Atossa Therapeutics (ATOS) 10-Q 12 Aug 16 2016 Q2 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	6 Months Ended
	Jun. 30, 2016	Aug. 12, 2016
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q2
Entity Registrant Name	ATOSSA GENETICS INC
Entity Central Index Key	1,488,039
Current Fiscal Year End Date	--12-31
Entity Filer Category	Smaller Reporting Company
Trading Symbol	ATOS
Entity Common Stock, Shares Outstanding		39,569,510

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)	Jun. 30, 2016	Dec. 31, 2015
Current assets
Cash and cash equivalents	$ 1,190,866	$ 3,715,895
Restricted cash	55,000	275,000
Prepaid expense	209,129	193,293
Other current assets	0	110,663
Total current assets	1,454,995	4,294,851
Furniture and equipment, net	114,235	171,568
Intangible assets, net	1,447,010	1,700,565
Other assets	268,379	76,337
Total assets	3,284,619	6,243,321
Current liabilities
Accounts payable	282,791	814,448
Accrued expenses	75,773	463,676
Payroll liabilities	492,967	1,159,335
Other current liabilities	22,734	64,128
Total current liabilities	874,265	2,501,587
Commitments and contingencies (note 13)
Stockholders’ equity
Preferred stock - $.001 par value; 10,000,000 shares authorized, 0 shares issued and outstanding	0	0
Common stock - $.001 par value; 75,000,000 shares authorized, 39,569,510 and 32,657,257 shares issued and outstanding	39,569	32,657
Additional paid-in capital	57,355,571	54,643,940
Accumulated deficit	(54,984,786)	(50,934,863)
Total stockholders’ equity	2,410,354	3,741,734
Total liabilities and stockholders’ equity	$ 3,284,619	$ 6,243,321

CONDENSED CONSOLIDATED BALANCE3

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Jun. 30, 2016	Dec. 31, 2015
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, authorized	75,000,000	75,000,000
Common stock, shares issued	39,569,510	32,657,257
Common stock, shares outstanding	39,569,510	32,657,257

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Cost of revenue
Net revenue	$ 0	$ 0	$ 0	$ 0
Cost of revenue	0	0	0	0
Gross profit	0	0	0	0
Operating expenses:
Selling	0	343,322	0	689,168
Research and development	168,992	373,474	318,963	939,275
General and administrative	1,553,391	2,453,751	3,730,960	4,807,687
Total operating expenses	1,722,383	3,170,547	4,049,923	6,436,130
Operating loss	(1,722,383)	(3,170,547)	(4,049,923)	(6,436,130)
Other income (expense)	0	48,659	0	40,155
Loss before income taxes	(1,722,383)	(3,121,888)	(4,049,923)	(6,395,975)
Income taxes	0	0	0	0
Loss from continuing operations	(1,722,383)	(3,121,888)	(4,049,923)	(6,395,975)
Loss from discontinued operations	0	(23,438)	0	(84,642)
Net loss	$ (1,722,383)	$ (3,145,326)	$ (4,049,923)	$ (6,480,617)
Loss per common share - basic and diluted	$ (0.05)	$ (0.11)	$ (0.12)	$ (0.25)
Weighted average shares outstanding, basic & diluted	34,550,826	27,686,202	33,058,066	25,805,293

CONDENSED CONSOLIDATED STATEME5

CONDENSED CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY - 6 months ended Jun. 30, 2016 - USD ($)	Total	Common Stock [Member]	Additional Paid-in Capital [Member]	Accumulated Deficit [Member]
Balance at Dec. 31, 2015	$ 3,741,734	$ 32,657	$ 54,643,940	$ (50,934,863)
Balance (in shares) at Dec. 31, 2015		32,657,257
Issuance of common shares and warrants	2,133,973	$ 6,166	2,127,807	0
Issuance of common shares and warrants (in shares)		6,166,207
Issuance of common shares as commitment fees	198,523	$ 746	197,777	0
Issuance of common shares as commitment fees (in Shares)		746,046
Amortization of commitment shares	(6,617)		(6,617)
Compensation cost for stock options granted to executives and employees	392,664	$ 0	392,664	0
Net loss	(4,049,923)	0	0	(4,049,923)
Balance at Jun. 30, 2016	$ 2,410,354	$ 39,569	$ 57,355,571	$ (54,984,786)
Balance (in shares) at Jun. 30, 2016		39,569,510

CONDENSED CONSOLIDATED STATEME6

CONDENSED CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY (Parenthetical)	6 Months Ended
	Jun. 30, 2016USD ($)
Payments of Stock Issuance Costs	$ 43,110

CONDENSED CONSOLIDATED STATEME7

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss	$ (4,049,923)	$ (6,480,617)
Net loss from discontinued operations	0	84,642
Bad debt expense	0	562,694
Compensation cost for stock options granted	392,664	353,981
Loss on disposal of intangible asset	163,333	6,533
Depreciation and amortization	152,574	55,298
Changes in operating assets and liabilities:
Accounts receivable	0	(564,374)
Change in restricted cash	220,000	0
Inventory	0	(43,245)
Prepaid expenses	(15,836)	(37,629)
Other assets	110,527	(4,454)
Accounts payable	(531,657)	67,496
Payroll liabilities	(666,368)	(231,270)
Deferred rent	0	8,736
Accrued expenses	(387,903)	(463,044)
Other current liabilities	(41,473)	(23,516)
Net cash used in continuing operating activities	(4,654,062)	(6,708,769)
Net cash used in discontinued operating activities	0	189,453
Net cash used in operating activities	(4,654,062)	(6,519,316)
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of furniture and equipment	(4,941)	58,267
Purchase of intangible assets	0	(15,553)
Net cash used in continuing investing activities	(4,941)	42,714
Net cash used in discontinued investing activities	0	(124,379)
Net cash used in investing activities	(4,941)	(81,665)
CASH FLOWS FROM FINANCING ACTIVITIES
Net proceeds from issuance of common stock and warrants	2,133,974	9,503,198
Net cash provided by financing activities	2,133,974	9,503,198
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS	(2,525,029)	2,902,217
CASH AND CASH EQUIVALENTS, BEGINNING BALANCE	3,715,895	8,500,718
CASH AND CASH EQUIVALENTS, ENDING BALANCE	1,190,866	11,402,935
SUPPLEMENTAL DISCLOSURES:
Interest paid	383	3,311
NONCASH INVESTING AND FINANCING ACTIVITIES:
Common stock issued as commitment fee under stock purchase agreement	198,523	0
Amortization of commitment shares	$ 6,617	$ 392,711

