Document_And_Entity_Informatio
Document And Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Mar. 10, 2014 | Jun. 30, 2013 | |
Document and Entity Information [Abstract] | ' | ' | ' |
Entity Registrant Name | 'GeoVax Labs, Inc. | ' | ' |
Document Type | '10-K | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 24,968,037 | ' |
Entity Public Float | ' | ' | $7,811,000 |
Amendment Flag | 'false | ' | ' |
Entity Central Index Key | '0000832489 | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Filer Category | 'Smaller Reporting Company | ' | ' |
Entity Well-known Seasoned Issuer | 'No | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Current assets: | ' | ' |
Cash and cash equivalents | $2,513,861 | $1,035,925 |
Grant funds receivable | 140,909 | 266,248 |
Prepaid expenses and other current assets | 43,569 | 42,301 |
Total current assets | 2,698,339 | 1,344,474 |
Property and equipment, net | 120,227 | 102,486 |
Other assets | 21,010 | 31,010 |
Total assets | 2,839,576 | 1,477,970 |
Current liabilities: | ' | ' |
Accounts payable | 155,943 | 163,788 |
Accrued expenses | 96,406 | 33,877 |
Amounts payable to Emory University (a related party) | 60,000 | 129,370 |
Total current liabilities | 312,349 | 327,035 |
Commitments (Note 6) | ' | ' |
Common stock, $.001 par value: | ' | ' |
Issued and outstanding shares – 23,765,180 and 18,733,277 at December 31, 2013 and 2012, respectively | 23,765 | 18,733 |
Additional paid-in capital | 28,239,392 | 25,587,148 |
Deficit accumulated during the development stage | -27,052,085 | -24,767,142 |
Total stockholders’ equity | 2,527,227 | 1,150,935 |
Total liabilities and stockholders’ equity | 2,839,576 | 1,477,970 |
Series A Convertible Preferred Stock [Member] | ' | ' |
Current liabilities: | ' | ' |
Preferred stock | 60,586 | 312,196 |
Series B Convertible Preferred Stock [Member] | ' | ' |
Current liabilities: | ' | ' |
Preferred stock | $1,255,569 | ' |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parentheticals) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Preferred stock, par or stated value (in Dollars per share) | $0.01 | $0.01 |
Prеfеrrеd stock, sharеs authorizеd | 10,000,000 | 10,000,000 |
Common stock, par value (in Dollars per share) | $0.00 | $0.00 |
Common stock, authorized shares | 75,000,000 | 75,000,000 |
Common stock, issued shares | 23,765,180 | 18,733,277 |
Common stock, outstanding shares | 23,765,180 | 18,733,277 |
Series A Convertible Preferred Stock [Member] | ' | ' |
Preferred stock, par or stated value (in Dollars per share) | $1,000 | $1,000 |
Prеfеrrеd stock, sharеs authorizеd | 2,200 | ' |
Prеfеrrеd stock, sharеs issuеd | 71 | 788 |
Prеfеrrеd stock, sharеs outstanding | 71 | 788 |
Common stock, outstanding shares | 2,048,570 | 1,882,667 |
Series B Convertible Preferred Stock [Member] | ' | ' |
Preferred stock, par or stated value (in Dollars per share) | $1,000 | $1,000 |
Prеfеrrеd stock, sharеs authorizеd | 1,650 | ' |
Prеfеrrеd stock, sharеs issuеd | 1,650 | 0 |
Prеfеrrеd stock, sharеs outstanding | 1,650 | 0 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 12 Months Ended | 150 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | |
Grant revenue | $2,417,550 | $2,657,327 | $4,899,885 | $25,386,569 |
Operating expenses: | ' | ' | ' | ' |
Research and development | 2,914,878 | 3,043,522 | 4,276,375 | 31,589,076 |
General and administrative | 1,792,160 | 1,752,765 | 2,972,555 | 21,192,584 |
4,707,038 | 4,796,287 | 7,248,930 | 52,781,660 | |
Loss from operations | -2,289,488 | -2,138,960 | -2,349,045 | -27,395,091 |
Other income (expense): | ' | ' | ' | ' |
Interest income | 4,545 | 3,820 | 2,219 | 348,675 |
Interest expense | ' | ' | ' | -5,669 |
4,545 | 3,820 | 2,219 | 343,006 | |
Net loss | ($2,284,943) | ($2,135,140) | ($2,346,826) | ($27,052,085) |
Basic and diluted: | ' | ' | ' | ' |
Loss per common share (in Dollars per share) | ($0.11) | ($0.12) | ($0.15) | ($2.21) |
Weighted average shares outstanding (in Shares) | 21,212,327 | 18,315,669 | 15,735,541 | 12,241,449 |
Consolidated_Statements_of_Sto
Consolidated Statements of Stockholders' Equity (Deficiency) (USD $) | Series A Preferred Stock [Member] | Series B Preferred Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Receivables from Stockholder [Member] | Accumulated Deficit during Development Stage [Member] | Total |
Balance at Jun. 26, 2001 | ' | ' | ' | ' | ' | ' | ' |
Capital contribution at inception (June 27, 2001) | ' | ' | ' | $10 | ' | ' | $10 |
Net loss | ' | ' | ' | ' | ' | -170,592 | -170,592 |
Balance at Dec. 31, 2001 | ' | ' | ' | 10 | ' | -170,592 | -170,582 |
Net loss | ' | ' | ' | ' | ' | -618,137 | -618,137 |
Issuance of stock | ' | ' | 2,790 | -2,320 | ' | ' | 470 |
Issuance of stock (in Shares) | ' | ' | 2,789,954 | ' | ' | ' | ' |
Issuance of common stock for technology license | ' | ' | 705 | 148,151 | ' | ' | 148,856 |
Issuance of common stock for technology license (in Shares) | ' | ' | 704,534 | ' | ' | ' | ' |
Balance at Dec. 31, 2002 | ' | ' | 3,495 | 145,841 | ' | -788,729 | -639,393 |
Balance (in Shares) at Dec. 31, 2002 | ' | ' | 3,494,488 | ' | ' | ' | ' |
Net loss | ' | ' | ' | ' | ' | -947,804 | -947,804 |
Issuance of stock | ' | ' | 1,229 | 2,458,380 | ' | ' | 2,459,609 |
Issuance of stock (in Shares) | ' | ' | 1,229,278 | ' | ' | ' | ' |
Balance at Dec. 31, 2003 | ' | ' | 4,724 | 2,604,221 | ' | -1,736,533 | 872,412 |
Balance (in Shares) at Dec. 31, 2003 | ' | ' | 4,723,766 | ' | ' | ' | ' |
Net loss | ' | ' | ' | ' | ' | -2,351,828 | -2,351,828 |
Issuance of stock | ' | ' | 1,483 | 2,988,436 | -2,750,000 | ' | 239,919 |
Issuance of stock (in Shares) | ' | ' | 1,482,605 | ' | ' | ' | ' |
Cash payments received on stock subscription receivable | ' | ' | ' | ' | 750,000 | ' | 750,000 |
Issuance of common stock for technology license | ' | ' | 49 | 99,951 | ' | ' | 100,000 |
Issuance of common stock for technology license (in Shares) | ' | ' | 49,420 | ' | ' | ' | ' |
Balance at Dec. 31, 2004 | ' | ' | 6,256 | 5,692,608 | -2,000,000 | -4,088,361 | -389,497 |
Balance (in Shares) at Dec. 31, 2004 | ' | ' | 6,255,791 | ' | ' | ' | ' |
Net loss | ' | ' | ' | ' | ' | -1,611,086 | -1,611,086 |
Cash payments received on stock subscription receivable | ' | ' | ' | ' | 1,500,000 | ' | 1,500,000 |
Balance at Dec. 31, 2005 | ' | ' | 6,256 | 5,692,608 | -500,000 | -5,699,447 | -500,583 |
Balance (in Shares) at Dec. 31, 2005 | ' | ' | 6,255,791 | ' | ' | ' | ' |
Net loss | ' | ' | ' | ' | ' | -584,166 | -584,166 |
Cash payments received on stock subscription receivable | ' | ' | ' | ' | 500,000 | ' | 500,000 |
Conversion of preferred stock to common stock | ' | ' | 3,551 | 1,071,565 | ' | ' | 1,075,116 |
Conversion of preferred stock to common stock (in Shares) | ' | ' | 3,550,851 | ' | ' | ' | ' |
Common stock issued in connection with merger | ' | ' | 4,360 | 1,708,489 | ' | ' | 1,712,849 |
Common stock issued in connection with merger (in Shares) | ' | ' | 4,359,891 | ' | ' | ' | ' |
Issuance of common stock upon option and warrant exercise | ' | ' | 57 | -57 | ' | ' | ' |
Issuance of common stock upon option and warrant exercise (in Shares) | ' | ' | 56,825 | ' | ' | ' | ' |
Balance at Dec. 31, 2006 | ' | ' | 14,224 | 8,472,605 | ' | -6,283,613 | 2,203,216 |
Balance (in Shares) at Dec. 31, 2006 | ' | ' | 14,223,358 | ' | ' | ' | ' |
Net loss | ' | ' | ' | ' | ' | -4,241,796 | -4,241,796 |
Issuance of stock | ' | ' | 407 | 3,162,543 | ' | ' | 3,162,950 |
Issuance of stock (in Shares) | ' | ' | 406,729 | ' | ' | ' | ' |
Issuance of common stock upon option and warrant exercise | ' | ' | 2 | 4,998 | ' | ' | 5,000 |
Issuance of common stock upon option and warrant exercise (in Shares) | ' | ' | 2,471 | ' | ' | ' | ' |
Stock-based compensation expense | ' | ' | ' | 1,518,496 | ' | ' | 1,518,496 |
Balance at Dec. 31, 2007 | ' | ' | 14,633 | 13,158,642 | ' | -10,525,409 | 2,647,866 |
Balance (in Shares) at Dec. 31, 2007 | ' | ' | 14,632,558 | ' | ' | ' | ' |
Net loss | ' | ' | ' | ' | ' | -3,728,187 | -3,728,187 |
Issuance of stock | ' | ' | 306 | 1,770,785 | ' | ' | 1,771,091 |
Issuance of stock (in Shares) | ' | ' | 306,419 | ' | ' | ' | ' |
Issuance of common stock for services | ' | ' | 10 | 73,990 | ' | ' | 74,000 |
Issuance of common stock for services (in Shares) | ' | ' | 10,000 | ' | ' | ' | ' |
Stock-based compensation expense | ' | ' | ' | 1,945,049 | ' | ' | 1,945,049 |
Balance at Dec. 31, 2008 | ' | ' | 14,949 | 16,948,466 | ' | -14,253,596 | 2,709,819 |
Balance (in Shares) at Dec. 31, 2008 | ' | ' | 14,948,977 | ' | ' | ' | ' |
Net loss | ' | ' | ' | ' | ' | -3,284,252 | -3,284,252 |
Issuance of stock | ' | ' | 216 | 1,519,784 | ' | ' | 1,520,000 |
Issuance of stock (in Shares) | ' | ' | 216,261 | ' | ' | ' | ' |
Issuance of common stock for services | ' | ' | 5 | 31,495 | ' | ' | 31,500 |
Issuance of common stock for services (in Shares) | ' | ' | 4,500 | ' | ' | ' | ' |
Issuance of common stock upon option and warrant exercise | ' | ' | 463 | 1,499,537 | ' | ' | 1,500,000 |
Issuance of common stock upon option and warrant exercise (in Shares) | ' | ' | 462,826 | ' | ' | ' | ' |
Stock-based compensation expense | ' | ' | ' | 1,267,165 | ' | ' | 1,267,165 |
Balance at Dec. 31, 2009 | ' | ' | 15,633 | 21,266,447 | ' | -17,537,848 | 3,744,232 |
Balance (in Shares) at Dec. 31, 2009 | ' | ' | 15,632,564 | ' | ' | ' | ' |
Net loss | ' | ' | ' | ' | ' | -2,747,328 | -2,747,328 |
Issuance of stock | ' | ' | 12 | 89,988 | ' | ' | 90,000 |
Issuance of stock (in Shares) | ' | ' | 12,000 | ' | ' | ' | ' |
Issuance of common stock for services | ' | ' | 10 | 53,803 | ' | ' | 53,813 |
Issuance of common stock for services (in Shares) | ' | ' | 10,500 | ' | ' | ' | ' |
Stock-based compensation expense | ' | ' | ' | 696,719 | ' | ' | 696,719 |
Fractional share cash payout upon reverse split | ' | ' | ' | -1,210 | ' | ' | -1,210 |
Fractional share cash payout upon reverse split (in Shares) | ' | ' | -218 | ' | ' | ' | ' |
Balance at Dec. 31, 2010 | ' | ' | 15,655 | 22,105,747 | ' | -20,285,176 | 1,836,226 |
Balance (in Shares) at Dec. 31, 2010 | ' | ' | 15,654,846 | ' | ' | ' | ' |
Net loss | ' | ' | ' | ' | ' | -2,346,826 | -2,346,826 |
Issuance of stock | ' | ' | 659 | 440,551 | ' | ' | 441,210 |
Issuance of stock (in Shares) | ' | ' | 658,520 | ' | ' | ' | ' |
Issuance of common stock for services | ' | ' | 129 | 149,871 | ' | ' | 150,000 |
Issuance of common stock for services (in Shares) | ' | ' | 129,245 | ' | ' | ' | ' |
Cash payments received on stock subscription receivable | ' | ' | ' | ' | ' | ' | 404,410 |
Stock-based compensation expense | ' | ' | ' | 622,997 | ' | ' | 622,997 |
Balance at Dec. 31, 2011 | ' | ' | 16,443 | 23,319,166 | ' | -22,632,002 | 703,607 |
Balance (in Shares) at Dec. 31, 2011 | ' | ' | 16,442,611 | ' | ' | ' | ' |
Net loss | ' | ' | ' | ' | ' | -2,135,140 | -2,135,140 |
Issuance of stock | ' | ' | 408 | 272,952 | ' | ' | 273,360 |
Issuance of stock (in Shares) | ' | ' | 407,999 | ' | ' | ' | ' |
Sale of convertible preferred stock | 871,614 | ' | ' | 1,127,418 | ' | ' | 1,999,032 |
Sale of convertible preferred stock (in Shares) | 2,200 | ' | ' | ' | ' | ' | ' |
Cash payments received on stock subscription receivable | ' | ' | ' | ' | ' | ' | 310,160 |
Conversion of preferred stock to common stock | -559,418 | ' | 1,882 | 557,536 | ' | ' | ' |
Conversion of preferred stock to common stock (in Shares) | -1,412 | ' | 1,882,667 | ' | ' | ' | ' |
Stock-based compensation expense | ' | ' | ' | 310,076 | ' | ' | 310,076 |
Balance at Dec. 31, 2012 | 312,196 | ' | 18,733 | 25,587,148 | ' | -24,767,142 | 1,150,935 |
Balance (in Shares) at Dec. 31, 2012 | 788 | ' | 18,733,277 | ' | ' | ' | ' |
Net loss | ' | ' | ' | ' | ' | -2,284,943 | -2,284,943 |
Sale of convertible preferred stock | 360,229 | 1,255,569 | ' | ' | ' | ' | 1,615,798 |
Sale of convertible preferred stock (in Shares) | ' | 1,650 | ' | ' | ' | ' | ' |
Issuance of common stock for services | ' | ' | 50 | 20,450 | ' | ' | 20,500 |
Issuance of common stock for services (in Shares) | ' | ' | 50,000 | ' | ' | ' | ' |
Cash payments received on stock subscription receivable | ' | ' | ' | ' | ' | ' | 1,643,333 |
Conversion of preferred stock to common stock | -611,839 | ' | 2,049 | 609,790 | ' | ' | ' |
Conversion of preferred stock to common stock (in Shares) | -717 | ' | 2,048,570 | ' | ' | ' | ' |
Issuance of common stock upon option and warrant exercise | ' | ' | 2,933 | 1,640,400 | ' | ' | 1,643,333 |
Issuance of common stock upon option and warrant exercise (in Shares) | ' | ' | 2,933,333 | ' | ' | ' | ' |
Stock-based compensation expense | ' | ' | ' | 381,604 | ' | ' | 381,604 |
Balance at Dec. 31, 2013 | $60,586 | $1,255,569 | $23,765 | $28,239,392 | ' | ($27,052,085) | $2,527,227 |
