Yahoo Finance Everybody Loves Languages Reports Financial Results for the Third Quarter Ended September 30, 2023
TORONTO, ON / ACCESSWIRE / November 29, 2023 / Everybody Loves Languages Corp.. ("ELL") (TSX-V:ELL)(OTC PINK: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, 2023. All figures are reported in Canadian Dollars and are in accordance with International Financial Reporting Standards unless otherwise noted.
Q3 2023 Operational Highlights
Online English Language Learning:
Launched ELL's AcadeMe Junior program
Deployed English for Success+ and AcadeMe Junior with more than 15,000 users
Initiated targeted campaign for AcadeMe Junoir
Launched Planet Pop in select markets
Added three distributors in Peru and Ecuador
Expanded the sales team with a Director in Brazil
Content-Based English Language Learning:
Continued to develop content for the latest revision of the PEP books
Initiated scripts for video material to be used as supplementary to the PEP books.
Q3 2023 Financial Highlights
Third Quarter Ended September 30th | 2023 | 2022 | ||||||
Revenue | $ | 123,866 | $ | 181,014 | ||||
Operating and development expenses | 443,975 | 453,616 | ||||||
Loss before amortization, share-based payments, depreciation, finance charges and taxes | (320,109 | ) | (272,602 | ) | ||||
Amortization, share-based payments, and depreciation | 27,486 | 16,066 | ||||||
Finance charges, taxes, foreign exchange | (65,063 | ) | (171,519 | ) | ||||
Net loss | (282,532 | ) | (117,148 | ) | ||||
Total comprehensive loss | (291,606 | ) | (150,909 | ) | ||||
Loss per share (Basic) | $ | (0.00 | ) | $ | (0.00 | ) | ||
Revenue for the third quarter ended September 30, 2023 totalled $123,866 as compared to $181,014 in Q3 2022.
Operating and development expenses for the quarter ended September 30, 2023 totaled $443,975 compared to the expenses of $453,616 in Q3 2022. Included as a reduction of selling, general and administrative expenses are government grants of $53,393 as compared to $55,000 relating to the Company's publishing and software projects and $15,000 related to the funding of developing accessible audio books in Q3 2022.
Net loss for the quarter ended September 30, 2023 was $(282,532) or $(0.00) loss per share (basic and diluted) based on 35.6 million shares as compared to a net loss of $(117,148) for Q3 2022 or $(0.00) loss per share (basic and diluted) based on 35.5 million shares.
Loss before amortization, share-based payments, depreciation, finance charges and taxes was $(320,109) in Q3 2023 compared to the loss of $(272,602) in Q3 2022.
Financial Highlights for the Nine-Month Period Ended September 30, 2023
Nine Month Period Ended September 30th | 2023 | 2022 | ||||||
Revenue | $ | 1,338,660 | $ | 1,320,824 | ||||
Operating and development expenses | 1,661,786 | 1,299,849 | ||||||
Income (Loss) before amortization, share-based payments, depreciation, finance charges and taxes | (323,126 | ) | 20,975 | |||||
Amortization, share-based payments and depreciation | 56,140 | 69,371 | ||||||
Finance charges, taxes and foreign exchange | (57,736 | ) | (149,350 | ) | ||||
Net profit (loss) | (321,530 | ) | 100,954 | |||||
Total comprehensive income (loss) | $ | (323,266 | ) | $ | 58,277 | |||
Earnings (Loss) per share (Basic and Diluted) | $ | (0.00 | ) | $ | 0.00 | |||
Revenue for the nine-month period ended September 30, 2023 totalled $1,338,660 compared to $1,320,824 for the same period in 2022.
Operating and development expenses for the nine-month period ended September 30, 2023 totaled $1,661,786 as compared to $1,229,849 for the same period in 2022.
Net loss for the nine-month period was $(321,530) as compared to net profit of $100,954 for the same period in 2022.
Loss before amortization, share-based payments, depreciation, finance charges and taxes was $(323,126), as compared to Income of $20,975 for the same period in 2022.
"We have started promoting our Junior program in August and have implemented in a number of schools. In addition, we have added sales resources for Brazil. We expect to see the results and growth in users as more distirbutors and clients are exposed to the benefits of the program. Furthermore, We continue to invest in our solutions to ensure a competitive advantage with the Hollywood Movies in multiple markets.", said Gali Bar-Ziv, President & CEO of Everybody Loves Languages.
The unaudited condensed interim financial statements for the quarter ended September 30, 2023 and Management Discussion & Analysis are available at www.sedarplus.ca.
About Everybody Loves Languages Corp. (TSX-V: ELL; OTC: LMDCF; FSE: LIMA):
Everybody Loves Languages Corp. 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. Everybody Loves Languages 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 is the content development arm and co-publishes 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 expand its product offerings and extend its market reach.
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
For further information, contact:
Everybody Loves Lanaguages
Corporate Communications
Khurram Qureshi
Tel: (647) 831-1462
Email: kqureshi@elltechnologies.com
Media Relations
Dwain Schenck
Tel: (203)-223-5230
Email: dwain@schenckstrategies.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.
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ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE
SOURCE: Everybody Loves Languages Corp.
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