <p style="MARGIN: 0px; text-align:center;"> </p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:center;"> <p style="MARGIN: 0px; text-align:center;"><strong>Change</strong></p></td> <td style="white-space: nowrap;"> <p style="MARGIN: 0px; text-align:center;"> </p></td> <td class="hdcell" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="MARGIN: 0px; text-align:center;"><strong>2020</strong></p></td> <td style="white-space: nowrap;"> <p style="MARGIN: 0px; text-align:center;"> </p></td> <td style="white-space: nowrap;"> <p style="MARGIN: 0px; text-align:center;"> </p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="MARGIN: 0px; text-align:center;"><strong>2019</strong></p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="MARGIN: 0px; text-align:center;"> </p></td> <td></td> <td style="BORDER-BOTTOM: #000000 1px solid;vertical-align:bottom;white-space: nowrap;"> <p style="MARGIN: 0px; text-align:center;"><strong>Change</strong> </p></td> <td> </td></tr> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" colspan="2" style="width:9%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" colspan="2" style="width:9%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" colspan="2" style="width:9%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" colspan="2" style="width:9%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;"> <p style="margin:0px"> </p></td> <td style="width:1%;"> </td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="margin:0px">Technology and development expenses</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">3,148</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">3,599</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td> <p style="MARGIN: 0px; text-align:right;">(12</p></td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;"> <p style="margin:0px">)% </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">10,276</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">12,331</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td> <p style="MARGIN: 0px; text-align:right;">(17</p></td> <td style="width:1%;">)% </td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="margin:0px">As a percentage of total revenue </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: black 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;vertical-align:bottom;text-align:right;">32</td> <td style="PADDING-BOTTOM: 1px;width:1%;vertical-align:bottom;white-space: nowrap;">%</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: black 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;vertical-align:bottom;text-align:right;">24</td> <td style="PADDING-BOTTOM: 1px;width:1%;vertical-align:bottom;white-space: nowrap;">%</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: black 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;vertical-align:bottom;text-align:right;">30</td> <td style="PADDING-BOTTOM: 1px;width:1%;vertical-align:bottom;white-space: nowrap;">%</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: black 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;vertical-align:bottom;text-align:right;">28</td> <td style="PADDING-BOTTOM: 1px;width:1%;vertical-align:bottom;white-space: nowrap;">%</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;"> <p style="margin:0px"> </p></td> <td style="width:1%;"> </td></tr></table> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">Technology and development expenses consist primarily of personnel and related costs of our product development, business intelligence, and information technology infrastructure employees. Associated expenses include third‑party data acquisition expenses, professional services, expenses related to the development of new products and technologies and maintenance of existing technology assets, depreciation, amortization of capitalized software costs related to our technology platform, and for the comparative period only, hosting costs relating to servers and bitcoin mining equipment.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">Technology and development expenses decreased by 12% to $3.1 million from $3.6 million for the three months ended September 30, 2020 compared to the same period last year. For the nine months ended September 30, 2020, technology and development expenses decreased by 17% to $10.3 million from $12.3 million in the same period last year. Technology and development expenses as a percentage of total revenue increased from 24% to 32% for the three months ended September 30, 2020 and increased from 28% to 30% for the nine months ended September 30, 2020, compared to the same periods last year. The decrease is primarily due to exiting Bitcoin mining in the third quarter of 2019 and reductions in employee headcount as per our COVID-19 Response Plan we announced in late March 2020 to reduce cash expenses. The decrease in technology and development expenses is partially offset with an increase in amortization related to capitalized projects.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">The capitalization of technology and development expenses decreased by 60% to $0.8 million from $2.0 million for the three months ended September 30, 2020 and 2019, respectively. For the nine months ended September 30, 2020, capitalization decreased by 42% to $3.6 million from $6.2 million compared to same period last year. The variance is primarily related to the decrease in employee headcount as discussed above.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><strong><em>Marketing Expenses</em></strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">The following table provides the marketing expenses for the three and nine months ended September 30, 2020 and 2019:</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <table style="border-spacing:0;text-align:left;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="BORDER-BOTTOM: #000000 1px solid;vertical-align:bottom;"> <p style="margin:0px">($000s, except percentages)</p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" colspan="2" style="width:9%;"></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" colspan="2" style="width:9%;"></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" style="width:9%;"></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" colspan="2" style="width:9%;"></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" colspan="2" style="width:9%;"></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" style="width:9%;"></td> <td style="width:1%;"> </td></tr> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="6"> <p style="MARGIN: 0px; text-align:center;"><strong>Three months ended </strong></p> <p style="MARGIN: 0px; text-align:center;"><strong>September 30</strong></p></td> <td style="white-space: nowrap;"> <p style="MARGIN: 0px; text-align:center;"> </p></td> <td style="white-space: nowrap;"> <p style="MARGIN: 0px; text-align:center;"> </p></td> <td class="hdcell" style="width:9%;vertical-align:bottom;text-align:center;"> <p style="MARGIN: 0px; text-align:center;"><strong>Percentage</strong></p></td> <td style="white-space: nowrap;"> <p style="MARGIN: 0px; text-align:center;"> </p></td> <td class="hdcell" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="6"> <p style="MARGIN: 0px; text-align:center;"><strong>Nine months ended </strong></p> <p style="MARGIN: 0px; text-align:center;"><strong>September 30</strong></p></td> <td style="white-space: nowrap;"> <p style="MARGIN: 0px; text-align:center;"> </p></td> <td style="white-space: nowrap;"> <p style="MARGIN: 0px; text-align:center;"> </p></td> <td class="hdcell" style="width:9%;vertical-align:bottom;text-align:center;"> <p style="MARGIN: 0px; text-align:center;"><strong>Percentage </strong></p></td> <td> <p style="MARGIN: 0px; text-align:center;"> </p></td></tr> <tr style="height:15px"> <td> <p style="MARGIN: 0px; text-align:center;"> </p></td> <td style="white-space: nowrap;"> <p style="MARGIN: 0px; text-align:center;"> </p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="MARGIN: 0px; text-align:center;"><strong>2020</strong></p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="MARGIN: 0px; text-align:center;"> </p></td> <td style="white-space: nowrap;"> <p style="MARGIN: 0px; text-align:center;"> </p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="MARGIN: 0px; text-align:center;"><strong>2019</strong></p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="MARGIN: 0px; text-align:center;"> </p></td> <td style="white-space: nowrap;"> <p style="MARGIN: 0px; text-align:center;"> </p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:center;"> <p style="MARGIN: 0px; text-align:center;"><strong> Change</strong></p></td> <td style="white-space: nowrap;"> <p style="MARGIN: 0px; text-align:center;"> </p></td> <td class="hdcell" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="MARGIN: 0px; text-align:center;"><strong>2020</strong></p></td> <td style="white-space: nowrap;"> <p style="MARGIN: 0px; text-align:center;"> </p></td> <td style="white-space: nowrap;"> <p style="MARGIN: 0px; text-align:center;"> </p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="MARGIN: 0px; text-align:center;"><strong>2019</strong></p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="MARGIN: 0px; text-align:center;"> </p></td> <td> <p style="MARGIN: 0px; text-align:center;"> </p></td> <td style="BORDER-BOTTOM: #000000 1px solid;vertical-align:bottom;white-space: nowrap;"> <p style="MARGIN: 0px; text-align:center;"><strong>Change</strong> </p></td> <td> </td></tr> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" colspan="2" style="width:9%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" colspan="2" style="width:9%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" colspan="2" style="width:9%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" colspan="2" style="width:9%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td> <p style="margin:0px"> </p></td> <td style="width:1%;"> </td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="margin:0px">Marketing expenses</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">783</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">2,379</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td> <p style="MARGIN: 0px; text-align:right;">(67</p></td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;"> <p style="margin:0px">)% </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">2,642</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">6,428</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td> <p style="MARGIN: 0px; text-align:right;">(59</p></td> <td style="width:1%;">)% </td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="margin:0px">As a percentage of total revenue </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: black 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;vertical-align:bottom;text-align:right;">8</td> <td style="PADDING-BOTTOM: 1px;width:1%;vertical-align:bottom;white-space: nowrap;">%</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: black 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;vertical-align:bottom;text-align:right;">16</td> <td style="PADDING-BOTTOM: 1px;width:1%;vertical-align:bottom;white-space: nowrap;">%</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: black 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;vertical-align:bottom;text-align:right;">8</td> <td style="PADDING-BOTTOM: 1px;width:1%;vertical-align:bottom;white-space: nowrap;">%</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: black 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;vertical-align:bottom;text-align:right;">14</td> <td style="PADDING-BOTTOM: 1px;width:1%;vertical-align:bottom;white-space: nowrap;">%</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;"> <p style="margin:0px"> </p></td> <td style="width:1%;"> </td></tr></table> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">Marketing expenses consist of salaries and personnel‑related costs, direct marketing and advertising costs related to online and offline customer acquisition costs (paid search advertising, search engine optimization costs, and direct mail), quarterly payments to Postmedia, public relations, promotional event programs and corporate communications.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <table style="border-spacing:0;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px"> <td class="hpbhr"> </td></tr> <tr style="height:15px"> <td style="BORDER-BOTTOM: black 1px solid; TEXT-INDENT: 0px;text-align:left;">15 | Page</td></tr> <tr style="height:15px"> <td><p style='page-break-after: always'></p></td></tr> <tr style="height:15px"> <td> </td></tr></table> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <table style="border-spacing:0;font-size:10pt;text-align:left;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="width:70%;"> <p><img src="mogo_ex992img1.jpg"></p></td> <td style="vertical-align:bottom;"> <p style="margin:0px">Management’s Discussion and Analysis</p></td></tr></table> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">Marketing expenses decreased by 67% to $0.8 million from $2.4 million for the three months ended September 30, 2020 and 2019 respectively. For the nine months ended September 30, 2020, marketing expenses decreased by 59% to $2.6 million from $6.4 million in the same period last year. Marketing expenses as a percentage of total revenue decreased to 8% from 16% for the three months ended September 30, 2020, and to 8% from 14% for the nine months ended September 30, 2020, compared to the same periods last year.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">The decrease in marketing expense in the three months ended September 30, 2020 is primarily due to reduced paid search advertising costs as a result of a more moderate level of new loan originations. Further, there was a reduction in Postmedia related costs after we entered into an agreement to reduce fixed quarterly cash payments in connection with the extension of the agreement to January 2023, offset by increased non-cash warrant expenses. The decrease for the nine month period ended September 30, 2020 was driven by the above factors, and additionally by our temporary suspension of new loan originations in early Q2 2020.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><strong><em>Customer Service and Operations Expenses</em></strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">The following table provides the customer service and operations (“<strong>CS&O</strong>”) expenses for the three and nine months ended September 30, 2020 and 2019:</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <table style="border-spacing:0;text-align:left;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="BORDER-BOTTOM: #000000 1px solid;vertical-align:bottom;"> <p style="margin:0px">($000s, except percentages)</p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" colspan="2" style="width:9%;"></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" colspan="2" style="width:9%;"></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" style="width:9%;"></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" colspan="2" style="width:9%;"></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" colspan="2" style="width:9%;"></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" style="width:9%;"></td> <td style="width:1%;"> </td></tr> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="6"> <p style="MARGIN: 0px; text-align:center;"><strong>Three months ended </strong></p> <p style="MARGIN: 0px; text-align:center;"><strong>September 30</strong></p></td> <td style="white-space: nowrap;"> <p style="MARGIN: 0px; text-align:center;"> </p></td> <td style="white-space: nowrap;"> <p style="MARGIN: 0px; text-align:center;"> </p></td> <td class="hdcell" style="width:9%;vertical-align:bottom;text-align:center;"> <p style="MARGIN: 0px; text-align:center;"><strong>Percentage </strong></p></td> <td style="white-space: nowrap;"> <p style="MARGIN: 0px; text-align:center;"> </p></td> <td class="hdcell" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="6"> <p style="MARGIN: 0px; text-align:center;"><strong>Nine months ended </strong></p> <p style="MARGIN: 0px; text-align:center;"><strong>September 30</strong></p></td> <td style="white-space: nowrap;"> <p style="MARGIN: 0px; text-align:center;"> </p></td> <td style="white-space: nowrap;"> <p style="MARGIN: 0px; text-align:center;"> </p></td> <td class="hdcell" style="width:9%;vertical-align:bottom;text-align:center;"> <p style="MARGIN: 0px; text-align:center;"><strong>Percentage </strong></p></td> <td> <p style="MARGIN: 0px; text-align:center;"> </p></td></tr> <tr style="height:15px"> <td> <p style="MARGIN: 0px; text-align:center;"> </p></td> <td style="white-space: nowrap;"> <p style="MARGIN: 0px; text-align:center;"> </p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="MARGIN: 0px; text-align:center;"><strong>2020</strong></p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="MARGIN: 0px; text-align:center;"> </p></td> <td style="white-space: nowrap;"> <p style="MARGIN: 0px; text-align:center;"> </p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="MARGIN: 0px; text-align:center;"><strong>2019</strong></p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="MARGIN: 0px; text-align:center;"> </p></td> <td style="white-space: nowrap;"> <p style="MARGIN: 0px; text-align:center;"> </p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:center;"> <p style="MARGIN: 0px; text-align:center;"><strong>Change</strong></p></td> <td style="white-space: nowrap;"> <p style="MARGIN: 0px; text-align:center;"> </p></td> <td class="hdcell" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="MARGIN: 0px; text-align:center;"><strong>2020</strong></p></td> <td style="white-space: nowrap;"> <p style="MARGIN: 0px; text-align:center;"> </p></td> <td style="white-space: nowrap;"> <p style="MARGIN: 0px; text-align:center;"> </p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="MARGIN: 0px; text-align:center;"><strong>2019</strong></p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td></td> <td style="BORDER-BOTTOM: #000000 1px solid;vertical-align:bottom;white-space: nowrap;"> <p style="MARGIN: 0px; text-align:center;"><strong>Change</strong></p></td> <td> </td></tr> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" colspan="2" style="width:9%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" colspan="2" style="width:9%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" colspan="2" style="width:9%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" colspan="2" style="width:9%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;"> <p style="margin:0px"> </p></td> <td style="width:1%;"> </td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="margin:0px">Customer Service and Operations expenses</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">966</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">2,238</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td> <p style="MARGIN: 0px; text-align:right;">(57</p></td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;"> <p style="margin:0px">)% </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">4,329</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">6,355</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td> <p style="MARGIN: 0px; text-align:right;">(32</p></td> <td style="width:1%;">)% </td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="margin:0px">As a percentage of total revenue </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: black 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;vertical-align:bottom;text-align:right;">10</td> <td style="PADDING-BOTTOM: 1px;width:1%;vertical-align:bottom;white-space: nowrap;">%</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: black 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;vertical-align:bottom;text-align:right;">15</td> <td style="PADDING-BOTTOM: 1px;width:1%;vertical-align:bottom;white-space: nowrap;">%</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: black 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;vertical-align:bottom;text-align:right;">13</td> <td style="PADDING-BOTTOM: 1px;width:1%;vertical-align:bottom;white-space: nowrap;">%</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: black 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;vertical-align:bottom;text-align:right;">14</td> <td style="PADDING-BOTTOM: 1px;width:1%;vertical-align:bottom;white-space: nowrap;">%</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;"> <p style="margin:0px"> </p></td> <td style="width:1%;"> </td></tr></table> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">CS&O expenses consist primarily of salaries and personnel‑related costs for customer support, payment processing and collections employees. Associated expenses include third-party expenses related to credit data sources and collections.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">CS&O expenses decreased by 57% to $1.0 million from $2.2 million for the three months ended September 30, 2020 and 2019 respectively. For the nine months ended September 30, 2020, CS&O expenses decreased by 32% to $4.3 million from $6.4 million in the same period last year. CS&O expenses as a percentage of total revenue decreased to 10% from 15% for the three months ended September 30, 2020 and 2019 respectively and decreased marginally to 13% from 14% for the nine months ended September 30, 2020 and 2019, respectively.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">The decrease in CS&O expense is primarily due to a decrease in personnel related costs and lower credit scoring expenses as a result of our lower level of new loan origination activity in the three and nine months ended September 30, 2020. </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><strong><em>General and Administration Expenses</em></strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">The following table provides the general and administration expenses <strong>(“G&A”)</strong> for the three and nine months ended September 30, 2020 and 2019:</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <table style="border-spacing:0;text-align:left;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="BORDER-BOTTOM: #000000 1px solid;vertical-align:bottom;"> <p style="margin:0px">($000s, except percentages)</p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" colspan="2" style="width:9%;"></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" colspan="2" style="width:9%;"></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" style="width:9%;"></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" colspan="2" style="width:9%;"></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" colspan="2" style="width:9%;"></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" style="width:9%;"></td> <td style="width:1%;"> </td></tr> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="6"> <p style="MARGIN: 0px; text-align:center;"><strong>Three months ended </strong></p> <p style="MARGIN: 0px; text-align:center;"><strong>September 30</strong></p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" style="width:9%;vertical-align:bottom;text-align:center;"> <p style="MARGIN: 0px; text-align:center;"><strong>Percentage </strong></p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="6"> <p style="MARGIN: 0px; text-align:center;"><strong>Nine months ended </strong></p> <p style="MARGIN: 0px; text-align:center;"><strong>September 30</strong></p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" style="width:9%;vertical-align:bottom;text-align:center;"> <p style="MARGIN: 0px; text-align:center;"><strong>Percentage </strong></p></td> <td> </td></tr> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="MARGIN: 0px; text-align:center;"><strong>2020</strong></p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="MARGIN: 0px; text-align:center;"><strong>2019</strong></p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:center;"> <p style="MARGIN: 0px; text-align:center;"><strong>Change</strong></p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="MARGIN: 0px; text-align:center;"><strong>2020</strong></p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="MARGIN: 0px; text-align:center;"><strong>2019</strong></p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:center;"> <p style="MARGIN: 0px; text-align:center;"><strong>Change</strong></p></td> <td> </td></tr> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" colspan="2" style="width:9%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" colspan="2" style="width:9%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" colspan="2" style="width:9%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" colspan="2" style="width:9%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;"> <p style="margin:0px"> </p></td> <td style="width:1%;"> </td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="margin:0px">General and administration expenses</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">2,238</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">2,969</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td> <p style="MARGIN: 0px; text-align:right;">(25</p></td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;"> <p style="margin:0px">)% </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">7,571</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">8,869</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td> <p style="MARGIN: 0px; text-align:right;">(15</p></td> <td style="width:1%;">)% </td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="margin:0px">As a percentage of total revenue </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: black 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;vertical-align:bottom;text-align:right;">23</td> <td style="PADDING-BOTTOM: 1px;width:1%;vertical-align:bottom;white-space: nowrap;">%</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: black 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;vertical-align:bottom;text-align:right;">20</td> <td style="PADDING-BOTTOM: 1px;width:1%;vertical-align:bottom;white-space: nowrap;">%</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: black 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;vertical-align:bottom;text-align:right;">22</td> <td style="PADDING-BOTTOM: 1px;width:1%;vertical-align:bottom;white-space: nowrap;">%</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: black 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;vertical-align:bottom;text-align:right;">20</td> <td style="PADDING-BOTTOM: 1px;width:1%;vertical-align:bottom;white-space: nowrap;">%</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;"> <p style="margin:0px"> </p></td> <td style="width:1%;"> </td></tr></table> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <table style="border-spacing:0;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px"> <td class="hpbhr"> </td></tr> <tr style="height:15px"> <td style="BORDER-BOTTOM: black 1px solid; TEXT-INDENT: 0px;text-align:left;">16 | Page</td></tr> <tr style="height:15px"> <td><p style='page-break-after: always'></p></td></tr> <tr style="height:15px"> <td> </td></tr></table> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <table style="border-spacing:0;font-size:10pt;text-align:left;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="width:70%;"> <p><img src="mogo_ex992img1.jpg"></p></td> <td style="vertical-align:bottom;"> <p style="margin:0px">Management’s Discussion and Analysis</p></td></tr></table> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">G&A expenses consist primarily of salary and personnel related costs for our executive, finance and accounting, credit analysis, underwriting, legal and compliance, fraud detection and human resources employees. Additional expenses include consulting and professional fees, insurance, legal fees, occupancy costs, travel and other corporate expenses.