Document And Entity Information
Document And Entity Information | 12 Months Ended |
Dec. 31, 2021 | |
Document Information [Line Items] | |
Entity Registrant Name | GeoVax Labs, Inc. |
Entity Central Index Key | 0000832489 |
Entity Filer Category | Non-accelerated Filer |
Entity Emerging Growth Company | false |
Entity Small Business | true |
Document Type | POS AM |
Document Fiscal Year Focus | 2021 |
Document Fiscal Period Focus | FY |
Amendment Flag | true |
Amendment Description | This Post-Effective Amendment No. 1 (this "Amendment") to the Registration Statement on Form S-1 (Commission File No. 333-262541) (the "Original Registration Statement"), of GeoVax Labs, Inc. (the "Company") is being filed pursuant to the undertakings in the Original Registration Statement to update and supplement the information contained in the Original Registration Statement, which was originally declared effective by the Securities and Exchange Commission on February 10, 2022. For the convenience of the reader, this Amendment sets forth the Original Registration Statement in its entirety, as amended by this Amendment. No additional securities are being registered under this Amendment. All applicable registration fees were paid in connection with the initial filing of the Original Registration Statement. |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
ASSETS | ||
Cash and cash equivalents | $ 11,423,870 | $ 9,883,796 |
Grant funds and other receivables | 49,006 | 182,663 |
Prepaid expenses and other current assets | 156,240 | 168,689 |
Total current assets | 11,629,116 | 10,235,148 |
Property and equipment, net | 156,938 | 147,741 |
Deposits | 11,010 | 11,010 |
Total assets | 11,797,064 | 10,393,899 |
Current liabilities: | ||
Accounts payable | 2,057,534 | 267,702 |
Accrued expenses | 3,377,826 | 359,281 |
Current portion of notes payable | 183,326 | |
Total current liabilities | 5,435,360 | 810,309 |
Accrued expenses – noncurrent | 2,000,000 | |
Note payable, net of current portion | 14,738 | |
Total liabilities | 7,435,360 | 825,047 |
Commitments (Note 6) | ||
Stockholders’ equity: | ||
Preferred stock, $.01 par value: Authorized shares – 10,000,000 Series B convertible preferred stock, $1,000 stated value; -0- and 100 shares issued and outstanding at December 31, 2021 and 2020, respectively | 76,095 | |
Common stock, $.001 par value: Authorized shares – 600,000,000 Issued and outstanding shares – 6,381,541 and 3,834,095 at December 31, 2021 and 2020, respectively | 6,382 | 3,834 |
Additional paid-in capital | 68,731,220 | 55,294,504 |
Accumulated deficit | (64,375,898) | (45,805,581) |
Total stockholders’ equity | 4,361,704 | 9,568,852 |
Total liabilities and stockholders’ equity | $ 11,797,064 | $ 10,393,899 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - $ / shares | Dec. 31, 2021 | Dec. 31, 2020 |
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, authorized (in shares) | 600,000,000 | 600,000,000 |
Common stock, issued (in shares) | 6,381,541 | 3,834,095 |
Common stock, outstanding (in shares) | 6,381,541 | 3,834,095 |
Series B Convertible Preferred Stock [Member] | ||
Preferred stock, par value (in dollars per share) | $ 1,000 | $ 1,000 |
Preferred stock, shares authorized (in shares) | 10,000,000 | 10,000,000 |
Preferred stock, shares issued (in shares) | 0 | 100 |
Preferred stock, shares outstanding (in shares) | 0 | 100 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Grant and collaboration revenue | $ 385,501 | $ 1,823,658 |
Operating expenses: | ||
Research and development | 15,554,171 | 2,444,459 |
General and administrative | 3,577,153 | 2,196,014 |
Total operating expenses | 19,131,324 | 4,640,473 |
Loss from operations | (18,745,823) | (2,816,815) |
Other income (expense): | ||
Interest income | 4,736 | 2,271 |
Interest expense | (1,286) | (143,524) |
Gain on debt extinguishment | 172,056 | |
Total other income (expense) | 175,506 | (141,253) |
Net loss | $ (18,570,317) | $ (2,958,068) |
Basic and diluted: | ||
Net loss per common share (in dollars per share) | $ (3.04) | $ (2.14) |
Weighted average shares outstanding (in shares) | 6,099,933 | 1,383,829 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity (Deficiency) - USD ($) | Warrant Issued for Technology License[Member]Preferred Stock [Member] | Warrant Issued for Technology License[Member]Common Stock [Member] | Warrant Issued for Technology License[Member]Additional Paid-in Capital [Member] | Warrant Issued for Technology License[Member]Retained Earnings [Member] | Warrant Issued for Technology License[Member] | Preferred Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total |
Balance (in shares) at Dec. 31, 2019 | 2,486 | 14,992 | ||||||||
Balance at Dec. 31, 2019 | $ 1,932,433 | $ 15 | $ 39,340,509 | $ (42,847,513) | $ (1,574,556) | |||||
Sale of convertible preferred stock for cash (in shares) | 300 | |||||||||
Sale of convertible preferred stock for cash | $ 300,000 | 300,000 | ||||||||
Conversion of preferred stock to common stock (in shares) | (2,686) | 716,790 | ||||||||
Conversion of preferred stock to common stock | $ (2,156,338) | $ 717 | 2,155,621 | |||||||
Warrants issued in bridge financing | 457,833 | 457,833 | ||||||||
Common stock issued (in shares) | 286,902 | |||||||||
