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Note 8 - Common Stock | 3 Months Ended | 12 Months Ended
--- | --- | ---
Mar. 31, 2017 | Dec. 31, 2016
Notes to Financial Statements |  |
Stockholders' Equity Note Disclosure [Text Block] | 8. Stockholders’ Equity Common Stock Transactions During March 2017, we issued an aggregate of 983,334 shares of common stock related to the exercise of stock purchase warrants, resulting in total net proceeds of $49,167. Stock Options The following table presents a summary of our stock option transactions during the three months ended March 31, 2017:
|  | Number of Shares |  |  | Weighted Average Exercise Price |
Outstanding at December 31, 2016 |  |  | 3,499,475 |  |  | $ | 1.21 |
Granted |  |  | -- |  |  |  | -- |
Exercised |  |  | -- |  |  |  | -- |
Forfeited or expired |  |  | (115,200 | ) |  |  | 17.75 |
Outstanding at March 31, 2017 |  |  | 3,384,275 |  |  | $ | 0.64 |
Exercisable at March 31, 2017 |  |  | 2,191,281 |  |  | $ | 1.69 |
Stock Purchase Warrants The following table presents a summary of stock purchase warrant transactions during the three months ended March 31, 2017:
|  | Number of Shares |  |  | Weighted Average Exercise Price |
Outstanding at December 31, 2016 |  |  | 32,751,578 |  |  | $ | 0.07 |
Granted |  |  | -- |  |  |  | -- |
Exercised |  |  | (983,334 | ) |  |  | 0.05 |
Forfeited or expired |  |  | (1,112,001 | ) |  |  | 0.57 |
Outstanding at March 31, 2017 |  |  | 30,656,243 |  |  | $ | 0.05 |
Exercisable at March 31, 2017 |  |  | 30,656,243 |  |  | $ | 0.05 |
Stock-Based Compensation Expense Stock-based compensation expense related to our stock option plans was $14,580 and $13,686 during the three-month periods ended March 31, 2017 and 2016, respectively. 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 March 31, 2017, there was $117,404 of unrecognized compensation expense related to stock options, which is expected to be recognized over a weighted average period of 2.3 years. In addition to the expense associated with our stock option plans, during the three-month period ended March 31, 2016 we recorded stock-based compensation expense of $469,799 (allocated to general and administrative expense) related to modifications made to certain stock purchase warrants. Common Stock Reserved A summary of our common stock reserved for future issuance as of March 31, 2017 is as follows:
Series B Convertible Preferred Stock |  |  | 285,714 |
Series C Convertible Preferred Stock |  |  | 57,363,520 |
Common Stock Purchase Warrants |  |  | 30,656,243 |
Equity Incentive Plans |  |  | 4,590,300 |
Total |  |  | 92,895,777 |
| 8. Common Stock 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 During July and November 2014, we issued an aggregate of 378,205 shares of our common stock to a consultant in exchange for services and recorded stock-based compensation expense of $100,000 related to the issuances (see Note 9 ). During October 2014, we issued 3,176,000 shares of our common stock pursuant to the exercise of certain stock purchase warrants, resulting in total net proceeds of $873,400. At various times during 2016, we issued an aggregate of 21,884,420 shares of our common stock pursuant to the exercise of certain stock purchase warrants, resulting in total net proceeds of $1,339,801. We issued shares of our common stock related to conversions of our Series A, Series B and Series C Convertible Preferred Stock (see Note 7 ) as follows:
|  | 2016 |  |  | 2015 |  |  | 2014 |
Conversions of Series A Preferred Stock |  |  | -0- |  |  |  | -0- |  |  |  | 202,857 |
Conversions of Series B Preferred Stock |  |  | -0- |  |  |  | -0- |  |  |  | 4,428,571 |
Conversions of Series C Preferred Stock |  |  | 1,400,000 |  |  |  | -0- |  |  |  | -0- |
Stock Option Plans 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 our Board of Directors broad discretion in creating equity incentives for employees, officers, directors and consultants. We have reserved 1,705,500 shares of our common stock for currently outstanding stock options under the 2006 Plan, and 3,000,000 shares for outstanding stock options and future issuances 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 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 have a maximum ten -year term and generally vest over three years. Certain information concerning our stock option plans as of December 31, 2016, 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, 2015 |  |  | 1,705,500 |  |  | $ | 2.41 |  |  |  |  |  |  |  |  |
Granted |  |  | 1,793,975 |  |  |  | 0.07 |  |  |  |  |  |  |  |  |
Exercised |  |  | - |  |  |  | - |  |  |  |  |  |  |  |  |
Forfeited or expired |  |  | - |  |  |  | - |  |  |  |  |  |  |  |  |
Outstanding at December 31, 2016 |  |  | 3,499,475 |  |  | $ | 1.21 |  |  |  | 8.2 |  |  | $ | -0- |
Exercisable at December 31, 2016 |  |  | 1,299,394 |  |  | $ | 3.12 |  |  |  | 5.5 |  |  | $ | -0- |
Stock Purchase Warrants As of December 31, 2016, we have the following common stock purchase warrants outstanding:
Expiration Date |  | Number of Shares |  |  | Weighted Average Exercise Price |
January 16, 2017 |  |  | 45,000 |  |  |  | 1.00 |
January 31, 2017 |  |  | 567,001 |  |  |  | 1.00 |
March 21, 2017 |  |  | 1,483,334 |  |  |  | 0.05 |
February 27, 2020 |  |  | 30,656,243 |  |  |  | 0.05 |
Outstanding and exercisable at December 31, 2016 |  |  | 32,751,578 |  |  | $ | 0.07 |
The following table presents a summary of stock purchase warrant activity during the year ended December 31, 2016:
|  | Number of Shares |  |  | Weighted Average Exercise Price |
Outstanding at December 31, 2015 |  |  | 56,442,157 |  |  | $ | 0.14 |
Issued |  |  | -- |  |  |  | -- |
Exercised |  |  | (21,884,420 | ) |  |  | 0.06 |
Forfeited or expired |  |  | (1,806,159 | ) |  |  | 1.00 |
Outstanding and exercisable at December 31, 2016 |  |  | 32,751,578 |  |  | $ | 0.07 |
Common Stock Reserved A summary of common stock reserved for future issuance as of December 31, 2016 is as follows:
Stock Purchase Warrants |  |  | 32,751,578 |
Stock Option Plans |  |  | 4,705,500 |
Series B Convertible Preferred Stock |  |  | 285,714 |
Series C Convertible Preferred Stock |  |  | 57,363,520 |
Total |  |  | 95,106,312 |

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- Definition The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -URI http://asc.fasb.org/topic&trid=2208762 + Details
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