Document and Entity Information
Document and Entity Information | 12 Months Ended |
Dec. 31, 2021shares | |
Entity Addresses [Line Items] | |
Entity Registrant Name | POINTS.COM INC. |
Entity Central Index Key | 0001204413 |
Current Fiscal Year End Date | --12-31 |
Document Type | 40-F |
Amendment Flag | false |
Document Period End Date | Dec. 31, 2021 |
Entity Common Stock, Shares Outstanding | 14,942,792 |
Entity Current Reporting Status | Yes |
Document Fiscal Year Focus | 2021 |
Document Fiscal Period Focus | FY |
Entity Emerging Growth Company | false |
Entity Interactive Data Current | Yes |
Entity File Number | 001-35078 |
Entity Incorporation, State or Country Code | Z4 |
Entity Address, Address Line One | 111 Richmond Street West |
Entity Address, Address Line Two | Suite 700 |
Entity Address, City or Town | Toronto |
Entity Address, State or Province | ON |
Entity Address, Postal Zip Code | M5H 2G4 |
City Area Code | 416 |
Local Phone Number | 595-0000 |
Annual Information Form | true |
Audited Annual Financial Statements | true |
Document Annual Report | true |
Document Registration Statement | false |
Trading Symbol | PCOM |
Title of 12(b) Security | Common Shares, no par value |
Security Exchange Name | NASDAQ |
Auditor Firm ID | 85 |
Auditor Location | Toronto, ON, Canada |
Auditor Name | KPMG LLP |
Business Contact [Member] | |
Entity Addresses [Line Items] | |
Entity Address, Address Line One | 28 Liberty Street |
Entity Address, City or Town | New York |
Entity Address, State or Province | NY |
Entity Address, Postal Zip Code | 10015 |
City Area Code | 212 |
Local Phone Number | 894-8940 |
Contact Personnel Name | CT Corporation System |
Consolidated Statements of Fina
Consolidated Statements of Financial Position - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Current assets | ||
Cash and cash equivalents | $ 99,648 | $ 73,070 |
Cash held in trust | 1,427 | 280 |
Funds receivable from payment processors | 7,741 | 5,795 |
Accounts receivable | 13,099 | 3,559 |
Prepaid taxes | 205 | 1,760 |
Prepaid expenses, deposits and other assets | 4,366 | 3,075 |
Total current assets | 126,486 | 87,539 |
Non-current assets | ||
Property and equipment | 1,076 | 1,529 |
Right-of-use assets | 980 | 1,862 |
Intangible assets | 10,355 | 12,130 |
Goodwill | 5,681 | 5,681 |
Deferred tax assets | 4,164 | 3,087 |
Other assets | 0 | 202 |
Total non-current assets | 22,256 | 24,491 |
Total assets | 148,742 | 112,030 |
Current liabilities | ||
Accounts payable and accrued liabilities | 9,307 | 5,766 |
Income taxes payable | 1,560 | 489 |
Payable to loyalty program partners | 75,275 | 50,629 |
Current portion of lease liabilities | 1,136 | 1,156 |
Current portion of other liabilities | 1,466 | 847 |
Current portion of long term debt | 0 | 3,500 |
Total current liabilities | 88,744 | 62,387 |
Non-current liabilities | ||
Long term debt | 0 | 11,500 |
Lease liabilities | 27 | 1,136 |
Other liabilities | 34 | 57 |
Deferred tax liabilities | 985 | 1,731 |
Total non-current liabilities | 1,046 | 14,424 |
Total liabilities | 89,790 | 76,811 |
SHAREHOLDERS' EQUITY | ||
Share capital | 70,991 | 49,251 |
Contributed surplus | 4,878 | 1,795 |
Accumulated other comprehensive (loss) income | (123) | 623 |
Accumulated deficit | (16,794) | (16,450) |
Total shareholders' equity | 58,952 | 35,219 |
Total liabilities and shareholders' equity | $ 148,742 | $ 112,030 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive (Loss) Income - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
REVENUE | ||
Principal revenue | $ 344,955 | $ 196,905 |
Other partner revenue | 25,053 | 20,482 |
Total Revenue | 370,008 | 217,387 |
Direct cost of revenue | 319,217 | 182,384 |
Gross Profit | 50,791 | 35,003 |
OPERATING EXPENSES | ||
Sales and marketing | 17,880 | 14,242 |
Research and development | 13,301 | 10,725 |
General and administrative | 14,392 | 10,403 |
Depreciation and amortization | 4,545 | 4,859 |
Impairment charges | 428 | 1,798 |
Total Operating Expenses | 50,546 | 42,027 |
Foreign exchange loss (gain) | 478 | (671) |
Finance and other income | (226) | (379) |
Finance costs | 353 | 843 |
LOSS BEFORE INCOME TAXES | (360) | (6,817) |
Income tax recovery | (16) | (1,460) |
NET LOSS | (344) | (5,357) |
OTHER COMPREHENSIVE (LOSS) INCOME: Items that will subsequently be reclassified to profit or loss: | ||
Unrealized gain on foreign exchange derivatives designated as cash flow hedges | 143 | 215 |
Income tax effect | (38) | (57) |
Reclassification to net loss of (gain) loss on foreign exchange derivatives designated as cash flow hedges | (1,134) | 384 |
Income tax effect | 301 | (102) |
Foreign currency translation adjustment | (18) | (1) |
Other comprehensive (loss) income for the period, net of income tax | (746) | 439 |
TOTAL COMPREHENSIVE LOSS | $ (1,090) | $ (4,918) |
LOSS PER SHARE | ||
Basic loss per share | $ (0.02) | $ (0.41) |
Diluted loss per share | $ (0.02) | $ (0.41) |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders Equity - USD ($) $ in Thousands | Share Capital [Member] | Contributed Surplus [Member] | Accumulated other comprehensive income (loss) [Member] | Accumulated deficit [Member] | Total |
Beginning Balance at Dec. 31, 2019 | $ 45,799 | $ 184 | $ (6,791) | $ 39,192 | |
Beginning Balance (shares) at Dec. 31, 2019 | 13,241,516 | ||||
Net income (loss) | (5,357) | (5,357) | |||
Other comprehensive income, net of tax | 439 | 439 | |||
Total comprehensive income (loss) | 439 | (5,357) | (4,918) | ||
Effect of share-based compensation expense | $ 3,129 | 3,129 | |||
Share issuances - options exercised | $ 483 | (416) | 67 | ||
Share issuances - options exercised (shares) | 53,374 | ||||
Settlement of RSUs | $ 3,207 | (4,416) | 1,209 | ||
Shares repurchased and cancelled | $ (238) | (804) | (1,042) | ||
Shares repurchased and cancelled (shares) | (67,483) | ||||
Reclassification within equity | 4,302 | (4,302) | |||
Ending Balance at Dec. 31, 2020 | $ 49,251 | 1,795 | 623 | (16,450) | 35,219 |
Ending Balance (shares) at Dec. 31, 2020 | 13,227,407 | ||||
Net income (loss) | (344) | (344) | |||
Other comprehensive income, net of tax | (746) | (746) | |||
Total comprehensive income (loss) | (746) | (344) | (1,090) | ||
Effect of share-based compensation expense | 6,653 | 6,653 | |||
Share issuances - options exercised | $ 259 | (72) | 187 | ||
Share issuances - options exercised (shares) | 27,875 | ||||
Settlement of RSUs | $ 971 | (3,498) | (2,527) | ||
Shares purchased and held in trust | (3,257) | (3,257) | |||
Shares issued, net of issuance costs of $1,362, net of tax of $492 | $ 23,767 | 23,767 | |||
Shares issued, net of issuance costs and taxes (shares) | 1,687,510 | ||||
Shares issued, net issuance costs | 1,362 | ||||
Shares issued, taxes | 492 | ||||
Ending Balance at Dec. 31, 2021 | $ 70,991 | $ 4,878 | $ (123) | $ (16,794) | $ 58,952 |
Ending Balance (shares) at Dec. 31, 2021 | 14,942,792 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Cash flows from operating activities | ||
Net loss for the period | $ (344) | $ (5,357) |
Adjustments for: | ||
Depreciation and amortization | 4,545 | 4,859 |
Unrealized foreign exchange (gain) loss | (781) | 1,122 |
Share-based compensation expense | 6,653 | 3,129 |
Finance costs | 353 | 843 |
Deferred income tax recovery | (1,069) | (130) |
Impairment charges | 428 | 1,798 |
Derivative contracts designated as cash flow hedges | (990) | 599 |
Changes in cash held in trust | (1,147) | 2,254 |
Changes in non-cash balances related to operations | 18,872 | (13,331) |
Interest paid | (391) | (812) |
Net cash provided by (used in) operating activities | 26,129 | (5,026) |
Cash flows from investing activities | ||
Acquisition of property and equipment | (904) | (450) |
Additions to intangible assets | (880) | (1,837) |
Net cash used in investing activities | (1,784) | (2,287) |
Cash flows from financing activities | ||
Proceeds from issuance of share capital, net of issuance costs | 23,275 | 0 |
Proceeds from long term debt | 0 | 40,000 |
Repayment of long term debt | (15,000) | (25,000) |
Payment of principal portion of lease liabilities | (1,231) | (1,293) |
Proceeds from exercise of share options | 187 | 67 |
Shares repurchased and cancelled | 0 | (1,042) |
Purchase of shares held in trust | (3,257) | 0 |
Taxes paid on net settlement of RSUs | (2,527) | (1,209) |
Net cash provided by financing activities | 1,447 | 11,523 |
Effect of exchange rate fluctuations on cash held | 786 | (1,105) |
Net increase in cash and cash equivalents | 26,578 | 3,105 |
Cash and cash equivalents at beginning of the period | 73,070 | 69,965 |
Cash and cash equivalents at end of the period | 99,648 | 73,070 |
Interest Received | 126 | 365 |
Taxes Received | 1,768 | 0 |
Taxes Paid | $ (166) | $ (1,852) |
REPORTING ENTITY
REPORTING ENTITY | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure Of Reporting Entity [Abstract] | |
REPORTING ENTITY [Text Block] | 1. REPORTING ENTITY Points.com Inc. (formerly Points International Ltd.) (the "Corporation") is a company domiciled in Canada. The address of the Corporation's registered office is 111 Richmond Street West, Suite 700, Toronto, ON, Canada M5H 2G4. The consolidated financial statements of the Corporation as at and for the year ended December 31, 2021 comprise the Corporation and its wholly-owned subsidiaries. The Corporation's shares are publicly traded on the Toronto Stock Exchange ("TSX") as PTS and on the NASDAQ Capital Market ("NASDAQ") as PCOM. Points provides products and services through technology-enabled solutions to loyalty programs around the world. The Corporation's white-labelled services facilitate the accrual or redemption of loyalty program currency (points or miles). Accrual transactions are typically focused on generating revenue for loyalty program partners while redemption transactions are focused on offering additional engagement options for program members that are cost effective for the loyalty program. Points has loyalty program partnerships across the airline, hospitality, financial services and retail verticals. The Corporation's operations can be moderately influenced by seasonality. Historically, gross profit is highest in the fourth quarter in each year as certain product offerings and marketing activities peak during this time. Commencing 2020, financial results did not follow this trend due to the adverse impact of the COVID-19 pandemic. During the fourth quarter of 2021, the Board of Directors approved the amalgamation of Points International Ltd. with its wholly-owned subsidiary, Points.com Inc., effective January 1, 2022. As part of this amalgamation process, the name of the public company legal entity changed from Points International Ltd. to Points.com Inc. in 2022. The consolidated financial statements of the Corporation as at and for the year ended December 31, 2021 are available at www.sedar.com www.sec.gov |
BASIS OF PREPARATION
BASIS OF PREPARATION | 12 Months Ended |
Dec. 31, 2021 | |
Basis Of Preparation [Abstract] | |
BASIS OF PREPARATION [Text Block] | 2. BASIS OF PREPARATION (a) Statement of compliance The consolidated financial statements have been prepared in accordance with International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board ("IASB"). The consolidated financial statements were authorized for issue by the Board of Directors on March 9, 2022. (b) Basis of measurement The consolidated financial statements have been prepared on a historical cost basis except for certain assets and liabilities initially recognized in connection with business combinations, and certain financial instruments, which are measured at fair value. (c) Functional and presentation currency These consolidated financial statements are presented in U.S. dollars ("USD"), which is the functional currency of the Corporation. All financial information has been rounded to the nearest thousand, except where otherwise indicated. (d) Basis of consolidation Subsidiaries are entities the Corporation controls. Entities over which the Corporation has control are fully consolidated from the date that control commences until the date that control ceases. All intercompany transactions and balances between subsidiaries are eliminated on consolidation. (e) Use of estimates and judgments The preparation of the consolidated financial statements in conformity with IFRS requires Management to make judgments, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Significant changes in these assumptions, including those related to the Corporation's future business plans and cash flows, could materially change the amounts the Corporation records. Actual results may differ from these estimates. On an ongoing basis, Management has applied judgment in the following areas: • interpreting key terms in revenue contracts to identify performance obligations, determine the provision of goods or services and whether revenue and direct costs of revenue should be presented on a gross or net basis; • determining cash generating units ("CGUs") for the purpose of impairment testing; • choosing methods for depreciating and amortizing our property and equipment, right-of-use assets and intangible assets that represent most accurately the consumption of benefits derived from those assets. In making this determination, the Corporation has considered assumptions that are most representative of the economic substance of the intended use of the underlying assets. These same assumptions were used when deciding to designate certain intangible assets as assets with indefinite useful lives as the Corporation believes that there is no limit to the period that these assets are expected to generate net cash inflows; • determining which projects qualify for capitalization of direct labour cost to intangible assets; • determining lease term and incremental borrowing rate in measuring right-of-use assets and lease liabilities; • determining the vesting period of performance options based on achievement of specified non-market performance conditions; • determining whether certain hedging relationships and financial instruments qualify for hedge accounting; • assessing the recoverability of the deferred tax assets and the timing and reversal of temporary differences; and • interpreting tax rules, regulations and legislative developments. The Corporation also uses significant estimates in the following areas: • determining the recoverable amount of financial and non-financial assets when testing for impairment; • assessing the probability of achieving non-market performance conditions for performance options and performance share units; and • determining the fair value of equity-settled share-based compensation expense and derivative instruments. Estimates are based on historical experience adjusted as appropriate for current circumstances and other assumptions that Management believes to be reasonable. Revisions to accounting estimates are recognized in the period in which the estimates are revised and in any future periods affected. The application of the estimates and judgment noted above are discussed in Note 3. |
SIGNIFICANT ACCOUNTING POLICIES
SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2021 | |
Significant Accounting Policies [Abstract] | |
SIGNIFICANT ACCOUNTING POLICIES [Text Block] | 3. SIGNIFICANT ACCOUNTING POLICIES (a) New standards adopted in 2021 The following amendments to IFRS are effective from January 1, 2021, but they did not have a material impact on the Corporation's consolidated financial statements: Interest Rate Benchmark Reform - Phase 2 In August 2020, the IASB issued additional amendments to IFRS 9, Financial Instruments, IFRS 7, Financial Instruments: Disclosures, IFRS 4, Insurance Contracts, and IFRS 16, Leases. The objective of these amendments is to address issues that might affect financial reporting as a result of the reform of an interest rate benchmark, including the effects of changes to contractual cash flows or hedging relationships arising from the replacement of an interest rate benchmark with an alternative benchmark rate. The amendments provide practical relief from certain requirements in IFRS 9, IFRS 7, IFRS 4 and IFRS 16. As at January 1, 2021, the Corporation had $15,000 borrowings on its London Interbank Offered Rate ("LIBOR") secured credit facility, which were fully repaid during the first quarter of 2021. The Corporation continues to have access to this facility and did not have any borrowings as at December 31, 2021. Commencing 2022, Secured Overnight Financing Rate ("SOFR") is the recommended interest rate benchmark by the Corporation's lenders to replace LIBOR. There was no material impact on the Corporation's consolidated financial statements as a result of applying the amendments. Refer to Note 18. (b) Revenue recognition The Corporation's revenue is categorized as principal revenue or other partner revenue and is primarily generated through the sale of loyalty currencies, through services provided to loyalty partners' program members, and through white-labelled technology-enabled solutions and marketing services provided to partners. Contracts with customers The Corporation records revenue from contracts with customers in accordance with the five steps in IFRS 15, Revenue from Contracts with Customers, as follows: 1. Identify the contract with a customer; 2. Identify the performance obligations in the contract; 3. Determine the transaction price, which is the amount the Corporation expects to be entitled to; 4. Allocate the transaction price among the performance obligations in the contract based on their relative stand-alone selling prices; and 5. Recognize revenue when or as the goods or services are transferred to the customer. Principal versus Agent When deciding the most appropriate basis for presenting revenue on either a gross or net basis, both the legal form and substance of the agreements between the Corporation, its partners and their program members are reviewed to determine each party's respective role in the transaction. Where the Corporation's role in a transaction is that of a principal, revenue is recognized on a gross basis, where the gross value of the transaction billed to the customer is recognized as Principal revenue and the costs incurred to purchase the points or miles sold in the transaction are recognized as direct cost of revenue. When the Corporation's role in a transaction is that of an agent, revenue is recognized on a net basis with revenue approximating the margin earned and is recorded in other partner revenue in the consolidated statements of comprehensive loss. This determination of whether the Corporation is acting as principal or agent requires the exercise of judgment. In making this assessment, Management considers whether the Corporation: • acts on behalf of the loyalty partner or the program member in identifying the customer in certain arrangements; • controls the good or service being provided, prior to it being transferred to the customer; • has primary responsibility for providing the goods and service to the customer; • has inventory risk before or after the customer order; and • has discretion in establishing prices for the specified goods and services. The interpretation of key terms in the Corporation's revenue contracts requires the exercise of judgement. Principal Revenue Principal revenue groups together several streams of revenue that the Corporation realizes in delivering goods or services to customers. The following is a list of revenue streams and the related revenue recognition policy. (i) Reseller revenue is transactional revenue for the sale of loyalty currencies that occurs in contracts for which the Corporation is the principal in the sale of loyalty currencies to loyalty program members. The performance obligation is satisfied on completion of the transaction which transfers control of the loyalty currency to the member, which aligns with the point in time when payment is received. The Corporation's role as the principal in the transaction is determined by the contractual arrangements in place with the loyalty program partner and their members. In this instance, the Corporation has determined that it obtains control of the loyalty currency prior to transferring it to the member. Other factors considered in making the determination include whether the Corporation assumes inventory risk, is primarily responsible for fulfilling the promise to provide the specified good, and has discretion in establishing the prices for the specified goods. (ii) Service revenue is transactional revenue for services provided to loyalty program partners or their members, such as the transfer or reinstatement of loyalty currencies. This also includes transactional revenue for services provided through technology-enabled solutions to partners. The Corporation has determined that it controls the service. Other factors considered in making the determination include whether the Corporation is primarily responsible for fulfilling the promise to provide the specified service, or has discretion in establishing the fees for the specified service. Transfer, reinstate, and other services provided through technology-enabled solutions are recognized at the point in time the transaction is completed, which also approximates when payment is received. (iii) Hosting services are provided to loyalty program partners throughout the term of the loyalty program partner agreement. The hosting services begin, and hence revenue recognition commences when the loyalty program partner website is functional. Revenue is recognized on a straight-line basis over the life of the term of the partner agreement. Costs that relate directly to the contract are capitalized to the extent that they are expected to be recovered and are amortized as the services are transferred. Other Partner Revenue Other partner revenue is primarily transactional revenue for facilitating the sale of loyalty currencies or other goods or services to loyalty programs and their members for which the Corporation takes an agency role. It also includes certain transactions related to earning or redeeming loyalty currency facilitated by the Corporation on behalf of loyalty program partners. The Corporation's role as an agent is determined by the contractual arrangement in place with the loyalty program partner or their members. In this instance, the Corporation has determined that it does not obtain control of the loyalty currency or other goods and services prior to transferring them to the customer, due in part to the absence of inventory risk. Other factors considered in making the determination include the fact that the Corporation is not primarily responsible for fulfilling the promise to provide the specified good and generally has limited discretion in establishing the prices for the specified goods. (c) Foreign currency translation (i) Transactions in currencies other than the Corporation's or its subsidiaries' respective functional currency are recognized at the exchange rates in effect on the transaction date. At the end of each reporting period, monetary assets and liabilities denominated in foreign currencies are translated to the Corporation's functional currency at the exchange rates prevailing at that date. Non-monetary assets and liabilities carried at fair value that are denominated in foreign currencies are translated to the functional currency at the exchange rates prevailing at the date when the fair value was determined. Non-monetary items that are measured at historical cost in a foreign currency are not translated. Foreign exchange gains and losses on monetary items are recognized in profit or loss; except for foreign currency derivatives designated as qualifying cash flow hedges, the fair values of which are deferred in accumulated other comprehensive income in shareholders' equity until such time that the hedged transaction affects profit or loss; refer to Notes 3(d)(iv) and 20. (ii) Foreign operations The assets and liabilities of the Corporation's non-USD functional currency subsidiary are translated to USD at exchange rates at the reporting date. The income and expenses of this subsidiary are translated to USD using average exchange rates for the month during which the transactions occurred. Foreign currency differences resulting from translation are recognized in other comprehensive income ("OCI") within the cumulative translation account. (d) Financial instruments All financial assets and financial liabilities are recognized on the Corporation's consolidated statements of financial position when the Corporation becomes a party to the contractual provisions of the instrument. (i) The Corporation's financial instruments as a result of adopting IFRS 9, Financial Instruments, ("IFRS 9") are classified and measured as follows: Asset/Liability Measurement under IFRS 9 Cash and cash equivalents Amortized cost Cash held in trust Amortized cost Funds receivable from payment processors Amortized cost Accounts receivable Amortized cost Accounts payable and accrued liabilities Amortized cost Payable to loyalty program partners Amortized cost Long term debt Amortized cost Derivatives Measurement Foreign exchange forward contracts Fair value, with changes in fair value for hedges recorded in OCI and ineffective portion recorded in profit or loss. Financial assets held at amortized cost require the asset to be measured using the effective interest method. The amortized cost is reduced by impairment losses. Finance income, foreign exchange gains and losses and impairment are recognized in profit or loss. Any gain or loss on derecognition is recognized in profit or loss. Derivatives may be in an asset or liability position at a point in time historically or in the future. For derivatives designated as cash flow hedges for accounting purposes, the effective portion of the hedge is recognized in accumulated other comprehensive income and the ineffective portion of the hedge is recognized immediately in profit or loss. (ii) Impairment of financial instruments IFRS 9 requires the expected lifetime credit losses at initial recognition to be considered when assessing impairment of financial assets, which is anticipated to result in earlier recognition of losses. (iii) Share capital Common shares are classified as equity. Incremental costs directly attributable to the issuance of common shares and share options are recognized as a deduction from equity, net of any tax effects. Authorized with no Par Value Unlimited common shares Unlimited preferred shares Issued As at December 31, 2021, all issued shares are fully paid. The holders of common shares are entitled to receive dividends as declared from time to time and are entitled to one vote per share. There were no dividends declared in 2021 (2020 - nil). (iv) Derivative financial instruments, including hedge accounting The Corporation holds derivative financial instruments to