Issuance of common stock upon warrant exercise | $ 287 | 2,213 | 2,500 | |||||||
Issuance of common stock upon debenture conversion (in shares) | 177,626 | |||||||||
Issuance of common stock upon debenture conversion | $ 177 | 569,340 | $ 569,517 | |||||||
Common stock issued for cancellation of accrued compensation (in shares) | 300,001 | 300,001 | ||||||||
Issuance of common stock upon cancellation of accrued compensation | $ 300 | 1,499,700 | $ 1,500,000 | |||||||
Sale of common stock for cash (in shares) | 2,310,000 | |||||||||
Sale of common stock for cash | $ 2,310 | 11,156,186 | $ 11,158,496 | |||||||
Issuance of common stock for services (in shares) | 26,581 | 26,581 | ||||||||
Issuance of common stock for services | $ 27 | 94,373 | $ 94,400 | |||||||
Stock option expense | 18,730 | 18,730 | ||||||||
Roundup of shares following reverse stock split (in shares) | 1,203 | |||||||||
Roundup of shares following reverse stock split | $ 1 | (1) | ||||||||
Net loss | (2,958,068) | (2,958,068) | ||||||||
Balance (in shares) at Dec. 31, 2020 | 100 | 3,834,095 | ||||||||
Balance at Dec. 31, 2020 | $ 76,095 | $ 3,834 | 55,294,504 | (45,805,581) | 9,568,852 | |||||
Warrants issued in bridge financing | $ 209,825 | $ 209,825 | ||||||||
Common stock issued (in shares) | 889,739 | |||||||||
Issuance of common stock upon warrant exercise | $ 890 | 3,403,266 | 3,404,156 | |||||||
Sale of common stock for cash (in shares) | 1,644,000 | |||||||||
Sale of common stock for cash | $ 1,644 | 9,407,276 | $ 9,408,920 | |||||||
Issuance of common stock for services (in shares) | 13,707 | 13,707 | ||||||||
Issuance of common stock for services | $ 14 | 71,827 | $ 71,841 | |||||||
Stock option expense | 269,427 | 269,427 | ||||||||
Net loss | (18,570,317) | (18,570,317) | ||||||||
Repurchase of preferred stock (in shares) | (100) | |||||||||
Repurchase of preferred stock | $ (76,095) | 75,095 | (1,000) | |||||||
Balance (in shares) at Dec. 31, 2021 | 6,381,541 | |||||||||
Balance at Dec. 31, 2021 | $ 6,382 | $ 68,731,220 | $ (64,375,898) | $ 4,361,704 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Cash flows from operating activities: | ||
Net loss | $ (18,570,317) | $ (2,958,068) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization | 38,521 | 19,656 |
Debt discount amortization | 124,185 | |
Stock-based compensation expense | 369,987 | 64,463 |
Warrant issued for technology license fee | 209,825 | |
Gain on debt extinguishment | (172,056) | |
Changes in assets and liabilities: | ||
Grant funds and other receivables | 133,657 | (114,060) |
Prepaid expenses and other current assets | (16,270) | (24,702) |
Accounts payable and accrued expenses | 6,810,233 | 137,956 |
Total adjustments | 7,373,897 | 207,498 |
Net cash used in operating activities | (11,196,420) | (2,750,570) |
Cash flows from investing activities: | ||
Purchase of property and equipment | (47,718) | (156,791) |
Net cash used in investing activities | (47,718) | (156,791) |
Cash flows from financing activities: | ||
Net proceeds from sale of common stock and warrants | 9,408,920 | 11,158,496 |
Net proceeds from warrant exercises | 3,404,156 | 2,500 |
Net proceeds from sale of preferred stock | 300,000 | |
Net proceeds from issuance of note payable | 170,200 | |
Net proceeds from bridge financing | 888,500 | |
Repurchase of preferred stock | (1,000) | |
Principal repayment of note payable | (27,864) | (11,880) |
Net cash provided by financing activities | 12,784,212 | 12,507,816 |
Net increase in cash and cash equivalents | 1,540,074 | 9,600,455 |
Cash and cash equivalents at beginning of period | 9,883,796 | 283,341 |
Cash and cash equivalents at end of period | $ 11,423,870 | $ 9,883,796 |
Consolidated Statements of Ca_2
Consolidated Statements of Cash Flows (Parentheticals) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Shares issued (in shares) | 716,790 | |
Common stock issued for cancellation of accrued compensation (in shares) | 300,001 | |
Deferred compensation | $ 1,500,000 | |
Paycheck Protection Program CARES Act [Member] | ||
Extinguishment of debt | $ 172,056 | |
Conversion from Convertible Debentures to Conversion Units [Member] | ||
Shares issued upon conversion (in shares) | 177,626 | |
Convertible debentures | $ 1,200,000 | |
Related accrued interest | $ 14,667 | |
Stock Purchase Warrants First Issuance [Member] | ||
Common stock issued (in shares) | 149,705 | 36,902 |
Unit Warrants [Member] | ||
Warrant issued (in shares) | 300,001 | |
Unit Warrants [Member] | Conversion from Convertible Debentures to Conversion Units [Member] | ||
Pre-funded stock purchase warrants (in shares) | 303,668 | |
Pre-Funded Warrants [Member] | Conversion from Convertible Debentures to Conversion Units [Member] | ||
Pre-funded stock purchase warrants (in shares) | 126,042 |
Note 1 - Description of Busines
Note 1 - Description of Business and Recent Developments | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Nature of Operations [Text Block] | 1. Description of Business and Recent Developments GeoVax Labs, Inc. (“GeoVax” or the “Company”), is a clinical-stage biotechnology company developing immunotherapies and vaccines against infectious diseases and cancers using novel vector vaccine platforms. GeoVax's product pipeline includes ongoing human clinical trials in COVID- 19 GEO- CM04S1 November 2021, CM04S1 COH04S1 CM04S1, 2 GEO- CM04S1 2 CM04S1 19 2 2 14 first 19 19 In December 2021, 2 1/2 CM04S1, CM04S1 2 COH04S1 may 19 CM04S1 may Gedeptin License September 2021, 1/2 no not 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, 2021 | |
