Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Mar. 22, 2019 | Jun. 30, 2018 | |
Document Information [Line Items] | |||
Entity Registrant Name | GeoVax Labs, Inc. | ||
Entity Central Index Key | 0000832489 | ||
Trading Symbol | govx | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Emerging Growth Company | false | ||
Entity Small Business | true | ||
Entity Common Stock, Shares Outstanding (in shares) | 278,043,476 | ||
Entity Public Float | $ 6,529,024 | ||
Entity Shell Company | false | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2018 | ||
Document Fiscal Year Focus | 2018 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 |
ASSETS | ||
Cash and cash equivalents | $ 259,701 | $ 312,727 |
Grant funds and other receivables | 121,814 | 59,758 |
Prepaid expenses and other current assets | 238,189 | 75,589 |
Total current assets | 619,704 | 448,074 |
Property and equipment, net (Note 3) | 11,350 | 31,151 |
Deposits | 11,010 | 11,010 |
Total assets | 642,064 | 490,235 |
LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIENCY) | ||
Accounts payable | 125,859 | 77,581 |
Accrued expenses (Note 4) | 1,238,552 | 733,711 |
Current portion of notes payable (Note 5) | 260,420 | |
Total current liabilities | 1,624,831 | 811,292 |
Note payable, net of current portion (Note 5) | 39,580 | |
Total liabilities | 1,664,411 | 811,292 |
Commitments (Note 6) | ||
Stockholders’ equity (deficiency): | ||
Common stock, $.001 par value: Authorized shares – 600,000,000 Issued and outstanding shares – 218,903,476 and 106,736,810 at December 31, 2018 and 2017, respectively | 218,903 | 106,737 |
Additional paid-in capital | 37,264,301 | 35,589,911 |
Accumulated deficit | (40,476,884) | (37,916,790) |
Total stockholders’ equity (deficiency) | (1,022,347) | (321,057) |
Total liabilities and stockholders’ equity (deficiency) | 642,064 | 490,235 |
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 | 705,238 | 842,990 |
Series D Convertible Preferred Stock [Member] | ||
Stockholders’ equity (deficiency): | ||
Convertible Preferred Stock | 980,000 | |
Series E Convertible Preferred Stock [Member] | ||
Stockholders’ equity (deficiency): | ||
Convertible Preferred Stock | $ 1,190,000 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - $ / shares | Dec. 31, 2018 | Dec. 31, 2017 |
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 authorized (in shares) | 600,000,000 | 600,000,000 |
Common stock, shares issued (in shares) | 218,903,476 | 106,736,810 |
Common stock, shares outstanding (in shares) | 218,903,476 | 106,736,810 |
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) | 2,150 | 2,570 |
Preferred stock, shares outstanding (in shares) | 2,150 | 2,570 |
Series D Convertible Preferred Stock [Member] | ||
Preferred stock, par value (in dollars per share) | $ 1,000 | $ 1,000 |
Preferred stock, shares issued (in shares) | 0 | 1,000 |
Preferred stock, shares outstanding (in shares) | 0 | 1,000 |
Series E Convertible Preferred Stock [Member] | ||
Preferred stock, par value (in dollars per share) | $ 1,000 | $ 1,000 |
Preferred stock, shares issued (in shares) | 1,200 | 0 |
Preferred stock, shares outstanding (in shares) | 1,200 | 0 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Grant and collaboration revenue | $ 963,203 | $ 1,075,270 | $ 828,918 |
Operating expenses: | |||
Research and development | 1,878,652 | 2,017,350 | 1,970,859 |
General and administrative | 1,647,268 | 1,232,368 | 2,131,426 |
Total operating expenses | 3,525,920 | 3,249,718 | 4,102,285 |
Loss from operations | (2,562,717) | (2,174,448) | (3,273,367) |
Other income (expense): | |||
Interest income | 5,213 | 4,286 | 1,666 |
Interest expense | (2,590) | ||
Total other income (expense) | 2,623 | 4,286 | 1,666 |
Net loss | $ (2,560,094) | $ (2,170,162) | $ (3,271,701) |
Basic and diluted: | |||
Loss per common share (in dollars per share) | $ (0.02) | $ (0.03) | $ (0.08) |
Weighted average shares outstanding (in shares) | 163,584,755 | 68,605,817 | 41,516,514 |
Statement of StockholderConsoli
Statement of StockholderConsolidated Statements of Stockholders' Equity (Deficiency) - USD ($) | Series B Convertible Preferred Stock [Member] | Series C Convertible Preferred Stock [Member] | Series D Convertible Preferred Stock [Member] | Series E Convertible Preferred Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total |
Balance (in shares) at Dec. 31, 2015 | 100 | 3,000 | 31,950,813 | |||||
Balance at Dec. 31, 2015 | $ 76,095 | $ 983,941 | $ 31,951 | $ 32,587,543 | $ (32,474,927) | $ 1,204,603 | ||
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 | |||||
Stock-based compensation expense | 967,667 | 967,667 | ||||||
Net loss | (3,271,701) | (3,271,701) | ||||||
Balance (in shares) at Dec. 31, 2016 | 100 | 2,868 | 55,235,233 | |||||
Balance 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) | (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 | |||||
Stock-based compensation expense | 57,224 | 57,224 | ||||||
Net loss | (2,170,162) | (2,170,162) | ||||||
Sale of convertible preferred stock for cash | $ 980,000 | 980,000 | ||||||
Balance (in shares) at Dec. 31, 2017 | 100 | 2,570 | 1,000 | 106,736,810 | ||||
Balance 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) | (420) | (1,000) | 94,666,666 | |||||
Conversion of preferred stock to common stock | $ (137,752) | $ (980,000) | $ 94,666 | 1,023,086 | ||||
Stock-based compensation expense | 155,304 | 155,304 | ||||||
Net loss | (2,560,094) | (2,560,094) | ||||||
Sale of convertible preferred stock for cash | $ 1,190,000 | $ 1,190,000 | ||||||
Issuance of common stock for services (in shares) | 17,500,000 | 17,500,000 | ||||||
