GeoVax Labs (GOVX) 10-Q 12 Nov 15 2015 Q3 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	9 Months Ended
	Sep. 30, 2015	Nov. 12, 2015
Entity Registrant Name	GeoVax Labs, Inc.
Entity Central Index Key	832,489
Trading Symbol	govx
Current Fiscal Year End Date	--12-31
Entity Filer Category	Smaller Reporting Company
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Well-known Seasoned Issuer	No
Entity Common Stock, Shares Outstanding (in shares)		31,950,813
Document Type	10-Q
Document Period End Date	Sep. 30, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q3
Amendment Flag	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($)	Sep. 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	$ 1,821,037	$ 1,101,651
Grant funds receivable		79,341
Prepaid expenses and other current assets	$ 75,276	44,503
Total current assets	1,896,313	1,225,495
Property and equipment, net	90,842	96,693
Deposits	11,010	11,010
Total assets	1,998,165	1,333,198
Accounts payable	42,492	55,616
Accrued expenses	5,000	52,490
Amounts payable to Emory University (a related party)(Note 11)	70,729	78,917
Total current liabilities	$ 118,221	$ 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	32,570,153	30,823,769
Accumulated deficit	(31,782,196)	(29,785,640)
Total stockholders' equity	1,879,944	1,146,175
Total liabilities and stockholders' equity	$ 1,998,165	$ 1,333,198

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares	Sep. 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		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Grant revenue	$ 93,130	$ 322,086	$ 268,028	$ 659,867
Operating expenses:
Research and development	378,521	425,498	1,166,803	1,344,560
General and administrative	335,932	411,814	1,102,262	1,128,478
Total operating expenses	714,453	837,312	2,269,065	2,473,038
Loss from operations	(621,323)	(515,226)	(2,001,037)	(1,813,171)
Other income:
Interest income	1,424	711	4,481	3,201
Total other income	1,424	711	4,481	3,201
Net loss	$ (619,899)	$ (514,515)	$ (1,996,556)	$ (1,809,970)
Basic and diluted:
Loss per common share (in dollars per share)	$ (0.02)	$ (0.02)	$ (0.06)	$ (0.07)
Weighted averages shares outstanding (in shares)	31,950,813	25,325,141	31,950,813	25,109,811

Condensed Consolidated Stateme5

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Cash flows from operating activities:
Net loss	$ (1,996,556)	$ (1,809,970)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	21,701	50,003
Stock-based compensation expense, including common stock issued for services	50,516	165,638
Changes in assets and liabilities:
Grant funds receivable	79,341	140,909
Prepaid expenses and other current assets	(30,773)	(20,631)
Accounts payable and accrued expenses	(68,802)	(142,116)
Total adjustments	51,983	193,803
Net cash used in operating activities	(1,944,573)	(1,616,167)
Cash flows from investing activities:
Purchase of property and equipment	(15,850)	(35,503)
Net cash used in investing activities	(15,850)	$ (35,503)
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	719,386	$ (1,651,670)
Cash and cash equivalents at beginning of period	1,101,651	2,513,861
Cash and cash equivalents at end of period	$ 1,821,037	$ 862,191

Condensed Consolidated Stateme6

Condensed Consolidated Statements of Cash Flows (Unaudited) (Parentheticals) - shares	9 Months Ended
	Sep. 30, 2015	Sep. 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	525
Convertible Preferred Stock, Shares Issued upon Conversion (in shares)	0	1,500,000

Note 1 - Description of Company

Note 1 - Description of Company	9 Months Ended
	Sep. 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	9 Months Ended
	Sep. 30, 2015
Notes to Financial Statements
Basis of Accounting [Text Block]	2. Basis of Presentation The accompanying condensed consolidated financial statements at September 30, 2015 and for the three-month and nine-month periods ended September 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	9 Months Ended
	Sep. 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 nine-month period ended September 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	9 Months Ended
	Sep. 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 12.5 million shares at September 30, 2015 and 2014, respectively.