hedge its foreign currency risk exposures. These derivatives are designated in accounting hedge relationships and the Corporation applies cash flow hedge accounting. On initial designation of the hedge, the Corporation formally documents the relationship between the hedging instrument and hedged item, including the risk management objectives and strategy in undertaking the hedge transaction, together with the methods that will be used to assess the effectiveness of the hedging relationship. The Corporation makes an assessment, both at the inception of the hedge relationship as well as on an ongoing basis, whether the hedging instruments are expected to be "highly effective" in offsetting the changes in the fair value or cash flows of the respective hedged items during the period for which the hedge is designated. For a cash flow hedge of a forecasted transaction, the transaction should be highly probable to occur and should present an exposure to variations in cash flows that could ultimately affect reported net income. Derivatives are recognized initially at fair value; attributable transaction costs are recognized in profit or loss as incurred. Subsequent to initial recognition, derivatives are measured at fair value, and changes therein are accounted for as described below. Cash flow hedges The Corporation enters into foreign exchange forward contracts to reduce the foreign exchange risk with respect to the Canadian dollar denominated expenses. The changes in fair value of derivatives designated as cash flow hedges are recognized in OCI, except for any ineffective portion, which is recognized immediately in profit or loss. Gains and losses in accumulated other comprehensive income are reclassified to profit or loss in the same period the corresponding hedged items affect profit or loss. The carrying amount of hedging derivatives designated as cash flow hedges that mature within one year is included in prepaid expenses, deposits and other assets and/or current portion of other liabilities. If the hedging instrument no longer meets the criteria for hedge accounting, is expired, sold, terminated, exercised, or the designation is revoked, then hedge accounting is discontinued prospectively. The cumulative gain or loss previously recognized in OCI and presented in unrealized gains/losses on cash flow hedges in equity remains there until the forecasted transaction affects profit or loss. If the forecasted transaction is no longer expected to occur, then the balance in OCI is recognized immediately in profit or loss. (e) Cash and cash equivalents Cash equivalents include highly liquid investments (term deposits) with maturities of three months or less at the date of purchase. They are held for the purpose of meeting short-term cash commitments rather than for investment or other purposes. Cash equivalents are carried at amortized cost which approximates their fair value because of the short-term nature of the instruments. (f) Cash held in trust Cash held in trust represents funds received from customers, primarily Canadian, not yet remitted to service providers for certain travel related products in accordance with certain geographic regulatory requirements. (g) Funds receivable from payment processors Funds receivable from payment processors represent amounts collected from customers on behalf of the Corporation and are typically deposited directly to the Corporation's bank account on an average of three business days from the date of sale. (h) Property and equipment (i) Recognition and measurement Items of property and equipment are measured at cost less accumulated depreciation and accumulated impairment losses. The cost consists of the purchase price, and any costs directly attributable to bringing the asset to the location and condition for its intended use. When parts of an item of property and equipment have different useful lives, they are accounted for as separate items (major components) of property and equipment. Gains and losses on disposal of an item of property and equipment are determined by comparing the proceeds from disposal with the carrying amount of property and equipment and are recognized in profit or loss. (ii) Depreciation Depreciation is calculated over the depreciable amount, which is the cost of an asset less its estimated residual value. Depreciation is recognized in profit or loss based on the estimated useful lives of the assets using the following methods and annual rates: • Furniture and fixtures Straight-line over 5 years • Computer hardware Straight-line over 3 years • Computer software Straight-line over 3 years • Leasehold improvements Straight-line over shorter of useful life or the lease term Depreciation methods, useful lives and residual values are reviewed at each financial year end and adjusted if appropriate. There were no changes in the current year. (i) Right-of-use assets and Lease liabilities At inception of a contract, the Corporation assesses whether a contract is or contains a lease based on whether the contract conveys a right to control the use of an identified asset for a period of time in exchange for consideration. The Corporation recognizes right-of-use assets and lease liabilities at the lease commencement date. After the initial adoption date, the right-of-use asset is initially measured at cost, which comprises: • The amount of the initial measurement of the lease liability; • Any lease payments made at or before the commencement date, less any lease incentives received; • Any initial direct costs incurred; and • An estimate of costs to dismantle or remove the underlying asset or restore the asset to the condition required by the terms and conditions of the lease. Subsequent to initial measurement, right-of-use assets are measured at cost less any accumulated depreciation and impairment losses and adjusted for certain remeasurements of the lease liability. The right-of-use asset are depreciated on a straight-line basis over the term of the lease, or the estimated useful life of the right-of-use assets if the Corporation expects to obtain the ownership of the leased asset at the end of the lease. The lease term includes the non-cancellable period of the lease and optional renewable periods that the Corporation is reasonably certain to extend. The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the Corporation's incremental borrowing rate. Generally, the Corporation uses its incremental borrowing rate as the discount rate. After initial recognition, the lease liability is measured at amortized cost using the effective interest method. The lease liability is remeasured when there is a change in future lease payments arising from a change in an index or rate, a change in the estimate of the amount expected to be payable under a residual value guarantee, or if the Corporation changes its assessment of whether it will exercise a purchase option, extension option or termination option. When the lease liability is remeasured in this way, a corresponding adjustment is made to the carrying amount of the right-of-use asset. The lease liability is also remeasured when the underlying lease contract is amended. When there is a decrease in contract scope, the lease liability and right-of-use asset will decrease relative to this change with the difference recorded in net income prior to the remeasurement of the lease liability. (j) Goodwill & Intangible assets (i) Goodwill Goodwill represents the excess of the purchase price of acquired businesses over the estimated fair value of the identifiable tangible and intangible net assets acquired. Goodwill is not amortized. The Corporation tests goodwill for impairment at least annually, at each year end, or when an impairment indicator is considered to exist, to determine whether the carrying value exceeds the recoverable amount, as discussed in Note 3(k). Business combinations Acquisitions of subsidiaries are accounted for using the acquisition method of accounting. Fair value of the consideration paid is calculated as the sum of the fair value at the date of acquisition of: • assets acquired; plus • equity instruments issued; less • liabilities incurred or assumed. Goodwill is measured as the fair value of consideration transferred less the net recognized amount of the identifiable assets acquired and liabilities assumed, all of which are measured at fair value as of the acquisition date. When the excess is negative, a bargain purchase gain is recognized immediately in profit or loss. The Corporation uses estimates and judgments to determine the fair value of assets acquired and liabilities assumed at the acquisition date using the best available information, including information from financial markets. The estimates and judgments include key assumptions such as discount rates, attrition rates, and terminal growth rates for performing discounted cash flow analyses. The transaction costs associated with the acquisitions are expensed as incurred. (ii) Intangible assets Internally developed intangible assets Certain costs incurred in connection with the development of software to be used internally or for providing services to customers are capitalized once a project has progressed beyond a conceptual, preliminary stage to that of application development. Development costs that are directly attributable to the design and testing of identifiable software products controlled by the Corporation are recognized as intangible assets when the following criteria are met: • It is technically feasible to complete the software product so that it will be available for use; • Management intends to complete the software product and use or sell it; • It can be demonstrated how the software product will generate probable future economic benefits; • Adequate technical, financial and other resources to complete the development and to use or sell the software product are available; and • The expenditure attributable to the software product during its development can be reliably measured. Development costs that qualify for capitalization include both internal and external costs but are limited to those that are directly related to the specific product. The capitalized development costs are measured at cost less accumulated amortization and accumulated impairment losses. Subsequent expenditure is capitalized only when it increases the future economic benefits embodied in the specific asset to which it relates. All other expenditures, including costs incurred in the planning stage and operating stage and expenditures on internally generated goodwill and brands, are recognized in profit or loss as incurred. Indefinite life intangible assets Certain intangible assets with indefinite lives, being domain names, patents and trademarks, are not amortized because there is no foreseeable limit to the period that these assets are expected to generate net cash inflows. The Corporation uses judgment to designate these assets as indefinite useful life assets, analyzing relevant factors including the expected usage of the asset, the typical life cycle of the asset and anticipated changes in the market demand for the products and services that the asset helps generate. The Corporation tests indefinite life intangible assets for impairment at least annually, at each year end, or when an impairment indicator is considered to exist. Finite life intangible assets Intangible assets with finite useful lives are amortized into depreciation and amortization in the consolidated statements of comprehensive loss on a straight-line basis over their estimated useful lives as noted in the table below. Useful lives, residual values and the amortization methods are reviewed at least annually. Amortization periods and methods are outlined below: • Customer Relationships Straight-line over 10 years • Technology Straight-line over 3 to 5 years (k) Impairment Financial Assets IFRS 9 requires the use of an expected credit loss ("ECL") model for calculating impairment of financial assets. A financial asset is impaired if objective evidence indicates that a loss event has occurred after the initial recognition of the asset, and that the loss event had a negative effect on the estimated future cash flows of that asset that can be estimated reliably. Non-Financial Assets with Finite Useful Lives In accordance with IAS 36, Impairment of Assets, the Corporation evaluates the carrying value of non-financial assets with finite lives, being property and equipment, right-of-use assets and certain intangible assets, whenever events or changes in circumstances indicate that a potential impairment has occurred. An impairment loss is considered to have occurred if the carrying value of an asset exceeds its recoverable amount. Goodwill & Indefinite Life Intangible Assets Goodwill and intangible assets that are not amortized are subject to an impairment assessment at least annually, or when an impairment indicator is considered to exist. The recoverable amount is estimated each year at the same time. The recoverable amount is the higher of an asset's fair value less costs to sell and its value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. For the purposes of assessing impairment, assets that do not generate independent cash inflows are grouped into CGUs at the lowest level for which there are separately identifiable cash inflows. CGUs to which goodwill has been allocated are aggregated so that the level at which impairment testing is performed reflects the lowest level at which goodwill is monitored for internal reporting purposes. Goodwill acquired in a business combination is allocated to the CGU or group of CGUs that are expected to benefit from the synergies of the combination. If the recoverable amount of the CGU or group of CGUs to which goodwill and indefinite life intangible assets has been allocated is less than the carrying amount of the CGU or group of CGUs, including goodwill and intangible assets, an impairment loss is recorded in the consolidated statements of comprehensive loss. The impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the CGU and then to reduce the carrying amounts of the other assets of the CGU or group of CGUs on a pro-rata basis. The Corporation evaluates impairment losses for potential reversals, other than goodwill impairment, when events or changes in circumstances warrant such consideration. Where an impairment loss subsequently reverses, the carrying amount of the asset or CGU is increased to the revised estimate of its recoverable amount, provided that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognized for the asset or CGU in prior years. A reversal of an impairment loss is recognized immediately in profit or loss. The Corporation had previously determined that it had three CGUs, being Loyalty Currency Retailing, Platform Partners and Points Travel. In recent years, the Corporation has significantly invested in the functionality and scalability of the Loyalty Commerce Platform ("LCP"), with the intention to migrate and centralize the technology enabling the Corporation's revenue generation. The technologies that previously operated separately, are now fundamentally integrated into the LCP, which is the core asset and backbone for facilitating substantially all of the Corporation's transactions. This centralization and migration of products to the LCP, coupled with the Corporation's change in organizational structure (see Note 3(r)), and how Management monitors operations and makes business decisions, resulted in the change in the Corporation's CGU composition. Starting in 2021, the Corporation is operating as a single CGU. Due to the change of the Corporation's CGU composition, Management assessed qualitatively and quantitatively the recoverable amount of the CGU as at March 31, 2021. Based on the facts and circumstances present as at March 31, 2021, it was concluded that there was no impairment. (l) Share-based compensation The Corporation has two share-based compensation plans: a share option plan and a share unit plan. The Corporation accounts for the grants under both plans as equity settled share-based compensation arrangements per IFRS 2, Share-based Payment , Share option plan The share option plan allows employees to acquire shares of the Corporation through the exercise of share options. Share options have a maximum life of ten years. Under the share option plan, performance options are granted to certain employees of the Corporation. Vesting of performance options is based on the achievement of specified non-market performance conditions with a life of six years after the date of grant. On grant date, the Corporation estimates the expected vesting date for purpose of estimating the option life. Additionally, options other than performance options can be granted under the share option plan, which generally vest over a period of three years and expire at the end of five years from the grant date. For options with graded vesting, each grant in an award is considered a separate grant with a different vesting date, expected life and fair value. The fair value of each grant is recognized in profit or loss over its respective expected vesting period with a corresponding increase in contributed surplus. The fair value of each grant is estimated at the date of grant using the Black-Scholes option pricing model incorporating assumptions regarding risk-free interest rates, dividend yield, expected volatility of the Corporation's stock, and a weighted average expected life of the options. Any consideration paid on the exercise of share options is added to share capital along with the related portion previously added to contributed surplus when the compensation costs were charged to profit or loss. Under the plan, share options can only be settled in equity. The share option expense incorporates an expected forfeiture rate, estimated based on expected employee turnover. At least annually, the Corporation reassesses the forfeiture rate and the probability of achieving the specified performance metrics for performance options and calculates the cumulative compensation cost of each grant and recognizes the adjustment in the profit or loss in the current period in the consolidated statements of comprehensive loss. (i) Significant judgments, estimates and assumptions Share options are measured at grant date fair value. Estimating fair value requires determination of the most appropriate valuation model, which is dependent on the terms and conditions of the grant. This estimate also requires determination of the most appropriate inputs to the valuation model including the expected life of the share option, volatility and dividend yield. The assumptions and models used for estimating fair value for share options are disclosed in Note 19. In addition, Management is required to exercise judgment in determining the probability of achieving the specified performance metrics for performance options, based on forecast and Management's best estimate. Share unit plan The Corporation's share unit plan (the "Share Unit Plan") includes Restricted Share Units ("RSUs") and performance share units ("PSUs"). Under the share unit plan, the Corporation grants RSUs and/or PSUs to its employees and the Board of Directors. The RSUs vest on grant date, over a period of up to three years after the grant date or in full on the third anniversary of the grant date. The PSUs vest in full on the third anniversary of the grant date. The number of PSUs that vest is based on the achievement of specified non-market performance conditions. The fair value of a RSU or PSU is determined at the grant date using the volume weighted average trading price per share on the TSX during the immediately preceding five trading days and is recognized over the RSU or PSU's vesting period. The expense is charged to profit or loss with a corresponding increase in contributed surplus. In determining the number of awards that are expected to vest, the Corporation takes into account trends of historical forfeitures. At least annually, the Corporation reassesses the probability of achieving the specified performance metrics for the PSUs and calculates the cumulative compensation cost of each grant and recognizes the adjustment in the profit or loss in the current period in the consolidated statements of comprehensive loss. (m) Payable to loyalty program partners Payable to loyalty program partners includes amounts owing to these partners for loyalty currency purchased by the Co |
COVID-19
COVID-19 | 12 Months Ended |
Dec. 31, 2021 | |
Description Of Covid 19 [Abstract] | |
COVID-19 [Text Block] | 4. COVID-19 The COVID-19 pandemic has had a significant adverse impact on the Corporation's financial performance compared to pre-COVID levels. In response to COVID-19, the Corporation implemented measures at the onset of the pandemic in early 2020 to mitigate its impact on the business, preserve cash, and strengthen the Corporation's overall liquidity. These measures included: • Expense mitigation measures including pausing most hiring activity and significantly reducing discretionary spend and capital expenditures. • Pursued government subsidy programs available to the Corporation in the jurisdictions in which the Corporation operates, most notably the Canada Emergency Wage Subsidy program ("CEWS"); refer to Note 6. • Suspended future share buyback activity under the Normal Course Issuer Bid ("NCIB") and significantly reduced funding of the RSU plan. Since the first quarter of 2021, the Corporation's business performance and associated transaction metrics started to experience sustained levels of improvement relative to the low point of the pandemic experienced in 2020. This improvement generally coincided with the rollout of vaccines globally and the curtailing of travel restrictions, particularly in the United States. As performance levels have improved, the Corporation has started to ease some of the spending restrictions put in place at the onset of the pandemic. The duration and impact of the COVID-19 pandemic on future periods remains unknown. While some governments have started to relax COVID-19 restrictions that were originally put in place at the beginning of the pandemic and vaccine distributions have progressed over the last year, there remains uncertainty around when remaining government restrictions may be lifted, if additional restrictions may be put in place, the timing of distribution of the vaccines globally, the impacts of new variants, and if there are any lasting changes in consumer spending and travel behaviour. The COVID-19 pandemic, the measures taken by governments of countries affected and the resulting economic impact may continue to adversely affect the Corporation's financial performance, cash flows and financial position as well as that of its partners in future periods. |
OPERATING SEGMENTS
OPERATING SEGMENTS | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of operating segments [abstract] | |
OPERATING SEGMENTS [Text Block] | 5. OPERATING SEGMENTS The Corporation provides product offerings and services through its technology solutions to the loyalty industry and is organized and managed as a single operating segment, with its operating results reviewed by the Corporation's Chief Executive Officer, who is the CODM. Enterprise-wide disclosures - Geographic information For the year ended December 31 2021 2020 Revenue United States $ 327,419 88% $ 188,531 87% Europe 25,707 7% 19,074 9% Other 16,882 5% 9,782 4% $ 370,008 100% $ 217,387 100% Revenue earned by the Corporation is primarily generated from sales made directly to members of loyalty programs with which the Corporation partners, and to a lesser extent, sales to loyalty program partners. Revenues by geographic region are shown above and are based on the country of residence of each of the Corporation's loyalty partners. As at December 31, 2021, substantially all of the Corporation's assets were in Canada. Transaction price allocated to the remaining performance obligations The following table provides information about the nature and timing of the satisfaction of performance obligations in contracts with customers. Total Year 1 Year 2 Year 3 Year 4 Year 5+ Hosting and other $ 1,632 $ 909 $ 651 $ 72 $ — $ — The Corporation has elected to apply the practical expedient to not disclose information about remaining performance obligations that have original expected durations of one year or less. Dependence on loyalty program partners For the year ended December 31, 2021, there were two (2020 - three) loyalty program partners for which sales to their members individually represented more than 10% of |
EMPLOYMENT COSTS
EMPLOYMENT COSTS | 12 Months Ended |
Dec. 31, 2021 | |
Employment Costs [Abstract] | |
EMPLOYMENT COSTS [text block] | 6. EMPLOYMENT COSTS During 2021, total employment costs, comprising of salaries, benefits and share-based compensation expense, net of government grants and tax credits, were $35,049 (2020 - $24,659). The Corporation's share-based compensation expenses were recognized as follows: For the year ended December 31 2021 2020 Sales and marketing $ 1,631 $ 855 Research and development 998 595 General and administrative 4,024 1,679 Total share-based compensation expenses $ 6,653 $ 3,129 In March 2020, the Government of Canada announced the CEWS which provides eligible employers with subsidies on employee remuneration. During 2021, the Corporation recorded subsidies of $1,617 (2020 - $5,322), of which $1,553 (2020 - $5,260) was recognized as a reduction to employment costs and $64 (2020 - $62) related to eligible employee compensation costs incurred in connection with the development of software that were capitalized as intangible assets. As at December 31, 2021, the Corporation received payments for all CEWS claims filed and did not have any outstanding receivable balance (December 31, 2020 - $459 recorded in accounts receivable in the consolidated statements of financial position). In the second quarter of 2020, the Corporation participated in the US Small Business Association Payment Protection Program ("PPP") as provided in the Coronavirus Aid, Relief and Economic Security Act and received $301 in funding for the Corporation's US subsidiaries. During the second quarter of 2021, the loan was fully forgiven and the Corporation recognized $301 as a reduction to employment costs. |
ACCOUNTS RECEIVABLE
ACCOUNTS RECEIVABLE | 12 Months Ended |
Dec. 31, 2021 | |
Trade and other receivables [abstract] | |
ACCOUNTS RECEIVABLE [Text Block] | 7. ACCOUNTS RECEIVABLE The Corporation's accounts receivable is comprised mainly of amounts owing to the Corporation by loyalty program partners for redemption and other services, and other amounts related to taxes. Accounts receivable in 2020 also included government subsidies receivable. Accounts receivable are comprised of: As at December 31 2021 2020 Trade accounts receivable $ 9,941 $ 2,752 Allowance for doubtful accounts (37 ) (169 ) Net trade accounts receivable 9,904 2,583 Other receivables 3,195 976 Accounts receivable $ 13,099 $ 3,559 The Corporation's exposure to credit and currency risks related to accounts receivable is disclosed in Note 20. |