Issuance of common stock for services | $ 17,500 | 496,000 | $ 513,500 | |||||
Balance (in shares) at Dec. 31, 2018 | 100 | 2,150 | 1,200 | 218,903,476 | ||||
Balance at Dec. 31, 2018 | $ 76,095 | $ 705,238 | $ 1,190,000 | $ 218,903 | $ 37,264,301 | $ (40,476,884) | $ (1,022,347) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Cash flows from operating activities: | |||
Net loss | $ (2,560,094) | $ (2,170,162) | $ (3,271,701) |
Adjustments to reconcile net loss to net cash used in operating activities: | |||
Depreciation and amortization | 19,801 | 28,027 | 28,780 |
Stock-based compensation expense | 469,724 | 57,224 | 967,667 |
Changes in assets and liabilities: | |||
Grant funds and other receivables | (62,056) | (31,684) | 91,904 |
Prepaid expenses and other current assets | 36,480 | (13,314) | (5,626) |
Accounts payable and accrued expenses | 553,119 | 441,445 | 242,857 |
Total adjustments | 1,017,068 | 481,698 | 1,325,582 |
Net cash used in operating activities | (1,543,026) | (1,688,464) | (1,946,119) |
Cash flows from investing activities: | |||
Purchase of property and equipment | (4,350) | ||
Net cash used in investing activities | (4,350) | ||
Cash flows from financing activities: | |||
Net proceeds from sale of preferred stock | 1,190,000 | 980,000 | |
Net proceeds from sale of common stock | 571,511 | 1,339,801 | |
Proceeds from issuance of notes payable | 300,000 | ||
Net cash provided by financing activities | 1,490,000 | 1,551,511 | 1,339,801 |
Net decrease in cash and cash equivalents | (53,026) | (141,303) | (606,318) |
Cash and cash equivalents at beginning of period | 312,727 | 454,030 | 1,060,348 |
Cash and cash equivalents at end of period | $ 259,701 | $ 312,727 | $ 454,030 |
Consolidated Statements of Ca_2
Consolidated Statements of Cash Flows (Parentheticals) - shares | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Series C Convertible Preferred Stock [Member] | |||
Convertible preferred stock (in shares) | 420 | 298 | 132 |
Conversion of stock, shares issued (in shares) | 28,000,000 | 19,862,000 | 1,400,000 |
Series D Convertible Preferred Stock [Member] | |||
Convertible preferred stock (in shares) | 1,000 | ||
Conversion of stock, shares issued (in shares) | 66,666,666 |
Note 1 - Description of Busines
Note 1 - Description of Business | 12 Months Ended |
Dec. 31, 2018 | |
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 and immunotherapies against infectious diseases and cancers using a novel patented Modified Vaccinia Ankara Virus-Like Particle (MVA-VLP) vaccine platform. In this platform, MVA, a large virus capable of carrying several vaccine antigens, expresses proteins that assemble into highly effective VLP immunogens in the person being vaccinated. The MVA-VLP virus replicates to high titers in approved avian cells for manufacturing but cannot productively replicate in mammalian cells. Therefore, the MVA-VLP derived vaccines elicit durable immune responses in the host similar to a live attenuated virus, while providing the safety characteristics of a replication-defective vector. 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. Our corporate strategy is to improve health to patients worldwide by advancing our vaccine platform, using its unique capabilities to design and develop an array of products addressing unmet medical needs in the areas of infectious diseases and oncology. We aim to advance products through to human clinical testing, and to seek partnership or licensing arrangements for achieving regulatory approval and commercialization. We also leverage third 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 the metropolitan Atlanta, Georgia area. |
Note 2 - Summary of Significant
Note 2 - Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2018 | |
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, government funding commitments, and equity funding commitments discussed in Note 13 third 2019. not may not Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles (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 Cash and Cash Equivalents We consider all highly liquid investments with a maturity of three 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, No. 2016 02, Leases 2016 02 2016 02 December 15, 2018, 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 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 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 262.9 245.3 93.9 December 31, 2018, 2017 2016, Revenue Recognition In May 2014, 2014 09, Revenue from Contracts with Customers 2014 09 606. five 2014 09 January 1, 2018 2018 2014 09 no Grant revenue – We receive payments from government entities under non-refundable grants in support of our vaccine development programs. We record revenue associated with these grants when the reimbursable costs are incurred and we have complied with all conditions necessary to receive the grant funds. Research collaborations – We are pursuing a strategy of co-developing or licensing our technology for specific vaccine development approaches and/or disease indications. Accordingly, we have entered into multiple collaborative research and development agreements and have received third 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 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 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 9 In May 2017, 2017 09, Scope of Modification Accounting 2017 09” 718, 2017 09 1 2 718 2017 09 January 1, 2018; no In June 2018, 2018 07, Improvements to Nonemployee Share-Based Payment Accounting 2018 07 718 December 15, 2018, not 2018 07 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, there have been no not |
Note 3 - Property and Equipment
