UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER

Pursuant to Rule 13a-16 or 15d-16 under

the Securities Exchange Act of 1934

For the month of ~~March~~June 3130, 2019

Commission File Number 333-98397

Lingo Media Corporation

(Translation of registrant's name into English)

151 Bloor Street West, Suite 703, Toronto, Ontario Canada M5S 1S4

(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F. Form 20-F ☒ Form 40-F ☐

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ☐

Note: Regulation S-T Rule 101(b)(1) only permits the submission in paper of a Form 6-K if submitted solely to provide an attached annual report to security holders.

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ☐

Note: Regulation S-T Rule 101(b)(7) only permits the submission in paper of a Form 6-K if submitted to furnish a report or other document that the registrant foreign private issuer must furnish and make public under the laws of the jurisdiction in which the registrant is incorporated, domiciled or legally organized (the registrant’s “home country”), or under the rules of the home country exchange on which the registrant’s securities are traded, as long as the report or other document is not a press release, is not required to be and has not been distributed to the registrant’s security holders, and, if discussing a material event, has already been the subject of a Form 6-K submission or other Commission filing on EDGAR.

Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934. Yes ☐ No ☒

If "Yes" is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82-________________.

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934 the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunder duly authorized.

	LINGO MEDIA CORPORATION
Date: May 29, 2019	By:	/s/ Gali Bar-Ziv
Date: August 29, 2019	By:	/s/ “Gali Bar-Ziv”
		Gali Bar-Ziv President and CEO

LINGO MEDIA CORPORATION

Condensed Consolidated Interim Financial Statements

For the ~~three~~six-month period ended ~~March~~June 3130, 2019

LINGO MEDIA CORPORATION

Condensed Consolidated Interim Financial Statements

As at ~~March~~June 3130, 2019

NOTICE OF NO AUDITOR REVIEW OF INTERIM FINANCIAL STATEMENTS

The accompanying unaudited condensed consolidated interim financial statements of Lingo Media Corporation have been prepared by and are the responsibility of the Company's management. These unaudited condensed consolidated interim financial statements are prepared in accordance with International Financial Reporting Standards ("IFRS") and reflect Management’s best estimates and judgements based on information currently available. The Company's independent auditor has not performed a review of these financial statements in accordance with standards established for a review of interim financial statements by an entity's auditor.

LINGO MEDIA CORPORATION

Condensed Consolidated Interim Financial Statements

As at ~~March~~June 3130, 2019

Contents
Condensed Consolidated Interim Financial Statements	Page
Balance Sheets	4
Statements of Comprehensive Income	5
Statements of Changes in Equity	6
Statements of Cash Flows	7
Notes to the Financial Statements	8-1819

LINGO MEDIA CORPORATION

Condensed Consolidated Interim Balance Sheets

As of ~~March~~June 3130, 2019 and December 31, 2018

(Unaudited, expressed in Canadian Dollars, unless otherwise stated)

	Notes		~~March~~June 3130, 2019			December 31, 2018
ASSETS
Current Assets
Cash			$	64,533		$	233,843
Cash and cash equivalents			$	191,290		$	233,843
Accounts and grants receivable		5		1,~~007~~049,~~443~~433			913,458
Prepaid and other receivables				87100,~~198~~450			101,539
				1,159,174			1,248,840
				1,341,173			1,248,840
Non-Current Assets
Property and equipment		6		4928,~~189~~795			5331,~~164~~597
TOTAL ASSETS			$	1,208,363		$	1,302,004
Right-of-use assets		7		366,310			21,567
TOTAL ASSETS			$	1,736,278		$	1,302,004
EQUITY AND LIABILITIES
Current Liabilities
Accounts payable			$	~~286~~218,~~745~~855		$	312,034
Accrued liabilities		17		~~223~~258,~~722~~007			167,558
Contract liability		8		~~230,~~175,214			217,259
Lease inducement				4340,~~656~~752			46,559
Loans payable		9		166,612			-
				692,828			743,410
TOTAL LIABILITIES			$	950,910		$	743,410
Non-Current Liabilities
Lease obligation		4		338,854			-
TOTAL LIABILITIES			$	1,031,682		$	743,410
Equity
Share capital		9	$	21,914,722		$	21,914,722
Share-based payment reserve		1110		34,~~982~~011,~~925~~926			3,955,167
Accumulated other comprehensive income				(~~285~~298,~~622~~131	)		(271,245	)
Deficit				(2524,~~354~~923,~~572~~921	)		(25,040,050	)
TOTAL EQUITY			$	~~257~~704,~~453~~596		$	558,594
TOTAL EQUITY AND LIABILITIES			$	1,~~208~~736,~~363~~278		$	1,302,004

The accompanying notes are an integral part of these condensed consolidated interim financial statements.

These condensed consolidated interim financial statements are authorized for issue by the Board of Directors on ~~May~~August 29, 2019.

/s/ Gali Bar-Ziv /s/ ~~Michael~~Jerry ~~Kraft~~Grafstein Director Director

LINGO MEDIA CORPORATION

Condensed Consolidated Interim Statements of Comprehensive Income

For the three and six-~~months~~month ended ~~March~~June 3130, 2019, ~~2018~~ and ~~2017~~2018

(Unaudited, expressed in Canadian Dollars, unless otherwise stated)