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">G&A expenses decreased by 25% to $2.2 million from $3.0 million for the three months ended September 30, 2020 and 2019 respectively. For the nine months ended September 30, 2020, G&A expenses decreased by 15% to $7.6 million from $8.9 million in the same period last year. G&A expenses as a percentage of total revenue increased to 23% from 20% for the three months ended September 30, 2020 and 22% from 20% for the nine months ended September 30, 2020, compared to the same periods last year.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">G&A expenses decreased primarily due to reductions in headcount and temporary reductions in salaries of our employees, along with reductions in discretionary expenditures.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><strong><em>Credit Facility Interest Expense</em></strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">The following table provides a breakdown of credit facility interest expense for the three and nine months ended September 30, 2020 and 2019:</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <table style="border-spacing:0;text-align:left;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="BORDER-BOTTOM: #000000 1px solid;vertical-align:bottom;"> <p style="margin:0px">($000s, except percentages)</p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" colspan="2"> <p style="margin:0px"> </p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" colspan="2"> <p style="margin:0px"> </p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" colspan="2"> <p style="margin:0px"> </p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" colspan="2"> <p style="margin:0px"> </p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" colspan="2"> <p style="margin:0px"> </p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" colspan="2"> <p style="margin:0px"> </p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" style="BORDER-BOTTOM: #000000 1px solid;vertical-align:bottom;text-align:center;" colspan="6"> <p style="MARGIN: 0px; text-align:center;"><strong>Three months ended</strong></p> <p style="MARGIN: 0px; text-align:center;"><strong>September 30</strong></p></td> <td style="white-space: nowrap;"> <p style="MARGIN: 0px; text-align:center;"> </p></td> <td style="white-space: nowrap;"> <p style="MARGIN: 0px; text-align:center;"> </p></td> <td class="hdcell" colspan="2" style="vertical-align:bottom;text-align:center;"> <p style="MARGIN: 0px; text-align:center;"><strong>Percentage </strong></p></td> <td style="white-space: nowrap;"> <p style="MARGIN: 0px; text-align:center;"> </p></td> <td style="white-space: nowrap;"> <p style="MARGIN: 0px; text-align:center;"> </p></td> <td class="hdcell" style="BORDER-BOTTOM: #000000 1px solid;vertical-align:bottom;text-align:center;" colspan="6"> <p style="MARGIN: 0px; text-align:center;"><strong>Nine months ended </strong></p> <p style="MARGIN: 0px; text-align:center;"><strong>September 30</strong></p></td> <td style="white-space: nowrap;"> <p style="MARGIN: 0px; text-align:center;"> </p></td> <td style="white-space: nowrap;"> <p style="MARGIN: 0px; text-align:center;"> </p></td> <td class="hdcell" colspan="2" style="vertical-align:bottom;text-align:center;"> <p style="MARGIN: 0px; text-align:center;"><strong>Percentage </strong></p></td> <td style="white-space: nowrap;"> <p style="MARGIN: 0px; text-align:center;"> </p></td></tr> <tr style="height:15px"> <td> <p style="MARGIN: 0px; text-align:center;"> </p></td> <td style="white-space: nowrap;"> <p style="MARGIN: 0px; text-align:center;"> </p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;vertical-align:bottom;text-align:center;" colspan="2"> <p style="MARGIN: 0px; text-align:center;"><strong>2020</strong></p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="MARGIN: 0px; text-align:center;"> </p></td> <td style="white-space: nowrap;"> <p style="MARGIN: 0px; text-align:center;"> </p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;vertical-align:bottom;text-align:center;" colspan="2"> <p style="MARGIN: 0px; text-align:center;"><strong>2019</strong></p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="MARGIN: 0px; text-align:center;"> </p></td> <td style="white-space: nowrap;"> <p style="MARGIN: 0px; text-align:center;"> </p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;vertical-align:bottom;text-align:center;" colspan="2"> <p style="MARGIN: 0px; text-align:center;"> <strong>Change</strong></p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="MARGIN: 0px; text-align:center;"> </p></td> <td style="white-space: nowrap;"> <p style="MARGIN: 0px; text-align:center;"> </p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;vertical-align:bottom;text-align:center;" colspan="2"> <p style="MARGIN: 0px; text-align:center;"><strong>2020</strong></p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="MARGIN: 0px; text-align:center;"> </p></td> <td style="white-space: nowrap;"> <p style="MARGIN: 0px; text-align:center;"> </p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;vertical-align:bottom;text-align:center;" colspan="2"> <p style="MARGIN: 0px; text-align:center;"><strong>2019</strong></p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="MARGIN: 0px; text-align:center;"> </p></td> <td style="white-space: nowrap;"> <p style="MARGIN: 0px; text-align:center;"> </p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;vertical-align:bottom;text-align:center;" colspan="2"> <p style="MARGIN: 0px; text-align:center;"><strong>Change</strong></p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" colspan="2"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" colspan="2"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" colspan="2"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" colspan="2"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" colspan="2"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" colspan="2"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="margin:0px">Credit facility interest expense – Liquid </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">1,132</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">(100</td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">)%</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">909</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">3,141</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">(71</td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">)%</td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="margin:0px">Credit facility interest expense – Other</p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;vertical-align:bottom;text-align:right;">1,039</td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;vertical-align:bottom;text-align:right;">1,717</td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;vertical-align:bottom;text-align:right;">(39</td> <td style="PADDING-BOTTOM: 1px;vertical-align:bottom;white-space: nowrap;">)%</td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;vertical-align:bottom;text-align:right;">4,276</td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;vertical-align:bottom;text-align:right;">5,154</td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;vertical-align:bottom;text-align:right;">(17</td> <td style="PADDING-BOTTOM: 1px;vertical-align:bottom;white-space: nowrap;">)%</td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="margin:0px">Total credit facility interest expense</p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="vertical-align:bottom;text-align:right;">1,039</td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="vertical-align:bottom;text-align:right;">2,849</td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="vertical-align:bottom;text-align:right;">(64</td> <td style="vertical-align:bottom;white-space: nowrap;">)%</td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="vertical-align:bottom;text-align:right;">5,185</td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="vertical-align:bottom;text-align:right;">8,295</td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="vertical-align:bottom;text-align:right;">(37</td> <td style="vertical-align:bottom;white-space: nowrap;">)%</td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="margin:0px">As a percentage of total revenue</p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: black 1px solid;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: black 1px solid;vertical-align:bottom;text-align:right;">11</td> <td style="PADDING-BOTTOM: 1px;vertical-align:bottom;white-space: nowrap;">%</td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: black 1px solid;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: black 1px solid;vertical-align:bottom;text-align:right;">19</td> <td style="PADDING-BOTTOM: 1px;vertical-align:bottom;white-space: nowrap;">%</td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: black 1px solid;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: black 1px solid;vertical-align:bottom;text-align:right;">15</td> <td style="PADDING-BOTTOM: 1px;vertical-align:bottom;white-space: nowrap;">%</td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: black 1px solid;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: black 1px solid;vertical-align:bottom;text-align:right;">19</td> <td style="PADDING-BOTTOM: 1px;vertical-align:bottom;white-space: nowrap;">%</td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td></tr></table> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">Credit facility interest expense relates to the costs incurred in connection with our Credit Facility – Other, and prior to the Liquid Sale in Q1 2020 our Credit Facility – Liquid which has now been repaid in full. It includes interest expense and the amortization of deferred financing costs. </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">Credit facility interest expense decreased by 64% to $1.0 million from $2.8 million for the three months ended September 30, 2020 and 2019 respectively. For the nine months ended September 30, 2020, credit facility interest expense decreased by 37% to $5.2 million from $8.3 million in the same period last year. These decreases were driven by the extinguishment of the Credit Facility – Liquid during Q1 2020, a reduction in the interest rate on the Credit Facility – Other to 10.5% from 14.5% effective July 2, 2020, and repayments to the Credit Facility - Other resulting in lower interest payments on this facility as well. </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <table style="border-spacing:0;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px"> <td class="hpbhr"> </td></tr> <tr style="height:15px"> <td style="BORDER-BOTTOM: black 1px solid; TEXT-INDENT: 0px;text-align:left;">17 | Page</td></tr> <tr style="height:15px"> <td><p style='page-break-after: always'></p></td></tr> <tr style="height:15px"> <td> </td></tr></table> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <table style="border-spacing:0;font-size:10pt;text-align:left;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="width:70%;"> <p><img src="mogo_ex992img1.jpg"></p></td> <td style="vertical-align:bottom;"> <p style="margin:0px">Management’s Discussion and Analysis</p></td></tr></table> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><strong><em>Other (Income) and Expense</em></strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">The following table provides a breakdown of other (income) and expense by type for the three and nine months ended September 30, 2020 and 2019:</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <table style="border-spacing:0;text-align:left;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="BORDER-BOTTOM: #000000 1px solid;vertical-align:bottom;"> <p style="margin:0px">($000s, except percentages)</p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" colspan="2"></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" colspan="2"></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" colspan="2"></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" colspan="2"></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" colspan="2"></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" colspan="2"></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" style="BORDER-BOTTOM: #000000 1px solid;vertical-align:bottom;text-align:center;" colspan="6"> <p style="MARGIN: 0px; text-align:center;"><strong>Three months ended</strong></p> <p style="MARGIN: 0px; text-align:center;"><strong>September 30</strong></p></td> <td style="white-space: nowrap;"> <p style="MARGIN: 0px; text-align:center;"> </p></td> <td style="white-space: nowrap;"> <p style="MARGIN: 0px; text-align:center;"> </p></td> <td class="hdcell" colspan="2" style="vertical-align:bottom;text-align:center;"> <p style="MARGIN: 0px; text-align:center;"><strong>Percentage </strong></p></td> <td style="white-space: nowrap;"> <p style="MARGIN: 0px; text-align:center;"> </p></td> <td style="white-space: nowrap;"> <p style="MARGIN: 0px; text-align:center;"> </p></td> <td class="hdcell" style="BORDER-BOTTOM: #000000 1px solid;vertical-align:bottom;text-align:center;" colspan="6"> <p style="MARGIN: 0px; text-align:center;"><strong>Nine months ended </strong></p> <p style="MARGIN: 0px; text-align:center;"><strong>September 30</strong></p></td> <td style="white-space: nowrap;"> <p style="MARGIN: 0px; text-align:center;"> </p></td> <td style="white-space: nowrap;"> <p style="MARGIN: 0px; text-align:center;"> </p></td> <td class="hdcell" colspan="2" style="vertical-align:bottom;text-align:center;"> <p style="MARGIN: 0px; text-align:center;"><strong>Percentage </strong></p></td> <td style="white-space: nowrap;"> <p style="MARGIN: 0px; text-align:center;"> </p></td></tr> <tr style="height:15px"> <td> <p style="MARGIN: 0px; text-align:center;"> </p></td> <td style="white-space: nowrap;"> <p style="MARGIN: 0px; text-align:center;"> </p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;vertical-align:bottom;text-align:center;" colspan="2"> <p style="MARGIN: 0px; text-align:center;"><strong>2020</strong></p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="MARGIN: 0px; text-align:center;"> </p></td> <td style="white-space: nowrap;"> <p style="MARGIN: 0px; text-align:center;"> </p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;vertical-align:bottom;text-align:center;" colspan="2"> <p style="MARGIN: 0px; text-align:center;"><strong>2019</strong></p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="MARGIN: 0px; text-align:center;"> </p></td> <td style="white-space: nowrap;"> <p style="MARGIN: 0px; text-align:center;"> </p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;vertical-align:bottom;text-align:center;" colspan="2"> <p style="MARGIN: 0px; text-align:center;"> <strong>Change</strong></p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="MARGIN: 0px; text-align:center;"> </p></td> <td style="white-space: nowrap;"> <p style="MARGIN: 0px; text-align:center;"> </p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;vertical-align:bottom;text-align:center;" colspan="2"> <p style="MARGIN: 0px; text-align:center;"><strong>2020</strong></p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="MARGIN: 0px; text-align:center;"> </p></td> <td style="white-space: nowrap;"> <p style="MARGIN: 0px; text-align:center;"> </p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;vertical-align:bottom;text-align:center;" colspan="2"> <p style="MARGIN: 0px; text-align:center;"><strong>2019</strong></p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="MARGIN: 0px; text-align:center;"> </p></td> <td style="white-space: nowrap;"> <p style="MARGIN: 0px; text-align:center;"> </p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;vertical-align:bottom;text-align:center;" colspan="2"> <p style="MARGIN: 0px; text-align:center;"><strong>Change</strong></p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" colspan="2"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" colspan="2"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" colspan="2"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" colspan="2"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" colspan="2"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" colspan="2"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="margin:0px">Debenture and other financing expense </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="vertical-align:bottom;text-align:right;">1,155</td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="vertical-align:bottom;text-align:right;">1,851</td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td></td> <td> <p style="MARGIN: 0px; text-align:right;">(38</p></td> <td style="vertical-align:bottom;white-space: nowrap;"> <p style="margin:0px">)% </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="vertical-align:bottom;text-align:right;">4,987</td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="vertical-align:bottom;text-align:right;">5,553</td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td colspan="2"> <p style="MARGIN: 0px; text-align:right;">(10</p></td> <td style="vertical-align:bottom;white-space: nowrap;"> <p style="margin:0px">)% </p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="margin:0px">Accretion related to debentures and convertible debentures</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">186</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">194</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;"></td> <td style="width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:right;">(4</p></td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;"> <p style="margin:0px">)% </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">561</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">561</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">0</td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">%</td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="margin:0px">Gain on acquisition, net of transaction costs</p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="vertical-align:bottom;text-align:right;">-</td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="vertical-align:bottom;text-align:right;">-</td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="vertical-align:bottom;text-align:right;">-</td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="vertical-align:bottom;text-align:right;">-</td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="vertical-align:bottom;text-align:right;">(13,249</td> <td style="vertical-align:bottom;white-space: nowrap;">)</td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="vertical-align:bottom;text-align:right;">n/a</td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="margin:0px">Revaluation (gains) and losses</p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="vertical-align:bottom;text-align:right;">721</td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="vertical-align:bottom;text-align:right;">(188</td> <td style="vertical-align:bottom;white-space: nowrap;">)</td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="vertical-align:bottom;text-align:right;">n/a</td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="vertical-align:bottom;text-align:right;">4,068</td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="vertical-align:bottom;text-align:right;">201</td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="vertical-align:bottom;text-align:right;">1,924</td> <td style="vertical-align:bottom;white-space: nowrap;">%</td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="margin:0px">Other non-operating expenses </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;vertical-align:bottom;text-align:right;">(2,138</td> <td style="PADDING-BOTTOM: 1px;vertical-align:bottom;white-space: nowrap;">)</td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;vertical-align:bottom;text-align:right;">231</td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;vertical-align:bottom;text-align:right;">n/a</td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;vertical-align:bottom;text-align:right;">(1,939</td> <td style="PADDING-BOTTOM: 1px;vertical-align:bottom;white-space: nowrap;">)</td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;vertical-align:bottom;text-align:right;">414</td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;vertical-align:bottom;text-align:right;">n/a</td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="margin:0px">Total other (income) and expense</p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: black 1px solid;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: black 1px solid;vertical-align:bottom;text-align:right;">(76</td> <td style="PADDING-BOTTOM: 1px;vertical-align:bottom;white-space: nowrap;">)</td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: black 1px solid;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: black 1px solid;vertical-align:bottom;text-align:right;">2,088</td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: black 1px solid;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: black 1px solid;vertical-align:bottom;text-align:right;">n/a</td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: black 1px solid;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: black 1px solid;vertical-align:bottom;text-align:right;">7,677</td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: black 1px solid;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: black 1px solid;vertical-align:bottom;text-align:right;">(6,520</td> <td style="PADDING-BOTTOM: 1px;vertical-align:bottom;white-space: nowrap;">)</td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: black 1px solid;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: black 1px solid;vertical-align:bottom;text-align:right;">n/a</td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr></table> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">Total other (income) and expense was ($0.1) million in the three months ended September 30, 2020, compared to $2.1 million in the same period last year. For the nine months ended September 30, 2020, total other (income) and expense was $7.7 million compared to ($6.5) million in the same period last year.<font style="font-size:8pt"> </font>This is primarily attributable to the gain on acquisition resulting from the Business Combination with Difference during Q2 2019, offset by unrealized losses on our investment portfolio recognized within revaluation gains and losses, net, in 2020. Additionally, the impact of the gain on Liquid Sale net of credit facility prepayment expenses during Q1 2020 and government grant received related to the Canada Emergency Wage Subsidy (“CEWS”) during Q2 and Q3 2020 contributed to the variance.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">Debenture and other financing expense consist of interest expense related to our non-convertible and convertible debentures, and interest expense related to our lease liabilities resulting from IFRS 16. The debenture and other financing expense decreased by 38% and 10% for the three and nine months ended September 30, 2020 compared to the same periods last year. The decrease is primarily related to the amendments made to the terms of the debentures, effective July 1, 2020 resulting in the reduction in the average coupon interest rate, from approximately 14% to approximately 7%.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">Accretion related to convertible debentures was consistent for the three and nine month periods ended September 30, 2020 compared to the same periods last year. </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">Revaluation (gains) and losses, net, for the three and nine months ended September 30, 2020 are primarily due to $0.7 million and $4.0 million of net unrealized losses booked on our investment portfolio, respectively, related to the fair market value adjustment of certain companies within the portfolio. In the nine months ended September 30, 2020, this was partially offset by a $0.3 million gain on other receivable. The COVID-19 pandemic and related public health restrictions and shutdowns of non-essential businesses have caused severe disruption in the Canadian and global economies and have adversely impacted the valuation of many public companies that are comparable to companies within our investment portfolio. As a result, we have written down the fair value of these companies to reflect the general economic conditions and the impact of COVID-19. The net unrealized losses on investments include $nil and $3.7 million of losses attributable to COVID-19 for the three and nine months ended September 30, 2020 respectively.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">In Q3 2020, we accrued ($1.3) million related to the CEWS in other non-operating (income) expenses, and recognized a ($0.8) million gain on the amendment of our non-convertible debentures. Other non-operating expenses in the nine months ended September 30, 2020 also includes net expense of $0.8 million resulting from prepayment expense on the Credit Facility – Liquid offset by the gain on sale of Liquid, and $0.8 million of restructuring and other expenses.