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Note 8 - Common Stock | 12 Months Ended
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Dec. 31, 2017
Notes to Financial Statements |
Stockholders' Equity Note Disclosure [Text Block] |
8 . | Common Stock
Increase in Authorized Shares of Common Stock At a special meeting of our stockholders held on August 4, 2017, our stockholders approved an amendment to our certificate of incorporation to increase our authorized shares of common stock from 300,000,000 to 600,000,000 shares. The amendment to our certificate of incorporation was filed with the Delaware Secretary of State on August 4, 2017. Common Stock Transactions D uring 2017 and 2016, we issued 19,862,000 and 1,400,000 shares of our common stock, respectively, pursuant to the conversion of our Series C Preferred Stock (see Note 7 ). During 2017, we issued 31,639,577 shares of our common stock related to the exercise of stock purchase warrants, resulting in net proceeds to us of $571,511. During 2016, we issued 21,884,420 shares of our common stock related to the exercise of stock purchase warrants, resulting in net proceeds of $1,339,801. Stock Option Plans In 2006 we adopted the GeoVax Labs, Inc. 2006 Equity Incentive Plan (the “2006 Plan”) and during 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 1,550,300 shares of our common stock for currently outstanding stock options under the 2006 Plan, and 6,000,000 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 opti on plans as of December 31, 2017, 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, 201 6 |  |  | 3,499,475 |  |  | $ | 1.21 |  |  |  |  |  |  |  |  |
Granted |  |  | 3,680,000 |  |  |  | 0.05 |  |  |  |  |  |  |  |  |
Exercised |  |  | - |  |  |  | - |  |  |  |  |  |  |  |  |
Forfeited or expired |  |  | (155,200 | ) |  |  | 15.25 |  |  |  |  |  |  |  |  |
Outstanding at December 31, 201 7 |  |  | 7,024,275 |  |  | $ | 0.29 |  |  |  | 8.8 |  |  | $ | -0- |
Exercisable at December 31, 201 7 |  |  | 1,951,484 |  |  | $ | 0.90 |  |  |  | 6.6 |  |  | $ | -0- |
Stock Purchase Warrants The following table presents a summary of stock purchase warrant activity during the year ended December 31, 2017:
|  | Number of Shares |  |  | Weighted Average Exercise Price |
Outstanding at December 31, 2016 |  |  | 32,751,578 |  |  | $ | 0.07 |
Issued |  |  | - |  |  |  | - |
Exercised |  |  | (31,639,577 | ) |  |  | 0.02 |
Forfeited or expired |  |  | (1,112,001 | ) |  |  | 0.57 |
Outstanding and exercisable at December 31, 2017 |  |  | -0- |  |  | $ | - |
Common Stock Reserved A summary of common stock reserved for future issuance as of December 31, 2017 is as follows:
Stock Option Plans |  |  | 7,550,300 |
Series B Convertible Preferred Stock |  |  | 285,714 |
Series C Convertible Preferred Stock |  |  | 171,349,733 |
Series D Convertible Preferred Stock |  |  | 66,666,666 |
Total |  |  | 245,852,413 |

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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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