Note 6 - Research and Development Tax Rebate Receivable

9 Months Ended

Sep. 30, 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 and COVID-

19

clinical trials. Australia offers an R&D cash rebate of

$0.435

per dollar spent on qualified R&D activities incurred in the country. During the

nine

 months ended

September 

30,

2020

 and

2019,

the Company recorded a rebate receivable of approximately

$439,000

 and

$398,000,

respectively, related to qualified R&D activities incurred. At

September 

30,

2020

and

December 31, 2019,

we had a total R&D rebate receivable of

$439,205

 and

$739,656,

respectively.