Lingo Media Reports Financial Results for the Third Quarter Ended September 30, 2021

TORONTO, November 24, 2021 / CNW / – Lingo Media Corporation (TSX-V: LM) (OTCQB: LMDCF) (FSE: LIMA) (“Lingo Media“or the”Society“), an EdTech Company ‘Building a Multilingual World’ Using Innovative Online Technology and Solutions, Reports Third Quarter Financial Results September 30, 2021. All figures are in Canadian dollars and are in accordance with International Financial Reporting Standards, unless otherwise indicated.

Q3 2021 operational highlights

Q3 2021 Company Highlights

  • November 6, 2021, the Company announced the filing of Form 15F with the United States Securities and Exchange Commission (“SEC”) to terminate the registration under Section 12 (g) of the Securities Exchange Act of 1934, as as amended (the “Exchange Act”), as well as to terminate its reporting obligations under the Exchange Act. Following the filing of Form 15F, Lingo Media’s obligations to file reports under the Exchange Act will be immediately suspended and are expected to end 90 days after filing, unless the SEC objects.

  • At November 16, 2021, shareholders approved all issues at the annual general meeting.

  • At November 19, 2021, the Company announced that the Board of Directors has renewed its Gali Bar-Ziv as President and CEO and Khurram Qureshi as CFO. In addition, the Board appointed Khurram Qureshi as director and Mr. Michael kraft notified the Company of its intention to withdraw from the Board of Directors of the Company for personal reasons.

  • Hon. Jerry Grafstein notified the Company of its intention to withdraw from the Board of Directors of the Company for personal reasons, with immediate effect. Lingo Media’s board and management would like to thank Mr. Grafstein for his service and all his contributions over the years.

Q3 2021 Financial Highlights

Third quarter ended September 30e

2021

2020

Returned

$

163,493

$

68,775

Operating and development costs

433,209

404 377

Loss before amortization,

share-based payments, depreciation, finance charges
and taxes

(269,716)

(335,602)

Depreciation, share-based payments and depreciation

961

32 147

Financial charges, taxes, exchange

11,418

(10,604)

Net loss

(282,095)

(357,145)

Total overall loss

(226,580)

(400 723)

Loss per share (Basic)

$

(0.01)

$

(0.01)

  • Third quarter revenue September 30, 2021 totaled $ 163,493 compared to $ 68,775 in the third quarter of 2020.

  • Operating and development costs for the quarter ended September 30, 2021 totaled $ 433,209 compared to the expenses of $ 404,377 in Q3 2020. Government grants from $ 55,000 relating to the Company’s publishing and software projects. The Company requested the Canada Emergency wage subsidy and receipt $ 8,492 in the third quarter reflected as a reduction in general and administrative expenses.

  • Net loss for the quarter ended September 30, 2021 was $ 282,095 Where $ 0.01 loss per share (basic) based on 35.5 million shares or $ 0.01 loss per share (diluted) based on 38.5 million shares compared to a net loss of $ 357,145 for the third quarter of 2020 or $ 0.01 loss per share (basic) based on 35.5 million shares or $ 0.01 loss per share (diluted) based on 39.8 million shares.

  • The loss before amortization, share-based payments, depreciation, finance costs and taxes was $ 269,716 in Q3 2021 compared to the loss of $ 335,602 in the third quarter of 2020.

Financial highlights for the nine-month period ended September 30, 2021

Nine month period ended September 30e

2020

2019

Returned

$

1,343,091

$

1,143,288

Operating and development costs

1 229 772

407 721

Income before depreciation,

share-based payments, depreciation, finance charges and
taxes

113,319

735,567

Depreciation, share-based payments and depreciation

23,053

97,841

Financial charges, taxes and exchange

84,477

136,923

Net profit (loss)

5 789

500,803

Total comprehensive income (loss)

$

(43,249)

$

556,159

Earnings (loss) per share (basic)

$ 0.00

$ 0.02

  • Revenue for the nine-month period ended September 30, 2021 totaled $ 1,343,091 compared to $ 1,143,288 for the same period in 2020.

