Document And Entity Information
Document And Entity Information | 6 Months Ended |
Jun. 30, 2021 | |
Document Information [Line Items] | |
Entity Central Index Key | 0001177167 |
Entity Registrant Name | LINGO MEDIA CORP |
Amendment Flag | false |
Current Fiscal Year End Date | --12-31 |
Document Fiscal Period Focus | Q2 |
Document Fiscal Year Focus | 2021 |
Document Type | 6-K |
Document Period End Date | Jun. 30, 2021 |
Entity File Number | 333-98397 |
Entity Address, Address Line One | 151 Bloor Street West, Suite 703 |
Entity Address, City or Town | Toronto |
Entity Address, State or Province | ON |
Entity Address, Country | CA |
Entity Address, Postal Zip Code | M5S 1S4 |
Condensed Consolidated Interim
Condensed Consolidated Interim Balance Sheets (Current Period Unaudited) - CAD ($) | Jun. 30, 2021 | Dec. 31, 2020 |
Current Assets | ||
Cash and cash equivalents | $ 1,292,042 | $ 1,212,778 |
Accounts and grants receivable | 1,188,781 | 973,852 |
Prepaid and other receivables | 107,184 | 168,932 |
Total current assets | 2,588,007 | 2,355,562 |
Non-Current Assets | ||
Property and equipment | 19,156 | 23,685 |
Right-of-use asset | 0 | 16,788 |
TOTAL ASSETS | 2,607,163 | 2,396,035 |
Current Liabilities | ||
Accounts payable | 101,839 | 82,125 |
Accrued liabilities | 111,112 | 138,715 |
Contract liability | 262,072 | 218,566 |
Lease obligation | 0 | 19,600 |
Total current liabilities | 475,023 | 459,006 |
Non-current Liabilities | ||
Loans payable | 80,000 | 70,000 |
Total non-current liabilities | 80,000 | 70,000 |
TOTAL LIABILITIES | 555,023 | 529,006 |
Equity | ||
Share capital | 21,914,722 | 21,914,722 |
Share-based payment reserve | 4,073,956 | 4,072,176 |
Accumulated other comprehensive income | (457,317) | (352,764) |
Deficit | (23,479,221) | (23,767,105) |
TOTAL EQUITY | 2,052,140 | 1,867,029 |
TOTAL EQUITY AND LIABILITIES | $ 2,607,163 | $ 2,396,035 |
Condensed Consolidated Interi_2
Condensed Consolidated Interim Statements of Comprehensive Income (Unaudited) - CAD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Statement Line Items [Line Items] | ||||
Revenue | $ 1,030,518 | $ 977,389 | $ 1,179,598 | $ 1,074,513 |
Expenses | ||||
Selling, general and administrative expenses | 249,371 | 109,596 | 517,694 | (246,611) |
Bad debt | 0 | 0 | 0 | 32,386 |
Direct costs | 101,083 | 44,449 | 173,365 | 119,341 |
Development costs | 53,504 | 48,230 | 105,504 | 98,228 |
Share-based payment | 0 | 8,985 | 1,780 | 13,846 |
Depreciation – right-of-use asset | 0 | 22,470 | 16,788 | 44,939 |
Depreciation – property and equipment | 1,019 | 3,454 | 3,524 | 6,909 |
Total Expenses | 404,977 | 237,184 | 818,655 | 69,038 |
Profit From Operations | 625,541 | 740,205 | 360,943 | 1,005,475 |
Net Finance Charges | ||||
Interest and bank charges | 3,471 | 13,033 | 5,741 | (7,921) |
Foreign exchange (gain) / loss | (179,607) | 9,223 | (29,674) | 58,392 |
Profit Before Tax | 801,677 | 717,949 | 384,876 | 955,004 |
Income tax expense | 94,116 | 93,620 | 96,992 | 97,056 |
Net Profit / (Loss) for the Period | 707,561 | 624,329 | 287,884 | 857,948 |
Other Comprehensive Income | ||||
Exchange differences on translating foreign operations gain / (loss) | (255,973) | (66,527) | (104,553) | 98,934 |
Total Comprehensive Income / (Loss) Net of Tax | $ 451,588 | $ 557,802 | $ 183,331 | $ 956,882 |
Earnings per Share | ||||
Basic (in CAD per share) | $ 0.02 | $ 0.02 | $ 0.01 | $ 0.02 |
Diluted (in CAD per share) | $ 0.02 | $ 0.02 | $ 0.01 | $ 0.02 |
Weighted Average Number of Common Shares Outstanding | ||||
Basic (in shares) | 35,529,132 | 35,529,132 | 35,529,132 | 35,529,132 |
Diluted (in shares) | 39,769,192 | 41,465,152 | 37,082,410 | 41,465,152 |
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, 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] | |||||
Profit for the period | 0 | 0 | 0 | 857,948 | 857,948 |
Other comprehensive income (loss) | 0 | 0 | 98,934 | 0 | 98,934 |
Share-based payments charged to operations | $ 0 | 13,846 | 0 | 0 | 13,846 |
Balance (in shares) at Jun. 30, 2020 | 35,529,192 | ||||
Balance at Jun. 30, 2020 | $ 21,914,722 | 4,062,878 | (221,060) | (24,019,536) | 1,737,004 |
Statement Line Items [Line Items] | |||||
Profit for the period | 0 | 0 | 0 | 252,431 | 252,431 |
Other comprehensive income (loss) | 0 | 0 | (131,704) | 0 | (131,704) |
Share-based payments charged to operations | $ 0 | 9,298 | 0 | 0 | 9,298 |
Balance (in shares) at Dec. 31, 2020 | 35,529,192 | ||||
Balance at Dec. 31, 2020 | $ 21,914,722 | 4,072,176 | (352,764) | (23,767,105) | 1,867,029 |
Statement Line Items [Line Items] | |||||
Profit for the period | 0 | 0 | 0 | 287,884 | 287,884 |
Other comprehensive income (loss) | 0 | 0 | (104,553) | 0 | (104,553) |
Share-based payments charged to operations | $ 0 | 1,780 | 0 | 0 | 1,780 |
Balance (in shares) at Jun. 30, 2021 | 35,529,192 | ||||
Balance at Jun. 30, 2021 | $ 21,914,722 | $ 4,073,956 | $ (457,317) | $ (23,479,221) | $ 2,052,140 |
Condensed Consolidated Interi_4
Condensed Consolidated Interim Statements of Cash Flows (Unaudited) - CAD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||||
Income for the period | $ 707,561 | $ 624,329 | $ 287,884 | $ 857,948 |
Adjustments to Net Profit for Non-Cash Items: | ||||
Share-based payment | 0 | 8,985 | 1,780 | 13,846 |
Unrealized foreign exchange gain | (255,974) | (120,882) | (101,300) | 44,533 |
Loan Forgiveness | (10,000) | 0 | (10,000) | 0 |
Bad debt expense | 0 | 32,386 | 0 | 32,386 |
Depreciation- right-of-use | 0 | 22,470 | 16,788 | 44,939 |
Depreciation – property and equipment | 1,019 | 3,454 | 3,524 | 6,909 |
Operating Income before Working Capital Changes | 442,606 | 570,742 | 198,676 | 1,000,561 |
Working Capital Adjustments: | ||||
(Increase) in accounts and grants receivable | (802,825) | (10,108) | (214,929) | (144,733) |
