Lingo Media Reports Financial Results for the Second Quarter Ended June 30, 2020 - Canada NewsWire | Canada News Media
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Lingo Media Reports Financial Results for the Second Quarter Ended June 30, 2020 – Canada NewsWire

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TORONTO, Aug. 28, 2020 /CNW/ – Lingo Media Corporation (TSXV: LM) (OTCQB: LMDCF) (FSE: LIMA) (“Lingo Media” or the “Company“), an EdTech company that is ‘Changing the way the world learns languages’ through innovative online and print-based technologies and solutions, announces its financial results for the second quarter ended June 30, 2020.  All figures are reported in Canadian Dollars and are in accordance with International Financial Reporting Standards unless otherwise noted.

Q2 2020 Operational Highlights

  • Online English Language Learning:
    • enhanced reporting functionality
    • improved chat feature and capability
    • added alerts and notifications to distributor and client dashboards
    • initiated work on a new mobile APP
    • secured two sales contracts with a customer in Japan (first client in Japan)
    • secured sales contracts with two universities in Colombia
    • conducted a webinar in LATAM for teachers to help them deal with the COVID/remote teaching challenges with over 1,500 attendees
    • conducted a webinar in Asia for teachers with several hundred attendees
    • in concert with the Canadian Embassy in Colombia, presented to key organizations on how to best teach online
  • Print-Based English Language Learning:
    • expanded the existing market for PEP Primary English program into an additional province in China

Q2 2020 Financial Highlights

Second Quarter Ended June 30st  


2020


2019

Revenue

$

977,389

$

895,205

Operating and development expenses


202,275


230,372

Income before amortization,

share-based payments, depreciation, finance charges and taxes


775,114


664,833

Amortization, share-based payments, and depreciation


34,909


119,527

Finance charges, taxes, foreign exchange


115,876


114,655

Total expenses


353,060


464,554

Net profit


624,329


430,651

Total comprehensive income


557,802


4188,142

Earnings per share

$

0.02

$

0.01

  • Revenue for the second quarter ended June 30, 2020 totalled $977,389 as compared to $895,202 in Q2 2019.
  • Operating and development expenses for the quarter ended June 30, 2020 totaled $202,275 compared to the expenses of $230,372 in Q2 2019. Included as a reduction of selling, general and administrative expenses are government grants of $168,326 relating to the Company’s publishing and software projects. The Company applied Canada Emergency Wage Subsidy (“CEWS”) and received $78,287 during the second quarter as a reduction of General and Administrative Expense.
  • Net profit for the quarter ended June 30, 2020 was $624,329 or $0.02 earnings per share (basic) based on 35.5 million shares or $0.02 earnings per share (diluted) based on 40.4 million shares as compared to a net profit of $430,651 for Q2 2019 or $0.01 earnings per share (basic) based on 35.5 million shares or $0.01 earnings per share (diluted) based on 41.5 million shares.
  • Income before amortization, share-based payments, depreciation, finance charges and taxes was $775,114 in Q2 2020 compared to the income of 664,883 in Q2 2019.

Financial Highlights for the Six-Month Period Ended June 30, 2020

Six Month Period Ended June 30


2020


2019

Revenue

$

1,074,513

$

1,007,169

Operating and development expenses


3,344


610,032

Income before amortization,

share-based payments, depreciation, finance charges and taxes


1,071,169


397,137

Amortization, share-based payments and depreciation


65,694


151,695

Finance charges, taxes and foreign exchange


147,527


129,313

Total expenses


216,56


891,040

Net profit


857,948


116,129

Total comprehensive income

$

956,882

$

89,243

Earnings per share


$ 0.02


$ 0.00

  • Revenue for the six-month period ended June 30, 2020 totalled $1,074,513 compared to $1,007,169 for the same period in 2019.
  • Operating and development expenses for the six-month period ended June 30, 2020 totalled $3,344 as compared to $610,032 for the same period in 2019. The reduction of selling, general and administrative expenses is primarily due to the company received government grants of $223,326 relating to the Company’s publishing and software projects and one-time refundable tax credit, Ontario Interactive Digital Media Tax Credit in the amount of $904,940 related to the Company’s investment in digital products in 2016. The Company applied Canada Emergency Wage Subsidy (“CEWS”) and received $78,287 during the period as a reduction of General and Administrative Expense.
  • Net profit for the six-month period was $857,948 as compared to net profit of $116,129 for the same period in 2019.
  • Income before amortization, share-based payments, depreciation, finance charges and taxes was $1,071,169, as compared to $397,137 for the same period in 2019.