  • Operating and development costs for the nine-month period ended September 30, 2021 totaled $ 1,229,772 compared to $ 407,721 for the same period in 2020. The increase in selling, general and administrative expenses is mainly due to the collection of from ontario Tax credit for interactive digital media (“CIOPMIN”) in the amount of $ 904,940 was recognized as a reduction in selling, general and administrative expenses in 2020. The CIOPMIN is a refundable tax credit based on Ontario labor expenses in addition to eligible marketing and distribution expenses claimed by an eligible corporation in respect of interactive digital multimedia products. In the absence of a subsidy from CIOPMIN and related costs, the selling, general and administrative costs of the Company for the nine-month period ended September 30, 2020 would be $ 1,085,594.

  • Net profit for the nine-month period was $ 5,789 compared to the net profit of $ 500,803 for the same period in 2020.

  • Profit before depreciation, share-based payments, depreciation, finance costs and taxes was $ 113,319, compared to $ 735,567 for the same period in 2020. The decrease in profit before depreciation, share-based payments, depreciation, finance charges and taxes is mainly due to the receipt of OIDMTC in the amount of $ 904,940 in 2020. In the absence of a grant from OIDMTC and related costs, the Company’s profit before depreciation, share-based payments, depreciation, finance charges and taxes for the nine-month period ended. September 30, 2020 would be $ 57,694.

“We are very pleased with the addition of key distributors in our core markets and the continued growth of our digital sales. We have invested great effort in cultivating key relationships and we hope to see results in the months and years to come. ” said Gali Bar-Ziv, President and CEO of Lingo Media.

The unaudited condensed interim financial statements for the quarter ended September 30, 2021 and management discussion and analysis are available at www.sedar.com.

About Lingo Media (TSX-V: LM; OTCQB: LMDCF)

Lingo Media is a global EdTech company that “Builds a Multilingual World”, develops and markets products for learners of new languages ​​across various stages of life, from the classroom to the boardroom. By integrating education and technology, the company makes it easy for language teachers to switch from traditional teaching methods to digital learning.

Lingo Media provides both online and print solutions through two separate business units: ELL Technologies Ltd., d / b / a Everybody Loves Languages ​​and Lingo Learning Inc. Everybody Loves Languages ​​offers online training and a assessment for language learning, while Lingo Learning is a print version english learning editor programs in China.

Lingo Media has established successful relationships with key government and industry organizations internationally, with a presence in Latin America, China and the United States, and continues to both expand its global reach and expand its product offerings.

Follow Lingo Media on:

Facebook: https://www.facebook.com/LingoMedia
Twitter: @LingoMediaCorp
Youtube: https://www.youtube.com/lingomediam
LinkedIn: https://www.linkedin.com/company/lingo-media-corporation
RSS: http://feeds.feedburner.com/LingoMedia

Portions of this press release may include “forward-looking statements” within the meaning of securities laws. These statements are made in reliance on Sections 21E and 27A of the Securities Exchange Act of 1934, which involve known and unknown risks, uncertainties or other factors that could cause actual results to differ materially from 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 differ materially from management’s expectations and projections, and therefore readers should not place undue reliance on forward-looking statements.. Lingo Media has attempted to identify these forward-looking statements by using words such as “may”, “should”, “expect”, “hope”, “anticipate”, “believe”, “intend to” , “Plan”, “estimate” and similar expressions. Lingo Media’s expectations, among others, depend on general economic conditions, on the continued and growing demand for its products, on the retention of its key personnel from management and operations, its need and availability of additional capital as well as other uncontrollable or unknown factors. No assurance can be given that actual results will be consistent with forward-looking statements. Unless otherwise provided by US federal law securities, Lingo Media assumes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, changes circumstances or for any other reason.. Certain factors that may affect the Company’s ability to achieve the projected results are described in the documents filed by the Company with the securities regulatory authorities of Canada and the United States available at www.sedar.com Where www.sec.gov/edgar.shtml.

___________________________________________________________________________________________________

NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATORY SERVICES PROVIDER (AS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE)
ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS COMMUNICATION

SOURCE Lingo Media Corporation

Cision

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