Document And Entity Information
Document And Entity Information | 3 Months Ended |
Mar. 31, 2020 | |
Document Information [Line Items] | |
Entity Registrant Name | LINGO MEDIA CORP |
Entity Central Index Key | 0001177167 |
Current Fiscal Year End Date | --12-31 |
Document Type | 6-K |
Document Period End Date | Mar. 31, 2020 |
Document Fiscal Year Focus | 2020 |
Document Fiscal Period Focus | Q1 |
Amendment Flag | false |
Condensed Consolidated Interim
Condensed Consolidated Interim Balance Sheets (Current Period Unaudited) - CAD ($) | Mar. 31, 2020 | Dec. 31, 2019 |
Current Assets | ||
Cash | $ 697,984 | $ 442,489 |
Accounts and grants receivable | 973,127 | 838,502 |
Prepaid and other receivables | 114,443 | 121,603 |
Total current assets | 1,785,554 | 1,402,594 |
Non-Current Assets | ||
Property and equipment | 31,806 | 35,215 |
Right- of-use assets | 491,712 | 514,181 |
TOTAL ASSETS | 2,309,072 | 1,951,990 |
Current Liabilities | ||
Accounts payable | 86,932 | 226,001 |
Accrued liabilities | 321,661 | 191,993 |
Contract liability | 173,721 | 192,958 |
Lease obligation | 45,716 | 75,116 |
Total current liabilities | 628,030 | 686,068 |
Non-Current Liabilities | ||
Lease obligation | 510,825 | 499,646 |
TOTAL LIABILITIES | 1,138,855 | 1,185,714 |
Equity | ||
Share capital | 21,914,722 | 21,914,722 |
Share-based payment reserve | 4,053,893 | 4,049,032 |
Accumulated other comprehensive income | (154,533) | (319,994) |
Deficit | (24,643,865) | (24,877,484) |
TOTAL EQUITY | 1,170,217 | 766,276 |
TOTAL EQUITY AND LIABILITIES | $ 2,309,072 | $ 1,951,990 |
Condensed Consolidated Interi_2
Condensed Consolidated Interim Statements of Comprehensive Income (Unaudited) - CAD ($) | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
Statement Line Items [Line Items] | |||
Revenue | $ 97,124 | $ 111,964 | $ 80,355 |
Expenses | |||
Selling, general and administrative (recovery) | (356,207) | 277,003 | 310,965 |
Direct costs | 74,892 | 44,936 | 38,120 |
Development costs | 49,998 | 57,721 | 257,434 |
Bad debt expense | 32,386 | ||
Share-based payments | 4,861 | 27,758 | 23,408 |
Depreciation – right-of-use asset | 22,469 | ||
Depreciation – property and equipment | 3,455 | 4,410 | 1,653 |
Total Expenses (Recovery) | (168,146) | 411,828 | 631,580 |
Income / (Loss) from Operations | 265,270 | (299,864) | (551,225) |
Net Finance Charges | |||
Interest (income) expense | (20,954) | 4,231 | 14,952 |
Foreign exchange (gain) loss | 49,169 | 2,867 | (29,341) |
Profit / (Loss) Before Income Tax | 237,055 | (306,962) | (536,836) |
Income tax expense | 3,436 | 7,560 | 7,257 |
Net Profit (Loss) for the Period | 233,619 | (314,522) | (544,093) |
Other Comprehensive Income | |||
Exchange gain (loss) on translating foreign operations | 165,461 | (14,377) | 369 |
Total Comprehensive Income (Loss) | $ 399,080 | $ (328,899) | $ (543,723) |
Earnings (Loss) per Share | |||
Basic (in CAD per share) | $ 0.01 | $ 0 | $ (0.02) |
Diluted (in CAD per share) | $ 0.01 | $ 0 | $ (0.02) |
Weighted Average Number of Common Shares Outstanding | |||
Basic (in shares) | 35,529,132 | 35,529,132 | 35,529,132 |
Diluted (in shares) | 35,529,132 | 35,529,132 | 35,529,132 |
Condensed Consolidated Interi_3
Condensed Consolidated Interim Statements of Changes in Equity (Unaudited) - CAD ($) | Issued capital [member] | Reserve of share-based payments [member] | Amount recognised in other comprehensive income and accumulated in equity relating to non-current assets or disposal groups held for sale [member] | Retained earnings [member] | Total |
Balance (in shares) at Dec. 31, 2018 | 35,529,192 | ||||
Balance at Dec. 31, 2018 | $ 21,914,722 | $ 3,955,167 | $ (271,245) | $ (25,040,050) | $ 558,594 |
Statement Line Items [Line Items] | |||||
Income (loss) for the period | (314,522) | (314,522) | |||
Other comprehensive income (loss) | (14,377) | (14,377) | |||
Share-based payments charged to operations | 27,758 | 27,758 | |||
Income (loss) for the period | (314,522) | (314,522) | |||
Balance (in shares) at Mar. 31, 2019 | 35,529,192 | ||||
Balance at Mar. 31, 2019 | $ 21,914,722 | 3,982,925 | (285,622) | (25,354,572) | 257,453 |
Statement Line Items [Line Items] | |||||
Income (loss) for the period | 477,088 | 477,088 | |||
Other comprehensive income (loss) | (34,372) | (34,372) | |||
Share-based payments charged to operations | 66,107 | 66,107 | |||
Income (loss) for the period | 477,088 | 477,088 | |||
Balance (in shares) at Dec. 31, 2019 | 35,529,192 | ||||
Balance at Dec. 31, 2019 | $ 21,914,722 | 4,049,032 | (319,994) | (24,877,484) | 766,276 |
Statement Line Items [Line Items] | |||||
Income (loss) for the period | 233,619 | 233,619 | |||
Other comprehensive income (loss) | 165,461 | 165,461 | |||
Share-based payments charged to operations | 4,861 | 4,861 | |||
Income (loss) for the period | 233,619 | 233,619 | |||
Balance (in shares) at Mar. 31, 2020 | 35,529,192 | ||||
Balance at Mar. 31, 2020 | $ 21,914,722 | $ 4,053,893 | $ (154,533) | $ (24,643,865) | $ 1,170,217 |
Condensed Consolidated Interi_4
Condensed Consolidated Interim Statements of Cash Flows (Unaudited) - CAD ($) | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
CASH FLOWS FROM OPERATING ACTIVITIES | |||
Net Profit (Loss) for the Period | $ 233,619 | $ (314,522) | $ (544,093) |
Adjustments to Net Profit (Loss) for Non-Cash Items: | |||
Share-based payment | 4,861 | 27,758 | 23,408 |
Lease inducement | (2,903) | ||
Unrealized foreign exchange (gain) loss | 165,415 | (14,363) | (2,539) |
Depreciation – right-of-use asset | 22,469 | ||
Depreciation – property and equipment | 3,455 | 4,410 | 1,653 |
Operating Profit (Loss) Before Working Capital Changes | 429,819 | (299,620) | (521,571) |
Working Capital Adjustments: | |||
accounts and grants receivable | (134,625) | (93,985) | 20,189 |
prepaid and other receivables | 7,160 | 14,341 | 95,912 |
accounts payable | (139,069) | (25,288) | (73,549) |
accrued liabilities | 129,668 | 56,164 | (19,318) |
contract liability | (19,237) | 12,916 | |
Cash Generated (Used in) from Operations | 273,716 | (335,472) | (498,337) |
CASH FLOWS FROM INVESTING ACTIVITIES | |||
Purchase of property and equipment | (450) | ||
Cash Used in investing activities | (450) | ||
CASH FLOWS FROM FINANCING ACTIVITIES | |||
Payment of principal portion of lease obligation | (29,400) | ||
Interest on lease obligation | 11,179 | ||
Proceeds from loans payable | 166,612 | 250,000 | |
Repayment of loans payable | |||
Cash Generated (Used in) from Financing Activities | (18,221) | 166,612 | 250,000 |
NET INCREASE (DECREASE) IN CASH | 255,495 | (169,310) | (248,337) |
Cash at the Beginning of the Period | 442,489 | 233,843 | 327,434 |
Cash at the End of the Period | $ 697,984 | $ 64,533 | $ 79,097 |
Note 1 - Corporate Information
Note 1 - Corporate Information | 3 Months Ended |
Mar. 31, 2020 | |
Statement Line Items [Line Items] | |