PREPAID EXPENSES AND OTHER ASSE
PREPAID EXPENSES AND OTHER ASSETS | 12 Months Ended |
Dec. 31, 2021 | |
Prepaid Expenses And Other Assets [Abstract] | |
PREPAID EXPENSES AND OTHER ASSETS [Text Block] | 8. PREPAID EXPENSES, DEPOSITS AND OTHER ASSETS Prepaid expenses, deposits and other assets are comprised of: As at December 31 2021 2020 Prepaid expenses $ 1,805 $ 1,430 Deposits held with vendors 2,414 799 Foreign exchange forward contracts designated as cash flow hedges 118 827 Current portion of loyalty reward currency inventory 29 19 Prepaid expenses, deposits and current portion of other assets $ 4,366 $ 3,075 Non-current portion of loyalty reward currency inventory $ - $ 202 Other assets $ - $ 202 |
PROPERTY AND EQUIPMENT
PROPERTY AND EQUIPMENT | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of detailed information about property, plant and equipment [abstract] | |
PROPERTY AND EQUIPMENT [Text Block] | 9. PROPERTY AND EQUIPMENT The following is a continuity of the cost and accumulated depreciation and impairment losses of property and equipment for the year ended December 31, 2021: Computer Computer Furniture Leasehold Total Cost, beginning of year $ 4,708 $ 3,282 $ 1,216 $ 1,315 $ 10,521 Additions 604 274 24 2 904 Cost, end of year $ 5,312 $ 3,556 $ 1,240 $ 1,317 $ 11,425 Accumulated depreciation and impairment losses, beginning of year $ 4,045 $ 2,915 $ 1,063 $ 969 $ 8,992 Depreciation for the year 524 548 79 206 1,357 Accumulated depreciation and impairment losses, end of year $ 4,569 $ 3,463 $ 1,142 $ 1,175 $ 10,349 Carrying amounts as at December 31, 2021 $ 743 $ 93 $ 98 $ 142 $ 1,076 The following is a continuity of the cost and accumulated depreciation and impairment losses of property and equipment for the year ended December 31, 2020: Computer Computer Furniture & Leasehold Total Cost, beginning of year $ 4,504 $ 3,051 $ 1,207 $ 1,309 $ 10,071 Additions 204 231 9 6 450 Cost, end of year $ 4,708 $ 3,282 $ 1,216 $ 1,315 $ 10,521 Accumulated depreciation and impairment losses, beginning of year $ 3,453 $ 2,556 $ 961 $ 730 $ 7,700 Depreciation for the year 592 359 102 239 1,292 Accumulated depreciation and impairment losses, end of year $ 4,045 $ 2,915 $ 1,063 $ 969 $ 8,992 Carrying amounts as at December 31, 2020 $ 663 $ 367 $ 153 $ 346 $ 1,529 |
RIGHT OF USE ASSETS
RIGHT OF USE ASSETS | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure Of Quantitative Information About Rightofuse Assets Abstract | |
RIGHT OF USE ASSETS [Text Block] | 10. RIGHT-OF-USE ASSETS The following is a continuity of the cost and accumulated amortization and impairment losses of right-of-use assets for the year ended December 31, 2021: Office Office Equipment Total Cost, beginning of year $ 4,171 $ 86 $ 4,257 Additions 79 - 79 Cost, end of year $ 4,250 $ 86 $ 4,336 Accumulated amortization and impairment losses, beginning of year $ 2,366 $ 29 $ 2,395 Amortization for the year 945 16 961 Accumulated amortization and impairment losses, end of year $ 3,311 $ 45 $ 3,356 Carrying amounts as at December 31, 2021 $ 939 $ 41 $ 980 The following is a continuity of the cost and accumulated amortization of right of use assets and impairment losses for the year ended December 31, 2020: Office Office Equipment Total Cost, beginning of year $ 4,138 $ 86 $ 4,224 Additions 33 - 33 Cost, end of year $ 4,171 $ 86 $ 4,257 Accumulated amortization and impairment losses, beginning of year $ 1,151 $ 13 $ 1,164 Amortization for the year 1,065 16 1,081 Impairment loss 150 - 150 Accumulated amortization and impairment losses, end of year $ 2,366 $ 29 $ 2,395 Carrying amounts as at December 31, 2020 $ 1,805 $ 57 $ 1,862 |
INTANGIBLE ASSETS
INTANGIBLE ASSETS | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of detailed information about intangible assets [abstract] | |
INTANGIBLE ASSETS [Text Block] | 11. INTANGIBLE ASSETS The following is a continuity of the cost and accumulated amortization and impairment losses of intangible assets for the year ended December 31, 2021: Customer Domain (1) Technology (2) Other (1) Total Cost, beginning of year $ 8,500 $ 4,300 $ 24,001 $ 205 $ 37,006 Additions - - 880 - 880 Cost, end of year $ 8,500 $ 4,300 $ 24,881 $ 205 $ 37,886 Accumulated amortization and impairment losses, beginning of year $ 5,171 $ - $ 19,705 $ - $ 24,876 Amortization for the year 850 - 1,377 - 2,227 Impairment loss - - 428 - 428 Accumulated amortization and impairment losses, end of year $ 6,021 $ - $ 21,510 $ - $ 27,531 Carrying amounts as at December 31, 2021 $ 2,479 $ 4,300 $ 3,371 $ 205 $ 10,355 (1) Domain names and Other which includes patents and trademarks are deemed to have indefinite useful lives and are therefore not amortized. The Corporation's classification of certain intangible assets with indefinite useful lives is based on the expectation that these assets will continue to contribute to the Corporation's net cash inflows on an indefinite basis. The determination of these assets as having indefinite useful lives is based on judgment that includes an analysis of relevant factors, including the expected usage of the asset, anticipated renewal of the licenses, the typical life cycle of the asset and anticipated changes in the market demand for the products and services that the asset helps generate. (2) Technology includes technological assets acquired through acquisitions and internally developed software. The following is a continuity of the cost and accumulated amortization and impairment losses of intangible assets for the year ended December 31, 2020: Customer Domain (1) Technology (2) Other (1) Total Cost, beginning of year $ 8,500 $ 4,300 $ 22,164 $ 205 $ 35,169 Additions - - 1,837 - 1,837 Cost, end of year $ 8,500 $ 4,300 $ 24,001 $ 205 $ 37,006 Accumulated amortization and impairment losses, beginning of year $ 4,321 $ - $ 18,042 $ - $ 22,363 Amortization for the year 850 - 1,636 - 2,486 Impairment loss - - 27 - 27 Accumulated amortization and impairment losses, end of year $ 5,171 $ - $ 19,705 $ - $ 24,876 Carrying amounts as at December 31, 2020 $ 3,329 $ 4,300 $ 4,296 $ 205 $ 12,130 (1) Domain names and Other which includes patents and trademarks are deemed to have indefinite useful lives and are therefore not amortized. The Corporation's classification of certain intangible assets with indefinite useful lives is based on the expectation that these assets will continue to contribute to the Corporation's net cash inflows on an indefinite basis. The determination of these assets as having indefinite useful lives is based on judgment that includes an analysis of relevant factors, including the expected usage of the asset, anticipated renewal of the licenses, the typical life cycle of the asset and anticipated changes in the market demand for the products and services that the asset helps generate. (2) Technology includes technological assets acquired through acquisitions and internally developed software. Intangible Asset Impairment During the third quarter of 2021, Management identified impairment indicators for a finite-life intangible asset under development and concluded that the specific asset was impaired. The cause of the impairment was due to COVID-19 considerations resulting in a shift in product priorities with certain loyalty program partners during the pandemic. As at September 30, 2021, Management assessed the recoverability of this asset to be nil and recorded an impairment charge of $428. |
GOODWILL
GOODWILL | 12 Months Ended |
Dec. 31, 2021 | |
Changes in goodwill [abstract] | |
GOODWILL [Text Block] | 12. GOODWILL Cost Balance at January 1, 2020 $ 7,130 Additions - Impairments (1,449 ) Balance at December 31, 2020 $ 5,681 Additions - Impairments - Balance at December 31, 2021 $ 5,681 Impairment testing for cash-generating units In accordance with its accounting policy, the Corporation tests CGUs or groups of CGUs with indefinite life intangible assets and/or allocated goodwill for impairment as at December 31 of each calendar year or when an indicator of impairment is considered to exist. For the year ended December 31, 2021, Management has determined that the Corporation was operating as a single CGU. The entire balance of the goodwill and indefinite life intangible assets was allocated to the single CGU. Key Assumptions When assessing whether or not there is impairment, the Corporation determines the recoverable amount of a CGU based on value in use ("VIU"), the model which Management believes to result in a higher recoverable amount. VIU is estimated by discounting estimated future cash flows to their present value. Management estimates the discounted future cash flows and a terminal value. The future cash flows are based on estimates of expected future operating results of the CGU after considering economic conditions and a general outlook for the CGU's industry, including assumptions of when the travel industry will recover to pre-COVID levels. Discount rates consider market rates of return, debt to equity ratios and certain risk premiums, among other things. The terminal value is the value attributed to the CGU's operations beyond the projected time period of the cash flows using a perpetuity rate based on expected economic conditions and a general outlook for the industry. Management has made certain assumptions for the discount rates and terminal growth rates to reflect variations in expected future cash flows. These assumptions may differ or change quickly depending on economic conditions or other events. It is therefore possible that future changes in assumptions may negatively affect future valuations of the Corporation's CGU, which could result in impairment losses. Impairment testing for the cash-generating unit as at December 31, 2021 The table below provides an overview of the methods and assumptions that Management has used to determine recoverable amounts for the CGU and the carrying values of indefinite life intangible assets and goodwill within the CGU. (In thousands of Carrying Carrying value of Recoverable Period Terminal Pre-tax $5,681 $4,505 Value in Use 3 2.0% 18.4% The Corporation concluded that there was no impairment as at December 31, 2021 and December 31, 2020. Goodwill and CGU Impairment in Q2 2020 During the second quarter of 2020, it was determined that the recoverable amount for the legacy Points Travel CGU was lower than the carrying amount. As a result, the Corporation recorded an impairment charge of $1,798 in the second quarter of 2020, including the write-down of goodwill of $1,449, right-of-use assets of $150, prepaid expenses, deposits and other assets of $172 and intangible assets of $27. The Corporation determined the recoverable amount of the legacy Points Travel CGU as at June 30, 2020 based on the VIU method, which was calculated by discounting the future cash flows generated from continuing use. The Corporation included five years of cash flows in the model. The future cash flows were based on estimates of expected future operating results of the legacy Points Travel CGU after considering the current economic conditions and a general outlook for the travel industry. The cash flow forecasts were extrapolated beyond the five-year period using a terminal growth rate. Discount rates considered market rates of return, debt to equity ratios and certain risk premiums, among other things. The pre-tax discount rate used in the recoverable amount calculation was 23.4%. Given the high degree of uncertainty with the impact of COVID-19 at that time, Management used multiple, probability weighted cash flow projections in determining the recoverable amount of the legacy Points Travel CGU as at June 30, 2020. The primary cause for the impairment was the severe downturn in the travel industry as a result of the COVID-19 pandemic, operating results during the second quarter of 2020 that were lower than expectations, and updated travel industry forecasts that projected a longer recovery period than what was originally expected at the beginning of the pandemic. |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Dec. 31, 2021 | |
Major components of tax expense (income) [abstract] | |
INCOME TAXES [Text Block] | 13. INCOME TAXES For the year ended December 31 2021 2020 Current tax expense (recovery) Current year $ 769 $ (1,376 ) Prior years 284 46 Total current tax expense (recovery) $ 1,053 $ (1,330 ) Deferred tax recovery Current year movement in recognized temporary differences and losses (801 ) (97 ) Prior years (268 ) (33 ) Total deferred tax recovery $ (1,069 ) $ (130 ) Total income tax recovery $ (16 ) $ (1,460 ) Reconciliation of effective tax rate The total provision for income taxes differs from that amount which would be computed by applying the Canadian statutory income tax rate to income before income taxes. The reasons for these differences are as follows: For the year ended December 31 2021 2020 Income tax recovery at statutory rate of 26.5% (2020 - 26.5%) $ (95 ) $ (1,806 ) Increase in taxes resulting from: Non-deductible items 166 196 Other differences (87 ) 150 Income tax recovery $ (16 ) $ (1,460 ) Recognized deferred tax assets and liabilities Deferred tax assets and liabilities are attributable to the following: 2021 Deferred Tax Assets Deferred Tax Liabilities Forward exchange contracts $ 43 $ - Property and equipment and Intangible assets 2,623 (1,313 ) Share issuance costs and other reserves 471 - Leases 55 - Restricted Share Units 822 - Tax losses 478 - 4,492 (1,313 ) Reclassification (328 ) 328 $ 4,164 $ (985 ) 2020 Deferred Tax Assets Deferred Tax Liabilities Forward exchange contracts $ - $ (219 ) Property and equipment and Intangible assets 2,398 (1,564 ) Accrued liabilities 94 - Leases 120 - Restricted Share Units 322 - Tax losses 205 - 3,139 (1,783 ) Reclassification (52 ) 52 $ 3,087 $ (1,731 ) The Corporation has non-capital loss carry-forward for income tax purposes in the amount of approximately $1,801 (2020 - $772). Non-capital losses of $1,801 may be used to reduce future years' taxable income and expire starting in 2040. Management has concluded the deferred tax asset meets the relevant recognition criteria under IFRS. This conclusion is supported by Management's forecasts and the future reversal of existing taxable temporary differences, which are expected to produce sufficient taxable income to realize the deferred tax assets. Unrecognized deferred tax assets Deferred tax assets have not been recognized in respect of the following items: 2021 2020 Capital losses $ 1,385 $ 1,385 The capital losses of $10,456 (2020 - $10,456) can be carried forward indefinitely. Temporary differences associated with Points International Ltd. investments The temporary difference associated with the investments in the Corporation's subsidiaries is $2,755 (2020 - $2,688). A deferred tax liability associated with these investments has not been recognized as the Corporation controls the timing of the reversal and it is probable that the temporary difference will not reverse in the foreseeable future. As at December 31, 2021 and 2020, no deferred tax liability was recognized for taxes that would be payable on the unremitted earnings of certain subsidiaries of Points International Ltd. as the Corporation has determined that the undistributed profits of its subsidiaries will not be distributed in the foreseeable future. |
LEASE LIABILITIES
LEASE LIABILITIES | 12 Months Ended |
Dec. 31, 2021 | |
Lease liabilities [abstract] | |
LEASE LIABILITIES [Text Block] | 14. LEASE LIABILITIES Reconciliation of movements of lease liabilities to cash flows arising from financing activities: 2021 2020 Balance, beginning of year $ 2,292 $ 3,532 New leases 79 33 Interest expense 91 144 Interest paid (91 ) (144 ) Payment of principal portion of lease liabilities (1,231 ) (1,293 ) Effect of changes in foreign exchange rates 23 20 Balance, end of year $ 1,163 $ 2,292 During 2021, the expense related to variable lease payments not included in the measurement of lease obligations was $881 (2020 - $835). The following table sets out a maturity analysis of lease payments, showing the undiscounted lease payments to be made as at December 31, 2021 and 2020: 2021 2020 Year 1 $ 1,165 $ 1,243 Year 2 19 1,138 Year 3 9 19 Year 4 - 9 Year 5+ - - Total undiscounted lease payments $ 1,193 $ 2,409 Carrying value of lease liabilities $ 1,163 $ 2,292 |
OTHER LIABILITIES
OTHER LIABILITIES | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure Of Other Liabilities [Abstract] | |
OTHER LIABILITIES [Text Block] | 15. OTHER LIABILITIES As at December 31 2021 2020 Foreign exchange forward contracts designated as cash flow hedges $ 282 $ - Current portion of deferred revenue 1,184 546 Other liabilities - 301 Current portion of other liabilities $ 1,466 $ 847 Non-current portion of deferred revenue 29 57 Non-current portion of other liabilities 5 - Other liabilities $ 34 $ 57 Deferred Revenue The following table presents changes in the deferred revenue balances during 2021 and 2020: 2021 2020 Balance, beginning of year $ 603 $ 891 Amounts invoice d and revenue deferred 5,404 3,209 Recognition of deferred revenue (4,794 ) (3,497 ) Balance, end of year $ 1,213 $ 603 |
CAPITAL AND OTHER COMPONENTS OF
CAPITAL AND OTHER COMPONENTS OF EQUITY | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure Of Capital And Other Components Of Equity [Abstract] | |
CAPITAL AND OTHER COMPONENTS OF EQUITY [Text Block] | 16. CAPITAL AND OTHER COMPONENTS OF EQUITY Share Offering In March 2021, the Corporation completed an underwritten public offering of 1,687,510 common shares at a price of CAD $18.75 per common share, for aggregate gross proceeds of $25,129 (CAD $31,641), which included 220,110 common shares purchased by the underwriters pursuant to the exercise of the over-allotment option. The total net proceeds of the equity financing was $23,275, after deducting underwriters' fees and other share issuance costs of the offering of $1,854. Accumulated other comprehensive income Accumulated other comprehensive income is comprised of the unrealized gains/losses on cash flow hedges and the cumulative translation adjustment for the translation of subsidiary accounts where non-USD functional currency balances are translated to the functional currency of the Corporation. The hedging reserve comprises the effective portion of the cumulative net change in the fair value of cash flow hedging instruments related to hedging transactions that have not yet settled. Normal Course Issuer Bid ("NCIB") The Board of Directors of the Corporation approved a plan to repurchase the Corporation's common shares. On August 14, 2019, the NCIB program was renewed with a total of 679,034 shares to be repurchased under this 2019 plan (the "2019 Repurchase"), representing 5% of the Corporation's 13,580,692 shares issued and outstanding as of July 31, 2019. The Corporation entered into an automatic share purchase plan with a broker in order to facilitate the 2019 Repurchase. On September 9, 2020, the NCIB program was renewed with a total of 661,370 shares to be repurchased under this 2020 plan, representing 5% of the Corporation's 13,227,407 shares issued and outstanding as of August 31, 2020. The Corporation entered into an automatic share purchase plan with a broker to facilitate potential repurchases. On September 9, 2021, the NCIB program was renewed with a total of 746,992 shares to be repurchased under this 2021 plan, representing 5% of the Corporation's 14,939,842 shares issued and outstanding as of August 31, 2021. The Corporation entered into an automatic share purchase plan with a broker to facilitate potential repurchases. The primary purpose of the NCIB repurchases is for cancellation. Under the automatic share purchase plan, the Corporation may repurchase shares at times when the Corporation would ordinarily not be permitted to due to regulatory restrictions or self-imposed blackout periods. Repurchases will be made from time to time at the brokers' discretion, based upon parameters prescribed by the Corporation's written agreement. Repurchases may be effected through the facilities of the TSX, the NASDAQ or other alternative trading systems in the United States and Canada. The actual number of common shares purchased and the timing of such purchases will be determined by the broker considering market conditions, stock prices, the Corporation's cash position and other factors. During the year ended December 31, 2021, the Corporation did not repurchase and cancel any common shares under its NCIB program. During the year ended December 31, 2020, the Corporation repurchased and cancelled 67,483 common shares at an aggregate purchase price of $1,042, resulting in a reduction of share capital and contributed surplus of $238 and $804, respectively. |
LOSS PER SHARE
LOSS PER SHARE | 12 Months Ended |
Dec. 31, 2021 | |
Earnings per share [abstract] | |
LOSS PER SHARE [Text Block] | 17. LOSS PER SHARE The following table sets forth the computation of basic and diluted loss per share: For the year ended December 31 2021 2020 Net loss available to common shareholders for basic and diluted loss per share $ (344 ) $ (5,357 ) Weighted average number of common shares outstanding - basic 14,524,591 13,222,707 Effect of dilutive securities - - Weighted average number of common shares outstanding - diluted 14,524,591 13,222,707 Loss per share - reported Basic $ (0.02 ) $ (0.41 ) Diluted $ (0.02 ) $ (0.41 ) Diluted loss per share represents the net loss per share if instruments convertible into common shares had been converted at the beginning of the period, or at the time of issuance, if later. In determining diluted earnings per share, the weighted average number of common shares outstanding is increased by the number of shares that would have been issued if all share options with an issue price below the average share price for the period had been exercised at the beginning of the period, or at the time of issuance, if later. The weighted average number of common shares outstanding is also decreased by the number of common shares that could have been repurchased on the open market at the average share price for the period by using the proceeds from the exercise of share options. Share options with a strike price above the average share price for the period are not adjusted because including them would be anti-dilutive. As at December 31, 2021, 997,200 options (2020 - 1,021,156) were excluded from the diluted weighted average number of common shares outstanding calculation as their effect would have been anti-dilutive. The average market value of the Corporation's shares for purposes of calculating the dilutive effect of share options was based on quoted market prices for the period during which the options were outstanding. |
LONG TERM DEBT
LONG TERM DEBT | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of detailed information about borrowings [abstract] | |
LONG TERM DEBT [Text Block] | 18. LONG TERM DEBT On December 10, 2019, the Corporation entered into a $50,000 senior secured revolving credit facility with the Royal Bank of Canada and the Bank of Nova Scotia. The credit facility is available for general corporate purposes, including the financing of working capital, capital expenditures and acquisitions. This credit facility has a three-year maturity with no fixed repayment dates prior to the end of the three-year term ending December 10, 2022. Depending on the type of advance, interest rates under the credit facility are based on Canada prime rate, US base rate, Bankers' Acceptance (BA), London Interbank Offered Rate (LIBOR) or Euro Interbank Offered Rate (EURIBOR) plus an additional 0.75% to 2.00%. On November 23, 2020, the Corporation entered into an agreement with the lenders to amend the existing senior secured credit facility (the "Amendment"). Under the terms of the Amendment, the financial covenants which included the net senior leverage ratio, the interest coverage ratio, and the fixed charge coverage ratio were replaced through to June 30, 2021 with a minimum Adjusted EBITDA and a minimum liquidity test, with the Corporation agreeing to extend the Minimum Adjusted EBITDA test two additional quarters. Under the Amendment, the Corporation also agreed to reduce the facility size from $50,000 to $40,000. The Corporation also agreed to not initiate any purchases under the NCIB program and to restrict payments related to the RSU plan up to June 30, 2021. The amended credit facility also included an anti-cash hoarding clause, which required a repayment of excess cash borrowings when the Corporation's unrestricted cash and cash equivalents, plus amounts receivable from payment processors less amounts owing to loyalty partners, exceeds $25,000. Beginning in the third quarter of 2021, this amount was increased to $30,000. On November 10, 2021, the Corporation entered into an agreement with the lenders to further amend the senior secured credit facility to revise the Minimum Adjusted EBITDA requirement for the fourth quarter of 2021. Under the Amendment on November 23, 2020, the Corporation has negotiated with the lenders to replace London Interbank Offered Rate (LIBOR) with the Secured Overnight Financing Rate (SOFR) as the recommended benchmark replacement. Drawdowns and advances under the amended credit facility are based on Canada prime rate, US base rate, Bankers' Acceptance (BA), Secured Overnight Financing Rate (SOFR) or Euro Interbank Offered Rate (EURIBOR) plus an additional 1.75% to 2.75%. As at December 31, 2020, the Corporation had a one month LIBOR Advance of $15,000 outstanding at an interest rate of 2.94% under the credit facility. At the end of the fourth quarter of 2020, the Corporation's cash levels increased to an amount which triggered a repayment of $3,500 under the anti-cash hoarding clause of the amended credit facility. This repayment was made subsequent to the 2020 year end and was presented as current portion of long term debt on the consolidated statements of financial position as at December 31, 2020. The remaining balance of $11,500 was recorded as long term debt on the consolidated statements of financial position and was subsequently repaid during the first quarter of 2021. For the remainder of the year and as at December 31, 2021, the Corporation did not have any borrowings on the senior secured credit facility. The Corporation was in compliance with all applicable covenants under the amended credit facility agreement as at December 31, 2021 and 2020. Capital management The Corporation's financial strategy is designed and formulated to maintain a flexible capital structure to allow the Corporation the ability to respond to changes in economic conditions and the risk characteristics of the underlying assets. In order to maintain or adjust its capital structure, the Corporation could issue new shares, repurchase shares, approve regular or special dividends or issue debt. The above noted credit facility provides the Corporation with additional financial flexibility. The Corporation's senior management is responsible for managing capital through regular reviews of financial information to ensure sufficient resources are available to meet operating requirements and investments to support its long term growth strategy. The Board of Directors is responsible for overseeing this process. The Corporation's financing and refinancing decisions are made on a specific transaction basis and depend on such things as the Corporation's needs and market and economic conditions at the time of the transaction. The Corporation may invest in long or short term investments depending on liquidity requirements. The Corporation does not have any externally imposed capital compliance requirements other than those required to maintain its credit facility. |
