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Note 6 - Stockholders' Equity
 3 Months Ended
Mar. 31, 2014
Stockholders' Equity Note [Abstract]  
Stockholders' Equity Note Disclosure [Text Block]

6.     Stockholders’ Equity


Preferred Stock Transactions


During the three months ended March 31, 2014 we issued an aggregate of 202,857 and 1,000,000 shares of our common stock related to conversions of our Series A and Series B Convertible Preferred Stock, respectively. As of March 31, 2014, there are no shares of our Series A Convertible Preferred Stock outstanding, and 1,300 shares of our Series B Convertible Preferred Stock outstanding, convertible into 3,714,286 shares of our common stock.


Common Stock Transactions


Other than common stock issued pursuant to the conversion of our Series A and Series B Convertible Preferred Stock described above, we issued no shares of our common stock during the three months ended March 31, 2014.


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 three months ended March 31, 2014:


   

Number of Shares

   

Weighted Average

Exercise Price

 

Outstanding at December 31, 2013

    1,197,044     $ 3.79  

Granted

    --       --  

Exercised

    --       --  

Forfeited or expired

    (201,744 )     2.05  

Outstanding at March 31, 2014

    995,300     $ 4.15  

Exercisable at March 31, 2014

    629,293     $ 6.19  

Stock Purchase Warrants


We have issued stock purchase warrants in connection with financing transactions and also in exchange for services from consultants and others. As of March 31, 2014, there are 8,284,826 stock purchase warrants outstanding, with a weighted average exercise price of $2.07.


Stock-Based Compensation Expense


During the three month period ended March 31, 2014, we recorded share-based compensation expense related to stock options of $26,307, as compared to $47,274 for the three month period ended March 31, 2013. 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 March 31, 2014, there was $161,711 of unrecognized compensation expense related to stock options, which is expected to be recognized over a weighted average period of 2 years.


During the three month period ended March 31, 2013, we recorded an aggregate of $218,551 of general and administrative expense associated with certain modifications to then-outstanding stock purchase warrants.


Common Stock Reserved


A summary of our common stock reserved for future issuance is as follows as of March 31, 2014:


Series B Convertible Preferred Stock

    3,714,286  

Common Stock Purchase Warrants

    8,284,826  

Equity Incentive Plans

    1,197,529  

Total

    13,196,641