(Increase) / decrease in prepaid and other receivables | (2,594) | (17,352) | 61,748 | (10,192) |
Increase / (decrease) in accounts payable | 14,174 | 56,103 | 19,714 | (82,966) |
Increase / (decrease) in accrued liabilities | (22,170) | (178,130) | (27,603) | (48,462) |
(Decrease) / increase in contract liability | (28,388) | (35,222) | 43,506 | (54,459) |
(Decrease) in lease obligation | 0 | (19,600) | ||
Cash Generated from (Used in) Operations | (399,197) | 386,033 | 61,512 | 659,749 |
CASH FLOWS FROM INVESTING ACTIVITIES | ||||
Purchase of property and equipment | (1,226) | 0 | (2,248) | 0 |
Net Cash Flows Used in Investing Activities | (1,226) | 0 | (2,248) | 0 |
CASH FLOWS FROM FINANCING ACTIVITIES | ||||
(Decrease) in lease obligation | 0 | (7,410) | 0 | (36,810) |
Interest of lease obligation | 0 | 10,811 | 0 | 21,990 |
Proceeds from loans | 20,000 | 40,000 | 20,000 | 40,000 |
(Repayments) of loans payable | 0 | 0 | 0 | 0 |
Cash Flows Generated from Financing Activities | 20,000 | 43,401 | 20,000 | 25,180 |
NET INCREASE / (DECREASE) IN CASH AND CASH EQUIVALENTS | (380,423) | 429,434 | 79,264 | 684,929 |
Cash and Cash Equivalents, Beginning of the Period | 1,672,465 | 697,984 | 1,212,778 | 442,489 |
Cash and Cash Equivalents, End of the Period | $ 1,292,042 | $ 1,127,418 | $ 1,292,042 | $ 1,127,418 |
Note 1 - Corporate Information
Note 1 - Corporate Information | 6 Months Ended |
Jun. 30, 2021 | |
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 June 30, 2021 Speak2Me Lingo Media is an EdTech company that is ‘ building a multilingual world’ two The head office, principal address and registered office of the Company is located at 151 609, M5S 1S4. |
Note 2 - Basis of Preparation
Note 2 - Basis of Preparation | 6 Months Ended |
Jun. 30, 2021 | |
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 June 30, 2021 August 26, 2021. 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 June 30, 2021. 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 | 6 Months Ended |
Jun. 30, 2021 | |
Statement Line Items [Line Items] | |
Disclosure of accounting judgements and estimates [text block] | 3. SIGINFICANT ACCOUTING JUDGEMENTS, ESTIMATES AND ASSUMPTIONS 2021yr 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 | 6 Months Ended |
Jun. 30, 2021 | |
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, 2020. |
Note 5 - Accounts and Grants Re
Note 5 - Accounts and Grants Receivable | 6 Months Ended |
Jun. 30, 2021 | |
Statement Line Items [Line Items] | |
Disclosure of trade and other receivables [text block] | 5. ACCOUNTS AND GRANTS RECEIVABLE Accounts and grants receivable consist of: June 30, 2021 December 31, 2020 Trade receivable $ 1,078,781 $ 973,852 Grants receivable 110,000 - $ 1,188,781 $ 973,852 As at June 30, 2021, 2020 30 not |
Note 6 - Property and Equipment
Note 6 - Property and Equipment | 6 Months Ended |
Jun. 30, 2021 | |
Statement Line Items [Line Items] | |
Disclosure of property, plant and equipment [text block] | 6. PROPERTY AND EQUIPMENT Computer and Office Equipment Leasehold Improvements Total Cost, January 1, 2020 $ 84,828 $ 33,180 $ 118,008 Effect of foreign exchange 614 - 614 Cost, June 30, 2020 $ 85,442 $ 33,180 $ 118,862 Additions 2,319 - 2,319 Effect of foreign exchange (809 ) - (809 ) Cost, December 31, 2020 $ 86,952 $ 33,180 $ 120,132 Additions 2,248 - 2,248 Disposal (33,384 ) - (33,384 ) Effect of foreign exchange (172 ) - (172 ) Cost, June 30, 2021 $ 55,644 $ 33,180 $ 88,824 Accumulated depreciation, January 1, 2020 $ 59,567 $ 23,226 $ 82,793 Charge for the period 2,643 4,266 6,909 Effect of foreign exchange 588 - 588 Accumulated depreciation, June 30, 2020 $ 62,798 $ 27,492 $ 90,290 Charge for the period 2,671 4,266 6,937 Effect of foreign exchange (780 ) - (780 ) Accumulated depreciation, December 31, 2020 $ 64,689 $ 31,758 $ 96,447 Charge for the period 2,102 1,422 3,524 Disposal (30,134 ) - (30,134 ) Effect of foreign exchange (169 ) - (169 ) Accumulated depreciation, June 30, 2021 $ 36,488 $ 33,180 $ 69,668 Net book value, December 31, 2020 $ 22,263 $ 1,422 $ 23,685 Net book value, June 30, 2021 $ 19,156 $ - $ 19,156 |
Note 7 - Right-of-use Asset
Note 7 - Right-of-use Asset | 6 Months Ended |
Jun. 30, 2021 | |
Statement Line Items [Line Items] | |
Disclosure of leases [text block] | 7. RIGHT-OF-USE ASSET The Company has one 2016, not February 28, 2021. Non-cancellable lease rentals are payable as follows: Less than 1 year $ - Between 1 and 5 years - $ - The Company subleased Suite 609 151 not The Company’s lease obligation and movements therein during the period ended June 30, 2021: Lease Obligation Lease obligation as of January 1, 2020 $ 574,762 Accretion on lease liability 21,990 Lease payment (58,800 ) Lease obligation at June 30, 2020 $ 537,952 Accretion on lease liability 20,492 Lease payment (58,798 ) Adjustment from lease reassessment (480,046 ) Lease obligation at December 31, 2020 $ 19,600 Lease payment (19,600 ) Lease obligation at June 30, 2021 $ - The Company’s right-of-use assets and movements therein during the period ended June 30, 2021: Office Lease Right-of-use assets at January 1, 2020 $ 514,181 Depreciation on right-of-use assets (44,939 ) Right-of-use assets at June 30, 2020 469,242 Adjustment from lease reassessment (480,047 ) Depreciation on right-of-use assets 27,593 Right-of-use assets at December 31, 2020 $ 16,788 Depreciation on right-of-use assets (16,788 ) Right-of-use assets at June 30, 2021 $ - |
Note 8 - Contract Liabilities
Note 8 - Contract Liabilities | 6 Months Ended |
Jun. 30, 2021 | |
