Document And Entity Information
Document And Entity Information - shares | 12 Months Ended | |
Dec. 31, 2017 | Mar. 22, 2018 | |
Document Information [Line Items] | ||
Entity Registrant Name | GeoVax Labs, Inc. | |
Entity Central Index Key | 832,489 | |
Trading Symbol | govx | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Smaller Reporting Company | |
Entity Current Reporting Status | Yes | |
Entity Voluntary Filers | No | |
Entity Well-known Seasoned Issuer | No | |
Entity Common Stock, Shares Outstanding (in shares) | 131,736,810 | |
Document Type | POS AM | |
Document Period End Date | Dec. 31, 2017 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | FY | |
Amendment Flag | true | |
Amendment Description | This Post-Effective Amendment No. 3 to Form S-1 (this “Post-Effective Amendment”) is being filed pursuant to Section 10(a)(3) of the Securities Act to update our registration statement on Form S-1 (Registration No. 333-208549) (the “Registration Statement”), which was previously declared effective by the Securities and Exchange Commission on April 8, 2015, to (i) include the consolidated financial statements and the notes thereto for the fiscal year ended December 31, 2017, and (ii) update certain other information in the Registration Statement. No additional securities are being registered under this Post-Effective Amendment. All applicable registration fees were paid at the time of the original filing of the Registration Statement. |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 |
ASSETS | ||
Cash and cash equivalents | $ 312,727 | $ 454,030 |
Grant funds receivable | 59,758 | 28,074 |
Prepaid expenses and other current assets | 75,589 | 62,275 |
Total current assets | 448,074 | 544,379 |
Property and equipment, net | 31,151 | 54,828 |
Deposits | 11,010 | 11,010 |
Total assets | 490,235 | 610,217 |
Current liabilities: | ||
Accounts payable | 77,581 | 75,607 |
Accrued expenses (Note 4) | 733,711 | 294,240 |
Total current liabilities | 811,292 | 369,847 |
Commitments (Note 6) | ||
Stockholders’ equity (deficiency): | ||
Common stock, $.001 par value: Authorized shares – 600,000,000 and 300,000,000 at September 30, 2017 and December 31, 2016, respectively Issued and outstanding shares – 70,913,900 and 55,235,233 at December 31, 2017 and 2016, respectively | 106,737 | 55,235 |
Additional paid-in capital | 35,589,911 | 34,914,963 |
Accumulated deficit | (37,916,790) | (35,746,628) |
Total stockholders’ equity (deficiency) | (321,057) | 240,370 |
Total liabilities and stockholders’ equity | 490,235 | 610,217 |
Series B Convertible Preferred Stock [Member] | ||
Stockholders’ equity (deficiency): | ||
Convertible Preferred Stock | 76,095 | 76,095 |
Series C Convertible Preferred Stock [Member] | ||
Stockholders’ equity (deficiency): | ||
Convertible Preferred Stock | 842,990 | 940,705 |
Series D Convertible Preferred Stock [Member] | ||
Stockholders’ equity (deficiency): | ||
Convertible Preferred Stock | $ 980,000 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - $ / shares | Dec. 31, 2017 | Dec. 31, 2016 |
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized (in shares) | 10,000,000 | 10,000,000 |
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares issued (in shares) | 106,736,810 | 55,235,233 |
Common stock, shares outstanding (in shares) | 106,736,810 | 55,235,233 |
Common stock, shares authorized (in shares) | 600,000,000 | 300,000,000 |
Series B Convertible Preferred Stock [Member] | ||
Preferred stock, par value (in dollars per share) | $ 1,000 | $ 1,000 |
Preferred stock, shares issued (in shares) | 100 | 100 |
Preferred stock, shares outstanding (in shares) | 100 | 100 |
Series C Convertible Preferred Stock [Member] | ||
Preferred stock, par value (in dollars per share) | $ 1,000 | $ 1,000 |
Preferred stock, shares issued (in shares) | 2,570 | 2,868 |
Preferred stock, shares outstanding (in shares) | 2,570 | 2,868 |
Series D Convertible Preferred Stock [Member] | ||
Preferred stock, par value (in dollars per share) | $ 1,000 | $ 1,000 |
Preferred stock, shares issued (in shares) | 1,000 | 0 |
Preferred stock, shares outstanding (in shares) | 1,000 | 0 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Grant and collaboration revenue | $ 1,075,270 | $ 828,918 | $ 428,081 |
Operating expenses: | |||
Research and development | 2,017,350 | 1,970,859 | 1,693,102 |
General and administrative | 1,232,368 | 2,131,426 | 1,429,731 |
Total operating expenses | 3,249,718 | 4,102,285 | 3,122,833 |
Loss from operations | (2,174,448) | (3,273,367) | (2,694,752) |
Other income: | |||
Interest income | 4,286 | 1,666 | 5,465 |
Total other income | 4,286 | 1,666 | 5,465 |
Net loss | $ (2,170,162) | $ (3,271,701) | $ (2,689,287) |
Basic and diluted: | |||
Loss per common share (in dollars per share) | $ (0.03) | $ (0.08) | $ (0.08) |
Weighted average shares outstanding (in shares) | 68,605,817 | 41,516,514 | 31,950,813 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) | Series B Convertible Preferred Stock [Member] | Series C Convertible Preferred Stock [Member] | Series D Convertible Preferred Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total |
Balance at December 31, 2014 (in shares) at Dec. 31, 2014 | 100 | 31,950,813 | |||||
Balance at December 31, 2014 at Dec. 31, 2014 | $ 76,095 | $ 31,951 | $ 30,823,769 | $ (29,785,640) | $ 1,146,175 | ||
Sale of convertible preferred stock for cash (in shares) | 3,000 | ||||||
Sale of convertible preferred stock for cash | $ 983,941 | 1,695,869 | 2,679,810 | ||||
Stock-based compensation expense | 67,905 | 67,905 | |||||
Net loss | (2,689,287) | (2,689,287) | |||||
Balance at December 31, 2015 (in shares) at Dec. 31, 2015 | 100 | 3,000 | 31,950,813 | ||||
Balance at December 31, 2015 at Dec. 31, 2015 | $ 76,095 | $ 983,941 | $ 31,951 | 32,587,543 | (32,474,927) | 1,204,603 | |