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <table style="border-spacing:0;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px"> <td class="hpbhr"> </td></tr> <tr style="height:15px"> <td style="BORDER-BOTTOM: black 1px solid; TEXT-INDENT: 0px;text-align:left;">18 | Page</td></tr> <tr style="height:15px"> <td><p style='page-break-after: always'></p></td></tr> <tr style="height:15px"> <td> </td></tr></table> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <table style="border-spacing:0;font-size:10pt;text-align:left;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="width:70%;"> <p><img src="mogo_ex992img1.jpg"></p></td> <td style="vertical-align:bottom;"> <p style="margin:0px">Management’s Discussion and Analysis</p></td></tr></table> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><strong>Selected Quarterly Information </strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <table style="border-spacing:0;text-align:left;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="BORDER-BOTTOM: #000000 1px solid;vertical-align:bottom;"> <p style="margin:0px"><font style="font-size:8pt">(</font>$000s, except per share amounts)</p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" colspan="2" style="width:6%;"></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" colspan="2" style="width:6%;"></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" colspan="2" style="width:6%;"></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" colspan="2" style="width:6%;"></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" colspan="2" style="width:6%;"></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" colspan="2" style="width:6%;"></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" colspan="2" style="width:6%;"></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" colspan="2" style="width:6%;"></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:6%;vertical-align:bottom;text-align:center;" colspan="10"> <p style="MARGIN: 0px; text-align:center;"><strong>2020</strong></p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:6%;vertical-align:bottom;text-align:center;" colspan="14"> <p style="MARGIN: 0px; text-align:center;"><strong>2019</strong></p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:6%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="MARGIN: 0px; text-align:center;"><strong>2018</strong></p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:6%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="MARGIN: 0px; text-align:center;"><strong>Third Quarter</strong></p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="MARGIN: 0px; text-align:center;"> </p></td> <td style="white-space: nowrap;"> <p style="MARGIN: 0px; text-align:center;"> </p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:6%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="MARGIN: 0px; text-align:center;"><strong>Second Quarter</strong></p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="MARGIN: 0px; text-align:center;"> </p></td> <td style="white-space: nowrap;"> <p style="MARGIN: 0px; text-align:center;"> </p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:6%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="MARGIN: 0px; text-align:center;"><strong>First </strong></p> <p style="MARGIN: 0px; text-align:center;"><strong>Quarter</strong></p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="MARGIN: 0px; text-align:center;"> </p></td> <td style="white-space: nowrap;"> <p style="MARGIN: 0px; text-align:center;"> </p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:6%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="MARGIN: 0px; text-align:center;"><strong>Fourth Quarter</strong></p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="MARGIN: 0px; text-align:center;"> </p></td> <td style="white-space: nowrap;"> <p style="MARGIN: 0px; text-align:center;"> </p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:6%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="MARGIN: 0px; text-align:center;"><strong>Third Quarter</strong></p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="MARGIN: 0px; text-align:center;"> </p></td> <td style="white-space: nowrap;"> <p style="MARGIN: 0px; text-align:center;"> </p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:6%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="MARGIN: 0px; text-align:center;"><strong>Second Quarter</strong></p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="MARGIN: 0px; text-align:center;"> </p></td> <td style="white-space: nowrap;"> <p style="MARGIN: 0px; text-align:center;"> </p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:6%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="MARGIN: 0px; text-align:center;"><strong>First </strong></p> <p style="MARGIN: 0px; text-align:center;"><strong>Quarter</strong></p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="MARGIN: 0px; text-align:center;"> </p></td> <td style="white-space: nowrap;"> <p style="MARGIN: 0px; text-align:center;"> </p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:6%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="MARGIN: 0px; text-align:center;"><strong>Fourth Quarter</strong></p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" colspan="2" style="width:6%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" colspan="2" style="width:6%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" colspan="2" style="width:6%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" colspan="2" style="width:6%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" colspan="2" style="width:6%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" colspan="2" style="width:6%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" colspan="2" style="width:6%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" colspan="2" style="width:6%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px"> <td style="vertical-align:top;"> <p style="margin:0px"><strong>Income Statement Highlights </strong></p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" colspan="2" style="width:6%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" colspan="2" style="width:6%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" colspan="2" style="width:6%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" colspan="2" style="width:6%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" colspan="2" style="width:6%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" colspan="2" style="width:6%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" colspan="2" style="width:6%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" colspan="2" style="width:6%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="margin:0px 0px 0px 0in">Total revenue<sup>(3)</sup></p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">9,774</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">10,559</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">13,910</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">15,018</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">15,029</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">14,867</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">14,891</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">14,682</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="margin:0px 0px 0px 0in">Net income (loss) and comprehensive income (loss)</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">1,019</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">(1,550</td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">(10,065</td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">(6,188</td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">(6,033</td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">6,401</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">(5,005</td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">(4,971</td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td></tr> <tr style="height:15px;background-color:#cceeff"> <td> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="margin:0px 0px 0px 0in">Basic net income (loss) per common share</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">0.04</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">(0.06</td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">(0.36</td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">(0.24</td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">(0.22</td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">0.27</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">(0.21</td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">(0.22</td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="margin:0px 0px 0px 0in">Diluted net income (loss) per common share </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">0.04</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">(0.06</td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">(0.36</td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">(0.24</td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">(0.22</td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">0.27</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">(0.21</td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">(0.22</td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td></tr> <tr style="height:15px;background-color:#ffffff"> <td> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="margin:0px 0px 0px -0.05pt"><strong>Non-IFRS Financial Measures<sup>(1)</sup></strong></p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="margin:0px 0px 0px 15px">Core revenue<sup>(2)</sup></p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">9,774</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">10,559</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">12,186</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">12,355</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">12,190</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">11,287</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">11,345</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">11,393</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="margin:0px 0px 0px 15px">Adjusted EBITDA</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">4,825</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">5,197</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">544</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">2,295</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">1,081</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">1,587</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">2,238</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">2,072</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr></table> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><strong><em>Key Quarterly Trends</em></strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">Total revenue has declined during last three quarters primarily due to the strategic sale of Liquid loan book in February 2020. Additionally, total revenue was impacted by the temporary suspension of our loan origination activities owing to COVID-19 pandemic in Q2 2020 as we worked to deleverage our balance sheet and reduce credit risk exposure. We are gradually resuming new loan originations in a cautious manner in order to manage our credit risk. Total revenue generally trended upwards since 2018 up until the three most recent quarters, driven by continuous growth in our subscription and services revenue and increasing uptake in our broadening portfolio of products and premium account subscription offerings. Interest revenue had also generally trended upwards as we grew our long-term loan products between the first quarter of 2018 and Q4 2019. During the latter part of 2019, as we transitioned to partner lending we maintained a flat loan book which resulted in flat interest revenue during that period. Accelerated growth in subscription and services and interest revenue generally outpaced the elimination of loan fees and our exit from bitcoin mining.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">In Q3 2020, net income (loss) and comprehensive income (loss) improved over previous quarters primarily due to significant cost reduction initiatives implemented at the end of March 2020. Further, we experienced low loan defaults resulting in lower provision for loan losses. The combination of these factors more than offset the decrease in revenue in the quarter. In Q1 2020 and prior, fluctuations in net income (loss) and comprehensive income (loss) were driven by changes in non-cash related items such as the gain on acquisition in Q2 2019, and the initial Q1 2020 COVID-19 related charges to loan loss provision and unrealized loss on investments.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">Adjusted EBITDA generally fluctuated within the same range from Q4 2018 to the end of 2019, and the decline in Q1 2020 was primarily attributable to the initial upfront COVID-19 allowance recorded to loan loss provision expense in that quarter, based on our estimate of future losses that would result from worsening economic conditions associated with COVID-19. During the last two quarters, the improvement in Adjusted EBITDA is driven primarily by a dedicated plan implemented in late March 2020 to significantly reduce operating expenses, and strong loan book performance despite the COVID-19 pandemic.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><strong>______________</strong></p> <table style="border-spacing:0;font-size:10pt;font-variant:normal;font-weight:normal;font-style:normal;text-align:left;line-height:normal;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="width:4%;vertical-align:top;"> <p style="margin:0px">(1) </p></td> <td style="vertical-align:top;"> <p style="MARGIN: 0px; text-align:justify;">For more information regarding our use of these non-IFRS measures and, where applicable, a reconciliation to the most comparable IFRS measure, see “Non-IFRS Financial Measures”.</p></td></tr> <tr style="height:15px"> <td style="vertical-align:top;"> <p style="MARGIN: 0px; text-align:justify;">(2) </p></td> <td style="vertical-align:top;"> <p style="MARGIN: 0px; text-align:justify;">In light of our exit from our bitcoin mining operations and the Liquid Sale, the Company has revised its definition of core revenue to exclude revenue from bitcoin mining and revenue related to MogoLiquid loans. The prior period comparative figures for core revenue has also been revised to conform with this new definition. See “Non-IFRS Financial Measures” for a reconciliation of core revenue to amounts reported in previous periods.</p></td></tr> <tr style="height:15px"> <td style="vertical-align:top;"> <p style="MARGIN: 0px; text-align:justify;">(3) </p></td> <td style="vertical-align:top;"> <p style="MARGIN: 0px; text-align:justify;">The Company changed certain prior period numbers to conform with current presentation. See next page for reconciliation to revenue previously stated before the impact of the presentation recast.</p></td></tr></table> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <table style="border-spacing:0;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px"> <td class="hpbhr"> </td></tr> <tr style="height:15px"> <td style="BORDER-BOTTOM: black 1px solid; TEXT-INDENT: 0px;text-align:left;">19 | Page</td></tr> <tr style="height:15px"> <td><p style='page-break-after: always'></p></td></tr> <tr style="height:15px"> <td> </td></tr></table> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <table style="border-spacing:0;font-size:10pt;text-align:left;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="width:70%;"> <p><img src="mogo_ex992img1.jpg"></p></td> <td style="vertical-align:bottom;"> <p style="margin:0px">Management’s Discussion and Analysis</p></td></tr></table> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">In Q4 2019, we retrospectively adjusted our accounting for loan protection revenue and associated costs. Historically, we had presented the amounts paid by borrowers for loan protection as part of revenues, and the associated costs paid to insurers for loan protection as part of transaction costs. Under the new presentation, we are presenting revenue net of expenses. The following table provides a reconciliation of revenue before the change in presentation to the new presentation. Since there is a corresponding reduction in transaction costs as well, this recast had no impact on either historical gross profit or net loss.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <table style="border-spacing:0;text-align:left;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="BORDER-BOTTOM: #000000 1px solid;vertical-align:bottom;"> <p style="margin:0px">($000s,)</p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" colspan="2" style="width:6%;"></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" colspan="2" style="width:6%;"></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" colspan="2" style="width:6%;"></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" colspan="2" style="width:6%;"></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" colspan="2" style="width:6%;"></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" colspan="2" style="width:6%;"></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" colspan="2" style="width:6%;"></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" colspan="2" style="width:6%;"></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:6%;vertical-align:bottom;text-align:center;" colspan="10"> <p style="MARGIN: 0px; text-align:center;"><strong>2020</strong></p></td> <td style="white-space: nowrap;"> <p style="MARGIN: 0px; text-align:center;"> </p></td> <td style="white-space: nowrap;"> <p style="MARGIN: 0px; text-align:center;"> </p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:6%;vertical-align:bottom;text-align:center;" colspan="14"> <p style="MARGIN: 0px; text-align:center;"><strong>2019</strong></p></td> <td style="white-space: nowrap;"> <p style="MARGIN: 0px; text-align:center;"> </p></td> <td style="white-space: nowrap;"> <p style="MARGIN: 0px; text-align:center;"> </p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:6%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="MARGIN: 0px; text-align:center;"><strong>2018</strong></p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="MARGIN: 0px; text-align:center;"> </p></td></tr> <tr style="height:15px"> <td> <p style="MARGIN: 0px; text-align:center;"> </p></td> <td style="white-space: nowrap;"> <p style="MARGIN: 0px; text-align:center;"> </p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:6%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="MARGIN: 0px; text-align:center;"><strong>Third Quarter</strong></p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="MARGIN: 0px; text-align:center;"> </p></td> <td style="white-space: nowrap;"> <p style="MARGIN: 0px; text-align:center;"> </p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:6%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="MARGIN: 0px; text-align:center;"><strong>Second Quarter</strong></p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="MARGIN: 0px; text-align:center;"> </p></td> <td style="white-space: nowrap;"> <p style="MARGIN: 0px; text-align:center;"> </p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:6%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="MARGIN: 0px; text-align:center;"><strong>First</strong></p> <p style="MARGIN: 0px; text-align:center;"><strong>Quarter</strong></p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="MARGIN: 0px; text-align:center;"> </p></td> <td style="white-space: nowrap;"> <p style="MARGIN: 0px; text-align:center;"> </p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:6%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="MARGIN: 0px; text-align:center;"><strong>Fourth Quarter</strong></p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="MARGIN: 0px; text-align:center;"> </p></td> <td style="white-space: nowrap;"> <p style="MARGIN: 0px; text-align:center;"> </p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:6%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="MARGIN: 0px; text-align:center;"><strong>Third Quarter</strong></p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="MARGIN: 0px; text-align:center;"> </p></td> <td style="white-space: nowrap;"> <p style="MARGIN: 0px; text-align:center;"> </p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:6%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="MARGIN: 0px; text-align:center;"><strong>Second Quarter</strong></p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="MARGIN: 0px; text-align:center;"> </p></td> <td style="white-space: nowrap;"> <p style="MARGIN: 0px; text-align:center;"> </p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:6%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="MARGIN: 0px; text-align:center;"><strong>First </strong></p> <p style="MARGIN: 0px; text-align:center;"><strong>Quarter</strong></p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="MARGIN: 0px; text-align:center;"> </p></td> <td style="white-space: nowrap;"> <p style="MARGIN: 0px; text-align:center;"> </p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:6%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="MARGIN: 0px; text-align:center;"><strong>Fourth Quarter</strong></p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" colspan="2" style="width:6%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" colspan="2" style="width:6%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" colspan="2" style="width:6%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" colspan="2" style="width:6%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" colspan="2" style="width:6%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" colspan="2" style="width:6%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" colspan="2" style="width:6%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" colspan="2" style="width:6%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="margin:0px 0px 0px 0in">Total revenue, previously stated</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">9,774</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">10,559</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">13,910</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">15,018</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">16,585</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">16,378</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">16,351</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">16,108</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="margin:0px">Presentation recast </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:6%;vertical-align:bottom;text-align:right;">-</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:6%;vertical-align:bottom;text-align:right;">-</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:6%;vertical-align:bottom;text-align:right;">-</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:6%;vertical-align:bottom;text-align:right;">-</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:6%;vertical-align:bottom;text-align:right;">(1,557</td> <td style="PADDING-BOTTOM: 1px;width:1%;vertical-align:bottom;white-space: nowrap;">)</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:6%;vertical-align:bottom;text-align:right;">(1,511</td> <td style="PADDING-BOTTOM: 1px;width:1%;vertical-align:bottom;white-space: nowrap;">)</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:6%;vertical-align:bottom;text-align:right;">(1,460</td> <td style="PADDING-BOTTOM: 1px;width:1%;vertical-align:bottom;white-space: nowrap;">)</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:6%;vertical-align:bottom;text-align:right;">(1,425</td> <td style="PADDING-BOTTOM: 1px;width:1%;vertical-align:bottom;white-space: nowrap;">)</td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="margin:0px 0px 0px 0in">Total revenue</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:6%;vertical-align:bottom;text-align:right;">9,774</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:6%;vertical-align:bottom;text-align:right;">10,559</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:6%;vertical-align:bottom;text-align:right;">13,910</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:6%;vertical-align:bottom;text-align:right;">15,018</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:6%;vertical-align:bottom;text-align:right;">15,028</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:6%;vertical-align:bottom;text-align:right;">14,867</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:6%;vertical-align:bottom;text-align:right;">14,891</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:6%;vertical-align:bottom;text-align:right;">14,683</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr></table> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><strong>Key Balance Sheet Components</strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">The following table provides a summary of the key balance sheet components as at September 30, 2020:</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <table style="border-spacing:0;text-align:left;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="BORDER-BOTTOM: #000000 1px solid;vertical-align:bottom;"> <p style="margin:0px">($000s)</p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" colspan="2" style="width:9%;"></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" colspan="2" style="width:9%;vertical-align:bottom;text-align:center;"> <p style="MARGIN: 0px; text-align:center;"><strong>As at</strong></p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="MARGIN: 0px; text-align:center;"> </p></td></tr> <tr style="height:15px"> <td> <p style="MARGIN: 0px; text-align:center;"> </p></td> <td style="white-space: nowrap;"> <p style="MARGIN: 0px; text-align:center;"> </p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="MARGIN: 0px; text-align:center;"><strong>September 30, </strong></p> <p style="MARGIN: 0px; text-align:center;"><strong>2020</strong></p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="MARGIN: 0px; text-align:center;"> </p></td> <td style="white-space: nowrap;"> <p style="MARGIN: 0px; text-align:center;"> </p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="MARGIN: 0px; text-align:center;"><strong>December 31, </strong></p> <p style="MARGIN: 0px; text-align:center;"><strong>2019</strong></p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" colspan="2" style="width:9%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" colspan="2" style="width:9%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="margin:0px">Cash </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">9,855</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">10,417</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="margin:0px">Loans receivable, net</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">46,541</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">88,655</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="margin:0px">Investment portfolio</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">16,895</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">20,790</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="margin:0px">Total assets </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">101,459</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">151,098</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="margin:0px">Total liabilities</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">104,778</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">149,346</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr></table> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">Total assets decreased by $49.6 million during the nine months ended September 30, 2020, driven primarily by the Liquid Sale, loan principal paydowns and the reduction in fair value of investment portfolio as a result of COVID-19. Total liabilities decreased by $44.6 million during the nine months ended September 30, 2020, driven primarily by the extinguishment of the Credit Facility – Liquid and paydowns on the Credit Facility – Other.