Disclosure of basis of consolidation [text block] | 1. CORPORATE INFORMATION Lingo Media Corporation (“Lingo Media” or the “Company”) is a publicly listed company incorporated in Canada with limited liability under the legislation of the Province of Ontario and its shares are listed on the TSX Venture Exchange under the symbol “LM” and inter-listed on the OTC Markets under the symbol “LMDCF” and Frankfurt Stock Exchange under the symbol “LIMA”. The condensed consolidated interim financial statements of the Company as at and for the period ended March 31, 2020 Speak2Me Lingo Media is an EdTech company that is ‘ Changing the way the world learns languages’ two The head office, principal address and registered office of the Company is located at 151 703, M5S 1S4. |
Note 2 - Basis of Preparation
Note 2 - Basis of Preparation | 3 Months Ended |
Mar. 31, 2020 | |
Statement Line Items [Line Items] | |
Disclosure of basis of preparation of financial statements [text block] | 2. BASIS OF PREPRATION 2.1 Statement of compliance These condensed consolidated interim financial statements are unaudited and have been prepared in accordance with IAS 34 34” The condensed consolidated interim financial statements for the period ended March 31, 2020 May 28, 2020. 2.2 Basis of measurement These condensed consolidated interim financial statements have been prepared on the historical cost basis except as provided in note 4. 2.3 Basis of consolidation The condensed consolidated interim financial statements comprise the financial statements of the Company and its wholly owned subsidiaries controlled by the Company (the “Group”) as at March 31, 2020. Subsidiaries are fully consolidated from the date of acquisition, being the date on which the Group obtains control, and continue to be consolidated until the date when such control ceases. The financial statements of the subsidiaries are prepared for the same reporting period as the parent company, using consistent accounting policies. All inter-group balances, transactions, unrealized gains and losses resulting from inter-group transactions and dividends are eliminated in full. 2.4 Functional and presentation currency The functional currency is the currency of the primary economic environment in which the entity operates and has been determined for each entity within the Group. These consolidated financial statements are presented in Canadian Dollars, which is the Company’s functional currency. The functional currency of ELL Technologies Limited and Lingo Group Limited are United States Dollar (“USD”). All other subsidiaries’ functional currency is Canadian Dollar (“CAD”). The functional currency determinations were conducted through an analysis of the consideration factors identified in IAS 21, |
Note 3 - Significant Accounting
Note 3 - Significant Accounting Judgements, Estimates and Assumptions | 3 Months Ended |
Mar. 31, 2020 | |
Statement Line Items [Line Items] | |
Disclosure of accounting judgements and estimates [text block] | 3. SIGINFICANT ACCOUTING JUDGEMENTS, ESTIMATES AND ASSUMPTIONS The preparation of the Company’s condensed consolidated interim financial statements in conformity with IFRS requires management to make judgments, estimates and assumptions that affect the application of accounting policies, reported amounts of assets, liabilities and contingent liabilities, revenues and expenses at the date of the consolidated financial statements and during the reporting period. Estimates and assumptions are continuously evaluated and are based on management’s historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. However, actual outcomes can differ from these estimates. Revisions to accounting estimates are recognized in the period in which the estimate is revised if the revision affects only that period or in the period of the revision and further periods if the review affects both current and future periods. Information about critical judgements in applying accounting policies that have the most significant effect on the amounts recognized in the consolidated financial statements is included in the following notes: ● Determination of functional currency ● Determination of expected credit loss ● Recognition of internally developed intangibles ● Recognition of government grant and grant receivable ● Recognition of deferred tax assets ● Valuation of share-based payments |
Note 4 - Summary of Significant
Note 4 - Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2020 | |
Statement Line Items [Line Items] | |
Disclosure of significant accounting policies [text block] | 4. SUMMARY OF SIGINFICANT ACCOUTING POLICIES The accounting policies applied by the Company in these Condensed Consolidated Interim Financial Statements are the same as those applied by the Company in its Consolidated Financial Statements for the year ended December 31, 2019. |
Note 5 - Accounts and Grants Re
Note 5 - Accounts and Grants Receivable | 3 Months Ended |
Mar. 31, 2020 | |
Statement Line Items [Line Items] | |
Disclosure of trade and other receivables [text block] | 5. ACCOUNTS AND GRANTS RECEIVABLE Accounts and grants receivable consist of: March 31, 2020 December 31, 2019 Trade receivable $ 918,127 $ 816,226 Government grants receivable 55,000 22,276 $ 973,127 $ 838,502 As at March 31, 2020, $889,129 2019 $857,559 30 not |
Note 6 - Property and Equipment
Note 6 - Property and Equipment | 3 Months Ended |
Mar. 31, 2020 | |
Statement Line Items [Line Items] | |
Disclosure of property, plant and equipment [text block] | 6. PROPERTY AND EQUIPMENT Computer and O ffice E quipment Leasehold Improvements Total Cost, January 1, 2019 $ 97,875 $ 33,180 $ 131,055 Effect of foreign exchange (283 ) - (283 ) Additions 450 - 450 Cost, March 31, 2019 $ 98,042 33,180 $ 131,222 Write off (12,126 ) - (12,126 ) Effect of foreign exchange (1,088 ) - (1,088 ) Cost, December 31, 2019 $ 84,828 $ 33,180 $ 118,008 Effect of foreign exchange 1,083 - 1,083 Cost, March 31, 20 20 $ 85,911 $ 33,180 $ 119,091 Accumulated depreciation, January 1, 2019 $ 66,278 $ 11,613 $ 77,891 Charge for the period 1,507 2,903 4,410 Effect of foreign exchange (268 ) - (268 ) Accumulated depreciation, March 31, 2019 $ 67,517 $ 14,516 $ 82,033 Charge for the period 5,088 8,710 13,798 Write off (12,126 ) - (12,126 ) Effect of foreign exchange (912 ) - (912 ) Accumulated depreciation, December 31, 2019 $ 59,567 $ 23,226 $ 82,793 Charge for the period 1,322 2,133 3,455 Effect of foreign exchange 1,037 - 1,037 Accumulated depreciation, March 31, 2020 $ 61,926 $ 25,359 $ 87,285 Net book value, January 1, 201 9 $ 31,597 $ 21,567 $ 53,164 Net book value, March 31, 201 9 $ 30,525 $ 18,664 $ 49,189 Net book value, December 3 1, 201 9 $ 25,261 $ 9,954 $ 35,215 Net book value, March 31, 20 20 $ 23,985 $ 7,821 $ 31,806 |
Note 7 - Right-of-use Asset and
Note 7 - Right-of-use Asset and Lease Obligation | 3 Months Ended |
Mar. 31, 2020 | |
Statement Line Items [Line Items] | |