	Notes	~~Notes~~	For the three months ended June 30			~~2019~~				~~2018~~	For the six months ended June 30			~~2017~~
Revenue			14			$	111,964			$	80,355			$	597,977
			2019				2018				2019				2018
Expenses
Revenue	15		$	895,205			$	960,159			$	1,007,169			$	1,040,514
Selling, general and administrative							277,003				310,965				231,688
Expenses
Amortization - intangibles			7				-				-				294,272
Selling, general and administrative expenses				153,914				313,659				430,917				624,624
Direct costs							44,936				38,120				37,930
Bad debt (recovery)				-				(143,039	)			-				(143,039	)
Development costs							57,721				257,434				-
Direct costs				29,486				55,086				74,422				93,206
Share-based payments							27,758				23,408				-
Development costs				46,972				80,002				104,693				337,436
Depreciation – property and equipment			6				4,410				1,653				1,389
Share-based payment				29,001				49,663				56,759				73,071
Total Expenses							411,828				631,580				565,279
Depreciation – property and equipment	6			90,526				1,564				94,936				3,217
Income / (Loss) from Operations							(299,864	)			(551,225	)			32,698
Total Expenses				349,899				356,935				761,727				988,515
Net Finance Charges
Profit from Operations				545,306				603,224				245,442				51,999
Interest expense							4,231				14,952				9,382
Net Finance Charges
Foreign exchange (gain) / loss							2,867				(29,341	)			13,452
Interest expense				20,316				23,972				24,547				38,924
Income / (Loss) Before Income Tax							(306,962	)			(536,836	)			9,864
Foreign exchange (gain) / loss				4,457				(34,615	)			7,324				(63,956	)
Income tax expense							7,560				7,257				5,919
Profit before Tax				520,553				613,867				213,571				77,031
Net Profit / (Loss) for the Period							(314,522	)			(544,093	)			3,945
Tax Expense	11			89,882				136,659				97,442				143,916
Other Comprehensive Income
Net Profit / (Loss) for the Period				430,651				477,208				116,129				(66,885	)
Exchange differences on translating foreign operations gain / (loss)							(14,377	)			369				(218	)
Other Comprehensive Income
Total Comprehensive Income / (Loss)						$	(328,899	)		$	(543,724	)		$	3,727
Exchange differences on translating foreign operations gain / (loss)				(12,509	)			854				(26,886	)			636
Earnings / (Loss) per Share
Total Comprehensive Income / (Loss)
Basic						$	(0.00	)		$	(0.02	)		$	0.00
Net of Tax			$	418,142			$	478,062			$	89,243			$	(66,249	)
Diluted						$	(0.00	)		$	(0.02	)		$	0.00
Earnings per Share
Weighted Average Number of Common Shares Outstanding
Basic			$	0.01			$	0.01			$	0.00			$	(0.00	)
Basic							35,529,132				35,529,132				35,529,132
Diluted			$	0.01			$	0.01			$	0.00			$	(0.00	)
Diluted							35,529,132				35,529,132				37,099,039
Weighted Average Number of Common Shares Outstanding
Basic				35,529,132				35,529,132				35,529,132				35,529,132
Diluted				41,465,152				35,529,132				41,736,582				35,529,132

The accompanying notes are an integral part of these condensed consolidated interim financial statements.

LINGO MEDIA CORPORATION

Condensed Consolidated Interim Statements of Changes in Equity

For the three and six-month ended ~~March~~June 3130, 2019 and 2018

(Unaudited, expressed in Canadian Dollars, unless otherwise stated)

	Issued Share Capital				Share- ~~Based Reserves~~		Accumulated Other ~~Comprehensive Income~~			~~Deficit~~			~~Total Equity~~
	No. of Shares		Amount		Based Reserves		Comprehensive Income			Deficit			Total Equity
Balance as at January 1, 2018		35,529,192	$	21,914,722	$	3,792,678	$	(303,447	)	$	(24,850,199	)	$	553,754
Loss for the period		-		-		-		-			(~~544~~66,~~092~~885	)		(~~544~~66,~~092~~885	)
Other comprehensive gain		-		-		-		~~369~~636			-			~~369~~636
Share-based payments charged to operations		-		-		2373,~~408~~071		-			-			2373,~~408~~071
Balance as at March 31, 2018		35,529,192	$	21,914,722	$	3,816,086	$	(303,078	)	$	(25,394,291	)	$	33,439
Balance as at June 30, 2018		35,529,192	$	21,914,722	$	3,865,749	$	(302,811	)	$	(24,917,084	)	$	560,576
Contract adjustment for 2017		-		-		-		-			(85,695	)		(85,695	)
Gain for the period		-		-		-		-			439,936			439,936
Loss for the period		-		-		-		-			(37,271	)		(37,271	)
Other comprehensive gain		-		-		-		31,~~833~~566			-			31,~~833~~566
Share-based payments charged to operations		-		-		~~139~~89,~~081~~418		-			-			~~139~~89,~~081~~418
Balance as at December 31, 2018		35,529,192	$	21,914,722	$	3,955,167	$	(271,245	)	$	(25,040,050	)	$	558,594
Loss for the period		-		-		-		-			(314,522	)		(314,522	)
Profit for the period		-		-		-		-			116,129			116,129
Other comprehensive loss		-		-		-		(1426,~~377~~886	)		-			(1426,~~377~~886	)
Share-based payments charged to operations		-		-		2756,~~758~~759		-			-			2756,~~758~~759
Balance as at March 31, 2019		35,529,192	$	21,914,722	$	3,982,925	$	(285,622	)	$	(25,354,572	)	$	257,453
Balance as at June 30, 2019		35,529,192	$	21,914,722	$	4,011,926	$	(298,131	)	$	(24,923,921	)	$	704,596

No preference shares were issued at ~~March~~June 3130, 2019~~, December 31, 2018 and 2017~~.

The accompanying notes are an integral part of these condensed consolidated interim financial statements.

LINGO MEDIA CORPORATION

Condensed Consolidated Interim Statements of Cash Flows

For the three and six-~~months~~month ended ~~March~~June 3130, 2019, ~~2018~~ and ~~2017~~2018

(Unaudited, expressed in Canadian Dollars, unless otherwise stated)