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><strong><em>Loans receivable</em></strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">The following table provides a breakdown of loans receivable as at September 30, 2020: </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <table style="border-spacing:0;text-align:left;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="BORDER-BOTTOM: #000000 1px solid;vertical-align:bottom;"> <p style="margin:0px">($000s)</p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" colspan="2" style="width:9%;"> <p style="MARGIN: 0px; text-align:center;"> </p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="MARGIN: 0px; text-align:center;"> </p></td> <td style="white-space: nowrap;"> <p style="MARGIN: 0px; text-align:center;"> </p></td> <td class="hdcell" colspan="2" style="width:9%;"> <p style="MARGIN: 0px; text-align:center;"> </p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="MARGIN: 0px; text-align:center;"> </p></td> <td style="white-space: nowrap;"> <p style="MARGIN: 0px; text-align:center;"> </p></td> <td class="hdcell" colspan="2" style="width:9%;vertical-align:bottom;text-align:center;"> <p style="MARGIN: 0px; text-align:center;"><strong>As at</strong></p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="MARGIN: 0px; text-align:center;"> </p></td></tr> <tr style="height:15px"> <td> <p style="MARGIN: 0px; text-align:center;"> </p></td> <td style="white-space: nowrap;"> <p style="MARGIN: 0px; text-align:center;"> </p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="MARGIN: 0px; text-align:center;"><strong>September 30, </strong></p> <p style="MARGIN: 0px; text-align:center;"><strong>2020</strong></p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="MARGIN: 0px; text-align:center;"> </p></td> <td style="white-space: nowrap;"> <p style="MARGIN: 0px; text-align:center;"> </p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="MARGIN: 0px; text-align:center;"><strong>June 30, </strong></p> <p style="MARGIN: 0px; text-align:center;"><strong>2020</strong></p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="MARGIN: 0px; text-align:center;"> </p></td> <td style="white-space: nowrap;"> <p style="MARGIN: 0px; text-align:center;"> </p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="MARGIN: 0px; text-align:center;"><strong>December 31, </strong></p> <p style="MARGIN: 0px; text-align:center;"><strong>2019</strong></p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" colspan="2" style="width:9%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" colspan="2" style="width:9%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" colspan="2" style="width:9%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="margin:0px">Gross loans receivable </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">55,846</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">60,662</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">104,675</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="margin:0px">Allowance for loan losses </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">(9,305</td> <td style="PADDING-BOTTOM: 1px;width:1%;vertical-align:bottom;white-space: nowrap;">)</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">(12,314</td> <td style="PADDING-BOTTOM: 1px;width:1%;vertical-align:bottom;white-space: nowrap;">)</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">(16,020</td> <td style="PADDING-BOTTOM: 1px;width:1%;vertical-align:bottom;white-space: nowrap;">)</td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="margin:0px">Net loans receivable </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">46,541</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">48,348</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">88,655</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr></table> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">The gross loans receivable portfolio was $55.8 million as at September 30, 2020, a decrease of 47% or $48.8 million compared to the balance as at December 31, 2019, the decrease being primarily attributable to the Liquid Sale in February 2020 and principal repayments on our line of credit loan products. The Liquid Sale in Q1 2020 resulted in the derecognition of $32.0 million gross loans receivable and $2.1 million of corresponding allowance.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <table style="border-spacing:0;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px"> <td class="hpbhr"> </td></tr> <tr style="height:15px"> <td style="BORDER-BOTTOM: black 1px solid; TEXT-INDENT: 0px;text-align:left;">20 | Page</td></tr> <tr style="height:15px"> <td><p style='page-break-after: always'></p></td></tr> <tr style="height:15px"> <td> </td></tr></table> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <table style="border-spacing:0;font-size:10pt;text-align:left;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="width:70%;"> <p><img src="mogo_ex992img1.jpg"></p></td> <td style="vertical-align:bottom;"> <p style="margin:0px">Management’s Discussion and Analysis</p></td></tr></table> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">Reconciliation of allowance for loan losses as at September 30, 2020, December 31, 2019 and September 30, 2019 is as follows:</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <table style="border-spacing:0;text-align:left;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="BORDER-BOTTOM: #000000 1px solid;vertical-align:bottom;">($000s)</td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" colspan="2" style="width:9%;"></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" colspan="2" style="width:9%;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" colspan="2" style="width:9%;"></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="MARGIN: 0px 0px 0px 3.4pt; text-align:center;"><strong>Nine months </strong></p> <p style="MARGIN: 0px 0px 0px 3.4pt; text-align:center;"><strong>ended </strong></p> <p style="MARGIN: 0px 0px 0px 3.4pt; text-align:center;"><strong>September 30, 2020</strong></p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="MARGIN: 0px 0px 0px 3.4pt; text-align:center;"><strong>Nine months</strong><strong> </strong></p> <p style="MARGIN: 0px 0px 0px 3.4pt; text-align:center;"><strong>ended </strong></p> <p style="MARGIN: 0px 0px 0px 3.4pt; text-align:center;"><strong>September 30, 2019</strong></p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="MARGIN: 0px; text-align:center;"><strong>Year</strong></p> <p style="MARGIN: 0px; text-align:center;"><strong> ended</strong></p> <p style="MARGIN: 0px; text-align:center;"><strong>December 31, </strong></p> <p style="MARGIN: 0px; text-align:center;"><strong>2019</strong></p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" colspan="2" style="width:9%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" colspan="2" style="width:9%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" colspan="2" style="width:9%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="margin:0px">Allowance for loan losses, beginning of year</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">16,020</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">15,409</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">15,409</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="margin:0px">Derecognition of allowance associated with loan sale</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">(2,131</td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="margin:0px">Provision for loan losses </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">7,741</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">14,539</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">19,899</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="margin:0px">Loans charged-off </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">(12,325</td> <td style="PADDING-BOTTOM: 1px;width:1%;vertical-align:bottom;white-space: nowrap;">)</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">(14,522</td> <td style="PADDING-BOTTOM: 1px;width:1%;vertical-align:bottom;white-space: nowrap;">)</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">(19,288</td> <td style="PADDING-BOTTOM: 1px;width:1%;vertical-align:bottom;white-space: nowrap;">)</td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="margin:0px">Allowance for loan losses, end of period </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">9,305</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">15,426</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">16,020</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr></table> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">The allowance for loan losses is reported on the Company’s balance sheet and is netted against gross loans receivable to arrive at the net loans receivable. The allowance for loan losses represents our estimate of the expected credit losses (“<strong>ECL</strong>”) inherent in our loan portfolio. Refer to Note 5 of the interim condensed consolidated financial statements for a breakdown of gross loans receivable and allowance for loan losses by aging category based on their IFRS 9 ECL measurement stage. The Company assesses its allowance for loan losses at each reporting date. Increases in the provision for loan losses, net of recoveries, are recorded as a cost of revenue in the interim condensed consolidated statement of operations and comprehensive loss.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">The allowance for loan losses was $9.3 million as at September 30, 2020, a decrease of $6.7 million compared to December 31, 2019. During Q1 2020, the Liquid Sale resulted in a $2.1 million derecognition of corresponding allowance, offset by a $1.2 million incremental allowance booked in respect of potential future losses arising from COVID-19 as a result of the requirement under IFRS 9 to account for forward-looking indicators when determining the allowance. </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">Additionally, the allowance for loan losses decreased in Q3 as a result of lower than historical default rates resulting in the release of previously booked allowance. The allowance for loan losses as a percentage of gross loans receivable decreased in Q3 2020 from Q2 2020 levels indicating an improved outlook for expected future credit losses relative to the prior quarter. As at September 30, 2020, we have recorded $1.1 million of COVID-19 related allowance, which we believe is adequate provision to absorb any material shocks to the loan book as a result of any further deterioration in COVID-19 conditions. It should be noted that this upfront COVID-19 related allowance has already been reflected in our provision for loan losses through the end of Q3 2020 in the interim condensed consolidated statements of operations and comprehensive loss. Refer to the <em>“Cost of revenue” </em>section above for further discussion of the impact of COVID-19 on the provision for loan losses.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">The Company reserves and charges off consumer loan amounts to the extent that there is no reasonable expectation of recovery, once the loan or a portion of the loan has been classified as past due for more than 180 consecutive days. Recoveries on loan amounts previously charged off are credited against the provision for loan losses when collected.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">In the opinion of management, the Company has provided adequate allowances to absorb probable credit losses inherent in its loan portfolio based on available and relevant information affecting the loan portfolio at each balance sheet date. The Company cannot guarantee that delinquency and loss levels will correspond with the historical levels experienced and there is a risk that delinquency and loss rates could change significantly.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <table style="border-spacing:0;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px"> <td class="hpbhr"> </td></tr> <tr style="height:15px"> <td style="BORDER-BOTTOM: black 1px solid; TEXT-INDENT: 0px;text-align:left;">21 | Page</td></tr> <tr style="height:15px"> <td><p style='page-break-after: always'></p></td></tr> <tr style="height:15px"> <td> </td></tr></table> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <table style="border-spacing:0;font-size:10pt;text-align:left;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="width:70%;"> <p><img src="mogo_ex992img1.jpg"></p></td> <td style="vertical-align:bottom;"> <p style="margin:0px">Management’s Discussion and Analysis</p></td></tr></table> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><strong><em>Transactions with Related Parties</em></strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">Related party transactions during the three and nine months ended September 30, 2020 include transactions with debenture holders that incur interest. The related party debentures balance as at September 30, 2020 totaled $0.4 million (December 31, 2019 – $0.3 million). The debentures bear annual coupon interest of 8.0% (December 31, 2019 – 10.0% to 18.0%) with interest expense for three and nine months ended September 30, 2020 totalling $0.01 million and $0.03 million, respectively (three and nine months ended September 30, 2019 - $0.02 million and $0.05 million respectively). The related parties involved in such transactions were (i) a member of the family of Gregory Feller, a director and officer of the Company; (ii) David Feller, a director and officer of the Company; and (iii) key management personnel and members of their families. The debentures are ongoing contractual obligations that are used to fund our corporate and operational activities. In relation to the amendment to the terms of debentures on September 30, 2020, there were 35,831 warrants issuable to related parties as at September 30, 2020 with a fair value of $0.03 million. </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><strong><em>Off-Balance Sheet Arrangements</em></strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">We have no off-balance sheet arrangements that have, or are likely to have, a current or future material effect on our consolidated financial position, financial performance, liquidity, capital expenditures or capital resources. </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><strong>Liquidity and Capital Resources</strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">To date the Company has funded its lending activities, expenses and losses primarily through the proceeds of its initial public offering which raised $50 million in 2015, subsequent issuance of common shares and convertible debentures, prior private placements of preferred shares, placements of debentures, credit facilities, and cash from operating activities. The Business Combination with Difference in the second quarter of 2019 also added to the Company’s capital resources and strengthened its financial position with an investment portfolio valued at $16.9 million as at September 30, 2020 which the Company is actively seeking to monetize. In the first quarter of 2020, the Company completed the Liquid Sale: being the sale of a majority of its MogoLiquid loan portfolio for total gross consideration of $31.6 million, using the proceeds to extinguish its Credit Facility - Liquid. In order to support its growth strategy, the Company gives consideration to additional financing options including accessing the capital markets for additional equity or debt, monetization of our investment portfolio, increasing the amount of long-term debentures outstanding or increasing availability under existing or new credit facilities. </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">We manage our liquidity by continuously monitoring revenues, expenses and cash flow compared to budget. To maintain adequate liquidity, the long-term business goal of the Company is to diversify its funding sources. The purpose of diversification by source, geographic location and maturity is to mitigate liquidity and funding risk by ensuring that the Company has in place alternative sources of funds that strengthen its capacity to withstand a variety of market conditions and support its long-term growth. Management expects that they will be able to refinance any outstanding amounts owing under the Credit Facilities or our long-term debentures and may consider the issuance of shares in satisfaction of amounts owing under the convertible debentures, in each case as they become due and payable. The debentures are subordinated to the Credit Facility – Other which has the effect of extending the maturity date of the debentures to the later of contractual maturity or the maturity date of Credit Facility – Other, being July 2, 2022. </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><font style="line-height:107%">On December 31, 2019, we amended its Credit Facility – Other. The amendments lowered the effective interest rate as of July 2, 2020 and extended the maturity date of the facility by two years from July 2, 2020 to July 2, 2022. The amendments also increased the available loan capital from $50 million to $60 million, though this was reduced back down to $50 million on a subsequent amendment effective June 29, 2020.</font></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">On September 29, 2020, Mogo and its debenture holders approved certain amendments to the terms of the debentures, effective July 1, 2020. Among other things, these amendments reduce the interest rate of the debentures, and allow for the settlement of interest and principal in either cash or Mogo common shares, at our option. </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <table style="border-spacing:0;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px"> <td class="hpbhr"> </td></tr> <tr style="height:15px"> <td style="BORDER-BOTTOM: black 1px solid; TEXT-INDENT: 0px;text-align:left;">22 | Page</td></tr> <tr style="height:15px"> <td><p style='page-break-after: always'></p></td></tr> <tr style="height:15px"> <td> </td></tr></table> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <table style="border-spacing:0;font-size:10pt;text-align:left;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="width:70%;"> <p><img src="mogo_ex992img1.jpg"></p></td> <td style="vertical-align:bottom;"> <p style="margin:0px">Management’s Discussion and Analysis</p></td></tr></table> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><strong>Cash Flow Summary</strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">The following table provides a summary of cash inflows and outflows by activity for the three and nine months ended September 30, 2020 and 2019:</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <table style="border-spacing:0;text-align:left;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="BORDER-BOTTOM: #000000 1px solid;vertical-align:bottom;"> <p style="margin:0px">($000s)</p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" colspan="2" style="width:9%;"></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" colspan="2" style="width:9%;"></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" colspan="2" style="width:9%;"></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" colspan="2" style="width:9%;"></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="6"> <p style="MARGIN: 0px; text-align:center;"><strong>Three months ended </strong></p> <p style="MARGIN: 0px; text-align:center;"><strong>September 30</strong></p></td> <td style="white-space: nowrap;"> <p style="MARGIN: 0px; text-align:center;"> </p></td> <td style="white-space: nowrap;"> <p style="MARGIN: 0px; text-align:center;"> </p></td> <td class="hdcell" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="6"> <p style="MARGIN: 0px; text-align:center;"><strong>Nine months ended </strong></p> <p style="MARGIN: 0px; text-align:center;"><strong>September 30</strong></p></td> <td style="white-space: nowrap;"> <p style="MARGIN: 0px; text-align:center;"> </p></td></tr> <tr style="height:15px"> <td> <p style="MARGIN: 0px; text-align:center;"> </p></td> <td style="white-space: nowrap;"> <p style="MARGIN: 0px; text-align:center;"> </p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="MARGIN: 0px; text-align:center;"><strong>2020</strong></p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="MARGIN: 0px; text-align:center;"> </p></td> <td style="white-space: nowrap;"> <p style="MARGIN: 0px; text-align:center;"> </p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="MARGIN: 0px; text-align:center;"><strong>2019</strong></p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="MARGIN: 0px; text-align:center;"> </p></td> <td style="white-space: nowrap;"> <p style="MARGIN: 0px; text-align:center;"> </p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="MARGIN: 0px; text-align:center;"><strong>2020</strong></p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="MARGIN: 0px; text-align:center;"> </p></td> <td style="white-space: nowrap;"> <p style="MARGIN: 0px; text-align:center;"> </p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="MARGIN: 0px; text-align:center;"><strong>2019</strong></p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" colspan="2" style="width:9%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" colspan="2" style="width:9%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" colspan="2" style="width:9%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" colspan="2" style="width:9%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="margin:0px"><strong><em>Cash provided by operating activities before</em></strong><strong><em> investment in gross loans receivable<sup>(1)</sup> </em></strong></p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">4,158</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">585</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">6,575</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">4,814</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="margin:0px">Proceeds from sale of loan book</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">31,572</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="margin:0px">Cash provided by (invested in) loans receivable </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">1,048</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">(5,730</td> <td style="PADDING-BOTTOM: 1px;width:1%;vertical-align:bottom;white-space: nowrap;">)</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">4,476</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">(20,037</td> <td style="PADDING-BOTTOM: 1px;width:1%;vertical-align:bottom;white-space: nowrap;">)</td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="margin:0px">Cash provided by (used in) operating activities </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">5,206</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">(5,145</td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">42,623</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">(15,223</td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="margin:0px">Cash used in investing activities </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">(839</td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">(2,085</td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">(3,592</td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">(6,820</td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="margin:0px">Cash provided by (used in) financing activities </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">(1,997</td> <td style="PADDING-BOTTOM: 1px;width:1%;vertical-align:bottom;white-space: nowrap;">)</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">817</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">(39,593</td> <td style="PADDING-BOTTOM: 1px;width:1%;vertical-align:bottom;white-space: nowrap;">)</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">15,249</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="margin:0px">Net increase (decrease) in cash for the period </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">2,370</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">(6,413</td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">(562</td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">(6,794</td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td></tr></table> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">Net cash generated (used) for the three months ended September 30, 2020 was $2.4 million of inflow, driven by $5.2 million generated from operating activities, of which $2.0 million was used to pay down long-term debt in Q3 2020 and deleverage our balance sheet. In contrast, the ($6.4) million outflow in the comparative prior year quarter was driven by ($5.7) million outflow related to investment in loans receivable and ($2.1) million outflow used in investing activities, offset by an inflow of $1.0 million from credit facilities in the three months ended September 30, 2019.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">Net cash generated (used) in the nine months ended September 30, 2020 was ($0.6) million compared to $(6.8) million in the same period last year. Excluding the one-time $12.3 million financing cash inflows in the prior period related to the acquisition of Difference, there was a $18.5 million reduction in cash use in the current period, driven by higher cash generated from the loan book in the current period. The proceeds from the sale of the Liquid loan book were used primarily to pay down the Credit Facility - Liquid in February 2020.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><strong><em>Cash provided by (used in) operating activities</em></strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">Our operating activities consist of our subscription and services revenue inflows, our cash operating and interest expense outflows, as well as the funding and servicing of our loan products, including the receipt of principal and interest payments from our loan customers, and payment of associated direct costs and receipt of associated fees.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">Cash provided by (used in) operating activities before investment in gross loans receivable was $4.2 million in the three months ended September 30, 2020, increased from $0.6 million in the same period last year. This improvement was driven primarily by cash flow savings on operating expense and interest expense as a result of our cost reduction initiatives, partially offset by lower revenues.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">Cash provided by (invested in) loans receivable was $1.0 million in the three months ended September 30, 2020, compared to ($5.7) million in the three months ended September 30, 2019. This was the result of management reducing net loan originations relative to the same period last year in light of the COVID-19 pandemic.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">Overall, cash provided by (used in) operating activities increased to $5.2 million in the three months ended September 30, 2020, compared to ($5.1) million in the comparative period, an increase of $10.4 million.