Balance (in Shares) at Dec. 31, 2013 | 71 | 1,650 | 23,765,180 | ' | ' | ' | ' |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | 150 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | |
Cash flows from operating activities: | ' | ' | ' | ' |
Net loss | ($2,284,943) | ($2,135,140) | ($2,346,826) | ($27,052,085) |
Adjustments to reconcile net loss to net cash used in operating activities: | ' | ' | ' | ' |
Depreciation and amortization | 78,862 | 93,643 | 109,017 | 738,142 |
Accretion of preferred stock redemption value | ' | ' | ' | 346,673 |
Stock-based compensation expense, including common stock issued for services | 402,104 | 310,076 | 772,997 | 7,160,709 |
Changes in assets and liabilities: | ' | ' | ' | ' |
Grant funds receivable | 125,339 | -82,733 | 290,760 | -140,909 |
Prepaid expenses and other current assets | -1,268 | -12,593 | 19,122 | -43,569 |
Deferred offering costs | ' | ' | 430,402 | ' |
Deposits | ' | ' | 980 | -11,010 |
Accounts payable and accrued expenses | -14,686 | -614,500 | 419,927 | 312,349 |
Total adjustments | 590,351 | -306,107 | 2,043,205 | 8,362,385 |
Net cash used in operating activities | -1,694,592 | -2,441,247 | -303,621 | -18,689,700 |
Cash flows from investing activities: | ' | ' | ' | ' |
Purchase of property and equipment | -86,603 | ' | -11,896 | -625,093 |
Proceeds from sale of property and equipment | ' | ' | ' | 5,580 |
Net cash used in investing activities | -86,603 | ' | -11,896 | -619,513 |
Cash flows from financing activities: | ' | ' | ' | ' |
Proceeds from sale of common stock | 1,643,333 | 310,160 | 404,410 | 17,479,801 |
Proceeds from sale of preferred stock | 1,615,798 | 1,999,032 | ' | 4,343,273 |
Net cash provided in financing activities | 3,259,131 | 2,309,192 | 404,410 | 21,823,074 |
Net increase (decrease) in cash and cash equivalents | 1,477,936 | -132,055 | 88,893 | 2,513,861 |
Cash and cash equivalents at beginning of period | 1,035,925 | 1,167,980 | 1,079,087 | ' |
Cash and cash equivalents at end of period | 2,513,861 | 1,035,925 | 1,167,980 | 2,513,861 |
Supplemental disclosure of cash flow information | ' | ' | ' | ' |
Interest paid | ' | ' | ' | $5,669 |
Supplemental_Disclosure_of_Non
Supplemental Disclosure of Non-cash Investing and Financing Activities | 12 Months Ended |
Dec. 31, 2013 | |
Supplemental Cash Flow Elements [Abstract] | ' |
Cash Flow, Supplemental Disclosures [Text Block] | ' |
Supplemental disclosure of non-cash investing and financing activities: | |
In connection with the Merger discussed in Note 7, all of the then outstanding shares of the Company’s mandatory redeemable convertible preferred stock were converted into shares of common stock as of September 28, 2006. | |
As discussed in Note 8, during the year ended December 31, 2013, an aggregate of 717 shares of Series A Convertible Preferred Stock were converted into 2,048,570 shares of common stock. During the year ended December 31, 2012, an aggregate of 1,412 shares of Series A Convertible Preferred Stock were converted into 1,882,667 shares of common stock. |
Note_1_Description_of_Business
Note 1 - Description of Business | 12 Months Ended |
Dec. 31, 2013 | |
Disclosure Text Block [Abstract] | ' |
Nature of Operations [Text Block] | ' |
1. Description of Business | |
GeoVax Labs, Inc. (“GeoVax” or the “Company”), is a biotechnology company developing vaccines that prevent and fight Human Immunodeficiency Virus (“HIV”) infections. HIV infections result in Acquired Immunodeficiency Syndrome (“AIDS”). We have exclusively licensed from Emory University (“Emory”) vaccine technology which was developed in collaboration with the National Institutes of Health (“NIH”) and the Centers for Disease Control and Prevention (“CDC”). GeoVax is incorporated under the laws of the State of Delaware and our principal offices are located in Smyrna, Georgia (metropolitan Atlanta area). | |
Our most advanced vaccines under development address the clade B subtype of the HIV virus that is most prevalent in the United States and western Europe. Our vaccines are being evaluated to determine their potential to (a) prevent HIV infection and (b) to serve as a therapy for individuals who are already infected with HIV. These vaccines are currently being evaluated in humans -- both in those infected with HIV and those who are not. Our goal is to build a profitable company by generating income from products we develop and commercialize, either alone or with one or more potential strategic partners. | |
We operate in a highly regulated and competitive environment. The manufacturing and marketing of pharmaceutical products require approval from, and are subject to, ongoing oversight by the Food and Drug Administration (FDA) in the United States, by the European Medicines Agency (EMA) in the European Union, and by comparable agencies in other countries. Obtaining approval for a new pharmaceutical product is never certain and may take many years and may involve expenditure of substantial resources. |
Note_2_Summary_of_Significant_
Note 2 - Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2013 | |
Accounting Policies [Abstract] | ' |
Significant Accounting Policies [Text Block] | ' |
2. Summary of Significant Accounting Policies | |
Principles of Consolidation | |
Our primary business is conducted by our wholly-owned subsidiary, GeoVax, Inc. The accompanying consolidated financial statements include the accounts of GeoVax, Inc. from inception together with those of GeoVax Labs, Inc. from September 28, 2006 (see Note 7). All intercompany transactions have been eliminated in consolidation. | |
Development-Stage Enterprise and Basis of Presentation | |
We are devoting all of our present efforts to research and development and GeoVax is a development stage enterprise as defined by Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 915, Development Stage Entities. All losses accumulated since inception (June 27, 2001) have been considered as part of our development stage activities. | |
The accompanying consolidated financial statements have been prepared assuming that we will continue as a going concern, which contemplates realization of assets and the satisfaction of liabilities in the normal course of business for the twelve-month period following the date of these consolidated financial statements. We are devoting substantially all of our present efforts to research and development. We have funded our activities to date from government grants and clinical trial assistance, and from sales of our equity securities. We will continue to require substantial funds to continue these activities. We believe that our existing cash resources, combined with the proceeds from the NIH grants discussed in Note 5, will be sufficient to fund our planned operations into the first quarter of 2015. | |
We expect we will need to raise additional funds and are currently exploring sources of non-dilutive capital through government grant programs and clinical trial support. We also intend to conduct additional offerings of our equity securities or convertible debt instruments. However, additional funding may not be available on favorable terms or at all. If we fail to obtain additional capital when needed, we may be required to delay, scale back, or eliminate some or all of our research and development programs as well as reduce our general and administrative expenses. | |
Use of Estimates | |
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires us 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 revenues and expenses during the reporting period. Actual results may differ from those estimates. | |
Cash and Cash Equivalents | |
We consider all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents. Our cash and cash equivalents consist primarily of bank deposits and money market accounts. The recorded values approximate fair market values due to the short maturities. | |
Fair Value of Financial Instruments and Concentration of Credit Risk | |
Financial instruments that subject us to concentration of credit risk consist primarily of cash and cash equivalents, which are maintained by a high credit quality financial institution. The carrying values reported in the balance sheets for cash and cash equivalents approximate fair values. | |
Property and Equipment | |
Property and equipment are stated at cost, less accumulated depreciation and amortization. Expenditures for maintenance and repairs are charged to operations as incurred, while additions and improvements are capitalized. We calculate depreciation using the straight-line method over the estimated useful lives of the assets which range from three to five years. We amortize leasehold improvements using the straight-line method over the term of the related lease. | |
Impairment of Long-Lived Assets | |
We review long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of the assets to the future net cash flows expected to be generated by such assets. If we consider such assets to be impaired, the impairment to be recognized is measured by the amount by which the carrying amount of the assets exceeds the expected future net cash flows from the assets. | |
Accrued Liabilities | |
As part of the process of preparing our financial statements, we estimate expenses that we believe we have incurred, but have not yet been billed by our third party vendors. This process involves identifying services and activities that have been performed by such vendors on our behalf and estimating the level to which they have been performed and the associated cost incurred for such service as of each balance sheet date. | |
Net Loss Per Share | |
Basic and diluted loss per common share are computed based on the weighted average number of common shares outstanding. Common share equivalents consist of common shares issuable upon conversion of convertible preferred stock, and upon exercise of stock options and stock purchase warrants. All common share equivalents are excluded from the computation of diluted loss per share since the effect would be anti-dilutive. Common share equivalents which could potentially dilute basic earnings per share in the future, and which were excluded from the computation of diluted loss per share, totaled approximately 14.4 million, 13.3 million, and 2.8 million at December 31, 2013, 2012 and 2011, respectively. | |
Revenue Recognition | |
We recognize revenue in accordance with the SEC’s Staff Accounting Bulletin No. 101, Revenue Recognition in Financial Statements, as amended by Staff Accounting Bulletin No. 104, Revenue Recognition, (“SAB 104”). SAB 104 provides guidance in applying GAAP to revenue recognition issues, and specifically addresses revenue recognition for upfront, nonrefundable fees received in connection with research collaboration agreements. During 2013, 2012 and 2011, our revenue consisted of grant funding received from the NIH (see Note 5). Revenue from these arrangements is approximately equal to the costs incurred and is recorded as income as the related costs are incurred. | |
Research and Development Expense | |
Research and development expense primarily consists of costs incurred in the discovery, development, testing and manufacturing of our product candidates. These expenses consist primarily of (i) fees paid to third-party service providers to perform, monitor and accumulate data related to our preclinical studies and clinical trials, (ii) costs related to sponsored research agreements, (iii) the costs to procure and manufacture materials used in clinical trials, (iv) laboratory supplies and facility-related expenses to conduct development, and (v) salaries, benefits, and share-based compensation for personnel. These costs are charged to expense as incurred. | |
Patent Costs | |
Our expenditures relating to obtaining and protecting patents are charged to expense when incurred, and are included in general and administrative expense. | |
Period to Period Comparisons | |
Our operating results are expected to fluctuate for the foreseeable future. Therefore, period-to-period comparisons should not be relied upon as predictive of the results for future periods. Certain prior year amounts have been reclassified to conform to the current year financial statement presentation. | |
Income Taxes | |
We account for income taxes using the liability method. Under this method, deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted rates in effect for the year in which temporary differences are expected to be recovered or settled. Deferred tax assets are reduced by a valuation allowance unless, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will be realized. | |
Stock-Based Compensation | |