Disclosure of leases [text block] | 7. RIGHT-OF-USE ASSET AND LEASE OBLIGATION The Company has one 5 2016, 5 Non-cancellable lease rentals are payable as follows: Less than 1 year $ 107,798 Between 1 and 5 years - More than 5 years - $ 107,798 On adoption of IFRS 16, 17, January 1, 2019. January 1, 2019 8%. For the period ended March 31, 2020, $11,178 For the period ended March 31, 2020, $25,022 The Company has equipment leases and an office lease in Beijing which it has determined are not The Company’s lease obligation and movements therein during the period ended March 31, 2020: Lease Obligation Lease obligation as of January 1, 2020 $ 574,762 Accretion on lease liability 11,178 Lease payment (29,399 ) Lease obligation at March 31, 2020 556,541 Of which are: Current lease obligations $ 45,716 Long-term lease obligations 510,825 $ 556,541 The Company’s right-of-use assets and movements therein during the period ended March 31, 2020: Office Lease Right-of-use assets at January 1, 2020 $ 514,181 Depreciation on right-of-use assets (22,469 ) Right-of-use assets at March 31, 2020 $ 491,712 |
Note 8 - Contract Liabilities
Note 8 - Contract Liabilities | 3 Months Ended |
Mar. 31, 2020 | |
Statement Line Items [Line Items] | |
Disclosure of revenue from contracts with customers [text block] | 8. CONTRACT LIABILITIES The following table presents changes in the contract liabilities balance: Balance, January 1, 2019 $ 217,259 Amounts invoices and revenue deferred as at March 31, 2019 86,633 Recognition of deferred revenue included in the adjusted balance at the beginning of the period (73,717 ) Balance, March 31, 2019 230,175 Amounts invoices and revenue deferred as at December 31, 2019 115,146 Recognition of deferred revenue included in the adjusted balance at the beginning of the period (152,363 ) Balance, December 31, 2019 $ 192,958 Amounts invoices and revenue deferred as at March 31, 2020 37,569 Recognition of deferred revenue included in period (56,806 ) Balance, March 31, 20 20 $ 173,721 |
Note 9 - Share Capital
Note 9 - Share Capital | 3 Months Ended |
Mar. 31, 2020 | |
Statement Line Items [Line Items] | |
Disclosure of share capital, reserves and other equity interest [text block] | 9. SHARE CAPITAL Authorized Unlimited number of preference shares with no Unlimited number of common shares with no |
Note 10 - Share-based Payment R
Note 10 - Share-based Payment Reserve | 3 Months Ended |
Mar. 31, 2020 | |
Statement Line Items [Line Items] | |
Disclosure of share-based payment arrangements [text block] | 10. SHARE-BASED PAYMENT RESERVE In December 2017, “2017 2017 may 2017 7,105,838 1996 2000 2005 2009 2011 The maximum number of common shares that may one 2017 5% The exercise price of each option cannot be less than the market price of the shares on the day immediately preceding the day of the grant less any permitted discount. The exercise period of the options granted cannot exceed 10 2017 not may, 2017 may The following summarizes the options outstanding: Number of Options Weighted Average Exercise Price Warrant Remaining Contract Life (Yrs) Outstanding as at January 1, 201 9 6,804,000 $ 0.19 2. 26 Granted 1,200,000 0.07 2.85 Forfeited (442,000 ) 0.22 - Outstanding as at March 31, 201 9 7,562,000 $ 0.13 2.17 Granted 1,720,000 0.08 2.14 Forfeited (770,000 ) 0.21 - Outstanding as at December 31, 201 9 6,642,000 $ 0.13 2.26 Granted 450,000 $ 0.05 2.85 Forfeited (2,000 ) $ 0.23 - Outstanding as at March 31, 20 20 7,090,005 $ 0.12 1.37 Options exercisable as at March 31, 201 9 4,852,000 $0.16 Options exercisable as at December 31, 201 9 6,504,500 $0.19 Options exercisable as at March 31, 20 20 6,590,000 $0.13 The weighted average remaining contractual life for the stock options outstanding as at March 31, 2020 1.37 2019 2.17 2018 2.52 March 31, 2020 $0.05 $0.23 2019 $0.07 $0.23, 2018 $0.20 $0.23 $0.0355 2019 $0.0453, 2018 $0.12 The vesting period on the options granted on February 4, 2020 three The vesting periods on the options granted on February 4, 2019 three December 20, 2018 25% 9 three The pricing model assumes the weighted average risk free interest rates of 1.37% 2019 2.19%, 2018 1.39% nil 2019 nil, 2018 nil 123% 2019 105%, 2018 97% 0% 2019 0%, 2018 0% $0.20 2018 $0.07, 2017 $0.20 $0.05 2019 $0.07, 2018 $0.21 2.85 2019 2.85 2018 3 |
Note 11 - Government Grants
Note 11 - Government Grants | 3 Months Ended |
Mar. 31, 2020 | |
Statement Line Items [Line Items] | |
Disclosure of government grants [text block] | 11. GOVERNMENT GRANTS Included as a reduction of selling, general and administrative expenses are government grants of $55,000 2019 $56,331 $55,000 March 31, 2019 - $55,000 The government grant for the print-based ELL segment is repayable in the event that the segment’s annual net income for each of the previous two 15% not no |
Note 12 - Ontario Interactive D
Note 12 - Ontario Interactive Digital Media Tax Credit | 3 Months Ended |
Mar. 31, 2020 | |
Statement Line Items [Line Items] | |
Disclosure of Ontario Interactive Digital Media Tax Credit [text block] | 12. ONTARIO INTERACTIVE DIGITAL MEDIA TAX CREDIT The Company received an approval and funding of its grant from the Province of Ontario’s Ontario Interactive Digital Media Tax Credit (“OIDMTC”) in the amount of $904,940. The Ontario Creates Interactive Digital Media (“IDM”) Fund Concept Definition and Production programs provide content creators with funding for high quality, original interactive digital media content projects that make a positive contribution to the Ontario economy. The fund assesses innovative interactive media projects, including e-learning, that are deemed to contribute to education and learning through the application of text, images, and other multimedia. The approval process involves a full audit of the product and processes. |
Note 13 - Financial Instruments
Note 13 - Financial Instruments | 3 Months Ended |
Mar. 31, 2020 | |
Statement Line Items [Line Items] | |
Disclosure of financial instruments [text block] | 13. FINANCIAL INSTRUMENTS a. Fair values The carrying value of cash and accounts and grants receivable, approximates their fair value due to the liquidity of these instruments. The carrying values of accounts payables and accrued liabilities and loans payables approximate their fair value due to the requirement to extinguish the liabilities on demand or payable within a year. b. Financial risk management objectives and policies The financial risk arising from the Company’s operations are currency risk, liquidity risk and credit risk. These risks arise from the normal course of operations and all transactions undertaken are to support the Group’s ability to continue as a going concern. The risks associated with these financial instruments and the policies on how to mitigate these risks are as follows: (i) Foreign currency risk Foreign currency risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in foreign exchange rates. The Company’s exposure to the risk of changes in foreign exchange rates relates primarily to the Company’s monetary assets and liabilities denominated in currencies other than the Canadian Dollar and the Company’s net investments in foreign subsidiaries. The Company operates internationally and is exposed to foreign exchange risk as certain expenditures are denominated in non-Canadian Dollar currencies. The Company has been exposed to this fluctuation and has not (i) Foreign currency risk (Cont’d) A 10% $54,727 2018 $22,430 10% March 31, 2020 March 31, 2020 March 31, 2020 March 31, 2019 USD USD Cash 132,784 12,984 Accounts receivable 639,087 699,419 Accounts payable 45,794 66,249 (ii) Liquidity risk The Company manages its liquidity risk by preparing and monitoring forecasts of cash expenditures to ensure that it will have sufficient liquidity to meet liabilities when due. The Company’s accounts payable and accrued liabilities generally have maturities of less than 90 March 31, 2020, $697,984 $973,127 $114,443 $628,029. (iii) Credit risk Credit risk refers to the risk that one March 31, 2020, $973,127 2018 $1,007,443 12 1 |
