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Note 8 - Common Stock
 3 Months Ended
Mar. 31, 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 three months ended March 31, 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 three months ended March 31, 2015:
 
   
Number of Shares
    
Weighted Average
Exercise Price
  
Outstanding at December 31, 2014
     1,183,100     $ 3.50  
Granted
     26,400       0.15  
Exercised
     --       --  
Forfeited or expired
     (32,000 )     0.94  
Outstanding at March 31, 2015
     1,177,500     $ 3.49  
Exercisable at March 31, 2015
     753,594     $ 5.27  
 
Stock Purchase Warrants
 
The following table presents a summary of stock purchase warrant transactions during the three months ended March 31, 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       0.22  
Issued – Series E Warrants (1)
     16,666,666       0.18  
Issued – Series F Warrants (1)
     16,666,666       0.22  
Issued – Placement Agent Warrants (1)     1,333,333       0.22  
Outstanding at March 31, 2015
     56,442,157     $ 0.24  
Exercisable at March 31, 2015
     39,775,491     $ 0.25  
 
(1)
See discussion under “Series C Convertible Preferred Stock” in Note 7
.
 
Stock-Based Compensation Expense
 
During the three month periods ended March 31, 2015 and 2014, we recorded share-based compensation expense related to stock options of $16,902 and $26,307, respectively. Share-based compensation expense is recognized on a straight-line basis over the requisite service period for the award and is allocated to research and development expense or general and administrative expense based upon the related employee classification. As of March 31, 2015, there was $96,327 of unrecognized compensation expense related to stock options, which is expected to be recognized over a weighted average period of 1.8 years.
 
Common Stock Reserved
 
A summary of our common stock reserved for future issuance is as follows as of March 31, 2015:
 
Series B Convertible Preferred Stock
     285,714  
Series C Convertible Preferred Stock
     16,666,666  
Common Stock Purchase Warrants
     56,442,157  
Equity Incentive Plans
     1,197,529  
Total
     74,592,066