NATURE OF OPERATIONS

NATURE OF OPERATIONS	6 Months Ended
	Jun. 30, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of Operations [Text Block]	NOTE 1: NATURE OF OPERATIONS Atossa Genetics Inc. (the “Company”) was incorporated on April 30, 2009 in the State of Delaware. The Company was formed to develop and market medical devices, laboratory tests and therapeutics to address breast health conditions. The Company’s fiscal year ends on December 31. In December 2011, the Company established the National Reference Laboratory for Breast Health, Inc., or NRLBH, as a wholly-owned subsidiary. NRLBH was the Company’s CLIA-certified laboratory which performed the Company’s nipple aspirate fluid, or NAF, cytology test on NAF specimens including those collected with the Company’s Mammary Aspiration Specimen Cytology Test (MASCT) System. The current version of the MASCT System is called the ForeCYTE Breast Aspirator. The NRLBH provides other test services, including pharmacogenomics tests. On December 16, 2015, the Company sold approximately 81 19 50,000 6 10,000,000 4,000,000 As a result of the sale of the laboratory business, the Company is now focusing on development of its pharmaceutical programs.

GOING CONCERN

GOING CONCERN	6 Months Ended
	Jun. 30, 2016
Substantial Doubt About Going Concern [Abstract]
Going Concern Disclosure [Text Block]	NOTE 2: GOING CONCERN The Company’s consolidated financial statements are prepared using generally accepted accounting principles in the United States of America applicable to a going concern, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. The Company has incurred net losses and negative operating cash flows since inception. For the six months ended June 30, 2016, the Company recorded a net loss of approximately $ 4.0 4.7 1.2 0.9 Management’s plan to continue as a going concern is as follows. In order to continue as a going concern, the Company will need, among other things, additional capital resources. Management’s plans to obtain such resources for the Company include obtaining capital from the sale of its equity securities during 2016 and short-term borrowings from banks, stockholders or other related party(ies), if needed. However, management cannot provide any assurance that the Company will be successful in accomplishing any of its plans. The ability of the Company to continue as a going concern is dependent upon its ability to successfully accomplish the plans described in the preceding paragraph and eventually to secure other sources of financing and attain profitable operations.

SUMMARY OF ACCOUNTING POLICIES

SUMMARY OF ACCOUNTING POLICIES	6 Months Ended
	Jun. 30, 2016
Accounting Policies [Abstract]
Significant Accounting Policies [Text Block]	NOTE 3: SUMMARY OF ACCOUNTING POLICIES The accompanying consolidated financial statements have been prepared pursuant to the rules of the Securities and Exchange Commission (“SEC”) and in accordance with U.S. generally accepted accounting principles (“GAAP”). The accompanying consolidated financial statements include the financial statements of Atossa Genetics Inc. and its formerly wholly-owned subsidiary, NRLBH. The Company sold a majority of its interest in the NRLBH in December 2015 and all of its activities are reported as discontinued operations in the accompanying consolidated financial statements. All significant intercompany account balances and transactions have been eliminated in consolidation. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of expenses during the reporting period. Actual results could differ from those estimates. In May 2014, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers: Topic 606 In August 2014, FASB issued ASU 2014-15, Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern. In February 2016, FASB issued ASU No. 2016-02, Lease Accounting Topic 842. In April 2016, the FASB issued ASU No. 2016-09, Stock Compensation Topic 718: Improvements to Employee Share-based Payment Accounting.

PREPAID EXPENSES

PREPAID EXPENSES	6 Months Ended
	Jun. 30, 2016
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Prepaid Expenses [Text Block]	NOTE 4: PREPAID EXPENSES June 30, December 31, Prepaid insurance 169,911 104,954 Retainer and security deposits 39,218 39,218 Other - 49,121 Total prepaid expenses $ 209,129 $ 193,293

FURNITURE AND EQUIPMENT

FURNITURE AND EQUIPMENT	6 Months Ended
	Jun. 30, 2016
Property, Plant and Equipment [Abstract]
Property, Plant and Equipment Disclosure [Text Block]	NOTE 5: FURNITURE AND EQUIPMENT June 30, December 31, Machinery and equipment $ 205,988 $ 206,337 Leasehold improvements 84,539 79,518 Total furniture and equipment 290,527 285,855 Less: Accumulated depreciation (176,292) (114,287) Total furniture and equipment, net $ 114,235 $ 171,568 Depreciation expense for the three months ended June 30, 2016 and 2015 was $ 32,734 13,278 62,353 63,438

INTANGIBLE ASSETS

INTANGIBLE ASSETS	6 Months Ended
	Jun. 30, 2016
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Intangible Assets Disclosure [Text Block]	NOTE 6: INTANGIBLE ASSET June 30, December 31, 2016 2015 Patents $ 1,630,000 $ 1,630,000 Capitalized license costs - 200,000 Software 113,540 113,540 Intangible assets 1,743,540 1,943,540 Less: Accumulated amortization (296,530) (242,975) Total intangible assets, net $ 1,447,010 $ 1,700,565 Intangible assets amounted to $ 1,743,540 1,943,540 3 7,857 11,018 15,713 22,829 Patents amounted to $ 1,630,000 7 12 37,254 74,508 Capitalized license costs consist of fees paid to A5 Genetics KFT, Corporation, pursuant to which the Company received the world-wide (other than the European Union) exclusive license to use the software in the NextCYTE test. As the Company shifted its focus to developing pharmaceutical products and discontinued NextCYTE test development, the A5 agreement was terminated in February 2016 and the entire net assets of $ 163,333 36,666 For the Year Ending December 31, Amounts 2016 (includes the remainder of the year) $ 87,600 2017 169,576 2018 149,623 2019 149,015 2020 149,015 Thereafter 742,181 $ 1,447,010

PAYROLL LIABILITIES_

PAYROLL LIABILITIES:	6 Months Ended
	Jun. 30, 2016
Payables and Accruals [Abstract]
Accounts Payable and Accrued Liabilities Disclosure [Text Block]	NOTE 7: PAYROLL LIABILITIES: June 30, December 31, Accrued bonus payable $ 305,464 $ 555,345 Accrued payroll liabilities 100,469 510,179 Accrued payroll tax liabilities 87,034 93,811 Total payroll liabilities $ 492,967 $ 1,159,335