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">In the nine months ended September 30, 2020, cash provided by (used in) operating activities was $42.6 million, an increase of $57.8 million compared to ($15.2) million in the same period last year, due to the reasons above along with $31.6 million of proceeds from the sale of the Liquid loan book in February 2020. </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <table style="border-spacing:0;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px"> <td class="hpbhr"> </td></tr> <tr style="height:15px"> <td style="BORDER-BOTTOM: black 1px solid; TEXT-INDENT: 0px;text-align:left;">23 | Page</td></tr> <tr style="height:15px"> <td><p style='page-break-after: always'></p></td></tr> <tr style="height:15px"> <td> </td></tr></table> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <table style="border-spacing:0;font-size:10pt;text-align:left;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="width:70%;"> <p><img src="mogo_ex992img1.jpg"></p></td> <td style="vertical-align:bottom;"> <p style="margin:0px">Management’s Discussion and Analysis</p></td></tr></table> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><strong><em>Cash used in investing activities</em></strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">Our investing activities consist primarily of capitalization of software development costs, and the purchases of property, equipment and software. Capitalized software development costs and purchases of property, equipment and software may vary from period to period due to the timing of the expansion of our operations, changes in employee headcount and the development cycles of our internal‑use technology.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">For the three months ended September 30, 2020, cash used in the purchase of equipment and investment in software was $0.8 million, a decrease of $1.3 million compared to $2.1 million in the same period in 2019. This is primarily due to a reduction in employee headcount in the current period which has reduced overall cash personnel expenses, including capitalizable personnel costs.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">For the nine months ended September 30, 2020, cash used in the purchase of equipment and investment in software was $3.6 million, a decrease of $3.2 million compared to $6.8 million in the same period in 2019, for the same reasons as described above.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><strong><em>Cash provided by (used in) financing activities</em></strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">Historically, our financing activities have consisted primarily of the issuance of our common shares, debentures, convertible debentures, and borrowings and repayments on our credit facilities. </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">Cash (used in) provided by financing activities in the three months ended September 30, 2020 was ($2.0) million, driven almost entirely by repayments on our long-term credit facilities. In contrast, cash (used in) provided by financing activities in the comparative prior year period was $0.8 million, driven primarily by $1.0 million of cash inflows related to net borrowings on our credit facilities.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">Cash (used in) provided by financing activities in the nine months ended September 30, 2020 was ($39.6) million, driven by repayments on our long-term credit facilities, including the early paydown of the Credit Facility – Liquid in connection with the sale of the Liquid loan book in Q1 2020. Comparatively, cash (used in) provided by financing activities was $15.2 million in the prior year period, driven by cash inflows related to the acquisition of Difference Capital and net borrowings on our credit facilities.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <table style="border-spacing:0;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px"> <td class="hpbhr"> </td></tr> <tr style="height:15px"> <td style="BORDER-BOTTOM: black 1px solid; TEXT-INDENT: 0px;text-align:left;">24 | Page</td></tr> <tr style="height:15px"> <td><p style='page-break-after: always'></p></td></tr> <tr style="height:15px"> <td> </td></tr></table> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <table style="border-spacing:0;font-size:10pt;text-align:left;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="width:70%;"> <p><img src="mogo_ex992img1.jpg"></p></td> <td style="vertical-align:bottom;"> <p style="margin:0px">Management’s Discussion and Analysis</p></td></tr></table> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><strong><em>Contractual Obligations</em></strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">The following table shows contractual obligations as at September 30, 2020. Management will continue to refinance any outstanding amounts owing under the Credit Facilities or our long-term debentures as they become due and payable.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <table style="border-spacing:0;text-align:left;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="BORDER-BOTTOM: #000000 1px solid;vertical-align:bottom;"> <p style="margin:0px">($000s)</p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" colspan="2" style="width:6%;"></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" colspan="2" style="width:6%;"></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" colspan="2" style="width:6%;"></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" colspan="2" style="width:6%;"></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" colspan="2" style="width:6%;"></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" colspan="2" style="width:6%;"></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:6%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="MARGIN: 0px; text-align:center;"><strong>2020 </strong></p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="MARGIN: 0px; text-align:center;"> </p></td> <td style="white-space: nowrap;"> <p style="MARGIN: 0px; text-align:center;"> </p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:6%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="MARGIN: 0px; text-align:center;"><strong>2021</strong></p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="MARGIN: 0px; text-align:center;"> </p></td> <td style="white-space: nowrap;"> <p style="MARGIN: 0px; text-align:center;"> </p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:6%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="MARGIN: 0px; text-align:center;"><strong>2022</strong></p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="MARGIN: 0px; text-align:center;"> </p></td> <td style="white-space: nowrap;"> <p style="MARGIN: 0px; text-align:center;"> </p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:6%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="MARGIN: 0px; text-align:center;"><strong>2023</strong></p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="MARGIN: 0px; text-align:center;"> </p></td> <td style="white-space: nowrap;"> <p style="MARGIN: 0px; text-align:center;"> </p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:6%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="MARGIN: 0px; text-align:center;"><strong>2024</strong></p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="MARGIN: 0px; text-align:center;"> </p></td> <td style="white-space: nowrap;"> <p style="MARGIN: 0px; text-align:center;"> </p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:6%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="MARGIN: 0px; text-align:center;"><strong>Thereafter</strong></p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px"> <td style="vertical-align:top;"> <p style="margin:0px"><strong><em>Commitments - operational</em></strong></p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" colspan="2" style="width:6%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" colspan="2" style="width:6%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" colspan="2" style="width:6%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" colspan="2" style="width:6%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" colspan="2" style="width:6%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" colspan="2" style="width:6%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="margin:0px">Lease payments</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">317</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">1,395</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">1,307</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">1,296</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">1,206</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">3,967</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="margin:0px">Trade payables </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">3,384</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="margin:0px">Accrued wages and other expenses</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">3,037</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="margin:0px">Interest – Credit Facility - Other <sup>(1)</sup></p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">976</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">3,905</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">1,952</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="margin:0px">Interest – Debentures</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">804</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">3,135</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">2,996</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">1,884</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">353</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="margin:0px">Interest – Convertible debentures </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">300</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">1,200</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">500</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="margin:0px">Purchase obligations</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:6%;vertical-align:bottom;text-align:right;">263</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:6%;vertical-align:bottom;text-align:right;">1,052</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:6%;vertical-align:bottom;text-align:right;">1,052</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:6%;vertical-align:bottom;text-align:right;">-</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:6%;vertical-align:bottom;text-align:right;">-</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:6%;vertical-align:bottom;text-align:right;">-</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:6%;vertical-align:bottom;text-align:right;">9,081</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:6%;vertical-align:bottom;text-align:right;">10,687</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:6%;vertical-align:bottom;text-align:right;">7,807</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:6%;vertical-align:bottom;text-align:right;">3,180</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:6%;vertical-align:bottom;text-align:right;">1,559</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:6%;vertical-align:bottom;text-align:right;">3,967</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="margin:0px"><strong><em>Commitments – principal repayments</em></strong></p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="margin:0px">Credit Facility – Other </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">37,188</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="margin:0px">Debentures<sup> </sup></p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">1,604</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">2,173</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">2,313</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">19,932</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">19,295</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="margin:0px">Convertible debentures</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:6%;vertical-align:bottom;text-align:right;">-</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:6%;vertical-align:bottom;text-align:right;">-</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:6%;vertical-align:bottom;text-align:right;">12,074</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:6%;vertical-align:bottom;text-align:right;">-</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:6%;vertical-align:bottom;text-align:right;">-</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:6%;vertical-align:bottom;text-align:right;">-</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:6%;vertical-align:bottom;text-align:right;">1,604</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:6%;vertical-align:bottom;text-align:right;">2,173</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:6%;vertical-align:bottom;text-align:right;">51,575</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:6%;vertical-align:bottom;text-align:right;">19,932</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:6%;vertical-align:bottom;text-align:right;">19,295</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:6%;vertical-align:bottom;text-align:right;">-</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;"> <p style="margin:0px"> </p></td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;"> <p style="margin:0px"> </p></td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;"> <p style="margin:0px"> </p></td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;"> <p style="margin:0px"> </p></td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;"> <p style="margin:0px"> </p></td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;"> <p style="margin:0px"> </p></td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="margin:0px"><strong>Total contractual obligations</strong></p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:6%;vertical-align:bottom;text-align:right;">10,685</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:6%;vertical-align:bottom;text-align:right;">12,860</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:6%;vertical-align:bottom;text-align:right;">59,382</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:6%;vertical-align:bottom;text-align:right;">23,112</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:6%;vertical-align:bottom;text-align:right;">20,854</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:6%;vertical-align:bottom;text-align:right;">3,967</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr></table> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">___________</p> <table style="border-spacing:0;font-size:10pt;font-variant:normal;font-weight:normal;font-style:normal;text-align:left;line-height:normal;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="width:4%;vertical-align:top;"> <p style="margin:0px">(1) </p></td> <td style="vertical-align:top;">Interest on credit facility is calculated based on LIBOR rates as at September 30, 2020. </td></tr></table> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><strong><em>Disclosure of Outstanding Shares</em></strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">Our authorized capital consisted of an unlimited number of common shares without par value and an unlimited number of preferred shares, issuable in one or more series. As of November 9, 2020, no preferred shares have been issued and the following common shares, and rights to acquire common shares, were outstanding:</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <table style="border-spacing:0;text-align:left;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="BORDER-BOTTOM: 1px solid;vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:justify;"><strong>Class of Security</strong></p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="MARGIN: 0px 0px 0px 0in; text-align:center;"><strong>Number </strong></p> <p style="MARGIN: 0px 0px 0px 0in; text-align:center;"><strong>outstanding </strong></p> <p style="MARGIN: 0px 0px 0px 0in; text-align:center;"><strong>(in 000s) </strong></p> <p style="MARGIN: 0px 0px 0px 0in; text-align:center;"><strong>as at </strong></p> <p style="MARGIN: 0px 0px 0px 0in; text-align:center;"><strong>November 9, </strong></p> <p style="MARGIN: 0px 0px 0px 0in; text-align:center;"><strong>2020</strong></p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="MARGIN: 0px 0px 0px 0in; text-align:justify;">Common shares</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;"> <p style="MARGIN: 0px; text-align:right;">30,176</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="MARGIN: 0px 0px 0px 0in; text-align:justify;">Stock options</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;"> <p style="MARGIN: 0px; text-align:right;">4,580</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="MARGIN: 0px 0px 0px 0in; text-align:justify;">Restricted share units</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;"> <p style="MARGIN: 0px; text-align:right;">79</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="MARGIN: 0px 0px 0px 0in; text-align:justify;">Common share purchase warrants</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;"> <p style="MARGIN: 0px; text-align:right;">6,025</p></td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr></table> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:justify;"><strong>Risk Management</strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">In the normal course of business, the Company is exposed to financial risk that arises from a number of sources. Management’s involvement in operations helps identify risks and variations from expectations. As a part of the overall operation of the Company, management takes steps to avoid undue concentrations of risk. These risks include credit, liquidity, foreign currency, and interest rate risk, among others, which are described further in the notes to the Company’s interim condensed consolidated financial statements for the three and nine months ended September 30, 2020 and 2019.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <table style="border-spacing:0;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px"> <td class="hpbhr"> </td></tr> <tr style="height:15px"> <td style="BORDER-BOTTOM: black 1px solid; TEXT-INDENT: 0px;text-align:left;">25 | Page</td></tr> <tr style="height:15px"> <td><p style='page-break-after: always'></p></td></tr> <tr style="height:15px"> <td> </td></tr></table> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <table style="border-spacing:0;font-size:10pt;text-align:left;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="width:70%;"> <p><img src="mogo_ex992img1.jpg"></p></td> <td style="vertical-align:bottom;"> <p style="margin:0px">Management’s Discussion and Analysis</p></td></tr></table> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><strong>Non-IFRS Financial Measures</strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">This MD&A makes reference to certain non-IFRS financial measures. Core revenue<sup>(1)(2)</sup>, adjusted EBITDA, adjusted cash net income (loss) and cash operating expenses are all non-IFRS financial measures. These measures are not recognized measures under IFRS, do not have a standardized meaning prescribed by IFRS and are therefore unlikely to be comparable to similar measures presented by other companies. Rather, these measures are provided as additional information to complement those IFRS measures by providing further understanding of the Company’s results of operations from management’s perspective. Accordingly, they should not be considered in isolation nor as a substitute for analysis of our financial information reported under IFRS.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">We use non‑IFRS financial measures to provide investors with supplemental measures of our operating performance and thus highlight trends in our core business that may not otherwise be apparent when relying solely on IFRS financial measures. We believe that securities analysts, investors and other interested parties frequently use non‑IFRS financial measures in the evaluation of issuers. Our management also uses non‑IFRS financial measures in order to facilitate operating performance comparisons from period to period, prepare annual operating budgets and assess our ability to meet our capital expenditure and working capital requirements. These non-IFRS financial measures have limitations as analytical tools and should not be considered in isolation or as a substitute for an analysis of our results under IFRS. There are a number of limitations related to the use of non‑IFRS financial measures versus their nearest IFRS equivalents. Investors are encouraged to review our financial statements and disclosures in their entirety and are cautioned not to put undue reliance on any non‑IFRS financial measure and view it in conjunction with the most comparable IFRS financial measures. In evaluating these non‑IFRS financial measures, you should be aware that in the future we will continue to incur expenses similar to those adjusted in these non-IFRS financial measures.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><strong><em>Core revenue</em></strong><strong><em><sup>(1)(2)</sup></em></strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">Core revenue is a non-IFRS financial measure that we calculate as total revenue less revenue from our bitcoin mining operations and revenue related to MogoLiquid loans. Core revenue is a measure used by our management and the Board to understand and evaluate trends within our core business given that we exited our bitcoin mining operations in the third quarter of 2019 and sold our MogoLiquid loan portfolio in the first quarter of 2020. Thus, we consider it important to highlight trends in revenue relating to our primary revenue segments. The following table presents a reconciliation of core revenue to total revenue, the most comparable IFRS financial measure, for each of the periods indicated:</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <table style="border-spacing:0;text-align:left;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="BORDER-BOTTOM: #000000 1px solid;vertical-align:bottom;"> <p style="margin:0px">($000s)</p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" colspan="2" style="width:9%;"></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" colspan="2" style="width:9%;"></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" colspan="2" style="width:9%;"></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" colspan="2" style="width:9%;"></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="6"> <p style="MARGIN: 0px; text-align:center;"><strong>Three months ended </strong></p> <p style="MARGIN: 0px; text-align:center;"><strong>September 30</strong></p></td> <td style="white-space: nowrap;"> <p style="MARGIN: 0px; text-align:center;"> </p></td> <td style="white-space: nowrap;"> <p style="MARGIN: 0px; text-align:center;"> </p></td> <td class="hdcell" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="6"> <p style="MARGIN: 0px; text-align:center;"><strong>Nine months ended </strong></p> <p style="MARGIN: 0px; text-align:center;"><strong>September 30</strong></p></td> <td style="white-space: nowrap;"> <p style="MARGIN: 0px; text-align:center;"> </p></td></tr> <tr style="height:15px"> <td> <p style="MARGIN: 0px; text-align:center;"> </p></td> <td style="white-space: nowrap;"> <p style="MARGIN: 0px; text-align:center;"> </p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="MARGIN: 0px; text-align:center;"><strong>2020</strong></p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="MARGIN: 0px; text-align:center;"> </p></td> <td style="white-space: nowrap;"> <p style="MARGIN: 0px; text-align:center;"> </p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="MARGIN: 0px; text-align:center;"><strong>2019</strong></p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="MARGIN: 0px; text-align:center;"> </p></td> <td style="white-space: nowrap;"> <p style="MARGIN: 0px; text-align:center;"> </p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="MARGIN: 0px; text-align:center;"><strong>2020</strong></p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="MARGIN: 0px; text-align:center;"> </p></td> <td style="white-space: nowrap;"> <p style="MARGIN: 0px; text-align:center;"> </p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="MARGIN: 0px; text-align:center;"><strong>2019</strong></p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" colspan="2" style="width:9%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" colspan="2" style="width:9%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" colspan="2" style="width:9%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" colspan="2" style="width:9%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="margin:0px">Total revenue<sup>(2)</sup> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">9,774</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">15,029</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">34,243</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">44,787</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="margin:0px">Less: Mining revenue</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">(1,662</td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="margin:0px">Less: MogoLiquid loan revenue </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">-</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">(2,838</td> <td style="PADDING-BOTTOM: 1px;width:1%;vertical-align:bottom;white-space: nowrap;">)</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">(1,721</td> <td style="PADDING-BOTTOM: 1px;width:1%;vertical-align:bottom;white-space: nowrap;">)</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">(8,303</td> <td style="PADDING-BOTTOM: 1px;width:1%;vertical-align:bottom;white-space: nowrap;">)</td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="margin:0px"><strong>Core revenue</strong></p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">9,774</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">12,191</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">32,522</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">34,822</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr></table> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><strong>______________</strong></p> <table style="border-spacing:0;font-size:10pt;font-variant:normal;font-weight:normal;font-style:normal;text-align:left;line-height:normal;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="width:4%;vertical-align:top;"> <p style="margin:0px">(1) </p></td> <td style="vertical-align:top;"> <p style="MARGIN: 0px; text-align:justify;">In light of our exit from our bitcoin mining operations and the Liquid Sale, the Company has revised its definition of core revenue to exclude revenue from bitcoin mining and revenue related to MogoLiquid loans. The prior period comparative figures for core revenue have also been revised to conform with the new definition.