Note 3 - Property and Equipment | 12 Months Ended |
Dec. 31, 2018 | |
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, 2018 2017: 2018 2017 Laboratory equipment $ 530,306 $ 530,306 Leasehold improvements 115,605 115,605 Other furniture, fixtures & equipment 28,685 28,685 Total property and equipment 674,596 674,596 Accumulated depreciation and amortization (663,246 ) (643,445 ) Property and equipment, net $ 11,350 $ 31,151 Depreciation and leasehold amortization expense was $19,801, $28,027, $28,780 December 31, 2018, 2017 2016, |
Note 4 - Accrued Expenses
Note 4 - Accrued Expenses | 12 Months Ended |
Dec. 31, 2018 | |
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, 2018 2017: 2018 2017 Accrued management salaries $ 924,509 $ 532,615 Accrued directors’ fees 295,670 182,620 Other accrued expenses 18,373 18,476 Total accrued expenses $ 1,238,552 $ 733,711 |
Note 5 - Note Payable
Note 5 - Note Payable | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 5 . Notes Payable On February 28, 2018, five $50,000. 5%, second $10,420 2019, $ 12,500 2020, 2021 2022, $2,080 2023. five 178,571 2018 $2,083. On December 27, 2018, two $250,000. three 10,000,000 February 2019, 12 |
Note 6 - Commitments
Note 6 - Commitments | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Commitments Disclosure [Text Block] | 6 . Commitments Lease Agreement We lease approximately 8,400 December 31, 2019, December 31, 2022. December 31, 2018, 2017 2016 $156,939, $151,748, $149,288, $161,266 2019, one Other Commitments In the normal course of business, we enter into various firm purchase commitments related to production and testing of our vaccine, conduct of research studies, and other activities. As of December 31, 2018, $625,000 2019. |
Note 7 - Preferred Stock
Note 7 - Preferred Stock | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Preferred Stock [Text Block] | 7 . Preferred Stock Series B Convertible Preferred Stock Our Series B Convertible Preferred Stock, $1,000 no not December 31, 2018, 100 285,714 $76,095. Series C Convertible Preferred Stock In February 2015, 3,000 $1,000 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 may, 2016, 132 1,400,000 2017, 298 19,862,000 May 2017, $0.05 $0.015 2018, 420 28,000,000 December 31, 2018, 2,150 143,349,733 $705,238. Series D Convertible Preferred Stock In May 2017, 1,000 $1,000 $980,000. no not 2018, 66,666,666 December 31, 2018, no Series E Convertible Preferred Stock In March 2018, 600 $1,000 $590,000. September 2018, 600 $600,000. no not $0.02544 may, December 31, 2018, 1,200 47,169,812 $1,190,000. In connection with the Series E Preferred Stock issuance in September 2018, 47,169,812 $0.02544 six 3 may, |
Note 8 - Common Stock
Note 8 - Common Stock | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | 8. Common Stock Common Stock Transactions During 2018, 2017, 2016 94,666,666, 19,862,000 1,400,000 7 During 2017 2016 31,639,577 21,884,420 $571,511, $1,339,801, During 2018, 17,500,000 9 Stock Option Plans In 2006 2006 “2006 2016, 2016 “2016 1,412,300 2006 16,000,000 2016 2016 2006 September 28, 2016, no may 2006 2016 may not 110% ten three Certain information concerning our stock option plans as of December 31, 2018, Number of Shares Weighted- Average Exercise Price Weighted- Average Remaining Contractual Term (yrs) Aggregate Intrinsic Value Outstanding at December 31, 2017 7,024,275 $ 0.29 Granted 7,930,000 0.03 Exercised - - Forfeited or expired (235,000 ) 2.96 Outstanding at December 31, 2018 14,719,275 $ 0.11 9.0 $ -0- Exercisable at December 31, 2018 6,795,277 $ 0.19 8.3 $ -0- Stock Purchase Warrants The following table presents a summary of stock purchase warrant activity during the year ended December 31, 2018: Number of Shares Weighted Average Exercise Price Outstanding at December 31, 2017 - $ - Issued 57,348,383 0.03 Exercised - - Forfeited or expired - - Outstanding and exercisable at December 31, 2018 57,348,383 $ 0.03 Common Stock Reserved A summary of common stock reserved for future issuance as of December 31, 2018 Stock Option Plans 17,412,300 Stock Purchase Warrants 57,348,383 Series B Convertible Preferred Stock 285,714 Series C Convertible Preferred Stock 143,349,733 Series E Convertible Preferred Stock 47,169,812 Total 265,565,942 |
Note 9 - Stock-based Compensati
Note 9 - Stock-based Compensation | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | 9. Stock-Based Compensation Stock Option Plans 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: 2018 2017 2016 Weighted average risk-free interest rates 2.79 % 2.40 % 2.26 % Expected dividend yield 0.0 % 0.0 % 0.0 % Expected life of option (in years) 7.0 7.0 7.0 Expected volatility 71.34 % 89.73 % 88.72 % Stock-based compensation expense related to our stock option plans was $155,304, $57,224, $54,805 December 31, 2018, 2017 2016, three December 31, 2018, 2018 2017 2016 General and administrative expense $ 113,306 $ 31,271 $ 31,191 Research and development expense 41,998 25,953 23,614 Total stock option expense $ 155,304 $ 57,224 $ 54,805 As of December 31, 2018, $211,234 2.2 Additional information concerning our stock options for the years ended December 31, 2018, 2017 2016 2018 2017 2016 Weighted average fair value of options granted $ 0.02 $ 0.04 $ 0.05 Intrinsic value of options exercised - - - Total fair value of options vested 153,838 58,337 54,757 Other Non-E mp loyee Stock-Based C ompensation During 2018, 17,500,000 $513,500, $314,419 2018. $199,081 December 31, 2018 2019 2016, $912,862 |
Note 10 - Retirement Plan
Note 10 - Retirement Plan | 12 Months Ended |
Dec. 31, 2018 | |
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 third 401k December 31, 2018, 2017 2016 401k $23,354, $29,265, $33,871, |