Note 14 - Major Customer
Note 14 - Major Customer | 3 Months Ended |
Mar. 31, 2020 | |
Statement Line Items [Line Items] | |
Disclosure of major customers [text block] | 14. MAJOR CUSTOMER The Company had sales to a major customer in the period ended in March 31, 2020 March 31, 2019, 27% 2019 28%, 2018 56% March 31, 2020 94% 2019 86%, 2018 89% |
Note 15 - Capital Management
Note 15 - Capital Management | 3 Months Ended |
Mar. 31, 2020 | |
Statement Line Items [Line Items] | |
Disclosure of objectives, policies and processes for managing capital [text block] | 15. CAPITAL MANAGEMENT The Company’s primary objectives when managing capital are to (a) safeguard the Company’s ability to develop, market, distribute and sell English language learning products, and (b) provide a sound capital structure for raising capital at a reasonable cost for the funding of ongoing development of its products and new growth initiatives. The Board of Directors does not The Company includes equity, comprised of issued share capital, warrants, share-based payments reserve and deficit, in the definition of capital. The Company is dependent on cash flow from co-publishing and distribution agreements and external financing to fund its activities. In order to carry out planned development of its products and pay for administrative costs, the Company will spend its existing working capital and raise additional amounts as needed. Management reviews its capital management approach on an ongoing basis and believes that this approach, given the relative size of the Company, is reasonable. There has been no 2020 2019. |
Note 16 - Segmented Information
Note 16 - Segmented Information and Revenue | 3 Months Ended |
Mar. 31, 2020 | |
Statement Line Items [Line Items] | |
Disclosure of entity's operating segments [text block] | 16. SEGMENTED INFORMATION AND REVENUE The Company operates two License of intellectual property: Lingo Learning is a print-based publisher of English language learning textbook programs in China. It earns significantly higher royalties from Licensing Sales compared to Finished Product Sales. Online and Offline Language Learning: ELL Technologies is a global web-based educational technology (“EdTech”) language learning, training, and assessment company. The Company provides the right to access to hosted software over a contract term without the customer taking possession of the software. The Company also provides offline licenses for the right to use perpetual language-learning. Transactions between operating segments and reporting segment are recorded at the exchange amount and eliminated upon consolidation. Segmented Information (Before Other Financial Items Below) March 31, 20 20 Online English Language Learning Print-Based English Language Learning Head Office Total Segmented assets $ 483,281 $ 1,758,244 $ 67,547 $ 2,309,072 Segmented liabilities 368,896 625,325 144,634 1,138,855 Segmented revenue - online 70,962 - - 70,962 Segmented revenue - royalty 89 26,073 - 26,162 Segmented direct costs 39,278 35,614 - 74,892 Segmented selling, general & administrative expense (603,902 ) 91,102 156,593 (356,207 ) Segmented other expense 897 28,319 144 29,360 Segmented profit (loss) 552,394 (128,961 ) (156,738 ) 266,695 March 31, 201 9 Online English Language Learning Print-Based English Language Learning Head Office Total Segmented assets $ 166,183 $ 991,858 $ 50,322 $ 1,208,363 Segmented liabilities 326,088 176,976 447,846 950,910 Segmented revenue - online 80,296 - - 80,296 Segmented revenue - royalty 207 31,461 - 31,668 Segmented direct costs 23,005 21,931 - 44,936 Segmented selling, general & administrative expense 58,525 99,964 118,515 277,003 Segmented other expense 2,843 8,948 179 11,970 Segmented loss (61,589 ) (99,383 ) (118,694 ) (279,666 ) March 31, 201 8 Online English Language Learning Print-Based English Language Learning Head Office Total Segmented assets $ 112,925 $ 954,906 $ 100,176 $ 1,168,007 Segmented liabilities 103,105 161,060 870,403 1,134,568 Segmented revenue 35,612 44,743 - 80,355 Segmented direct costs 17,250 20,870 - 38,120 Segmented selling, general & administrative expense 87,407 39,478 184,080 310,965 Segmented other expense 430 8,257 223 8,910 Segmented loss (326,909 ) (23,862 ) (184,302 ) (535,073 ) Other Financial Items 20 20 201 9 201 8 Online English Language Learning segmented income (loss) $ 552,394 $ (61,589 ) $ (326,909 ) Print-Based English Language Learning segmented income (loss) (128,961 ) (99,383 ) (23,862 ) Head office (156,738 ) (118,694 ) (184,302 ) Foreign exchange (49,169 ) (2,867 ) 29,341 Interest income (expense) 20,954 (4,231 ) (14,952 ) Share-based payment (4,861 ) (27,758 ) (23,408 ) Other comprehensive income (loss) 165,461 (14,377 ) 369 Total Comprehensive Income ( Loss ) $ 399,080 $ (328,899 ) $ (543,723 ) Identifiable Non-Current Assets by Geographic Region 20 20 201 9 201 8 Canada $ 522,979 $ 48,585 $ 28,415 China 538 604 647 $ 523,518 $ 49,189 $ 29,062 Revenue by Geographic Region 20 20 20 19 20 18 Latin America $ 58,296 $ 66,118 $ 17,759 China 27,221 34,162 54,495 Other 11,607 11,684 8,101 $ 97,124 $ 111,964 $ 80,355 |
Note 17 - Supplemental Cash Flo
Note 17 - Supplemental Cash Flow Information | 3 Months Ended |
Mar. 31, 2020 | |
Statement Line Items [Line Items] | |
Disclosure of supplemental cash flow information [text block] | 1 7 . SUPPLEMENTAL CASH FLOW INFORMATION 20 20 201 9 20 18 Income taxes and other taxes paid $ 3,436 $ 7,560 $ 7,257 Interest paid $ 14,530 $ 2,955 $ 893 Interest received $ 35,485 $ - $ - |
Note 18 - Related Party Balance
Note 18 - Related Party Balances and Transactions | 3 Months Ended |
Mar. 31, 2020 | |
Statement Line Items [Line Items] | |
Disclosure of transactions between related parties [text block] | 1 8 . RELATED PARTY BALANCES AND TRANSACTIONS During the period, the Company had the following transactions with related parties, made in the normal course of operations, and accounted for at an amount of consideration established and agreed to by the Company and related parties. (a) The Company charged $5,100 2019 $84,442, 2018 $165,726 (b) Key management compensation was $132,266 2019 $78,000, 2018 $78,000 $30,766 2019 $78,000 |
