Document and Entity Information - shares

9 Months Ended

Sep. 30, 2016

Nov. 11, 2016

Document And Entity Information

Entity Registrant Name

ATOSSA GENETICS INC

Entity Central Index Key

0001488039

Document Type

10-Q/A

Trading Symbol

ATOS

Document Period End Date

Sep. 30, 2016

Amendment Flag

true

Amendment Description

EXPLANATORY NOTE

This Amendment No. 1 to the Quarterly Report on Form 10-Q (the “Amended Form 10-Q”) of Atossa Genetics Inc. (the “Company”) amends the Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2016, filed with the Securities and Exchange Commission on November 14, 2016 (the “Original Form 10-Q”) to correct an inadvertent error in the weighted average shares outstanding in the financial statements for the three and nine months ended September 30, 2016. The Company incorrectly stated the weighted average number of shares outstanding – basic and diluted for the three months ended September 30, 2016 as 2,799,082, rather than the correct number of 3,024,393, and for the nine months ended September 30, 2016 as 2,240,869 rather than the correct number of 2,665,904. The Company also incorrectly stated the loss per common share from continuing operations - basic and diluted and loss per common share – basic and diluted, for the nine months ended September 30, 2016 as $(1.72) rather than the correct amount of $(1.44). As a result, the following items in the original filing have been amended:

Part I, Item 1. Financial Statements, Condensed Consolidated Statements of Operations (unaudited);

Part I, Item 1. Financial Statements, Condensed Consolidated Statements of Operations (unaudited) Note 10 – Net Loss Per shares; and

Part I, Item 4. Controls and Procedures.

In accordance with applicable generally accepted accounting principles, the Company has calculated and recognized adjustments accordingly. The following table shows the effect of the restatement on the Company’s financial statements for the three and nine months ended September 30, 2016:

	For the Three Months Ended September 30, 2016				For the Nine Months Ended September 30, 2016
	Previously Reported		Restated		Previously Reported			Restated
Weighted average common shares outstanding used to compute income (loss) per share, basic and diluted		2,799,082		3,024,393		2,240,869			2,665,904
Income (loss) per common share from continuing operations, basic and diluted	$	0.07	$	0.07	$	(1.72	)	$	(1.44	)

Except as specifically noted above, this Form 10-Q/A does not modify or update the Original 10-Q or modify or update any related or other disclosures as originally filed, other than as required to reflect the effects of the amendment discussed above. Management has discussed these matters set forth above with the Company’s independent registered public accounting firm. On March 20, 2017, the Company’s Chief Financial Officer concluded that the financial statements and other financial data at and for the three and nine months ended September 30, 2016, as reported in the Original Form 10-Q, should not be relied upon because of the error described above which has been corrected in the Amended Form 10-Q. Additionally, investors, analysts and other persons should not rely upon any press releases, investor presentations or other communications that relate to that information.

Current Fiscal Year End Date

--12-31

Entity a Well-known Seasoned Issuer

No

Entity a Voluntary Filer

No

Entity's Reporting Status Current

Yes

Entity Filer Category

Smaller Reporting Company

Entity Common Stock, Shares Outstanding

3,787,967

Document Fiscal Period Focus

Q3

Document Fiscal Year Focus

2016