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 On January 21, 2020, 1 2000 September 25, 2020, 1 20 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 may We have funded our activities to date from sales of our equity securities, government grants and clinical trial assistance, and corporate and academic collaborations. We believe that our existing cash will be sufficient to continue our planned operations into the second 2023. may no 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 We recognize leases in accordance with Financial Accounting Standards Board (FASB) Accounting Standards Update (ASU) No. 2016 02, Leases 2016 02 not 12 12 not 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. The weighted average number of common share equivalents which were excluded from the computation of diluted loss per share, calculated using the treasury stock method, totaled 213,831 1,001,948 December 31, 2021 2020, Revenue Recognition We recognize revenue in accordance with FASB Accounting Standards Update 2014 09, Revenue from Contracts with Customers 2014 09 606. five Grant revenue Research collaborations may third 2014 09 Research and Development Expense Research and development (R&D) 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 2021, $10,513,825 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. Stock-based compensation cost for awards of common stock is estimated based on the price of the underlying common stock on the date of issuance. Stock-based 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 7 Other Recent Accounting Pronouncements Except as discussed above, there have been no not |
Note 3 - Property and Equipment
Note 3 - Property and Equipment | 12 Months Ended |
Dec. 31, 2021 | |
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, 2021 2020: 2021 2020 Equipment and furnishings $ 591,554 $ 543,836 Leasehold improvements 115,605 115,605 Total property and equipment 707,159 659,441 Accumulated depreciation and amortization (550,221 ) (511,700 ) Property and equipment, net $ 156,938 $ 147,741 Depreciation expense was $38,521 $19,656 December 31, 2021 2020, |
Note 4 - Accrued Expenses
Note 4 - Accrued Expenses | 12 Months Ended |
Dec. 31, 2021 | |
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, 2021 2020: 2021 2020 Accrued license fees – current $ 3,000,000 $ - Accrued license fees – noncurrent 2,000,000 - Accrued payroll 269,000 279,696 Other accrued expenses 108,826 79,585 Total accrued expenses $ 5,377,826 $ 359,281 |
Note 5 - Debt
Note 5 - Debt | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 5. Debt GRA Note February 28, 2018, five $50,000. 5%. May 2021, $22,737 CARES Act Paycheck Protection Program Loan April 17, 2020, $170,200 one May 2021, $170,200 $1,856 $172,056 Convertible Debentures June 26 2020, $1,200,000 120,000 $1,050,000. 7, September 2020, Interest expense recorded for the years ended December 31, 2021 2019 2021 2020 GRA Note $ 633 $ 1,727 PPP Loan 653 1,203 Insurance premium financing costs - 1,743 Convertible debentures (including $124,185 of debt discount amortization) - 138,851 Total interest expense $ 1,286 $ 143,524 |
Note 6 - Commitments
Note 6 - Commitments | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Commitments Disclosure [Text Block] | 6. Commitments Operating Lease We lease approximately 8,400 December 31, 2022. December 31, 2021 2020 $166,242 $166,577, $176,356 2022, may ninety License Agreements We have entered into license agreements with City of Hope, PNP Therapeutics, Inc., University of Alabama at Birmingham, Southern Research Institute, Emory University, and with the U.S. Department of Health and Human Services (HHS), as represented by National Institute of Allergy and Infectious Diseases (NIAID), an institute of the National Institutes of Health (NIH), for various technologies and patent rights associated with our product development activities. These agreements may $174,000 2022, $128,000 2023, $128,000 2024, $28,000 2025 $28,000 2026. 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, 2021, $407,000 2022. |
Note 7 - Stockholders' Equity
Note 7 - Stockholders' Equity | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Preferred Stock [Text Block] | 7. Stockholders Equity Preferred Stock In June 2021, 100 $1,000. December 31, 2021, no Common Stock 2020 September 29, 2020, “2020 2,560,000 $12.8 $11.2 one one 2020 one $5.00 five From 2016 August 2020, 2020 $1,500,000 $5.00 300,001 one one Upon consummation of the 2020 177,626 126,042 303,668 $1,214,667 2021 February 11, 2021, 1,644,000 $10.3 $9.4 Warrant exercises 2021, 740,034 $3.7 2020 $3.4 2021, 215,672 149,705 2020, 54,557 36,902 Other Common Stock Transactions 2021 2020 13,707 26,581 2020 716,790 Stock Option Plan We have a stock-based incentive plan (the “2020 may 1,500,000 2020 may not 110% ten 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: 2021 2020 Weighted average risk-free interest rates 1.43 % 0.69 % Expected dividend yield 0.0 % 0.0 % Expected