Note 19 - Subsequent Event
Note 19 - Subsequent Event | 3 Months Ended |
Mar. 31, 2020 | |
Statement Line Items [Line Items] | |
Disclosure of events after reporting period [text block] | 19. SUBSEQUENT EVENT Since December 31, 2019, 19,” The extent to which COVID- 19 may 19 19 19 not Lingo Media has taken measures to protect its management, employees and contractors and has advised them to work from home and maintain a safe environment to ensure they are healthy and have minimal exposure to the risk of infection. In addition, the company is eligible and has applied for certain government subsidies, additional grants and interest-free loans, which will be reflected in the subsequent period financial statements. The Company has contacted all the parties it is working with to ensure they are all working in a safe environment. A number of such parties have had an impact on their operations and ability to collaborate, while, a large number have identified multiple new business opportunities due to COVID- 19 |
Note 5 - Accounts and Grants _2
Note 5 - Accounts and Grants Receivable (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Statement Line Items [Line Items] | |
Schedule of accounts and grants receivable [text block] | March 31, 2020 December 31, 2019 Trade receivable $ 918,127 $ 816,226 Government grants receivable 55,000 22,276 $ 973,127 $ 838,502 |
Note 6 - Property and Equipme_2
Note 6 - Property and Equipment (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Statement Line Items [Line Items] | |
Disclosure of detailed information about property, plant and equipment [text block] | Computer and O ffice E quipment Leasehold Improvements Total Cost, January 1, 2019 $ 97,875 $ 33,180 $ 131,055 Effect of foreign exchange (283 ) - (283 ) Additions 450 - 450 Cost, March 31, 2019 $ 98,042 33,180 $ 131,222 Write off (12,126 ) - (12,126 ) Effect of foreign exchange (1,088 ) - (1,088 ) Cost, December 31, 2019 $ 84,828 $ 33,180 $ 118,008 Effect of foreign exchange 1,083 - 1,083 Cost, March 31, 20 20 $ 85,911 $ 33,180 $ 119,091 Accumulated depreciation, January 1, 2019 $ 66,278 $ 11,613 $ 77,891 Charge for the period 1,507 2,903 4,410 Effect of foreign exchange (268 ) - (268 ) Accumulated depreciation, March 31, 2019 $ 67,517 $ 14,516 $ 82,033 Charge for the period 5,088 8,710 13,798 Write off (12,126 ) - (12,126 ) Effect of foreign exchange (912 ) - (912 ) Accumulated depreciation, December 31, 2019 $ 59,567 $ 23,226 $ 82,793 Charge for the period 1,322 2,133 3,455 Effect of foreign exchange 1,037 - 1,037 Accumulated depreciation, March 31, 2020 $ 61,926 $ 25,359 $ 87,285 Net book value, January 1, 201 9 $ 31,597 $ 21,567 $ 53,164 Net book value, March 31, 201 9 $ 30,525 $ 18,664 $ 49,189 Net book value, December 3 1, 201 9 $ 25,261 $ 9,954 $ 35,215 Net book value, March 31, 20 20 $ 23,985 $ 7,821 $ 31,806 |
Note 7 - Right-of-use Asset a_2
Note 7 - Right-of-use Asset and Lease Obligation (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Statement Line Items [Line Items] | |
Disclosure of maturity analysis of operating lease payments [text block] | Less than 1 year $ 107,798 Between 1 and 5 years - More than 5 years - $ 107,798 |
Disclosure of lease liabilities [text block] | Lease Obligation Lease obligation as of January 1, 2020 $ 574,762 Accretion on lease liability 11,178 Lease payment (29,399 ) Lease obligation at March 31, 2020 556,541 Current lease obligations $ 45,716 Long-term lease obligations 510,825 $ 556,541 |
Disclosure of quantitative information about right-of-use assets [text block] | Office Lease Right-of-use assets at January 1, 2020 $ 514,181 Depreciation on right-of-use assets (22,469 ) Right-of-use assets at March 31, 2020 $ 491,712 |
Note 8 - Contract Liabilities (
Note 8 - Contract Liabilities (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Statement Line Items [Line Items] | |
Explanation of significant changes in contract assets and contract liabilities [text block] | Balance, January 1, 2019 $ 217,259 Amounts invoices and revenue deferred as at March 31, 2019 86,633 Recognition of deferred revenue included in the adjusted balance at the beginning of the period (73,717 ) Balance, March 31, 2019 230,175 Amounts invoices and revenue deferred as at December 31, 2019 115,146 Recognition of deferred revenue included in the adjusted balance at the beginning of the period (152,363 ) Balance, December 31, 2019 $ 192,958 Amounts invoices and revenue deferred as at March 31, 2020 37,569 Recognition of deferred revenue included in period (56,806 ) Balance, March 31, 20 20 $ 173,721 |
Note 10 - Share-based Payment_2
Note 10 - Share-based Payment Reserve (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Statement Line Items [Line Items] | |
Disclosure of number and weighted average exercise prices of share options [text block] | Number of Options Weighted Average Exercise Price Warrant Remaining Contract Life (Yrs) Outstanding as at January 1, 201 9 6,804,000 $ 0.19 2. 26 Granted 1,200,000 0.07 2.85 Forfeited (442,000 ) 0.22 - Outstanding as at March 31, 201 9 7,562,000 $ 0.13 2.17 Granted 1,720,000 0.08 2.14 Forfeited (770,000 ) 0.21 - Outstanding as at December 31, 201 9 6,642,000 $ 0.13 2.26 Granted 450,000 $ 0.05 2.85 Forfeited (2,000 ) $ 0.23 - Outstanding as at March 31, 20 20 7,090,005 $ 0.12 1.37 Options exercisable as at March 31, 201 9 4,852,000 $0.16 Options exercisable as at December 31, 201 9 6,504,500 $0.19 Options exercisable as at March 31, 20 20 6,590,000 $0.13 |
Note 13 - Financial Instrumen_2
Note 13 - Financial Instruments (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Statement Line Items [Line Items] | |
Disclosure of detailed information about financial instruments [text block] | March 31, 2020 March 31, 2019 USD USD Cash 132,784 12,984 Accounts receivable 639,087 699,419 Accounts payable 45,794 66,249 |
Note 16 - Segmented Informati_2
Note 16 - Segmented Information and Revenue (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Statement Line Items [Line Items] | |