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, 2020 $ 192,958 Amounts invoices and revenue deferred as at June 30, 2020 63,367 Recognition of deferred revenue included in the period (117,826 ) Balance, June 30, 2020 138,499 Amounts invoices and revenue deferred as at December 31, 2020 203,860 Recognition of deferred revenue included in the period (123,793 ) Balance, December 31, 2020 $ 218,566 Amounts invoices and revenue deferred as at June 30, 2021 224,195 Recognition of deferred revenue included in period (180,689 ) Balance, June 30, 2021 $ 262,072 |
Note 9 - Loan Payable
Note 9 - Loan Payable | 6 Months Ended |
Jun. 30, 2021 | |
Statement Line Items [Line Items] | |
Disclosure of borrowings [text block] | 9. LOAN PAYABLE In 2020, 19 December 31, 2021 ( may December 31, 2025. not December 31, 2022. December 31, 2022 $30,000. |
Note 10 - Share Capital
Note 10 - Share Capital | 6 Months Ended |
Jun. 30, 2021 | |
Statement Line Items [Line Items] | |
Disclosure of share capital, reserves and other equity interest [text block] | 10. SHARE CAPITAL Authorized Unlimited number of preference shares with no Unlimited number of common shares with no |
Note 11 - Share-based Payments
Note 11 - Share-based Payments | 6 Months Ended |
Jun. 30, 2021 | |
Statement Line Items [Line Items] | |
Disclosure of share-based payment arrangements [text block] | 11. SHARE-BASED PAYMENTS In December 2017, “2017 2017 may 2017 1996 2000 2005 2009 2011 The maximum number of common shares that may one 2017 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 years. Options granted under the 2017 not may, 2017 may The following summarizes the options outstanding: Number of Options Weighted Average Exercise Price Weighted Average Remaining Contract Life (Yrs) Outstanding as at January 1, 2020 6,642,000 $ 0.13 1.52 Granted 450,000 0.05 - Forfeited (122,000 ) 0.18 - Outstanding as at June 30, 2020 6,970,000 $ 0.12 1.13 Granted - - Expired (2,730,000 ) 0.20 - Forfeited - - - Outstanding as at December 31, 2020 4,240,000 $ 0.07 1.08 Outstanding as at June 30, 2021 4,240,000 $ 0.07 0.58 Options exercisable as at June 30, 2020 6,662,505 $ 0.13 Options exercisable as at December 31, 2020 4,127,500 $ 0.07 Options exercisable as at June 30, 2021 4,240,000 $ 0.07 The weighted average remaining contractual life for the stock options outstanding as at June 30, 2021 2020 1.133 2019 June 30, 2021 2020 2019 February 2020 2019 The pricing model assumes the weighted average risk free interest rates of 1.37% in February 2020 ( 2019 nil 2019 nil 2019 2019 2019 2019 2019 |
Note 12 - Tax Expense
Note 12 - Tax Expense | 6 Months Ended |
Jun. 30, 2021 | |
Statement Line Items [Line Items] | |
Disclosure of income tax [text block] | 12. TAX EXPENSE Income tax expense is accrued upon recognition of revenue and is withheld at source on remittances from China. |
Note 13 - Government Grants and
Note 13 - Government Grants and Subsidy | 6 Months Ended |
Jun. 30, 2021 | |
Statement Line Items [Line Items] | |
Disclosure of government grants [text block] | 13. GOVERNMENT GRANTS AND SUBSIDY Government Grants Included as a reduction of selling, general and administrative expenses are government grants of $113,721 ( 2020 2020 Nil One 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 not no Canada Emergency Wage Subsidy The Canada Emergency Wage Subsidiy (“CEWS”) was announced on March 27, 2020. April 11, 2020, 19, Technation Canada Career Ready Program Career Ready Program is part of the Government of Canada’s Student Work Placement Program. It supports businesses by financing their decision to hire a student for a work-term placement. This in turn creates a rewarding opportunity for the student to apply their learning in real-world setting and puts them on a path to a bright career. During the period, the Company receive $7,500 from the program. It has been recorded as a reduction of General and Administrative Expense. |
Note 14 - Financial Instruments
Note 14 - Financial Instruments | 6 Months Ended |
Jun. 30, 2021 | |
Statement Line Items [Line Items] | |
Disclosure of financial instruments [text block] | 14. FINANCIAL INSTRUMENTS 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. 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: a. 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 A 10% 2020 10% June 30, 2021 June 30, 2021 US Denominated USD Cash 894,125 Accounts receivable 851,842 Accounts payable 29,091 b. 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 June 30, 2021, c. Credit risk Credit risk refers to the risk that one June 30, 2021 2020 12 1 |
Note 15 - Major Customer
Note 15 - Major Customer | 6 Months Ended |
Jun. 30, 2021 | |
Statement Line Items [Line Items] | |
Disclosure of major customers [text block] | 15. MAJOR CUSTOMER The Company had sales to a major customer in the period ended in June 30, 2021 June 30, 2020, 2020 June 30, 2021 2020 |
Note 16 - Capital Management
Note 16 - Capital Management | 6 Months Ended |
Jun. 30, 2021 | |
Statement Line Items [Line Items] | |
Disclosure of objectives, policies and processes for managing capital [text block] | 16. 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 royalties and software licensing 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 2021 2020. |
Note 17 - Segmented Information
Note 17 - Segmented Information | 6 Months Ended |
Jun. 30, 2021 | |
Statement Line Items [Line Items] | |
