Thred boosts cash reserves after receiving tax rebates

2017-12-08 09:18:00
The company's flagship product is social media app called Sweep.
Agent Reality aims to monetise the Sweep app

Thred Ltd (ASX:THD) has received a research and development rebate from the Australian Taxation Office of $1.58 million cash.

The tax rebate further strengthens Threds’ cash position and ensures the company can continue to advance its development and commercialisation activities related to its proprietary Sweep app and Agent Reality platform.

READ: Thred receives positive early data from Sweep app launch

Sweep is a new geo-locked chat and augmented reality (AR) app that is an evolution of the Thred app, which was originally launched in May 2017.

It is a free app that allows users to engage with the world around them in a completely new way.

Whether the user is sitting at a bar, in a university lecture hall or waiting for a train, Sweep’s unique Geochat features allow users to unlock exclusive chats based on their location.

Geochats mean that only people in the same area are able to access that chat.

It could be asking those in a bar for a beer recommendation, requesting a song to the bar staff or being notified when happy hour is ending.