Disclosure of operating segments [text block] | March 31, 20 20 Online English Language Learning Print-Based English Language Learning Head Office Total Segmented assets $ 483,281 $ 1,758,244 $ 67,547 $ 2,309,072 Segmented liabilities 368,896 625,325 144,634 1,138,855 Segmented revenue - online 70,962 - - 70,962 Segmented revenue - royalty 89 26,073 - 26,162 Segmented direct costs 39,278 35,614 - 74,892 Segmented selling, general & administrative expense (603,902 ) 91,102 156,593 (356,207 ) Segmented other expense 897 28,319 144 29,360 Segmented profit (loss) 552,394 (128,961 ) (156,738 ) 266,695 March 31, 201 9 Online English Language Learning Print-Based English Language Learning Head Office Total Segmented assets $ 166,183 $ 991,858 $ 50,322 $ 1,208,363 Segmented liabilities 326,088 176,976 447,846 950,910 Segmented revenue - online 80,296 - - 80,296 Segmented revenue - royalty 207 31,461 - 31,668 Segmented direct costs 23,005 21,931 - 44,936 Segmented selling, general & administrative expense 58,525 99,964 118,515 277,003 Segmented other expense 2,843 8,948 179 11,970 Segmented loss (61,589 ) (99,383 ) (118,694 ) (279,666 ) March 31, 201 8 Online English Language Learning Print-Based English Language Learning Head Office Total Segmented assets $ 112,925 $ 954,906 $ 100,176 $ 1,168,007 Segmented liabilities 103,105 161,060 870,403 1,134,568 Segmented revenue 35,612 44,743 - 80,355 Segmented direct costs 17,250 20,870 - 38,120 Segmented selling, general & administrative expense 87,407 39,478 184,080 310,965 Segmented other expense 430 8,257 223 8,910 Segmented loss (326,909 ) (23,862 ) (184,302 ) (535,073 ) Other Financial Items 20 20 201 9 201 8 Online English Language Learning segmented income (loss) $ 552,394 $ (61,589 ) $ (326,909 ) Print-Based English Language Learning segmented income (loss) (128,961 ) (99,383 ) (23,862 ) Head office (156,738 ) (118,694 ) (184,302 ) Foreign exchange (49,169 ) (2,867 ) 29,341 Interest income (expense) 20,954 (4,231 ) (14,952 ) Share-based payment (4,861 ) (27,758 ) (23,408 ) Other comprehensive income (loss) 165,461 (14,377 ) 369 Total Comprehensive Income ( Loss ) $ 399,080 $ (328,899 ) $ (543,723 ) |
Disclosure of geographical areas [text block] | 20 20 201 9 201 8 Canada $ 522,979 $ 48,585 $ 28,415 China 538 604 647 $ 523,518 $ 49,189 $ 29,062 20 20 20 19 20 18 Latin America $ 58,296 $ 66,118 $ 17,759 China 27,221 34,162 54,495 Other 11,607 11,684 8,101 $ 97,124 $ 111,964 $ 80,355 |
Note 17 - Supplemental Cash F_2
Note 17 - Supplemental Cash Flow Information (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Statement Line Items [Line Items] | |
Disclosure of supplemental cash flows schedule [text block] | 20 20 201 9 20 18 Income taxes and other taxes paid $ 3,436 $ 7,560 $ 7,257 Interest paid $ 14,530 $ 2,955 $ 893 Interest received $ 35,485 $ - $ - |
Note 1 - Corporate Information
Note 1 - Corporate Information (Details Textual) | 3 Months Ended |
Mar. 31, 2020 | |
Statement Line Items [Line Items] | |
Number of reportable segments | 2 |
Note 5 - Accounts and Grants _3
Note 5 - Accounts and Grants Receivable (Details Textual) - CAD ($) | Mar. 31, 2020 | Mar. 31, 2019 |
Later than one month [member] | ||
Statement Line Items [Line Items] | ||
Trade receivables | $ 889,129 | $ 857,559 |
Note 5 - Accounts and Grants _4
Note 5 - Accounts and Grants Receivable - Schedule of Receivables (Details) - CAD ($) | Mar. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2019 |
Statement Line Items [Line Items] | |||
Trade receivable | $ 918,127 | $ 816,226 | |
Government grants receivable | 55,000 | 22,276 | $ 55,000 |
Current Trade and Grants Receivable | $ 973,127 | $ 838,502 |
Note 6 - Property and Equipme_3
Note 6 - Property and Equipment - Schedule of Property and Equipment (Details) - CAD ($) | 3 Months Ended | 9 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | |
Statement Line Items [Line Items] | |||
Balance | $ 35,215 | $ 53,164 | $ 49,189 |
Balance | 31,806 | 49,189 | 35,215 |
Computer and office equipment [member] | |||
Statement Line Items [Line Items] | |||
Balance | 25,261 | 31,597 | 30,525 |
Balance | 23,985 | 30,525 | 25,261 |
Leasehold improvements [member] | |||
Statement Line Items [Line Items] | |||
Balance | 9,954 | 21,567 | 18,664 |
Balance | 7,821 | 18,664 | 9,954 |
Gross carrying amount [member] | |||
Statement Line Items [Line Items] | |||
Balance | 118,008 | 131,055 | 131,222 |
Effect of foreign exchange | 1,083 | (283) | (1,088) |
Additions | 450 | ||
Write off | (12,126) | ||
Balance | 119,091 | 131,222 | 118,008 |
Gross carrying amount [member] | Computer and office equipment [member] | |||
Statement Line Items [Line Items] | |||
Balance | 84,828 | 97,875 | 98,042 |
Effect of foreign exchange | 1,083 | (283) | (1,088) |
Additions | 450 | ||
Write off | (12,126) | ||
Balance | 85,911 | 98,042 | 84,828 |
Gross carrying amount [member] | Leasehold improvements [member] | |||
Statement Line Items [Line Items] | |||
Balance | 33,180 | 33,180 | 33,180 |
Effect of foreign exchange | |||
Additions | |||
Write off | |||
Balance | 33,180 | 33,180 | 33,180 |
Accumulated depreciation, amortisation and impairment [member] | |||
Statement Line Items [Line Items] | |||
Balance | 82,793 | 77,891 | 82,033 |
Effect of foreign exchange | 1,037 | (268) | (912) |
Write off | (12,126) | ||
Charge for the period | 3,455 | 4,410 | 13,798 |
Balance | 87,285 | 82,033 | 82,793 |
Accumulated depreciation, amortisation and impairment [member] | Computer and office equipment [member] | |||
Statement Line Items [Line Items] | |||
Balance | 59,567 | 66,278 | 67,517 |
Effect of foreign exchange | 1,037 | (268) | (912) |
Write off | (12,126) | ||
Charge for the period | 1,322 | 1,507 | 5,088 |
Balance | 61,926 | 67,517 | 59,567 |
Accumulated depreciation, amortisation and impairment [member] | Leasehold improvements [member] | |||
Statement Line Items [Line Items] | |||
Balance | 23,226 | 11,613 | 14,516 |
Effect of foreign exchange | |||
Write off | |||
Charge for the period | 2,133 | 2,903 | 8,710 |
Balance | $ 25,359 | $ 14,516 | $ 23,226 |
Note 7 - Right-of-use Asset a_3
Note 7 - Right-of-use Asset and Lease Obligation (Details Textual) - CAD ($) | 3 Months Ended | |
Mar. 31, 2020 | Jan. 01, 2019 | |
Statement Line Items [Line Items] | ||
Operating lease, term (Year) | 5 years | |
Operating lease, renewal term (Year) | 5 years | |
Weighted average lessee's incremental borrowing rate applied to lease liabilities recognised at date of initial application of IFRS 16 | 8.00% | |
Operating lease, accretion | $ 11,178 | |
Payments on variable leases | $ 25,022 |
Note 7 - Right-of-use Asset a_4
Note 7 - Right-of-use Asset and Lease Obligation - Non-cancellable Lease Rentals Payable (Details) | Mar. 31, 2020CAD ($) |
Statement Line Items [Line Items] | |
Non-cancellable lease rentals | $ 107,798 |
Not later than one year [member] | |
Statement Line Items [Line Items] | |
Non-cancellable lease rentals | 107,798 |
Later than one year and not later than five years [member] | |
Statement Line Items [Line Items] | |
Non-cancellable lease rentals | |
Later than five years [member] | |
Statement Line Items [Line Items] | |
Non-cancellable lease rentals |
Note 7 - Right-of-use Asset a_5
Note 7 - Right-of-use Asset and Lease Obligation - Lease Obligation (Details) - CAD ($) | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | |
Statement Line Items [Line Items] | |||
Lease obligation as of January 1, 2020 | $ 574,762 | ||
Accretion on lease liability | 11,178 | ||
Lease payment | (29,399) | ||
Lease obligation at March 31, 2020 | 556,541 | ||
Current lease obligations | $ 45,716 | $ 75,116 | |
Long-term lease obligations | 510,825 | 499,646 | |
Total lease liabilities | $ 556,541 | $ 556,541 | $ 574,762 |
Note 7 - Right-of-use Asset a_6
