EVERYBODY LOVES LANGUAGES CORP. Corporate Highlights
- The Company entered a joint venture strategic partnership with Row 9-Digital to develop and sell language learning programs based on
Hollywood movies, incorporating the learning into the movie player. TheHollywood content is branded under the name Academe+. The strategic partnership is structured on a 51% ownership by ELL and 49% by Row 9-Digital. - The Company entered into an agreement with Oak Hill Financial to provide business, capital markets, and investor relations advisory services.
- On
October 6, 2022 , ELL held its Annual and Special Meeting of Shareholders (the "Annual Meeting"). At the Annual Meeting, the shareholders re-elected Messrs.Gali Bar-Ziv ,Khurram Qureshi ,Robert Martellacci ,Laurent Mareschal , andTommy Weibing Gong as directors of the Company. In addition, shareholders also approved the re-appointment ofRSM Canada LLP , Chartered Professional Accountants as auditors. The Directors held a board meeting after the Annual Meeting and re-appointedGali Bar-Ziv as President & CEO andKhurram Qureshi as Chief Financial Officer.
At the Annual Meeting, shareholders approved the name change of
Operational Highlights
- Online English Language Learning:
- Completed development of Levels 2 & 3 of its new primary school solution
- Developed Learning Tools Interoperability (LTI) - which is an education technology specification developed by the
IMS Global Learning Consortium . It specifies a method for a learning management system to communicate with external system, including ELL's LMS. Added SSO to LTI in later of the year - Showcased ELL products at BETT 2022 EdTech conference in
London - Presented at GESS EdTech conference in
Dubai - Initiated development of lesson exercises for ELL's Ola APP
- Expanded its English language learning service offerings in
Israel . Everybody Loves Language courses are now being marketed and sold by CES Israel, an online learning company that services corporations, educational institutions, and families acrossIsrael . - Launched a new English language learning course,
English Teacher Prep (ETP), to its portfolio of products and service offering. The ETP course provides an essential professional growth opportunity for teachers looking to strengthen their English proficiency and delivers critical methodologies for teaching English as a foreign language. The program was created by experts in curriculum design and features 120 hours of learning content. - ELL was selected as official English language learning partner for Colsubsidio schools in
Colombia to provide a complete suite of digital education products. Colsubsidio is implementing ELL's proprietary learning management system and its Campus English course and testing suite. - Signed an exclusive distribution agreement with Unlimited Educational Service, the largest language learning digital and print content developer and distributor in
Turkey . As part of the distribution agreement, UES will market ELL's full suite of products including its movie-based lessons. - ELL Testing platform was approved by the
Ministry of Education of Ecuador as a certified proficiency test forEcuador . - Signed a sales contract with the
University of La Guajira (Uniguajira) inColombia , one of the country's largest public, coeducational institutions with six satellite campuses across the country.
- Print-Based English Language Learning:
- Expanded existing market for PEP Primary English program into one additional province in
China - Initiated the development of content and material for its Grade 3 textbooks for
China market
Financial Highlights for the Year Ended
Year Ended | 2022 | 2021 |
Revenue | $ 2,272,764 | $ 2,639,850 |
Operating and development expenses | 2,020,607 | 1,596,845 |
Bad debt expense (recovery) | - | - |
Income before amortization, share-based payments, depreciation, finance charges and taxes | 252,157 | 1,043,005 |
Share-based payments and depreciation | 93,584 | 55,932 |
Finance charges, taxes and foreign exchange | 345,175 | 185,636 |
Net income (loss) | (186,602) | 779,093 |
Loss for the year attributable to: | ||
Non-controlling interest | (100,221) | - |
Shareholders of Everybody Loves Languages Corp. | (86,381) | - |
Total comprehensive income | 61,807 | 726,573 |
Total comprehensive income for the year attributable to: | ||
Non-controlling interest | (100,221) | - |
Shareholders of Everybody Loves Languages Corp. | 162,028 | - |
Earnings per share (basic) | $ (0.00) | $ 0.02 |
Earnings per share (fully diluted) | $ (0.00) | $ 0.02 |
- Revenue for the year ended
December 31, 2022 , totalled$2,272,764 as compared to$2,693,850 in 2021. - Operating and development expenses for the year ended
December 31, 2022 , totalled$2,020,607 compared to$1,596,845 in 2021. - Net loss for the year ended
December 31, 2022 , totalled$186,602 or$0.00 loss per share (basic and fully diluted) based on 35.6 million shares as compared to a net profit of$779,093 for 2021 or$0.02 earnings per share (basic) based on 35.5 million shares and$0.02 earnings per share (fully diluted) based on 36.7 million shares. - Income before amortization, share-based payments, depreciation, finance charges and taxes was
$252,157 compared to$1,043,005 in 2021.
Financial Highlights for the Fourth Quarter Ended
Fourth Quarter Ended | 2022 | 2021 |
Revenue | $ 951,940 | $ 1,296,759 |
Operating and development expenses | 720,758 | 367,073 |
Income before amortization, share-based payments, depreciation, finance charges and taxes | 231,182 | 929,686 |
Share-based payments, depreciation | 24,213 | 55,223 |
Finance charges, taxes and foreign exchange | 494,525 | 101,159 |
Net income (loss) | (287,556) | 773,304 |
Loss for the year attributable to: | ||
Non-controlling interest | (100,221) | - |
Shareholders of Everybody Loves | (187,335) | - |
Total comprehensive income | 3,530 | 769,822 |
Total comprehensive income for the year attributable to: | ||
Non-controlling interest | (100,221) | - |
Shareholders of Everybody Loves | 103,751 | - |
Earnings per share (basic) | $ (0.00) | $ 0.02 |
Earnings per share (fully diluted) | $ (0.00) | $ 0.02 |
- Revenue for the fourth quarter ended
December 31, 2022 , totalled$951,940 compared to$1,296,759 for the same period in 2021. - Operating and development expenses for the quarter ended
December 31, 2022 , totalled$720,758 as compared to$367,073 in 2021. - Net loss for the quarter was
$287,556 or$0.00 loss per share (basic and fully diluted) as compared to$773,304 for the same period for 2021 or$0.02 earnings per share (basic) on 35.6 million shares and$0.02 earnings per share (fully diluted) based on 36.7 million shares Income before amortization, share-based payments, depreciation, finance charges and taxes was$231,182 compared to$929,686 in 2021.
"We have entered into key partnerships which will result with an expanded portfolio and a distinct competitive advantage by offering learners
The audited financial statements for the year ended
The company provides online and print-based solutions through two distinct business units: Everybody Loves Languages Inc. and
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)
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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