Disclosure of entity's operating segments [text block] | 17. SEGMENTED INFORMATION 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 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) June 30, 2021 Online English Language Learning Print-Based English Language Learning Head Office Total Segmented assets $ 238,209 $ 2,318,681 $ 50,273 $ 2,607,163 Segmented liabilities 360,107 116,186 78,730 555,023 Segmented revenue - online 274,823 - - 274,823 Segmented revenue - royalties - 904,775 - 904,775 Segmented direct costs 55,922 117,443 - 173,365 Segmented selling, general & administrative 84,044 178,235 255,415 517,694 Segmented profit / (loss) 28,867 492,453 (255,589 ) 265,731 June 30, 2020 Online English Language Learning Print-Based English Language Learning Head Office Total Segmented assets $ 242,498 $ 2,442,338 $ 55,186 $ 2,740,022 Segmented liabilities 194,497 674,104 134,417 1,003,018 Segmented revenue - online 171,603 - - 171,603 Segmented revenue - royalties 5,998 896,912 - 902,910 Segmented direct costs 59,322 60,019 - 119,341 Segmented selling, general & administrative (576,562 ) 32,948 297,003 (246,611 ) Segmented profit / (loss) 562,808 656,749 (297,292 ) 922,265 June 30, 2019 Online English Language Learning Print-Based English Language Learning Head Office Total Segmented assets $ 117,687 $ 1,576,836 $ 1,755 $ 1,736,275 Segmented liabilities 218,457 475,622 337,603 1,031,682 Segmented revenue - online 145,380 - - 145,380 Segmented revenue -royalties 3,802 857,988 - 861,790 Segmented direct costs 30,215 44,206 - 74,422 Segmented selling, general & administrative 78,762 90,778 261,377 430,917 Segmented profit / (loss) (80,930 ) 547,423 (261,734 ) 204,759 Other Financial Items 2021 2020 2019 Online English Language Learning segmented income (loss) $ 28,867 $ 562,808 $ (80,930 ) Print-Based English Language Learning segmented income (loss) 492,453 656,749 547,423 Head office (255,589 ) (297,292 ) (261,734 ) Foreign exchange gain (loss) 29,674 (58,392 ) (7,324 ) Interest income (expense) (5,741 ) 7,921 (24,547 ) Share-based payment (1,780 ) (13,846 ) (56,759 ) Other comprehensive income (loss) (104,553 ) 98,934 (26,886 ) Total Comprehensive Income (Loss) $ 183,331 $ 956,882 $ 89,243 Revenue by Geographic Region 2021 2020 2019 Latin America $ 253,853 $ 194,053 $ 87,370 China 911,694 861,747 894,643 Other 14,051 18,713 25,156 $ 1,179,598 $ 1,074,513 $ 1,007,169 Identifiable Non-Current Assets by Geographic Region 2021 2020 2019 Canada $ 18,748 $ 497,065 $ 394,501 China 408 510 604 $ 19,156 $ 497,575 $ 395,105 |
Note 18 - Supplemental Cash Flo
Note 18 - Supplemental Cash Flow Information | 6 Months Ended |
Jun. 30, 2021 | |
Statement Line Items [Line Items] | |
Disclosure of supplemental cash flow information [text block] | 18. SUPPLEMENTAL CASH FLOW INFORMATION 2021 2020 2019 Income taxes and other taxes paid $ 104,553 $ 97,056 $ 97,442 Interest paid 6,582 27,564 24,547 Interest received 841 35,485 - |
Note 19 - Related Party Balance
Note 19 - Related Party Balances and Transactions | 6 Months Ended |
Jun. 30, 2021 | |
Statement Line Items [Line Items] | |
Disclosure of transactions between related parties [text block] | 19. 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) For the six June 30, 2021, 2020 (b) During the period ended June 30, 2021, (c) Key management compensation for the six June 30, 2021 2020 $Nil 2020 Nil |
Note 20 - COVID-19
Note 20 - COVID-19 | 6 Months Ended |
Jun. 30, 2021 | |
Statement Line Items [Line Items] | |
Disclosure of events after reporting period [text block] | 20. COVID- 19 Since December 31, 20219, 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 are already reflected in these 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) | 6 Months Ended |
Jun. 30, 2021 | |
Statement Line Items [Line Items] | |
Schedule of accounts and grants receivable [text block] | June 30, 2021 December 31, 2020 Trade receivable $ 1,078,781 $ 973,852 Grants receivable 110,000 - $ 1,188,781 $ 973,852 |
Note 6 - Property and Equipme_2
Note 6 - Property and Equipment (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Statement Line Items [Line Items] | |
Disclosure of detailed information about property, plant and equipment [text block] | Computer and Office Equipment Leasehold Improvements Total Cost, January 1, 2020 $ 84,828 $ 33,180 $ 118,008 Effect of foreign exchange 614 - 614 Cost, June 30, 2020 $ 85,442 $ 33,180 $ 118,862 Additions 2,319 - 2,319 Effect of foreign exchange (809 ) - (809 ) Cost, December 31, 2020 $ 86,952 $ 33,180 $ 120,132 Additions 2,248 - 2,248 Disposal (33,384 ) - (33,384 ) Effect of foreign exchange (172 ) - (172 ) Cost, June 30, 2021 $ 55,644 $ 33,180 $ 88,824 Accumulated depreciation, January 1, 2020 $ 59,567 $ 23,226 $ 82,793 Charge for the period 2,643 4,266 6,909 Effect of foreign exchange 588 - 588 Accumulated depreciation, June 30, 2020 $ 62,798 $ 27,492 $ 90,290 Charge for the period 2,671 4,266 6,937 Effect of foreign exchange (780 ) - (780 ) Accumulated depreciation, December 31, 2020 $ 64,689 $ 31,758 $ 96,447 Charge for the period 2,102 1,422 3,524 Disposal (30,134 ) - (30,134 ) Effect of foreign exchange (169 ) - (169 ) Accumulated depreciation, June 30, 2021 $ 36,488 $ 33,180 $ 69,668 Net book value, December 31, 2020 $ 22,263 $ 1,422 $ 23,685 Net book value, June 30, 2021 $ 19,156 $ - $ 19,156 |
Note 7 - Right-of-use Asset (Ta
Note 7 - Right-of-use Asset (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Statement Line Items [Line Items] | |
Disclosure of maturity analysis of operating lease payments [text block] | Less than 1 year $ - Between 1 and 5 years - $ - |
Disclosure of lease liabilities [text block] | Lease Obligation Lease obligation as of January 1, 2020 $ 574,762 Accretion on lease liability 21,990 Lease payment (58,800 ) Lease obligation at June 30, 2020 $ 537,952 Accretion on lease liability 20,492 Lease payment (58,798 ) Adjustment from lease reassessment (480,046 ) Lease obligation at December 31, 2020 $ 19,600 Lease payment (19,600 ) Lease obligation at June 30, 2021 $ - |
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 (44,939 ) Right-of-use assets at June 30, 2020 469,242 Adjustment from lease reassessment (480,047 ) Depreciation on right-of-use assets 27,593 Right-of-use assets at December 31, 2020 $ 16,788 Depreciation on right-of-use assets (16,788 ) Right-of-use assets at June 30, 2021 $ - |
Note 8 - Contract Liabilities (
