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Note 8 - Common Stock
 12 Months Ended
Dec. 31, 2016
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
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