SHARE-BASED COMPENSATION
SHARE-BASED COMPENSATION | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure Of Share Based Payments [Abstract] | |
SHARE-BASED COMPENSATION [Text Block] | 19. SHARE-BASED COMPENSATION As at December 31, 2021, the Corporation had two share-based compensation plans for its employees: a share option plan and a share unit plan. Share option plan Under the share option plan, employees are periodically granted options to purchase common shares at prices not less than the market price of the common shares on the day prior to the date of grant. The fair value of each option grant is estimated at the date of grant using the Black-Scholes option pricing model. Expected volatility is determined by the amount the Corporation's daily share price fluctuated over a period commensurate with the expected life of the options. During the year ended 2021 and 2020, the Corporation did not grant any options under this plan. During the year ended December 31, 2021, the Corporation recognized expense of $381 related to its share option plan. In 2020, the adverse impact of COVID-19 pandemic on the business has adversely affected the probability of achieving certain performance thresholds of the performance options previously granted. During the first and the fourth quarters of 2020, the Corporation used the modified grant-date method and reassessed the probability of achieving the specified performance metrics for the performance options based on the most likely outcome, which resulted in a recovery of share option expense for 2020. During 2020, the Corporation recognized a recovery of employment costs of $464 related to its share option plan. Subsequent to the year ended December 31, 2021, the Corporation modified certain non-market performance conditions of its performance option plan. The Corporation accounted for the modification, which will result in a one-time additional share option expense adjustment in the approximate range of $1.3 million to $1.7 million relating to 2021 and prior years, to be recorded in the first quarter of 2022. The share option plan authorized the number of options for grant to be determined based on 10% of the larger of the outstanding shares as at March 2, 2016 or any time thereafter. The options available for grant as at December 31, 2021 and 2020 are shown in the table below: December 31, 2021 December 31, 2020 Shares outstanding as at March 2, 2016 15,298,602 15,298,602 Percentage of shares outstanding 10% 10% Number of options authorized 1,529,860 1,529,860 Less: options issued & outstanding (997,200 ) (1,021,156 ) Options available for grant 532,660 508,704 As at December 31, 2021, 997,200 performance options were outstanding (2020 - 997,200 performance options and 23,956 options). A summary of the status of the Corporation's share option plan as of December 31, 2021 and 2020, and changes during the years ended on those dates is presented below. 2021 2020 Number Weighted Average (in CAD$) Number of Weighted Average Beginning of year 1,021,156 $ 14.54 1,321,288 $ 14.26 Exercised (23,956 ) $ 10.50 (150,511 ) $ 12.19 Expired and forfeited - - (149,621 ) $ 14.46 End of year 997,200 $ 14.63 1,021,156 $ 14.54 Exercisable at end of year - - 23,956 $ 10.50 For the year ended December 31, 2021: Options outstanding Options exercisable Range of Number of Weighted average Weighted Number Weighted $10.00 to $14.99 745,200 2.95 $ 13.93 - - $15.00 to $19.99 252,000 3.63 $ 16.72 - - 997,200 - For the year ended December 31, 2020: Options outstanding Options exercisable Range of Number of Weighted average Weighted Number Weighted $5.00 to $9.99 14,570 0.19 $ 9.89 14,570 $ 9.89 $10.00 to $14.99 754,586 3.91 $ 13.90 9,386 $ 11.45 $15.00 to $19.99 252,000 4.63 $ 16.72 - - 1,021,156 23,956 Share unit plan During 2021, 287,431 share units were granted (2020 - 522,231). As at December 31, 2021, 526,191 RSUs and 39,244 PSUs were outstanding, respectively (2020 - 570,126 RSUs and no PSUs). During 2021, the Corporation recognized employment costs of $6,272 (2020 - $3,593) related to its share unit plan. Number of Share Units Weighted Average Fair Value (in CAD$) Balance at January 1, 2021 570,126 $15.06 Granted 287,431 $17.67 Vested (301,137) $14.26 Forfeited (30,229) $14.85 Balance at December 31, 2021 526,191 $16.95 Number of Share Units Weighted Average Fair Value (in CAD$) Balance at January 1, 2020 496,942 $14.63 Granted 522,231 $15.36 Vested (400,490) $14.99 Forfeited (48,557) $14.53 Balance at December 31, 2020 570,126 $15.06 Under the Share Unit Plan, share units can be settled in cash or shares at the Corporation's discretion. The Corporation intends to settle all share units in equity at the end of the vesting period. To fulfill this obligation, the Corporation has appointed a trustee to administer the program and purchase shares from the open market through a share purchase trust on a periodic basis. During 2021, 188,000 shares (2020 - nil nil |
FINANCIAL INSTRUMENTS
FINANCIAL INSTRUMENTS | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of detailed information about financial instruments [abstract] | |
FINANCIAL INSTRUMENTS [Text Block] | 20. FINANCIAL INSTRUMENTS The Corporation has exposure to the following risks from its use of financial instruments: • credit risk • liquidity risk • market risk This note presents information about the Corporation's exposure to each of the above risks, the Corporation's objectives, policies and processes for measuring and managing risk, and the Corporation's management of capital. Further quantitative disclosures are included throughout these consolidated financial statements. Risk management framework The Board of Directors has overall responsibility for the establishment and oversight of the Corporation's risk management framework. The Corporation's risk management policies are established to identify and analyze the risks faced by the Corporation, to set appropriate risk limits and controls, and to monitor risks and adherence to limits. Risk management policies and systems are reviewed regularly to reflect changes in market conditions and the Corporation's activities. The Corporation, through its training and management standards and procedures, aims to develop a disciplined and constructive control environment in which all employees understand their roles and obligations. The Corporation's Audit Committee oversees how Management monitors compliance with the Corporation's risk management policies and procedures and reviews the adequacy of the risk management framework in relation to the risks faced by the Corporation. Credit risk Credit risk is the risk of financial loss to the Corporation if a customer or counterparty to a financial instrument fails to meet its contractual obligations and arises principally from the Corporation's receivables from customers. The Corporation's cash and cash equivalents and cash held in trust also subject the Corporation to credit risk. The Corporation has term deposits, consistent with its practice of protecting its capital rather than maximizing investment yield. The Corporation manages credit risk by investing in cash equivalents and term deposits from financial institutions rated at BBB or R1 or above. The Corporation, in the normal course of business, is exposed to credit risk from its customers and the accounts receivable are subject to normal industry risks. The Corporation usually provides various loyalty currency services to loyalty program partners which normally results in an amount payable to the loyalty program partner in excess of the amount held in accounts receivable, which mitigates the credit risk. The Corporation also manages and analyzes its accounts receivable on an ongoing basis and hence the Corporation's exposure to bad debts has not been significant. The aging of accounts receivable as at December 31, 2021 and 2020 are as follows: December 31, 2021 December 31, 2020 Current $ 9,509 $ 1,990 Past due 31-60 days 160 328 Past due 61-90 days 90 34 Past due 91-120 days 32 24 Past due over 120 days 150 376 Trade accounts receivable 9,941 2,752 Less allowance for doubtful accounts (37 ) (169 ) Net trade accounts receivable 9,904 2,583 Other receivables 3,195 976 Accounts receivable $ 13,099 $ 3,559 The following table provides the change in allowance for doubtful accounts for trade accounts receivable: 2021 2020 Balance, beginning of year $ 169 $ 188 Reversal of doubtful accounts (17 ) (13 ) Bad debts written off, net of recoveries (115 ) (6 ) Balance, end of year $ 37 $ 169 The provision for (recovery of) doubtful accounts has been included in General and administrative expenses in the consolidated statements of comprehensive loss and is net of any recoveries of amounts that were provided for in a prior period. The carrying amount of the Corporation's current financial assets represent its maximum exposure to credit risk. Liquidity risk Liquidity risk is the risk that the Corporation will encounter difficulty in meeting the obligations associated with its financial liabilities that are settled by delivering cash or another financial asset. The Corporation actively maintains access to adequate funding sources to ensure it has sufficient available funds to meet current and foreseeable financial requirements at a reasonable cost. The following table summarizes the carrying amount and the contractual maturities of both the interest and principal portion of significant financial liabilities as at December 31, 2021 and 2020: Contractual Cash Flow Maturities As at December 31, 2021 Carrying Total Within 1 1 year 3 years Accounts payable and accrued liabilities $ 9,307 $ 9,307 $ 9,307 $ - $ - Income taxes payable 1,560 1,560 1,560 - - Payable to loyalty program partners 75,275 75,275 75,275 - - $ 86,142 $ 86,142 $ 86,142 $ - $ - Contractual Cash Flow Maturities As at December 31, 2020 Carrying Total Within 1 1 year 3 years Accounts payable and accrued liabilities $ 5,766 $ 5,766 $ 5,766 $ - $ - Income taxes payable 489 489 489 - - Payable to loyalty program partners 50,629 50,629 50,629 - - Long term debt including interest payments (1) 15,000 15,522 3,502 12,020 - $ 71,884 $ 72,406 $ 60,386 $ 12,020 $ - 1 Interest on long term debt is based on LIBOR and SOFR rate as at year end 2020, which represents Management's best estimate based on information available. Management believes that cash on hand, future cash flows generated from operations and availability of current and future funding will be adequate to repay these financial liabilities when they become due. Market risk Market risk is the risk that changes in market prices, such as foreign exchange rates and interest rates, will affect the Corporation's cash flows or the value of its holdings of financial instruments. The objective of market risk management is to manage and control market risk exposures within acceptable parameters, while optimizing the return. Currency risk The Corporation has customers and suppliers that transact in currencies other than the USD which gives rise to a risk that earnings and cash flows may be adversely affected by fluctuations in foreign currency exchange rates. The Corporation is primarily exposed to the Canadian dollar, the Euro, Japanese Yen and the British Pound. The Corporation has entered into foreign exchange forward contracts to reduce the foreign exchange risk with respect to Canadian dollar denominated disbursements. Revenues earned from the Corporation's partners based in Canada are contracted in and paid in Canadian dollars. The Corporation uses these funds to fund the Canadian operating expenses thereby reducing its exposure to foreign currency fluctuations. As at December 31, 2021, forward contracts with a notional value of $25,417 (December 31, 2020 - $18,830), and in a net liability position of $164 (2020 - net asset position of $827), with settlement dates extending to December 2022, have been designated as cash flow hedges for hedge accounting treatment under IFRS 9, Financial Instruments The change in fair value of derivatives designated as cash flow hedges is recognized in OCI, except for any ineffective portion, which is recognized immediately in the foreign exchange gain or loss. As at December 31, 2021 and 2020, all hedges were considered effective. Realized gains and losses in accumulated other comprehensive income are reclassified to profit or loss in the same period as the corresponding hedged items are recognized in income. In 2021, total realized gains of $1,134 were reclassified to profit or loss for Canadian dollar currency hedges (2020 - $384 total realized losses). The carrying amount of hedging derivatives designated in cash flow hedges that mature within one year is included in prepaid expenses, deposits and other assets and/or current portion of other liabilities. The Corporation holds balances in foreign currencies that give rise to exposure to foreign exchange risk. In general and strictly relating to the foreign exchange ("FX") gain or loss of translating certain non-USD balance sheet accounts, a strengthening US dollar will lead to an FX loss on assets and a gain on liabilities and vice versa. Sensitivity to a +/- 10% movement in all currencies held by the Corporation versus the USD would affect the Corporation's income before tax by $394 (2020 - $985) excluding the effect of hedging. Significant balances denominated in foreign currencies that are considered financial instruments are as follows: As at December 31, 2021 CAD GBP EUR JPY FX Rates used to translate to USD 0.78588 1.34973 1.13249 0.00869 Balances below in source currency (in thousands) Financial assets Cash and cash equivalents 5,403 1,815 8,968 52,645 Cash held in trust 1,816 - - - Funds receivable from payment processors 45 112 1,413 4,762 Accounts receivable 775 239 197 60,181 8,039 2,166 10,578 117,588 Financial liabilities Accounts payable and accrued liabilities 7,216 269 224 23,003 Payable to loyalty program partners 1,126 1,254 8,540 4,515 8,342 1,523 8,764 27,518 As at December 31, 2020 CAD GBP EUR JPY FX Rates used to translate to USD 0.7849 1.3663 1.2278 0.009701 Balances below in source currency (in thousands) Financial assets Cash and cash equivalents 6,692 4,825 5,680 67,097 Cash held in trust 357 - - - Funds receivable from payment processors 29 306 1,070 11,482 Accounts receivable 1,428 188 55 25,497 8,506 5,319 6,805 104,076 Financial liabilities Accounts payable and accrued liabilities 3,697 365 34 725 Payable to loyalty program partners 476 2,896 5,114 14,058 4,173 3,261 5,148 14,783 Interest rate risk The Corporation believes that a sudden change in market interest rates would not result in any significant impact on the results of operations or cash flows, due to the short-term nature of the investments. Determination of fair value For financial assets and liabilities that are valued at other than fair value on the consolidated statement of financial position (funds receivable from payment processors, accounts receivable, accounts payable and accrued liabilities and payable to loyalty program partners), fair value approximates the carrying value as at December 31, 2021 and 2020 due to their short-term maturities. The fair value of long-term debt approximates its carrying value as at December 31, 2020. A number of the Corporation's accounting policies and disclosures require the determination of fair value, for both financial and non-financial assets and liabilities. Fair values have been determined for measurement and/or disclosure purposes based on the following methods. When applicable, further information about the assumptions made in determining fair values is disclosed in the notes specific to that asset or liability. Derivatives The fair value of forward exchange contracts is based on valuations received from the derivative counterparty, which Management evaluates for reasonability. Fair values reflect the credit risk of the instrument and include adjustments to take into account the credit risk of the Corporation and the derivative counterparty when appropriate. Fair value hierarchy The Corporation has determined the estimated fair values of its financial instruments based on appropriate valuation methodologies, as disclosed below. However, considerable judgment is required to develop certain of these estimates. Accordingly, these estimated values are not necessarily indicative of the amounts the Corporation could realize in a current market exchange. The estimated fair value amounts can be materially affected by the use of different assumptions or methodologies. The methods and assumptions used to estimate the fair value of each class of financial instruments are discussed below. The table below analyzes financial instruments carried at fair value, by valuation method. The different levels have been defined as follows: • Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities • Level 2: inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e., as prices) or indirectly (i.e., derived from prices) • Level 3: inputs for the asset or liability that are not based on observable market data (unobservable inputs). Quoted market prices for an identical asset or liability represent a Level 1 valuation. When quoted market prices are not available, the Corporation maximizes the use of observable inputs within valuation models. When all significant inputs are observable, the valuation is classified as Level 2. Valuations that require the use of significant unobservable inputs are considered Level 3. The carrying value of financial assets and financial liabilities measured at fair value in the consolidated statement of financial position as at December 31, 2021 and 2020 are as follows: 2021 Carrying Value Level 2 Assets: Foreign exchange forward contracts designated as cash flow hedges (i) $ 118 $ 118 Liabilities: Foreign exchange forward contracts designated as cash flow hedges (i) (282 ) (282 ) $ (164 ) $ (164 ) 2020 Carrying Value Level 2 Assets: Foreign exchange forward contracts designated as cash flow hedges (i) $ 827 $ 827 $ 827 $ 827 (i) The carrying values of the Corporation's foreign exchange forward contracts are included in prepaid expenses, deposits and other assets and/or current portion of other liabilities in the consolidated statements of financial position. There were no material financial instruments categorized in Level 1 or Level 3 as at December 31, 2021 and December 31, 2020 and there were no transfers of fair value measurement between Levels 2 and 3 of the fair value hierarchy in the respective periods. |
GUARANTEES AND COMMITMENTS
GUARANTEES AND COMMITMENTS | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure Of Detail Information About Guarantees And Commitments [Abstract] | |
GUARANTEES AND COMMITMENTS [Text Block] | 21. GUARANTEES AND COMMITMENTS Total Year 1 ( 2 ) Year 2 Year 3 Year 4 Year 5+ Revenue guarantees to loyalty partners (1) $ 418,696 $ 164,658 $ 167,225 $ 86,813 $ - $ - Unconditional Purchase obligations (3) $ 1,858 $ 994 $ 756 $ 108 $ - $ - (1) (2) (3) |
SUPPLEMENTAL CASH FLOW INFORMAT
SUPPLEMENTAL CASH FLOW INFORMATION | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure Of Supplemental Cash Flow Information [Abstract] | |
SUPPLEMENTAL CASH FLOW INFORMATION [Text Block] | 22. SUPPLEMENTAL CASH FLOW INFORMATION Changes in non-cash balances related to operations are as follows: For the year ended December 31 2021 2020 (Increase) Decrease in funds receivable from payment processors $ (1,946 ) $ 8,507 (Increase) Decrease in accounts receivable (9,540 ) 18,305 Decrease (Increase) in prepaid taxes 1,555 (1,566 ) Increase in prepaid expenses, deposits and other assets (1,291 ) (1,094 ) Decrease in other assets 202 14 Increase (Decrease) in accounts payable and accrued liabilities 3,579 (8,031 ) Increase (Decrease) in income taxes payable 1,071 (1,837 ) Increase in other liabilities 596 12 Increase (Decrease) in payable to loyalty program partners 24,646 (27,641 ) $ 18,872 $ (13,331 ) |
RELATED PARTIES
RELATED PARTIES | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of transactions between related parties [abstract] | |
RELATED PARTIES [Text Block] | 23. RELATED PARTIES Transactions with key management personnel Compensation In addition to their salaries, the Corporation also provides non-cash benefits to directors and executive officers. Directors and executive officers participate in the Corporation's share-based compensation plans (Refer to Note 19). Key management personnel compensation comprised the following: For the year ended December 31 (In thousands of Canadian dollars) 2021 2020 Short-term employee salaries and benefits $ 2,336 $ 2,727 Share-based compensation 5,068 2,572 Total compensation $ 7,404 $ 5,299 |
RECLASSIFICATION OF EXPENSES
RECLASSIFICATION OF EXPENSES | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of reclassifications or changes in presentation [abstract] | |
RECLASSIFICATION OF EXPENSES [Text Block] | 24. RECLASSIFICATION OF EXPENSES During the first quarter of 2021, the Corporation updated its expense classification to align the presentation with how Management views the business internally and to make its reporting more relevant and comparable to other technology enabled platform companies. The prior period comparatives have been reclassified to conform to the current period presentation. As part of this reclassification, Foreign exchange gain/loss is no longer included in Total operating expenses. The reclassification did not result in a change in Income (Loss) before income taxes. Under the current presentation, Employment costs, Marketing and communications, Technology services and Other operating expenses are now reclassified as Sales and marketing, Research and development and General and administrative. Sales and marketing Sales and marketing expenses consist primarily of employment costs, including share-based compensation expense and other personnel related expenses, for business development, marketing, account management, data analytics, partner delivery and other partner and customer facing functions. Other costs within sales and marketing include travel-related expenses, marketing agency and brand management costs, certain corporate overhead allocations and other general marketing expenses. Research and development Research and development expenses consist primarily of employment costs, including share-based compensation expense and other personnel related expenses, for product-related functions including product management, engineering, web design and development and product delivery resources. These costs also include certain corporate overhead allocations. General and administrative General and administrative expenses consist of employment costs, including share-based compensation expense and other personnel related expenses, for finance, accounting and treasury, legal, human resources, and the majority of the executive team. These costs also include corporate insurance, certain professional fees and software license costs, and other general corporate expenses. The following are the classification of expenses for the year ended December 31, 2020 under the previous and current presentations. Previous presentation: For the year ended December 31 2020 OPERATING EXPENSES Employment costs $ 24,659 Marketing and communications 1,220 Technology services 2,767 Depreciation and amortization 4,859 Foreign exchange gain (671 ) Other operating expenses 6,724 Impairment charges 1,798 Total Operating Expenses $ 41,356 Current presentation: For the year ended December 31 2020 OPERATING EXPENSES Sales and marketing $ 14,242 Research and development 10,725 General and administrative 10,403 Depreciation and amortization 4,859 Impairment charges 1,798 Total Operating Expenses $ 42,027 Foreign exchange gain (671 ) $ 41,356 |
SIGNIFICANT ACCOUNTING POLICI_2
SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements [Abstract] | |
New standards adopted in 2020 [Policy Text Block] | (a) New standards adopted in 2021 The following amendments to IFRS are effective from January 1, 2021, but they did not have a material impact on the Corporation's consolidated financial statements: Interest Rate Benchmark Reform - Phase 2 In August 2020, the IASB issued additional amendments to IFRS 9, Financial Instruments, IFRS 7, Financial Instruments: Disclosures, IFRS 4, Insurance Contracts, and IFRS 16, Leases. The objective of these amendments is to address issues that might affect financial reporting as a result of the reform of an interest rate benchmark, including the effects of changes to contractual cash flows or hedging relationships arising from the replacement of an interest rate benchmark with an alternative benchmark rate. The amendments provide practical relief from certain requirements in IFRS 9, IFRS 7, IFRS 4 and IFRS 16. As at January 1, 2021, the Corporation had $15,000 borrowings on its London Interbank Offered Rate ("LIBOR") secured credit facility, which were fully repaid during the first quarter of 2021. The Corporation continues to have access to this facility and did not have any borrowings as at December 31, 2021. Commencing 2022, Secured Overnight Financing Rate ("SOFR") is the recommended interest rate benchmark by the Corporation's lenders to replace LIBOR. There was no material impact on the Corporation's consolidated financial statements as a result of applying the amendments. Refer to Note 18. |