life of option (in years) 7.0 7.0 Expected volatility 84.80 % 38.16 % A summary of stock option activity under the 2020 December 31, 2021, Number of Shares Weighted- Average Exercise Price Weighted- Average Remaining Contractual Term (yrs) Aggregate Intrinsic Value Outstanding at December 31, 2020 602,000 $ 2.79 Granted 360,300 3.82 Exercised - - Forfeited or expired - - Outstanding at December 31, 2021 962,300 $ 3.18 9.31 $ 499,660 Exercisable at December 31, 2021 200,661 $ 2.79 8.93 $ 166,549 The weighted-average grant date fair values of options granted during 2021 2020 $2.87 $1.12, December 31, 2021 2020 $269,427 $18,730, December 31, 2021, $1,420,144 2.2 Stock Purchase Warrants Summary of Warrants Outstanding December 31, 2021. Warrant Description Number of Shares Exercise Price Expiration 2020 Warrants 120,000 5.00 Jun 2025 2020 Unit Warrants 2,396,631 5.00 Sep 2025 2020 Representative Warrants 128,000 5.50 Mar 2024 2021 Representative Warrants 72,000 6.875 Aug 2024 2021 Warrants 100,000 13.00 Sep 2026 Total Warrants Outstanding at December 31, 2021 2,816,631 Weighted-Average Exercise Price $ 5.35 Weighted-Average Remaining Life (in years) 3.7 2020 June 2020, 120,000 five $10.00. 2020 September 2020 $5.00. 2020 September 2020, 2020 303,668 300,001 2,560,000 2020 five $5.00. 2021, 740,034 27,004 2020 September 2020, 128,000 2020 42 $5.50. 2021 February 2021, 72,000 2021 42 $6.875. 2021 September 2021, 100,000 five $13.00. Additional Stock-Based Compensation Expense In addition to stock-based compensation expense related to the 2020 Stock Options December 31, 2021 2020, $100,560 $45,733, December 31, 2021, $19,947 2022 |
Note 8 - Retirement Plan
Note 8 - Retirement Plan | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Retirement Benefits [Text Block] | 8. Retirement Plan We participate in a multi-employer defined contribution retirement plan (the “401k third 401k December 31, 2021 2020 401k $36,980 $27,511, |
Note 9 - Income Taxes
Note 9 - Income Taxes | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 9. Income Taxes At December 31, 2021, $75.2 $48.9 2022 2037. $1.6 2022 2041 No 382 may may 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, 2021 2020: 2021 2020 Deferred tax assets: Net operating loss carryforward $ 18,449,694 $ 14,737,240 Research and development tax credit carryforward 1,566,293 1,189,110 Stock-based compensation expense 129,475 4,870 Accrued salaries 69,940 72,721 Total deferred tax assets 20,215,402 16,003,941 Deferred tax liabilities Depreciation 30,945 28,274 Net deferred tax assets 20,184,457 15,975,667 Valuation allowance (20,184,457 ) (15,975,667 ) 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: 2021 2020 U.S. federal statutory rate applied to pretax loss $ (3,899,767 ) $ (621,194 ) Permanent differences - 65 Research and development credits (377,183 ) (66,574 ) Change in valuation allowance, net of expired items and other adjustments 4,276,950 687,703 Reported income tax expense $ -0- $ -0- |
Note 10 - Grants and Collaborat
Note 10 - Grants and Collaboration Revenue | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Government Grants and Contracts [Text Block] | 10. 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 2021 2020, $385,501 $1,438,465, December 31, 2021, $81,526 2022. 2020, $385,193 |
Note 11 - Subsequent Events
Note 11 - Subsequent Events | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | 11. Subsequent Events On January 19, 2022, 707,484 2,360,000 3,067,484 $3.26 five $9.2 |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended |
Dec. 31, 2021 | |
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 the Years Ended December 31, 2021 2020 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, 2021 $ 15,975,667 $ 4,208,790 $ -0- $ -0- $ 20,184,457 Year ended December 31, 2020 $ 18,787,230 $ (2,811,563 ) $ -0- $ -0- $ 15,975,667 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
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 On January 21, 2020, 1 2000 September 25, 2020, 1 20 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 may We have funded our activities to date from sales of our equity securities, government grants and clinical trial assistance, and corporate and academic collaborations. We believe that our existing cash will be sufficient to continue our planned operations into the second 2023. may no |
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 We recognize leases in accordance with Financial Accounting Standards Board (FASB) Accounting Standards Update (ASU) No. 2016 02, Leases 2016 02 not 12 12 not |
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. The weighted average number of common share equivalents which were excluded from the computation of diluted loss per share, calculated using the treasury stock method, totaled 213,831 1,001,948 December 31, 2021 2020, |
Revenue from Contract with Customer [Policy Text Block] | Revenue Recognition We recognize revenue in accordance with FASB Accounting Standards Update 2014 09, Revenue from Contracts with Customers 2014 09 606. five Grant revenue Research collaborations may third 2014 09 |
Research and Development Expense, Policy [Policy Text Block] | Research and Development Expense Research and development (R&D) 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 2021, $10,513,825 |