	2019			2018			2017
	For the three months ended June 30						For the six months ended June 30
CASH FLOWS FROM OPERATING ACTIVITIES
	2019			2018			2019			2018
Net Profit / (Loss) for the Period	$	(314,522	)	$	(544,093	)	$	3,945
CASH FLOWS FROM OPERATING ACTIVITIES
Adjustments to Net Profit for Non-Cash Items:
Income for the period	$	430,651		$	477,208		$	116,129		$	(66,885	)
Amortization - intangible		-			-			294,272
Adjustments to Net Profit for Non-Cash Items:
Share-based payment		2729,~~758~~001			2349,~~408~~663			-56,759			73,071
Lease inducement		(2,903	)		-			-
Unrealized foreign exchange gain		(12,495	)		(2,637	)		(26,858	)		(5,176	)
Unrealized foreign exchange gain / (loss)		(14,363	)		(2,539	)		(13,246	)
Lease inducement		(2,904	)		-			(5,807	)		-
Depreciation – property and equipment		4,410			1,653			1,389
Depreciation – Property and equipment		90,526			1,564			94,936			3,217
Operating Profit / (Loss) Before Working Capital Changes		(299,620	)		(521,571	)		286,360
Operating Income before Working Capital Changes		533,779			525,798			235,159			4,227
Working Capital Adjustments:
(Increase)/decrease in accounts and grants receivable		(9341,~~985~~990	)		20(123,~~189~~565	)		~~381~~(135,~~648~~975	)		(103,376	)
(Increase)/decrease in prepaid and other receivables		14(13,~~341~~252	)		9525,~~912~~002			~~241~~1,~~517~~089			120,914
Increase/(decrease) in accounts payable		(2567,~~288~~891	)		~~(73~~133,~~549~~363	)		(893,~~852~~179	)		59,814
Increase/(decrease) in accrued liabilities		5677,~~164~~533			(1944,~~318~~932	)		~~(55~~90,~~116~~449	)		(64,250	)
Increase/(decrease) in contract liability		12(98,~~916~~209	)		-			-(42,045	)		-
Cash Generated from / (used in) Operations		(335,472	)		(498,337	)		845,557
Cash Generated from Operations		390,970			515,666			55,498			17,329
CASH FLOWS FROM INVESTING ACTIVITIES
Expenditures on software, web development and content development costs					-			(874,818	)
Purchase of property and equipment		-			-			(450	)		-
Purchase of property and equipment		(450	)		-			-
Net Cash Flows used in Investing Activities		-			-			(450	)		-
Net Cash Flows Generated from / (used in) investing activities		(450	)		-			(874,818	)
CASH FLOWS FROM FINANCING ACTIVITIES
CASH FLOWS FROM FINANCING ACTIVITIES
Increase/(decrease) in lease obligation		(97,601	)		-			(97,601	)		-
Proceeds from loans payable		166,612			250,000			685,000
Proceeds from loans		225,000			170,000			391,612			420,000
Repayment of loans payable		-			-			(440,000	)
Advances/(repayments) of loans payable		(391,612	)		(525,000	)		(391,612	)		(525,000	)
Net Cash Flows Generated from / (used in) Financing Activities		166,612			250,000			245,000
Cash Flows Generated from Financing Activities		(264,213	)		(355,000	)		(97,601	)		(105,000	)
NET INCREASE / (DECREASE) IN CASH AND CASH EQUIVALENTS		~~(169~~126,~~310~~757	)		~~(248~~160,~~337~~666	)		~~215~~(42,~~739~~553	)		(87,671	)
Cash and Cash Equivalents at the Beginning of the Period		233,843			327,434			84,303
Cash and Cash Equivalents, Beginning of the Period		64,533			79,097			233,843			327,434
Cash and Cash Equivalents at the End of the Period	$	64,533		$	79,097		$	300,042
Cash and Cash Equivalents, End of the Period	$	191,290		$	239,763		$	191,290		$	239,763

The accompanying notes are an integral part of these condensed consolidated interim financial statements.

LINGO MEDIA CORPORATION

Notes to Condensed Consolidated Interim Financial Statements

~~March~~For 31the period ended June 30, ~~2019~~2018

(Unaudited - See Notice to Reader)

(Expressed in Canadian Dollars, unless otherwise stated)

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 ~~and inter-listed on the OTC Marketplace~~. The consolidated interim financial statements of the Company as at and for the ~~year~~period ended ~~December~~June 3130, ~~2018~~2019 comprise the Company and its wholly-owned subsidiaries: Lingo Learning Inc., Lingo Group Limited ELL Technologies Ltd., ELL Technologies Limited, Vizualize Technologies Corporation, Speak2Me Inc., and Parlo Corporation (the “Group”).

Lingo Media is an EdTech company that is ‘Changing the way the world learns English’. The Group provides online and print-based solutions through its two distinct business units: ELL Technologies Ltd. (“ELL Technologies”) and Lingo Learning Inc. (“Lingo Learning”). ELL Technologies is a global English language learning multi-media and online training company. Lingo Learning is a print-based publisher of English language learning school programs in China.

The head office, principal address and registered and records office of the Company is located at 151 Bloor Street West, Suite 703, Toronto, Ontario, Canada, M5S 1S4.

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 ‘Interim Financial Reporting’ (“IAS 34”) using accounting policies consistent with the International Financial Reporting Standards (“IFRS”) issued by the International Accounting Standards Board (“IASB”) and Interpretations of the International Financial Reporting Interpretations Committee (“IFRIC”).

These condensed consolidated interim financial statements have been prepared on a going concern basis, which contemplates the realization of assets and settlement of liabilities in the normal course of business. The Company has incurred significant losses recurring over the years. This raises the doubt about the Company’s ability to continue as a going concern. The ability of the Company to continue as a going concern is dependent upon raising additional financing through share issuance or debt borrowing or through cash flow generated from sales contracts and distribution agreements. There are no assurances that the Company will be successful in achieving these goals.

The condensed consolidated interim financial statements for the period ended ~~March~~June 3130, 2019 were approved and authorized by the Board of Directors on ~~May~~August 29, 2019.

2.2

Basis of measurement

These condensed consolidated interim financial statements have been prepared on the historical cost basis except as provided in ~~note~~Note 4. The comparative figures presented in these consolidated financial statements are in accordance with the same accounting policies.

2.3

Basis of consolidation

The consolidated financial statements comprise the financial statements of the Company and its wholly owned subsidiaries controlled by the Company (the “Group”) as at ~~March~~June 3130, 2019. Control exists when the Company is exposed to, or has the rights to variable returns from its involvement with the entity and has the ability to affect these returns through its power over the entity.

LINGO MEDIA CORPORATION

Notes to Condensed Consolidated Interim Financial Statements

~~March~~For 31the period ended June 30, ~~2019~~2018

(Unaudited - See Notice to Reader)

(Expressed in Canadian Dollars, unless otherwise stated)

2.	BASIS OF PREPRATION (Cont’d)

2.3 Basis of consolidation (Cont’d)

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, “The Effects of Changes in Foreign Exchange Rates”.