“We are very pleased with the addition of key distributors in our core markets and the results for the first 6 months. COVID has introduced us with both challenges, as well as, opportunities. While our markets initially experienced difficulties adjusting to the new reality of remote learning, we have been seeing enhanced acceptance by institutions to adopt additional e-learning solutions. We expect to see further opportunities in the marketplace as a result,” said Gali Bar-Ziv, President & CEO of Lingo Media.

The unaudited condensed interim financial statements for the quarter ended June 30, 2020 and Management Discussion & Analysis are available at www.sedar.com.

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

Lingo Media is a global EdTech company that is ‘Changing the way the world learns language‘, developing and marketing products for learners of English through various life stages, from classroom to boardroom.  By integrating education and technology, the company empowers English language educators to easily transition from traditional teaching methods to digital learning.

Lingo Media provides both online and print-based solutions through two distinct business units: ELL Technologies and Lingo Learning.  ELL Technologies provides online training and assessment for language learning, while Lingo Learning is a print-based publisher of English language learning programs in China.

Lingo Media has formed successful relationships with key government and industry organizations internationally, with a particularly strong presence in Latin America and China and the U.S. and continues to both extend 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/lingomedialm 
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 upon 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 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 statementsLingo Media 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. Lingo Media’s expectations, among other things, are dependent 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 as well as other uncontrollable or unknown factors. No assurance can be given that the actual results will be consistent with the forward-looking statements. Except as otherwise required by US Federal securities laws, Lingo Media undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result 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 and United States securities regulators available on www.sedar.com or www.sec.gov/edgar.shtml.

NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE

SOURCE Lingo Media Corporation

For further information: Lingo Media, Khurram Qureshi, CFO, Tel: (647) 831-1462, Email: [email protected], To learn more, visit us at www.lingomedia.com

Related Links

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What to stream this weekend: ‘Civil War,’ Snow Patrol, ‘How to Die Alone,’ ‘Tulsa King’ and ‘Uglies’

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Hallmark launching a streaming service with two new original series, and Bill Skarsgård out for revenge in “Boy Kills World” are some of the new television, films, music and games headed to a device near you.

Also among the streaming offerings worth your time as selected by The Associated Press’ entertainment journalists: Alex Garland’s “Civil War” starring Kirsten Dunst, Natasha Rothwell’s heartfelt comedy for Hulu called “How to Die Alone” and Sylvester Stallone’s second season of “Tulsa King” debuts.

NEW MOVIES TO STREAM SEPT. 9-15

Alex Garland’s “Civil War” is finally making its debut on MAX on Friday. The film stars Kirsten Dunst as a veteran photojournalist covering a violent war that’s divided America; She reluctantly allows an aspiring photographer, played by Cailee Spaeny, to tag along as she, an editor (Stephen McKinley Henderson) and a reporter (Wagner Moura) make the dangerous journey to Washington, D.C., to interview the president (Nick Offerman), a blustery, rising despot who has given himself a third term, taken to attacking his citizens and shut himself off from the press. In my review, I called it a bellowing and haunting experience; Smart and thought-provoking with great performances. It’s well worth a watch.

— Joey King stars in Netflix’s adaptation of Scott Westerfeld’s “Uglies,” about a future society in which everyone is required to have beautifying cosmetic surgery at age 16. Streaming on Friday, McG directed the film, in which King’s character inadvertently finds herself in the midst of an uprising against the status quo. “Outer Banks” star Chase Stokes plays King’s best friend.

— Bill Skarsgård is out for revenge against the woman (Famke Janssen) who killed his family in “Boy Kills World,” coming to Hulu on Friday. Moritz Mohr directed the ultra-violent film, of which Variety critic Owen Gleiberman wrote: “It’s a depraved vision, yet I got caught up in its kick-ass revenge-horror pizzazz, its disreputable commitment to what it was doing.”

AP Film Writer Lindsey Bahr

NEW MUSIC TO STREAM SEPT. 9-15

— The year was 2006. Snow Patrol, the Northern Irish-Scottish alternative rock band, released an album, “Eyes Open,” producing the biggest hit of their career: “Chasing Cars.” A lot has happened in the time since — three, soon to be four quality full-length albums, to be exact. On Friday, the band will release “The Forest Is the Path,” their first new album in seven years. Anthemic pop-rock is the name of the game across songs of love and loss, like “All,”“The Beginning” and “This Is the Sound Of Your Voice.”