Stock-based compensation expense | 967,667 | 967,667 | |||||
Net loss | (3,271,701) | (3,271,701) | |||||
Balance at December 31, 2015 (in shares) at Dec. 31, 2016 | 100 | 2,868 | 55,235,233 | ||||
Balance at December 31, 2015 at Dec. 31, 2016 | $ 76,095 | $ 940,705 | $ 55,235 | 34,914,963 | (35,746,628) | 240,370 | |
Conversion of preferred stock to common stock (in shares) | (132) | 1,400,000 | |||||
Conversion of preferred stock to common stock | $ (43,236) | $ 1,400 | 41,836 | ||||
Sale of common stock for cash upon warrant exercise (in shares) | 21,884,420 | ||||||
Sale of common stock for cash upon warrant exercise | $ 21,884 | 1,317,917 | 1,339,801 | ||||
Sale of convertible preferred stock for cash (in shares) | 1,000 | ||||||
Sale of convertible preferred stock for cash | $ 980,000 | 980,000 | |||||
Stock-based compensation expense | 57,224 | 57,224 | |||||
Net loss | (2,170,162) | (2,170,162) | |||||
Balance at December 31, 2015 (in shares) at Dec. 31, 2017 | 100 | 2,570 | 1,000 | 106,736,810 | |||
Balance at December 31, 2015 at Dec. 31, 2017 | $ 76,095 | $ 842,990 | $ 980,000 | $ 106,737 | 35,589,911 | $ (37,916,790) | (321,057) |
Conversion of preferred stock to common stock (in shares) | (298) | 19,862,000 | |||||
Conversion of preferred stock to common stock | $ (97,715) | $ 19,862 | 77,853 | ||||
Sale of common stock for cash upon warrant exercise (in shares) | 31,639,577 | ||||||
Sale of common stock for cash upon warrant exercise | $ 31,640 | $ 539,871 | $ 571,511 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Cash flows from operating activities: | |||
Net loss | $ (2,170,162) | $ (3,271,701) | $ (2,689,287) |
Adjustments to reconcile net loss to net cash used in operating activities: | |||
Depreciation and amortization | 28,027 | 28,780 | 28,935 |
Stock-based compensation expense | 57,224 | 967,667 | 67,905 |
Changes in assets and liabilities: | |||
Grant funds receivable | (31,684) | 91,904 | (40,637) |
Prepaid expenses and other current assets | (13,314) | (5,626) | (12,146) |
Accounts payable and accrued expenses | 441,445 | 242,857 | (60,033) |
Total adjustments | 481,698 | 1,325,582 | (15,976) |
Net cash used in operating activities | (1,688,464) | (1,946,119) | (2,705,263) |
Cash flows from investing activities: | |||
Purchase of property and equipment | (4,350) | (15,850) | |
Net cash used in investing activities | (4,350) | (15,850) | |
Cash flows from financing activities: | |||
Net proceeds from sale of preferred stock | 980,000 | 2,679,810 | |
Net proceeds from sale of common stock | 571,511 | 1,339,801 | |
Net cash provided in financing activities | 1,551,511 | 1,339,801 | 2,679,810 |
Net decrease in cash and cash equivalents | (141,303) | (606,318) | (41,303) |
Cash and cash equivalents at beginning of period | 454,030 | 1,060,348 | 1,101,651 |
Cash and cash equivalents at end of period | $ 312,727 | $ 454,030 | $ 1,060,348 |
Consolidated Statements of Cas7
Consolidated Statements of Cash Flows (Parentheticals) - shares | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Convertible preferred stock (in shares) | 298 | 123 | |
Conversion of stock, shares issued (in shares) | 19,862,000 | 1,400,000 |
Note 1 - Description of Busines
Note 1 - Description of Business | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Nature of Operations [Text Block] | 1. Description of Business GeoVax Labs, Inc. (“GeoVax” or the “Company”), is a clinical-stage biotechnology company developing human vaccines using our novel vaccine platform. Our current development programs are focused on preventive vaccines against Human Immunodeficiency Virus (HIV), Zika Virus, hemorrhagic fever viruses (Ebola, Sudan, Marburg, Lassa), and malaria, as well as therapeutic vaccines for chronic Hepatitis B infections and cancers. We believe our technology and vaccine development expertise are well-suited for a variety of human infectious diseases and we intend to pursue further expansion of our product pipeline. Certain of our vaccine development activities have been, and continue to be, financially supported by the U.S. government. This support has been both in the form of research grants and contracts awarded directly to us, as well as indirect support for the conduct of preclinical animal studies and human clinical trials. 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, may one GeoVax is incorporated under the laws of the State of Delaware and our principal offices are located in Smyrna, Georgia (metropolitan Atlanta area). |
Note 2 - Summary of Significant
Note 2 - Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | 2. Summary of Significant Accounting Policies Principles of Consolidation The accompanying consolidated financial statements include the accounts of GeoVax Labs, Inc. together with those of our wholly-owned subsidiary, GeoVax, Inc. All intercompany transactions have been eliminated in consolidation. Basis of Presentation 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 We believe that our existing cash resources and government funding commitments will be sufficient to continue our planned operations into the third 2018. not may not Use of Estimates The preparation of financial statements in conformity with 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 expense s during the reporting period. Actual results may Cash and Cash Equivalents We consider all highly liquid investments with a maturity of three its 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 five In February 2016, Financial Accounting Standards Board (FASB) issued Accounting Standards Update No. 2016 02, Leases 2016 02 2016 02 December 15, 2018, not 2016 02 may 2016 02. 