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 third quarter ended September 30, 2024. All figures are reported in Canadian Dollars and are in accordance with International Financial Reporting Standards unless otherwise noted.
Q3 2024 Operational Highlights
- Online English Language Learning:
- ELL's AcadeMe Junior program:
- Created 2200 new Disney inspired illustrations which were implemented in the content
- Developed 8 booklets with 400+ printable worksheets
- English AcadeMe
- Delivered 240 new lessons
- English for Success:
- Enhanced 600 lessons in the Portuguese world languages
- Onboarded new distributors in Colombia, Peru, and Uruguay
- ELL's AcadeMe Junior program:
- Content-Based English Language Learning:
- Continued to develop content for the latest revision of the PEP books
- Expanded sales in one additional province in China
Q3 2024 Financial Highlights
Third Quarter Ended September 30th | 2024 | 2023 | ||||
Revenue | $ | 297,273 | $ | 123,866 | ||
Operating and development expenses | 496,213 | 443,975 | ||||
Loss before amortization, share-based payments, depreciation, finance charges and taxes | (198,940) | (320,109) | ||||
Amortization, share-based payments, and depreciation | 5,636 | 27,486 | ||||
Finance charges, taxes, foreign exchange | 11,182 | (65,063) | ||||
Net loss | (215,757) | (282,532) | ||||
Total comprehensive loss | (209,403) | (291,606) | ||||
Loss per share (Basic) | $ | (0.01) | $ | (0.01) |
- Revenue for the third quarter ended September 30, 2024 totalled $297,273 as compared to $123,866 in Q3 2023.
- Operating and development expenses for the quarter ended September 30, 2024 totaled $496,213 compared to the expenses of $443.975 in Q3 2023. Included as a reduction of selling, general and administrative expenses are government grants of $45,000 as compared to $53,393 relating to the Company's publishing and software projects 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 shares as compared to a 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, share-based payments, depreciation, finance charges and taxes was $(198,940) in Q3 2024 compared to the loss of $(320,109) in Q3 2023.
Financial Highlights for the Nine-Month Period Ended September 30, 2024
Nine Month Period Ended September 30th | 2024 | 2023 | ||||
Revenue | $ | 1,438,538 | $ | 1,338,660 | ||
Operating and development expenses | 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) |
- Revenue for the nine-month period ended September 30, 2024 totalled $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 as compared to $1,661,786 for the same period in 2023.
- Net loss for the nine-month period was $(165,940) as compared to net loss of $(321,530) for the same period in 2023.
- Loss before amortization, share-based payments, depreciation, finance charges and taxes was $(117,335), as compared to $(323,126) for the same period in 2023.
"We continuously refine our products, leveraging market feedback to drive meaningful enhancements. Currently, we're advancing development to optimize mobile accessibility, with completion targeted 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 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
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
For further information, contact:
Everybody Loves Languages
Corporate Communications
Khurram Qureshi
Tel: (647) 831-1462
Email: kqureshi@elltechnologies.com
Media Relations
Dwain Schenck
Tel: (203)-223-5230
Email: dwain@schenckstrategies.com
