EVERYBODY LOVES LANGUAGES REPORTS FINANCIAL RESULTS FOR THE THIRD QUARTER ENDED SEPTEMBER 30, 2022
TORONTO, Nov. 28, 2022 /CNW/ - Everybody Loves Languages Corp. . ("ELL") (TSXV: ELL) (OTC: LMDCF) (FSE: LIMA), www.everybodyloveslanguages.com, an edtech language learning edutainment and content development company announces its financial results for the third quarter ended September 30, 2022. All figures are reported in Canadian Dollars and are in accordance with International Financial Reporting Standards unless otherwise noted.
Q3 2022 Corporate Highlights
- Everybody Loves Languages ("ELL") entered a joint venture strategic partnership with Row 9-Digital to develop and sell language learning programs based on Hollywood movies, incorporating the learning into the movie player. The Hollywood content is branded under the name Academe+. The joint venture partnership is structured on a 51% ownership by ELL and 49% by Row 9-Digital
- After the quarter end, ELL held its Annual and Special Meeting of Shareholders (the "Annual Meeting"). At the Annual Meeting, the shareholders have re-elected Messrs. Gali Bar-Ziv, Khurram Qureshi, Robert Martellacci, Laurent Mareschal and Tommy Weibing Gong as directors of the Company. In addition, shareholders also approved the re-appointment of RSM Canada LLP, Chartered Professional Accountants as auditors.
The Directors held a board meeting after the Annual Meeting and re-appointed Gali Bar-Ziv as President & CEO and Khurram Qureshi as Chief Financial Officer.
At the Annual Meeting, shareholders approved the name change of Lingo Media Corporation to Everybody Loves Languages Corp. As part of the name change, effective at the start of trading on October 17, 2022, Everybody Loves Languages Corp. commenced trading on the TSX Venture Exchange under the new trading symbol "ELL" and continued to trade on the OTC Market under the trading symbol "LMDCF" and on the Frankfurt Stock Exchange under the trading symbol "LIMA".
Q3 2022 Corporate Highlights
- Online English Language Learning:
- ELL expanded its English language learning service offerings in Israel. Everybody Loves Language courses are now being marketed and sold by CES Israel, an online learning company that services corporations, educational institutions, and families across Israel.
- ELL launched a new English language learning course, English Teacher Prep (ETP), to its portfolio of products and service offering. The ETP course provides an essential professional growth opportunity for teachers looking to strengthen their English proficiency and delivers critical methodologies for teaching English as a foreign language. The program was created by experts in curriculum design and features 120 hours of learning content.
- ELL was selected as official English language learning partner for Colsubsidio schools in Colombia to provide a complete suite of digital education products. Colsubsidio is implementing ELL's proprietary learning management system and its Campus English course and testing suite.
- ELL won contract with Sophia Educational Group, a leading language training and test-prep education provider in Colombia. The ELL language-learning system will be offered to students from preschool to grade 11.
- After the period ended September 30, 2022, the Company signed an exclusive distribution agreement with Unlimited Educational Service, the largest language learning digital and print content developer and distributor in Turkey. As part of the distribution agreement, UES will market ELL's full suite of products including its movie-based lessons.
- Content-Based English Language Learning:
- Continued the development of content and material for its Grade 3 and 4 textbooks.
Q3 2022 Financial Highlights
Third Quarter Ended September 30th |
2022 |
2021 |
Revenue |
$ 181,014 |
$ 163,493 |
Operating and development expenses |
453,616 |
433,209 |
Loss before amortization, share-based payments, depreciation, finance charges and taxes |
(272,602) |
(269,716) |
Amortization, share-based payments, and depreciation |
16,066 |
961 |
Finance charges, taxes, foreign exchange |
(171,519) |
11,418 |
Net loss |
(117,148) |
(282,095) |
Total comprehensive loss |
(150,909) |
(226,580) |
Loss per share (Basic) |
$ (0.00) |
$ (0.01) |
- Revenue for the third quarter ended September 30, 2022 totalled $181,014 as compared to $163,493 in Q3 2021.
- Operating and development expenses for the quarter ended September 30, 2022 totaled $453,616 compared to the expenses of $433,209 in Q3 2021. Included as a reduction of selling, general and administrative expenses are government grants of $55,000 relating to the Company's publishing and software projects and $15,000 related to the funding of developing accessible audio books.
- Net loss for the quarter ended September 30, 2022 was $117,148 or $0.00 loss per share (basic) based on 35.6 million shares or $0.00 loss per share (diluted) based on 36.8 million shares as compared to a net loss of $282,095 for Q3 2021 or $0.01 loss per share (basic) based on 35.5 million shares or $0.01 loss per share (diluted) based on 38.5 million shares.
