TORONTO--(BUSINESS WIRE)--Everybody Loves Languages Corp. ("ELL") (TSX-V: ELL; OTC: LMDCF; FSE: LIMA), www.everybodyloveslanguages.com, an edtech language learning edutainment and content development company, announces its financial results for the first quarter ended March 31, 2024. All figures are reported in Canadian Dollars and are in accordance with International Financial Reporting Standards unless otherwise noted.
Operational Highlights
- Online English Language Learning:
- Launched 130 new lessons for English AcadeMe and started offering the solution as a stand-alone resource library
- Launched enhanced reporting for English AcadeMe Junior focusing on teachers' capabilities
- Adapted and launched both EFS and Campus Premium as a mobile responsive solution
- Entered into an exclusive distribution agreement with Trendi-Trends & Innovation for the school market in Colombia. The contract provides for a two-year annual minimum commitment
- Content-Based English Language Learning:
- Continue the development of content and materials for Grade 3 to Grade 6 textbooks for China market
- In collaboration with People Education Press, the Company attended a conference and held a product training session for more than a thousand teachers in China
Q1 2024 Financial Highlights
First Quarter Ended March 31st | 2024 | 2023 | ||||
Revenue | $ | 149,977 | $ | 247,047 | ||
Operating and development expenses | 492,225 | 632,105 | ||||
Loss before amortization, share-based payments, depreciation, finance charges and taxes | (342,248 | ) | (385,058 | ) | ||
Amortization, share-based payments, and depreciation | 14,408 | 14,422 | ||||
Finance charges, taxes, foreign exchange (gain), and interest income | (56,195 | ) | 23,355 | |||
Net loss | (300,461 | ) | (422,835 | ) | ||
Loss for the period attributable to: | ||||||
Non-controlling interest | (6,981 | ) | (17,971 | ) | ||
Shareholders of Everybody Loves Languages Corp. | (293,480 | ) | (404,864 | ) | ||
Total comprehensive income | (312,327 | ) | (422,328 | ) | ||
Total comprehensive loss for the period attributable to: | ||||||
Non-controlling interest | (6,981 | ) | (17,971 | ) | ||
Shareholders of Everybody Loves Languages Corp. | (305,346 | ) | (404,357 | ) | ||
Earnings per share (basic) | $ | (0.01 | ) | $ | (0.01 | ) |
Earnings per share (fully diluted) | $ | (0.01 | ) | $ | (0.01 | ) |
- Revenue for the first quarter ended March 31, 2024 totalled $149,977 as compared to $247,047 in Q1 2023.
- Operating and development expenses for the quarter ended March 31, 2024, totalled $492,225 compared to $632,105 in Q1 2023.
- Net loss for the quarter ended March 31, 2024, totalled $(300,461) or $(0.01) loss per share (basic and fully diluted) based on 35.6 million shares as compared to a net loss of $(422,835) for 2023 or $(0.01) loss per share (basic and fully diluted).
- Loss before amortization, share-based payments, depreciation, finance charges and taxes was $(436,754) compared to $(529,752) in 2023.
"Everybody Loves Languages expanded its library of AcadeMe lessons aimed at learners, 12 years and older, but more importantly entered into an exclusive distribution agreement with Trendi-Trend & Innovation, a growing publisher and education provider in Colombia. We continue to negotiate with international parties to expand our footprint and expect positive progress in this expansion throughout the year," said Gali Bar-Ziv, President & CEO of Everybody Loves Languages.
The interim condensed financial statements for the quarter ended March 31, 2024, and Management Discussion & Analysis are available at www.sedar.com.
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:
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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 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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Contacts
Corporate Communications
Khurram Qureshi
Tel: (647) 831-1462
Email: kqureshi@elltechnologies.com
Media Relations
Dwain Schenck
Tel: (203)-223-5230
Email: dwain@schenckstrategies.com