Note 5 - Property and Equipment

Note 5 - Property and Equipment	9 Months Ended
	Sep. 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 September 30, 2015 and December 31, 2014: September 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 (579,404 ) (557,703 ) Property and equipment, net $ 90,842 $ 96,693

Note 6 - Commitments

Note 6 - Commitments	9 Months Ended
	Sep. 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, 2016, an additional 12-month renewal option. As of September 30, 2015, our future minimum lease payments for the current lease term (excluding the renewal option) total $36,523 for the remainder of 2015, and $149,042 for 2016. 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 September 30, 2015, we had approximately $36,200 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	9 Months Ended
	Sep. 30, 2015
Notes to Financial Statements
Preferred Stock [Text Block]	7. Preferred Stock Series B Convertible Preferred Stock As of September 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 nine-month period ended September 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 E Warrants was reduced to $0.142, and the exercise price of the Series D Warrants, Series F Warrants and Placement Agent Warrants was reduced to $0.1704. 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 September 30, 2015 $ 983,941

Note 8 - Common Stock

Note 8 - Common Stock	9 Months Ended
	Sep. 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 nine-month period ended September 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 nine-month period ended September 30, 2015: Number of Shares Weighted Average Exercise Price Outstanding at December 31, 2014 1,183,100 $ 3.50 Granted 41,400 0.15 Exercised -- -- Forfeited or expired (68,000 ) 1.50 Outstanding at September 30, 2015 1,156,500 $ 3.50 Exercisable at September 30, 2015 720,094 $ 5.42 Stock Purchase Warrants The following table presents a summary of stock purchase warrant transactions during the nine-month period ended September 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 September 30, 2015 56,442,157 $ 0.20 Exercisable at September 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 nine-month periods ended September 30, 2015 and 2014, we recorded stock-based compensation expense as follows: Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Stock Option Expense $ 16,926 $ 24,573 $ 50,516 $ 75,927 Common Stock Issued for Services - - - 50,000 Warrant Modification Expense - - - 39,711 Total Stock-Based Compensation Expense $ 16,926 $ 24,573 $ 50,516 $ 165,638 Stock-based compensation expense related to stock options 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 September 30, 2015, there was $64,330 of unrecognized compensation expense related to stock options, which is expected to be recognized over a weighted average period of 1.5 years. Common Stock Reserved A summary of our common stock reserved for future issuance is as follows as of September 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	9 Months Ended
	Sep. 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	9 Months Ended
	Sep. 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 nine-month periods ended September 30, 2015 and 2014 relate to grants from the NIH in support of our HIV vaccine development activities. As of September 30, 2015, there is $260,522 of approved grant funds remaining and available for use, 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	9 Months Ended
	Sep. 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 nine-month periods ended September 30, 2015, we recorded $30,785 and $94,690, respectively, of general and administrative expense associated with these patent cost reimbursements to Emory, as compared to $19,757 and $135,150, respectively, for the same periods in 2014.

Note 5 - Property and Equipme18

Note 5 - Property and Equipment (Tables)	9 Months Ended
	Sep. 30, 2015
Notes Tables
Property, Plant and Equipment [Table Text Block]	September 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 (579,404 ) (557,703 ) Property and equipment, net $ 90,842 $ 96,693

Note 7 - Preferred Stock (Table

Note 7 - Preferred Stock (Tables)	9 Months Ended
	Sep. 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 September 30, 2015 $ 983,941

Note 8 - Common Stock (Tables)

Note 8 - Common Stock (Tables)	9 Months Ended
	Sep. 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 41,400 0.15 Exercised -- -- Forfeited or expired (68,000 ) 1.50 Outstanding at September 30, 2015 1,156,500 $ 3.50 Exercisable at September 30, 2015 720,094 $ 5.42
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 September 30, 2015 56,442,157 $ 0.20 Exercisable at September 30, 2015 39,775,491 $ 0.21
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Table Text Block]	Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Stock Option Expense $ 16,926 $ 24,573 $ 50,516 $ 75,927 Common Stock Issued for Services - - - 50,000 Warrant Modification Expense - - - 39,711 Total Stock-Based Compensation Expense $ 16,926 $ 24,573 $ 50,516 $ 165,638
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	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	79	12.5