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, Comparability Adjustment [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 Payment Arrangement [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. Stock-based compensation cost for awards of common stock is estimated based on the price of the underlying common stock on the date of issuance. Stock-based 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 7 |
New Accounting Pronouncements, Policy [Policy Text Block] | Other Recent Accounting Pronouncements 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, 2021 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | 2021 2020 Equipment and furnishings $ 591,554 $ 543,836 Leasehold improvements 115,605 115,605 Total property and equipment 707,159 659,441 Accumulated depreciation and amortization (550,221 ) (511,700 ) Property and equipment, net $ 156,938 $ 147,741 |
Note 4 - Accrued Expenses (Tabl
Note 4 - Accrued Expenses (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Schedule of Accrued Liabilities [Table Text Block] | 2021 2020 Accrued license fees – current $ 3,000,000 $ - Accrued license fees – noncurrent 2,000,000 - Accrued payroll 269,000 279,696 Other accrued expenses 108,826 79,585 Total accrued expenses $ 5,377,826 $ 359,281 |
Note 5 - Debt (Tables)
Note 5 - Debt (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Interest Expense Disclosure [Table Text Block] | 2021 2020 GRA Note $ 633 $ 1,727 PPP Loan 653 1,203 Insurance premium financing costs - 1,743 Convertible debentures (including $124,185 of debt discount amortization) - 138,851 Total interest expense $ 1,286 $ 143,524 |
Note 7 - Stockholders' Equity (
Note 7 - Stockholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | 2021 2020 Weighted average risk-free interest rates 1.43 % 0.69 % Expected dividend yield 0.0 % 0.0 % Expected life of option (in years) 7.0 7.0 Expected volatility 84.80 % 38.16 % |
Share-based Payment Arrangement, Option, Activity [Table Text Block] | Number of Shares Weighted- Average Exercise Price Weighted- Average Remaining Contractual Term (yrs) Aggregate Intrinsic Value Outstanding at December 31, 2020 602,000 $ 2.79 Granted 360,300 3.82 Exercised - - Forfeited or expired - - Outstanding at December 31, 2021 962,300 $ 3.18 9.31 $ 499,660 Exercisable at December 31, 2021 200,661 $ 2.79 8.93 $ 166,549 |
Schedule of Stockholders' Equity Note, Warrants or Rights [Table Text Block] | Warrant Description Number of Shares Exercise Price Expiration 2020 Warrants 120,000 5.00 Jun 2025 2020 Unit Warrants 2,396,631 5.00 Sep 2025 2020 Representative Warrants 128,000 5.50 Mar 2024 2021 Representative Warrants 72,000 6.875 Aug 2024 2021 Warrants 100,000 13.00 Sep 2026 Total Warrants Outstanding at December 31, 2021 2,816,631 Weighted-Average Exercise Price $ 5.35 Weighted-Average Remaining Life (in years) 3.7 |
Note 9 - Income Taxes (Tables)
Note 9 - Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | 2021 2020 Deferred tax assets: Net operating loss carryforward $ 18,449,694 $ 14,737,240 Research and development tax credit carryforward 1,566,293 1,189,110 Stock-based compensation expense 129,475 4,870 Accrued salaries 69,940 72,721 Total deferred tax assets 20,215,402 16,003,941 Deferred tax liabilities Depreciation 30,945 28,274 Net deferred tax assets 20,184,457 15,975,667 Valuation allowance (20,184,457 ) (15,975,667 ) Net deferred tax asset after reduction for valuation allowance $ -0- $ -0- |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | 2021 2020 U.S. federal statutory rate applied to pretax loss $ (3,899,767 ) $ (621,194 ) Permanent differences - 65 Research and development credits (377,183 ) (66,574 ) Change in valuation allowance, net of expired items and other adjustments 4,276,950 687,703 Reported income tax expense $ -0- $ -0- |
Schedule II - Valuation and Q_2
Schedule II - Valuation and Qualifying Accounts (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
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, 2021 $ 15,975,667 $ 4,208,790 $ -0- $ -0- $ 20,184,457 Year ended December 31, 2020 $ 18,787,230 $ (2,811,563 ) $ -0- $ -0- $ 15,975,667 |
Note 2 - Summary of Significa_2
Note 2 - Summary of Significant Accounting Policies (Details Textual) | Sep. 25, 2020 | Jan. 21, 2020 | Dec. 31, 2021USD ($)shares | Dec. 31, 2020USD ($)shares |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | shares | 213,831 | 1,001,948 | ||
Research and Development Expense, Total | $ 15,554,171 | $ 2,444,459 | ||
Upfront Fees for COH and PNP License[Member] | ||||
Research and Development Expense, Total | $ 10,513,825 | |||
Minimum [Member] | ||||
Property, Plant and Equipment, Useful Life (Year) | 3 years | |||
Maximum [Member] | ||||
Property, Plant and Equipment, Useful Life (Year) | 5 years | |||
Reverse Stock Split [Member] | ||||
Stockholders' Equity Note, Stock Split, Conversion Ratio | 20 | 2,000 |
Note 3 - Property and Equipme_3
Note 3 - Property and Equipment (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Depreciation, Depletion and Amortization, Nonproduction, Total | $ 38,521 | $ 19,656 |
Note 3 - Property and Equipme_4