</p></td></tr> <tr style="height:15px"> <td style="vertical-align:top;"> <p style="MARGIN: 0px; text-align:justify;">(2) </p></td> <td style="vertical-align:top;"> <p style="MARGIN: 0px; text-align:justify;">The Company changed certain prior period numbers to conform with current presentation. See the Selected Quarterly Information section for a reconciliation of revenue under the new presentation to our previously reported amounts. </p></td></tr></table> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <table style="border-spacing:0;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px"> <td class="hpbhr"> </td></tr> <tr style="height:15px"> <td style="BORDER-BOTTOM: black 1px solid; TEXT-INDENT: 0px;text-align:left;">26 | Page</td></tr> <tr style="height:15px"> <td><p style='page-break-after: always'></p></td></tr> <tr style="height:15px"> <td> </td></tr></table> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <table style="border-spacing:0;font-size:10pt;text-align:left;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="width:70%;"> <p><img src="mogo_ex992img1.jpg"></p></td> <td style="vertical-align:bottom;"> <p style="margin:0px">Management’s Discussion and Analysis</p></td></tr></table> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">The Company has adjusted its prior period comparatives as follows to conform with the new definition of core revenue:</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <table style="border-spacing:0;text-align:left;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="BORDER-BOTTOM: #000000 1px solid;"> <p style="margin:0px">($000s,)</p></td> <td></td> <td colspan="2"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" colspan="2" style="width:6%;"></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" colspan="2" style="width:6%;"></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" colspan="2" style="width:6%;"></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" colspan="2" style="width:6%;"></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" colspan="2" style="width:6%;"></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:6%;vertical-align:bottom;text-align:center;" colspan="10"> <p style="MARGIN: 0px; text-align:center;"><strong>2020</strong></p></td> <td style="white-space: nowrap;"> <p style="MARGIN: 0px; text-align:center;"> </p></td> <td style="white-space: nowrap;"> <p style="MARGIN: 0px; text-align:center;"> </p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:6%;vertical-align:bottom;text-align:center;" colspan="10"> <p style="MARGIN: 0px; text-align:center;"><strong>2019</strong></p></td> <td style="white-space: nowrap;"> <p style="MARGIN: 0px; text-align:center;"> </p></td></tr> <tr style="height:15px"> <td> <p style="MARGIN: 0px; text-align:center;"> </p></td> <td style="white-space: nowrap;"> <p style="MARGIN: 0px; text-align:center;"> </p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:6%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="MARGIN: 0px; text-align:center;"><strong>Third Quarter</strong></p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="MARGIN: 0px; text-align:center;"> </p></td> <td style="white-space: nowrap;"> <p style="MARGIN: 0px; text-align:center;"> </p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:6%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="MARGIN: 0px; text-align:center;"><strong>Second Quarter</strong></p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="MARGIN: 0px; text-align:center;"> </p></td> <td style="white-space: nowrap;"> <p style="MARGIN: 0px; text-align:center;"> </p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:6%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="MARGIN: 0px; text-align:center;"><strong>First </strong></p> <p style="MARGIN: 0px; text-align:center;"><strong>Quarter</strong></p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="MARGIN: 0px; text-align:center;"> </p></td> <td style="white-space: nowrap;"> <p style="MARGIN: 0px; text-align:center;"> </p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:6%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="MARGIN: 0px; text-align:center;"><strong>Fourth Quarter</strong></p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="MARGIN: 0px; text-align:center;"> </p></td> <td style="white-space: nowrap;"> <p style="MARGIN: 0px; text-align:center;"> </p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:6%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="MARGIN: 0px; text-align:center;"><strong>Third Quarter</strong></p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="MARGIN: 0px; text-align:center;"> </p></td> <td style="white-space: nowrap;"> <p style="MARGIN: 0px; text-align:center;"> </p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:6%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="MARGIN: 0px; text-align:center;"><strong>Second Quarter</strong></p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" colspan="2" style="width:6%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" colspan="2" style="width:6%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" colspan="2" style="width:6%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" colspan="2" style="width:6%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" colspan="2" style="width:6%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" colspan="2" style="width:6%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="margin:0px 0px 0px 0in">Core revenue, previously stated</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">9,774</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">10,559</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">13,910</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">15,018</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">16,585</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">16,378</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="margin:0px 0px 0px 0in">Presentation recast<sup>(2)</sup></p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">(1,556</td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">(1,511</td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="margin:0px 0px 0px 0in">Less: Bitcoin mining revenue </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">(813</td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="margin:0px 0px 0px 0in">Less: MogoLiquid loan revenue</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:6%;vertical-align:bottom;text-align:right;">-</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:6%;vertical-align:bottom;text-align:right;">-</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:6%;vertical-align:bottom;text-align:right;">(1,721</td> <td style="PADDING-BOTTOM: 1px;width:1%;vertical-align:bottom;white-space: nowrap;">)</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:6%;vertical-align:bottom;text-align:right;">(2,663</td> <td style="PADDING-BOTTOM: 1px;width:1%;vertical-align:bottom;white-space: nowrap;">)</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:6%;vertical-align:bottom;text-align:right;">(2,838</td> <td style="PADDING-BOTTOM: 1px;width:1%;vertical-align:bottom;white-space: nowrap;">)</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:6%;vertical-align:bottom;text-align:right;">(2,767</td> <td style="PADDING-BOTTOM: 1px;width:1%;vertical-align:bottom;white-space: nowrap;">)</td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="margin:0px 0px 0px 0in">Core revenue</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:6%;vertical-align:bottom;text-align:right;">9,774</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:6%;vertical-align:bottom;text-align:right;">10,559</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:6%;vertical-align:bottom;text-align:right;">12,189</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:6%;vertical-align:bottom;text-align:right;">12,355</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:6%;vertical-align:bottom;text-align:right;">12,191</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:6%;vertical-align:bottom;text-align:right;">11,287</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr></table> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><strong><em>Adjusted EBITDA</em></strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">Adjusted EBITDA is a non-IFRS financial measure that we calculate as net loss and comprehensive loss excluding depreciation and amortization, stock based compensation, credit facility interest expense, debenture and other financing expense, revaluation (gains) and losses, net, and other non-operating expenses. Adjusted EBITDA is a measure used by management and the Board to understand and evaluate our core operating performance and trends. The following table presents a reconciliation of adjusted EBITDA to net income (loss) and comprehensive income (loss), the most comparable IFRS financial measure, for each of the periods indicated:</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <table style="border-spacing:0;text-align:left;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="BORDER-BOTTOM: #000000 1px solid;vertical-align:bottom;"> <p style="margin:0px">($000s)</p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" colspan="2" style="width:9%;"></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" colspan="2" style="width:9%;"></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" colspan="2" style="width:9%;"></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" colspan="2" style="width:9%;"></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="6"> <p style="MARGIN: 0px; text-align:center;"><strong>Three months ended</strong></p> <p style="MARGIN: 0px; text-align:center;"><strong>September 30</strong></p></td> <td style="white-space: nowrap;"> <p style="MARGIN: 0px; text-align:center;"> </p></td> <td style="white-space: nowrap;"> <p style="MARGIN: 0px; text-align:center;"> </p></td> <td class="hdcell" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="6"> <p style="MARGIN: 0px; text-align:center;"><strong>Nine months ended</strong></p> <p style="MARGIN: 0px; text-align:center;"><strong>September 30</strong></p></td> <td style="white-space: nowrap;"> <p style="MARGIN: 0px; text-align:center;"> </p></td></tr> <tr style="height:15px"> <td> <p style="MARGIN: 0px; text-align:center;"> </p></td> <td style="white-space: nowrap;"> <p style="MARGIN: 0px; text-align:center;"> </p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="MARGIN: 0px; text-align:center;"><strong>2020</strong></p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="MARGIN: 0px; text-align:center;"> </p></td> <td style="white-space: nowrap;"> <p style="MARGIN: 0px; text-align:center;"> </p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="MARGIN: 0px; text-align:center;"><strong>2019</strong></p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="MARGIN: 0px; text-align:center;"> </p></td> <td style="white-space: nowrap;"> <p style="MARGIN: 0px; text-align:center;"> </p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="MARGIN: 0px; text-align:center;"><strong>2020</strong></p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="MARGIN: 0px; text-align:center;"> </p></td> <td style="white-space: nowrap;"> <p style="MARGIN: 0px; text-align:center;"> </p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="MARGIN: 0px; text-align:center;"><strong>2019</strong></p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" colspan="2" style="width:9%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" colspan="2" style="width:9%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" colspan="2" style="width:9%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" colspan="2" style="width:9%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="margin:0px">Net income (loss) and comprehensive income (loss)</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">1,019</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">(6,033</td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">(10,596</td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">(4,637</td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="margin:0px">Depreciation and amortization </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">2,288</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">1,945</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">6,800</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">6,008</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="margin:0px">Stock‑based compensation </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">384</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">165</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">1,058</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">1,556</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="margin:0px">Non-cash warrant expense</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">291</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">67</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">562</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">204</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="margin:0px">One-time provision for excise tax</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">(120</td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">(120</td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="margin:0px">Credit facility interest expense</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">1,039</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">2,849</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">5,185</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">8,295</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="margin:0px">Debenture and other financing expense</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">1,155</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">1,851</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">4,987</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">5,553</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="margin:0px">Accretion related to debentures and convertible debentures</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">186</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">194</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">561</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">561</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="margin:0px">Gain on acquisition, net of transaction costs</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">(13,249</td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="margin:0px">Revaluation (gains) and losses</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">721</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">(188</td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">4,068</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">201</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="margin:0px">Other non-operating (income) expenses </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">(2,138</td> <td style="PADDING-BOTTOM: 1px;width:1%;vertical-align:bottom;white-space: nowrap;">)</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">231</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">(1,939</td> <td style="PADDING-BOTTOM: 1px;width:1%;vertical-align:bottom;white-space: nowrap;">)</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">414</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="margin:0px"><strong>Adjusted EBITDA</strong></p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;"><strong>4,825</strong></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;"><strong>1,081</strong></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;"><strong>10,566</strong></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;"><strong>4,906</strong></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr></table> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><strong>______________</strong></p> <table style="border-spacing:0;font-size:10pt;font-variant:normal;font-weight:normal;font-style:normal;text-align:left;line-height:normal;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="width:4%;vertical-align:top;"> <p style="margin:0px">(1) </p></td> <td style="vertical-align:top;"> <p style="MARGIN: 0px; text-align:justify;">In light of our exit from our bitcoin mining operations and the sale of our MogoLiquid loan portfolio, the Company has revised its definition of core revenue to exclude revenue from bitcoin mining and revenue related to MogoLiquid loans. The prior period comparative figures for core revenue have also been revised to conform with the new definition. </p></td></tr> <tr style="height:15px"> <td style="vertical-align:top;"> <p style="MARGIN: 0px; text-align:justify;">(2) </p></td> <td style="vertical-align:top;"> <p style="MARGIN: 0px; text-align:justify;">The Company changed certain prior period numbers to conform with current presentation. See the Selected Quarterly Information section for a reconciliation of revenue under the new presentation to our previously reported amounts. </p></td></tr></table> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <table style="border-spacing:0;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px"> <td class="hpbhr"> </td></tr> <tr style="height:15px"> <td style="BORDER-BOTTOM: black 1px solid; TEXT-INDENT: 0px;text-align:left;">27 | Page</td></tr> <tr style="height:15px"> <td><p style='page-break-after: always'></p></td></tr> <tr style="height:15px"> <td> </td></tr></table> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <table style="border-spacing:0;font-size:10pt;text-align:left;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="width:70%;"> <p><img src="mogo_ex992img1.jpg"></p></td> <td style="vertical-align:bottom;"> <p style="margin:0px">Management’s Discussion and Analysis</p></td></tr></table> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><strong><em>Adjusted net income (loss) and adjusted cash net income (loss)</em></strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">Adjusted net income (loss) is a non-IFRS financial measure that we calculate as net loss and comprehensive loss excluding stock-based compensation, revaluation (gains) and losses, net, and other non-operating expenses. This measure differs from adjusted EBITDA in that adjusted net loss includes depreciation and amortization, credit facility interest expense and debenture and other financing expense, and thus comprises more elements of the Company’s overall net profit or loss. Adjusted net loss is a measure used by management and the Board to evaluate the Company’s overall financial performance.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">Adjusted cash net income (loss) is a non-IFRS financial measure that excludes from adjusted net income (loss) depreciation and amortization, deferred financing costs and non-cash interest expense, which are expenses recognized in the period that do not impact cash flow in that period, as well as other non-operating (income) and expenses. It also deducts capitalized intangible assets which are cash outflows in the period that get capitalized to the statement of financial position, rather than expensed through the statement of operations and comprehensive loss. Adjusted cash net loss is a measure used by our management and Board to evaluate core cash flow trends within the business. We believe that the adjustment out of net loss of certain non-cash related items, and inclusion of recurring capitalized cash costs, provides a useful gauge of underlying net cash flow in the business, excluding impacts of timing differences from changes in working capital.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">The following table presents a reconciliation of adjusted net loss and adjusted cash net income (loss) to net income (loss) and comprehensive income (loss), the most comparable IFRS financial measure, for each of the periods indicated:</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <table style="border-spacing:0;text-align:left;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="BORDER-BOTTOM: #000000 1px solid;vertical-align:bottom;"> <p style="margin:0px">($000s)</p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" colspan="6" style="width:9%;"></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" colspan="6" style="width:9%;"></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="6"> <p style="MARGIN: 0px; text-align:center;"><strong>Three months ended </strong></p> <p style="MARGIN: 0px; text-align:center;"><strong>September 30</strong></p></td> <td style="white-space: nowrap;"> <p style="MARGIN: 0px; text-align:center;"><strong> </strong></p></td> <td style="white-space: nowrap;"> <p style="MARGIN: 0px; text-align:center;"><strong> </strong></p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="6"> <p style="MARGIN: 0px; text-align:center;"><strong>Nine months ended </strong></p> <p style="MARGIN: 0px; text-align:center;"><strong>September 30</strong></p></td> <td style="white-space: nowrap;"> <p style="MARGIN: 0px; text-align:center;"><strong> </strong></p></td></tr> <tr style="height:15px"> <td> <p style="MARGIN: 0px; text-align:center;"><strong> </strong></p></td> <td style="white-space: nowrap;"> <p style="MARGIN: 0px; text-align:center;"><strong> </strong></p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="MARGIN: 0px; text-align:center;"><strong>2020</strong></p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="MARGIN: 0px; text-align:center;"><strong> </strong></p></td> <td style="white-space: nowrap;"> <p style="MARGIN: 0px; text-align:center;"><strong> </strong></p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="MARGIN: 0px; text-align:center;"><strong>2019</strong></p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="MARGIN: 0px; text-align:center;"><strong> </strong></p></td> <td style="white-space: nowrap;"> <p style="MARGIN: 0px; text-align:center;"><strong> </strong></p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="MARGIN: 0px; text-align:center;"><strong>2020</strong></p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="MARGIN: 0px; text-align:center;"><strong> </strong></p></td> <td style="white-space: nowrap;"> <p style="MARGIN: 0px; text-align:center;"><strong> </strong></p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="MARGIN: 0px; text-align:center;"><strong>2019</strong></p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" colspan="2" style="width:9%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" colspan="2" style="width:9%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" colspan="2" style="width:9%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" colspan="2" style="width:9%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="margin:0px">Net income (loss) and comprehensive income (loss)</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">1,019</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">(6,033</td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">(10,596</td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">(4,637</td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="margin:0px">Stock‑based compensation </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">384</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">165</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">1,058</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">1,556</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="margin:0px">Non-cash warrant expense</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">291</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">67</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">562</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">204</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="margin:0px">One-time provision for excise tax</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">(120</td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">(120</td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="margin:0px">Gain on acquisition, net of transaction costs</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">(13,249</td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="margin:0px">Revaluation (gains) and losses</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">721</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">(188</td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">4,068</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">201</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="margin:0px">Other non-operating (income) expenses </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">(2,138</td> <td style="PADDING-BOTTOM: 1px;width:1%;vertical-align:bottom;white-space: nowrap;">)</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">231</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">(1,939</td> <td style="PADDING-BOTTOM: 1px;width:1%;vertical-align:bottom;white-space: nowrap;">)</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">414</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="margin:0px"><strong>Adjusted net income (loss)</strong></p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;"><strong>157</strong></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;"><strong>(5,758</strong></td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;"><strong>)</strong></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;"><strong>(6,967</strong></td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;"><strong>)</strong></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;"><strong>(15,511</strong></td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;"><strong>)</strong></td></tr> <tr style="height:15px;background-color:#cceeff"> <td> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="margin:0px">Depreciation and amortization</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">2,288</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">1,945</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">6,800</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">6,008</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="margin:0px">Deferred financing cost amortization</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">124</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">222</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">369</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="margin:0px">Convertible debenture non-cash interest</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">482</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">508</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">1,488</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">1,518</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="margin:0px">Debentures interest expense added to principal </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">1,319</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">2,824</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="margin:0px">Capitalized cost of intangible assets</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">(839</td> <td style="PADDING-BOTTOM: 1px;width:1%;vertical-align:bottom;white-space: nowrap;">)</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">(1,992</td> <td style="PADDING-BOTTOM: 1px;width:1%;vertical-align:bottom;white-space: nowrap;">)</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">(3,568</td> <td style="PADDING-BOTTOM: 1px;width:1%;vertical-align:bottom;white-space: nowrap;">)</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">(6,190</td> <td style="PADDING-BOTTOM: 1px;width:1%;vertical-align:bottom;white-space: nowrap;">)</td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="margin:0px"><strong>Adjusted cash net income (loss)</strong></p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;"><strong>3,407</strong></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;"><strong>(5,173</strong></td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;"><strong>)</strong></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;"><strong>799</strong></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;"><strong>(13,806</strong></td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;"><strong>)</strong></td></tr></table> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <table style="border-spacing:0;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px"> <td class="hpbhr"> </td></tr> <tr style="height:15px"> <td style="BORDER-BOTTOM: black 1px solid; TEXT-INDENT: 0px;text-align:left;">28 | Page</td></tr> <tr style="height:15px"> <td><p style='page-break-after: always'></p></td></tr> <tr style="height:15px"> <td> </td></tr></table> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <table style="border-spacing:0;font-size:10pt;text-align:left;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="width:70%;"> <p><img src="mogo_ex992img1.jpg"></p></td> <td style="vertical-align:bottom;"> <p style="margin:0px">Management’s Discussion and Analysis</p></td></tr></table> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><strong><em>Cash operating expenses </em></strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">Cash operating expenses is a non-IFRS financial measure that we calculate as operating expenses, including the cost of intangible assets capitalized to the balance sheet, and excluding depreciation and amortization, stock based compensation, and non-cash warrant expenses. Cash operating expenses is a measure used by management and the Board to evaluate the impact of our operating expenses as it relates to cash flow.