Note 8 - Contract Liabilities (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Statement Line Items [Line Items] | |
Explanation of significant changes in contract assets and contract liabilities [text block] | Balance, January 1, 2020 $ 192,958 Amounts invoices and revenue deferred as at June 30, 2020 63,367 Recognition of deferred revenue included in the period (117,826 ) Balance, June 30, 2020 138,499 Amounts invoices and revenue deferred as at December 31, 2020 203,860 Recognition of deferred revenue included in the period (123,793 ) Balance, December 31, 2020 $ 218,566 Amounts invoices and revenue deferred as at June 30, 2021 224,195 Recognition of deferred revenue included in period (180,689 ) Balance, June 30, 2021 $ 262,072 |
Note 11 - Share-based Payments
Note 11 - Share-based Payments (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
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 Weighted Average Remaining Contract Life (Yrs) Outstanding as at January 1, 2020 6,642,000 $ 0.13 1.52 Granted 450,000 0.05 - Forfeited (122,000 ) 0.18 - Outstanding as at June 30, 2020 6,970,000 $ 0.12 1.13 Granted - - Expired (2,730,000 ) 0.20 - Forfeited - - - Outstanding as at December 31, 2020 4,240,000 $ 0.07 1.08 Outstanding as at June 30, 2021 4,240,000 $ 0.07 0.58 Options exercisable as at June 30, 2020 6,662,505 $ 0.13 Options exercisable as at December 31, 2020 4,127,500 $ 0.07 Options exercisable as at June 30, 2021 4,240,000 $ 0.07 |
Note 14 - Financial Instrumen_2
Note 14 - Financial Instruments (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Statement Line Items [Line Items] | |
Disclosure of detailed information about financial instruments [text block] | US Denominated USD Cash 894,125 Accounts receivable 851,842 Accounts payable 29,091 |
Note 17 - Segmented Informati_2
Note 17 - Segmented Information (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Statement Line Items [Line Items] | |
Disclosure of operating segments [text block] | June 30, 2021 Online English Language Learning Print-Based English Language Learning Head Office Total Segmented assets $ 238,209 $ 2,318,681 $ 50,273 $ 2,607,163 Segmented liabilities 360,107 116,186 78,730 555,023 Segmented revenue - online 274,823 - - 274,823 Segmented revenue - royalties - 904,775 - 904,775 Segmented direct costs 55,922 117,443 - 173,365 Segmented selling, general & administrative 84,044 178,235 255,415 517,694 Segmented profit / (loss) 28,867 492,453 (255,589 ) 265,731 June 30, 2020 Online English Language Learning Print-Based English Language Learning Head Office Total Segmented assets $ 242,498 $ 2,442,338 $ 55,186 $ 2,740,022 Segmented liabilities 194,497 674,104 134,417 1,003,018 Segmented revenue - online 171,603 - - 171,603 Segmented revenue - royalties 5,998 896,912 - 902,910 Segmented direct costs 59,322 60,019 - 119,341 Segmented selling, general & administrative (576,562 ) 32,948 297,003 (246,611 ) Segmented profit / (loss) 562,808 656,749 (297,292 ) 922,265 June 30, 2019 Online English Language Learning Print-Based English Language Learning Head Office Total Segmented assets $ 117,687 $ 1,576,836 $ 1,755 $ 1,736,275 Segmented liabilities 218,457 475,622 337,603 1,031,682 Segmented revenue - online 145,380 - - 145,380 Segmented revenue -royalties 3,802 857,988 - 861,790 Segmented direct costs 30,215 44,206 - 74,422 Segmented selling, general & administrative 78,762 90,778 261,377 430,917 Segmented profit / (loss) (80,930 ) 547,423 (261,734 ) 204,759 Other Financial Items 2021 2020 2019 Online English Language Learning segmented income (loss) $ 28,867 $ 562,808 $ (80,930 ) Print-Based English Language Learning segmented income (loss) 492,453 656,749 547,423 Head office (255,589 ) (297,292 ) (261,734 ) Foreign exchange gain (loss) 29,674 (58,392 ) (7,324 ) Interest income (expense) (5,741 ) 7,921 (24,547 ) Share-based payment (1,780 ) (13,846 ) (56,759 ) Other comprehensive income (loss) (104,553 ) 98,934 (26,886 ) Total Comprehensive Income (Loss) $ 183,331 $ 956,882 $ 89,243 |
Disclosure of geographical areas [text block] | 2021 2020 2019 Latin America $ 253,853 $ 194,053 $ 87,370 China 911,694 861,747 894,643 Other 14,051 18,713 25,156 $ 1,179,598 $ 1,074,513 $ 1,007,169 2021 2020 2019 Canada $ 18,748 $ 497,065 $ 394,501 China 408 510 604 $ 19,156 $ 497,575 $ 395,105 |
Note 18 - Supplemental Cash F_2
Note 18 - Supplemental Cash Flow Information (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Statement Line Items [Line Items] | |
Disclosure of supplemental cash flows schedule [text block] | 2021 2020 2019 Income taxes and other taxes paid $ 104,553 $ 97,056 $ 97,442 Interest paid 6,582 27,564 24,547 Interest received 841 35,485 - |
Note 1 - Corporate Information
Note 1 - Corporate Information (Details Textual) | 6 Months Ended |
Jun. 30, 2021 | |
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 ($) | Jun. 30, 2021 | Jun. 30, 2020 |
Later than one month [member] | ||
Statement Line Items [Line Items] | ||
Trade receivables | $ 270,653 | $ 169,002 |
Note 5 - Accounts and Grants _4
Note 5 - Accounts and Grants Receivable - Schedule of Receivables (Details) - CAD ($) | Jun. 30, 2021 | Dec. 31, 2020 |
Statement Line Items [Line Items] | ||
Trade receivable | $ 1,078,781 | $ 973,852 |
Grants receivable | 110,000 | 0 |
Current Trade and Grants Receivable | $ 1,188,781 | $ 973,852 |
Note 6 - Property and Equipme_3
Note 6 - Property and Equipment - Schedule of Property and Equipment (Details) - CAD ($) | 6 Months Ended | ||
Jun. 30, 2021 | Dec. 31, 2020 | Jun. 30, 2020 | |
Statement Line Items [Line Items] | |||
Cost, balance | $ 23,685 | ||
Cost, balance | 19,156 | $ 23,685 | |
Computer and office equipment [member] | |||
Statement Line Items [Line Items] | |||
Cost, balance | 22,263 | ||
Cost, balance | 19,156 | 22,263 | |