Note 11 - Income Taxes
Note 11 - Income Taxes | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 11 . Income Taxes At December 31, 2018, $72.5 2019 2038. $1,064,000 2022 2038 No 382 may may On December 22, 2017, 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 the following at December 31, 2018 2017: 2018 2017 Deferred tax assets: Net operating loss carryforward $ 16,681,908 $ 16,273,259 Research and development tax credit carryforward 1,063,877 949,340 Stock-based compensation expense 1,808,509 1,709,867 Accrued salaries and directors’ fees 317,246 185,961 Depreciation 8,414 5,532 Total deferred tax assets 19,879,954 19,123,959 Deferred tax liabilities - - Net deferred tax assets 19,879,954 19,123,959 Valuation allowance (19,879,954 ) (19,123,959 ) 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: 2018 2017 2016 U.S. federal statutory rate applied to pretax loss $ (537,620 ) $ (737,855 ) $ (1,112,378 ) Permanent differences 549 436 2,012 Research and development credits (53,884 ) (57,109 ) (59,087 ) Impact of Tax Act - 10,086,795 - Change in valuation allowance 590,955 (9,292,267 ) 1,169,453 Reported income tax expense $ -0- $ -0- $ -0- |
Note 12 - Grants and Collaborat
Note 12 - Grants and Collaboration Revenue | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Government Grants and Contracts [Text Block] | 12 . Grants and Collaboration Revenue We receive payments from government entities under our grants from the National Institute of Allergy and Infectious Diseases (NIAID) and from the U.S. Department of Defense in support of our vaccine research and development efforts. We record revenue associated with government grants as the reimbursable costs are incurred. During 2018, 2017, 2016, $934,575, $980,270, $828,918, December 31, 2018, $2,589,247 2019 2020. During 2018, 2017, 2016, $28,628, $95,000, 0 third |
Note 13 - Subsequent Events
Note 13 - Subsequent Events | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | 13 . Subsequent Events Conversions of Preferred Stock to Common Stock During January February 2019, 587 39,140,000 March 2019, 180 20,000,000 Exchange of Series C and Series E Preferred Stock for Series F Preferred Stock On February 18, 2019, 2,763 $1,000 no not $0.015 90% may, no Issuance of Series G Preferred Stock On February 25, 2019, 1,000 $1.0 three first February 26, 2019, 500 $250,000 5 $250,000. 50 60 first may $250,000 second 110 to120 first may $250,000 third Each share of Series G Preferred Stock is entitled to a liquidation preference equal to its stated value, has no not $0.015 90% may, At the first 16,666,666 $0.015 six five first may, second third may 33,333,332 |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
SEC Schedule, 12-09, Schedule of Valuation and Qualifying Accounts Disclosure [Text Block] | GEOVAX LABS, INC. SCHEDULE II – VALUATION AND QUALIFYING ACCOUNTS For t he Years Ended December 31, 2018, 2017 2016 Additions (Reductions) 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, 2018 $ 19,123,959 $ 755,995 $ -0- $ -0- $ 19,879,954 Year ended December 31, 2017 28,331,759 (9,207,800 ) -0- -0- 19,123,959 Year ended December 31, 2016 27,131,034 1,200,725 -0- -0- 28,331,759 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2018 | |
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, government funding commitments, and equity funding commitments discussed in Note 13 third 2019. not may not |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles (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 |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash Equivalents We consider all highly liquid investments with a maturity of three |
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, No. 2016 02, Leases 2016 02 2016 02 December 15, 2018, 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 |
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 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 262.9 245.3 93.9 December 31, 2018, 2017 2016, |
Revenue from Contract with Customer [Policy Text Block] | Revenue Recognition In May 2014, 2014 09, Revenue from Contracts with Customers 2014 09 606. five 2014 09 January 1, 2018 2018 2014 09 no Grant revenue – We receive payments from government entities under non-refundable grants in support of our vaccine development programs. We record revenue associated with these grants when the reimbursable costs are incurred and we have complied with all conditions necessary to receive the grant funds. Research collaborations – We are pursuing a strategy of co-developing or licensing our technology for specific vaccine development approaches and/or disease indications. Accordingly, we have entered into multiple collaborative research and development agreements and have received third 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 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 |
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 9 In May 2017, 2017 09, Scope of Modification Accounting 2017 09” 718, 2017 09 1 2 718 2017 09 January 1, 2018; no In June 2018, 2018 07, Improvements to Nonemployee Share-Based Payment Accounting 2018 07 718 December 15, 2018, not 2018 07 |
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, there have been no not |
Note 3 - Property and Equipme_2
Note 3 - Property and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | 2018 2017 Laboratory equipment $ 530,306 $ 530,306 Leasehold improvements 115,605 115,605 Other furniture, fixtures & equipment 28,685 28,685 Total property and equipment 674,596 674,596 Accumulated depreciation and amortization (663,246 ) (643,445 ) Property and equipment, net $ 11,350 $ 31,151 |