Note 3 - Property and Equipment - Schedule of Property and Equipment (Details) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Property and equipment, gross | $ 707,159 | $ 659,441 |
Accumulated depreciation and amortization | (550,221) | (511,700) |
Property and equipment, net | 156,938 | 147,741 |
Equipment and Furnishings [Member] | ||
Property and equipment, gross | 591,554 | 543,836 |
Leasehold Improvements [Member] | ||
Property and equipment, gross | $ 115,605 | $ 115,605 |
Note 4 - Accrued Expenses - Sch
Note 4 - Accrued Expenses - Schedule of Accrued Expenses (Details) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Accrued license fees – current | $ 3,000,000 | |
Accrued license fees – noncurrent | 2,000,000 | |
Accrued payroll | 269,000 | 279,696 |
Other accrued expenses | 108,826 | 79,585 |
Total accrued expenses | $ 5,377,826 | $ 359,281 |
Note 5 - Debt (Details Textual)
Note 5 - Debt (Details Textual) - USD ($) | May 01, 2021 | Jun. 26, 2020 | Apr. 17, 2020 | Feb. 28, 2018 | May 31, 2021 | Dec. 31, 2021 | Dec. 31, 2020 |
Proceeds from Notes Payable, Total | $ 50,000 | $ 170,200 | |||||
Repayments of Notes Payable | 27,864 | 11,880 | |||||
Gain (Loss) on Extinguishment of Debt, Total | $ 172,056 | ||||||
Convertible Debentures [Member] | |||||||
Debt Instrument, Face Amount | $ 1,200,000 | ||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 120,000 | ||||||
Proceeds from Convertible Debt, Gross | $ 1,050,000 | ||||||
Paycheck Protection Program CARES Act [Member] | |||||||
Proceeds from Notes Payable, Total | $ 170,200 | ||||||
Extinguishment of Debt, Amount | $ 170,200 | ||||||
Gain (Loss) from Interest Forgiven | 1,856 | ||||||
Gain (Loss) on Extinguishment of Debt, Total | $ 172,056 | ||||||
Senior Notes [Member] | |||||||
Debt Instrument, Term (Year) | 5 years | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.00% | ||||||
Repayments of Notes Payable | $ 22,737 |
Note 5 - Debt - Interest Expens
Note 5 - Debt - Interest Expense (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
GRA Note | $ 1,286 | $ 143,524 |
Senior Notes [Member] | ||
GRA Note | 633 | 1,727 |
Paycheck Protection Program CARES Act [Member] | ||
GRA Note | 653 | 1,203 |
Insurance Premium Financing Costs[Member] | ||
GRA Note | 1,743 | |
Convertible Debt [Member] | ||
GRA Note | $ 138,851 |
Note 5 - Debt - Interest Expe_2
Note 5 - Debt - Interest Expense (Details) (Parentheticals) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Debt discount amortization | $ 124,185 | |
Convertible Debt [Member] | ||
Debt discount amortization | $ 124,185 |
Note 6 - Commitments (Details T
Note 6 - Commitments (Details Textual) | 12 Months Ended | ||
Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | Sep. 30, 2021ft² | |
Licensing Agreement, Future Minimum Payments Receivable, Current | $ 174,000 | ||
Licensing Agreement, Future Minimum Payments Receivable, in Two Years | 128,000 | ||
Licensing Agreement, Future Minimum Payments Receivable, in Three Years | 128,000 | ||
Licensing Agreement, Future Minimum Payments Receivable, in Four Years | 28,000 | ||
Licensing Agreement, Future Minimum Payments Receivable, in Five Years | 28,000 | ||
Unrecorded Unconditional Purchase Obligation, Total | 407,000 | ||
Office and Laboratory Lease Agreement [Member] | |||
Area of Real Estate Property (Square Foot) | ft² | 8,400 | ||
Operating Lease, Expense | 166,242 | $ 166,577 | |
Lessee, Operating Lease, Liability, to be Paid, Year One | $ 176,356 |
Note 7 - Stockholders' Equity_2
Note 7 - Stockholders' Equity (Details Textual) - USD ($) | Feb. 11, 2021 | Sep. 29, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2021 | Sep. 28, 2021 | Jun. 01, 2021 | Sep. 24, 2020 | Jun. 26, 2020 |
Preferred Stock, Par or Stated Value Per Share (in dollars per share) | $ 0.01 | $ 0.01 | |||||||
Proceeds from Issuance or Sale of Equity, Gross | $ 12,800,000 | ||||||||
Proceeds from Issuance or Sale of Equity, Total | $ 11,200,000 | ||||||||
Number of Common Stock Securities Called by Each Unit (in shares) | 1 | ||||||||
Deferred Compensation Liability Conversion to Equity, Amount | $ 1,500,000 | $ 1,500,000 | |||||||
Deferred Compensation Liability Conversion to Equity, Conversion Price (in dollars per share) | $ 5 | ||||||||
Stock Issued During Period, Shares, Cancellation of Accrued Compensation (in shares) | 300,001 | 300,001 | |||||||
Stock Issued During Period, Shares, Conversion of Convertible Securities (in shares) | 177,626 | ||||||||
Stock Issued During Period, Shares, New Issues (in shares) | 1,644,000 | ||||||||
Stock Issued During Period, Value, New Issues | $ 10,300,000 | $ 9,408,920 | $ 11,158,496 | ||||||
Proceeds from Issuance of Common Stock | $ 9,400,000 | ||||||||
Proceeds from Warrant Exercises | $ 3,404,156 | $ 2,500 | |||||||
Stock Issued During Period, Shares, Issued for Services (in shares) | 13,707 | 26,581 | |||||||
Conversion of Stock, Shares Issued (in shares) | 716,790 | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Purchase Price of Common Stock, Percent | 110.00% | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period (Year) | 10 years | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ 2.87 | $ 1.12 | |||||||
Prepaid Expense, Value of Stock Issued for Services During Period | $ 19,947 | ||||||||
Expense Related To Consulting And Investment Banking Agreements [Member] | |||||||||