3. ~~SIGINFICANT~~SIGNIFICANT ~~ACCOUTING~~ACCOUNTING 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

LINGO MEDIA CORPORATION

Notes to Condensed Consolidated Interim Financial Statements

~~March~~For 31the period ended June 30, ~~2019~~2018

(Unaudited - See Notice to Reader)

~~(Expressed~~4. inSUMMARY ~~Canadian~~OF ~~Dollars,~~SIGNIFICANT ~~unless~~ACCOUNTING ~~otherwise stated)~~POLICIES

4.The ~~SUMMARY~~accounting OFpolicies ~~SIGINFICANT~~applied ~~ACCOUTING~~by ~~POLICIES~~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, 2018, except the following:

~~The~~New ~~accounting~~Standards ~~policies~~Adopted ~~applied by the Company~~ in ~~these~~Current ~~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, 2018.~~Year

IFRS 16 ‘Leases” was issued by the IASB in January 2016 and applies to annual reporting periods beginning on or after January 1, 2019. IFRS 16 establishes principles for the recognition, measurement, presentation and disclosure of leases, with the objective of ensuring that lessees and lessors provide relevant information that faithfully represents those transactions. The new standard brings most leases on-balance sheet for lessees under a single model, eliminating the distinction between operating and finance leases. Lessor accounting however, remains largely unchanged and the distinction between operating and finance leases is retained. Under IFRS 16, a lessee recognizes a right-of-use asset and a lease liability. The right-of-use asset is treated similarly to other non-financial assets and depreciated accordingly and the liability accrues interest. This will typically produce a front-loaded expense profile (whereas operating leases under IAS 17 would typically have had straight-line expenses) as an assumed linear depreciation of the right-of-use asset and the decreasing interest on the liability will lead to an overall decrease of expense over the reporting period.

The lease liability is initially measured at the present value of the lease payments payable over the lease term, discounted at the rate implicit in the lease if that can be readily determined. The use their incremental borrowing rate. As with IFRS 16’s predecessor, IAS 17, lessors classify leases as operating or finance in nature. A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership of an underlying asset. Otherwise a lease is classified as an operating lease.

The Company has elected to apply the retrospective method by setting right-of-use assets based on the lease liability at the date of initial application, adjusted by the amount of lease payments.

The following table summarize the impacts of adopting IFRS 16 on the consolidated balance sheet as June 30, 2019 and the statement of comprehensive income (loss) for the period then ended for each of the line items affected. There was no material impact on the consolidated statement of cash flows for the period ended June 30, 2019.

June 30, 2019	Note	As reported			Adjustments		Amounts without adoption of IFRS 16
Assets
Right-of-use assets, net		$	366,310		$	366,310	$	-
Total Assets			1,736,278			366,310		1,369,968

Liability
Lease obligation			338,854			338,854		-
Total Liabilities			1,031,682			338,854		692,828

Equity
Deficit			(24,923,921	)		27,456		(24,951,377	)
Total equity			704,596			27,456		677,140
Total Equity and Liabilities			1,736,278			366,310		1,369,968

LINGO MEDIA CORPORATION

Notes to Condensed Consolidated Interim Financial Statements

For the period ended June 30, 2018

(Unaudited - See Notice to Reader)

4.	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Cont’d)

Impact on the consolidated statement of comprehensive income (loss)

For the period ended June 30, 2019	Note	As reported		Adjustments			Amounts without adoption of IFRS 16
Depreciation		$	94,936	$	85,905		$	9,031
Selling, general and administrative expenses			430,917		(104,698	)		535,615
Net Profit for the Period			116,129		18,793			134,922
Total Compenhensive Income			89,243		18,793			70,450

On transition to IFRS 16, the Company recognized a right of use asset and lease liability of $338,854. The recognition of the right of use asset is considered non-cash items within the statement of cash flows. When measuring operating lease commitments, the Company used a weighted average rate of 3.75%.


Operating lease commitments as at January 1, 2019	$	436,455
Effect of discounting using the incremental borrowing rate		7,097
Lease contract for where right-to-use has not commenced		(104,698	)
Leasse liability recognized during period ended June 30, 2019	$	338,854

ACCOUNTS AND GRANTS RECEIVABLE

Accounts and grants receivable consist of:

	March 31, 2019		December 31, 2018
	June 30, 2019		December 31, 2018
Trade receivable	$	~~952~~939,~~443~~433	$	913,458
Government grants receivable		55,000		-
Grants receivable		110,000		-
	$	1,~~007~~049,~~443~~433	$	913,458

As at ~~March~~June 3130, 2019, the Company had accounts receivable of $~~857~~209,~~559~~934 (2018 - $~~813~~118,~~892~~182) great than 30 days overdue and not impaired.

6.	PROPERTY AND EQUIPMENT

	Computer and office equipment			Leasehold Improvements		Total
Cost, January 1, 2018	$	89,787
Cost, January 1, 2018	$	89,787		$	-	$	89,787
Effect of foreign exchange		566
Effect of foreign exchange		321			-		321
Cost, June 30, 2018	$	90,353
Cost, March 31, 2018	$	90,108			-	$	90,108
Additions		7,839
Additions		7,839			33,180		41,019
Effect of foreign exchange		(317	)
Write off		(12,126	)		-		(12,126	)
Cost, December 31, 2018	$	97,875
Effect of foreign exchange		(72	)		-		(72	)
Cost, December 31, 2018	$	85,749		$	33,180	$	131,055
Additions		450			-		450
Effect of foreign exchange		(283	)				(283	)
Cost, March 31, 2019	$	85,916		$	33,180	$	119,096
Accumulated depreciation, January 1, 2018	$	59,098		$	-	$	59,098
Charge for the period		1,653			-		1,653
Effect of foreign exchange		295			-		295
Accumulated depreciation, March 31, 2018	$	61,046		$	-	$	61,046
Charge for the period		5,103			11,613		16,716
Write off		(12,126	)		-		(12,126	)
Effect of foreign exchange		129			-		129
Accumulated depreciation, December 31, 2018	$	54,152		$	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	$	55,391		$	14,516	$	69,907

1011

LINGO MEDIA CORPORATION

Notes to Condensed Consolidated Interim Financial Statements

~~March~~For 31the period ended June 30, ~~2019~~2018

(Unaudited - See Notice to Reader)

(Expressed in Canadian Dollars, unless otherwise stated)

6.	PROPERTY AND EQUIPMENT (Cont’d)

Net book value, January 1, 2018	$	30,689		$	-	$	30,689
Additions	$	450
Net book value, March 31, 2018	$	29,062		$	-	$	29,062
Write off		(12,126	)
Net book value, December 31, 2018	$	31,597		$	21,567	$	53,164
Effect of foreign exchange		(517	)
Net book value, March 31, 2019	$	30,525		$	18,664	$	49,189
Cost, June 30, 2019	$	85,682
Accumulated depreciation, January 1, 2018	$	59,098
Charge for the period		3,217
Effect of foreign exchange		522
Accumulated depreciation, June 30, 2018	$	62,837
Charge for the period		3,539
Effect of foreign exchange		(98	)
Accumulated depreciation, December 31, 2018	$	66,278
Charge for the period		3,224
Write off		(12,126	)
Effect of foreign exchange		(489	)
Accumulated depreciation, June 30, 2019		56,887
Net book value, January 1, 2018	$	30,689
Net book value, June 30, 2018	$	27,516
Net book value, December 31, 2018	$	31,597
Net book value, June 30, 2019	$	28,795