- Loss before amortization, share-based payments, depreciation, finance charges and taxes was $272,602 in Q3 2022 compared to the loss of $269,716 in Q3 2021.
Financial Highlights for the Nine-Month Period Ended September 30, 2022
Nine Month Period Ended September 30th |
2022 |
2021 |
Revenue |
$ 1,320,824 |
$ 1,343,091 |
Operating and development expenses |
1,299,849 |
1,229,772 |
Income before amortization, share-based payments, depreciation, finance charges and taxes |
20,975 |
113,319 |
Amortization, share-based payments and depreciation |
69,371 |
23,053 |
Finance charges, taxes and foreign exchange |
(149,350) |
84,477 |
Net profit |
100,954 |
5,789 |
Total comprehensive income (loss) |
$ 58,277 |
$ (43,249) |
Earnings per share (Basic) |
$ 0.00 |
$ 0.00 |
- Revenue for the nine-month period ended September 30, 2022 totalled $1,20,824 compared to $1,343,091 for the same period in 2021.
- Operating and development expenses for the nine-month period ended September 30, 2022 totaled $1,229,772 as compared to $1,229,772 for the same period in 2021.
- Net profit for the nine-month period was $100,954 as compared to net profit of $5,789 for the same period in 2021.
- Income before amortization, share-based payments, depreciation, finance charges and taxes was $20,975, as compared to $113,319 for the same period in 2021.
"We have hit a number of key milestones this year which positions us for a strong value proposition and a competitive advantage. Getting certified for our assessment platform by the Ecuadorian Government enables us to start a new business and revenue center. In addition, incorporating the Academe+ Hollywood movie based lessons as part of our offering and the initial excitement and reaction from the marketplace provides us with a strong momentum which we look to exploit in 2023", said Gali Bar-Ziv, President & CEO of Lingo Media.
The unaudited condensed interim financial statements for the quarter ended September 30, 2022 and Management Discussion & Analysis are available at www.sedar.com.
Everybody Loves Languages Corp. (ELL) is an edtech language-learning and content development company empowering language educators to easily transition from traditional teaching methods to digital learning by integrating education, edutainment, and technology.
The company provides online and print-based solutions through two distinct business units: Everybody Loves Languages Inc. and Lingo Learning Inc. is a state-of-the-art technology platform that delivers personalized learning experiences in classrooms and online. Its programs provide innovative SaaS-based eLearning solutions, including online and offline content, a learning management system, assessments, real-time reports, speech recognition technology, and white-label tools. At the same time, Lingo Learning Inc. is the content development arm publishing print-based English language learning materials in China.
Everybody Loves Languages has established successful relationships with key government and industry organizations internationally, with a presence in LATAM and China, and continues to extend its market reach and expand its product offerings.
Follow Everybody Loves Languages on social media:
Facebook: https://www.facebook.com/everybodyloveslanguages
Twitter: twitter@elltechnologies
YouTube: Everybody Loves Languages (ELL)
LinkedIn: https://www.linkedin.com/company/elltechnologies
To learn more, visit us at www.everybodyloveslanguages.com
Portions of this press release may include "forward-looking statements" within the meaning of securities laws. These statements involve known and unknown risks, uncertainties or other factors that could cause actual results to differ materially from the results, performance, or expectations implied by these forward-looking statements. These statements are based on management's current expectations and involve certain risks and uncertainties. Actual results may vary materially from management's expectations and projections and thus readers should not place undue reliance on forward-looking statements. Everybody Loves Languages has tried to identify these forward-looking statements by using words such as "may," "should," "expect," "hope," "anticipate," "believe," "intend," "plan," "estimate" and similar expressions. Everybody Loves Languages' expectations depend upon general economic conditions, the continued and growth in demand for its products, retention of its key management and operating personnel, its need for and availability of additional capital and other uncontrollable or unknown factors. No assurance can be given that the actual results will follow the forward-looking statements. Except as otherwise required by securities laws, Everybody Loves Languages undertakes no obligation to publicly update or revise any forward-looking statements, whether because of new information, future events, changed circumstances or any other reason. Certain factors that can affect the Company's ability to achieve projected results are described in the Company's filings with the Canadian securities regulators available on www.sedar.com.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE
SOURCE Everybody Loves Languages Corp.
Everybody Loves Languages, Khurram Qureshi, CFO, Tel: (647) 831-1462, Email: [email protected]
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