PARKD Ltd (ASX:PKD) has received a $470,000 cash refund under the Federal Government’s R&D Tax Incentive Scheme.
The refund relates to the costs of research and development during the 2018 financial year, which qualifies as eligible R&D expenditure under the Federal Government’s scheme.
Funds received will be used to boost the company’s efforts in maximising contract revenue from construction, consulting and design services of its innovative lightweight modular car parking system.
PARKD managing director Peter McUtchen said: “The R&D tax incentive plays a pivotal role in supporting innovation in Australia, particularly for companies like PARKD that are consistently working to improve products.
“This refund add to our cash position as our team continues to make excellent progress with design works for a number of clients, along with focusing on converting a number of enquiries intro contracted works.”
Earlier this week non-executive director Robert Martin continued to demonstrate confidence in the company’s innovative modular parking strategy with the purchase of 38,248 shares on-market.
The latest transaction comes hot on the heels of the director acquiring 25,000 shares on-market last week and follows a recent acquisition by non-executive chairman Bronte Hawson of more than 67,400 shares.