We account for stock-based transactions in which the Company receives services from employees, directors or others in exchange for equity instruments based on the fair value of the award at the grant date. Compensation cost for awards of common stock is estimated based on the price of the underlying common stock on the date of issuance. Compensation cost for stock options or warrants is estimated at the grant date based on each instrument’s fair value as calculated by the Black-Scholes option pricing model. We recognize stock-based compensation cost as expense ratably on a straight-line basis over the requisite service period for the award. See Note 10 for additional stock-based compensation information. | |
Recent Accounting Pronouncements | |
There have been no recent accounting pronouncements or changes in accounting pronouncements which we expect to have a material impact on our financial statements, nor do we believe that any recently issued, but not yet effective, accounting standards if currently adopted would have a material effect on our financial statements. |
Note_3_Property_and_Equipment
Note 3 - Property and Equipment | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Property, Plant and Equipment [Abstract] | ' | ||||||||
Property, Plant and Equipment Disclosure [Text Block] | ' | ||||||||
3. Property and Equipment | |||||||||
Property and equipment is composed of the following as of December 31, 2013 and 2012: | |||||||||
2013 | 2012 | ||||||||
Laboratory equipment | $ | 474,602 | $ | 388,000 | |||||
Leasehold improvements | 115,605 | 115,605 | |||||||
Other furniture, fixtures & equipment | 28,685 | 28,685 | |||||||
Total property and equipment | 618,892 | 532,290 | |||||||
Accumulated depreciation and amortization | (498,666 | ) | (429,804 | ) | |||||
Property and equipment, net | $ | 120,227 | $ | 102,486 | |||||
Depreciation and amortization expense was $68,862, $73,720, and $84,131 during the years ended December 31, 2013, 2012 and 2011, respectively. |
Note_4_Other_Assets
Note 4 - Other Assets | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Disclosure Text Block Supplement [Abstract] | ' | ||||||||
Other Assets Disclosure [Text Block] | ' | ||||||||
4. Other Assets | |||||||||
Other assets include the following as of December 31, 2013 and 2012: | |||||||||
2013 | 2012 | ||||||||
Technology licenses | $ | 248,855 | $ | 248,855 | |||||
Deposits | 11,010 | 11,010 | |||||||
Accumulated amortization – technology licenses | (238,855 | ) | (228,855 | ) | |||||
Total other assets | $ | 21,010 | $ | 31,010 | |||||
Amortization expense related to technology licenses was $10,000, $19,923, and $24,886 during the years ended December 31, 2013, 2012 and 2011, respectively. |
Note_5_Government_Grants
Note 5 - Government Grants | 12 Months Ended |
Dec. 31, 2013 | |
Government Grants [Abstract] | ' |
Government Grants [Text Block] | ' |
5. Government Grants | |
In September 2007, the NIH awarded us an Integrated Preclinical/Clinical AIDS Vaccine Development (IPCAVD) grant to support our HIV/AIDS vaccine program. We are utilizing this funding to further our HIV/AIDS vaccine development, optimization and production. The aggregate award (including subsequent amendments) totaled $20.4 million, and there is $700,153 of unrecognized grant funds remaining and available for use as of December 31, 2013. | |
In September 2012, the NIH awarded us a grant of $1.9 million to support development of versions of our HIV/AIDS vaccines to address the clade C subtype of the HIV virus prevalent in the developing world. All funding pursuant to this grant has been utilized as of December 31, 2013. | |
In July 2013, the NIH awarded us a Small Business Innovative Research (SBIR) grant entitled “Enhancing Protective Antibody Responses for a GM-CSF Adjuvanted HIV Vaccine.” The grant award of approximately $277,000 is for the first year of a two year project period beginning August 1, 2013, and there is $122,127 of unrecognized grant funds remaining and available for use as of December 31, 2013. | |
We record revenue associated with these grants as the related costs and expenses are incurred and such revenue is reported as a separate line item in our statements of operations. During 2013, 2012, and 2011, we recorded $2,417,550, $2,657,327, and $4,899,885, respectively, of revenue associated with these grants. |
Note_6_Commitments
Note 6 - Commitments | 12 Months Ended |
Dec. 31, 2013 | |
Disclosure Text Block Supplement [Abstract] | ' |
Commitments Disclosure [Text Block] | ' |
6. Commitments | |
Lease Agreements | |
We lease approximately 8,400 square feet of office and laboratory space located in Smyrna, Georgia (metropolitan Atlanta). Rent expense for the years ended December 31, 2013, 2012 and 2011 was $117,879, $118,801, and $119,255, respectively. Future minimum lease payments pursuant to the 62 month lease total $128,920 in 2014. | |
Other Commitments | |
In the normal course of business, we may enter into various firm purchase commitments related to production and testing of our vaccine material, conduct of clinical trials, and other research-related activities. As of December 31, 2013, we had approximately $77,500 of unrecorded outstanding purchase commitments to our vendors and subcontractors, all of which we expect will be due in 2014. |
Note_7_2006_Merger_and_Recapit
Note 7 - 2006 Merger and Recapitalization | 12 Months Ended |
Dec. 31, 2013 | |
Disclosure Text Block Supplement [Abstract] | ' |
Mergers, Acquisitions and Dispositions Disclosures [Text Block] | ' |
7. 2006 Merger and Recapitalization | |
The Company was originally incorporated in June 1988 under the laws of Illinois as Dauphin Technology, Inc. (“Dauphin”). Dauphin was unsuccessful and its operations were terminated in December 2003. In September 2006, Dauphin completed a merger (the “Merger”) with GeoVax, Inc. which was incorporated under the laws of Georgia in June 2001. As a result of the Merger, the shareholders of GeoVax, Inc. exchanged their shares of common stock for Dauphin common stock and GeoVax, Inc. became a wholly-owned subsidiary of Dauphin. Dauphin then changed its name to GeoVax Labs, Inc. and replaced its officers and directors with those of GeoVax, Inc. Subsequent to the Merger, the Company has not conducted any business other than GeoVax, Inc.’s business of developing human vaccines. The Merger was accounted for under the purchase method of accounting as a reverse acquisition in accordance with GAAP. Under this method of accounting, Dauphin was treated as the acquired company and, accordingly, all financial information prior to the date of Merger presented in the accompanying consolidated financial statements, or in the notes herein, as well as any references to prior operations, are those of GeoVax, Inc. In June 2008, the Company was reincorporated under the laws of Delaware. |
Note_8_Preferred_Stock
Note 8 - Preferred Stock | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Disclosure Text Block Supplement [Abstract] | ' | ||||
Preferred Stock [Text Block] | ' | ||||
8. Preferred Stock | |||||
Series A Convertible Preferred Stock | |||||
The Company has authorized 2,200 shares of Series A Convertible Preferred Stock, $1,000 stated value (“Series A Preferred Shares”). Pursuant to a securities purchase agreement dated March 16, 2012, we sold an aggregate of 2,200 Series A Preferred Shares, as well as accompanying warrants to purchase 8,799,999 shares of common stock, for gross proceeds of $2.2 million. Net proceeds to the Company, after deduction of placement agent fees and other expenses, were approximately $2.0 million. | |||||
The Series A Preferred Shares have a liquidation preference equal to the initial purchase price, have no voting rights, and are not entitled to a dividend. The Series A Preferred Shares may be converted at any time at the option of the holders into shares of our common stock. The initial conversion price was $0.75 and during 2012, 1,412 of the Series A Preferred Shares were converted at this price into an aggregate of 1,882,667 shares of our common stock. Effective December 11, 2013, the designation of the Series A Preferred Shares was amended in connection with the issuance of our Series B Convertible Preferred Stock (see discussion below). The amendment had the effect of reducing the conversion price of the then-outstanding Series A Preferred Shares to $0.35 and during the remainder of 2013, 717 shares of the Series A Preferred Shares were converted at this price into an aggregate of 2,048,570 shares of our common stock. As of December 31, 2013, there were 71 shares of Series A Preferred Shares outstanding, convertible into 202,859 shares of our common stock. All of the remaining Series A Preferred Shares were converted into shares of our common stock during January 2014. | |||||
Accounting Treatment and Allocation of Proceeds. We assessed the Series A Preferred Shares and the related warrants under ASC Topic 480, “Distinguishing Liabilities from Equity” (“ASC 480”), ASC Topic 815, “Derivatives and Hedging” (“ASC 815”), and ASC Topic 470, “Debt” (“ASC 470”). The preferred stock contains an embedded feature allowing an optional conversion by the holder into common stock which meets the definition of a derivative. However, we determined that the preferred stock is an “equity host” (as described by ASC 815) for purposes of assessing the embedded derivative for potential bifurcation and that the optional conversion feature is clearly and closely associated to the preferred stock host; therefore the embedded derivative does not require bifurcation and separate recognition under ASC 815. We determined there to be a beneficial conversion feature (“BCF”) requiring recognition at its intrinsic value. Since the conversion option of the preferred stock was immediately exercisable, the amount allocated to the BCF was immediately accreted to preferred dividends, resulting in an increase in the carrying value of the preferred stock. We also assessed the warrants issued in connection with the financing under ASC 815 and determined that they did not initially meet the definition of a derivative, but will require evaluation on an on-going basis. As of December 31, 2013, we determined that the warrants still did not meet the definition of a derivative. | |||||
The following is a summary of the allocation of net proceeds and reconciliation to the carrying value of the Series A Preferred Shares at December 31, 2013: | |||||
Net proceeds | 1,999,032 | ||||
Fair value of warrants (recorded to Additional Paid-in Capital) | (1,127,418 | ) | |||
Beneficial conversion feature (recorded to Additional Paid-in Capital) | (762,667 | ) | |||
Net proceeds allocated to preferred stock | 108,947 | ||||
Accretion of beneficial conversion feature (deemed dividend) | 762,667 | ||||
Initial carrying value of preferred stock | 871,614 | ||||
Accretion of beneficial conversion feature (deemed dividend) related to issuance of Series B Convertible Preferred Stock | 360,229 | ||||
Conversions to common stock | (1,171,257 | ) | |||
Carrying value at December 31, 2013 | 60,586 | ||||
Series B Convertible Preferred Stock | |||||
The Company has authorized 1,650 shares of Series B Convertible Preferred Stock, $1,000 stated value (“Series B Preferred Shares”). Pursuant to a securities purchase agreement dated December 11, 2013, we sold an aggregate of 1,650 Series B Preferred Shares, for gross proceeds of $1.65 million. Net proceeds to the Company, after deduction of transaction expenses, were approximately $1.6 million. No warrants were issued in connection with the transaction. | |||||
The Series B Preferred Shares have a liquidation preference equal to the initial purchase price, have no voting rights, and are not entitled to a dividend. The Series B Preferred Shares may be converted at any time at the option of the holders into shares of our common stock at a conversion price of $0.35. As of December 31, 2013, there were 1,650 shares of Series B Preferred Shares outstanding, convertible into 4,714,286 shares of our common stock. In January 2014, 350 Series B Preferred Shares were converted into 1,000,000 shares of our common stock. | |||||
In conjunction with the sale of the Series B Preferred Shares, we entered into an agreement with the holders of the Series A Preferred Shares to amend the designation of the Series A Preferred Shares. The amendment had the effect of reducing the conversion price of the then-outstanding 788 Series A Preferred Shares from $0.75 to $0.35. | |||||