7. ~~INTANGIBLES~~RIGHT-OF-USE ASSET

	Software and Web Development			Content Platform		Content Development			Total
	Office Lease			Leasehold Improvements		Total
Cost, January 1, 2017	$	9,239,088		$	1,477,112	$	2,474,020		$	13,190,219
Cost, January 1, 2018	$	-		$	-	$	-
Additions		~~306,317~~-			-		~~568,501~~-			~~874,818~~
Cost, March 31, 2017		9,545,405			1,477,122		3,042,521			14,065,037
Cost, June 30, 2018	$	-		$	-	$	-
Impairment		(306,317	)		-		(568,501	)		(874,818	)
Additions		-			33,180		33,180
Cost, December 31, 2017		9,239,088			1,477,112		2,474,020			13,190,219
Cost, December 31, 2018	$	-		$	33,180	$	33,180
Cost, March 31, 2018 and 2019	$	9,239,088		$	1,477,112	$	2,474,020		$	13,190,219
Additions		436,455			-		436,455
Accumulated depreciation, January 1, 2017	$	8,229,946		$	1,477,112	$	483,152		$	10,190,210
Cost, June 30, 2019	$	436,455		$	33,180	$	469,635
Charge for the period		170,571			-		123,701			294,272
Accumulated depreciation, March 31, 2017		8,400,517		$	1,477,112		606,853			10,484,482
Charge for the period		386,553			-		371,103			757,655
Impairment		452,018			-		1,496,064			1,948,802
Accumulated depreciation, December 31, 2017		9,239,088			1,477,112		2,474,020			13,190,219
Accumulated depreciation, March 31, 2018 and 2019	$	-		$	-	$	-		$	-
Net book value, December 31, 2017	$	-		$	-	$	-		$	-
Net book value, March 31, 2018 and 2019	$	-		$	-	$	-		$	-

The Company began commercial production and sale of its services and products in 2009. The Company continued to maintain and upgrade its ELL Technologies’ suite of products. The development cost has been recorded as expense since 2017. The ELL Technologies’ suite of products includes five different products, each designed to suit the needs of different demographic groups. Although the full suite of product is not yet complete, the Company has started the commercial production and sale of three of five these products.

Accumulated depreciation, January 1, 2018

Charge for the period

Accumulated depreciation, June 30, 2018

The Company previously capitalized all development costs related to its software web development, content platform, and content development through to December 31, 2016. During the year ended December 31, 2017, there was uncertainty with respect to feasibility and profitability of the projects due to sales not achieving forecasted levels and a resulting decline in expected future cash flows from their intended use. Consequently, the benefit of these development costs may not be realized as soon as previously expected and, as such, the costs incurred during the quarter ended March 31, 2019 were expensed rather than capitalized as they did not meet the criteria for capitalization. Furthermore, management carried out an impairment test for the unamortized development costs as at December 31, 2017. The recoverable amount of the CGU that included these development costs was tested for impairment.12

LINGO MEDIA CORPORATION

Notes to Condensed Consolidated Interim Financial Statements

~~March~~For 31the period ended June 30, ~~2019~~2018

(Unaudited - See Notice to Reader)

~~(Expressed~~7. inRIGHT-OF-USE ~~Canadian~~ASSET ~~Dollars, unless otherwise stated~~(Cont’d)

Charge for the period		-		11,613		11,613
Accumulated depreciation, December 31, 2018	$	-	$	11,613	$	11,613
Charge for the period		85,905		5,807		91,712
Accumulated depreciation, June 30, 2019	$	85,905	$	17,420	$	103,325
Net book value, December 31, 2018	$	-	$	21,567	$	21,567
Net book value, June 30, 2019	$	350,550	$	15,761	$	366,310

8.	CONTRACT LIABILITIES

The following table presents changes in the contract liabilities balance:

Balance, December 31, 2017	$	-
Adjustment on initial application of IFRS 15		90,860
Adjusted balance, January 1, 2018		90,860
Amounts invoices and revenue deferred as at December 31, 2018		207,073
Recognition of deferred revenue included in the adjusted balance at the beginning of the period		(80,673	)
Balance, December 31, 2018	$	217,259
Amounts invoices and revenue deferred as at March 31, 2019		(86,633	)
Amounts invoices and revenue deferred as at June 30, 2019		91,495
Recognition of deferred revenue included in period		99(133,~~549~~540	)
Balance, March 31, 2019	$	230,175
Balance, June 30, 2019	$	175,214

9. ~~LOANS~~SHARE ~~PAYABLE~~CAPITAL

	March 31, 2019		December 31, 2018
Loans payable, interest bearing at 12% per annum and monthly interest payments, due on demand(i)	$	166,612	$	-
	$	166,612	$	-

(i) The Company received an unsecured bridge loan in the first quarter of 2019. Included in loans payable are loans amounting to $161,612 (2018 – $550,000) to related parties as disclosed in Note 18.

10. SHARE CAPITAL

Authorized

Unlimited number of preference shares with no par value

Unlimited number of common shares with no par value

1110. SHARE-BASED ~~PAYMENT RESERVE~~PAYMENTS

In December 2017, the Company amended its stock option plan (the “2017 Plan”). The 2017 Plan was established to provide an incentive to management (officers), employees, directors and consultants of the Company and its subsidiaries. The maximum number of shares which may be reserved for issuance under the 2017 Plan is limited to 7,105,838 ~~common~~ shares less the number of shares reserved for issuance pursuant to options granted under the 1996 Plan, the 2000 Plan, the 2005 Plan, the 2009 Plan and the 2011 ~~Pan~~Plan, provided that the Board of Directors of the Company has the right, from time to time, to increase such number subject to the approval of the relevant exchange on which the shares are listed and the approval of the shareholders of the Company.