Note 4 - Accrued Expenses (Tabl
Note 4 - Accrued Expenses (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Notes Tables | |
Schedule of Accrued Liabilities [Table Text Block] | 2018 2017 Accrued management salaries $ 924,509 $ 532,615 Accrued directors’ fees 295,670 182,620 Other accrued expenses 18,373 18,476 Total accrued expenses $ 1,238,552 $ 733,711 |
Note 8 - Common Stock (Tables)
Note 8 - Common Stock (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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, 2017 7,024,275 $ 0.29 Granted 7,930,000 0.03 Exercised - - Forfeited or expired (235,000 ) 2.96 Outstanding at December 31, 2018 14,719,275 $ 0.11 9.0 $ -0- Exercisable at December 31, 2018 6,795,277 $ 0.19 8.3 $ -0- |
Schedule of Warrant Activity [Table Text Block] | Number of Shares Weighted Average Exercise Price Outstanding at December 31, 2017 - $ - Issued 57,348,383 0.03 Exercised - - Forfeited or expired - - Outstanding and exercisable at December 31, 2018 57,348,383 $ 0.03 |
Schedule of Stock by Class [Table Text Block] | Stock Option Plans 17,412,300 Stock Purchase Warrants 57,348,383 Series B Convertible Preferred Stock 285,714 Series C Convertible Preferred Stock 143,349,733 Series E Convertible Preferred Stock 47,169,812 Total 265,565,942 |
Note 9 - Stock-based Compensa_2
Note 9 - Stock-based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Notes Tables | |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | 2018 2017 2016 Weighted average risk-free interest rates 2.79 % 2.40 % 2.26 % Expected dividend yield 0.0 % 0.0 % 0.0 % Expected life of option (in years) 7.0 7.0 7.0 Expected volatility 71.34 % 89.73 % 88.72 % |
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Table Text Block] | 2018 2017 2016 General and administrative expense $ 113,306 $ 31,271 $ 31,191 Research and development expense 41,998 25,953 23,614 Total stock option expense $ 155,304 $ 57,224 $ 54,805 |
Share-based Compensation, Stock Options, Activity [Table Text Block] | 2018 2017 2016 Weighted average fair value of options granted $ 0.02 $ 0.04 $ 0.05 Intrinsic value of options exercised - - - Total fair value of options vested 153,838 58,337 54,757 |
Note 11 - Income Taxes (Tables)
Note 11 - Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Notes Tables | |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | 2018 2017 Deferred tax assets: Net operating loss carryforward $ 16,681,908 $ 16,273,259 Research and development tax credit carryforward 1,063,877 949,340 Stock-based compensation expense 1,808,509 1,709,867 Accrued salaries and directors’ fees 317,246 185,961 Depreciation 8,414 5,532 Total deferred tax assets 19,879,954 19,123,959 Deferred tax liabilities - - Net deferred tax assets 19,879,954 19,123,959 Valuation allowance (19,879,954 ) (19,123,959 ) Net deferred tax asset after reduction for valuation allowance $ -0- $ -0- |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | 2018 2017 2016 U.S. federal statutory rate applied to pretax loss $ (537,620 ) $ (737,855 ) $ (1,112,378 ) Permanent differences 549 436 2,012 Research and development credits (53,884 ) (57,109 ) (59,087 ) Impact of Tax Act - 10,086,795 - Change in valuation allowance 590,955 (9,292,267 ) 1,169,453 Reported income tax expense $ -0- $ -0- $ -0- |
Schedule II - Valuation and Q_2
Schedule II - Valuation and Qualifying Accounts (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Notes Tables | |
Summary of Valuation Allowance [Table Text Block] | Additions (Reductions) 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, 2018 $ 19,123,959 $ 755,995 $ -0- $ -0- $ 19,879,954 Year ended December 31, 2017 28,331,759 (9,207,800 ) -0- -0- 19,123,959 Year ended December 31, 2016 27,131,034 1,200,725 -0- -0- 28,331,759 |
Note 2 - Summary of Significa_2
Note 2 - Summary of Significant Accounting Policies (Details Textual) - shares shares in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 262.9 | 245.3 | 93.9 |
Minimum [Member] | |||
Property, Plant and Equipment, Useful Life | 3 years | ||
Maximum [Member] | |||
Property, Plant and Equipment, Useful Life | 5 years |
Note 3 - Property and Equipme_3
Note 3 - Property and Equipment (Details Textual) - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Depreciation, Depletion and Amortization, Nonproduction, Total | $ 19,801 | $ 28,027 | $ 28,780 |
Note 3 - Property and Equipme_4
Note 3 - Property and Equipment - Schedule of Property and Equipment (Details) - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 |
Property and equipment, gross | $ 674,596 | $ 674,596 |
Accumulated depreciation and amortization | (663,246) | (643,445) |
Property and equipment, net | 11,350 | 31,151 |
Laboratory Equipment [Member] | ||
Property and equipment, gross | 530,306 | 530,306 |
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, 2018 | Dec. 31, 2017 |
Accrued management salaries | $ 924,509 | $ 532,615 |
Accrued directors’ fees | 295,670 | 182,620 |
Other accrued expenses | 18,373 | 18,476 |
Total accrued expenses | $ 1,238,552 | $ 733,711 |
Note 5 - Note Payable (Details
Note 5 - Note Payable (Details Textual) - USD ($) | Feb. 28, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 27, 2018 |
Proceeds from Notes Payable, Total | $ 300,000 | ||||
Interest Expense, Total | 2,590 | ||||
Term Notes [Member] | |||||
Debt Instrument, Face Amount | $ 250,000 | ||||
Common Stock Purchase Warrants [Member] | |||||
Warrants and Rights Outstanding, Term | 5 years | ||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 178,571 | ||||
Warrants issued to two current investors [Member] | |||||
