RESEARCH AND DEVELOPMENT TAX REBATE RECEIVABLE
|12 Months Ended|
Dec. 31, 2017
|Research And Development Tax Rebate Receivable|
|RESEARCH AND DEVELOPMENT TAX REBATE RECEIVABLE||
NOTE 6: RESEARCH AND DEVELOPMENT TAX REBATE RECEIVABLE
On May 23, 2017 Atossa formed a wholly-owned subsidiary in Australia called Atossa Genetics AUS Pty Ltd. The purpose of this subsidiary is to perform research and development activities (“R&D”) including our Phase 1 and Phase 2 endoxifen clinical trials. Australia offers an R&D cash rebate of $0.435 per dollar spent on qualified R&D activities incurred in the country. For the period May 23, 2017 to December 31, 2017, the Company incurred qualified R&D expenses of approximately $824,000. For the year ended December 31, 2017, we have recorded an R&D rebate receivable of $358,277 and a corresponding offset to R&D expenses in the same amount.