Note 7 - Right-of-use Asset and Lease Obligation - Right-of-use Assets (Details) | 3 Months Ended |
Mar. 31, 2020CAD ($) | |
Statement Line Items [Line Items] | |
Right-of-use assets at January 1, 2020 | $ 514,181 |
Depreciation on right-of-use assets | (22,469) |
Right-of-use assets at March 31, 2020 | $ 491,712 |
Note 8 - Contract Liabilities -
Note 8 - Contract Liabilities - Changes in Contract Liability (Details) - CAD ($) | 3 Months Ended | 9 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | |
Statement Line Items [Line Items] | |||
Balance | $ 192,958 | $ 217,259 | $ 230,175 |
Amounts invoices and revenue deferred | 37,569 | 86,633 | 115,146 |
Recognition of deferred revenue | (56,806) | (73,717) | (152,363) |
Balance | $ 173,721 | $ 230,175 | $ 192,958 |
Note 9 - Share Capital (Details
Note 9 - Share Capital (Details Textual) $ / shares in Thousands | Mar. 31, 2020$ / shares |
Preference shares [member] | |
Statement Line Items [Line Items] | |
Par value per share (in CAD per share) | $ 0 |
Ordinary shares [member] | |
Statement Line Items [Line Items] | |
Par value per share (in CAD per share) | $ 0 |
Note 10 - Share-based Payment_3
Note 10 - Share-based Payment Reserve (Details Textual) | Dec. 20, 2018 | Dec. 31, 2017shares | Mar. 31, 2020CAD ($)$ / shares | Mar. 31, 2019CAD ($)$ / shares | Mar. 31, 2018CAD ($)$ / shares | Dec. 31, 2019CAD ($)$ / shares | Dec. 31, 2018CAD ($)$ / shares |
Statement Line Items [Line Items] | |||||||
Option life, share options granted | 2.85 | 2.85 | 3 | ||||
Weighted average remaining contractual life of outstanding share options (Year) | 1 year 135 days | 2 years 62 days | 2 years 94 days | 2 years 94 days | |||
Share-based payment arrangements, option vesting percentage | 25.00% | ||||||
Share-based payment arrangements, option vesting period (Month) | 270 days | ||||||
Share-based payment arrangements, option vesting period, required period before vesting begins (Month) | 90 days | ||||||
Risk free interest rate, share options granted | 1.37% | 2.19% | 1.39% | ||||
Expected dividend, share options granted | $ | $ 0 | $ 0 | $ 0 | ||||
Expected volatility, share options granted | 123.00% | 105.00% | 97.00% | ||||
Forfeiture rate, share options granted | 0.00% | 0.00% | 0.00% | ||||
Weighted average share price, share options granted (in CAD per share) | $ 0.20 | $ 0.07 | $ 0.20 | ||||
Exercise price, share options granted (in CAD per share) | $ 0.05 | $ 0.07 | $ 0.21 | ||||
Management, employees, directors and consultants [member] | |||||||
Statement Line Items [Line Items] | |||||||
Weighted average fair value at measurement date, share options granted | $ | $ 0.0355 | $ 0.0453 | $ 0.12 | ||||
Top of range [member] | |||||||
Statement Line Items [Line Items] | |||||||
Exercise price of outstanding share options (in CAD per share) | $ 0.23 | $ 0.23 | $ 0.23 | ||||
Bottom of range [member] | |||||||
Statement Line Items [Line Items] | |||||||
Exercise price of outstanding share options (in CAD per share) | $ 0.05 | $ 0.07 | $ 0.20 | ||||
The 2017 Stock Option Plan [member] | |||||||
Statement Line Items [Line Items] | |||||||
Number of shares reserved for issue under options and contracts for sale of shares (in shares) | shares | 7,105,838 | ||||||
Share reservation limitations, maximum percentage of allowed reserved shares | 5.00% | ||||||
Weighted average remaining contractual life of outstanding share options (Year) | 1 year 135 days | 2 years 62 days | 2 years 189 days | ||||
The 2017 Stock Option Plan [member] | Top of range [member] | |||||||
Statement Line Items [Line Items] | |||||||
Option life, share options granted | 10 |
Note 10 - Share-based Payment_4
Note 10 - Share-based Payment Reserve - Options Outstanding (Details) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |
Mar. 31, 2020$ / shares | Mar. 31, 2019$ / shares | Dec. 31, 2019$ / shares | Dec. 31, 2018$ / shares | |
Statement Line Items [Line Items] | ||||
Balance, number of options | 6,642,000 | 6,804,000 | 7,562,000 | |
Balance, weighted average exercise price (in CAD per share) | $ 0.13 | $ 0.19 | $ 0.13 | |
Balance, weighted average remaining contract life (Year) | 1 year 135 days | 2 years 62 days | 2 years 94 days | 2 years 94 days |
Granted, number of options | 450,000 | 1,200,000 | 1,720,000 | |
Granted, weighted average exercise price (in CAD per share) | $ 0.05 | $ 0.07 | $ 0.08 | |
Granted, weighted average remaining contract life (Year) | 2 years 310 days | 2 years 310 days | 2 years 51 days | |
Forfeited, number of options | (2,000) | (442,000) | (770,000) | |
Forfeited, weighted average exercise price (in CAD per share) | $ 0.23 | $ 0.22 | $ 0.21 | |
Balance, number of options | 7,090,005 | 7,562,000 | 6,642,000 | 6,804,000 |
Balance, weighted average exercise price (in CAD per share) | $ 0.12 | $ 0.13 | $ 0.13 | $ 0.19 |
Options exercisable, number of options | 6,590,000 | 4,852,000 | 6,504,500 | |
Options exercisable, weighted average exercise price (in CAD per share) | $ 0.13 | $ 0.16 | $ 0.19 |
Note 11 - Government Grants (De
Note 11 - Government Grants (Details Textual) - CAD ($) | Mar. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2019 |
Statement Line Items [Line Items] | |||
Government grants | $ 55,000 | $ 56,331 | |
Current grants receivables | $ 55,000 | $ 22,276 | $ 55,000 |
Print-based English language learning segment [member] | |||
Statement Line Items [Line Items] | |||
Minimum threshold for the revenue of a period of three years for a grant liability to occur | 15.00% |
Note 12 - Ontario Interactive_2
Note 12 - Ontario Interactive Digital Media Tax Credit (Details Textual) | 3 Months Ended |
Mar. 31, 2020CAD ($) | |
Statement Line Items [Line Items] | |
Ontario Interactive Digital Media Tax Credit | $ 904,940 |
Note 13 - Financial Instrumen_3
Note 13 - Financial Instruments (Details Textual) - CAD ($) | 3 Months Ended | |||||
Mar. 31, 2020 | Mar. 31, 2018 | Dec. 31, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Statement Line Items [Line Items] | ||||||
Total cash and cash equivalents | $ 697,984 | $ 79,097 | $ 442,489 | $ 64,533 | $ 233,843 | $ 327,434 |
Current Trade and Grants Receivable | 973,127 | 838,502 | ||||
Current prepayments and other receivable | 114,443 | 121,603 | ||||
Total current liabilities | 628,030 | $ 686,068 | ||||
Currency risk [member] | ||||||
Statement Line Items [Line Items] | ||||||
Possible effect of 10% change in exchange rate regarding the USD to the net income (loss) | 54,727 | 22,430 | ||||
Liquidity risk [member] | ||||||
Statement Line Items [Line Items] | ||||||
Total cash and cash equivalents | 697,984 | |||||
Current Trade and Grants Receivable | 973,127 | |||||
Current prepayments and other receivable | 114,443 | |||||
Total current liabilities | 628,029 | |||||
Credit risk [member] | ||||||
Statement Line Items [Line Items] | ||||||
Current Trade and Grants Receivable | $ 973,127 | $ 1,007,443 |
Note 13 - Financial Instrumen_4