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 o be generated by such assets. If we consider such assets to be impaired, the impairment to be Accrued Expenses As part of the process of preparing our financial statements, we estimate expenses that we believe we have incurred, but have not third Net Loss Per Share Basic and diluted loss per common share are computed based on the weighted average numbe r 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 245.3 93.9 90.3 December 31, 2017, 2016 2015, Revenue Recognition During the years ended December 31, 2017, 2016 2015, e recognized revenue in accordance with U.S. Securities and Exchange Commission (SEC) Staff Accounting Bulletin No. 101, Revenue Recognition in Financial Statements, No. 104, Revenue Recognition, 104 104 2017, 2016 2015, 5 In May 2014, 2014 09, Revenue from Contracts with Customers 2014 09 606. five 2014 09 January 1, 2018. not 2014 09 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) salaries, benefits, and stock-based compensation for personnel, (ii) laboratory supplies and facility-related expenses to conduct development, (iii) fees paid to third 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 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 a nd 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 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 aw ard 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 9 In March 2016, FASB issued Accounting Standards Update 2016 09, Improvements to Employee Share-Based Payment Accounting 2016 09” 718, 2016 09 2016 09 January 1, 2017; no In May 2017, 2017 09, Scope of Modification Accounting 2017 09” 718, 2017 09 1 2 718 2017 09 January 1, 2018. not 2017 09 Other Recent Accounting Pronouncements In July 2017, 2017 11, (Part I) Accounting for Certain Financial Instruments with Down Round Features, (Part II) Replacement of the Indefinite Deferral for Mandatorily Redeemable Financial Instruments of Certain Nonpublic Entities and Certain Mandatorily Redeemable Noncontrolling Interests with a Scope Exception 2017 11” 260, 480, 815, 2017 11 2017 11 January 1, 2019. 2017 11 Except as discussed above, t here have been no not |
Note 3 - Property and Equipment
Note 3 - Property and Equipment | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | 3. Property and Equipment Property and equipment as shown on the accompanying Consolidated Balance Sheets is composed of the following as of December 31, 2017 2016: 201 7 201 6 Laboratory equipment $ 530,306 $ 525,956 Leasehold improvements 115,605 115,605 Other furniture, fixtures & equipment 28,685 28,685 Total property and equipment 674,596 670,246 Accumulated depreciation and amortization (643,445 ) (615,418 ) Property and equipment, net $ 31,151 $ 54,828 Depreciation and leasehold amortization expense was $28,027, $28,780, $28,935 December 31, 2017, 2016 2015, |
Note 4 - Accrued Expenses
Note 4 - Accrued Expenses | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Accounts Payable and Accrued Liabilities Disclosure [Text Block] | 4. Accrued Expenses Accrued expenses as shown on the accompanying Consolidated Balance Sheets is composed of the following as of December 31, 2017 2016: 2017 2016 Accrued management salaries $ 532,615 $ 201,170 Accrued directors ’ fees 182,620 78,070 Other accrued expenses 18,476 15,000 Total accrued expenses $ 733,711 $ 294,240 |
Note 5 - Grants and Collaborati
Note 5 - Grants and Collaboration Revenue | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Government Grants and Contracts [Text Block] | 5 . Grants and Collaboration Revenue Government Grants and Contracts We receive payments from government entities under our grants and contracts with the National Institute of Allergy and Infectious Diseases in support of certain of our vaccine research and development efforts. We record revenue associated with government grants and contracts as the reimbursable costs are incurred. During 2017, 2016, 2015, $980,270, $828,918, $428,081, December 31, 2017, $481,695 2018. Collaboration Revenue In March 2017, 1 $95,000, 2017. |
Note 6 - Commitments
Note 6 - Commitments | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Commitments Disclosure [Text Block] | 6 . Commitments Lease Agreement We lease approximately 8 ,400 December 31, 2018. December 31, 2017, 2016 2015 $151,748, $149,288, $146,092, $156,545 2018. Other Commitments In the normal course of business, we may ivities. As of December 31, 2017, $79,000 2018. |
Note 7 - Preferred Stock
Note 7 - Preferred Stock | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Preferred Stock [Text Block] | 7 . Preferred Stock Series B Convertible Preferred Stock Our Series B Convertible Preferred Stock, $1,000 a liquidation preference equal to the stated value per share. The Series B Preferred Stock has no not December 31, 2017, 100 Series B Preferred Stock outstanding, convertible at any time at the option of the holder into 285,714 Series C Convertible Preferred Stock In February 2015, 3,000 $1,000 Series C Preferred Stock”) and warrants to purchase up to an aggregate of 51,333,331 $2,679,810. $1,695,869 $983,941 The Series C Preferred Stock has rights and privileges as set forth in the pertinent Certificate of Designation of Preferences, Rights and Limitations, including a liquidation preference equal to the stated value per share. The Series C Preferred Stock has no not The Series C Preferred Stock is convertible at any time at the option of the holders into shares of our common stock, and contains price adjustment provisions which may, 2016, 132 1,400,000 2017, 298 19,862,000 In May 2017, $0.05 $0.015 As of December 31, 2017, 2,570 Series C Preferred Stock outstanding, convertible into 171,349,733 Series D Convertible Preferred Stock In May 2017, 1,000 $1,000 Series D Preferred Stock”), for gross proceeds of $1.0 $980,000. Each share of Series D Preferred Stock is entitled to a liquidation preference equal to the initial purchase price, has no is not $0.015 The Series D Preferred Shares contains price adjustment provisions, which may, We assessed the Series D Preferred Stock under ASC Topic 480, Distinguishing Liabilities from Equity 480” 815, Derivatives and Hedging 815” 470, Debt 470” 815 not 815. |