Accounting Treatment and Allocation of Proceeds. We assessed the Series B Preferred Shares under ASC Topic 480, “Distinguishing Liabilities from Equity” (“ASC 480”), ASC Topic 815, “Derivatives and Hedging” (“ASC 815”), and ASC Topic 470, “Debt” (“ASC 470”). The preferred stock contains an embedded feature allowing an optional conversion by the holder into common stock which meets the definition of a derivative. However, we determined that the preferred stock is an “equity host” (as described by ASC 815) for purposes of assessing the embedded derivative for potential bifurcation and that the optional conversion feature is clearly and closely associated to the preferred stock host; therefore the embedded derivative does not require bifurcation and separate recognition under ASC 815. We determined there to be a beneficial conversion feature (“BCF”) for both the Series A Preferred Shares and the Series B Preferred Shares requiring recognition at its intrinsic value. Since the conversion option of both series of preferred stock was immediately exercisable, the amount allocated to each BCF was immediately accreted to preferred dividends, resulting in an increase in the carrying value of both the Series A Preferred Shares and the Series B Preferred Shares. | |||||
The following is a summary of the allocation of net proceeds and reconciliation to the carrying value of the Series B Preferred Shares at December 31, 2013: | |||||
Net proceeds | 1,615,798 | ||||
Beneficial conversion feature – Series A Preferred Shares (recorded to Additional Paid-in Capital) | (360,229 | ) | |||
Beneficial conversion feature – Series B Preferred Shares (recorded to Additional Paid-in Capital) | (754,286 | ) | |||
Net proceeds allocated to preferred stock | 501,283 | ||||
Accretion of beneficial conversion feature (deemed dividend) | 754,286 | ||||
Carrying value at December 31, 2013 | 1,255,569 | ||||
Note_9_Common_Stock
Note 9 - Common Stock | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Stockholders' Equity Note [Abstract] | ' | ||||||||
Stockholders' Equity Note Disclosure [Text Block] | ' | ||||||||
9. Common Stock | |||||||||
Increase in Authorized Shares of Common Stock | |||||||||
At our annual meeting of stockholders held on June 10, 2013, our stockholders approved an amendment to our certificate of incorporation to increase our authorized shares of common stock from 40,000,000 shares to 75,000,000 shares. The amendment to our certificate of incorporation was filed with the Delaware Secretary of State on August 1, 2013. | |||||||||
Common Stock Reserved | |||||||||
A summary of common stock reserved for future issuance as of December 31, 2013 is as follows | |||||||||
Stock Purchase Warrants | 8,292,226 | ||||||||
Stock Option Plan | 1,197,529 | ||||||||
Series A Convertible Preferred Stock | 202,857 | ||||||||
Series B Convertible Preferred Stock | 4,714,286 | ||||||||
Total | 14,406,898 | ||||||||
Common Stock Transactions | |||||||||
During December 2011, we sold an aggregate of 658,520 shares of our common stock to a group of individual accredited investors (including members of our board of directors and management --see Note 13) for an aggregate purchase price of $441,210. We also issued to the investors warrants to purchase an aggregate of 987,783 shares of common stock at a price of $1.00 per share, which expire in December 2016. | |||||||||
During January 2012, we sold an aggregate of 407,999 shares of our common stock to a group of individual accredited investors (including members of our board of directors and management --see Note 13) for an aggregate purchase price of $273,360. We also issued to the investors warrants to purchase an aggregate of 612,001 shares of common stock at a price of $1.00 per share, which expire in January 2017. | |||||||||
During the period from April to September 2012, we issued an aggregate of 1,882,667 shares of our common stock related to conversions of our Series A Preferred Shares (see Note 8). | |||||||||
During January and May 2013, we issued an aggregate of 1,766,667 shares and 1,166,666 shares, respectively, of our common stock pursuant to the exercise of certain stock purchase warrants, resulting in total proceeds of $1,060,000 and $583,333, respectively (see “Stock Purchase Warrants” below). | |||||||||
During October 2013, we issued 50,000 shares of our common stock to a consultant in exchange for services and recorded general and administrative expense of $20,500 related to the issuance (see Note 10). | |||||||||
During December 2013, we issued an aggregate of 2,048,570 shares of our common stock related to conversions of our Series A Preferred Shares (see Note 8). | |||||||||
Stock Purchase Warrants | |||||||||
As of December 31, 2013, we have the following stock purchase warrants outstanding: | |||||||||
Expiration Date | Number of Shares | Weighted Average | |||||||
Exercise Price | |||||||||
19-Jan-14 | 7,400 | $ | 1.4 | ||||||
31-Dec-14 | 818,376 | 16.5 | |||||||
31-Dec-16 | 987,783 | 1 | |||||||
16-Jan-17 | 45,000 | 1 | |||||||
31-Jan-17 | 567,001 | 1 | |||||||
21-Mar-17 | 5,866,666 | 0.35 | |||||||
Outstanding at December 31, 2013 | 8,292,226 | $ | 2.07 | ||||||
During 2011, we recorded $152,126 of general and administrative expense associated with the extension of the expiration dates of warrants to purchase 818,376 shares of common stock which were due to expire in 2011 to 2013. | |||||||||
Effective January 17, 2013, we reduced the exercise price of 2,933,333 certain stock purchase warrants from $0.75 to $0.60 per share. In consideration for the reduction of the exercise price, the holders of the warrants immediately exercised 1,766,667 of the warrants for cash, resulting in total proceeds to the Company of $1,060,000. We also extended the expiration date of the 1,166,666 unexercised warrants from March 21, 2013 to May 21, 2013. We recorded general and administrative expense of $218,551 associated with these warrant modifications. Effective May 14, 2013, we reduced the exercise price of the 1,166,666 remaining warrants from $0.60 to $0.50 per share. In consideration for the reduction of the exercise price, the holders of the warrants immediately exercised all of the remaining warrants for cash, resulting in total proceeds to the Company of $583,333. We recorded general and administrative expense of $19,617 associated with this warrant modification. | |||||||||
Upon the consummation of the sale of our Series B Preferred Shares in December 2013, the exercise price of warrants to purchase 5,866,666 shares of our common stock issued in connection with our Series A Preferred Shares was reduced from $1.00 to $0.35 pursuant to the anti-dilution provisions contained in the warrant agreements. As this existing contractual provision was unrelated to the sale of the Series B Preferred Shares and the exercise price adjustment was triggered automatically, with no consideration received by the Company, no accounting recognition was given to the adjustment. |
Note_10_StockBased_Compensatio
Note 10 - Stock-Based Compensation | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | ' | ||||||||||||||||
10. Stock-Based Compensation | |||||||||||||||||
Stock Option Plan | |||||||||||||||||
In 2006, we adopted the GeoVax Labs, Inc. 2006 Equity Incentive Plan (the “Stock Option Plan”) for the granting of qualified incentive stock options (“ISO’s”), nonqualified stock options, restricted stock awards or restricted stock bonuses to employees, officers, directors, consultants and advisors of the Company. The exercise price for any option granted may not be less than fair value (110% of fair value for ISO’s granted to certain employees). Options granted under the Stock Option Plan have a maximum ten-year term and generally vest over three years. The Company has reserved 1,200,000 shares of its common stock for issuance under the Stock Option Plan. | |||||||||||||||||
A summary of activity under the Stock Option Plan as of December 31, 2013, and changes during the year then ended is presented below: | |||||||||||||||||
Number | Weighted- | Weighted- | Aggregate | ||||||||||||||
of Shares | Average | Average | Intrinsic | ||||||||||||||
Exercise | Remaining | Value | |||||||||||||||
Price | Contractual | ||||||||||||||||
Term (yrs) | |||||||||||||||||
Outstanding at December 31, 2012 | 1,069,141 | $ | 4.5 | ||||||||||||||
Granted | 210,000 | 0.52 | |||||||||||||||
Exercised | - | - | |||||||||||||||
Forfeited or expired | (82,097 | ) | 4.68 | ||||||||||||||
Outstanding at December 31, 2013 | 1,197,044 | $ | 3.79 | 6 | $ | 7,700 | |||||||||||
Exercisable at December 31, 2013 | 812,037 | $ | 5.29 | 4.3 | $ | 0 | |||||||||||
Additional information concerning our stock options for the years ended December 31, 2013, 2012 and 2011 is as follows: | |||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||
Weighted average fair value of options granted during the period | $ | 0.43 | $ | 0.59 | $ | 0.79 | |||||||||||
Intrinsic value of options exercised during the period | - | - | - | ||||||||||||||
Total fair value of options vested during the period | 165,490 | 319,920 | 540,339 | ||||||||||||||
We use the Black-Scholes model for determining the grant date fair value of our stock option grants. This model utilizes certain information, such as the interest rate on a risk-free security with a term generally equivalent to the expected life of the option being valued and requires certain other assumptions, such as the expected amount of time an option will be outstanding until it is exercised or expired, to calculate the fair value of stock options granted. The significant assumptions we used in our fair value calculations were as follows: | |||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||
Weighted average risk-free interest rates | 2.3 | % | 1.1 | % | 1.4 | % | |||||||||||
Expected dividend yield | 0 | % | 0 | % | 0 | % | |||||||||||
Expected life of option (years) | 7 | 6.7 | 7 | ||||||||||||||
Expected volatility | 96.6 | % | 105.2 | % | 111.2 | % | |||||||||||
Stock-based compensation expense related to the Stock Option Plan was $143,435, $310,076, and $463,752 during the years ended December 31, 2013, 2012 and 2011, respectively. Stock option expense is allocated to research and development expense or to general and administrative expense based on the nature of the services provided by the related individuals. For the three years ended December 31, 2013, stock option expense was allocated as follows: | |||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||
General and administrative expense | $ | 101,896 | $ | 231,936 | $ | 284,352 | |||||||||||
Research and development expense | 41,539 | 78,140 | 179,400 | ||||||||||||||
Total stock option expense | $ | 143,435 | $ | 310,076 | $ | 463,752 | |||||||||||
As of December 31, 2013, there was $196,648 of unrecognized compensation expense related to stock-based compensation arrangements pursuant to the Stock Option Plan. The unrecognized compensation expense is expected to be recognized over a weighted average remaining period of 2.2 years. | |||||||||||||||||
Other Non-Employee Stock-Based Compensation | |||||||||||||||||
We recorded stock-based compensation expense for non-employees, related to the issuance of our common stock or stock purchase warrants, of $20,500, $-0-, and $7,119 during the years ended December 31, 2013, 2012 and 2011, respectively. All such expense was allocated to general and administrative expense. As of December 31, 2013, there was no unrecognized compensation expense related to these awards. |
Note_11_Retirement_Plan
Note 11 - Retirement Plan | 12 Months Ended |
Dec. 31, 2013 | |
Compensation and Retirement Disclosure [Abstract] | ' |
Pension and Other Postretirement Benefits Disclosure [Text Block] | ' |
11. Retirement Plan | |
We participate in a multi-employer defined contribution retirement plan (the “401k Plan”) administered by a third party service provider; and the Company contributes to the 401k Plan on behalf of its employees based upon a matching formula. During the years ended December 31, 2013, 2012 and 2011 our contributions to the 401k Plan were $43,132, $50,500, and $56,928, respectively. |
Note_12_Income_Taxes
Note 12 - Income Taxes | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||
Income Tax Disclosure [Text Block] | ' | ||||||||||||
12. Income Taxes | |||||||||||||
At December 31, 2013, we have a consolidated federal net operating loss (“NOL”) carryforward of approximately $62.4 million, available to offset against future taxable income which expires in varying amounts in 2014 through 2033. Additionally, we have approximately $799,000 in research and development (“R&D”) tax credits that expire in 2022 through 2033 unless utilized earlier. No income taxes have been paid to date. | |||||||||||||
As a result of the Merger discussed in Note 7, our NOL carryforward increased substantially due to the addition of historical NOL carryforwards for Dauphin Technology, Inc. However, Section 382 of the Internal Revenue Code contains provisions that may limit our utilization of NOL and R&D tax credit carryforwards in any given year as a result of significant changes in ownership interests that have occurred in past periods or may occur in future periods. | |||||||||||||