Note 5 - Property and Equipme22

Note 5 - Property and Equipment - Property and Equipment (Details) - USD ($)	Sep. 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	(579,404)	(557,703)
Property and equipment, net	$ 90,842	$ 96,693

Note 6 - Commitments (Details T

Note 6 - Commitments (Details Textual)	9 Months Ended
	Sep. 30, 2015USD ($)ft²
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	$ 36,523
Operating Leases, Future Minimum Payments, Due in Two Years	149,042
Unrecorded Unconditional Purchase Obligation	$ 36,200

Note 7 - Preferred Stock (Detai

Note 7 - Preferred Stock (Details Textual) - USD ($) $ / shares in Units, $ in Millions		Feb. 28, 2015	Feb. 28, 2015	Sep. 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	[1]			0.17
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]
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		no
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)	9 Months Ended
	Sep. 30, 2015USD ($)
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 September 30, 2015	983,941
Net proceeds after transaction costs	$ 2,679,809

Note 8 - Common Stock (Details

Note 8 - Common Stock (Details Textual) - USD ($)	9 Months Ended
	Sep. 30, 2015	May. 13, 2015	May. 12, 2015	Dec. 31, 2014
Common Stock, Shares Authorized	150,000,000	150,000,000	75,000,000	75,000,000
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized	$ 64,330
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition	1 year 182 days

Note 8 - Common Stock - Activit

Note 8 - Common Stock - Activity of Stock Option Plan (Details)	9 Months Ended
	Sep. 30, 2015$ / sharesshares
Outstanding at December 31, 2014 (in shares)	1,183,100
Outstanding at December 31, 2014 (in dollars per share) | $ / shares	$ 3.50
Granted (in shares)	41,400
Granted (in dollars per share) | $ / shares	$ 0.15
Forfeited or expired (in shares)	(68,000)
Forfeited or expired (in dollars per share) | $ / shares	$ 1.50
Outstanding at September 30, 2015 (in shares)	1,156,500
Outstanding at September 30, 2015 (in dollars per share) | $ / shares	$ 3.50
Exercisable at September 30, 2015 (in shares)	720,094
Exercisable at September 30, 2015 (in dollars per share) | $ / shares	$ 5.42

Note 8 - Common Stock - Outstan

Note 8 - Common Stock - Outstanding Stock Purchase Warrants (Details) - $ / shares		Sep. 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
Exercisable at September 30, 2015 (in shares)		39,775,491
Exercisable at September 30, 2015 (in dollars per share)		$ 0.21
[1]	See discussion under "Series C Convertible Preferred Stock" in Note 7

Note 8 - Stock-Based Compensati

Note 8 - Stock-Based Compensation Expense (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Employee Stock Option [Member]
Stock-Based Compensation Expense	$ 16,926	$ 24,573	$ 50,516	$ 75,927
Common Stock [Member]
Stock-Based Compensation Expense				50,000
Warrant [Member]
Stock-Based Compensation Expense				39,711
Stock-Based Compensation Expense	$ 16,926	$ 24,573	$ 50,516	$ 165,638

Note 8 - Common Stock - Common

Note 8 - Common Stock - Common Stock Reserved for Future Issuance (Details)	Sep. 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)	171 Months Ended
	Sep. 30, 2015USD ($)
Income Tax Expense (Benefit)	$ 0

Note 10 - Government Grants (De

Note 10 - Government Grants (Details Textual)	Sep. 30, 2015USD ($)
Unused Grant Funds	$ 260,522

Note 11 - Related Party Trans33

Note 11 - Related Party Transactions (Details Textual) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Emory [Member] | General and Administrative Expense [Member]
Related Party Transaction, Expenses from Transactions with Related Party	$ 30,785	$ 19,757	$ 94,690	$ 135,150