E-cademy not happy with June quarter sales

In the three months ended June the company's burn rate was $152,000, which it says is within the range forecast in the previous quarterly report.

However while cash management has been in line with forecasts, the company says the sales performance reflects the developing nature of the business, with long sales cycles.

"This is the first quarter that sales commission/profit share income has impacted on the results," the company says.

"This trend will increase over the next year. It is also the first quarter that payment has been received from Europe, where the E-cademy Learning Management System (LMS) was chosen to pilot an English training course for the German steel industry."

E-cademy says it is developing a new business plan that, in the long term, will give it the potential to be a leader in the eLearning market.

Cash at the end of June stood at $32,000 but at the beginning of July the company received $400,000 from Australian company Matrix IP in consideration for shares and options.

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