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">The following table presents a reconciliation of cash operating expenses to operating expenses, the most comparable IFRS financial measure, for each of the periods indicated:</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <table style="border-spacing:0;text-align:left;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="BORDER-BOTTOM: #000000 1px solid;vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:justify;">($000s)</p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" colspan="2" style="width:9%;"></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" colspan="2" style="width:9%;"></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" colspan="2" style="width:9%;"></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" colspan="2" style="width:9%;"></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="MARGIN: 0px; text-align:center;"><strong>Three months </strong></p> <p style="MARGIN: 0px; text-align:center;"><strong>ended </strong></p> <p style="MARGIN: 0px; text-align:center;"><strong>September </strong><strong>30, </strong></p> <p style="MARGIN: 0px; text-align:center;"><strong>2020</strong></p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="MARGIN: 0px; text-align:center;"> </p></td> <td style="white-space: nowrap;"> <p style="MARGIN: 0px; text-align:center;"> </p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="MARGIN: 0px; text-align:center;"><strong>Three months </strong></p> <p style="MARGIN: 0px; text-align:center;"><strong>ended </strong></p> <p style="MARGIN: 0px; text-align:center;"><strong>June </strong><strong>30, </strong></p> <p style="MARGIN: 0px; text-align:center;"><strong>2020</strong></p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="MARGIN: 0px; text-align:center;"> </p></td> <td style="white-space: nowrap;"> <p style="MARGIN: 0px; text-align:center;"> </p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="MARGIN: 0px; text-align:center;"><strong>Three months </strong></p> <p style="MARGIN: 0px; text-align:center;"><strong>ended </strong></p> <p style="MARGIN: 0px; text-align:center;"><strong>March 30, </strong></p> <p style="MARGIN: 0px; text-align:center;"><strong>2020</strong></p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="MARGIN: 0px; text-align:center;"> </p></td> <td style="white-space: nowrap;"> <p style="MARGIN: 0px; text-align:center;"> </p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="MARGIN: 0px; text-align:center;"><strong>Three months </strong></p> <p style="MARGIN: 0px; text-align:center;"><strong>ended </strong></p> <p style="MARGIN: 0px; text-align:center;"><strong>December 31, </strong></p> <p style="MARGIN: 0px; text-align:center;"><strong>2019</strong></p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" colspan="2" style="width:9%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" colspan="2" style="width:9%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" colspan="2" style="width:9%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" colspan="2" style="width:9%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="MARGIN: 0px; text-align:justify;">Operating expenses</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">7,135</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">7,638</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">10,045</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">10,689</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="MARGIN: 0px; text-align:justify;">Add: Capitalized cost of intangible assets</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">839</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">882</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">1,849</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">2,213</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="MARGIN: 0px; text-align:justify;">Less:</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="MARGIN: 0px; text-align:justify;">Depreciation and amortization </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">(2,288</td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">(2,287</td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">(2,225</td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">(2,042</td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="MARGIN: 0px; text-align:justify;">Stock-based compensation </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">(384</td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">(460</td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">(214</td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">(177</td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="MARGIN: 0px; text-align:justify;">Non-cash warrant expense</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">(291</td> <td style="PADDING-BOTTOM: 1px;width:1%;vertical-align:bottom;white-space: nowrap;">)</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">(516</td> <td style="PADDING-BOTTOM: 1px;width:1%;vertical-align:bottom;white-space: nowrap;">)</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">245</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">(68</td> <td style="PADDING-BOTTOM: 1px;width:1%;vertical-align:bottom;white-space: nowrap;">)</td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="MARGIN: 0px; text-align:justify;">Cash operating expenses</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;"><strong>5,011</strong></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;"><strong>5,257</strong></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;"><strong>9,700</strong></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;"><strong>10,615</strong></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr></table> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><strong>Non-Financial Measures</strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><strong><em>Mogo members</em></strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">Mogo members is not a financial measure. Mogo members refers to the number of individuals who have signed up for one or more of our products and services including: MogoMoney, MogoProtect, MogoCard, MogoMortgage, MogoCrypto, our premium account subscription offerings, free credit score with free monthly credit score monitoring, unique content, or events. People cease to be Mogo members if they do not use any of our products or services for 12 months and have a deactivated account. Reported Mogo members may overstate the number of unique individuals who actively use our products and services within a 12-month period, as one individual may register for multiple accounts whether inadvertently or in a fraudulent attempt. Customers are Mogo members who have accessed one of our revenue generating products, including MogoMoney, MogoProtect, MogoCard, MogoMortgage, MogoCrypto, and our premium account subscription offerings. Management believes that the size of our Mogo member base is one of the key drivers of the Company’s future performance. Our goal is to continue to grow and monetize our member base as we build our digital financial platform, launch new products and strive to build the largest digital financial brand in Canada.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <table style="border-spacing:0;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px"> <td class="hpbhr"> </td></tr> <tr style="height:15px"> <td style="BORDER-BOTTOM: black 1px solid; TEXT-INDENT: 0px;text-align:left;">29 | Page</td></tr> <tr style="height:15px"> <td><p style='page-break-after: always'></p></td></tr> <tr style="height:15px"> <td> </td></tr></table> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <table style="border-spacing:0;font-size:10pt;text-align:left;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="width:70%;"> <p><img src="mogo_ex992img1.jpg"></p></td> <td style="vertical-align:bottom;"> <p style="margin:0px">Management’s Discussion and Analysis</p></td></tr></table> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><strong>Critical Accounting Estimates</strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">The preparation of the interim condensed consolidated financial statements requires management to make estimates, assumptions and judgments that affect the reported amount of assets and liabilities, and the reported amount of revenues and expenses during the period. Actual results may differ from these estimates. Estimates, assumptions, and judgments are reviewed on an ongoing basis. Revisions to accounting estimates are recognized on a prospective basis beginning from the period in which they are revised. </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">Significant estimates and judgments include the capitalization of intangible assets, valuation of long-lived assets, allowance for loan losses, fair value of privately held investments, share-based payments, income taxes, and derivative financial liability, which are described further in the notes to the Company’s consolidated financial statements for the year ended December 31, 2019. </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><strong>Changes in Accounting Policies including Initial Adoption</strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><strong>Recent IFRS standards adopted in 2020</strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">Certain new or amended standards and interpretations became effective on January 1, 2020 or later, the Company has adopted the amendment related to IFRS 16 as discussed in note 3 to the interim condensed consolidated financial statements of the Company. The Company has not adopted any standards or interpretations that have been issued but are not yet effective.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><strong>Significant accounting policies</strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">The accounting policies adopted in the preparation of the interim condensed consolidated financial statements are consistent with those followed in the preparation of the Company’s annual consolidated financial statements for the year ended December 31, 2019, except for the new policies discussed in note 3 to the interim condensed consolidated financial statements. </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><strong>Controls and Procedures</strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">The Company’s CEO and CFO are responsible for establishing and maintaining disclosure controls and procedures for the Company. The Company maintains a set of disclosure controls and procedures designed to provide reasonable assurance that information required to be publicly disclosed is recorded, processed, summarized and reported on a timely basis. The CEO and CFO have evaluated the design of the Company’s disclosure controls and procedures at the end of the quarter and based on the evaluation, the CEO and CFO have concluded that the disclosure controls and procedures are effectively designed.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><strong><em>Internal Controls over Financial Reporting</em></strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">The Company’s internal controls over financial reporting (“ICFR”) are designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with IFRS. The Company’s management is responsible for establishing and maintaining adequate ICFR for the Company. Management, including the CEO and CFO, does not expect that the Company’s ICFR will prevent or detect all errors and all fraud or will be effective under all future conditions. A control system is subject to inherent limitations and even those systems determined to be effective can provide only reasonable, but not absolute, assurance that the control objectives will be met with respect to financial statement preparation and presentation. The Company’s management under the supervision of the CEO and CFO has evaluated the design of the Company’s ICFR based on the Internal Control – Integrated Framework issued in 2013 by the Committee of Sponsoring Organizations of the Treadway Commission. As at September 30, 2020, management assessed the design of the Company’s ICFR and concluded that such ICFR is appropriately designed, and that there are no material weaknesses in the Company’s ICFR that have been identified by management. There have been no changes in the Company’s internal control over financial reporting during the period that have materially affected, or are likely to materially affect, the Company’s internal control over financial reporting.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <table style="border-spacing:0;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px"> <td class="hpbhr"> </td></tr> <tr style="height:15px"> <td style="BORDER-BOTTOM: black 1px solid; TEXT-INDENT: 0px;text-align:left;">30 | Page</td></tr></table> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p><body>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.3
<SEQUENCE>4
<FILENAME>mogo_ex993.htm
<DESCRIPTION>CERTIFICATION
<TEXT>
<html><head><title>mogo_ex993.htm</title><!--Document created using EDGARMaster--></head><body style="TEXT-ALIGN: left; FONT: 10pt times new roman; MARGIN: 0px 7%"><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:right;"> <strong>EXHIBIT 99.3</strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;"><strong>FORM 52-109F2</strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;"><strong>CERTIFICATION OF INTERIM FILINGS</strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;"><strong>FULL CERTIFICATE</strong></p> <p style="font-size:10pt;font-family:times new roman;margin:0px"> </p> <p style="font-size:10pt;font-family:times new roman;margin:0px">I, <strong><em>David Feller, Chief Executive Officer of Mogo Inc.</em></strong>, certify the following:</p> <p style="font-size:10pt;font-family:times new roman;margin:0px"> </p> <table style="border-spacing:0;font-size:10pt;font-variant:normal;font-weight:normal;font-style:normal;text-align:left;line-height:normal;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="width:4%;vertical-align:top;"> <p style="margin:0px">1. </p></td> <td style="vertical-align:top;"> <p style="MARGIN: 0px; text-align:justify;"><strong>Review</strong>: I have reviewed the interim financial report and interim MD&A (together, the "Interim filings") of <strong>Mogo Inc. </strong>(the "issuer") for the interim period ended <strong>September 30, 2020</strong>.</p></td></tr> <tr style="height:15px"> <td> <p style="MARGIN: 0px; TEXT-INDENT: 30px; text-align:justify;"> </p></td> <td> <p style="MARGIN: 0px; text-align:justify;"> </p></td></tr> <tr style="height:15px"> <td style="vertical-align:top;"> <p style="MARGIN: 0px; text-align:justify;">2. </p></td> <td style="vertical-align:top;"> <p style="MARGIN: 0px; text-align:justify;"><strong>No misrepresentations</strong>: Based on my knowledge, having exercised reasonable diligence, the Interim filings do not contain any untrue statement of a material fact or omit to state a material fact required to be stated or that is necessary to make a statement not misleading in light of the circumstances under which it was made, with respect to the period covered by the interim filings.</p></td></tr> <tr style="height:15px"> <td> <p style="MARGIN: 0px; TEXT-INDENT: 30px; text-align:justify;"> </p></td> <td> <p style="MARGIN: 0px; text-align:justify;"> </p></td></tr> <tr style="height:15px"> <td style="vertical-align:top;"> <p style="MARGIN: 0px; text-align:justify;">3. </p></td> <td style="vertical-align:top;"> <p style="MARGIN: 0px; text-align:justify;"><strong>Fair presentation</strong>: Based on my knowledge, having exercised reasonable diligence, the interim financial report together with the other financial information included in the interim filings fairly present in all material respects the financial condition, financial performance and cash flows of the issuer, as of the date of and for the periods presented in the interim filings.</p></td></tr> <tr style="height:15px"> <td> <p style="MARGIN: 0px; TEXT-INDENT: 30px; text-align:justify;"> </p></td> <td> <p style="MARGIN: 0px; text-align:justify;"> </p></td></tr> <tr style="height:15px"> <td style="vertical-align:top;"> <p style="MARGIN: 0px; text-align:justify;">4. </p></td> <td style="vertical-align:top;"> <p style="MARGIN: 0px; text-align:justify;"><strong>Responsibility</strong>: The issuer's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (DC&P) and internal control over financial reporting (ICFR), as those terms are defined in National Instrument 52-109 Certification of Disclosure in Issuers' Annual and Interim Filings, for the issuer.</p></td></tr> <tr style="height:15px"> <td> <p style="MARGIN: 0px; TEXT-INDENT: 30px; text-align:justify;"> </p></td> <td> <p style="MARGIN: 0px; text-align:justify;"> </p></td></tr> <tr style="height:15px"> <td style="vertical-align:top;"> <p style="MARGIN: 0px; text-align:justify;">5. </p></td> <td style="vertical-align:top;"> <p style="MARGIN: 0px; text-align:justify;"><strong>Design</strong>: Subject to the limitations, if any, described in paragraphs 5.2 and 5.3, the issuer's other certifying officer and I have, as at the end of the period covered by the interim filings</p></td></tr></table> <p style="font-size:10pt;font-family:times new roman;margin:0px"> </p> <table style="border-spacing:0;font-size:10pt;font-variant:normal;font-weight:normal;font-style:normal;text-align:left;line-height:normal;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="width:4%;"> <p style="margin:0px"> </p></td> <td style="width:4%;vertical-align:top;"> <p style="margin:0px">(a) </p></td> <td style="vertical-align:top;"> <p style="MARGIN: 0px; text-align:justify;">designed DC&P, or caused it to be designed under our supervision, to provide reasonable assurance that</p></td></tr></table> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <table style="border-spacing:0;font-size:10pt;font-variant:normal;font-weight:normal;font-style:normal;text-align:left;line-height:normal;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="width:8%;"> <p style="margin:0px"> </p></td> <td style="width:4%;vertical-align:top;"> <p style="margin:0px">(i) </p></td> <td style="vertical-align:top;"> <p style="MARGIN: 0px; text-align:justify;">material information relating to the issuer is made known to us by others, particularly during the period in which the interim filings are being prepared: and</p></td></tr> <tr style="height:15px"> <td> <p style="margin:0px;text-indent:30px"> </p></td> <td> <p style="margin:0px;text-indent:30px"> </p></td> <td> <p style="margin:0px"> </p></td></tr> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td style="vertical-align:top;"> <p style="margin:0px">(ii) </p></td> <td style="vertical-align:top;"> <p style="MARGIN: 0px; text-align:justify;">information required to be disclosed by the issuer in its annual filings, interim filings or other reports filed or submitted by it under securities legislation is recorded, processed, summarized and reported within the time periods specified in securities legislation; and</p></td></tr></table> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <table style="border-spacing:0;font-size:10pt;font-variant:normal;font-weight:normal;font-style:normal;text-align:left;line-height:normal;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="width:4%;"> <p style="MARGIN: 0px; text-align:justify;"> </p></td> <td style="width:4%;vertical-align:top;"> <p style="MARGIN: 0px; text-align:justify;">(b) </p></td> <td style="vertical-align:top;"> <p style="MARGIN: 0px; text-align:justify;">designed ICFR, or caused it to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with the issuer's GAAP.</p></td></tr></table> <p style="font-size:10pt;font-family:times new roman;margin:0px"> </p> <table style="border-spacing:0;font-size:10pt;font-variant:normal;font-weight:normal;font-style:normal;text-align:left;line-height:normal;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="width:4%;vertical-align:top;"> <p style="margin:0px">5.1 </p></td> <td style="vertical-align:top;"> <p style="MARGIN: 0px; text-align:justify;"><strong>Control framework</strong>: The control framework the issuer's other certifying officer and I used to design the issuer's ICFR is the Internal Control – Integrated Framework (COSO Framework 2013) published by The Committee of Sponsoring Organizations of the Treadway Commission (COSO). </p></td></tr> <tr style="height:15px"> <td> <p style="MARGIN: 0px; TEXT-INDENT: 30px; text-align:justify;"> </p></td> <td> <p style="MARGIN: 0px; text-align:justify;"> </p></td></tr> <tr style="height:15px"> <td style="vertical-align:top;"> <p style="MARGIN: 0px; text-align:justify;">5.2 </p></td> <td style="vertical-align:top;"> <p style="MARGIN: 0px; text-align:justify;"><strong>ICFR - material weakness relating to design</strong>: N/A</p></td></tr> <tr style="height:15px"> <td> <p style="MARGIN: 0px; TEXT-INDENT: 30px; text-align:justify;"> </p></td> <td> <p style="MARGIN: 0px; text-align:justify;"> </p></td></tr> <tr style="height:15px"> <td style="vertical-align:top;"> <p style="MARGIN: 0px; text-align:justify;">5.3 </p></td> <td style="vertical-align:top;"> <p style="MARGIN: 0px; text-align:justify;"><strong>Limitation on scope of design</strong>: N/A</p></td></tr> <tr style="height:15px"> <td> <p style="MARGIN: 0px; TEXT-INDENT: 30px; text-align:justify;"> </p></td> <td> <p style="MARGIN: 0px; text-align:justify;"> </p></td></tr> <tr style="height:15px"> <td style="vertical-align:top;"> <p style="MARGIN: 0px; text-align:justify;">6. </p></td> <td style="vertical-align:top;"> <p style="MARGIN: 0px; text-align:justify;"><strong>Reporting changes in ICFR</strong>: The issuer has disclosed in its interim MD&A any change in the issuer's ICFR that occurred during the period beginning on <strong>July 1, 2020</strong> and ended on <strong>September 30, 2020</strong> that has materially affected, or is reasonably likely to materially affect, the issuer's ICFR.</p></td></tr></table> <p style="font-size:10pt;font-family:times new roman;margin:0px"> </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">Date: November 9, 2020</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><em>“David Feller”</em></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">___________________________________________________ </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">David Feller </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">Chief Executive Officer</p><body>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.4
<SEQUENCE>5
<FILENAME>mogo_ex994.htm
<DESCRIPTION>CERTIFICATION
<TEXT>