DISCONTINUED OPERATIONS

DISCONTINUED OPERATIONS	6 Months Ended
	Jun. 30, 2016
Discontinued Operations and Disposal Groups [Abstract]
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block]	NOTE 8: DISCONTINUED OPERATIONS On December 16, 2015, the Company entered into a Stock Purchase Agreement (the “Purchase Agreement”) with the NRLBH and NRL Investment Group, LLC (the “NRL Group”) pursuant to which the Company sold to the NRL Group all of its shares of common stock in the NRLBH as of that date. Under the terms of the Purchase Agreement, the Company retained its ownership of the Preferred Stock of the NRLBH, which constitutes approximately 19 4,000,000 10,000,000 6 Three Months Six Months Revenue $ 2,694,183 $ 4,565,320 Cost of revenue (1,847,646) (3,053,957) Gross profit 846,537 1,511,363 Expenses: Selling expenses 388,739 589,747 Research and development expenses 136,984 368,408 General and administrative expenses 344,212 588,296 Other expenses, net 40 49,554 Net loss from discontinued operations $ (23,438) $ (84,642)

STOCKHOLDERS' EQUITY

STOCKHOLDERS' EQUITY	6 Months Ended
	Jun. 30, 2016
Stockholders' Equity Note [Abstract]
Stockholders' Equity Note Disclosure [Text Block]	NOTE 9: STOCKHOLDERS’ EQUITY The Company is authorized to issue a total of 85,000,000 75,000,000 0.001 10,000,000 0.001 750,000 0.001 On May 19, 2014, the Company adopted a stockholder rights agreement which provides that all stockholders of record on May 26, 2014 received a non-taxable distribution of one preferred stock purchase right for each share of the Company’s common stock held by such stockholder. Each right is attached to and trades with the associated share of common stock. The rights will become exercisable only if one of the following occurs: (1) a person becomes an “Acquiring Person” by acquiring beneficial ownership of 15% or more of the Company’s common stock (or, in the case of a person who beneficially owned 15 2.0 15.00 30.00 2015 and 2016 Issuances of Additional Shares to Aspire Capital During the first quarter of 2015, we sold a total of 2,653,199 4,292,349 On May 26, 2015, we entered into a new common stock purchase agreement with Aspire Capital , which provided that, upon the terms and subject to the conditions and limitations set forth therein, Aspire Capital was committed to purchase up to an aggregate of $ 25.0 On November 11, 2015, we terminated the May 26, 2015 agreement with Aspire Capital and entered into a new common stock purchase agreement. Concurrently with entering into the Purchase Agreement, we also entered into a registration rights agreement with Aspire Capital in which we agreed to register 6,086,207 During the first quarter of 2016, we sold a total of 6,086,207 2,153,583 On May 25, 2016, we terminated the November 11, 2015 stock purchase agreement with Aspire Capital and entered into a new common stock purchase agreement with Aspire Capital which provided that, upon the terms and subject to the conditions and limitations set forth therein, Aspire Capital is committed to purchase up to an aggregate of $ 10.0 2015 Offering of Common Stock and Pre-Funded Warrants In June 2015, the Company entered into a Placement Agent Agreement with Roth Capital Partners, LLC. and Dawson James Securities, Inc. (the “2015 Placement Agents”), pursuant to which the Company issued and sold an aggregate of 1,454,003 1.15 3,610,997 1.14 5.2 577,790 0.01 Outstanding Warrants 6,033,426 Outstanding Exercise Price Expiration Date 2011 private placement 4,252,050 $1.25 - 1.60 May 18, 2018 Acueity warrants 325,000 5.00 September 30, 2017 2014 public offering 1,166,849 3.00 January 29, 2019 Placement agent fees for Company’s offerings 242,027 2.12 – 12.43 March - November, 2018 Outside consulting 47,500 $ 4.24 January 14, 2018 6,033,426

NET LOSS PER SHARE

NET LOSS PER SHARE	6 Months Ended
	Jun. 30, 2016
Earnings Per Share [Abstract]
Earnings Per Share [Text Block]	NOTE 10: NET LOSS PER SHARE The Company accounts for and discloses net loss per common share in accordance with FASB ASC Topic 260, Earnings Per Share Three Months Ended Six Months Ended 2016 2015 2016 2015 Options to purchase common stock 5,911,359 4,312,409 5,911,359 4,312,409 Warrants to purchase common stock 6,033,426 9,644,423 6,033,426 9,644,423 Total 11,944,785 13,956,832 11,944,785 13,956,832

INCOME TAXES

INCOME TAXES	6 Months Ended
	Jun. 30, 2016
Income Tax Disclosure [Abstract]
Income Tax Disclosure [Text Block]	NOTE 11: INCOME TAXES Deferred income tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial reporting and tax bases of assets and liabilities and are measured using enacted tax rates in effect for the year in which those temporary differences are expected to be recovered or settled. A valuation allowance is provided for the amount of deferred tax assets that, based on available evidence, are not expected to be realized. As a result of the Company’s cumulative losses, management has concluded that a full valuation allowance against the Company’s net deferred tax assets is appropriate. No income tax liabilities existed as of June 30, 2016 and December 31, 2015 due to the Company’s continuing operating losses.

