Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jun. 30, 2015 | Aug. 03, 2015 | |
Entity Registrant Name | GeoVax Labs, Inc. | |
Entity Central Index Key | 832,489 | |
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) | 31,950,813 | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2015 | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) | Jun. 30, 2015 | Dec. 31, 2014 |
Series B Convertible Preferred Stock [Member] | ||
Stockholders’ equity: | ||
Convertible preferred stock, value | $ 76,095 | $ 76,095 |
Series C Convertible Preferred Stock [Member] | ||
Stockholders’ equity: | ||
Convertible preferred stock, value | 983,941 | |
Cash and cash equivalents | 2,475,726 | $ 1,101,651 |
Grant funds receivable | 39,300 | 79,341 |
Prepaid expenses and other current assets | 39,894 | 44,503 |
Total current assets | 2,554,920 | 1,225,495 |
Property and equipment, net | 98,076 | 96,693 |
Deposits | 11,010 | 11,010 |
Total assets | 2,664,006 | 1,333,198 |
Accounts payable | 111,041 | 55,616 |
Accrued expenses | 13,000 | 52,490 |
Amounts payable to Emory University (a related party)(Note 11) | 57,048 | 78,917 |
Total current liabilities | $ 181,089 | $ 187,023 |
Commitments (Note 6) | ||
Issued and outstanding shares - 31,950,813 at March 31, 2015 and December 31, 2014 | $ 31,951 | $ 31,951 |
Additional paid-in capital | 32,553,227 | 30,823,769 |
Accumulated deficit | (31,162,297) | (29,785,640) |
Total stockholders' equity | 2,482,917 | 1,146,175 |
Total liabilities and stockholders' equity | $ 2,664,006 | $ 1,333,198 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares | Jun. 30, 2015 | Dec. 31, 2014 |
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) | 3,000 | 0 |
Preferred stock, shares outstanding (in shares) | 3,000 | 0 |
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) | 150,000,000 | 75,000,000 |
Common stock, shares issued (in shares) | 31,950,813 | 31,950,813 |
Common stock, shares outstanding (in shares) | 31,950,813 | 31,950,813 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Grant revenue | $ 71,474 | $ 180,441 | $ 174,898 | $ 337,781 |
Operating expenses: | ||||
Research and development | 384,653 | 516,202 | 788,282 | 919,062 |
General and administrative | 364,889 | 344,862 | 766,330 | 716,664 |
Total operating expenses | 749,542 | 861,064 | 1,554,612 | 1,635,726 |
Loss from operations | (678,068) | (680,623) | (1,379,714) | (1,297,945) |
Other income: | ||||
Interest income | 1,865 | 1,086 | 3,057 | 2,490 |
Net loss | $ (676,203) | $ (679,537) | $ (1,376,657) | $ (1,295,455) |
Basic and diluted: | ||||
Loss per common share (in dollars per share) | $ (0.02) | $ (0.03) | $ (0.04) | $ (0.05) |
Weighted averages shares outstanding (in shares) | 31,950,813 | 25,075,729 | 31,950,813 | 24,921,376 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Cash flows from operating activities: | ||
Net loss | $ (1,376,657) | $ (1,295,455) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization | 14,467 | 32,744 |
Stock-based compensation expense | 33,590 | 51,354 |
Changes in assets and liabilities: | ||
Grant funds receivable | 40,041 | 140,909 |
Prepaid expenses and other current assets | 4,609 | 14,408 |
Accounts payable and accrued expenses | (5,934) | (74,855) |
Total adjustments | 86,773 | 164,560 |
Net cash used in operating activities | (1,289,884) | (1,130,895) |
Cash flows from investing activities: | ||
Purchase of property and equipment | (15,850) | (11,164) |
Net cash used in investing activities | (15,850) | $ (11,164) |
Cash flows from financing activities: | ||
Net proceeds from sale of preferred stock | 2,679,809 | |
Net cash provided by financing activities | 2,679,809 | |
Net increase (decrease) in cash and cash equivalents | 1,374,075 | $ (1,142,059) |
Cash and cash equivalents at beginning of period | 1,101,651 | 2,513,861 |
Cash and cash equivalents at end of period | $ 2,475,726 | $ 1,371,802 |
Condensed Consolidated Stateme6
Condensed Consolidated Statements of Cash Flows (Unaudited) (Parentheticals) - shares | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Series A Convertible Preferred Stock [Member] | ||
Converted Preferred Stock (in shares) | 0 | 71 |
Convertible Preferred Stock, Shares Issued upon Conversion (in shares) | 0 | 202,857 |
Series B Convertible Preferred Stock [Member] | ||
Converted Preferred Stock (in shares) | 0 | 420 |
Convertible Preferred Stock, Shares Issued upon Conversion (in shares) | 0 | 1,200,000 |
Note 1 - Description of Company
Note 1 - Description of Company | 6 Months Ended |