— For fans of raucous guitar music, Jordan Peele’s 2022 sci-fi thriller, “NOPE,” provided a surprising, if tiny, thrill. One of the leads, Emerald “Em” Haywood portrayed by Keke Palmer, rocks a Jesus Lizard shirt. (Also featured through the film: Rage Against the Machine, Wipers, Mr Bungle, Butthole Surfers and Earth band shirts.) The Austin noise rock band are a less than obvious pick, having been signed to the legendary Touch and Go Records and having stopped releasing new albums in 1998. That changes on Friday the 13th, when “Rack” arrives. And for those curious: The Jesus Lizard’s intensity never went away.

AP Music Writer Maria Sherman

NEW SHOWS TO STREAM SEPT. 9-15

— Hallmark launched a streaming service called Hallmark+ on Tuesday with two new original series, the scripted drama “The Chicken Sisters” and unscripted series “Celebrations with Lacey Chabert.” If you’re a Hallmark holiday movies fan, you know Chabert. She’s starred in more than 30 of their films and many are holiday themed. Off camera, Chabert has a passion for throwing parties and entertaining. In “Celebrations,” deserving people are surprised with a bash in their honor — planned with Chabert’s help. “The Chicken Sisters” stars Schuyler Fisk, Wendie Malick and Lea Thompson in a show about employees at rival chicken restaurants in a small town. The eight-episode series is based on a novel of the same name.

Natasha Rothwell of “Insecure” and “The White Lotus” fame created and stars in a new heartfelt comedy for Hulu called “How to Die Alone.” She plays Mel, a broke, go-along-to-get-along, single, airport employee who, after a near-death experience, makes the conscious decision to take risks and pursue her dreams. Rothwell has been working on the series for the past eight years and described it to The AP as “the most vulnerable piece of art I’ve ever put into the world.” Like Mel, Rothwell had to learn to bet on herself to make the show she wanted to make. “In the Venn diagram of me and Mel, there’s significant overlap,” said Rothwell. It premieres Friday on Hulu.

— Shailene Woodley, DeWanda Wise and Betty Gilpin star in a new drama for Starz called “Three Women,” about entrepreneur Sloane, homemaker Lina and student Maggie who are each stepping into their power and making life-changing decisions. They’re interviewed by a writer named Gia (Woodley.) The series is based on a 2019 best-selling book of the same name by Lisa Taddeo. “Three Women” premieres Friday on Starz.

— Sylvester Stallone’s second season of “Tulsa King” debuts Sunday on Paramount+. Stallone plays Dwight Manfredi, a mafia boss who was recently released from prison after serving 25 years. He’s sent to Tulsa to set up a new crime syndicate. The series is created by Taylor Sheridan of “Yellowstone” fame.

Alicia Rancilio

NEW VIDEO GAMES TO PLAY

— One thing about the title of Focus Entertainment’s Warhammer 40,000: Space Marine 2 — you know exactly what you’re in for. You are Demetrian Titus, a genetically enhanced brute sent into battle against the Tyranids, an insectoid species with an insatiable craving for human flesh. You have a rocket-powered suit of armor and an arsenal of ridiculous weapons like the “Chainsword,” the “Thunderhammer” and the “Melta Rifle,” so what could go wrong? Besides the squishy single-player mode, there are cooperative missions and six-vs.-six free-for-alls. You can suit up now on PlayStation 5, Xbox X/S or PC.

— Likewise, Wild Bastards isn’t exactly the kind of title that’s going to attract fans of, say, Animal Crossing. It’s another sci-fi shooter, but the protagonists are a gang of 13 varmints — aliens and androids included — who are on the run from the law. Each outlaw has a distinctive set of weapons and special powers: Sarge, for example, is a robot with horse genes, while Billy the Squid is … well, you get the idea. Australian studio Blue Manchu developed the 2019 cult hit Void Bastards, and this Wild-West-in-space spinoff has the same snarky humor and vibrant, neon-drenched cartoon look. Saddle up on PlayStation 5, Xbox X/S, Nintendo Switch or PC.