Note 8 - Common Stock
Note 8 - Common Stock | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | 8 . Common Stock Increase in Authorized Shares of Common Stock At a special meeting of our stockholders held on August 4, 2017, 300,000,000 600,000,000 August 4, 2017. Common Stock Transactions D uring 2017 2016, 19,862,000 1,400,000 7 During 2017, 31,639,577 $571,511. 2016, 21,884,420 $1,339,801. Stock Option Plans In 2006 2006 “2006 during 2016, 2016 “2016 1,550,300 2006 6,000,000 2016 2016 2006 September 28, 2016, no may 2006 2016 . The exercise price for any option granted may not 110% ten three Certain information concerning our stock opti on plans as of December 31, 2017, Number of Shares Weighted- Average Exercise Price Weighted- Average Remaining Contractual Term (yrs) Aggregate Intrinsic Value Outstanding at December 31, 201 6 3,499,475 $ 1.21 Granted 3,680,000 0.05 Exercised - - Forfeited or expired (155,200 ) 15.25 Outstanding at December 31, 201 7 7,024,275 $ 0.29 8.8 $ -0- Exercisable at December 31, 201 7 1,951,484 $ 0.90 6.6 $ -0- Stock Purchase Warrants The following table presents a summary of stock purchase warrant activity during the year ended December 31, 2017: Number of Shares Weighted Average Exercise Price Outstanding at December 31, 2016 32,751,578 $ 0.07 Issued - - Exercised (31,639,577 ) 0.02 Forfeited or expired (1,112,001 ) 0.57 Outstanding and exercisable at December 31, 2017 -0- $ - Common Stock Reserved A summary of common stock reserved for future issuance as of December 31, 2017 Stock Option Plans 7,550,300 Series B Convertible Preferred Stock 285,714 Series C Convertible Preferred Stock 171,349,733 Series D Convertible Preferred Stock 66,666,666 Total 245,852,413 |
Note 9 - Stock-based Compensati
Note 9 - Stock-based Compensation | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | 9 . Stock-Based Compensation Stock Option Plan s 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: 201 7 201 6 20 15 Weighted average risk-free interest rates 2.40 % 2.26 % 1.99 % Expected dividend yield 0.0 % 0.0 % 0.0 % Expected life of option (yrs) 7.0 7.0 7.0 Expected volatility 89.73 % 88.72 % 91.43 % Stock-based compensation expense related to our stock option plans was $57,224, $54,805, $67,905 December 31, 2017, 2016 2015, three December 31, 2017, 201 7 201 6 20 15 General and administrative expense $ 31,271 $ 31,191 $ 45,822 Research and development expense 25,953 23,614 22,083 Total stock option expense $ 57,224 $ 54,805 $ 67,905 As of December 31, 201 7, $218,280 2.6 Additional information concerning our stock options for t he years ended December 31, 2017, 2016 2015 201 7 201 6 201 5 Weighted average fair value of options granted $ 0.04 $ 0.05 $ 0.09 Intrinsic value of options exercised - - - Total fair value of options vested 58,337 54,757 66,622 Other Non-E mp loyee Stock-Based C ompensation We recorded general and administrative expense of $- 0 $912,862 0 December 31, 2017, 2016 2015, |
Note 10 - Retirement Plan
Note 10 - Retirement Plan | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Pension and Other Postretirement Benefits Disclosure [Text Block] | 10 . Retirement Plan We participate in a multi-employer defined contribution retirement plan (the “401k Plan”) administered by a third 401k December 31, 2017, 2016 2015 401k $29,265, $33,871, $40,296, |
Note 11 - Income Taxes
Note 11 - Income Taxes | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 11 . Income Taxes At December 31, 2017 , we have a consolidated federal net operating loss (“NOL”) carryforward of approximately $70.9 2019 2037. $949,000 2022 2037 No 382 may may On December 22, 2017, The Tax Act makes broad changes to the U.S. tax code, including, but not 35% 21%. December 31, 2017, 21%. $10.1 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 th e following at December 31, 2017 2016: 201 7 201 6 Deferred tax assets: Net operating loss carryforward $ 16,273,259 $ 24,689,298 Research and development tax credit carryforward 949,340 892,231 Stock-based compensation expense 1,709,867 2,748,899 Accrued salaries and directors ’ fees 185,961 - Depreciation 5,532 1,331 Total deferred tax assets 19,123,959 28,331,759 Deferred tax liabilities - - Net deferred tax assets 19,123,959 28,331,759 Valuation allowance (19,123,959 ) (28,331,759 ) Net deferred tax asset after reduction for valuation allowance $ -0- $ -0- 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: 201 7 201 6 20 15 U.S. federal statutory rate applied to pretax loss $ (737,855 ) $ (1,112,378 ) $ (936,936 ) Permanent differences 436 2,012 2,914 Research and development credits 57,109 59,087 67,901 Impact of Tax Act 10,086,795 - - Change in valuation allowance (9,406,485 ) 1,051,279 866,121 Reported income tax expense $ -0- $ -0- $ -0- |
Note 12 - Subsequent Events
Note 12 - Subsequent Events | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | 12 . Subsequent Event s During January February 2018, 300 20,000,000 During February 2018, 5,000,000 On February 28, 2018, five $50,000. 5%, second five 178,571 $0.042 On March 5, 2018, $600,000. $0.08 7,500,000 |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Schedule of Valuation and Qualifying Accounts Disclosure [Text Block] | GEOVAX LABS, INC. SCHEDULE II – VALUATION AND QUALIFYING ACCOUNTS For t he Years Ended December 3 1, 2017, 2016 2015 Additions Description Balance at Beginning Of Period Charged to Costs and Expenses Charged to Other Accounts Deductions Balance at End Of Period Reserve Deducted in the Balance Sheet From the Asset to Which it Applies: Allowance for Deferred Tax Assets Year ended December 31, 201 7 $ 28,331,759 $ 9,207,800 $ -0- $ -0- $ 19,123,959 Year ended December 31, 201 6 27,131,034 1,200,725 -0- -0- 28,331,759 Year ended December 31, 201 5 26,021,943 1,109,094 -0- -0- 27,131,034 F- 16 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
