Everybody Loves Languages Reports Financial Results for the First Quarter Ended March 31, 2024
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 inChina
-
Continue the development of content and materials for Grade 3 to Grade 6 textbooks for
Q1 2024 Financial Highlights
First Quarter Ended |
|
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 |
|
(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 |
|
(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
The interim condensed financial statements for the quarter ended
About
The company provides online and print-based solutions through two distinct business units:
Everybody Loves Languages has established successful relationships with key government and industry organizations internationally, with a presence in LATAM and
Follow Everybody Loves Languages on social media:
Facebook: https://www.facebook.com/everybodyloveslanguages
Twitter: twitter@elltechnologies
YouTube: Everybody Loves Languages (ELL)
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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 actualresults 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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Tel: (647) 831-1462
Email: kqureshi@elltechnologies.com
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