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Collaborate Corporation Ltd banks R&D refund

Collaborate Corporation Ltd banks R&D refund

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.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.

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