RESEARCH AND DEVELOPMENT TAX REBATE RECEIVABLE
|6 Months Ended|
Jun. 30, 2018
|Research And Development Tax Rebate Receivable|
|RESEARCH AND DEVELOPMENT TAX REBATE RECEIVABLE||
NOTE 5: 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 six months ended June 30, 2018, the Company incurred qualified R&D expenses of approximately $616,000, resulting in an increase to the R&D rebate receivable of approximately $268,000 from the year ended December 31, 2017 balance, and a corresponding offset to R&D expenses in the same amount. At June 30, 2018, we had a total R&D rebate receivable of approximately $626,000.