Revenue recognition [Policy Text Block] | (b) Revenue recognition The Corporation's revenue is categorized as principal revenue or other partner revenue and is primarily generated through the sale of loyalty currencies, through services provided to loyalty partners' program members, and through white-labelled technology-enabled solutions and marketing services provided to partners. Contracts with customers The Corporation records revenue from contracts with customers in accordance with the five steps in IFRS 15, Revenue from Contracts with Customers, as follows: 1. Identify the contract with a customer; 2. Identify the performance obligations in the contract; 3. Determine the transaction price, which is the amount the Corporation expects to be entitled to; 4. Allocate the transaction price among the performance obligations in the contract based on their relative stand-alone selling prices; and 5. Recognize revenue when or as the goods or services are transferred to the customer. Principal versus Agent When deciding the most appropriate basis for presenting revenue on either a gross or net basis, both the legal form and substance of the agreements between the Corporation, its partners and their program members are reviewed to determine each party's respective role in the transaction. Where the Corporation's role in a transaction is that of a principal, revenue is recognized on a gross basis, where the gross value of the transaction billed to the customer is recognized as Principal revenue and the costs incurred to purchase the points or miles sold in the transaction are recognized as direct cost of revenue. When the Corporation's role in a transaction is that of an agent, revenue is recognized on a net basis with revenue approximating the margin earned and is recorded in other partner revenue in the consolidated statements of comprehensive loss. This determination of whether the Corporation is acting as principal or agent requires the exercise of judgment. In making this assessment, Management considers whether the Corporation: • acts on behalf of the loyalty partner or the program member in identifying the customer in certain arrangements; • controls the good or service being provided, prior to it being transferred to the customer; • has primary responsibility for providing the goods and service to the customer; • has inventory risk before or after the customer order; and • has discretion in establishing prices for the specified goods and services. The interpretation of key terms in the Corporation's revenue contracts requires the exercise of judgement. Principal Revenue Principal revenue groups together several streams of revenue that the Corporation realizes in delivering goods or services to customers. The following is a list of revenue streams and the related revenue recognition policy. (i) Reseller revenue is transactional revenue for the sale of loyalty currencies that occurs in contracts for which the Corporation is the principal in the sale of loyalty currencies to loyalty program members. The performance obligation is satisfied on completion of the transaction which transfers control of the loyalty currency to the member, which aligns with the point in time when payment is received. The Corporation's role as the principal in the transaction is determined by the contractual arrangements in place with the loyalty program partner and their members. In this instance, the Corporation has determined that it obtains control of the loyalty currency prior to transferring it to the member. Other factors considered in making the determination include whether the Corporation assumes inventory risk, is primarily responsible for fulfilling the promise to provide the specified good, and has discretion in establishing the prices for the specified goods. (ii) Service revenue is transactional revenue for services provided to loyalty program partners or their members, such as the transfer or reinstatement of loyalty currencies. This also includes transactional revenue for services provided through technology-enabled solutions to partners. The Corporation has determined that it controls the service. Other factors considered in making the determination include whether the Corporation is primarily responsible for fulfilling the promise to provide the specified service, or has discretion in establishing the fees for the specified service. Transfer, reinstate, and other services provided through technology-enabled solutions are recognized at the point in time the transaction is completed, which also approximates when payment is received. (iii) Hosting services are provided to loyalty program partners throughout the term of the loyalty program partner agreement. The hosting services begin, and hence revenue recognition commences when the loyalty program partner website is functional. Revenue is recognized on a straight-line basis over the life of the term of the partner agreement. Costs that relate directly to the contract are capitalized to the extent that they are expected to be recovered and are amortized as the services are transferred. Other Partner Revenue Other partner revenue is primarily transactional revenue for facilitating the sale of loyalty currencies or other goods or services to loyalty programs and their members for which the Corporation takes an agency role. It also includes certain transactions related to earning or redeeming loyalty currency facilitated by the Corporation on behalf of loyalty program partners. The Corporation's role as an agent is determined by the contractual arrangement in place with the loyalty program partner or their members. In this instance, the Corporation has determined that it does not obtain control of the loyalty currency or other goods and services prior to transferring them to the customer, due in part to the absence of inventory risk. Other factors considered in making the determination include the fact that the Corporation is not primarily responsible for fulfilling the promise to provide the specified good and generally has limited discretion in establishing the prices for the specified goods. |
Foreign currency translation [Policy Text Block] | (c) Foreign currency translation (i) Transactions in currencies other than the Corporation's or its subsidiaries' respective functional currency are recognized at the exchange rates in effect on the transaction date. At the end of each reporting period, monetary assets and liabilities denominated in foreign currencies are translated to the Corporation's functional currency at the exchange rates prevailing at that date. Non-monetary assets and liabilities carried at fair value that are denominated in foreign currencies are translated to the functional currency at the exchange rates prevailing at the date when the fair value was determined. Non-monetary items that are measured at historical cost in a foreign currency are not translated. Foreign exchange gains and losses on monetary items are recognized in profit or loss; except for foreign currency derivatives designated as qualifying cash flow hedges, the fair values of which are deferred in accumulated other comprehensive income in shareholders' equity until such time that the hedged transaction affects profit or loss; refer to Notes 3(d)(iv) and 20. (ii) Foreign operations The assets and liabilities of the Corporation's non-USD functional currency subsidiary are translated to USD at exchange rates at the reporting date. The income and expenses of this subsidiary are translated to USD using average exchange rates for the month during which the transactions occurred. Foreign currency differences resulting from translation are recognized in other comprehensive income ("OCI") within the cumulative translation account. |
Financial instruments [Policy Text Block] | (d) Financial instruments All financial assets and financial liabilities are recognized on the Corporation's consolidated statements of financial position when the Corporation becomes a party to the contractual provisions of the instrument. (i) The Corporation's financial instruments as a result of adopting IFRS 9, Financial Instruments, ("IFRS 9") are classified and measured as follows: Asset/Liability Measurement under IFRS 9 Cash and cash equivalents Amortized cost Cash held in trust Amortized cost Funds receivable from payment processors Amortized cost Accounts receivable Amortized cost Accounts payable and accrued liabilities Amortized cost Payable to loyalty program partners Amortized cost Long term debt Amortized cost Derivatives Measurement Foreign exchange forward contracts Fair value, with changes in fair value for hedges recorded in OCI and ineffective portion recorded in profit or loss. Financial assets held at amortized cost require the asset to be measured using the effective interest method. The amortized cost is reduced by impairment losses. Finance income, foreign exchange gains and losses and impairment are recognized in profit or loss. Any gain or loss on derecognition is recognized in profit or loss. Derivatives may be in an asset or liability position at a point in time historically or in the future. For derivatives designated as cash flow hedges for accounting purposes, the effective portion of the hedge is recognized in accumulated other comprehensive income and the ineffective portion of the hedge is recognized immediately in profit or loss. (ii) Impairment of financial instruments IFRS 9 requires the expected lifetime credit losses at initial recognition to be considered when assessing impairment of financial assets, which is anticipated to result in earlier recognition of losses. (iii) Share capital Common shares are classified as equity. Incremental costs directly attributable to the issuance of common shares and share options are recognized as a deduction from equity, net of any tax effects. Authorized with no Par Value Unlimited common shares Unlimited preferred shares Issued As at December 31, 2021, all issued shares are fully paid. The holders of common shares are entitled to receive dividends as declared from time to time and are entitled to one vote per share. There were no dividends declared in 2021 (2020 - nil). (iv) Derivative financial instruments, including hedge accounting The Corporation holds derivative financial instruments to hedge its foreign currency risk exposures. These derivatives are designated in accounting hedge relationships and the Corporation applies cash flow hedge accounting. On initial designation of the hedge, the Corporation formally documents the relationship between the hedging instrument and hedged item, including the risk management objectives and strategy in undertaking the hedge transaction, together with the methods that will be used to assess the effectiveness of the hedging relationship. The Corporation makes an assessment, both at the inception of the hedge relationship as well as on an ongoing basis, whether the hedging instruments are expected to be "highly effective" in offsetting the changes in the fair value or cash flows of the respective hedged items during the period for which the hedge is designated. For a cash flow hedge of a forecasted transaction, the transaction should be highly probable to occur and should present an exposure to variations in cash flows that could ultimately affect reported net income. Derivatives are recognized initially at fair value; attributable transaction costs are recognized in profit or loss as incurred. Subsequent to initial recognition, derivatives are measured at fair value, and changes therein are accounted for as described below. Cash flow hedges The Corporation enters into foreign exchange forward contracts to reduce the foreign exchange risk with respect to the Canadian dollar denominated expenses. The changes in fair value of derivatives designated as cash flow hedges are recognized in OCI, except for any ineffective portion, which is recognized immediately in profit or loss. Gains and losses in accumulated other comprehensive income are reclassified to profit or loss in the same period the corresponding hedged items affect profit or loss. The carrying amount of hedging derivatives designated as cash flow hedges that mature within one year is included in prepaid expenses, deposits and other assets and/or current portion of other liabilities. If the hedging instrument no longer meets the criteria for hedge accounting, is expired, sold, terminated, exercised, or the designation is revoked, then hedge accounting is discontinued prospectively. The cumulative gain or loss previously recognized in OCI and presented in unrealized gains/losses on cash flow hedges in equity remains there until the forecasted transaction affects profit or loss. If the forecasted transaction is no longer expected to occur, then the balance in OCI is recognized immediately in profit or loss. |
Cash and cash equivalents [Policy Text Block] | (e) Cash and cash equivalents Cash equivalents include highly liquid investments (term deposits) with maturities of three months or less at the date of purchase. They are held for the purpose of meeting short-term cash commitments rather than for investment or other purposes. Cash equivalents are carried at amortized cost which approximates their fair value because of the short-term nature of the instruments. |
Cash held in trust [Policy Text Block] | (f) Cash held in trust Cash held in trust represents funds received from customers, primarily Canadian, not yet remitted to service providers for certain travel related products in accordance with certain geographic regulatory requirements. |
Funds receivable from payment processors [Policy Text Block] | (g) Funds receivable from payment processors Funds receivable from payment processors represent amounts collected from customers on behalf of the Corporation and are typically deposited directly to the Corporation's bank account on an average of three business days from the date of sale. |
Property and equipment [Policy Text Block] | (h) Property and equipment (i) Recognition and measurement Items of property and equipment are measured at cost less accumulated depreciation and accumulated impairment losses. The cost consists of the purchase price, and any costs directly attributable to bringing the asset to the location and condition for its intended use. When parts of an item of property and equipment have different useful lives, they are accounted for as separate items (major components) of property and equipment. Gains and losses on disposal of an item of property and equipment are determined by comparing the proceeds from disposal with the carrying amount of property and equipment and are recognized in profit or loss. (ii) Depreciation Depreciation is calculated over the depreciable amount, which is the cost of an asset less its estimated residual value. Depreciation is recognized in profit or loss based on the estimated useful lives of the assets using the following methods and annual rates: • Furniture and fixtures Straight-line over 5 years • Computer hardware Straight-line over 3 years • Computer software Straight-line over 3 years • Leasehold improvements Straight-line over shorter of useful life or the lease term Depreciation methods, useful lives and residual values are reviewed at each financial year end and adjusted if appropriate. There were no changes in the current year. |
Right-of-use assets and Lease liabilities [Policy Text Block] | (i) Right-of-use assets and Lease liabilities At inception of a contract, the Corporation assesses whether a contract is or contains a lease based on whether the contract conveys a right to control the use of an identified asset for a period of time in exchange for consideration. The Corporation recognizes right-of-use assets and lease liabilities at the lease commencement date. After the initial adoption date, the right-of-use asset is initially measured at cost, which comprises: • The amount of the initial measurement of the lease liability; • Any lease payments made at or before the commencement date, less any lease incentives received; • Any initial direct costs incurred; and • An estimate of costs to dismantle or remove the underlying asset or restore the asset to the condition required by the terms and conditions of the lease. Subsequent to initial measurement, right-of-use assets are measured at cost less any accumulated depreciation and impairment losses and adjusted for certain remeasurements of the lease liability. The right-of-use asset are depreciated on a straight-line basis over the term of the lease, or the estimated useful life of the right-of-use assets if the Corporation expects to obtain the ownership of the leased asset at the end of the lease. The lease term includes the non-cancellable period of the lease and optional renewable periods that the Corporation is reasonably certain to extend. The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the Corporation's incremental borrowing rate. Generally, the Corporation uses its incremental borrowing rate as the discount rate. After initial recognition, the lease liability is measured at amortized cost using the effective interest method. The lease liability is remeasured when there is a change in future lease payments arising from a change in an index or rate, a change in the estimate of the amount expected to be payable under a residual value guarantee, or if the Corporation changes its assessment of whether it will exercise a purchase option, extension option or termination option. When the lease liability is remeasured in this way, a corresponding adjustment is made to the carrying amount of the right-of-use asset. The lease liability is also remeasured when the underlying lease contract is amended. When there is a decrease in contract scope, the lease liability and right-of-use asset will decrease relative to this change with the difference recorded in net income prior to the remeasurement of the lease liability. |
Goodwill & Intangible assets [Policy Text Block] | (j) Goodwill & Intangible assets (i) Goodwill Goodwill represents the excess of the purchase price of acquired businesses over the estimated fair value of the identifiable tangible and intangible net assets acquired. Goodwill is not amortized. The Corporation tests goodwill for impairment at least annually, at each year end, or when an impairment indicator is considered to exist, to determine whether the carrying value exceeds the recoverable amount, as discussed in Note 3(k). Business combinations Acquisitions of subsidiaries are accounted for using the acquisition method of accounting. Fair value of the consideration paid is calculated as the sum of the fair value at the date of acquisition of: • assets acquired; plus • equity instruments issued; less • liabilities incurred or assumed. Goodwill is measured as the fair value of consideration transferred less the net recognized amount of the identifiable assets acquired and liabilities assumed, all of which are measured at fair value as of the acquisition date. When the excess is negative, a bargain purchase gain is recognized immediately in profit or loss. The Corporation uses estimates and judgments to determine the fair value of assets acquired and liabilities assumed at the acquisition date using the best available information, including information from financial markets. The estimates and judgments include key assumptions such as discount rates, attrition rates, and terminal growth rates for performing discounted cash flow analyses. The transaction costs associated with the acquisitions are expensed as incurred. (ii) Intangible assets Internally developed intangible assets Certain costs incurred in connection with the development of software to be used internally or for providing services to customers are capitalized once a project has progressed beyond a conceptual, preliminary stage to that of application development. Development costs that are directly attributable to the design and testing of identifiable software products controlled by the Corporation are recognized as intangible assets when the following criteria are met: • It is technically feasible to complete the software product so that it will be available for use; • Management intends to complete the software product and use or sell it; • It can be demonstrated how the software product will generate probable future economic benefits; • Adequate technical, financial and other resources to complete the development and to use or sell the software product are available; and • The expenditure attributable to the software product during its development can be reliably measured. Development costs that qualify for capitalization include both internal and external costs but are limited to those that are directly related to the specific product. The capitalized development costs are measured at cost less accumulated amortization and accumulated impairment losses. Subsequent expenditure is capitalized only when it increases the future economic benefits embodied in the specific asset to which it relates. All other expenditures, including costs incurred in the planning stage and operating stage and expenditures on internally generated goodwill and brands, are recognized in profit or loss as incurred. Indefinite life intangible assets Certain intangible assets with indefinite lives, being domain names, patents and trademarks, are not amortized because there is no foreseeable limit to the period that these assets are expected to generate net cash inflows. The Corporation uses judgment to designate these assets as indefinite useful life assets, analyzing relevant factors including the expected usage of the asset, the typical life cycle of the asset and anticipated changes in the market demand for the products and services that the asset helps generate. The Corporation tests indefinite life intangible assets for impairment at least annually, at each year end, or when an impairment indicator is considered to exist. Finite life intangible assets Intangible assets with finite useful lives are amortized into depreciation and amortization in the consolidated statements of comprehensive loss on a straight-line basis over their estimated useful lives as noted in the table below. Useful lives, residual values and the amortization methods are reviewed at least annually. Amortization periods and methods are outlined below: • Customer Relationships Straight-line over 10 years • Technology Straight-line over 3 to 5 years |
Impairment [Policy Text Block] | (k) Impairment Financial Assets IFRS 9 requires the use of an expected credit loss ("ECL") model for calculating impairment of financial assets. A financial asset is impaired if objective evidence indicates that a loss event has occurred after the initial recognition of the asset, and that the loss event had a negative effect on the estimated future cash flows of that asset that can be estimated reliably. Non-Financial Assets with Finite Useful Lives In accordance with IAS 36, Impairment of Assets, the Corporation evaluates the carrying value of non-financial assets with finite lives, being property and equipment, right-of-use assets and certain intangible assets, whenever events or changes in circumstances indicate that a potential impairment has occurred. An impairment loss is considered to have occurred if the carrying value of an asset exceeds its recoverable amount. Goodwill & Indefinite Life Intangible Assets Goodwill and intangible assets that are not amortized are subject to an impairment assessment at least annually, or when an impairment indicator is considered to exist. The recoverable amount is estimated each year at the same time. The recoverable amount is the higher of an asset's fair value less costs to sell and its value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. For the purposes of assessing impairment, assets that do not generate independent cash inflows are grouped into CGUs at the lowest level for which there are separately identifiable cash inflows. CGUs to which goodwill has been allocated are aggregated so that the level at which impairment testing is performed reflects the lowest level at which goodwill is monitored for internal reporting purposes. Goodwill acquired in a business combination is allocated to the CGU or group of CGUs that are expected to benefit from the synergies of the combination. If the recoverable amount of the CGU or group of CGUs to which goodwill and indefinite life intangible assets has been allocated is less than the carrying amount of the CGU or group of CGUs, including goodwill and intangible assets, an impairment loss is recorded in the consolidated statements of comprehensive loss. The impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the CGU and then to reduce the carrying amounts of the other assets of the CGU or group of CGUs on a pro-rata basis. The Corporation evaluates impairment losses for potential reversals, other than goodwill impairment, when events or changes in circumstances warrant such consideration. Where an impairment loss subsequently reverses, the carrying amount of the asset or CGU is increased to the revised estimate of its recoverable amount, provided that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognized for the asset or CGU in prior years. A reversal of an impairment loss is recognized immediately in profit or loss. The Corporation had previously determined that it had three CGUs, being Loyalty Currency Retailing, Platform Partners and Points Travel. In recent years, the Corporation has significantly invested in the functionality and scalability of the Loyalty Commerce Platform ("LCP"), with the intention to migrate and centralize the technology enabling the Corporation's revenue generation. The technologies that previously operated separately, are now fundamentally integrated into the LCP, which is the core asset and backbone for facilitating substantially all of the Corporation's transactions. This centralization and migration of products to the LCP, coupled with the Corporation's change in organizational structure (see Note 3(r)), and how Management monitors operations and makes business decisions, resulted in the change in the Corporation's CGU composition. Starting in 2021, the Corporation is operating as a single CGU. Due to the change of the Corporation's CGU composition, Management assessed qualitatively and quantitatively the recoverable amount of the CGU as at March 31, 2021. Based on the facts and circumstances present as at March 31, 2021, it was concluded that there was no impairment. |
