Note 6 - Research and Development Tax Rebate Receivable

3 Months Ended

Mar. 31, 2020

Notes to Financial Statements

Research and Development Tax Rebate Receivable [Text Block]

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 R&D activities 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

three

months ended

March 

31,

2020

 and

2019,

the Company recorded a rebate receivable of approximately

$133,400

 and

$34,700,

respectively. At

March 

31,

2020

and

December 31, 2019,

we had a total R&D rebate receivable of

$734,340

 and

$739,656,

respectively.