CONCENTRATION OF CREDIT RISK

CONCENTRATION OF CREDIT RISK	6 Months Ended
	Jun. 30, 2016
Risks and Uncertainties [Abstract]
Concentration Risk Disclosure [Text Block]	NOTE 12: CONCENTRATION OF CREDIT RISK Financial instruments that potentially subject the Company to concentration of credit risk consist principally of cash deposits. Accounts at each institution are insured by the Federal Deposit Insurance Corporation (“FDIC”) up to $ 250,000 3,465,895

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	6 Months Ended
	Jun. 30, 2016
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies Disclosure [Text Block]	NOTE 13: COMMITMENTS AND CONTINGENCIES Lease Commitments Operating Leases Year Ending December 31, Amount 2016 (remainder of year) $ 111,667 2017 3,750 Total minimum lease payments $ 115,417 The total rent expense for the three months ended June 30, 2016 and 2015 was $ 78,600 149,174 Purchase Commitments Effective May 19, 2016 the Company entered into a services agreement with KriSan Biotech Co. Ltd., a corporation organized under the laws of Taiwan, Republic of China (“KSB”). The agreement directs KSB to research and develop for the Company processes for manufacturing endoxifen and to produce an initial supply of endoxifen so that release and stability studies may be conducted. The Company has agreed to pay $ 136,000 Litigation and Contingencies On October 10, 2013, a putative securities class action complaint, captioned Cook v. Atossa Genetics, Inc. On February 14, 2014, the Court appointed plaintiffs Miko Levi, Bandar Almosa and Gregory Harrison (collectively, the “Levi Group”) as lead plaintiffs, and approved their selection of co-lead counsel and liaison counsel. The Court also amended the caption of the case to read In re Atossa Genetics, Inc. Securities Litigation. No. 2:13-cv-01836-RSM. An amended complaint was filed on April 15, 2014. The Company and other defendants filed motions to dismiss the amended complaint on May 30, 2014. The plaintiffs filed briefs in opposition to these motions on July 11, 2014. The Company replied to the opposition brief on August 11, 2014. On October 6, 2014 the Court granted defendants’ motion dismissing all claims against Atossa and all other defendants. The Court’s order provided plaintiffs with a deadline of October 26, 2014 to file a motion for leave to amend their complaint and the plaintiffs did not file such a motion by that date. On October 30, 2014, the Court entered a final order of dismissal. On November 3, 2014, plaintiffs filed a notice of appeal with the Court and have appealed the Court’s dismissal order to the U.S. Court of Appeals for the Ninth Circuit. On February 11, 2015, plaintiffs filed their opening appellate brief. Defendants’ filed their answering brief on April 13, 2015, and plaintiffs filed their reply brief on May 18, 2015. A hearing for the appeal has not been set. The Company believes this lawsuit is without merit and plans to defend itself vigorously; however, failure by the Company to obtain a favorable resolution of the claims set forth in the complaint could have a material adverse effect on the Company’s business, results of operations and financial condition. Currently, the amount of such material adverse effect cannot be reasonably estimated, and no provision or liability has been recorded for these claims as of June 30, 2016. The costs associated with defending and resolving the lawsuit and ultimate outcome cannot be predicted. These matters are subject to inherent uncertainties and the actual cost, as well as the distraction from the conduct of the Company’s business, will depend upon many unknown factors and management’s view of these may change in the future. On January 28, 2016, the Company filed a complaint in the United States District Court for the District of Delaware captioned Atossa Genetics Inc. v. Besins Healthcare Luxembourg SARL

STOCK BASED COMPENSATION

STOCK BASED COMPENSATION	6 Months Ended
	Jun. 30, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Disclosure of Compensation Related Costs, Share-based Payments [Text Block]	NOTE 14: STOCK BASED COMPENSATION Stock Options and Incentive Plan On September 28, 2010, the Board of Directors approved the adoption of the 2010 Stock Option and Incentive Plan, or the 2010 Plan, to provide for the grant of equity-based awards to employees, officers, non-employee directors and other key persons providing services to the Company. Awards of incentive options may be granted under the 2010 Plan until September 2020. No other awards may be granted under the 2010 Plan after the date that is 10 years from the date of stockholder approval. An aggregate of 1,000,000 2,000,000 January 1, Number of 2012 450,275 2013 516,774 2014 742,973 2015 983,362 2016 3,306,290 Total additional shares 5,999,674 The Company granted 2,778,671 2,113,315 Compensation costs associated with the Company’s stock options are recognized, based on the grant-date fair values of these options, over the requisite service period, or vesting period. Accordingly, the Company recognized stock based compensation expense of $ 200,187 205,112 392,644 353,981 Number of Weighted- Weighted- Aggregate Outstanding as of January 1, 2016 3,613,944 $ 2.40 $ - Granted 2,778,671 0.26 - Forfeited (481,256) 1.66 - Outstanding as of June 30, 2016 5,911,359 1.45 8.78 $ 47,237 Exercisable as of June 30, 2016 1,885,703 3.07 7.37 $ - Vested and expected to vest (1) 3,007,207 $ 2.55 7.77 $ - (1) At June 30, 2016, there were 4,025,656 4.0 2.32

SUBSEQUENT EVENT

SUBSEQUENT EVENT	6 Months Ended
	Jun. 30, 2016
Subsequent Events [Abstract]
Subsequent Events [Text Block]	NOTE 15: SUBSEQUENT EVENT Atossa and Besins Healthcare Luxembourg SARL (“Besins”) have agreed, pursuant to a Termination Agreement dated August 4, 2016, to terminate their Intellectual Property License Agreement dated May 14, 2015 (the “License Agreement”), dismiss the legal action relating to the License Agreement pending in the United States District Court for the District of Delaware captioned Atossa Genetics Inc. v. Besins Healthcare Luxembourg SARL, Case No. 1:16-cv-00045-UNA (the “Litigation”), and settle all claims and counterclaims asserted in the Litigation. Atossa and Besins have further agreed, pursuant to and as set forth in the Termination Agreement, that Besins will assume, and Atossa shall have no further rights to, all clinical, regulatory, manufacturing, and all other development and commercialization of 4-hydroxy tamoxifen and Afimoxifene Topical Gel (the “AfTG Program”). In consideration for Atossa’s comprehensive relinquishment of all rights granted in the License Agreement, termination of the License Agreement, cessation of all efforts to develop Afimoxifene Gel, delivery of all API manufactured to date, assignment of a Drug Master File, delivery to Besins of the work product Atossa has completed to date, and other consideration, Besins will reimburse Atossa for out-of-pocket expenses incurred by Atossa to pursue the AfTG Program and will make a termination payment in the total amount of $1,762,931.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	6 Months Ended
	Jun. 30, 2016
Related Party Transactions [Abstract]
Related Party Transactions Disclosure [Text Block]	NOTE 16: RELATED PARTY TRANSACTIONS Shu-Chih Chen, Ph.D., a member of the Board of Directors and spouse of Steve C. Quay, Ph.D., M.D., has provided consultancy services to the Company. Those services primarily include providing scientific and technical expertise in Atossa’s negotiations and ongoing arrangements with the manufacturer of endoxifen which is located in Taiwan. The cost of the services provided by Dr. Chen are approximately $15,000 through June 30, 2016 and have been approved by Atossa’s audit committee.