Note 13 - Financial Instruments - Denominated Monetary Assets and Liabilities (Details) - Currency risk [member] - USD ($) | Mar. 31, 2020 | Mar. 31, 2019 |
Financial liabilities at amortised cost, category [member] | Trade and other payables [member] | ||
Statement Line Items [Line Items] | ||
Financial liabilities | $ 45,794 | $ 66,249 |
Financial assets at fair value through profit or loss, category [member] | Cash and cash equivalents [member] | ||
Statement Line Items [Line Items] | ||
Financial assets | 132,784 | 12,984 |
Loans and receivables, category [member] | Trade receivables [member] | ||
Statement Line Items [Line Items] | ||
Financial assets | $ 639,087 | $ 699,419 |
Note 14 - Major Customer (Detai
Note 14 - Major Customer (Details Textual) - People’s Republic of China government agency [member] | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
Statement Line Items [Line Items] | |||
Percentage of entity's revenue | 27.00% | 28.00% | 56.00% |
Percentage of entity's receivables | 94.00% | 86.00% | 89.00% |
Note 16 - Segmented Informati_3
Note 16 - Segmented Information and Revenue (Details Textual) | 3 Months Ended |
Mar. 31, 2020 | |
Statement Line Items [Line Items] | |
Number of reportable segments | 2 |
Note 16 - Segmented Informati_4
Note 16 - Segmented Information and Revenue - Segment Earnings (Details) - CAD ($) | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2019 | |
Statement Line Items [Line Items] | ||||
Segmented assets | $ 2,309,072 | $ 1,951,990 | ||
Segmented liabilities | 1,138,855 | 1,185,714 | ||
Segmented revenue | 97,124 | $ 111,964 | $ 80,355 | |
Segmented direct costs | 74,892 | 44,936 | 38,120 | |
Segmented selling, general & administrative expense | (356,207) | 277,003 | 310,965 | |
Net Profit (Loss) for the Period | 233,619 | (314,522) | (544,093) | 477,088 |
Foreign exchange | (49,169) | (2,867) | 29,341 | |
Interest income (expense) | 20,954 | (4,231) | (14,952) | |
Share-based payment | (4,861) | (27,758) | (23,408) | |
Other comprehensive income (loss) | 165,461 | (14,377) | 369 | $ (34,372) |
Total Comprehensive Income (Loss) | 399,080 | (328,899) | (543,723) | |
Online English language learning segment [member] | ||||
Statement Line Items [Line Items] | ||||
Segmented assets | 483,281 | 166,183 | 112,925 | |
Segmented liabilities | 368,896 | 326,088 | 103,105 | |
Segmented revenue | 35,612 | |||
Segmented direct costs | 39,278 | 23,005 | 17,250 | |
Segmented selling, general & administrative expense | (603,902) | 58,525 | 87,407 | |
Segmented other expense | 897 | 2,843 | 430 | |
Net Profit (Loss) for the Period | 552,394 | (61,589) | (326,909) | |
Online English language learning segment [member] | Online [member] | ||||
Statement Line Items [Line Items] | ||||
Segmented revenue | 70,962 | 80,296 | ||
Online English language learning segment [member] | Royalty [member] | ||||
Statement Line Items [Line Items] | ||||
Segmented revenue | 89 | 207 | ||
Print-based English language learning segment [member] | ||||
Statement Line Items [Line Items] | ||||
Segmented assets | 1,758,244 | 991,858 | 954,906 | |
Segmented liabilities | 625,325 | 176,976 | 161,060 | |
Segmented revenue | 44,743 | |||
Segmented direct costs | 35,614 | 21,931 | 20,870 | |
Segmented selling, general & administrative expense | 91,102 | 99,964 | 39,478 | |
Segmented other expense | 28,319 | 8,948 | 8,257 | |
Net Profit (Loss) for the Period | (128,961) | (99,383) | (23,862) | |
Print-based English language learning segment [member] | Online [member] | ||||
Statement Line Items [Line Items] | ||||
Segmented revenue | ||||
Print-based English language learning segment [member] | Royalty [member] | ||||
Statement Line Items [Line Items] | ||||
Segmented revenue | 26,073 | 31,461 | ||
Head office [member] | ||||
Statement Line Items [Line Items] | ||||
Segmented assets | 67,547 | 50,322 | 100,176 | |
Segmented liabilities | 144,634 | 447,846 | 870,403 | |
Segmented revenue | ||||
Segmented direct costs | ||||
Segmented selling, general & administrative expense | 156,593 | 118,515 | 184,080 | |
Segmented other expense | 144 | 179 | 223 | |
Net Profit (Loss) for the Period | (156,738) | (118,694) | (184,302) | |
Head office [member] | Online [member] | ||||
Statement Line Items [Line Items] | ||||
Segmented revenue | ||||
Head office [member] | Royalty [member] | ||||
Statement Line Items [Line Items] | ||||
Segmented revenue | ||||
Total operating segments [member] | ||||
Statement Line Items [Line Items] | ||||
Segmented assets | 2,309,072 | 1,208,363 | 1,168,007 | |
Segmented liabilities | 1,138,855 | 950,910 | 1,134,568 | |
Segmented revenue | 80,355 | |||
Segmented direct costs | 74,892 | 44,936 | 38,120 | |
Segmented selling, general & administrative expense | (356,207) | 277,003 | 310,965 | |
Segmented other expense | 29,360 | 11,970 | 8,910 | |
Net Profit (Loss) for the Period | 266,695 | (279,666) | $ (535,073) | |
Total operating segments [member] | Online [member] | ||||
Statement Line Items [Line Items] | ||||
Segmented revenue | 70,962 | 80,296 | ||
Total operating segments [member] | Royalty [member] | ||||
Statement Line Items [Line Items] | ||||
Segmented revenue | $ 26,162 | $ 31,668 |
Note 16 - Segmented Informati_5
Note 16 - Segmented Information and Revenue - Geographical Information (Details) - CAD ($) | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
Statement Line Items [Line Items] | |||
Identifiable non-current assets | $ 523,518 | $ 49,189 | $ 29,062 |
Revenue | 97,124 | 111,964 | 80,355 |
Country of domicile [member] | |||
Statement Line Items [Line Items] | |||
Identifiable non-current assets | 522,979 | 48,585 | 28,415 |
Latin America [member] | |||
Statement Line Items [Line Items] | |||
Revenue | 58,296 | 66,118 | 17,759 |
CHINA | |||
Statement Line Items [Line Items] | |||
Identifiable non-current assets | 538 | 604 | 647 |
Revenue | 27,221 | 34,162 | 54,495 |
Other [member] | |||
Statement Line Items [Line Items] | |||
Revenue | $ 11,607 | $ 11,684 | $ 8,101 |
Note 17 - Supplemental Cash F_3
Note 17 - Supplemental Cash Flow Information - Schedule of Income Taxes and Interest Paid (Details) - CAD ($) | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
Statement Line Items [Line Items] | |||
Income taxes and other taxes paid | $ 3,436 | $ 7,560 | $ 7,257 |
Interest paid | 14,530 | 2,955 | 893 |
Interest received | $ 35,485 |
Note 18 - Related Party Balan_2
Note 18 - Related Party Balances and Transactions (Details Textual) - CAD ($) | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
Statement Line Items [Line Items] | |||
Key management personnel compensation | $ 132,266 | $ 78,000 | $ 78,000 |
Corporations controlled by directors and officers of the entity [member] | |||
Statement Line Items [Line Items] | |||
Amounts receivable, related party transactions | 5,100 | 84,442 | $ 165,726 |
Key management personnel of entity or parent [member] | |||
Statement Line Items [Line Items] | |||
Amounts payable, related party transactions | $ 30,766 | $ 78,000 |