Jun. 30, 2015 | |
Notes to Financial Statements | |
Nature of Operations [Text Block] | 1. Description of Company GeoVax Labs, Inc. (“GeoVax” or the “Company”), is a clinical-stage biotechnology company developing human vaccines using our novel platform technology. Our current development programs are focused on vaccines against Ebola and Marburg viruses, and Human Immunodeficiency Virus (HIV). Our vaccine delivery technology generates virus-like particles (VLPs) that are effective at eliciting safe and effective immune responses. Our proprietary Ebola vaccine technology has been developed internally using technology licensed from the National Institutes of Health (NIH), while our HIV vaccine technology was developed in collaboration with Emory University, the NIH, and the Centers for Disease Control and Prevention (CDC) and is exclusively licensed to us. GeoVax is incorporated under the laws of the State of Delaware and our principal offices are located in Smyrna, Georgia. |
Note 2 - Basis of Presentation
Note 2 - Basis of Presentation | 6 Months Ended |
Jun. 30, 2015 | |
Notes to Financial Statements | |
Basis of Accounting [Text Block] | 2. Basis of Presentation The accompanying condensed consolidated financial statements at June 30, 2015 and for the three and six month periods ended June 30, 2015 and 2014 are unaudited, but include all adjustments, consisting of normal recurring entries, which we believe to be necessary for a fair presentation of the dates and periods presented. Interim results are not necessarily indicative of results for a full year. The financial statements should be read in conjunction with our audited financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2014. We expect our operating results to fluctuate for the foreseeable future; therefore, period-to-period comparisons should not be relied upon as predictive of the results in future periods. Our financial statements have been prepared assuming that we will continue as a going concern, which contemplates realization of assets and the satisfaction of liabilities in the normal course of business for the twelve-month period following the date of the financial statements. We are devoting substantially all of our present efforts to research and development of our vaccine candidates. We have funded our activities to date from government grants and clinical trial assistance, and from sales of our equity securities. We will continue to require substantial funds to continue our research and development activities. We believe that our existing cash resources and grant commitments will be sufficient to fund our planned operations through the first quarter of 2016, but due to our history of operating losses and our continuing need for capital to conduct our research and development activities, there is substantial doubt concerning our ability to operate as a going concern beyond that date. We are currently exploring sources of capital through government grants and clinical trial support and through philanthropic foundation support. We may also secure additional funds through sales of our equity securities or the exercise of currently outstanding stock purchase warrants. Management believes that the Company’s demonstrated history of successful funding through both government sources and equity securities alleviate the substantial doubt about the Company’s ability to operate as a going concern. However, additional funding may not be available on favorable terms or at all. If we fail to obtain additional capital when needed, we may be required to delay, scale back, or eliminate some or all of our research and development programs as well as reduce our general and administrative expenses. |
Note 3 - Significant Accounting
Note 3 - Significant Accounting Policies and Recent Accounting Pronouncements | 6 Months Ended |
Jun. 30, 2015 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | 3. Significant Accounting Policies and Recent Accounting Pronouncements We disclosed in Note 2 to our financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2014 those accounting policies that we consider significant in determining our results of operations and financial position. There have been no material changes to, or in the application of, the accounting policies previously identified and described in the Form 10-K. In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update 2014-09, Revenue from Contracts with Customers There have been no other recent accounting pronouncements or changes in accounting pronouncements during the six months ended June 30, 2015 which we expect to have a material impact on our financial statements. |