Share-based Payment Arrangement, Expense | 100,560 | $ 45,733 | |||||||
Share-based Payment Arrangement, Option [Member] | |||||||||
Share-based Payment Arrangement, Expense | 269,427 | $ 18,730 | |||||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 1,420,144 | ||||||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 2 years 73 days | ||||||||
Stock Incentive Plan 2020 [Member] | |||||||||
Common Stock, Capital Shares Reserved for Future Issuance (in shares) | 1,500,000 | ||||||||
Conversion of Series H, Series I, and Series J Preferred Stock into Common Stock [Member] | |||||||||
Conversion of Stock, Shares Issued (in shares) | 716,790 | ||||||||
Conversion from Convertible Debentures to Conversion Units [Member] | |||||||||
Debt Conversion, Converted Instrument, Principal and Interest, Amount | $ 1,214,667 | ||||||||
Conversion Warrants [Member] | |||||||||
Class Of Warrant Or Right, Issued During Period (in shares) | 2,560,000 | ||||||||
Conversion Warrants [Member] | Conversion from Convertible Debentures to Conversion Units [Member] | |||||||||
Debt Conversion, Converted Instrument, Warrants or Options Issued (in shares) | 303,668 | ||||||||
Unit Warrant [Member] | |||||||||
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right (in shares) | 1 | ||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 5 | $ 5 | |||||||
Warrants and Rights Outstanding, Term (Year) | 5 years | ||||||||
Class of Warrant or Right, Exercised During Period (in shares) | 740,034 | ||||||||
Proceeds from Warrant Exercises, Gross | $ 3,700,000 | ||||||||
Proceeds from Warrant Exercises | $ 3,400,000 | ||||||||
Stock Issued During Period, Shares, Warrants Exercised (in shares) | 27,004 | ||||||||
Pre-Funded Warrants [Member] | |||||||||
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right (in shares) | 1 | ||||||||
Pre-Funded Warrants [Member] | Conversion from Convertible Debentures to Conversion Units [Member] | |||||||||
Debt Conversion, Converted Instrument, Warrants or Options Issued (in shares) | 126,042 | 126,042 | |||||||
Management Warrant [Member] | |||||||||
Number of Warrants Called by Each Unit (in shares) | 1 | ||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 300,001 | ||||||||
Stock Purchase Warrants [Member] | |||||||||
Class of Warrant or Right, Exercised During Period (in shares) | 215,672 | 54,557 | |||||||
Stock Issued During Period, Shares, Warrants Exercised (in shares) | 149,705 | 36,902 | |||||||
June 2020 Warrants [Member] | |||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 5 | $ 10 | |||||||
Warrants and Rights Outstanding, Term (Year) | 5 years | ||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 120,000 | ||||||||
Conversion of Convertible Debenture [Member] | |||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 303,668 | ||||||||
Unit Warrants [Member] | |||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 2,560,000 | ||||||||
Unit Warrants [Member] | Conversion from Convertible Debentures to Conversion Units [Member] | |||||||||
Debt Conversion, Converted Instrument, Warrants or Options Issued (in shares) | 303,668 | ||||||||
Representative Warrants 2020 [Member] | |||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 5.5 | $ 5.50 | |||||||
Warrants and Rights Outstanding, Term (Year) | 3 years 180 days | ||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 128,000 | ||||||||
Representative Warrants 2021 [Member] | |||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 6.875 | 6.875 | |||||||
Warrants and Rights Outstanding, Term (Year) | 3 years 180 days | ||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 72,000 | ||||||||
Warrants 2021 [Member] | |||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 13 | $ 13 | |||||||
Warrants and Rights Outstanding, Term (Year) | 5 years | ||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 100,000 | ||||||||
Series B Convertible Preferred Stock [Member] | |||||||||
Preferred Stock, Shares Outstanding, Ending Balance (in shares) | 0 | 100 | 100 | ||||||
Preferred Stock, Par or Stated Value Per Share (in dollars per share) | $ 1,000 | $ 1,000 | |||||||
Capital Units Tranche One [Member] | Capital Units [Member] | |||||||||
Number of Common Stock Securities Called by Each Unit (in shares) | 1 |
Note 7 - Stockholders' Equity -
Note 7 - Stockholders' Equity - Significant Assumption Used in Fair Value Calculation (Details) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Weighted average risk-free interest rates | 1.43% | 0.69% |
Expected dividend yield | 0.00% | 0.00% |
Expected life of option (in years) (Year) | 7 years | 7 years |
Expected volatility | 84.80% | 38.16% |
Note 7 - Stockholders' Equity-
Note 7 - Stockholders' Equity- Stock Option Activity (Details) | 12 Months Ended |
Dec. 31, 2021USD ($)$ / sharesshares | |
Outstanding (in shares) | 602,000 |
Outstanding, weighted average exercise price (in dollars per share) | $ / shares | $ 2.79 |
Granted (in shares) | 360,300 |
Granted, weighted average exercise price (in dollars per share) | $ / shares | $ 3.82 |
Exercised (in shares) | |
Exercised, weighted average exercise price (in dollars per share) | $ / shares | |
Forfeited or expired (in shares) | |
Outstanding (in shares) | 962,300 |
