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Note 8 - Common Stock
 6 Months Ended
Jun. 30, 2015
Notes to Financial Statements  
Stockholders' Equity Note Disclosure [Text Block]
8.     Common Stock
 
Increase in Authorized Shares of Common Stock
 
At our annual meeting of stockholders held on May 12, 2015, our stockholders approved an amendment to our certificate of incorporation to increase our authorized shares of common stock from 75,000,000 shares to 150,000,000 shares. The amendment to our certificate of incorporation was filed with the Delaware Secretary of State on May 13, 2015.
 
Common Stock Transactions
 
During the six months ended June 30, 2015, there were no transactions involving our Common Stock.
 
Stock Options
 
We maintain a stock option plan that provides the Board of Directors broad discretion in creating equity incentives for employees, officers, directors and consultants.
The following table presents a summary of stock option transactions during the six months ended June 30, 2015:
 
   
Number of Shares
    
Weighted Average
Exercise Price
  
Outstanding at December 31, 2014
     1,183,100     $ 3.50  
Granted
     26,400       0.15  
Exercised
     --       --  
Forfeited or expired
     (32,000 )     0.94  
Outstanding at June 30, 2015
     1,177,500     $ 3.49  
Exercisable at June 30, 2015
     756,094     $ 5.25  
 
Stock Purchase Warrants
 
The following table presents a summary of stock purchase warrant transactions during the six months ended June 30, 2015:
 
   
Number of Shares
    
Weighted Average
Exercise Price
  
Outstanding at December 31, 2014
     5,108,826     $ 0.66  
Issued – Series D Warrants (1)
     16,666,666       0.17  
Issued – Series E Warrants (1)
     16,666,666       0.14  
Issued – Series F Warrants (1)     16,666,666       0.17  
Issued – Placement Agent Warrants (1)
     1,333,333       0.17  
Outstanding at June 30, 2015
     56,442,157     $ 0.20  
Exercisable at June 30, 2015
     39,775,491     $ 0.21  
 
(1)
See discussion under “Series C Convertible Preferred Stock” in Note 7
.
 
Stock-Based Compensation Expense
 
During the three month and six month periods ended June 30, 2015, we recorded share-based compensation expense related to stock options of $16,903 and $33,590, as compared to $25,047 and $51,354 for the three month and six month periods ended June 30, 2014, respectively. Share-based compensation expense is recognized on a straight-line basis over the requisite service period for the award and is allocated to research and development expense or general and administrative expense based upon the related employee classification. As of June 30, 2015, there was $79,640 of unrecognized compensation expense related to stock options, which is expected to be recognized over a weighted average period of 1.6 years.
 
Common Stock Reserved
 
A summary of our common stock reserved for future issuance is as follows as of June 30, 2015:
 
Series B Convertible Preferred Stock
     285,714  
Series C Convertible Preferred Stock
     21,126,760  
Common Stock Purchase Warrants
     56,442,157  
Equity Incentive Plans
     1,197,529  
Total
     79,052,160