Note 4 - Basic and Diluted Loss
Note 4 - Basic and Diluted Loss Per Common Share | 6 Months Ended |
Jun. 30, 2015 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 4. Basic and Diluted Loss Per Common Share Basic net loss per share is computed using the weighted-average number of common shares outstanding during the period. Diluted net loss per share is computed using the weighted-average number of common shares and potentially dilutive common share equivalents outstanding during the period. Potentially dilutive common share equivalents consist of convertible preferred stock, stock options and stock purchase warrants. Common share equivalents which potentially could dilute basic earnings per share in the future, and which were excluded from the computation of diluted loss per share, as the effect would be anti-dilutive, totaled approximately 79.0 million and 12.8 million shares at June 30, 2015 and 2014, respectively. |
Note 5 - Property and Equipment
Note 5 - Property and Equipment | 6 Months Ended |
Jun. 30, 2015 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | 5. Property and Equipment Property and equipment as shown on the accompanying Condensed Consolidated Balance Sheets is composed of the following as of June 30, 2015 and December 31, 2014: June 30, 2015 December 31, 2014 Laboratory equipment $ 525,956 $ 510,106 Leasehold improvements 115,605 115,605 Other furniture, fixtures & equipment 28,685 28,685 Total property and equipment 670,246 654,396 Accumulated depreciation and amortization (572,170 ) (557,703 ) Property and equipment, net $ 98,076 $ 96,693 |
Note 6 - Commitments
Note 6 - Commitments | 6 Months Ended |
Jun. 30, 2015 | |
Notes to Financial Statements | |
Commitments Disclosure [Text Block] | 6. Commitments Lease Agreement We lease approximately 8,400 square feet of office and laboratory space located in Smyrna, Georgia, pursuant to an operating lease which expires on December 31, 2015, with two successive 12-month renewal options. As of June 30, 2015, our future minimum lease payments for the current lease term (not including the renewal periods) total $73,046 for the remainder of 2015. Other Commitments In the normal course of business, we may enter into various firm purchase commitments related to production and testing of our vaccine material, conduct of our clinical trials, and other research-related activities. As of June 30, 2015, we had approximately $115,300 of unrecorded outstanding purchase commitments to our vendors and subcontractors, all of which we expect will be due in 2015. |
Note 7 - Preferred Stock
Note 7 - Preferred Stock | 6 Months Ended |
Jun. 30, 2015 | |
Notes to Financial Statements | |
Preferred Stock [Text Block] | 7. Preferred Stock Series B Convertible Preferred Stock As of June 30, 2015, there are 100 shares of our Series B Convertible Preferred Stock outstanding (issued in December 2013), convertible into 285,714 shares of our common stock. During the six months ended June 30, 2015, there were no conversions or other transactions involving our Series B Convertible Preferred Stock. Series C Convertible Preferred Stock In February 2015, we established from the authorized preferred stock a series of preferred stock, consisting of 3,000 shares of Series C Convertible Preferred Stock, $1,000 stated value (“Series C Preferred Shares”) and entered into a Securities Purchase Agreement (“SPA”) whereby we issued to two institutional investors (“Purchasers”) the Series C Preferred Shares for gross proceeds of $3.0 million. Net proceeds to the Company from this transaction, after deduction of placement agent fees and other expenses, were approximately $2.7 million. The Series C Preferred Shares may be converted at any time at the option of the Purchasers into shares of our common stock. The initial conversion price of the Series C Preferred Shares was $0.18 per share (“Conversion Price”). The Series C Preferred Shares have a liquidation preference equal to the initial purchase price, have no voting rights, and are not entitled to a dividend. The Series C Preferred Shares contains price adjustment provisions, which may, under certain circumstances, reduce the Conversion Price on several future dates according to a formula based on the then-current market price for our common stock. As discussed below, on April 8, 2015 the Conversion Price was adjusted to $0.142 per share resulting in an aggregate total of 