<html><head><title>mogo_ex994.htm</title><!--Document created using EDGARMaster--></head><body style="TEXT-ALIGN: left; FONT: 10pt times new roman; MARGIN: 0px 7%"><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:right;"><strong> EXHIBIT 99.4</strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;"><strong>FORM 52-109F2</strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;"><strong>CERTIFICATION OF INTERIM FILINGS</strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;"><strong>FULL CERTIFICATE</strong></p> <p style="font-size:10pt;font-family:times new roman;margin:0px"> </p> <p style="font-size:10pt;font-family:times new roman;margin:0px">I, <strong><em>Gregory Feller, Chief Financial Officer of Mogo Inc.</em></strong>, certify the following:</p> <p style="font-size:10pt;font-family:times new roman;margin:0px"> </p> <table style="border-spacing:0;font-size:10pt;font-variant:normal;font-weight:normal;font-style:normal;text-align:left;line-height:normal;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="width:4%;vertical-align:top;"> <p style="margin:0px">1. </p></td> <td style="vertical-align:top;"> <p style="margin: 0px; text-align:justify;"><strong>Review</strong>: I have reviewed the interim financial report and interim MD&A (together, the "Interim filings") of <strong>Mogo Inc. </strong>(the "issuer") for the interim period ended <strong>September 30, 2020</strong>.</p></td></tr> <tr style="height:15px"> <td> <p style="MARGIN: 0px; TEXT-INDENT: 30px; text-align:justify;"> </p></td> <td> <p style="MARGIN: 0px; text-align:justify;"> </p></td></tr> <tr style="height:15px"> <td style="vertical-align:top;"> <p style="MARGIN: 0px; text-align:justify;">2. </p></td> <td style="vertical-align:top;"> <p style="margin: 0px; text-align:justify;"><strong>No misrepresentations</strong>: Based on my knowledge, having exercised reasonable diligence, the Interim filings do not contain any untrue statement of a material fact or omit to state a material fact required to be stated or that is necessary to make a statement not misleading in light of the circumstances under which it was made, with respect to the period covered by the interim filings.</p></td></tr> <tr style="height:15px"> <td> <p style="MARGIN: 0px; TEXT-INDENT: 30px; text-align:justify;"> </p></td> <td> <p style="MARGIN: 0px; text-align:justify;"> </p></td></tr> <tr style="height:15px"> <td style="vertical-align:top;"> <p style="MARGIN: 0px; text-align:justify;">3. </p></td> <td style="vertical-align:top;"> <p style="margin: 0px; text-align:justify;"><strong>Fair presentation</strong>: Based on my knowledge, having exercised reasonable diligence, the interim financial report together with the other financial information included in the interim filings fairly present in all material respects the financial condition, financial performance and cash flows of the issuer, as of the date of and for the periods presented in the interim filings.</p></td></tr> <tr style="height:15px"> <td> <p style="MARGIN: 0px; TEXT-INDENT: 30px; text-align:justify;"> </p></td> <td> <p style="MARGIN: 0px; text-align:justify;"> </p></td></tr> <tr style="height:15px"> <td style="vertical-align:top;"> <p style="MARGIN: 0px; text-align:justify;">4. </p></td> <td style="vertical-align:top;"> <p style="margin: 0px; text-align:justify;"><strong>Responsibility</strong>: The issuer's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (DC&P) and internal control over financial reporting (ICFR), as those terms are defined in National Instrument 52-109 Certification of Disclosure in Issuers' Annual and Interim Filings, for the issuer.</p></td></tr> <tr style="height:15px"> <td> <p style="MARGIN: 0px; text-align:justify;"> </p></td> <td> <p style="MARGIN: 0px; text-align:justify;"> </p></td></tr> <tr style="height:15px"> <td> <p style="MARGIN: 0px; text-align:justify;">5.</p></td> <td> <p style="MARGIN: 0px; text-align:justify;"><strong>Design</strong>: Subject to the limitations, if any, described in paragraphs 5.2 and 5.3, the issuer's other certifying officer and I have, as at the end of the period covered by the interim filings</p></td></tr></table> <p style="font-size:10pt;font-family:times new roman;margin:0px"> </p> <table style="border-spacing:0;font-size:10pt;font-variant:normal;font-weight:normal;font-style:normal;text-align:left;line-height:normal;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="width:4%;"> <p style="margin:0px"> </p></td> <td style="width:4%;vertical-align:top;"> <p style="margin:0px">(a) </p></td> <td style="vertical-align:top;"> <p style="margin: 0px; text-align:justify;">designed DC&P, or caused it to be designed under our supervision, to provide reasonable assurance that</p></td></tr></table> <p style="font-size:10pt;font-family:times new roman;margin:0px"> </p> <table style="border-spacing:0;font-size:10pt;font-variant:normal;font-weight:normal;font-style:normal;text-align:left;line-height:normal;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="width:8%;"> <p style="margin:0px"> </p></td> <td style="width:4%;vertical-align:top;"> <p style="margin:0px">(i) </p></td> <td style="vertical-align:top;"> <p style="margin: 0px; text-align:justify;">material information relating to the issuer is made known to us by others, particularly during the period in which the interim filings are being prepared: and</p></td></tr> <tr style="height:15px"> <td> <p style="margin:0px;text-indent:30px"> </p></td> <td> <p style="margin:0px;text-indent:30px"> </p></td> <td> <p style="margin:0px"> </p></td></tr> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td style="vertical-align:top;"> <p style="margin:0px">(ii) </p></td> <td style="vertical-align:top;"> <p style="margin: 0px; text-align:justify;">information required to be disclosed by the issuer in its annual filings, interim filings or other reports filed or submitted by it under securities legislation is recorded, processed, summarized and reported within the time periods specified in securities legislation; and</p></td></tr></table> <p style="font-size:10pt;font-family:times new roman;margin:0px"> </p> <table style="border-spacing:0;font-size:10pt;font-variant:normal;font-weight:normal;font-style:normal;text-align:left;line-height:normal;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="width:4%;"> <p style="margin:0px"> </p></td> <td style="width:4%;vertical-align:top;"> <p style="margin:0px">(b) </p></td> <td style="vertical-align:top;"> <p style="margin: 0px; text-align:justify;">designed ICFR, or caused it to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with the issuer's GAAP.</p></td></tr></table> <p style="font-size:10pt;font-family:times new roman;margin:0px"> </p> <table style="border-spacing:0;font-size:10pt;font-variant:normal;font-weight:normal;font-style:normal;text-align:left;line-height:normal;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="width:4%;vertical-align:top;"> <p style="margin:0px">5.1 </p></td> <td style="vertical-align:top;"> <p style="margin: 0px; text-align:justify;"><strong>Control framework</strong>: The control framework the issuer's other certifying officer and I used to design the issuer's ICFR is the Internal Control – Integrated Framework (COSO Framework 2013) published by The Committee of Sponsoring Organizations of the Treadway Commission (COSO).</p></td></tr> <tr style="height:15px"> <td> <p style="MARGIN: 0px; TEXT-INDENT: 30px; text-align:justify;"> </p></td> <td> <p style="MARGIN: 0px; text-align:justify;"> </p></td></tr> <tr style="height:15px"> <td style="vertical-align:top;"> <p style="MARGIN: 0px; text-align:justify;">5.2 </p></td> <td style="vertical-align:top;"> <p style="margin: 0px; text-align:justify;"><strong>ICFR - material weakness relating to design</strong>: N/A</p></td></tr> <tr style="height:15px"> <td> <p style="MARGIN: 0px; TEXT-INDENT: 30px; text-align:justify;"> </p></td> <td> <p style="MARGIN: 0px; text-align:justify;"> </p></td></tr> <tr style="height:15px"> <td style="vertical-align:top;"> <p style="MARGIN: 0px; text-align:justify;">5.3 </p></td> <td style="vertical-align:top;"> <p style="margin: 0px; text-align:justify;"><strong>Limitation on scope of design</strong>: N/A</p></td></tr> <tr style="height:15px"> <td> <p style="MARGIN: 0px; TEXT-INDENT: 30px; text-align:justify;"> </p></td> <td> <p style="MARGIN: 0px; text-align:justify;"> </p></td></tr> <tr style="height:15px"> <td style="vertical-align:top;"> <p style="MARGIN: 0px; text-align:justify;">6. </p></td> <td style="vertical-align:top;"> <p style="margin: 0px; text-align:justify;"><strong>Reporting changes in ICFR</strong>: The issuer has disclosed in its interim MD&A any change in the issuer's ICFR that occurred during the period beginning on <strong>July 1, 2020</strong> and ended on <strong>September 30, 2020</strong> that has materially affected, or is reasonably likely to materially affect, the issuer's ICFR.</p></td></tr></table> <p style="font-size:10pt;font-family:times new roman;margin:0px"> </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">Date: November 9, 2020</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><em>“Gregory Feller” </em></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">______________________________________________________</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">Gregory Feller </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">Chief Financial Officer</p><body>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.5
<SEQUENCE>6
<FILENAME>mogo_ex995.htm
<DESCRIPTION>PRESS RELEASE
<TEXT>
<html><head><title>mogo_ex995.htm</title><!--Document created using EDGARMaster--></head><body style="TEXT-ALIGN: justify; FONT: 10pt times new roman; MARGIN-LEFT: 7%; MARGIN-RIGHT: 7%"><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; TEXT-INDENT: 0.5in; text-align:right;"><strong>EXHIBIT 99.5</strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; TEXT-INDENT: 0.5in; text-align:right;"> </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><img src="mogo_ex995img3.jpg"></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:center;"><strong>Mogo Reports 346% increase in Q3 2020 Adjusted</strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:center;"><strong>EBITDA and Accelerating Net Member Additions up 89%</strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 17.85pt; text-align:center;"><strong><em>Mogo bitcoin accounts increase 237% year over year</em></strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 17.85pt; text-align:center;"><strong><em>Q3 2020 Adjusted EBITDA<sup>1</sup> of $4.8 million (49% margin), up 346% from <br>$1.1 million in Q3 2019 </em></strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 17.85pt; text-align:center;"><strong><em>Net income of $1.0 million, compared with a loss of ($6.0) million in Q3 2019 </em></strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:justify;"><em>Mogo reports in Canadian dollars and in accordance with IFRS</em></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:justify;"><strong>Vancouver, British Columbia, November 10, 2020</strong> – Mogo Inc. (TSX:MOGO) (NASDAQ:MOGO) (“Mogo” or the “Company”), a financial technology company focused on empowering consumers with innovative digital financial solutions that help them get in control of their financial health, today announced its financial and operational results for the third quarter ended September 30, 2020. </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:justify;">“The adoption of digital banking, digital wallets, and financial health are all powerful long-term trends that have accelerated in 2020, and Mogo – with its unique multi-product financial health solution – is clearly benefiting from these trends,” said David Feller, Mogo’s Founder and CEO. “We continue to build our member base, and this quarter we saw increased growth driven by our recently launched free ID fraud protection product and our MogoCard, with its innovative carbon offsetting feature. We have also seen a big increase in bitcoin accounts, and our recently announced bitcoin rewards program should help to continue this growth as more and more Canadians look for exposure to this asset. As we look ahead to 2021, these enhanced products, along with our upcoming peer-to-peer payment solution, should position us to generate increased member engagement, monetization and top-line growth.” </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:justify;">“Our third-quarter results continue to underscore the core profitability and cash generation capability of our financial model. We met or exceeded our guidance on key measures, highlighted by another quarter of strong Adjusted EBITDA, record Adjusted EBITDA margins, positive net income of $1.0 million, and an increase in our cash balance,” said Greg Feller, President and CFO of Mogo. “As we transition back to growth mode heading into 2021, we are financially well positioned and have a growing number of paths to monetizing our more than one million members.” </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:justify;"><strong><em>Q3 2020 Business Highlights</em></strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0.25in; text-align:justify;"> </p> <table style="border-spacing:0;font-size:10pt;font-variant:normal;font-weight:normal;font-style:normal;text-align:justify;margin-left:auto;line-height:normal;margin-right:auto;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="width:4%;vertical-align:top;"> <p style="margin:0px"><font style="font-family:symbol">·</font></p></td> <td style="vertical-align:top;">Net member additions accelerated by 89% in Q3 2020 over Q2 2020 with total member reaching 1,074,000, an increase of 16% year over year, driven partly by the launch of free ID fraud protection.</td></tr> <tr style="height:15px"> <td> <p style="margin:0px;text-indent:30px"> </p></td> <td> <p style="margin:0px"> </p></td></tr> <tr style="height:15px"> <td style="vertical-align:top;"> <p style="margin:0px"><font style="font-family:symbol">·</font></p></td> <td style="vertical-align:top;">Mogo bitcoin accounts increase 237% year over year.</td></tr> <tr style="height:15px"> <td> <p style="margin:0px;text-indent:30px"> </p></td> <td> <p style="margin:0px"> </p></td></tr> <tr style="height:15px"> <td style="vertical-align:top;"> <p style="margin:0px"><font style="font-family:symbol">·</font></p></td> <td style="vertical-align:top;">Launched a new automatic carbon offsetting feature with the Mogo Visa* Platinum Prepaid Card (“MogoCard”), designed to help Canadians improve their financial health and the health of the planet through better spending control and automatic carbon offsetting.</td></tr> <tr style="height:15px"> <td> <p style="margin:0px;text-indent:30px"> </p></td> <td> <p style="margin:0px"> </p></td></tr> <tr style="height:15px"> <td style="vertical-align:top;"> <p style="margin:0px"><font style="font-family:symbol">·</font></p></td> <td style="vertical-align:top;">With the introduction of the carbon offsetting program and other new features, average spend per card is up 66% from January 2020.</td></tr> <tr style="height:15px"> <td> <p style="margin:0px;text-indent:30px"> </p></td> <td> <p style="margin:0px"> </p></td></tr> <tr style="height:15px"> <td style="vertical-align:top;"> <p style="margin:0px"><font style="font-family:symbol">·</font></p></td> <td style="vertical-align:top;">Announced plans to launch a mobile peer-to-peer (“P2P”) payment solution that will enable users to quickly and easily make and share payments with friends and family through Mogo’s mobile app.</td></tr> <tr style="height:15px"> <td> <p style="margin:0px;text-indent:30px"> </p></td> <td> <p style="margin:0px"> </p></td></tr> <tr style="height:15px"> <td style="vertical-align:top;"> <p style="margin:0px"><font style="font-family:symbol">·</font></p></td> <td style="vertical-align:top;">Established referral agreements with EQ Bank for a high interest savings product and Lendful Financial for prime loan products.</td></tr> <tr style="height:15px"> <td> <p style="margin:0px;text-indent:30px"> </p></td> <td> <p style="margin:0px"> </p></td></tr> <tr style="height:15px"> <td style="vertical-align:top;"> <p style="margin:0px"><font style="font-family:symbol">·</font></p></td> <td style="vertical-align:top;">Subsequent to quarter end, announced that MogoCard now supports Apple Pay®, Google Pay™ and Samsung Pay.</td></tr></table> <p style="font-size:10pt;font-family:times new roman;margin:0px"> </p> <table style="border-spacing:0;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px"> <td class="hpbhr"> </td></tr> <tr style="height:15px"> <td style="BORDER-BOTTOM: black 1px solid; TEXT-INDENT: 0px;text-align:center;">1</td></tr> <tr style="height:15px"> <td><p style='page-break-after: always'></p></td></tr> <tr style="height:15px"> <td> </td></tr></table> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:justify;"><strong><em>Q3 2020 Financial Highlights</em></strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0.25in; text-align:justify;"> </p> <table style="border-spacing:0;font-size:10pt;font-variant:normal;font-weight:normal;font-style:normal;text-align:justify;margin-left:auto;line-height:normal;margin-right:auto;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="width:4%;vertical-align:top;"> <p style="margin:0px"><font style="font-family:symbol">·</font></p></td> <td style="vertical-align:top;">Core revenue<sup>3</sup> was $9.8 million, above our previously released guidance of $9.5 million to $9.7 million.</td></tr> <tr style="height:15px"> <td> <p style="margin:0px;text-indent:30px"> </p></td> <td> <p style="margin:0px"> </p></td></tr> <tr style="height:15px"> <td style="vertical-align:top;"> <p style="margin:0px"><font style="font-family:symbol">·</font></p></td> <td style="vertical-align:top;">Adjusted EBITDA<sup>1</sup> was $4.8 million (49% margin), above our previously released guidance of $3.8 million to $4.2 million, representing a 346% increase from $1.1 million (7% margin) in the third quarter of 2019. This increase is primarily attributable to record gross margin of 93% based on strong loan performance as well as a significant reduction in growth related operating expenses.</td></tr> <tr style="height:15px"> <td> <p style="margin:0px;text-indent:30px"> </p></td> <td> <p style="margin:0px"> </p></td></tr> <tr style="height:15px"> <td style="vertical-align:top;"> <p style="margin:0px"><font style="font-family:symbol">·</font></p></td> <td style="vertical-align:top;"> <p style="MARGIN: 0px; TEXT-INDENT: 0px; text-align:justify;">Net cash provided by (used in) operating and investing activities<sup>2</sup> of $4.4 million (versus guidance of $4.0-$4.5 million), fueled by $3.3 million of positive cash flow excluding cash generated from the loan book (up from $1.9 million in Q2 2020). </p></td></tr> <tr style="height:15px"> <td> <p style="margin:0px;text-indent:30px"> </p></td> <td> <p style="margin:0px"> </p></td></tr> <tr style="height:15px"> <td style="vertical-align:top;"> <p style="margin:0px"><font style="font-family:symbol">·</font></p></td> <td style="vertical-align:top;">Adjusted cash net income (loss)<sup>1</sup> was $3.4 million for Q3 2020, compared to a loss of ($5.2) million in Q3 2019. The $8.6 million improvement is driven primarily by record gross margin, along with the reduction in operating expenses and reduced cash interest expense.</td></tr> <tr style="height:15px"> <td> <p style="margin:0px;text-indent:30px"> </p></td> <td> <p style="margin:0px"> </p></td></tr> <tr style="height:15px"> <td style="vertical-align:top;"> <p style="margin:0px"><font style="font-family:symbol">·</font></p></td> <td style="vertical-align:top;">Net income of $1.0 million in Q3 2020, a significant improvement compared with a net loss of ($6.0) million in Q3 2019.</td></tr> <tr style="height:15px"> <td> <p style="margin:0px;text-indent:30px"> </p></td> <td> <p style="margin:0px"> </p></td></tr> <tr style="height:15px"> <td style="vertical-align:top;"> <p style="margin:0px"><font style="font-family:symbol">·</font></p></td> <td style="vertical-align:top;">At September 30, 2020, the Company had $26.8 million in combined cash and investment portfolio ($9.9 million of cash and $16.9 million investment portfolio). Cash increased by $2.4 million over Q2 2020.</td></tr> <tr style="height:15px"> <td> <p style="margin:0px;text-indent:30px"> </p></td> <td> <p style="margin:0px"> </p></td></tr> <tr style="height:15px"> <td style="vertical-align:top;"> <p style="margin:0px"><font style="font-family:symbol">·</font></p></td> <td style="vertical-align:top;">Reduced credit facility in Q3 2020 to $37.2 million (down from $39.2 million at June 30, 2020 and $76.5 million at Dec 31, 2019).</td></tr> <tr style="height:15px"> <td> <p style="margin:0px;text-indent:30px"> </p></td> <td> <p style="margin:0px"> </p></td></tr> <tr style="height:15px"> <td style="vertical-align:top;"> <p style="margin:0px"><font style="font-family:symbol">·</font></p></td> <td style="vertical-align:top;">In September 2020, amended certain terms of our non-convertible debentures including a reduction in the average interest rate, from approximately 14% to approximately 7%.</td></tr></table> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:justify;"><strong><em>Financial Outlook</em></strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:justify;">In light of the uncertain economic environment in 2020, Mogo took a number of initiatives to support our customers, reduce expenses and more efficiently manage our capital resources over the past several quarters. These measures enabled the Company to significantly increase its cash from operations, adjusted EBITDA, and, in Q3 2020, report positive net income. These results highlight the underlying profitability of Mogo’s financial model. As we look toward 2021, with a favorable backdrop for fintech, including accelerating demand for digital financial health solutions, we expect to renew our growth investments to support higher revenue growth in 2021, including our planned launch of a P2P payment solution and other new products. </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:justify;"><em><sup>1</sup></em><em> For more information regarding our use of these non-IFRS measures and, where applicable, a reconciliation to the most comparable IFRS measure, see “Non-IFRS Financial Measures” in the Company’s MD&A for the period ended September 30, 2020.</em></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:justify;"><em><sup>2</sup></em> <em>Excludes $31.6 million of proceeds from sale of the Liquid loan book in Q1 2020.</em></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:justify;"><em><sup>3 </sup></em><em>In light of the sale of the majority of our MogoLiquid loan portfolio, the Company has revised its definition of core revenue to exclude revenue related to Liquid loans. The prior period comparative figures for core revenue have been revised to conform with the new definition. Refer to “Non-IFRS Financial Measures” in the Company’s MD&A for the period ended September 30, 2020 for a reconciliation of core revenue to amounts reported in previous periods.</em></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:justify;"><em> </em></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:justify;"><em>*Trademark of Visa International Service Association and used under license by Peoples Trust Company. The MogoCard is issued by Peoples Trust Company.</em></p> <p style="font-size:10pt;font-family:times new roman;margin:0px"> </p> <table style="border-spacing:0;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px"> <td class="hpbhr"> </td></tr> <tr style="height:15px"> <td style="BORDER-BOTTOM: black 1px solid; TEXT-INDENT: 0px;text-align:center;">2</td></tr> <tr style="height:15px"> <td><p style='page-break-after: always'></p></td></tr> <tr style="height:15px"> <td> </td></tr></table> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:justify;"><strong>Conference Call & Webcast</strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:justify;">Mogo will host a conference call to discuss its Q3 2020 financial results at 11:00 a.m. EDT on November 10, 2020. The call will be hosted by David Feller, Founder and CEO, and Greg Feller, President and CFO. To participate in the call, dial (833) 968-2206 or (778) 560-2782 (International). The webcast can be accessed at <u>http://investors.mogo.ca</u>. Listeners should access the webcast or call 10-15 minutes before the start time to ensure they are connected. </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:justify;"><strong>Non-IFRS Financial Measures</strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:justify;"><em>This press release makes reference to certain non‑IFRS financial measures. These measures are not recognized measures under IFRS, do not have a standardized meaning prescribed by IFRS and are therefore unlikely to be comparable to similar measures presented by other companies. These measures are provided as additional information to complement the IFRS financial measures contained herein by providing further metrics to understand the Company’s results of operations from management’s perspective. Accordingly, they should not be considered in isolation nor as a substitute for analysis of our financial information reported under IFRS. We use non‑IFRS financial measures, including core revenue (total revenue excluding revenue from bitcoin mining and revenue related to Liquid loans), adjusted EBITDA, and adjusted cash net income (loss), to provide investors with supplemental measures of our operating performance and thus highlight trends in our core business that may not otherwise be apparent when relying solely on IFRS financial measures. Our management also uses non‑IFRS financial measures in order to facilitate operating performance comparisons from period to period, prepare annual operating budgets and assess our ability to meet our capital expenditure and working capital requirements. Please see “Non-IFRS Financial Measures” in our Management’s Discussion and Analysis for the Period Ended September 30, 2020 for a reconciliation of these non-IFRS financial measures to the nearest IFRS measures which is available at <u>www.sedar.com</u> and at <u>www.sec.gov</u>. </em></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:justify;"><strong>Forward-Looking Statements </strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:justify;"><em>This news release may contain “forward-looking statements” within the meaning of applicable securities legislation, including statements regarding Mogo’s response to COVID-19, the reduction of its expenses, its path to cash flow positive, the resumption of on-balance lending, the expansion of lending partnerships and the introduction of new referral models. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by management at the time of preparation, are inherently subject to significant business, economic and competitive uncertainties and contingencies, and may prove to be incorrect. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual financial results, performance or achievements to be materially different from the estimated future results, performance or achievements expressed or implied by those forward-looking statements and the forward-looking statements are not guarantees of future performance. Mogo’s growth, its ability to expand into new products and markets and its expectations for its future financial performance are subject to a number of conditions, many of which are outside of Mogo’s control. For a description of the risks associated with Mogo’s business please refer to the “Risk Factors” section of Mogo’s current annual information form, which is available at <u>www.sedar.com</u> and <u>www.sec.gov</u>. Except as required by law, Mogo disclaims any obligation to update or revise any forward-looking statements, whether as a result of new information, events or otherwise.</em></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:justify;"><em> </em></p> <table style="border-spacing:0;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px"> <td class="hpbhr"> </td></tr> <tr style="height:15px"> <td style="BORDER-BOTTOM: black 1px solid; TEXT-INDENT: 0px;text-align:center;">3</td></tr> <tr style="height:15px"> <td><p style='page-break-after: always'></p></td></tr> <tr style="height:15px"> <td> </td></tr></table> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:justify;"><strong>About Mogo</strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:justify;">Mogo — a financial technology company — offers a finance app that empowers consumers with simple solutions to help them get in control of their financial health and be more mindful of the impact they have on society and the planet. We all know it’s time to do things differently. It’s time for a new way to manage our money, one that’s inclusive and sustainable. One that takes into account our financial health, the planet’s health and the health of our society. At Mogo, users can sign up for a free account in only three minutes and begin to learn the 4 habits of financial health and get convenient access to products that can help them achieve their financial goals and have a positive impact on the planet including a digital spending account with Mogo Visa* Platinum Prepaid Card featuring automatic carbon offsetting, free monthly credit score monitoring, ID fraud protection and personal loans. The Mogo platform has been purpose-built to deliver a best-in-class digital experience, with best-in-class products all through one app. With more than one million members and a marketing partnership with Canada’s largest news media company, Mogo continues to execute on its vision of becoming the go-to financial app for the next generation of Canadians. To learn more, please visit mogo.ca or download the mobile app (iOS or Android).</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:justify;"><strong>For further information:<br></strong>Craig Armitage <br>Investor Relations <br>craiga@mogo.ca <br>(416) 347-8954 </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:justify;"> </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:justify;"> </p> <table style="border-spacing:0;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="BORDER-BOTTOM: black 1px solid; TEXT-INDENT: 0px;text-align:center;">4</td></tr></table> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p><body>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>