Share-based compensation [Policy Text Block] | (l) Share-based compensation The Corporation has two share-based compensation plans: a share option plan and a share unit plan. The Corporation accounts for the grants under both plans as equity settled share-based compensation arrangements per IFRS 2, Share-based Payment , Share option plan The share option plan allows employees to acquire shares of the Corporation through the exercise of share options. Share options have a maximum life of ten years. Under the share option plan, performance options are granted to certain employees of the Corporation. Vesting of performance options is based on the achievement of specified non-market performance conditions with a life of six years after the date of grant. On grant date, the Corporation estimates the expected vesting date for purpose of estimating the option life. Additionally, options other than performance options can be granted under the share option plan, which generally vest over a period of three years and expire at the end of five years from the grant date. For options with graded vesting, each grant in an award is considered a separate grant with a different vesting date, expected life and fair value. The fair value of each grant is recognized in profit or loss over its respective expected vesting period with a corresponding increase in contributed surplus. The fair value of each grant is estimated at the date of grant using the Black-Scholes option pricing model incorporating assumptions regarding risk-free interest rates, dividend yield, expected volatility of the Corporation's stock, and a weighted average expected life of the options. Any consideration paid on the exercise of share options is added to share capital along with the related portion previously added to contributed surplus when the compensation costs were charged to profit or loss. Under the plan, share options can only be settled in equity. The share option expense incorporates an expected forfeiture rate, estimated based on expected employee turnover. At least annually, the Corporation reassesses the forfeiture rate and the probability of achieving the specified performance metrics for performance options and calculates the cumulative compensation cost of each grant and recognizes the adjustment in the profit or loss in the current period in the consolidated statements of comprehensive loss. (i) Significant judgments, estimates and assumptions Share options are measured at grant date fair value. Estimating fair value requires determination of the most appropriate valuation model, which is dependent on the terms and conditions of the grant. This estimate also requires determination of the most appropriate inputs to the valuation model including the expected life of the share option, volatility and dividend yield. The assumptions and models used for estimating fair value for share options are disclosed in Note 19. In addition, Management is required to exercise judgment in determining the probability of achieving the specified performance metrics for performance options, based on forecast and Management's best estimate. Share unit plan The Corporation's share unit plan (the "Share Unit Plan") includes Restricted Share Units ("RSUs") and performance share units ("PSUs"). Under the share unit plan, the Corporation grants RSUs and/or PSUs to its employees and the Board of Directors. The RSUs vest on grant date, over a period of up to three years after the grant date or in full on the third anniversary of the grant date. The PSUs vest in full on the third anniversary of the grant date. The number of PSUs that vest is based on the achievement of specified non-market performance conditions. The fair value of a RSU or PSU is determined at the grant date using the volume weighted average trading price per share on the TSX during the immediately preceding five trading days and is recognized over the RSU or PSU's vesting period. The expense is charged to profit or loss with a corresponding increase in contributed surplus. In determining the number of awards that are expected to vest, the Corporation takes into account trends of historical forfeitures. At least annually, the Corporation reassesses the probability of achieving the specified performance metrics for the PSUs and calculates the cumulative compensation cost of each grant and recognizes the adjustment in the profit or loss in the current period in the consolidated statements of comprehensive loss. |
Payable to loyalty program partners [Policy Text Block] | (m) Payable to loyalty program partners Payable to loyalty program partners includes amounts owing to these partners for loyalty currency purchased by the Corporation as a principal or as an agent collected through e-commerce services for retailing, wholesaling and other loyalty currency services transactions with end users. |
Deferred revenue [Policy Text Block] | (n) Deferred revenue Deferred revenue includes proceeds received in advance for technology design and development work and is recognized over the expected life of the partner agreement (refer to Note 3(b) (iii)). Deferred revenue is also comprised of bookings made for the travel related products, along with proceeds received by the Corporation for the sale of mileage codes that can be redeemed for multiple loyalty program currencies at a later date. Revenue for bookings for the travel related products is recognized at the completion of the hotel stay or car rental; revenue from the sale of the mileage codes is recognized upon redemption. Deferred revenue is included in current portion of other liabilities and other liabilities in the consolidated statements of financial position. |
Long term debt [Policy Text block] | (o) Long term debt Long term debt represents the outstanding balance that the Corporation has drawn on its senior secured revolving credit facility. The balance that is due within one year is included as current portion of long term debt in the consolidated statements of financial position. |
Income taxes [Policy Text Block] | (p) Income taxes Income tax expenses (recoveries) comprise current and deferred taxes. Current taxes and deferred taxes are recognized in profit or loss except to the extent that they relate to a business combination, or items recognized directly in equity or in OCI. Current taxes are the expected taxes payable or receivable on the taxable income or loss for the period, using tax rates substantively enacted at the reporting date, and any adjustment to taxes payable in respect of previous years. Deferred taxes are recognized in respect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. Deferred taxes are not recognized for: • temporary differences on the initial recognition of assets or liabilities in a transaction that is not a business combination and that affects neither accounting nor taxable profit or loss; • temporary differences related to investments in subsidiaries and jointly controlled entities to the extent that it is probable that they will not reverse in the foreseeable future; and • taxable temporary differences arising on the initial recognition of goodwill. Deferred tax assets and liabilities are measured at the tax rates that are expected to be applied to temporary differences when they reverse, based on the laws that have been substantively enacted by the reporting date. In determining the amount of current and deferred tax, the Corporation takes into account the impact of uncertain tax positions and whether additional taxes and interest may be due. The Corporation believes that its accruals for tax liabilities are adequate for all open tax years based on its assessment of many factors, including interpretations of tax law and prior experience. This assessment relies on estimates and assumptions and may involve a series of judgments about future events. When new information becomes available that causes the Corporation to change its judgment regarding the adequacy of existing tax liabilities; such changes to tax liabilities will impact tax expense in the period that such a determination is made. Deferred tax assets and liabilities are offset if there is a legally enforceable right to offset current tax liabilities and assets, and they relate to income taxes levied by the same tax authority on the same taxable entity, or on different tax entities, but they intend to settle current tax liabilities and assets on a net basis or their tax assets and liabilities will be realized simultaneously. A deferred tax asset is recognized for unused tax losses, tax credits and deductible temporary differences, to the extent that it is probable that future taxable profits will be available against which they can be utilized. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be realized. |
Earnings per share (EPS) [Policy Text Block] | (q) Earnings per share ("EPS") The Corporation presents basic and diluted earnings per share data for its common shares. Basic EPS is calculated by dividing the profit or loss attributable to common shareholders of the Corporation by the weighted average number of common shares outstanding during the period. Diluted EPS is determined by dividing the profit or loss attributable to common shareholders by the weighted average number of common shares outstanding adjusted for the effects of all dilutive potential common shares. |
Segment reporting [Policy Text Block] | (r) Segment reporting The Corporation determines its reportable segments based on, among other things, how the Corporation's chief operating decision maker ("CODM"), the Chief Executive Officer, regularly reviews the Corporation's operations and performance. The CODM reviews gross profit, which is defined as total revenue less direct cost of revenue, as the key measure of profitability for the purpose of assessing performance and to make decisions about the allocation of resources. The Corporation makes significant judgments in determining its operating segments. Operating segments are components that engage in business activities from which they may earn revenue and incur expenses, which operating results are regularly reviewed by the Corporation's CODM to make decisions about the allocation of resources and to assess performance, and for which discrete financial information is available. During the first quarter of 2021, the Corporation realigned its organizational, operational and internal reporting structures. As a result, the Corporation combined its Loyalty Currency Retailing, Platform Partners and Points Travel operations, previously considered as three distinct operating segments, into one segment. The change to a single operating segment resulted from various factors, including changes to the Corporation's management structure and to drive greater efficiencies and scale in the Corporation's business. The CODM regularly reviews the Corporation's operating results and makes decisions about resource allocation based on information provided by Management at a consolidated level. |
New standards and interpretations not yet adopted [Policy Text Block] | (s) New standards and amendments not yet adopted The IASB has issued amendments to the following standards that will become effective in 2022: • IAS 37, Provisions, Contingent Liabilities and Contingent Assets - the amendment specifies costs an entity should include in determining the "cost of fulfilling" a potential onerous contract. • IAS 16, Property, Plant and Equipment - the amendment prohibits reducing the cost of property, plant and equipment by proceeds while bringing an asset to capable operations. • IFRS 3, Business Combinations - the amendment updates a reference to the Conceptual Framework; • IAS 12, Income taxes - the amendment clarifies how to account for deferred tax on certain transactions; and • IFRS 9, Financial Instruments - the amendment clarifies the fees included in the quantitative test for derecognition of financial liabilities. These amendments have not yet been adopted by the Corporation. Although the Corporation is currently assessing the impacts, if any, of these amendments, it does not expect them to have a material impact on the Corporation's consolidated financial statements. |
SIGNIFICANT ACCOUNTING POLICI_3
SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Significant Accounting Policies [Abstract] | |
Disclosure of detailed information about estimated useful life or depreciation rate [Table Text Block] | • Furniture and fixtures Straight-line over 5 years • Computer hardware Straight-line over 3 years • Computer software Straight-line over 3 years • Leasehold improvements Straight-line over shorter of useful life or the lease term |
Disclosure of detailed information about finite useful lives of intangible assets [Table Text Block] | • Customer Relationships Straight-line over 10 years • Technology Straight-line over 3 to 5 years |
OPERATING SEGMENTS (Tables)
OPERATING SEGMENTS (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of operating segments [abstract] | |
Disclosure of detailed information about revenues, geographic information [Table Text Block] | For the year ended December 31 2021 2020 Revenue United States $ 327,419 88% $ 188,531 87% Europe 25,707 7% 19,074 9% Other 16,882 5% 9,782 4% $ 370,008 100% $ 217,387 100% |
Disclosure of detailed information about contracted revenues to the remaining performance obligations [Table Text Block] | Total Year 1 Year 2 Year 3 Year 4 Year 5+ Hosting and other $ 1,632 $ 909 $ 651 $ 72 $ — $ — |
EMPLOYMENT COSTS (Tables)
EMPLOYMENT COSTS (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Employment Costs [Abstract] | |
Disclosure of detailed information about components of share-based compensation expenses [Table Text Block] | For the year ended December 31 2021 2020 Sales and marketing $ 1,631 $ 855 Research and development 998 595 General and administrative 4,024 1,679 Total share-based compensation expenses $ 6,653 $ 3,129 |
ACCOUNTS RECEIVABLE (Tables)
ACCOUNTS RECEIVABLE (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Trade and other receivables [abstract] | |
Disclosure of detailed information about trade and other receivables [Table Text Block] | As at December 31 2021 2020 Trade accounts receivable $ 9,941 $ 2,752 Allowance for doubtful accounts (37 ) (169 ) Net trade accounts receivable 9,904 2,583 Other receivables 3,195 976 Accounts receivable $ 13,099 $ 3,559 |
PREPAID EXPENSES AND OTHER AS_2
PREPAID EXPENSES AND OTHER ASSETS (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Prepaid Expenses And Other Assets [Abstract] | |
Disclosure of prepayments and other assets [Table Text Block] | As at December 31 2021 2020 Prepaid expenses $ 1,805 $ 1,430 Deposits held with vendors 2,414 799 Foreign exchange forward contracts designated as cash flow hedges 118 827 Current portion of loyalty reward currency inventory 29 19 Prepaid expenses, deposits and current portion of other assets $ 4,366 $ 3,075 Non-current portion of loyalty reward currency inventory $ - $ 202 Other assets $ - $ 202 |
PROPERTY AND EQUIPMENT (Tables)
PROPERTY AND EQUIPMENT (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of detailed information about property, plant and equipment [abstract] | |
Disclosure of detailed information about property, plant and equipment [Table Text Block] | Computer Computer Furniture Leasehold Total Cost, beginning of year $ 4,708 $ 3,282 $ 1,216 $ 1,315 $ 10,521 Additions 604 274 24 2 904 Cost, end of year $ 5,312 $ 3,556 $ 1,240 $ 1,317 $ 11,425 Accumulated depreciation and impairment losses, beginning of year $ 4,045 $ 2,915 $ 1,063 $ 969 $ 8,992 Depreciation for the year 524 548 79 206 1,357 Accumulated depreciation and impairment losses, end of year $ 4,569 $ 3,463 $ 1,142 $ 1,175 $ 10,349 Carrying amounts as at December 31, 2021 $ 743 $ 93 $ 98 $ 142 $ 1,076 Computer Computer Furniture & Leasehold Total Cost, beginning of year $ 4,504 $ 3,051 $ 1,207 $ 1,309 $ 10,071 Additions 204 231 9 6 450 Cost, end of year $ 4,708 $ 3,282 $ 1,216 $ 1,315 $ 10,521 Accumulated depreciation and impairment losses, beginning of year $ 3,453 $ 2,556 $ 961 $ 730 $ 7,700 Depreciation for the year 592 359 102 239 1,292 Accumulated depreciation and impairment losses, end of year $ 4,045 $ 2,915 $ 1,063 $ 969 $ 8,992 Carrying amounts as at December 31, 2020 $ 663 $ 367 $ 153 $ 346 $ 1,529 |
RIGHT OF USE ASSETS (Tables)
RIGHT OF USE ASSETS (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure Of Quantitative Information About Rightofuse Assets Abstract | |
Disclosure of quantitative information about right-of-use assets [Table Text Block] | Office Office Equipment Total Cost, beginning of year $ 4,171 $ 86 $ 4,257 Additions 79 - 79 Cost, end of year $ 4,250 $ 86 $ 4,336 Accumulated amortization and impairment losses, beginning of year $ 2,366 $ 29 $ 2,395 Amortization for the year 945 16 961 Accumulated amortization and impairment losses, end of year $ 3,311 $ 45 $ 3,356 Carrying amounts as at December 31, 2021 $ 939 $ 41 $ 980 Office Office Equipment Total Cost, beginning of year $ 4,138 $ 86 $ 4,224 Additions 33 - 33 Cost, end of year $ 4,171 $ 86 $ 4,257 Accumulated amortization and impairment losses, beginning of year $ 1,151 $ 13 $ 1,164 Amortization for the year 1,065 16 1,081 Impairment loss 150 - 150 Accumulated amortization and impairment losses, end of year $ 2,366 $ 29 $ 2,395 Carrying amounts as at December 31, 2020 $ 1,805 $ 57 $ 1,862 |
INTANGIBLE ASSETS (Tables)
INTANGIBLE ASSETS (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of detailed information about intangible assets [abstract] | |
Disclosure of detailed information about intangible assets [Table Text Block] | Customer Domain (1) Technology (2) Other (1) Total Cost, beginning of year $ 8,500 $ 4,300 $ 24,001 $ 205 $ 37,006 Additions - - 880 - 880 Cost, end of year $ 8,500 $ 4,300 $ 24,881 $ 205 $ 37,886 Accumulated amortization and impairment losses, beginning of year $ 5,171 $ - $ 19,705 $ - $ 24,876 Amortization for the year 850 - 1,377 - 2,227 Impairment loss - - 428 - 428 Accumulated amortization and impairment losses, end of year $ 6,021 $ - $ 21,510 $ - $ 27,531 Carrying amounts as at December 31, 2021 $ 2,479 $ 4,300 $ 3,371 $ 205 $ 10,355 (1) Domain names and Other which includes patents and trademarks are deemed to have indefinite useful lives and are therefore not amortized. The Corporation's classification of certain intangible assets with indefinite useful lives is based on the expectation that these assets will continue to contribute to the Corporation's net cash inflows on an indefinite basis. The determination of these assets as having indefinite useful lives is based on judgment that includes an analysis of relevant factors, including the expected usage of the asset, anticipated renewal of the licenses, the typical life cycle of the asset and anticipated changes in the market demand for the products and services that the asset helps generate. (2) Technology includes technological assets acquired through acquisitions and internally developed software. Customer Domain (1) Technology (2) Other (1) Total Cost, beginning of year $ 8,500 $ 4,300 $ 22,164 $ 205 $ 35,169 Additions - - 1,837 - 1,837 Cost, end of year $ 8,500 $ 4,300 $ 24,001 $ 205 $ 37,006 Accumulated amortization and impairment losses, beginning of year $ 4,321 $ - $ 18,042 $ - $ 22,363 Amortization for the year 850 - 1,636 - 2,486 Impairment loss - - 27 - 27 Accumulated amortization and impairment losses, end of year $ 5,171 $ - $ 19,705 $ - $ 24,876 Carrying amounts as at December 31, 2020 $ 3,329 $ 4,300 $ 4,296 $ 205 $ 12,130 (1) Domain names and Other which includes patents and trademarks are deemed to have indefinite useful lives and are therefore not amortized. The Corporation's classification of certain intangible assets with indefinite useful lives is based on the expectation that these assets will continue to contribute to the Corporation's net cash inflows on an indefinite basis. The determination of these assets as having indefinite useful lives is based on judgment that includes an analysis of relevant factors, including the expected usage of the asset, anticipated renewal of the licenses, the typical life cycle of the asset and anticipated changes in the market demand for the products and services that the asset helps generate. (2) Technology includes technological assets acquired through acquisitions and internally developed software. |
GOODWILL (Tables)
GOODWILL (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Changes in goodwill [abstract] | |
Disclosure of detailed information about goodwill [Table Text Block] | Cost Balance at January 1, 2020 $ 7,130 Additions - Impairments (1,449 ) Balance at December 31, 2020 $ 5,681 Additions - Impairments - Balance at December 31, 2021 $ 5,681 |
Disclosure of detailed information about recoverable amounts for cash-generating units with indefinite life intangible assets and goodwill [Table Text Block] | (In thousands of Carrying Carrying value of Recoverable Period Terminal Pre-tax $5,681 $4,505 Value in Use 3 2.0% 18.4% |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Major components of tax expense (income) [abstract] | |
Disclosure of detailed information about tax expense [Table Text Block] | For the year ended December 31 2021 2020 Current tax expense (recovery) Current year $ 769 $ (1,376 ) Prior years 284 46 Total current tax expense (recovery) $ 1,053 $ (1,330 ) Deferred tax recovery Current year movement in recognized temporary differences and losses (801 ) (97 ) Prior years (268 ) (33 ) Total deferred tax recovery $ (1,069 ) $ (130 ) Total income tax recovery $ (16 ) $ (1,460 ) |
Disclosure of detailed information about effective income tax expense (recovery) [Table Text Block] | For the year ended December 31 2021 2020 Income tax recovery at statutory rate of 26.5% (2020 - 26.5%) $ (95 ) $ (1,806 ) Increase in taxes resulting from: Non-deductible items 166 196 Other differences (87 ) 150 Income tax recovery $ (16 ) $ (1,460 ) |
Disclosure of deferred taxes [Table Text Block] | 2021 Deferred Tax Assets Deferred Tax Liabilities Forward exchange contracts $ 43 $ - Property and equipment and Intangible assets 2,623 (1,313 ) Share issuance costs and other reserves 471 - Leases 55 - Restricted Share Units 822 - Tax losses 478 - 4,492 (1,313 ) Reclassification (328 ) 328 $ 4,164 $ (985 ) 2020 Deferred Tax Assets Deferred Tax Liabilities Forward exchange contracts $ - $ (219 ) Property and equipment and Intangible assets 2,398 (1,564 ) Accrued liabilities 94 - Leases 120 - Restricted Share Units 322 - Tax losses 205 - 3,139 (1,783 ) Reclassification (52 ) 52 $ 3,087 $ (1,731 ) |
Disclosure of detailed information about unrecognized deferred tax assets [Table Text Block] | 2021 2020 Capital losses $ 1,385 $ 1,385 |
LEASE LIABILITIES (Tables)
LEASE LIABILITIES (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Lease liabilities [abstract] | |
Disclosure of detail information about reconciliation movements of lease liabilities [Table Text Block] | 2021 2020 Balance, beginning of year $ 2,292 $ 3,532 New leases 79 33 Interest expense 91 144 Interest paid (91 ) (144 ) Payment of principal portion of lease liabilities (1,231 ) (1,293 ) Effect of changes in foreign exchange rates 23 20 Balance, end of year $ 1,163 $ 2,292 |
Disclosure of maturity analysis of lease payments [Table text block] | 2021 2020 Year 1 $ 1,165 $ 1,243 Year 2 19 1,138 Year 3 9 19 Year 4 - 9 Year 5+ - - Total undiscounted lease payments $ 1,193 $ 2,409 Carrying value of lease liabilities $ 1,163 $ 2,292 |
OTHER LIABILITIES (Tables)
OTHER LIABILITIES (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure Of Other Liabilities [Abstract] | |
Disclosure of detailed information about other liabilities [Table Text Block] | As at December 31 2021 2020 Foreign exchange forward contracts designated as cash flow hedges $ 282 $ - Current portion of deferred revenue 1,184 546 Other liabilities - 301 Current portion of other liabilities $ 1,466 $ 847 Non-current portion of deferred revenue 29 57 Non-current portion of other liabilities 5 - Other liabilities $ 34 $ 57 |
Disclosure of deferred revenue [Table Text Block] | 2021 2020 Balance, beginning of year $ 603 $ 891 Amounts invoice d and revenue deferred 5,404 3,209 Recognition of deferred revenue (4,794 ) (3,497 ) Balance, end of year $ 1,213 $ 603 |
LOSS PER SHARE (Tables)
LOSS PER SHARE (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Earnings per share [abstract] | |
Disclosure of earnings per share [Table Text Block] | For the year ended December 31 2021 2020 Net loss available to common shareholders for basic and diluted loss per share $ (344 ) $ (5,357 ) Weighted average number of common shares outstanding - basic 14,524,591 13,222,707 Effect of dilutive securities - - Weighted average number of common shares outstanding - diluted 14,524,591 13,222,707 Loss per share - reported Basic $ (0.02 ) $ (0.41 ) Diluted $ (0.02 ) $ (0.41 ) |
SHARE-BASED COMPENSATION (Table
SHARE-BASED COMPENSATION (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure Of Share Based Payments [Abstract] | |
Disclosure of detailed information about stock options available for grant [Table Text Block] | December 31, 2021 December 31, 2020 Shares outstanding as at March 2, 2016 15,298,602 15,298,602 Percentage of shares outstanding 10% 10% Number of options authorized 1,529,860 1,529,860 Less: options issued & outstanding (997,200 ) (1,021,156 ) Options available for grant 532,660 508,704 |
Disclosure of number and weighted average exercise prices of share options [Table Text Block] | 2021 2020 Number Weighted Average (in CAD$) Number of Weighted Average Beginning of year 1,021,156 $ 14.54 1,321,288 $ 14.26 Exercised (23,956 ) $ 10.50 (150,511 ) $ 12.19 Expired and forfeited - - (149,621 ) $ 14.46 End of year 997,200 $ 14.63 1,021,156 $ 14.54 Exercisable at end of year - - 23,956 $ 10.50 |
Disclosure of range of exercise prices of outstanding share options [Table Text Block] | Options outstanding Options exercisable Range of Number of Weighted average Weighted Number Weighted $10.00 to $14.99 745,200 2.95 $ 13.93 - - $15.00 to $19.99 252,000 3.63 $ 16.72 - - 997,200 - Options outstanding Options exercisable Range of Number of Weighted average Weighted Number Weighted $5.00 to $9.99 14,570 0.19 $ 9.89 14,570 $ 9.89 $10.00 to $14.99 754,586 3.91 $ 13.90 9,386 $ 11.45 $15.00 to $19.99 252,000 4.63 $ 16.72 - - 1,021,156 23,956 |
Disclosure of restricted share units and performance share units [Table Text Block] | Number of Share Units Weighted Average Fair Value (in CAD$) Balance at January 1, 2021 570,126 $15.06 Granted 287,431 $17.67 Vested (301,137) $14.26 Forfeited (30,229) $14.85 Balance at December 31, 2021 526,191 $16.95 Number of Share Units Weighted Average Fair Value (in CAD$) Balance at January 1, 2020 496,942 $14.63 Granted 522,231 $15.36 Vested (400,490) $14.99 Forfeited (48,557) $14.53 Balance at December 31, 2020 570,126 $15.06 |
FINANCIAL INSTRUMENTS (Tables)
FINANCIAL INSTRUMENTS (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of detailed information about financial instruments [abstract] | |
Disclosure of detailed information about aging of accounts receivable [Table Text Block] | December 31, 2021 December 31, 2020 Current $ 9,509 $ 1,990 Past due 31-60 days 160 328 Past due 61-90 days 90 34 Past due 91-120 days 32 24 Past due over 120 days 150 376 Trade accounts receivable 9,941 2,752 Less allowance for doubtful accounts (37 ) (169 ) Net trade accounts receivable 9,904 2,583 Other receivables 3,195 976 Accounts receivable $ 13,099 $ 3,559 |