The maximum number of common shares that may be reserved for issuance to any one person under the 2017 Plan is 5% of the common shares outstanding at the time of the grant (calculated on a non-diluted basis) less the number of shares reserved for issuance to such person under any option to purchase common shares of the Company granted as a compensation or incentive mechanism.13

LINGO MEDIA CORPORATION

Notes to Condensed Consolidated Interim Financial Statements

~~March~~For 31the period ended June 30, ~~2019~~2018

(Unaudited - See Notice to Reader)

~~(Expressed~~10. inSHARE-BASED ~~Canadian~~PAYMENTS ~~Dollars, unless otherwise stated~~(Cont’d)

~~11.~~The ~~SHARE-BASED~~maximum ~~PAYMENT~~number ~~RESERVE~~of common shares that may be reserved for issuance to any one person under the 2017 Plan is 5% of the common shares outstanding at the time of the grant (~~Cont’d~~calculated on a non-diluted basis) less the number of shares reserved for issuance to such person under any option to purchase common shares of the Company granted as a compensation or incentive mechanism.

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 Plan do not have any required vesting provisions. However, the Board of Directors of the Company may, from time to time, amend or revise the terms of the 2017 Plan or may terminate it at any time.

The following summarizes the options outstanding:

	Number of Options			Weighted Average Exercise Price		Warrant Remaining Contract Life (Yrs)
Outstanding as at January 1, 2018		3,999,000		$	0.2321		2.77
Outstanding as at March 31, 2018		3,999,000		$	0.23		2.52
Forfeited		(18,000	)		0.23
Granted		2,920,000			0.07		2.89
Outstanding as at June 30, 2018		3,981,000		$	0.21		2.51
Expired		(25,000	)		0.23		-
Granted		2,920,000			0.07
Forfeited		(90,000	)		0.23		-
Expired		(25,000	)		0.23
Outstanding as at December 31, 2018		6,804,000		$	0.19		2.26
Forfeited		(72,000	)		0.23
Granted		1,200,000		$	0.07		2.85
Outstanding as at December 31, 2019		6,804,000		$	0.18		2.26
Forfeited		(442,000	)	$	0.22		-
Granted		1,050,000			0.08
Outstanding as at March 31, 2019		7,562,000		$	0.13		2.17
Forfeited		(1,092,000	)		0.22
Outstanding as at June 30, 2019		6,762,000		$	0.13		2.03

Options exercisable as at March 31, 2018	3,108,625	$	0.21
Options exercisable as at June 30, 2018	3,321,000	$	0.21
Options exercisable as at December 31, 2018	4,566,000	$	0.19
Options exercisable as at March 31, 2019	4,852,001	$	0.16
Options exercisable as at June 30, 2019	5,162,002	$	0.14

The weighted average remaining contractual life for the stock options outstanding as at ~~March~~June 3130, 2019 was 2.1703 years (2018 – 2.5251 years~~, 2017 – 0.61 years~~). The range of exercise prices for the stock options outstanding as at ~~March~~June 3130, 2019 was $0.07 - $0.23 (2018 - $0.20 - $0.23~~, 2017 - $0.14 - $0.24~~). The weighted average grant-date fair value of options granted to management, employees, directors and consultants during ~~the~~ period has been estimated at $0.05 (2018 - $0.12~~, 2017 - $Nil~~) using the Black-Scholes option-pricing model. The estimated fair value of the options granted is expensed immediately.

The vesting period on the options granted on February 4, 2019 will be vested three months after grant date and will be vested quarterly.

The vesting ~~periods~~period on the options granted on ~~December~~May 2013, ~~2018~~2019 ~~are~~will asbe ~~follows,~~vested ~~25% vest on November 20, 2018, the remaining vest quarterly over 9 months, commencing~~ three months after grant date. Inand ~~2017,~~will ~~1,995,000~~be ~~options were~~ vested ~~immediately upon issuance, 185,000 stock options will vest upon achievements of non-market conditions, 1,832,000 stock options were vesting~~ quarterly ~~over 3 years, commencing three months after grant date~~. ~~In 2016, the options vested nine months after grant date.~~

The pricing model assumes the weighted average risk free interest rates of 2.19% (2018 – 1.39%, 2017 – 0.44%) weighted average expected dividend yields of nil (2018 – nil, 2017 – nil), the weighted average expected common stock price volatility (based on historical trading) of 105% (2018 – 97%, 2017 – 78.9%), a forfeiture rate of 0% (2018 – 0%, 2017 – 0%), a weighted average stock price of $0.07 (2018 - $0.20, 2017 - $0.69), a weighted average exercise price of $0.07 (2018 - $0.21, 2017 - $0.69), and a weighted average expected life of 2.85 years (2018 – 3 years, 2017 – 3 years), which were estimated based on past experience with options and option contract specifics.14

LINGO MEDIA CORPORATION

Notes to Condensed Consolidated Interim Financial Statements

~~March~~For 31the period ended June 30, ~~2019~~2018

(Unaudited - See Notice to Reader)

~~(Expressed~~10. inSHARE-BASED ~~Canadian~~PAYMENTS ~~Dollars, unless otherwise stated~~(Cont’d)

The vesting periods on the options granted on December 20, 2018 are as follows, 25% vest on November 20, 2018, the remaining vest quarterly over 9 months, commencing three months after grant date.

The pricing model assumes the weighted average risk free interest rates of 1.62% (2018 – 1.39) weighted average expected dividend yields of Nil (2018 – Nil), the weighted average expected common stock price volatility (based on historical trading) of 111% (2018 – 97%) a forfeiture rate of zero, a weighted average stock price of $0.29, a weighted average exercise price of $0.08, and a weighted average expected life of 3 years (2018 – 3 years), which were estimated based on past experience with options and option contract specifics.

11.

TAX EXPENSE

Tax expense is accrued upon recognition of revenue and is withheld at source on remittances from China.

12.

GOVERNMENT GRANTS

Included as a reduction of selling, general and administrative expenses are government grants of $56119,~~331~~638 (2018 - $60118,~~101~~322), relating to the Company's publishing and software projects. At the end of the period, $55110,000 (~~March 31,~~ 2018 - $77132,556) is included in accounts and grants receivable.

~~The~~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 years exceeds 15% of revenue. During the year, the conditions for the repayment of grants did not arise and no liability was recorded.