Warrants and Rights Outstanding, Term | 3 years | ||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 10,000,000 | ||||
Senior Notes [Member] | |||||
Debt Instrument, Term | 5 years | ||||
Proceeds from Notes Payable, Total | $ 50,000 | ||||
Debt Instrument, Interest Rate, Stated Percentage | 5.00% | ||||
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months | $ 10,420 | ||||
Long-term Debt, Maturities, Repayments of Principal in Year Two | 12,500 | ||||
Long-term Debt, Maturities, Repayments of Principal after Year Five | 2,080 | ||||
Interest Expense, Total | $ 2,083 | ||||
Long-term Debt, Maturities, Repayments of Principal in Year Three | 12,500 | ||||
Long-term Debt, Maturities, Repayments of Principal in Year Five | $ 12,500 |
Note 6 - Commitments (Details T
Note 6 - Commitments (Details Textual) | 12 Months Ended | ||
Dec. 31, 2018USD ($)ft² | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | |
Area of Real Estate Property | ft² | 8,400 | ||
Operating Leases, Rent Expense, Total | $ 156,939 | $ 151,748 | $ 149,288 |
Operating Leases, Future Minimum Payments, Due in Two Years | 161,266 | ||
Unrecorded Unconditional Purchase Obligation, Total | $ 625,000 |
Note 7 - Preferred Stock (Detai
Note 7 - Preferred Stock (Details Textual) - USD ($) | 1 Months Ended | 12 Months Ended | ||||||
Sep. 30, 2018 | Mar. 31, 2018 | May 31, 2017 | Feb. 28, 2015 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Sep. 05, 2018 | |
Preferred Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 | ||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 0.03 | |||||||
Conversion from Series C Convertible Preferred Stock to Common Stock [Member] | ||||||||
Conversion of Stock, Shares Converted | 420 | 298 | 132 | |||||
Conversion of Stock, Shares Issued | 28,000,000 | 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 G Warrants [Member] | ||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 47,169,812 | |||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 0.02544 | |||||||
Warrants and Rights Outstanding, Term | 3 years | |||||||
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, Ending Balance | 100 | 100 | ||||||
Convertible Preferred Stock, Total Conversion Shares | 285,714 | |||||||
Preferred Stock, Value, Issued, Ending Balance | $ 76,095 | $ 76,095 | ||||||
Series C Convertible Preferred Stock [Member] | ||||||||
Preferred Stock, Par or Stated Value Per Share | $ 1,000 | $ 1,000 | $ 1,000 | |||||
Preferred Stock, Shares Outstanding, Ending Balance | 2,150 | 2,570 | ||||||
Convertible Preferred Stock, Total Conversion Shares | 143,349,733 | |||||||
Preferred Stock, Value, Issued, Ending Balance | $ 705,238 | $ 842,990 | ||||||
Stock Issued During Period, Shares, New Issues | 3,000 | |||||||
Proceeds from Issuance of Preferred Stock, Preference Stock, and Warrants, Total | $ 2,679,810 | |||||||
Stock Issued During Period, Value, New Issues | $ 983,941 | |||||||
Conversion of Stock, Shares Converted | 420 | 298 | 132 | |||||
Conversion of Stock, Shares Issued | 28,000,000 | 19,862,000 | 1,400,000 | |||||
Convertible Preferred Stock, Conversion Price Per Share | $ 0.05 | |||||||
Convertible Preferred Stock, Conversion Price1 | 0.015 | |||||||
Series D Convertible Preferred Stock [Member] | ||||||||
Preferred Stock, Par or Stated Value Per Share | $ 1,000 | $ 1,000 | $ 1,000 | |||||
Preferred Stock, Shares Outstanding, Ending Balance | 0 | 1,000 | ||||||
Preferred Stock, Value, Issued, Ending Balance | $ 980,000 | |||||||
Stock Issued During Period, Shares, New Issues | 1,000 | |||||||
Conversion of Stock, Shares Converted | 1,000 | |||||||
Conversion of Stock, Shares Issued | 66,666,666 | |||||||
Proceeds From Issuance Of Convertible Preferred Stock, Net of Issuance Cost | $ 980,000 | |||||||
Series E Convertible Preferred Stock [Member] | ||||||||
Preferred Stock, Par or Stated Value Per Share | $ 1,000 | $ 1,000 | $ 1,000 | |||||
Preferred Stock, Shares Outstanding, Ending Balance | 1,200 | 0 | ||||||
Convertible Preferred Stock, Total Conversion Shares | 47,169,812 | |||||||
Preferred Stock, Value, Issued, Ending Balance | $ 1,190,000 | |||||||
Stock Issued During Period, Shares, New Issues | 600 | |||||||
Conversion of Stock, Shares Converted | 600 | |||||||
Convertible Preferred Stock, Conversion Price1 | $ 0.02544 | |||||||
Proceeds From Issuance Of Convertible Preferred Stock, Net of Issuance Cost | $ 600,000 | $ 590,000 |
Note 8 - Common Stock (Details
Note 8 - Common Stock (Details Textual) - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Stock Issued During Period, Shares, Issued for Services | 17,500,000 | ||
Common Stock, Capital Shares Reserved for Future Issuance | 265,565,942 | ||
2006 Equity Incentive Plan [Member] | |||
Common Stock, Capital Shares Reserved for Future Issuance | 1,412,300 | ||
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 | 16,000,000 | ||
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 and Series D Convertible Preferred Stock to Common Stock [Member] | |||
Conversion of Stock, Shares Issued | 94,666,666 | 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, 2018USD ($)$ / sharesshares | |
Outstanding, options (in shares) | shares | 7,024,275 |
Outstanding, weighted average exercise price, options (in dollars per share) | $ / shares | $ 0.29 |
Granted, options (in shares) | shares | 7,930,000 |
Granted, weighted average exercise price, options (in dollars per share) | $ / shares | $ 0.03 |
Forfeited or expired, options (in shares) | shares | (235,000) |
Forfeited or expired, weighted average exercise price, options (in dollars per share) | $ / shares | $ 2.96 |
Outstanding, options (in shares) | shares | 14,719,275 |