Disclosure of detailed information about allowance for doubtful accounts for trade accounts receivable [Table Text Block] | 2021 2020 Balance, beginning of year $ 169 $ 188 Reversal of doubtful accounts (17 ) (13 ) Bad debts written off, net of recoveries (115 ) (6 ) Balance, end of year $ 37 $ 169 |
Disclosure of detailed information about contractual cash flow maturities [Table Text Block] | Contractual Cash Flow Maturities As at December 31, 2021 Carrying Total Within 1 1 year 3 years Accounts payable and accrued liabilities $ 9,307 $ 9,307 $ 9,307 $ - $ - Income taxes payable 1,560 1,560 1,560 - - Payable to loyalty program partners 75,275 75,275 75,275 - - $ 86,142 $ 86,142 $ 86,142 $ - $ - Contractual Cash Flow Maturities As at December 31, 2020 Carrying Total Within 1 1 year 3 years Accounts payable and accrued liabilities $ 5,766 $ 5,766 $ 5,766 $ - $ - Income taxes payable 489 489 489 - - Payable to loyalty program partners 50,629 50,629 50,629 - - Long term debt including interest payments (1) 15,000 15,522 3,502 12,020 - $ 71,884 $ 72,406 $ 60,386 $ 12,020 $ - 1 Interest on long term debt is based on LIBOR and SOFR rate as at year end 2020, which represents Management's best estimate based on information available. |
Disclosure of detailed information about foreign currency risk [Table Text Block] | As at December 31, 2021 CAD GBP EUR JPY FX Rates used to translate to USD 0.78588 1.34973 1.13249 0.00869 Balances below in source currency (in thousands) Financial assets Cash and cash equivalents 5,403 1,815 8,968 52,645 Cash held in trust 1,816 - - - Funds receivable from payment processors 45 112 1,413 4,762 Accounts receivable 775 239 197 60,181 8,039 2,166 10,578 117,588 Financial liabilities Accounts payable and accrued liabilities 7,216 269 224 23,003 Payable to loyalty program partners 1,126 1,254 8,540 4,515 8,342 1,523 8,764 27,518 As at December 31, 2020 CAD GBP EUR JPY FX Rates used to translate to USD 0.7849 1.3663 1.2278 0.009701 Balances below in source currency (in thousands) Financial assets Cash and cash equivalents 6,692 4,825 5,680 67,097 Cash held in trust 357 - - - Funds receivable from payment processors 29 306 1,070 11,482 Accounts receivable 1,428 188 55 25,497 8,506 5,319 6,805 104,076 Financial liabilities Accounts payable and accrued liabilities 3,697 365 34 725 Payable to loyalty program partners 476 2,896 5,114 14,058 4,173 3,261 5,148 14,783 |
Disclosure of fair value measurement [Table Text Block] | 2021 Carrying Value Level 2 Assets: Foreign exchange forward contracts designated as cash flow hedges (i) $ 118 $ 118 Liabilities: Foreign exchange forward contracts designated as cash flow hedges (i) (282 ) (282 ) $ (164 ) $ (164 ) 2020 Carrying Value Level 2 Assets: Foreign exchange forward contracts designated as cash flow hedges (i) $ 827 $ 827 $ 827 $ 827 (i) The carrying values of the Corporation's foreign exchange forward contracts are included in prepaid expenses, deposits and other assets and/or current portion of other liabilities in the consolidated statements of financial position. |
GUARANTEES AND COMMITMENTS (Tab
GUARANTEES AND COMMITMENTS (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure Of Detail Information About Guarantees And Commitments [Abstract] | |
Disclosure of guarantees and commitments [Table Text Block] | Total Year 1 ( 2 ) Year 2 Year 3 Year 4 Year 5+ Revenue guarantees to loyalty partners (1) $ 418,696 $ 164,658 $ 167,225 $ 86,813 $ - $ - Unconditional Purchase obligations (3) $ 1,858 $ 994 $ 756 $ 108 $ - $ - (1) (2) (3) |
SUPPLEMENTAL CASH FLOW INFORM_2
SUPPLEMENTAL CASH FLOW INFORMATION (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure Of Supplemental Cash Flow Information [Abstract] | |
Disclosure of detailed information about non-cash balances related to operations [Table Text Block] | For the year ended December 31 2021 2020 (Increase) Decrease in funds receivable from payment processors $ (1,946 ) $ 8,507 (Increase) Decrease in accounts receivable (9,540 ) 18,305 Decrease (Increase) in prepaid taxes 1,555 (1,566 ) Increase in prepaid expenses, deposits and other assets (1,291 ) (1,094 ) Decrease in other assets 202 14 Increase (Decrease) in accounts payable and accrued liabilities 3,579 (8,031 ) Increase (Decrease) in income taxes payable 1,071 (1,837 ) Increase in other liabilities 596 12 Increase (Decrease) in payable to loyalty program partners 24,646 (27,641 ) $ 18,872 $ (13,331 ) |
RELATED PARTIES (Tables)
RELATED PARTIES (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of transactions between related parties [abstract] | |
Disclosure of information about key management personnel compensation [Table Text Block] | For the year ended December 31 (In thousands of Canadian dollars) 2021 2020 Short-term employee salaries and benefits $ 2,336 $ 2,727 Share-based compensation 5,068 2,572 Total compensation $ 7,404 $ 5,299 |
RECLASSIFICATION OF EXPENSES (T
RECLASSIFICATION OF EXPENSES (Table) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of reclassifications or changes in presentation [line items] | |
Disclosure of expenses by nature [Table Text Block] | For the year ended December 31 2020 OPERATING EXPENSES Sales and marketing $ 14,242 Research and development 10,725 General and administrative 10,403 Depreciation and amortization 4,859 Impairment charges 1,798 Total Operating Expenses $ 42,027 Foreign exchange gain (671 ) $ 41,356 |
Previous presentation [Member] | |
Disclosure of reclassifications or changes in presentation [line items] | |
Disclosure of expenses by nature [Table Text Block] | For the year ended December 31 2020 OPERATING EXPENSES Employment costs $ 24,659 Marketing and communications 1,220 Technology services 2,767 Depreciation and amortization 4,859 Foreign exchange gain (671 ) Other operating expenses 6,724 Impairment charges 1,798 Total Operating Expenses $ 41,356 |
SIGNIFICANT ACCOUNTING POLICI_4
SIGNIFICANT ACCOUNTING POLICIES (Narrative) (Details) $ in Thousands | Jan. 01, 2021USD ($) |
Significant Accounting Policies [Abstract] | |
Borrowings on LIBOR secured credit facility | $ 15,000 |
SIGNIFICANT ACCOUNTING POLICI_5
SIGNIFICANT ACCOUNTING POLICIES - Disclosure of detailed information about estimated useful life or depreciation rate (Details) | 12 Months Ended |
Dec. 31, 2021 | |
Furniture and Fixtures [Member] | |
Significant Accounting Policies [Line Items] | |
Method of depreciation | Straight-line |
Useful lives or depreciation rates, property, plant and equipment | 5 years |
Computer Hardware [Member] | |
Significant Accounting Policies [Line Items] | |
Method of depreciation | Straight-line |
Useful lives or depreciation rates, property, plant and equipment | 3 years |
Computer Software [Member] | |
Significant Accounting Policies [Line Items] | |
Method of depreciation | Straight-line |
Useful lives or depreciation rates, property, plant and equipment | 3 years |
Leasehold improvements [Member] | |
Significant Accounting Policies [Line Items] | |
Method of depreciation | Straight-line over shorter of useful life or the lease term |
SIGNIFICANT ACCOUNTING POLICI_6
SIGNIFICANT ACCOUNTING POLICIES - Disclosure of detailed information about finite useful lives of intangible assets (Details) | 12 Months Ended |
Dec. 31, 2021 | |
Customer relationships [Member] | |
Significant Accounting Policies [Line Items] | |
Amortisation method intangible assets other than goodwill | Straight-line |
Useful life measured as period of time, intangible assets other than goodwill | 10 years |
Technology [Member] | |
Significant Accounting Policies [Line Items] | |
Amortisation method intangible assets other than goodwill | Straight-line |
Technology [Member] | Bottom of range [Member] | |
Significant Accounting Policies [Line Items] | |
Useful life measured as period of time, intangible assets other than goodwill | 3 years |
Technology [Member] | Top of range [Member] | |
Significant Accounting Policies [Line Items] | |
Useful life measured as period of time, intangible assets other than goodwill | 5 years |
OPERATING SEGMENTS (Narrative)
OPERATING SEGMENTS (Narrative) (Details) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of operating segments [line items] | ||
Percentage of entity's revenue | 100.00% | 100.00% |
Information about major customers | For the year ended December 31, 2021, there were two (2020 - three) loyalty program partners for which sales to their members individually represented more than 10% of the Corporation's total revenue. | |
Loyalty program partners [Member] | ||
Disclosure of operating segments [line items] | ||
Loyalty program partners | two | three |
Percentage of entity's revenue | 57.00% | 64.00% |
OPERATING SEGMENTS - Disclosure
OPERATING SEGMENTS - Disclosure of detailed information about revenues, geographic information (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of operating segments [line items] | ||
Revenue | $ 370,008 | $ 217,387 |
Percentage of entity's revenue | 100.00% | 100.00% |
United States [Member] | ||
Disclosure of operating segments [line items] | ||
Revenue | $ 327,419 | $ 188,531 |
Percentage of entity's revenue | 88.00% | 87.00% |
Europe [Member] | ||
Disclosure of operating segments [line items] | ||
Revenue | $ 25,707 | $ 19,074 |
Percentage of entity's revenue | 7.00% | 9.00% |
Other [Member] | ||
Disclosure of operating segments [line items] | ||
Revenue | $ 16,882 | $ 9,782 |
Percentage of entity's revenue | 5.00% | 4.00% |
OPERATING SEGMENTS - Disclosu_2
OPERATING SEGMENTS - Disclosure of detailed information about contracted revenues allocated to the remaining performance obligations (Details) - Hosting and other [Member] $ in Thousands | 12 Months Ended |
Dec. 31, 2021USD ($) | |
Disclosure of operating segments [line items] | |
Transaction price | $ 1,632 |
Year 1 [Member] | |
Disclosure of operating segments [line items] | |
Transaction price | 909 |
Year 2 [Member] | |
Disclosure of operating segments [line items] | |
Transaction price | 651 |
Year 3 [Member] | |
Disclosure of operating segments [line items] | |
Transaction price | 72 |
Year 4 [Member] | |
Disclosure of operating segments [line items] | |
Transaction price | 0 |
Year 5+ [Member] | |
Disclosure of operating segments [line items] | |
Transaction price | $ 0 |
EMPLOYMENT COSTS (Narrative) (D
EMPLOYMENT COSTS (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Employment Costs [Abstract] | ||
Total employment costs, comprising of salaries, benefits and share-based compensation expense, net of government grants and tax credits | $ 35,049 | $ 24,659 |
Amount of subsidies recorded | 1,617 | 5,322 |
Subsidies recognized as a reduction of employment costs | 1,553 | 5,260 |
Subsidies related to eligible costs incurred in connection with development of software | 64 | 62 |
Subsidies receivable | $ 459 | |
Government loans forgiven | 301 | |
Reduction to employment costs | $ 301 |
EMPLOYMENT COSTS - Disclosure o
EMPLOYMENT COSTS - Disclosure of detailed information about employment cost share-based compensation expenses (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure Of Employment Costs [Line Items] | ||
Share-based compensation expense | $ 6,653 | $ 3,129 |
Sales and marketing [Member] | ||
Disclosure Of Employment Costs [Line Items] | ||
Share-based compensation expense | 1,631 | 855 |
Research and development [Member] | ||
Disclosure Of Employment Costs [Line Items] | ||
Share-based compensation expense | 998 | 595 |
General and administrative [Member] | ||
Disclosure Of Employment Costs [Line Items] | ||
Share-based compensation expense | $ 4,024 | $ 1,679 |
ACCOUNTS RECEIVABLE - Disclosur
ACCOUNTS RECEIVABLE - Disclosure of detailed information about trade and other receivables (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Trade and other receivables [abstract] | |||
Trade accounts receivable | $ 9,941 | $ 2,752 | |
Allowance for doubtful accounts | (37) | (169) | $ (188) |
Net trade accounts receivable | 9,904 | 2,583 | |
Other receivables | 3,195 | 976 | |
Accounts receivable | $ 13,099 | $ 3,559 |
PREPAID EXPENSES AND OTHER AS_3
PREPAID EXPENSES AND OTHER ASSETS - Disclosure of prepayments and other assets (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Prepaid Expenses And Other Assets [Abstract] | ||
Prepaid expenses | $ 1,805 | $ 1,430 |
Deposits held with vendors | 2,414 | 799 |
Foreign exchange forward contracts designated as cash flow hedges | 118 | 827 |
Current portion of loyalty reward currency inventory | 29 | 19 |
Prepaid expenses, deposits and current portion of other assets | 4,366 | 3,075 |
Non-current portion of loyalty reward currency inventory | 0 | 202 |
Other assets | $ 0 | $ 202 |
PROPERTY AND EQUIPMENT - Disclo
PROPERTY AND EQUIPMENT - Disclosure of detailed information about property, plant and equipment (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of detailed information about property, plant and equipment [line items] | ||
Balance, beginning of year | $ 1,529 | |
Balance, end of year | 1,076 | $ 1,529 |
Cost [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Balance, beginning of year | 10,521 | 10,071 |
Additions | 904 | 450 |
Balance, end of year | 11,425 | 10,521 |
Depreciation and impairment losses [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Balance, beginning of year | 8,992 | 7,700 |
Depreciation for the year | 1,357 | 1,292 |
Balance, end of year | 10,349 | 8,992 |
Computer Hardware [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Balance, beginning of year | 663 | |
Balance, end of year | 743 | 663 |
Computer Hardware [Member] | Cost [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Balance, beginning of year | 4,708 | 4,504 |
Additions | 604 | 204 |
Balance, end of year | 5,312 | 4,708 |
Computer Hardware [Member] | Depreciation and impairment losses [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Balance, beginning of year | 4,045 | 3,453 |
Depreciation for the year | 524 | 592 |
Balance, end of year | 4,569 | 4,045 |
Computer Software [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Balance, beginning of year | 367 | |
Balance, end of year | 93 | 367 |
Computer Software [Member] | Cost [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Balance, beginning of year | 3,282 | 3,051 |
Additions | 274 | 231 |
Balance, end of year | 3,556 | 3,282 |
Computer Software [Member] | Depreciation and impairment losses [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Balance, beginning of year | 2,915 | 2,556 |
Depreciation for the year | 548 | 359 |
Balance, end of year | 3,463 | 2,915 |
Furniture and Fixtures [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Balance, beginning of year | 153 | |
Balance, end of year | 98 | 153 |
Furniture and Fixtures [Member] | Cost [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Balance, beginning of year | 1,216 | 1,207 |
Additions | 24 | 9 |
Balance, end of year | 1,240 | 1,216 |
Furniture and Fixtures [Member] | Depreciation and impairment losses [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Balance, beginning of year | 1,063 | 961 |
Depreciation for the year | 79 | 102 |
Balance, end of year | 1,142 | 1,063 |
Leasehold Improvements [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Balance, beginning of year | 346 | |
Balance, end of year | 142 | 346 |
Leasehold Improvements [Member] | Cost [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Balance, beginning of year | 1,315 | 1,309 |
Additions | 2 | 6 |
Balance, end of year | 1,317 | 1,315 |
Leasehold Improvements [Member] | Depreciation and impairment losses [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Balance, beginning of year | 969 | 730 |
Depreciation for the year | 206 | 239 |
Balance, end of year | $ 1,175 | $ 969 |
RIGHT OF USE ASSETS - Disclosur
RIGHT OF USE ASSETS - Disclosure of quantitative information about right-of-use assets (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of quantitative information about right-of-use assets [line items] | ||
Balance, beginning of year | $ 1,862 | |
Balance, end of year | 980 | $ 1,862 |
Cost [Member] | ||
Disclosure of quantitative information about right-of-use assets [line items] | ||
Balance, beginning of year | 4,257 | 4,224 |
Additions | 79 | 33 |
Balance, end of year | 4,336 | 4,257 |
Depreciation and impairment losses [Member] | ||
Disclosure of quantitative information about right-of-use assets [line items] | ||
Balance, beginning of year | 2,395 | 1,164 |
Amortization for the year | 961 | 1,081 |
Impairment loss | 150 | |
Balance, end of year | 3,356 | 2,395 |
Office [Member] | ||
Disclosure of quantitative information about right-of-use assets [line items] | ||
Balance, beginning of year | 1,805 | |
Balance, end of year | 939 | 1,805 |
Office [Member] | Cost [Member] | ||
Disclosure of quantitative information about right-of-use assets [line items] | ||
Balance, beginning of year | 4,171 | 4,138 |
Additions | 79 | 33 |
Balance, end of year | 4,250 | 4,171 |
Office [Member] | Depreciation and impairment losses [Member] | ||
Disclosure of quantitative information about right-of-use assets [line items] | ||
Balance, beginning of year | 2,366 | 1,151 |
Amortization for the year | 945 | 1,065 |
Impairment loss | 150 | |
Balance, end of year | 3,311 | 2,366 |
Office Equipment [Member] | ||
Disclosure of quantitative information about right-of-use assets [line items] | ||
Balance, beginning of year | 57 | |
Balance, end of year | 41 | 57 |
Office Equipment [Member] | Cost [Member] | ||
Disclosure of quantitative information about right-of-use assets [line items] | ||
Balance, beginning of year | 86 | 86 |
Additions | 0 | 0 |
Balance, end of year | 86 | 86 |
Office Equipment [Member] | Depreciation and impairment losses [Member] | ||
Disclosure of quantitative information about right-of-use assets [line items] | ||
Balance, beginning of year | 29 | 13 |
Amortization for the year | 16 | 16 |
Impairment loss | 0 | |
Balance, end of year | $ 45 | $ 29 |
INTANGIBLE ASSETS (Narrative) (
INTANGIBLE ASSETS (Narrative) (Details) $ in Thousands | 3 Months Ended |
Sep. 30, 2021USD ($) | |
Disclosure of detailed information about intangible assets [abstract] | |
Impairment loss | $ 428 |
INTANGIBLE ASSETS - Disclosure
INTANGIBLE ASSETS - Disclosure of detailed information about intangible assets (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Sep. 30, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of detailed information about intangible assets [line items] | |||
Balance, beginning of year | $ 12,130 | ||
Impairment loss | $ 428 | ||
Balance, end of year | 10,355 | $ 12,130 | |
Cost [Member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Balance, beginning of year | 37,006 | 35,169 | |
Additions | 880 | 1,837 | |
Balance, end of year | 37,886 | 37,006 | |
Amortization and impairment losses [Member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Balance, beginning of year | (24,876) | (22,363) | |
Amortization for the year | 2,227 | 2,486 | |
Impairment loss | 428 | 27 | |
Balance, end of year | (27,531) | (24,876) | |
Customer relationships [Member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Balance, beginning of year | 3,329 | ||
Balance, end of year | 2,479 | 3,329 | |
Customer relationships [Member] | Cost [Member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Balance, beginning of year | 8,500 | 8,500 | |
Additions | 0 | 0 | |
Balance, end of year | 8,500 | 8,500 | |
Customer relationships [Member] | Amortization and impairment losses [Member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Balance, beginning of year | (5,171) | (4,321) | |
Amortization for the year | 850 | 850 | |
Impairment loss | 0 | 0 | |
Balance, end of year | (6,021) | (5,171) | |
Domain names [Member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Balance, beginning of year | 4,300 | ||
Balance, end of year | 4,300 | 4,300 | |
Domain names [Member] | Cost [Member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Balance, beginning of year | 4,300 | 4,300 | |
Additions | 0 | 0 | |
Balance, end of year | 4,300 | 4,300 | |
Domain names [Member] | Amortization and impairment losses [Member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Balance, beginning of year | 0 | 0 | |
Amortization for the year | 0 | 0 | |
Impairment loss | 0 | 0 | |
Balance, end of year | 0 | 0 | |
Technology [Member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Balance, beginning of year | 4,296 | ||
Balance, end of year | 3,371 | 4,296 | |
Technology [Member] | Cost [Member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Balance, beginning of year | 24,001 | 22,164 | |
Additions | 880 | 1,837 | |
Balance, end of year | 24,881 | 24,001 | |
Technology [Member] | Amortization and impairment losses [Member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Balance, beginning of year | (19,705) | (18,042) | |
Amortization for the year | 1,377 | 1,636 | |
Impairment loss | 428 | 27 | |
Balance, end of year | (21,510) | (19,705) | |
Other [Member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Balance, beginning of year | 205 | ||
Balance, end of year | 205 | 205 | |
Other [Member] | Cost [Member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Balance, beginning of year | 205 | 205 | |
Additions | 0 | 0 | |
Balance, end of year | 205 | 205 | |
Other [Member] | Amortization and impairment losses [Member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Balance, beginning of year | 0 | 0 | |
Amortization for the year | 0 | 0 | |
Impairment loss | 0 | 0 | |
Balance, end of year | $ 0 | $ 0 |
GOODWILL (Narrative) (Details)
GOODWILL (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Sep. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of information for cash-generating units [line items] | ||||
Impairment charges | $ 428 | $ 1,798 | ||
Write-down of goodwill | $ 0 | $ 1,449 | ||
Write-down of intangible assets | $ 428 | |||
Points Travel cash-generating units [Member] | ||||
Disclosure of information for cash-generating units [line items] | ||||
Impairment charges | $ 1,798 | |||
Write-down of goodwill | 1,449 | |||
Write-down of right-of-use assets | 150 | |||
Write-down of prepaid expenses and other assets | 172 | |||
Write-down of intangible assets | $ 27 | |||
Discount rate applied to cash flow projections | 23.40% |
GOODWILL - Disclosure of detail
GOODWILL - Disclosure of detailed information about goodwill (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Changes in goodwill [abstract] | ||
Balance, beginning of year | $ 5,681 | $ 7,130 |
Additions | 0 | 0 |
Impairment loss recognised in profit or loss, goodwill | 0 | (1,449) |
Balance, end of year | $ 5,681 | $ 5,681 |
GOODWILL - Disclosure of deta_2
GOODWILL - Disclosure of detailed information about recoverable amounts for cash-generating units with indefinite life intangible assets and goodwill (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of reconciliation of changes in goodwill [line items] | |||
Carrying value of goodwill | $ 5,681 | $ 5,681 | $ 7,130 |
Points.com Inc. [Member] | |||
Disclosure of reconciliation of changes in goodwill [line items] | |||
Carrying value of goodwill | 5,681 | ||
Carrying value of indefinite-life intangible assets | $ 4,505 | ||
Recoverable amount method | Value in Use | ||
Period used | 3 | ||
Terminal growth rate | 2.0% | ||
Pre-tax discount rate | 18.40% |
INCOME TAXES (Narrative) (Detai
INCOME TAXES (Narrative) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Temporary difference | $ 2,755 | $ 2,688 |
Non-capital loss carry-forwards for income tax purposes [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deferred tax assets | 1,801 | 772 |
Capital losses, which can be carried forward indefinitely [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deferred tax assets | $ 10,456 | $ 10,456 |
INCOME TAXES - Disclosure of de
INCOME TAXES - Disclosure of detailed information about tax expense (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Current tax expense (recovery) | ||
Current year | $ 769 | $ (1,376) |
Prior years | 284 | 46 |
Total current tax expense (recovery) | 1,053 | (1,330) |
Deferred tax recovery | ||
Current year movement in recognized temporary differences and losses | (801) | (97) |
Prior years | (268) | (33) |
Total deferred tax recovery | (1,069) | (130) |
Total income tax recovery | $ (16) | $ (1,460) |
INCOME TAXES - Disclosure of _2
INCOME TAXES - Disclosure of detailed information about effective tax expense (recovery) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Increase in taxes resulting from: | ||
Income tax recovery at statutory rate | $ (95) | $ (1,806) |
Statutory tax rate | 26.50% | 26.50% |
Non-deductible items | $ 166 | $ 196 |
Other differences | (87) | 150 |
Total income tax recovery | $ (16) | $ (1,460) |
INCOME TAXES - Disclosure of _3
INCOME TAXES - Disclosure of deferred taxes (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure Of Income Tax [Line Items] | ||
Deferred tax assets | $ 4,492 | $ 3,139 |
Deferred tax liabilities | (1,313) | (1,783) |
Reclassification of deferred tax assets | (328) | (52) |
Reclassification of deferred tax liabilities | 328 | 52 |
Deferred tax assets | 4,164 | 3,087 |
Deferred tax liabilities | (985) | (1,731) |
Forward exchange contracts [Member] | ||
Disclosure Of Income Tax [Line Items] | ||
Deferred tax assets | 43 | 0 |
Deferred tax liabilities | 0 | (219) |
Property and equipment and Intangible assets [Member] | ||
Disclosure Of Income Tax [Line Items] | ||
Deferred tax assets | 2,623 | 2,398 |
Deferred tax liabilities | (1,313) | (1,564) |
Share issuance costs and other reserves [Member] | ||
Disclosure Of Income Tax [Line Items] | ||
Deferred tax assets | 471 | |
Deferred tax liabilities | 0 | |
Accrued liabilities [Member] | ||
Disclosure Of Income Tax [Line Items] | ||
Deferred tax assets | 94 | |
Deferred tax liabilities | 0 | |
Leases [Member] | ||
Disclosure Of Income Tax [Line Items] | ||
Deferred tax assets | 55 | 120 |
Deferred tax liabilities | 0 | 0 |
Restricted Share Units [Member] | ||
Disclosure Of Income Tax [Line Items] | ||
Deferred tax assets | 822 | 322 |
Deferred tax liabilities | 0 | 0 |
Tax losses [Member] | ||
Disclosure Of Income Tax [Line Items] | ||
Deferred tax assets | 478 | 205 |
Deferred tax liabilities | $ 0 | $ 0 |
INCOME TAXES - Disclosure of _4
INCOME TAXES - Disclosure of detailed information about unrecognized deferred tax assets (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Capital losses [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deferred tax assets | $ 1,385 | $ 1,385 |
LEASE LIABILITIES (Narrative) (
LEASE LIABILITIES (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Lease liabilities [abstract] | ||
Expense related to variable lease payments not included in measurement of lease obligations | $ 881 | $ 835 |
LEASE LIABILITIES - Disclosure
LEASE LIABILITIES - Disclosure of detail information about reconciliation movements of lease liabilities (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Lease liabilities [abstract] | ||
Balance, beginning of year | $ 2,292 | $ 3,532 |
