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Note 9 - Stock-Based Compensation | 12 Months Ended
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Dec. 31, 2014
Notes to Financial Statements |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] |
9. | Stock-Based Compensation
Stock Option Plan In 2006, we adopted the GeoVax Labs, Inc. 2006 Equity Incentive Plan (the “Stock Option Plan”) for the granting of qualified incentive stock options (“ISO’s”), nonqualified stock options, restricted stock awards or restricted stock bonuses to employees, officers, directors, consultants and advisors of the Company. The exercise price for any option granted may not be less than fair value (110% of fair value for ISO’s granted to certain employees). Options granted under the Stock Option Plan have a maximum ten-year term and generally vest over three years. The Company has reserved 1,200,000 shares of its common stock for issuance under the Stock Option Plan. Certain information concerning the Stock Option Plan as of December 31, 2014, and a summary of activity during the year then ended is presented below:
|  | Number of Shares |  |  | Weighted- Average Exercise Price |  |  | Weighted- Average Remaining Contractual Term (yrs) |  |  | Aggregate Intrinsic Value |
Outstanding at December 31, 2013 |  |  | 1,197,044 |  |  | $ | 3.79 |  |  |  |  |  |  |  |  |
Granted |  |  | 217,500 |  |  |  | 0.17 |  |  |  |  |  |  |  |  |
Exercised |  |  | - |  |  |  | - |  |  |  |  |  |  |  |  |
Forfeited or expired |  |  | (231,444 | ) |  |  | 1.89 |  |  |  |  |  |  |  |  |
Outstanding at December 31, 2014 |  |  | 1,183,100 |  |  | $ | 3.50 |  |  |  | 6.6 |  |  | $ | -0- |
Exercisable at December 31, 2014 |  |  | 785,594 |  |  | $ | 5.09 |  |  |  | 5.2 |  |  | $ | -0- |
Additional information concerning our stock options for the years ended December 31, 2014, 2013 and 2012 is as follows:
|  | 2014 |  |  | 2013 |  |  | 2012 |
Weighted average fair value of options granted |  | $ | 0.14 |  |  | $ | 0.43 |  |  | $ | 0.59 |
Intrinsic value of options exercised |  |  | -0- |  |  |  | -0- |  |  |  | -0- |
Total fair value of options vested |  |  | 97,707 |  |  |  | 165,490 |  |  |  | 319,920 |
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:
|  | 2014 |  |  | 2013 |  |  | 2012 |
Weighted average risk-free interest rates |  |  | 1.98 | % |  |  | 2.3 | % |  |  | 1.1 | %
Expected dividend yield |  |  | 0.0 | % |  |  | 0.0 | % |  |  | 0.0 | %
Expected life of option (years) |  |  | 7.0 |  |  |  | 7.0 |  |  |  | 6.7 |
Expected volatility |  |  | 94.88 | % |  |  | 96.60 | % |  |  | 105.2 | %
Stock-based compensation expense related to the Stock Option Plan was $101,191, $143,435, and $310,076 during the years ended December 31, 2014, 2013 and 2012, respectively. Stock option expense is allocated to research and development expense or to general and administrative expense based on the nature of the services provided by the related individuals. For the three years ended December 31, 2014, stock option expense was allocated as follows:
|  | 2014 |  |  | 2013 |  |  | 2012 |
General and administrative expense |  | $ | 69,057 |  |  | $ | 101,896 |  |  | $ | 231,936 |
Research and development expense |  |  | 32,134 |  |  |  | 41,539 |  |  |  | 78,140 |
Total stock option expense |  | $ | 101,191 |  |  | $ | 143,435 |  |  | $ | 310,076 |
As of December 31, 2014, there was $110,235 of unrecognized compensation expense related to stock-based compensation arrangements pursuant to the Stock Option Plan. The unrecognized compensation expense is expected to be recognized over a weighted average remaining period of 1.9 years. Other Non-E mp loyee Stock-Based C ompensation We recorded general and administrative expense of $100,000, $20,500, and $-0- during the years ended December 31, 2014, 2013 and 2012, respectively, related to the issuance of our common stock in exchange for services rendered by non-employees (See Note 8 – “ Common Stock Transactions ”). We recorded general and administrative expense of $39,712, $238,168, and $-0- during the years ended December 31, 2014, 2013 and 2012, respectively, related to modifications made to certain stock purchase warrants (see Note 8 – “ Stock Purchase Warrants ”). During 2014, we recorded general and administrative expense of $238,200 related to a warrant exercise fee paid to certain holders of our stock purchase warrants as an incentive for the holders to immediately certain warrants (see Note 8 – “ Stock Purchase Warrants ”). As of December 31, 2014, there was no unrecognized expense related to any non-employee stock-based compensation arrangements.

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- Definition The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5047-113901 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 50 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6406099&loc=d3e25284-112666 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 40 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6418621&loc=d3e17540-113929 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5444-113901 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 14 + Details
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