Consolidation, Policy [Policy Text Block] | Principles of Consolidation The accompanying consolidated financial statements include the accounts of GeoVax Labs, Inc. together with those of our wholly-owned subsidiary, GeoVax, Inc. All intercompany transactions have been eliminated in consolidation. |
Basis of Accounting, Policy [Policy Text Block] | Basis of Presentation 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 We believe that our existing cash resources and government funding commitments will be sufficient to continue our planned operations into the third 2018. not may not |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates The preparation of financial statements in conformity with 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 expense s during the reporting period. Actual results may |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash Equivalents We consider all highly liquid investments with a maturity of three its 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 five In February 2016, Financial Accounting Standards Board (FASB) issued Accounting Standards Update No. 2016 02, Leases 2016 02 2016 02 December 15, 2018, not 2016 02 may 2016 02. |
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 o be generated by such assets. If we consider such assets to be impaired, the impairment to be |
Accrued Liabilities [Policy Text Block] | Accrued Expenses As part of the process of preparing our financial statements, we estimate expenses that we believe we have incurred, but have not third |
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 numbe r 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 245.3 93.9 90.3 December 31, 2017, 2016 2015, |
Revenue Recognition, Policy [Policy Text Block] | Revenue Recognition During the years ended December 31, 2017, 2016 2015, e recognized revenue in accordance with U.S. Securities and Exchange Commission (SEC) Staff Accounting Bulletin No. 101, Revenue Recognition in Financial Statements, No. 104, Revenue Recognition, 104 104 2017, 2016 2015, 5 In May 2014, 2014 09, Revenue from Contracts with Customers 2014 09 606. five 2014 09 January 1, 2018. not 2014 09 |
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) salaries, benefits, and stock-based compensation for personnel, (ii) laboratory supplies and facility-related expenses to conduct development, (iii) fees paid to third |
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 |
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 a nd 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 |
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 aw ard 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 9 In March 2016, FASB issued Accounting Standards Update 2016 09, Improvements to Employee Share-Based Payment Accounting 2016 09” 718, 2016 09 2016 09 January 1, 2017; no In May 2017, 2017 09, Scope of Modification Accounting 2017 09” 718, 2017 09 1 2 718 2017 09 January 1, 2018. not 2017 09 |
New Accounting Pronouncements, Policy [Policy Text Block] | Other Recent Accounting Pronouncements In July 2017, 2017 11, (Part I) Accounting for Certain Financial Instruments with Down Round Features, (Part II) Replacement of the Indefinite Deferral for Mandatorily Redeemable Financial Instruments of Certain Nonpublic Entities and Certain Mandatorily Redeemable Noncontrolling Interests with a Scope Exception 2017 11” 260, 480, 815, 2017 11 2017 11 January 1, 2019. 2017 11 Except as discussed above, t here have been no not |
Note 3 - Property and Equipme22
Note 3 - Property and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | 201 7 201 6 Laboratory equipment $ 530,306 $ 525,956 Leasehold improvements 115,605 115,605 Other furniture, fixtures & equipment 28,685 28,685 Total property and equipment 674,596 670,246 Accumulated depreciation and amortization (643,445 ) (615,418 ) Property and equipment, net $ 31,151 $ 54,828 |
Note 4 - Accrued Expenses (Tabl
Note 4 - Accrued Expenses (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Schedule of Accrued Liabilities [Table Text Block] | 2017 2016 Accrued management salaries $ 532,615 $ 201,170 Accrued directors ’ fees 182,620 78,070 Other accrued expenses 18,476 15,000 Total accrued expenses $ 733,711 $ 294,240 |
Note 8 - Common Stock (Tables)
Note 8 - Common Stock (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Share-based Compensation, Activity [Table Text Block] | Number of Shares Weighted- Average Exercise Price Weighted- Average Remaining Contractual Term (yrs) Aggregate Intrinsic Value Outstanding at December 31, 201 6 3,499,475 $ 1.21 Granted 3,680,000 0.05 Exercised - - Forfeited or expired (155,200 ) 15.25 Outstanding at December 31, 201 7 7,024,275 $ 0.29 8.8 $ -0- Exercisable at December 31, 201 7 1,951,484 $ 0.90 6.6 $ -0- |
Schedule of Warrant Activity [Table Text Block] | Number of Shares Weighted Average Exercise Price Outstanding at December 31, 2016 32,751,578 $ 0.07 Issued - - Exercised (31,639,577 ) 0.02 Forfeited or expired (1,112,001 ) 0.57 Outstanding and exercisable at December 31, 2017 -0- $ - |
Schedule of Stock by Class [Table Text Block] | Stock Option Plans 7,550,300 Series B Convertible Preferred Stock 285,714 Series C Convertible Preferred Stock 171,349,733 Series D Convertible Preferred Stock 66,666,666 Total 245,852,413 |
Note 9 - Stock-based Compensa25
Note 9 - Stock-based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | 201 7 201 6 20 15 Weighted average risk-free interest rates 2.40 % 2.26 % 1.99 % Expected dividend yield 0.0 % 0.0 % 0.0 % Expected life of option (yrs) 7.0 7.0 7.0 Expected volatility 89.73 % 88.72 % 91.43 % |