21,126,760 shares of our common stock (“Conversion Shares”) into which the Series C Preferred Shares currently may be converted. Pursuant to the terms of the SPA, we issued to each Purchaser Series D, E and F Warrants (collectively, the “Investor Warrants”), each to purchase up to a number of shares of our common stock equal to 100% of the Conversion Shares underlying the Series C Preferred Shares (up to 16,666,666 shares in the aggregate for each of the three series of warrants, or 49,999,998 shares in total). The Series D Warrants had an initial exercise price of $0.22 per share, are currently exercisable, and have a term of exercise equal to five years from the date of issuance. The Series E Warrants had an initial exercise price of $0.18 per share, are currently exercisable, and have a term of exercise equal to one year from the date of issuance. The Series F Warrants had an initial exercise price of $0.22 per share and have a term of exercise equal to five years from the date of issuance, but only vest and become exercisable upon, and in proportion to, the exercise of the one-year Series E Warrants. We also issued to our placement agent warrants (“Placement Agent Warrants”) to acquire 1,333,333 shares of our Common Stock with terms substantially the same as the Series D Warrants. The Investor Warrants and Placement Agent Warrants contain anti-dilution and price adjustment provisions, which may, under certain circumstances, (i) reduce the exercise price on several future dates according to a formula based on the then-current market price for our common stock and (ii) reduce the exercise price to match if we sell or grant options to purchase, including rights to reprice, our common stock or common stock equivalents at a price lower than the exercise price of the warrants, or if we announce plans to do so. The number of shares subject to warrants will not increase due to such reductions in exercise price. In connection with the sale of the Series C Preferred Shares, we entered into a Registration Rights Agreement (“RRA”) with the Purchasers, pursuant to which we filed a registration statement with the Securities and Exchange Commission (“SEC”) on March 20, 2015. It was declared effective by the SEC on April 8, 2015, which triggered the price adjustment provisions of the Series C Preferred Shares and the related warrants. As of that date, the conversion price of the Series C Preferred Shares was reduced to $0.142, the exercise price of the Series D and Series F Warrants was reduced to $0.1704, and the exercise price of the Series E Warrants and Placement Agent Warrants was reduced to $0.142. Accounting Treatment and Allocation of Proceeds Distinguishing Liabilities from Equity Derivatives and Hedging Debt The following is a summary of the allocation of the net proceeds from the preferred stock financing: Net proceeds after transaction costs $ 2,679,809 Less: Fair value of warrants (recorded to Additional Paid-in Capital) (1,695,868 ) Recorded value of Series C Preferred Shares at June 30, 2015 $ 983,941 |
Note 8 - Common Stock
Note 8 - Common Stock | 6 Months Ended |
Jun. 30, 2015 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | 8. Common Stock Increase in Authorized Shares of Common Stock At our annual meeting of stockholders held on May 12, 2015, our stockholders approved an amendment to our certificate of incorporation to increase our authorized shares of common stock from 75,000,000 shares to 150,000,000 shares. The amendment to our certificate of incorporation was filed with the Delaware Secretary of State on May 13, 2015. Common Stock Transactions During the six months ended June 30, 2015, there were no transactions involving our Common Stock. Stock Options We maintain a stock option plan that provides the Board of Directors broad discretion in creating equity incentives for employees, officers, directors and consultants. The following table presents a summary of stock option transactions during the six months ended June 30, 2015: Number of Shares Weighted Average Exercise Price Outstanding at December 31, 2014 1,183,100 $ 3.50 Granted 26,400 0.15 Exercised -- -- Forfeited or expired (32,000 ) 0.94 Outstanding at June 30, 2015 1,177,500 $ 3.49 Exercisable at June 30, 2015 756,094 $ 5.25 Stock Purchase Warrants The following table presents a summary of stock purchase warrant transactions during the six months ended June 30, 2015: Number of Shares Weighted Average Exercise Price Outstanding at December 31, 2014 5,108,826 $ 0.66 Issued – Series D Warrants (1) 16,666,666 0.17 Issued – Series E Warrants (1) 16,666,666 0.14 Issued – Series F Warrants (1) 16,666,666 0.17 Issued – Placement Agent Warrants (1) 1,333,333 0.17 Outstanding at June 30, 2015 56,442,157 $ 0.20 Exercisable at June 30, 2015 39,775,491 $ 0.21 (1) See discussion under “Series C Convertible Preferred Stock” in Note 7 . Stock-Based Compensation Expense During the three month and six month periods ended June 30, 2015, we recorded share-based compensation expense related to stock options of $16,903 and $33,590, as compared to $25,047 and $51,354 for the three month and six month periods ended June 30, 2014, respectively. Share-based compensation expense is recognized on a straight-line basis over the requisite service period for the award and is allocated to research and development expense or general and administrative expense based upon the related employee classification. As of June 30, 2015, there was $79,640 of unrecognized compensation expense related to stock options, which is expected to be recognized over a weighted average period of 1.6 years. Common Stock Reserved A summary of our common stock reserved for future issuance is as follows as of June 30, 2015: Series B Convertible Preferred Stock 285,714 Series C Convertible Preferred Stock 21,126,760 Common Stock Purchase Warrants 56,442,157 Equity Incentive Plans 1,197,529 Total 79,052,160 |
Note 9 - Income Taxes
Note 9 - Income Taxes | 6 Months Ended |
Jun. 30, 2015 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 9. Income Taxes Because of our historically significant net operating losses, we have not paid income taxes since inception. We maintain deferred tax assets that reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. These deferred tax assets are comprised primarily of net operating loss carryforwards and also include amounts relating to nonqualified stock options and research and development credits. The net deferred tax asset has been fully offset by a valuation allowance because of the uncertainty of our future profitability and our ability to utilize the deferred tax assets. Utilization of operating losses and credits may be subject to substantial annual limitations due to ownership change provisions of Section 382 of the Internal Revenue Code. The annual limitation may result in the expiration of net operating losses and credits before utilization. |
Note 10 - Government Grants
Note 10 - Government Grants | 6 Months Ended |
Jun. 30, 2015 | |
Notes to Financial Statements | |
Government Grants [Text Block] | 10. Government Grants We record revenue associated with government grants as the related costs and expenses are incurred and such revenue is reported as a separate line item in our statements of operations. Grant revenues recorded during the three month and six month periods ended June 30, 2015 and 2014 relate to grants from the NIH in support of our HIV vaccine development activities. There is an aggregate of $353,652 in approved grant funds remaining and available for use as of June 30, 2015, which we anticipate recognizing as revenue during the remainder of 2015 and the first half of 2016. |
Note 11 - Related Party Transac
Note 11 - Related Party Transactions | 6 Months Ended |
Jun. 30, 2015 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | 11. Related Party Transactions We are obligated to reimburse Emory University (a significant stockholder of the Company) for certain prior and ongoing costs in connection with the filing, prosecution and maintenance of patent applications subject to our technology license agreement from Emory. During the three month and six month periods ended June 30, 2015, we recorded $22,590 and $63,906, respectively, of general and administrative expense associated with these patent cost reimbursements to Emory, as compared to $71,474 and $115,393, respectively, for the same periods in 2014. |
Note 5 - Property and Equipme18
Note 5 - Property and Equipment (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | June 30, 2015 December 31, 2014 Laboratory equipment $ 525,956 $ 510,106 Leasehold improvements 115,605 115,605 Other furniture, fixtures & equipment 28,685 28,685 Total property and equipment 670,246 654,396 Accumulated depreciation and amortization (572,170 ) (557,703 ) Property and equipment, net $ 98,076 $ 96,693 |
Note 7 - Preferred Stock (Table
Note 7 - Preferred Stock (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Notes Tables | |