Deferred income taxes reflect the net effect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of our deferred tax assets and liabilities included the following at December 31, 2013 and 2012: | |||||||||||||
2013 | 2012 | ||||||||||||
Deferred tax assets: | |||||||||||||
Net operating loss carryforward | $ | 21,971,742 | $ | 24,428,215 | |||||||||
Research and development tax credit carryforward | 799,248 | 785,201 | |||||||||||
Stock-based compensation expense | 2,233,909 | 2,097,194 | |||||||||||
Total deferred tax assets | 25,004,899 | 27,310,610 | |||||||||||
Deferred tax liabilities | |||||||||||||
Depreciation | (2,019 | ) | (14,869 | ) | |||||||||
Total deferred tax liabilities | (2,019 | ) | (14,869 | ) | |||||||||
Net deferred tax assets | 25,002,880 | 27,295,741 | |||||||||||
Valuation allowance | (25,002,880 | ) | (27,295,741 | ) | |||||||||
$ | - | $ | - | ||||||||||
We have established a full valuation allowance equal to the amount of our net deferred tax assets due to uncertainties with respect to our ability to generate sufficient taxable income to realize these assets in the future. A reconciliation of the income tax benefit on losses at the U.S. federal statutory rate to the reported income tax expense is as follows: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
U.S. federal statutory rate applied to pretax loss | $ | (776,881 | ) | $ | (725,948 | ) | $ | (797,921 | ) | ||||
Permanent differences | 3,138 | 2,674 | 4,216 | ||||||||||
Research and development credits | 14,047 | 21,236 | 32,675 | ||||||||||
Change in valuation allowance | 759,696 | 702,038 | 761,030 | ||||||||||
Reported income tax expense | $ | - | $ | - | $ | - | |||||||
Note_13_Related_Party_Transact
Note 13 - Related Party Transactions | 12 Months Ended |
Dec. 31, 2013 | |
Related Party Transactions [Abstract] | ' |
Related Party Transactions Disclosure [Text Block] | ' |
13. Related Party Transactions | |
We are obligated to reimburse Emory University (a significant stockholder of the Company) for ongoing costs in connection with the filing, prosecution and maintenance of patent applications subject to a license agreement for technology associated with the vaccines we are developing. The expense associated with these ongoing patent cost reimbursements to Emory amounted to $98,042, $89,885, and $249,907 for the years ended December 31, 2013, 2012, and 2011, respectively. | |
In connection with our IPCAVD grant from the NIH (see Note 5), we entered into subcontracts with Emory for the purpose of conducting research and development activities related to the grant. During 2013, 2012, and 2011, we recorded $252,478, $552,403, and $1,172,758, respectively, of expense associated with these subcontracts. All amounts paid to Emory under these subcontracts are reimbursable to us pursuant to the NIH grant. | |
In March 2008, we entered into a consulting agreement with Donald Hildebrand, a former member of our Board of Directors and our former President & Chief Executive Officer, pursuant to which Mr. Hildebrand has provided business and technical advisory services to the Company. The term of the consulting agreement, as amended, began on April 1, 2008 and ended on December 31, 2012. During 2012 and 2011, we recorded $24,000 and $24,000, respectively, of expense associated with the consulting agreement. | |
In December 2011 and January 2012, members of our management and Board of Directors participated in a private placement offering of our common stock and warrants (see Note 9), whereby they purchased an aggregate of 380,954 shares of our common stock for a total purchase price of $255,239 and received five-year warrants to purchase an additional 571,432 shares of our common stock exercisable at $1.00 per share. |
Note_14_Selected_Quarterly_Fin
Note 14 - Selected Quarterly Financial Data (unaudited) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ||||||||||||||||
Quarterly Financial Information [Text Block] | ' | ||||||||||||||||
14. Selected Quarterly Financial Data (unaudited) | |||||||||||||||||
A summary of selected quarterly financial data for 2013 and 2012 is as follows: | |||||||||||||||||
2013 Quarter Ended | |||||||||||||||||
31-Mar | 30-Jun | 30-Sep | 31-Dec | ||||||||||||||
Revenue from grants | $ | 797,040 | $ | 441,561 | $ | 1,004,211 | $ | 174,738 | |||||||||
Net loss | (696,797 | ) | (526,284 | ) | (190,148 | ) | (871,714 | ) | |||||||||
Net loss per share | (0.03 | ) | (0.02 | ) | (0.01 | ) | (0.04 | ) | |||||||||
2012 Quarter Ended | |||||||||||||||||
31-Mar | 30-Jun | 30-Sep | 31-Dec | ||||||||||||||
Revenue from grants | $ | 854,063 | $ | 705,698 | $ | 638,000 | $ | 459,566 | |||||||||
Net loss | (730,513 | ) | (497,763 | ) | (296,779 | ) | (610,085 | ) | |||||||||
Net loss per share | (0.04 | ) | (0.03 | ) | (0.02 | ) | (0.03 | ) | |||||||||
Note_15_Subsequent_Events
Note 15 - Subsequent Events | 12 Months Ended |
Dec. 31, 2013 | |
Subsequent Events [Abstract] | ' |
Subsequent Events [Text Block] | ' |
15. Subsequent Events | |
In January 2014, we issued an aggregate of 202,857 and 1,000,000 shares of our common stock related to conversions of our Series A Preferred Shares and Series B Preferred Shares, respectively. |
Schedule_II_Valuation_and_Qual
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Valuation and Qualifying Accounts [Abstract] | ' | ||||||||||||||||||||
Schedule of Valuation and Qualifying Accounts Disclosure [Text Block] | ' | ||||||||||||||||||||
SCHEDULE II – VALUATION AND QUALIFYING ACCOUNTS | |||||||||||||||||||||
For the Years Ended December 31, 2013, 2012 and 2011 | |||||||||||||||||||||
Additions | |||||||||||||||||||||
Description | Balance at | Charged to | Charged to | -1 | Balance at | ||||||||||||||||
Beginning | Costs and | Other | Deductions | End | |||||||||||||||||
Of Period | Expenses | Accounts | Of Period | ||||||||||||||||||
Reserve Deducted in the Balance Sheet From the Asset to Which it Applies: | |||||||||||||||||||||
Allowance for Deferred Tax Assets | |||||||||||||||||||||
Year ended December 31, 2013 | $ | 27,295,741 | $ | 862,735 | $ | - | $ | (3,155,596 | ) | $ | 25,002,880 | ||||||||||
Year ended December 31, 2012 | 27,591,230 | 817,472 | - | $ | (1,112,961 | ) | 27,295,741 | ||||||||||||||
Year ended December 31, 2011 | 27,576,253 | 888,561 | - | (873,584 | ) | 27,591,230 | |||||||||||||||
-1 | Deductions represent the effect of expiring NOL carryforwards from prior year. | ||||||||||||||||||||
Accounting_Policies_by_Policy_
Accounting Policies, by Policy (Policies) | 12 Months Ended |
Dec. 31, 2013 | |
Accounting Policies [Abstract] | ' |
Consolidation, Policy [Policy Text Block] | ' |
Principles of Consolidation | |
Our primary business is conducted by our wholly-owned subsidiary, GeoVax, Inc. The accompanying consolidated financial statements include the accounts of GeoVax, Inc. from inception together with those of GeoVax Labs, Inc. from September 28, 2006 (see Note 7). All intercompany transactions have been eliminated in consolidation. | |
Development-Stage Enterprise [Policy Text Block] | ' |
Development-Stage Enterprise and Basis of Presentation | |
We are devoting all of our present efforts to research and development and GeoVax is a development stage enterprise as defined by Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 915, Development Stage Entities. All losses accumulated since inception (June 27, 2001) have been considered as part of our development stage activities. | |
The accompanying consolidated financial statements have been prepared assuming that we will continue as a going concern, which contemplates realization of assets and the satisfaction of liabilities in the normal course of business for the twelve-month period following the date of these consolidated financial statements. We are devoting substantially all of our present efforts to research and development. We have funded our activities to date from government grants and clinical trial assistance, and from sales of our equity securities. We will continue to require substantial funds to continue these activities. We believe that our existing cash resources, combined with the proceeds from the NIH grants discussed in Note 5, will be sufficient to fund our planned operations into the first quarter of 2015. | |
We expect we will need to raise additional funds and are currently exploring sources of non-dilutive capital through government grant programs and clinical trial support. We also intend to conduct additional offerings of our equity securities or convertible debt instruments. However, additional funding may not be available on favorable terms or at all. If we fail to obtain additional capital when needed, we may be required to delay, scale back, or eliminate some or all of our research and development programs as well as reduce our general and administrative expenses. | |
Use of Estimates, Policy [Policy Text Block] | ' |
Use of Estimates | |
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires us 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 revenues and expenses during the reporting period. Actual results may differ from those estimates. | |
Cash and Cash Equivalents, Policy [Policy Text Block] | ' |
Cash and Cash Equivalents | |
We consider all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents. Our cash and cash equivalents consist primarily of bank deposits and money market accounts. The recorded values approximate fair market values due to the short maturities. | |
Fair Value of Financial Instruments, Policy [Policy Text Block] | ' |
Fair Value of Financial Instruments and Concentration of Credit Risk | |
Financial instruments that subject us to concentration of credit risk consist primarily of cash and cash equivalents, which are maintained by a high credit quality financial institution. The carrying values reported in the balance sheets for cash and cash equivalents approximate fair values. | |
Property, Plant and Equipment, Policy [Policy Text Block] | ' |
Property and Equipment | |
Property and equipment are stated at cost, less accumulated depreciation and amortization. Expenditures for maintenance and repairs are charged to operations as incurred, while additions and improvements are capitalized. We calculate depreciation using the straight-line method over the estimated useful lives of the assets which range from three to five years. We amortize leasehold improvements using the straight-line method over the term of the related lease. | |
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | ' |
Impairment of Long-Lived Assets | |
We review long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of the assets to the future net cash flows expected to be generated by such assets. If we consider such assets to be impaired, the impairment to be recognized is measured by the amount by which the carrying amount of the assets exceeds the expected future net cash flows from the assets. | |
Accrued Liabilities [Policy Text Block] | ' |
Accrued Liabilities | |
As part of the process of preparing our financial statements, we estimate expenses that we believe we have incurred, but have not yet been billed by our third party vendors. This process involves identifying services and activities that have been performed by such vendors on our behalf and estimating the level to which they have been performed and the associated cost incurred for such service as of each balance sheet date. | |
Earnings Per Share, Policy [Policy Text Block] | ' |
Net Loss Per Share | |
Basic and diluted loss per common share are computed based on the weighted average number of common shares outstanding. Common share equivalents consist of common shares issuable upon conversion of convertible preferred stock, and upon exercise of stock options and stock purchase warrants. All common share equivalents are excluded from the computation of diluted loss per share since the effect would be anti-dilutive. Common share equivalents which could potentially dilute basic earnings per share in the future, and which were excluded from the computation of diluted loss per share, totaled approximately 14.4 million, 13.3 million, and 2.8 million at December 31, 2013, 2012 and 2011, respectively. | |
Revenue Recognition, Policy [Policy Text Block] | ' |
Revenue Recognition | |
We recognize revenue in accordance with the SEC’s Staff Accounting Bulletin No. 101, Revenue Recognition in Financial Statements, as amended by Staff Accounting Bulletin No. 104, Revenue Recognition, (“SAB 104”). SAB 104 provides guidance in applying GAAP to revenue recognition issues, and specifically addresses revenue recognition for upfront, nonrefundable fees received in connection with research collaboration agreements. During 2013, 2012 and 2011, our revenue consisted of grant funding received from the NIH (see Note 5). Revenue from these arrangements is approximately equal to the costs incurred and is recorded as income as the related costs are incurred. | |