New leases | 79 | 33 |
Interest expense | 91 | 144 |
Interest paid | (91) | (144) |
Payment of principal portion of lease liabilities | (1,231) | (1,293) |
Effect of changes in foreign exchange rates | 23 | 20 |
Balance, end of year | $ 1,163 | $ 2,292 |
LEASE LIABILITIES - Disclosur_2
LEASE LIABILITIES - Disclosure of maturity analysis of lease payments (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Disclosure of maturity analysis of operating lease payments [line items] | |||
Total undiscounted lease payments | $ 1,193 | $ 2,409 | |
Carrying value of lease liabilities | 1,163 | 2,292 | $ 3,532 |
Year 1 [Member] | |||
Disclosure of maturity analysis of operating lease payments [line items] | |||
Total undiscounted lease payments | 1,165 | 1,243 | |
Year 2 [Member] | |||
Disclosure of maturity analysis of operating lease payments [line items] | |||
Total undiscounted lease payments | 19 | 1,138 | |
Year 3 [Member] | |||
Disclosure of maturity analysis of operating lease payments [line items] | |||
Total undiscounted lease payments | 9 | 19 | |
Year 4 [Member] | |||
Disclosure of maturity analysis of operating lease payments [line items] | |||
Total undiscounted lease payments | 0 | 9 | |
Year 5+ [Member] | |||
Disclosure of maturity analysis of operating lease payments [line items] | |||
Total undiscounted lease payments | $ 0 | $ 0 |
OTHER LIABILITIES - Disclosure
OTHER LIABILITIES - Disclosure of detailed information about other liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure Of Other Liabilities [Abstract] | ||
Foreign exchange forward contracts designated as cash flow hedges | $ 282 | $ 0 |
Current portion of deferred revenue | 1,184 | 546 |
Other liabilities | 0 | 301 |
Current portion of other liabilities | 1,466 | 847 |
Non-current portion of deferred revenue | 29 | 57 |
Non-current portion of other liabilities | 5 | 0 |
Other liabilities | $ 34 | $ 57 |
OTHER LIABILITIES - Disclosur_2
OTHER LIABILITIES - Disclosure of detailed information about changes in deferred revenue balances (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure Of Other Liabilities [Abstract] | ||
Balance, beginning of year | $ 603 | $ 891 |
Amounts invoiced and revenue deferred | 5,404 | 3,209 |
Recognition of deferred revenue | (4,794) | (3,497) |
Balance, end of year | $ 1,213 | $ 603 |
CAPITAL AND OTHER COMPONENTS _2
CAPITAL AND OTHER COMPONENTS OF EQUITY (Narrative) (Details) $ / shares in Units, $ in Thousands, $ in Thousands | 1 Months Ended | 12 Months Ended | ||||||||||
Mar. 31, 2021CAD ($)$ / sharesshares | Mar. 31, 2021USD ($)shares | Dec. 31, 2021USD ($)shares | Dec. 31, 2020USD ($)shares | Sep. 09, 2021shares | Aug. 31, 2021shares | Sep. 09, 2020shares | Aug. 31, 2020shares | Dec. 31, 2019shares | Aug. 14, 2019shares | Jul. 31, 2019shares | Mar. 02, 2016shares | |
Disclosure Of Capital And Other Components Of Equity [Line Items] | ||||||||||||
Repurchase amount, percentage | 5.00% | 5.00% | 5.00% | |||||||||
Gross proceeds from shares issued | $ 31,641 | $ 25,129 | ||||||||||
Common shares purchased by underwriters | 220,110 | 220,110 | ||||||||||
Net proceeds from equity financing | $ | $ 23,275 | $ 23,275 | $ 0 | |||||||||
Underwriters fees and expenses | $ | $ 1,854 | |||||||||||
Number of shares eligible to be repurchased under Normal Course Issuer Bid | 746,992 | 661,370 | 679,034 | |||||||||
Common shares issued | 14,939,842 | 13,227,407 | 13,580,692 | |||||||||
Common shares outstanding | 14,939,842 | 13,227,407 | 13,580,692 | 15,298,602 | ||||||||
Shares repurchased and cancelled | $ | $ (1,042) | |||||||||||
Share Capital [Member] | ||||||||||||
Disclosure Of Capital And Other Components Of Equity [Line Items] | ||||||||||||
Common shares outstanding | 14,942,792 | 13,227,407 | 13,241,516 | |||||||||
Shares issued, net of issuance costs and taxes | 1,687,510 | 1,687,510 | 1,687,510 | |||||||||
Shares issued during period, price per share | $ / shares | $ 18.75 | |||||||||||
Shares repurchased and cancelled (shares) | (67,483) | |||||||||||
Shares repurchased and cancelled | $ | $ (238) | |||||||||||
Contributed Surplus [Member] | ||||||||||||
Disclosure Of Capital And Other Components Of Equity [Line Items] | ||||||||||||
Shares repurchased and cancelled | $ | $ (804) |
LOSS PER SHARE (Narrative) (Det
LOSS PER SHARE (Narrative) (Details) - shares | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Earnings per share [abstract] | ||
Anti-dilutive shares excluded from diluted weighted average number of shares | 997,200 | 1,021,156 |
LOSS PER SHARE - Disclosure of
LOSS PER SHARE - Disclosure of earnings per share (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Earnings per share [abstract] | ||
Net loss available to common shareholders for basic and diluted loss per share | $ (344) | $ (5,357) |
Weighted average number of common shares outstanding - basic | 14,524,591 | 13,222,707 |
Effect of dilutive securities | 0 | 0 |
Weighted average number of common shares outstanding - diluted | 14,524,591 | 13,222,707 |
Loss per share - reported | ||
Basic | $ (0.02) | $ (0.41) |
Diluted | $ (0.02) | $ (0.41) |
LONG TERM DEBT (Narrative) (Det
LONG TERM DEBT (Narrative) (Details) - USD ($) $ in Thousands | Dec. 10, 2019 | Dec. 31, 2021 | Jul. 01, 2021 | Jan. 01, 2021 | Dec. 31, 2020 | Nov. 23, 2020 |
Disclosure of detailed information about borrowings [line items] | ||||||
Long-term debt | $ 15,000 | |||||
Current portion of long term debt | $ 0 | $ 3,500 | ||||
Noncurrent portion of Long-term debt | $ 0 | 11,500 | ||||
Facility 1 [Member] | ||||||
Disclosure of detailed information about borrowings [line items] | ||||||
Secured revolving credit facility | $ 50,000 | |||||
Credit facility maturity | three-year maturity | |||||
Revised secured revolving credit facility | $ 40,000 | |||||
Limit under anti-cash hoarding clause | $ 25,000 | |||||
Revised limit under anti cash hoarding clause | $ 30,000 | |||||
Long-term debt | $ 15,000 | |||||
Borrowings, interest rate over bank base rate | 2.94% | |||||
Current portion of long term debt | $ 3,500 | |||||
Noncurrent portion of Long-term debt | $ 11,500 | |||||
Facility 1 [Member] | Bottom of range [Member] | ||||||
Disclosure of detailed information about borrowings [line items] | ||||||
Borrowings, adjustment to interest rate basis | 0.75% | 1.75% | ||||
Facility 1 [Member] | Top of range [Member] | ||||||
Disclosure of detailed information about borrowings [line items] | ||||||
Borrowings, adjustment to interest rate basis | 2.00% | 2.75% |
SHARE-BASED COMPENSATION (Narra
SHARE-BASED COMPENSATION (Narrative) (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Mar. 31, 2022USD ($) | Dec. 31, 2021USD ($)Shareshares | Dec. 31, 2020USD ($)Shareshares | Dec. 31, 2019Share | Mar. 02, 2016 | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Share option plan expense | $ | $ 381 | ||||
Share option plan, employment expense (recovery) | $ | $ (464) | ||||
Number of options outstanding | 997,200 | 1,021,156 | 1,321,288 | ||
Number of options exercisable | 0 | 23,956 | |||
Percentage of shares outstanding to determine number of net options granted | 10.00% | ||||
Share units purchased and held in trust | 188,000 | ||||
Share units purchased and held in trust, amount | $ | $ 3,257 | ||||
Payments of withholding taxes in cash | $ | $ 2,527 | $ 1,209 | |||
Shares held in trust | shares | 231,282 | 195,706 | |||
Share-based compensation expense | $ | $ 6,653 | $ 3,129 | |||
Subsequent Event [Member] | Bottom of range [Member] | |||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Adjustment of additional share option expense | $ | $ 1,300 | ||||
Subsequent Event [Member] | Top of range [Member] | |||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Adjustment of additional share option expense | $ | $ 1,700 | ||||
Share options plan [Member] | |||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Number of options outstanding | 23,956 | ||||
Number of performance options outstanding | 997,200 | 997,200 | |||
Share unit plan (RSUs and PSUs [Member] | |||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Number of performance share units outstanding under share unit plan | 39,244 | ||||
Number of units granted during the year | 287,431 | 522,231 | |||
Number of share units outstanding | 526,191 | 570,126 | |||
Number of units vested during the year | 301,137 | 400,490 | |||
Number of units settled through issuance of shares held in trust | shares | 152,424 | 291,608 | |||
Share-based compensation expense | $ | $ 6,272 | $ 3,593 |
SHARE-BASED COMPENSATION - Disc
SHARE-BASED COMPENSATION - Disclosure of detailed information about stock options available for grant (Details) | Dec. 31, 2021Share | Aug. 31, 2021shares | Dec. 31, 2020Share | Aug. 31, 2020shares | Dec. 31, 2019Share | Jul. 31, 2019shares | Mar. 02, 2016Shareshares |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||
Shares outstanding | shares | 14,939,842 | 13,227,407 | 13,580,692 | 15,298,602 | |||
Percentage of shares outstanding | 10.00% | ||||||
Number of options authorized | 1,529,860 | ||||||
Less: options issued & outstanding | (997,200) | (1,021,156) | (1,321,288) | ||||
Options available for grant | 532,660 | 508,704 |
SHARE-BASED COMPENSATION - Di_2
SHARE-BASED COMPENSATION - Disclosure of number and weighted average exercise prices of share options (Details) | 12 Months Ended | |
Dec. 31, 2021Share$ / shares | Dec. 31, 2020Share$ / shares | |
Disclosure of terms and conditions of share-based payment arrangement [abstract] | ||
Number of share options outstanding in share-based payment arrangement at beginning of period | Share | 1,021,156 | 1,321,288 |
Weighted average exercise price of share options outstanding in share-based payment arrangement at beginning of period | $ / shares | $ 14.54 | $ 14.26 |
Number of share options exercised in share-based payment arrangement | Share | (23,956) | (150,511) |
Weighted average exercise price of share options exercised in share-based payment arrangement | $ / shares | $ 10.50 | $ 12.19 |
Number of share options expired and forfeited in share-based payment arrangement | Share | 0 | (149,621) |
Weighted average exercise price of share options expired and forfeited in share-based payment arrangement | $ / shares | $ 0 | $ 14.46 |
Number of share options outstanding in share-based payment arrangement at end of period | Share | 997,200 | 1,021,156 |
Weighted average exercise price of share options outstanding in share-based payment arrangement at end of period | $ / shares | $ 14.63 | $ 14.54 |
Number of share options exercisable in share-based payment arrangement | Share | 0 | 23,956 |
Weighted average exercise price of share options exercisable in share-based payment arrangement | $ / shares | $ 0 | $ 10.50 |
SHARE-BASED COMPENSATION - Di_3
SHARE-BASED COMPENSATION - Disclosure of range of exercise prices of outstanding share options (Details) | 12 Months Ended | ||
Dec. 31, 2021Share$ / shares | Dec. 31, 2020Share$ / shares | Dec. 31, 2019Share$ / shares | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Number of share options outstanding in share-based payment arrangement | Share | 997,200 | 1,021,156 | 1,321,288 |
Weighted average exercise price of share options outstanding in share-based payment arrangement | $ / shares | $ 14.63 | $ 14.54 | $ 14.26 |
Number of share options exercisable in share-based payment arrangement | Share | 0 | 23,956 | |
Weighted average exercise price of share options exercisable in share-based payment arrangement | $ / shares | $ 0 | $ 10.50 | |
$5.00 to $9.99 [Member] | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Number of share options outstanding in share-based payment arrangement | Share | 14,570 | ||
Weighted average remaining contractual life of outstanding share options | 2 months 8 days | ||
Weighted average exercise price of share options outstanding in share-based payment arrangement | $ / shares | $ 9.89 | ||
Number of share options exercisable in share-based payment arrangement | Share | 14,570 | ||
Weighted average exercise price of share options exercisable in share-based payment arrangement | $ / shares | $ 9.89 | ||
$10.00 to $14.99 [Member] | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Number of share options outstanding in share-based payment arrangement | Share | 745,200 | 754,586 | |
Weighted average remaining contractual life of outstanding share options | 2 years 11 months 12 days | 3 years 10 months 28 days | |
Weighted average exercise price of share options outstanding in share-based payment arrangement | $ / shares | $ 13.93 | $ 13.90 | |
Number of share options exercisable in share-based payment arrangement | Share | 0 | 9,386 | |
Weighted average exercise price of share options exercisable in share-based payment arrangement | $ / shares | $ 0 | $ 11.45 | |
$15.00 to $19.99 [Member] | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Number of share options outstanding in share-based payment arrangement | Share | 252,000 | 252,000 | |
Weighted average remaining contractual life of outstanding share options | 3 years 7 months 17 days | 4 years 7 months 17 days | |
Weighted average exercise price of share options outstanding in share-based payment arrangement | $ / shares | $ 16.72 | $ 16.72 | |
Number of share options exercisable in share-based payment arrangement | Share | 0 | 0 | |
Weighted average exercise price of share options exercisable in share-based payment arrangement | $ / shares | $ 0 | $ 0 |
SHARE-BASED COMPENSATION - Di_4
SHARE-BASED COMPENSATION - Disclosure of restricted share units and performance share units (Details) - Restricted and Performance share units [Member] | 12 Months Ended | |
Dec. 31, 2021CAD ($)Share | Dec. 31, 2020CAD ($)Share | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Number of share units, beginning of year | Share | 570,126 | 496,942 |
Weighted average exercise price of share units, beginning of year | $ | $ 15.06 | $ 14.63 |
Number of units granted during the year | Share | 287,431 | 522,231 |
Weighted average exercise price share units granted | $ | $ 17.67 | $ 15.36 |
Number of units vested during the year | Share | (301,137) | (400,490) |
Weighted average exercise price of share units vested | $ | $ 14.26 | $ 14.99 |
Number of units forfeited during the year | Share | (30,229) | (48,557) |
Weighted average exercise price of share units forfeited | $ | $ 14.85 | $ 14.53 |
Number of share units, end of year | Share | 526,191 | 570,126 |
Weighted average exercise price of share units, end of year | $ | $ 16.95 | $ 15.06 |
FINANCIAL INSTRUMENTS (Narrativ
FINANCIAL INSTRUMENTS (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of detailed information about financial instruments [line items] | ||
Notional value of forward contracts | $ 25,417 | $ 18,830 |
Net asset (liability) | $ (164) | $ 827 |
Sensitivity analysis variance, percentage | 10.00% | 10.00% |
Effect of variance on net income | $ 394 | $ 985 |
CAD [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Realized foreign exchange gain (loss) reclassified to employment costs | $ 1,134 | $ (384) |
FINANCIAL INSTRUMENTS - Disclos
FINANCIAL INSTRUMENTS - Disclosure of detailed information about aging of accounts receivable (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Disclosure of detailed information about financial instruments [line items] | |||
Trade accounts receivable | $ 9,941 | $ 2,752 | |
Less allowance for doubtful accounts | (37) | (169) | $ (188) |
Net trade accounts receivable | 9,904 | 2,583 | |
Other receivables | 3,195 | 976 | |
Accounts receivable | 13,099 | 3,559 | |
Current [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Trade accounts receivable | 9,509 | 1,990 | |
Past due 31-60 days [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Trade accounts receivable | 160 | 328 | |
Past due 61-90 days [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Trade accounts receivable | 90 | 34 | |
Past due 91-120 days [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Trade accounts receivable | 32 | 24 | |
Past due over 120 days [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Trade accounts receivable | $ 150 | $ 376 |
FINANCIAL INSTRUMENTS - Discl_2
FINANCIAL INSTRUMENTS - Disclosure of detailed information about allowance for doubtful accounts for trade accounts receivable (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of detailed information about financial instruments [abstract] | ||
Allowance for doubtful accounts, beginning of year | $ 169 | $ 188 |
(Reversal of) Provision for doubtful accounts | (17) | (13) |
Bad debts written off, net of recoveries | (115) | (6) |
Allowance for doubtful accounts, end of year | $ 37 | $ 169 |
FINANCIAL INSTRUMENTS - Discl_3
FINANCIAL INSTRUMENTS - Disclosure of detailed information about contractual cash flow maturities (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure of detailed information about financial instruments [line items] | ||
Accounts payable and accrued liabilities | $ 9,307 | $ 5,766 |
Income taxes payable | 1,560 | 489 |
Payable to loyalty program partners | 75,275 | 50,629 |
Long term debt including interest payments | 15,522 | |
Financial liabilities | 86,142 | 72,406 |
Carrying Amount [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Accounts payable and accrued liabilities | 9,307 | 5,766 |
Income taxes payable | 1,560 | 489 |
Payable to loyalty program partners | 75,275 | 50,629 |
Long term debt including interest payments | 15,000 | |
Financial liabilities | 86,142 | 71,884 |
Within 1 year [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Accounts payable and accrued liabilities | 9,307 | 5,766 |
Income taxes payable | 1,560 | 489 |
Payable to loyalty program partners | 75,275 | 50,629 |
Long term debt including interest payments | 3,502 | |
Financial liabilities | 86,142 | 60,386 |
1 year to 3 years [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Accounts payable and accrued liabilities | 0 | 0 |
Income taxes payable | 0 | 0 |
Payable to loyalty program partners | 0 | 0 |
Long term debt including interest payments | 12,020 | |
Financial liabilities | 0 | 12,020 |
3 years and beyond [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Accounts payable and accrued liabilities | 0 | 0 |
Income taxes payable | 0 | 0 |
Payable to loyalty program partners | 0 | 0 |
Long term debt including interest payments | 0 | |
Financial liabilities | $ 0 | $ 0 |
FINANCIAL INSTRUMENTS - Discl_4
FINANCIAL INSTRUMENTS - Disclosure of detailed information about foreign currency risk (Details) € in Thousands, ¥ in Thousands, £ in Thousands, $ in Thousands, $ in Thousands | 12 Months Ended | ||||||||||
Dec. 31, 2021CAD ($)Rates | Dec. 31, 2020CAD ($)Rates | Dec. 31, 2021EUR (€) | Dec. 31, 2021GBP (£) | Dec. 31, 2021JPY (¥) | Dec. 31, 2021USD ($) | Dec. 31, 2020EUR (€) | Dec. 31, 2020GBP (£) | Dec. 31, 2020JPY (¥) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | |
Financial assets | |||||||||||
Cash and cash equivalents | $ 99,648 | $ 73,070 | $ 69,965 | ||||||||
Accounts receivable | 13,099 | 3,559 | |||||||||
Financial liabilities | |||||||||||
Accounts payable and accrued liabilities | 9,307 | 5,766 | |||||||||
Income taxes payable | 1,560 | 489 | |||||||||
Payable to loyalty program partners | 75,275 | 50,629 | |||||||||
Financial liabilities | $ 86,142 | $ 72,406 | |||||||||
CAD [Member] | |||||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||||
FX Rates used to translate to USD | Rates | 0.78588 | 0.7849 | |||||||||
Financial assets | |||||||||||
Cash and cash equivalents | $ 5,403 | $ 6,692 | |||||||||
Cash held in trust | 1,816 | 357 | |||||||||
Funds receivable from payment processors | 45 | 29 | |||||||||
Accounts receivable | 775 | 1,428 | |||||||||
Financial assets | 8,039 | 8,506 | |||||||||
Financial liabilities | |||||||||||
Accounts payable and accrued liabilities | 7,216 | 3,697 | |||||||||
Payable to loyalty program partners | 1,126 | 476 | |||||||||
Financial liabilities | $ 8,342 | $ 4,173 | |||||||||
GBP [Member] | |||||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||||
FX Rates used to translate to USD | Rates | 1.34973 | 1.3663 | |||||||||
Financial assets | |||||||||||
Cash and cash equivalents | £ | £ 1,815 | £ 4,825 | |||||||||
Cash held in trust | £ | 0 | 0 | |||||||||
Funds receivable from payment processors | £ | 112 | 306 | |||||||||
Accounts receivable | £ | 239 | 188 | |||||||||
Financial assets | £ | 2,166 | 5,319 | |||||||||
Financial liabilities | |||||||||||
Accounts payable and accrued liabilities | £ | 269 | 365 | |||||||||
Payable to loyalty program partners | £ | 1,254 | 2,896 | |||||||||
Financial liabilities | £ | £ 1,523 | £ 3,261 | |||||||||
EUR [Member] | |||||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||||
FX Rates used to translate to USD | Rates | 1.13249 | 1.2278 | |||||||||
Financial assets | |||||||||||
Cash and cash equivalents | € | € 8,968 | € 5,680 | |||||||||
Cash held in trust | € | 0 | 0 | |||||||||
Funds receivable from payment processors | € | 1,413 | 1,070 | |||||||||
Accounts receivable | € | 197 | 55 | |||||||||
Financial assets | € | 10,578 | 6,805 | |||||||||
Financial liabilities | |||||||||||
Accounts payable and accrued liabilities | € | 224 | 34 | |||||||||
Payable to loyalty program partners | € | 8,540 | 5,114 | |||||||||
Financial liabilities | € | € 8,764 | € 5,148 | |||||||||
JPY [Member] | |||||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||||
FX Rates used to translate to USD | Rates | 0.00869 | 0.009701 | |||||||||
Financial assets | |||||||||||
Cash and cash equivalents | ¥ | ¥ 52,645 | ¥ 67,097 | |||||||||
Cash held in trust | ¥ | 0 | 0 | |||||||||
Funds receivable from payment processors | ¥ | 4,762 | 11,482 | |||||||||
Accounts receivable | ¥ | 60,181 | 25,497 | |||||||||
Financial assets | ¥ | 117,588 | 104,076 | |||||||||
Financial liabilities | |||||||||||
Accounts payable and accrued liabilities | ¥ | 23,003 | 725 | |||||||||
Payable to loyalty program partners | ¥ | 4,515 | 14,058 | |||||||||
Financial liabilities | ¥ | ¥ 27,518 | ¥ 14,783 |
FINANCIAL INSTRUMENTS - Discl_5
FINANCIAL INSTRUMENTS - Disclosure of fair value measurement (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure of detailed information about financial instruments [line items] | ||
Foreign exchange forward contracts designated as cash flow hedges | $ 118 | $ 827 |
Financial assets and liabilities | (164) | 827 |
Level 2 [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial assets and liabilities | (164) | 827 |
Financial assets [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Foreign exchange forward contracts designated as cash flow hedges | 118 | 827 |
Financial assets [Member] | Level 2 [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Foreign exchange forward contracts designated as cash flow hedges | 118 | $ 827 |
Financial liabilities [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Foreign exchange forward contracts designated as cash flow hedges | (282) | |
Financial liabilities [Member] | Level 2 [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Foreign exchange forward contracts designated as cash flow hedges | $ (282) |
GUARANTEES AND COMMITMENTS - Di
GUARANTEES AND COMMITMENTS - Disclosure of commitments and contingent liabilities (Details) $ in Thousands | Dec. 31, 2021USD ($) |
Disclosure of direct cost of revenue [Line items] | |
Revenue guarantees to loyalty partners | $ 418,696 |
Unconditional Purchase obligations | 1,858 |
Year 1 [Member] | |
Disclosure of direct cost of revenue [Line items] | |
Revenue guarantees to loyalty partners | 164,658 |
Unconditional Purchase obligations | 994 |
Year 2 [Member] | |
Disclosure of direct cost of revenue [Line items] | |
Revenue guarantees to loyalty partners | 167,225 |
Unconditional Purchase obligations | 756 |
Year 3 [Member] | |
Disclosure of direct cost of revenue [Line items] | |
Revenue guarantees to loyalty partners | 86,813 |
Unconditional Purchase obligations | 108 |
Year 4 [Member] | |
Disclosure of direct cost of revenue [Line items] | |
Revenue guarantees to loyalty partners | 0 |
Unconditional Purchase obligations | 0 |
Year 5 and beyond [Member] | |
Disclosure of direct cost of revenue [Line items] | |
Revenue guarantees to loyalty partners | 0 |
Unconditional Purchase obligations | $ 0 |
SUPPLEMENTAL CASH FLOW INFORM_3
SUPPLEMENTAL CASH FLOW INFORMATION - Disclosure of detailed information about non-cash balances related to operations (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure Of Supplemental Cash Flow Information [Abstract] | ||
(Increase) Decrease in funds receivable from payment processors | $ (1,946) | $ 8,507 |
(Increase) Decrease in accounts receivable | (9,540) | 18,305 |
Decrease (Increase) in prepaid taxes | 1,555 | (1,566) |
Increase in prepaid expenses, deposits and other assets | (1,291) | (1,094) |
Decrease in other assets | 202 | 14 |
Increase (Decrease) in accounts payable and accrued liabilities | 3,579 | (8,031) |
Increase (Decrease) in income taxes payable | 1,071 | (1,837) |
Increase in other liabilities | 596 | 12 |
Increase (Decrease) in payable to loyalty program partners | 24,646 | (27,641) |
Total non-cash balances related to operations | $ 18,872 | $ (13,331) |
RELATED PARTIES - Disclosure of
RELATED PARTIES - Disclosure of information about key management personnel (Details) - CAD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of transactions between related parties [abstract] | ||
Short-term employee salaries and benefits | $ 2,336 | $ 2,727 |
Share-based payments | 5,068 | 2,572 |
Total compensation | $ 7,404 | $ 5,299 |
RECLASSIFICATION OF EXPENSES -
RECLASSIFICATION OF EXPENSES - Disclosure of reclassifications of expenses (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
OPERATING EXPENSES | ||
Employment costs | $ 35,049 | $ 24,659 |
Depreciation and amortization | 4,545 | 4,859 |
Foreign exchange gain | 478 | (671) |
Impairment charges | 428 | 1,798 |
Total Operating Expenses | $ 50,546 | 42,027 |
Previous presentation [Member] | ||
OPERATING EXPENSES | ||
Employment costs | 24,659 | |
Marketing and communications | 1,220 | |
Technology services | 2,767 | |
Depreciation and amortization | 4,859 | |
Foreign exchange gain | (671) | |
Other operating expenses | 6,724 | |
Impairment charges | 1,798 | |
Total Operating Expenses | $ 41,356 |
RECLASSIFICATION OF EXPENSES _2
RECLASSIFICATION OF EXPENSES - Disclosure of reclassifications of current presentation expenses (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
OPERATING EXPENSES | ||
Sales and marketing | $ 17,880 | $ 14,242 |
Research and development | 13,301 | 10,725 |
General and administrative | 14,392 | 10,403 |
Depreciation and amortization | 4,545 | 4,859 |
Impairment charges | 428 | 1,798 |
Total Operating Expenses | 50,546 | 42,027 |
Foreign exchange loss (gain) | $ 478 | (671) |
Total reclassification of expenses | $ 41,356 |