Allocation Of Net Proceeds From Preferred Stock Financing [Table Text Block] | Net proceeds after transaction costs $ 2,679,809 Less: Fair value of warrants (recorded to Additional Paid-in Capital) (1,695,868 ) Recorded value of Series C Preferred Shares at June 30, 2015 $ 983,941 |
Note 8 - Common Stock (Tables)
Note 8 - Common Stock (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Notes Tables | |
Schedule of Share-based Compensation, Activity [Table Text Block] | Number of Shares Weighted Average Exercise Price Outstanding at December 31, 2014 1,183,100 $ 3.50 Granted 26,400 0.15 Exercised -- -- Forfeited or expired (32,000 ) 0.94 Outstanding at June 30, 2015 1,177,500 $ 3.49 Exercisable at June 30, 2015 756,094 $ 5.25 |
Schedule of Stockholders' Equity Note, Warrants or Rights [Table Text Block] | Number of Shares Weighted Average Exercise Price Outstanding at December 31, 2014 5,108,826 $ 0.66 Issued – Series D Warrants (1) 16,666,666 0.17 Issued – Series E Warrants (1) 16,666,666 0.14 Issued – Series F Warrants (1) 16,666,666 0.17 Issued – Placement Agent Warrants (1) 1,333,333 0.17 Outstanding at June 30, 2015 56,442,157 $ 0.20 Exercisable at June 30, 2015 39,775,491 $ 0.21 |
Schedule of Stock by Class [Table Text Block] | Series B Convertible Preferred Stock 285,714 Series C Convertible Preferred Stock 21,126,760 Common Stock Purchase Warrants 56,442,157 Equity Incentive Plans 1,197,529 Total 79,052,160 |
Note 4 - Basic and Diluted Lo21
Note 4 - Basic and Diluted Loss Per Common Share (Details Textual) - shares shares in Millions | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 79 | 12.8 |
Note 5 - Property and Equipme22
Note 5 - Property and Equipment - Property and Equipment (Details) - USD ($) | Jun. 30, 2015 | Dec. 31, 2014 |
Laboratory Equipment [Member] | ||
Property and equipment, gross | $ 525,956 | $ 510,106 |
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 |
Property and equipment, gross | 670,246 | 654,396 |
Accumulated depreciation and amortization | (572,170) | (557,703) |
Property and equipment, net | $ 98,076 | $ 96,693 |
Note 6 - Commitments (Details T
Note 6 - Commitments (Details Textual) - Jun. 30, 2015 | USD ($)ft² |
Number of Successive Renewal Options | 2 |
Lessee Leasing Arrangements, Operating Leases, Renewal Term | 1 year |
Area of Real Estate Property | ft² | 8,400 |
Operating Leases, Future Minimum Payments, Remainder of Fiscal Year | $ 73,046 |
Unrecorded Unconditional Purchase Obligation | $ 115,300 |
Note 7 - Preferred Stock (Detai
Note 7 - Preferred Stock (Details Textual) - USD ($) $ / shares in Units, $ in Millions | Feb. 28, 2015 | Feb. 28, 2015 | Jun. 30, 2015 | Apr. 08, 2015 | Mar. 20, 2015 | Dec. 31, 2014 | |
Series B Convertible Preferred Stock [Member] | |||||||
Conversion of Stock, Shares Converted | 0 | ||||||
Preferred Stock, Shares Outstanding | 100 | 100 | |||||
Convertible Preferred Stock, Total Conversion Shares | 285,714 | ||||||
Preferred Stock, Shares Issued | 100 | 100 | |||||
Preferred Stock, Par or Stated Value Per Share | $ 1,000 | $ 1,000 | |||||
Series C Convertible Preferred Stock [Member] | Gross Proceeds [Member] | |||||||
Proceeds from Issuance of Convertible Preferred Stock | $ 3 | ||||||
Series C Convertible Preferred Stock [Member] | |||||||
Preferred Stock, Shares Outstanding | 3,000 | 0 | |||||
Preferred Stock, Shares Issued | 3,000 | 3,000 | 3,000 | 0 | |||
Preferred Stock, Par or Stated Value Per Share | $ 1,000 | $ 1,000 | $ 1,000 | $ 1,000 | |||
Proceeds from Issuance of Convertible Preferred Stock | $ 2.7 | ||||||
Convertible Preferred Stock, Conversion Price Per Share | $ 0.142 | ||||||
Series F Warrants [Members] | |||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 0.22 | $ 0.22 | 0.17 | [1] | 0.1704 | ||
Warrant Term | 5 years | ||||||
Series D Warrants [Member] | Placement Agent for Offering [Member] | |||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | 0.17 | [1] | 0.142 | ||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 1,333,333 | 1,333,333 | |||||
Series D Warrants [Member] | |||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 0.22 | $ 0.22 | 0.17 | [1] | 0.1704 | ||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 16,666,666 | 16,666,666 | |||||
Warrant Term | 5 years | ||||||
Series E Warrants [Member] | |||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 0.18 | $ 0.18 | 0.14 | [1] | $ 0.142 | ||
Warrant Term | 1 year | ||||||
Series C Convertible Preferred Stock [Member] | |||||||
Preferred Stock, Voting Rights | 0 | ||||||
Convertible Preferred Stock, Total Conversion Shares | 21,126,760 | ||||||