Research and Development Expense, Policy [Policy Text Block] | ' |
Research and Development Expense | |
Research and development expense primarily consists of costs incurred in the discovery, development, testing and manufacturing of our product candidates. These expenses consist primarily of (i) fees paid to third-party service providers to perform, monitor and accumulate data related to our preclinical studies and clinical trials, (ii) costs related to sponsored research agreements, (iii) the costs to procure and manufacture materials used in clinical trials, (iv) laboratory supplies and facility-related expenses to conduct development, and (v) salaries, benefits, and share-based compensation for personnel. These costs are charged to expense as incurred. | |
Intangible Assets, Finite-Lived, Policy [Policy Text Block] | ' |
Patent Costs | |
Our expenditures relating to obtaining and protecting patents are charged to expense when incurred, and are included in general and administrative expense. | |
Reclassification, Policy [Policy Text Block] | ' |
Period to Period Comparisons | |
Our operating results are expected to fluctuate for the foreseeable future. Therefore, period-to-period comparisons should not be relied upon as predictive of the results for future periods. Certain prior year amounts have been reclassified to conform to the current year financial statement presentation. | |
Income Tax, Policy [Policy Text Block] | ' |
Income Taxes | |
We account for income taxes using the liability method. Under this method, deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted rates in effect for the year in which temporary differences are expected to be recovered or settled. Deferred tax assets are reduced by a valuation allowance unless, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will be realized. | |
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | ' |
Stock-Based Compensation | |
We account for stock-based transactions in which the Company receives services from employees, directors or others in exchange for equity instruments based on the fair value of the award at the grant date. Compensation cost for awards of common stock is estimated based on the price of the underlying common stock on the date of issuance. Compensation cost for stock options or warrants is estimated at the grant date based on each instrument’s fair value as calculated by the Black-Scholes option pricing model. We recognize stock-based compensation cost as expense ratably on a straight-line basis over the requisite service period for the award. See Note 10 for additional stock-based compensation information. | |
New Accounting Pronouncements, Policy [Policy Text Block] | ' |
Recent Accounting Pronouncements | |
There have been no recent accounting pronouncements or changes in accounting pronouncements which we expect to have a material impact on our financial statements, nor do we believe that any recently issued, but not yet effective, accounting standards if currently adopted would have a material effect on our financial statements. |
Note_3_Property_and_Equipment_
Note 3 - Property and Equipment (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Property, Plant and Equipment [Abstract] | ' | ||||||||
Property, Plant and Equipment [Table Text Block] | ' | ||||||||
2013 | 2012 | ||||||||
Laboratory equipment | $ | 474,602 | $ | 388,000 | |||||
Leasehold improvements | 115,605 | 115,605 | |||||||
Other furniture, fixtures & equipment | 28,685 | 28,685 | |||||||
Total property and equipment | 618,892 | 532,290 | |||||||
Accumulated depreciation and amortization | (498,666 | ) | (429,804 | ) | |||||
Property and equipment, net | $ | 120,227 | $ | 102,486 |
Note_4_Other_Assets_Tables
Note 4 - Other Assets (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Disclosure Text Block Supplement [Abstract] | ' | ||||||||
Schedule of Other Assets [Table Text Block] | ' | ||||||||
2013 | 2012 | ||||||||
Technology licenses | $ | 248,855 | $ | 248,855 | |||||
Deposits | 11,010 | 11,010 | |||||||
Accumulated amortization – technology licenses | (238,855 | ) | (228,855 | ) | |||||
Total other assets | $ | 21,010 | $ | 31,010 |
Note_8_Preferred_Stock_Tables
Note 8 - Preferred Stock (Tables) | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Disclosure Text Block Supplement [Abstract] | ' | ||||
Allocation of Net Proceeds from Preferred Stock Financing [Table Text Block] | ' | ||||
Net proceeds | 1,999,032 | ||||
Fair value of warrants (recorded to Additional Paid-in Capital) | (1,127,418 | ) | |||
Beneficial conversion feature (recorded to Additional Paid-in Capital) | (762,667 | ) | |||
Net proceeds allocated to preferred stock | 108,947 | ||||
Accretion of beneficial conversion feature (deemed dividend) | 762,667 | ||||
Initial carrying value of preferred stock | 871,614 | ||||
Accretion of beneficial conversion feature (deemed dividend) related to issuance of Series B Convertible Preferred Stock | 360,229 | ||||
Conversions to common stock | (1,171,257 | ) | |||
Carrying value at December 31, 2013 | 60,586 | ||||
Net proceeds | 1,615,798 | ||||
Beneficial conversion feature – Series A Preferred Shares (recorded to Additional Paid-in Capital) | (360,229 | ) | |||
Beneficial conversion feature – Series B Preferred Shares (recorded to Additional Paid-in Capital) | (754,286 | ) | |||
Net proceeds allocated to preferred stock | 501,283 | ||||
Accretion of beneficial conversion feature (deemed dividend) | 754,286 | ||||
Carrying value at December 31, 2013 | 1,255,569 |
Note_9_Common_Stock_Tables
Note 9 - Common Stock (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Stockholders' Equity Note [Abstract] | ' | ||||||||
Schedule of Stock by Class [Table Text Block] | ' | ||||||||
Stock Purchase Warrants | 8,292,226 | ||||||||
Stock Option Plan | 1,197,529 | ||||||||
Series A Convertible Preferred Stock | 202,857 | ||||||||
Series B Convertible Preferred Stock | 4,714,286 | ||||||||
Total | 14,406,898 | ||||||||
Schedule of Stockholders' Equity Note, Warrants or Rights [Table Text Block] | ' | ||||||||
Expiration Date | Number of Shares | Weighted Average | |||||||
Exercise Price | |||||||||
19-Jan-14 | 7,400 | $ | 1.4 | ||||||
31-Dec-14 | 818,376 | 16.5 | |||||||
31-Dec-16 | 987,783 | 1 | |||||||
16-Jan-17 | 45,000 | 1 | |||||||
31-Jan-17 | 567,001 | 1 | |||||||
21-Mar-17 | 5,866,666 | 0.35 | |||||||
Outstanding at December 31, 2013 | 8,292,226 | $ | 2.07 |
Note_10_StockBased_Compensatio1
Note 10 - Stock-Based Compensation (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||||||
Schedule of Share-based Compensation, Activity [Table Text Block] | ' | ||||||||||||||||
Number | Weighted- | Weighted- | Aggregate | ||||||||||||||
of Shares | Average | Average | Intrinsic | ||||||||||||||
Exercise | Remaining | Value | |||||||||||||||
Price | Contractual | ||||||||||||||||
Term (yrs) | |||||||||||||||||
Outstanding at December 31, 2012 | 1,069,141 | $ | 4.5 | ||||||||||||||
Granted | 210,000 | 0.52 | |||||||||||||||
Exercised | - | - | |||||||||||||||
Forfeited or expired | (82,097 | ) | 4.68 | ||||||||||||||
Outstanding at December 31, 2013 | 1,197,044 | $ | 3.79 | 6 | $ | 7,700 | |||||||||||
Exercisable at December 31, 2013 | 812,037 | $ | 5.29 | 4.3 | $ | 0 | |||||||||||
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | ' | ||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||
Weighted average fair value of options granted during the period | $ | 0.43 | $ | 0.59 | $ | 0.79 | |||||||||||
Intrinsic value of options exercised during the period | - | - | - | ||||||||||||||
Total fair value of options vested during the period | 165,490 | 319,920 | 540,339 | ||||||||||||||
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | ' | ||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||
Weighted average risk-free interest rates | 2.3 | % | 1.1 | % | 1.4 | % | |||||||||||
Expected dividend yield | 0 | % | 0 | % | 0 | % | |||||||||||
Expected life of option (years) | 7 | 6.7 | 7 | ||||||||||||||
Expected volatility | 96.6 | % | 105.2 | % | 111.2 | % | |||||||||||
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Table Text Block] | ' | ||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||
General and administrative expense | $ | 101,896 | $ | 231,936 | $ | 284,352 | |||||||||||
Research and development expense | 41,539 | 78,140 | 179,400 | ||||||||||||||
Total stock option expense | $ | 143,435 | $ | 310,076 | $ | 463,752 |
Note_12_Income_Taxes_Tables
Note 12 - Income Taxes (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | ' | ||||||||||||
2013 | 2012 | ||||||||||||
Deferred tax assets: | |||||||||||||
Net operating loss carryforward | $ | 21,971,742 | $ | 24,428,215 | |||||||||
Research and development tax credit carryforward | 799,248 | 785,201 | |||||||||||
Stock-based compensation expense | 2,233,909 | 2,097,194 | |||||||||||
Total deferred tax assets | 25,004,899 | 27,310,610 | |||||||||||
Deferred tax liabilities | |||||||||||||
Depreciation | (2,019 | ) | (14,869 | ) | |||||||||
Total deferred tax liabilities | (2,019 | ) | (14,869 | ) | |||||||||
Net deferred tax assets | 25,002,880 | 27,295,741 | |||||||||||
Valuation allowance | (25,002,880 | ) | (27,295,741 | ) | |||||||||
$ | - | $ | - | ||||||||||
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | ' | ||||||||||||
2013 | 2012 | 2011 | |||||||||||
U.S. federal statutory rate applied to pretax loss | $ | (776,881 | ) | $ | (725,948 | ) | $ | (797,921 | ) | ||||
Permanent differences | 3,138 | 2,674 | 4,216 | ||||||||||
Research and development credits | 14,047 | 21,236 | 32,675 | ||||||||||
Change in valuation allowance | 759,696 | 702,038 | 761,030 | ||||||||||
Reported income tax expense | $ | - | $ | - | $ | - |
Note_14_Selected_Quarterly_Fin1
Note 14 - Selected Quarterly Financial Data (unaudited) (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ||||||||||||||||
Schedule of Quarterly Financial Information [Table Text Block] | ' | ||||||||||||||||
2013 Quarter Ended | |||||||||||||||||
31-Mar | 30-Jun | 30-Sep | 31-Dec | ||||||||||||||
Revenue from grants | $ | 797,040 | $ | 441,561 | $ | 1,004,211 | $ | 174,738 | |||||||||
Net loss | (696,797 | ) | (526,284 | ) | (190,148 | ) | (871,714 | ) | |||||||||
Net loss per share | (0.03 | ) | (0.02 | ) | (0.01 | ) | (0.04 | ) | |||||||||
2012 Quarter Ended | |||||||||||||||||
31-Mar | 30-Jun | 30-Sep | 31-Dec | ||||||||||||||
Revenue from grants | $ | 854,063 | $ | 705,698 | $ | 638,000 | $ | 459,566 | |||||||||
Net loss | (730,513 | ) | (497,763 | ) | (296,779 | ) | (610,085 | ) | |||||||||
Net loss per share | (0.04 | ) | (0.03 | ) | (0.02 | ) | (0.03 | ) |
Supplemental_Disclosure_of_Non1
Supplemental Disclosure of Non-cash Investing and Financing Activities (Details) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Supplemental Disclosure of Non-cash Investing and Financing Activities (Details) [Line Items] | ' | ' |
Common Stock, Shares, Outstanding | 23,765,180 | 18,733,277 |
Series A Convertible Preferred Stock [Member] | ' | ' |
Supplemental Disclosure of Non-cash Investing and Financing Activities (Details) [Line Items] | ' | ' |
Conversion of Stock, Shares Converted | 717 | 1,412 |
Common Stock, Shares, Outstanding | 2,048,570 | 1,882,667 |
Note_2_Summary_of_Significant_1
Note 2 - Summary of Significant Accounting Policies (Details) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Note 2 - Summary of Significant Accounting Policies (Details) [Line Items] | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 14.4 | 13.3 | 2.8 |
Minimum [Member] | ' | ' | ' |
Note 2 - Summary of Significant Accounting Policies (Details) [Line Items] | ' | ' | ' |
Property, Plant and Equipment, Useful Life | '3 years | ' | ' |
Maximum [Member] | ' | ' | ' |
Note 2 - Summary of Significant Accounting Policies (Details) [Line Items] | ' | ' | ' |
Property, Plant and Equipment, Useful Life | '5 years | ' | ' |
Note_3_Property_and_Equipment_1
Note 3 - Property and Equipment (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Property, Plant and Equipment [Abstract] | ' | ' | ' |
Depreciation, Depletion and Amortization, Nonproduction | $68,862 | $73,720 | $84,131 |
Note_3_Property_and_Equipment_2
Note 3 - Property and Equipment (Details) - Property and Equipment (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment, gross | $618,892 | $532,290 |
Accumulated depreciation and amortization | -498,666 | -429,804 |
Property and equipment, net | 120,227 | 102,486 |