Leasehold improvements [member] | |||
Statement Line Items [Line Items] | |||
Cost, balance | 1,422 | ||
Cost, balance | 0 | 1,422 | |
Gross carrying amount [member] | |||
Statement Line Items [Line Items] | |||
Cost, balance | 120,132 | 118,862 | $ 118,008 |
Effect of foreign exchange | (172) | (809) | 614 |
Additions | 2,248 | 2,319 | |
Effect of foreign exchange | (172) | (809) | 614 |
Disposal | (33,384) | ||
Cost, balance | 88,824 | 120,132 | 118,862 |
Disposal | 33,384 | ||
Gross carrying amount [member] | Computer and office equipment [member] | |||
Statement Line Items [Line Items] | |||
Cost, balance | 86,952 | 85,442 | 84,828 |
Effect of foreign exchange | (172) | (809) | 614 |
Additions | 2,248 | 2,319 | |
Effect of foreign exchange | (172) | (809) | 614 |
Disposal | (33,384) | ||
Cost, balance | 55,644 | 86,952 | 85,442 |
Disposal | 33,384 | ||
Gross carrying amount [member] | Leasehold improvements [member] | |||
Statement Line Items [Line Items] | |||
Cost, balance | 33,180 | 33,180 | 33,180 |
Effect of foreign exchange | 0 | 0 | 0 |
Additions | 0 | 0 | |
Effect of foreign exchange | 0 | 0 | 0 |
Disposal | 0 | ||
Cost, balance | 33,180 | 33,180 | 33,180 |
Disposal | 0 | ||
Accumulated depreciation, amortisation and impairment [member] | |||
Statement Line Items [Line Items] | |||
Effect of foreign exchange | (169) | (780) | 588 |
Effect of foreign exchange | (169) | (780) | 588 |
Disposal | 30,134 | ||
Accumulated depreciation | 96,447 | 90,290 | 82,793 |
Charge for the period | 3,524 | 6,937 | 6,909 |
Disposal | (30,134) | ||
Accumulated depreciation | 69,668 | 96,447 | 90,290 |
Accumulated depreciation, amortisation and impairment [member] | Computer and office equipment [member] | |||
Statement Line Items [Line Items] | |||
Effect of foreign exchange | (169) | (780) | 588 |
Effect of foreign exchange | (169) | (780) | 588 |
Disposal | 30,134 | ||
Accumulated depreciation | 64,689 | 62,798 | 59,567 |
Charge for the period | 2,102 | 2,671 | 2,643 |
Disposal | (30,134) | ||
Accumulated depreciation | 36,488 | 64,689 | 62,798 |
Accumulated depreciation, amortisation and impairment [member] | Leasehold improvements [member] | |||
Statement Line Items [Line Items] | |||
Effect of foreign exchange | 0 | 0 | 0 |
Effect of foreign exchange | 0 | 0 | 0 |
Disposal | 0 | ||
Accumulated depreciation | 31,758 | 27,492 | 23,226 |
Charge for the period | 1,422 | 4,266 | 4,266 |
Disposal | 0 | ||
Accumulated depreciation | $ 33,180 | $ 31,758 | $ 27,492 |
Note 7 - Right-of-use Asset (De
Note 7 - Right-of-use Asset (Details Textual) | 6 Months Ended |
Jun. 30, 2021CAD ($) | |
Statement Line Items [Line Items] | |
Operating lease, term (Year) | 5 years |
Operating lease, renewal term (Year) | 5 years |
Lease expense | $ 7,119 |
Note 7 - Right-of-use Asset - N
Note 7 - Right-of-use Asset - Non-cancellable Lease Rentals Payable (Details) | Jun. 30, 2021CAD ($) |
Not later than one year [member] | |
Statement Line Items [Line Items] | |
Non-cancellable lease rentals | $ 0 |
Later than one year and not later than five years [member] | |
Statement Line Items [Line Items] | |
Non-cancellable lease rentals | $ 0 |
Note 7 - Right-of-use Asset - L
Note 7 - Right-of-use Asset - Lease Obligation (Details) - CAD ($) | 6 Months Ended | ||
Jun. 30, 2021 | Dec. 31, 2020 | Jun. 30, 2020 | |
Statement Line Items [Line Items] | |||
Lease obligation | $ 19,600 | $ 537,952 | $ 574,762 |
Accretion on lease liability | 20,492 | 21,990 | |
Lease payment | (19,600) | (58,798) | (58,800) |
Lease obligation | $ 0 | 19,600 | $ 537,952 |
Adjustment from lease reassessment | $ (480,046) |
Note 7 - Right-of-use Asset - R
Note 7 - Right-of-use Asset - Right-of-use Assets (Details) - CAD ($) | 6 Months Ended | ||
Jun. 30, 2021 | Dec. 31, 2020 | Jun. 30, 2020 | |
Statement Line Items [Line Items] | |||
Right-of-use assets | $ 16,788 | ||
Right-of-use assets | 0 | $ 16,788 | |
Gross carrying amount [member] | |||
Statement Line Items [Line Items] | |||
Right-of-use assets | 16,788 | 469,242 | $ 514,181 |
Depreciation on right-of-use assets | (16,788) | (27,593) | (44,939) |
Adjustment from lease reassessment | (480,047) | ||
Depreciation on right-of-use assets | 16,788 | 27,593 | 44,939 |
Right-of-use assets | $ 0 | $ 16,788 | $ 469,242 |
Note 8 - Contract Liabilities -
Note 8 - Contract Liabilities - Changes in Contract Liability (Details) - CAD ($) | 6 Months Ended | ||
Jun. 30, 2021 | Dec. 31, 2020 | Jun. 30, 2020 | |
Statement Line Items [Line Items] | |||
Balance | $ 218,566 | $ 138,499 | $ 192,958 |
Amounts invoices and revenue deferred | 224,195 | 203,860 | 63,367 |
Recognition of deferred revenue included in the period | (180,689) | (123,793) | (117,826) |
Balance | $ 262,072 | $ 218,566 | $ 138,499 |
Note 9 - Loan Payable (Details
Note 9 - Loan Payable (Details Textual) - CAD ($) Pure in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Apr. 15, 2020 | |
Statement Line Items [Line Items] | |||||
Proceeds from borrowings | $ 20,000 | $ 40,000 | $ 20,000 | $ 40,000 | |
Adjustments for loan forgiveness | $ (10,000) | $ 0 | (10,000) | 0 | |
CEBA loan [member] | |||||
Statement Line Items [Line Items] | |||||
Proceeds from borrowings | 20,000 | 100,000 | |||
Borrowings, interest rate | 0.00% | ||||
Adjustments for loan forgiveness | $ 10,000 | $ 30,000 |
Note 10 - Share Capital (Detail
Note 10 - Share Capital (Details Textual) $ / shares in Thousands | Jun. 30, 2021$ / 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 11 - Share-based Payment_2
Note 11 - Share-based Payments (Details Textual) | 1 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||
Feb. 29, 2020CAD ($)$ / shares | Mar. 31, 2019 | Jun. 30, 2021$ / shares | Dec. 31, 2020 | Jun. 30, 2020CAD ($)$ / shares | Jun. 30, 2019CAD ($)$ / shares | Dec. 31, 2019 | Dec. 31, 2017shares | |