SUMMARY OF ACCOUNTING POLICIES

SUMMARY OF ACCOUNTING POLICIES (Policies)	6 Months Ended
	Jun. 30, 2016
Accounting Policies [Abstract]
Basis of Accounting, Policy [Policy Text Block]	Basis of Presentation: The accompanying consolidated financial statements have been prepared pursuant to the rules of the Securities and Exchange Commission (“SEC”) and in accordance with U.S. generally accepted accounting principles (“GAAP”). The accompanying consolidated financial statements include the financial statements of Atossa Genetics Inc. and its formerly wholly-owned subsidiary, NRLBH. The Company sold a majority of its interest in the NRLBH in December 2015 and all of its activities are reported as discontinued operations in the accompanying consolidated financial statements. All significant intercompany account balances and transactions have been eliminated in consolidation.
Use of Estimates, Policy [Policy Text Block]	Use of Estimates: The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of expenses during the reporting period. Actual results could differ from those estimates.
New Accounting Pronouncements, Policy [Policy Text Block]	In May 2014, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers: Topic 606 In August 2014, FASB issued ASU 2014-15, Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern. In February 2016, FASB issued ASU No. 2016-02, Lease Accounting Topic 842. In April 2016, the FASB issued ASU No. 2016-09, Stock Compensation Topic 718: Improvements to Employee Share-based Payment Accounting.

PREPAID EXPENSES (Tables)

PREPAID EXPENSES (Tables)	6 Months Ended
	Jun. 30, 2016
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Table Text Block]	Prepaid expenses consisted of the following: June 30, December 31, Prepaid insurance 169,911 104,954 Retainer and security deposits 39,218 39,218 Other - 49,121 Total prepaid expenses $ 209,129 $ 193,293

FURNITURE AND EQUIPMENT (Tables

FURNITURE AND EQUIPMENT (Tables)	6 Months Ended
	Jun. 30, 2016
Property, Plant and Equipment [Abstract]
Property, Plant and Equipment [Table Text Block]	Furniture and equipment consisted of the following: June 30, December 31, Machinery and equipment $ 205,988 $ 206,337 Leasehold improvements 84,539 79,518 Total furniture and equipment 290,527 285,855 Less: Accumulated depreciation (176,292) (114,287) Total furniture and equipment, net $ 114,235 $ 171,568

INTANGIBLE ASSETS (Tables)

INTANGIBLE ASSETS (Tables)	6 Months Ended
	Jun. 30, 2016
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Intangible Assets and Goodwill [Table Text Block]	Intangible assets consisted of the following: June 30, December 31, 2016 2015 Patents $ 1,630,000 $ 1,630,000 Capitalized license costs - 200,000 Software 113,540 113,540 Intangible assets 1,743,540 1,943,540 Less: Accumulated amortization (296,530) (242,975) Total intangible assets, net $ 1,447,010 $ 1,700,565
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block]	Future estimated amortization expenses as of June 30, 2016 for the five succeeding years is as follows: For the Year Ending December 31, Amounts 2016 (includes the remainder of the year) $ 87,600 2017 169,576 2018 149,623 2019 149,015 2020 149,015 Thereafter 742,181 $ 1,447,010

PAYROLL LIABILITIES_ (Tables)

PAYROLL LIABILITIES: (Tables)	6 Months Ended
	Jun. 30, 2016
Payables and Accruals [Abstract]
Schedule of Accrued Liabilities [Table Text Block]	Payroll liabilities consisted of the following: June 30, December 31, Accrued bonus payable $ 305,464 $ 555,345 Accrued payroll liabilities 100,469 510,179 Accrued payroll tax liabilities 87,034 93,811 Total payroll liabilities $ 492,967 $ 1,159,335

DISCONTINUED OPERATIONS (Tables

DISCONTINUED OPERATIONS (Tables)	6 Months Ended
	Jun. 30, 2016
Discontinued Operations and Disposal Groups [Abstract]
Disposal of Consolidate Statements of Operations and Comprehensive Loss [Table Text Block]	The results of the NRLBH were segregated from continuing operations and reflected as discontinued operations for the 2015 periods on the Company’s Consolidated Statements of Operations and cash flow for the three and six months ended June 30, 2015. The loss from discontinued operations related to the operations of the NRLBH for the six months ended June 30, 2015 was as follows: Three Months Six Months Revenue $ 2,694,183 $ 4,565,320 Cost of revenue (1,847,646) (3,053,957) Gross profit 846,537 1,511,363 Expenses: Selling expenses 388,739 589,747 Research and development expenses 136,984 368,408 General and administrative expenses 344,212 588,296 Other expenses, net 40 49,554 Net loss from discontinued operations $ (23,438) $ (84,642)

STOCKHOLDERS' EQUITY (Tables)

STOCKHOLDERS' EQUITY (Tables)	6 Months Ended
	Jun. 30, 2016
Stockholders' Equity Note [Abstract]
Schedule of Stockholders' Equity Note, Warrants or Rights [Table Text Block]	As of June 30, 2016, warrants to purchase 6,033,426 Outstanding Exercise Price Expiration Date 2011 private placement 4,252,050 $1.25 - 1.60 May 18, 2018 Acueity warrants 325,000 5.00 September 30, 2017 2014 public offering 1,166,849 3.00 January 29, 2019 Placement agent fees for Company’s offerings 242,027 2.12 – 12.43 March - November, 2018 Outside consulting 47,500 $ 4.24 January 14, 2018 6,033,426

NET LOSS PER SHARE (Tables)

NET LOSS PER SHARE (Tables)	6 Months Ended
	Jun. 30, 2016
Earnings Per Share [Abstract]
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block]	The following table sets forth the number of potential common shares excluded from the calculation of net loss per diluted share for the three-months and six-months ended June 30, 2016 and 2015 because the effect of them would be anti-dilutive since the Company recorded net losses for both periods: Three Months Ended Six Months Ended 2016 2015 2016 2015 Options to purchase common stock 5,911,359 4,312,409 5,911,359 4,312,409 Warrants to purchase common stock 6,033,426 9,644,423 6,033,426 9,644,423 Total 11,944,785 13,956,832 11,944,785 13,956,832

