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Note 8 - Stockholders' Equity
 9 Months Ended
Sep. 30, 2016
Notes to Financial Statements  
Stockholders' Equity Note Disclosure [Text Block]
8.     Stockholders’ Equity
 
Preferred Stock Transactions
 
During January and February 2016 we issued an aggregate of 1,400,000 shares of our common stock related to conversions of 132 shares our Series C Convertible Preferred Stock. As of September 30, 2016, there are 100 shares of our Series B Convertible Preferred Stock outstanding, and 2,868 shares of our Series C Convertible Preferred Stock outstanding, convertible into 285,714 and 30,460,662 shares of our common stock, respectively.
 
Increase in Authorized Shares of Common Stock
 
At our annual meeting of stockholders held on June 14, 2016, our stockholders approved an amendment to our certificate of incorporation to increase our authorized shares of common stock from 150,000,000 shares to 300,000,000 shares. The amendment to our certificate of incorporation was filed with the Delaware Secretary of State on June 14, 2016.
 
Common Stock Transactions
 
In addition to the 1,400,000 shares of our common stock issued pursuant to the conversion of our Series C Convertible Preferred Stock discussed under “Preferred Stock Transactions” above, during the nine months ended September 30, 2016, we issued an aggregate of 15,821,920 shares of common stock related to exercises of stock purchase warrants as discussed under “Stock Purchase Warrants” below.
 
Stock Options
 
In 2006 we adopted the GeoVax Labs, Inc. 2006 Equity Incentive Plan (the “2006 Plan”) and at our annual stockholders meeting on June 14, 2016, our stockholders approved the GeoVax Labs, Inc. 2016 Stock Incentive Plan (the “2016 Plan”) which provides the Board of Directors broad discretion in creating equity incentives for employees, officers, directors and consultants. We have reserved 1,722,529 shares of our common stock for issuances under the 2006 Plan, and 3,000,000 shares for issuance under the 2016 Plan. The 2016 Plan replaces the 2006 Plan, which expired September 28, 2016, and no further grants may be made under the 2006 Plan. As such, the 2016 Plan will serve as the sole equity incentive compensation plan for the Company.
 
The following table presents a summary of our stock option transactions during the nine months ended September 30, 2016:
 
   
Number of Shares
    
Weighted Average
Exercise Price
  
Outstanding at December 31, 2015
     1,705,500     $ 2.41  
Granted
     --       --  
Exercised
     --       --  
Forfeited or expired
     --       --  
Outstanding at September 30, 2016
     1,705,500     $ 2.41  
Exercisable at September 30, 2016
     923,061     $ 4.31  
 
Stock Purchase Warrants
 
The following table presents a summary of stock purchase warrant transactions during the nine months ended September 30, 2016:
 
   
Number of Shares
    
Weighted Average
Exercise Price
  
Outstanding at December 31, 2015
     56,442,157     $ 0.14  
Granted
     --       --  
Exercised
     (15,821,920 )     0.065  
Forfeited or expired
     --       --  
Outstanding at September 30, 2016
     40,620,237     $ 0.16  
Exercisable at September 30, 2016
     38,568,159     $ 0.16  
 
On February 15, 2016, we entered into an agreement with certain warrant holders (the “Holders”) with respect to amending the terms of our Series E Warrants. Pursuant to the agreement, we agreed to extend the term of the Series E Warrants to August 27, 2016, and to the payment to each Holder of a warrant exercise fee of $0.02916 per share for each share purchased upon exercise of the Series E Warrants. The Holders agreed to promptly exercise an aggregate of 3,664,588 Series E Warrants, for which we received $238,198 in total net proceeds (after deduction of the warrant exercise fee). We recorded non-cash general and administrative expense of $469,799 associated with the warrant modifications.
 
On August 19, 2016, we entered into an agreement with the Holders with respect to further extending the term of our Series E Warrants to December 31, 2016, and to the payment to each Holder of a warrant exercise fee of $0.02916 per share for each share purchased upon exercise of our Series A Warrants. The Holders agreed to promptly exercise an aggregate of 1,207,332 Series A Warrants and 3,600,000 Series E Warrants, for which we received $312,477 in aggregate net proceeds (after deduction of the warrant exercise fee). We recorded non-cash general and administrative expense of $15,030 associated with the warrant modifications.
 
In addition to the warrants exercised directly in connection with the warrant modifications described above, during the nine months ended September 30, 2016, holders of certain of our stock purchase warrants exercised warrants as to 7,350,000 shares, for which we received aggregate net proceeds of $477,750.
 
Stock-Based Compensation Expense
 
During the three-month and nine-month periods ended September 30, 2016 and 2015, we recorded stock-based compensation expense as follows:
 
   
Three Months Ended September 30,
    
Nine Months Ended September 30,
  
   
2016
    
2015
    
2016
    
2015
  
Stock Option Expense
   $ 13,686     $ 16,926     $ 41,058     $ 50,516  
Warrant Modification Expense
     15,030       -       484,829       -  
Total Stock-Based Compensation Expense
   $ 28,716     $ 16,926     $ 525,887     $ 50,516  
 
Stock-based compensation expense related to stock options 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 September 30, 2016, there was $54,286 of unrecognized compensation expense related to stock options, which is expected to be recognized over a weighted average period of 1.7 years.
 
Common Stock Reserved
 
A summary of our common stock reserved for future issuance is as follows as of September 30, 2016:
 
Series B Convertible Preferred Stock
 
 
285,714
 
Series C Convertible Preferred Stock
 
 
30,460,662
 
Common Stock Purchase Warrants
 
 
40,620,237
 
Equity Incentive Plans
 
 
4,722,529
 
Total
 
 
76,089,142