Statement Line Items [Line Items] | ||||||||
Option life, share options granted | 3 | 3 | ||||||
Weighted average remaining contractual life of outstanding share options (Year) | 6 months 29 days | 1 year 29 days | 1 year 1 month 17 days | 2 years 10 days | 1 year 6 months 7 days | |||
Risk free interest rate, share options granted | 1.37% | 2.19% | ||||||
Expected dividend, share options granted | $ | $ 0 | $ 0 | ||||||
Expected volatility, share options granted | 123.00% | 105.00% | ||||||
Forfeiture rate, share options granted | 0.00% | 0.00% | ||||||
Weighted average share price, share options granted (in CAD per share) | $ 0.05 | $ 0.07 | ||||||
Exercise price, share options granted (in CAD per share) | $ 0.05 | $ 0.07 | ||||||
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 | ||||||
Top of range [member] | ||||||||
Statement Line Items [Line Items] | ||||||||
Exercise price of outstanding share options (in CAD per share) | $ 0.13 | $ 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 | $ 0.05 | $ 0.07 | |||||
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% | |||||||
The 2017 Stock Option Plan [member] | Top of range [member] | ||||||||
Statement Line Items [Line Items] | ||||||||
Option life, share options granted | 10 |
Note 11 - Share-based Payment_3
Note 11 - Share-based Payments - Options Outstanding (Details) | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2021$ / shares | Dec. 31, 2020$ / shares | Jun. 30, 2020$ / shares | Jun. 30, 2019 | Dec. 31, 2019$ / shares | |
Statement Line Items [Line Items] | |||||
Balance, number of options | 4,240,000 | 6,970,000 | 6,642,000 | ||
Outstanding, weighted average exercise price (in CAD per share) | $ 0.07 | $ 0.12 | $ 0.13 | ||
Balance, weighted average remaining contract life (Year) | 6 months 29 days | 1 year 29 days | 1 year 1 month 17 days | 2 years 10 days | 1 year 6 months 7 days |
Granted, number of options | 0 | 450,000 | |||
Granted, weighted average exercise price (in CAD per share) | $ 0 | $ 0.05 | |||
Forfeited, number of options | 0 | (122,000) | |||
Forfeited, weighted average exercise price (in CAD per share) | $ 0.18 | ||||
Expired, number of options | (2,730,000) | ||||
Expired, weighted average exercise price (in CAD per share) | $ 0.20 | ||||
Forfeited, weighted average exercise price (in CAD per share) | $ 0 | $ (0.05) | |||
Balance, number of options | 4,240,000 | 4,240,000 | 6,970,000 | 6,642,000 | |
Outstanding, weighted average exercise price (in CAD per share) | $ 0.07 | $ 0.07 | $ 0.12 | $ 0.13 | |
Options exercisable | 4,240,000 | 4,127,500 | 6,662,505 | ||
Options exercisable, per share (in CAD per share) | $ 0.07 | $ 0.07 | $ 0.13 |
Note 13 - Government Grants a_2
Note 13 - Government Grants and Subsidy (Details Textual) - CAD ($) | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Statement Line Items [Line Items] | ||
Government grants | $ 113,721 | $ 223,326 |
Government grants receivable | 110,000 | $ 0 |
Proceeds from canada emergency wage subsidy | 6,145 | |
Proceeds from Canada emergency rent subsidy | $ 7,500 | |
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 14 - Financial Instrumen_3
Note 14 - Financial Instruments (Details Textual) - CAD ($) | 6 Months Ended | |||||
Jun. 30, 2021 | Jun. 30, 2020 | Mar. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | |
Statement Line Items [Line Items] | ||||||
Total cash and cash equivalents | $ 1,292,042 | $ 1,127,418 | $ 1,672,465 | $ 1,212,778 | $ 697,984 | $ 442,489 |
Current Trade and Grants Receivable | 1,188,781 | 973,852 | ||||
Current prepayments and other receivable | 107,184 | 168,932 | ||||
Total current liabilities | 475,023 | $ 459,006 | ||||
Currency risk [member] | ||||||
Statement Line Items [Line Items] | ||||||
Possible effect of 10% change in exchange rate regarding the USD to the net income (loss) | 117,624 | 76,990 | ||||
Total cash and cash equivalents | 1,292,042 | |||||
Current Trade and Grants Receivable | 1,188,781 | |||||
Current prepayments and other receivable | 107,184 | |||||
Total current liabilities | 475,021 | |||||
Liquidity risk [member] | ||||||
Statement Line Items [Line Items] | ||||||
Current Trade and Grants Receivable | $ 1,188,781 | $ 983,235 |
Note 14 - Financial Instrumen_4
Note 14 - Financial Instruments - Denominated Monetary Assets and Liabilities (Details) - Currency risk [member] | Jun. 30, 2021USD ($) |
Financial liabilities at amortised cost, category [member] | Trade and other payables [member] | |
Statement Line Items [Line Items] | |
Financial liabilities | $ 29,091 |
Financial assets at fair value through profit or loss, category [member] | Cash and cash equivalents [member] | |
Statement Line Items [Line Items] | |
Financial assets | 894,125 |
Loans and receivables, category [member] | Trade receivables [member] | |
Statement Line Items [Line Items] | |
Financial assets | $ 851,842 |
Note 15 - Major Customer (Detai
Note 15 - Major Customer (Details Textual) - People’s Republic of China government agency [member] | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Statement Line Items [Line Items] | ||
Percentage of entity's revenue | 77.00% | 83.00% |
Percentage of entity's receivables | 98.00% | 95.00% |
Note 17 - Segmented Informati_3
Note 17 - Segmented Information (Details Textual) | 6 Months Ended |
Jun. 30, 2021 | |
Statement Line Items [Line Items] | |
Number of reportable segments | 2 |
Note 17 - Segmented Informati_4
Note 17 - Segmented Information - Segment Earnings (Details) - CAD ($) | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Dec. 31, 2020 | Jun. 30, 2020 | Jun. 30, 2019 | |
Statement Line Items [Line Items] | ||||||
Segmented assets | $ 2,607,163 | $ 2,607,163 | $ 2,396,035 | |||
Segmented liabilities | 555,023 | 555,023 | 529,006 | |||