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Tables)	6 Months Ended
	Jun. 30, 2016
Commitments and Contingencies Disclosure [Abstract]
Operating Leases of Lessee Disclosure [Table Text Block]	The future minimum lease payments due subsequent to June 30, 2016 under all non-cancelable operating and capital leases for the next five years are as follows: Operating Leases Year Ending December 31, Amount 2016 (remainder of year) $ 111,667 2017 3,750 Total minimum lease payments $ 115,417

STOCK BASED COMPENSATION (Table

STOCK BASED COMPENSATION (Tables)	6 Months Ended
	Jun. 30, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Disclosure of Share-based Compensation Arrangements by Share-based Payment Award [Table Text Block]	The following table presents the automatic additions to the 2010 Plan since inception pursuant to the “evergreen” terms of the 2010 Plan: January 1, Number of 2012 450,275 2013 516,774 2014 742,973 2015 983,362 2016 3,306,290 Total additional shares 5,999,674
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block]	Options issued and outstanding as of June 30, 2016 and their activities during the six months then ended are as follows: Number of Weighted- Weighted- Aggregate Outstanding as of January 1, 2016 3,613,944 $ 2.40 $ - Granted 2,778,671 0.26 - Forfeited (481,256) 1.66 - Outstanding as of June 30, 2016 5,911,359 1.45 8.78 $ 47,237 Exercisable as of June 30, 2016 1,885,703 3.07 7.37 $ - Vested and expected to vest (1) 3,007,207 $ 2.55 7.77 $ - (1)

NATURE OF OPERATIONS (Details T

NATURE OF OPERATIONS (Details Textual)	1 Months Ended
	Dec. 16, 2015USD ($)
Nature Of Operations [Line Items]
Sale Of Stock Percentage	81.00%
Sale of Stock, Percentage of Ownership after Transaction	19.00%
Sale of Stock, Consideration Received on Transaction	$ 50,000
Monthly earn-out payments percentage of gross revenue	6.00%
Maximum gross revenue for Monthly earn-out payments	$ 10,000,000
Right to sell preferred stock after fours years	$ 4,000,000

GOING CONCERN (Details Textual)

GOING CONCERN (Details Textual) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015	Dec. 31, 2014
Net Income (Loss) Attributable to Parent	$ 1,722,383	$ 3,145,326	$ 4,049,923	$ 6,480,617
Cash and Cash Equivalents, at Carrying Value, Total	1,190,866	$ 11,402,935	1,190,866	11,402,935	$ 3,715,895	$ 8,500,718
Working Capital	$ 900,000		900,000
Net Cash Provided by (Used in) Operating Activities			$ (4,654,062)	$ (6,519,316)

PREPAID EXPENSES (Details)

PREPAID EXPENSES (Details) - USD ($)	Jun. 30, 2016	Dec. 31, 2015
Deferred Costs, Capitalized, Prepaid, and Other Assets [Line Items]
Prepaid insurance	$ 169,911	$ 104,954
Retainer and security deposits	39,218	39,218
Other	0	49,121
Total prepaid expenses	$ 209,129	$ 193,293

FURNITURE AND EQUIPMENT (Detail

FURNITURE AND EQUIPMENT (Details) - USD ($)	Jun. 30, 2016	Dec. 31, 2015
Property, Plant and Equipment [Line Items]
Machinery and equipment	$ 205,988	$ 206,337
Leasehold improvements	84,539	79,518
Total furniture and equipment	290,527	285,855
Less: Accumulated depreciation	(176,292)	(114,287)
Total furniture and equipment, net	$ 114,235	$ 171,568

FURNITURE AND EQUIPMENT (Deta38

FURNITURE AND EQUIPMENT (Details Textual) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Property, Plant and Equipment [Member]
Property, Plant and Equipment [Line Items]
Depreciation Expense	$ 32,734	$ 13,278	$ 62,353	$ 63,438

INTANGIBLE ASSETS (Details)

INTANGIBLE ASSETS (Details) - USD ($)	Jun. 30, 2016	Dec. 31, 2015
Finite-Lived Intangible Assets [Line Items]
Patents	$ 1,630,000	$ 1,630,000
Capitalized license costs	0	200,000
Software	113,540	113,540
Intangible assets	1,743,540	1,943,540
Less: Accumulated amortization	(296,530)	(242,975)
Total intangible assets, net	$ 1,447,010	$ 1,700,565

INTANGIBLE ASSETS (Details 1)

INTANGIBLE ASSETS (Details 1) - USD ($)	Jun. 30, 2016	Dec. 31, 2015
Finite-Lived Intangible Assets [Line Items]
2016 (includes the remainder of the year)	$ 87,600
2,017	169,576
2,018	149,623
2,019	149,015
2,020	149,015
Thereafter	742,181
Total intangible assets, net	$ 1,447,010	$ 1,700,565

INTANGIBLE ASSETS (Details Text

INTANGIBLE ASSETS (Details Textual) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Assets, Gross	$ 1,743,540		$ 1,743,540		$ 1,943,540
Finite-Lived Patents, Gross	1,630,000		1,630,000		$ 1,630,000
NextCYTE Test Development [Member]
Finite-Lived Intangible Assets [Line Items]
Disposal Group, Including Discontinued Operation, Assets, Total	163,333		163,333
Disposal group including discontinued operations, Accumulated Depreciation	36,666		$ 36,666
Minimum [Member] | Other Intangible Assets [Member]
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Asset, Useful Life			7 years
Maximum [Member] | Other Intangible Assets [Member]
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Asset, Useful Life			12 years
Computer Software, Intangible Asset [Member]
Finite-Lived Intangible Assets [Line Items]
Amortization of Intangible Assets	7,857	$ 11,018	$ 15,713	$ 22,829
Finite-Lived Intangible Asset, Useful Life			3 years
Patents [Member]
Finite-Lived Intangible Assets [Line Items]
Amortization of Intangible Assets	$ 37,254	$ 37,254	$ 74,508	$ 74,508

PAYROLL LIABILITIES_ (Details)

PAYROLL LIABILITIES: (Details) - USD ($)	Jun. 30, 2016	Dec. 31, 2015
Payroll Liabilities [Line Items]
Accrued bonus payable	$ 305,464	$ 555,345
Accrued payroll liabilities	100,469	510,179
Accrued payroll tax liabilities	87,034	93,811
Total payroll liabilities	$ 492,967	$ 1,159,335