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:

ca. 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 implemented a program against these foreign exchange fluctuations.~~15

A 10% strengthening of the US Dollar against the Canadian Dollar would have increased the net equity approximately by $22,430 (2018 - $33,972) due to reduction in the value of net liability balance. A 10% of weakening of the US Dollar against the Canadian Dollar at March 31, 2019 would have had the equal but opposite effect. The significant financial instruments of the Company, their carrying values and the exposure to other denominated monetary assets and liabilities, as of March 31, 2019 are as follows:

	March 31, 2019		March 31, 2018
	USD		USD
Cash		12,984		12,304
Accounts receivable		699,419		673,099
Accounts payable		66,249		45,687

LINGO MEDIA CORPORATION

Notes to Condensed Consolidated Interim Financial Statements

~~March~~For 31the period ended June 30, ~~2019~~2018

(Unaudited - See Notice to Reader)

(Expressed in Canadian Dollars, unless otherwise stated)

13.

FINANCIAL INSTRUMENTS (Cont’d)

da. ~~Liquidity~~Foreign currency risk (Cont’d)

The Company ~~manages~~has ~~its~~been ~~liquidity~~exposed ~~risk by preparing and monitoring forecasts of cash expenditures~~ to ~~ensure~~this ~~that~~fluctuation ~~it will have sufficient liquidity to meet liabilities when due. The Company’s accounts payable~~ and ~~accrued~~has ~~liabilities~~not ~~generally~~implemented ~~have~~a ~~maturities~~program ofagainst ~~less~~these ~~than~~foreign 90exchange ~~days~~fluctuations. ~~At March 31, 2019, the Company had cash of $64,533 accounts and grants receivable of $1,007,443 and prepaid and other receivables of $87,198 to settle current liabilities of $950,910.~~

e.The ~~Credit~~Company operates internationally and is exposed to foreign exchange risk as certain expenditures are denominated in non-Canadian Dollar currencies.

~~Credit risk refers to the risk that one party to a financial instrument will cause a financial loss for the counterparty by failing to discharge an obligation.~~ The Company ishas ~~primarily~~been exposed to ~~credit~~this ~~risk~~fluctuation ~~through accounts receivable. The maximum credit risk exposure is limited to the reported amounts of these financial assets. Credit risk is managed by ongoing review of the amount~~ and ~~aging of accounts receivable balances. As at March 31, 2019, the Company~~ has ~~outstanding~~not ~~receivables~~implemented ~~of $1,007,443 (2018 - $872,722). New impairment requirements use an 'expected credit loss' ('ECL') model to recognize an allowance. Impairment is measured using~~ a ~~12-month~~program ~~ECL~~against ~~method~~these ~~unless~~foreign ~~the~~exchange ~~credit risk on a financial instrument has increased significantly since initial recognition in which case the lifetime ECL method is adopted~~fluctuations. For receivables, a simplified approach to measuring expected credit losses using a lifetime expected loss allowance is available. The Company deposits its cash with high credit quality financial institutions, with the majority deposited within Canadian Tier 1 Banks.

A 10% strengthening of the US Dollar against the Canadian Dollar would have increased the net equity approximately by $59,513 (2018 - $51,037) due to reduction in the value of net liability balance. A 10% of weakening of the US Dollar against the Canadian Dollar at June 30, 2019 would have had the equal but opposite effect. The significant financial instruments of the Company, their carrying values and the exposure to other denominated monetary assets and liabilities, as of June 30, 2019 are as follows:

	US Denominated
	USD
Cash	75,041
Accounts receivable	713,246
Accounts payable	32,442

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 days. At June 30, 2019, the Company had cash of $191,290, accounts and grants receivable of $1,049,433 and prepaid and other receivables of $100,450 to settle current liabilities of $692,828.

Credit risk

Credit risk refers to the risk that one party to a financial instrument will cause a financial loss for the counterparty by failing to discharge an obligation. The Company is primarily exposed to credit risk through accounts receivable. The maximum credit risk exposure is limited to the reported amounts of these financial assets. Credit risk is managed by ongoing review of the amount and aging of accounts receivable balances. As at June 30, 2019, the Company has outstanding receivables of $939,433 (2018 - $941,287). New impairment requirements use an 'expected credit loss' ('ECL') model to recognize an allowance. Impairment is measured using a 12-month ECL method unless the credit risk on a financial instrument has increased significantly since initial recognition in which case the lifetime ECL method is adopted. For receivables, a simplified approach to measuring expected credit losses using a lifetime expected loss allowance is available. The Company deposits its cash with high credit quality financial institutions, with the majority deposited within Canadian Tier 1 Banks.

14.

MAJOR CUSTOMER

The Company had sales to a major customer in the period ended in ~~March~~June 3130, 2019 and ~~March~~June 3130, 2018, a government agency of the People’s Republic of China. The total percentage of sales to this customer during the ~~year~~period was 2896% (2018 – 5691%~~, 2017 – 13%~~) and the total percentage of accounts receivable at ~~March~~June 3130, 2019 was 8693% (2018 – 8984%~~, 2017 – 37%~~).

LINGO MEDIA CORPORATION

Notes to Condensed Consolidated Interim Financial Statements

For the period ended June 30, 2018

(Unaudited - See Notice to Reader)

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 establish quantitative capital criteria for management, but rather relies on the expertise of the Company’s management to sustain future development of the business.

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 change to the Company’s capital management ~~from the approach used~~ in 2019 or 2018.

16. SEGMENTED INFORMATION ~~AND REVENUE~~

The Company operates two distinct reportable business segments as follows:

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.

LINGO MEDIA CORPORATION

Notes to Condensed Consolidated Interim Financial Statements

March 31, 2019

(Unaudited - See Notice to Reader)

(Expressed in Canadian Dollars, unless otherwise stated)

16. SEGMENTED INFORMATION AND REVENUE (Cont’d)

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, 2019	Online English Language Learning			Print-Based English Language Learning			Head Office			Total
June 30, 2019	Online English Language Learning			Print-Based English Language Learning			Head Office			Total
Segmented assets	$	~~166~~117,~~183~~687		$	~~991~~1,~~858~~576,836		$	5041,~~322~~755		$	1,~~208~~736,~~363~~275
Segmented liabilities		~~326~~218,~~088~~457			~~176~~475,~~976~~622			~~447~~337,~~846~~603			~~950~~1,~~910~~031,682
Segmented revenue - online		80,296			-			-			80,296
Segmented revenue		149,182			857,988			-			1,007,169
Segmented revenue – offline		-			-			-			-
Segmented direct costs		30,215			44,206			-			74,422
Segmented revenue - royalty		207			31,461			-			31,668
Segmented selling, general & administrative		78,762			90,778			261,377			430,917
Segmented direct costs		23,005			21,931			-			44,936
Segmented profit / (loss)		(80,930	)		547,423			(261,734	)		204,759
Segmented selling, general & administrative		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, 2018	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		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	)