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Table Text Block] | 201 7 201 6 20 15 General and administrative expense $ 31,271 $ 31,191 $ 45,822 Research and development expense 25,953 23,614 22,083 Total stock option expense $ 57,224 $ 54,805 $ 67,905 |
Share-based Compensation, Stock Options, Activity [Table Text Block] | 201 7 201 6 201 5 Weighted average fair value of options granted $ 0.04 $ 0.05 $ 0.09 Intrinsic value of options exercised - - - Total fair value of options vested 58,337 54,757 66,622 |
Note 11 - Income Taxes (Tables)
Note 11 - Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | 201 7 201 6 Deferred tax assets: Net operating loss carryforward $ 16,273,259 $ 24,689,298 Research and development tax credit carryforward 949,340 892,231 Stock-based compensation expense 1,709,867 2,748,899 Accrued salaries and directors ’ fees 185,961 - Depreciation 5,532 1,331 Total deferred tax assets 19,123,959 28,331,759 Deferred tax liabilities - - Net deferred tax assets 19,123,959 28,331,759 Valuation allowance (19,123,959 ) (28,331,759 ) Net deferred tax asset after reduction for valuation allowance $ -0- $ -0- |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | 201 7 201 6 20 15 U.S. federal statutory rate applied to pretax loss $ (737,855 ) $ (1,112,378 ) $ (936,936 ) Permanent differences 436 2,012 2,914 Research and development credits 57,109 59,087 67,901 Impact of Tax Act 10,086,795 - - Change in valuation allowance (9,406,485 ) 1,051,279 866,121 Reported income tax expense $ -0- $ -0- $ -0- |
Schedule II - Valuation and Q27
Schedule II - Valuation and Qualifying Accounts (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Summary of Valuation Allowance [Table Text Block] | Additions Description Balance at Beginning Of Period Charged to Costs and Expenses Charged to Other Accounts Deductions Balance at End Of Period Reserve Deducted in the Balance Sheet From the Asset to Which it Applies: Allowance for Deferred Tax Assets Year ended December 31, 201 7 $ 28,331,759 $ 9,207,800 $ -0- $ -0- $ 19,123,959 Year ended December 31, 201 6 27,131,034 1,200,725 -0- -0- 28,331,759 Year ended December 31, 201 5 26,021,943 1,109,094 -0- -0- 27,131,034 |
Note 2 - Summary of Significa28
Note 2 - Summary of Significant Accounting Policies (Details Textual) - shares shares in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 245.3 | 93.9 | 90.3 |
Minimum [Member] | |||
Property, Plant and Equipment, Useful Life | 3 years | ||
Maximum [Member] | |||
Property, Plant and Equipment, Useful Life | 5 years |
Note 3 - Property and Equipme29
Note 3 - Property and Equipment (Details Textual) - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Depreciation, Depletion and Amortization, Nonproduction | $ 28,027 | $ 28,780 | $ 28,935 |
Note 3 - Property and Equipme30
Note 3 - Property and Equipment - Schedule of Property and Equipment (Details) - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Property and equipment, gross | $ 674,596 | $ 670,246 |
Accumulated depreciation and amortization | (643,445) | (615,418) |
Property and equipment, net | 31,151 | 54,828 |
Laboratory Equipment [Member] | ||
Property and equipment, gross | 530,306 | 525,956 |
Leasehold Improvements [Member] | ||
Property and equipment, gross | 115,605 | 115,605 |
Other Furniture Fixtures And Equipment [Member] | ||
Property and equipment, gross | $ 28,685 | $ 28,685 |
Note 4 - Accrued Expenses - Sch
Note 4 - Accrued Expenses - Schedule of Accrued Expenses (Details) - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Accrued management salaries | $ 532,615 | $ 201,170 |
Accrued directors’ fees | 182,620 | 78,070 |
Other accrued expenses | 18,476 | 15,000 |
Total accrued expenses | $ 733,711 | $ 294,240 |
Note 5 - Grants and Collabora32
Note 5 - Grants and Collaboration Revenue (Details Textual) - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Revenue from Grants | $ 1,075,270 | $ 828,918 | $ 428,081 |
Revenue from Collaboration | 95,000 | ||
NIH Grants [Member] | |||
Revenue from Grants | 980,270 | $ 828,918 | $ 428,081 |
Unused Grant Funds | $ 481,695 |
Note 6 - Commitments (Details T
Note 6 - Commitments (Details Textual) | 12 Months Ended | ||
Dec. 31, 2017USD ($)ft² | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | |
Area of Real Estate Property | ft² | 8,400 | ||
Operating Leases, Rent Expense | $ 151,748 | $ 149,288 | $ 146,092 |
Operating Leases, Future Minimum Payments, Due in Two Years | 156,545 | ||
Unrecorded Unconditional Purchase Obligation | $ 79,000 |
Note 7 - Preferred Stock (Detai
Note 7 - Preferred Stock (Details Textual) - USD ($) | 1 Months Ended | 12 Months Ended | |||||
May 31, 2017 | Feb. 28, 2015 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Apr. 30, 2017 | Dec. 31, 2014 | |
Preferred Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 | |||||
Conversion of Stock, Shares Converted | 298 | 123 | |||||
Conversion of Stock, Shares Issued | 19,862,000 | 1,400,000 | |||||
Proceeds from Issuance of Convertible Preferred Stock | $ 980,000 | $ 2,679,810 | |||||
Conversion from Series C Convertible Preferred Stock to Common Stock [Member] | |||||||
Conversion of Stock, Shares Converted | 298 | 132 | |||||
Conversion of Stock, Shares Issued | 19,862,000 | 1,400,000 | |||||
Warrants Issued in Connection with Series C Preferred Stock [Member] | |||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 51,333,331 | ||||||
Adjustments to Additional Paid in Capital, Warrant Issued | $ 1,695,869 | ||||||
Series A Convertible Preferred Stock [Member] | |||||||
Preferred Stock, Par or Stated Value Per Share | $ 1,000 | ||||||
Series B Convertible Preferred Stock [Member] | |||||||
Preferred Stock, Par or Stated Value Per Share | $ 1,000 | $ 1,000 | |||||