Outstanding, weighted average exercise price, options (in dollars per share) | $ / shares | $ 0.11 |
Outstanding, weighted average exercise price, options (Year) | 9 years |
Outstanding, weighted average exercise price, options | $ | $ 0 |
Exercisable, options (in shares) | shares | 6,795,277 |
Exercisable at March 31, 2016, weighted average exercise price, options (in dollars per share) | $ / shares | $ 0.19 |
Exercisable at March 31, 2016, weighted average exercise price, options (Year) | 8 years 109 days |
Exercisable at March 31, 2016, weighted average exercise price, options | $ | $ 0 |
Note 8 - Common Stock - Activ_2
Note 8 - Common Stock - Activity of Stock Purchase Warrants (Details) - $ / shares | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Outstanding, shares (in shares) | ||
Outstanding, weighted average exercise price (in dollars per share) | $ 0.03 | |
Issued (in shares) | 57,348,383 | |
Issued (in dollars per share) | $ 0.03 | |
Exercised (in shares) | ||
Exercised, weighted average exercise price (in dollars per share) | ||
Forfeited or expired (in shares) | ||
Forfeited or expired, weighted average exercise price (in dollars per share) | ||
Outstanding, shares (in shares) | 57,348,383 |
Note 8 - Common Stock - Common
Note 8 - Common Stock - Common Stock Reserved for Future Issuance (Details) | Dec. 31, 2018shares |
Common Stock, Reserved for Future Issuance (in shares) | 265,565,942 |
Common Stock [Member] | |
Common Stock, Reserved for Future Issuance (in shares) | 17,412,300 |
Warrant [Member] | |
Common Stock, Reserved for Future Issuance (in shares) | 57,348,383 |
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) | 143,349,733 |
Series E Convertible Preferred Stock [Member] | |
Common Stock, Reserved for Future Issuance (in shares) | 47,169,812 |
Note 9 - Stock-based Compensa_3
Note 9 - Stock-based Compensation (Details Textual) - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Stock Issued During Period, Shares, Issued for Services | 17,500,000 | ||
Stock Issued During Period, Value, Issued for Services | $ 513,500 | ||
Stock Issued During Period, Value Expensed During the Period, Issued for Services | 314,419 | ||
Prepaid Expense, Value of Stock Issued for Services During Period | 199,081 | ||
General and Administrative Expense, Total | 1,647,268 | $ 1,232,368 | $ 2,131,426 |
Expense Associated with Warrant Modifications [Member] | |||
General and Administrative Expense, Total | 912,862 | ||
2006 Equity Incentive Plan [Member] | |||
Allocated Share-based Compensation Expense, Total | 155,304 | $ 57,224 | $ 54,805 |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Total | $ 211,234 | ||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 2 years 73 days |
Note 9 - Stock-based Compensa_4
Note 9 - Stock-based Compensation - Significant Assumption Used in Fair Value Calculation (Details) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Weighted average risk-free interest rates | 2.79% | 2.40% | 2.26% |
Expected dividend yield | 0.00% | 0.00% | 0.00% |
Expected life of option (Year) | 7 years | 7 years | 7 years |
Expected volatility | 71.34% | 89.73% | 88.72% |
Note 9 - Stock-based Compensa_5
Note 9 - Stock-based Compensation - Allocation of Stock Option Expense (Details) - Employee Stock Option [Member] - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Allocated stock option expense | $ 155,304 | $ 57,224 | $ 54,805 |
General and Administrative Expense [Member] | |||
Allocated stock option expense | 113,306 | 31,271 | 31,191 |
Research and Development Expense [Member] | |||
Allocated stock option expense | $ 41,998 | $ 25,953 | $ 23,614 |
Note 9 - Stock-based Compensa_6
Note 9 - Stock-based Compensation - Additional Information for Stock Options (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Weighted average fair value of options granted (in dollars per share) | $ 0.02 | $ 0.04 | $ 0.05 |
Intrinsic value of options exercised | |||
Total fair value of options vested | $ 153,838 | $ 58,337 | $ 54,757 |
Note 10 - Retirement Plan (Deta
Note 10 - Retirement Plan (Details Textual) - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Defined Contribution Plan, Employer Discretionary Contribution Amount | $ 23,354 | $ 29,265 | $ 33,871 |
Note 11 - Income Taxes (Details
Note 11 - Income Taxes (Details Textual) - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Tax Expense (Benefit), Total | $ 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) | ||
Research Tax Credit Carryforward [Member] | |||
Tax Credit Carryforward, Amount | 1,064,000 | ||
Domestic Tax Authority [Member] | |||
Operating Loss Carryforwards, Total | $ 72,500,000 |
Note 11 - Income Taxes - Deferr
Note 11 - Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 |
Deferred tax assets: | ||
Net operating loss carryforward | $ 16,681,908 | $ 16,273,259 |
Research and development tax credit carryforward | 1,063,877 | 949,340 |
Stock-based compensation expense | 1,808,509 | 1,709,867 |
Accrued salaries and directors’ fees | 317,246 | 185,961 |
Depreciation | 8,414 | 5,532 |
Total deferred tax assets | 19,879,954 | 19,123,959 |
Deferred tax liabilities | ||
Net deferred tax assets | 19,879,954 | 19,123,959 |
Valuation allowance | (19,879,954) | (19,123,959) |
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 | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
U.S. federal statutory rate applied to pretax loss | $ (537,620) | $ (737,855) | $ (1,112,378) |
Permanent differences | 549 | 436 | 2,012 |
Research and development credits | (53,884) | (57,109) | (59,087) |
Impact of Tax Act | 10,086,795 | ||
Change in valuation allowance | 590,955 | (9,292,267) | 1,169,453 |