March 31, 2017	Online English Language Learning		Print-Based English Language Learning			Head Office			Total
Segmented assets	$	5,357,137	$	1,342,105		$	648,669		$	7,347,911
Segmented liabilities		144,785		191,804			562,562			899,151
Segmented revenue		518,787		79,190			-			597,977
Segmented direct costs		16,049		21,881			-			37,930
Segmented selling, general & administrative		100,540		(38,604	)		169,752			231,688
Segmented profit (loss)		107,850		88,959			(170,030	)		26,779

LINGO MEDIA CORPORATION

Notes to Condensed Consolidated Interim Financial Statements

~~March~~For 31the period ended June 30, ~~2019~~2018

(Unaudited - See Notice to Reader)

~~(Expressed~~15. inSEGMENTED ~~Canadian~~INFORMATION ~~Dollars, unless otherwise stated~~(Cont’d)

16. SEGMENTED INFORMATION AND REVENUE (Cont’d)

June 30, 2018	Online English Language Learning			Print-Based English Language Learning		Head Office			Total
Segmented assets	$	175,619		$	1,154,500	$	95,571		$	1,425,690
Segmented liabilities		90,617			126,457		648,040			864,114
Segmented revenue		162,376			878,138		-			1,040,514
Segmented direct costs		51,032			42,174		-			93,206
Segmented selling, general & administrative		153,703			61,864		409,056			624,624
Segmented profit / (loss)		(242,295	)		632,952		(409,502	)		(18,845	)

Other Financial Items	2019			2018			~~2017~~
Online English Language Learning segmented income (loss)	$	(6180,~~589~~930	)	$	(~~326~~242,~~909~~295	)	$	~~107,850~~
Print-Based English Language Learning segmented income (loss)		~~(99~~547,~~383~~423	)		~~(23~~632,~~862~~952	)		~~88,959~~
Head office		(118,694	)		(184,302	)		(170,031	)
Head Office		(261,734	)		(409,502	)
Foreign exchange		(2,867	)		29,341			(13,452	)
Foreign exchange gain / (loss)		(7,324	)		63,956
Interest expense		(4,231	)		(14,952	)		(9,382	)
Interest expense and other financial expense		(24,547	)		(38,924	)
Share-based payment		(2756,~~758~~759	)		(2373,~~408~~071	)		-
Other comprehensive income (loss)		(1426,~~377~~886	)		~~369~~636			~~(218~~	)
Total Comprehensive Income (Loss)	$	~~(328~~89,~~899~~243	)	$	(~~543~~66,~~723~~249	)	$	~~3,727~~

Identifiable Non-Current Assets by Geographic Region

	2019		2018		2017
Canada	$	48,585	$	28,415	$	7,347,454
China		604		647		457
	$	49,189	$	29,062	$	7,347,911

Revenue by Geographic Region

2019

2018

~~2017~~

Latin America

6687,~~118~~370

17112,~~759~~458

~~482,775~~

China

34894,~~162~~643

54898,~~495~~155

~~103,296~~

Other

1125,~~684~~156

829,~~101~~901

~~11,906~~

~~111~~1,~~964~~007,169

801,~~355~~040,514

~~597,977~~

~~17.~~Identifiable ~~SUPPLEMENTAL~~Assets ~~CASH~~by ~~FLOW~~Geographic ~~INFORMATION~~Region

	2019		2018		~~2017~~
Income taxes and other taxes paid	$	7,560	$	7,257	$	5,919
Canada	$	1,735,499	$	1,422,058
Interest paid	$	2,955	$	893	$	9,382
China		779		3,632
	$	1,736,278	$	1,425,690

1816. ~~RELATED~~SUPPLEMENTAL ~~PARTY~~CASH ~~BALANCES~~FLOW ~~AND TRANSACTIONS~~INFORMATION

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.

	2019		2018
Income taxes and other taxes paid	$	97,442	$	143,916
Interest paid	$	24,547	$	38,924

~~(a) The Company charged $33,829 (2018 - $48,800, 2017 - $6,434) to the corporations with director or officer in common for rent, administration, office charges and telecommunications.~~18

LINGO MEDIA CORPORATION

Notes to Condensed Consolidated Interim Financial Statements

~~March~~For 31the period ended June 30, ~~2019~~2018

(Unaudited - See Notice to Reader)

~~(Expressed~~17. inRELATED ~~Canadian~~PARTY ~~Dollars,~~BALANCES ~~unless~~AND ~~otherwise stated)~~TRANSACTIONS

~~18.~~During ~~RELATED~~the ~~PARTY~~period, ~~BALANCES~~the ~~AND~~Company ~~TRANSACTIONS~~had ~~(Cont’d)~~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.

(ba) ~~Key~~For ~~management~~the ~~compensation~~six-month ~~was~~period ~~$78,000~~ended ~~(2018~~June –30, ~~$82~~2019,~~500)~~ ~~and~~the isCompany ~~reflected~~charged as$55,997 ~~consulting~~(2018 ~~fees~~- ~~paid~~$109,717) to the corporations ~~owned~~with ~~by a~~ director ~~and~~or ~~officers~~officer ofin ~~the~~common ~~Company.~~for Atrent, ~~the end of the period~~administration, ~~this~~office ~~amount~~charges ~~is deferred~~ and ~~included in accrued liability~~telecommunications.

(cb) AtKey ~~March~~management ~~31,~~compensation ~~2019,~~for the ~~Company~~six-month ~~had~~period ~~loans~~ended ~~payable~~June ~~due~~30, to2019 ~~two~~was ~~corporations controlled by the officers of the Company in the amount of~~ $~~161~~159,~~612~~000 (2018 -– $~~230~~165,000) ~~bearing~~and ~~interest~~is atreflected ~~12%~~as ~~per~~consulting ~~annum.~~fees ~~Interest~~paid ~~expense~~to ~~related~~corporations toowned ~~these~~by ~~loans~~a isdirector and officers of the Company, of which $1132,~~249~~500 (2018 - $4165,~~622~~000) is unpaid and included in accrued ~~liability~~liabilities.

18(c) As of June 30, 2019, the Company had repaid all loans payable. Interest expense paid related to these loans is $8,254 (2018 - $12,960).

Filing Compare · LINGO MEDIA CORP