Webspy close to paying off Marketboomer buy costs

Webspy close to paying off Marketboomer buy costs

Software and service designer Webspy (ASX:WSY) said it has paid off the majority of the accounting costs accrued as a result of its scrip-based purchase of online trading platform developer Marketboomer, and expects to pay off the remainder during the March quarter.

The company said cash burn increased significantly due to the accounting costs, but it still ended the year with $922,000 in cash.

Marketboomer has net assets of around $1.3 million. Webspy paid 115 million shares upfront for the purcase, and promised an additional 361 million shares if Marketboomer met certain performance targets.

WSY stock is currently trading unchanged at $0.02.

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Tags technologyMergers and acquisitionswebspyMarketboomer

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