Preferred Stock, Shares Outstanding | 100 | 100 | |||||
Convertible Preferred Stock, Total Conversion Shares | 285,714 | ||||||
Series C Convertible Preferred Stock [Member] | |||||||
Preferred Stock, Par or Stated Value Per Share | $ 1,000 | $ 1,000 | $ 1,000 | ||||
Preferred Stock, Shares Outstanding | 2,570 | 2,868 | |||||
Convertible Preferred Stock, Total Conversion Shares | 171,349,733 | ||||||
Stock Issued During Period, Shares, New Issues | 3,000 | ||||||
Proceeds from Issuance of Preferred Stock, Preference Stock, and Warrants | $ 2,679,810 | ||||||
Stock Issued During Period, Value, New Issues | $ 983,941 | ||||||
Convertible Preferred Stock, Conversion Price Per Share | $ 0.015 | $ 0.05 | |||||
Series D Convertible Preferred Stock [Member] | |||||||
Preferred Stock, Par or Stated Value Per Share | $ 1,000 | $ 1,000 | $ 1,000 | ||||
Preferred Stock, Shares Outstanding | 1,000 | 0 | |||||
Stock Issued During Period, Shares, New Issues | 1,000 | ||||||
Convertible Preferred Stock, Conversion Price Per Share | $ 0.015 | ||||||
Proceeds from Issuance of Convertible Preferred Stock | $ 1,000,000 | ||||||
Proceeds From Issuance Of Convertible Preferred Stock, Net of Issuance Cost | $ 980,000 |
Note 8 - Common Stock (Details
Note 8 - Common Stock (Details Textual) - USD ($) | 12 Months Ended | ||||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Aug. 04, 2017 | Aug. 03, 2017 | |
Common Stock, Shares Authorized | 600,000,000 | 300,000,000 | 600,000,000 | 300,000,000 | |
Conversion of Stock, Shares Issued | 19,862,000 | 1,400,000 | |||
Common Stock, Capital Shares Reserved for Future Issuance | 245,852,413 | ||||
2006 Equity Incentive Plan [Member] | |||||
Common Stock, Capital Shares Reserved for Future Issuance | 1,550,300 | ||||
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 | ||||
2006 Equity Incentive Plan [Member] | Incentive Stock Options (ISO's) [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Purchase Price of Common Stock, Percent | 110.00% | ||||
Equity Incentive Plan 2016 [Member] | |||||
Common Stock, Capital Shares Reserved for Future Issuance | 6,000,000 | ||||
Expense Associated with Warrant Modifications [Member] | |||||
Stock Issued During Period, Shares, Warrants Exercised | 31,639,577 | 21,884,420 | |||
Proceeds from Warrant Exercises | $ 571,511 | $ 1,339,801 | |||
Conversion from Series C Convertible Preferred Stock to Common Stock [Member] | |||||
Conversion of Stock, Shares Issued | 19,862,000 | 1,400,000 |
Note 8 - Common Stock - Activit
Note 8 - Common Stock - Activity of Stock Option Plan (Details) $ / shares in Units, $ in Thousands | 12 Months Ended |
Dec. 31, 2017USD ($)$ / sharesshares | |
Outstanding, options (in shares) | shares | 3,499,475 |
Outstanding, weighted average exercise price, options (in dollars per share) | $ / shares | $ 1.21 |
Granted, options (in shares) | shares | 3,680,000 |
Granted, weighted average exercise price, options (in dollars per share) | $ / shares | $ 0.05 |
Forfeited or expired, options (in shares) | shares | (155,200) |
Forfeited or expired, weighted average exercise price, options (in dollars per share) | $ / shares | $ 15.25 |
Outstanding, options (in shares) | shares | 7,024,275 |
Outstanding, weighted average exercise price, options (in dollars per share) | $ / shares | $ 0.29 |
Outstanding, weighted average exercise price, options (Year) | 8 years 292 days |
Outstanding, weighted average exercise price, options | $ | $ 0 |
Exercisable, options (in shares) | shares | 1,951,484 |
Exercisable at March 31, 2016, weighted average exercise price, options (in dollars per share) | $ / shares | $ 0.90 |
Exercisable at March 31, 2016, weighted average exercise price, options (Year) | 6 years 219 days |
Exercisable at March 31, 2016, weighted average exercise price, options | $ | $ 0 |
Note 8 - Common Stock - Activ37
Note 8 - Common Stock - Activity of Stock Purchase Warrants (Details) | 12 Months Ended |
Dec. 31, 2017$ / sharesshares | |
Outstanding, shares (in shares) | shares | 32,751,578 |
Outstanding, weighted average exercise price (in dollars per share) | $ / shares | $ 0.07 |
Issued (in shares) | shares | |
Issued (in dollars per share) | $ / shares | |
Exercised (in shares) | shares | (31,639,577) |
Exercised, weighted average exercise price (in dollars per share) | $ / shares | $ 0.02 |
Forfeited or expired (in shares) | shares | (1,112,001) |
Forfeited or expired, weighted average exercise price (in dollars per share) | $ / shares | $ 0.57 |
Outstanding, shares (in shares) | shares | 0 |
Outstanding and exercisable at December 31, 2016 (in dollars per share) | $ / shares |
Note 8 - Common Stock - Common
Note 8 - Common Stock - Common Stock Reserved for Future Issuance (Details) | Dec. 31, 2017shares |
Common Stock, Reserved for Future Issuance (in shares) | 245,852,413 |
Warrant [Member] | |
Common Stock, Reserved for Future Issuance (in shares) | 7,550,300 |
Series B Convertible Preferred Stock [Member] | |
Common Stock, Reserved for Future Issuance (in shares) | 285,714 |
Series C Convertible Preferred Stock [Member] | |
Common Stock, Reserved for Future Issuance (in shares) | 171,349,733 |
Series D Convertible Preferred Stock [Member] | |
Common Stock, Reserved for Future Issuance (in shares) | 66,666,666 |
Note 9 - Stock-based Compensa39
Note 9 - Stock-based Compensation (Details Textual) - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
General and Administrative Expense | $ 1,232,368 | $ 2,131,426 | $ 1,429,731 |
Expense Associated with Warrant Modifications [Member] | |||
General and Administrative Expense | 0 | 912,862 | 0 |
2006 Equity Incentive Plan [Member] | |||
Allocated Share-based Compensation Expense | 57,224 | $ 54,805 | $ 67,905 |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ 218,280 | ||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 2 years 219 days |
