Collaborate Corporation Ltd’s (ASX:CL8) has received an Australian Government R&D tax incentive refund of $192,239 for the 2015 financial year.
The company received the incentive after spending in excess of $400,000 on R&D activities in relation to its peer-to-peer platforms in the 2015.
Collaborate operates a sharing economy businesses based on collaborative consumption.
The company is focused on three core business segments - peer-to-peer car rental, caravan rental and peer-to-peer ‘rent anything’ platform.
Collaborate’s gross revenues are growing, rising 35% to $147,000 in the March 2016 quarter, compared to $109,000 in the March 2015 quarter.
The funds from the R&D tax incentive will be used to grow and develop Collaborate’s peer-to-peer marketplaces and supplement the company’s working capital.
Earlier this month, the company had raised $99,000 from a share placement at $0.02 per share, a 11% premium over Collaborate’s last traded price.
Additionally, a company director has committed a further $200,000 investment on the same terms as the placement.
Collaborate had a cash balance of $204,000 as on 31 March, 2016.
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