Laboratory Equipment [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment, gross | 474,602 | 388,000 |
Leasehold Improvements [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment, gross | 115,605 | 115,605 |
Other Furniture, Fixtures and Equipment [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment, gross | $28,685 | $28,685 |
Note_4_Other_Assets_Details
Note 4 - Other Assets (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Disclosure Text Block Supplement [Abstract] | ' | ' | ' |
Amortization of Intangible Assets | $10,000 | $19,923 | $24,886 |
Note_4_Other_Assets_Details_Ot
Note 4 - Other Assets (Details) - Other Assets (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Other Assets [Abstract] | ' | ' |
Technology licenses | $248,855 | $248,855 |
Deposits | 11,010 | 11,010 |
Accumulated amortization b technology licenses | -238,855 | -228,855 |
Total other assets | $21,010 | $31,010 |
Note_5_Government_Grants_Detai
Note 5 - Government Grants (Details) (USD $) | 3 Months Ended | 12 Months Ended | 150 Months Ended | 59 Months Ended | 1 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Aug. 31, 2012 | Dec. 31, 2012 | Sep. 30, 2012 | Jul. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
First NIH Grant [Member] | First NIH Grant [Member] | Second NIH Grant [Member] | SBIR Grant [Member] | NIH Grants [Member] | NIH Grants [Member] | NIH Grants [Member] | |||||||||||||
Note 5 - Government Grants (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Grant Award | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $20,400,000 | ' | $1,900,000 | $277,000 | ' | ' | ' |
Unused Grant Funds | 122,127 | ' | ' | ' | ' | ' | ' | ' | 122,127 | ' | ' | 122,127 | ' | 700,153 | ' | ' | ' | ' | ' |
Revenue from Grants | $174,738 | $1,004,211 | $441,561 | $797,040 | $459,566 | $638,000 | $705,698 | $854,063 | $2,417,550 | $2,657,327 | $4,899,885 | $25,386,569 | ' | ' | ' | ' | $2,417,550 | $2,657,327 | $4,899,885 |
Note_6_Commitments_Details
Note 6 - Commitments (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
sqft | |||
Disclosure Text Block Supplement [Abstract] | ' | ' | ' |
Area of Real Estate Property (in Square Feet) | 8,400 | ' | ' |
Operating Leases, Rent Expense | $117,879 | $118,801 | $119,255 |
Lessee Leasing Arrangements, Operating Leases, Term of Contract | '62 months | ' | ' |
Operating Leases, Future Minimum Payments Due, Next Twelve Months | 128,920 | ' | ' |
Unrecorded Unconditional Purchase Obligation | $77,500 | ' | ' |
Note_8_Preferred_Stock_Details
Note 8 - Preferred Stock (Details) (USD $) | 12 Months Ended | 150 Months Ended | 1 Months Ended | 0 Months Ended | 12 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Jan. 31, 2014 | Jan. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | Mar. 16, 2012 | Mar. 16, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | |
Subsequent Event [Member] | Subsequent Event [Member] | Conversion Price Adjustment [Member] | Series B Convertible Preferred Stock [Member] | Series A Convertible Preferred Stock [Member] | Series A Convertible Preferred Stock [Member] | Series A Convertible Preferred Stock [Member] | Series A Convertible Preferred Stock [Member] | Series A Convertible Preferred Stock [Member] | Series B Convertible Preferred Stock [Member] | Series B Convertible Preferred Stock [Member] | Series B Convertible Preferred Stock [Member] | ||||
Series A Convertible Preferred Stock [Member] | Series B Convertible Preferred Stock [Member] | Series A Convertible Preferred Stock [Member] | Gross Proceeds [Member] | Gross Proceeds [Member] | |||||||||||
Note 8 - Preferred Stock (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred Stock, Shares Authorized | 10,000,000 | 10,000,000 | 10,000,000 | ' | ' | ' | ' | ' | ' | 2,200 | ' | ' | ' | 1,650 | ' |
Preferred Stock, Par or Stated Value Per Share (in Dollars per share) | $0.01 | $0.01 | $0.01 | ' | ' | ' | $1,000 | ' | ' | $1,000 | $1,000 | ' | ' | $1,000 | $1,000 |
Stock Issued During Period, Shares, New Issues | ' | ' | ' | ' | ' | ' | ' | ' | 2,200 | ' | ' | ' | ' | 1,650 | ' |
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | ' | ' | ' | ' | ' | ' | ' | ' | 8,799,999 | ' | ' | ' | ' | ' | ' |
Proceeds from Issuance of Preferred Stock and Preference Stock (in Dollars) | $1,615,798 | $1,999,032 | $4,343,273 | ' | ' | ' | ' | $2,200,000 | ' | ' | ' | ' | ' | $1,615,798 | ' |
Proceeds from Issuance of Convertible Preferred Stock (in Dollars) | ' | ' | ' | ' | ' | ' | ' | ' | $2,000,000 | ' | ' | ' | $1,650,000 | $1,600,000 | ' |
Convertible Preferred Stock, Conversion Price Per Share (in Dollars per share) | ' | ' | ' | ' | ' | $0.35 | ' | ' | ' | $0.35 | ' | $0.75 | ' | $0.35 | ' |
Conversion of Stock, Shares Converted | ' | ' | ' | ' | 350 | ' | ' | ' | ' | 717 | 1,412 | ' | ' | ' | ' |
Common Stock, Shares, Outstanding | 23,765,180 | 18,733,277 | 23,765,180 | 202,857 | 1,000,000 | ' | ' | ' | ' | 2,048,570 | 1,882,667 | ' | ' | ' | ' |
Preferred Stock, Shares Outstanding | ' | ' | ' | ' | ' | 788 | ' | ' | ' | 71 | 788 | ' | ' | 1,650 | 0 |
Convertible Preferred Stock, Total Conversion Shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | 202,859 | ' | ' | ' | 4,714,286 | ' |
Note_8_Preferred_Stock_Details1
Note 8 - Preferred Stock (Details) - Allocation of Net Proceeds from Preferred Stock Financing (USD $) | 12 Months Ended | 150 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | |
Note 8 - Preferred Stock (Details) - Allocation of Net Proceeds from Preferred Stock Financing [Line Items] | ' | ' | ' |
Net proceeds | $1,615,798 | $1,999,032 | $4,343,273 |
Fair value of warrants (recorded to Additional Paid-in Capital) | -1,127,418 | ' | ' |
Beneficial conversion feature (recorded to Additional Paid-in Capital) | -762,667 | ' | ' |
Net proceeds allocated to preferred stock | 108,947 | ' | ' |
Accretion of beneficial conversion feature (deemed dividend) | 762,667 | ' | ' |
Gross Proceeds [Member] | ' | ' | ' |
Note 8 - Preferred Stock (Details) - Allocation of Net Proceeds from Preferred Stock Financing [Line Items] | ' | ' | ' |
Net proceeds | 1,999,032 | ' | ' |
Initial Carrying Value [Member] | ' | ' | ' |
Note 8 - Preferred Stock (Details) - Allocation of Net Proceeds from Preferred Stock Financing [Line Items] | ' | ' | ' |
Carrying value | 871,614 | ' | 871,614 |
Series A Beneficial Conversion Feature [Member] | Series B Convertible Preferred Stock [Member] | ' | ' | ' |
Note 8 - Preferred Stock (Details) - Allocation of Net Proceeds from Preferred Stock Financing [Line Items] | ' | ' | ' |
Beneficial conversion feature (recorded to Additional Paid-in Capital) | -360,229 | ' | ' |
Series B Beneficial Conversion Feature [Member] | Series B Convertible Preferred Stock [Member] | ' | ' | ' |
Note 8 - Preferred Stock (Details) - Allocation of Net Proceeds from Preferred Stock Financing [Line Items] | ' | ' | ' |
Beneficial conversion feature (recorded to Additional Paid-in Capital) | -754,286 | ' | ' |
Series A Convertible Preferred Stock [Member] | ' | ' | ' |
Note 8 - Preferred Stock (Details) - Allocation of Net Proceeds from Preferred Stock Financing [Line Items] | ' | ' | ' |
Accretion of beneficial conversion feature (deemed dividend) | 360,229 | ' | ' |
Conversions to common stock | -1,171,257 | ' | ' |
Carrying value | 60,586 | 312,196 | 60,586 |
Series B Convertible Preferred Stock [Member] | ' | ' | ' |
Note 8 - Preferred Stock (Details) - Allocation of Net Proceeds from Preferred Stock Financing [Line Items] | ' | ' | ' |
Net proceeds | 1,615,798 | ' | ' |
Net proceeds allocated to preferred stock | 501,283 | ' | ' |
Accretion of beneficial conversion feature (deemed dividend) | 754,286 | ' | ' |
Carrying value | $1,255,569 | ' | $1,255,569 |
Note_9_Common_Stock_Details
Note 9 - Common Stock (Details) (USD $) | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 6 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 0 Months Ended | 2 Months Ended | |||||||||||||||||||||||||||||||||||
31-May-13 | Jan. 17, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2009 | Dec. 31, 2008 | Dec. 31, 2007 | Dec. 31, 2004 | Dec. 31, 2003 | Dec. 31, 2002 | Jul. 31, 2013 | Jun. 09, 2013 | 14-May-13 | Apr. 30, 2013 | 31-May-13 | Jan. 31, 2013 | Dec. 31, 2013 | 14-May-13 | Jan. 17, 2013 | Dec. 31, 2011 | Dec. 31, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Dec. 31, 2011 | Oct. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2009 | Dec. 31, 2008 | Dec. 31, 2007 | Dec. 31, 2004 | Dec. 31, 2003 | Dec. 31, 2002 | Dec. 31, 2011 | 31-May-13 | Jan. 17, 2013 | Oct. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Mar. 16, 2012 | Dec. 31, 2013 | Nov. 30, 2013 | Jan. 31, 2012 | |
Common Stock Warrants [Member] | Common Stock Warrants [Member] | Warrant Exercise Price Adjustment [Member] | Warrant Exercise Price Adjustment [Member] | Warrant Exercise Price Adjustment [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Warrant [Member] | Warrant [Member] | Warrant [Member] | General and Administrative Expense [Member] | General and Administrative Expense [Member] | General and Administrative Expense [Member] | General and Administrative Expense [Member] | Series A Convertible Preferred Stock [Member] | Series A Convertible Preferred Stock [Member] | Series A Convertible Preferred Stock [Member] | Members of Board of Directors and Management [Member] | |||||||||||||||||
Common Stock [Member] | Common Stock [Member] | Series A Convertible Preferred Stock [Member] | General and Administrative Expense [Member] | Series A Convertible Preferred Stock [Member] | Series A Convertible Preferred Stock [Member] | Members of Board of Directors and Management [Member] | Members of Board of Directors and Management [Member] | General and Administrative Expense [Member] | ||||||||||||||||||||||||||||||||||||||||
Note 9 - Common Stock (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common Stock, Shares Authorized | ' | ' | 75,000,000 | 75,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | 75,000,000 | 40,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock Issued During Period, Shares, New Issues | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,166,666 | 1,766,667 | ' | ' | ' | 818,376 | 2,048,570 | 1,882,667 | 407,999 | 658,520 | ' | ' | 407,999 | 658,520 | 12,000 | 216,261 | 306,419 | 406,729 | 1,482,605 | 1,229,278 | 2,789,954 | ' | ' | ' | ' | ' | ' | ' | 2,200 | ' | ' | 380,954 |
Stock Issued During Period, Value, New Issues (in Dollars) | ' | ' | ' | $273,360 | $441,210 | $90,000 | $1,520,000 | $1,771,091 | $3,162,950 | $239,919 | $2,459,609 | $470 | ' | ' | ' | ' | $583,333 | $1,060,000 | ' | ' | ' | ' | ' | ' | $273,360 | $441,210 | ' | ' | $408 | $659 | $12 | $216 | $306 | $407 | $1,483 | $1,229 | $2,790 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,866,666 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 612,001 | 987,783 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8,799,999 | ' | ' | 571,432 |
Class of Warrant or Right, Exercise Price of Warrants or Rights (in Dollars per Share) | ' | 0.6 | 2.07 | 0.75 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.5 | 0.6 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1 | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.35 | 1 | 1 |
Stock Issued During Period, Shares, Issued for Services | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50,000 | 50,000 | ' | 129,245 | 10,500 | 4,500 | 10,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Allocated Share-based Compensation Expense (in Dollars) | ' | ' | 143,435 | 310,076 | 463,752 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 152,126 | ' | ' | 20,500 | 101,896 | 231,936 | 284,352 | ' | ' | ' | ' |
Class of Warrant or Right, Outstanding | ' | ' | 8,292,226 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,166,666 | 2,933,333 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of Warrants Issued During Period | ' | 1,766,667 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from Warrant Exercises (in Dollars) | 583,333 | 1,060,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Class of Warrant or Right, Unissued | ' | 1,166,666 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other General and Administrative Expense (in Dollars) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $19,617 | $218,551 | ' | ' | ' | ' | ' | ' | ' | ' |
Class of Warrant or Right, Exercise Price of Warrants or Rights (in Dollars per Item) | ' | 0.6 | 2.07 | 0.75 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.5 | 0.6 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1 | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.35 | 1 | 1 |
Note_9_Common_Stock_Details_Co
Note 9 - Common Stock (Details) - Common Stock Reserved for Future Issuance | Dec. 31, 2013 |
Class of Stock [Line Items] | ' |