Convertible Preferred Stock, Conversion Price Per Share | $ 0.18 | $ 0.18 | $ 0.142 | ||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | 0.20 | 0.66 | |||||
Preferred Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 | |||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 49,999,998 | 49,999,998 | |||||
[1] | See discussion under “Series C Convertible Preferred Stock” in Note 7. |
Note 7 - Preferred Stock - Allo
Note 7 - Preferred Stock - Allocation of Net Proceeds from Preferred Stock Financing (Details) - USD ($) | 6 Months Ended |
Jun. 30, 2015 | |
Series C Convertible Preferred Stock [Member] | |
Net proceeds after transaction costs | $ 2,679,809 |
Less: Fair value of warrants (recorded to Additional Paid-in Capital) | (1,695,868) |
Recorded value of Series C Preferred Shares at June 30, 2015 | 983,941 |
Net proceeds after transaction costs | $ 2,679,809 |
Note 8 - Common Stock (Details
Note 8 - Common Stock (Details Textual) - USD ($) | 3 Months Ended | 6 Months Ended | |||||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | May. 13, 2015 | May. 12, 2015 | Dec. 31, 2014 | |
Employee Stock Option [Member] | |||||||
Allocated Share-based Compensation Expense | $ 16,903 | $ 25,047 | $ 33,590 | $ 51,354 | |||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ 79,640 | $ 79,640 | |||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 1 year 219 days | ||||||
Common Stock, Shares Authorized | 150,000,000 | 150,000,000 | 150,000,000 | 75,000,000 | 75,000,000 |
Note 8 - Common Stock - Activit
Note 8 - Common Stock - Activity of Stock Option Plan (Details) - Jun. 30, 2015 - $ / shares | Total |
Number of Shares (in shares) | 1,183,100 |
Weighted Average Exercise Price (in dollars per share) | $ 3.50 |
Granted (in shares) | 26,400 |
Weighted average exercise price, Granted (in dollars per share) | $ 0.15 |
Forfeited or expired (in shares) | (32,000) |
Weighted average exercise price, Forfeited or expired (in dollars per share) | $ 0.94 |
Number of Shares (in shares) | 1,177,500 |
Weighted Average Exercise Price (in dollars per share) | $ 3.49 |
Exercisable at June 30, 2015 (in shares) | 756,094 |
Exercisable at June 30, 2015 (in dollars per share) | $ 5.25 |
Note 8 - Common Stock - Outstan
Note 8 - Common Stock - Outstanding Stock Purchase Warrants (Details) - $ / shares | Jun. 30, 2015 | Dec. 31, 2014 | |
Series D Warrants [Member] | Placement Agent for Offering [Member] | |||
Issued – Series D Warrants (1) (in shares) | [1] | 1,333,333 | |
Class of Warrant or Right, Exercise Price of Warrants or Rights | [1] | $ 0.17 | |
Series D Warrants [Member] | |||
Issued – Series D Warrants (1) (in shares) | [1] | 16,666,666 | |
Class of Warrant or Right, Exercise Price of Warrants or Rights | [1] | $ 0.17 | |
Series E Warrants [Member] | |||
Issued – Series D Warrants (1) (in shares) | [1] | 16,666,666 | |
Class of Warrant or Right, Exercise Price of Warrants or Rights | [1] | $ 0.14 | |
Series F Warrants [Members] | |||
Issued – Series D Warrants (1) (in shares) | [1] | 16,666,666 | |
Class of Warrant or Right, Exercise Price of Warrants or Rights | [1] | $ 0.17 | |
Issued – Series D Warrants (1) (in shares) | 56,442,157 | 5,108,826 | |
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 0.20 | $ 0.66 | |
Warrants exercisable (in shares) | 39,775,491 | ||
Warrants exercisable, weighted average exercise price (in dollars per share) | $ 0.21 | ||
[1] | See discussion under “Series C Convertible Preferred Stock” in Note 7. |
Note 8 - Common Stock - Common
Note 8 - Common Stock - Common Stock Reserved for Future Issuance (Details) | Jun. 30, 2015shares |
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) | 21,126,760 |
Warrant [Member] | |
Common Stock, Reserved for Future Issuance (in shares) | 56,442,157 |
Employee Stock Option [Member] | |
Common Stock, Reserved for Future Issuance (in shares) | 1,197,529 |
Common Stock, Reserved for Future Issuance (in shares) | 79,052,160 |
Note 9 - Income Taxes (Details
Note 9 - Income Taxes (Details Textual) | 168 Months Ended |
Jun. 30, 2015USD ($) | |
Income Tax Expense (Benefit) | $ 0 |
Note 10 - Government Grants (De
Note 10 - Government Grants (Details Textual) | Jun. 30, 2015USD ($) |
Unused Grant Funds | $ 353,652 |
Note 11 - Related Party Trans32
Note 11 - Related Party Transactions (Details Textual) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
General and Administrative Expense [Member] | Emory [Member] | ||||
Related Party Transaction, Expenses from Transactions with Related Party | $ 22,590 | $ 71,474 | $ 63,906 | $ 115,393 |