Note 9 - Stock-based Compensa40
Note 9 - Stock-based Compensation - Significant Assumption Used in Fair Value Calculation (Details) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Weighted average risk-free interest rates | 2.40% | 2.26% | 1.99% |
Expected dividend yield | 0.00% | 0.00% | 0.00% |
Expected life of option (yrs) (Year) | 7 years | 7 years | 7 years |
Expected volatility | 89.73% | 88.72% | 91.43% |
Note 9 - Stock-based Compensa41
Note 9 - Stock-based Compensation - Allocation of Stock Option Expense (Details) - Employee Stock Option [Member] - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Allocated stock option expense | $ 57,224 | $ 54,805 | $ 67,905 |
General and Administrative Expense [Member] | |||
Allocated stock option expense | 31,271 | 31,191 | 45,822 |
Research and Development Expense [Member] | |||
Allocated stock option expense | $ 25,953 | $ 23,614 | $ 22,083 |
Note 9 - Stock-based Compensa42
Note 9 - Stock-based Compensation - Additional Information for Stock Options (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Weighted average fair value of options granted (in dollars per share) | $ 0.04 | $ 0.05 | $ 0.09 |
Intrinsic value of options exercised | |||
Total fair value of options vested | $ 58,337 | $ 54,757 | $ 66,622 |
Note 10 - Retirement Plan (Deta
Note 10 - Retirement Plan (Details Textual) - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Defined Contribution Plan, Employer Discretionary Contribution Amount | $ 29,265 | $ 33,871 | $ 40,296 |
Note 11 - Income Taxes (Details
Note 11 - Income Taxes (Details Textual) - USD ($) | 12 Months Ended | 198 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2017 | |
Income Tax Expense (Benefit) | $ 0 | $ 0 | $ 0 | $ 0 | |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | 35.00% | |||
Deferred Tax Assets from Remeasurement due to Changes in Enacted Tax Rate | $ (10,100,000) | ||||
Deferred Tax Assets from Remeasurement due to Changes in Enacted Tax Rate [Member] | |||||
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | (10,100,000) | ||||
Scenario, Forecast [Member] | |||||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | ||||
Research Tax Credit Carryforward [Member] | |||||
Tax Credit Carryforward, Amount | 949,000 | 949,000 | |||
Domestic Tax Authority [Member] | |||||
Operating Loss Carryforwards | $ 70,900,000 | $ 70,900,000 |
Note 11 - Income Taxes - Deferr
Note 11 - Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Deferred tax assets: | ||
Net operating loss carryforward | $ 16,273,259 | $ 24,689,298 |
Research and development tax credit carryforward | 949,340 | 892,231 |
Stock-based compensation expense | 1,709,867 | 2,748,899 |
Accrued salaries and directors’ fees | 185,961 | |
Depreciation | 5,532 | 1,331 |
Total deferred tax assets | 19,123,959 | 28,331,759 |
Deferred tax liabilities | ||
Net deferred tax assets | 19,123,959 | 28,331,759 |
Valuation allowance | (19,123,959) | (28,331,759) |
Net deferred tax asset after reduction for valuation allowance | $ 0 | $ 0 |
Note 11 - Income Taxes - Reconc
Note 11 - Income Taxes - Reconciliation of Income Tax Benefit (Details) - USD ($) | 12 Months Ended | 198 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2017 | |
U.S. federal statutory rate applied to pretax loss | $ (737,855) | $ (1,112,378) | $ (936,936) | |
Permanent differences | 436 | 2,012 | 2,914 | |
Research and development credits | 57,109 | 59,087 | 67,901 | |
Impact of Tax Act | 10,086,795 | |||
Change in valuation allowance | (9,406,485) | 1,051,279 | 866,121 | |
Reported income tax expense | $ 0 | $ 0 | $ 0 | $ 0 |
Note 12 - Subsequent Events (De
Note 12 - Subsequent Events (Details Textual) - USD ($) | Mar. 05, 2018 | Feb. 28, 2018 | Feb. 28, 2018 | Feb. 28, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Conversion of Stock, Shares Converted | 298 | 123 | |||||
Conversion of Stock, Shares Issued | 19,862,000 | 1,400,000 | |||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 0.07 | ||||||
Proceeds from Issuance of Convertible Preferred Stock | $ 980,000 | $ 2,679,810 | |||||
Subsequent Event [Member] | |||||||
Stock Issued During Period, Shares, Warrants Exercised | 5,000,000 | ||||||
Subsequent Event [Member] | Series E Convertible Preferred Stock [Member] | |||||||
Proceeds from Issuance of Convertible Preferred Stock | $ 600,000 | ||||||
Convertible Preferred Stock, Conversion Price Per Share | $ 0.08 | ||||||
Convertible Preferred Stock, Total Conversion Shares | 7,500,000 | ||||||
Subsequent Event [Member] | Warrants in Connection with Senior Promissory Note [Member] | |||||||
Class of Warrant or Right, Term | 5 years | ||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 178,571 | 178,571 | 178,571 | ||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 0.042 | $ 0.042 | $ 0.042 | ||||
Subsequent Event [Member] | Senior Notes [Member] | |||||||
Debt Instrument, Term | 5 years | ||||||
Proceeds from Issuance of Long-term Debt | $ 50,000 | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.00% | 5.00% | 5.00% | ||||
Conversion From Series D Convertible Preferred Stock To Common Stock [Member] | Subsequent Event [Member] | |||||||
Conversion of Stock, Shares Converted | 300 | ||||||
Conversion of Stock, Shares Issued | 20,000,000 |
Schedule II - Valuation and Q48
Schedule II - Valuation and Qualifying Accounts (Details) - Valuation Allowance of Deferred Tax Assets [Member] - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Balance at Beginning Of Period | $ 28,331,759 | $ 27,131,034 | $ 26,021,943 |
Additions Charged to Costs and Expenses | 9,207,800 | 1,200,725 | 1,109,094 |
Additions Charged to Other Accounts | 0 | 0 | 0 |
Deductions | 0 | 0 | 0 |
Balance at End Of Period | $ 19,123,959 | $ 28,331,759 | $ 27,131,034 |