Outstanding, weighted average exercise price (in dollars per share) | $ / shares | $ 3.18 |
Outstanding, weighted average remaining contractual term (Year) | 9 years 113 days |
Outstanding, aggregate intrinsic value | $ | $ 499,660 |
Exercisable (in shares) | 200,661 |
Exercisable, weighted average exercise price (in dollars per share) | $ / shares | $ 2.79 |
Exercisable, weighted average remaining contractual term (Year) | 8 years 339 days |
Exercisable, aggregate intrinsic value | $ | $ 166,549 |
Note 7 - Stockholders' Equity_3
Note 7 - Stockholders' Equity - Summary of Warrants Outstanding (Details) - $ / shares | Dec. 31, 2021 | Sep. 28, 2021 | Feb. 11, 2021 | Sep. 29, 2020 | Sep. 24, 2020 |
Number of warrants (in shares) | 2,816,631 | ||||
Weighted Average [Member] | |||||
Exercise price (in dollars per share) | $ 5.35 | ||||
Warrants 2020 [Member] | |||||
Number of warrants (in shares) | 120,000 | ||||
Exercise price (in dollars per share) | $ 5 | ||||
Unit Warrant [Member] | |||||
Number of warrants (in shares) | 2,396,631 | ||||
Exercise price (in dollars per share) | $ 5 | $ 5 | |||
Weighted-Average Remaining Life (in years) (Year) | 5 years | ||||
Representative Warrants 2020 [Member] | |||||
Number of warrants (in shares) | 128,000 | ||||
Exercise price (in dollars per share) | $ 5.5 | $ 5.50 | |||
Weighted-Average Remaining Life (in years) (Year) | 3 years 180 days | ||||
Representative Warrants 2021 [Member] | |||||
Number of warrants (in shares) | 72,000 | ||||
Exercise price (in dollars per share) | $ 6.875 | $ 6.875 | |||
Weighted-Average Remaining Life (in years) (Year) | 3 years 180 days | ||||
Warrants 2021 [Member] | |||||
Number of warrants (in shares) | 100,000 | ||||
Exercise price (in dollars per share) | $ 13 | $ 13 | |||
Weighted-Average Remaining Life (in years) (Year) | 5 years | ||||
Remaining Life on Warrants Outstanding[Member] | Weighted Average [Member] | |||||
Weighted-Average Remaining Life (in years) (Year) | 3 years 255 days |
Note 8 - Retirement Plan (Detai
Note 8 - Retirement Plan (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Defined Contribution Plan, Employer Discretionary Contribution Amount | $ 36,980 | $ 27,511 |
Note 9 - Income Taxes (Details
Note 9 - Income Taxes (Details Textual) $ in Thousands | 12 Months Ended |
Dec. 31, 2021USD ($) | |
Income Taxes Paid | $ 0 |
Research Tax Credit Carryforward [Member] | |
Tax Credit Carryforward, Amount | 1,600 |
Domestic Tax Authority [Member] | |
Operating Loss Carryforwards, Total | 75,200 |
Operating Loss Carryforwards, Subject to Expiration | $ 48,900 |
Note 9 - Income Taxes - Deferre
Note 9 - Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Net operating loss carryforward | $ 18,449,694 | $ 14,737,240 |
Research and development tax credit carryforward | 1,566,293 | 1,189,110 |
Stock-based compensation expense | 129,475 | 4,870 |
Accrued salaries | 69,940 | 72,721 |
Total deferred tax assets | 20,215,402 | 16,003,941 |
Depreciation | 30,945 | 28,274 |
Net deferred tax assets | 20,184,457 | 15,975,667 |
Valuation allowance | (20,184,457) | (15,975,667) |
Net deferred tax asset after reduction for valuation allowance | $ 0 | $ 0 |
Note 9 - Income Taxes - Reconci
Note 9 - Income Taxes - Reconciliation of Income Tax Benefit (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
U.S. federal statutory rate applied to pretax loss | $ (3,899,767) | $ (621,194) |
Permanent differences | 65 | |
Research and development credits | (377,183) | (66,574) |
Change in valuation allowance, net of expired items and other adjustments | 4,276,950 | 687,703 |
Reported income tax expense | $ 0 | $ 0 |
Note 10 - Grants and Collabor_2
Note 10 - Grants and Collaboration Revenue (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Revenue from Contract with Customer, Including Assessed Tax | $ 385,501 | $ 1,823,658 |
Unused Grant Funds | 81,526 | |
NIH Grants [Member] | ||
Revenue from Contract with Customer, Including Assessed Tax | $ 385,501 | 1,438,465 |
Research Agreements [Member] | ||
Revenue from Contract with Customer, Including Assessed Tax | $ 385,193 |
Note 11 - Subsequent Events (De
Note 11 - Subsequent Events (Details Textual) - USD ($) | Jan. 19, 2022 | Feb. 11, 2021 | Sep. 29, 2020 |
Stock Issued During Period, Shares, New Issues (in shares) | 1,644,000 | ||
Proceeds from Issuance or Sale of Equity, Total | $ 11,200,000 | ||
Subsequent Event [Member] | Pre-Funded Warrants [Member] | |||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 2,360,000 | ||
Subsequent Event [Member] | Warrants Issued in Private Placement [Member] | |||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 3,067,484 | ||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 3.26 | ||
Warrants and Rights Outstanding, Term (Year) | 5 years | ||
Subsequent Event [Member] | Private Placement [Member] | |||
Stock Issued During Period, Shares, New Issues (in shares) | 707,484 | ||
Proceeds from Issuance or Sale of Equity, Total | $ 9,200,000 |
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, 2021 | Dec. 31, 2020 | |
Balance at Beginning Of Period | $ 15,975,667 | $ 18,787,230 |
Additions Charged to Costs and Expenses | 4,208,790 | (2,811,563) |
Additions Charged to Other Accounts | 0 | 0 |
Deductions | 0 | 0 |
Balance at End Of Period | $ 20,184,457 | $ 15,975,667 |