DISCONTINUED OPERATIONS (Detail

DISCONTINUED OPERATIONS (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Expenses:
Net loss from discontinued operations	$ 0	$ (23,438)	$ 0	$ (84,642)
National Reference Laboratory for Breast Health, Inc [Member]
Revenue		2,694,183		4,565,320
Cost of revenue		(1,847,646)		(3,053,957)
Gross profit		846,537		1,511,363
Expenses:
Selling expenses		388,739		589,747
Research and development expenses		136,984		368,408
General and administrative expenses		344,212		588,296
Other expenses, net		40		49,554
Net loss from discontinued operations		$ (23,438)		$ (84,642)

DISCONTINUED OPERATIONS (Deta44

DISCONTINUED OPERATIONS (Details Textual)	1 Months Ended
	Dec. 16, 2015USD ($)
Sale of Stock, Percentage of Ownership after Transaction	19.00%
Right to sell preferred stock after fours years	$ 4,000,000
Maximum gross revenue for Monthly earn-out payments	$ 10,000,000
National Reference Laboratory for Breast Health, Inc [Member]
Percentage of gross sale	6.00%

STOCKHOLDERS' EQUITY (Details)

STOCKHOLDERS' EQUITY (Details) - $ / shares	6 Months Ended
	Jun. 30, 2016	May 19, 2014
Class of Warrant or Right [Line Items]
Class of Warrant or Right, Outstanding	6,033,426
Class of Warrant or Right, Exercise Price of Warrants or Rights		$ 15
2011 Private Placement [Member]
Class of Warrant or Right [Line Items]
Class of Warrant or Right, Outstanding	4,252,050
Expiration Dates of Class of Warrant or Right Not Date From Which Warrants or Rights Exercisable	May 18, 2018
2011 Private Placement [Member] | Maximum [Member]
Class of Warrant or Right [Line Items]
Class of Warrant or Right, Exercise Price of Warrants or Rights	$ 1.60
2011 Private Placement [Member] | Minimum [Member]
Class of Warrant or Right [Line Items]
Class of Warrant or Right, Exercise Price of Warrants or Rights	$ 1.25
Acuiety Warrants [Member]
Class of Warrant or Right [Line Items]
Class of Warrant or Right, Outstanding	325,000
Class of Warrant or Right, Exercise Price of Warrants or Rights	$ 5
Expiration Dates of Class of Warrant or Right Not Date From Which Warrants or Rights Exercisable	Sep. 30, 2017
2014 Public Offering [Member]
Class of Warrant or Right [Line Items]
Class of Warrant or Right, Outstanding	1,166,849
Class of Warrant or Right, Exercise Price of Warrants or Rights	$ 3
Expiration Dates of Class of Warrant or Right Not Date From Which Warrants or Rights Exercisable	Jan. 29, 2019
Placement Agent Fee [Member]
Class of Warrant or Right [Line Items]
Class of Warrant or Right, Outstanding	242,027
Placement Agent Fee [Member] | Maximum [Member]
Class of Warrant or Right [Line Items]
Class of Warrant or Right, Exercise Price of Warrants or Rights	$ 12.43
Expiration Dates of Class of Warrant or Right Not Date From Which Warrants or Rights Exercisable	Nov. 30, 2018
Placement Agent Fee [Member] | Minimum [Member]
Class of Warrant or Right [Line Items]
Class of Warrant or Right, Exercise Price of Warrants or Rights	$ 2.12
Expiration Dates of Class of Warrant or Right Not Date From Which Warrants or Rights Exercisable	Mar. 31, 2018
Outside consulting firm [Member]
Class of Warrant or Right [Line Items]
Class of Warrant or Right, Outstanding	47,500
Class of Warrant or Right, Exercise Price of Warrants or Rights	$ 4.24
Expiration Dates of Class of Warrant or Right Not Date From Which Warrants or Rights Exercisable	Jan. 14, 2018

STOCKHOLDERS' EQUITY (Details T

STOCKHOLDERS' EQUITY (Details Textual) - USD ($)	1 Months Ended		3 Months Ended		6 Months Ended		12 Months Ended
	May 25, 2016	May 26, 2015	Jun. 30, 2016	Mar. 31, 2015	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015	May 19, 2014
Stockholder's Equity [Line Items]
Total Shares Authorized			85,000,000		85,000,000
Common Stock, Shares Authorized			75,000,000		75,000,000		75,000,000
Common Stock, Par or Stated Value Per Share (in dollars per share)			$ 0.001		$ 0.001		$ 0.001
Preferred Stock, Shares Authorized			10,000,000		10,000,000		10,000,000
Preferred Stock, Par or Stated Value Per Share (in dollars per share)			$ 0.001		$ 0.001		$ 0.001
Class of Warrant or Right, Number of Securities Called by Warrants or Rights			6,033,426		6,033,426
Class of Warrant or Right, Exercise Price of Warrants or Rights								$ 15
Percentage of Common Stock Outstanding								2.00%
Entitled to Receive Worth of Common Stock								$ 30
Proceeds from Issuance of Common Stock					$ 2,133,974	$ 9,503,198
Stock Issued					$ 198,523	0
Series A Preferred Stock [Member]
Stockholder's Equity [Line Items]
Preferred Stock, Shares Authorized			750,000		750,000
Preferred Stock, Par or Stated Value Per Share (in dollars per share)			$ 0.001		$ 0.001
2015 Public Offering [Member]
Stockholder's Equity [Line Items]
Share Price							$ 1.15
Issuance Of Prefunded Warrants							3,610,997
Prefunded Warrants Price							$ 1.14
Net Proceeds From Issuance Of Prefunded Warrants							$ 5,200,000
Prefunded Warrants Exercise Price							$ 0.01
Deferred Offering Costs							$ 577,790
Common Stock [Member] | Stock Purchase Agreement [Member]
Stockholder's Equity [Line Items]
Stock Issued During Period, Shares, Issued for Services					746,046
Stock Issued During Period, Value, Issued for Services					$ 746
Additional Paid-in Capital [Member] | Stock Purchase Agreement [Member]
Stockholder's Equity [Line Items]
Stock Issued During Period, Value, Issued for Services					197,777
Aspire Capital Fund, Llc [Member]
Stockholder's Equity [Line Items]
Stock Issued During Period, Shares, New Issues			6,086,207	2,653,199
Proceeds from Issuance of Common Stock					$ 2,153,583	$ 4,292,349
Shares Agreed to Register in Common stock		6,086,207
Aspire Capital Fund, Llc [Member] | Common Stock [Member]
Stockholder's Equity [Line Items]
Proceeds from Issuance or Sale of Equity	$ 10,000,000	$ 25,000,000
Beneficial Owner [Member]
Stockholder's Equity [Line Items]
Equity Method Investment, Ownership Percentage								15.00%
Roth Capital Partners LLC And Dawson James Securities Inc [Member] | 2015 Placement Agents [Member]
Stockholder's Equity [Line Items]
Shares, Issued							1,454,003