Common Stock, Reserved for Future Issuance | 14,406,898 |
Warrant [Member] | ' |
Class of Stock [Line Items] | ' |
Common Stock, Reserved for Future Issuance | 8,292,226 |
Employee Stock Option [Member] | ' |
Class of Stock [Line Items] | ' |
Common Stock, Reserved for Future Issuance | 1,197,529 |
Series A Convertible Preferred Stock [Member] | ' |
Class of Stock [Line Items] | ' |
Common Stock, Reserved for Future Issuance | 202,857 |
Series B Convertible Preferred Stock [Member] | ' |
Class of Stock [Line Items] | ' |
Common Stock, Reserved for Future Issuance | 4,714,286 |
Note_9_Common_Stock_Details_Ou
Note 9 - Common Stock (Details) - Outstanding Stock Purchase Warrants | Dec. 31, 2013 | 14-May-13 | Apr. 30, 2013 | Jan. 17, 2013 | Dec. 31, 2012 |
Class of Warrant or Right [Line Items] | ' | ' | ' | ' | ' |
Number of Shares, Warrants | 8,292,226 | ' | ' | ' | ' |
Weighted Average Exercise Price, Warrants | 2.07 | 0.5 | 0.6 | 0.6 | 0.75 |
Warrants Expiration 1 [Member] | ' | ' | ' | ' | ' |
Class of Warrant or Right [Line Items] | ' | ' | ' | ' | ' |
Number of Shares, Warrants | 7,400 | ' | ' | ' | ' |
Weighted Average Exercise Price, Warrants | 1.4 | ' | ' | ' | ' |
Warrants Expiration 2 [Member] | ' | ' | ' | ' | ' |
Class of Warrant or Right [Line Items] | ' | ' | ' | ' | ' |
Number of Shares, Warrants | 818,376 | ' | ' | ' | ' |
Weighted Average Exercise Price, Warrants | 16.5 | ' | ' | ' | ' |
Warrants Expiration 3 [Member] | ' | ' | ' | ' | ' |
Class of Warrant or Right [Line Items] | ' | ' | ' | ' | ' |
Number of Shares, Warrants | 987,783 | ' | ' | ' | ' |
Weighted Average Exercise Price, Warrants | 1 | ' | ' | ' | ' |
Warrants Expiration 4 [Member] | ' | ' | ' | ' | ' |
Class of Warrant or Right [Line Items] | ' | ' | ' | ' | ' |
Number of Shares, Warrants | 45,000 | ' | ' | ' | ' |
Weighted Average Exercise Price, Warrants | 1 | ' | ' | ' | ' |
Warrants Expiration 5 [Member] | ' | ' | ' | ' | ' |
Class of Warrant or Right [Line Items] | ' | ' | ' | ' | ' |
Number of Shares, Warrants | 567,001 | ' | ' | ' | ' |
Weighted Average Exercise Price, Warrants | 1 | ' | ' | ' | ' |
Warrants Expiration 6 [Member] | ' | ' | ' | ' | ' |
Class of Warrant or Right [Line Items] | ' | ' | ' | ' | ' |
Number of Shares, Warrants | 5,866,666 | ' | ' | ' | ' |
Weighted Average Exercise Price, Warrants | 0.35 | ' | ' | ' | ' |
Note_10_StockBased_Compensatio2
Note 10 - Stock-Based Compensation (Details) (USD $) | 12 Months Ended | 1 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2006 | Dec. 31, 2013 | Oct. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2006 | |
Incentive Stock Options (ISO's) [Member] | Non-Employee Share-Based Compensation [Member] | General and Administrative Expense [Member] | General and Administrative Expense [Member] | General and Administrative Expense [Member] | General and Administrative Expense [Member] | 2006 Equity Incentive Plan [Member] | 2006 Equity Incentive Plan [Member] | 2006 Equity Incentive Plan [Member] | 2006 Equity Incentive Plan [Member] | ||||
2006 Equity Incentive Plan [Member] | |||||||||||||
Note 10 - Stock-Based Compensation (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Purchase Price of Common Stock, Percent | ' | ' | ' | 110.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '10 years |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '3 years |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in Shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,200,000 |
Allocated Share-based Compensation Expense | $143,435 | $310,076 | $463,752 | ' | ' | $20,500 | $101,896 | $231,936 | $284,352 | $143,435 | $310,076 | $463,752 | ' |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | ' | ' | ' | ' | 0 | ' | ' | ' | ' | 196,648 | ' | ' | ' |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | ' | ' | ' | ' | ' | ' | ' | ' | ' | '2 years 73 days | ' | ' | ' |
Share-based Goods and Nonemployee Services Transaction, Stockholders' Equity | ' | ' | ' | ' | ' | ' | $20,500 | $0 | $7,119 | ' | ' | ' | ' |
Note_10_StockBased_Compensatio3
Note 10 - Stock-Based Compensation (Details) - Activity of Stock Option Plan (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Activity of Stock Option Plan [Abstract] | ' | ' |
Number of Shares | 1,197,044 | 1,069,141 |
Weighted Average Exercise Price | $3.79 | $4.50 |
Weighted Average Remaing Contractual Term | '6 years | ' |
Aggregate Intrinsic Value | $7,700 | ' |
Exercisable at December 31, 2013 | 812,037 | ' |
Exercisable at December 31, 2013 | $5.29 | ' |
Exercisable at December 31, 2013 | '4 years 109 days | ' |
Exercisable at December 31, 2013 | $0 | ' |
Granted | 210,000 | ' |
Granted | $0.52 | ' |
Forfeited or expired | -82,097 | ' |
Forfeited or expired | $4.68 | ' |
Note_10_StockBased_Compensatio4
Note 10 - Stock-Based Compensation (Details) - Additional Information fo Stock Options (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Additional Information fo Stock Options [Abstract] | ' | ' | ' |
Weighted average fair value of options granted during the period | $0.43 | $0.59 | $0.79 |
Total fair value of options vested during the period | $165,490 | $319,920 | $540,339 |
Note_10_StockBased_Compensatio5
Note 10 - Stock-Based Compensation (Details) - Significant Assumption Used in Fair Value Calculation | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Significant Assumption Used in Fair Value Calculation [Abstract] | ' | ' | ' |
Weighted average risk-free interest rates | 2.30% | 1.10% | 1.40% |
Expected dividend yield | 0.00% | 0.00% | 0.00% |
Expected life of option (years) | '7 years | '6 years 255 days | '7 years |
Expected volatility | 96.60% | 105.20% | 111.20% |
Note_10_StockBased_Compensatio6
Note 10 - Stock-Based Compensation (Details) - Allocation of Stock Option Expense (USD $) | 1 Months Ended | 12 Months Ended | ||
Oct. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' | ' |
Stock option expense | ' | $143,435 | $310,076 | $463,752 |
General and Administrative Expense [Member] | ' | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' | ' |
Stock option expense | 20,500 | 101,896 | 231,936 | 284,352 |
Research and Development Expense [Member] | ' | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' | ' |
Stock option expense | ' | $41,539 | $78,140 | $179,400 |
Note_11_Retirement_Plan_Detail
Note 11 - Retirement Plan (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Compensation and Retirement Disclosure [Abstract] | ' | ' | ' |
Defined Contribution Plan, Employer Discretionary Contribution Amount | $43,132 | $50,500 | $56,928 |
Note_12_Income_Taxes_Details
Note 12 - Income Taxes (Details) (USD $) | 12 Months Ended | 150 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | |
Income Tax Disclosure [Abstract] | ' | ' | ' | ' |
Deferred Tax Assets, Operating Loss Carryforwards, Domestic | $62,400,000 | ' | ' | $62,400,000 |
Deferred Tax Assets, Tax Credit Carryforwards, Research | 799,248 | 785,201 | ' | 799,248 |
Income Tax Expense (Benefit) | $0 | $0 | $0 | $0 |
Note_12_Income_Taxes_Details_D
Note 12 - Income Taxes (Details) - Deferred Tax Assets and Liabilities (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Deferred tax assets: | ' | ' |
Net operating loss carryforward | $21,971,742 | $24,428,215 |
Research and development tax credit carryforward | 799,248 | 785,201 |
Stock-based compensation expense | 2,233,909 | 2,097,194 |
Total deferred tax assets | 25,004,899 | 27,310,610 |
Deferred tax liabilities | ' | ' |
Depreciation | -2,019 | -14,869 |
Total deferred tax liabilities | -2,019 | -14,869 |
Net deferred tax assets | 25,002,880 | 27,295,741 |
Valuation allowance | -25,002,880 | -27,295,741 |
$0 | $0 |
Note_12_Income_Taxes_Details_R
Note 12 - Income Taxes (Details) - Reconciliation of Income Tax Benefit (USD $) | 12 Months Ended | 150 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | |
Reconciliation of Income Tax Benefit [Abstract] | ' | ' | ' | ' |
U.S. federal statutory rate applied to pretax loss | ($776,881) | ($725,948) | ($797,921) | ' |
Permanent differences | 3,138 | 2,674 | 4,216 | ' |
Research and development credits | 14,047 | 21,236 | 32,675 | ' |
Change in valuation allowance | 759,696 | 702,038 | 761,030 | ' |
Reported income tax expense | $0 | $0 | $0 | $0 |
Note_13_Related_Party_Transact1
Note 13 - Related Party Transactions (Details) (USD $) | 12 Months Ended | 150 Months Ended | 2 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2006 | Dec. 31, 2005 | Dec. 31, 2004 | Dec. 31, 2013 | 14-May-13 | Apr. 30, 2013 | Jan. 17, 2013 | Jan. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2012 | Dec. 31, 2013 | Dec. 31, 2011 | Dec. 31, 2012 | Dec. 31, 2011 | |
Members of Board of Directors and Management [Member] | Ongoing Patent Cost Reimbursements [Member] | Ongoing Patent Cost Reimbursements [Member] | Ongoing Patent Cost Reimbursements [Member] | Research Agreements [Member] | Research Agreements [Member] | Research Agreements [Member] | Consulting Agreement [Member] | Consulting Agreement [Member] | |||||||||||
Note 13 - Related Party Transactions (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Related Party Transaction, Expenses from Transactions with Related Party | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $98,042 | $89,885 | $249,907 | $552,403 | $252,478 | $1,172,758 | $24,000 | $24,000 |
Stock Issued During Period, Shares, New Issues (in Shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 380,954 | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from Issuance of Common Stock | $1,643,333 | $310,160 | $404,410 | $500,000 | $1,500,000 | $750,000 | $17,479,801 | ' | ' | ' | $255,239 | ' | ' | ' | ' | ' | ' | ' | ' |
Class of Warrant or Right, Purchase Period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '5 years | ' | ' | ' | ' | ' | ' | ' | ' |
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in Shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 571,432 | ' | ' | ' | ' | ' | ' | ' | ' |
Class of Warrant or Right, Exercise Price of Warrants or Rights (in Dollars per Share) | 2.07 | 0.75 | ' | ' | ' | ' | 2.07 | 0.5 | 0.6 | 0.6 | 1 | ' | ' | ' | ' | ' | ' | ' | ' |
Note_14_Selected_Quarterly_Fin2
Note 14 - Selected Quarterly Financial Data (unaudited) (Details) - Selected Quarterly Financial Data (USD $) | 3 Months Ended | 6 Months Ended | 12 Months Ended | 150 Months Ended | ||||||||||||||||||
Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2001 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2009 | Dec. 31, 2008 | Dec. 31, 2007 | Dec. 31, 2006 | Dec. 31, 2005 | Dec. 31, 2004 | Dec. 31, 2003 | Dec. 31, 2002 | Dec. 31, 2013 | |
Selected Quarterly Financial Data [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue from grants | $174,738 | $1,004,211 | $441,561 | $797,040 | $459,566 | $638,000 | $705,698 | $854,063 | ' | $2,417,550 | $2,657,327 | $4,899,885 | ' | ' | ' | ' | ' | ' | ' | ' | ' | $25,386,569 |
Net loss | ($871,714) | ($190,148) | ($526,284) | ($696,797) | ($610,085) | ($296,779) | ($497,763) | ($730,513) | ($170,592) | ($2,284,943) | ($2,135,140) | ($2,346,826) | ($2,747,328) | ($3,284,252) | ($3,728,187) | ($4,241,796) | ($584,166) | ($1,611,086) | ($2,351,828) | ($947,804) | ($618,137) | ($27,052,085) |
Net loss per share (in Dollars per share) | ($0.04) | ($0.01) | ($0.02) | ($0.03) | ($0.03) | ($0.02) | ($0.03) | ($0.04) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Note_15_Subsequent_Events_Deta
Note 15 - Subsequent Events (Details) | Dec. 31, 2013 | Dec. 31, 2012 | Jan. 31, 2014 | Jan. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Subsequent Event [Member] | Subsequent Event [Member] | Series A Convertible Preferred Stock [Member] | Series A Convertible Preferred Stock [Member] | |||
Series A Convertible Preferred Stock [Member] | Series B Convertible Preferred Stock [Member] | |||||
Note 15 - Subsequent Events (Details) [Line Items] | ' | ' | ' | ' | ' | ' |
Common Stock, Shares, Outstanding | 23,765,180 | 18,733,277 | 202,857 | 1,000,000 | 2,048,570 | 1,882,667 |
Schedule_II_Valuation_and_Qual1
Schedule II - Valuation and Qualifying Accounts (Details) - Valuation and Qualifying Accounts (Valuation Allowance of Deferred Tax Assets [Member], USD $) | 12 Months Ended | |||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||||
Valuation Allowance of Deferred Tax Assets [Member] | ' | ' | ' | |||
Valuation Allowance [Line Items] | ' | ' | ' | |||
Balance at Beginning Of Period | $27,295,741 | $27,591,230 | $27,576,253 | |||
Charged to Costs and Expenses | 862,735 | 817,472 | 888,561 | |||
Deductions | -3,155,596 | [1] | -1,112,961 | [1] | -873,584 | [1] |
Balance at End Of Period | $25,002,880 | $27,295,741 | $27,591,230 | |||
[1] | Deductions represent the effect of expiring NOL carryforwards from prior year. |