Segmented revenue | 1,030,518 | $ 977,389 | 1,179,598 | $ 1,074,513 | $ 1,007,169 | |
Segmented direct costs | 101,083 | 44,449 | 173,365 | 119,341 | ||
Segmented selling, general & administrative | 249,371 | 109,596 | 517,694 | (246,611) | ||
Segmented profit / (loss) | 707,561 | 624,329 | 287,884 | 252,431 | 857,948 | |
Foreign exchange gain (loss) | 179,607 | (9,223) | 29,674 | (58,392) | (7,324) | |
Interest income (expense) | (3,471) | (13,033) | (5,741) | 7,921 | (24,547) | |
Share-based payment | 0 | (8,985) | (1,780) | (13,846) | (56,759) | |
Other comprehensive income (loss) | (104,553) | $ (131,704) | 98,934 | (26,886) | ||
Total Comprehensive Income (Loss) | 451,588 | 557,802 | 183,331 | 956,882 | 89,243 | |
Online English language learning segment [member] | ||||||
Statement Line Items [Line Items] | ||||||
Segmented assets | 238,209 | 242,498 | 238,209 | 242,498 | 117,687 | |
Segmented liabilities | 360,107 | 194,497 | 360,107 | 194,497 | 218,457 | |
Segmented direct costs | 55,922 | 59,322 | 30,215 | |||
Segmented selling, general & administrative | 84,044 | (576,562) | 78,762 | |||
Segmented profit / (loss) | 28,867 | 562,808 | (80,930) | |||
Online English language learning segment [member] | Online [member] | ||||||
Statement Line Items [Line Items] | ||||||
Segmented revenue | 274,823 | 171,603 | 145,380 | |||
Online English language learning segment [member] | Royalty [member] | ||||||
Statement Line Items [Line Items] | ||||||
Segmented revenue | 0 | 5,998 | 3,802 | |||
Print-based English language learning segment [member] | ||||||
Statement Line Items [Line Items] | ||||||
Segmented assets | 2,318,681 | 2,442,338 | 2,318,681 | 2,442,338 | 1,576,836 | |
Segmented liabilities | 116,186 | 674,104 | 116,186 | 674,104 | 475,622 | |
Segmented direct costs | 117,443 | 60,019 | 44,206 | |||
Segmented selling, general & administrative | 178,235 | 32,948 | 90,778 | |||
Segmented profit / (loss) | 492,453 | 656,749 | 547,423 | |||
Print-based English language learning segment [member] | Online [member] | ||||||
Statement Line Items [Line Items] | ||||||
Segmented revenue | 0 | 0 | 0 | |||
Print-based English language learning segment [member] | Royalty [member] | ||||||
Statement Line Items [Line Items] | ||||||
Segmented revenue | 904,775 | 896,912 | 857,988 | |||
Head office [member] | ||||||
Statement Line Items [Line Items] | ||||||
Segmented assets | 50,273 | 55,186 | 50,273 | 55,186 | 1,755 | |
Segmented liabilities | 78,730 | 134,417 | 78,730 | 134,417 | 337,603 | |
Segmented direct costs | 0 | 0 | 0 | |||
Segmented selling, general & administrative | 255,415 | 297,003 | 261,377 | |||
Segmented profit / (loss) | (255,589) | (297,292) | (261,734) | |||
Head office [member] | Online [member] | ||||||
Statement Line Items [Line Items] | ||||||
Segmented revenue | 0 | 0 | 0 | |||
Head office [member] | Royalty [member] | ||||||
Statement Line Items [Line Items] | ||||||
Segmented revenue | 0 | 0 | 0 | |||
Total operating segments [member] | ||||||
Statement Line Items [Line Items] | ||||||
Segmented assets | 2,607,163 | 2,740,022 | 2,607,163 | 2,740,022 | 1,736,275 | |
Segmented liabilities | $ 555,023 | $ 1,003,018 | 555,023 | 1,003,018 | 1,031,682 | |
Segmented direct costs | 173,365 | 119,341 | 74,422 | |||
Segmented selling, general & administrative | 517,694 | (246,611) | 430,917 | |||
Segmented profit / (loss) | 265,731 | 922,265 | 204,759 | |||
Total operating segments [member] | Online [member] | ||||||
Statement Line Items [Line Items] | ||||||
Segmented revenue | 274,823 | 171,603 | 145,380 | |||
Total operating segments [member] | Royalty [member] | ||||||
Statement Line Items [Line Items] | ||||||
Segmented revenue | $ 904,775 | $ 902,910 | $ 861,790 |
Note 17 - Segmented Informati_5
Note 17 - Segmented Information - Geographical Information (Details) - CAD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 | |
Statement Line Items [Line Items] | |||||
Segmented revenue | $ 1,030,518 | $ 977,389 | $ 1,179,598 | $ 1,074,513 | $ 1,007,169 |
Identifiable non-current assets | 19,156 | 497,575 | 19,156 | 497,575 | 395,105 |
Latin America [member] | |||||
Statement Line Items [Line Items] | |||||
Segmented revenue | 253,853 | 194,053 | 87,370 | ||
Country of domicile [member] | |||||
Statement Line Items [Line Items] | |||||
Identifiable non-current assets | 18,748 | 497,065 | 18,748 | 497,065 | 394,501 |
CHINA | |||||
Statement Line Items [Line Items] | |||||
Segmented revenue | 911,694 | 861,747 | 894,643 | ||
Identifiable non-current assets | $ 408 | $ 510 | 408 | 510 | 604 |
Other [member] | |||||
Statement Line Items [Line Items] | |||||
Segmented revenue | $ 14,051 | $ 18,713 | $ 25,156 |
Note 18 - Supplemental Cash F_3
Note 18 - Supplemental Cash Flow Information - Schedule of Income Taxes and Interest Paid (Details) - CAD ($) | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 | |
Statement Line Items [Line Items] | |||
Income taxes and other taxes paid | $ 104,553 | $ 97,056 | $ 97,442 |
Interest paid | 6,582 | 27,564 | 24,547 |
Interest received | $ 841 | $ 35,485 | $ 0 |
Note 19 - Related Party Balan_2
Note 19 - Related Party Balances and Transactions (Details Textual) - CAD ($) | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Statement Line Items [Line Items] | ||
Key management personnel compensation | $ 159,000 | $ 159,000 |
Corporations controlled by directors and officers of the entity [member] | ||
Statement Line Items [Line Items] | ||
Amounts receivable, related party transactions | 3,400 | 7,500 |
Independent directors [member] | ||
Statement Line Items [Line Items] | ||
Payments for director fees | 2,400 | |
Key management personnel of entity or parent [member] | ||
Statement Line Items [Line Items] | ||
Amounts payable, related party transactions | $ 0 | $ 0 |