NET LOSS PER SHARE (Details)

NET LOSS PER SHARE (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	11,944,785	13,956,832	11,944,785	13,956,832
Equity Option [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	5,911,359	4,312,409	5,911,359	4,312,409
Warrant [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	6,033,426	9,644,423	6,033,426	9,644,423

CONCENTRATION OF CREDIT RISK (D

CONCENTRATION OF CREDIT RISK (Details Textual) - USD ($)	Jun. 30, 2016	Dec. 31, 2015
Concentration Risk [Line Items]
Cash, FDIC Insured Amount	$ 250,000
Cash, Uninsured Amount	$ 940,866	$ 3,465,895

COMMITMENTS AND CONTINGENCIES49

COMMITMENTS AND CONTINGENCIES (Details)	Jun. 30, 2016USD ($)
Operating Leased Assets [Abstract]
2016 (remainder of year)	$ 111,667
2,017	3,750
Total minimum lease payments	$ 115,417

COMMITMENTS AND CONTINGENCIES50

COMMITMENTS AND CONTINGENCIES (Details Textual) - USD ($)	Aug. 04, 2016	May 19, 2016	Jun. 30, 2016	Jun. 30, 2015
COMMITMENTS AND CONTINGENCIES [Line Items]
Other Research And Development And General And Administration Expenses			$ 78,600	$ 149,174
Subsequent Event [Member]
COMMITMENTS AND CONTINGENCIES [Line Items]
Litigation Settlement, Amount	$ 1,762,931
KriSan Biotech Co. Ltd [Member] | Research and Development Arrangement [Member]
COMMITMENTS AND CONTINGENCIES [Line Items]
Long-term Purchase Commitment, Amount		$ 136,000

STOCK BASED COMPENSATION (Detai

STOCK BASED COMPENSATION (Details)	6 Months Ended
	Jun. 30, 2016shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares Authorized	5,999,674
Plan 2012 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares Authorized	450,275
Plan 2013 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares Authorized	516,774
Plan 2014 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares Authorized	742,973
Plan 2015 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares Authorized	983,362
Plan 2016 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares Authorized	3,306,290

STOCK BASED COMPENSATION (Det52

STOCK BASED COMPENSATION (Details 1) - USD ($)		6 Months Ended
		Jun. 30, 2016
Share Based Compensation Stock Options Activity [Line Items]
Number of Underlying Shares, Outstanding as of January 1, 2016 (in shares)		3,613,944
Number of Underlying Shares, Granted (in shares)		2,778,671
Number of Underlying Shares, Forfeited (in shares)		(481,256)
Number of Underlying Shares, Outstanding as of June 30, 2016 (in shares)		5,911,359
Number of Underlying Shares, Exercisable as of June 30, 2016 (in shares)		1,885,703
Number of Underlying Shares, Vested and expected to vest (in shares)	[1]	3,007,207
Weighted-Average Exercise Price Per Share, Outstanding as of January 1, 2016 (in dollars per share)		$ 2.4
Weighted-Average Exercise Price Per Share, Granted (in dollars per share)		0.26
Weighted-Average Exercise Price Per Share, Forfeited (in dollars per share)		1.66
Weighted-Average Exercise Price Per Share, Outstanding as of June 30, 2016 (in dollars per share)		1.45
Weighted-Average Exercise Price Per Share, Exercisable as of June 30, 2016 (in dollars per share)		3.07
Weighted-Average Exercise Price Per Share, Vested and expected to vest (in dollars per share)	[1]	$ 2.55
Weighted-Average Contractual Life Remaining in Years, Outstanding as of June 30, 2016		8 years 9 months 11 days
Weighted-Average Contractual Life Remaining in Years, Exercisable as of June 30, 2016		7 years 4 months 13 days
Weighted-Average Contractual Life Remaining in Years, Vested and expected to vest	[1]	7 years 9 months 7 days
Aggregate Intrinsic Value, Outstanding as of January 1, 2016		$ 0
Aggregate Intrinsic Value, Granted (in dollars)		0
Aggregate Intrinsic Value, Forfeited (in dollars)		0
Aggregate Intrinsic Value, Outstanding as of June 30, 2016		47,237
Aggregate Intrinsic Value, Exercisable as of June 30, 2016		0
Aggregate Intrinsic Value, Vested and expected to vest	[1]	$ 0
[1]	vested shares and unvested shares after a forfeiture rate is applied

STOCK BASED COMPENSATION (Det53

STOCK BASED COMPENSATION (Details Textual) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015	May 18, 2016	Sep. 28, 2010
Stock-based Compensation [Line Items]
Share-based Compensation	$ 200,187	$ 205,112	$ 392,664	$ 353,981
Share-Based Compensation Arrangement By Share-Based Payment Award, Options, Grants In Period, Gross			2,778,671
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period			2 years 3 months 25 days
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Number of Shares	4,025,656		4,025,656
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized	$ 4,000,000		$ 4,000,000
Stock Option and Incentive Plan 2010 [Member]
Stock-based Compensation [Line Items]
Shares held in Employee Stock Option Plan, Suspense Shares					2,000,000	1,000,000
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant	2,113,315		2,113,315
Employees And Directors [Member]
Stock-based Compensation [Line Items]
Share-Based Compensation Arrangement By Share-Based Payment Award, Options, Grants In Period, Gross	2,778,671		2,778,671

SUBSEQUENT EVENT (Details Textu

SUBSEQUENT EVENT (Details Textual)	Aug. 04, 2016USD ($)
Subsequent Event [Member]
Litigation Settlement, Amount	$ 1,762,931

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details Textual)	6 Months Ended
	Jun. 30, 2016USD ($)
Consultant [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Amounts of Transaction	$ 15,000