Reported income tax expense | $ 0 | $ 0 | $ 0 |
Note 12 - Grants and Collabor_2
Note 12 - Grants and Collaboration Revenue (Details Textual) - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Revenue from Contract with Customer, Including Assessed Tax | $ 963,203 | $ 1,075,270 | $ 828,918 |
NIH Grants [Member] | |||
Revenue from Contract with Customer, Including Assessed Tax | 934,575 | 980,270 | 828,918 |
Unused Grant Funds | 2,589,247 | ||
Government Contract [Member] | |||
Revenue from Contract with Customer, Including Assessed Tax | $ 28,628 | $ 95,000 | $ 0 |
Note 13 - Subsequent Events (De
Note 13 - Subsequent Events (Details Textual) - USD ($) | May 25, 2019 | Feb. 26, 2019 | Feb. 25, 2019 | Feb. 18, 2019 | Mar. 31, 2019 | Mar. 31, 2018 | Feb. 28, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Feb. 28, 2015 |
Preferred Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 | |||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 0.03 | ||||||||||
Series C Convertible Preferred Stock [Member] | |||||||||||
Conversion of Stock, Shares Converted | 420 | 298 | 132 | ||||||||
Conversion of Stock, Shares Issued | 28,000,000 | 19,862,000 | 1,400,000 | ||||||||
Preferred Stock, Par or Stated Value Per Share | $ 1,000 | $ 1,000 | $ 1,000 | ||||||||
Convertible Preferred Stock, Conversion Price1 | $ 0.015 | ||||||||||
Preferred Stock, Shares Outstanding, Ending Balance | 2,150 | 2,570 | |||||||||
Series E Convertible Preferred Stock [Member] | |||||||||||
Conversion of Stock, Shares Converted | 600 | ||||||||||
Preferred Stock, Par or Stated Value Per Share | $ 1,000 | $ 1,000 | $ 1,000 | ||||||||
Convertible Preferred Stock, Conversion Price1 | $ 0.02544 | ||||||||||
Preferred Stock, Shares Outstanding, Ending Balance | 1,200 | 0 | |||||||||
Subsequent Event [Member] | |||||||||||
Number of Series C and Series E Preferred Stock Exchanged for Series F Convertible Preferred Stock | 2,763 | ||||||||||
Subsequent Event [Member] | Term Notes [Member] | |||||||||||
Debt Instrument, Face Amount, Canceled | $ 250,000 | ||||||||||
Subsequent Event [Member] | First Closing [Member] | Series I Warrants [Member] | |||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 16,666,666 | ||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 0.015 | ||||||||||
Warrants and Rights Outstanding, Term | 5 years | ||||||||||
Subsequent Event [Member] | Second Closing [Member] | Series I Warrants [Member] | |||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 33,333,332 | ||||||||||
Subsequent Event [Member] | Third Closing [Member] | Series I Warrants [Member] | |||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 33,333,332 | ||||||||||
Subsequent Event [Member] | Series G Convertible Preferred Stock and Related Warrants [Member] | |||||||||||
Convertible Preferred Stock and Related Warrants, Authorized | 1,000 | ||||||||||
Proceeds from Issuance of Convertible Preferred Stock and Related Warrants, Maximum | $ 1,000,000 | ||||||||||
Convertible Preferred Stock and Related Warrants Issued | 500 | ||||||||||
Subsequent Event [Member] | Series G Convertible Preferred Stock and Related Warrants [Member] | First Closing [Member] | |||||||||||
Proceeds from Issuance of Convertible Preferred Stock and Related Warrants, Maximum | $ 250,000 | ||||||||||
Subsequent Event [Member] | Series G Convertible Preferred Stock and Related Warrants [Member] | Second Closing [Member] | |||||||||||
Proceeds from Issuance of Convertible Preferred Stock and Related Warrants, Maximum | $ 250,000 | ||||||||||
Subsequent Event [Member] | Series G Convertible Preferred Stock and Related Warrants [Member] | Third Closing [Member] | |||||||||||
Proceeds from Issuance of Convertible Preferred Stock and Related Warrants, Maximum | $ 250,000 | ||||||||||
Subsequent Event [Member] | Series F Convertible Preferred Stock [Member] | |||||||||||
Preferred Stock, Par or Stated Value Per Share | $ 1,000 | ||||||||||
Convertible Preferred Stock, Conversion Price1 | $ 0.015 | ||||||||||
Convertible Preferred Stock, Conversion Price, Percentage of Volume Weighted Average Price of the Common Stock | 90.00% | ||||||||||
Subsequent Event [Member] | Series C Convertible Preferred Stock [Member] | |||||||||||
Preferred Stock, Shares Outstanding, Ending Balance | 0 | ||||||||||
Subsequent Event [Member] | Series G Convertible Preferred Stock [Member] | |||||||||||
Convertible Preferred Stock, Conversion Price1 | $ 0.015 | ||||||||||
Convertible Preferred Stock, Conversion Price, Percentage of Volume Weighted Average Price of the Common Stock | 90.00% | ||||||||||
Subsequent Event [Member] | Series E Convertible Preferred Stock [Member] | |||||||||||
Preferred Stock, Shares Outstanding, Ending Balance | 0 | ||||||||||
Conversion of Series C Preferred Stock Into Common Stock [Member] | Subsequent Event [Member] | |||||||||||
Conversion of Stock, Shares Converted | 587 | ||||||||||
Conversion of Stock, Shares Issued | 39,140,000 | ||||||||||
Conversion of Series F Preferred Stock Into Common Stock [Member] | Subsequent Event [Member] | |||||||||||
Conversion of Stock, Shares Converted | 180 | ||||||||||
Conversion of Stock, Shares Issued | 20,000,000 |
Schedule II - Valuation and Q_3
Schedule II - Valuation and Qualifying Accounts (Details) - SEC Schedule, 12-09, Valuation Allowance, Deferred Tax Asset [Member] - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Balance at Beginning Of Period | $ 19,123,959 | $ 28,331,759 | $ 27,131,034 |
Additions Charged to Costs and Expenses | 755,995 | (9,207,800) | 1,200,725 |
Additions Charged to Other Accounts | 0 | 0 | 0 |
Deductions | 0 | 0 | 0 |
Balance at End Of Period | $ 19,879,954 | $ 19,123,959 | $ 28,331,759 |