Lou Kesten

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Trump could cash out his DJT stock within weeks. Here’s what happens if he sells

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Former President Donald Trump is on the brink of a significant financial decision that could have far-reaching implications for both his personal wealth and the future of his fledgling social media company, Trump Media & Technology Group (TMTG). As the lockup period on his shares in TMTG, which owns Truth Social, nears its end, Trump could soon be free to sell his substantial stake in the company. However, the potential payday, which makes up a large portion of his net worth, comes with considerable risks for Trump and his supporters.

Trump’s stake in TMTG comprises nearly 59% of the company, amounting to 114,750,000 shares. As of now, this holding is valued at approximately $2.6 billion. These shares are currently under a lockup agreement, a common feature of initial public offerings (IPOs), designed to prevent company insiders from immediately selling their shares and potentially destabilizing the stock. The lockup, which began after TMTG’s merger with a special purpose acquisition company (SPAC), is set to expire on September 25, though it could end earlier if certain conditions are met.

Should Trump decide to sell his shares after the lockup expires, the market could respond in unpredictable ways. The sale of a substantial number of shares by a major stakeholder like Trump could flood the market, potentially driving down the stock price. Daniel Bradley, a finance professor at the University of South Florida, suggests that the market might react negatively to such a large sale, particularly if there aren’t enough buyers to absorb the supply. This could lead to a sharp decline in the stock’s value, impacting both Trump’s personal wealth and the company’s market standing.

Moreover, Trump’s involvement in Truth Social has been a key driver of investor interest. The platform, marketed as a free speech alternative to mainstream social media, has attracted a loyal user base largely due to Trump’s presence. If Trump were to sell his stake, it might signal a lack of confidence in the company, potentially shaking investor confidence and further depressing the stock price.

Trump’s decision is also influenced by his ongoing legal battles, which have already cost him over $100 million in legal fees. Selling his shares could provide a significant financial boost, helping him cover these mounting expenses. However, this move could also have political ramifications, especially as he continues his bid for the Republican nomination in the 2024 presidential race.

Trump Media’s success is closely tied to Trump’s political fortunes. The company’s stock has shown volatility in response to developments in the presidential race, with Trump’s chances of winning having a direct impact on the stock’s value. If Trump sells his stake, it could be interpreted as a lack of confidence in his own political future, potentially undermining both his campaign and the company’s prospects.

Truth Social, the flagship product of TMTG, has faced challenges in generating traffic and advertising revenue, especially compared to established social media giants like X (formerly Twitter) and Facebook. Despite this, the company’s valuation has remained high, fueled by investor speculation on Trump’s political future. If Trump remains in the race and manages to secure the presidency, the value of his shares could increase. Conversely, any missteps on the campaign trail could have the opposite effect, further destabilizing the stock.

As the lockup period comes to an end, Trump faces a critical decision that could shape the future of both his personal finances and Truth Social. Whether he chooses to hold onto his shares or cash out, the outcome will likely have significant consequences for the company, its investors, and Trump’s political aspirations.

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Arizona man accused of social media threats to Trump is arrested

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Cochise County, AZ — Law enforcement officials in Arizona have apprehended Ronald Lee Syvrud, a 66-year-old resident of Cochise County, after a manhunt was launched following alleged death threats he made against former President Donald Trump. The threats reportedly surfaced in social media posts over the past two weeks, as Trump visited the US-Mexico border in Cochise County on Thursday.

Syvrud, who hails from Benson, Arizona, located about 50 miles southeast of Tucson, was captured by the Cochise County Sheriff’s Office on Thursday afternoon. The Sheriff’s Office confirmed his arrest, stating, “This subject has been taken into custody without incident.”

In addition to the alleged threats against Trump, Syvrud is wanted for multiple offences, including failure to register as a sex offender. He also faces several warrants in both Wisconsin and Arizona, including charges for driving under the influence and a felony hit-and-run.

The timing of the arrest coincided with Trump’s visit to Cochise County, where he toured the US-Mexico border. During his visit, Trump addressed the ongoing border issues and criticized his political rival, Democratic presidential nominee Kamala Harris, for what he described as lax immigration policies. When asked by reporters about the ongoing manhunt for Syvrud, Trump responded, “No, I have not heard that, but I am not that surprised and the reason is because I want to do things that are very bad for the bad guys.”

This incident marks the latest in a series of threats against political figures during the current election cycle. Just earlier this month, a 66-year-old Virginia man was arrested on suspicion of making death threats against Vice President Kamala Harris and other public officials.

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