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TORONTO – Everybody Loves Languages Corp. (“ELL“) (TSX-V: ELL; OTC: LMDCF; FSE: LIMA), www.everybodyloveslanguages.com, a language learning edutainment and edtech content development company announced its financial results for the third quarter ended September 30, 2024. All figures are reported in Canadian Dollars and in accordance with International Financial Reporting Standards unless otherwise noted.
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Q3 2024 Operational Highlights
- Learn English Online:
- AcadeMe Junior ELL Program:
- Create 2200 new Disney inspired illustrations implemented in the content
- Develop 8 booklets with 400+ printable worksheets
- English AcadeMe
- Delivering 240 new lessons
- English for Success:
- Improve 600 lessons in the Portuguese world language
- New distributors in Colombia, Peru, and Uruguay
- AcadeMe Junior ELL Program:
- Content-based English Learning:
- Continue to develop content for the latest PEP book revisions
- Sales expanded in one additional province in China
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Financial Highlights Q3 2024
|
Quarter III Ends September 30Th |
2024 |
2023 |
||||
|
results |
$ |
297,273 |
$ |
123,866 |
||
|
Operating and development costs |
496,213 |
443,975 |
||||
|
Loss before amortization, share-based payments, depreciation, finance charges and taxes |
(198,940) |
(320,109) |
||||
|
Amortization, stock-based payments, and depreciation |
5,636 |
27,486 |
||||
|
Finance charges, taxes, foreign exchange |
11,182 |
(65,063) |
||||
|
Net loss |
(215,757) |
(282,532) |
||||
|
Total complete loss |
(209,403) |
(291,606) |
||||
|
Loss per share (Basic) |
$ |
(0.01) |
$ |
(0.01) |
- Results for the third quarter ended September 30, 2024 totaled $297,273 compared to $123,866 in Q3 2023.
- Operating and development expenses for the quarter ended September 30, 2024 totaled $496,213 compared to expenses of $443,975 in Q3 2023. Included as a reduction in selling, general and administrative expenses was a government grant of $45,000 compared to $53,393 related to publishing and the Company. software project in Q3 2023.
- Net loss for the quarter ended September 30, 2024 was $(215,757) or $(0.01) loss per share (basic) based on 35.6 million shares and $(0.01) loss per share (diluted) based on 37.6 million per share compared to net loss of $(282,532) for Q3 2023 or $(0.01) loss per share (basic and diluted) based on 35.6 million shares.
- Loss before amortization, stock-based payments, depreciation, finance charges and taxes was $(198,940) in Q3 2024 compared to a loss of $(320,109) in Q3 2023.
Financial Highlights for the Nine Month Period Ending 30 September 2024
|
Nine Month Period Ends September 30Th |
2024 |
2023 |
||||
|
results |
$ |
1,438,538 |
$ |
1,338,660 |
||
|
Operating and development costs |
1,555,873 |
1,661,786 |
||||
|
Income (Loss) before amortization, share-based payments, depreciation, finance charges and taxes |
(117,335) |
(323,126) |
||||
|
Amortization, share-based payments and depreciation |
51,099 |
56,140 |
||||
|
Finance charges, taxes and foreign exchange |
(2,494) |
(57,736) |
||||
|
net profit (loss) |
(165,940) |
(321,530) |
||||
|
Total comprehensive income (loss) |
$ |
(176,912) |
$ |
(323,266) |
||
|
Earnings (Loss) per share (Basic and Diluted) |
$ |
(0.00) |
$ |
(0.01) |
- Results for the nine-month period ending September 30, 2024 totaled $1,438,538 compared to $1,338,660 for the same period in 2023.
- Operating and development expenses for the nine-month period ended September 30, 2024 totaled $1,555,873 compared to $1,661,786 for the same period in 2023.
- The net loss for the nine-month period was $(165,940) compared to a net loss of $(321,530) for the same period in 2023.
- Loss before amortization, stock-based payments, depreciation, finance charges and taxes was $(117,335), compared to $(323,126) for the same period in 2023.
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“We are constantly refining the product, using market feedback to make meaningful improvements. We are currently expanding development to optimize mobile accessibility, with a target of completion for the fourth quarter,” said Gali Bar-Ziv, President & CEO of Everybody Loves Languages.
The unaudited condensed interim financial statements for the quarter ended September 30, 2024 and Management’s Discussion & Analysis are available at www.sedarplus.ca.
Information about the company Everybody Loves Languages Corp. (TSX-V: ELL; OTC: LMDCF; FSE: FIVE):
Everybody Loves Languages Corp. is a language learning and content development edtech company that empowers 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 provides a personalized learning experience in the classroom and online. The program provides innovative SaaS-based eLearning solutions, including online and offline content, learning management systems, assessments, real-time reporting, speech recognition technology, and white label tools. At the same time, Lingo Learning is part of the content development and co-publishing of print-based English learning materials in China.
Everybody Loves Languages has established successful relationships with major governments and international industry organizations, with a presence in LATAM and China, and continues to expand its product offering 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
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 risks and uncertainties. Actual results could differ materially from management’s expectations and projections and therefore 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 “could,” “should,” “hope,” “hope,” “believe,” “intend,” “plan, ” ” guess” and similar expressions. Everybody Loves Languages expectations depend on general economic conditions, continued growth in demand for products, retention of key management and operating personnel, the need for and availability of additional capital and other factors beyond our control or knowledge. No guarantee can be given that it is real results will follow forward-looking statements. Except as required by securities laws, Everybody Loves Languages does not undertake any obligation to publicly update or revise any forward-looking statements, whether due to new information, future events, changed circumstances or other reasons.. Certain factors that may affect the Company’s ability to achieve projected results are described in the Company’s filings with Canadian securities regulators available at www.sedar.com.
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See the source version on businesswire.com: https://www.businesswire.com/news/home/20241127927674/en/
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For more information, contact:
Everyone Loves Language
Corporate Communications
Khurram Qureshi
Phone: (647) 831-1462
Email: kqureshi@elltechnologies.com
Media Relations
Dwayne Schenck
Phone: (203)-223-5230
Email: dwain@schenckstrategies.com
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